X | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
CLARCOR Inc. | ||
(Exact name of registrant as specified in its charter) |
Delaware | 1-11024 | 36-0922490 |
(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification No.) |
840 Crescent Centre Drive, Suite 600, Franklin, Tennessee 37067 | ||
(Address of principal executive offices) |
Registrant’s telephone number, including area code: | 615-771-3100 |
No Change |
(Former name, former address and former fiscal year, if changed since last report.) |
Large accelerated filer | X | Accelerated filer | Non-accelerated filer | Smaller reporting company |
TABLE OF CONTENTS | |||
PAGE | |||
Financial Statements | |||
Management’s Discussion and Analysis of Financial Condition and Results of Operations | |||
Quantitative and Qualitative Disclosures About Market Risk | |||
Controls and Procedures | |||
Legal Proceedings | |||
Risk Factors | |||
Unregistered Sales of Equity Securities and Use of Proceeds | |||
Item 3. | Defaults Upon Senior Securities | * | |
Item 4. | Mine Safety Disclosures | * | |
Item 5. | Other Information | * | |
Exhibits | |||
Quarter Ended | Six Months Ended | |||||||||||||||
May 28, 2016 | May 30, 2015 | May 28, 2016 | May 30, 2015 | |||||||||||||
Net sales | $ | 364,968 | $ | 399,799 | $ | 681,240 | $ | 750,922 | ||||||||
Cost of sales | 243,107 | 266,189 | 458,478 | 504,337 | ||||||||||||
Gross profit | 121,861 | 133,610 | 222,762 | 246,585 | ||||||||||||
Selling and administrative expenses | 68,077 | 74,667 | 137,019 | 148,449 | ||||||||||||
Operating profit | 53,784 | 58,943 | 85,743 | 98,136 | ||||||||||||
Other income (expense): | ||||||||||||||||
Interest expense | (1,869 | ) | (1,556 | ) | (3,981 | ) | (2,627 | ) | ||||||||
Interest income | 130 | 90 | 259 | 231 | ||||||||||||
Other, net | 26,934 | (422 | ) | 27,448 | (538 | ) | ||||||||||
25,195 | (1,888 | ) | 23,726 | (2,934 | ) | |||||||||||
Earnings before income taxes | 78,979 | 57,055 | 109,469 | 95,202 | ||||||||||||
Provision for income taxes | 25,608 | 18,482 | 34,908 | 29,892 | ||||||||||||
Net earnings | 53,371 | 38,573 | 74,561 | 65,310 | ||||||||||||
Net earnings attributable to noncontrolling interests | (17 | ) | (76 | ) | (44 | ) | (104 | ) | ||||||||
Net earnings attributable to CLARCOR Inc. | $ | 53,354 | $ | 38,497 | $ | 74,517 | $ | 65,206 | ||||||||
Net earnings per share attributable to CLARCOR Inc. - Basic | $ | 1.10 | $ | 0.77 | $ | 1.53 | $ | 1.30 | ||||||||
Net earnings per share attributable to CLARCOR Inc. - Diluted | $ | 1.09 | $ | 0.76 | $ | 1.52 | $ | 1.28 | ||||||||
Weighted average number of shares outstanding - Basic | 48,714,109 | 50,209,215 | 48,758,579 | 50,232,565 | ||||||||||||
Weighted average number of shares outstanding - Diluted | 49,153,624 | 50,791,198 | 49,128,974 | 50,791,840 | ||||||||||||
Dividends paid per share | $ | 0.2200 | $ | 0.2000 | $ | 0.4400 | $ | 0.4000 |
Quarter Ended | Six Months Ended | |||||||||||||||
May 28, 2016 | May 30, 2015 | May 28, 2016 | May 30, 2015 | |||||||||||||
Net earnings | $ | 53,371 | $ | 38,573 | $ | 74,561 | $ | 65,310 | ||||||||
Other comprehensive income: | ||||||||||||||||
Pension and other postretirement benefits liability adjustments, net of deferred taxes of $(399), $(335), $(637) and $(597), respectively | 525 | 525 | 1,004 | 1,124 | ||||||||||||
Foreign currency translation gain (loss) | 8,812 | (5,720 | ) | (3,124 | ) | (22,334 | ) | |||||||||
Comprehensive earnings | 62,708 | 33,378 | 72,441 | 44,100 | ||||||||||||
Comprehensive earnings attributable to non-redeemable noncontrolling interests | (14 | ) | (50 | ) | 41 | (18 | ) | |||||||||
Comprehensive earnings attributable to redeemable noncontrolling interests | — | 12 | — | 155 | ||||||||||||
Comprehensive earnings attributable to CLARCOR Inc. | $ | 62,694 | $ | 33,340 | $ | 72,482 | $ | 44,237 | ||||||||
May 28, 2016 | November 28, 2015 | ||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 117,599 | $ | 101,529 | |||
Accounts receivable, less allowance for losses of $12,846 and $14,765, respectively | 251,177 | 258,280 | |||||
Inventories | 253,857 | 274,825 | |||||
Income taxes receivable | — | 3,781 | |||||
Prepaid expenses and other current assets | 18,859 | 26,380 | |||||
Total current assets | 641,492 | 664,795 | |||||
Property, plant and equipment, at cost, less accumulated depreciation of $296,676 and $286,335, respectively | 298,712 | 301,019 | |||||
Asset held for sale | 533 | 533 | |||||
Goodwill | 511,483 | 506,265 | |||||
Acquired intangible assets, less accumulated amortization | 323,946 | 329,155 | |||||
Deferred income taxes | 3,535 | 3,651 | |||||
Other noncurrent assets | 10,256 | 13,038 | |||||
Total assets | $ | 1,789,957 | $ | 1,818,456 | |||
LIABILITIES | |||||||
Current liabilities: | |||||||
Current portion of long-term debt | $ | 12,771 | $ | 7,788 | |||
Accounts payable | 85,930 | 87,546 | |||||
Accrued liabilities | 87,970 | 106,410 | |||||
Income taxes payable | 9,098 | 1,956 | |||||
Total current liabilities | 195,769 | 203,700 | |||||
Long-term debt, less current portion | 329,795 | 397,368 | |||||
Long-term pension and postretirement healthcare benefits liabilities | 30,412 | 31,577 | |||||
Deferred income taxes | 75,443 | 64,908 | |||||
Other long-term liabilities | 14,452 | 10,438 | |||||
Total liabilities | 645,871 | 707,991 | |||||
SHAREHOLDERS' EQUITY | |||||||
Capital stock | 48,752 | 49,111 | |||||
Capital in excess of par value | 9,654 | — | |||||
Accumulated other comprehensive loss | (90,172 | ) | (88,052 | ) | |||
Retained earnings | 1,175,169 | 1,148,510 | |||||
Total CLARCOR Inc. equity | 1,143,403 | 1,109,569 | |||||
Noncontrolling interests | 683 | 896 | |||||
Total shareholders' equity | 1,144,086 | 1,110,465 | |||||
Total liabilities and shareholders' equity | $ | 1,789,957 | $ | 1,818,456 |
Six Months Ended | |||||||
May 28, 2016 | May 30, 2015 | ||||||
Cash flows from operating activities: | |||||||
Net earnings | $ | 74,561 | $ | 65,310 | |||
Depreciation | 16,799 | 15,583 | |||||
Amortization | 12,395 | 12,523 | |||||
Other noncash items | 221 | 104 | |||||
Net loss (gain) on disposition of assets | 769 | (1,418 | ) | ||||
Stock-based compensation expense | 4,335 | 6,994 | |||||
Excess tax benefit from stock-based compensation | (923 | ) | (995 | ) | |||
Change in assets and liabilities | 47,819 | (30,871 | ) | ||||
Net cash provided by operating activities | 155,976 | 67,230 | |||||
Cash flows from investing activities: | |||||||
Restricted cash | (165 | ) | — | ||||
Business acquisitions, net of cash acquired | (19,166 | ) | (20,881 | ) | |||
Additions to plant assets | (12,415 | ) | (37,992 | ) | |||
Proceeds from disposition of plant assets | 257 | 4,792 | |||||
Investment in affiliates | — | (525 | ) | ||||
Net cash used in investing activities | (31,489 | ) | (54,606 | ) | |||
Cash flows from financing activities: | |||||||
Net (payments) borrowings on revolving credit facility | (60,000 | ) | 15,000 | ||||
Payments on term loan facility | (2,500 | ) | — | ||||
Payments on long-term debt | (146 | ) | (8,536 | ) | |||
Sale of capital stock under stock option and employee purchase plans | 16,083 | 5,360 | |||||
Acquisition of noncontrolling interest | — | (1,239 | ) | ||||
Payments for repurchase of common stock | (38,211 | ) | (16,110 | ) | |||
Excess tax benefit from stock-based compensation | 923 | 995 | |||||
Dividend paid to noncontrolling interests | (172 | ) | (206 | ) | |||
Cash dividends paid | (21,503 | ) | (20,124 | ) | |||
Net cash used in financing activities | (105,526 | ) | (24,860 | ) | |||
Net effect of exchange rate changes on cash | (2,891 | ) | 9 | ||||
Net change in cash and cash equivalents | 16,070 | (12,227 | ) | ||||
Cash and cash equivalents, beginning of period | 101,529 | 94,064 | |||||
Cash and cash equivalents, end of period | $ | 117,599 | $ | 81,837 | |||
Cash paid during the period for: | |||||||
Interest | $ | 3,103 | $ | 2,478 | |||
Income taxes, net of refunds | $ | 11,921 | $ | 26,505 |
CLARCOR Inc. NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS (Dollars in thousands except share data) (Unaudited) |
1. | BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES |
May 28, 2016 | November 28, 2015 | ||||||
Raw materials | $ | 97,671 | $ | 99,129 | |||
Work in process | 34,678 | 43,907 | |||||
Finished products | 121,508 | 131,789 | |||||
Inventories | $ | 253,857 | $ | 274,825 |
CLARCOR Inc. NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS (Dollars in thousands except share data) (Unaudited) |
Pension Benefits | Foreign Currency Translation Adjustments | Total | |||||||||
Balance at February 27, 2016, net of tax | $ | (35,524 | ) | $ | (63,985 | ) | $ | (99,509 | ) | ||
Other comprehensive income (loss) before reclassifications and tax | 22 | 8,812 | 8,834 | ||||||||
Tax benefit | (8 | ) | — | (8 | ) | ||||||
Other comprehensive income (loss) before reclassifications, net of tax | 14 | 8,812 | 8,826 | ||||||||
Reclassifications, before tax | 902 | (a) | — | 902 | |||||||
Tax expense | (391 | ) | — | (391 | ) | ||||||
Reclassifications, net of tax | 511 | — | 511 | ||||||||
Other comprehensive income, net of tax | 525 | 8,812 | 9,337 | ||||||||
Balance at May 28, 2016, net of tax | $ | (34,999 | ) | $ | (55,173 | ) | $ | (90,172 | ) | ||
Balance at November 28, 2015, net of tax | $ | (36,003 | ) | $ | (52,049 | ) | $ | (88,052 | ) | ||
Other comprehensive loss before reclassifications and tax | (163 | ) | (3,124 | ) | (3,287 | ) | |||||
Tax benefit | 59 | — | 59 | ||||||||
Other comprehensive loss before reclassifications, net of tax | (104 | ) | (3,124 | ) | (3,228 | ) | |||||
Reclassifications, before tax | 1,804 | (a) | — | 1,804 | |||||||
Tax expense | (696 | ) | — | (696 | ) | ||||||
Reclassifications, net of tax | 1,108 | — | 1,108 | ||||||||
Other comprehensive income (loss), net of tax | 1,004 | (3,124 | ) | (2,120 | ) | ||||||
Balance at May 28, 2016, net of tax | $ | (34,999 | ) | $ | (55,173 | ) | $ | (90,172 | ) |
CLARCOR Inc. NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS (Dollars in thousands except share data) (Unaudited) |
CLARCOR Inc. NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS (Dollars in thousands except share data) (Unaudited) |
2. | BUSINESS ACQUISITIONS AND NONCONTROLLING INTERESTS |
CLARCOR Inc. NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS (Dollars in thousands except share data) (Unaudited) |
Accounts receivable | $ | 3,180 | ||
Inventories | 2,042 | |||
Other current assets | 118 | |||
Property, plant and equipment | 574 | |||
Goodwill | 11,938 | |||
Intangible assets | 10,880 | |||
Total assets acquired | 28,732 | |||
Current liabilities | 2,670 | |||
Noncurrent liabilities | 4,201 | |||
Net assets acquired | $ | 21,861 |
Estimated | Weighted average | Amortization | |||
Identifiable intangible assets | Value | Useful life | Method | ||
Customer relationships | $ | 10,800 | 15 years | Straight-line | |
Trademarks | 80 | 1 year | Straight-line | ||
$ | 10,880 |
CLARCOR Inc. NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS (Dollars in thousands except share data) (Unaudited) |
Quarter Ended | Six Months Ended | |||||||||||||||
May 28, 2016 | May 30, 2015 | May 28, 2016 | May 30, 2015 | |||||||||||||
Net sales | $ | 6,348 | $ | 5,134 | $ | 11,899 | $ | 9,182 | ||||||||
Operating profit | 988 | 410 | 1,390 | 686 |
Six Months Ended | |||||||||||||||
May 28, 2016 | May 30, 2015 | ||||||||||||||
Redeemable | Non-Redeemable | Redeemable | Non-Redeemable | ||||||||||||
Noncontrolling interests at beginning of period | $ | — | $ | 896 | $ | 1,587 | $ | 1,043 | |||||||
Noncontrolling interests (loss) earnings | — | 44 | (19 | ) | 123 | ||||||||||
Purchase of noncontrolling interests | — | — | (1,432 | ) | — | ||||||||||
Foreign currency translation | — | (85 | ) | (136 | ) | (105 | ) | ||||||||
Dividend | — | (172 | ) | — | (206 | ) | |||||||||
Noncontrolling interests at end of period | $ | — | $ | 683 | $ | — | $ | 855 |
3. | BUSINESS DISPOSITIONS |
CLARCOR Inc. NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS (Dollars in thousands except share data) (Unaudited) |
Quarter Ended | Six Months Ended | ||||||||||||||
May 28, 2016 | May 30, 2015 | May 28, 2016 | May 30, 2015 | ||||||||||||
Net sales | $ | — | $ | 19,833 | $ | — | $ | 35,582 | |||||||
Operating profit | — | 1,775 | — | 2,214 |
4. | GOODWILL AND ACQUIRED INTANGIBLE ASSETS |
Engine/Mobile Filtration | Industrial/ Environmental Filtration | Corporate | Total | ||||||||||||
Goodwill at beginning of year | $ | 207,537 | $ | 298,728 | $ | — | $ | 506,265 | |||||||
Acquisition | — | 3,408 | 3,318 | 6,726 | |||||||||||
Currency translation adjustments | 6 | (1,514 | ) | — | (1,508 | ) | |||||||||
Goodwill at end of period | $ | 207,543 | $ | 300,622 | $ | 3,318 | $ | 511,483 |
CLARCOR Inc. NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS (Dollars in thousands except share data) (Unaudited) |
Engine/Mobile Filtration | Industrial/ Environmental Filtration | Corporate | Total | ||||||||||||
May 28, 2016 | |||||||||||||||
Indefinite Lived Intangibles: | |||||||||||||||
Trademarks - indefinite lived | $ | 783 | $ | 74,867 | $ | — | $ | 75,650 | |||||||
Finite Lived Intangibles: | |||||||||||||||
Trademarks, gross - finite lived | $ | 278 | $ | 568 | $ | — | $ | 846 | |||||||
Accumulated amortization | (139 | ) | (442 | ) | — | (581 | ) | ||||||||
Trademarks, net - finite lived | $ | 139 | $ | 126 | $ | — | $ | 265 | |||||||
Customer relationships, gross | $ | 139,445 | $ | 131,968 | $ | — | $ | 271,413 | |||||||
Accumulated amortization | (23,963 | ) | (43,791 | ) | — | (67,754 | ) | ||||||||
Customer relationships, net | $ | 115,482 | $ | 88,177 | $ | — | $ | 203,659 | |||||||
Other acquired intangibles, gross | $ | 11,243 | $ | 60,453 | $ | 5,300 | $ | 76,996 | |||||||
Accumulated amortization | (2,535 | ) | (30,089 | ) | — | (32,624 | ) | ||||||||
Other acquired intangibles, net | $ | 8,708 | $ | 30,364 | $ | 5,300 | $ | 44,372 | |||||||
Total finite lived intangible assets, net | $ | 124,329 | $ | 118,667 | $ | 5,300 | $ | 248,296 | |||||||
Acquired intangible assets, less accumulated amortization | $ | 125,112 | $ | 193,534 | $ | 5,300 | $ | 323,946 |
Fiscal year 2016 | $ | 24,826 | |
Fiscal year 2017 | 24,689 | ||
Fiscal year 2018 | 24,026 | ||
Fiscal year 2019 | 23,818 | ||
Fiscal year 2020 | 23,526 |
5. | FAIR VALUE MEASUREMENTS |
CLARCOR Inc. NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS (Dollars in thousands except share data) (Unaudited) |
• | Level 1 – Quoted active market prices for identical assets |
• | Level 2 – Significant other observable inputs, such as quoted prices for similar (but not identical) instruments in active markets, quoted prices for identical or similar instruments in markets which are not active and model determined valuations in which all significant inputs or significant value-drivers are observable in active markets |
• | Level 3 – Significant unobservable inputs, such as model determined valuations in which one or more significant inputs or significant value-drivers are unobservable |
Fair Value Measurements at Reporting Date | |||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||
May 28, 2016 | |||||||||||||||
Restricted trust, included in Other noncurrent assets | |||||||||||||||
Mutual fund investments - equities | $ | 305 | $ | 305 | $ | — | $ | — | |||||||
Mutual fund investments - bonds | 332 | 332 | — | — | |||||||||||
Cash and equivalents | 14 | 14 | — | — | |||||||||||
Total restricted trust | $ | 651 | $ | 651 | $ | — | $ | — | |||||||
FibeRio contingent earn-out, included in Other long-term liabilities | $ | 3,887 | $ | — | $ | — | $ | 3,887 | |||||||
Filter Resources contingent earn-out, included in Accrued liabilities | $ | 6 | $ | — | $ | — | $ | 6 | |||||||
Foreign exchange contracts, included in Prepaid expenses and other current assets | $ | 262 | $ | — | $ | 262 | $ | — | |||||||
Foreign exchange contracts, included in Accrued liabilities | $ | 120 | $ | — | $ | 120 | $ | — |
Fair Value Measurements at Reporting Date | |||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||
November 28, 2015 | |||||||||||||||
Restricted trust, included in Other noncurrent assets | |||||||||||||||
Mutual fund investments - equities | $ | 352 | $ | 352 | $ | — | $ | — | |||||||
Mutual fund investments - bonds | 363 | 363 | — | — | |||||||||||
Cash and equivalents | 14 | 14 | — | — | |||||||||||
Total restricted trust | $ | 729 | $ | 729 | $ | — | $ | — | |||||||
Filter Resources contingent earn-out, included in Accrued liabilities | $ | 1,285 | $ | — | $ | — | $ | 1,285 | |||||||
Foreign exchange contracts, included in Prepaid expenses and other current assets | $ | 418 | $ | — | $ | 418 | $ | — | |||||||
Foreign exchange contracts, included in Accrued liabilities | $ | 40 | $ | — | $ | 40 | $ | — |
CLARCOR Inc. NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS (Dollars in thousands except share data) (Unaudited) |
6. | DERIVATIVE INSTRUMENTS AND HEDGING |
CLARCOR Inc. NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS (Dollars in thousands except share data) (Unaudited) |
May 28, 2016 | November 28, 2015 | ||||||
Prepaid expenses and other current assets | |||||||
Designated as hedging instruments: | |||||||
Foreign exchange contracts | $ | 59 | $ | 263 | |||
Unrecognized firm sales commitments | 209 | — | |||||
Total designated | $ | 268 | $ | 263 | |||
Not designated as hedging instruments: | |||||||
Foreign exchange contracts | 203 | 155 | |||||
Total not designated | $ | 203 | $ | 155 | |||
Total derivatives | $ | 471 | $ | 418 | |||
Accrued liabilities | |||||||
Designated as hedging instruments: | |||||||
Foreign exchange contracts | $ | 85 | $ | — | |||
Unrecognized firm sales commitments | — | 384 | |||||
Total designated | $ | 85 | $ | 384 | |||
Not designated as hedging instruments: | |||||||
Foreign exchange contracts | 35 | 40 | |||||
Total not designated | $ | 35 | $ | 40 | |||
Total derivatives | $ | 120 | $ | 424 |
May 28, 2016 | May 30, 2015 | ||||||
Fair value hedges | |||||||
Foreign exchange contracts - Selling and administrative expenses | $ | (565 | ) | $ | 19 | ||
Unrecognized firm sales commitments - Selling and administrative expenses | 593 | (51 | ) | ||||
Total designated | $ | 28 | $ | (32 | ) | ||
Not designated as hedges | |||||||
Foreign exchange contracts - Selling and administrative expenses | $ | (484 | ) | $ | 74 | ||
Foreign exchange contracts - Other, net | 2,672 | (158 | ) | ||||
Total not designated | $ | 2,188 | $ | (84 | ) |
CLARCOR Inc. NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS (Dollars in thousands except share data) (Unaudited) |
CLARCOR Inc. NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS (Dollars in thousands except share data) (Unaudited) |
May 28, 2016 | November 28, 2015 | ||||||
Accrued salaries, wages and commissions | $ | 16,112 | $ | 16,498 | |||
Compensated absences | 8,797 | 8,672 | |||||
Accrued insurance liabilities | 9,921 | 9,928 | |||||
Warranties | 6,754 | 7,870 | |||||
Customer deposits | 16,519 | 25,036 | |||||
Other accrued liabilities | 29,867 | 38,406 | |||||
Accrued liabilities | $ | 87,970 | $ | 106,410 |
Six Months Ended | |||||||
May 28, 2016 | May 30, 2015 | ||||||
Warranty accrual at beginning of period | $ | 7,870 | $ | 9,405 | |||
Warranty accrual added through business acquisitions | — | 100 | |||||
Accruals for warranties issued during the period | 564 | 827 | |||||
Adjustments related to pre-existing warranties | (870 | ) | (508 | ) | |||
Settlements made during the period | (746 | ) | (1,090 | ) | |||
Other adjustments, including currency translation | (64 | ) | (139 | ) | |||
Warranty accrual at end of period | $ | 6,754 | $ | 8,595 |
8. | RESTRUCTURING |
CLARCOR Inc. NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS (Dollars in thousands except share data) (Unaudited) |
9. | LONG-TERM DEBT |
May 28, 2016 | November 28, 2015 | |||||||
Credit Facility: | ||||||||
Revolving Credit Facility | $ | 137,000 | $ | 197,000 | ||||
Term Loans | 197,500 | 200,000 | ||||||
Industrial Revenue Bonds, at weighted average interest rates of 0.66% and 0.30%, respectively, at May 28, 2016 and November 28, 2015 | 7,410 | 7,410 | ||||||
Other long-term debt | 656 | 746 | ||||||
Total long-term debt | $ | 342,566 | $ | 405,156 | ||||
Current portion of long-term debt | $ | 12,771 | $ | 7,788 | ||||
Long-term debt, less current portion | $ | 329,795 | $ | 397,368 |
CLARCOR Inc. NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS (Dollars in thousands except share data) (Unaudited) |
10. | PENSION AND OTHER POSTRETIREMENT BENEFITS |
Quarter Ended | Six Months Ended | |||||||||||||||
May 28, 2016 | May 30, 2015 | May 28, 2016 | May 30, 2015 | |||||||||||||
Pension Benefits: | ||||||||||||||||
Components of net periodic benefit cost (income): | ||||||||||||||||
Service cost | $ | 371 | $ | 534 | $ | 742 | $ | 1,069 | ||||||||
Interest cost | 1,559 | 1,871 | 3,119 | 3,747 | ||||||||||||
Expected return on plan assets | (2,588 | ) | (2,917 | ) | (5,178 | ) | (5,843 | ) | ||||||||
Amortization of unrecognized: | ||||||||||||||||
Prior service cost | — | (1 | ) | — | (2 | ) | ||||||||||
Net actuarial loss | 956 | 966 | 1,912 | 1,934 | ||||||||||||
Net periodic benefit cost | $ | 298 | $ | 453 | $ | 595 | $ | 905 | ||||||||
Cash contributions | $ | 18 | $ | 117 | $ | 79 | $ | 253 | ||||||||
Postretirement Healthcare Benefits: | ||||||||||||||||
Components of net periodic benefit cost (income): | ||||||||||||||||
Interest cost | $ | 2 | $ | 2 | $ | 4 | $ | 4 | ||||||||
Amortization of unrecognized: | ||||||||||||||||
Prior service cost | (31 | ) | (31 | ) | (62 | ) | (62 | ) | ||||||||
Net actuarial gain | (23 | ) | (37 | ) | (46 | ) | (74 | ) | ||||||||
Net periodic benefit income | $ | (52 | ) | $ | (66 | ) | $ | (104 | ) | $ | (132 | ) | ||||
Cash contributions | $ | 11 | $ | 15 | $ | 22 | $ | 30 |
CLARCOR Inc. NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS (Dollars in thousands except share data) (Unaudited) |
Qualified plans: | ||||
Weighted-average assumptions used to determine benefit obligation: | ||||
Discount rate | 3.99% | 3.75% | ||
Rate of compensation increase | 4.00% | 4.00% | ||
Weighted-average assumptions used to determine net periodic benefit cost: | ||||
Discount rate - interest cost | 3.27% | 3.75% | ||
Discount rate - service cost | 4.16% | 3.75% | ||
Rate of compensation increase | 4.00% | 4.00% | ||
Long-term rate of return on plan assets | 6.50% | 7.00% | ||
Measurement date | 11/30/2015 | 11/30/2014 | ||
Nonqualified plans: | ||||
Weighted-average assumptions used to determine benefit obligation: | ||||
Discount rate | 3.35% | 3.00% | ||
Rate of compensation increase | 4.00% | 4.00% | ||
Weighted-average assumptions used to determine net periodic benefit cost: | ||||
Discount rate - interest cost | 2.57% | 3.00% | ||
Discount rate - service cost | 2.49% | 3.00% | ||
Rate of compensation increase | 4.00% | 4.00% | ||
Measurement date | 11/30/2015 | 11/30/2014 |
U.S. Qualified Plans | $ | — | |
U.S. Combined Nonqualified Plans | 159 | ||
Non-U.S. Plan | 384 | ||
Postretirement Healthcare Benefit Plan | 45 | ||
Total expected contributions | $ | 588 |
CLARCOR Inc. NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS (Dollars in thousands except share data) (Unaudited) |
11. | INCOME TAXES |
Six Months Ended | |||||||
May 28, 2016 | May 30, 2015 | ||||||
Unrecognized tax benefits at beginning of year | $ | 3,859 | $ | 2,487 | |||
Additions for current period tax positions | 636 | 284 | |||||
Additions related to acquired tax positions | — | 1,052 | |||||
Changes in interest and penalties | 86 | 99 | |||||
Unrecognized tax benefits at end of period | $ | 4,581 | $ | 3,922 |
CLARCOR Inc. NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS (Dollars in thousands except share data) (Unaudited) |
12. | CONTINGENCIES |
CLARCOR Inc. NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS (Dollars in thousands except share data) (Unaudited) |
13. | INCENTIVE PLANS AND STOCK-BASED COMPENSATION |
Quarter Ended | Six Months Ended | |||||||||||||||
May 28, 2016 | May 30, 2015 | May 28, 2016 | May 30, 2015 | |||||||||||||
Pre-tax compensation expense | $ | 409 | $ | 1,716 | $ | 1,824 | $ | 3,564 | ||||||||
Deferred tax benefits | (149 | ) | (624 | ) | (663 | ) | (1,296 | ) | ||||||||
Excess tax benefits associated with tax deductions over the amount of compensation expense recognized in the consolidated condensed financial statements | 788 | 392 | 823 | 784 | ||||||||||||
Fair value of stock options on date of grant | — | — | 2,144 | 3,196 | ||||||||||||
Total intrinsic value of stock options exercised | 5,859 | 1,413 | 6,239 | 3,164 | ||||||||||||
Cash received upon exercise of stock options | 14,331 | 1,485 | 15,462 | 4,596 | ||||||||||||
Addition to capital in excess of par value due to exercise of stock options | 14,775 | 1,831 | 15,901 | 5,249 |
CLARCOR Inc. NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS (Dollars in thousands except share data) (Unaudited) |
Options Granted Under Incentive Plans | Weighted Average Exercise Price | ||||
Outstanding at beginning of year | 2,422,538 | $ | 48.46 | ||
Granted | 296,500 | $ | 46.45 | ||
Exercised | (389,508) | $ | 40.38 | ||
Surrendered | (28,133) | $ | 54.56 | ||
Outstanding at end of period | 2,301,397 | $ | 49.50 | ||
Exercisable at end of period | 1,576,395 | $ | 47.33 |
Options Outstanding | Options Exercisable | ||||||||||||||||||||||||
Range of Exercise Prices | Number | Weighted Average Exercise Price | Intrinsic Value | Weighted Average Remaining Life in Years | Number | Weighted Average Exercise Price | Intrinsic Value | Weighted Average Remaining Life in Years | |||||||||||||||||
$25.31 - $28.13 | 32,000 | $ | 25.49 | $ | 1,079 | 2.67 | 32,000 | $ | 25.49 | $ | 1,079 | 2.67 | |||||||||||||
$31.96 - $36.48 | 280,649 | $ | 33.54 | 7,205 | 2.60 | 280,649 | $ | 33.54 | 7,205 | 2.60 | |||||||||||||||
$42.86 - $57.74 | 1,275,445 | $ | 46.47 | 16,255 | 6.71 | 906,034 | $ | 46.54 | 11,478 | 5.74 | |||||||||||||||
$61.57 - $63.22 | 713,303 | $ | 62.27 | — | 8.00 | 357,712 | $ | 62.10 | — | 7.89 | |||||||||||||||
2,301,397 | $ | 49.50 | $ | 24,539 | 6.55 | 1,576,395 | $ | 47.33 | $ | 19,762 | 5.61 |
Six Months Ended | ||||||||
May 28, 2016 | May 30, 2015 | |||||||
Weighted average fair value per option at the date of grant for options granted | $ | 7.23 | $ | 10.26 | ||||
Risk-free interest rate | 1.46 | % | 1.31 | % | ||||
Expected dividend yield | 1.89 | % | 1.27 | % | ||||
Expected volatility factor | 20.40 | % | 19.50 | % | ||||
Expected option term in years | 5.0 | 5.0 |
CLARCOR Inc. NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS (Dollars in thousands except share data) (Unaudited) |
Quarter Ended | Six Months Ended | |||||||||||||||
May 28, 2016 | May 30, 2015 | May 28, 2016 | May 30, 2015 | |||||||||||||
Pre-tax compensation expense | $ | 322 | $ | 788 | $ | 1,273 | $ | 1,623 | ||||||||
Deferred tax benefits | (117 | ) | (286 | ) | (463 | ) | (590 | ) | ||||||||
Excess tax (shortfall) benefits associated with tax deductions over the amount of compensation expense recognized in the consolidated condensed financial statements | (1 | ) | 3 | (110 | ) | 211 | ||||||||||
Fair value of restricted stock unit awards on date of grant | — | 3 | 2,954 | 3,183 | ||||||||||||
Fair value of restricted stock unit awards vested | 38 | — | 1,532 | 979 |
Units | Weighted Average Grant Date Fair Value | |||||
Nonvested at beginning of year | 71,592 | $ | 60.09 | |||
Granted | 63,605 | $ | 46.45 | |||
Vested | (27,203) | $ | 56.31 | |||
Surrendered | (1,598 | ) | $ | 46.89 | ||
Nonvested at end of period | 106,396 | $ | 52.56 |
CLARCOR Inc. NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS (Dollars in thousands except share data) (Unaudited) |
Quarter Ended | Six Months Ended | |||||||||||||||
May 28, 2016 | May 30, 2015 | May 28, 2016 | May 30, 2015 | |||||||||||||
Pre-tax compensation expense | $ | — | $ | 463 | $ | — | $ | 927 | ||||||||
Deferred tax benefits | — | (168 | ) | — | (337 | ) | ||||||||||
Excess tax benefits associated with tax deductions over the amount of compensation expense recognized in the consolidated condensed financial statements | — | — | — | — | ||||||||||||
Fair value of restricted stock unit awards on date of grant | — | — | — | 5,857 | ||||||||||||
Fair value of restricted stock unit awards vested | — | — | — | — |
Units | Weighted Average Grant Date Fair Value | |||||
Nonvested at beginning of year | 92,650 | $ | 63.22 | |||
Granted | — | $ | — | |||
Vested | — | $ | — | |||
Surrendered | (8,609 | ) | $ | 63.22 | ||
Nonvested at end of period | 84,041 | $ | 63.22 |
Quarter Ended | Six Months Ended | |||||||||||||||
May 28, 2016 | May 30, 2015 | May 28, 2016 | May 30, 2015 | |||||||||||||
Pre-tax compensation expense | $ | 1,131 | $ | 880 | $ | 1,150 | $ | 880 | ||||||||
Shares of Company common stock issued under the plans | 21,306 | 13,352 | 21,306 | 13,352 |
14. | EARNINGS PER SHARE AND STOCK REPURCHASE ACTIVITY |
CLARCOR Inc. NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS (Dollars in thousands except share data) (Unaudited) |
Quarter Ended | Six Months Ended | |||||||||||||||
May 28, 2016 | May 30, 2015 | May 28, 2016 | May 30, 2015 | |||||||||||||
Weighted average number of shares outstanding - Basic | 48,714,109 | 50,209,215 | 48,758,579 | 50,232,565 | ||||||||||||
Dilutive effect of stock-based arrangements | 439,515 | 581,983 | 370,395 | 559,275 | ||||||||||||
Weighted average number of shares outstanding - Diluted | 49,153,624 | 50,791,198 | 49,128,974 | 50,791,840 | ||||||||||||
Net earnings attributable to CLARCOR Inc. | $ | 53,354 | $ | 38,497 | $ | 74,517 | $ | 65,206 | ||||||||
Net earnings per share attributable to CLARCOR Inc. - Basic | $ | 1.10 | $ | 0.77 | $ | 1.53 | $ | 1.30 | ||||||||
Net earnings per share attributable to CLARCOR Inc. - Diluted | $ | 1.09 | $ | 0.76 | $ | 1.52 | $ | 1.28 |
Quarter Ended | Six Months Ended | |||||||||||||||
May 28, 2016 | May 30, 2015 | May 28, 2016 | May 30, 2015 | |||||||||||||
Number of antidilutive options with exercise prices greater than the average market price excluded from the computation of dilutive earnings per share | 716,803 | — | 944,278 | — | ||||||||||||
Common stock repurchased and retired pursuant to the Company's stock repurchase program | $ | 7,205 | $ | 8,161 | $ | 38,211 | $ | 16,110 | ||||||||
Number of shares repurchased and retired pursuant to the Company's stock repurchase program | 128,000 | 126,000 | 797,604 | 248,000 |
15. | SEGMENT INFORMATION |
CLARCOR Inc. NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS (Dollars in thousands except share data) (Unaudited) |
Quarter Ended | Six Months Ended | |||||||||||||||
May 28, 2016 | May 30, 2015 | May 28, 2016 | May 30, 2015 | |||||||||||||
Net sales: | ||||||||||||||||
Engine/Mobile Filtration | $ | 154,019 | $ | 161,290 | $ | 288,573 | $ | 305,748 | ||||||||
Industrial/Environmental Filtration | 210,949 | 218,676 | 392,667 | 409,592 | ||||||||||||
Packaging | — | 19,833 | — | 35,582 | ||||||||||||
$ | 364,968 | $ | 399,799 | $ | 681,240 | $ | 750,922 | |||||||||
Operating profit: | ||||||||||||||||
Engine/Mobile Filtration | $ | 29,501 | $ | 30,564 | $ | 48,568 | $ | 55,310 | ||||||||
Industrial/Environmental Filtration | 24,283 | 26,604 | 37,175 | 40,612 | ||||||||||||
Packaging | — | 1,775 | — | 2,214 | ||||||||||||
53,784 | 58,943 | 85,743 | 98,136 | |||||||||||||
Other income (expense), net | 25,195 | (1,888 | ) | 23,726 | (2,934 | ) | ||||||||||
Earnings before income taxes | $ | 78,979 | $ | 57,055 | $ | 109,469 | $ | 95,202 |
May 28, 2016 | November 28, 2015 | ||||||
Identifiable assets: | |||||||
Engine/Mobile Filtration | $ | 750,018 | $ | 771,120 | |||
Industrial/Environmental Filtration | 994,326 | 1,028,793 | |||||
Packaging | — | — | |||||
Corporate | 45,613 | 18,543 | |||||
$ | 1,789,957 | $ | 1,818,456 |
Second Quarter | First Six Months | ||||||||||||||||||||||||||||||
Change | Change | ||||||||||||||||||||||||||||||
2016 | 2015 | $ | % | 2016 | 2015 | $ | % | ||||||||||||||||||||||||
Net sales | $ | 364,968 | $ | 399,799 | $ | (34,831 | ) | (9 | )% | $ | 681,240 | $ | 750,922 | $ | (69,682 | ) | (9 | )% | |||||||||||||
Cost of sales | 243,107 | 266,189 | (23,082 | ) | (9 | )% | 458,478 | 504,337 | (45,859 | ) | (9 | )% | |||||||||||||||||||
Gross profit | 121,861 | 133,610 | (11,749 | ) | (9 | )% | 222,762 | 246,585 | (23,823 | ) | (10 | )% | |||||||||||||||||||
Selling and administrative expenses | 68,077 | 74,667 | (6,590 | ) | (9 | )% | 137,019 | 148,449 | (11,430 | ) | (8 | )% | |||||||||||||||||||
Operating profit | 53,784 | 58,943 | (5,159 | ) | (9 | )% | 85,743 | 98,136 | (12,393 | ) | (13 | )% | |||||||||||||||||||
Other income (expense) | 25,195 | (1,888 | ) | 27,083 | 23,726 | (2,934 | ) | 26,660 | |||||||||||||||||||||||
Provision for income taxes | 25,608 | 18,482 | 7,126 | 39 | % | 34,908 | 29,892 | 5,016 | 17 | % | |||||||||||||||||||||
Net earnings attributable to CLARCOR | 53,354 | 38,497 | 14,857 | 39 | % | 74,517 | 65,206 | 9,311 | 14 | % | |||||||||||||||||||||
Weighted average diluted shares | 49,154 | 50,791 | (1,637 | ) | (3 | )% | 49,129 | 50,792 | (1,663 | ) | (3 | )% | |||||||||||||||||||
Diluted earnings per share attributable to CLARCOR | $ | 1.09 | $ | 0.76 | $ | 0.33 | 43 | % | $ | 1.52 | $ | 1.28 | $ | 0.24 | 19 | % | |||||||||||||||
Percentages: | |||||||||||||||||||||||||||||||
Gross margin | 33.4 | % | 33.4 | % | — | pt | 32.7 | % | 32.8 | % | (0.1 | ) | pt | ||||||||||||||||||
Selling and administrative percentage | 18.7 | % | 18.7 | % | — | pt | 20.1 | % | 19.8 | % | 0.3 | pt | |||||||||||||||||||
Operating margin | 14.7 | % | 14.7 | % | — | pt | 12.6 | % | 13.1 | % | (0.5 | ) | pt | ||||||||||||||||||
Effective tax rate | 32.4 | % | 32.4 | % | — | pt | 31.9 | % | 31.4 | % | 0.5 | pt | |||||||||||||||||||
Net earnings margin | 14.6 | % | 9.6 | % | 5.0 | pt | 10.9 | % | 8.7 | % | 2.2 | pt |
Divestiture of J.L. Clark | (5 | )% | |
Organic volume | (4 | )% | |
Foreign exchange | (1 | )% | |
Pricing | — | % | |
TDC acquisition | 1 | % | |
(9 | )% |
• | Decreased net sales of $19.8 million due to the June 2015 divestiture of J.L. Clark, the sole operating company within our Packaging segment, which the Company sold to CCI on June 27, 2015. |
• | Decreased net sales volume of $9.1 million, or 4%, at our Industrial/Environmental Filtration segment. This net sales volume decrease resulted from a $20.5 million, or 13%, decrease in sales within the U.S. partially offset by an $11.4 million, or 18%, increase in foreign net sales, excluding the impact of changes in foreign currency exchange rates. This 13% decrease in sales volume within the U.S. resulted primarily from decreased sales of natural gas filtration vessels, industrial air filtration products and gas turbine air intake filtration systems and replacement filters, partly offset by higher sales of HVAC air filter sales and higher sales of commercial and military aerospace filters. This 18% increase in foreign net sales primarily resulted from increased sales of gas turbine air intake filtration systems and replacement filters and increased sales of HVAC filters, partially offset by lower sales of natural gas filtration vessels. |
• | Decreased net sales volume of $5.4 million, or 3%, at our Engine/Mobile Filtration segment. This net sales volume decrease resulted from a $5.6 million, or 5%, decrease in sales within the U.S., partially offset by a $0.2 million, or 1%, increase in foreign net sales, excluding the impact of changes in foreign currency exchange rates. This 5% decrease in sales volume within the U.S. resulted primarily from a reduction in heavy-duty engine filter aftermarket sales to original equipment suppliers and dealers, primarily reflecting lower demand for off-highway, agricultural and construction applications, as well as lower heavy-duty engine filter aftermarket sales to the retail and automotive channels. This 1% increase in foreign net sales volume in this segment primarily resulted from increased export sales of heavy-duty engine filters to customers in Southeast Asia, South America and the Middle East, as well as an approximately 5% increase in heavy-duty engine filter sales in Europe. |
• | Net sales in the second quarter of 2016 compared to the second quarter of 2015 also reflect a $4.4 million reduction due to changes in foreign currency exchange rates, primarily reflecting strengthening of the U.S. dollar against the British pound, the Mexican peso and several other foreign currencies where our foreign income and cash flows are derived. |
Divestiture of J.L. Clark | (5 | )% | |
Organic volume | (3 | )% | |
Foreign exchange | (2 | )% | |
Pricing | — | % | |
TDC acquisition | 1 | % | |
(9 | )% |
• | Decreased net sales of $35.6 million due to the June 2015 divestiture of J.L. Clark, the sole operating company within our Packaging segment, which the Company sold to CCI on June 27, 2015. |
• | Decreased net sales volume of $14.0 million, or 3%, at our Industrial/Environmental Filtration segment. This net sales volume decrease resulted from a $37.8 million, or 13%, decrease in sales within the U.S. partially offset by an $23.8 million, or 19%, increase in foreign net sales, excluding the impact of changes in foreign currency exchange rates. This 13% decrease in sales volume within the U.S. resulted primarily from decreased sales of natural gas filtration vessels, industrial air filtration products and gas turbine air intake filtration systems and replacement filters, partially offset by higher sales of HVAC air filter sales and higher sales of commercial and military aerospace filters. This 19% increase in foreign net sales primarily resulted from increased sales of gas turbine air intake filtration systems and replacement filters and increased sales of HVAC filters, partially offset by lower sales of natural gas filtration vessels and lower sales of sand control filtration products for oil drilling applications. |
• | Decreased net sales volume of $11.8 million, or 4%, at our Engine/Mobile Filtration segment. This net sales volume decrease resulted from a $10.8 million, or 5%, decrease in sales within the U.S. and a $1.0 million, or 1%, decrease in foreign net sales, excluding the impact of changes in foreign currency exchange rates. This 5% decrease in sales volume within the U.S. resulted primarily from lower sales of heavy-duty engine filter assemblies and elements to original equipment suppliers and dealers, primarily reflecting lower demand for off-highway, agricultural and construction applications, as well as lower heavy-duty engine filter aftermarket sales to the retail and automotive channels and to other filtration company customers. This 1% decrease in foreign net sales volume in this segment primarily resulted from lower export sales of diesel fuel filter assemblies and replacement filters, partially offset by increased export sales of heavy-duty engine filters to customers in Southeast Asia, South America and the Middle East, as well as an approximately 7% increase in heavy-duty engine filter sales in Europe. |
• | Net sales in the first six months of 2016 compared to the first six months of 2015 also reflect a $13.4 million reduction due to changes in foreign currency exchange rates, primarily reflecting strengthening of the U.S. dollar against the British Pound and most other foreign currencies where our foreign income and cash flows are derived. |
• | Significant Acquisitions |
• | Foreign Exchange |
(Dollars in millions) | Second Quarter | First Six Months | ||||||
Net sales | $ | (4.4 | ) | $ | (13.4 | ) | ||
Operating profit (loss) | (0.7 | ) | (1.6 | ) |
• | Other income (expense) |
(Dollars in millions) | Second Quarter | First Six Months | ||||||
2016 | $ | (1.7 | ) | $ | (3.7 | ) | ||
2015 | (1.5 | ) | (2.4 | ) |
(Dollars in millions) | Second Quarter | First Six Months | ||||||
2016 | $ | (0.4 | ) | $ | 0.2 | |||
2015 | (0.3 | ) | (0.5 | ) |
• | Provisions for income taxes |
• | Shares outstanding |
Second Quarter | First Six Months | |||||||||||||||||||||||||||
(Dollars in thousands) | 2016 | % Total | 2015 | % Total | 2016 | % Total | 2015 | % Total | ||||||||||||||||||||
Net sales: | ||||||||||||||||||||||||||||
Engine/Mobile Filtration | $ | 154,019 | 42 | % | $ | 161,290 | 40 | % | $ | 288,573 | 42 | % | $ | 305,748 | 41 | % | ||||||||||||
Industrial/Environmental Filtration | 210,949 | 58 | % | 218,676 | 55 | % | 392,667 | 58 | % | 409,592 | 55 | % | ||||||||||||||||
Packaging1 | — | — | % | 19,833 | 5 | % | — | — | % | 35,582 | 4 | % | ||||||||||||||||
$ | 364,968 | 100 | % | $ | 399,799 | 100 | % | $ | 681,240 | 100 | % | $ | 750,922 | 100 | % | |||||||||||||
Gross profit: | ||||||||||||||||||||||||||||
Engine/Mobile Filtration | $ | 53,332 | 44 | % | $ | 56,668 | 42 | % | $ | 96,888 | 43 | % | $ | 107,068 | 43 | % | ||||||||||||
Industrial/Environmental Filtration | 68,529 | 56 | % | 73,053 | 55 | % | 125,874 | 57 | % | 133,301 | 54 | % | ||||||||||||||||
Packaging1 | — | — | % | 3,889 | 3 | % | — | — | % | 6,216 | 3 | % | ||||||||||||||||
$ | 121,861 | 100 | % | $ | 133,610 | 100 | % | $ | 222,762 | 100 | % | $ | 246,585 | 100 | % | |||||||||||||
Operating profit: | ||||||||||||||||||||||||||||
Engine/Mobile Filtration | $ | 29,501 | 55 | % | $ | 30,564 | 52 | % | $ | 48,568 | 57 | % | $ | 55,310 | 56 | % | ||||||||||||
Industrial/Environmental Filtration | 24,283 | 45 | % | 26,604 | 45 | % | 37,175 | 43 | % | 40,612 | 41 | % | ||||||||||||||||
Packaging1 | — | — | % | 1,775 | 3 | % | — | — | % | 2,214 | 3 | % | ||||||||||||||||
$ | 53,784 | 100 | % | $ | 58,943 | 100 | % | $ | 85,743 | 100 | % | $ | 98,136 | 100 | % | |||||||||||||
Gross margin: | ||||||||||||||||||||||||||||
Engine/Mobile Filtration | 34.6 | % | 35.1 | % | 33.6 | % | 35.0 | % | ||||||||||||||||||||
Industrial/Environmental Filtration | 32.5 | % | 33.4 | % | 32.1 | % | 32.5 | % | ||||||||||||||||||||
Packaging1 | — | % | 19.6 | % | — | % | 17.5 | % | ||||||||||||||||||||
33.4 | % | 33.4 | % | 32.7 | % | 32.8 | % | |||||||||||||||||||||
Operating margin: | ||||||||||||||||||||||||||||
Engine/Mobile Filtration | 19.2 | % | 18.9 | % | 16.8 | % | 18.1 | % | ||||||||||||||||||||
Industrial/Environmental Filtration | 11.5 | % | 12.2 | % | 9.5 | % | 9.9 | % | ||||||||||||||||||||
Packaging1 | — | % | 8.9 | % | — | % | 6.2 | % | ||||||||||||||||||||
14.7 | % | 14.7 | % | 12.6 | % | 13.1 | % |
Second Quarter | First Six Months | ||||||||||||||||||||||||||||||
Change | Change | ||||||||||||||||||||||||||||||
(Dollars in thousands) | 2016 | 2015 | $ | % | 2016 | 2015 | $ | % | |||||||||||||||||||||||
Net sales | $ | 154,019 | $ | 161,290 | $ | (7,271 | ) | (5 | )% | $ | 288,573 | $ | 305,748 | $ | (17,175 | ) | (6 | )% | |||||||||||||
Cost of sales | 100,687 | 104,622 | (3,935 | ) | (4 | )% | 191,685 | 198,680 | (6,995 | ) | (4 | )% | |||||||||||||||||||
Gross profit | 53,332 | 56,668 | (3,336 | ) | (6 | )% | 96,888 | 107,068 | (10,180 | ) | (10 | )% | |||||||||||||||||||
Selling and administrative expenses | 23,831 | 26,104 | (2,273 | ) | (9 | )% | 48,320 | 51,758 | (3,438 | ) | (7 | )% | |||||||||||||||||||
Operating profit | 29,501 | 30,564 | (1,063 | ) | (3 | )% | 48,568 | 55,310 | (6,742 | ) | (12 | )% | |||||||||||||||||||
Gross margin | 34.6% | 35.1% | (0.5) | pt | 33.6% | 35.0% | (1.4) | pt | |||||||||||||||||||||||
Selling and administrative percentage | 15.5% | 16.2% | (0.7) | pt | 16.7% | 16.9% | (0.2) | pt | |||||||||||||||||||||||
Operating margin | 19.2% | 18.9% | 0.3 | pt | 16.8% | 18.1% | (1.3) | pt |
Second Quarter | First Six Months | |||||
Organic volume | (3 | )% | (4 | )% | ||
Pricing | — | % | — | % | ||
Foreign exchange | (2 | )% | (2 | )% | ||
(5 | )% | (6 | )% |
(Dollars in millions) | Second Quarter | First Six Months | ||||||
2015 | $ | 161.3 | $ | 305.7 | ||||
U.S. net sales | (5.5 | ) | (10.7 | ) | ||||
Foreign net sales (including export) | 0.3 | (1.0 | ) | |||||
Foreign exchange | (2.1 | ) | (5.5 | ) | ||||
Net change | (7.3 | ) | (17.2 | ) | ||||
2016 | $ | 154.0 | $ | 288.6 |
(Dollars in millions) | Second Quarter | First Six Months | ||||||
Heavy-duty engine diesel fuel filter assemblies and replacement filters | $ | (2.4 | ) | $ | (3.8 | ) | ||
Heavy-duty engine filtration aftermarket -- other filtration companies | 0.8 | (2.9 | ) | |||||
Light-duty (automotive) engine filtration aftermarket | (1.5 | ) | (2.5 | ) | ||||
Heavy-duty engine filtration aftermarket -- original equipment supply channel | 0.3 | (0.7 | ) | |||||
Heavy-duty engine filtration aftermarket -- independent distributors | 0.4 | 0.1 | ||||||
Heavy-duty engine filtration aftermarket -- retail channel | (2.3 | ) | 0.4 | |||||
All other, net | (0.8 | ) | (1.3 | ) | ||||
Change in U.S. net sales | $ | (5.5 | ) | $ | (10.7 | ) |
(Dollars in millions) | Second Quarter | First Six Months | ||||||
Export sales of heavy-duty engine diesel fuel filter assemblies and replacement filters | $ | (1.9 | ) | $ | (5.3 | ) | ||
Heavy-duty engine filter sales in Europe | 0.5 | 1.2 | ||||||
Export sales primarily to the Middle East, Southeast Asia and Latin America | 1.7 | 3.2 | ||||||
All other, net | — | (0.1 | ) | |||||
Change in foreign net sales | $ | 0.3 | $ | (1.0 | ) |
Second Quarter | First Six Months | ||||||||||||||||||||||||||||||
Change | Change | ||||||||||||||||||||||||||||||
(Dollars in thousands) | 2016 | 2015 | $ | % | 2016 | 2015 | $ | % | |||||||||||||||||||||||
Net sales | $ | 210,949 | $ | 218,676 | $ | (7,727 | ) | (4 | )% | $ | 392,667 | $ | 409,592 | $ | (16,925 | ) | (4 | )% | |||||||||||||
Cost of sales | 142,420 | 145,623 | (3,203 | ) | (2 | )% | 266,793 | 276,291 | (9,498 | ) | (3 | )% | |||||||||||||||||||
Gross profit | 68,529 | 73,053 | (4,524 | ) | (6 | )% | 125,874 | 133,301 | (7,427 | ) | (6 | )% | |||||||||||||||||||
Selling and administrative expenses | 44,246 | 46,449 | (2,203 | ) | (5 | )% | 88,699 | 92,689 | (3,990 | ) | (4 | )% | |||||||||||||||||||
Operating profit | 24,283 | 26,604 | (2,321 | ) | (9 | )% | 37,175 | 40,612 | (3,437 | ) | (8 | )% | |||||||||||||||||||
Gross margin | 32.5% | 33.4% | (0.9) | pt | 32.1% | 32.5% | (0.4) | pt | |||||||||||||||||||||||
Selling and administrative percentage | 21.0% | 21.2% | (0.2) | pt | 22.6% | 22.6% | — | pt | |||||||||||||||||||||||
Operating margin | 11.5% | 12.2% | (0.7) | pt | 9.5% | 9.9% | (0.4) | pt |
Second Quarter | First Six Months | |||||
Organic volume | (5 | )% | (3 | )% | ||
TDC acquisition | 2 | % | 1 | % | ||
Pricing | — | % | — | % | ||
Foreign exchange | (1 | )% | (2 | )% | ||
(4 | )% | (4 | )% |
(Dollars in millions) | Second Quarter | First Six Months | ||||||
2015 | $ | 218.7 | $ | 409.6 | ||||
U.S. net sales | (16.8 | ) | (32.8 | ) | ||||
Foreign net sales (including export) | 11.4 | 23.8 | ||||||
Foreign exchange | (2.4 | ) | (7.9 | ) | ||||
Net change | (7.8 | ) | (16.9 | ) | ||||
2016 | $ | 210.9 | $ | 392.7 |
(Dollars in millions) | Second Quarter | First Six Months | ||||||
Gas turbine first-fit filters and systems | $ | (8.3 | ) | $ | (14.6 | ) | ||
Natural gas filtration vessels and aftermarket elements | (9.2 | ) | (13.8 | ) | ||||
Dust collection and other industrial air filtration products | (4.4 | ) | (11.1 | ) | ||||
Aerospace filtration products | 0.5 | 3.9 | ||||||
TDC acquisition | 4.0 | 4.7 | ||||||
All other, net | 0.6 | (1.9 | ) | |||||
Change in U.S. net sales | $ | (16.8 | ) | $ | (32.8 | ) |
• | Lower sales of gas turbine air intake filtration systems at CLARCOR Industrial Air in the second quarter and first six months of 2016 from the comparable periods of 2015 was driven primarily by the timing of large system sales and the geographic mix of customer orders. |
• | Lower sales in the natural gas market in the second quarter and first six months of 2016 from the comparable periods of 2015 was driven primarily by a decline in natural gas filtration vessel sales, resulting from decreased activity in extraction, transportation and processing of natural gas and natural gas liquids. |
• | Lower sales of dust collection and other industrial air filtration products in the second quarter and first six months of 2016 from the comparable periods in 2015 was due primarily to decreased sales of panel, cartridge, bag and other industrial air replacement filters, partially reflecting several significant one-time orders in the prior year periods that did not recur in 2016. These lower sales were partially offset by increased sales of industrial air filtration products in the second quarter and first six months of 2016 resulting from the TDC acquisition. |
• | Higher sales of commercial and military aerospace filtration products in the second quarter and first six months of 2016 from the comparable periods in 2015 resulted from a large increase in aftermarket demand from distributors and increased governmental spending. |
(Dollars in millions) | Second Quarter | First Six Months | ||||||
Gas turbine first-fit filters and systems | $ | 10.0 | $ | 19.6 | ||||
Export sales of HVAC filters | 5.0 | 9.0 | ||||||
Natural gas filtration vessels and aftermarket elements | (2.6 | ) | (0.9 | ) | ||||
Oil and gas sand control filtration | (1.5 | ) | (2.2 | ) | ||||
All other, net | 0.5 | (1.7 | ) | |||||
Change in foreign net sales | $ | 11.4 | $ | 23.8 |
• | Higher sales of gas turbine air intake filtration systems by CLARCOR Industrial Air in the second quarter and first six months of 2016 from the comparable periods of 2015 was driven primarily by the timing of large system sales which occurred in 2016 and the geographic mix of customer orders. |
• | Higher export sales of HVAC filters primarily reflect increased sales of air filtration products for animal husbandry applications to certain customers in the Middle East. |
• | Lower sales in the natural gas market in the second quarter and first six months of 2016 from the comparable periods of 2015 was driven primarily by a decline in natural gas filtration vessel sales, resulting from decreased activity in extraction, transportation and processing of natural gas and natural gas liquids. |
• | Lower sales of sand control filters in the second quarter and first six months of 2016 from the comparable periods of 2015 was driven by lower demand from oil and gas customers, which we believe reflects lower oil and gas exploration and production activity resulting primarily from continued depressed prices of oil. |
Second Quarter | First Six Months | ||||||||||||||||||||||||||||||
Change | Change | ||||||||||||||||||||||||||||||
(Dollars in thousands) | 2016 | 2015 | $ | % | 2016 | 2015 | $ | % | |||||||||||||||||||||||
Net sales | $ | — | $ | 19,833 | $ | (19,833 | ) | (100 | )% | $ | — | $ | 35,582 | $ | (35,582 | ) | (100 | )% | |||||||||||||
Cost of sales | — | 15,944 | (15,944 | ) | (100 | )% | — | 29,366 | (29,366 | ) | (100 | )% | |||||||||||||||||||
Gross profit | — | 3,889 | (3,889 | ) | (100 | )% | — | 6,216 | (6,216 | ) | (100 | )% | |||||||||||||||||||
Selling and administrative expenses | — | 2,114 | (2,114 | ) | (100 | )% | — | 4,002 | (4,002 | ) | (100 | )% | |||||||||||||||||||
Operating profit | — | 1,775 | (1,775 | ) | (100 | )% | — | 2,214 | (2,214 | ) | (100 | )% | |||||||||||||||||||
Gross margin | —% | 19.6% | (19.6) | pt | —% | 17.5% | (17.5) | pt | |||||||||||||||||||||||
Selling and administrative percentage | —% | 10.7% | (10.7) | pt | —% | 11.2% | (11.2) | pt | |||||||||||||||||||||||
Operating margin | —% | 8.9% | (8.9) | pt | —% | 6.2% | (6.2) | pt |
• | physical damage to and complete or partial closure of one or more of our manufacturing facilities |
• | temporary or long-term disruption in the supply of raw materials from our suppliers |
• | disruption in the transport of our products to customers and end users |
• | delay in the delivery of our products to our customers |
• | statements and assumptions relating to anticipated future growth, earnings, earnings per share, future cash flows and other financial performance measures; |
• | statements regarding management's short-term and long-term performance goals; |
• | statements regarding anticipated order patterns and demand for products from our customers and our backlog or the anticipated economic conditions of the industries and markets that we serve; |
• | statements related to the performance of the U.S., China, Europe and other economies generally; |
• | statements relating to the anticipated effects on results of operations or financial condition from recent and expected developments or events, including the acquisitions of FibeRio, TDC, Filter Resources, the Stanadyne business, the GE Air Filtration business and the Bekaert business and potential future acquisition opportunities; |
• | statements regarding our current cost structure positions and ability to capitalize on anticipated development and growth initiatives, including the expansion of facilities and other planned capital expenditures; |
• | statements relating to our research and development activities, including the development of new products and filter media; |
• | statements related to future dividends or repurchases of our common stock; |
• | statements related to tax positions and unrecognized tax benefits; |
• | statements related to our cash resources and borrowing capacity under the Credit Facility; |
• | statements related to cost savings or restructuring initiatives; |
• | statements regarding anticipated contributions and other payments pursuant to our pension plans and for other post-retirement benefits; |
• | statements related to potential liability for environmental matters; |
• | statements related to pending claims or litigation; |
• | statements relating to the availability of raw materials and other supplies; and |
• | any other statements or assumptions that are not historical facts. |
COMPANY PURCHASES OF EQUITY SECURITIES | ||||||||||||||
(a) | (b) | (c) | (d) | |||||||||||
Period | Total number of shares purchased | Average price paid per share | Total number of shares purchased as part of the Company's publicly announced plan | Maximum approximate dollar value of shares that may yet be purchased under the Plan | ||||||||||
February 28, 2016 through April 2, 2016 | 48,000 | $ | 53.94 | 48,000 | $ | 104,087,049 | ||||||||
April 3, 2016 through April 30, 2016 | 40,000 | $ | 58.00 | 40,000 | $ | 101,766,036 | ||||||||
May 1, 2016 through May 28, 2016 | 40,000 | $ | 57.33 | 40,000 | $ | 99,472,034 | ||||||||
Total | 128,000 | 128,000 |
a. | Exhibits: | |
* 31.1 | Certification of Christopher L. Conway pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |
* 31.2 | Certification of David J. Fallon pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |
** 32 | Certification pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | |
*** 101.INS | XBRL Instance Document | |
*** 101.SCH | XBRL Taxonomy Extension Schema Document | |
*** 101.CAL | XBRL Taxonomy Extension Calculation Linkbase | |
*** 101.DEF | XBRL Taxonomy Extension Definition Linkbase | |
*** 101.LAB | XBRL Taxonomy Extension Label Linkbase | |
*** 101.PRE | XBRL Taxonomy Extension Presentation Linkbase |
* | Filed herewith. | |
** | Furnished herewith. | |
*** | Submitted electronically with this 2016 Quarterly Report on Form 10-Q. |
June 17, 2016 | By | /s/ Christopher L. Conway | |
(Date) | Christopher L. Conway | ||
President and Chief Executive Officer | |||
June 17, 2016 | By | /s/ David J. Fallon | |
(Date) | David J. Fallon | ||
Chief Financial Officer and Chief Accounting Officer |
1. | I have reviewed this quarterly report on Form 10-Q of CLARCOR Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
Date: | June 17, 2016 | /s/ Christopher L. Conway |
Christopher L. Conway | ||
President and Chief Executive Officer |
1. | I have reviewed this quarterly report on Form 10-Q of CLARCOR Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
Date: | June 17, 2016 | /s/ David J. Fallon |
David J. Fallon | ||
Chief Financial Officer and Chief Accounting Officer |
June 17, 2016 | By | /s/ Christopher L. Conway | |
(Date) | Christopher L. Conway | ||
President and Chief Executive Officer | |||
June 17, 2016 | By | /s/ David J. Fallon | |
(Date) | David J. Fallon | ||
Chief Financial Officer and Chief Accounting Officer |
Document and Entity Information - shares |
6 Months Ended | |
---|---|---|
May 28, 2016 |
Jun. 13, 2016 |
|
Document and Entity Information [Abstract] | ||
Entity Registrant Name | CLARCOR INC. | |
Entity Central Index Key | 0000020740 | |
Current Fiscal Year End Date | --12-03 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | May 28, 2016 | |
Document Fiscal Year Focus | 2016 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 48,760,707 |
Consolidated Condensed Statements of Earnings - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
May 28, 2016 |
May 30, 2015 |
May 28, 2016 |
May 30, 2015 |
|
Income Statement [Abstract] | ||||
Net sales | $ 364,968 | $ 399,799 | $ 681,240 | $ 750,922 |
Cost of sales | 243,107 | 266,189 | 458,478 | 504,337 |
Gross profit | 121,861 | 133,610 | 222,762 | 246,585 |
Selling and administrative expenses | 68,077 | 74,667 | 137,019 | 148,449 |
Operating profit | 53,784 | 58,943 | 85,743 | 98,136 |
Other income (expense): | ||||
Interest expense | (1,869) | (1,556) | (3,981) | (2,627) |
Interest income | 130 | 90 | 259 | 231 |
Other, net | 26,934 | (422) | 27,448 | (538) |
Total other income (expense) | 25,195 | (1,888) | 23,726 | (2,934) |
Earnings before income taxes | 78,979 | 57,055 | 109,469 | 95,202 |
Provision for income taxes | 25,608 | 18,482 | 34,908 | 29,892 |
Net earnings | 53,371 | 38,573 | 74,561 | 65,310 |
Net earnings attributable to noncontrolling interests | (17) | (76) | (44) | (104) |
Net earnings attributable to CLARCOR Inc. | $ 53,354 | $ 38,497 | $ 74,517 | $ 65,206 |
Net earnings per share attributable to CLARCOR Inc. - Basic (in dollars per share) | $ 1.10 | $ 0.77 | $ 1.53 | $ 1.30 |
Net earnings per share attributable to CLARCOR Inc. - Diluted (in dollars per share) | $ 1.09 | $ 0.76 | $ 1.52 | $ 1.28 |
Weighted average number of shares outstanding - Basic (in shares) | 48,714,109 | 50,209,215 | 48,758,579 | 50,232,565 |
Weighted average number of shares outstanding - Diluted (in shares) | 49,153,624 | 50,791,198 | 49,128,974 | 50,791,840 |
Dividends paid per share (in dollars per share) | $ 0.22 | $ 0.20 | $ 0.44 | $ 0.4 |
Consolidated Condensed Statements of Comprehensive Earnings - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
May 28, 2016 |
May 30, 2015 |
May 28, 2016 |
May 30, 2015 |
|
Statement of Comprehensive Income [Abstract] | ||||
Net earnings | $ 53,371 | $ 38,573 | $ 74,561 | $ 65,310 |
Other comprehensive income: | ||||
Pension and other postretirement benefits liability adjustments, net of deferred taxes of $(399), $(335), $(637) and $(597), respectively | 525 | 525 | 1,004 | 1,124 |
Foreign currency translation gain (loss) | 8,812 | (5,720) | (3,124) | (22,334) |
Comprehensive earnings | 62,708 | 33,378 | 72,441 | 44,100 |
Comprehensive earnings attributable to non-redeemable noncontrolling interests | (14) | (50) | 41 | (18) |
Comprehensive earnings attributable to redeemable noncontrolling interests | 0 | 12 | 0 | 155 |
Comprehensive earnings attributable to CLARCOR Inc. | $ 62,694 | $ 33,340 | $ 72,482 | $ 44,237 |
Consolidated Condensed Statements of Comprehensive Earnings Consolidated Condensed Statements of Comprehensive Income - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
May 28, 2016 |
May 30, 2015 |
May 28, 2016 |
May 30, 2015 |
|
Statement of Comprehensive Income [Abstract] | ||||
Deferred taxes | $ (399) | $ (335) | $ (637) | $ (597) |
Consolidated Condensed Balance Sheets (Parenthetical) - USD ($) $ in Thousands |
May 28, 2016 |
Nov. 28, 2015 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Allowance for losses | $ 12,846 | $ 14,765 |
Accumulated depreciation | $ 296,676 | $ 286,335 |
Basis of Presentation and Significant Accounting Policies |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basis of Presentation and Significant Accounting Policies | BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation CLARCOR Inc. and its subsidiaries (collectively, the “Company” or “CLARCOR”) is a global provider of filtration products, filtration systems and services, and consumer and industrial packaging products. As discussed further in Note 15, the Company had three reportable segments: Engine/Mobile Filtration, Industrial/Environmental Filtration and Packaging. On June 27, 2015, the Company completed the disposition of J.L. Clark, Inc. ("J.L. Clark"), which was the sole operating company within the Company's Packaging segment. The Consolidated Condensed Financial Statements include all domestic and foreign subsidiaries that were more than 50% owned and controlled as of each respective reporting period presented. All intercompany accounts and transactions have been eliminated. The Company's fiscal year-end is the Saturday closest to November 30, typically resulting in a fifty-two week year, but occasionally giving rise to an additional week, resulting in a fifty-three week year. The Consolidated Condensed Statements of Earnings, the Consolidated Condensed Statements of Comprehensive Earnings and the Consolidated Condensed Statements of Cash Flows for the periods ended May 28, 2016 and May 30, 2015 and the Consolidated Condensed Balance Sheet as of May 28, 2016 prepared by the Company are unaudited. The Consolidated Condensed Financial Statements have been prepared on the same basis as those in the Company’s Annual Report on Form 10-K for the fiscal year ended November 28, 2015 (“2015 Form 10-K”). The November 28, 2015 Consolidated Condensed Balance Sheet data was derived from the Company’s year-end audited Consolidated Financial Statements as presented in the 2015 Form 10-K but does not include all disclosures required by accounting principles generally accepted in the United States of America ("U.S. GAAP"). In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary for a fair statement of financial position, results of operations and cash flows have been made. The results of operations for the period ended May 28, 2016, are not necessarily indicative of the operating results for the full year. The information included in this Form 10-Q should be read in conjunction with the audited Consolidated Financial Statements and accompanying notes included in the 2015 Form 10-K. Cash and Cash Equivalents and Restricted Cash Highly liquid investments with an original maturity of three months or less when purchased and that are readily saleable are considered to be cash and cash equivalents. Restricted cash represents funds held in escrow and cash balances held by German banks as collateral for certain guarantees of overseas subsidiaries. Restricted cash classified as current corresponds to funds held in escrow that will be used within one year or guarantees that expire within one year. The Company had $1,353 and $1,294 of noncurrent restricted cash recorded in Other noncurrent assets as of May 28, 2016 and November 28, 2015, respectively, corresponding to guarantees and escrow agreements that expire longer than one year from the dates of the Consolidated Condensed Balance Sheets. Inventories Inventories are valued at the lower of cost or market primarily determined on the first-in, first-out (“FIFO”) method of inventory costing, which approximates current cost. Inventories are summarized as follows:
Property, Plant and Equipment Plant assets classified as held for sale are initially measured at the lesser of the assets' carrying amount or the fair value less costs to sell. Gains or losses are recognized for any subsequent changes in the fair value less cost to sell; however, gains are only recognized to the extent of cumulative losses previously recognized. Plant assets classified as Assets held for sale are not depreciated. At May 28, 2016 and November 28, 2015, property, plant and equipment of $533 related to property held in Rockford, Illinois was classified as an Asset held for sale. Accumulated Other Comprehensive Loss Changes in accumulated other comprehensive loss by component for the three and six months ended May 28, 2016 are as follows:
___________ (a) Includes amortization of prior service cost and net actuarial loss included in net periodic benefit cost (see Note 10) that were reclassified from accumulated other comprehensive loss to selling and administrative expenses. Derivative Instruments and Hedging Activities The Company is exposed to various market risks that arise from transactions entered into in the normal course of business, including market risks associated with changes in foreign currency exchange rates and changes in interest rates. The Company may make use of derivative instruments to manage certain such risks, including derivatives designated as accounting hedges and/or those utilized as economic hedges which are not designated as accounting hedges. The Company does not hold or issue derivatives for trading or speculative purposes. All derivatives are recorded at fair value in the Consolidated Balance Sheets. Each derivative is designated as either a fair value hedge or remains undesignated. Changes in the fair value of derivatives that are designated and effective as fair value hedges are recognized currently in net income. These changes are offset in net income to the extent the hedge was effective by fair value changes related to the risk being hedged on the hedged item. Changes in fair value of undesignated hedges are recognized currently in net income. All ineffective changes in derivative fair values are recognized currently in net income. The Company formally documents all relationships between designated hedging instruments and hedged items as well as its risk management objective and strategy for undertaking hedge transactions. Both at inception and on an ongoing basis the hedging instrument is assessed as to its effectiveness. If and when a derivative is determined not to be highly effective as a hedge, or the underlying hedge transaction is no longer likely to occur, the hedge designation is removed, or the derivative is terminated, the hedge accounting discussed above is discontinued. Further information related to derivatives and hedging activities is included in Note 6 of the Notes to Consolidated Condensed Financial Statements. New Accounting Guidance In May 2014, the FASB issued Accounting Standards Update ("ASU") No. 2014-09, "Revenue from Contracts with Customers." The purpose of ASU 2014-09 is to clarify the principles for recognizing revenue and to develop a common revenue standard for U.S. GAAP and International Financial Reporting Standards. The amendments in ASU 2014-09 require a company to recognize revenue to depict the transfer of goods or services to a customer at an amount that reflects the consideration it expects to receive in exchange for those goods or services. ASU 2014-09 also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. ASU 2014-09 is effective for annual reporting periods, and interim periods within that period, beginning after December 15, 2016 (fiscal year 2018 for the Company). Subsequently, in August 2015, the FASB issued ASU No. 2015-14, "Revenue from Contracts with Customers (Topic 606) Deferral of the Effective Date," that moves the effective date out one year (fiscal 2019 for the Company). In March 2016, the FASB issued ASU 2016-08, "Principal versus Agent Considerations (Reporting Revenue Gross versus Net)," which clarifies the guidance in determining revenue recognition as principal versus agent. In April 2016, the FASB issued ASU 2016-10, "Identifying Performance Obligations and Licensing," which provides guidance in accounting for immaterial performance obligations and shipping and handling. In May 2016, the FASB issued ASU 2016-12, "Narrow-Scope Improvements and Practical Expedients," which provides clarification on assessing the collectability criterion, presentation of sales taxes, measurement date for noncash consideration and completed contracts at transition. Companies may use either a full retrospective or a modified retrospective approach to adopt ASU 2014-09 and the related amendments and early adoption of one year prior to the required effective date is permitted. The Company has not yet determined the potential effects of the adoption of ASU 2014-09, ASU 2015-14, ASU 2016-08, ASU 2016-10, and ASU 2016-12 on its Consolidated Financial Statements. In April 2015, the FASB issued ASU 2015-03, "Simplifying the Presentation of Debt Issuance Costs," which requires that debt issue costs related to a recognized debt liability be presented on the balance sheet as a direct deduction from the amount of the debt liability, consistent with debt discounts and premiums. Amortization of such costs is still reported as interest expense. ASU 2015-03 is effective for fiscal years, and interim periods therein, beginning after December 15, 2015 (fiscal year 2017 for the Company), but early adoption is allowed. In August 2015, the FASB issued ASU 2015-15, "Presentation and Subsequent Measurement of Debt Issue Costs Associated with Line-of-Credit Arrangements." ASU 2015-15 supplements the requirements of ASU 2015-03 by allowing an entity to defer and present debt issue costs related to a line of credit arrangement as an asset and subsequently amortize the deferred costs ratably over the term of the line of credit arrangement. The Company has not yet determined in which period it will adopt the new guidance. Upon adoption, long-term debt issuance costs will be reclassified from other long-term assets to long-term debt on the Condensed Consolidated Balance Sheets. In July 2015, the FASB issued ASU 2015-11, "Simplifying the Measurement of Inventory." Topic 330, Inventory, currently requires an entity to measure inventory at the lower of cost or market, with market value represented by replacement cost, net realizable value or net realizable value less a normal profit margin. The amendments in ASU 2015-11 require an entity to measure inventory at the lower of cost or net realizable value. ASU 2015-11 is effective for annual reporting periods, and interim periods within that period, beginning after December 15, 2016 (fiscal year 2018 for the Company). The Company does not expect the adoption of this guidance to have a material impact on its Consolidated Financial Statements. In February 2016, the FASB issued ASU 2016-02, "Leases," which amends leasing guidance by requiring companies to recognize a right-of-use asset and a lease liability for all operating and capital (finance) leases with lease terms of greater than twelve months. The lease liability will be equal to the present value of lease payments. The lease asset will be based on the lease liability, subject to adjustment, such as for initial direct costs. For income statement purposes, leases will continue to be classified as operating or capital (finance), with lease expense in both cases calculated substantially the same as under the prior leasing guidance. The updated guidance is effective for interim and annual periods beginning after December 15, 2018 (fiscal year 2020 for the Company), and early adoption is permitted. The Company has not yet determined the potential effects of the adoption of ASU 2016-02 on its Consolidated Financial Statements. In March 2016, the FASB issued ASU 2016-09, "Improvements to Employee Share-Based Payment Accounting," which simplifies the accounting for share-based payment transactions, including accounting for income taxes, forfeitures, and classification in the statement of cash flows. ASU 2016-09 is effective for annual reporting periods, and interim periods therein, beginning after December 15, 2016 (fiscal year 2018 for the Company). The Company has not yet determined the potential effects of the adoption of ASU 2016-09 on its Consolidated Financial Statements. |
Business Acquisitions and Noncontrolling Interests |
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Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisitions and Noncontrolling Interests | BUSINESS ACQUISITIONS AND NONCONTROLLING INTERESTS Business Acquisitions FibeRio On March 7, 2016, the Company acquired certain assets of FibeRio Technology Corporation (“FibeRio”), a technology company focused on the research, development and commercialization of performance fabric and filtration media, for a purchase price of approximately $11,918 consisting of $8,031 in cash and $3,887 in contingent earn-out liability. The assets acquired and the activities of FibeRio are in the process of being merged into the Company's Innovation Center, located near the Company's headquarters in Franklin, Tennessee, which supports the Company's global growth and innovation activities including research and development. A preliminary allocation of the purchase price to the assets acquired was made based on available information and incorporating management’s best estimates. Assets acquired in the transaction were recorded at their estimated acquisition-date fair values, consisting primarily of $5,300 of in-process research and development, $3,300 of machinery and equipment, and $3,318 of goodwill. The assets of FibeRio were acquired primarily to expand the Company's capabilities in filtration media research and product development. Goodwill recorded in connection with the acquisition, which is deductible for tax purposes, represents the estimate future value of such opportunities. A contingent liability for a potential earn-out payment to the former owners, based on sales of products generated by or through processes utilizing FibeRio's technology during the five years subsequent to the acquisition date, was initially recorded at its acquisition-date estimated fair value of $3,887 which is included in Other long-term liabilities in the Consolidated Condensed Balance Sheet at May 28, 2016. The Company is currently in the process of finalizing the valuations of all assets acquired. The Company expects to finalize the purchase price allocation within one year of the purchase date. TDC On January 29, 2016, the Company acquired certain assets of TDC Filter Manufacturing, Inc. (“TDC”), a manufacturer and supplier of pleated filter bags, dust collection cartridges and gas turbine air filters, for a purchase price of approximately $11,268. The operations of TDC have been merged into the Company's CLARCOR Industrial Air business, headquartered in Overland Park, Kansas, which is part of the Company's Industrial/Environmental Filtration segment. A preliminary allocation of the purchase price to the assets acquired was made based on available information and incorporating management’s best estimates. Assets acquired in the transaction were recorded at their estimated acquisition-date fair values, consisting primarily of $3,200 of customer relationships, $2,551 of inventory, $1,959 of machinery and equipment, and $3,408 of goodwill. The assets of TDC were acquired primarily to expand the Company’s product line and distribution channels within its target industrial air filtration markets. Goodwill recorded in connection with the acquisition, which is deductible for tax purposes, represents the estimated future value of such opportunities. The Company is currently in the process of finalizing the valuations of all assets acquired. The Company expects to finalize the purchase price allocation within one year of the purchase date. Filter Resources On December 17, 2014, the Company acquired 100% of the outstanding shares of Filter Resources, Inc., Filtration, Inc. and Fabrication Specialties, Inc. (collectively, "Filter Resources"). The purchase price for Filter Resources was approximately $21,861, which the Company funded with borrowings under the Company's revolving credit facility. The Company assumed long-term debt of the business of $1,250, which was immediately repaid in connection with the closing. Filter Resources has operating facilities located in the Texas gulf coast and Louisiana region, with approximately 75 total employees. The business is engaged in the manufacture and distribution of filtration products for petrochemical, refinery, pipeline and other industrial applications. The operations of Filter Resources have been merged into the Company's PECOFacet group of companies, headquartered in Mineral Wells, Texas. Its results are included as part of the Company's Industrial/Environmental Filtration segment from the date of acquisition. A contingent liability for a potential earn-out payment to the former owners, based on adjusted earnings from certain capital projects, was initially recorded at its acquisition-date estimated fair value of $1,154 and is being accreted to its face value of $1,350 ratably through the conclusion of the earn-out period in 2016. The earn-out period will expire in 2016 and the Company determined that the estimated fair value of the contingent liability for a potential earn-out payment was $6 as of May 28, 2016. The reduction to the contingent liability was offset as a reduction of Selling and administrative expenses and interest expense in the Consolidated Condensed Statements of Earnings. The remaining contingent liability of $6 is included in Accrued liabilities in the Consolidated Condensed Balance Sheet at May 28, 2016. An allocation of the purchase price to the assets acquired and liabilities assumed was made based on available information and incorporating management's best estimates. Assets acquired and liabilities assumed in the transaction were recorded at their estimated acquisition-date fair values, while transaction costs associated with the acquisition were expensed as incurred. The allocation of the purchase price to assets acquired and liabilities assumed was finalized as of November 30, 2015. The following table summarizes the fair values of the assets acquired and liabilities assumed at the date of acquisition of Filter Resources:
Filter Resources was acquired primarily to expand the Company's access to petrochemical and refinery customers, particularly in the U.S. gulf coast region. Goodwill of $11,938 recorded in connection with the acquisition, which is not deductible for tax purposes, represents the estimated value of such future opportunities. A summary of the intangible assets acquired is shown in the following table:
Net sales and operating profit for Filter Resources for the three and six months ended May 28, 2016 and May 30, 2015 (which, in the case of the six month period ended May 30, 2015, includes the period from December 17, 2014 to May 30, 2015) were as follows:
Noncontrolling Interests Noncontrolling interests changed as follows during the six months ended May 28, 2016 and May 30, 2015:
Redeemable Noncontrolling Interests In March 2007, the Company acquired an 80% ownership share in Sinfa SA (“SINFA”), a manufacturer of automotive and heavy-duty engine filters based in Casablanca, Morocco, which is included in the Engine/Mobile Filtration segment. As part of the purchase agreement, the Company and the noncontrolling owners each had the option to require the purchase of the remaining 20% ownership share by the Company after December 31, 2012. During the three month period ended May 30, 2015, the Company exercised its option and acquired the remaining 20% ownership share for approximately $1,239, following which SINFA became a wholly owned subsidiary. The difference between the amount paid and the carrying value of the noncontrolling interest was recorded to Retained earnings in the Consolidated Condensed Balance Sheet. |
Business Dispositions |
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Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Dispositions | BUSINESS DISPOSITIONS J.L. Clark On June 27, 2015, the Company sold 100% of the outstanding shares of J.L. Clark to CC Industries, Inc. ("CCI"), an affiliate of Chicago-based Henry Crown and Company, for $45,232 in cash (cash from CCI of $47,848 at closing, net of $745 cash divested and a post-closing adjustment of $1,871 related to the amount of working capital as of the closing date, as provided in the purchase agreement). Headquartered in Rockford, Illinois and with manufacturing facilities in Lancaster, Pennsylvania, J.L. Clark designs and manufactures specialty metal and plastic packaging for a variety of consumer products customers. Prior to its divestiture, J.L. Clark was the sole operating company within the Company's Packaging segment. The sale of J.L. Clark is consistent with the Company's strategic focus on being a global provider of filtration products, systems and services. Net sales and operating profit attributable to J.L. Clark for the three and six months ended May 28, 2016 and May 30, 2015 were as follows:
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Goodwill and Acquired Intangible Assets |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Acquired Intangible Assets | GOODWILL AND ACQUIRED INTANGIBLE ASSETS All goodwill is stated on a gross basis, as the Company has not recorded any impairment charges against goodwill. The following table reconciles the activity for goodwill by segment for the six months ended May 28, 2016:
The following table summarizes acquired intangibles by segment. Other acquired intangibles include parts manufacturer regulatory approvals, developed technology, patents and non-compete agreements:
The following table summarizes estimated amortization expense:
Amortization expense for the six months ended May 28, 2016 and May 30, 2015 was $12,395 and $12,523, respectively. |
Fair Value Measurements |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | FAIR VALUE MEASUREMENTS Fair Value Measurements The Company measures certain assets and liabilities at fair value as discussed throughout the notes to its quarterly and annual financial statements. Fair value is the exchange price that would be received for an asset or paid to transfer a liability, an exit price, in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants. Fair value measurements are categorized in a hierarchy based upon the observability of inputs used in valuation techniques. Observable inputs are the highest level and reflect market data obtained from independent sources, while unobservable inputs are the lowest level and reflect internally developed market assumptions. The Company classifies fair value measurements by the following hierarchy:
Assets or liabilities that have recurring fair value measurements are shown below:
There were no changes in the fair value determination methods or significant assumptions used in those methods during the six months ended May 28, 2016. There were no transfers between Level 1 and Level 2 and there were no transfers into or out of Level 3 during the six months ended May 28, 2016. The Company's policy is to recognize transfers on the actual date of transfer. The restricted trust, which is used to fund certain payments for the Company’s U.S. combined nonqualified pension plans, consists of actively traded equity and bond funds. The Company is liable for a contingent earn-out established in connection with the acquisition of FibeRio on March 7, 2016. This earn-out, which is payable to the former owners of FibeRio, has been recorded at its estimated fair-value of $3,887, in Other long-term liabilities in the Consolidated Condensed Balance Sheet. The contingent liability for the earn-out will continue to be accounted for and measured at fair value through the end of the earn-out period five years from the acquisition date. The fair value measurement of the earn-out payment is based on an option pricing approach, which represent significant inputs not observed in the market and thus represents a Level 3 measurement. The Company is liable for a contingent earn-out established in connection with the acquisition of Filter Resources on December 17, 2014. This earn-out, which is payable to the former owners of Filter Resources, has been recorded at its estimated fair-value of $6, in Accrued liabilities in the Consolidated Condensed Balance Sheet. The contingent liability for the earn-out will continue to be accounted for and measured at fair value until the contingency is settled during the Company's fiscal year 2016. The fair value measurement of the earn-out payment is based on estimated adjusted earnings from certain capital projects, which represent significant inputs not observed in the market and thus represents a Level 3 measurement. The Company is liable for a contingent earn-out established in connection with the acquisition of TransWeb on December 29, 2010. This earn-out, which is payable to one of the former owners of TransWeb, had an acquisition-date estimated fair value of $1,018, which was recorded as an other long-term liability at that time. The contingent liability for the earn-out payment will continue to be accounted for and measured at fair value until the contingency is settled during fiscal year 2016. The fair value measurement of the contingent earn-out payment is based primarily on 2014 and 2015 TransWeb adjusted earnings, which represent significant inputs not observed in the market and thus represents a Level 3 measurement. The contingent consideration payment is revalued to its current fair value at each reporting date. The fair value of the TransWeb contingent earn-out payment was $0 at May 28, 2016 and at November 28, 2015, based on the adjusted earnings of TransWeb. Fair Values of Financial Instruments The fair values of the Company’s financial instruments, which are cash and cash equivalents, restricted cash, accounts receivable, the restricted trust, derivative instruments and accounts payable and accrued liabilities, approximated the carrying values of those financial instruments at both May 28, 2016 and November 28, 2015. An expected present value technique is used to estimate the fair value of long-term debt, using a model that discounts future principal and interest payments at interest rates available to the Company at the end of the period for similar debt of the same maturity. A fair value estimate of $340,891 and $403,821 for long-term debt at May 28, 2016 and November 28, 2015, respectively, is based on a Level 2 measurement using the current interest rates available to the Company for debt with similar remaining maturities. The carrying value for the long-term debt at May 28, 2016 and November 28, 2015 is $342,566 and $405,156, respectively. See Note 6 for information related to the fair value of hedging instruments. |
Derivative Instruments and Hedging |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging | DERIVATIVE INSTRUMENTS AND HEDGING The Company is exposed to various market risks that arise from transactions entered into in the normal course of business. The Company selectively uses derivative instruments to manage certain such risks, including market risks associated with changes in foreign currency exchange rates and changes in interest rates. The Company does not hold or issue derivatives for trading or speculative purposes. A description of each type of derivative utilized by the Company to manage risk is included below. In addition, refer to Note 5 for information related to the fair value measurements utilized by the Company for each derivative type. The Company may elect to designate certain derivatives as hedging instruments under the accounting standards for derivatives and hedging. The Company formally documents all relationships between designated hedging instruments and hedged items as well as its risk management objective and strategy for undertaking hedge transactions. All derivatives are recognized on the balance sheet at fair value and classified based on the instrument's maturity date. The total notional amount of derivatives outstanding at May 28, 2016 and November 28, 2015 was $41,798 and $48,797 respectively, which consists of undesignated derivative instruments to manage translational foreign exchange risk related to inter-company advances, and derivatives designated as fair value hedges to manage the risk of changes in foreign currency exchange rates on certain firm sales commitments expected to be settled at future dates. The following table presents the fair values of derivative instruments included within the Consolidated Condensed Balance Sheets at May 28, 2016 and November 28, 2015:
The following table presents the amounts of income (expense) from derivative instruments affecting the Consolidated Condensed Statements of Earnings for the six months ended May 28, 2016 and May 30, 2015:
Fair Value Hedges The Company is exposed to changes in foreign currency exchange rates on certain unrecognized firm sales commitments expected to be settled at future dates. The Company may use foreign currency forward contracts to manage certain such risks. The Company designates each such contract as a fair value hedge from the date the firm sales commitment and derivative contract are entered into through the date the related sale occurs, at which point the foreign currency forward contract is de-designated as a fair value hedging instrument. All realized and unrealized gains or losses on such foreign currency forward contracts are recognized in income as incurred. Changes in the fair value of the related unrecognized firm sales commitments that arise due to fluctuations in foreign currency exchange rates are also reflected in income and as an asset or liability on the Consolidated Condensed Balance Sheets. The total notional amount of foreign currency contracts designated as fair value hedges outstanding at May 28, 2016 and November 28, 2015 was $4,040 and $5,326, respectively. The cash flows associated with the periodic settlement of the Company's fair value hedges are reflected as a component of Cash flows from operating activities in the Consolidated Condensed Statements of Cash Flows. Undesignated Derivative Instruments The Company is exposed to changes in foreign currency exchange rates on certain inter-company advances. The Company may use foreign currency forward contracts to manage certain such risks. These forward contracts are not designated as hedging instruments under the accounting standards for derivatives and hedging. These undesignated instruments are recorded at fair value as an asset or liability on the Consolidated Condensed Balance Sheets and all realized and unrealized gains or losses on such foreign currency forward contracts are recognized in Other, net on the Consolidated Condensed Statements of Earnings as incurred. The Company intends to settle the underlying inter-company advances in cash, therefore gains and losses on translation of the inter-company advances are also recognized in Other, net on the Consolidated Condensed Statements of Earnings as incurred. The cash flows associated with the periodic settlement of the Company's undesignated derivative instruments are reflected as a component of Cash flows from operating activities in the Consolidated Condensed Statements of Cash Flows. The total notional amount of such foreign currency contracts not designated as hedging instruments outstanding as of May 28, 2016 and November 28, 2015 was $37,489 and $36,259, respectively. During the six months ended May 28, 2016, the Company recorded realized and unrealized gains of $2,672 on such forward currency contracts and losses of $2,686 on translation of the underlying inter-company advances. During the six months ended May 30, 2015, the Company recorded realized and unrealized losses of $158 on such forward currency contracts and losses of $667 on translation of the underlying inter-company advances. Additionally, the total notional amount of foreign currency contracts de-designated as fair value hedges outstanding at May 28, 2016 and November 28, 2015 was $269 and $7,212, respectively. Counterparty credit risk By using derivative instruments to manage certain of its risk exposures, the Company is subject, from time to time, to credit risk and market risk on such derivative instruments. Credit risk arises from the potential failure of the counterparty to perform under the terms of the derivative instrument. When the fair value of a derivative instrument is positive, the counterparty owes the Company, which creates credit risk for the Company. The Company mitigates this credit risk by entering into transactions with only creditworthy counterparties. Market risk arises from the potential adverse effects on the value of the derivative that result from changes in foreign currency exchange rates or interest rates, depending on the nature of the derivative. The Company mitigates this market risk by establishing and monitoring parameters that limit the types and degrees of market risk that may be undertaken. |
Accrued Liabilities |
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Payables and Accruals [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued Liabilities | ACCRUED LIABILITIES Accrued liabilities at May 28, 2016 and November 28, 2015 were as follows:
The Company had letters of credit totaling $17,903 and $24,581 as of May 28, 2016 and November 28, 2015, respectively, issued to various government agencies, primarily related to industrial revenue bonds, and to insurance companies and other commercial entities in support of its obligations. The Company believes that no payments will be required resulting from these obligations. In the ordinary course of business, the Company also provides routine indemnifications and other guarantees whose terms range in duration and are often not explicitly defined. The Company does not believe these will have a material impact on the results of operations or financial condition of the Company. Warranties Warranties are recorded as a liability on the balance sheet and as charges to current expense for estimated normal warranty costs and, if applicable, for specific performance issues known to exist on products already sold. The expenses estimated to be incurred are provided at the time of sale, or when a claim arises, and adjusted as needed, based primarily upon experience. Changes in the Company’s warranty accrual are as follows:
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Restructuring |
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May 28, 2016 | |
Restructuring and Related Activities [Abstract] | |
Restructuring | RESTRUCTURING During the three and six months ended May 28, 2016, the Company recorded restructuring charges of $1,382, and $2,141 of which $1,175 and $1,901, respectively is included in Cost of sales and $207 and $240, respectively is included in Selling and administrative expenses in the Consolidated Condensed Statements of Earnings. The restructuring charges in the three and six months ended May 28, 2016 consisted primarily of severance and other employee termination benefits and lease termination costs related to the exit of operating facilities related to efforts to more closely align operating expenses with the Company’s long-term strategic initiatives and macroeconomic business conditions. Substantially all of these costs are expected to be settled in cash. Approximately $1,794 of restructuring charges are included in Accrued liabilities in the Consolidated Condensed Balance Sheet at May 28, 2016, all of which are expected to be paid out in 2016. There were no such restructuring charges during the three and six months ended May 30, 2015. |
Long-Term Debt |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-Term Debt | LONG-TERM DEBT Long-term debt at May 28, 2016 and November 28, 2015 consisted of the following:
On April 5, 2012, the Company entered into a five-year multicurrency revolving credit agreement with a group of financial institutions. The Company subsequently entered into credit agreement amendments on November 22, 2013 and on May 1, 2014 to add a term loan facility to the revolving credit agreement, and later to increase the size of the term loan facility. On November 2, 2015, the Company entered into an amended and restated credit facility, under which the Company may borrow up to $700,000 under a senior credit facility comprised of a $500,000 multicurrency revolving credit facility (the "Revolving Credit Facility") and $200,000 of term loans (the "Term Loans" and together with the Revolving Credit Facility the "Credit Facility"). The Revolving Credit Facility includes a $50,000 swing-line sub-facility, as well as an accordion feature that will allow the Company to increase the Revolving Credit Facility by a total of up to $100,000, subject to securing additional commitments from existing lenders or new lending institutions. At the Company's election, borrowings under the Revolving Credit Facility and Term Loans bear interest at either (1) a defined base rate, which varies with the highest of the defined prime rate, a specified margin over the federal funds rate, or a specified margin over the London Interbank Offered Rate ("LIBOR"), provided that the defined base rate shall not be less than zero percent, or (2) LIBOR plus an applicable margin determined with reference to the Company's consolidated leverage ratio. Swing line borrowings bear interest at the defined base rate plus an applicable margin. Commitment fees and letter of credit fees are also payable under the Credit Facility. Borrowings under the Credit Facility are unsecured, but are guaranteed by substantially all of the Company's material domestic subsidiaries. The amended and restated credit agreement also contains certain covenants customary to such agreements, including covenants that place limits on the Company's ability to incur additional debt, require the Company to maintain minimum levels of interest coverage, and restrict certain changes in ownership, as well as customary events of default. The principal balance outstanding under the Revolving Credit Facility is payable in full at maturity on November 1, 2020. Principal is payable in respect of the Term Loans in quarterly installments based on specified percentages of the initial principal amount of the Term Loans, and the entire outstanding principal balance of the Term Loans is payable in full at maturity on November 1, 2020. At May 28, 2016, there was $197,500 of outstanding Term Loans with a weighted average interest rate of approximately 1.69%, there was $137,000 outstanding on the Revolving Credit Facility with a weighted average interest rate of approximately 1.85%, and the Company had a remaining borrowing capacity of $355,590. The Credit Facility includes a $50,000 letter of credit sub-facility, against which $7,410 and $7,521 in letters of credit had been issued at May 28, 2016 and November 28, 2015, respectively. |
Pension and Other Postretirement Benefits |
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Compensation and Retirement Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension and Other Postretirement Benefits | PENSION AND OTHER POSTRETIREMENT BENEFITS The Company provides various retirement benefits, including defined benefit pension plans and postretirement healthcare plans covering certain current and retired employees in the U.S. and abroad. Components of net periodic benefit cost (income) and Company contributions for these plans were as follows:
Net periodic benefit expense and obligations related to the Company's pension and post-retirement benefits plans are determined using a number of significant actuarial assumptions, including those related to discount rates, long-term rates of return on pension plan assets and rates of compensation increases. Discount rate assumptions are intended to reflect the rate at which the pension benefit obligations could be effectively settled on the measurement date, taking into account the nature and expected payment timing of the benefit obligations of the plan. Historically, the Company has calculated the projected benefit obligations as well as the interest cost and service cost components of net periodic benefit expense for each domestic plan using a single weighted-average discount rate, rounded to 25 basis points, based on high-quality fixed-income investments currently available (rated Aa or better) and expected to be available during the period to maturity of the benefits (the "single equivalent rate approach"). During 2015, the SEC staff expressed its acceptance for companies applying an alternate approach for measuring the service cost and interest cost components of net periodic benefit cost for postretirement benefit plan obligations. This alternate approach uses individual spot rates derived from a high-quality corporate bond yield curve to separately and directly determine service cost and interest cost based on projected benefit cash flows for each future year (the "spot rate approach"), instead of the single equivalent rate approach. Further, the SEC staff stated that it would not object to companies treating the change in approach as a change in estimate. The Company elected to change its estimate in the determination of discount rate assumptions used to determine net periodic benefit costs effective for fiscal year 2016 for each of its domestic plans, changing from the single equivalent rate approach to the spot rate approach. This change in estimate had no impact on the interest cost and service cost components of net periodic benefit cost in any periods prior to fiscal year 2016, nor does it change the determination of benefit obligations for the plans at future measurement dates. The interest cost and service cost components of each plan's net periodic benefit cost for fiscal year 2016 were determined using spot rates from the Citigroup Pension Discount Curve, applied separately to the projected pension benefit cash flows in each future year. The changes in the fair value of plan assets, plan liabilities and in the assumptions, including the change to the spot rate approach as described above, result in an approximate $445 net decrease in fiscal year 2016 expense for the Company's qualified U.S. pension plans compared to fiscal year 2015 expense. The Company estimates that fiscal year 2016 expense for its qualified U.S. pension plans would have been approximately $1,343 higher under the single equivalent rate approach, all else being equal. The changes in plan liabilities and in the assumptions result in an approximate $58 net decrease in fiscal year 2016 expense for the Company's U.S. combined nonqualified plans compared to fiscal year 2015 expense. The Company estimates that fiscal year 2016 expense for its U.S. combined nonqualified plans would have been approximately $14 higher under the single equivalent rate approach, all else being equal. The actuarial assumptions used in measuring the net periodic benefit cost and plan obligations were as follows:
The Company’s policy is to contribute to its qualified U.S. and non-U.S. pension plans at least the minimum amount required by applicable laws and regulations, to contribute to the U.S. combined nonqualified plans when required for benefit payments, and to contribute to the postretirement healthcare benefit plan an amount equal to the benefit payments. The Company, from time to time, makes voluntary contributions in excess of the minimum amount required as economic conditions warrant. The Company expects to contribute up to the following amounts to its various plans to pay benefits during 2016:
During the three and six months ended May 28, 2016, the Company contributed $29 and $101 to its various plans. In addition to the plan assets related to its qualified plans, the Company has also funded $651 and $729 at May 28, 2016 and November 28, 2015, respectively, into a restricted trust for its U.S. combined nonqualified plans (see Note 5). This trust is included in Other noncurrent assets in the Consolidated Condensed Balance Sheets. |
Income Taxes |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | INCOME TAXES The following is a reconciliation of the beginning and ending amounts of gross unrecognized tax benefits for uncertain tax positions, including positions which impact only the timing of tax benefits:
At May 28, 2016, the amount of unrecognized tax benefit that would impact the effective tax rate, if recognized, was $3,280. The Company recognizes interest and penalties related to unrecognized benefits in income tax expense. At May 28, 2016, the Company had $337 accrued for the payment of interest and penalties. The Company believes it is reasonably possible that the total amount of unrecognized tax benefits will decrease by $282 over the next twelve months as a result of expected settlements with taxing authorities or the lapse of the statute of limitations in certain jurisdictions. Due to the various jurisdictions in which the Company files tax returns and the uncertainty regarding the timing of settlements, it is possible that there could be other significant changes in the amount of unrecognized tax benefits in the next twelve months; however, the amount cannot be estimated. The Company is regularly audited by federal, state and foreign tax authorities. The Company's federal tax returns for years subsequent to fiscal year 2011 are open for examination. With few exceptions, the Company is no longer subject to income tax examinations by state or foreign tax jurisdictions for years prior to 2010. The Company's effective tax rate was 32.4% in both the second quarter of 2016 and the second quarter of 2015. The Company's effective tax rate in the second quarter of 2016 increased due to the rise in domestic earnings as a result of the proceeds from the TransWeb/3M litigation satisfaction of judgment (see Note 12) offset by decreases resulting from the benefits of the renewed research and development tax credit as well as a favorable tax impact from the adjustment to the Filter Resources contingent liability discussed in Note 2. The effective tax rate for the first six months of 2016 increased 0.5% to 31.9% from 31.4% in the first six months of 2015. This increase was primarily driven by the increase in domestic earnings as noted above during the second quarter of 2016 as well as adjustments in the first quarter of 2016 to reflect the unfavorable impact from domestic manufacturing deduction adjustments related to the retroactive extension of bonus depreciation, partially offset by the favorable impact related to the extension of the research and development tax credit. |
Contingencies |
6 Months Ended |
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May 28, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | CONTINGENCIES Legal Contingencies From time to time, the Company is subject to lawsuits, investigations and disputes (some of which involve substantial claimed amounts) arising out of the conduct of its business, including matters relating to commercial transactions, product liability, intellectual property and other matters. Certain significant items included in these other matters are discussed below. The Company believes recorded reserves in its Consolidated Condensed Financial Statements are adequate in light of the probable and reasonably estimable outcomes of the items discussed below and other applicable matters. Any recorded liabilities were not material to the Company’s financial position, results of operation or liquidity for the periods presented, and the Company does not currently believe that any pending claims or litigation, including those identified below, will materially affect its financial position, results of operation or liquidity. TransWeb/3M On May 21, 2010, 3M Company and 3M Innovative Properties (“3M”) brought a lawsuit against TransWeb, LLC ("TransWeb") in the United States District Court for the District of Minnesota, alleging that certain TransWeb products infringe multiple claims of certain 3M patents. Shortly after receiving service of process in this litigation, TransWeb filed its own complaint against 3M in the United States District Court for the District of New Jersey, seeking a declaratory judgment that the asserted patents are invalid and that the products in question do not infringe. 3M withdrew its Minnesota action, and the parties litigated the matter in New Jersey. The litigation in question was filed and underway before the Company acquired TransWeb in December 2010, but the Company assumed the risk of this litigation as a result of the acquisition. During the litigation TransWeb sought judgment that (i) the asserted 3M patents are invalid, the TransWeb products in question do not infringe, and the 3M patents are unenforceable due to inequitable conduct by 3M in obtaining the patents, and (ii) 3M violated U.S. federal antitrust laws under theories of Walker Process fraud and sham litigation. Following a 2012 trial in which a six-member jury unanimously found in TransWeb's favor on all counts other than sham litigation, on April 21, 2014 the U.S. District Court for the District of New Jersey issued a ruling in favor of TransWeb and awarded TransWeb approximately $26,147 in damages. 3M timely exercised its automatic right to appeal the District Court's judgment to the U.S. Court of Appeals for the Federal Circuit. On February 10, 2016, the Court of Appeals issued a unanimous decision upholding the lower court's rulings in all respects. Following this ruling, on March 7, 2016, 3M agreed to pay TransWeb $27,250 in full and final satisfaction of the judgment and applicable interest and to forgo any further rights of appeal, and TransWeb and the Company agreed not to seek any further recoveries from 3M with respect to this matter. 3M made the required payment on March 9, 2016, and the parties jointly filed a stipulated satisfaction of judgment with the District Court on March 14, 2016, concluding this matter. The Company recorded the payment in Other, net in the Consolidated Condensed Statements of Earnings. Other The Company is party to various proceedings relating to environmental issues. The U.S. Environmental Protection Agency and/or other responsible state agencies have designated the Company as a potentially responsible party, along with other companies, in remedial activities for the cleanup of waste sites under the Comprehensive Environmental Response, Compensation, and Liability Act (commonly referred to as the federal Superfund statute). Although it is not certain what future environmental claims, if any, may be asserted in connection with these known environmental matters, the Company currently believes that its potential liability for known environmental matters is not material and that it has adequately reserved for any probable and reasonably estimable liabilities based on the information available to the Company. However, environmental and related remediation costs are difficult to quantify for a number of reasons, including the number of parties involved, the difficulty in determining the nature and extent of the contamination at issue, the length of time remediation may require, the complexity of the environmental regulation, the continuing advancement of remediation technology, and the potential imposition of joint and several liability on each potentially responsible party for the cleanup. In addition to the matters cited above, the Company is involved in legal actions arising in the normal course of business. The Company records provisions with respect to identified claims or lawsuits when it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. Claims and lawsuits are reviewed quarterly and provisions are taken or adjusted to reflect the status of a particular matter. Other Contingencies In the event of a change in control of the Company, termination benefits are likely to be required for certain executive officers and other employees. |
Incentive Plans and Stock-Based Compensation |
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Incentive Plans and Stock-Based Compensation | INCENTIVE PLANS AND STOCK-BASED COMPENSATION On March 25, 2014, the shareholders of CLARCOR approved the 2014 Incentive Plan, which replaced the 2009 Incentive Plan. The 2014 Incentive Plan allows the Company to grant stock options, restricted stock unit awards, restricted stock, performance awards and other awards to officers, directors and key employees of up to 6,600,000 shares during a ten-year period that ends in April 2024. Upon share option exercise or restricted stock unit award conversion, the Company issues new shares unless treasury shares are available. The key provisions of the Company’s stock-based incentive plans are described in Note O of the Company’s Consolidated Financial Statements included in the 2015 Form 10-K. Stock Options Nonqualified stock options are granted at exercise prices equal to the market price of CLARCOR common stock at the date of grant, which is the date the Company’s Board of Directors approves the grant and the participants receive it. The Company’s Board of Directors determines the vesting requirements for stock options at the time of grant and may accelerate vesting. In general, options granted to key employees vest 25% per year beginning at the end of the first year; therefore, they become fully exercisable at the end of four years. Vesting may be accelerated in the event of retirement, disability or death of a participant or change in control of the Company. Options granted to non-employee directors vest immediately, however, beginning in 2013 stock-based compensation for the Company's Board of Directors has been in the form of restricted stock, rather than stock options. All options expire ten years from the date of grant unless otherwise terminated. The following table summarizes information related to stock options and stock option exercises during the three and six months ended May 28, 2016 and May 30, 2015:
The following table summarizes activity for the six months ended May 28, 2016 with respect to stock options granted by the Company and includes options granted under the 1994 Incentive Plan, the 2004 Incentive Plan, the 2009 Incentive Plan and the 2014 Incentive Plan:
At May 28, 2016, there was $2,891 of unrecognized compensation cost related to option awards which the Company expects to recognize over a weighted-average period of 2.05 years. The following table summarizes information about the Company’s outstanding and exercisable options at May 28, 2016:
The fair value of each option grant is estimated on the date of grant using the Black-Scholes option pricing model with the following weighted average assumptions by grant year:
The expected option term in years selected for options granted during each period presented represents the period of time that the options are expected to be outstanding based on historical data of option holder exercise and termination behavior. Expected volatilities are based upon historical volatility of the Company’s monthly stock closing prices over a period equal to the expected life of each option grant. The risk-free interest rate is selected based on yields from U.S. Treasury zero-coupon issues with a remaining term approximately equal to the expected term of the options being valued. Expected dividend yield is based on the estimated dividend yield determined on the date of issuance. Restricted Stock Unit Awards The Company’s restricted stock unit awards are considered nonvested share awards. The restricted stock unit awards require no payment from the employee. Compensation cost is recorded based on the market price of the stock on the grant date and is recorded equally over the vesting period (generally four years). During the vesting period, officers and key employees receive compensation equal to the amount of dividends declared on common shares they would have been entitled to receive had the shares been issued. Upon vesting, employees may elect to defer receipt of their shares. There were 8,058 and 14,520 vested and deferred shares at May 28, 2016 and November 28, 2015, respectively. The following table summarizes information related to restricted stock unit awards during the three and six months ended May 28, 2016 and May 30, 2015:
The following table summarizes activity for the six months ended May 28, 2016 with respect to the restricted stock unit awards:
As of May 28, 2016, there was $3,543 of total unrecognized compensation cost related to restricted stock unit awards which the Company expects to recognize over a weighted-average period of 2.80 years. Restricted Stock Unit Awards with Performance Conditions Beginning in 2015, performance awards were issued to officers and certain key employees as an incentive to achieve revenue growth and operating profit margin goals over a three-year period. The awards are in the form of restricted stock units, which vest at the end of the three-year period if the specified sales growth and operating margin goals are achieved. These restricted stock unit awards are considered nonvested share awards. The restricted stock unit awards require no payment from the employee. Fair value of the restricted stock units is determined based on the market price of the stock on the grant date. Compensation cost is recorded equally over the three-year period in which the stock units are earned, based on a periodic determination of the probable performance outcome. There were no vested shares at May 28, 2016 and November 28, 2015, respectively. The following table summarizes information related to restricted stock unit awards with performance conditions during the three and six months ended May 28, 2016 and May 30, 2015:
The following table summarizes activity for the six months ended May 28, 2016 with respect to the restricted stock unit awards with performance conditions:
As of May 28, 2016, there was $5,313 of total unrecognized compensation cost related to restricted stock unit awards with performance conditions. The Company does not currently expect to recognize any of this compensation cost, based on the probable performance outcome. Directors' Restricted Stock Compensation The incentive plans provide for grants of shares of common stock to all non-employee directors for annual incentive awards, and for grants of shares of common stock to all non-employee directors equal to a one-year annual retainer in lieu of cash at the directors’ option. The directors’ rights to the shares vest immediately on the date of grant; however, shares issued on annual retainer fees cannot be sold for a six-month period from the date of grant. The following table summarizes information related to directors' stock compensation during the three and six months ended May 28, 2016 and May 30, 2015, respectively:
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Earnings Per Share and Stock Repurchase Activity |
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Earnings Per Share and Stock Repurchase Activity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share and Stock Repurchase Activity | EARNINGS PER SHARE AND STOCK REPURCHASE ACTIVITY The Company calculates basic earnings per share by dividing net earnings by the weighted average number of shares outstanding. Diluted earnings per share reflects the impact of outstanding stock options, restricted stock and other stock-based arrangements. The FASB has issued guidance requiring unvested share-based payment awards containing nonforfeitable rights to dividends or dividend equivalents (whether paid or unpaid) be considered participating securities and included in the computation of earnings per share pursuant to the two-class method. The Company’s unvested restricted stock unit awards discussed in Note 13 qualify as participating securities under this guidance. However, the unvested restricted stock unit awards do not materially impact the calculation of basic or diluted earnings per share; therefore, the Company does not present the two-class method computation. The following table provides a reconciliation of the numerators and denominators utilized in the calculation of basic and diluted earnings per share:
The following table provides additional information regarding the calculation of earnings per share and stock repurchase activity:
At May 28, 2016, there remained $99,472 authorized for future purchases under the Company’s $250,000 stock repurchase program that was approved by the Company's Board of Directors on June 25, 2013. |
Segment Information |
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Segment Reporting [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Information | SEGMENT INFORMATION During the periods presented herein, the Company had operated in three principal product segments: Engine/Mobile Filtration, Industrial/Environmental Filtration and Packaging. Refer to Note 3 for discussion of the divestiture of J.L. Clark on June 27, 2015, which was the sole operating company within the Company's Packaging segment. Net sales represent sales to unaffiliated customers as reported in the Consolidated Condensed Statements of Earnings. Intersegment sales were not material. Unallocated amounts consist of interest expense, interest income and other non-operating income and expense items. Assets are those assets used in each business segment. Corporate assets consist of cash, deferred income taxes, corporate facility and equipment, goodwill and various other assets that are not specific to an operating segment. The Company operates as a consolidated entity, including cooperation between segments, cost allocating and sharing of certain assets. As such, the Company makes no representation, that if operated on a standalone basis, these segments would report net sales, operating profit and other financial data reflected below. Segment information is summarized as follows:
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Basis of Presentation and Significant Accounting Policies (Policies) |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation, Policy | Basis of Presentation CLARCOR Inc. and its subsidiaries (collectively, the “Company” or “CLARCOR”) is a global provider of filtration products, filtration systems and services, and consumer and industrial packaging products. As discussed further in Note 15, the Company had three reportable segments: Engine/Mobile Filtration, Industrial/Environmental Filtration and Packaging. On June 27, 2015, the Company completed the disposition of J.L. Clark, Inc. ("J.L. Clark"), which was the sole operating company within the Company's Packaging segment. The Consolidated Condensed Financial Statements include all domestic and foreign subsidiaries that were more than 50% owned and controlled as of each respective reporting period presented. All intercompany accounts and transactions have been eliminated. The Company's fiscal year-end is the Saturday closest to November 30, typically resulting in a fifty-two week year, but occasionally giving rise to an additional week, resulting in a fifty-three week year. The Consolidated Condensed Statements of Earnings, the Consolidated Condensed Statements of Comprehensive Earnings and the Consolidated Condensed Statements of Cash Flows for the periods ended May 28, 2016 and May 30, 2015 and the Consolidated Condensed Balance Sheet as of May 28, 2016 prepared by the Company are unaudited. The Consolidated Condensed Financial Statements have been prepared on the same basis as those in the Company’s Annual Report on Form 10-K for the fiscal year ended November 28, 2015 (“2015 Form 10-K”). The November 28, 2015 Consolidated Condensed Balance Sheet data was derived from the Company’s year-end audited Consolidated Financial Statements as presented in the 2015 Form 10-K but does not include all disclosures required by accounting principles generally accepted in the United States of America ("U.S. GAAP"). In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary for a fair statement of financial position, results of operations and cash flows have been made. The results of operations for the period ended May 28, 2016, are not necessarily indicative of the operating results for the full year. The information included in this Form 10-Q should be read in conjunction with the audited Consolidated Financial Statements and accompanying notes included in the 2015 Form 10-K. |
Cash and Cash Equivalents and Restricted Cash, Policy | Cash and Cash Equivalents and Restricted Cash Highly liquid investments with an original maturity of three months or less when purchased and that are readily saleable are considered to be cash and cash equivalents. Restricted cash represents funds held in escrow and cash balances held by German banks as collateral for certain guarantees of overseas subsidiaries. Restricted cash classified as current corresponds to funds held in escrow that will be used within one year or guarantees that expire within one year. |
Inventories, Policy | Inventories Inventories are valued at the lower of cost or market primarily determined on the first-in, first-out (“FIFO”) method of inventory costing, which approximates current cost. |
Property, Plant and Equipment, Policy | Property, Plant and Equipment Plant assets classified as held for sale are initially measured at the lesser of the assets' carrying amount or the fair value less costs to sell. Gains or losses are recognized for any subsequent changes in the fair value less cost to sell; however, gains are only recognized to the extent of cumulative losses previously recognized. Plant assets classified as Assets held for sale are not depreciated. |
Derivative Instruments and Hedging Activities, Policy | Derivative Instruments and Hedging Activities The Company is exposed to various market risks that arise from transactions entered into in the normal course of business, including market risks associated with changes in foreign currency exchange rates and changes in interest rates. The Company may make use of derivative instruments to manage certain such risks, including derivatives designated as accounting hedges and/or those utilized as economic hedges which are not designated as accounting hedges. The Company does not hold or issue derivatives for trading or speculative purposes. All derivatives are recorded at fair value in the Consolidated Balance Sheets. Each derivative is designated as either a fair value hedge or remains undesignated. Changes in the fair value of derivatives that are designated and effective as fair value hedges are recognized currently in net income. These changes are offset in net income to the extent the hedge was effective by fair value changes related to the risk being hedged on the hedged item. Changes in fair value of undesignated hedges are recognized currently in net income. All ineffective changes in derivative fair values are recognized currently in net income. The Company formally documents all relationships between designated hedging instruments and hedged items as well as its risk management objective and strategy for undertaking hedge transactions. Both at inception and on an ongoing basis the hedging instrument is assessed as to its effectiveness. If and when a derivative is determined not to be highly effective as a hedge, or the underlying hedge transaction is no longer likely to occur, the hedge designation is removed, or the derivative is terminated, the hedge accounting discussed above is discontinued. |
New Accounting Guidance, Policy | New Accounting Guidance In May 2014, the FASB issued Accounting Standards Update ("ASU") No. 2014-09, "Revenue from Contracts with Customers." The purpose of ASU 2014-09 is to clarify the principles for recognizing revenue and to develop a common revenue standard for U.S. GAAP and International Financial Reporting Standards. The amendments in ASU 2014-09 require a company to recognize revenue to depict the transfer of goods or services to a customer at an amount that reflects the consideration it expects to receive in exchange for those goods or services. ASU 2014-09 also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. ASU 2014-09 is effective for annual reporting periods, and interim periods within that period, beginning after December 15, 2016 (fiscal year 2018 for the Company). Subsequently, in August 2015, the FASB issued ASU No. 2015-14, "Revenue from Contracts with Customers (Topic 606) Deferral of the Effective Date," that moves the effective date out one year (fiscal 2019 for the Company). In March 2016, the FASB issued ASU 2016-08, "Principal versus Agent Considerations (Reporting Revenue Gross versus Net)," which clarifies the guidance in determining revenue recognition as principal versus agent. In April 2016, the FASB issued ASU 2016-10, "Identifying Performance Obligations and Licensing," which provides guidance in accounting for immaterial performance obligations and shipping and handling. In May 2016, the FASB issued ASU 2016-12, "Narrow-Scope Improvements and Practical Expedients," which provides clarification on assessing the collectability criterion, presentation of sales taxes, measurement date for noncash consideration and completed contracts at transition. Companies may use either a full retrospective or a modified retrospective approach to adopt ASU 2014-09 and the related amendments and early adoption of one year prior to the required effective date is permitted. The Company has not yet determined the potential effects of the adoption of ASU 2014-09, ASU 2015-14, ASU 2016-08, ASU 2016-10, and ASU 2016-12 on its Consolidated Financial Statements. In April 2015, the FASB issued ASU 2015-03, "Simplifying the Presentation of Debt Issuance Costs," which requires that debt issue costs related to a recognized debt liability be presented on the balance sheet as a direct deduction from the amount of the debt liability, consistent with debt discounts and premiums. Amortization of such costs is still reported as interest expense. ASU 2015-03 is effective for fiscal years, and interim periods therein, beginning after December 15, 2015 (fiscal year 2017 for the Company), but early adoption is allowed. In August 2015, the FASB issued ASU 2015-15, "Presentation and Subsequent Measurement of Debt Issue Costs Associated with Line-of-Credit Arrangements." ASU 2015-15 supplements the requirements of ASU 2015-03 by allowing an entity to defer and present debt issue costs related to a line of credit arrangement as an asset and subsequently amortize the deferred costs ratably over the term of the line of credit arrangement. The Company has not yet determined in which period it will adopt the new guidance. Upon adoption, long-term debt issuance costs will be reclassified from other long-term assets to long-term debt on the Condensed Consolidated Balance Sheets. In July 2015, the FASB issued ASU 2015-11, "Simplifying the Measurement of Inventory." Topic 330, Inventory, currently requires an entity to measure inventory at the lower of cost or market, with market value represented by replacement cost, net realizable value or net realizable value less a normal profit margin. The amendments in ASU 2015-11 require an entity to measure inventory at the lower of cost or net realizable value. ASU 2015-11 is effective for annual reporting periods, and interim periods within that period, beginning after December 15, 2016 (fiscal year 2018 for the Company). The Company does not expect the adoption of this guidance to have a material impact on its Consolidated Financial Statements. In February 2016, the FASB issued ASU 2016-02, "Leases," which amends leasing guidance by requiring companies to recognize a right-of-use asset and a lease liability for all operating and capital (finance) leases with lease terms of greater than twelve months. The lease liability will be equal to the present value of lease payments. The lease asset will be based on the lease liability, subject to adjustment, such as for initial direct costs. For income statement purposes, leases will continue to be classified as operating or capital (finance), with lease expense in both cases calculated substantially the same as under the prior leasing guidance. The updated guidance is effective for interim and annual periods beginning after December 15, 2018 (fiscal year 2020 for the Company), and early adoption is permitted. The Company has not yet determined the potential effects of the adoption of ASU 2016-02 on its Consolidated Financial Statements. In March 2016, the FASB issued ASU 2016-09, "Improvements to Employee Share-Based Payment Accounting," which simplifies the accounting for share-based payment transactions, including accounting for income taxes, forfeitures, and classification in the statement of cash flows. ASU 2016-09 is effective for annual reporting periods, and interim periods therein, beginning after December 15, 2016 (fiscal year 2018 for the Company). The Company has not yet determined the potential effects of the adoption of ASU 2016-09 on its Consolidated Financial Statements. |
Basis of Presentation and Significant Accounting Policies (Tables) |
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May 28, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of inventory | Inventories are summarized as follows:
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Schedule of accumulated other comprehensive loss | Changes in accumulated other comprehensive loss by component for the three and six months ended May 28, 2016 are as follows:
___________ (a) Includes amortization of prior service cost and net actuarial loss included in net periodic benefit cost (see Note 10) that were reclassified from accumulated other comprehensive loss to selling and administrative expenses. |
Business Acquisitions and Noncontrolling Interests (Tables) |
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May 28, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of estimated fair values of assets and liabilities assumed during acquisition | The following table summarizes the fair values of the assets acquired and liabilities assumed at the date of acquisition of Filter Resources:
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Summary of intangible assets acquired | A summary of the intangible assets acquired is shown in the following table:
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Summary of net sales and operating profit | Net sales and operating profit for Filter Resources for the three and six months ended May 28, 2016 and May 30, 2015 (which, in the case of the six month period ended May 30, 2015, includes the period from December 17, 2014 to May 30, 2015) were as follows:
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Schedule of non-controlling interests | Noncontrolling interests changed as follows during the six months ended May 28, 2016 and May 30, 2015:
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Business Dispositions (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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May 28, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of net sales and operating profit attributable to J.L. Clark | Net sales and operating profit attributable to J.L. Clark for the three and six months ended May 28, 2016 and May 30, 2015 were as follows:
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Goodwill and Acquired Intangible Assets (Tables) |
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May 28, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of goodwill | The following table reconciles the activity for goodwill by segment for the six months ended May 28, 2016:
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Schedule of intangible assets by segment | The following table summarizes acquired intangibles by segment. Other acquired intangibles include parts manufacturer regulatory approvals, developed technology, patents and non-compete agreements:
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Schedule of expected amortization expense | The following table summarizes estimated amortization expense:
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Fair Value Measurements(Tables) |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of asset or liabilities that have a recurring fair value measurement | Assets or liabilities that have recurring fair value measurements are shown below:
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Derivative Instruments and Hedging (Tables) |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Derivative Instruments in Statement of Balance Sheet | The following table presents the fair values of derivative instruments included within the Consolidated Condensed Balance Sheets at May 28, 2016 and November 28, 2015:
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Schedule of Derivative Instruments in Statement of Earnings | The following table presents the amounts of income (expense) from derivative instruments affecting the Consolidated Condensed Statements of Earnings for the six months ended May 28, 2016 and May 30, 2015:
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Accrued Liabilities (Tables) |
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May 28, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Payables and Accruals [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of accounts payable and accrued liabilities | Accrued liabilities at May 28, 2016 and November 28, 2015 were as follows:
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Schedule of product warranty liability | Changes in the Company’s warranty accrual are as follows:
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Long-Term Debt Long-Term Debt (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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May 28, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Long-term Debt | Long-term debt at May 28, 2016 and November 28, 2015 consisted of the following:
|
Pension and Other Postretirement Benefits (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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May 28, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of components of net periodic benefit costs (income) and company contributions | Components of net periodic benefit cost (income) and Company contributions for these plans were as follows:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of assumptions used | The actuarial assumptions used in measuring the net periodic benefit cost and plan obligations were as follows:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of expected contributions in benefit plans | The Company expects to contribute up to the following amounts to its various plans to pay benefits during 2016:
|
Income Taxes (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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May 28, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of income tax contingencies | The following is a reconciliation of the beginning and ending amounts of gross unrecognized tax benefits for uncertain tax positions, including positions which impact only the timing of tax benefits:
|
Incentive Plans and Stock-Based Compensation (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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May 28, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of nonqualified stock option activity | The following table summarizes activity for the six months ended May 28, 2016 with respect to stock options granted by the Company and includes options granted under the 1994 Incentive Plan, the 2004 Incentive Plan, the 2009 Incentive Plan and the 2014 Incentive Plan:
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Schedule of outstanding and exercisable options by exercise price | The following table summarizes information about the Company’s outstanding and exercisable options at May 28, 2016:
|
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Schedule of Black-Scholes option pricing model on options granted | The fair value of each option grant is estimated on the date of grant using the Black-Scholes option pricing model with the following weighted average assumptions by grant year:
|
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Restricted Stock Units (RSUs) [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of share-based compensation costs | The following table summarizes information related to restricted stock unit awards during the three and six months ended May 28, 2016 and May 30, 2015:
|
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Schedule of restricted stock unit awards | The following table summarizes activity for the six months ended May 28, 2016 with respect to the restricted stock unit awards:
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Restricted Stock Unit Awards with Performance Conditions [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of share-based compensation costs | The following table summarizes information related to restricted stock unit awards with performance conditions during the three and six months ended May 28, 2016 and May 30, 2015:
|
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Schedule of restricted stock unit awards | The following table summarizes activity for the six months ended May 28, 2016 with respect to the restricted stock unit awards with performance conditions:
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Employee Stock Option [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of share-based compensation costs | The following table summarizes information related to stock options and stock option exercises during the three and six months ended May 28, 2016 and May 30, 2015:
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Director [Member] | Restricted Stock [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of share-based compensation costs | The following table summarizes information related to directors' stock compensation during the three and six months ended May 28, 2016 and May 30, 2015, respectively:
|
Earnings Per Share and Stock Repurchase Activity (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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May 28, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share and Stock Repurchase Activity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of weighted average number of shares | The following table provides a reconciliation of the numerators and denominators utilized in the calculation of basic and diluted earnings per share:
|
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Schedule of additional information used in the calculation of earnings per share | The following table provides additional information regarding the calculation of earnings per share and stock repurchase activity:
|
Segment Information (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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May 28, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of segment information | Segment information is summarized as follows:
|
Basis of Presentation and Significant Accounting Policies - Inventory (Details) - USD ($) $ in Thousands |
May 28, 2016 |
Nov. 28, 2015 |
---|---|---|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Raw materials | $ 97,671 | $ 99,129 |
Work in process | 34,678 | 43,907 |
Finished products | 121,508 | 131,789 |
Inventories | $ 253,857 | $ 274,825 |
Basis of Presentation and Significant Accounting Policies - Narrative (Details) $ in Thousands |
6 Months Ended | |
---|---|---|
May 28, 2016
USD ($)
reportable_segment
|
Nov. 28, 2015
USD ($)
|
|
Property, Plant and Equipment [Line Items] | ||
Number of reportable segments | reportable_segment | 3 | |
Restricted cash, noncurrent | $ 1,353 | $ 1,294 |
Asset held for sale | 533 | 533 |
Rockford, Illinois Facility [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Asset held for sale | $ 533 | $ 533 |
Business Acquisitions and Noncontrolling Interests - Narrative (Details) $ in Thousands |
1 Months Ended | 3 Months Ended | 6 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|---|
Mar. 07, 2016
USD ($)
|
Jan. 29, 2016
USD ($)
|
Dec. 17, 2014
USD ($)
employee
|
Mar. 31, 2007 |
May 30, 2015
USD ($)
|
May 28, 2016
USD ($)
|
May 30, 2015
USD ($)
|
Nov. 28, 2015
USD ($)
|
Mar. 07, 2007 |
|
Business Acquisition [Line Items] | |||||||||
Goodwill | $ 511,483 | $ 506,265 | |||||||
Purchase of noncontrolling interests | 0 | $ 1,239 | |||||||
FiberRio Technology Corporation [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Purchase price | $ 11,918 | ||||||||
Gross payments made to acquire business | 8,031 | ||||||||
Face value of contingent liability | 3,887 | ||||||||
Customer relationships | 5,300 | ||||||||
Machinery and equipment | 3,300 | ||||||||
Goodwill | $ 3,318 | ||||||||
TDC Filter Manufacturing, Inc. [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Purchase price | $ 11,268 | ||||||||
Customer relationships | 3,200 | ||||||||
Machinery and equipment | 1,959 | ||||||||
Goodwill | 3,408 | ||||||||
Inventory | $ 2,551 | ||||||||
Filter Resources, Inc. [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Gross payments made to acquire business | $ 21,861 | ||||||||
Face value of contingent liability | 1,154 | 6 | |||||||
Machinery and equipment | 574 | ||||||||
Goodwill | 11,938 | ||||||||
Inventory | $ 2,042 | ||||||||
Percentage of outstanding shares acquired | 100.00% | ||||||||
Assumed long-term debt | $ 1,250 | ||||||||
Number of employees in acquired business | employee | 75 | ||||||||
Contingent consideration face value | $ 1,350 | ||||||||
SINFA [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Effective date of acquisition | Mar. 07, 2007 | ||||||||
Noncontrolling interest, ownership percentage by parent | 80.00% | ||||||||
Name of acquired entity | Sinfa SA | ||||||||
Noncontrolling interest, ownership percentage by noncontrolling owners | 20.00% | 20.00% | 20.00% | ||||||
Purchase of noncontrolling interests | $ 1,239 | ||||||||
Other Noncurrent Liabilities [Member] | FiberRio Technology Corporation [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Face value of contingent liability | $ 3,887 |
Business Acquisitions and Noncontrolling Interests - Assets and Liabilities Acquired (Details) - USD ($) $ in Thousands |
May 28, 2016 |
Nov. 28, 2015 |
Dec. 17, 2014 |
---|---|---|---|
Business Acquisition [Line Items] | |||
Goodwill | $ 511,483 | $ 506,265 | |
Filter Resources, Inc. [Member] | |||
Business Acquisition [Line Items] | |||
Accounts receivable | $ 3,180 | ||
Inventories | 2,042 | ||
Other current assets | 118 | ||
Property, plant and equipment | 574 | ||
Goodwill | 11,938 | ||
Intangible assets | 10,880 | ||
Total assets acquired | 28,732 | ||
Current liabilities | 2,670 | ||
Noncurrent liabilities | 4,201 | ||
Net assets acquired | $ 21,861 |
Business Acquisitions and Noncontrolling Interests - Acquired Intangibles (Details) - Filter Resources, Inc. [Member] $ in Thousands |
Dec. 17, 2014
USD ($)
|
---|---|
Acquired Finite-Lived Intangible Assets [Line Items] | |
Estimated value | $ 10,880 |
Customer Relationships [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Estimated value | $ 10,800 |
Weighted average useful life | 15 years |
Amortization method | Straight-line |
Trademarks [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Estimated value | $ 80 |
Weighted average useful life | 1 year |
Amortization method | Straight-line |
Business Acquisitions and Noncontrolling Interests - Pro Forma (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
May 28, 2016 |
May 30, 2015 |
May 28, 2016 |
May 30, 2015 |
|
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | ||||
Net sales | $ 364,968 | $ 399,799 | $ 681,240 | $ 750,922 |
Operating profit | 121,861 | 133,610 | 222,762 | 246,585 |
Filter Resources, Inc. [Member] | ||||
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | ||||
Net sales | 6,348 | 5,134 | 11,899 | 9,182 |
Operating profit | $ 988 | $ 410 | $ 1,390 | $ 686 |
Business Acquisitions and Noncontrolling Interests - Noncontrolling Interests (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
May 28, 2016 |
May 30, 2015 |
May 28, 2016 |
May 30, 2015 |
|
Increase (Decrease) in Stockholders Equity and Temporary Equity [Roll Forward] | ||||
Noncontrolling interests (loss) earnings | $ 17 | $ 76 | $ 44 | $ 104 |
Purchase of noncontrolling interests | 0 | (1,239) | ||
Redeemable noncontrolling interests [Member] | ||||
Increase (Decrease) in Stockholders Equity and Temporary Equity [Roll Forward] | ||||
Redeemable noncontrolling interests, beginning of period | 0 | 1,587 | ||
Noncontrolling interests (loss) earnings | 0 | (19) | ||
Purchase of noncontrolling interests | 0 | (1,432) | ||
Foreign currency translation | 0 | (136) | ||
Dividend | 0 | 0 | ||
Redeemable noncontrolling interests, end of period | 0 | 0 | 0 | 0 |
Non-redeemable noncontrolling interests [Member] | ||||
Increase (Decrease) in Stockholders Equity and Temporary Equity [Roll Forward] | ||||
Redeemable noncontrolling interests, beginning of period | 896 | 1,043 | ||
Noncontrolling interests (loss) earnings | 44 | 123 | ||
Purchase of noncontrolling interests | 0 | 0 | ||
Foreign currency translation | (85) | (105) | ||
Dividend | (172) | (206) | ||
Redeemable noncontrolling interests, end of period | $ 683 | $ 855 | $ 683 | $ 855 |
Business Dispositions - Additional Information (Details) - J.L. Clark, Inc [Member] $ in Thousands |
Jun. 27, 2015
USD ($)
|
---|---|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Ownership percentage | 100.00% |
Cash consideration for sale of disposal asset | $ 45,232 |
Consideration for sale of disposal assets | 47,848 |
Cash divested | 745 |
Post-closing adjustment | $ 1,871 |
Business Disposition - Schedule of Sales and Profit (Details) - J.L. Clark, Inc [Member] - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
May 28, 2016 |
May 30, 2015 |
May 28, 2016 |
May 30, 2015 |
|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Net sales | $ 0 | $ 19,833 | $ 0 | $ 35,582 |
Operating profit | $ 0 | $ 1,775 | $ 0 | $ 2,214 |
Goodwill and Acquired Intangible Assets - Goodwill (Details) - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
May 28, 2016 |
May 28, 2016 |
|
Goodwill [Roll Forward] | ||
Goodwill at beginning of year | $ 506,265 | |
Acquisition | 6,726 | |
Currency translation adjustments | (1,508) | |
Goodwill at end of period | 506,265 | $ 511,483 |
Engine/Mobile Filtration [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill at beginning of year | 207,537 | |
Acquisition | 0 | |
Currency translation adjustments | 6 | |
Goodwill at end of period | 207,537 | 207,543 |
Industrial/Environmental Filtration [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill at beginning of year | 298,728 | |
Acquisition | 3,408 | |
Currency translation adjustments | (1,514) | |
Goodwill at end of period | 298,728 | 300,622 |
Corporate [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill at beginning of year | 0 | |
Acquisition | 3,318 | |
Currency translation adjustments | 0 | |
Goodwill at end of period | $ 0 | $ 3,318 |
Goodwill and Acquired Intangible Assets - Acquired Intangibles by Segment (Details) - USD ($) $ in Thousands |
May 28, 2016 |
Nov. 28, 2015 |
---|---|---|
Finite-Lived Intangible Assets [Line Items] | ||
Trademarks - indefinite lived | $ 75,650 | |
Intangible asset, net - finite lived | 248,296 | |
Acquired intangible assets, less accumulated amortization | 323,946 | $ 329,155 |
Trademarks [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible asset, gross - finite lived | 846 | |
Accumulated amortization - finite lived intangible asset | (581) | |
Intangible asset, net - finite lived | 265 | |
Customer relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible asset, gross - finite lived | 271,413 | |
Accumulated amortization - finite lived intangible asset | (67,754) | |
Intangible asset, net - finite lived | 203,659 | |
Other Acquired Intangibles [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible asset, gross - finite lived | 76,996 | |
Accumulated amortization - finite lived intangible asset | (32,624) | |
Intangible asset, net - finite lived | 44,372 | |
Operating Segments [Member] | Engine/Mobile Filtration [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Trademarks - indefinite lived | 783 | |
Intangible asset, net - finite lived | 124,329 | |
Acquired intangible assets, less accumulated amortization | 125,112 | |
Operating Segments [Member] | Engine/Mobile Filtration [Member] | Trademarks [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible asset, gross - finite lived | 278 | |
Accumulated amortization - finite lived intangible asset | (139) | |
Intangible asset, net - finite lived | 139 | |
Operating Segments [Member] | Engine/Mobile Filtration [Member] | Customer relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible asset, gross - finite lived | 139,445 | |
Accumulated amortization - finite lived intangible asset | (23,963) | |
Intangible asset, net - finite lived | 115,482 | |
Operating Segments [Member] | Engine/Mobile Filtration [Member] | Other Acquired Intangibles [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible asset, gross - finite lived | 11,243 | |
Accumulated amortization - finite lived intangible asset | (2,535) | |
Intangible asset, net - finite lived | 8,708 | |
Operating Segments [Member] | Industrial/Environmental Filtration [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Trademarks - indefinite lived | 74,867 | |
Intangible asset, net - finite lived | 118,667 | |
Acquired intangible assets, less accumulated amortization | 193,534 | |
Operating Segments [Member] | Industrial/Environmental Filtration [Member] | Trademarks [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible asset, gross - finite lived | 568 | |
Accumulated amortization - finite lived intangible asset | (442) | |
Intangible asset, net - finite lived | 126 | |
Operating Segments [Member] | Industrial/Environmental Filtration [Member] | Customer relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible asset, gross - finite lived | 131,968 | |
Accumulated amortization - finite lived intangible asset | (43,791) | |
Intangible asset, net - finite lived | 88,177 | |
Operating Segments [Member] | Industrial/Environmental Filtration [Member] | Other Acquired Intangibles [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible asset, gross - finite lived | 60,453 | |
Accumulated amortization - finite lived intangible asset | (30,089) | |
Intangible asset, net - finite lived | 30,364 | |
Corporate [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Trademarks - indefinite lived | 0 | |
Intangible asset, net - finite lived | 5,300 | |
Acquired intangible assets, less accumulated amortization | 5,300 | |
Corporate [Member] | Trademarks [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible asset, gross - finite lived | 0 | |
Accumulated amortization - finite lived intangible asset | 0 | |
Intangible asset, net - finite lived | 0 | |
Corporate [Member] | Customer relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible asset, gross - finite lived | 0 | |
Accumulated amortization - finite lived intangible asset | 0 | |
Intangible asset, net - finite lived | 0 | |
Corporate [Member] | Other Acquired Intangibles [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible asset, gross - finite lived | 5,300 | |
Accumulated amortization - finite lived intangible asset | 0 | |
Intangible asset, net - finite lived | $ 5,300 |
Goodwill and Acquired Intangible Assets - Estimated Amortization Expense (Details) - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
May 28, 2016 |
May 30, 2015 |
|
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Fiscal year 2016 | $ 24,826 | |
Fiscal year 2017 | 24,689 | |
Fiscal year 2018 | 24,026 | |
Fiscal year 2019 | 23,818 | |
Fiscal year 2020 | 23,526 | |
Amortization expense | $ 12,395 | $ 12,523 |
Fair Value Measurements (Details) $ in Thousands |
6 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|
Dec. 29, 2010
USD ($)
owner
|
May 28, 2016
USD ($)
|
Nov. 28, 2015
USD ($)
|
Mar. 07, 2016
USD ($)
|
Dec. 17, 2014
USD ($)
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Change in fair value of TransWeb contingent earn-out | $ 0 | $ 0 | |||
FiberRio Technology Corporation [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Contingent earn-out | $ 3,887 | ||||
Filter Resources, Inc. [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Contingent earn-out | 6 | $ 1,154 | |||
TransWeb [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Contingent earn-out | $ 1,018 | ||||
Number of former owners | owner | 1 | ||||
Estimate of Fair Value Measurement [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Long-term debt, fair value | 340,891 | 403,821 | |||
Reported Value Measurement [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Long-term debt, fair value | 342,566 | 405,156 | |||
Other Noncurrent Assets [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Restricted trust, included in Other noncurrent assets | 651 | 729 | |||
Prepaid Expenses and Other Current Assets [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Foreign exchange contracts, included in Prepaid expenses and other current assets | 471 | 418 | |||
Prepaid Expenses and Other Current Assets [Member] | Foreign Exchange Contract [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Foreign exchange contracts, included in Prepaid expenses and other current assets | 262 | 418 | |||
Accrued Liabilities [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Foreign exchange contracts, included in Accrued liabilities | 120 | 424 | |||
Accrued Liabilities [Member] | Filter Resources, Inc. [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Contingent earn-out | 1,285 | ||||
Accrued Liabilities [Member] | Foreign Exchange Contract [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Foreign exchange contracts, included in Accrued liabilities | 120 | 40 | |||
Level 1 [Member] | Other Noncurrent Assets [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Restricted trust, included in Other noncurrent assets | 651 | 729 | |||
Level 1 [Member] | Prepaid Expenses and Other Current Assets [Member] | Foreign Exchange Contract [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Foreign exchange contracts, included in Prepaid expenses and other current assets | 0 | 0 | |||
Level 1 [Member] | Accrued Liabilities [Member] | FiberRio Technology Corporation [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Contingent earn-out | 0 | ||||
Level 1 [Member] | Accrued Liabilities [Member] | Filter Resources, Inc. [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Contingent earn-out | 0 | 0 | |||
Level 1 [Member] | Accrued Liabilities [Member] | Foreign Exchange Contract [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Foreign exchange contracts, included in Accrued liabilities | 0 | 0 | |||
Level 2 [Member] | Other Noncurrent Assets [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Restricted trust, included in Other noncurrent assets | 0 | 0 | |||
Level 2 [Member] | Prepaid Expenses and Other Current Assets [Member] | Foreign Exchange Contract [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Foreign exchange contracts, included in Prepaid expenses and other current assets | 262 | 418 | |||
Level 2 [Member] | Accrued Liabilities [Member] | FiberRio Technology Corporation [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Contingent earn-out | 0 | ||||
Level 2 [Member] | Accrued Liabilities [Member] | Filter Resources, Inc. [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Contingent earn-out | 0 | 0 | |||
Level 2 [Member] | Accrued Liabilities [Member] | Foreign Exchange Contract [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Foreign exchange contracts, included in Accrued liabilities | 120 | 40 | |||
Level 3 [Member] | Other Noncurrent Assets [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Restricted trust, included in Other noncurrent assets | 0 | 0 | |||
Level 3 [Member] | Prepaid Expenses and Other Current Assets [Member] | Foreign Exchange Contract [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Foreign exchange contracts, included in Prepaid expenses and other current assets | 0 | 0 | |||
Level 3 [Member] | Accrued Liabilities [Member] | FiberRio Technology Corporation [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Contingent earn-out | 3,887 | ||||
Level 3 [Member] | Accrued Liabilities [Member] | Filter Resources, Inc. [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Contingent earn-out | 6 | 1,285 | |||
Level 3 [Member] | Accrued Liabilities [Member] | Foreign Exchange Contract [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Foreign exchange contracts, included in Accrued liabilities | 0 | 0 | |||
Mutual fund investments - equities [Member] | Other Noncurrent Assets [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Restricted trust, included in Other noncurrent assets | 305 | 352 | |||
Mutual fund investments - equities [Member] | Level 1 [Member] | Other Noncurrent Assets [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Restricted trust, included in Other noncurrent assets | 305 | 352 | |||
Mutual fund investments - equities [Member] | Level 2 [Member] | Other Noncurrent Assets [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Restricted trust, included in Other noncurrent assets | 0 | 0 | |||
Mutual fund investments - equities [Member] | Level 3 [Member] | Other Noncurrent Assets [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Restricted trust, included in Other noncurrent assets | 0 | 0 | |||
Mutual fund investments - bonds [Member] | Other Noncurrent Assets [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Restricted trust, included in Other noncurrent assets | 332 | 363 | |||
Mutual fund investments - bonds [Member] | Level 1 [Member] | Other Noncurrent Assets [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Restricted trust, included in Other noncurrent assets | 332 | 363 | |||
Mutual fund investments - bonds [Member] | Level 2 [Member] | Other Noncurrent Assets [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Restricted trust, included in Other noncurrent assets | 0 | 0 | |||
Mutual fund investments - bonds [Member] | Level 3 [Member] | Other Noncurrent Assets [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Restricted trust, included in Other noncurrent assets | 0 | 0 | |||
Cash and Cash Equivalents [Member] | Other Noncurrent Assets [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Restricted trust, included in Other noncurrent assets | 14 | 14 | |||
Cash and Cash Equivalents [Member] | Level 1 [Member] | Other Noncurrent Assets [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Restricted trust, included in Other noncurrent assets | 14 | 14 | |||
Cash and Cash Equivalents [Member] | Level 2 [Member] | Other Noncurrent Assets [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Restricted trust, included in Other noncurrent assets | 0 | 0 | |||
Cash and Cash Equivalents [Member] | Level 3 [Member] | Other Noncurrent Assets [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Restricted trust, included in Other noncurrent assets | $ 0 | $ 0 |
Derivative Instruments and Hedging - Additional Information (Details) - Foreign Exchange Contract [Member] - USD ($) $ in Thousands |
6 Months Ended | ||
---|---|---|---|
May 28, 2016 |
May 30, 2015 |
Nov. 28, 2015 |
|
Derivative Instruments, Gain (Loss) [Line Items] | |||
Notional amount | $ 269 | $ 7,212 | |
Not Designated as Hedging Instrument [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Notional amount | 37,489 | 36,259 | |
Gain (loss) on forward currency contracts | 2,672 | $ (158) | |
Gain (loss) on translation of underlying inter-company advances | (2,686) | $ (667) | |
Fair Value Hedging [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Notional amount | 4,040 | 5,326 | |
Fair Value Hedging [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Notional amount | $ 41,798 | $ 48,797 |
Derivative Instruments and Hedging - Fair Value in Balance Sheet (Details) - USD ($) $ in Thousands |
May 28, 2016 |
Nov. 28, 2015 |
---|---|---|
Prepaid Expenses and Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Foreign exchange contracts, included in Prepaid expenses and other current assets | $ 471 | $ 418 |
Accrued Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Foreign exchange contracts, included in Accrued liabilities | 120 | 424 |
Designated as Hedging Instrument [Member] | Prepaid Expenses and Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Foreign exchange contracts, included in Prepaid expenses and other current assets | 268 | 263 |
Designated as Hedging Instrument [Member] | Accrued Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Foreign exchange contracts, included in Accrued liabilities | 85 | 384 |
Not Designated as Hedging Instrument [Member] | Prepaid Expenses and Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Foreign exchange contracts, included in Prepaid expenses and other current assets | 203 | 155 |
Not Designated as Hedging Instrument [Member] | Accrued Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Foreign exchange contracts, included in Accrued liabilities | 35 | 40 |
Foreign Exchange Contract [Member] | Prepaid Expenses and Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Foreign exchange contracts, included in Prepaid expenses and other current assets | 262 | 418 |
Foreign Exchange Contract [Member] | Accrued Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Foreign exchange contracts, included in Accrued liabilities | 120 | 40 |
Foreign Exchange Contract [Member] | Designated as Hedging Instrument [Member] | Prepaid Expenses and Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Foreign exchange contracts, included in Prepaid expenses and other current assets | 59 | 263 |
Foreign Exchange Contract [Member] | Designated as Hedging Instrument [Member] | Accrued Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Foreign exchange contracts, included in Accrued liabilities | 85 | 0 |
Foreign Exchange Contract [Member] | Not Designated as Hedging Instrument [Member] | Prepaid Expenses and Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Foreign exchange contracts, included in Prepaid expenses and other current assets | 203 | 155 |
Foreign Exchange Contract [Member] | Not Designated as Hedging Instrument [Member] | Accrued Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Foreign exchange contracts, included in Accrued liabilities | 35 | 40 |
Other Contract [Member] | Designated as Hedging Instrument [Member] | Prepaid Expenses and Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Foreign exchange contracts, included in Prepaid expenses and other current assets | 209 | 0 |
Other Contract [Member] | Designated as Hedging Instrument [Member] | Accrued Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Foreign exchange contracts, included in Accrued liabilities | $ 0 | $ 384 |
Derivative Instruments and Hedging - Income (Expense from Derivative Instruments (Details) - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
May 28, 2016 |
May 30, 2015 |
|
Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Gain (loss) on derivative | $ 28 | $ (32) |
Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | Selling, General and Administrative Expenses [Member] | Foreign Exchange Contract [Member] | ||
Derivative [Line Items] | ||
Gain (loss) on derivative | (565) | 19 |
Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | Selling, General and Administrative Expenses [Member] | Other Contract [Member] | ||
Derivative [Line Items] | ||
Gain (loss) on derivative | 593 | (51) |
Net Investment Hedging [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Gain (loss) on derivative | 2,188 | (84) |
Net Investment Hedging [Member] | Not Designated as Hedging Instrument [Member] | Selling, General and Administrative Expenses [Member] | Foreign Exchange Contract [Member] | ||
Derivative [Line Items] | ||
Gain (loss) on derivative | (484) | 74 |
Net Investment Hedging [Member] | Not Designated as Hedging Instrument [Member] | Other Operating Income (Expense) [Member] | Foreign Exchange Contract [Member] | ||
Derivative [Line Items] | ||
Gain (loss) on derivative | $ 2,672 | $ (158) |
Accrued Liabilities (Details) - USD ($) $ in Thousands |
May 28, 2016 |
Nov. 28, 2015 |
May 30, 2015 |
Nov. 29, 2014 |
---|---|---|---|---|
Payables and Accruals [Abstract] | ||||
Accrued salaries, wages and commissions | $ 16,112 | $ 16,498 | ||
Compensated absences | 8,797 | 8,672 | ||
Accrued insurance liabilities | 9,921 | 9,928 | ||
Warranties | 6,754 | 7,870 | $ 8,595 | $ 9,405 |
Customer deposits | 16,519 | 25,036 | ||
Other accrued liabilities | 29,867 | 38,406 | ||
Accrued liabilities | 87,970 | 106,410 | ||
Letters of credit outstanding, amount | $ 17,903 | $ 24,581 |
Accrued Liabilities - Warranties (Details) - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
May 28, 2016 |
May 30, 2015 |
|
Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease) [Roll Forward] | ||
Warranty accrual at beginning of period | $ 7,870 | $ 9,405 |
Warranty accrual added through business acquisitions | 0 | 100 |
Accruals for warranties issued during the period | 564 | 827 |
Adjustments related to pre-existing warranties | (870) | (508) |
Settlements made during the period | (746) | (1,090) |
Other adjustments, including currency translation | (64) | (139) |
Warranty accrual at end of period | $ 6,754 | $ 8,595 |
Restructuring (Details) - USD ($) |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
May 28, 2016 |
May 30, 2015 |
May 28, 2016 |
May 30, 2015 |
|
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | $ 1,382,000 | $ 0 | $ 2,141,000 | $ 0 |
Cost of Sales [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 1,175,000 | 1,901,000 | ||
Selling, General and Administrative Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 207,000 | 240,000 | ||
Accrued Liabilities [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring reserve | $ 1,794,000 | $ 1,794,000 |
Long-Term Debt (Details) - USD ($) |
Apr. 05, 2012 |
May 28, 2016 |
Nov. 28, 2015 |
Nov. 02, 2015 |
---|---|---|---|---|
Line of Credit Facility [Line Items] | ||||
Long-term debt | $ 342,566,000 | $ 405,156,000 | ||
Other long-term debt | 656,000 | 746,000 | ||
Current portion of long-term debt | 12,771,000 | 7,788,000 | ||
Long-term debt, less current portion | 329,795,000 | 397,368,000 | ||
Letters of credit outstanding, amount | 17,903,000 | 24,581,000 | ||
Credit Facility 2012 [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Line of credit facility, expiration period | 5 years | |||
Current borrowing capacity | $ 700,000,000 | |||
Long-term debt, amount | $ 137,000,000 | |||
Long-term debt, weighted average interest rate | 1.85% | |||
Remaining borrowing capacity | $ 355,590,000 | |||
Credit Facility 2012 [Member] | Revolving Credit Facility [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Long-term debt | 137,000,000 | 197,000,000 | ||
Current borrowing capacity, multicurrency line | 500,000,000 | |||
Subline letters of credit maximum capacity | 50,000,000 | |||
Additional borrowing capacity | 100,000,000 | |||
Credit Facility 2012 [Member] | Term Loan [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Long-term debt | 197,500,000 | 200,000,000 | $ 200,000,000 | |
Long-term debt, amount | $ 197,500,000 | |||
Long-term debt, weighted average interest rate | 1.69% | |||
Credit Facility 2012 [Member] | Letter of Credit Subline [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Subline letters of credit maximum capacity | $ 50,000,000 | |||
Letters of credit outstanding, amount | $ 7,410,000 | 7,521,000 | ||
Bonds [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Long-term debt | $ 7,410,000 | $ 7,410,000 | ||
Long-term debt, weighted average interest rate | 0.66% | 0.30% |
Pension and Other Postretirement Benefits - Components of Net Periodic Benefit Cost (Income) and Contributions (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
May 28, 2016 |
May 30, 2015 |
May 28, 2016 |
May 30, 2015 |
|
Amortization of unrecognized: | ||||
Cash contributions | $ 29 | $ 101 | ||
Pension Benefits [Member] | ||||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ||||
Service cost | 371 | $ 534 | 742 | $ 1,069 |
Interest cost | 1,559 | 1,871 | 3,119 | 3,747 |
Expected return on plan assets | (2,588) | (2,917) | (5,178) | (5,843) |
Amortization of unrecognized: | ||||
Prior service cost | 0 | (1) | 0 | (2) |
Net actuarial loss (gain) | 956 | 966 | 1,912 | 1,934 |
Net periodic benefit cost | 298 | 453 | 595 | 905 |
Cash contributions | 18 | 117 | 79 | 253 |
Postretirement Healthcare Benefit Plan [Member] | ||||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ||||
Interest cost | 2 | 2 | 4 | 4 |
Amortization of unrecognized: | ||||
Prior service cost | (31) | (31) | (62) | (62) |
Net actuarial loss (gain) | (23) | (37) | (46) | (74) |
Net periodic benefit cost | (52) | (66) | (104) | (132) |
Cash contributions | $ 11 | $ 15 | $ 22 | $ 30 |
Pension and Other Postretirement Benefits - Additional Information (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |
---|---|---|---|
May 28, 2016 |
May 28, 2016 |
Nov. 28, 2015 |
|
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Weighted-average discount rate, rounded amount | 0.25% | ||
Cash contributions | $ 29 | $ 101 | |
Qualified Pension Plans [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Effect of plan amendment on net periodic benefit cost compared to prior approach | 1,343 | ||
Effect of plan amendment on net periodic benefit cost | 445 | 445 | |
Nonqualified Pension Plans [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Effect of plan amendment on net periodic benefit cost compared to prior approach | 14 | ||
Effect of plan amendment on net periodic benefit cost | 58 | 58 | |
Other Noncurrent Assets [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Restricted trust, included in Other noncurrent assets | $ 651 | $ 651 | $ 729 |
Pension and Other Postretirement Benefits - Assumptions (Details) |
6 Months Ended | |
---|---|---|
May 28, 2016 |
May 30, 2015 |
|
Qualified Pension Plans [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Long-term rate of return on plan assets | 6.50% | 7.00% |
Discount rate - interest cost | 3.27% | 3.75% |
Discount rate | 3.99% | 3.75% |
Rate of compensation increase | 4.00% | 4.00% |
Discount rate - service cost | 4.16% | 3.75% |
Rate of compensation increase | 4.00% | 4.00% |
Nonqualified Pension Plans [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Discount rate - interest cost | 2.57% | 3.00% |
Discount rate | 3.35% | 3.00% |
Rate of compensation increase | 4.00% | 4.00% |
Discount rate - service cost | 2.49% | 3.00% |
Rate of compensation increase | 4.00% | 4.00% |
Pension and Other Postretirement Benefits - Expected Contributions (Details) $ in Thousands |
May 28, 2016
USD ($)
|
---|---|
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Total expected contributions | $ 588 |
U.S. Qualified Plans [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Total expected contributions | 0 |
U.S. Combined Nonqualified Plans [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Total expected contributions | 159 |
Non-U.S. Plan [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Total expected contributions | 384 |
Postretirement Healthcare Benefit Plan [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Total expected contributions | $ 45 |
Income Taxes (Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
May 28, 2016 |
May 30, 2015 |
|
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||
Unrecognized tax benefits at beginning of year | $ 3,859 | $ 2,487 |
Additions for current period tax positions | 636 | 284 |
Additions related to acquired tax positions | 0 | 1,052 |
Changes in interest and penalties | 86 | 99 |
Unrecognized tax benefits at end of period | $ 4,581 | $ 3,922 |
Income Taxes (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
May 28, 2016 |
May 30, 2015 |
May 28, 2016 |
May 30, 2015 |
|
Income Tax Disclosure [Abstract] | ||||
Unrecognized tax benefits that would impact the effective tax rate if recognized | $ 3,280 | $ 3,280 | ||
Accrued for the payment of interest and penalties | 337 | 337 | ||
Reductions for lapse of statue of limitations / settlements | $ 282 | $ 282 | ||
Effective tax rate | 32.40% | 32.40% | 31.90% | 31.40% |
Effective tax rate change | 0.50% |
Contingencies (Details) - TransWeb [Member] $ in Thousands |
Mar. 07, 2016
USD ($)
|
Apr. 21, 2014
USD ($)
Juror
|
---|---|---|
Loss Contingencies [Line Items] | ||
Number of jurors | Juror | 6 | |
Gain contingency not yet recognized | $ 26,147 | |
Settled Litigation [Member] | ||
Loss Contingencies [Line Items] | ||
Gain contingency not yet recognized | $ 27,250 |
Incentive Plans and Stock-Based Compensation - Narrative (Details) - USD ($) $ in Thousands |
6 Months Ended | ||
---|---|---|---|
Mar. 25, 2014 |
May 28, 2016 |
Nov. 28, 2015 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares authorized | 6,600,000 | ||
Number of years which shares can be granted under the Plan | 10 years | ||
Employee and Non-Employee Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 4 years | ||
Expiration period and term of equity award in years | 10 years | ||
Unrecognized compensation cost related to share-based arrangements which the Company expects to recognize | $ 2,891 | ||
Weighted-average period in years, over which the Company expects to recognize compensation cost related to share-based arrangements | 2 years 20 days | ||
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 4 years | ||
Unrecognized compensation cost related to share-based arrangements which the Company expects to recognize | $ 3,543 | ||
Weighted-average period in years, over which the Company expects to recognize compensation cost related to share-based arrangements | 2 years 9 months 20 days | ||
Number of vested and deferred shares | 8,058 | 14,520 | |
Restricted Stock Unit Awards with Performance Conditions [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 3 years | ||
Unrecognized compensation cost related to share-based arrangements which the Company expects to recognize | $ 5,313 | ||
Director [Member] | Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Retainer period | 1 year | ||
Time period after grant before sale is allowed | 6 months | ||
Tranche One [Member] | Employee and Non-Employee Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Annual vesting percentage | 25.00% | ||
Tranche Two [Member] | Employee and Non-Employee Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Annual vesting percentage | 25.00% | ||
Tranche Three [Member] | Employee and Non-Employee Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Annual vesting percentage | 25.00% | ||
Tranche Four [Member] | Employee and Non-Employee Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Annual vesting percentage | 25.00% |
Incentive Plans and Stock-Based Compensation - Stock Options Compensation Expense (Details) - Employee and Non-Employee Stock Options [Member] - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
May 28, 2016 |
May 30, 2015 |
May 28, 2016 |
May 30, 2015 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Pre-tax compensation expense | $ 409 | $ 1,716 | $ 1,824 | $ 3,564 |
Deferred tax benefits | (149) | (624) | (663) | (1,296) |
Excess tax benefits associated with tax deductions over the amount of compensation expense recognized in the consolidated condensed financial statements | 788 | 392 | 823 | 784 |
Fair value of stock options on date of grant | 0 | 0 | 2,144 | 3,196 |
Total intrinsic value of stock options exercised | 5,859 | 1,413 | 6,239 | 3,164 |
Cash received upon exercise of stock options | 14,331 | 1,485 | 15,462 | 4,596 |
Addition to capital in excess of par value due to exercise of stock options | $ 14,775 | $ 1,831 | $ 15,901 | $ 5,249 |
Incentive Plans and Stock-Based Compensation - Stock Option Activity (Details) - Employee and Non-Employee Stock Options [Member] |
6 Months Ended |
---|---|
May 28, 2016
$ / shares
shares
| |
Options Granted Under Incentive Plans | |
Outstanding at beginning of year (in shares) | shares | 2,422,538 |
Granted (in shares) | shares | 296,500 |
Exercised (in shares) | shares | (389,508) |
Surrendered (in shares) | shares | (28,133) |
Outstanding at end of period (in shares) | shares | 2,301,397 |
Exercisable at end of period (in shares) | shares | 1,576,395 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |
Weighted Average Exercise Price - Outstanding Beginning of Year (in dollars per share) | $ / shares | $ 48.46 |
Weighted Average Exercise Price - Granted (in dollars per share) | $ / shares | 46.45 |
Weighted Average Exercise Price - Exercised (in dollars per share) | $ / shares | 40.38 |
Weighted Average Exercise Price - Surrendered (in dollars per share) | $ / shares | 54.56 |
Weighted Average Exercise Price - Outstanding End of Period (in dollars per share) | $ / shares | 49.50 |
Weighted Average Exercise Price - Exercisable (in dollars per share) | $ / shares | $ 47.33 |
Incentive Plans and Stock-Based Compensation - Stock Options Exercise Prices (Details) - USD ($) $ / shares in Units, $ in Thousands |
6 Months Ended | |
---|---|---|
May 28, 2016 |
Nov. 28, 2015 |
|
$25.31 - $28.13 [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Exercise price range, minimum (in dollars per share) | $ 25.31 | |
Exercise price range, maximum (in dollars per share) | 28.13 | |
$31.96 - $36.48 [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Exercise price range, minimum (in dollars per share) | 31.96 | |
Exercise price range, maximum (in dollars per share) | 36.48 | |
$42.86 - $57.74 [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Exercise price range, minimum (in dollars per share) | 42.86 | |
Exercise price range, maximum (in dollars per share) | 57.74 | |
$61.57 - $63.22 [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Exercise price range, minimum (in dollars per share) | 61.57 | |
Exercise price range, maximum (in dollars per share) | $ 63.22 | |
Employee and Non-Employee Stock Options [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Options outstanding (in shares) | 2,301,397 | 2,422,538 |
Options outstanding weighted average exercise price (in dollars per share) | $ 49.50 | $ 48.46 |
Options outstanding - intrinsic value | $ 24,539 | |
Options outstanding - weighted average remaining life in years | 6 years 6 months 20 days | |
Options exercisable - number (in shares) | 1,576,395 | |
Options exercisable - weighted average exercise price (in dollars per share) | $ 47.33 | |
Options exercisable - intrinsic value | $ 19,762 | |
Options exercisable - weighted average remaining life in years | 5 years 7 months 10 days | |
Employee and Non-Employee Stock Options [Member] | $25.31 - $28.13 [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Options outstanding (in shares) | 32,000 | |
Options outstanding weighted average exercise price (in dollars per share) | $ 25.49 | |
Options outstanding - intrinsic value | $ 1,079 | |
Options outstanding - weighted average remaining life in years | 2 years 8 months 1 day | |
Options exercisable - number (in shares) | 32,000 | |
Options exercisable - weighted average exercise price (in dollars per share) | $ 25.49 | |
Options exercisable - intrinsic value | $ 1,079 | |
Options exercisable - weighted average remaining life in years | 2 years 8 months 1 day | |
Employee and Non-Employee Stock Options [Member] | $31.96 - $36.48 [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Options outstanding (in shares) | 280,649 | |
Options outstanding weighted average exercise price (in dollars per share) | $ 33.54 | |
Options outstanding - intrinsic value | $ 7,205 | |
Options outstanding - weighted average remaining life in years | 2 years 7 months 5 days | |
Options exercisable - number (in shares) | 280,649 | |
Options exercisable - weighted average exercise price (in dollars per share) | $ 33.54 | |
Options exercisable - intrinsic value | $ 7,205 | |
Options exercisable - weighted average remaining life in years | 2 years 7 months 5 days | |
Employee and Non-Employee Stock Options [Member] | $42.86 - $57.74 [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Options outstanding (in shares) | 1,275,445 | |
Options outstanding weighted average exercise price (in dollars per share) | $ 46.47 | |
Options outstanding - intrinsic value | $ 16,255 | |
Options outstanding - weighted average remaining life in years | 6 years 8 months 15 days | |
Options exercisable - number (in shares) | 906,034 | |
Options exercisable - weighted average exercise price (in dollars per share) | $ 46.54 | |
Options exercisable - intrinsic value | $ 11,478 | |
Options exercisable - weighted average remaining life in years | 5 years 8 months 27 days | |
Employee and Non-Employee Stock Options [Member] | $61.57 - $63.22 [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Options outstanding (in shares) | 713,303 | |
Options outstanding weighted average exercise price (in dollars per share) | $ 62.27 | |
Options outstanding - intrinsic value | $ 0 | |
Options outstanding - weighted average remaining life in years | 8 years | |
Options exercisable - number (in shares) | 357,712 | |
Options exercisable - weighted average exercise price (in dollars per share) | $ 62.10 | |
Options exercisable - intrinsic value | $ 0 | |
Options exercisable - weighted average remaining life in years | 7 years 10 months 19 days |
Incentive Plans and Stock-Based Compensation - Stock Options Fair Value Assumptions (Details) - Employee and Non-Employee Stock Options [Member] - $ / shares |
6 Months Ended | |
---|---|---|
May 28, 2016 |
May 30, 2015 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Weighted average fair value per option at the date of grant for options granted | $ 7.23 | $ 10.26 |
Risk-free interest rate | 1.46% | 1.31% |
Expected dividend yield | 1.89% | 1.27% |
Expected volatility factor | 20.40% | 19.50% |
Expected option term in years | 5 years | 5 years |
Incentive Plans and Stock-Based Compensation - Restricted Stock Unit Awards Compensation Expense (Details) - Restricted Stock Units (RSUs) [Member] - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
May 28, 2016 |
May 30, 2015 |
May 28, 2016 |
May 30, 2015 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Pre-tax compensation expense | $ 322 | $ 788 | $ 1,273 | $ 1,623 |
Deferred tax benefits | (117) | (286) | (463) | (590) |
Excess tax benefits associated with tax deductions over the amount of compensation expense recognized in the consolidated condensed financial statements | (1) | 3 | (110) | 211 |
Fair value of restricted stock unit awards on date of grant | 0 | 3 | 2,954 | 3,183 |
Fair value of restricted stock unit awards vested | $ 38 | $ 0 | $ 1,532 | $ 979 |
Incentive Plans and Stock-Based Compensation - Restricted Stock Unit Awards Activity (Details) - Restricted Stock Units (RSUs) [Member] |
6 Months Ended |
---|---|
May 28, 2016
$ / shares
shares
| |
Units | |
Nonvested at beginning of year (in units) | shares | 71,592 |
Granted (in units) | shares | 63,605 |
Vested (in units) | shares | (27,203) |
Surrendered (in units) | shares | (1,598) |
Nonvested at end of period (in units) | shares | 106,396 |
Weighted Average Grant Date Fair Value | |
Weighted Average Grant Date Fair Value - Beginning of Year (in dollars per unit) | $ / shares | $ 60.09 |
Weighted Average Grant Date Fair Value - Granted (in dollars per unit) | $ / shares | 46.45 |
Weighted Average Grant Date Fair Value - Vested (in dollar per unit) | $ / shares | 56.31 |
Weighted Average Grant Date Fair Value - Surrendered (in dollars per unit) | $ / shares | 46.89 |
Weighted Average Grant Date Fair Value - End of Period (in dollars per unit) | $ / shares | $ 52.56 |
Incentive Plans and Stock-Based Compensation - Restricted Stock Unit Awards with Performance Conditions Compensation Expense (Details) - Restricted Stock Unit Awards with Performance Conditions [Member] - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
May 28, 2016 |
May 30, 2015 |
May 28, 2016 |
May 30, 2015 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Pre-tax compensation expense | $ 0 | $ 463 | $ 0 | $ 927 |
Deferred tax benefits | 0 | (168) | 0 | (337) |
Excess tax (shortfall) benefits associated with tax deductions over the amount of compensation expense recognized in the consolidated condensed financial statements | 0 | 0 | 0 | 0 |
Fair value of restricted stock unit awards on date of grant | 0 | 0 | 0 | 5,857 |
Fair value of restricted stock unit awards vested | $ 0 | $ 0 | $ 0 | $ 0 |
Incentive Plans and Stock-Based Compensation - Restricted Stock Unit Awards with Performance Conditions Activity (Details) - Restricted Stock Unit Awards with Performance Conditions [Member] |
6 Months Ended |
---|---|
May 28, 2016
$ / shares
shares
| |
Units | |
Nonvested at beginning of year (in units) | shares | 92,650 |
Granted (in units) | shares | 0 |
Vested (in units) | shares | 0 |
Surrendered (in units) | shares | (8,609) |
Nonvested at end of period (in units) | shares | 84,041 |
Weighted Average Grant Date Fair Value | |
Weighted Average Grant Date Fair Value - Beginning of Year (in dollars per unit) | $ / shares | $ 63.22 |
Weighted Average Grant Date Fair Value - Granted (in dollars per unit) | $ / shares | 0.00 |
Weighted Average Grant Date Fair Value - Vested (in dollar per unit) | $ / shares | 0.00 |
Weighted Average Grant Date Fair Value - Surrendered (in dollars per unit) | $ / shares | 63.22 |
Weighted Average Grant Date Fair Value - End of Period (in dollars per unit) | $ / shares | $ 63.22 |
Incentive Plans and Stock-Based Compensation - Directors' Compensation Expense (Details) - Director [Member] - Restricted Stock [Member] - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
May 28, 2016 |
May 30, 2015 |
May 28, 2016 |
May 30, 2015 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Pre-tax compensation expense | $ 1,131 | $ 880 | $ 1,150 | $ 880 |
Shares of Company common stock issued under the plans (in shares) | 21,306 | 13,352 | 21,306 | 13,352 |
Earnings Per Share and Stock Repurchase Activity - Reconciliation of Numerators and Denominators (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
May 28, 2016 |
May 30, 2015 |
May 28, 2016 |
May 30, 2015 |
|
Earnings Per Share and Stock Repurchase Activity [Abstract] | ||||
Weighted average number of shares outstanding - Basic (in shares) | 48,714,109 | 50,209,215 | 48,758,579 | 50,232,565 |
Dilutive effect of stock-based arrangements (in shares) | 439,515 | 581,983 | 370,395 | 559,275 |
Weighted average number of shares outstanding - Diluted (in shares) | 49,153,624 | 50,791,198 | 49,128,974 | 50,791,840 |
Net earnings attributable to CLARCOR Inc. | $ 53,354 | $ 38,497 | $ 74,517 | $ 65,206 |
Net earnings per share attributable to CLARCOR Inc. - Basic (in dollars per share) | $ 1.10 | $ 0.77 | $ 1.53 | $ 1.30 |
Net earnings per share attributable to CLARCOR Inc. - Diluted (in dollars per share) | $ 1.09 | $ 0.76 | $ 1.52 | $ 1.28 |
Earnings Per Share and Stock Repurchase Activity - Calculation of Earnings per Share (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
May 28, 2016 |
May 30, 2015 |
May 28, 2016 |
May 30, 2015 |
|
Earnings Per Share and Stock Repurchase Activity [Abstract] | ||||
Number of antidilutive options with exercise prices greater than the average market price excluded from the computation of dilutive earnings per share | 716,803 | 0 | 944,278 | 0 |
Common stock repurchased and retired pursuant to the Company's stock repurchase program | $ 7,205 | $ 8,161 | $ 38,211 | $ 16,110 |
Number of shares repurchased and retired pursuant to the Company's stock repurchase program | 128,000 | 126,000 | 797,604 | 248,000 |
Earnings Per Share and Stock Repurchase Activity - Narrative (Details) |
May 28, 2016
USD ($)
|
---|---|
Earnings Per Share and Stock Repurchase Activity [Abstract] | |
Stock repurchase program, remaining authorized repurchase amount | $ 99,472,000 |
Stock repurchase program, authorized amount | $ 250,000,000 |
Segment Information (Details) $ in Thousands |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
May 28, 2016
USD ($)
|
May 30, 2015
USD ($)
|
May 28, 2016
USD ($)
reportable_segment
|
May 30, 2015
USD ($)
|
Nov. 28, 2015
USD ($)
|
|
Segment Reporting Information [Line Items] | |||||
Number of reportable segments | reportable_segment | 3 | ||||
Net sales | $ 364,968 | $ 399,799 | $ 681,240 | $ 750,922 | |
Operating profit | 53,784 | 58,943 | 85,743 | 98,136 | |
Other income (expense), net | 25,195 | (1,888) | 23,726 | (2,934) | |
Earnings before income taxes | 78,979 | 57,055 | 109,469 | 95,202 | |
Identifiable assets | 1,789,957 | 1,789,957 | $ 1,818,456 | ||
Operating Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 364,968 | 399,799 | 681,240 | 750,922 | |
Operating profit | 53,784 | 58,943 | 85,743 | 98,136 | |
Operating Segments [Member] | Engine/Mobile Filtration [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 154,019 | 161,290 | 288,573 | 305,748 | |
Operating profit | 29,501 | 30,564 | 48,568 | 55,310 | |
Identifiable assets | 750,018 | 750,018 | 771,120 | ||
Operating Segments [Member] | Industrial/Environmental Filtration [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 210,949 | 218,676 | 392,667 | 409,592 | |
Operating profit | 24,283 | 26,604 | 37,175 | 40,612 | |
Identifiable assets | 994,326 | 994,326 | 1,028,793 | ||
Operating Segments [Member] | Packaging [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 0 | 19,833 | 0 | 35,582 | |
Operating profit | 0 | 1,775 | 0 | 2,214 | |
Identifiable assets | 0 | 0 | 0 | ||
Segment Reconciling Items [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Other income (expense), net | 25,195 | $ (1,888) | 23,726 | $ (2,934) | |
Corporate [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Identifiable assets | $ 45,613 | $ 45,613 | $ 18,543 |
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