Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

Property, Plant and Equipment

Property, plant and equipment are recorded at cost and depreciated using the straight-line method over the following expected useful lives:

Land improvements	10 to 20 years
Buildings	10 to 40 years
Machinery and equipment	5 to 14 years
Furniture and fixtures	5 to 10 years
Molds, cores and rings	4 to 10 years

Computation of Basic and Diluted Earnings per Share

The following table sets forth the computation of basic and diluted earnings per share:

(Number of shares and dollar amounts in thousands except per share amounts)
	2020		2019		2018
Numerator
Numerator for basic and diluted earnings per share - income from continuing operations available to common stockholders	$	142,789	$	96,404	$	76,586
Denominator
Denominator for basic earnings per share - weighted average shares outstanding	50,307		50,159		50,350
Effect of dilutive securities - stock options and other stock units	198		219		247
Denominator for diluted earnings per share - adjusted weighted average shares outstanding	50,505		50,378		50,597
Earnings per share:
Basic	$	2.84	$	1.92	$	1.52
Diluted	2.83		1.91		1.51

Schedule of Accounts, Notes, Loans and Financing Receivable

The following table summarizes the activity in the Company’s product warranty liabilities, which are recorded in Accrued liabilities and Other long-term liabilities on the Company’s Consolidated Balance Sheets:

	2020		2019		2018
Reserve at beginning of year	$	12,734	$	12,431	$	12,093
Additions	9,591		11,609		13,187
Payments	(8,448)		(11,306)		(12,849)
Reserve at December 31	$	13,877	$	12,734	$	12,431