(Mark One) | ||
x | Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 | |
For the Quarterly Period Ended June 30, 2016 | ||
Or | ||
o | Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 | |
For the Transition Period from to . |
Delaware (State or other jurisdiction of incorporation or organization) | 38-2687639 (IRS Employer Identification No.) |
Large accelerated filer x | Accelerated filer o | Non-accelerated filer o | Smaller reporting company o | |||
(Do not check if a smaller reporting company) |
June 30, 2016 | December 31, 2015 | |||||||
Assets | (unaudited) | |||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 23,660 | $ | 19,450 | ||||
Receivables, net of reserves of approximately $3.9 million and $3.7 million as of June 30, 2016 and December 31, 2015, respectively | 124,620 | 121,990 | ||||||
Inventories | 165,800 | 167,370 | ||||||
Prepaid expenses and other current assets | 7,440 | 17,810 | ||||||
Total current assets | 321,520 | 326,620 | ||||||
Property and equipment, net | 178,660 | 181,130 | ||||||
Goodwill | 377,430 | 378,920 | ||||||
Other intangibles, net | 263,510 | 273,870 | ||||||
Other assets | 9,080 | 9,760 | ||||||
Total assets | $ | 1,150,200 | $ | 1,170,300 | ||||
Liabilities and Shareholders' Equity | ||||||||
Current liabilities: | ||||||||
Current maturities, long-term debt | $ | 13,820 | $ | 13,850 | ||||
Accounts payable | 77,820 | 88,420 | ||||||
Accrued liabilities | 41,690 | 50,480 | ||||||
Total current liabilities | 133,330 | 152,750 | ||||||
Long-term debt, net | 392,460 | 405,780 | ||||||
Deferred income taxes | 8,320 | 11,260 | ||||||
Other long-term liabilities | 57,890 | 53,320 | ||||||
Total liabilities | 592,000 | 623,110 | ||||||
Preferred stock, $0.01 par: Authorized 100,000,000 shares; Issued and outstanding: None | — | — | ||||||
Common stock, $0.01 par: Authorized 400,000,000 shares; Issued and outstanding: 45,463,706 shares at June 30, 2016 and 45,322,527 shares at December 31, 2015 | 450 | 450 | ||||||
Paid-in capital | 815,120 | 812,160 | ||||||
Accumulated deficit | (235,340 | ) | (254,120 | ) | ||||
Accumulated other comprehensive loss | (22,030 | ) | (11,300 | ) | ||||
Total shareholders' equity | 558,200 | 547,190 | ||||||
Total liabilities and shareholders' equity | $ | 1,150,200 | $ | 1,170,300 |
Three months ended June 30, | Six months ended June 30, | |||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||
Net sales | $ | 203,320 | $ | 224,900 | $ | 406,200 | $ | 449,030 | ||||||||
Cost of sales | (146,240 | ) | (163,180 | ) | (293,200 | ) | (324,390 | ) | ||||||||
Gross profit | 57,080 | 61,720 | 113,000 | 124,640 | ||||||||||||
Selling, general and administrative expenses | (38,420 | ) | (42,510 | ) | (77,890 | ) | (82,410 | ) | ||||||||
Operating profit | 18,660 | 19,210 | 35,110 | 42,230 | ||||||||||||
Other expense, net: | ||||||||||||||||
Interest expense | (3,310 | ) | (3,720 | ) | (6,750 | ) | (7,170 | ) | ||||||||
Debt financing and extinguishment costs | — | (1,970 | ) | — | (1,970 | ) | ||||||||||
Other income (expense), net | 130 | (290 | ) | 70 | (1,610 | ) | ||||||||||
Other expense, net | (3,180 | ) | (5,980 | ) | (6,680 | ) | (10,750 | ) | ||||||||
Income from continuing operations before income tax expense | 15,480 | 13,230 | 28,430 | 31,480 | ||||||||||||
Income tax expense | (5,000 | ) | (4,740 | ) | (9,650 | ) | (11,050 | ) | ||||||||
Income from continuing operations | 10,480 | 8,490 | 18,780 | 20,430 | ||||||||||||
Loss from discontinued operations, net of tax | — | (6,780 | ) | — | (4,740 | ) | ||||||||||
Net income | $ | 10,480 | $ | 1,710 | $ | 18,780 | $ | 15,690 | ||||||||
Basic earnings per share: | ||||||||||||||||
Continuing operations | $ | 0.23 | $ | 0.19 | $ | 0.41 | $ | 0.45 | ||||||||
Discontinued operations | — | (0.15 | ) | — | (0.10 | ) | ||||||||||
Net income per share | $ | 0.23 | $ | 0.04 | $ | 0.41 | $ | 0.35 | ||||||||
Weighted average common shares—basic | 45,429,851 | 45,150,827 | 45,354,421 | 45,074,394 | ||||||||||||
Diluted earnings per share: | ||||||||||||||||
Continuing operations | $ | 0.23 | $ | 0.19 | $ | 0.41 | $ | 0.45 | ||||||||
Discontinued operations | — | (0.15 | ) | — | (0.10 | ) | ||||||||||
Net income per share | $ | 0.23 | $ | 0.04 | $ | 0.41 | $ | 0.35 | ||||||||
Weighted average common shares—diluted | 45,726,348 | 45,418,907 | 45,690,582 | 45,409,875 |
Three months ended June 30, | Six months ended June 30, | |||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||
Net income | $ | 10,480 | $ | 1,710 | $ | 18,780 | $ | 15,690 | ||||||||
Other comprehensive income (loss): | ||||||||||||||||
Defined benefit pension and postretirement plans (Note 13) | 150 | 2,480 | 300 | 2,730 | ||||||||||||
Foreign currency translation | (4,080 | ) | 880 | (6,740 | ) | (5,660 | ) | |||||||||
Derivative instruments (Note 8) | (1,330 | ) | (320 | ) | (4,290 | ) | (710 | ) | ||||||||
Total other comprehensive income (loss) | (5,260 | ) | 3,040 | (10,730 | ) | (3,640 | ) | |||||||||
Total comprehensive income | $ | 5,220 | $ | 4,750 | $ | 8,050 | $ | 12,050 |
Six months ended June 30, | ||||||||
2016 | 2015 | |||||||
Cash Flows from Operating Activities: | ||||||||
Net income | $ | 18,780 | $ | 15,690 | ||||
Loss from discontinued operations | — | (4,740 | ) | |||||
Income from continuing operations | 18,780 | 20,430 | ||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Loss on dispositions of property and equipment | 1,120 | 300 | ||||||
Depreciation | 11,980 | 10,830 | ||||||
Amortization of intangible assets | 10,190 | 10,580 | ||||||
Amortization of debt issue costs | 670 | 1,020 | ||||||
Deferred income taxes | 230 | (250 | ) | |||||
Non-cash compensation expense | 4,140 | 2,870 | ||||||
Excess tax benefits from stock based compensation | (170 | ) | (270 | ) | ||||
Debt financing and extinguishment costs | — | 1,970 | ||||||
Increase in receivables | (3,660 | ) | (8,930 | ) | ||||
(Increase) decrease in inventories | 1,130 | (9,210 | ) | |||||
Decrease in prepaid expenses and other assets | 10,650 | 510 | ||||||
Decrease in accounts payable and accrued liabilities | (21,710 | ) | (8,550 | ) | ||||
Other, net | (410 | ) | (820 | ) | ||||
Net cash provided by operating activities of continuing operations | 32,940 | 20,480 | ||||||
Net cash used for operating activities of discontinued operations | — | (14,030 | ) | |||||
Net cash provided by operating activities | 32,940 | 6,450 | ||||||
Cash Flows from Investing Activities: | ||||||||
Capital expenditures | (12,960 | ) | (12,890 | ) | ||||
Net proceeds from disposition of property and equipment | 120 | 690 | ||||||
Net cash used for investing activities of continuing operations | (12,840 | ) | (12,200 | ) | ||||
Net cash used for investing activities of discontinued operations | — | (2,510 | ) | |||||
Net cash used for investing activities | (12,840 | ) | (14,710 | ) | ||||
Cash Flows from Financing Activities: | ||||||||
Proceeds from borrowings on term loan facilities | — | 275,000 | ||||||
Repayments of borrowings on term loan facilities | (6,950 | ) | (441,360 | ) | ||||
Proceeds from borrowings on revolving credit and accounts receivable facilities | 216,580 | 697,890 | ||||||
Repayments of borrowings on revolving credit and accounts receivable facilities | (225,050 | ) | (703,390 | ) | ||||
Payments for deferred purchase price | — | (5,710 | ) | |||||
Debt financing fees | — | (1,850 | ) | |||||
Shares surrendered upon vesting of options and restricted stock awards to cover tax obligations | (650 | ) | (2,620 | ) | ||||
Proceeds from exercise of stock options | 10 | 430 | ||||||
Excess tax benefits from stock based compensation | 170 | 270 | ||||||
Cash transferred to the Cequent businesses | — | (17,050 | ) | |||||
Net cash used for financing activities of continuing operations | (15,890 | ) | (198,390 | ) | ||||
Net cash provided by financing activities of discontinued operations | — | 208,400 | ||||||
Net cash provided by (used for) financing activities | (15,890 | ) | 10,010 | |||||
Cash and Cash Equivalents: | ||||||||
Net increase for the period | 4,210 | 1,750 | ||||||
At beginning of period | 19,450 | 24,420 | ||||||
At end of period | $ | 23,660 | $ | 26,170 | ||||
Supplemental disclosure of cash flow information: | ||||||||
Cash paid for interest | $ | 5,860 | $ | 9,690 | ||||
Cash paid for taxes | $ | 3,170 | $ | 17,390 |
Common Stock | Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive Loss | Total | ||||||||||||||||
Balances, December 31, 2015 | $ | 450 | $ | 812,160 | $ | (254,120 | ) | $ | (11,300 | ) | $ | 547,190 | ||||||||
Net income | — | — | 18,780 | — | 18,780 | |||||||||||||||
Other comprehensive loss | — | — | — | (10,730 | ) | (10,730 | ) | |||||||||||||
Shares surrendered upon vesting of options and restricted stock awards to cover tax obligations | — | (650 | ) | — | — | (650 | ) | |||||||||||||
Stock option exercises and restricted stock vestings | — | 10 | — | — | 10 | |||||||||||||||
Tax effect from stock based compensation | — | (540 | ) | — | — | (540 | ) | |||||||||||||
Non-cash compensation expense | — | 4,140 | — | — | 4,140 | |||||||||||||||
Balances, June 30, 2016 | $ | 450 | $ | 815,120 | $ | (235,340 | ) | $ | (22,030 | ) | $ | 558,200 |
Three months ended June 30, | Six months ended June 30, | |||||||
2015 | 2015 | |||||||
Net sales | $ | 158,540 | $ | 300,900 | ||||
Cost of sales | (120,800 | ) | (227,860 | ) | ||||
Gross profit | 37,740 | 73,040 | ||||||
Selling, general and administrative expenses | (41,540 | ) | (72,360 | ) | ||||
Operating profit (loss) | (3,800 | ) | 680 | |||||
Interest expense | (1,320 | ) | (2,540 | ) | ||||
Other expense, net | (720 | ) | (1,970 | ) | ||||
Other expense, net | (2,040 | ) | (4,510 | ) | ||||
Loss from discontinued operations, before income taxes | (5,840 | ) | (3,830 | ) | ||||
Income tax expense | (940 | ) | (910 | ) | ||||
Loss from discontinued operations, net of tax | $ | (6,780 | ) | $ | (4,740 | ) |
Packaging | Aerospace | Energy | Engineered Components | Total | |||||||||||||||
Balance, December 31, 2015 | $ | 165,730 | $ | 206,630 | $ | — | $ | 6,560 | $ | 378,920 | |||||||||
Foreign currency translation and other | (1,490 | ) | — | — | — | (1,490 | ) | ||||||||||||
Balance, June 30, 2016 | $ | 164,240 | $ | 206,630 | $ | — | $ | 6,560 | $ | 377,430 |
As of June 30, 2016 | As of December 31, 2015 | |||||||||||||||
Intangible Category by Useful Life | Gross Carrying Amount | Accumulated Amortization | Gross Carrying Amount | Accumulated Amortization | ||||||||||||
Finite-lived intangible assets: | ||||||||||||||||
Customer relationships, 5 – 12 years | $ | 74,680 | $ | (29,800 | ) | $ | 74,890 | $ | (25,960 | ) | ||||||
Customer relationships, 15 – 25 years | 132,230 | (41,510 | ) | 132,230 | (38,060 | ) | ||||||||||
Total customer relationships | 206,910 | (71,310 | ) | 207,120 | (64,020 | ) | ||||||||||
Technology and other, 1 – 15 years | 57,790 | (24,500 | ) | 57,860 | (22,770 | ) | ||||||||||
Technology and other, 17 – 30 years | 43,300 | (30,310 | ) | 43,300 | (29,250 | ) | ||||||||||
Total technology and other | 101,090 | (54,810 | ) | 101,160 | (52,020 | ) | ||||||||||
Indefinite-lived intangible assets: | ||||||||||||||||
Trademark/Trade names | 81,630 | — | 81,630 | — | ||||||||||||
Total other intangible assets | $ | 389,630 | $ | (126,120 | ) | $ | 389,910 | $ | (116,040 | ) |
Three months ended June 30, | Six months ended June 30, | |||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||
Technology and other, included in cost of sales | $ | 1,390 | $ | 1,480 | $ | 2,770 | $ | 3,080 | ||||||||
Customer relationships, included in selling, general and administrative expenses | 3,700 | 3,740 | 7,420 | 7,500 | ||||||||||||
Total amortization expense | $ | 5,090 | $ | 5,220 | $ | 10,190 | $ | 10,580 |
June 30, 2016 | December 31, 2015 | |||||||
Finished goods | $ | 96,380 | $ | 101,480 | ||||
Work in process | 26,050 | 23,620 | ||||||
Raw materials | 43,370 | 42,270 | ||||||
Total inventories | $ | 165,800 | $ | 167,370 |
June 30, 2016 | December 31, 2015 | |||||||
Land and land improvements | $ | 15,010 | $ | 14,820 | ||||
Buildings | 68,260 | 67,790 | ||||||
Machinery and equipment | 279,620 | 274,650 | ||||||
362,890 | 357,260 | |||||||
Less: Accumulated depreciation | 184,230 | 176,130 | ||||||
Property and equipment, net | $ | 178,660 | $ | 181,130 |
Three months ended June 30, | Six months ended June 30, | |||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||
Depreciation expense, included in cost of sales | $ | 5,240 | $ | 5,020 | $ | 10,470 | $ | 9,380 | ||||||||
Depreciation expense, included in selling, general and administrative expenses | 800 | 730 | 1,510 | 1,450 | ||||||||||||
Total depreciation expense | $ | 6,040 | $ | 5,750 | $ | 11,980 | $ | 10,830 |
June 30, 2016 | December 31, 2015 | |||||||
Credit Agreement | $ | 347,870 | $ | 371,820 | ||||
Receivables facility and other | 63,790 | 53,860 | ||||||
Debt issuance costs | (5,380 | ) | (6,050 | ) | ||||
406,280 | 419,630 | |||||||
Less: Current maturities, long-term debt | 13,820 | 13,850 | ||||||
Long-term debt, net | $ | 392,460 | $ | 405,780 |
Asset / (Liability) Derivatives | ||||||||||
Balance Sheet Caption | June 30, 2016 | December 31, 2015 | ||||||||
Derivatives designated as hedging instruments | ||||||||||
Interest rate swaps | Other assets | $ | — | $ | 430 | |||||
Interest rate swaps | Accrued liabilities | (1,260 | ) | (150 | ) | |||||
Interest rate swaps | Other long-term liabilities | (8,560 | ) | (3,180 | ) | |||||
Total derivatives designated as hedging instruments | $ | (9,820 | ) | $ | (2,900 | ) |
Amount of Loss Recognized in AOCI on Derivative (Effective Portion, net of tax) | Amount of Loss Reclassified from AOCI into Earnings | ||||||||||||||||||||||||
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||||
As of June 30, 2016 | As of December 31, 2015 | Location of Loss Reclassified from AOCI into Earnings (Effective Portion) | 2016 | 2015 | 2016 | 2015 | |||||||||||||||||||
Derivatives designated as hedging instruments | |||||||||||||||||||||||||
Interest rate swaps | $ | (6,080 | ) | $ | (1,790 | ) | Interest expense | $ | (110 | ) | $ | — | $ | (220 | ) | $ | — | ||||||||
Income from discontinued operations | $ | — | $ | (220 | ) | $ | — | $ | (440 | ) |
Description | Frequency | Asset / (Liability) | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||||
June 30, 2016 | Interest rate swaps | Recurring | $ | (9,820 | ) | $ | — | $ | (9,820 | ) | $ | — | |||||||
December 31, 2015 | Interest rate swaps | Recurring | $ | (2,900 | ) | $ | — | $ | (2,900 | ) | $ | — |
Claims pending at beginning of period | Claims filed during period | Claims dismissed during period | Claims settled during period | Average settlement amount per claim during period | Total defense costs during period | |||||||||||||||
Fiscal Year Ended December 31, 2015 | 7,992 | 266 | 1,990 | 26 | $ | 16,963 | $ | 3,160,000 | ||||||||||||
Six Months Ended June 30, 2016 | 6,242 | 72 | 271 | 12 | $ | 29,875 | $ | 1,474,015 |
Compensatory | ||||||
Range of damages sought (dollars in millions) | $0.0 to $0.6 | $0.6 to $5.0 | $5.0+ | |||
Number of claims | 7 | 37 | 57 |
Three months ended June 30, | Six months ended June 30, | |||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||
Net Sales | ||||||||||||||||
Packaging | $ | 88,110 | $ | 89,580 | $ | 168,220 | $ | 168,540 | ||||||||
Aerospace | 44,090 | 43,220 | 84,590 | 88,960 | ||||||||||||
Energy | 39,950 | 50,150 | 84,700 | 101,310 | ||||||||||||
Engineered Components | 31,170 | 41,950 | 68,690 | 90,220 | ||||||||||||
Total | $ | 203,320 | $ | 224,900 | $ | 406,200 | $ | 449,030 | ||||||||
Operating Profit (Loss) | ||||||||||||||||
Packaging | $ | 21,410 | $ | 20,710 | $ | 39,250 | $ | 38,220 | ||||||||
Aerospace | 3,550 | 7,220 | 7,010 | 15,300 | ||||||||||||
Energy | (3,090 | ) | (7,170 | ) | (6,700 | ) | (6,830 | ) | ||||||||
Engineered Components | 3,860 | 6,220 | 9,440 | 12,190 | ||||||||||||
Corporate expenses | (7,070 | ) | (7,770 | ) | (13,890 | ) | (16,650 | ) | ||||||||
Total | $ | 18,660 | $ | 19,210 | $ | 35,110 | $ | 42,230 |
Number of Stock Options | Weighted Average Option Price | Average Remaining Contractual Life (Years) | Aggregate Intrinsic Value | ||||||||||
Outstanding at January 1, 2016 | 206,123 | $ | 4.84 | ||||||||||
Exercised | (27,252 | ) | 0.86 | ||||||||||
Cancelled | — | — | |||||||||||
Expired | — | — | |||||||||||
Outstanding at June 30, 2016 | 178,871 | $ | 5.44 | 2.0 | $ | 2,306,887 |
• | granted 2,400 restricted shares of common stock to certain employees that are subject only to a service condition and vest on the first anniversary date of the award so long as the employee remains with the Company; |
• | granted 235,251 restricted shares of common stock to certain employees which are subject only to a service condition and vest ratably over three years so long as the employee remains with the Company; |
• | granted 42,740 restricted shares of common stock to certain employees which are subject only to a service condition and vest on the first anniversary date of the award. The awards were made to participants in the Company's short-term incentive compensation plan ("STI"), where all STI participants whose target annual award exceeds $20 thousand receive 80% of the value in earned cash and 20% in the form of a restricted stock award upon finalization of the award amount in the first quarter each year following the previous plan year; and |
• | granted 41,174 restricted shares of common stock to its non-employee independent directors, which vest one year from date of grant so long as the director and/or Company does not terminate their service prior to the vesting date. |
Number of Unvested Restricted Shares | Weighted Average Grant Date Fair Value | Average Remaining Contractual Life (Years) | Aggregate Intrinsic Value | ||||||||||
Outstanding at January 1, 2016 | 765,314 | $ | 23.73 | ||||||||||
Granted | 529,171 | 18.46 | |||||||||||
Vested | (228,842 | ) | 25.17 | ||||||||||
Cancelled | (88,611 | ) | 23.17 | ||||||||||
Outstanding at June 30, 2016 | 977,032 | $ | 20.59 | 1.5 | $ | 17,586,576 |
Three months ended June 30, | Six months ended June 30, | |||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||
Weighted average common shares—basic | 45,429,851 | 45,150,827 | 45,354,421 | 45,074,394 | ||||||||
Dilutive effect of restricted share awards | 215,881 | 160,936 | 251,035 | 220,102 | ||||||||
Dilutive effect of stock options | 80,616 | 107,144 | 85,126 | 115,379 | ||||||||
Weighted average common shares—diluted | 45,726,348 | 45,418,907 | 45,690,582 | 45,409,875 |
Pension Plans | Other Postretirement Benefits | |||||||||||||||||||||||||||||||
Three months ended June 30, | Six months ended June 30, | Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||||||||||
2016 | 2015 | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 | |||||||||||||||||||||||||
Service costs | $ | 240 | $ | 230 | $ | 490 | $ | 470 | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
Interest costs | 390 | 410 | 790 | 830 | 10 | — | 10 | 10 | ||||||||||||||||||||||||
Expected return on plan assets | (420 | ) | (490 | ) | (840 | ) | (1,010 | ) | — | — | — | — | ||||||||||||||||||||
Amortization of prior service cost | 10 | 10 | 10 | 10 | — | — | — | — | ||||||||||||||||||||||||
Settlement/curtailment loss | — | 2,750 | — | 2,750 | — | — | — | — | ||||||||||||||||||||||||
Amortization of net (gain)/loss | 240 | 360 | 470 | 740 | (20 | ) | (10 | ) | (30 | ) | (20 | ) | ||||||||||||||||||||
Net periodic benefit cost | $ | 460 | $ | 3,270 | $ | 920 | $ | 3,790 | $ | (10 | ) | $ | (10 | ) | $ | (20 | ) | $ | (10 | ) |
Defined Benefit Plans | Derivative Instruments | Foreign Currency Translation | Total | |||||||||||||
Balance, December 31, 2015 | $ | (12,370 | ) | $ | (1,790 | ) | $ | 2,860 | $ | (11,300 | ) | |||||
Net unrealized losses arising during the period (a) | — | (4,420 | ) | (6,740 | ) | (11,160 | ) | |||||||||
Less: Net realized losses reclassified to net income (b) | (300 | ) | (130 | ) | — | (430 | ) | |||||||||
Net current-period other comprehensive income (loss) | 300 | (4,290 | ) | (6,740 | ) | (10,730 | ) | |||||||||
Balance, June 30, 2016 | $ | (12,070 | ) | $ | (6,080 | ) | $ | (3,880 | ) | $ | (22,030 | ) |
Defined Benefit Plans | Derivative Instruments | Foreign Currency Translation | Total | |||||||||||||
Balance, December 31, 2014 | $ | (14,180 | ) | $ | 610 | $ | 23,790 | $ | 10,220 | |||||||
Net unrealized losses arising during the period (a) | — | (1,400 | ) | (5,660 | ) | (7,060 | ) | |||||||||
Less: Net realized losses reclassified to net income (b) | (2,730 | ) | (690 | ) | — | (3,420 | ) | |||||||||
Net current-period other comprehensive income (loss) | 2,730 | (710 | ) | (5,660 | ) | (3,640 | ) | |||||||||
Less: Distribution of the Cequent businesses | — | 250 | (8,560 | ) | (8,310 | ) | ||||||||||
Balance, June 30, 2015 | $ | (11,450 | ) | $ | 150 | $ | 9,570 | $ | (1,730 | ) |
Three months ended June 30, | |||||||||||||
2016 | As a Percentage of Net Sales | 2015 | As a Percentage of Net Sales | ||||||||||
Net Sales | |||||||||||||
Packaging | $ | 88,110 | 43.3 | % | $ | 89,580 | 39.8 | % | |||||
Aerospace | 44,090 | 21.7 | % | 43,220 | 19.2 | % | |||||||
Energy | 39,950 | 19.7 | % | 50,150 | 22.3 | % | |||||||
Engineered Components | 31,170 | 15.3 | % | 41,950 | 18.7 | % | |||||||
Total | $ | 203,320 | 100.0 | % | $ | 224,900 | 100.0 | % | |||||
Gross Profit | |||||||||||||
Packaging | $ | 31,250 | 35.5 | % | $ | 31,980 | 35.7 | % | |||||
Aerospace | 10,020 | 22.7 | % | 14,850 | 34.4 | % | |||||||
Energy | 9,400 | 23.5 | % | 5,820 | 11.6 | % | |||||||
Engineered Components | 6,410 | 20.6 | % | 9,070 | 21.6 | % | |||||||
Total | $ | 57,080 | 28.1 | % | $ | 61,720 | 27.4 | % | |||||
Selling, General and Administrative Expenses | |||||||||||||
Packaging | $ | 9,840 | 11.2 | % | $ | 11,270 | 12.6 | % | |||||
Aerospace | 6,470 | 14.7 | % | 7,630 | 17.7 | % | |||||||
Energy | 12,490 | 31.3 | % | 12,990 | 25.9 | % | |||||||
Engineered Components | 2,550 | 8.2 | % | 2,850 | 6.8 | % | |||||||
Corporate expenses | 7,070 | N/A | 7,770 | N/A | |||||||||
Total | $ | 38,420 | 18.9 | % | $ | 42,510 | 18.9 | % | |||||
Operating Profit (Loss) | |||||||||||||
Packaging | $ | 21,410 | 24.3 | % | $ | 20,710 | 23.1 | % | |||||
Aerospace | 3,550 | 8.1 | % | 7,220 | 16.7 | % | |||||||
Energy | (3,090 | ) | (7.7 | )% | (7,170 | ) | (14.3 | )% | |||||
Engineered Components | 3,860 | 12.4 | % | 6,220 | 14.8 | % | |||||||
Corporate expenses | (7,070 | ) | N/A | (7,770 | ) | N/A | |||||||
Total | $ | 18,660 | 9.2 | % | $ | 19,210 | 8.5 | % | |||||
Depreciation and Amortization | |||||||||||||
Packaging | $ | 5,310 | 6.0 | % | $ | 5,180 | 5.8 | % | |||||
Aerospace | 3,510 | 8.0 | % | 3,510 | 8.1 | % | |||||||
Energy | 1,170 | 2.9 | % | 1,110 | 2.2 | % | |||||||
Engineered Components | 1,060 | 3.4 | % | 1,100 | 2.6 | % | |||||||
Corporate expenses | 80 | N/A | 70 | N/A | |||||||||
Total | $ | 11,130 | 5.5 | % | $ | 10,970 | 4.9 | % |
Six months ended June 30, | |||||||||||||
2016 | As a Percentage of Net Sales | 2015 | As a Percentage of Net Sales | ||||||||||
Net Sales | |||||||||||||
Packaging | $ | 168,220 | 41.4 | % | $ | 168,540 | 37.5 | % | |||||
Aerospace | 84,590 | 20.8 | % | 88,960 | 19.8 | % | |||||||
Energy | 84,700 | 20.9 | % | 101,310 | 22.6 | % | |||||||
Engineered Components | 68,690 | 16.9 | % | 90,220 | 20.1 | % | |||||||
Total | $ | 406,200 | 100.0 | % | $ | 449,030 | 100.0 | % | |||||
Gross Profit | |||||||||||||
Packaging | $ | 60,120 | 35.7 | % | $ | 59,660 | 35.4 | % | |||||
Aerospace | 19,650 | 23.2 | % | 30,850 | 34.7 | % | |||||||
Energy | 18,800 | 22.2 | % | 15,520 | 15.3 | % | |||||||
Engineered Components | 14,430 | 21.0 | % | 18,610 | 20.6 | % | |||||||
Total | $ | 113,000 | 27.8 | % | $ | 124,640 | 27.8 | % | |||||
Selling, General and Administrative Expenses | |||||||||||||
Packaging | $ | 20,870 | 12.4 | % | $ | 21,440 | 12.7 | % | |||||
Aerospace | 12,640 | 14.9 | % | 15,550 | 17.5 | % | |||||||
Energy | 25,500 | 30.1 | % | 22,350 | 22.1 | % | |||||||
Engineered Components | 4,990 | 7.3 | % | 6,420 | 7.1 | % | |||||||
Corporate expenses | 13,890 | N/A | 16,650 | N/A | |||||||||
Total | $ | 77,890 | 19.2 | % | $ | 82,410 | 18.4 | % | |||||
Operating Profit (Loss) | |||||||||||||
Packaging | $ | 39,250 | 23.3 | % | $ | 38,220 | 22.7 | % | |||||
Aerospace | 7,010 | 8.3 | % | 15,300 | 17.2 | % | |||||||
Energy | (6,700 | ) | (7.9 | )% | (6,830 | ) | (6.7 | )% | |||||
Engineered Components | 9,440 | 13.7 | % | 12,190 | 13.5 | % | |||||||
Corporate expenses | (13,890 | ) | N/A | (16,650 | ) | N/A | |||||||
Total | $ | 35,110 | 8.6 | % | $ | 42,230 | 9.4 | % | |||||
Depreciation and Amortization | |||||||||||||
Packaging | $ | 10,610 | 6.3 | % | $ | 10,390 | 6.2 | % | |||||
Aerospace | 6,960 | 8.2 | % | 6,520 | 7.3 | % | |||||||
Energy | 2,350 | 2.8 | % | 2,140 | 2.1 | % | |||||||
Engineered Components | 2,080 | 3.0 | % | 2,190 | 2.4 | % | |||||||
Corporate expenses | 170 | N/A | 170 | N/A | |||||||||
Total | $ | 22,170 | 5.5 | % | $ | 21,410 | 4.8 | % |
• | the impact of lower oil prices, primarily impacting net sales in our Engineered Components and Energy reportable segments; |
• | costs incurred and savings from our FIP and other cost savings actions, spread across all of our reportable segments, with the largest amounts within our Energy reportable segment; |
• | the impact of production and scheduling costs and inefficiencies, as well as the impact of lower distribution customer sales, all within our Aerospace reportable segment; |
• | the impact of our November 2015 acquisition of the Tolleson, Arizona machined components facility from Parker-Hannifin within our Aerospace reportable segment; and |
• | the impact of a stronger U.S. dollar, primarily in our Packaging and Energy reportable segments. |
Three months ended June 30, | ||||||||
2016 | 2015 | |||||||
Corporate operating expenses | $ | 2.5 | $ | 2.9 | ||||
Employee costs and related benefits | 4.6 | 4.9 | ||||||
Corporate expenses | $ | 7.1 | $ | 7.8 |
Six months ended June 30, | ||||||||
2016 | 2015 | |||||||
Corporate operating expenses | $ | 4.4 | $ | 6.0 | ||||
Employee costs and related benefits | 9.5 | 10.7 | ||||||
Corporate expenses | $ | 13.9 | $ | 16.7 |
• | For the six months ended June 30, 2016, the Company generated approximately $46.5 million of cash, based on the reported net income of approximately $18.8 million and after considering the effects of non-cash items related to losses on dispositions of property and equipment, depreciation, amortization, changes in deferred income taxes, stock-based compensation and related tax effect and other, net. For the six months ended June 30, 2015, the Company generated approximately $46.7 million in cash flows based on the reported income from continuing operations of approximately $20.4 million and after considering the effects of similar non-cash items. |
• | Increases in accounts receivable resulted in a use of cash of approximately $3.7 million and $8.9 million for the six months ended June 30, 2016 and 2015, respectively. The increased use of cash for each of the six month periods is due primarily to the timing of sales and collection of cash within the periods. Days sales outstanding of receivables remained relatively flat period-over-period. |
• | For the six months ended June 30, 2016, we reduced our investment in inventory by approximately $1.1 million. For the six months ended June 30, 2015, we used approximately $9.2 million of cash for investment in our inventories, primarily due to higher material sourcing costs and increased purchases related to U.S. West Coast port delays, mainly in our Energy reportable segment. |
• | Decreases in prepaid expenses and other assets resulted in a cash source of approximately $10.7 million and $0.5 million for the six months ended June 30, 2016 and 2015, respectively. The decrease in prepaid expenses and other assets for the six months ended June 30, 2016 is primarily a result of the timing of certain domestic tax payments. For the six months ended June 30, 2015, the decrease is primarily the result of the timing of payments made for certain operating prepaid expenses. |
• | Decreases in accounts payable and accrued liabilities resulted in a cash use of approximately $21.7 million and $8.6 million for the six months ended June 30, 2016 and 2015, respectively. The change in cash used for accounts payable and accrued liabilities is primarily a result of the timing of payments made to suppliers and mix of vendors and related terms. The use of cash was greater in 2016, as our days accounts payable on hand decreased from approximately 58 days in 2015 to approximately 47 days in 2016. |
Less: | Add: | |||||||||||||||
Year Ended December 31, 2015 | Six Months Ended June 30, 2015 | Six Months Ended June 30, 2016 | Twelve Months Ended June 30, 2016 | |||||||||||||
Net income (loss) | $ | (33,400 | ) | $ | 15,690 | $ | 18,780 | $ | (30,310 | ) | ||||||
Bank stipulated adjustments: | ||||||||||||||||
Interest expense | 14,060 | 7,170 | 6,750 | 13,640 | ||||||||||||
Income tax expense | 6,540 | 11,050 | 9,650 | 5,140 | ||||||||||||
Depreciation and amortization | 43,540 | 21,400 | 22,170 | 44,310 | ||||||||||||
Extraordinary non-cash charges | 75,680 | — | — | 75,680 | ||||||||||||
Non-cash compensation expense(1) | 6,340 | 2,870 | 4,140 | 7,610 | ||||||||||||
Other non-cash expenses or losses | 17,830 | 4,820 | 1,980 | 14,990 | ||||||||||||
Non-recurring expenses or costs relating to cost saving projects(2) | 15,000 | 5,770 | 5,770 | 15,000 | ||||||||||||
Acquisition integration costs(3) | 1,880 | 1,630 | 1,160 | 1,410 | ||||||||||||
Debt financing and extinguishment costs(4) | 1,970 | 1,970 | — | — | ||||||||||||
Permitted dispositions(5) | 4,740 | 4,740 | — | — | ||||||||||||
Consolidated Bank EBITDA, as defined | $ | 154,180 | $ | 77,110 | $ | 70,400 | $ | 147,470 |
June 30, 2016 | ||||
Total Consolidated Indebtedness, as defined(6) | $ | 416,110 | ||
Consolidated Bank EBITDA, as defined | 147,470 | |||
Actual leverage ratio | 2.82 | x | ||
Covenant requirement | 3.50 | x |
Less: | Add: | |||||||||||||||
Year Ended December 31, 2015 | Six Months Ended June 30, 2015 | Six Months Ended June 30, 2016 | Twelve Months Ended June 30, 2016 | |||||||||||||
Interest expense | $ | 14,060 | $ | 7,170 | $ | 6,750 | $ | 13,640 | ||||||||
Bank stipulated adjustments: | ||||||||||||||||
Interest income | (420 | ) | (120 | ) | (160 | ) | (460 | ) | ||||||||
Non-cash amounts attributable to amortization of financing costs | (1,700 | ) | (1,020 | ) | (660 | ) | (1,340 | ) | ||||||||
Pro forma adjustment for acquisitions and dispositions | 130 | 80 | — | 50 | ||||||||||||
Total Consolidated Cash Interest Expense, as defined | $ | 12,070 | $ | 6,110 | $ | 5,930 | $ | 11,890 |
June 30, 2016 | ||||
Consolidated Bank EBITDA, as defined | $ | 147,470 | ||
Total Consolidated Cash Interest Expense, as defined | 11,890 | |||
Actual interest expense coverage ratio | 12.40 | x | ||
Covenant requirement | 3.00 | x |
(1) | Non-cash compensation expenses resulting from the grant of restricted shares and units of common stock and common stock options. |
(2) | Non-recurring costs and expenses relating to cost savings projects, including restructuring and severance expenses, not to exceed $15.0 million in any fiscal year and $40.0 million in aggregate, subsequent to June 30, 2015. |
(3) | Costs and expenses arising from the integration of any business acquired not to exceed $15.0 million in any fiscal year and $40.0 million in the aggregate. |
(4) | Costs incurred with refinancing our credit facilities. |
(5) | EBITDA from permitted dispositions, as defined. |
(6) | Includes $4.5 million of acquisition deferred purchase price. |
3.1(a) | Fourth Amended and Restated Certificate of Incorporation of TriMas Corporation. |
3.2(b) | Third Amended and Restated By-laws of TriMas Corporation. |
10.1(c) | Amended and Restated Agreement dated April 13, 2016, by and among TriMas Corporation and Engaged Capital Master Feeder I, LP, Engaged Capital Master Feeder II, LP, Engaged Capital I, LP, Engaged Capital I Offshore, Ltd., Engaged Capital II, LP, Engaged Capital, LLC, Engaged Capital Holdings, LLC, and Glenn Welling. |
31.1 | Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
32.1 | 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 Document. |
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document. |
101.LAB | XBRL Taxonomy Extension Label Linkbase Document. |
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document. |
(a) | Incorporated by reference to the Exhibits filed with our Quarterly Report on Form 10-Q filed on August 3, 2007 (File No. 001-10716). | |
(b) | Incorporated by reference to the Exhibits filed with our Current Report on Form 8-K filed on December 18, 2015 (File No. 001-10716). | |
(c) | Incorporated by reference to the Exhibits filed with our Current Report on Form 8-K filed on April 15, 2016 (File No. 001-10716). |
TRIMAS CORPORATION (Registrant) | ||||
/s/ ROBERT J. ZALUPSKI | ||||
Date: | July 28, 2016 | By: | Robert J. Zalupski Chief Financial Officer |
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(s) 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; |
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(s) 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. |
/s/ ROBERT J. ZALUPSKI | |
Robert J. Zalupski Chief Financial Officer (Principal Executive Officer & Principal Financial Officer) |
1. | The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
2. | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
/s/ ROBERT J. ZALUPSKI | |
Robert J. Zalupski Chief Financial Officer (Principal Executive Officer & Principal Financial Officer) |
Document and Entity Information Document - shares |
6 Months Ended | |
---|---|---|
Jun. 30, 2016 |
Jul. 22, 2016 |
|
Entity Information [Line Items] | ||
Entity Registrant Name | TRIMAS CORP | |
Entity Central Index Key | 0000842633 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2016 | |
Document Fiscal Year Focus | 2016 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 45,463,706 |
Consolidated Balance Sheet Parentheticals - USD ($) $ in Millions |
Jun. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Current assets: | ||
Receivables, reserves (in dollars) | $ 3.9 | $ 3.7 |
Stockholders' Equity: | ||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, Authorized shares | 100,000,000 | 100,000,000 |
Preferred stock, Issued Shares | 0 | 0 |
Preferred stock, outstanding Shares | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common Stock, Authorized shares | 400,000,000 | 400,000,000 |
Common Stock, Issued Shares | 45,463,706 | 45,322,527 |
Common Stock, outstanding Shares | 45,463,706 | 45,322,527 |
Consolidated Statement of Income Statement - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
Jun. 30, 2016 |
Jun. 30, 2015 |
|
Net sales | $ 203,320 | $ 224,900 | $ 406,200 | $ 449,030 |
Cost of sales | (146,240) | (163,180) | (293,200) | (324,390) |
Gross profit | 57,080 | 61,720 | 113,000 | 124,640 |
Selling, general and administrative expenses | (38,420) | (42,510) | (77,890) | (82,410) |
Operating profit | 18,660 | 19,210 | 35,110 | 42,230 |
Other expense, net: | ||||
Interest expense | (3,310) | (3,720) | (6,750) | (7,170) |
Debt financing and extinguishment costs | 0 | (1,970) | 0 | (1,970) |
Other income (expense), net | 130 | (290) | 70 | (1,610) |
Other expense, net | (3,180) | (5,980) | (6,680) | (10,750) |
Income from continuing operations before income tax expense | 15,480 | 13,230 | 28,430 | 31,480 |
Income tax expense | (5,000) | (4,740) | (9,650) | (11,050) |
Income from continuing operations | 10,480 | 8,490 | 18,780 | 20,430 |
Loss from discontinued operations, net of tax | 0 | (6,780) | 0 | (4,740) |
Net income | $ 10,480 | $ 1,710 | $ 18,780 | $ 15,690 |
Basic earnings per share | ||||
Continuing operations | $ 0.23 | $ 0.19 | $ 0.41 | $ 0.45 |
Discontinued operations | 0.00 | (0.15) | 0.00 | (0.10) |
Net income per share | $ 0.23 | $ 0.04 | $ 0.41 | $ 0.35 |
Weighted average common shares—basic | 45,429,851 | 45,150,827 | 45,354,421 | 45,074,394 |
Diluted earnings per share | ||||
Continuing operations | $ 0.23 | $ 0.19 | $ 0.41 | $ 0.45 |
Discontinued operations | 0.00 | (0.15) | 0.00 | (0.10) |
Net income per share | $ 0.23 | $ 0.04 | $ 0.41 | $ 0.35 |
Weighted average common shares—diluted | 45,726,348 | 45,418,907 | 45,690,582 | 45,409,875 |
Consolidated Statement of Comprehensive Income - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
Jun. 30, 2016 |
Jun. 30, 2015 |
|
Net Income | $ 10,480 | $ 1,710 | $ 18,780 | $ 15,690 |
Other comprehensive income | ||||
Defined benefit pension and postretirement plans, net of tax | 150 | 2,480 | 300 | 2,730 |
Foreign currency translation | (4,080) | 880 | (6,740) | (5,660) |
Derivative instruments, net of tax | (1,330) | (320) | (4,290) | (710) |
Total other comprehensive income (loss) | (5,260) | 3,040 | (10,730) | (3,640) |
Total comprehensive income | $ 5,220 | $ 4,750 | $ 8,050 | $ 12,050 |
Consolidated Statement of Shareholders' Equity Statement - 6 months ended Jun. 30, 2016 - USD ($) $ in Thousands |
Total |
Common Stock [Member] |
Paid-in Capital [Member] |
Accumulated Deficit [Member] |
Accumulated Other Comprehensive Income [Member] |
---|---|---|---|---|---|
Balances at Dec. 31, 2015 | $ 547,190 | $ 450 | $ 812,160 | $ (254,120) | $ (11,300) |
Net income attributable to TriMas Corporation | 18,780 | 18,780 | |||
Other comprehensive income (loss) | (10,730) | (10,730) | |||
Shares surrendered upon vesting of options and restricted stock awards to cover tax obligations | (650) | (650) | |||
Stock option exercises and restricted stock vesting | 10 | 0 | 10 | ||
Tax effect from stock based compensation | (540) | (540) | |||
Non-cash compensation expense | 4,140 | 4,140 | |||
Balances at Jun. 30, 2016 | $ 558,200 | $ 450 | $ 815,120 | $ (235,340) | $ (22,030) |
Basis of Presentation |
6 Months Ended |
---|---|
Jun. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation TriMas Corporation ("TriMas" or the "Company"), and its consolidated subsidiaries, is a global manufacturer and distributor of products for commercial, industrial and consumer markets. The Company is principally engaged in the following reportable segments with diverse products and market channels: Packaging, Aerospace, Energy and Engineered Components. See Note 10, "Segment Information," for further information on each of the Company's reportable segments. On June 30, 2015, the Company completed the spin-off of its Cequent businesses, creating a new independent publicly traded company, Horizon Global Corporation ("Horizon"). In addition, on June 30, 2015, immediately prior to the effective time of the spin-off, Horizon paid a cash distribution to the Company of $214.5 million using the proceeds of its new debt financing arrangement and cash on hand. The Company incurred approximately $30 million of one-time, pre-tax costs associated with the spin-off, of which approximately $29 million was incurred during the six months ended June 30, 2015. These costs primarily related to financing, legal, tax and accounting services rendered by third parties. Of the $30 million in costs, approximately $18 million was included in the loss from discontinued operations, $9 million was capitalized as deferred financing fees associated with Horizon's debt issuance coincident with the spin-off and was included in the balance sheet of the discontinued operations and approximately $3 million relates to fees associated with the Company's refinancing of long-term debt, of which approximately $2 million was included in the income from continuing operations as debt financing and extinguishment costs and approximately $1 million was capitalized as deferred financing fees in the accompanying consolidated balance sheet. The results of operations and cash flows of the Cequent businesses are reflected as discontinued operations for all periods presented through the date of the spin-off. See Note 3, "Discontinued Operations," for further details regarding the spin-off. The accompanying consolidated financial statements include the accounts of the Company and its subsidiaries and, in the opinion of management, contain all adjustments, including adjustments of a normal and recurring nature, necessary for a fair presentation of financial position and results of operations. Results of operations for interim periods are not necessarily indicative of results for the full year. The accompanying consolidated financial statements and notes thereto should be read in conjunction with the Company's 2015 Annual Report on Form 10-K. |
New Accounting Pronouncements |
6 Months Ended |
---|---|
Jun. 30, 2016 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
New Accounting Pronouncements | New Accounting Pronouncements In March 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2016-09, "Compensation - Stock Compensation (Topic 718)" ("ASU 2016-09"). ASU 2016-09 simplifies several aspects of accounting for share-based payment award transactions, including income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. ASU 2016-09 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016, with early adoption permitted. The Company is in the process of assessing the impact of adoption of ASU 2016-09 on its consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, "Leases (Topic 842)" ("ASU 2016-02"). ASU 2016-02 requires that lessees, at the lease commencement date, recognize a lease liability representing the lessee's obligation to make lease payments arising from a lease as well as a right-of-use asset, which represents the lessee's right to use, or control the use of a specified asset, for the lease term. The new guidance also aligns lessor accounting to the lessee accounting model and to Topic 606, "Revenue from Contracts with Customers." ASU 2016-02 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018 and is to be applied using a modified retrospective approach with early adoption permitted. The Company is in the process of assessing the impact of the adoption of ASU 2016-02 on its consolidated financial statements. In July 2015, the FASB issued ASU 2015-11, "Inventory (Topic 330): Simplifying the Measurement of Inventory" ("ASU 2015-11"). ASU 2015-11 requires an entity to measure inventory at the lower of cost and net realizable value, thereby simplifying the current guidance under which an entity must measure inventory at the lower of cost or market. The ASU defines net realizable value as the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. ASU 2015-11 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016 and is to be applied prospectively with early adoption permitted. The Company is in the process of assessing the impact of adoption of ASU 2015-11 on its consolidated financial statements. In May 2014, the FASB issued ASU 2014-09, "Revenue from Contracts with Customers (Topic 606)" ("ASU 2014-09"). ASU 2014-09 requires that an entity recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. Since the issuance of the original standard, the FASB has issued several subsequent updates including the following: 1) the deferral of ASU 2014-09 by one year, making it effective for annual reporting periods beginning on or after December 15, 2017 while also providing for early adoption, but not before the original effective date (ASU 2015-14); 2) clarification of the implementation guidance on principal versus agent considerations (ASU 2016-08); 3) further guidance on identifying performance obligations in a contract as well as clarifications on the licensing implementation guidance (ASU 2016-10); 4) rescission of several SEC Staff Announcements that are codified in Topic 605, including, among other items, guidance related to accounting for shipping and handling fees and costs, freight services and consideration given by a vendor to a customer (ASU 2016-11); and 5) additional guidance and practical expedients in response to identified implementation issues (ASU 2016-12). The Company is in the process of assessing the impact of the adoption of these ASUs on its consolidated financial statements. |
Discontinued Operations Discontinued Operations (Notes) |
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Discontinued Operations and Disposal Groups [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | Discontinued Operations On June 30, 2015, the Company completed the spin-off of its Cequent businesses (comprised of the former Cequent Americas and Cequent Asia Pacific Europe Africa ("Cequent APEA") reportable segments), creating a new independent publicly traded company, Horizon, through the distribution of 100% of the Company's interest in Horizon to holders of the Company's common stock. On June 30, 2015, each of the Company's shareholders of record as of the close of business on the record date of June 25, 2015 received two shares of Horizon common stock for every five shares of TriMas common stock held. In addition, on June 30, 2015, immediately prior to the effective time of the spin-off, Horizon entered into a new debt financing arrangement and used the proceeds to make a cash distribution of approximately $214.5 million to the Company. Following the spin-off, there were no assets or liabilities remaining from the Cequent operations. The Cequent businesses are presented as discontinued operations in the Company's consolidated statement of income and cash flows for all periods presented. Results of discontinued operations are summarized as follows (dollars in thousands):
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Goodwill and Other Intangible Assets |
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Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Changes in the carrying amount of goodwill for the six months ended June 30, 2016 are summarized as follows (dollars in thousands):
The Company amortizes its other intangible assets over periods ranging from one to 30 years. The gross carrying amounts and accumulated amortization of the Company's other intangibles as of June 30, 2016 and December 31, 2015 are summarized below (dollars in thousands).
Amortization expense related to intangible assets as included in the accompanying consolidated statement of income is summarized as follows (dollars in thousands):
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Inventories |
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Inventory Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories | Inventories Inventories consist of the following components (dollars in thousands):
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Property and Equipment, Net |
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Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property and Equipment, Net | Property and Equipment, Net Property and equipment consists of the following components (dollars in thousands):
Depreciation expense as included in the accompanying consolidated statement of income is as follows (dollars in thousands):
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Long-term Debt |
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Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term debt | Long-term Debt The Company's long-term debt consists of the following (dollars in thousands):
Credit Agreement The Company is party to a credit agreement (the "Credit Agreement"), consisting of a $500.0 million senior secured revolving credit facility, which permits borrowings denominated in specific foreign currencies ("Foreign Currency Loans"), subject to a $75.0 million sub limit, which matures on June 30, 2020 and is subject to interest at London Interbank Offered Rates ("LIBOR") plus 1.75%, and a $275.0 million senior secured term loan A facility ("Term Loan A Facility"), which matures on June 30, 2020 and is subject to interest at LIBOR plus 1.75%. The interest rate spread is based upon the leverage ratio, as defined, as of the most recent determination date. The Credit Agreement also provides incremental term loan and/or revolving credit facility commitments in an amount not to exceed the greater of $300.0 million and an amount such that, after giving effect to such incremental commitments and the incurrence of any other indebtedness substantially simultaneously with the making of such commitments, the senior secured net leverage ratio, as defined, is no greater than 2.50 to 1.00. The terms and conditions of any incremental term loan and/or revolving credit facility commitments must be no more favorable than the existing credit facility. The Company may be required to prepay a portion of its Term Loan A Facility in an amount equal to a percentage of the Company's excess cash flow, as defined, with such percentage based on the Company's leverage ratio, as defined. As of June 30, 2016, no amounts are due under this provision. The Company is also able to issue letters of credit, not to exceed $40.0 million in aggregate, against its revolving credit facility commitments. At June 30, 2016 and December 31, 2015, the Company had letters of credit of approximately $18.5 million and $21.6 million, respectively, issued and outstanding. At June 30, 2016, the Company had approximately $83.2 million outstanding under its revolving credit facility and had approximately $398.3 million potentially available after giving effect to approximately $18.5 million of letters of credit issued and outstanding. At December 31, 2015, the Company had approximately $100.3 million outstanding under its revolving credit facility and had approximately $378.1 million potentially available after giving effect to approximately $21.6 million of letters of credit issued and outstanding. However, including availability under its accounts receivable facility and after consideration of leverage restrictions contained in the Credit Agreement, the Company had approximately $100.0 million and $107.4 million at June 30, 2016 and December 31, 2015, respectively, of borrowing capacity available for general corporate purposes. Principal payments required under the Credit Agreement for the Term Loan A Facility are approximately $3.4 million due each fiscal quarter from December 2015 through September 2018 and approximately $5.2 million due each fiscal quarter from December 2018 through March 2020, with final payment of approximately $202.8 million due on June 30, 2020. The debt under the Credit Agreement is an obligation of the Company and certain of its domestic subsidiaries and is secured by substantially all of the assets of such parties. Borrowings under the $75.0 million foreign currency sub limit of the $500.0 million senior secured revolving credit facility are secured by a pledge of the assets of the foreign subsidiary borrowers that are a party to the agreement. The Credit Agreement also contains various negative and affirmative covenants and other requirements affecting the Company and its subsidiaries, including restrictions on the incurrence of debt, liens, mergers, investments, loans, advances, guarantee obligations, acquisitions, assets dispositions, sale-leaseback transactions, hedging agreements, dividends and other restricted payments, transactions with affiliates, restrictive agreements and amendments to charters, bylaws, and other material documents. The terms of the Credit Agreement also require the Company and its subsidiaries to meet certain restrictive financial covenants and ratios computed quarterly, including a maximum leverage ratio (total consolidated indebtedness plus outstanding amounts under the accounts receivable securitization facility over consolidated EBITDA, as defined) and a minimum interest expense coverage ratio (consolidated EBITDA, as defined, over cash interest expense, as defined). At June 30, 2016, the Company was in compliance with its financial covenants contained in the Credit Agreement. In June 2015, the Company amended its Credit Agreement, pursuant to which the Company was able to extend maturities and resize its credit facilities following the spin-off of the Cequent businesses. In connection with entering into the amended Credit Agreement, the Company incurred approximately $1.8 million in fees to complete the Credit Agreement, of which approximately $1.4 million was capitalized as deferred financing fees as of June 30, 2015 and $0.4 million was recorded as debt financing fees in the accompanying consolidated statement of income during the three months ended June 30, 2015. The Company also recorded non-cash debt extinguishment costs of $1.5 million related to the write-off of deferred financing fees associated with the previous term loan during the three months ended June 30, 2015. As of June 30, 2016 and December 31, 2015, the Company's Term Loan A Facility traded at approximately 99.6% of par value and the Company's revolving credit facility traded at approximately 99.3% of par value. The valuations of the Credit Agreement were determined based on Level 2 inputs under the fair value hierarchy, as defined. Receivables Facility The Company is party to an accounts receivable facility through TSPC, Inc. ("TSPC"), a wholly-owned subsidiary, to sell trade accounts receivable of substantially all of the Company's domestic business operations. Under this facility, TSPC, from time to time, may sell an undivided fractional ownership interest in the pool of receivables up to $75.0 million to a third party multi-seller receivables funding company. The net amount financed under the facility is less than the face amount of accounts receivable by an amount that approximates the purchaser's financing costs. The cost of funds under this facility consisted of a 1-month LIBOR-based rate plus a usage fee of 1.00% and a fee on the unused portion of the facility of 0.35% as of June 30, 2016 and 2015. The Company had approximately $63.6 million and $53.6 million outstanding under the facility as of June 30, 2016 and December 31, 2015, respectively, and approximately $2.1 million and $7.1 million available but not utilized as of June 30, 2016 and December 31, 2015, respectively. Aggregate costs incurred under the facility were approximately $0.2 million and $0.3 million for the three months ended June 30, 2016 and 2015, and $0.4 million and $0.5 million for the six months ended June 30, 2016 and 2015, respectively, and are included in interest expense in the accompanying consolidated statement of income. The facility expires on June 30, 2020. The cost of funds fees incurred are determined by calculating the estimated present value of the receivables sold compared to their carrying amount. The estimated present value factor is based on historical collection experience and a discount rate based on a 1-month LIBOR-based rate plus the usage fee discussed above and is computed in accordance with the terms of the agreement. As of June 30, 2016, the cost of funds under the facility was based on an average liquidation period of the portfolio of approximately 1.8 months and an average discount rate of 1.9%. |
Derivative Instruments |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments | Derivative Instruments The Company utilizes interest rate swap agreements to fix the LIBOR-based variable portion of the interest rate on its long term debt. Terms of the interest rate swap agreements require the Company to receive a variable interest rate and pay a fixed interest rate. As of June 30, 2016, the Company had interest rate swap agreements in place that hedge a declining notional value of debt ranging from approximately $251.5 million to approximately $192.7 million, amortizing consistent with future scheduled debt principal payments. The interest rate swap agreements establish fixed interest rates in a range of 0.74% to 2.68% with various expiration terms extending to June 30, 2020. At inception, the interest rate swaps were and continue to be designated as cash flow hedges. As of June 30, 2016 and December 31, 2015, the fair value carrying amount of the Company's derivative instruments are recorded as follows (dollars in thousands):
The following table summarizes the loss recognized in accumulated other comprehensive income or loss ("AOCI") as of June 30, 2016 and December 31, 2015, and the amounts reclassified from AOCI into earnings for the three and six months ended June 30, 2016 and 2015 (dollars in thousands):
Over the next 12 months, the Company expects to reclassify approximately $1.3 million of pre-tax deferred losses from AOCI to interest expense as the related interest payments for the designated interest rate swaps are funded. The fair value of the Company's derivatives are estimated using an income approach based on valuation techniques to convert future amounts to a single, discounted amount. Estimates of the fair value of the Company's interest rate swaps use observable inputs such as interest rate yield curves. Fair value measurements and the fair value hierarchy level for the Company's assets and liabilities measured at fair value on a recurring basis as of June 30, 2016 and December 31, 2015 are shown below (dollars in thousands).
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Commitments and Contingencies |
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Commitments and Contingencies | Commitments and Contingencies Asbestos As of June 30, 2016, the Company was a party to 950 pending cases involving an aggregate of 6,031 claimants alleging personal injury from exposure to asbestos containing materials formerly used in gaskets (both encapsulated and otherwise) manufactured or distributed by certain of the Company's subsidiaries for use primarily in the petrochemical refining and exploration industries. The following chart summarizes the number of claimants, number of claims filed, number of claims dismissed, number of claims settled, the average settlement amount per claim and the total defense costs, exclusive of amounts reimbursed under the Company's primary insurance, at the applicable date and for the applicable periods:
In addition, the Company acquired various companies to distribute its products that had distributed gaskets of other manufacturers prior to acquisition. The Company believes that many of its pending cases relate to locations at which none of its gaskets were distributed or used. The Company may be subjected to significant additional asbestos-related claims in the future, the cost of settling cases in which product identification can be made may increase, and the Company may be subjected to further claims in respect of the former activities of its acquired gasket distributors. The Company is unable to make a meaningful statement concerning the monetary claims made in the asbestos cases given that, among other things, claims may be initially made in some jurisdictions without specifying the amount sought or by simply stating the requisite or maximum permissible monetary relief, and may be amended to alter the amount sought. The large majority of claims do not specify the amount sought. Of the 6,031 claims pending at June 30, 2016, 101 set forth specific amounts of damages (other than those stating the statutory minimum or maximum). At June 30, 2016, of the 101 claims that set forth specific amounts, there were no claims seeking specific amounts for punitive damages. Below is a breakdown of the amount sought for those claims seeking specific amounts:
In addition, relatively few of the claims have reached the discovery stage and even fewer claims have gone past the discovery stage. Total settlement costs (exclusive of defense costs) for all asbestos-related cases, some of which were filed over 20 years ago, have been approximately $8.1 million. All relief sought in the asbestos cases is monetary in nature. To date, approximately 40% of the Company's costs related to settlement and defense of asbestos litigation have been covered by its primary insurance. Effective February 14, 2006, the Company entered into a coverage-in-place agreement with its first level excess carriers regarding the coverage to be provided to the Company for asbestos-related claims when the primary insurance is exhausted. The coverage-in-place agreement makes asbestos defense costs and indemnity coverage available to the Company that might otherwise be disputed by the carriers and provides a methodology for the administration of such expenses. Nonetheless, the Company believes it is likely there will be a period within the next 6 to 18 months, prior to the commencement of coverage under this agreement and following exhaustion of the Company's primary insurance coverage, during which the Company will be solely responsible for defense costs and indemnity payments, the duration of which would be subject to the scope of damage awards and settlements paid. Based on the settlements made to date and the number of claims dismissed or withdrawn for lack of product identification, the Company believes that the relief sought (when specified) does not bear a reasonable relationship to its potential liability. Based upon the Company's experience to date, including the trend in annual defense and settlement costs incurred to date, and other available information (including the availability of excess insurance), the Company does not believe these cases will have a material adverse effect on its financial position and results of operations or cash flows. Claims and Litigation The Company is subject to other claims and litigation in the ordinary course of business which the Company does not believe are material. During the three months ended June 30, 2015, the Company resolved a matter related to a claim made against the Company by a competitor alleging false advertising for approximately $2.8 million, inclusive of attorney fees and expenses. The Company does not believe claims and litigation will have a material adverse effect on its financial position and results of operations or cash flows. |
Segment Information |
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Segment Reporting [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Information | Segment Information TriMas groups its operating segments into reportable segments that provide similar products and services. Each operating segment has discrete financial information evaluated regularly by the Company's chief operating decision maker in determining resource allocation and assessing performance. Within these reportable segments, there are no individual products or product families for which reported net sales accounted for more than 10% of the Company's consolidated net sales. See below for more information regarding the types of products and services provided within each reportable segment: Packaging – Highly engineered closure and dispensing systems for a range of end markets, using steel and plastic industrial and consumer packaging applications. Aerospace – Permanent blind bolts, temporary fasteners, highly engineered specialty fasteners and other precision machined parts used in the commercial, business and military aerospace industries. Energy – Metallic and non-metallic industrial sealant products and fasteners for the petroleum refining, petrochemical and other industrial markets. Engineered Components – High-pressure and low-pressure cylinders for the transportation, storage and dispensing of compressed gases, and natural gas engines, compressors, gas production equipment and chemical pumps engineered for use at well sites for the oil and gas industry. Segment activity is as follows (dollars in thousands):
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Equity Awards |
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Awards | Equity Awards The Company maintains the following long-term equity incentive plans: the TriMas Corporation Director Retainer Share Election Program, the 2011 TriMas Corporation Omnibus Incentive Compensation Plan, the TriMas Corporation 2006 Long Term Equity Incentive Plan and the TriMas Corporation 2002 Long Term Equity Incentive Plan (collectively, the "Plans"). The 2002 Long Term Equity Incentive Plan expired in 2012, such that, while existing grants will remain outstanding until exercised, vested or cancelled, no new shares may be issued under the plan. See below for details of awards under the Plans by type. Stock Options The Company did not grant any stock option awards during the six months ended June 30, 2016. Information related to stock options at June 30, 2016 is as follows:
As of June 30, 2016, 178,871 stock options were exercisable under the Plans. The Company did not incur any stock-based compensation expense related to stock options during the six months ended June 30, 2016 and 2015. Restricted Shares The Company awarded the following restricted shares during the six months ended June 30, 2016:
In addition, during the six months ended June 30, 2016, the Company issued 8,650 shares related to director fee deferrals. The Company allows for its non-employee independent directors to make an annual election to defer all or a portion of their directors fees and to receive the deferred amount in cash or equity. Certain of the Company's directors have elected to defer all or a portion of their directors fees and to receive the amount in Company common stock at a future date. During the six months ended June 30, 2016, the Company awarded 198,956 performance-based shares of common stock to certain Company key employees which vest three years from the grant date so long as the employee remains with the Company. The performance criteria for these awards is based on the Company's total shareholder return ("TSR") relative to the TSR of the common stock of a pre-defined industry peer-group, measured over a period beginning January 1, 2016 and ending December 31, 2018. TSR is calculated as the Company's average closing stock price for the 20-trading days at the end of the performance period plus Company dividends, divided by the Company's average closing stock price for the 20-trading days prior to the start of the performance period. Depending on the performance achieved, the amount of shares earned can vary from 0% of the target award to a maximum of 200% of the target award. The Company estimated the grant-date fair value and term of the awards subject to a market condition using a Monte Carlo simulation model, using the following weighted-average assumptions: risk-free interest rate of 0.96% and annualized volatility of 35.8%. During 2013, the Company awarded performance-based shares of common stock to certain Company key employees which were earned based upon the achievement of earnings per share compound annual growth rate and cash generation performance metrics over a period of three calendar years, beginning January 1, 2013 and ending on December 31, 2015. The Company attained 50% of the target on a weighted average basis, resulting in a reduction of 35,850 shares during the six months ended June 30, 2016. Information related to restricted shares at June 30, 2016 is as follows:
As of June 30, 2016, there was approximately $12.5 million of unrecognized compensation cost related to unvested restricted shares that is expected to be recorded over a weighted-average period of 2.1 years. The Company recognized approximately $2.2 million and $0.9 million of stock-based compensation expense related to restricted shares during the three months ended June 30, 2016 and 2015, respectively, and approximately $4.1 million and $2.9 million for the six months ended June 30, 2016 and 2015, respectively. The stock-based compensation expense is included in selling, general and administrative expenses in the accompanying consolidated statement of income. |
Earnings per Share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share | Earnings per Share Net income is divided by the weighted average number of common shares outstanding during the period to calculate basic earnings per share. Diluted earnings per share is calculated to give effect to stock options and restricted share awards. The following table summarizes the dilutive effect of restricted shares and options to purchase common stock for the three and six months ended June 30, 2016 and 2015.
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Defined Benefit Plans |
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Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Defined Benefit Plans | Defined Benefit Plans Net periodic pension and postretirement benefit costs for the Company's defined benefit pension plans and postretirement benefit plans cover certain foreign employees, union hourly employees and salaried employees. The components of net periodic pension and postretirement benefit costs for the three and six months ended June 30, 2016 and 2015 are as follows (dollars in thousands):
During the three months ended June 30, 2015, the Company recognized a one-time settlement charge associated with annuitizing the defined benefit obligations for certain current and former Cequent employees. The settlement charge of approximately $2.8 million is included in loss from discontinued operations in the accompanying consolidated statement of income. The Company contributed approximately $0.6 million and $1.1 million to its defined benefit pension plans during the three and six months ended June 30, 2016, respectively. The Company expects to contribute approximately $2.0 million to its defined benefit pension plans for the full year 2016. |
Other Comprehensive Income (Loss) (Notes) |
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Other Comprehensive Income [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive Income (Loss) Note [Text Block] | Other Comprehensive Income (Loss) Changes in AOCI by component for the six months ended June 30, 2016 are summarized as follows, net of tax (dollars in thousands):
__________________________ (a) Derivative instruments, net of income tax of approximately $2.7 million. See Note 8, "Derivative Instruments," for further details. (b) Defined benefit plans, net of income tax of approximately $0.1 million. See Note 13, "Defined Benefit Plans," for further details. Derivative instruments, net of income tax of approximately $0.1 million. See Note 8, "Derivative Instruments," for further details. Changes in AOCI by component for the six months ended June 30, 2015 are summarized as follows, net of tax (dollars in thousands):
__________________________ (a) Derivative instruments, net of income tax of approximately $0.6 million. See Note 8, "Derivative Instruments," for further details. (b) Defined benefit plans, net of income tax of approximately $1.6 million. See Note 13, "Defined Benefit Plans," for further details. Derivative instruments, net of income tax of approximately $0.2 million. See Note 8, "Derivative Instruments," for further details. |
Discontinued Operations Discontinued Operations (Tables) |
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Discontinued Operations and Disposal Groups [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | Results of discontinued operations are summarized as follows (dollars in thousands):
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Goodwill and Other Intangible Assets Goodwill and Other Intangible Assets (Tables) |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Goodwill | Changes in the carrying amount of goodwill for the six months ended June 30, 2016 are summarized as follows (dollars in thousands):
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Schedule of Intangible Assets (excluding Goodwill) by Major Class | The Company amortizes its other intangible assets over periods ranging from one to 30 years. The gross carrying amounts and accumulated amortization of the Company's other intangibles as of June 30, 2016 and December 31, 2015 are summarized below (dollars in thousands).
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Schedule of Finite-Lived Intangible Assets, Amortization Expense | Amortization expense related to intangible assets as included in the accompanying consolidated statement of income is summarized as follows (dollars in thousands):
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Inventories (Tables) |
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Inventory Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Inventory, Current | Inventories consist of the following components (dollars in thousands):
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Property and Equipment, Net (Tables) |
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Property and Equipment | Property and equipment consists of the following components (dollars in thousands):
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Depreciation Expense | Depreciation expense as included in the accompanying consolidated statement of income is as follows (dollars in thousands):
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Long-term Debt Long-term Debt (Tables) |
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Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Debt | The Company's long-term debt consists of the following (dollars in thousands):
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Derivative Instruments (Tables) |
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Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | As of June 30, 2016 and December 31, 2015, the fair value carrying amount of the Company's derivative instruments are recorded as follows (dollars in thousands):
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Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | The following table summarizes the loss recognized in accumulated other comprehensive income or loss ("AOCI") as of June 30, 2016 and December 31, 2015, and the amounts reclassified from AOCI into earnings for the three and six months ended June 30, 2016 and 2015 (dollars in thousands):
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Fair Value Measurements, Recurring and Nonrecurring | Fair value measurements and the fair value hierarchy level for the Company's assets and liabilities measured at fair value on a recurring basis as of June 30, 2016 and December 31, 2015 are shown below (dollars in thousands).
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Commitments and Contingencies (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Loss Contingencies by Contingency | The following chart summarizes the number of claimants, number of claims filed, number of claims dismissed, number of claims settled, the average settlement amount per claim and the total defense costs, exclusive of amounts reimbursed under the Company's primary insurance, at the applicable date and for the applicable periods:
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Schedule of Damages Sought for Specific Claims [Table Text Block] | Below is a breakdown of the amount sought for those claims seeking specific amounts:
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Segment Information (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment | Segment activity is as follows (dollars in thousands):
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Equity Awards (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity | Information related to stock options at June 30, 2016 is as follows:
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Schedule of Share-based Compensation, Restricted Stock Units Award Activity | Information related to restricted shares at June 30, 2016 is as follows:
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Earnings per Share Earnings per Share (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Weighted Average Number of Shares [Table Text Block] | The following table summarizes the dilutive effect of restricted shares and options to purchase common stock for the three and six months ended June 30, 2016 and 2015.
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Defined Benefit Plans (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Costs of Retirement Plans | The components of net periodic pension and postretirement benefit costs for the three and six months ended June 30, 2016 and 2015 are as follows (dollars in thousands):
|
Other Comprehensive Income (Loss) (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2016 |
Jun. 30, 2015 |
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Other Comprehensive Income [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Changes in AOCI by component for the six months ended June 30, 2016 are summarized as follows, net of tax (dollars in thousands):
__________________________ (a) Derivative instruments, net of income tax of approximately $2.7 million. See Note 8, "Derivative Instruments," for further details. (b) Defined benefit plans, net of income tax of approximately $0.1 million. See Note 13, "Defined Benefit Plans," for further details. Derivative instruments, net of income tax of approximately $0.1 million. See Note 8, "Derivative Instruments," for further details. |
Changes in AOCI by component for the six months ended June 30, 2015 are summarized as follows, net of tax (dollars in thousands):
__________________________ (a) Derivative instruments, net of income tax of approximately $0.6 million. See Note 8, "Derivative Instruments," for further details. (b) Defined benefit plans, net of income tax of approximately $1.6 million. See Note 13, "Defined Benefit Plans," for further details. Derivative instruments, net of income tax of approximately $0.2 million. See Note 8, "Derivative Instruments," for further details. |
Basis of Presentation Basis of Presentation - Cequent Spinoff (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | 7 Months Ended | |||
---|---|---|---|---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
Jun. 30, 2016 |
Jun. 30, 2015 |
Jun. 30, 2015 |
Dec. 31, 2015 |
|
Presentation of spin-off costs [Line Items] | ||||||
Cash distribution received from Cequent spin-off | $ 214,500 | $ 214,500 | ||||
Cequent Spin-off, one-time costs | 29,000 | $ 30,000 | ||||
Debt Issuance Costs, Net | $ 5,380 | $ 5,380 | $ 6,050 | |||
Debt financing and extinguishment costs | $ 0 | (1,970) | $ 0 | (1,970) | ||
Continuing Operations [Member] | ||||||
Presentation of spin-off costs [Line Items] | ||||||
Cequent Spin-off, one-time costs | 3,000 | |||||
Debt Issuance Costs, Net | 1,000 | 1,000 | 1,000 | |||
Debt financing and extinguishment costs | 2,000 | |||||
Discontinued Operations [Member] | ||||||
Presentation of spin-off costs [Line Items] | ||||||
Cequent Spin-off, one-time costs | 18,000 | |||||
Debt Issuance Costs, Net | $ 9,000 | $ 9,000 | $ 9,000 |
Discontinued Operations Discontinued Operations - Cequent Spin-off (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2015 |
Jun. 30, 2015 |
Jun. 30, 2016 |
Dec. 31, 2015 |
|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Number of Horizon Shares Received in Spin-off | 2 | 2 | ||
TriMas Number of Common Shares Held | 5 | 5 | ||
Cash distribution received from Cequent spin-off | $ 214,500 | $ 214,500 | ||
Cequent businesses [Member] | Discontinued Operations, Disposed of by Means Other than Sale, Spinoff [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Disposal Group, Including Discontinued Operation, Assets | $ 0 | $ 0 | ||
Disposal Group, Including Discontinued Operation, Liabilities | $ 0 | $ 0 |
Goodwill and Other Intangible Assets Goodwill Rollforward (Details) $ in Thousands |
6 Months Ended |
---|---|
Jun. 30, 2016
USD ($)
| |
Goodwill [Roll Forward] | |
Balance, beginning | $ 378,920 |
Translation and purchase accounting adjustments | (1,490) |
Balance, ending | 377,430 |
Packaging [Member] | |
Goodwill [Roll Forward] | |
Balance, beginning | 165,730 |
Translation and purchase accounting adjustments | (1,490) |
Balance, ending | 164,240 |
Energy [Member] | |
Goodwill [Roll Forward] | |
Balance, beginning | 0 |
Translation and purchase accounting adjustments | 0 |
Balance, ending | 0 |
Aerospace [Member] | |
Goodwill [Roll Forward] | |
Balance, beginning | 206,630 |
Translation and purchase accounting adjustments | 0 |
Balance, ending | 206,630 |
Engineered Components [Member] | |
Goodwill [Roll Forward] | |
Balance, beginning | 6,560 |
Translation and purchase accounting adjustments | 0 |
Balance, ending | $ 6,560 |
Goodwill and Other Intangible Assets Schedule of Finite-Lived Intangible Assets, Amortization Expense (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
Jun. 30, 2016 |
Jun. 30, 2015 |
|
Amortization of Intangible Assets [Line Items] | ||||
Amortization of intangible assets | $ 5,090 | $ 5,220 | $ 10,190 | $ 10,580 |
Cost of Sales [Member] | Technology and Other [Member] | ||||
Amortization of Intangible Assets [Line Items] | ||||
Amortization of intangible assets | 1,390 | 1,480 | 2,770 | 3,080 |
Selling, General and Administrative Expenses [Member] | Customer Relationships [Member] | ||||
Amortization of Intangible Assets [Line Items] | ||||
Amortization of intangible assets | $ 3,700 | $ 3,740 | $ 7,420 | $ 7,500 |
Inventories (Details) - USD ($) $ in Thousands |
Jun. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Inventory Disclosure [Abstract] | ||
Finished goods | $ 96,380 | $ 101,480 |
Work in process | 26,050 | 23,620 |
Raw materials | 43,370 | 42,270 |
Total inventories | $ 165,800 | $ 167,370 |
Property and Equipment, Net - Property and Equipment Table (Details) - USD ($) $ in Thousands |
Jun. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 362,890 | $ 357,260 |
Less: Accumulated depreciation | 184,230 | 176,130 |
Property and equipment, net | 178,660 | 181,130 |
Land and Land Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 15,010 | 14,820 |
Building [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 68,260 | 67,790 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 279,620 | $ 274,650 |
Property and Equipment, Net - Depreciation Expense Table (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
Jun. 30, 2016 |
Jun. 30, 2015 |
|
Depreciation Expense [Line Items] | ||||
Depreciation expense | $ 11,980 | $ 10,830 | ||
Continuing Operations [Member] | ||||
Depreciation Expense [Line Items] | ||||
Depreciation expense | $ 6,040 | $ 5,750 | 11,980 | 10,830 |
Cost of Sales [Member] | Continuing Operations [Member] | ||||
Depreciation Expense [Line Items] | ||||
Depreciation expense | 5,240 | 5,020 | 10,470 | 9,380 |
Selling, General and Administrative Expenses [Member] | Continuing Operations [Member] | ||||
Depreciation Expense [Line Items] | ||||
Depreciation expense | $ 800 | $ 730 | $ 1,510 | $ 1,450 |
Long-term Debt - Debt Table (Details) - USD ($) $ in Thousands |
Jun. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Debt Instrument [Line Items] | ||
Debt | $ 406,280 | $ 419,630 |
Deferred Finance Costs, Net | (5,380) | (6,050) |
Current maturities, debt | 13,820 | 13,850 |
Long-term debt, net | 392,460 | 405,780 |
Credit Agreement [Member] | ||
Debt Instrument [Line Items] | ||
Debt | 347,870 | 371,820 |
Receivables Facility and other [Member] [Member] | ||
Debt Instrument [Line Items] | ||
Debt | $ 63,790 | $ 53,860 |
Long-term Debt - Receivables Facility (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
Jun. 30, 2016 |
Jun. 30, 2015 |
Dec. 31, 2015 |
|
Debt Instrument [Line Items] | |||||
Secured debt, Maximum Borrowing Capacity | $ 75.0 | $ 75.0 | |||
Receivables Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | 1.00% | |||
Secured Debt | $ 63.6 | 63.6 | $ 53.6 | ||
Receivables facility debt available but not utilized | 2.1 | 2.1 | $ 7.1 | ||
Receivables facililty, debt aggregate costs | $ 0.2 | $ 0.3 | $ 0.4 | $ 0.5 | |
Debt Instrument, Unused Borrowing Capacity, Fee percentage | 0.35% | 0.35% | |||
Average liquidation period, Receivables pool | 1 month 24 days | ||||
Average discount rate, Receivables facility | 1.90% | 1.90% |
Derivative Instruments - Derivative Narrative (Details) - Senior Secured Term Loan A [Member] - Interest Rate Swap [Member] - Cash Flow Hedging [Member] $ in Millions |
Jun. 30, 2016
USD ($)
|
---|---|
Maximum [Member] | |
Derivative [Line Items] | |
Derivative, Notional Amount | $ 251.5 |
Maximum [Member] | Derivative, June 2020 Maturity [Member] | |
Derivative [Line Items] | |
Derivative, Fixed Interest Rate | 2.68% |
Minimum [Member] | |
Derivative [Line Items] | |
Derivative, Fixed Interest Rate | 0.74% |
Minimum [Member] | Derivative, June 2020 Maturity [Member] | |
Derivative [Line Items] | |
Derivative, Notional Amount | $ 192.7 |
Derivative Instruments - Designated as hedging, Financial Position (Details) - Designated as Hedging Instrument [Member] - USD ($) $ in Thousands |
Jun. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | $ (9,820) | $ (2,900) |
Interest Rate Swap [Member] | Other Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 0 | 430 |
Interest Rate Swap [Member] | Accrued Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | (1,260) | (150) |
Interest Rate Swap [Member] | Other long-term liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | $ (8,560) | $ (3,180) |
Derivative Instruments - Designated as hedging, Financial Performance Narrative (Details) - Designated as Hedging Instrument [Member] $ in Millions |
6 Months Ended |
---|---|
Jun. 30, 2016
USD ($)
| |
Derivative Instruments, Gain (Loss) [Line Items] | |
Gain (Loss) Reclassification from AOCI into Earnings, Estimate of Time to Transfer | 12 months |
Interest Expense [Member] | Interest Rate Swap [Member] | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Amount of gain (loss) expected to be reclassified from AOCI into Earnings | $ (1.3) |
Derivative Instruments - Fair Value Measurements (Details) - Interest Rate Swap [Member] - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands |
Jun. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability | $ (9,820) | $ (2,900) |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability | (9,820) | (2,900) |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability | $ 0 | $ 0 |
Commitments and Contingencies - Asbestos Claimant and Settlement (Details) - Asbestos [Member] |
6 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2016
USD ($)
claimants
|
Jun. 30, 2015
USD ($)
|
Dec. 31, 2015
USD ($)
claimants
|
Dec. 31, 2014
claimants
|
|
Loss Contingencies [Line Items] | ||||
Loss Contingency, Pending Claims, Number | 6,242 | 7,992 | ||
Loss Contingency, New Claims Filed, Number | 72 | 266 | ||
Loss Contingency, Claims Dismissed, Number | 271 | 1,990 | ||
Loss Contingency, Claims Settled, Number | 12 | 26 | ||
Average settlement amount per claim during period | $ | $ 29,875 | $ 16,963 | ||
Total defense costs during period | $ | $ 1,474,015 | $ 3,160,000 |
Commitments and Contingencies - Ordinary Course Claims (Details) $ in Millions |
3 Months Ended |
---|---|
Jun. 30, 2015
USD ($)
| |
Loss Contingencies [Line Items] | |
Loss Contingency, Damages Paid, Value | $ 2.8 |
Equity Awards - Stock Options Narrative (Details) - Stock Options [Member] - USD ($) |
6 Months Ended | |
---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Exercisable stock options | 178,871 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | $ 0 | $ 0 |
Earnings per Share Earnings per Share (Details) - shares |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
Jun. 30, 2016 |
Jun. 30, 2015 |
|
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||
Weighted average common shares—basic | 45,429,851 | 45,150,827 | 45,354,421 | 45,074,394 |
Weighted average common shares—diluted | 45,726,348 | 45,418,907 | 45,690,582 | 45,409,875 |
Restricted Shares [Member] | ||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||
Incremental common shares attributable to share-based payment arrangements | 215,881 | 160,936 | 251,035 | 220,102 |
Stock Options [Member] | ||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||
Incremental common shares attributable to share-based payment arrangements | 80,616 | 107,144 | 85,126 | 115,379 |
Defined Benefit Plans - Defined Benefit Plans Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
Jun. 30, 2016 |
Jun. 30, 2015 |
|
Other Postretirement Benefit Plans, Defined Benefit [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements and Curtailments | $ 0 | $ 0 | $ 0 | $ 0 |
Pension Plans, Defined Benefit [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements and Curtailments | 0 | $ 2,750 | 0 | $ 2,750 |
Defined Benefit Plan, Contributions by Employer | $ 600 | 1,100 | ||
Defined Benefit Plan, Estimated Future Employer Contributions in Current Fiscal Year | $ 2,000 |
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