Large accelerated filer | ý | Accelerated filer | ¨ | ||
Non-accelerated filer | o (Do not check if a smaller reporting company) | Smaller reporting company | ¨ | ||
Emerging growth company | o |
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Item 6 | ||
• | the continued shift in the Company’s business from lower cost, manually read meters toward more expensive, value-added automatic meter reading (AMR) systems, advanced metering infrastructure (AMI) systems and advanced metering analytics (AMA) systems that offer more comprehensive solutions to customers’ metering needs; |
• | the success or failure of newer Company products; |
• | changes in competitive pricing and bids in both the domestic and foreign marketplaces, and particularly in continued intense price competition on government bid contracts for lower cost, manually read meters; |
• | the actions (or lack thereof) of the Company’s competitors; |
• | changes in the Company’s relationships with its alliance partners, primarily its alliance partners that provide radio solutions, and particularly those that sell products that do or may compete with the Company’s products; |
• | changes in the general health of the United States and foreign economies, including to some extent such things as the length and severity of global economic downturns, international or civil conflicts that affect international trade, the ability of municipal water utility customers to authorize and finance purchases of the Company’s products, the Company’s ability to obtain financing, housing starts in the United States, and overall industrial activity; |
• | unusual weather, weather patterns or other natural phenomena, including related economic and other ancillary effects of any such events; |
• | economic policy changes, including but not limited to, trade policy and corporate taxation; |
• | the timing and impact of government funding programs that stimulate national and global economies, as well as the impact of government budget cuts or partial shutdowns of governmental operations; |
• | changes in the cost and/or availability of needed raw materials and parts, such as volatility in the cost of brass castings as a result of fluctuations in commodity prices, particularly for copper and scrap metal at the supplier level, foreign-sourced electronic components as a result of currency exchange fluctuations and/or lead times, and plastic resin as a result of changes in petroleum and natural gas prices; |
• | the Company’s expanded role as a prime contractor for providing complete technology systems to governmental entities, which brings with it added risks, including but not limited to, the Company’s responsibility for subcontractor performance, additional costs and expenses if the Company and its subcontractors fail to meet the timetable agreed to with the governmental entity, and the Company’s expanded warranty and performance obligations; |
• | the Company’s ability to successfully integrate acquired businesses or products; |
• | changes in foreign economic conditions, particularly currency fluctuations in the United States dollar, the Euro and the Mexican peso; |
• | the inability to develop technologically advanced products; |
• | the failure of the Company’s products to operate as intended; |
• | the inability to protect the Company’s proprietary rights to its products; |
• | disruptions and other damages to information technology and other networks and operations due to breaches in data security or any other cybersecurity attack; |
• | transportation delays or interruptions; |
• | violations or alleged violations of the U.S. Foreign Corrupt Practices Act (FCPA) or other anti-corruption laws and the Foreign Account Tax Compliance provisions of the Hiring Incentives to Restore Employment Act (referred to as FATCA); |
• | the loss of certain single-source suppliers; and |
• | changes in laws and regulations, particularly laws dealing with the content or handling of materials used in the Company's products. |
March 31, | December 31, | ||||||
(Unaudited) | |||||||
(In thousands) | |||||||
Assets | 2017 | 2016 | |||||
Current assets: | |||||||
Cash | $ | 11,311 | $ | 7,338 | |||
Receivables | 65,959 | 59,818 | |||||
Inventories: | |||||||
Finished goods | 16,069 | 18,087 | |||||
Work in process | 15,232 | 17,157 | |||||
Raw materials | 38,996 | 42,457 | |||||
Total inventories | 70,297 | 77,701 | |||||
Prepaid expenses and other current assets | 4,635 | 6,155 | |||||
Total current assets | 152,202 | 151,012 | |||||
Property, plant and equipment, at cost | 204,324 | 200,978 | |||||
Less accumulated depreciation | (113,235 | ) | (110,784 | ) | |||
Net property, plant and equipment | 91,089 | 90,194 | |||||
Intangible assets, at cost less accumulated amortization | 50,340 | 51,872 | |||||
Other assets | 9,694 | 6,607 | |||||
Deferred income taxes | 931 | 700 | |||||
Goodwill | 49,314 | 49,314 | |||||
Total assets | $ | 353,570 | $ | 349,699 | |||
Liabilities and shareholders’ equity | |||||||
Current liabilities: | |||||||
Short-term debt | $ | 38,156 | $ | 37,950 | |||
Payables | 21,610 | 18,350 | |||||
Accrued compensation and employee benefits | 9,041 | 13,861 | |||||
Warranty and after-sale costs | 2,548 | 2,779 | |||||
Income and other taxes | 4,149 | 2,898 | |||||
Total current liabilities | 75,504 | 75,838 | |||||
Other long-term liabilities | 3,914 | 4,019 | |||||
Deferred income taxes | 2,118 | 1,901 | |||||
Accrued non-pension postretirement benefits | 5,834 | 5,753 | |||||
Other accrued employee benefits | 5,340 | 5,979 | |||||
Commitments and contingencies (Note 6) | |||||||
Shareholders’ equity: | |||||||
Common stock | 37,149 | 37,122 | |||||
Capital in excess of par value | 29,014 | 28,022 | |||||
Reinvested earnings | 229,287 | 223,876 | |||||
Accumulated other comprehensive loss | (11,261 | ) | (11,635 | ) | |||
Less: Employee benefit stock | (614 | ) | (614 | ) | |||
Treasury stock, at cost | (22,715 | ) | (20,562 | ) | |||
Total shareholders’ equity | 260,860 | 256,209 | |||||
Total liabilities and shareholders’ equity | $ | 353,570 | $ | 349,699 |
Three Months Ended | |||||||
March 31, | |||||||
(Unaudited) | |||||||
(In thousands except share and per share amounts) | |||||||
2017 | 2016 | ||||||
Net sales | $ | 101,606 | $ | 100,570 | |||
Cost of sales | 62,956 | 61,559 | |||||
Gross margin | 38,650 | 39,011 | |||||
Selling, engineering and administration | 25,181 | 26,205 | |||||
Operating earnings | 13,469 | 12,806 | |||||
Interest expense, net | 178 | 270 | |||||
Earnings before income taxes | 13,291 | 12,536 | |||||
Provision for income taxes | 4,542 | 4,546 | |||||
Net earnings | $ | 8,749 | $ | 7,990 | |||
Earnings per share: | |||||||
Basic | $ | 0.30 | $ | 0.28 | |||
Diluted | $ | 0.30 | $ | 0.28 | |||
Dividends declared per common share | $ | 0.115 | $ | 0.100 | |||
Shares used in computation of earnings per share: | |||||||
Basic | 28,900,702 | 28,842,500 | |||||
Impact of dilutive securities | 182,279 | 154,864 | |||||
Diluted | 29,082,981 | 28,997,364 |
Three Months Ended | |||||||
March 31, | |||||||
(Unaudited) | |||||||
(In thousands) | |||||||
2017 | 2016 | ||||||
Net earnings | $ | 8,749 | $ | 7,990 | |||
Other comprehensive income: | |||||||
Foreign currency translation adjustment | 291 | 577 | |||||
Pension and postretirement benefits, net of tax | 83 | 96 | |||||
Comprehensive income | $ | 9,123 | $ | 8,663 |
Three Months Ended | |||||||
March 31 | |||||||
(Unaudited) (In thousands) | |||||||
2017 | 2016 | ||||||
Operating activities: | |||||||
Net earnings | $ | 8,749 | $ | 7,990 | |||
Adjustments to reconcile net earnings to net cash provided by operations: | |||||||
Depreciation | 2,918 | 2,793 | |||||
Amortization | 2,945 | 2,706 | |||||
Deferred income taxes | (12 | ) | 109 | ||||
Noncurrent employee benefits | 115 | 203 | |||||
Stock-based compensation expense | 366 | 362 | |||||
Changes in: | |||||||
Receivables | (5,958 | ) | (2,311 | ) | |||
Inventories | 7,423 | 2,684 | |||||
Prepaid expenses and other assets | (2,819 | ) | 469 | ||||
Liabilities other than debt | (1,319 | ) | 3,146 | ||||
Total adjustments | 3,659 | 10,161 | |||||
Net cash provided by operations | 12,408 | 18,151 | |||||
Investing activities: | |||||||
Property, plant and equipment expenditures | (3,806 | ) | (3,247 | ) | |||
Acquisitions, future payments | (200 | ) | — | ||||
Net cash used for investing activities | (4,006 | ) | (3,247 | ) | |||
Financing activities: | |||||||
Net increase (decrease) in short-term debt | 126 | (10,360 | ) | ||||
Dividends paid | (3,336 | ) | (2,892 | ) | |||
Proceeds from exercise of stock options | 654 | 62 | |||||
Repurchase of treasury stock | (2,242 | ) | — | ||||
Issuance of treasury stock | 89 | 72 | |||||
Net cash used for financing activities | (4,709 | ) | (13,118 | ) | |||
Effect of foreign exchange rates on cash | 280 | (13 | ) | ||||
Increase in cash | 3,973 | 1,773 | |||||
Cash – beginning of period | 7,338 | 8,163 | |||||
Cash – end of period | $ | 11,311 | $ | 9,936 |
Three months ended | |||||||
March 31, | |||||||
(In thousands) | 2017 | 2016 | |||||
Balance at beginning of period | $ | 2,779 | $ | 3,133 | |||
Net additions charged to earnings | 752 | 840 | |||||
Adjustments to pre-existing warranties | (394 | ) | 253 | ||||
Costs incurred | (589 | ) | (665 | ) | |||
Balance at end of period | $ | 2,548 | $ | 3,561 |
Defined pension plan benefits | Other postretirement benefits | ||||||||||||||
(In thousands) | 2017 | 2016 | 2017 | 2016 | |||||||||||
Service cost – benefits earned during the year | $ | 24 | $ | 7 | $ | 35 | $ | 36 | |||||||
Interest cost on projected benefit obligations | 318 | 455 | 51 | 64 | |||||||||||
Expected return on plan assets | (402 | ) | (549 | ) | — | — | |||||||||
Amortization of prior service cost | — | — | (6 | ) | (6 | ) | |||||||||
Amortization of net loss | 135 | 157 | — | — | |||||||||||
Net periodic benefit cost | $ | 75 | $ | 70 | $ | 80 | $ | 94 |
(In thousands) | Unrecognized pension and postretirement benefits | Foreign currency | Total | ||||||||
Balance at beginning of period | $ | (10,495 | ) | $ | (1,140 | ) | $ | (11,635 | ) | ||
Other comprehensive income before reclassifications | — | 291 | 291 | ||||||||
Amounts reclassified from accumulated other comprehensive loss, net of tax of $(46) | 83 | — | 83 | ||||||||
Net current period other comprehensive income, net of tax | 83 | 291 | 374 | ||||||||
Accumulated other comprehensive loss | $ | (10,412 | ) | $ | (849 | ) | $ | (11,261 | ) |
(In thousands) | Amount reclassified from accumulated other comprehensive loss | ||
Amortization of defined benefit pension items: | |||
Prior service benefit (1) | $ | (6 | ) |
Amortization of actuarial loss (1) | 135 | ||
Total before tax | 129 | ||
Income tax benefit | (46 | ) | |
Amount reclassified out of accumulated other comprehensive loss | $ | 83 |
(1) | These accumulated other comprehensive loss components are included in the computation of net periodic benefit cost in Note 3 “Employee Benefit Plans.” |
(In thousands) | Unrecognized pension and postretirement benefits | Foreign currency | Total | ||||||||
Balance at beginning of period | $ | (11,968 | ) | $ | (812 | ) | $ | (12,780 | ) | ||
Other comprehensive income before reclassifications | — | 577 | 577 | ||||||||
Amounts reclassified from accumulated other comprehensive loss, net of tax of $(0.1) million | 96 | — | 96 | ||||||||
Net current period other comprehensive income, net of tax | 96 | 577 | 673 | ||||||||
Accumulated other comprehensive loss | $ | (11,872 | ) | $ | (235 | ) | $ | (12,107 | ) |
(In thousands) | Amount reclassified from accumulated other comprehensive loss | ||
Amortization of defined benefit pension items: | |||
Prior service cost (1) | $ | (6 | ) |
Amortization of actuarial loss (1) | 157 | ||
Total before tax | 151 | ||
Income tax benefit | (55 | ) | |
Amount reclassified out of accumulated other comprehensive loss | $ | 96 |
(1) | These accumulated other comprehensive loss components are included in the computation of net periodic benefit cost in Note 3 “Employee Benefit Plans.” |
Exhibit No. | Description | |
31.1 | Certification by the Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |
31.2 | Certification by the Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |
32 | Certification of Periodic Financial Report by the Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | |
101 | The following materials from the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2017 formatted in Extensible Business Reporting Language (XBRL): (i) the Consolidated Condensed Balance Sheets, (ii) the Consolidated Statements of Operations, (iii) the Consolidated Statements of Comprehensive Income, (iv) the Consolidated Condensed Statements of Cash Flows, (v) Notes to Unaudited Consolidated Condensed Financial Statements, tagged as blocks of text and (vi) document and entity information. |
BADGER METER, INC. | ||||
Dated: April 24, 2017 | By | /s/ Richard A. Meeusen | ||
Richard A. Meeusen | ||||
Chairman, President and Chief Executive Officer | ||||
By | /s/ Richard E. Johnson | |||
Richard E. Johnson | ||||
Senior Vice President – Finance, Chief Financial Officer and Treasurer | ||||
By | /s/ Beverly L. P. Smiley | |||
Beverly L. P. Smiley | ||||
Vice President – Controller |
Exhibit No. | Description | |
31.1 | Certification by the Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |
31.2 | Certification by the Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |
32 | Certification of Periodic Financial Report by the Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | |
101 | The following materials from the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2017 formatted in Extensible Business Reporting Language (XBRL): (i) the Consolidated Condensed Balance Sheets, (ii) the Consolidated Statements of Operations, (iii) the Consolidated Statements of Comprehensive Income, (iv) the Consolidated Condensed Statements of Cash Flows, (v) Notes to Unaudited Consolidated Condensed Financial Statements, tagged as blocks of text and (vi) document and entity information. |
1. | I have reviewed this Quarterly Report on Form 10-Q of Badger Meter, Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer(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; |
b. | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c. | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d. | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer(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. |
Dated: | April 24, 2017 | By | /s/ Richard A. Meeusen | ||||
Richard A. Meeusen | |||||||
Chairman, President and Chief Executive Officer |
1. | I have reviewed this Quarterly Report on Form 10-Q of Badger Meter, Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer(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; |
b. | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c. | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d. | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer(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. |
Dated: | April 24, 2017 | By | /s/ Richard E. Johnson | ||||
Richard E. Johnson | |||||||
Senior Vice President - Finance, Chief Financial Officer and Treasurer |
Dated: | April 24, 2017 | By | /s/ Richard A. Meeusen | ||||
Richard A. Meeusen | |||||||
Chairman, President and Chief Executive Officer | |||||||
By | /s/ Richard E. Johnson | ||||||
Richard E. Johnson | |||||||
Senior Vice President - Finance, Chief Financial Officer and Treasurer |
Document and Entity Information - shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2017 |
Apr. 10, 2017 |
|
Document and Entity Information [Abstract] | ||
Entity Registrant Name | BADGER METER INC | |
Entity Central Index Key | 0000009092 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2017 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2017 | |
Document Fiscal Period Focus | Q1 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 29,114,032 |
Consolidated Statements of Operations - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
|
Income Statement [Abstract] | ||
Net sales | $ 101,606 | $ 100,570 |
Cost of sales | 62,956 | 61,559 |
Gross margin | 38,650 | 39,011 |
Selling, engineering and administration | 25,181 | 26,205 |
Operating earnings | 13,469 | 12,806 |
Interest expense, net | 178 | 270 |
Earnings before income taxes | 13,291 | 12,536 |
Provision for income taxes | 4,542 | 4,546 |
Net earnings | $ 8,749 | $ 7,990 |
Earnings per share: | ||
Basic (in dollars per share) | $ 0.30 | $ 0.28 |
Diluted (in dollars per share) | 0.30 | 0.28 |
Dividends declared per common share (in dollars per share) | $ 0.115 | $ 0.1 |
Shares used in computation of earnings per share: | ||
Basic (in shares) | 28,900,702 | 28,842,500 |
Impact of dilutive securities (in shares) | 182,279 | 154,864 |
Diluted (in shares) | 29,082,981 | 28,997,364 |
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
|
Statement of Comprehensive Income [Abstract] | ||
Net earnings | $ 8,749 | $ 7,990 |
Other comprehensive income: | ||
Foreign currency translation adjustment | 291 | 577 |
Pension and postretirement benefits, net of tax | 83 | 96 |
Comprehensive income | $ 9,123 | $ 8,663 |
Additional Financial Information Disclosures |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Additional Financial Information Disclosures | Additional Financial Information Disclosures The consolidated condensed balance sheet at December 31, 2016 was derived from amounts included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016. Refer to the footnotes to the financial statements included in that report for a description of the Company’s accounting policies and for additional details of the Company’s financial condition. The details in those notes have not changed except as discussed below and as a result of normal adjustments in the interim. Warranty and After-Sale Costs The Company estimates and records provisions for warranties and other after-sale costs in the period in which the sale is recorded, based on a lag factor and historical warranty claim experience. After-sale costs represent a variety of activities outside of the written warranty policy, such as investigation of unanticipated problems after the customer has installed the product, or analysis of water quality issues. Changes in the Company’s warranty and after-sale costs reserve are as follows:
|
Basis of Presentation |
3 Months Ended |
---|---|
Mar. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation In the opinion of management, the accompanying unaudited consolidated condensed financial statements of Badger Meter, Inc. (the “Company” or “Badger Meter”) contain all adjustments (consisting only of normal recurring accruals except as otherwise discussed) necessary to present fairly the Company’s consolidated condensed financial position at March 31, 2017, results of operations for the three-month periods ended March 31, 2017 and 2016, comprehensive income for the three-month periods ended March 31, 2017 and 2016, and cash flows for the three-month periods ended March 31, 2017 and 2016. The results of operations for any interim period are not necessarily indicative of the results to be expected for the full year. The preparation of financial statements in conformity with United States generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. |
Employee Benefit Plans |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Employee Benefit Plans | Employee Benefit Plans The Company maintains a non-contributory defined benefit pension plan that covers substantially all U.S. employees who were employed at December 31, 2011. After that date, no further benefits are being accrued in this plan. For the frozen pension plan, benefits are based primarily on years of service and, for certain plans, levels of compensation. The Company also maintains supplemental non-qualified plans for certain officers and other key employees, and an Employee Savings and Stock Option Plan (“ESSOP”) for the majority of the U.S. employees. The Company additionally has a postretirement healthcare benefit plan that provides medical benefits for certain U.S. retirees and eligible dependents hired prior to November 1, 2004. Employees are eligible to receive postretirement healthcare benefits upon meeting certain age and service requirements. No employees hired after October 31, 2004 are eligible to receive these benefits. This plan requires employee contributions to offset benefit costs. The following table sets forth the components of net periodic benefit cost for the three months ended March 31, 2017 and 2016 based on December 31, 2016 and 2015 actuarial measurement dates, respectively:
The Company disclosed in its financial statements for the year ended December 31, 2016 that it was not required to make a minimum contribution to the defined benefit pension plan for the 2017 calendar year. The Company believes that no additional contributions will be required during 2017. The Company also disclosed in its financial statements for the year ended December 31, 2016 that it estimated it would pay $0.4 million in other postretirement benefits in 2017 based on actuarial estimates. As of March 31, 2017, $5,000 of such benefits have been paid. The Company continues to believe that its estimated payments for the full year are reasonable. However, such estimates contain inherent uncertainties because cash payments can vary significantly depending on the timing of postretirement medical claims and the collection of the retirees’ portion of certain costs. Note that the amount of benefits paid in calendar year 2017 will not impact the expense for postretirement benefits for 2017. |
Accumulated Other Comprehensive Loss |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss Components of and changes in accumulated other comprehensive loss at March 31, 2017 are as follows:
Details of reclassifications out of accumulated other comprehensive loss during the three months ended March 31, 2017 are as follows:
Components of and changes in accumulated other comprehensive loss at March 31, 2016 are as follows:
Details of reclassifications out of accumulated other comprehensive loss during the three months ended March 31, 2016 are as follows:
|
Acquisition |
3 Months Ended |
---|---|
Mar. 31, 2017 | |
Business Combinations [Abstract] | |
Acquisition | Acquisition On October 20, 2016, the Company acquired certain assets of Precision Flow Measurement, Inc., doing business as Nice Instrumentation, of Manalapan Township, New Jersey. The acquisition adds a new technology for the measurement of steam to the Company's HVAC line of products. The total purchase consideration for the Nice Instrumentation assets was $2.0 million, which included a $0.2 million payment that was made after the first production run that occurred in January 2017. The Company's preliminary allocation of the purchase price at December 31, 2016 included approximately $15,000 of inventory and equipment, $0.7 million of intangibles and $1.3 million of goodwill. The intangible assets acquired are primarily customer technology with an estimated average useful life of 15 years. The preliminary allocation of the purchase price to the assets acquired was based upon the estimated fair values at the date of acquisition. As of March 31, 2017, the Company completed its analysis for estimating the fair value of the assets acquired with no additional adjustments. The Nice Instrumentation acquisition was accounted for under the purchase method, and accordingly, the results of operations were included in the Company's financial statements from the date of acquisition. The acquisition did not have a material impact on the Company's consolidated condensed financial statements or the notes thereto. |
Contingencies, Litigation and Commitments |
3 Months Ended |
---|---|
Mar. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies, Litigation and Commitments | Contingencies, Litigation and Commitments In the normal course of business, the Company is named in legal proceedings. There are currently no material legal proceedings pending with respect to the Company. The more significant legal proceedings are discussed below. The Company is subject to contingencies related to environmental laws and regulations. The Company is named as one of many potentially responsible parties in two landfill lawsuits. The landfill sites are impacted by the Federal Comprehensive Environmental Response, Compensation and Liability Act and other environmental laws and regulations. At this time, the Company does not believe the ultimate resolution of these matters will have a material adverse effect on the Company’s financial position or results of operations, either from a cash flow perspective or on the financial statements as a whole. This belief is based on the Company’s assessment of its limited past involvement with these landfill sites as well as the substantial involvement of and government focus on other named third parties with these landfill sites. However, due to the inherent uncertainties of such proceedings, the Company cannot predict the ultimate outcome of any of these matters. A future change in circumstances with respect to these specific matters or with respect to sites formerly or currently owned or operated by the Company, off-site disposal locations used by the Company, and property owned by third parties that is near such sites, could result in future costs to the Company and such amounts could be material. Expenditures for compliance with environmental control provisions and regulations during 2016 and the first quarter of 2017 were not material. Like other companies in recent years, the Company is named as a defendant in numerous pending multi-claimant/multi-defendant lawsuits alleging personal injury as a result of exposure to asbestos, manufactured by third parties, and in the past may have been integrated into or sold with a very limited number of the Company’s products. The Company is vigorously defending itself against these claims. Although it is not possible to predict the ultimate outcome of these matters, the Company does not believe the ultimate resolution of these issues will have a material adverse effect on the Company’s financial position or results of operations, either from a cash flow perspective or on the financial statements as a whole. This belief is based in part on the fact that no claimant has proven or substantially demonstrated asbestos exposure caused by products manufactured or sold by the Company and that a number of cases have been voluntarily dismissed. The Company relies on single suppliers for most brass castings and certain electronic subassemblies in several of its product lines. The Company believes these items would be available from other sources, but that the loss of certain suppliers would result in a higher cost of materials, delivery delays, short-term increases in inventory and higher quality control costs in the short term. The Company attempts to mitigate these risks by working closely with key suppliers, purchasing minimal amounts from alternative suppliers and by purchasing business interruption insurance where appropriate. The Company reevaluates its exposures on a periodic basis and makes adjustments to reserves as appropriate. |
Income Taxes |
3 Months Ended |
---|---|
Mar. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The provision for income taxes as a percentage of earnings before income taxes for the first quarter of 2017 was 34.2% compared to 36.3% in the first quarter of 2016. Interim provisions are tied to an estimate of the overall annual rate which can vary due to state taxes, the relationship of foreign and domestic earnings, and production credits available. These items cause variations between periods. |
Fair Value Measurements of Financial Instruments |
3 Months Ended |
---|---|
Mar. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements of Financial Instruments | Fair Value Measurements of Financial Instruments The Company applies the accounting standards for fair value measurements and disclosures for its financial assets and financial liabilities. The carrying amounts of cash, receivables and payables in the financial statements approximate their fair values due to the short-term nature of these financial instruments. Short-term debt is comprised of notes payable drawn against the Company's lines of credit and commercial paper. Because of its short-term nature, the carrying amount of the short-term debt also approximates fair value. Included in other assets are insurance policies on various individuals who were associated with the Company. The carrying amounts of these insurance policies approximate their fair value. |
Subsequent Events |
3 Months Ended |
---|---|
Mar. 31, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events The Company evaluates subsequent events at the date of the balance sheet as well as conditions that arise after the balance sheet date but before the financial statements are issued. The effects of conditions that existed at the balance sheet date are recognized in the financial statements. Events and conditions arising after the balance sheet date but before the financial statements are issued are evaluated to determine if disclosure is required to keep the financial statements from being misleading. To the extent such events and conditions exist, if any, disclosures are made regarding the nature of events and the estimated financial effects for those events and conditions. For purposes of preparing the accompanying consolidated condensed financial statements and the notes to these financial statements, the Company evaluated subsequent events through the date the accompanying financial statements were issued, and has determined that no material subsequent events exist through the date of this filing. |
New Pronouncements |
3 Months Ended |
---|---|
Mar. 31, 2017 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
New Pronouncements | New Pronouncements In January 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2017-04, "Intangibles - Goodwill: Simplifying the Test for Goodwill Impairment." The update requires a single-step quantitative test to measure potential impairment based on the excess of a reporting unit's carrying amount over its fair value. A qualitative assessment can still be completed first for an entity to determine if a quantitative impairment test is necessary. The ASU is effective for fiscal year 2021 and is to be adopted on a prospective basis. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company anticipates that the adoption of this standard will have no impact on the Company's consolidated condensed financial statements. In February 2016, the FASB issued ASU No. 2016-02 "Leases (Topic 842)," which requires lessees to record most leases on their balance sheets. Lessees initially recognize a lease liability (measured at the present value of the lease payments over the lease term) and a right-of-use ("ROU") asset (measured at the lease liability amount, adjusted for lease prepayments, lease incentives received and the lessee's initial direct costs). Lessees can make an accounting policy election not to recognize ROU assets and lease liabilities for leases with a lease term of 12 months or less as long as the leases do not include options to purchase the underlying assets that the lessee is reasonably certain to exercise. For lessors, the guidance modifies the classification criteria and the accounting for sales-type and direct financing leases. The ASU is effective for fiscal years beginning after December 15, 2018. Early adoption is permitted for all entities. The ASU is effective for the Company beginning on January 1, 2019 and the standard requires the use of a modified retrospective approach for leases that exist or are entered into after the beginning of the earliest comparative period in the financial statements. Full retrospective application is prohibited. The Company is continuing to evaluate the impact that the adoption of this guidance will have on its financial condition, results of operations and the presentation of its financial statements. In July 2015, the FASB issued ASU No. 2015-11 "Simplifying the Measurement of Inventory (Topic 330)," which requires entities to measure inventories at the lower of cost or net realizable value ("NRV"). This simplifies the evaluation from the current method of lower of cost or market, where market is based on one of three measures (i.e. replacement cost, net realizable value, or net realizable value less a normal profit margin). The ASU does not apply to inventories measured under the last-in, first-out method or the retail inventory method, and defines NRV as the "estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation." The ASU was adopted on a prospective basis by the Company on January 1, 2017. The adoption of ASU 2015-11 did not have any impact on the Company's financial condition or results of operations. In May 2014, the FASB issued ASU No. 2014-09 “Revenue from Contracts with Customers.” ASU No. 2014-09 provides a single principles-based, five-step model to be applied to all contracts with customers. The five steps are to identify the contract(s) with the customer, to identify the performance obligations in the contract, to determine the transaction price, to allocate the transaction price to the performance obligations in the contract and to recognize revenue when each performance obligation is satisfied. Revenue will be recognized when promised goods or services are transferred to the customer in an amount that reflects the consideration expected in exchange for those goods or services. In addition, the standard requires disclosure of the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. During 2016, the FASB issued additional ASU’s which enhanced the originally issued guidance. These ASU’s encompassed narrow scope improvements and practical expedients along with providing further clarification on the accounting for intellectual property licenses, principal versus agent considerations and identifying performance obligations. The Company has substantially completed the assessment phase for ASU No. 2014-09 and is currently documenting formal policies in anticipation of adopting the standard on January 1, 2018. The Company has identified a subset of contracts with customers where services are provided that are both uniquely beneficial and separately identifiable from product sales and thus are considered separate performance obligations under the new guidance. Each of these individual service activities is being documented in scenario development and processes are being established to recognize revenue for each unique performance obligation in accordance with the guidance, when effective. The Company continues to proactively address all potential areas of impact related to ASU No. 2014-09. To date, the Company has not identified any specific aspect of the new standard that it believes would significantly change the Company’s financial statements beyond adding the expanded disclosure that is required to comply with the ASU. The guidance permits two methods of adoption: retrospectively to each prior reporting period presented (full retrospective method), or retrospectively with the cumulative effect of initially applying the guidance recognized at the date of initial application (modified retrospective method). The Company currently anticipates adopting the standard using the modified retrospective method. |
Additional Financial Information Disclosures (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in Warranty and After-Sale Costs Reserve | Changes in the Company’s warranty and after-sale costs reserve are as follows:
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Employee Benefit Plans (Tables) |
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Mar. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Net Periodic Benefit Cost | The following table sets forth the components of net periodic benefit cost for the three months ended March 31, 2017 and 2016 based on December 31, 2016 and 2015 actuarial measurement dates, respectively:
|
Accumulated Other Comprehensive Loss (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of and Changes in Accumulated Other Comprehensive Loss | Components of and changes in accumulated other comprehensive loss at March 31, 2017 are as follows:
Components of and changes in accumulated other comprehensive loss at March 31, 2016 are as follows:
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Reclassifications Out of Accumulated Other Comprehensive Loss | Details of reclassifications out of accumulated other comprehensive loss during the three months ended March 31, 2016 are as follows:
Details of reclassifications out of accumulated other comprehensive loss during the three months ended March 31, 2017 are as follows:
|
Additional Financial Information Disclosures (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
|
Changes in warranty and after-sale costs reserve | ||
Balance at beginning of period | $ 2,779 | $ 3,133 |
Net additions charged to earnings | 752 | 840 |
Adjustments to pre-existing warranties | (394) | 253 |
Costs incurred | (589) | (665) |
Balance at end of period | $ 2,548 | $ 3,561 |
Employee Benefit Plans - Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
|
Defined pension plan benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost – benefits earned during the year | $ 24 | $ 7 |
Interest cost on projected benefit obligations | 318 | 455 |
Expected return on plan assets | (402) | (549) |
Amortization of prior service cost | 0 | 0 |
Amortization of net loss | 135 | 157 |
Net periodic benefit cost | 75 | 70 |
Other postretirement benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost – benefits earned during the year | 35 | 36 |
Interest cost on projected benefit obligations | 51 | 64 |
Expected return on plan assets | 0 | 0 |
Amortization of prior service cost | (6) | (6) |
Amortization of net loss | 0 | 0 |
Net periodic benefit cost | $ 80 | $ 94 |
Employee Benefit Plans - Narrative (Details) - Other postretirement benefits - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended |
---|---|---|
Mar. 31, 2017 |
Dec. 31, 2016 |
|
Defined Benefit Plan Disclosure [Line Items] | ||
Estimated other postretirement benefits to be paid in 2017 | $ 400 | |
Benefits paid | $ 5 |
Accumulated Other Comprehensive Loss - Reclassifications Out of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
|
Amortization of defined benefit pension items: | ||
Prior service benefit/cost | $ (6) | $ (6) |
Amortization of actuarial loss | 135 | 157 |
Total before tax | 129 | 151 |
Income tax benefit | (46) | (55) |
Amount reclassified out of accumulated other comprehensive loss | $ 83 | $ 96 |
Acquisition (Details) - USD ($) $ in Thousands |
1 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Oct. 20, 2016 |
Jan. 31, 2017 |
Dec. 31, 2016 |
Mar. 31, 2017 |
|
Business Acquisition | ||||
Goodwill | $ 49,314 | $ 49,314 | ||
Nice Instruments | ||||
Business Acquisition | ||||
Total purchase consideration | $ 2,000 | |||
Cash payment | $ 200 | |||
Inventory and equipment | 15 | |||
Intangibles | 700 | |||
Goodwill | $ 1,300 | |||
Nice Instruments | Customer technology | ||||
Business Acquisition | ||||
Estimated average useful life | 15 years |
Contingencies, Litigation and Commitments (Details) - Landfill lawsuits |
3 Months Ended |
---|---|
Mar. 31, 2017
potentially_responsible_party
lawsuit
| |
Loss Contingencies [Line Items] | |
Number of potentially responsible parties | potentially_responsible_party | 1 |
Number of landfill lawsuits | lawsuit | 2 |
Income Taxes (Details) |
3 Months Ended | |
---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
|
Income Tax Disclosure [Abstract] | ||
Provision for income taxes (as a percent) | 34.20% | 36.30% |
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