Document and Entity Information Document
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9 Months Ended | |
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Sep. 30, 2013
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Oct. 28, 2013
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Entity Information [Line Items] | ||
Entity Registrant Name | TRIMAS CORP | |
Entity Central Index Key | 0000842633 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2013 | |
Document Fiscal Year Focus | 2013 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 44,980,746 |
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Consolidated Balance Sheet Parentheticals (USD $)
In Millions, except Share data, unless otherwise specified |
Sep. 30, 2013
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Dec. 31, 2012
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Current assets: | ||
Receivables, reserves (in dollars) | $ 3.5 | $ 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 | 44,976,263 | 39,375,790 |
Common Stock, outstanding Shares | 44,976,263 | 39,375,790 |
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Consolidated Statement of Income Statement (USD $)
In Thousands, except Share data, unless otherwise specified |
3 Months Ended | 9 Months Ended | ||
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Sep. 30, 2013
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Sep. 30, 2012
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Sep. 30, 2013
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Sep. 30, 2012
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Net sales | $ 355,620 | $ 335,870 | $ 1,071,430 | $ 971,870 |
Cost of sales | (261,470) | (245,730) | (790,570) | (706,930) |
Gross profit | 94,150 | 90,140 | 280,860 | 264,940 |
Selling, general and administrative expenses | (61,220) | (53,550) | (182,540) | (156,730) |
Gain on dispositions of property and equipment | 10,360 | 10 | 10,350 | 330 |
Operating profit | 43,290 | 36,600 | 108,670 | 108,540 |
Other expense, net: | ||||
Interest expense | (5,570) | (9,450) | (16,320) | (30,420) |
Debt extinguishment costs | 0 | 0 | 0 | (6,560) |
Other income (expense), net | 2,290 | 140 | 360 | (2,410) |
Other expense, net | (3,280) | (9,310) | (15,960) | (39,390) |
Income from continuing operations before income tax expense | 40,010 | 27,290 | 92,710 | 69,150 |
Income tax expense | (10,060) | (7,330) | (21,620) | (19,770) |
Income from continuing operations | 29,950 | 19,960 | 71,090 | 49,380 |
Income from discontinued operations, net of income taxes | 0 | 0 | 700 | 0 |
Net Income | 29,950 | 19,960 | 71,790 | 49,380 |
Net income attributable to redeemable noncontrolling interests | 1,320 | 1,290 | 3,090 | 1,560 |
Net income attributable to TriMas Corporation | $ 28,630 | $ 18,670 | $ 68,700 | $ 47,820 |
Basic earnings per share attributable to TriMas Corporation: | ||||
Continuing operations | $ 0.71 | $ 0.48 | $ 1.71 | $ 1.29 |
Discontinued operations | $ 0.00 | $ 0.00 | $ 0.02 | $ 0.00 |
Net income per share | $ 0.71 | $ 0.48 | $ 1.73 | $ 1.29 |
Weighted average common shares—basic | 40,345,828 | 39,045,282 | 39,668,693 | 36,994,192 |
Diluted earnings per share attributable to TriMas Corporation: | ||||
Continuing operations | $ 0.70 | $ 0.47 | $ 1.70 | $ 1.28 |
Discontinued operations | $ 0.00 | $ 0.00 | $ 0.02 | $ 0.00 |
Net income per share | $ 0.70 | $ 0.47 | $ 1.72 | $ 1.28 |
Weighted average common shares—diluted | 40,746,503 | 39,508,503 | 40,029,425 | 37,379,292 |
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Consolidated Statement of Comprehensive Income (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 9 Months Ended | ||
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Sep. 30, 2013
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Sep. 30, 2012
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Sep. 30, 2013
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Sep. 30, 2012
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Net Income | $ 29,950 | $ 19,960 | $ 71,790 | $ 49,380 |
Other comprehensive income | ||||
Amortization of defined benefit plan deferred losses, net of tax | 210 | (740) | 600 | (530) |
Foreign currency translation | (1,930) | 3,040 | (12,540) | 2,680 |
Net changes in unrealized gain (loss) on derivative instruments, net of tax | (800) | (80) | 3,950 | (1,000) |
Total other comprehensive income (loss) | (2,520) | 2,220 | (7,990) | 1,150 |
Total comprehensive income | 27,430 | 22,180 | 63,800 | 50,530 |
Net Income Attributable to Redeemable Noncontrolling Interest | 1,320 | 1,290 | 3,090 | 1,560 |
Total comprehensive income attributable to TriMas Corporation | $ 26,110 | $ 20,890 | $ 60,710 | $ 48,970 |
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Consolidated Statement of Comprehensive Income Parentheticals (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 9 Months Ended | ||
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Sep. 30, 2013
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Sep. 30, 2012
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Sep. 30, 2013
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Sep. 30, 2012
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Consolidated Statement of Comprehensive Income | ||||
Amortization of defined benefit plan deferred losses, tax | $ 110,000 | $ (500,000) | $ 310,000 | $ (400,000) |
Amortization of unrealized gain (loss) on derivative instruments, tax | $ (500,000) | $ (100,000) | $ 2,500,000 | $ (600,000) |
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Consolidated Statement of Shareholders' Equity Statement (USD $)
In Thousands |
Total
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Common Stock [Member]
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Paid-in Capital [Member]
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Accumulated Deficit [Member]
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Accumulated Other Comprehensive Income [Member]
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Balances at Dec. 31, 2012 | $ 303,580 | $ 390 | $ 634,800 | $ (370,870) | $ 39,260 |
Net income attributable to TriMas Corporation | 68,700 | 68,700 | |||
Other comprehensive loss | (7,990) | (7,990) | |||
Proceeds from sale of common stock in connection with the Company's equity offering, net of issuance costs | 174,720 | 50 | 174,670 | ||
Shares surrendered upon vesting of options and restricted stock awards to cover tax obligations | (3,930) | (3,930) | |||
Stock option exercises and restricted stock vesting | 1,350 | 10 | 1,340 | ||
Excess tax benefits from stock based compensation | 1,280 | 1,280 | |||
Non-cash compensation expense | 7,110 | 7,110 | |||
Balances at Sep. 30, 2013 | $ 544,820 | $ 450 | $ 815,270 | $ (302,170) | $ 31,270 |
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Basis of Presentation
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9 Months Ended |
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Sep. 30, 2013
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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, Energy, Aerospace & Defense, Engineered Components, Cequent Asia Pacific Europe Africa ("Cequent APEA") and Cequent Americas. The Company renamed its former "Cequent Asia Pacific" reportable segment "Cequent APEA" effective in the second quarter of 2013 following the Company's recent acquisitions to more appropriately reflect the expanding geography covered by the businesses in this reportable segment. See Note 14, "Segment Information," for further information on each of the Company's reportable segments. 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 2012 Annual Report on Form 10-K. |
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New Accounting Pronouncements
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9 Months Ended |
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Sep. 30, 2013
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New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
New Accounting Pronouncements | New Accounting Pronouncements In March 2013, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2013-5, "Foreign Currency Matters (Topic 830): Parent's Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity" ("ASU 2013-5"). ASU 2013-5 requires a reporting entity that either sells a part or all of its investment in a foreign entity or no longer holds a controlling financial interest in a subsidiary or group of assets that is a nonprofit activity or a business (other than a sale of in substance real estate or conveyance of oil and gas mineral rights) within a foreign entity, to release any cumulative translation adjustment into net income. ASU 2013-5 is effective for fiscal years beginning after December 15, 2013, with early adoption permitted. The Company applied the provisions of ASU 2013-5 to the sale of its business in Italy within the Packaging reportable segment. See Note 4, "Facility Closure and Sale of Business," for further details. |
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Equity Offering (Notes)
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9 Months Ended |
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Sep. 30, 2013
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Equity Offering [Abstract] | |
Equity Offering [Text Block] | Equity Offering In September 2013, the Company issued 5,175,000 shares of its common stock via a public offering at a price of $35.40 per share. Net proceeds from the offering, after deducting underwriting discounts, commissions and offering expenses of approximately $8.5 million, totaled approximately $174.7 million. The net proceeds will be used for general corporate purposes, including future acquisitions, capital expenditures and working capital requirements. |
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Facility Closure and Sale of Business Restructuring and Related Activities Disclosure (Notes)
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9 Months Ended |
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Sep. 30, 2013
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Restructuring and Related Activities [Abstract] | |
Restructuring and Related Activities Disclosure [Text Block] | Facility Closure and Sale of Business Facility Closure In November 2012, the Company announced plans to close its manufacturing facility in Goshen, Indiana, moving production currently in Goshen to lower-cost manufacturing facilities during 2013, and recorded a charge, primarily for severance benefits, of approximately $1.2 million related to the termination of approximately 70 salaried employees that were involuntarily terminated. In the first quarter of 2013, upon completion of negotiations pursuant to a collective bargaining agreement, the Company recorded a charge, primarily for severance benefits of approximately $3.8 million, which is included in cost of sales in the accompanying consolidated statement of income, for its approximately 350 union hourly workers to be involuntarily terminated. As of September 30, 2013, the Company had paid approximately $1.0 million of the total hourly and salaried severance benefits, with the remainder to be paid by mid 2014. In addition, the Company expects to record approximately $1.6 million of accelerated depreciation expense between the facility closure announcement date and the closure date as a result of shortening the expected useful lives on certain machinery, equipment and leasehold improvement assets that the Company no longer will utilize following the facility closure. The Company recorded approximately $0.5 million and $1.2 million of such accelerated depreciation expense for the three and nine months ended September 30, 2013, respectively. The Company's manufacturing facility in Goshen is subject to a lease agreement expiring in 2022. Upon the cease-use date of the facility, the Company expects to record a pre-tax charge within its Cequent Americas reportable segment in the range of $4.0 million to $5.0 million for its estimate of future lease obligations. Sale of Business On August 5, 2013, the Company announced the sale of its business in Italy within the Packaging reportable segment for cash of approximately $10.3 million, with the final sale price remaining subject to a working capital adjustment, if any, which is expected to be completed by the end of the first quarter of 2014. As a result, the Company recorded a pre-tax gain of approximately $10.5 million, of which $7.9 million related to the release of historical currency translation adjustments into income, as proscribed under ASU 2013-5. See Note 2, "New Accounting Pronouncements," for further details. |
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Discontinued Operations (Notes)
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9 Months Ended |
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Sep. 30, 2013
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Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | Discontinued Operations During the fourth quarter of 2011, the Company sold its precision tool cutting and specialty fittings lines of business, both of which were part of the Engineered Components reportable segment. The purchase agreement included up to $2.5 million of contingent consideration based on achievement of certain levels of financial performance in 2012 and 2013. During the second quarter of 2013, the Company was paid approximately $1.0 million of a possible $1.3 million as payout for the 2012 financial performance criteria. This amount is included in the income from discontinued operations in the accompanying consolidated statement of income. |
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Acquisitions
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9 Months Ended | ||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2013
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Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||
Acquisitions | Acquisitions During the first nine months of 2013, the Company completed acquisitions for an aggregate amount of approximately $56 million, net of cash acquired. Of these acquisitions, the most significant included Martinic Engineering, Inc. ("Martinic") within the Company's Aerospace & Defense reportable segment, Wulfrun Specialised Fasteners Limited ("Wulfrun") within the Company's Energy reportable segment and C.P. Witter Limited ("Witter") and the towing technology and business assets of AL-KO GmbH("AL-KO"), both within the Company's Cequent APEA reportable segment. Martinic is a manufacturer of highly-engineered, precision machined, complex parts for commercial and military aerospace applications, including auxiliary power units, as well as electrical, hydraulic and pneumatic systems located in the United States and generated approximately $13 million in revenue for the twelve months ended December 31, 2012. Wulfrun is a manufacturer and distributor of specialty bolting and CNC machined components for use in critical oil and gas, pipeline and power generation applications located in the United Kingdom and generated approximately $10 million in revenue for the twelve months ended December 31, 2012. Also located in the United Kingdom, Witter is a manufacturer of highly-engineered towbars and accessories which are distributed through a wide network of commercial dealers, and generated approximately $20 million in revenue for the twelve months ended March 31, 2013. The Company also completed the acquisition of the towing technology and business assets of AL-KO, located in both Germany and Finland. The acquired assets generated approximately $16 million of revenue for the twelve months ended June 30, 2013. The fair value of the AL-KO net assets acquired exceeded the purchase price, resulting in a bargain purchase gain of approximately $2.9 million, which is included in other income (expense), net in the accompanying consolidated statement of income for the three and nine months ended September 30, 2013. While the Company has recorded preliminary purchase accounting adjustments for these acquisitions, the Company may refine such amounts as it finalizes these estimates during the requisite one-year measurement periods. The results of operations of the aforementioned acquisitions are not significant compared to the overall results of operations of the Company. Arminak & Associates During the first quarter of 2012, the Company acquired 70% of the membership interests of Arminak & Associates, LLC ("Arminak") for the purchase price of approximately $67.7 million. Arminak is included in the Company's Packaging reportable segment. The purchase agreement provides the Company an option to purchase, and Arminak's previous owners an option to sell, the remaining 30% noncontrolling interest at specified dates in the future based on a multiple of future earnings, as defined in the purchase agreement. The put and call options become exercisable during the first quarters of 2014, 2015 and 2016. The combination of a noncontrolling interest and a redemption feature resulted in a redeemable noncontrolling interest, which is classified outside of permanent equity on the accompanying consolidated balance sheet. In order to estimate the fair value of the redeemable noncontrolling interest in Arminak, the Company utilized the Monte Carlo valuation method, using variations of estimated future discounted cash flows given certain significant assumptions including expected revenue growth, minimum and maximum estimated levels of gross profit margin, future expected cash flows, amounts transferred during each put and call exercise period and appropriate discount rates. As these assumptions are not observable in the market, the calculation represents a Level 3 fair value measurement in the fair value hierarchy, as defined. The Company recorded the redeemable noncontrolling interest at fair value at the date of acquisition. At September 30, 2013, the estimated fair value of the redeemable noncontrolling interest exceeded the redemption value. Changes in the carrying amount of redeemable noncontrolling interest are summarized as follows:
The Company previously presented pro forma net sales and net income attributable to TriMas Corporation as if the business combination occurred as of January 1, 2011. Certain nonrecurring adjustments for acquisition costs incurred and purchase accounting adjustments related to step-up in value and subsequent amortization of inventory were included in the first quarter 2011 pro forma results thereof. Pro forma net sales and net income attributable to TriMas Corporation for the three and nine months ended September 30, 2012 were $335.9 million and $18.7 million, respectively, and $979.9 million and $49.8 million, respectively. The supplemental pro forma information is presented for informational purposes only and is not necessarily indicative of the results of operations that might have been achieved. Total acquisition costs incurred by the Company in connection with its purchase of Arminak, primarily related to third-party legal, accounting and tax diligence fees, were approximately $1.3 million, of which approximately $1.0 million was incurred during the first quarter of 2012. These costs are recorded in selling, general and administrative expenses in the accompanying consolidated statement of income. |
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Arminak & Associates
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Sep. 30, 2013
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Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||
Acquisitions | Acquisitions During the first nine months of 2013, the Company completed acquisitions for an aggregate amount of approximately $56 million, net of cash acquired. Of these acquisitions, the most significant included Martinic Engineering, Inc. ("Martinic") within the Company's Aerospace & Defense reportable segment, Wulfrun Specialised Fasteners Limited ("Wulfrun") within the Company's Energy reportable segment and C.P. Witter Limited ("Witter") and the towing technology and business assets of AL-KO GmbH("AL-KO"), both within the Company's Cequent APEA reportable segment. Martinic is a manufacturer of highly-engineered, precision machined, complex parts for commercial and military aerospace applications, including auxiliary power units, as well as electrical, hydraulic and pneumatic systems located in the United States and generated approximately $13 million in revenue for the twelve months ended December 31, 2012. Wulfrun is a manufacturer and distributor of specialty bolting and CNC machined components for use in critical oil and gas, pipeline and power generation applications located in the United Kingdom and generated approximately $10 million in revenue for the twelve months ended December 31, 2012. Also located in the United Kingdom, Witter is a manufacturer of highly-engineered towbars and accessories which are distributed through a wide network of commercial dealers, and generated approximately $20 million in revenue for the twelve months ended March 31, 2013. The Company also completed the acquisition of the towing technology and business assets of AL-KO, located in both Germany and Finland. The acquired assets generated approximately $16 million of revenue for the twelve months ended June 30, 2013. The fair value of the AL-KO net assets acquired exceeded the purchase price, resulting in a bargain purchase gain of approximately $2.9 million, which is included in other income (expense), net in the accompanying consolidated statement of income for the three and nine months ended September 30, 2013. While the Company has recorded preliminary purchase accounting adjustments for these acquisitions, the Company may refine such amounts as it finalizes these estimates during the requisite one-year measurement periods. The results of operations of the aforementioned acquisitions are not significant compared to the overall results of operations of the Company. Arminak & Associates During the first quarter of 2012, the Company acquired 70% of the membership interests of Arminak & Associates, LLC ("Arminak") for the purchase price of approximately $67.7 million. Arminak is included in the Company's Packaging reportable segment. The purchase agreement provides the Company an option to purchase, and Arminak's previous owners an option to sell, the remaining 30% noncontrolling interest at specified dates in the future based on a multiple of future earnings, as defined in the purchase agreement. The put and call options become exercisable during the first quarters of 2014, 2015 and 2016. The combination of a noncontrolling interest and a redemption feature resulted in a redeemable noncontrolling interest, which is classified outside of permanent equity on the accompanying consolidated balance sheet. In order to estimate the fair value of the redeemable noncontrolling interest in Arminak, the Company utilized the Monte Carlo valuation method, using variations of estimated future discounted cash flows given certain significant assumptions including expected revenue growth, minimum and maximum estimated levels of gross profit margin, future expected cash flows, amounts transferred during each put and call exercise period and appropriate discount rates. As these assumptions are not observable in the market, the calculation represents a Level 3 fair value measurement in the fair value hierarchy, as defined. The Company recorded the redeemable noncontrolling interest at fair value at the date of acquisition. At September 30, 2013, the estimated fair value of the redeemable noncontrolling interest exceeded the redemption value. Changes in the carrying amount of redeemable noncontrolling interest are summarized as follows:
The Company previously presented pro forma net sales and net income attributable to TriMas Corporation as if the business combination occurred as of January 1, 2011. Certain nonrecurring adjustments for acquisition costs incurred and purchase accounting adjustments related to step-up in value and subsequent amortization of inventory were included in the first quarter 2011 pro forma results thereof. Pro forma net sales and net income attributable to TriMas Corporation for the three and nine months ended September 30, 2012 were $335.9 million and $18.7 million, respectively, and $979.9 million and $49.8 million, respectively. The supplemental pro forma information is presented for informational purposes only and is not necessarily indicative of the results of operations that might have been achieved. Total acquisition costs incurred by the Company in connection with its purchase of Arminak, primarily related to third-party legal, accounting and tax diligence fees, were approximately $1.3 million, of which approximately $1.0 million was incurred during the first quarter of 2012. These costs are recorded in selling, general and administrative expenses in the accompanying consolidated statement of income. |
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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 nine months ended September 30, 2013 are summarized as follows:
The gross carrying amounts and accumulated amortization of the Company's other intangibles as of September 30, 2013 and December 31, 2012 are summarized below. The Company amortizes these assets over periods ranging from 1 to 30 years.
Amortization expense related to intangible assets as included in the accompanying consolidated statement of income is summarized as follows:
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Inventories
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Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories | Inventories Inventories consist of the following components:
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Property and Equipment, Net
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Property and Equipment, Net | Property and Equipment, Net Property and equipment consists of the following components:
Depreciation expense as included in the accompanying consolidated statement of income is as follows:
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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:
Credit Agreement The Company is a party to a credit agreement consisting of a $250.0 million senior secured revolving credit facility, which matures in October 2017 and is subject to interest at London Interbank Offered Rates ("LIBOR") plus 2.00%, a $200.0 million senior secured term loan A facility, which matures in October 2017 and is subject to interest at LIBOR plus 2.00% and a $200.0 million senior secured term loan B facility, which matures in October 2019 and is subject to interest at LIBOR plus 2.75% (subject to a 1.00% LIBOR floor) (collectively, the "Credit Agreement"). During the second quarter of 2013, the Company amended the portion of its Credit Agreement related to the $250.0 million senior secured revolving credit facility to permit revolving borrowing denominated in specified foreign currencies ("Foreign Currency Loans"), subject to a $75.0 million sub limit. Under this amendment, Foreign Currency Loans are available at rates equivalent to those previously established under the Credit Agreement, for the applicable interest period. The Credit Agreement provides incremental term loan and/or revolving credit facility commitments in an amount not to exceed the greater of $300 million and an amount such that, after giving effect to the making of such 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, as defined. 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. Under the Credit Agreement, if, on or prior to October 11, 2013, the Company prepays all or any portion of the term loan B facility using a new term loan facility with lower interest rate margins, then the Company will be required to pay a premium equal to 1% of the aggregate principal amount prepaid. In addition, beginning with the fiscal year ended December 31, 2013 (payable in 2014), the Company may be required to prepay a portion of its term loan A and term loan B facilities in an amount equal to a percentage of the Company's excess cash flow, as defined, which such percentage will be based on the Company's leverage ratio, as defined. For 2012, the Company prepaid $5.0 million of its former term loan B facility under the excess cash flow provision of the previous credit agreement. The Company is also able to issue letters of credit, not to exceed $75.0 million in aggregate, against its revolving credit facility commitments. At September 30, 2013 and December 31, 2012, the Company had letters of credit of approximately $23.7 million and $23.3 million, respectively, issued and outstanding. At September 30, 2013, the Company had $20.7 million outstanding under its revolving credit facility and had $205.6 million potentially available after giving effect to approximately $23.7 million of letters of credit issued and outstanding. At December 31, 2012, the Company had no amounts outstanding under its revolving credit facility and had $226.7 million, potentially available after giving effect to approximately $23.3 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 $206.6 million and $230.5 million at September 30, 2013 and December 31, 2012, respectively, of borrowing capacity available to it for general corporate purposes. 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 $250.0 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 terms of the Credit Agreement contain certain limitations on the distribution of funds from TriMas Company LLC, the Company's principal subsidiary. The terms of the Credit Agreement require the Company and its subsidiaries to meet certain restrictive financial covenants and ratios computed quarterly, including a leverage ratio (total consolidated indebtedness plus outstanding amounts under the accounts receivable securitization facility over consolidated EBITDA, as defined) and an interest expense coverage ratio (consolidated EBITDA, as defined, over cash interest expense, as defined). The Company was in compliance with its covenants at September 30, 2013. As of September 30, 2013 and December 31, 2012, the Company's term loan A facility traded at approximately 98.5% and 99.3% of par value, respectively, and the Company's term loan B facility traded at approximately 100.0% and 99.9% of par value, respectively. The valuations of the term loans were determined based on Level 2 inputs under the fair value hierarchy, as defined. Receivables Facility The Company is a 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 approximately $105.0 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 3-month LIBOR-based rate plus a usage fee of 1.20% and 1.50% as of September 30, 2013 and 2012, respectively, and a fee on the unused portion of the facility of 0.40% and 0.45% as of September 30, 2013 and 2012, respectively. The Company had $55.0 million and $18.0 million outstanding under the facility as of September 30, 2013 and December 31, 2012, respectively, and $36.0 million and $51.9 million, respectively, available but not utilized. Aggregate costs incurred under the facility were $0.4 million and $0.3 million for the three months ended September 30, 2013 and 2012, respectively, and $1.1 million and $0.8 million for the nine months ended September 30, 2013 and 2012, respectively, and are included in interest expense in the accompanying consolidated statement of income. The facility expires on October 12, 2017. 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 3-month LIBOR-based rate plus the usage fee discussed above and is computed in accordance with the terms of the securitization agreement. As of September 30, 2013, the cost of funds under the facility was based on an average liquidation period of the portfolio of approximately 1.6 months and an average discount rate of 1.8%. Other Bank Debt The Company's Australian subsidiary is party to a debt agreement which matures on December 31, 2013 and is secured by substantially all the assets of the subsidiary. At September 30, 2013 and December 31, 2012, the balance outstanding under this agreement was approximately $8.4 million and $4.8 million, respectively, at an average interest rate of 2.6% and 3.2%, respectively. |
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Derivative Instruments
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments | Derivative Instruments In December 2012, the Company entered into interest rate swap agreements to fix the LIBOR-based variable portion of the interest rates on its term loan facilities. The term loan A swap agreement fixes the LIBOR-based variable portion of the interest rate, beginning February 2013, on a total of $175.0 million notional amount at 0.74% and expires on October 11, 2017. The term loan B swap agreement fixes the LIBOR-based variable portion of the interest rate, beginning February 2015, on a total of $150.0 million notional amount at 2.05% and expires on October 11, 2019. The Company has designated both swap agreements as cash flow hedges. In March 2012, the Company entered into an interest rate swap agreement to fix the LIBOR-based variable portion of the interest rate on a total of $100.0 million notional amount of its previous term loan B facility. The swap agreement fixed the LIBOR-based variable portion of the interest rate at 1.80% through June 2016. At inception, the Company formally designated this swap agreement as a cash flow hedge. However, upon the Company's amendment and restatement of its credit agreement during the fourth quarter of 2012, the Company determined that the interest rate swap was no longer expected to be an effective economic hedge and terminated the interest rate swap and repaid the obligation. As of September 30, 2013 and December 31, 2012, the fair value carrying amount of the Company's interest rate swaps are recorded as follows:
The following tables summarize the income (loss) recognized in accumulated other comprehensive income ("AOCI"), the amounts reclassified from AOCI into earnings and the amounts recognized directly into earnings for the three and nine months ended September 30, 2013 and 2012:
Over the next 12 months, the Company expects to reclassify approximately $0.5 million of pre-tax deferred losses from AOCI to interest expense as the related interest payments for the designated interest rate swaps are funded.
Valuations of the interest rate swap were based on the income approach, which uses observable inputs such as interest rate yield curves and forward currency exchange rates. Fair value measurements and the fair value hierarchy level for the Company's assets and liabilities measured at fair value on a recurring basis as of September 30, 2013 and December 31, 2012 are shown below.
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Commitments and Contingencies
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Sep. 30, 2013
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies | Commitments and Contingencies Asbestos As of September 30, 2013, the Company was a party to 1,078 pending cases involving an aggregate of 7,950 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 7,950 claims pending at September 30, 2013, 133 set forth specific amounts of damages (other than those stating the statutory minimum or maximum). 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 $6.4 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 one or two years, 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. Ordinary Course Claims The Company is subject to other claims and litigation in the ordinary course of business, but does not believe that any such claim or litigation will have a material adverse effect on its financial position and results of operations or cash flows. |
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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, including steel and plastic industrial and consumer packaging applications. Energy – Metallic and non-metallic industrial sealant products and fasteners for the petroleum refining, petrochemical and other industrial markets. Aerospace & Defense – Highly engineered specialty fasteners and other precision machined products for the commercial and military aerospace industries and military munitions components for the defense industry. 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 at well sites for the oil and gas industry. Cequent APEA & Cequent Americas – Custom-engineered towing, trailering and electrical products including trailer couplers, winches, jacks, trailer brakes and brake control solutions, lighting accessories and roof racks for the recreational vehicle, agricultural/utility, marine, automotive and commercial trailer markets, functional vehicle accessories and cargo management solutions including vehicle hitches and receivers, sway controls, weight distribution and fifth-wheel hitches, hitch-mounted accessories and other accessory components. Segment activity is as follows:
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Equity Awards
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Sep. 30, 2013
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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 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 options during the nine months ended September 30, 2013. Information related to stock options at September 30, 2013 is as follows:
As of September 30, 2013, 351,703 stock options were exercisable under the Plans. In addition, during the nine months ended September 30, 2013, 11,698 stock options vested for which the associated fair value was less than $0.1 million. The fair value of options which vested during the nine months ended September 30, 2012 was $0.4 million. The Company did not incur significant stock-based compensation expense related to stock options during the nine months ended September 30, 2013 and 2012. Restricted Shares During the nine months ended September 30, 2013, the Company issued 4,013 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. The Company also awarded multiple restricted stock grants during the first quarter of 2013. First, the Company granted 29,498 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. The Company awarded 41,480 restricted shares of common stock to certain employees during the first quarter of 2013. These shares 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. The Company awarded 238,808 restricted shares of common stock to certain Company key employees during the first quarter of 2013. Half of the restricted shares granted are service-based restricted stock units. These awards vest ratably over three years. The other half of the shares are subject to a performance condition and are earned based upon the achievement of two performance metrics over a period of three calendar years, beginning on January 1, 2013 and ending on December 31, 2015. Of this award, 75% of the awards are earned based upon the Company's earnings per share ("EPS") cumulative average growth rate ("EPS CAGR") over the performance period. The remaining 25% of the grants are earned based upon the Company's cash generation results. Cash generation is defined as the Company's cumulative three year cash flow from operating activities less capital expenditures, as publicly reported by the Company, plus or minus special items that may occur from time-to-time, divided by the Company's three-year income from continuing operations as publicly reported by the Company, plus or minus special items that may occur from time-to-time. Depending on the performance achieved for these two metrics, the amount of shares earned can vary from 30% of the target award to a maximum amount of 200% of the target award for the cash flow metric and 250% of the target award for the EPS CAGR metric. However, if these performance metrics are not achieved, no award will be earned. The performance awards vest on a "cliff" basis at the end of the three-year performance period. In addition, the Company granted 17,240 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 his services prior to the vesting date. During 2012, the Company awarded restricted shares of common stock to certain Company key employees which are performance-based grants. Of this award, 60% are earned based on 2012 EPS growth, and the remaining 40% are earned based on the EPS CAGR for 2012 and 2013. For the 60% of shares subject to the 2012 earnings per share growth metric only, the performance conditions were satisfied, resulting in an attainment level of 175% of target. This resulted in an additional 72,576 share grants during the first quarter of 2013. Information related to restricted shares at September 30, 2013 is as follows:
As of September 30, 2013, there was approximately $8.2 million of unrecognized compensation cost related to unvested restricted shares that is expected to be recorded over a weighted-average period of 1.6 years. The Company recognized approximately $2.4 million and $2.7 million of stock-based compensation expense related to restricted shares during the three months ended September 30, 2013 and 2012, respectively, and approximately $7.1 million and $6.2 million for the nine months ended September 30, 2013 and 2012, respectively. The stock-based compensation expense is included in selling, general and administrative expenses in the accompanying statement of income. |
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Earnings per Share
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Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings per Share Net earnings are divided by the weighted average number of shares outstanding during the period to calculate basic earnings per share. Diluted earnings per share are calculated to give effect to stock options and other stock-based awards. The calculation of diluted earnings per share included 231,434 and 289,120 restricted shares for the three months ended September 30, 2013 and 2012, respectively and 176,667 and 164,163 restricted shares for the nine months ended September 30, 2013 and 2012, respectively. The calculation of diluted earnings per share also included options to purchase 169,241 and 174,101 shares of common stock for the three months ended September 30, 2013 and 2012, respectively and 184,065 and 220,937 shares of common stock for the nine months ended September 30, 2013 and 2012, respectively. |
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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 nine months ended September 30, 2013 and 2012 are as follows:
During the third quarter of 2012, the Company recognized previously deferred gains associated with one of the Company's postretirement benefit plans of approximately $1.5 million as a result of not having any remaining eligible participants. This benefit is included in selling, general and administrative expenses in the accompanying consolidated statement of income. The Company contributed approximately $0.7 million and $2.6 million to its defined benefit pension plans during the three and nine months ended September 30, 2013, respectively. The Company expects to contribute approximately $3.0 million to its defined benefit pension plans for the full year 2013. |
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Other Comprehensive Income (Notes)
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Comprehensive Income (Loss) Note [Text Block] | Other Comprehensive Income Changes in AOCI by component for the nine months ended September 30, 2013 are summarized as follows:
During the nine months ended September 30, 2013, the Company reclassified $0.6 million (net of income tax benefit of $0.4 million) from AOCI into interest expense. See Note 12, "Derivative Instruments," for additional details. The Company also reclassified approximately $7.9 million from AOCI into net income related to the sale of a business during the nine months ended September 30, 2013. See Note 4, "Facility Closure and Sale of Business," for further details. No other amounts were reclassified out of AOCI and into the consolidated statement of income during the nine months ended September 30, 2013. |
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Subsequent Event
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Subsequent Events [Text Block] | Subsequent Events Debt Refinance In October 2013, the Company entered into new senior secured credit facilities, pursuant to which the Company was able to reduce interest rates, extend maturities and increase its available liquidity compared to the existing Credit Agreement. Below is a summary of the key terms of the new facilities:
The Company used the proceeds from borrowings under the new facilities to repay all outstanding amounts under the existing Credit Agreement. Acquisition In October 2013, the Company acquired the stock of Mac Fasteners, Inc. ("Mac Fasteners") for the cash purchase price of approximately $34 million, plus the potential for up to approximately $6 million of contingent consideration, payable based on attainment of certain future operating results. The purchase price remains subject to the finalization of a net working capital adjustment, if any, which is expected to be completed by the end of the first quarter of 2014. Mac Fasteners is in the business of manufacturing and distribution of stainless steel aerospace fasteners, globally utilized by OEMs, aftermarket repair companies, and commercial and military aircraft producers. Mac Fasteners generated approximately $17.5 million in revenue for the twelve months ended September 30, 2013 and will be included in the Company's Aerospace & Defense reportable segment. |
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Arminak & Assoicates (Tables)
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Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||
Redeemable Noncontrolling Interest |
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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 nine months ended September 30, 2013 are summarized as follows:
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Schedule of Intangible Assets (excluding Goodwill) by Major Class | The gross carrying amounts and accumulated amortization of the Company's other intangibles as of September 30, 2013 and December 31, 2012 are summarized below. The Company amortizes these assets over periods ranging from 1 to 30 years.
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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:
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Tabular disclosure of intangibles assets, in total and by major class, including the gross carrying amount and accumulated amortization. A major class is composed of intangible assets that can be grouped together because they are similar, either by their nature or by their use in the operations of a company. No definition available.
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Inventories (Tables)
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Sep. 30, 2013
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Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Inventory, Current | Inventories consist of the following components:
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Property and Equipment, Net (Tables)
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Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property and Equipment | Property and equipment consists of the following components:
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Depreciation Expense | Depreciation expense as included in the accompanying consolidated statement of income is as follows:
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Tabular disclosure of depreciation expense. No definition available.
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Long-term Debt (Tables)
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Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Debt | The Company's long-term debt consists of the following:
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Derivative Instruments (Tables)
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | As of September 30, 2013 and December 31, 2012, the fair value carrying amount of the Company's interest rate swaps are recorded as follows:
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Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | nine months ended September 30, 2013 and 2012:
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Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location |
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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 September 30, 2013 and December 31, 2012 are shown below.
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Commitments and Contingencies (Tables)
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Loss Contingencies by Contingency | Below is a breakdown of the amount sought for those claims seeking specific amounts:
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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Segment Information (Tables)
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Schedule of Segment Reporting Information, by Segment | Segment activity is as follows:
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Equity Awards (Tables)
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity | Information related to stock options at September 30, 2013 is as follows:
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Schedule of Share-based Compensation, Restricted Stock Units Award Activity | Information related to restricted shares at September 30, 2013 is as follows:
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Defined Benefit Plans (Tables)
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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 nine months ended September 30, 2013 and 2012 are as follows:
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Other Comprehensive Income (Tables)
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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 nine months ended September 30, 2013 are summarized as follows:
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No authoritative reference available. No definition available.
|
Equity Offering (Details) (USD $)
|
3 Months Ended | 9 Months Ended | |
---|---|---|---|
Sep. 30, 2013
|
Sep. 30, 2013
|
Sep. 30, 2012
|
|
Class of Stock [Line Items] | |||
Proceeds from Issuance of Common Stock | $ 174,700,000 | $ 174,720,000 | $ 79,040,000 |
Common Stock [Member]
|
|||
Class of Stock [Line Items] | |||
Stock Issued During Period, Shares, New Issues | 5,175,000 | ||
Sale of Stock, Price Per Share | $ 35.40 | $ 35.40 | |
Stock Issuance Costs | $ 8,500,000 |
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
Expected Other Restructuring Costs No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Discontinued Operations (Details) (Precision Tool Cutting and Specialty Fittings Line of Business [Member], USD $)
In Millions, unless otherwise specified |
3 Months Ended | |
---|---|---|
Jun. 30, 2013
|
Sep. 30, 2013
|
|
Precision Tool Cutting and Specialty Fittings Line of Business [Member]
|
||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Amount, Asset | $ 2.5 | |
Proceeds from Divestiture of Businesses | 1.0 | |
Business Acquisition, Contingent Consideration, Potential Cash Payment | $ 1.3 |
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Acquisitions - Other Acquisitions (Details) (USD $)
|
3 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | |||||
---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2013
|
Sep. 30, 2012
|
Sep. 30, 2013
|
Sep. 30, 2012
|
Sep. 30, 2013
Series of Individually Immaterial Business Acquisitions [Member]
|
Dec. 31, 2012
Business Acquisition, Martinic [Member]
|
Dec. 31, 2012
Business Acquisition, Wulfrun [Member]
|
Mar. 31, 2013
Business Acquisition, Witter [Domain]
|
Sep. 30, 2013
Business Acquisition, AL-KO [Domain]
|
Jun. 30, 2013
Business Acquisition, AL-KO [Domain]
|
|
Business Acquisition [Line Items] | ||||||||||
Business Acquisition, Cost of Acquired Entity, Cash Paid | $ 56,000,000 | |||||||||
Net sales | 355,620,000 | 335,870,000 | 1,071,430,000 | 971,870,000 | 13,000,000 | 10,000,000 | 20,000,000 | 16,000,000 | ||
Bargain purchase gain | $ (2,880,000) | $ 0 | $ 2,900,000 |
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Arminak & Associates (Details) (Business Acquisition, Arminak & Associates [Member], USD $)
In Millions, unless otherwise specified |
3 Months Ended | 6 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|---|
Sep. 30, 2012
|
Mar. 31, 2012
|
Mar. 31, 2012
|
Sep. 30, 2012
|
Sep. 30, 2013
|
Feb. 23, 2012
|
|
Business Acquisition, Arminak & Associates [Member]
|
||||||
Business Acquisition [Line Items] | ||||||
Percentage of voting interests acquired | 70.00% | |||||
Purchase price | $ 67.7 | |||||
Ownership percentage by noncontrolling owners | 30.00% | |||||
Pro forma net sales | 335.9 | 979.9 | ||||
Business Acquisition, Pro Forma Net Income (Loss) | 18.7 | 49.8 | ||||
Acquisition Related Costs | $ 1.0 | $ 1.3 |
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Redeemable Noncontrolling Interest (Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2013
|
Sep. 30, 2012
|
Sep. 30, 2013
|
Sep. 30, 2012
|
Dec. 31, 2012
|
|
Redeemable Noncontrolling Interest [Line Items] | |||||
Distributions to noncontrolling interests | $ (1,910) | ||||
Net income attributable to redeemable noncontrolling interests | 1,320 | 1,290 | 3,090 | 1,560 | |
Redeemable noncontrolling interest, ending balance | 27,960 | 27,960 | 26,780 | ||
Fair Value, Inputs, Level 3 [Member]
|
|||||
Redeemable Noncontrolling Interest [Line Items] | |||||
Redeemable noncontrolling interest, beginning balance | $ 26,780 |
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Goodwill and Other Intangible Assets - Schedule of Intangible Assets (excluding Goodwill) by Major Class (Details) (USD $)
In Thousands, unless otherwise specified |
9 Months Ended | |||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2013
|
Dec. 31, 2012
|
Sep. 30, 2013
Trademarks and Trade Names [Member]
|
Dec. 31, 2012
Trademarks and Trade Names [Member]
|
Sep. 30, 2013
Customer Relationships [Member]
|
Dec. 31, 2012
Customer Relationships [Member]
|
Sep. 30, 2013
Technology and Other [Member]
|
Dec. 31, 2012
Technology and Other [Member]
|
Sep. 30, 2013
Useful Life Five to Twelve Years [Member]
Customer Relationships [Member]
|
Dec. 31, 2012
Useful Life Five to Twelve Years [Member]
Customer Relationships [Member]
|
Sep. 30, 2013
Useful Life Fifteen to Twentyfive Years [Member]
Customer Relationships [Member]
|
Dec. 31, 2012
Useful Life Fifteen to Twentyfive Years [Member]
Customer Relationships [Member]
|
Sep. 30, 2013
Useful Life One to Fifteen Years [Member]
Technology and Other [Member]
|
Dec. 31, 2012
Useful Life One to Fifteen Years [Member]
Technology and Other [Member]
|
Sep. 30, 2013
Useful Life Seventeen to Thirty Years [Member]
Technology and Other [Member]
|
Dec. 31, 2012
Useful Life Seventeen to Thirty Years [Member]
Technology and Other [Member]
|
Sep. 30, 2013
Minimum [Member]
|
Sep. 30, 2013
Minimum [Member]
Useful Life Five to Twelve Years [Member]
Customer Relationships [Member]
|
Sep. 30, 2013
Minimum [Member]
Useful Life Fifteen to Twentyfive Years [Member]
Customer Relationships [Member]
|
Sep. 30, 2013
Minimum [Member]
Useful Life One to Fifteen Years [Member]
Technology and Other [Member]
|
Sep. 30, 2013
Minimum [Member]
Useful Life Seventeen to Thirty Years [Member]
Technology and Other [Member]
|
Sep. 30, 2013
Maximum [Member]
|
Sep. 30, 2013
Maximum [Member]
Useful Life Five to Twelve Years [Member]
Customer Relationships [Member]
|
Sep. 30, 2013
Maximum [Member]
Useful Life Fifteen to Twentyfive Years [Member]
Customer Relationships [Member]
|
Sep. 30, 2013
Maximum [Member]
Useful Life One to Fifteen Years [Member]
Technology and Other [Member]
|
Sep. 30, 2013
Maximum [Member]
Useful Life Seventeen to Thirty Years [Member]
Technology and Other [Member]
|
|
Intangible Assets, excluding Goodwill [Line Items] | ||||||||||||||||||||||||||
Finite-Lived Intangible Assets, Useful Life | 1 year | 5 years | 15 years | 1 year | 17 years | 30 years | 12 years | 25 years | 15 years | 30 years | ||||||||||||||||
Finite-lived intangible assets, gross carrying amount | $ 241,820 | $ 240,350 | $ 82,420 | $ 80,930 | $ 87,210 | $ 85,740 | $ 154,610 | $ 154,610 | $ 38,070 | $ 37,130 | $ 44,350 | $ 43,800 | ||||||||||||||
Finite-lived intangible assets, accumulated amortization | (179,530) | (165,430) | (126,510) | (116,040) | (53,020) | (49,390) | (34,380) | (30,080) | (92,130) | (85,960) | (28,270) | (26,320) | (24,750) | (23,070) | ||||||||||||
Intangible Assets, Gross (Excluding Goodwill) | 379,840 | 371,590 | ||||||||||||||||||||||||
Indefinite-lived intangible assets, gross carrying amount | $ 55,600 | $ 50,310 |
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Goodwill and Other Intangible Assets - Schedule of Finite-Lived Intangible Assets, Amortization Expense (Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2013
|
Sep. 30, 2012
|
Sep. 30, 2013
|
Sep. 30, 2012
|
|
Amortization of Intangible Assets [Line Items] | ||||
Amortization of intangible assets | $ 4,200 | $ 5,270 | $ 14,420 | $ 14,460 |
Cost of Sales [Member] | Technology and Other [Member]
|
||||
Amortization of Intangible Assets [Line Items] | ||||
Amortization of intangible assets | 1,200 | 1,270 | 3,610 | 3,620 |
Selling, General and Administrative Expenses [Member] | Customer Relationships [Member]
|
||||
Amortization of Intangible Assets [Line Items] | ||||
Amortization of intangible assets | $ 3,000 | $ 4,000 | $ 10,810 | $ 10,840 |
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Inventories (Details) (USD $)
In Thousands, unless otherwise specified |
Sep. 30, 2013
|
Dec. 31, 2012
|
---|---|---|
Inventory Disclosure [Abstract] | ||
Finished goods | $ 154,940 | $ 159,550 |
Work in process | 29,060 | 29,270 |
Raw materials | 65,630 | 49,200 |
Total inventories | $ 249,630 | $ 238,020 |
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Property and Equipment, Net - Property and Equipment Table (Details) (USD $)
In Thousands, unless otherwise specified |
Sep. 30, 2013
|
Dec. 31, 2012
|
---|---|---|
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 430,460 | $ 398,060 |
Less: Accumulated depreciation | 223,730 | 213,030 |
Property and equipment, net | 206,730 | 185,030 |
Land and Land Improvements [Member]
|
||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 5,860 | 6,410 |
Building [Member]
|
||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 65,190 | 59,610 |
Machinery and Equipment [Member]
|
||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 359,410 | $ 332,040 |
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Property and Equipment, Net - Depreciation Expense Table (Details) (USD $)
In Thousands, unless otherwise specified |
9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2013
|
Sep. 30, 2012
|
Sep. 30, 2013
Continuing Operations [Member]
|
Sep. 30, 2012
Continuing Operations [Member]
|
Sep. 30, 2013
Continuing Operations [Member]
|
Sep. 30, 2011
Continuing Operations [Member]
|
Sep. 30, 2013
Cost of Sales [Member]
Continuing Operations [Member]
|
Sep. 30, 2012
Cost of Sales [Member]
Continuing Operations [Member]
|
Sep. 30, 2013
Cost of Sales [Member]
Continuing Operations [Member]
|
Sep. 30, 2011
Cost of Sales [Member]
Continuing Operations [Member]
|
Sep. 30, 2013
Selling, General and Administrative Expenses [Member]
Continuing Operations [Member]
|
Sep. 30, 2012
Selling, General and Administrative Expenses [Member]
Continuing Operations [Member]
|
Sep. 30, 2013
Selling, General and Administrative Expenses [Member]
Continuing Operations [Member]
|
Sep. 30, 2011
Selling, General and Administrative Expenses [Member]
Continuing Operations [Member]
|
|
Depreciation Expense [Line Items] | ||||||||||||||
Depreciation expense | $ 22,190 | $ 18,990 | $ 7,630 | $ 6,300 | $ 22,190 | $ 18,990 | $ 6,440 | $ 5,400 | $ 18,910 | $ 16,420 | $ 1,190 | $ 900 | $ 3,280 | $ 2,570 |
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Long-term Debt - Debt Table (Details) (USD $)
In Thousands, unless otherwise specified |
Sep. 30, 2013
|
Dec. 31, 2012
|
---|---|---|
Debt Instrument [Line Items] | ||
Debt | $ 479,740 | $ 422,440 |
Current maturities, debt | 21,600 | 14,370 |
Long-term debt | 458,140 | 408,070 |
Credit Agreement [Member]
|
||
Debt Instrument [Line Items] | ||
Debt | 413,720 | 399,500 |
Receivables Facility and other [Member] [Member]
|
||
Debt Instrument [Line Items] | ||
Debt | $ 66,020 | $ 22,940 |
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Long-term Debt - U.S. Bank Debt (Details) (USD $)
In Millions, unless otherwise specified |
9 Months Ended | 9 Months Ended | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2013
|
Sep. 30, 2013
U.S. bank debt and receivables facility [Member]
|
Dec. 31, 2012
U.S. bank debt and receivables facility [Member]
|
Sep. 30, 2013
Revolving credit and term loan facilities [Member]
|
Sep. 30, 2013
Senior Secured Term Loan B [Member]
|
Sep. 30, 2013
Senior Secured Term Loan A [Member]
|
Sep. 30, 2013
Senior Secured Term Loan B [Member]
|
Sep. 30, 2012
Senior Secured Term Loan B [Member]
|
Sep. 30, 2013
Revolving credit facility [Member]
|
Dec. 31, 2012
Revolving credit facility [Member]
|
Sep. 30, 2013
Letters of credit [Member]
|
Dec. 31, 2012
Letters of credit [Member]
|
Sep. 30, 2013
Fair Value, Inputs, Level 2 [Member]
Senior Secured Term Loan A [Member]
|
Dec. 31, 2012
Fair Value, Inputs, Level 2 [Member]
Senior Secured Term Loan A [Member]
|
Sep. 30, 2013
Fair Value, Inputs, Level 2 [Member]
Senior Secured Term Loan B [Member]
|
Dec. 31, 2012
Fair Value, Inputs, Level 2 [Member]
Senior Secured Term Loan B [Member]
|
|
Debt Instrument [Line Items] | ||||||||||||||||
Revolving Credit Facility, Maximum Borrowing Capacity | $ 250.0 | |||||||||||||||
Revolving Credit Facility, Capacity Available for Foreign Revolver Loans | 75.0 | |||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | 2.75% | 2.00% | |||||||||||||
Debt Instrument, Face Amount | 200.0 | 200.0 | ||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 1.00% | |||||||||||||||
Incremental debt commitments capacity | 300 | |||||||||||||||
Net leverage ratio | 2.50 | |||||||||||||||
Term Loan Facility, Required Prepay Premium | 1.00% | |||||||||||||||
Term Loan Facility, Required Prepay Portion Under Excess Cash Flow Sweep Provision [Line Items] | 5.0 | |||||||||||||||
Letters of Credit, Maximum Borrowing Capacity | 75.0 | |||||||||||||||
Letters of Credit Outstanding, Amount | 23.7 | 23.3 | ||||||||||||||
Revolving Credit Facility, Amount Outstanding | 20.7 | 0 | ||||||||||||||
Revolving Credit Facility, Remaining Borrowing Capacity | 205.6 | 226.7 | ||||||||||||||
Debt Instrument, Unused Borrowing Capacity, Amount | $ 206.6 | $ 230.5 | ||||||||||||||
Long-term Debt, Fair Value, % of par value | 98.50% | 99.30% | 100.00% | 99.90% |
X | ||||||||||
- Definition
Incremental debt commitments capacity. No definition available.
|
X | ||||||||||
- Definition
Maximum borrowing capacity under the letters of credit. No definition available.
|
X | ||||||||||
- Definition
The fair value of long-term debt presented as a % of par value. No definition available.
|
X | ||||||||||
- Definition
Net leverage ratio, as defined No definition available.
|
X | ||||||||||
- Definition
Term Loan Facility, Required prepay portion under excess cash flow sweep provision No definition available.
|
X | ||||||||||
- Definition
Term Loan Facility, Required Prepay Premium No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Long-term Debt - Receivables Facility (Details) (Receivables Facility [Member], USD $)
In Millions, unless otherwise specified |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2013
|
Sep. 30, 2012
|
Sep. 30, 2013
|
Sep. 30, 2012
|
Dec. 31, 2012
|
|
Receivables Facility [Member]
|
|||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Unused Borrowing Capacity, Fee percentage | 0.40% | 0.45% | |||
Secured Debt | $ 55.0 | $ 55.0 | $ 18.0 | ||
Secured debt, Maximum Borrowing Capacity | 105.0 | 105.0 | |||
Debt Instrument, Basis Spread on Variable Rate | 1.20% | 1.50% | |||
Receivables facility debt available but not utilized | 36.0 | 36.0 | 51.9 | ||
Receivables facililty, debt aggregate costs | $ 0.4 | $ 0.3 | $ 1.1 | $ 0.8 | |
Average liquidation period, Receivables pool | 1.6 | 1.6 | |||
Average discount rate, Receivables facility | 1.80% | 1.80% |
X | ||||||||||
- Definition
The average discount rate utilized to calculate the present value of the receivables sold under the facility debt arrangement. No definition available.
|
X | ||||||||||
- Definition
Average liquidation period of the receivables in the receivables pool. No definition available.
|
X | ||||||||||
- Definition
Debt Instrument, Unused Borrowing Capacity, Fee percentage No definition available.
|
X | ||||||||||
- Definition
Amount of the fee that accompanies borrowing money under the debt instrument. No definition available.
|
X | ||||||||||
- Definition
Maximum borrowing capacity under the receivables facility debt arrangement. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Long-term Debt - Non-U.S. Bank Debt (Details) (Foreign Debt [Member], USD $)
In Millions, unless otherwise specified |
Sep. 30, 2013
|
Dec. 31, 2012
|
---|---|---|
Foreign Debt [Member]
|
||
Short-term Debt [Line Items] | ||
Foreign Debt, Amount Outstanding | $ 8.4 | $ 4.8 |
Foreign Debt, Percentage Average Interest Rate | 2.60% | 3.20% |
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Derivative Instruments - Derivative Narrative (Details) (Interest Rate Swap [Member], USD $)
In Millions, unless otherwise specified |
Sep. 30, 2012
Not Designated as Hedging Instrument [Member]
|
Sep. 30, 2013
Senior Secured Term Loan A [Member]
Cash Flow Hedging [Member]
October 2017 Maturity [Member]
|
Sep. 30, 2013
Senior Secured Term Loan B [Member]
Cash Flow Hedging [Member]
October 2019 Maturity [Member]
|
---|---|---|---|
Derivative [Line Items] | |||
Derivative, Notional Amount | $ 100.0 | $ 175.0 | $ 150.0 |
Derivative, Fixed Interest Rate | 1.80% | 0.74% | 2.05% |
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
Derivative Instruments - Designated as hedging, Financial Position (Details) (Designated as Hedging Instrument [Member], USD $)
In Thousands, unless otherwise specified |
Sep. 30, 2013
|
Dec. 31, 2012
|
---|---|---|
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | $ 4,740 | |
Liability Derivatives | 1,220 | |
Interest Rate Swap [Member] | Other Assets [Member]
|
||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 5,240 | 0 |
Interest Rate Swap [Member] | Accrued Liabilities [Member]
|
||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | 500 | 530 |
Interest Rate Swap [Member] | Other long-term liabilities [Member]
|
||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | $ 0 | $ 690 |
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
Derivative Instruments - Designated as hedging, Financial Performance (Details) (Interest Rate Swap [Member], Designated as Hedging Instrument [Member], USD $)
In Thousands, unless otherwise specified |
9 Months Ended | 12 Months Ended | 3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|---|---|
Sep. 30, 2013
|
Dec. 31, 2012
|
Sep. 30, 2013
Interest Expense [Member]
|
Sep. 30, 2012
Interest Expense [Member]
|
Sep. 30, 2013
Interest Expense [Member]
|
Sep. 30, 2012
Interest Expense [Member]
|
|
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | $ 2,930 | $ (760) | ||||
Amount of Loss Reclassified from AOCI into Earnings | $ (240) | $ (140) | $ (560) | $ (250) |
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Derivative Instruments - Designated as hedging, Financial Performance Narrative (Details) (Interest Rate Swap [Member], Designated as Hedging Instrument [Member], USD $)
In Millions, unless otherwise specified |
9 Months Ended |
---|---|
Sep. 30, 2013
|
|
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member]
|
|
Derivative Instruments, Gain (Loss) [Line Items] | |
Loss Reclassification from AOCI into Earnings, Estimate of Time to Transfer | 12 months |
Amount of Loss expected to be reclassified from AOCI into Earnings | $ 0.5 |
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Derivative Instruments - Not designated as hedging, Financial Performance(Details) (Interest Rate Swap [Member], Not Designated as Hedging Instrument [Member], Interest Expense [Member], USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2013
|
Sep. 30, 2012
|
Sep. 30, 2013
|
Sep. 30, 2012
|
|
Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member] | Interest Expense [Member]
|
||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments, Loss Recognized in Income | $ (140) | $ 0 | $ (410) | $ 0 |
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
Commitments and Contingencies - Asbestos Narrative (Details) (USD $)
In Millions, unless otherwise specified |
273 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2013
Minimum [Member]
|
Sep. 30, 2013
Maximum [Member]
|
Sep. 30, 2013
Asbestos [Member]
|
Sep. 30, 2013
Asbestos [Member]
Pending Litigation [Member]
claimants
cases
|
|
Loss Contingencies [Line Items] | ||||
Number of pending cases | 1,078 | |||
Number of pending claims | 7,950 | |||
Number of pending claims seeking specific amounts of damages | 133 | |||
Total settlement costs | $ 6.4 | |||
Percentage of settlement and defense costs covered by insurance | 40.00% | |||
Estimated Time until Primary Insurance is Exhausted | 1 year | 2 years |
X | ||||||||||
- Definition
Estimated Time until Primary Insurance is Exhausted No definition available.
|
X | ||||||||||
- Definition
Loss Contingency, Number of Plantiffs Specifying Damages Sought No definition available.
|
X | ||||||||||
- Definition
Percentage of Settlement and Defense Costs Covered by Insurance No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Commitments and Contingencies - Asbestos Claimant and Settlement (Details) (Asbestos [Member], USD $)
|
9 Months Ended | 12 Months Ended |
---|---|---|
Sep. 30, 2013
claimants
|
Dec. 31, 2012
claimants
|
|
Asbestos [Member]
|
||
Loss Contingencies [Line Items] | ||
Number of pending claims at the beginning of period | 7,880 | 8,048 |
Number of pending claims filed during period | 283 | 367 |
Number of pending claims dismissed during period | 179 | 519 |
Number of pending claims settled during period | 34 | 16 |
Average settlement amount per claim during period | $ 2,001 | $ 14,513 |
Total defense costs during period | $ 1,981,000 | $ 2,650,000 |
X | ||||||||||
- Definition
Number of Plaintiffs who had their claims dismissed during the period. No definition available.
|
X | ||||||||||
- Definition
Number of Plaintiffs who had their claims settled during the period. No definition available.
|
X | ||||||||||
- Definition
Loss Contingency, Number of New Plaintiffs Filing Claims During Period No definition available.
|
X | ||||||||||
- Definition
Average amount of consideration the entity has agreed to pay to settle a legal matter for claims settled during the period. No definition available.
|
X | ||||||||||
- Definition
Number of pending claims at the beginning of period No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
Commitments and Contingencies - Asbestos Damages Sought (Details) (Asbestos [Member], USD $)
In Millions, unless otherwise specified |
9 Months Ended |
---|---|
Sep. 30, 2013
|
|
Compensatory and Punitive Damages [Member] | Range 1 [Member] | Minimum [Member]
|
|
Loss Contingencies [Line Items] | |
Specified amount of damages sought | $ 0 |
Compensatory and Punitive Damages [Member] | Range 1 [Member] | Maximum [Member]
|
|
Loss Contingencies [Line Items] | |
Specified amount of damages sought | 5.0 |
Compensatory and Punitive Damages [Member] | Range 2 [Member] | Minimum [Member]
|
|
Loss Contingencies [Line Items] | |
Specified amount of damages sought | 5.0 |
Compensatory and Punitive Damages [Member] | Range 2 [Member] | Maximum [Member]
|
|
Loss Contingencies [Line Items] | |
Specified amount of damages sought | 10.0 |
Compensatory and Punitive Damages [Member] | Range 3 [Member] | Minimum [Member]
|
|
Loss Contingencies [Line Items] | |
Specified amount of damages sought | 10.0 |
Compensatory Only Damages [Member] | Range 1 [Member] | Minimum [Member]
|
|
Loss Contingencies [Line Items] | |
Specified amount of damages sought | 0 |
Compensatory Only Damages [Member] | Range 1 [Member] | Maximum [Member]
|
|
Loss Contingencies [Line Items] | |
Specified amount of damages sought | 0.6 |
Compensatory Only Damages [Member] | Range 2 [Member] | Minimum [Member]
|
|
Loss Contingencies [Line Items] | |
Specified amount of damages sought | 0.6 |
Compensatory Only Damages [Member] | Range 2 [Member] | Maximum [Member]
|
|
Loss Contingencies [Line Items] | |
Specified amount of damages sought | 5.0 |
Compensatory Only Damages [Member] | Range 3 [Member] | Minimum [Member]
|
|
Loss Contingencies [Line Items] | |
Specified amount of damages sought | 5.0 |
Punitive Only Damages [Member] | Range 1 [Member] | Minimum [Member]
|
|
Loss Contingencies [Line Items] | |
Specified amount of damages sought | 0 |
Punitive Only Damages [Member] | Range 1 [Member] | Maximum [Member]
|
|
Loss Contingencies [Line Items] | |
Specified amount of damages sought | 2.5 |
Punitive Only Damages [Member] | Range 2 [Member] | Minimum [Member]
|
|
Loss Contingencies [Line Items] | |
Specified amount of damages sought | 2.5 |
Punitive Only Damages [Member] | Range 2 [Member] | Maximum [Member]
|
|
Loss Contingencies [Line Items] | |
Specified amount of damages sought | 5.0 |
Punitive Only Damages [Member] | Range 3 [Member] | Minimum [Member]
|
|
Loss Contingencies [Line Items] | |
Specified amount of damages sought | $ 5.0 |
Pending Litigation [Member]
|
|
Loss Contingencies [Line Items] | |
Number of pending claims seeking specific amounts of damages | 133 |
Pending Litigation [Member] | Compensatory and Punitive Damages [Member] | Range 1 [Member]
|
|
Loss Contingencies [Line Items] | |
Number of pending claims seeking specific amounts of damages | 106 |
Pending Litigation [Member] | Compensatory and Punitive Damages [Member] | Range 2 [Member]
|
|
Loss Contingencies [Line Items] | |
Number of pending claims seeking specific amounts of damages | 17 |
Pending Litigation [Member] | Compensatory and Punitive Damages [Member] | Range 3 [Member]
|
|
Loss Contingencies [Line Items] | |
Number of pending claims seeking specific amounts of damages | 10 |
Pending Litigation [Member] | Compensatory Only Damages [Member] | Range 1 [Member]
|
|
Loss Contingencies [Line Items] | |
Number of pending claims seeking specific amounts of damages | 70 |
Pending Litigation [Member] | Compensatory Only Damages [Member] | Range 2 [Member]
|
|
Loss Contingencies [Line Items] | |
Number of pending claims seeking specific amounts of damages | 51 |
Pending Litigation [Member] | Compensatory Only Damages [Member] | Range 3 [Member]
|
|
Loss Contingencies [Line Items] | |
Number of pending claims seeking specific amounts of damages | 12 |
Pending Litigation [Member] | Punitive Only Damages [Member] | Range 1 [Member]
|
|
Loss Contingencies [Line Items] | |
Number of pending claims seeking specific amounts of damages | 115 |
Pending Litigation [Member] | Punitive Only Damages [Member] | Range 2 [Member]
|
|
Loss Contingencies [Line Items] | |
Number of pending claims seeking specific amounts of damages | 14 |
Pending Litigation [Member] | Punitive Only Damages [Member] | Range 3 [Member]
|
|
Loss Contingencies [Line Items] | |
Number of pending claims seeking specific amounts of damages | 4 |
X | ||||||||||
- Definition
Loss Contingency, Number of Plantiffs Specifying Damages Sought No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Segment Information (Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2013
|
Sep. 30, 2012
|
Sep. 30, 2013
|
Sep. 30, 2012
|
|
Segment Reporting Information [Line Items] | ||||
Net Sales | $ 355,620 | $ 335,870 | $ 1,071,430 | $ 971,870 |
Operating profit (loss) | 43,290 | 36,600 | 108,670 | 108,540 |
Packaging [Member]
|
||||
Segment Reporting Information [Line Items] | ||||
Net Sales | 82,010 | 77,240 | 235,000 | 202,250 |
Operating profit (loss) | 31,320 | 18,240 | 65,550 | 44,700 |
Energy [Member]
|
||||
Segment Reporting Information [Line Items] | ||||
Net Sales | 47,680 | 45,460 | 161,420 | 143,220 |
Operating profit (loss) | 1,450 | 3,780 | 12,530 | 14,520 |
Aerospace & Defense [Member]
|
||||
Segment Reporting Information [Line Items] | ||||
Net Sales | 26,540 | 20,810 | 71,250 | 58,000 |
Operating profit (loss) | 6,060 | 6,030 | 15,330 | 15,710 |
Engineered Components [Member]
|
||||
Segment Reporting Information [Line Items] | ||||
Net Sales | 47,540 | 51,880 | 143,830 | 154,180 |
Operating profit (loss) | 2,860 | 6,310 | 14,450 | 22,620 |
Cequent Asia Pacific Europe Africa [Member]
|
||||
Segment Reporting Information [Line Items] | ||||
Net Sales | 40,950 | 37,480 | 111,330 | 94,230 |
Operating profit (loss) | 3,570 | 3,950 | 9,300 | 9,000 |
Cequent Americas [Member]
|
||||
Segment Reporting Information [Line Items] | ||||
Net Sales | 110,900 | 103,000 | 348,600 | 319,990 |
Operating profit (loss) | 7,440 | 8,430 | 21,030 | 28,090 |
Corporate [Member]
|
||||
Segment Reporting Information [Line Items] | ||||
Operating profit (loss) | $ (9,410) | $ (10,140) | $ (29,520) | $ (26,100) |
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Equity Awards - Stock Options Narrative (Details) (Stock Options [Member], USD $)
In Millions, except Share data, unless otherwise specified |
9 Months Ended | |
---|---|---|
Sep. 30, 2013
|
Sep. 30, 2012
|
|
Stock Options [Member]
|
||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of options granted | 0 | |
Exercisable stock options | 351,703 | |
Stock Options Vested | 11,698 | |
Fair value of exercisable/vested stock options | $ 0.1 | $ 0.4 |
X | ||||||||||
- Definition
Stock Options Vested No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Equity Awards - Restricted Shares Narrative (Details) (USD $)
|
3 Months Ended | 9 Months Ended | 3 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2013
Restricted Shares [Member]
|
Sep. 30, 2012
Restricted Shares [Member]
|
Sep. 30, 2013
Restricted Shares [Member]
|
Sep. 30, 2012
Restricted Shares [Member]
|
Sep. 30, 2013
Restricted Shares [Member]
Non-employee independent director [Member]
Deferred Compensation, Share-based Payments [Member]
|
Mar. 31, 2013
Plan 1 [Member]
Service-based restriced shares [Member]
|
Mar. 31, 2013
Plan 2 [Member]
Service-based restriced shares [Member]
|
Sep. 30, 2013
Plan 3 [Member]
number
|
Mar. 31, 2013
Plan 3 [Member]
Restricted Shares [Member]
|
Mar. 31, 2013
Plan 3 [Member]
Service-based restriced shares [Member]
|
Mar. 31, 2013
Plan 3 [Member]
Performance-based restriced shares [Member]
|
Mar. 31, 2013
Plan 5 [Member]
Service-based restriced shares [Member]
|
Mar. 31, 2013
Plan 5 [Member]
Service-based restriced shares [Member]
Non-employee independent director [Member]
|
Mar. 31, 2013
Minimum [Member]
Plan 2 [Member]
Service-based restriced shares [Member]
|
Mar. 31, 2013
3 year cash flow metric [Member]
Plan 3 [Member]
Performance-based restriced shares [Member]
|
Mar. 31, 2013
3 year cash flow metric [Member]
Minimum [Member]
Plan 3 [Member]
Performance-based restriced shares [Member]
|
Mar. 31, 2013
3 year cash flow metric [Member]
Maximum [Member]
Plan 3 [Member]
Performance-based restriced shares [Member]
|
Mar. 31, 2013
3 year EPS CAGR metric [Member]
Plan 3 [Member]
Performance-based restriced shares [Member]
|
Mar. 31, 2013
3 year EPS CAGR metric [Member]
Minimum [Member]
Plan 3 [Member]
Performance-based restriced shares [Member]
|
Mar. 31, 2013
3 year EPS CAGR metric [Member]
Maximum [Member]
Plan 3 [Member]
Performance-based restriced shares [Member]
|
Mar. 31, 2013
2012 EPS growth metric [Member]
Plan 4 [Member]
Performance-based restriced shares [Member]
|
Dec. 31, 2012
2012 EPS growth metric [Member]
Plan 4 [Member]
Performance-based restriced shares [Member]
|
Dec. 31, 2012
2012 & 2013 EPS CAGR metric [Member]
Plan 4 [Member]
Performance-based restriced shares [Member]
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||
Restricted shares issued related to director fee deferrals | 4,013 | ||||||||||||||||||||||
Number of Unvested Restricted Shares Granted | 403,615 | 29,498 | 41,480 | 238,808 | 119,404,000 | 119,404,000 | 17,240 | 72,576 | |||||||||||||||
Award requisite service period | 3 years | 1 year | 3 years | 1 year | |||||||||||||||||||
ICP, Threshold target for granting stock awards | $ 20,000 | ||||||||||||||||||||||
Cash value of incentive plan | 80.00% | ||||||||||||||||||||||
Restriced shares value of incentive plan | 20.00% | ||||||||||||||||||||||
Award vesting period | 3 years | ||||||||||||||||||||||
Award percentage earned based on metric over the performance period | 25.00% | 75.00% | 60.00% | 40.00% | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award percentage attained | 175.00% | ||||||||||||||||||||||
Number of performance metrics in restricted shares award type plan | 2 | ||||||||||||||||||||||
Amount of shares earned % of target award | 30.00% | 200.00% | 30.00% | 250.00% | |||||||||||||||||||
Unrecognized unvested restricted shares-based compensation expense | 8,200,000 | 8,200,000 | |||||||||||||||||||||
Weighted-average period for recognition of the unrecognized unvested restricted shares-based compensation expense | 1 year 7 months | ||||||||||||||||||||||
Restricted shares-based compensation expense | $ 2,400,000 | $ 2,700,000 | $ 7,100,000 | $ 6,200,000 |
X | ||||||||||
- Definition
Amount of shares earned as a % of target award. No definition available.
|
X | ||||||||||
- Definition
Share-based Compensation Arrangement by Share-based Payment Award, Award percentage attained No definition available.
|
X | ||||||||||
- Definition
Award percentage earned based on metric over the performance period. No definition available.
|
X | ||||||||||
- Definition
Percentage of the value of the incentive plan in earned cash. No definition available.
|
X | ||||||||||
- Definition
Incentive Compensation Plan, Threshold Target Award for Granting Stock Award. No definition available.
|
X | ||||||||||
- Definition
Number of performance metrics in restricted shares award type plan. No definition available.
|
X | ||||||||||
- Definition
Percentage of the value of the incentive plan in restriced shares. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
Earnings per Share (Details)
|
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2013
|
Sep. 30, 2012
|
Sep. 30, 2013
|
Sep. 30, 2012
|
|
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 | 231,434 | 289,120 | 176,667 | 164,163 |
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 | 169,241 | 174,101 | 184,065 | 220,937 |
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Defined Benefit Plans - Net Periodic Pension and Postretirement Benefit Costs (Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2013
|
Sep. 30, 2012
|
Sep. 30, 2013
|
Sep. 30, 2012
|
|
Pension Plans, Defined Benefit [Member]
|
||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Service costs | $ 170 | $ 150 | $ 520 | $ 450 |
Interest costs | 410 | 410 | 1,230 | 1,210 |
Expected return on plan assets | (460) | (430) | (1,380) | (1,280) |
Amortization of prior service cost | 0 | 0 | 10 | 10 |
Settlement/curtailment (gain) | 0 | 0 | 0 | 0 |
Amortization of net (gain)/loss | 320 | 260 | 960 | 790 |
Net periodic benefit cost | 440 | 390 | 1,340 | 1,180 |
Other Postretirement Benefit Plans, Defined Benefit [Member]
|
||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Service costs | 0 | 0 | 0 | 0 |
Interest costs | 10 | 20 | 30 | 40 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Amortization of prior service cost | 0 | (70) | 0 | (200) |
Settlement/curtailment (gain) | 0 | (1,490) | 0 | (1,490) |
Amortization of net (gain)/loss | (20) | (20) | (60) | (60) |
Net periodic benefit cost | $ (10) | $ (1,560) | $ (30) | $ (1,710) |
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Defined Benefit Plans - Defined Benefit Plans Narrative (Details) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | 9 Months Ended | |
---|---|---|---|
Sep. 30, 2012
Other Postretirement Benefit Plans, Defined Benefit [Member]
|
Sep. 30, 2013
Pension Plans, Defined Benefit [Member]
|
Sep. 30, 2013
Pension Plans, Defined Benefit [Member]
|
|
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements and Curtailments | $ 1.5 | ||
Defined Benefit Plan, Contributions by Employer | 0.7 | 2.6 | |
Defined Benefit Plan, Estimated Future Employer Contributions in Current Fiscal Year | $ 3.0 |
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
Other Comprehensive Income (Loss), Net Unrealized Gains (Losses) Arising During the Period, Net of Tax No definition available.
|
X | ||||||||||
- Definition
Other Comprehensive income, Net Realized Gains (Losses) to Net Income No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
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Subsequent Event Debt refinancing (Details) (USD $)
In Millions, unless otherwise specified |
Sep. 30, 2013
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Revolving Credit Facility [Member]
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Subsequent Event [Line Items] | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 250.0 |
Senior Secured Term Loan A [Member]
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Subsequent Event [Line Items] | |
Debt Instrument, Face Amount | 200.0 |
Subsequent Event [Member] | Revolving Credit Facility [Member]
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Subsequent Event [Line Items] | |
Line of Credit Facility, Maximum Borrowing Capacity | 575.0 |
Subsequent Event [Member] | Senior Secured Term Loan A [Member]
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Subsequent Event [Line Items] | |
Debt Instrument, Face Amount | $ 175.0 |
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Subsequent Event Acquisition (Details) (USD $)
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3 Months Ended | 9 Months Ended | 3 Months Ended | 12 Months Ended | |||
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Sep. 30, 2013
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Sep. 30, 2012
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Sep. 30, 2013
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Sep. 30, 2012
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Dec. 31, 2013
Business Acquisition, Mac Fasteners [Domain]
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Dec. 31, 2012
Business Acquisition, Mac Fasteners [Domain]
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Sep. 30, 2013
Business Acquisition, Mac Fasteners [Domain]
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Subsequent Event [Line Items] | |||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 56,000,000 | $ 84,600,000 | $ 34,000,000 | ||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | 6,000,000 | ||||||
Revenue, Net | $ 355,620,000 | $ 335,870,000 | $ 1,071,430,000 | $ 971,870,000 | $ 17,500,000 |
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