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Operations and Summary of Significant Accounting Policies (Tables) | 12 Months Ended
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Dec. 31, 2013
Operations and Summary of Significant Accounting Policies |
Summary of financial instruments | (in thousands)
|  | At December 31, |
|  | 2013 |  | 2012 |
|  | $ | 117,571 |  | $ | 76,130 |
Schedule of estimated useful lives over which depreciation of software, machinery and equipment is provided for using accelerated methods |
Software |  | 3 to 5 years |
Machinery and equipment |  | 3 to 10 years |
Reconciliation of basic earnings per share ("EPS") to diluted EPS | (in thousands, except per-share amounts)
|  | Year Ended December 31, |
|  | 2013 |  | 2012 |  | 2011 |
Net income available to common stockholders |  | $ | 50,971 |  | $ | 41,918 |  | $ | 50,900 |
Basic weighted average shares outstanding |  | 48,521 |  | 48,339 |  | 48,974 |
Dilutive effect of potential common stock equivalents — stock options |  | 152 |  | 73 |  | 49 |
Diluted weighted average shares outstanding |  | 48,673 |  | 48,412 |  | 49,023 |
Net earnings per share: |  |  |  |  |  |  |
Basic |  | $ | 1.05 |  | $ | 0.87 |  | $ | 1.04 |
Diluted |  | $ | 1.05 |  | $ | 0.87 |  | $ | 1.04 |
Potentially dilutive securities excluded from earnings per diluted share because their effect is anti-dilutive |  | — |  | 1,700 |  | 1,363 |
Schedule of components of accumulated other comprehensive income | (in thousands)
|  | December 31, |
|  | 2013 |  | 2012 |
Translation adjustments, net of tax of $854 and $883 as of 2013 and 2012, respectively |  | $ | 18,283 |  | $ | 12,342 |
Unamortized pension adjustments, net of tax of $43 and $46 as of 2013 and 2012, respectively |  | (197 | ) | (243 | )
Total accumulated other comprehensive income |  | $ | 18,086 |  | $ | 12,099 |
Schedule of Company's stock-based compensation activity | (in thousands)
|  | Years Ended December 31, |
|  | 2013 |  | 2012 |  | 2011 |
Stock-based compensation expense recognized in operating expenses |  | $ | 12,053 |  | $ | 10,205 |  | $ | 6,133 |
Tax benefit of stock-based compensation expense in provision for income taxes |  | 4,225 |  | 3,610 |  | 2,261 |
Stock-based compensation expense, net of tax |  | $ | 7,828 |  | $ | 6,595 |  | $ | 3,872 |
Fair value of shares vested |  | $ | 12,090 |  | $ | 10,195 |  | $ | 6,194 |
Proceeds to the Company from the exercise of stock-based compensation |  | $ | 15,057 |  | $ | 4,925 |  | $ | 214 |
Tax benefit from exercise of stock-based compensation, including shortfall tax benefits |  | $ | (2,645 | ) | $ | (233 | ) | $ | (1,554 | )
(in thousands)
|  | At December 31, |
|  | 2013 |  | 2012 |  | 2011 |
Stock-based compensation cost capitalized in inventory |  | $ | 374 |  | $ | 335 |  | $ | 345 |
Schedule of margin by which the reporting units passed the annual goodwill impairment test |
|  |  |  |  |  |  |  | Pre-Tax |
|  | Step 1 |  | Discount |  |  |  | Operating |
|  | Pass |  | Rate (1) |  | CAGR (2) |  | Margin (3) |
|  | Margin |  | Increases |  | Decreases |  | Decreases |
S&P Clever |  | 9 | % | 7 | % | 6 | % | 10 | %
France |  | 10 | % | 13 | % | 19 | % | 15 | %
Australia |  | 4 | % | 2 | % | 2 | % | 6 | %
(1) Hypothetical percentage increases noted in the discount rates, holding all other assumptions constant, would not have decreased the fair values of the reporting units below their carrying values, and thus it would not result in the reporting unit failing Step 1 of the goodwill impairment test. (2) Hypothetical percentage decreases noted in the CAGR, holding all other assumptions constant, would not have decreased the fair values of the reporting units below their carrying values. (3) Hypothetical annual average percentage decreases noted in average annual pre-tax operating margins, holding all other assumptions constant, would not have decreased the fair value of the reporting units below their carrying values.
Schedule of changes in the carrying amount of goodwill, by segment | (in thousands)
|  | North |  |  |  | Asia |  |  |
|  | America |  | Europe |  | Pacific |  | Total |
Balance as of January 1, 2012: |  |  |  |  |  |  |  |  |
Goodwill |  | $ | 84,567 |  | $ | 34,538 |  | $ | 1,948 |  | $ | 121,053 |
Accumulated impairment losses |  | (10,666 | ) | (10,538 | ) | — |  | (21,204 | )
|  | 73,901 |  | 24,000 |  | 1,948 |  | 99,849 |
Goodwill acquired |  | 3,581 |  | 19,245 |  | — |  | 22,826 |
Foreign exchange |  | 101 |  | 364 |  | 31 |  | 496 |
Impairment |  | — |  | (2,346 | ) | — |  | (2,346 | )
Reclassifications (1) |  | 1,156 |  | — |  | — |  | 1,156 |
Balance as of December 31, 2012: |  |  |  |  |  |  |  |  |
Goodwill |  | 89,405 |  | 54,147 |  | 1,979 |  | 145,531 |
Accumulated impairment losses |  | (10,666 | ) | (12,884 | ) | — |  | (23,550 | )
|  | 78,739 |  | 41,263 |  | 1,979 |  | 121,981 |
Goodwill acquired |  | 918 |  | 674 |  | — |  | 1,592 |
Goodwill disposed |  | (480 | ) | — |  | — |  | (480 | )
Foreign exchange |  | (248 | ) | 1,393 |  | (273 | ) | 872 |
Impairment |  | — |  | — |  | — |  | — |
Reclassifications (2) |  | 5,893 |  | (640 | ) | — |  | 5,253 |
Balance as of December 31, 2013: |  |  |  |  |  |  |  |  |
Goodwill |  | 95,488 |  | 55,574 |  | 1,706 |  | 152,768 |
Accumulated impairment losses |  | (10,666 | ) | (12,884 | ) | — |  | (23,550 | )
|  | $ | 84,822 |  | $ | 42,690 |  | $ | 1,706 |  | $ | 129,218 |
(1)(2) See footnotes following table entitled Indefinite-Lived Intangibles, below.
Schedule of changes in the carrying amounts of finite-lived intangible assets subject to amortization | (in thousands)
|  | Gross |  |  |  | Net |
|  | Carrying |  | Accumulated |  | Carrying |
Patents |  | Amount |  | Amortization |  | Amount |
Balance at January 1, 2012 |  | $ | 6,681 |  | $ | (4,767 | ) | $ | 1,914 |
Amortization |  | — |  | (610 | ) | (610 | )
Foreign exchange |  | 3 |  | — |  | 3 |
Balance at December 31, 2012 |  | 6,684 |  | (5,377 | ) | 1,307 |
Amortization |  | — |  | (611 | ) | (611 | )
Foreign exchange |  | 5 |  | — |  | 5 |
Balance at December 31, 2013 |  | $ | 6,689 |  | $ | (5,988 | ) | $ | 701 |
|  | Gross |  |  |  | Net |
|  | Carrying |  | Accumulated |  | Carrying |
Unpatented Technology |  | Amount |  | Amortization |  | Amount |
Balance at January 1, 2012 |  | $ | 4,129 |  | $ | (1,395 | ) | $ | 2,734 |
Amortization |  | — |  | (622 | ) | (622 | )
Foreign exchange |  | 32 |  | — |  | 32 |
Reclassifications (3) |  | 1,200 |  | — |  | 1,200 |
Balance at December 31, 2012 |  | 5,361 |  | (2,017 | ) | 3,344 |
Disposals |  | (1,530 | ) | 158 |  | (1,372 | )
Amortization |  | — |  | (3,398 | ) | (3,398 | )
Foreign exchange |  | 799 |  | — |  | 799 |
Reclassifications (4) |  | 14,347 |  | — |  | 14,347 |
Balance at December 31, 2013 |  | $ | 18,977 |  | $ | (5,257 | ) | $ | 13,720 |
|  | Gross |  |  |  | Net |
Non-Compete Agreements, |  | Carrying |  | Accumulated |  | Carrying |
Trademarks and Other |  | Amount |  | Amortization |  | Amount |
Balance at January 1, 2012 |  | $ | 16,276 |  | (5,361 | ) | 10,915 |
Acquisition |  | 32,355 |  | — |  | 32,355 |
Disposal |  | (2,212 | ) | 1,628 |  | (584 | )
Amortization |  | — |  | (4,309 | ) | (4,309 | )
Foreign exchange |  | (2 | ) | — |  | (2 | )
Reclassifications (1)(3)(5) |  | (4,426 | ) | — |  | (4,426 | )
Removal of fully amortized asset |  | (5,040 | ) | 5,040 |  | — |
Balance at December 31, 2012 |  | 36,951 |  | (3,002 | ) | 33,949 |
Acquisition |  | 4,130 |  | — |  | 4,130 |
Disposal |  | (200 | ) | 74 |  | (126 | )
Amortization |  | — |  | (636 | ) | (636 | )
Foreign exchange |  | (728 | ) | — |  | (728 | )
Reclassifications (2)(4)(6)(7) |  | (26,588 | ) | — |  | (26,588 | )
Removal of fully amortized asset |  | (10 | ) | 10 |  | — |
Balance at December 31, 2013 |  | $ | 13,555 |  | $ | (3,554 | ) | $ | 10,001 |
|  | Gross |  |  |  | Net |
|  | Carrying |  | Accumulated |  | Carrying |
Customer Relationships |  | Amount |  | Amortization |  | Amount |
Balance at January 1, 2012 |  | $ | 18,940 |  | (6,647 | ) | 12,293 |
Amortization |  | — |  | (2,052 | ) | (2,052 | )
Foreign exchange |  | 57 |  | — |  | 57 |
Reclassifications (5) |  | 1,700 |  | — |  | 1,700 |
Balance at December 31, 2012 |  | 20,697 |  | (8,699 | ) | 11,998 |
Amortization |  | — |  | (2,465 | ) | (2,465 | )
Foreign exchange |  | 229 |  | — |  | 229 |
Reclassifications (6) |  | 1,923 |  | — |  | 1,923 |
Balance at December 31, 2013 |  | $ | 22,849 |  | $ | (11,164 | ) | $ | 11,685 |
(1)(2)(3)(4)(5)(6)(7) See footnotes following table entitled Indefinite-Lived Intangibles, below.
Schedule of estimated future amortization of intangible assets | At December 31, 2013, estimated future amortization of intangible assets was as follows: (in thousands)
2014 |  | $ | 7,078 |
2015 |  | 6,162 |
2016 |  | 5,905 |
2017 |  | 3,953 |
2018 |  | 3,059 |
Thereafter |  | 9,950 |
|  | $ | 36,107 |
Schedule of changes in the carrying amounts of indefinite-lived trade name and IPR&D assets not subject to amortization |
|  |  |  |  |  | Net |
|  |  |  |  |  | Carrying |
Indefinite-Lived Intangibles |  | Trade Name |  | IPR&D |  | Amount |
Balance at December 31, 2012 |  | $ | — |  | $ | — |  | $ | — |
Reclassifications (7) |  | 616 |  | 4,742 |  | 5,358 |
Foreign exchange |  | — |  | 308 |  | 308 |
Balance at December 31, 2013 |  | $ | 616 |  | $ | 5,050 |  | $ | 5,666 |
(1) Reclassifications in 2012 related to finalizing accounting for acquisitions, including a $1.7 million increase to goodwill with a corresponding decrease in non-compete agreements, trademarks and other related to the Automatic Stamping acquisition, partly offset by $0.5 million decrease to goodwill with a corresponding increase in other noncurrent assets non-compete agreements, trademarks and other related to the Fox Industries acquisition. (2) Revisions related to the Keymark acquisition included a $5.9 million increase in goodwill with a corresponding decrease in non-compete agreements, trademarks and other. (3) Reclassifications in 2012 related to finalizing accounting for acquisitions, including a $1.2 million increase to unpatented technology with a corresponding decrease in non-compete agreements, trademarks and other related to the Keymark acquisition. (4) Reclassifications in 2013 related to finalizing accounting for acquisitions, including increases of $12.8 million and $1.5 million related to the S&P Clever and CarbonWrap acquisitions, respectively, with a corresponding decrease in non-compete agreements, trademarks and other. (5) Reclassifications in 2012 related to finalizing accounting for acquisitions, including increases of $1.3 million and $0.4 million to customer relations related to the Fox Industries and Automatic Stamping acquisitions, respectively, with a corresponding decrease in non-compete agreements, trademarks and other. (6) Reclassifications in 2013 related to finalizing accounting for acquisitions, including a $1.9 million increase to customer relations related to the S&P Clever acquisition with a corresponding decrease in non-compete agreements, trademarks and other. (7) Reclassifications in 2013 related to finalizing accounting for the S&P Clever acquisition, including increases to IPR&D indefinite-lived assets as well as the reclassification of the Quik-Drive trade name from other non-current assets.
Schedule of amortizable and indefinite-lived assets, net, by segment |
|  | At December 31, 2012 |
|  | Gross |  |  |  | Net |
|  | Carrying |  | Accumulated |  | Carrying |
Total Intangible Assets |  | Amount |  | Amortization |  | Amount |
North America |  | $ | 37,992 |  | $ | (12,012 | ) | $ | 25,980 |
Europe |  | 31,701 |  | (7,083 | ) | 24,618 |
Total |  | $ | 69,693 |  | $ | (19,095 | ) | $ | 50,598 |
|  | At December 31, 2013 |
|  | Gross |  |  |  | Net |
|  | Carrying |  | Accumulated |  | Carrying |
Total Intangible Assets |  | Amount |  | Amortization |  | Amount |
North America |  | $ | 34,520 |  | $ | (15,909 | ) | $ | 18,611 |
Europe |  | 33,217 |  | (10,055 | ) | 23,162 |
Total |  | $ | 67,737 |  | $ | (25,964 | ) | $ | 41,773

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