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Operations and Summary of Significant Accounting Policies (Tables) | 12 Months Ended
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Dec. 31, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Summary of financial instruments | The balance of the Company’s primary financial instruments was as follows: (in thousands)
| At December 31,
| 2014 | 2013
| $ | 99,024 |  | $ | 117,571 |
Schedule of estimated useful lives over which depreciation of software, machinery and equipment is provided for using accelerated methods | Depreciation of software, machinery and equipment is provided using accelerated methods over the following estimated useful lives:
Software | 3 to 5 years
Machinery and equipment | 3 to 10 years
Reconciliation of basic earnings per share ("EPS") to diluted EPS | The following shows a reconciliation of basic earnings per share (“EPS”) to diluted EPS: (in thousands, except per-share amounts)
| Year Ended December 31,
| 2014 |  | 2013 |  | 2012
Net income available to common stockholders | $ | 63,531 |  |  | $ | 50,971 |  |  | $ | 41,918 |
Basic weighted average shares outstanding | 48,977 |  |  | 48,521 |  |  | 48,339 |
Dilutive effect of potential common stock equivalents — stock options | 217 |  |  | 152 |  |  | 73 |
Diluted weighted average shares outstanding | 49,194 |  |  | 48,673 |  |  | 48,412 |
Net earnings per share: |  |  |  |  |  |  |  |
Basic | $ | 1.30 |  |  | $ | 1.05 |  |  | $ | 0.87 |
Diluted | $ | 1.29 |  |  | $ | 1.05 |  |  | $ | 0.87 |
Potentially dilutive securities excluded from earnings per diluted share because their |  |  |  |  |
effect is anti-dilutive | — |  |  | — |  |  | 1,700 |
Schedule of components of accumulated other comprehensive income | The following shows the components of accumulated other comprehensive income as of December 31, 2014 and 2013: (in thousands)
| Foreign Currency Translation |  | Pension Benefit |  | Total
Balance, January 1, 2012 | $ | 6,783 |  |  | $ | — |  |  | $ | 6,783 |
Other comprehensive income net of tax of $33 and $46, respectively | 5,559 |  |  | (243 | ) |  | 5,316 |
Balance, December 31, 2012 | 12,342 |  |  | (243 | ) |  | 12,099 |
Other comprehensive income before reclassification net of tax benefit (expense) of $29 and ($3), respectively | 3,147 |  |  | 46 |  |  | 3,193 |
Amounts reclassified from accumulative other comprehensive income, net of $0 tax | 2,794 |  |  |  |  |  | 2,794 |
Balance, December 31, 2013 | 18,283 |  |  | (197 | ) |  | 18,086 |
Other comprehensive loss net of tax benefit (expense) of ($63) and $67, respectively | (24,896 | ) |  | (370 | ) |  | (25,266 | )
Balance, December 31, 2014 | $ | (6,613 | ) |  | $ | (567 | ) |  | $ | (7,180 | )
Schedule of Company's stock-based compensation activity | The following table shows the Company’s stock-based compensation activity for the years ended December 31, 2014, 2013, and 2012: (in thousands)
| Years Ended December 31,
| 2014 |  | 2013 |  | 2012
Stock-based compensation expense recognized in operating expenses | $ | 12,299 |  |  | $ | 12,053 |  |  | $ | 10,205 |
Tax benefit of stock-based compensation expense in provision for income taxes | 4,384 |  |  | 4,225 |  |  | 3,610 |
Stock-based compensation expense, net of tax | $ | 7,915 |  |  | $ | 7,828 |  |  | $ | 6,595 |
Fair value of shares vested | $ | 12,354 |  |  | $ | 12,090 |  |  | $ | 10,195 |
Proceeds to the Company from the exercise of stock-based compensation | $ | 4,582 |  |  | $ | 15,057 |  |  | $ | 4,925 |
Tax benefit from exercise of stock-based compensation, including shortfall tax benefits | $ | (268 | ) |  | $ | (2,645 | ) |  | $ | (233 | )
(in thousands)
| At December 31,
| 2014 |  | 2013 |  | 2012
Stock-based compensation cost capitalized in inventory | $ | 559 |  |  | $ | 463 |  |  | $ | 417 |
Schedule of changes in the carrying amount of goodwill, by segment | The changes in the carrying amount of goodwill, by segment, as of December 31, 2013 and 2014, were as follows: (in thousands)
| North America |  | Europe |  | Asia Pacific |  | Total
Balance as of January 1, 2013: |  |  |  |  |  |  |  |  |  |  |
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 |
Reclassifications (1) | 5,893 |  |  | (640 | ) |  | — |  |  | 5,253 |
Balance as of December 31, 2013: |  |  |  |  |  |  |  |  |  | 0 |
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 |
Foreign exchange | (296 | ) |  | (4,293 | ) |  | (139 | ) |  | (4,728 | )
Impairment | — |  |  | (530 | ) |  | — |  |  | (530 | )
Reclassifications (2) | — |  |  | (79 | ) |  | — |  |  | (79 | )
Balance as of December 31, 2014: |  |  |  |  |  |  |  |  |  | 0 |
Goodwill | 95,192 |  |  | 51,202 |  |  | 1,567 |  |  | 147,961 |
Accumulated impairment losses | (10,666 | ) |  | (13,414 | ) |  | — |  |  | (24,080 | )
| $ | 84,526 |  |  | $ | 37,788 |  |  | $ | 1,567 |  |  | $ | 123,881 |
(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 | The changes in the carrying amounts of patents, unpatented technologies, customer relationships and non-compete agreements and other intangible assets subject to amortization as of December 31, 2013, and 2014 were as follows: (in thousands)
| Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount
Patents |  |
Balance at January 1, 2013 | $ | 6,684 |  |  | $ | (5,377 | ) |  | $ | 1,307 |
Amortization | — |  |  | (611 | ) |  | (611 | )
Foreign exchange | 5 |  |  | — |  |  | 5 |
Balance, at December 31, 2013 | 6,689 |  |  | (5,988 | ) |  | 701 |
Amortization | — |  |  | (506 | ) |  | (506 | )
Removal of fully amortized assets | (4,917 | ) |  | 4,917 |  |  | — |
Foreign exchange | (14 | ) |  | — |  |  | (14 | )
Balance at December 31, 2014 | $ | 1,758 |  |  | $ | (1,577 | ) |  | $ | 181 |
| Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount
Unpatented Technology |  |
Balance at January 1, 2013 | $ | 5,361 |  |  | $ | (2,017 | ) |  | $ | 3,344 |
Disposals | (1,530 | ) |  | 158 |  |  | (1,372 | )
Amortization | — |  |  | (3,398 | ) |  | (3,398 | )
Reclassifications (3) | 14,347 |  |  | — |  |  | 14,347 |
Foreign exchange | 799 |  |  | — |  |  | 799 |
Balance, at December 31, 2013 | 18,977 |  |  | (5,257 | ) |  | 13,720 |
Amortization | — |  |  | (2,408 | ) |  | (2,408 | )
Reclassifications (4) | 5,299 |  |  | $ | — |  |  | 5,299 |
Foreign exchange | (1,479 | ) |  |  |  | (1,479 | )
Balance at December 31, 2014 | $ | 22,797 |  |  | $ | (7,665 | ) |  | $ | 15,132 |
| Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount
Non-Compete Agreements, Trademarks and Other |  |
Balance at January 1, 2013 | $ | 36,951 |  |  | (3,002 | ) |  | 33,949 |
Acquisition | 4,130 |  |  | — |  |  | 4,130 |
Disposal | (200 | ) |  | 74 |  |  | (126 | )
Amortization | — |  |  | (636 | ) |  | (636 | )
Foreign exchange | (728 | ) |  | — |  |  | (728 | )
Reclassifications (1)(3)(5)(6) | (26,588 | ) |  | — |  |  | (26,588 | )
Removal of fully amortized assets | (10 | ) |  | 10 |  |  | — |
Balance, at December 31, 2013 | 13,555 |  |  | (3,554 | ) |  | 10,001 |
Acquisition | 100 |  |  | — |  |  | 100 |
Amortization | — |  |  | (2,020 | ) |  | (2,020 | )
Foreign exchange | (62 | ) |  | — |  |  | (62 | )
Reclassifications (2)(4) | (2,554 | ) |  | — |  |  | (2,554 | )
Removal of fully amortized asset | (200 | ) |  | 200 |  |  | — |
Balance at December 31, 2014 | $ | 10,839 |  |  | $ | (5,374 | ) |  | $ | 5,465 |
| Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount
Customer Relationships |  |
Balance at January 1, 2013 | $ | 20,697 |  |  | (8,699 | ) |  | 11,998 |
Amortization | — |  |  | (2,465 | ) |  | (2,465 | )
Foreign exchange | 229 |  |  | — |  |  | 229 |
Reclassifications (5) | 1,923 |  |  | — |  |  | 1,923 |
Balance, at December 31, 2013 | 22,849 |  |  | (11,164 | ) |  | 11,685 |
Amortization | — |  |  | (2,225 | ) |  | (2,225 | )
Removal of fully amortized assets | (1,718 | ) |  | 1,718 |  |  | — |
Reclassifications (2)(6) | 658 |  |  | — |  |  | 658 |
Foreign exchange | (443 | ) |  | — |  |  | (443 | )
Balance at December 31, 2014 | $ | 21,346 |  |  | $ | (11,671 | ) |  | $ | 9,675 |
(1)(2)(3)(4)(5)(6) See footnotes following table entitled Indefinite-Lived Intangibles, below.
Schedule of estimated future amortization of intangible assets | At December 31, 2014, estimated future amortization of intangible assets was as follows: (in thousands)
2015 | $ | 6,090 |
2016 | 5,848 |
2017 | 4,105 |
2018 | 3,136 |
2019 | 3,107 |
Thereafter | 8,167 |
| $ | 30,453 |
Schedule of changes in the carrying amounts of indefinite-lived trade name and IPR&D assets not subject to amortization | The changes in the carrying amounts of indefinite-lived trade name and IPR&D assets not subject to amortization as of December 31, 2013 and 2014, were as follows:
|  |  |  |  | Net Carrying
Indefinite-Lived Intangibles | Trade Name |  | IPR&D |  | Amount
Balance, at December 31, 2012 | $ | — |  |  | $ | — |  |  | $ | — |
Reclassifications (6) | $ | 616 |  |  | $ | 4,742 |  |  | $ | 5,358 |
Foreign exchange | $ | — |  |  | $ | 308 |  |  | $ | 308 |
Balance, at December 31, 2013 | $ | 616 |  |  | $ | 5,050 |  |  | $ | 5,666 |
Reclassifications (4) | — |  |  | (3,349 | ) |  | (3,349 | )
Foreign exchange | — |  |  | (183 | ) |  | (183 | )
Balance at December 31, 2014 | $ | 616 |  |  | $ | 1,518 |  |  | $ | 2,134 |
(1) 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. (2) Reclassifications in 2014 of $0.6 million to customer relationships related to finalizing accounting for the Bierbach acquisitions, with a corresponding $0.5 million decrease in non-compete agreements, trademarks and other; and $0.1 million decrease in goodwill. (3) 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.
(4) | Reclassification in 2014 of $3.3 million to unpatented technology for substantially completed IPR&D, with a corresponding reduction in indefinite-lived IPR&D and of $2.0 million to unpatented technology related to TJ® ShearBrace (“ShearBrace”), with a corresponding decrease in non-compete agreements, trademarks and other.
(5) 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. (6) R eclassifications 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 | Amortizable and indefinite-lived assets, net, by segment were as follows:
| December 31, 2013
| Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount
Total Intangible Assets |  |
North America | $ | 34,520 |  |  | $ | (15,909 | ) |  | $ | 18,611 |
Europe | 33,217 |  |  | (10,055 | ) |  | 23,162 |
Total | $ | 67,737 |  |  | $ | (25,964 | ) |  | $ | 41,773 |
| At December 31, 2014
| Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount
Total Intangible Assets |  |
North America | $ | 29,455 |  |  | $ | (14,719 | ) |  | $ | 14,736 |
Europe | 29,419 |  |  | (11,568 | ) |  | 17,851 |
Total | $ | 58,874 |  |  | $ | (26,287 | ) |  | $ | 32,587 |

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