XML 83 R27.htm IDEA: XBRL DOCUMENT v2.4.1.9
Operations and Summary of Significant Accounting Policies (Tables)
 12 Months Ended
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)    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
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