\u00a0 | Years | |
Buildings | 25-40 | |
Land improvements | 20 | |
Machinery and equipment | 5-20 | |
Furniture and fixtures | 5-10 |
\u00a0 | Years |
Trade name | 5-20 |
Technology and know-how | 5-14 |
Customer related intangible | 5-15 |
\u00a0 | Years | |
Buildings | 25-40 | |
Land improvements | 20 | |
Machinery and equipment | 5-20 | |
Furniture and fixtures | 5-10 |
\u00a0 | Years | |
Buildings | 25-40 | |
Land improvements | 20 | |
Machinery and equipment | 5-20 | |
Furniture and fixtures | 5-10 |
\u00a0 | Years |
Trade name | 5-20 |
Technology and know-how | 5-14 |
Customer related intangible | 5-15 |
\u00a0 | Years |
Trade name | 5-20 |
Technology and know-how | 5-14 |
Customer related intangible | 5-15 |
For the Year Ended December 31, 2019 | For the Year Ended December 31, 2018 | ||||||
(Dollars in thousands) | |||||||
Graphite Electrodes - Three- to five-year take-or-pay contracts | $ | 1,437,354 | $ | 1,341,557 | |||
Graphite Electrodes - Short-term agreements and spot sales | 260,979 | 395,928 | |||||
By-products and other | 92,460 | 158,425 | |||||
Total Revenues | $ | 1,790,793 | $ | 1,895,910 |
Current deferred revenue | Long-Term deferred revenue | ||||||
(Dollars in thousands) | |||||||
Balance as of December 31, 2017 | $ | 20,784 | $ | \u2014 | |||
Increases due to cash received | 15,548 | 8,241 | |||||
Revenue recognized | (30,803 | ) | \u2014 | ||||
Foreign currency impact | (149 | ) | (525 | ) | |||
Balance as of December 31, 2018 | 5,380 | 7,716 | |||||
Increases due to cash received | 7,961 | \u2014 | |||||
Revenue recognized | (4,678 | ) | \u2014 | ||||
Revision of estimates | \u2014 | (694 | ) | ||||
Reclassification between long-term and current | 3,042 | (3,042 | ) | ||||
Foreign currency impact | 71 | (122 | ) | ||||
Balance as of December 31, 2019 | $ | 11,776 | $ | 3,858 |
Three- to five-year take-or-pay contracts | |||
(Dollars in thousands) | |||
2020 | $ | 1,251,093 | |
2021 | 1,211,036 | ||
2022 | 1,144,574 | ||
2023 and thereafter | 29,461 | ||
Total | $ | 3,636,164 |
For the Year Ended December 31, 2019 | For the Year Ended December 31, 2018 | ||||||
(Dollars in thousands) | |||||||
Graphite Electrodes - Three- to five-year take-or-pay contracts | $ | 1,437,354 | $ | 1,341,557 | |||
Graphite Electrodes - Short-term agreements and spot sales | 260,979 | 395,928 | |||||
By-products and other | 92,460 | 158,425 | |||||
Total Revenues | $ | 1,790,793 | $ | 1,895,910 |
Current deferred revenue | Long-Term deferred revenue | ||||||
(Dollars in thousands) | |||||||
Balance as of December 31, 2017 | $ | 20,784 | $ | \u2014 | |||
Increases due to cash received | 15,548 | 8,241 | |||||
Revenue recognized | (30,803 | ) | \u2014 | ||||
Foreign currency impact | (149 | ) | (525 | ) | |||
Balance as of December 31, 2018 | 5,380 | 7,716 | |||||
Increases due to cash received | 7,961 | \u2014 | |||||
Revenue recognized | (4,678 | ) | \u2014 | ||||
Revision of estimates | \u2014 | (694 | ) | ||||
Reclassification between long-term and current | 3,042 | (3,042 | ) | ||||
Foreign currency impact | 71 | (122 | ) | ||||
Balance as of December 31, 2019 | $ | 11,776 | $ | 3,858 |
Three- to five-year take-or-pay contracts | |||
(Dollars in thousands) | |||
2020 | $ | 1,251,093 | |
2021 | 1,211,036 | ||
2022 | 1,144,574 | ||
2023 and thereafter | 29,461 | ||
Total | $ | 3,636,164 |
2019 | 2018 | 2017 | ||||||
Award type: | ||||||||
\u00a0\u00a0\u00a0\u00a0Stock options | 229,250 | 979,790 | \u2014 | |||||
\u00a0\u00a0\u00a0\u00a0Deferred share units | 31,829 | 42,243 | \u2014 | |||||
\u00a0\u00a0\u00a0\u00a0Restricted stock units | 260,640 | 6,740 | \u2014 |
Number of Shares | Weighted- Average Grant Date Fair Value | ||||||
Outstanding unvested as of December 31, 2018 | 27,570 | $ | 12.88 | ||||
\u00a0\u00a0\u00a0\u00a0Granted | 292,469 | 12.72 | |||||
\u00a0\u00a0\u00a0\u00a0Cancelled | (6,084 | ) | 13.36 | ||||
\u00a0\u00a0\u00a0\u00a0Vested | (31,239 | ) | 12.30 | ||||
Outstanding unvested as of December 31, 2019 | 282,716 | $ | 12.83 |
For the Year Ended December\u00a031,2019 | For the Year Ended December\u00a031,2018 | ||||
Dividend yield | 2.39% - 3.05% | 1.70% - 2.27% | |||
Expected volatility | 50 | % | 45 | % | |
Risk-free interest rate | 1.79% - 2.63% | 2.84% - 2.98% | |||
Expected term in years | 6.5 years | 6.5 years |
\u00a0 | Options Outstanding | Options Exercisable | ||||||||||||||
Range of Exercise Prices | Number Outstanding | Weighted Average Remaining Contractual Life in Years | Weighted Average Exercise Prices | Number Exercisable | Weighted Average Exercise Prices | |||||||||||
$11.14 | - | $20.00 | 1,113,480 | 8.5 | $15.17 | 181,822 | $ | 15.73 |
Number of Shares | Weighted- Average Exercise Price | ||||||
Outstanding unvested as of December 31, 2018 | 968,720 | $ | 15.68 | ||||
\u00a0\u00a0\u00a0\u00a0Granted | 229,250 | 12.90 | |||||
\u00a0\u00a0\u00a0\u00a0Vested | (188,810 | ) | 15.70 | ||||
\u00a0\u00a0\u00a0\u00a0Forfeited | (77,502 | ) | 14.87 | ||||
Outstanding unvested as of December 31, 2019 | 931,658 | $ | 15.06 |
2019 | 2018 | 2017 | ||||||
Award type: | ||||||||
\u00a0\u00a0\u00a0\u00a0Stock options | 229,250 | 979,790 | \u2014 | |||||
\u00a0\u00a0\u00a0\u00a0Deferred share units | 31,829 | 42,243 | \u2014 | |||||
\u00a0\u00a0\u00a0\u00a0Restricted stock units | 260,640 | 6,740 | \u2014 |
Number of Shares | Weighted- Average Grant Date Fair Value | ||||||
Outstanding unvested as of December 31, 2018 | 27,570 | $ | 12.88 | ||||
\u00a0\u00a0\u00a0\u00a0Granted | 292,469 | 12.72 | |||||
\u00a0\u00a0\u00a0\u00a0Cancelled | (6,084 | ) | 13.36 | ||||
\u00a0\u00a0\u00a0\u00a0Vested | (31,239 | ) | 12.30 | ||||
Outstanding unvested as of December 31, 2019 | 282,716 | $ | 12.83 |
Number of Shares | Weighted- Average Exercise Price | ||||||
Outstanding unvested as of December 31, 2018 | 968,720 | $ | 15.68 | ||||
\u00a0\u00a0\u00a0\u00a0Granted | 229,250 | 12.90 | |||||
\u00a0\u00a0\u00a0\u00a0Vested | (188,810 | ) | 15.70 | ||||
\u00a0\u00a0\u00a0\u00a0Forfeited | (77,502 | ) | 14.87 | ||||
Outstanding unvested as of December 31, 2019 | 931,658 | $ | 15.06 |
For the Year Ended December\u00a031,2019 | For the Year Ended December\u00a031,2018 | ||||
Dividend yield | 2.39% - 3.05% | 1.70% - 2.27% | |||
Expected volatility | 50 | % | 45 | % | |
Risk-free interest rate | 1.79% - 2.63% | 2.84% - 2.98% | |||
Expected term in years | 6.5 years | 6.5 years |
\u00a0 | Options Outstanding | Options Exercisable | ||||||||||||||
Range of Exercise Prices | Number Outstanding | Weighted Average Remaining Contractual Life in Years | Weighted Average Exercise Prices | Number Exercisable | Weighted Average Exercise Prices | |||||||||||
$11.14 | - | $20.00 | 1,113,480 | 8.5 | $15.17 | 181,822 | $ | 15.73 |
2019 | 2018 | 2017 | |||||||||
\u00a0 | (Dollars in thousands) | ||||||||||
Net sales: | |||||||||||
United States | $ | 403,916 | $ | 429,599 | $ | 103,890 | |||||
Americas (excluding the United States) | 348,670 | 367,561 | 129,103 | ||||||||
Asia Pacific | 172,439 | 131,578 | 46,329 | ||||||||
Europe, Middle East, Africa | 865,768 | 967,172 | 271,449 | ||||||||
Total | $ | 1,790,793 | $ | 1,895,910 | $ | 550,771 |
\u00a0 | At December\u00a031, | ||||||
2019 | 2018 | ||||||
(Dollars in thousands) | |||||||
Long-lived assets (a): | |||||||
United States | $ | 174,307 | $ | 169,301 | |||
Mexico | 141,621 | 146,790 | |||||
Brazil | 5,694 | 3,320 | |||||
France | 88,514 | 91,022 | |||||
Spain | 102,577 | 103,121 | |||||
Other countries | 307 | 151 | |||||
Total | $ | 513,020 | $ | 513,705 |
2019 | 2018 | 2017 | |||||||||
\u00a0 | (Dollars in thousands) | ||||||||||
Net sales: | |||||||||||
United States | $ | 403,916 | $ | 429,599 | $ | 103,890 | |||||
Americas (excluding the United States) | 348,670 | 367,561 | 129,103 | ||||||||
Asia Pacific | 172,439 | 131,578 | 46,329 | ||||||||
Europe, Middle East, Africa | 865,768 | 967,172 | 271,449 | ||||||||
Total | $ | 1,790,793 | $ | 1,895,910 | $ | 550,771 |
\u00a0 | At December\u00a031, | ||||||
2019 | 2018 | ||||||
(Dollars in thousands) | |||||||
Long-lived assets (a): | |||||||
United States | $ | 174,307 | $ | 169,301 | |||
Mexico | 141,621 | 146,790 | |||||
Brazil | 5,694 | 3,320 | |||||
France | 88,514 | 91,022 | |||||
Spain | 102,577 | 103,121 | |||||
Other countries | 307 | 151 | |||||
Total | $ | 513,020 | $ | 513,705 |
As of December 31, 2019 | As of December 31, 2018 | ||||||
\u00a0 | (Dollars in thousands) | ||||||
2018 Credit Facility (2018 Term Loan and 2018 Revolving Facility) | $ | 1,812,204 | $ | 2,155,883 | |||
Other Debt | 619 | 751 | |||||
Total Debt | 1,812,823 | 2,156,634 | |||||
Less: Short-term Debt | (141 | ) | (106,323 | ) | |||
Long-term Debt | $ | 1,812,682 | $ | 2,050,311 |
As of December 31, 2019 | As of December 31, 2018 | ||||||
\u00a0 | (Dollars in thousands) | ||||||
2018 Credit Facility (2018 Term Loan and 2018 Revolving Facility) | $ | 1,812,204 | $ | 2,155,883 | |||
Other Debt | 619 | 751 | |||||
Total Debt | 1,812,823 | 2,156,634 | |||||
Less: Short-term Debt | (141 | ) | (106,323 | ) | |||
Long-term Debt | $ | 1,812,682 | $ | 2,050,311 |
\u00a0 | Total | ||
(Dollars\u00a0in\u00a0Thousands) | |||
Balance as of December 31, 2017 | $ | 171,117 | |
\u00a0\u00a0\u00a0Adjustments | \u2014 | ||
Balance as of December 31, 2018 | 171,117 | ||
\u00a0\u00a0\u00a0Adjustments | \u2014 | ||
Balance as of December 31, 2019 | $ | 171,117 |
\u00a0 | As of December 31, 2019 | As of December 31, 2018 | |||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | ||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||
Trade name | $ | 22,500 | $ | (9,861 | ) | $ | 12,639 | $ | 22,500 | $ | (7,721 | ) | $ | 14,779 | |||||||||
Technology\u00a0and know-how | 55,300 | (29,112 | ) | 26,188 | 55,300 | (23,503 | ) | 31,797 | |||||||||||||||
Customer\u00a0related\u00a0intangible | 64,500 | (19,473 | ) | 45,027 | 64,500 | (15,070 | ) | 49,430 | |||||||||||||||
Total finite-lived intangible assets | $ | 142,300 | $ | (58,446 | ) | $ | 83,854 | $ | 142,300 | $ | (46,294 | ) | $ | 96,006 |
\u00a0 | Total | ||
(Dollars\u00a0in\u00a0Thousands) | |||
Balance as of December 31, 2017 | $ | 171,117 | |
\u00a0\u00a0\u00a0Adjustments | \u2014 | ||
Balance as of December 31, 2018 | 171,117 | ||
\u00a0\u00a0\u00a0Adjustments | \u2014 | ||
Balance as of December 31, 2019 | $ | 171,117 |
\u00a0 | As of December 31, 2019 | As of December 31, 2018 | |||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | ||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||
Trade name | $ | 22,500 | $ | (9,861 | ) | $ | 12,639 | $ | 22,500 | $ | (7,721 | ) | $ | 14,779 | |||||||||
Technology\u00a0and know-how | 55,300 | (29,112 | ) | 26,188 | 55,300 | (23,503 | ) | 31,797 | |||||||||||||||
Customer\u00a0related\u00a0intangible | 64,500 | (19,473 | ) | 45,027 | 64,500 | (15,070 | ) | 49,430 | |||||||||||||||
Total finite-lived intangible assets | $ | 142,300 | $ | (58,446 | ) | $ | 83,854 | $ | 142,300 | $ | (46,294 | ) | $ | 96,006 |
\u00a0 | For the Year Ended December 31 | ||||||||||
2019 | 2018 | 2017 | |||||||||
\u00a0 | (Dollars in thousands) | ||||||||||
Interest incurred on debt | $ | 121,010 | $ | 100,844 | $ | 24,060 | |||||
Related Party Promissory Note interest expense | \u2014 | 5,090 | \u2014 | ||||||||
Senior Note redemption premium | \u2014 | 4,782 | \u2014 | ||||||||
Accretion of fair value adjustment on Senior Notes | \u2014 | 19,414 | 6,454 | ||||||||
Accretion of original issue discount on 2018 Term Loans | 2,196 | 1,455 | \u2014 | ||||||||
Amortization of debt issuance costs | 4,125 | 3,476 | 309 | ||||||||
Total interest expense | $ | 127,331 | $ | 135,061 | $ | 30,823 |
\u00a0 | For the Year Ended December 31 | ||||||||||
2019 | 2018 | 2017 | |||||||||
\u00a0 | (Dollars in thousands) | ||||||||||
Interest incurred on debt | $ | 121,010 | $ | 100,844 | $ | 24,060 | |||||
Related Party Promissory Note interest expense | \u2014 | 5,090 | \u2014 | ||||||||
Senior Note redemption premium | \u2014 | 4,782 | \u2014 | ||||||||
Accretion of fair value adjustment on Senior Notes | \u2014 | 19,414 | 6,454 | ||||||||
Accretion of original issue discount on 2018 Term Loans | 2,196 | 1,455 | \u2014 | ||||||||
Amortization of debt issuance costs | 4,125 | 3,476 | 309 | ||||||||
Total interest expense | $ | 127,331 | $ | 135,061 | $ | 30,823 |
\u2022 | Level 1 \u2013 based upon quoted prices for identical instruments in active markets, |
\u2022 | Level 2 \u2013 based upon quoted prices for similar instruments, prices for identical or similar instruments in markets that are not active, or model-derived valuations of all of whose significant inputs are observable, and |
\u2022 | Level 3 \u2013 based upon one or more significant unobservable inputs. |
Asset Derivatives | Liability Derivatives | ||||||||||
\u00a0 | Location | Fair\u00a0 Value | Location | Fair\u00a0 Value | |||||||
As of December 31, 2019 | (Dollars in thousands) | ||||||||||
Derivatives designated as cash flow hedges: | |||||||||||
Commodity derivative contracts | Prepaid and other current assets | $ | 104 | Other accrued liabilities | $ | 1,872 | |||||
Other long-term assets | 369 | Other long-term obligations | 2,255 | ||||||||
Interest rate swap contracts | Prepaid and other current assets | 253 | Other accrued liabilities | \u2014 | |||||||
Other long-term assets | 2,684 | Other long-term obligations | 72 | ||||||||
Total fair value | $ | 3,410 | $ | 4,199 | |||||||
As of December 31, 2018 | |||||||||||
Commodity derivative contracts | Prepaid and other current assets | $ | 90 | Other accrued liabilities | $ | 4,630 | |||||
Other long-term assets | 260 | Other long-term obligations | 6,393 | ||||||||
Total fair value | $ | 350 | $ | 11,023 | |||||||
\u00a0 | Asset Derivatives | Liability Derivatives | |||||||||
\u00a0 | Location | Fair\u00a0 Value | Location | Fair\u00a0 Value | |||||||
As of December 31, 2019 | (Dollars in Thousands) | ||||||||||
Derivatives not designated as hedges: | |||||||||||
Foreign currency derivatives | Prepaid and other current assets | $ | 239 | Other current liabilities | $ | 81 | |||||
Commodity derivative contracts | Prepaid and other current assets | 376 | Other accrued liabilities | \u2014 | |||||||
Total fair value | $ | 615 | $ | 81 | |||||||
As of December 31, 2018 | |||||||||||
Derivatives not designated as hedges: | |||||||||||
Foreign currency derivatives | Prepaid and other current assets | $ | \u2014 | Other current liabilities | $ | 43 |
\u00a0 | \u00a0 | Amount\u00a0of\u00a0(Gain)/Loss Recognized | ||||||||||||
Location of (Gain)/Loss Recognized in the Consolidated Statement of Operations | 2019 | 2018 | 2017 | |||||||||||
Derivatives designated as cash flow hedges: | (Dollars in thousands) | |||||||||||||
Commodity derivative contracts | Cost of sales | $ | (8,892 | ) | $ | (919 | ) | $ | \u2014 | |||||
Interest rate swaps | Interest expense | (1,050 | ) | \u2014 | \u2014 |
\u00a0 | \u00a0 | Amount\u00a0of\u00a0(Gain)/Loss Recognized | ||||||||||||
Location of (Gain)/Loss Recognized in the Consolidated Statement of Operations | 2019 | 2018 | 2017 | |||||||||||
Derivatives not designated as hedges: | (Dollars in thousands) | |||||||||||||
Foreign currency derivatives | Cost of sales, Other expense/(income) | $ | (506 | ) | $ | (522 | ) | $ | (1,565 | ) | ||||
Commodity derivative contracts | Cost of sales | (223 | ) | \u2014 | \u2014 |
\u00a0 | Asset Derivatives | Liability Derivatives | |||||||||
\u00a0 | Location | Fair\u00a0 Value | Location | Fair\u00a0 Value | |||||||
As of December 31, 2019 | (Dollars in Thousands) | ||||||||||
Derivatives not designated as hedges: | |||||||||||
Foreign currency derivatives | Prepaid and other current assets | $ | 239 | Other current liabilities | $ | 81 | |||||
Commodity derivative contracts | Prepaid and other current assets | 376 | Other accrued liabilities | \u2014 | |||||||
Total fair value | $ | 615 | $ | 81 | |||||||
As of December 31, 2018 | |||||||||||
Derivatives not designated as hedges: | |||||||||||
Foreign currency derivatives | Prepaid and other current assets | $ | \u2014 | Other current liabilities | $ | 43 |
\u00a0 | \u00a0 | Amount\u00a0of\u00a0(Gain)/Loss Recognized | ||||||||||||
Location of (Gain)/Loss Recognized in the Consolidated Statement of Operations | 2019 | 2018 | 2017 | |||||||||||
Derivatives designated as cash flow hedges: | (Dollars in thousands) | |||||||||||||
Commodity derivative contracts | Cost of sales | $ | (8,892 | ) | $ | (919 | ) | $ | \u2014 | |||||
Interest rate swaps | Interest expense | (1,050 | ) | \u2014 | \u2014 |
As of December 31, 2019 | As of December 31, 2018 | ||||||
\u00a0 | (Dollars in thousands) | ||||||
Inventories: | |||||||
\u00a0\u00a0\u00a0Raw materials and supplies | $ | 104,820 | $ | 99,935 | |||
\u00a0\u00a0\u00a0Work in process | 137,230 | 125,767 | |||||
\u00a0\u00a0\u00a0Finished goods | 71,598 | 68,015 | |||||
$ | 313,648 | $ | 293,717 | ||||
Prepaid expenses and other current assets: | |||||||
\u00a0\u00a0\u00a0Prepaid expenses | $ | 9,986 | $ | 10,720 | |||
\u00a0\u00a0\u00a0Value added tax and other indirect taxes receivable | 13,890 | 19,242 | |||||
\u00a0\u00a0\u00a0Spare parts inventory | 12,738 | 11,507 | |||||
\u00a0\u00a0\u00a0Other current assets | 4,332 | 4,699 | |||||
$ | 40,946 | $ | 46,168 | ||||
Property, plant and equipment: | |||||||
\u00a0\u00a0\u00a0Land and improvements | $ | 46,548 | $ | 45,947 | |||
\u00a0\u00a0\u00a0Buildings | 71,784 | 68,680 | |||||
\u00a0\u00a0\u00a0Machinery and equipment and other | 567,715 | 532,084 | |||||
\u00a0\u00a0\u00a0Construction in progress | 47,370 | 42,131 | |||||
$ | 733,417 | $ | 688,842 | ||||
Other accrued liabilities: | |||||||
\u00a0\u00a0\u00a0Payrolls (including incentive programs) | $ | 11,801 | $ | 17,284 | |||
\u00a0\u00a0\u00a0Employee benefits | 7,416 | 6,977 | |||||
\u00a0\u00a0\u00a0Deferred Revenue | 11,776 | 5,380 | |||||
\u00a0\u00a0\u00a0Other | 17,342 | 20,811 | |||||
$ | 48,335 | $ | 50,452 | ||||
Other long term obligations: | |||||||
\u00a0\u00a0\u00a0Postretirement benefits | $ | 16,528 | $ | 16,192 | |||
\u00a0\u00a0\u00a0Pension and related benefits | 37,431 | 33,718 | |||||
\u00a0\u00a0\u00a0Other | 18,603 | 22,609 | |||||
$ | 72,562 | $ | 72,519 |
2019 | 2018 | 2017 | |||||||||
\u00a0 | |||||||||||
Balance at beginning of year | $ | 1,129 | $ | 1,097 | $ | 326 | |||||
Additions | 4,636 | 122 | 771 | ||||||||
Deductions | (291 | ) | (90 | ) | \u2014 | ||||||
Balance at end of year | $ | 5,474 | $ | 1,129 | $ | 1,097 |
As of December 31, 2019 | As of December 31, 2018 | ||||||
\u00a0 | (Dollars in thousands) | ||||||
Inventories: | |||||||
\u00a0\u00a0\u00a0Raw materials and supplies | $ | 104,820 | $ | 99,935 | |||
\u00a0\u00a0\u00a0Work in process | 137,230 | 125,767 | |||||
\u00a0\u00a0\u00a0Finished goods | 71,598 | 68,015 | |||||
$ | 313,648 | $ | 293,717 | ||||
Prepaid expenses and other current assets: | |||||||
\u00a0\u00a0\u00a0Prepaid expenses | $ | 9,986 | $ | 10,720 | |||
\u00a0\u00a0\u00a0Value added tax and other indirect taxes receivable | 13,890 | 19,242 | |||||
\u00a0\u00a0\u00a0Spare parts inventory | 12,738 | 11,507 | |||||
\u00a0\u00a0\u00a0Other current assets | 4,332 | 4,699 | |||||
$ | 40,946 | $ | 46,168 | ||||
Property, plant and equipment: | |||||||
\u00a0\u00a0\u00a0Land and improvements | $ | 46,548 | $ | 45,947 | |||
\u00a0\u00a0\u00a0Buildings | 71,784 | 68,680 | |||||
\u00a0\u00a0\u00a0Machinery and equipment and other | 567,715 | 532,084 | |||||
\u00a0\u00a0\u00a0Construction in progress | 47,370 | 42,131 | |||||
$ | 733,417 | $ | 688,842 | ||||
Other accrued liabilities: | |||||||
\u00a0\u00a0\u00a0Payrolls (including incentive programs) | $ | 11,801 | $ | 17,284 | |||
\u00a0\u00a0\u00a0Employee benefits | 7,416 | 6,977 | |||||
\u00a0\u00a0\u00a0Deferred Revenue | 11,776 | 5,380 | |||||
\u00a0\u00a0\u00a0Other | 17,342 | 20,811 | |||||
$ | 48,335 | $ | 50,452 | ||||
Other long term obligations: | |||||||
\u00a0\u00a0\u00a0Postretirement benefits | $ | 16,528 | $ | 16,192 | |||
\u00a0\u00a0\u00a0Pension and related benefits | 37,431 | 33,718 | |||||
\u00a0\u00a0\u00a0Other | 18,603 | 22,609 | |||||
$ | 72,562 | $ | 72,519 |
2019 | 2018 | 2017 | |||||||||
\u00a0 | |||||||||||
Balance at beginning of year | $ | 1,129 | $ | 1,097 | $ | 326 | |||||
Additions | 4,636 | 122 | 771 | ||||||||
Deductions | (291 | ) | (90 | ) | \u2014 | ||||||
Balance at end of year | $ | 5,474 | $ | 1,129 | $ | 1,097 |
For Year Ended December 31, 2019 | ||||
(Dollars\u00a0in\u00a0thousands) | ||||
Operating lease cost | 4,816 | |||
Short-term lease cost | 14 | |||
Variable lease cost | 227 | |||
Total lease cost | $ | 5,057 |
For Year Ended December 31, 2019 | |||
(Dollars\u00a0in\u00a0thousands) | |||
RoU assets obtained in exchange for new operating lease liabilities (non-cash) | 4,995 | ||
Operating (use of cash) from operating leases | (4,724 | ) |
As of December 31, 2019 | ||||
(Dollars\u00a0in\u00a0thousands) | ||||
Operating RoU Assets* | $ | 7,994 | ||
*Amount included in Other assets | ||||
Current operating lease liabilities | 4,475 | |||
Non-current operating lease liabilities | 3,598 | |||
Total operating lease liabilities** | $ | 8,073 | ||
**Amounts included in Other accrued liabilities and Other long-term obligations | ||||
Weighted average remaining lease term (in years) | 2.3 | |||
Weighted average discount rate - operating leases | 5.61 | % |
\u00a0 | (Dollars\u00a0in\u00a0thousands) | |||
2020 | 4,496 | |||
2021 | 2,693 | |||
2022 | 702 | |||
2023 | 358 | |||
2024 and thereafter | 379 | |||
Total lease payments | $ | 8,628 | ||
Less: Imputed interest | (555 | ) | ||
Present value of lease payments | 8,073 | |||
Less: Current operating lease liability | (4,475 | ) | ||
Non-current operating lease liability | $ | 3,598 |
\u00a0 | (Dollars\u00a0in\u00a0thousands) | ||
2019 | $ | 4,474 | |
2020 | 2,747 | ||
2021 | 1,497 | ||
2022 | 334 | ||
2023 | 269 | ||
2024 and thereafter | 343 |
For Year Ended December 31, 2019 | ||||
(Dollars\u00a0in\u00a0thousands) | ||||
Operating lease cost | 4,816 | |||
Short-term lease cost | 14 | |||
Variable lease cost | 227 | |||
Total lease cost | $ | 5,057 |
For Year Ended December 31, 2019 | |||
(Dollars\u00a0in\u00a0thousands) | |||
RoU assets obtained in exchange for new operating lease liabilities (non-cash) | 4,995 | ||
Operating (use of cash) from operating leases | (4,724 | ) |
As of December 31, 2019 | ||||
(Dollars\u00a0in\u00a0thousands) | ||||
Operating RoU Assets* | $ | 7,994 | ||
*Amount included in Other assets | ||||
Current operating lease liabilities | 4,475 | |||
Non-current operating lease liabilities | 3,598 | |||
Total operating lease liabilities** | $ | 8,073 | ||
**Amounts included in Other accrued liabilities and Other long-term obligations | ||||
Weighted average remaining lease term (in years) | 2.3 | |||
Weighted average discount rate - operating leases | 5.61 | % |
\u00a0 | (Dollars\u00a0in\u00a0thousands) | |||
2020 | 4,496 | |||
2021 | 2,693 | |||
2022 | 702 | |||
2023 | 358 | |||
2024 and thereafter | 379 | |||
Total lease payments | $ | 8,628 | ||
Less: Imputed interest | (555 | ) | ||
Present value of lease payments | 8,073 | |||
Less: Current operating lease liability | (4,475 | ) | ||
Non-current operating lease liability | $ | 3,598 |
\u00a0 | (Dollars\u00a0in\u00a0thousands) | ||
2019 | $ | 4,474 | |
2020 | 2,747 | ||
2021 | 1,497 | ||
2022 | 334 | ||
2023 | 269 | ||
2024 and thereafter | 343 |
For the Year Ended December 31, | |||||||||||||||||||||||
2019 | 2018 | 2017 | |||||||||||||||||||||
\u00a0 | U.S. | Foreign | U.S. | Foreign | U.S. | Foreign | |||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Service cost | $ | 1,297 | $ | 624 | $ | 1,315 | $ | 674 | $ | 1,305 | $ | 710 | |||||||||||
Interest cost | 5,070 | 275 | 4,709 | 253 | 5,352 | 199 | |||||||||||||||||
Expected return on assets | (5,026 | ) | (424 | ) | (5,679 | ) | (330 | ) | (5,268 | ) | (299 | ) | |||||||||||
Mark-to-market loss (gain) | 205 | 3,302 | 2,473 | 503 | (4,140 | ) | (53 | ) | |||||||||||||||
Pension costs | $ | 1,546 | $ | 3,777 | $ | 2,818 | $ | 1,100 | $ | (2,751 | ) | $ | 557 |
\u00a0 | As of December 31, 2019 | As of December 31, 2018 | |||||||||||||
\u00a0 | U.S. | Foreign | U.S. | Foreign | |||||||||||
\u00a0 | (Dollars in thousands) | ||||||||||||||
Changes in Benefit Obligation: | |||||||||||||||
Net benefit obligation at beginning of period | $ | 126,985 | $ | 22,332 | $ | 139,746 | $ | 20,407 | |||||||
Service cost | 1,297 | 624 | 1,315 | 674 | |||||||||||
Interest cost | 5,070 | 275 | 4,709 | 253 | |||||||||||
Participant contributions | \u2014 | 417 | \u2014 | 392 | |||||||||||
Foreign currency exchange changes | \u2014 | 379 | \u2014 | (339 | ) | ||||||||||
Actuarial (gain) loss | 12,868 | 3,319 | (8,297 | ) | 711 | ||||||||||
Benefits paid | (10,410 | ) | 1,557 | (10,488 | ) | 234 | |||||||||
Net benefit obligation at end of period | $ | 135,810 | $ | 28,903 | $ | 126,985 | $ | 22,332 | |||||||
Changes in Plan Assets: | |||||||||||||||
Fair value of plan assets at beginning of period | $ | 99,845 | $ | 15,354 | $ | 109,845 | $ | 13,618 | |||||||
Actual return on plan assets | 17,689 | 441 | (5,091 | ) | 538 | ||||||||||
Foreign currency exchange rate changes | \u2014 | 377 | \u2014 | (154 | ) | ||||||||||
Employer contributions | 708 | 834 | 5,579 | 726 | |||||||||||
Participant contributions | \u2014 | 417 | \u2014 | 392 | |||||||||||
Benefits paid | (10,410 | ) | 1,557 | (10,488 | ) | 234 | |||||||||
Fair value of plan assets at end of period | $ | 107,832 | $ | 18,980 | $ | 99,845 | $ | 15,354 | |||||||
Funded status (underfunded): | $ | (27,978 | ) | $ | (9,923 | ) | $ | (27,140 | ) | $ | (6,978 | ) | |||
Amounts recognized in accumulated \u00a0\u00a0other comprehensive loss: | |||||||||||||||
Prior service credit | $ | \u2014 | $ | \u2014 | $ | \u2014 | $ | \u2014 | |||||||
Amounts recognized in the statement \u00a0\u00a0of financial position: | |||||||||||||||
Non-current assets | $ | \u2014 | $ | 37 | $ | \u2014 | $ | 147 | |||||||
Current liabilities | (427 | ) | (43 | ) | (430 | ) | (117 | ) | |||||||
Non-current liabilities | (27,551 | ) | (9,917 | ) | (26,710 | ) | (7,008 | ) | |||||||
Net amount recognized | $ | (27,978 | ) | $ | (9,923 | ) | $ | (27,140 | ) | $ | (6,978 | ) |
\u00a0 | As of December 31, 2019 | ||||||||||||||
Level\u00a01 | Level\u00a02 | Level 3 | Total | ||||||||||||
U.S. Plan Assets | |||||||||||||||
Cash\u00a0and\u00a0cash\u00a0equivalents | $ | 1,524 | $ | \u2014 | $ | \u2014 | $ | 1,524 | |||||||
International\u00a0Plan\u00a0Assets | |||||||||||||||
Foreign\u00a0government\u00a0bonds | $ | \u2014 | $ | 995 | $ | \u2014 | $ | 995 | |||||||
Fixed\u00a0insurance\u00a0contracts | \u2014 | \u2014 | 17,985 | 17,985 | |||||||||||
Total assets in the fair value hierarchy | $ | \u2014 | $ | 995 | $ | 17,985 | $ | 18,980 | |||||||
Investments measured at net asset value | $ | 106,308 | |||||||||||||
Total | $ | 1,524 | $ | 995 | $ | 17,985 | $ | 126,812 | |||||||
As of December 31, 2018 | |||||||||||||||
Level\u00a01 | Level 2 | Level 3 | Total | ||||||||||||
U.S. Plan Assets | |||||||||||||||
Cash\u00a0and\u00a0cash\u00a0equivalents | $ | 1,978 | $ | \u2014 | $ | \u2014 | $ | 1,978 | |||||||
International\u00a0Plan\u00a0Assets | |||||||||||||||
Foreign\u00a0government\u00a0bonds | $ | \u2014 | $ | 958 | $ | \u2014 | $ | 958 | |||||||
Fixed\u00a0insurance\u00a0contracts | \u2014 | \u2014 | 14,396 | 14,396 | |||||||||||
Total assets in the fair value hierarchy | $ | \u2014 | $ | 958 | $ | 14,396 | $ | 15,354 | |||||||
Investments measured at net asset value | $ | 97,867 | |||||||||||||
Total | $ | 1,978 | $ | 958 | $ | 14,396 | $ | 115,199 | |||||||
Fixed\u00a0Insurance Contracts | |||
Balance at December\u00a031, 2017 | $ | 12,787 | |
\u00a0\u00a0\u00a0Gain / contributions / currency impact | 1,619 | ||
\u00a0\u00a0\u00a0Distributions | (10 | ) | |
Balance at December\u00a031, 2018 | 14,396 | ||
\u00a0\u00a0\u00a0Gain / contributions / currency impact | 3,603 | ||
\u00a0\u00a0\u00a0Distributions | (14 | ) | |
Balance at December\u00a031, 2019 | $ | 17,985 |
Pension Benefit Obligations Key Assumptions | As of December\u00a031, | ||||
\u00a0 | 2019 | 2018 | |||
Weighted average assumptions to determine benefit obligations: | |||||
Discount rate | 2.59 | % | 3.71 | % | |
Rate\u00a0of\u00a0compensation\u00a0increase | 1.50 | % | 1.74 | % |
Pension Cost Key Assumptions | |||||
Weighted average assumptions to determine net cost: | |||||
Discount rate | 3.71 | % | 3.20 | % | |
Expected return on plan assets | 4.92 | % | 4.94 | % | |
Rate of compensation increase | 1.74 | % | 1.57 | % |
\u00a0 | Percentage\u00a0of\u00a0Plan\u00a0Assets as of\u00a0December\u00a031, 2019 | ||||
\u00a0 | US | Foreign | |||
Equity securities and return seeking assets | 20 | % | \u2014 | % | |
Fixed income, debt securities, or cash | 80 | % | 100 | % | |
Total | 100 | % | 100 | % |
\u00a0 | 2019 | 2018 | |||||||||||||
\u00a0 | U.S. | Foreign | U.S. | Foreign | |||||||||||
\u00a0 | (Dollars in thousands) | ||||||||||||||
Accumulated benefit obligation | $ | 135,810 | $ | 26,829 | $ | 126,985 | $ | 20,601 | |||||||
Fair value of plan assets | 107,832 | 17,985 | 99,845 | 14,396 |
\u00a0 | 2019 | 2018 | |||||||||||||
\u00a0 | U.S. | Foreign | U.S. | Foreign | |||||||||||
\u00a0 | (Dollars in thousands) | ||||||||||||||
Projected benefit obligation | $ | 135,810 | $ | 27,944 | $ | 126,985 | $ | 21,520 | |||||||
Fair value of plan assets | 107,832 | 17,985 | 99,845 | 14,396 |
U.S. | Foreign | ||||||
\u00a0 | (Dollars\u00a0in\u00a0thousands) | ||||||
Expected contributions in 2020: | |||||||
Expected employer contributions | $ | 4,419 | $ | 737 | |||
Expected employee contributions | \u2014 | \u2014 | |||||
Estimated future benefit payments reflecting expected future service for the years ending December\u00a031: | |||||||
2020 | 9,271 | 884 | |||||
2021 | 9,240 | 870 | |||||
2022 | 9,195 | 905 | |||||
2023 | 9,145 | 1,038 | |||||
2024 | 9,012 | 2,340 | |||||
2025-2029 | 43,077 | 9,168 |
For the Year Ended December 31, | |||||||||||||||||||||||
\u00a0 | 2019 | 2018 | 2017 | ||||||||||||||||||||
\u00a0 | U.S. | Foreign | U.S. | Foreign | U.S. | Foreign | |||||||||||||||||
\u00a0 | (Dollars in thousands) | ||||||||||||||||||||||
Service cost | $ | \u2014 | $ | \u2014 | $ | \u2014 | $ | 1 | $ | \u2014 | $ | 2 | |||||||||||
Interest cost | 269 | 684 | 264 | 700 | 333 | 653 | |||||||||||||||||
Mark-to-market loss (gain) | 585 | 100 | (1,028 | ) | 47 | (1,257 | ) | 742 | |||||||||||||||
Post-employment benefits (benefit) \u00a0\u00a0\u00a0cost | $ | 854 | $ | 784 | $ | (764 | ) | $ | 748 | $ | (924 | ) | $ | 1,397 |
Postretirement Benefits | As of December 31, 2019 | As of December 31, 2018 | |||||||||||||
\u00a0 | |||||||||||||||
\u00a0 | U.S. | Foreign | U.S. | Foreign | |||||||||||
\u00a0 | (Dollars in thousands) | ||||||||||||||
Changes in Benefit Obligation: | |||||||||||||||
Net benefit obligation at beginning of period | $ | 7,165 | $ | 10,661 | $ | 8,461 | $ | 12,172 | |||||||
Service cost | \u2014 | \u2014 | \u2014 | 1 | |||||||||||
Interest cost | 269 | 684 | 264 | 700 | |||||||||||
Foreign currency exchange rates | 340 | \u2014 | (1,333 | ) | |||||||||||
Actuarial (gain) loss | 585 | 100 | (1,028 | ) | 47 | ||||||||||
Gross benefits paid | (829 | ) | (831 | ) | (532 | ) | (926 | ) | |||||||
Plan amendment | \u2014 | \u2014 | \u2014 | \u2014 | |||||||||||
Net benefit obligation at end of period | $ | 7,190 | $ | 10,954 | $ | 7,165 | $ | 10,661 | |||||||
Changes in Plan Assets: | |||||||||||||||
Fair value of plan assets \u00a0\u00a0\u00a0at beginning of period | $ | \u2014 | $ | \u2014 | $ | \u2014 | $ | \u2014 | |||||||
Employer contributions | 829 | 831 | 532 | 926 | |||||||||||
Gross benefits paid | (829 | ) | (831 | ) | (532 | ) | (926 | ) | |||||||
Fair value of plan assets at end of period | $ | \u2014 | $ | \u2014 | $ | \u2014 | $ | \u2014 | |||||||
Funded status: | $ | (7,190 | ) | $ | (10,954 | ) | $ | (7,165 | ) | $ | (10,661 | ) | |||
Amounts recognized in accumulated \u00a0\u00a0\u00a0other comprehensive loss: | |||||||||||||||
Prior service credit | $ | \u2014 | $ | \u2014 | $ | \u2014 | $ | \u2014 | |||||||
Amounts recognized in the statement of \u00a0\u00a0\u00a0financial position: | |||||||||||||||
Current liabilities | $ | (723 | ) | $ | (893 | ) | $ | (783 | ) | $ | (851 | ) | |||
Non-current liabilities | (6,467 | ) | (10,061 | ) | (6,382 | ) | (9,810 | ) | |||||||
Net amount recognized | $ | (7,190 | ) | $ | (10,954 | ) | $ | (7,165 | ) | $ | (10,661 | ) |
Postretirement Benefit Obligations | |||||
2019 | 2018 | ||||
Weighted average assumptions to determine benefit obligations: | |||||
Discount rate | 4.65 | % | 5.57 | % | |
Health care cost trend on covered charges: | |||||
Initial | 6.14 | % | 6.53 | % | |
Ultimate | 5.84 | % | 6.05 | % | |
Years to ultimate | 6 | 8 |
Postretirement Benefit Costs | |||||
\u00a0 | 2019 | 2018 | |||
Weighted average assumptions to determine net cost: | |||||
Discount rate | 5.57 | % | 5.07 | % | |
Health care cost trend on covered charges: | |||||
Initial | 6.53 | % | 6.86 | % | |
Ultimate | 6.05 | % | 6.23 | % | |
Years to ultimate | 7 | 7 |
\u00a0 | One\u00a0Percentage Point\u00a0Increase | One\u00a0Percentage Point\u00a0Decrease | |||||||||||||
\u00a0 | U.S. | Foreign | U.S. | Foreign | |||||||||||
\u00a0 | (Dollars in thousands) | ||||||||||||||
Effect on total service cost \u00a0\u00a0\u00a0and interest cost components | $ | \u2014 | $ | 49 | $ | \u2014 | $ | (42 | ) | ||||||
Effect on benefit obligations | $ | 21 | $ | 465 | $ | (20 | ) | $ | (409 | ) |
U.S. | Foreign | ||||||
\u00a0 | (Dollars\u00a0in\u00a0thousands) | ||||||
Expected contributions in 2020: | |||||||
Expected employer contributions | $ | 723 | $ | 893 | |||
Expected employee contributions | \u2014 | \u2014 | |||||
Estimated future benefit payments reflecting expected \u00a0\u00a0\u00a0future service for the years ending December\u00a031: | |||||||
2020 | 723 | 893 | |||||
2021 | 657 | 908 | |||||
2022 | 596 | 904 | |||||
2023 | 540 | 910 | |||||
2024 | 492 | 924 | |||||
2025-2029 | 1,984 | 4,689 |
For the Year Ended December 31, | |||||||||||||||||||||||
2019 | 2018 | 2017 | |||||||||||||||||||||
\u00a0 | U.S. | Foreign | U.S. | Foreign | U.S. | Foreign | |||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Service cost | $ | 1,297 | $ | 624 | $ | 1,315 | $ | 674 | $ | 1,305 | $ | 710 | |||||||||||
Interest cost | 5,070 | 275 | 4,709 | 253 | 5,352 | 199 | |||||||||||||||||
Expected return on assets | (5,026 | ) | (424 | ) | (5,679 | ) | (330 | ) | (5,268 | ) | (299 | ) | |||||||||||
Mark-to-market loss (gain) | 205 | 3,302 | 2,473 | 503 | (4,140 | ) | (53 | ) | |||||||||||||||
Pension costs | $ | 1,546 | $ | 3,777 | $ | 2,818 | $ | 1,100 | $ | (2,751 | ) | $ | 557 |
\u00a0 | As of December 31, 2019 | As of December 31, 2018 | |||||||||||||
\u00a0 | U.S. | Foreign | U.S. | Foreign | |||||||||||
\u00a0 | (Dollars in thousands) | ||||||||||||||
Changes in Benefit Obligation: | |||||||||||||||
Net benefit obligation at beginning of period | $ | 126,985 | $ | 22,332 | $ | 139,746 | $ | 20,407 | |||||||
Service cost | 1,297 | 624 | 1,315 | 674 | |||||||||||
Interest cost | 5,070 | 275 | 4,709 | 253 | |||||||||||
Participant contributions | \u2014 | 417 | \u2014 | 392 | |||||||||||
Foreign currency exchange changes | \u2014 | 379 | \u2014 | (339 | ) | ||||||||||
Actuarial (gain) loss | 12,868 | 3,319 | (8,297 | ) | 711 | ||||||||||
Benefits paid | (10,410 | ) | 1,557 | (10,488 | ) | 234 | |||||||||
Net benefit obligation at end of period | $ | 135,810 | $ | 28,903 | $ | 126,985 | $ | 22,332 | |||||||
Changes in Plan Assets: | |||||||||||||||
Fair value of plan assets at beginning of period | $ | 99,845 | $ | 15,354 | $ | 109,845 | $ | 13,618 | |||||||
Actual return on plan assets | 17,689 | 441 | (5,091 | ) | 538 | ||||||||||
Foreign currency exchange rate changes | \u2014 | 377 | \u2014 | (154 | ) | ||||||||||
Employer contributions | 708 | 834 | 5,579 | 726 | |||||||||||
Participant contributions | \u2014 | 417 | \u2014 | 392 | |||||||||||
Benefits paid | (10,410 | ) | 1,557 | (10,488 | ) | 234 | |||||||||
Fair value of plan assets at end of period | $ | 107,832 | $ | 18,980 | $ | 99,845 | $ | 15,354 | |||||||
Funded status (underfunded): | $ | (27,978 | ) | $ | (9,923 | ) | $ | (27,140 | ) | $ | (6,978 | ) | |||
Amounts recognized in accumulated \u00a0\u00a0other comprehensive loss: | |||||||||||||||
Prior service credit | $ | \u2014 | $ | \u2014 | $ | \u2014 | $ | \u2014 | |||||||
Amounts recognized in the statement \u00a0\u00a0of financial position: | |||||||||||||||
Non-current assets | $ | \u2014 | $ | 37 | $ | \u2014 | $ | 147 | |||||||
Current liabilities | (427 | ) | (43 | ) | (430 | ) | (117 | ) | |||||||
Non-current liabilities | (27,551 | ) | (9,917 | ) | (26,710 | ) | (7,008 | ) | |||||||
Net amount recognized | $ | (27,978 | ) | $ | (9,923 | ) | $ | (27,140 | ) | $ | (6,978 | ) |
\u00a0 | As of December 31, 2019 | ||||||||||||||
Level\u00a01 | Level\u00a02 | Level 3 | Total | ||||||||||||
U.S. Plan Assets | |||||||||||||||
Cash\u00a0and\u00a0cash\u00a0equivalents | $ | 1,524 | $ | \u2014 | $ | \u2014 | $ | 1,524 | |||||||
International\u00a0Plan\u00a0Assets | |||||||||||||||
Foreign\u00a0government\u00a0bonds | $ | \u2014 | $ | 995 | $ | \u2014 | $ | 995 | |||||||
Fixed\u00a0insurance\u00a0contracts | \u2014 | \u2014 | 17,985 | 17,985 | |||||||||||
Total assets in the fair value hierarchy | $ | \u2014 | $ | 995 | $ | 17,985 | $ | 18,980 | |||||||
Investments measured at net asset value | $ | 106,308 | |||||||||||||
Total | $ | 1,524 | $ | 995 | $ | 17,985 | $ | 126,812 | |||||||
As of December 31, 2018 | |||||||||||||||
Level\u00a01 | Level 2 | Level 3 | Total | ||||||||||||
U.S. Plan Assets | |||||||||||||||
Cash\u00a0and\u00a0cash\u00a0equivalents | $ | 1,978 | $ | \u2014 | $ | \u2014 | $ | 1,978 | |||||||
International\u00a0Plan\u00a0Assets | |||||||||||||||
Foreign\u00a0government\u00a0bonds | $ | \u2014 | $ | 958 | $ | \u2014 | $ | 958 | |||||||
Fixed\u00a0insurance\u00a0contracts | \u2014 | \u2014 | 14,396 | 14,396 | |||||||||||
Total assets in the fair value hierarchy | $ | \u2014 | $ | 958 | $ | 14,396 | $ | 15,354 | |||||||
Investments measured at net asset value | $ | 97,867 | |||||||||||||
Total | $ | 1,978 | $ | 958 | $ | 14,396 | $ | 115,199 | |||||||
Fixed\u00a0Insurance Contracts | |||
Balance at December\u00a031, 2017 | $ | 12,787 | |
\u00a0\u00a0\u00a0Gain / contributions / currency impact | 1,619 | ||
\u00a0\u00a0\u00a0Distributions | (10 | ) | |
Balance at December\u00a031, 2018 | 14,396 | ||
\u00a0\u00a0\u00a0Gain / contributions / currency impact | 3,603 | ||
\u00a0\u00a0\u00a0Distributions | (14 | ) | |
Balance at December\u00a031, 2019 | $ | 17,985 |
Pension Benefit Obligations Key Assumptions | As of December\u00a031, | ||||
\u00a0 | 2019 | 2018 | |||
Weighted average assumptions to determine benefit obligations: | |||||
Discount rate | 2.59 | % | 3.71 | % | |
Rate\u00a0of\u00a0compensation\u00a0increase | 1.50 | % | 1.74 | % |
Pension Cost Key Assumptions | |||||
Weighted average assumptions to determine net cost: | |||||
Discount rate | 3.71 | % | 3.20 | % | |
Expected return on plan assets | 4.92 | % | 4.94 | % | |
Rate of compensation increase | 1.74 | % | 1.57 | % |
Postretirement Benefit Obligations | |||||
2019 | 2018 | ||||
Weighted average assumptions to determine benefit obligations: | |||||
Discount rate | 4.65 | % | 5.57 | % | |
Health care cost trend on covered charges: | |||||
Initial | 6.14 | % | 6.53 | % | |
Ultimate | 5.84 | % | 6.05 | % | |
Years to ultimate | 6 | 8 |
Postretirement Benefit Costs | |||||
\u00a0 | 2019 | 2018 | |||
Weighted average assumptions to determine net cost: | |||||
Discount rate | 5.57 | % | 5.07 | % | |
Health care cost trend on covered charges: | |||||
Initial | 6.53 | % | 6.86 | % | |
Ultimate | 6.05 | % | 6.23 | % | |
Years to ultimate | 7 | 7 |
\u00a0 | Percentage\u00a0of\u00a0Plan\u00a0Assets as of\u00a0December\u00a031, 2019 | ||||
\u00a0 | US | Foreign | |||
Equity securities and return seeking assets | 20 | % | \u2014 | % | |
Fixed income, debt securities, or cash | 80 | % | 100 | % | |
Total | 100 | % | 100 | % |
\u00a0 | 2019 | 2018 | |||||||||||||
\u00a0 | U.S. | Foreign | U.S. | Foreign | |||||||||||
\u00a0 | (Dollars in thousands) | ||||||||||||||
Accumulated benefit obligation | $ | 135,810 | $ | 26,829 | $ | 126,985 | $ | 20,601 | |||||||
Fair value of plan assets | 107,832 | 17,985 | 99,845 | 14,396 |
\u00a0 | 2019 | 2018 | |||||||||||||
\u00a0 | U.S. | Foreign | U.S. | Foreign | |||||||||||
\u00a0 | (Dollars in thousands) | ||||||||||||||
Projected benefit obligation | $ | 135,810 | $ | 27,944 | $ | 126,985 | $ | 21,520 | |||||||
Fair value of plan assets | 107,832 | 17,985 | 99,845 | 14,396 |
U.S. | Foreign | ||||||
\u00a0 | (Dollars\u00a0in\u00a0thousands) | ||||||
Expected contributions in 2020: | |||||||
Expected employer contributions | $ | 4,419 | $ | 737 | |||
Expected employee contributions | \u2014 | \u2014 | |||||
Estimated future benefit payments reflecting expected future service for the years ending December\u00a031: | |||||||
2020 | 9,271 | 884 | |||||
2021 | 9,240 | 870 | |||||
2022 | 9,195 | 905 | |||||
2023 | 9,145 | 1,038 | |||||
2024 | 9,012 | 2,340 | |||||
2025-2029 | 43,077 | 9,168 |
For the Year Ended December 31, | |||||||||||||||||||||||
\u00a0 | 2019 | 2018 | 2017 | ||||||||||||||||||||
\u00a0 | U.S. | Foreign | U.S. | Foreign | U.S. | Foreign | |||||||||||||||||
\u00a0 | (Dollars in thousands) | ||||||||||||||||||||||
Service cost | $ | \u2014 | $ | \u2014 | $ | \u2014 | $ | 1 | $ | \u2014 | $ | 2 | |||||||||||
Interest cost | 269 | 684 | 264 | 700 | 333 | 653 | |||||||||||||||||
Mark-to-market loss (gain) | 585 | 100 | (1,028 | ) | 47 | (1,257 | ) | 742 | |||||||||||||||
Post-employment benefits (benefit) \u00a0\u00a0\u00a0cost | $ | 854 | $ | 784 | $ | (764 | ) | $ | 748 | $ | (924 | ) | $ | 1,397 |
Postretirement Benefits | As of December 31, 2019 | As of December 31, 2018 | |||||||||||||
\u00a0 | |||||||||||||||
\u00a0 | U.S. | Foreign | U.S. | Foreign | |||||||||||
\u00a0 | (Dollars in thousands) | ||||||||||||||
Changes in Benefit Obligation: | |||||||||||||||
Net benefit obligation at beginning of period | $ | 7,165 | $ | 10,661 | $ | 8,461 | $ | 12,172 | |||||||
Service cost | \u2014 | \u2014 | \u2014 | 1 | |||||||||||
Interest cost | 269 | 684 | 264 | 700 | |||||||||||
Foreign currency exchange rates | 340 | \u2014 | (1,333 | ) | |||||||||||
Actuarial (gain) loss | 585 | 100 | (1,028 | ) | 47 | ||||||||||
Gross benefits paid | (829 | ) | (831 | ) | (532 | ) | (926 | ) | |||||||
Plan amendment | \u2014 | \u2014 | \u2014 | \u2014 | |||||||||||
Net benefit obligation at end of period | $ | 7,190 | $ | 10,954 | $ | 7,165 | $ | 10,661 | |||||||
Changes in Plan Assets: | |||||||||||||||
Fair value of plan assets \u00a0\u00a0\u00a0at beginning of period | $ | \u2014 | $ | \u2014 | $ | \u2014 | $ | \u2014 | |||||||
Employer contributions | 829 | 831 | 532 | 926 | |||||||||||
Gross benefits paid | (829 | ) | (831 | ) | (532 | ) | (926 | ) | |||||||
Fair value of plan assets at end of period | $ | \u2014 | $ | \u2014 | $ | \u2014 | $ | \u2014 | |||||||
Funded status: | $ | (7,190 | ) | $ | (10,954 | ) | $ | (7,165 | ) | $ | (10,661 | ) | |||
Amounts recognized in accumulated \u00a0\u00a0\u00a0other comprehensive loss: | |||||||||||||||
Prior service credit | $ | \u2014 | $ | \u2014 | $ | \u2014 | $ | \u2014 | |||||||
Amounts recognized in the statement of \u00a0\u00a0\u00a0financial position: | |||||||||||||||
Current liabilities | $ | (723 | ) | $ | (893 | ) | $ | (783 | ) | $ | (851 | ) | |||
Non-current liabilities | (6,467 | ) | (10,061 | ) | (6,382 | ) | (9,810 | ) | |||||||
Net amount recognized | $ | (7,190 | ) | $ | (10,954 | ) | $ | (7,165 | ) | $ | (10,661 | ) |
\u00a0 | One\u00a0Percentage Point\u00a0Increase | One\u00a0Percentage Point\u00a0Decrease | |||||||||||||
\u00a0 | U.S. | Foreign | U.S. | Foreign | |||||||||||
\u00a0 | (Dollars in thousands) | ||||||||||||||
Effect on total service cost \u00a0\u00a0\u00a0and interest cost components | $ | \u2014 | $ | 49 | $ | \u2014 | $ | (42 | ) | ||||||
Effect on benefit obligations | $ | 21 | $ | 465 | $ | (20 | ) | $ | (409 | ) |
U.S. | Foreign | ||||||
\u00a0 | (Dollars\u00a0in\u00a0thousands) | ||||||
Expected contributions in 2020: | |||||||
Expected employer contributions | $ | 723 | $ | 893 | |||
Expected employee contributions | \u2014 | \u2014 | |||||
Estimated future benefit payments reflecting expected \u00a0\u00a0\u00a0future service for the years ending December\u00a031: | |||||||
2020 | 723 | 893 | |||||
2021 | 657 | 908 | |||||
2022 | 596 | 904 | |||||
2023 | 540 | 910 | |||||
2024 | 492 | 924 | |||||
2025-2029 | 1,984 | 4,689 |
\u00a0 | (Dollars\u00a0in\u00a0Thousands) | ||
Balance as of December\u00a031, 2017 | $ | 349 | |
Product warranty charges/adjustments | 1,510 | ||
Payments and settlements | (331 | ) | |
Balance as of December\u00a031, 2018 | $ | 1,528 | |
Product warranty charges/adjustments | 1,033 | ||
Payments and settlements | (726 | ) | |
Balance as of December\u00a031, 2019 | $ | 1,835 |
\u00a0 | (Dollars\u00a0in\u00a0Thousands) | ||
Balance as of December\u00a031, 2017 | $ | 349 | |
Product warranty charges/adjustments | 1,510 | ||
Payments and settlements | (331 | ) | |
Balance as of December\u00a031, 2018 | $ | 1,528 | |
Product warranty charges/adjustments | 1,033 | ||
Payments and settlements | (726 | ) | |
Balance as of December\u00a031, 2019 | $ | 1,835 |
For the Year Ended December 31, | |||||||||||
\u00a0 | 2019 | 2018 | 2017 | ||||||||
\u00a0 | (Dollars in thousands) | ||||||||||
U.S. | $ | 85,365 | $ | (68,032 | ) | $ | (26,981 | ) | |||
Non-U.S. | 757,462 | 970,840 | 30,412 | ||||||||
$ | 842,827 | $ | 902,808 | $ | 3,431 |
\u00a0 | For the Year Ended December 31, | ||||||||||
\u00a0 | 2019 | 2018 | 2017 | ||||||||
\u00a0 | |||||||||||
U.S income taxes: | |||||||||||
Current | $ | 16,589 | $ | 787 | $ | (1,066 | ) | ||||
Deferred | 5,690 | (52,145 | ) | 38 | |||||||
22,279 | (51,358 | ) | (1,028 | ) | |||||||
Non-U.S. income taxes: | |||||||||||
Current | 64,134 | 85,252 | 5,924 | ||||||||
Deferred | 11,812 | 15,026 | (15,677 | ) | |||||||
75,946 | 100,278 | (9,753 | ) | ||||||||
Total income tax expense (benefit) | $ | 98,225 | $ | 48,920 | $ | (10,781 | ) |
For the Year Ended December 31, | |||||||||||
\u00a0 | 2019 | 2018 | 2017 | ||||||||
\u00a0 | (Dollars in thousands) | ||||||||||
Tax at statutory U.S. federal rate | $ | 176,994 | $ | 189,590 | $ | 1,201 | |||||
Impact of U.S. Tax Act - GILTI | 65,531 | 93,739 | \u2014 | ||||||||
Impact of the 2017 Tax Act - transition tax | \u2014 | \u2014 | 39,628 | ||||||||
Impact of the 2017 Tax Act - tax rate change | \u2014 | \u2014 | 52,228 | ||||||||
Impact of Tax Receivable Agreement | 713 | 18,160 | \u2014 | ||||||||
Valuation allowance | (14,548 | ) | (93,125 | ) | (89,269 | ) | |||||
State taxes, net of federal tax benefit | 4,231 | 1,529 | 3,437 | ||||||||
U.S. tax impact of foreign earnings (net of foreign tax credits) | 2,181 | 792 | 1,151 | ||||||||
Establishment/resolution of uncertain tax positions | (1,293 | ) | (345 | ) | (840 | ) | |||||
Adjustment for foreign income taxed at different rates | (76,922 | ) | (95,822 | ) | (2,359 | ) | |||||
Foreign tax credits | (56,171 | ) | (65,046 | ) | (17,956 | ) | |||||
Other | (2,491 | ) | (552 | ) | 1,998 | ||||||
Provision (benefit) for income taxes | $ | 98,225 | $ | 48,920 | $ | (10,781 | ) |
\u00a0 | As of December\u00a031, | ||||||
\u00a0 | 2019 | 2018 | |||||
\u00a0 | (Dollars\u00a0in\u00a0thousands) | ||||||
Deferred tax assets: | |||||||
Postretirement and other employee benefits | $ | 18,256 | $ | 18,395 | |||
Foreign tax credit and other carryforwards | 55,103 | 111,325 | |||||
Capitalized research and experimental costs | 5,566 | 7,695 | |||||
Environmental reserves | 1,110 | 976 | |||||
Inventory adjustments | 14,863 | 14,251 | |||||
Long-term contract option amortization | 1,080 | 1,144 | |||||
Provision for rationalization charges | 232 | 351 | |||||
Other | 1,872 | 4,270 | |||||
Total gross deferred tax assets | 98,082 | 158,407 | |||||
Less: valuation allowance | (13,736 | ) | (58,446 | ) | |||
Total deferred tax assets | 84,346 | 99,961 | |||||
Deferred tax liabilities: | |||||||
Fixed assets | $ | 56,659 | $ | 59,521 | |||
Inventory | 12,778 | 7,751 | |||||
Goodwill and acquired intangibles | 6,996 | 3,668 | |||||
Other | 2,468 | 3,138 | |||||
Total deferred tax liabilities | 78,901 | 74,078 | |||||
Net deferred tax asset | $ | 5,445 | $ | 25,883 |
(Dollars in thousands) | |||
Balance as of December 31, 2017 | $ | 150,839 | |
\u00a0\u00a0\u00a0Credited to income | (93,125 | ) | |
\u00a0\u00a0\u00a0Translation adjustment | (302 | ) | |
\u00a0\u00a0\u00a0Changes attributable to movement in underlying assets | 1,034 | ||
Balance as of December 31, 2018 | $ | 58,446 | |
\u00a0\u00a0\u00a0Credited to income | (14,548 | ) | |
\u00a0\u00a0\u00a0Changes attributable to write-off of underlying assets | (30,138 | ) | |
\u00a0\u00a0\u00a0Translation adjustment | (24 | ) | |
Balance as of December 31, 2019 | $ | 13,736 |
(Dollars in thousands) | |||
Balance as of December 31, 2017 | $ | 2,492 | |
\u00a0\u00a0\u00a0Reductions for tax positions of prior years | (100 | ) | |
\u00a0\u00a0\u00a0Lapse of statutes of limitations | (373 | ) | |
\u00a0\u00a0\u00a0Foreign currency impact | (21 | ) | |
\u00a0\u00a0\u00a0Settlements | (8 | ) | |
Balance as of December 31, 2018 | $ | 1,990 | |
\u00a0\u00a0\u00a0Settlements | (1,383 | ) | |
\u00a0\u00a0\u00a0Reductions for tax positions of prior years | (421 | ) | |
\u00a0\u00a0\u00a0Foreign currency impact | (2 | ) | |
Balance as of December 31, 2019 | $ | 184 |
For the Year Ended December 31, | |||||||||||
\u00a0 | 2019 | 2018 | 2017 | ||||||||
\u00a0 | (Dollars in thousands) | ||||||||||
U.S. | $ | 85,365 | $ | (68,032 | ) | $ | (26,981 | ) | |||
Non-U.S. | 757,462 | 970,840 | 30,412 | ||||||||
$ | 842,827 | $ | 902,808 | $ | 3,431 |
\u00a0 | For the Year Ended December 31, | ||||||||||
\u00a0 | 2019 | 2018 | 2017 | ||||||||
\u00a0 | |||||||||||
U.S income taxes: | |||||||||||
Current | $ | 16,589 | $ | 787 | $ | (1,066 | ) | ||||
Deferred | 5,690 | (52,145 | ) | 38 | |||||||
22,279 | (51,358 | ) | (1,028 | ) | |||||||
Non-U.S. income taxes: | |||||||||||
Current | 64,134 | 85,252 | 5,924 | ||||||||
Deferred | 11,812 | 15,026 | (15,677 | ) | |||||||
75,946 | 100,278 | (9,753 | ) | ||||||||
Total income tax expense (benefit) | $ | 98,225 | $ | 48,920 | $ | (10,781 | ) |
For the Year Ended December 31, | |||||||||||
\u00a0 | 2019 | 2018 | 2017 | ||||||||
\u00a0 | (Dollars in thousands) | ||||||||||
Tax at statutory U.S. federal rate | $ | 176,994 | $ | 189,590 | $ | 1,201 | |||||
Impact of U.S. Tax Act - GILTI | 65,531 | 93,739 | \u2014 | ||||||||
Impact of the 2017 Tax Act - transition tax | \u2014 | \u2014 | 39,628 | ||||||||
Impact of the 2017 Tax Act - tax rate change | \u2014 | \u2014 | 52,228 | ||||||||
Impact of Tax Receivable Agreement | 713 | 18,160 | \u2014 | ||||||||
Valuation allowance | (14,548 | ) | (93,125 | ) | (89,269 | ) | |||||
State taxes, net of federal tax benefit | 4,231 | 1,529 | 3,437 | ||||||||
U.S. tax impact of foreign earnings (net of foreign tax credits) | 2,181 | 792 | 1,151 | ||||||||
Establishment/resolution of uncertain tax positions | (1,293 | ) | (345 | ) | (840 | ) | |||||
Adjustment for foreign income taxed at different rates | (76,922 | ) | (95,822 | ) | (2,359 | ) | |||||
Foreign tax credits | (56,171 | ) | (65,046 | ) | (17,956 | ) | |||||
Other | (2,491 | ) | (552 | ) | 1,998 | ||||||
Provision (benefit) for income taxes | $ | 98,225 | $ | 48,920 | $ | (10,781 | ) |
\u00a0 | As of December\u00a031, | ||||||
\u00a0 | 2019 | 2018 | |||||
\u00a0 | (Dollars\u00a0in\u00a0thousands) | ||||||
Deferred tax assets: | |||||||
Postretirement and other employee benefits | $ | 18,256 | $ | 18,395 | |||
Foreign tax credit and other carryforwards | 55,103 | 111,325 | |||||
Capitalized research and experimental costs | 5,566 | 7,695 | |||||
Environmental reserves | 1,110 | 976 | |||||
Inventory adjustments | 14,863 | 14,251 | |||||
Long-term contract option amortization | 1,080 | 1,144 | |||||
Provision for rationalization charges | 232 | 351 | |||||
Other | 1,872 | 4,270 | |||||
Total gross deferred tax assets | 98,082 | 158,407 | |||||
Less: valuation allowance | (13,736 | ) | (58,446 | ) | |||
Total deferred tax assets | 84,346 | 99,961 | |||||
Deferred tax liabilities: | |||||||
Fixed assets | $ | 56,659 | $ | 59,521 | |||
Inventory | 12,778 | 7,751 | |||||
Goodwill and acquired intangibles | 6,996 | 3,668 | |||||
Other | 2,468 | 3,138 | |||||
Total deferred tax liabilities | 78,901 | 74,078 | |||||
Net deferred tax asset | $ | 5,445 | $ | 25,883 |
(Dollars in thousands) | |||
Balance as of December 31, 2017 | $ | 150,839 | |
\u00a0\u00a0\u00a0Credited to income | (93,125 | ) | |
\u00a0\u00a0\u00a0Translation adjustment | (302 | ) | |
\u00a0\u00a0\u00a0Changes attributable to movement in underlying assets | 1,034 | ||
Balance as of December 31, 2018 | $ | 58,446 | |
\u00a0\u00a0\u00a0Credited to income | (14,548 | ) | |
\u00a0\u00a0\u00a0Changes attributable to write-off of underlying assets | (30,138 | ) | |
\u00a0\u00a0\u00a0Translation adjustment | (24 | ) | |
Balance as of December 31, 2019 | $ | 13,736 |
(Dollars in thousands) | |||
Balance as of December 31, 2017 | $ | 2,492 | |
\u00a0\u00a0\u00a0Reductions for tax positions of prior years | (100 | ) | |
\u00a0\u00a0\u00a0Lapse of statutes of limitations | (373 | ) | |
\u00a0\u00a0\u00a0Foreign currency impact | (21 | ) | |
\u00a0\u00a0\u00a0Settlements | (8 | ) | |
Balance as of December 31, 2018 | $ | 1,990 | |
\u00a0\u00a0\u00a0Settlements | (1,383 | ) | |
\u00a0\u00a0\u00a0Reductions for tax positions of prior years | (421 | ) | |
\u00a0\u00a0\u00a0Foreign currency impact | (2 | ) | |
Balance as of December 31, 2019 | $ | 184 |
\u00a0 | As of December 31, 2019 | As of December 31, 2018 | |||||
\u00a0 | (Dollars\u00a0in\u00a0thousands) | ||||||
Foreign currency translation adjustments, net of tax | $ | (9,293 | ) | $ | (2,922 | ) | |
Commodities, foreign currency and interest rate derivatives, net of tax | 1,932 | (2,878 | ) | ||||
Total accumulated comprehensive (loss) income | $ | (7,361 | ) | $ | (5,800 | ) |
\u00a0 | As of December 31, 2019 | As of December 31, 2018 | |||||
\u00a0 | (Dollars\u00a0in\u00a0thousands) | ||||||
Foreign currency translation adjustments, net of tax | $ | (9,293 | ) | $ | (2,922 | ) | |
Commodities, foreign currency and interest rate derivatives, net of tax | 1,932 | (2,878 | ) | ||||
Total accumulated comprehensive (loss) income | $ | (7,361 | ) | $ | (5,800 | ) |
For the Year Ended December 31, | ||||||||
2019 | 2018 | 2017 | ||||||
Weighted average common shares outstanding for basic calculation | 289,057,356 | 297,748,327 | 302,225,923 | |||||
Add: Effect of equity awards | 17,245 | 5,443 | \u2014 | |||||
Weighted average common shares outstanding for diluted calculation | 289,074,601 | 297,753,770 | 302,225,923 |
For the Year Ended December 31, | ||||||||
2019 | 2018 | 2017 | ||||||
Weighted average common shares outstanding for basic calculation | 289,057,356 | 297,748,327 | 302,225,923 | |||||
Add: Effect of equity awards | 17,245 | 5,443 | \u2014 | |||||
Weighted average common shares outstanding for diluted calculation | 289,074,601 | 297,753,770 | 302,225,923 |
2019 | 2018 | |||||||||||||||||||||||||||||||
March 31 | June 30 | September 30 | December 31 | March 31 | June 30 | September 30 | December 31 | |||||||||||||||||||||||||
(Dollars in thousands, except per share amounts) | ||||||||||||||||||||||||||||||||
As Reported: | ||||||||||||||||||||||||||||||||
Net Sales | $ | 474,994 | $ | 480,390 | $ | 420,797 | $ | 414,612 | $ | 451,899 | $ | 456,332 | $ | 454,890 | $ | 532,789 | ||||||||||||||||
Gross profit | 279,470 | 283,343 | 242,300 | 235,290 | 306,750 | 290,422 | 274,610 | 318,430 | ||||||||||||||||||||||||
Research and development | 637 | 713 | 611 | 723 | 429 | 581 | 518 | 601 | ||||||||||||||||||||||||
Selling and administrative expenses | 15,226 | 15,394 | 15,708 | 17,346 | 15,876 | 16,239 | 14,234 | 15,683 | ||||||||||||||||||||||||
Other expense (income), net | 467 | 863 | (688 | ) | 4,561 | 2,005 | (974 | ) | 1,502 | 828 | ||||||||||||||||||||||
Related party Tax Receivable \u00a0\u00a0\u00a0Agreement Expense | \u2014 | \u2014 | \u2014 | 3,393 | \u2014 | 61,801 | \u2014 | 24,677 | ||||||||||||||||||||||||
Interest Expense | 33,700 | 32,969 | 31,803 | 28,859 | 37,865 | 28,667 | 33,855 | 34,674 | ||||||||||||||||||||||||
Interest Income | (414 | ) | (731 | ) | (1,765 | ) | (1,799 | ) | (115 | ) | (391 | ) | (562 | ) | (589 | ) | ||||||||||||||||
Net income | 197,436 | 196,368 | 175,876 | 174,922 | 223,673 | 201,448 | 199,466 | 229,632 | ||||||||||||||||||||||||
Net income per share | $ | 0.68 | $ | 0.68 | $ | 0.61 | $ | 0.61 | $ | 0.74 | $ | 0.67 | $ | 0.67 | $ | 0.79 |
2019 | 2018 | |||||||||||||||||||||||||||||||
March 31 | June 30 | September 30 | December 31 | March 31 | June 30 | September 30 | December 31 | |||||||||||||||||||||||||
(Dollars in thousands, except per share amounts) | ||||||||||||||||||||||||||||||||
As Reported: | ||||||||||||||||||||||||||||||||
Net Sales | $ | 474,994 | $ | 480,390 | $ | 420,797 | $ | 414,612 | $ | 451,899 | $ | 456,332 | $ | 454,890 | $ | 532,789 | ||||||||||||||||
Gross profit | 279,470 | 283,343 | 242,300 | 235,290 | 306,750 | 290,422 | 274,610 | 318,430 | ||||||||||||||||||||||||
Research and development | 637 | 713 | 611 | 723 | 429 | 581 | 518 | 601 | ||||||||||||||||||||||||
Selling and administrative expenses | 15,226 | 15,394 | 15,708 | 17,346 | 15,876 | 16,239 | 14,234 | 15,683 | ||||||||||||||||||||||||
Other expense (income), net | 467 | 863 | (688 | ) | 4,561 | 2,005 | (974 | ) | 1,502 | 828 | ||||||||||||||||||||||
Related party Tax Receivable \u00a0\u00a0\u00a0Agreement Expense | \u2014 | \u2014 | \u2014 | 3,393 | \u2014 | 61,801 | \u2014 | 24,677 | ||||||||||||||||||||||||
Interest Expense | 33,700 | 32,969 | 31,803 | 28,859 | 37,865 | 28,667 | 33,855 | 34,674 | ||||||||||||||||||||||||
Interest Income | (414 | ) | (731 | ) | (1,765 | ) | (1,799 | ) | (115 | ) | (391 | ) | (562 | ) | (589 | ) | ||||||||||||||||
Net income | 197,436 | 196,368 | 175,876 | 174,922 | 223,673 | 201,448 | 199,466 | 229,632 | ||||||||||||||||||||||||
Net income per share | $ | 0.68 | $ | 0.68 | $ | 0.61 | $ | 0.61 | $ | 0.74 | $ | 0.67 | $ | 0.67 | $ | 0.79 |