Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2018

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Summary of Determination Cost of Inventories

Inventories are valued at the lower of cost or market for last-in, first-out (“LIFO”) inventory and lower of cost or net realizable value for first-in, first-out (“FIFO”) inventory. Approximately 30 percent of our inventories are valued using the LIFO method of determining cost. All other inventories are valued at the FIFO method of determining cost.

Inventories at December 31 consist of the following:

	December 31,		December 31,
	2018		2017
Finished and in-process products	$	27,960	$	30,874
Raw materials and supplies		15,636		16,151
	$	43,596	$	47,025

Schedule of Estimated Useful Lives of the Assets

The Company provides for depreciation and amortization on the basis of the straight-line method over the estimated useful lives of the assets as follows:

Buildings	20 to 40 years
Machinery and Equipment	3 to 10 years
Leasehold Improvements	5 to 10 years

Schedule of Property Plant and Equipment by Major Assets Class

The Company’s property, plant and equipment by major asset class at December 31 consists of:

	December 31,			December 31,
	2018			2017
Land	$	7,017		$	7,815
Buildings and leasehold improvements		53,821			59,730
Machinery and equipment		253,785			260,880
		314,623			328,425
Less allowances for depreciation and amortization		(249,163	)		(244,521	)
	$	65,460		$	83,904

The balances in the Company's Accumulated Other Comprehensive Income (Loss)

Accumulated Other Comprehensive Income (Loss)

Changes in accumulated other comprehensive income (loss) were as follows:

	Foreign Currency			Defined Benefit Pension Plans			Total
Balance at January 1, 2016	$	(37,447	)	$	(1,663	)	$	(39,110	)
Other comprehensive income (loss) before reclassifications		5,105			(222	)		4,883
Amounts reclassified from accumulated other comprehensive income, net of tax of ($30) ⁽¹⁾		—			53			53
Net current-period other comprehensive income (loss)		5,105			(169	)		4,936
Balance at December 31, 2016		(32,342	)		(1,832	)		(34,174	)
Other comprehensive income (loss) before reclassifications		2,391			(31	)		2,360
Amounts reclassified from accumulated other comprehensive income, net of tax of ($24) ^{(1) (2)}		17,201			72			17,273
Net current-period other comprehensive income (loss)		19,592			41			19,633
Balance at December 31, 2017		(12,750	)		(1,791	)		(14,541	)
Other comprehensive income (loss) before reclassifications		(3,501	)		14			(3,487	)
Amounts reclassified from accumulated other comprehensive income, net of tax of ($21) ⁽¹⁾		—			63			63
Reclassification of stranded tax effects to retained earnings⁽³⁾		—			(315	)		(315	)
Net current-period other comprehensive income (loss)		(3,501	)		(238	)		(3,739	)
Balance at December 31, 2018	$	(16,251	)	$	(2,029	)	$	(18,280	)

(1)	The accumulated other comprehensive income (loss) components related to defined benefit pension plans are included in the computation of net periodic pension cost. See Note 14, Retirement Plans for additional details.

(2)	Cumulative translation adjustment associated with the sale of the Brazil Business, as further discussed in Note 5, was included in the carrying value of assets disposed of.

(3)	Reclassification of stranded tax effects resulting from the Tax Cuts and Jobs Act to retained earnings due to the adoption of ASU 2018-02 during the first quarter of 2018.