Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | |
Sep. 29, 2013 | Oct. 22, 2013 | |
Document And Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'CIRCOR INTERNATIONAL INC | ' |
Entity Central Index Key | '0001091883 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Document Type | '10-Q | ' |
Document Period End Date | 29-Sep-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Amendment Flag | 'false | ' |
Entity Common Stock, Shares Outstanding | ' | 17,590,812 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Sep. 29, 2013 | Mar. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
ASSETS | ' | ' | ' |
Cash and cash equivalents | $86,285 | ' | $61,738 |
Short-term Investments | 98 | ' | 101 |
Trade accounts receivable, less allowance for doubtful accounts of $2,334 and $1,706, respectively | 151,528 | ' | 150,825 |
Inventories | 198,454 | ' | 198,005 |
Prepaid expenses and other current assets | 18,185 | ' | 16,510 |
Deferred income tax asset | 15,601 | ' | 15,505 |
Assets held for sale | 480 | ' | 542 |
Total Current Assets | 470,631 | ' | 443,226 |
PROPERTY, PLANT AND EQUIPMENT, NET | 107,415 | ' | 105,903 |
OTHER ASSETS: | ' | ' | ' |
Goodwill | 76,066 | ' | 77,428 |
Intangibles, net | 42,728 | ' | 45,157 |
Deferred income tax asset | 22,600 | ' | 30,064 |
Other assets | 5,923 | ' | 8,203 |
TOTAL ASSETS | 725,363 | ' | 709,981 |
CURRENT LIABILITIES: | ' | ' | ' |
Accounts payable | 78,112 | ' | 80,361 |
Accrued expenses and other current liabilities | 59,674 | ' | 67,235 |
Accrued compensation and benefits | 30,575 | ' | 26,540 |
Income taxes payable | 2,610 | ' | 393 |
Notes payable and current portion of long-term debt | 6,667 | ' | 7,755 |
Total Current Liabilities | 177,638 | ' | 182,284 |
LONG-TERM DEBT, NET OF CURRENT PORTION | 43,250 | ' | 62,729 |
DEFERRED INCOME TAXES | 10,037 | ' | 10,744 |
OTHER NON-CURRENT LIABILITIES | 35,380 | ' | 35,977 |
CONTINGENCIES AND COMMITMENTS | ' | ' | ' |
SHAREHOLDERS’ EQUITY: | ' | ' | ' |
Preferred stock, $0.01 par value; 1,000,000 shares authorized; no shares issued and outstanding | 0 | ' | 0 |
Common stock, $0.01 par value; 29,000,000 shares authorized; 17,590,312 and 17,445,687 shares issued and outstanding at September 29, 2013 and December 31, 2012, respectively | 176 | ' | 174 |
Additional paid-in capital | 267,562 | ' | 262,744 |
Retained earnings | 194,797 | ' | 158,509 |
Accumulated other comprehensive loss, net of taxes | -3,477 | ' | -3,180 |
Total Shareholders' Equity | 459,058 | ' | 418,247 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $725,363 | ' | $709,981 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 29, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Trade accounts receivable, allowance for doubtful accounts | $2,334 | $1,706 |
Preferred stock, par value | $0.01 | $0.01 |
Preferred Stock, Shares Authorized | 1,000,000 | 1,000,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Common stock, par value | $0.01 | $0.01 |
Common Stock, Shares Authorized | 29,000,000 | 29,000,000 |
Common Stock, Shares, Issued | 17,590,312 | 17,445,687 |
Common Stock, Shares, Outstanding | 17,590,312 | 17,445,687 |
Consolidated_Statements_Of_Inc
Consolidated Statements Of Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 |
Net revenues | $214,731 | $209,804 | $643,773 | $643,946 |
Cost of revenues | 144,593 | 151,109 | 443,679 | 462,823 |
GROSS PROFIT | 70,138 | 58,695 | 200,094 | 181,123 |
Selling, general and administrative expenses | 46,392 | 44,314 | 139,561 | 134,562 |
Impairment charges | 0 | 10,348 | 0 | 10,348 |
Special charges | -190 | 1,377 | 3,441 | 1,377 |
OPERATING INCOME | 23,936 | 2,656 | 57,092 | 34,836 |
Other (income) expense: | ' | ' | ' | ' |
Interest income | -67 | -101 | -189 | -262 |
Interest expense | 812 | 1,223 | 2,559 | 3,482 |
Other, net | 568 | 564 | 1,807 | 887 |
TOTAL OTHER EXPENSE | 1,313 | 1,686 | 4,177 | 4,107 |
INCOME BEFORE INCOME TAXES | 22,623 | 970 | 52,915 | 30,729 |
Provision for income taxes | 4,903 | -899 | 14,619 | 9,138 |
NET INCOME | $17,720 | $1,869 | $38,296 | $21,591 |
Earnings per common share: | ' | ' | ' | ' |
Basic | $1.01 | $0.11 | $2.18 | $1.24 |
Diluted | $1 | $0.11 | $2.18 | $1.24 |
Weighted average number of common shares outstanding: | ' | ' | ' | ' |
Basic | 17,582 | 17,433 | 17,553 | 17,391 |
Diluted | 17,667 | 17,467 | 17,602 | 17,436 |
Dividends paid per common share | $0.04 | $0.04 | $0.11 | $0.11 |
Statements_Of_Consolidated_Com
Statements Of Consolidated Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 | |
Statement of Other Comprehensive Income [Abstract] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | ' | ' | $0 | ' |
Net income | 17,720,000 | 1,869,000 | 38,296,000 | 21,591,000 |
Other comprehensive (loss) income, net of tax: | ' | ' | ' | ' |
Foreign currency translation adjustments | 8,236,000 | 7,670,000 | -295,000 | 802,000 |
Other comprehensive income (loss) | 8,236,000 | 7,670,000 | -295,000 | 802,000 |
COMPREHENSIVE INCOME (LOSS) | $25,956,000 | $9,539,000 | $38,001,000 | $22,393,000 |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 29, 2013 | Sep. 30, 2012 |
OPERATING ACTIVITIES | ' | ' |
Net income | $38,296 | $21,591 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ' | ' |
Depreciation | 11,943 | 11,765 |
Amortization | 2,273 | 2,823 |
Provision Bankruptcy Settlement | 0 | -1,000 |
Impairment charges | 0 | 10,348 |
Compensation expense of share-based plans | 3,343 | 3,409 |
Tax effect of share-based compensation | -536 | 573 |
Gain (Loss) on property, plant and equipment | -70 | 1,148 |
Proceeds from Previous Acquisition | -3,400 | 0 |
Changes in operating assets and liabilities, net of effects from business acquisitions: | ' | ' |
Trade accounts receivable | 493 | -123 |
Inventories | -33 | 8,586 |
Prepaid expenses and other assets | 193 | -2,110 |
Accounts payable, accrued expenses and other liabilities | 1,259 | -26,178 |
Net cash provided by (used in) operating activities | 53,761 | 30,832 |
INVESTING ACTIVITIES | ' | ' |
Additions to property, plant and equipment | -13,579 | -14,097 |
Proceeds from the sale of property, plant and equipment | 348 | 200 |
Payments for (Proceeds from) Previous Acquisition | 3,400 | 0 |
Net cash used in investing activities | -9,831 | -13,897 |
FINANCING ACTIVITIES | ' | ' |
Proceeds from long-term debt | 104,626 | 170,795 |
Payments of long-term debt | -124,351 | -192,040 |
Dividends paid | -2,011 | -1,997 |
Proceeds from the exercise of stock options | 1,843 | 348 |
Tax effect of share-based compensation | 536 | -573 |
Net cash used in financing activities | -19,357 | -23,467 |
Effect of exchange rate changes on cash and cash equivalents | -27 | 653 |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 24,547 | -5,879 |
Cash and cash equivalents at beginning of period | 61,738 | 54,855 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 86,285 | 48,976 |
Supplemental Cash Flow Information: | ' | ' |
Income taxes | 5,463 | 12,959 |
Interest | $3,132 | $2,333 |
Reclass_from_AOCI_to_Net_Incom
Reclass from AOCI to Net Income Statement (USD $) | 9 Months Ended |
Sep. 29, 2013 | |
Reclass AOCI into Net Income [Abstract] | ' |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $0 |
Basis_Of_Presentation
Basis Of Presentation | 9 Months Ended |
Sep. 29, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Basis Of Presentation | ' |
Basis of Presentation | |
The accompanying unaudited, consolidated financial statements have been prepared according to the rules and regulations of the United States Securities and Exchange Commission (“SEC”) and, in the opinion of management, reflect all adjustments, which include normal recurring adjustments, necessary for a fair presentation of the consolidated balance sheets, consolidated statements of income and consolidated statements of cash flows of CIRCOR International, Inc. (“CIRCOR”, the “Company”, “us”, “we” or “our”) for the periods presented. We prepare our interim financial information using the same accounting principles as we use for our annual audited financial statements. Certain information and note disclosures normally included in the annual audited financial statements have been condensed or omitted in accordance with prescribed SEC rules. We believe that the disclosures made in our consolidated financial statements and the accompanying notes are adequate to make the information presented not misleading. | |
The consolidated balance sheet at December 31, 2012 is as reported in our audited financial statements as of that date. Our accounting policies are described in the notes to our December 31, 2012 financial statements, which were included in our Annual Report filed on Form 10-K. We recommend that the financial statements included in our Quarterly Report on Form 10-Q be read in conjunction with the financial statements and notes included in our Annual Report filed on Form 10-K for the year ended December 31, 2012. | |
We operate and report financial information using a 52-week fiscal year ending December 31. The data periods contained within our Quarterly Reports on Form 10-Q reflect the results of operations for the 13-week, 26-week and 39-week periods which generally end on the Sunday nearest the calendar quarter-end date. Operating results for the three and nine months ended September 29, 2013 are not necessarily indicative of the results that may be expected for the year ending December 31, 2013. |
Summary_Of_Significant_Account
Summary Of Significant Accounting Policies | 9 Months Ended |
Sep. 29, 2013 | |
Accounting Policies [Abstract] | ' |
Summary Of Significant Accounting Policies | ' |
Summary of Significant Accounting Policies | |
The significant accounting policies used in preparation of these condensed consolidated financial statements for the three and nine months ended September 29, 2013 are consistent with those discussed in Note 2 to the consolidated financial statements in our Annual Report on Form 10-K for the year ended December 31, 2012. | |
In February 2013, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income ("AOCI"). The new ASU requires entities to disclose in a single location (either on the face of the financial statement that reports net income or in the notes) the effects of reclassifications out of accumulated other comprehensive income. For items reclassified out of AOCI in their entirety into net income, entities must disclose the effect of the reclassification on each affected net income item. For AOCI reclassification items that are not reclassified in their entirety into net income, entities must provide a cross reference to other required U.S. GAAP disclosures. The new disclosure requirements are effective for annual reporting after December 15, 2012, and interim periods within those years. No reclassifications out of AOCI were made by the Company for the three and nine months ended September 29, 2013 or the three and nine months ended September 30, 2012 and therefore no additional AOCI disclosure is presented in our Quarterly Report on Form 10-Q. | |
In July 2013, FASB issued ASU 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. The new ASU requires companies to present an unrecognized tax benefit as a reduction of a deferred tax asset for a tax loss or credit carryforward on the balance sheet when either: (A) the tax law requires the company to use the tax loss or credit carryforward to satsify amounts payable upon disallowance of the tax position, or (B) the tax loss or credit carryforward is available to satisfy amounts payable upon disallowance of the tax position, and the company intends to use the deferred tax asset for that purpose. The new disclosure requirements are effective for annual reporting after December 15, 2013 and interim periods within those years. We do not believe the adoption of this update will have a material impact on our financial statements. | |
There were no additional new accounting pronouncements adopted during the nine months ended September 29, 2013 that had a material impact on our financial statements. | |
Subsequent events - On October 31, 2013, we announced an organizational restructuring under which we will simplify the manner in which we manage our businesses. Under this restructuring we will consolidate our group structure from three groups to two, reducing management layers and administrative expenses. Consistent with our new management structure we intend to begin reporting in two segments during the fourth quarter of 2013. The first segment will be ‘Energy,’ which will include all of the businesses from the existing Energy segment and the majority of the current ‘Flow Technologies’ businesses. The second segment will be ‘Aerospace and Defense,’ which will include all of the current Aerospace segment businesses plus a few primarily defense-oriented businesses currently in the Flow Technologies segment. | |
We expect to complete this reorganization in the fourth quarter of 2013 and expect to incur special charges of between $2.6 million to $3.0 million associated with this reorganization during the fourth quarter of 2013. |
ShareBased_Compensation
Share-Based Compensation | 9 Months Ended | |
Sep. 29, 2013 | ||
Share-based Compensation [Abstract] | ' | |
Share-Based Compensation | ' | |
Share-Based Compensation | ||
As of September 29, 2013, we have one share-based compensation plan. The Amended and Restated 1999 Stock Option and Incentive Plan (the “1999 Stock Plan”), which was adopted by our Board of Directors and approved by our shareholders, permits the granting of the following types of awards to our officers, other employees and non-employee directors: incentive stock options; non-qualified stock options; deferred stock awards; restricted stock awards; unrestricted stock awards; performance share awards; cash-based awards; stock appreciation rights and dividend equivalent rights. The 1999 Stock Plan provides for the issuance of up to 3,000,000 shares of common stock (subject to adjustment for stock splits and similar events). New options granted under the 1999 Stock Plan could have varying vesting provisions and exercise periods. Options granted vest in periods ranging from one year to five years and expire ten years after the grant date. Restricted stock units granted generally vest from three years to six years. Vested restricted stock units will be settled in shares of our common stock. As of September 29, 2013, there were 279,819 stock options (including the April 9, 2013 CEO stock option award noted below) and 274,675 restricted stock units outstanding. In addition, there were 397,730 shares available for grant under the 1999 Stock Plan as of September 29, 2013. As of September 29, 2013, there were no outstanding restricted stock units that contain rights to nonforfeitable dividend equivalents and are considered participating securities that are included in our computation of basic and fully diluted earnings per share. There is no difference in the earnings per share amounts between the two class method and the treasury stock method, which is why we continue to use the treasury stock method. | ||
For all stock options granted under the 1999 Stock Plan, the fair value of each grant was estimated at the date of grant using the Black-Scholes option pricing model. Black-Scholes utilizes assumptions related to volatility, the risk-free interest rate, the dividend yield and employee exercise behavior. Expected volatilities utilized in the model are based on the historic volatility of the Company’s stock price. The risk free interest rate is derived from the U.S. Treasury Yield curve in effect at the time of the grant. | ||
On April 9, 2013, the Company granted stock options to purchase 200,000 shares of common stock to its newly appointed President and Chief Executive Officer, Scott A. Buckhout, at an exercise price of $41.17 per share. This option award was not granted under the Company's 1999 Stock Plan and includes both a service period and a market vesting condition. The stock options will vest if the following stock price targets are met based on the stock price closing at or above these targets for 60 consecutive trading days: | ||
Stock Price Target | Cumulative Vested Portion of Stock Options (in Shares) | |
$50.00 | 50,000 | |
$60.00 | 100,000 | |
$70.00 | 150,000 | |
$80.00 | 200,000 | |
Vested options may be exercised 25% at the time of vesting, 50% one year from the date of vesting and 100% two years from the date of vesting. On August 8, 2013, the $50.00 Price Target was met, therefore, 50,000 options have vested and 12,500 are currently exercisable. This stock option award is being expensed utilizing a graded method and is subject to forfeiture in the event of employment termination (whether voluntary or involuntary) prior to vesting. To the extent that the market conditions above (stock price targets) are not met, those options will not vest and will forfeit 5 years from grant date. The Company used a Monte Carlo simulation option pricing model to value this option award with the following assumptions: 10 year term, expected life of 5.5 years, risk-free rate of 1.2%, expected volatility of 41.2%, and fair value of $14.46 per share at grant date. No other options were granted during the first nine months of 2013. | ||
We account for Restricted Stock Unit (“RSU Awards”) by expensing the weighted average fair value to selling, general and administrative expenses ratably over vesting periods generally ranging from three years to six years. During the nine months ended September 29, 2013 and September 30, 2012, we granted 130,845 and 132,471 RSU Awards with approximate fair values of $41.96 and $33.54 per RSU Award, respectively. | ||
The CIRCOR Management Stock Purchase Plan, which is a component of the 1999 Stock Plan, provides that eligible employees may elect to receive restricted stock units in lieu of all or a portion of their pre-tax annual incentive bonus and, in some cases, make after-tax contributions in exchange for restricted stock units (“RSU MSPs”). In addition, non-employee directors may elect to receive restricted stock units in lieu of all or a portion of their annual directors’ fees. Each RSU MSP represents a right to receive one share of our common stock after a three year vesting period. RSU MSPs are granted at a discount of 33% from the fair market value of the shares of our common stock on the date of grant. This discount is amortized as compensation expense, to selling, general and administrative expenses, over a four year period. A total of 28,463 and 34,534 RSU MSPs with per unit discount amounts representing fair values of $13.90 and $10.81 were granted under the CIRCOR Management Stock Purchase Plan during the nine months ended September 29, 2013 and September 30, 2012, respectively. | ||
Compensation expense related to our share-based plans for the nine month periods ended September 29, 2013, and September 30, 2012 was $3.5 million and $3.3 million, respectively, and was recorded as selling, general and administrative expense. As of September 29, 2013, there was $9.0 million of total unrecognized compensation costs related to our outstanding share-based compensation arrangements (inclusive of the April 9, 2013 CEO option award). That cost is expected to be recognized over a weighted average period of 2.2 years. | ||
The weighted average contractual term for stock options outstanding and options exercisable as of September 29, 2013 was 8.9 years and 7.4 years, respectively. The aggregate intrinsic value of stock options exercised during the nine months ended September 29, 2013 was $1.1 million and the aggregate intrinsic value of stock options outstanding and options exercisable as of September 29, 2013 was $6.5 million and $1.0 million, respectively. | ||
The aggregate intrinsic value of RSU Awards settled during the nine months ended September 29, 2013 was $3.6 million and the aggregate intrinsic value of RSU Awards outstanding and RSU Awards vested and deferred as of September 29, 2013 was $12.7 million and $0.0 million, respectively. | ||
The aggregate intrinsic value of RSU MSPs settled during the nine months ended September 29, 2013 was $0.7 million and the aggregate intrinsic value of RSU MSPs outstanding and RSU MSPs vested and deferred as of September 29, 2013 was $2.6 million and $0.0 million, respectively. |
Inventories
Inventories | 9 Months Ended | |||||||
Sep. 29, 2013 | ||||||||
Inventory, Net [Abstract] | ' | |||||||
Inventories | ' | |||||||
Inventories | ||||||||
Inventories consist of the following (in thousands): | ||||||||
September 29, 2013 | December 31, 2012 | |||||||
Raw materials | $ | 53,429 | $ | 63,104 | ||||
Work in process | 99,153 | 86,564 | ||||||
Finished goods | 45,872 | 48,337 | ||||||
$ | 198,454 | $ | 198,005 | |||||
Goodwill_And_Intangible_Assets
Goodwill And Intangible Assets | 9 Months Ended | |||||||||||||||||||||||
Sep. 29, 2013 | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||||||
Goodwill And Intangible Assets | ' | |||||||||||||||||||||||
Goodwill and Intangible Assets | ||||||||||||||||||||||||
The following table shows goodwill, by segment, as of September 29, 2013 (in thousands): | ||||||||||||||||||||||||
Energy | Aerospace | Flow | Consolidated | |||||||||||||||||||||
Technologies | Total | |||||||||||||||||||||||
Goodwill as of December 31, 2012 | $ | 51,526 | $ | 22,121 | $ | 3,781 | $ | 77,428 | ||||||||||||||||
Currency translation adjustments | (1,169 | ) | 42 | (235 | ) | (1,362 | ) | |||||||||||||||||
Goodwill as of September 29, 2013 | $ | 50,357 | $ | 22,163 | $ | 3,546 | $ | 76,066 | ||||||||||||||||
The table below presents gross intangible assets and the related accumulated amortization as of September 29, 2013 (in thousands): | ||||||||||||||||||||||||
Gross | Accumulated | |||||||||||||||||||||||
Carrying | Amortization | |||||||||||||||||||||||
Amount | ||||||||||||||||||||||||
Patents | $ | 6,078 | $ | (5,671 | ) | |||||||||||||||||||
Non-amortized intangibles (primarily trademarks and trade names) | 23,601 | — | ||||||||||||||||||||||
Customer relationships | 34,032 | (18,088 | ) | |||||||||||||||||||||
Backlog | 1,114 | (1,114 | ) | |||||||||||||||||||||
Other | 7,479 | (4,703 | ) | |||||||||||||||||||||
Total | $ | 72,304 | $ | (29,576 | ) | |||||||||||||||||||
Net carrying value of intangible assets | 42,728 | |||||||||||||||||||||||
The table below presents estimated remaining amortization expense for intangible assets recorded as of September 29, 2013 (in thousands): | ||||||||||||||||||||||||
2013 | 2014 | 2015 | 2016 | 2017 | After 2017 | |||||||||||||||||||
Estimated amortization expense | $ | 774 | $ | 3,066 | $ | 3,045 | $ | 2,760 | $ | 2,626 | $ | 6,856 | ||||||||||||
Segment_Information
Segment Information | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2012 | ||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||
Segment Information | ' | |||||||||||||||||||
Segment Information | ||||||||||||||||||||
The following table presents certain reportable segment information (in thousands): | ||||||||||||||||||||
Energy | Aerospace | Flow | Corporate / | Consolidated | ||||||||||||||||
Technologies | Eliminations | Total | ||||||||||||||||||
Three Months Ended September 29, 2013 | ||||||||||||||||||||
Net revenues | $ | 108,474 | $ | 36,483 | $ | 69,775 | $ | — | $ | 214,731 | ||||||||||
Inter-segment revenues | 410 | 32 | 126 | (568 | ) | — | ||||||||||||||
Operating income (loss) | 21,620 | 3,002 | 8,334 | (9,020 | ) | 23,936 | ||||||||||||||
Interest income | (67 | ) | ||||||||||||||||||
Interest expense | 812 | |||||||||||||||||||
Other expense, net | 568 | |||||||||||||||||||
Income before income taxes | $ | 22,623 | ||||||||||||||||||
Identifiable assets | 410,975 | 180,025 | 223,737 | (89,374 | ) | 725,363 | ||||||||||||||
Capital expenditures | 1,381 | 2,071 | 906 | 489 | 4,847 | |||||||||||||||
Depreciation and amortization | 1,651 | 1,167 | 1,508 | 346 | 4,672 | |||||||||||||||
Three Months Ended September 30, 2012 | ||||||||||||||||||||
Net revenues | $ | 109,968 | $ | 31,795 | $ | 68,041 | $ | — | $ | 209,804 | ||||||||||
Inter-segment revenues | 577 | 10 | 194 | (781 | ) | — | ||||||||||||||
Operating income (loss) | 11,236 | (10,284 | ) | 8,873 | (7,169 | ) | 2,656 | |||||||||||||
Interest income | (101 | ) | ||||||||||||||||||
Interest expense | 1,223 | |||||||||||||||||||
Other expense, net | 564 | |||||||||||||||||||
Income before income taxes | $ | 970 | ||||||||||||||||||
Identifiable assets | 366,730 | 180,547 | 204,107 | (53,748 | ) | 697,636 | ||||||||||||||
Capital expenditures | 647 | 686 | 1,856 | 125 | 3,314 | |||||||||||||||
Depreciation and amortization | 1,713 | 1,233 | 1,543 | 378 | 4,867 | |||||||||||||||
Nine Months Ended September 29, 2013 | ||||||||||||||||||||
Net revenues | $ | 316,027 | $ | 111,986 | $ | 215,760 | $ | — | $ | 643,773 | ||||||||||
Inter-segment revenues | 1,136 | 56 | 526 | (1,718 | ) | — | ||||||||||||||
Operating income (loss) | 46,233 | 5,469 | 28,335 | (22,945 | ) | 57,092 | ||||||||||||||
Interest income | (189 | ) | ||||||||||||||||||
Interest expense | 2,559 | |||||||||||||||||||
Other expense, net | 1,807 | |||||||||||||||||||
Income before income taxes | $ | 52,915 | ||||||||||||||||||
Identifiable assets | 410,975 | 180,025 | 223,737 | (89,374 | ) | 725,363 | ||||||||||||||
Capital expenditures | 5,459 | 4,236 | 3,207 | 677 | 13,579 | |||||||||||||||
Depreciation and amortization | 4,943 | 3,588 | 4,599 | 1,085 | 14,215 | |||||||||||||||
Nine Months Ended September 30, 2012 | ||||||||||||||||||||
Net revenues | $ | 332,759 | $ | 105,776 | $ | 205,411 | $ | — | $ | 643,946 | ||||||||||
Inter-segment revenues | 1,477 | 41 | 589 | (2,107 | ) | — | ||||||||||||||
Operating income (loss) | 32,744 | (3,007 | ) | 25,503 | (20,404 | ) | 34,836 | |||||||||||||
Interest income | (262 | ) | ||||||||||||||||||
Interest expense | 3,482 | |||||||||||||||||||
Other expense, net | 887 | |||||||||||||||||||
Income before income taxes | $ | 30,729 | ||||||||||||||||||
Identifiable assets | 366,730 | 180,547 | 204,107 | (53,748 | ) | 697,636 | ||||||||||||||
Capital expenditures | 2,397 | 2,263 | 7,600 | 1,837 | 14,097 | |||||||||||||||
Depreciation and amortization | 5,546 | 3,672 | 4,348 | 1,022 | 14,588 | |||||||||||||||
Each reporting segment is individually managed and has separate financial results that are reviewed by our chief operating decision-maker. Each segment contains related products and services particular to that segment. For further discussion of the products included in each segment refer to Note (1) of the consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2012. | ||||||||||||||||||||
In calculating operating income for each reporting segment, substantial administrative expenses incurred at the corporate level for the benefit of other reporting segments were allocated to the segments based upon specific identification of costs, employment related information or net revenues. | ||||||||||||||||||||
Corporate / Eliminations are reported on a net “after allocations” basis. Inter-segment intercompany transactions affecting net operating profit have been eliminated within the respective operating segments. | ||||||||||||||||||||
The operating loss reported in the Corporate / Eliminations column in the preceding table consists primarily of the following corporate expenses: compensation and fringe benefit costs for executive management and other corporate staff; corporate development costs (relating to mergers and acquisitions); human resource development and benefit plan administration expenses; legal, accounting and other professional and consulting fees; facilities, equipment and maintenance costs; and travel and various other administrative costs. The above costs are incurred in the course of furthering the business prospects of the Company and relate to activities such as: implementing strategic business growth opportunities; corporate governance; risk management; treasury; investor relations and shareholder services; regulatory compliance; and stock transfer agent costs. | ||||||||||||||||||||
The total assets for each operating segment have been reported as the Identifiable Assets for that segment, including inter-segment intercompany receivables, payables and investments in other CIRCOR businesses. Identifiable assets reported in Corporate / Eliminations include both corporate assets, such as cash, deferred taxes, prepaid and other assets, fixed assets, as well as the elimination of all inter-segment intercompany assets. The elimination of intercompany assets results in negative amounts reported in Corporate / Eliminations for Identifiable Assets for the periods ended September 29, 2013 and September 30, 2012. Corporate Identifiable Assets after elimination of intercompany assets were $36.8 million and $41.8 million as of September 29, 2013 and September 30, 2012, respectively. |
Earnings_Per_Common_Share
Earnings Per Common Share | 9 Months Ended | |||||||||||||||||||||
Sep. 29, 2013 | ||||||||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||||||||
Earnings Per Common Share | ' | |||||||||||||||||||||
Earnings Per Common Share (in thousands, except per share amounts): | ||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||
September 29, 2013 | September 30, 2012 | |||||||||||||||||||||
Net | Shares | Per Share | Net | Shares | Per Share | |||||||||||||||||
Income | Amount | Income | Amount | |||||||||||||||||||
Basic Earnings Per Common Share ("EPS") | $ | 17,720 | 17,582 | $ | 1.01 | $ | 1,869 | 17,433 | $ | 0.11 | ||||||||||||
Dilutive securities, common stock options | — | 85 | (0.01 | ) | — | 34 | 0 | |||||||||||||||
Diluted EPS | $ | 17,720 | 17,667 | $ | 1 | $ | 1,869 | 17,467 | $ | 0.11 | ||||||||||||
Nine Months Ended | ||||||||||||||||||||||
September 29, 2013 | September 30, 2012 | |||||||||||||||||||||
Net | Shares | Per Share | Net | Shares | Per Share | |||||||||||||||||
Income | Amount | Income | Amount | |||||||||||||||||||
Basic EPS | $ | 38,296 | 17,553 | $ | 2.18 | $ | 21,591 | 17,391 | $ | 1.24 | ||||||||||||
Dilutive securities, common stock options | — | 49 | 0 | — | 45 | 0 | ||||||||||||||||
Diluted EPS | $ | 38,296 | 17,602 | $ | 2.18 | $ | 21,591 | 17,436 | $ | 1.24 | ||||||||||||
There were 133,218 and 396,849 anti-dilutive stock options, RSU Awards, and RSU MSPs for the nine months ended September 29, 2013 and September 30, 2012, respectively. |
Financial_Instruments
Financial Instruments | 9 Months Ended | |||||
Sep. 29, 2013 | ||||||
Fair Value Disclosures [Abstract] | ' | |||||
Financial Instruments | ' | |||||
Financial Instruments | ||||||
Fair Value | ||||||
The carrying amounts of cash and cash equivalents, trade receivables and trade payables approximate fair value because of the short maturity of these financial instruments. Short-term investments (principally guaranteed investment certificates) are carried at cost which approximates fair value at the balance sheet date. The fair value of our variable rate debt approximates its carrying amount. | ||||||
Foreign Currency Exchange Risk | ||||||
The Company is exposed to certain risks relating to its ongoing business operations including foreign currency exchange rate risk and interest rate risk. The Company currently uses derivative instruments to manage foreign currency risk on certain business transactions denominated in foreign currencies. To the extent the underlying transactions hedged are completed, these forward contracts do not subject us to significant risk from exchange rate movements because they offset gains and losses on the related foreign currency denominated transactions. These forward contracts do not qualify as hedging instruments and, therefore, do not qualify for fair value or cash flow hedge treatment. Any unrealized gains and losses on our contracts are recognized as a component of other expense in our consolidated statements of income. | ||||||
As of September 29, 2013, we had twenty-three forward contracts with total values as follows (in thousands): | ||||||
Currency | Number | Contract Amount | Currency | |||
Canadian Dollar/Euro | 3 | 115 | Canadian Dollars | |||
U.S. Dollar/Euro | 15 | 13,007 | U.S. Dollars | |||
Brazilian Real/Euro | 5 | 0 | Brazilian Reais | |||
This compares to twelve forward contracts as of December 31, 2012. The fair value asset of the derivative forward contracts as of September 29, 2013 was approximately $0.1 million and was included in prepaid expenses and other current assets on our balance sheet. This compares to a fair value asset of approximately $0.5 million that was included in prepaid expenses and other current assets on our balance sheet as of December 31, 2012. The unrealized foreign exchange gain (loss) for the nine month periods ended September 29, 2013 and September 30, 2012 was less than $0.5 million and $0.5 million, respectively. Unrealized foreign exchange gains (losses) are included in other (income) expense in our consolidated statements of income. | ||||||
We have determined that the majority of the inputs used to value our foreign currency forward contracts fall within Level 2 of the fair value hierarchy, found under Accounting Standards Codification (“ASC”) Topic 820. The credit valuation adjustments, such as estimates of current credit spreads to evaluate the likelihood of default by us and our counterparties are Level 3 inputs. However, we have assessed the significance of the impact of the credit valuation adjustments on the overall valuation of our foreign currency forward contracts and determined that the credit valuation adjustments are not significant to the overall valuation. As a result, we have determined that our derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy. |
Guarantees_And_Indemnification
Guarantees And Indemnification Obligations | 9 Months Ended | |||
Sep. 29, 2013 | ||||
Guarantees And Indemnification Obligations [Abstract] | ' | |||
Guarantees And Indemnification Obligations | ' | |||
Guarantees and Indemnification Obligations | ||||
As permitted under Delaware law, we have agreements whereby we indemnify certain of our officers and directors for certain events or occurrences while the officer or director is, or was, serving at our request in such capacity. The term of the indemnification period is for the officer’s or director’s lifetime. The maximum potential amount of future payments we could be required to make under these indemnification agreements is unlimited. However, we have directors’ and officers’ liability insurance policies that limit our exposure for events covered under the policies and should enable us to recover a portion of any future amounts paid. As a result of the coverage under these insurance policies, we believe the estimated fair value of these indemnification agreements based on Level 3 criteria as described under ASC Topic 820 is minimal and, therefore, we have no liabilities recorded from those agreements as of September 29, 2013. | ||||
We record provisions for the estimated cost of product warranties, primarily from historical information, at the time product revenue is recognized. While we engage in extensive product quality programs and processes, our warranty obligation is affected by product failure rates, utilization levels, material usage, service delivery costs incurred in correcting a product failure, and supplier warranties on parts delivered to us. Should actual product failure rates, utilization levels, material usage, service delivery costs or supplier warranties on parts differ from our estimates, revisions to the estimated warranty liability would be required. | ||||
The following table sets forth information related to our product warranty reserves for the nine months ended September 29, 2013 (in thousands): | ||||
Balance beginning December 31, 2012 | $ | 3,322 | ||
Provisions | 2,878 | |||
Claims settled | (1,896 | ) | ||
Currency translation adjustment | 46 | |||
Balance ending September 29, 2013 | $ | 4,350 | ||
Contingencies_And_Commitments
Contingencies And Commitments | 9 Months Ended | |||
Sep. 29, 2013 | ||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||
Contingencies And Commitments | ' | |||
Contingencies and Commitments | ||||
Asbestos-related product liability claims continue to be filed against two of our subsidiaries-Spence Engineering Company, Inc. (“Spence”), the stock of which we acquired in 1984; and Circor Instrumentation Technologies, Inc. (f/k/a Hoke Incorporated) (“Hoke”), the stock of which we acquired in 1998. Due to the nature of the products supplied by these entities, the markets they serve and our historical experience in resolving these claims, we do not believe that these asbestos-related claims will have a material adverse effect on the financial condition, results of operations or liquidity of Spence or Hoke, or the financial condition, consolidated results of operations or liquidity of the Company. | ||||
During the third quarter of 2011, we commenced arbitration proceedings against T.M.W. Corporation (“TMW”), the seller from which we acquired the assets of Castle Precision Industries in August 2010, seeking to recover damages from TMW for breaches of certain representations and warranties made by TMW in the Asset Purchase Agreement dated August 3, 2010 relative to such acquisition. We currently are in the discovery phase of this arbitration and now expect the actual hearings to occur in the second quarter of 2014. | ||||
We are currently involved in various legal claims and legal proceedings, some of which may involve substantial dollar amounts. Periodically, we review the status of each significant matter and assess our potential financial exposure. If the potential loss from any claim or legal proceeding is considered probable and the amount can be estimated, we accrue a liability for the estimated loss. Significant judgment is required in both the determination of probability and the determination as to whether an exposure can be reasonably estimated. Because of uncertainties related to these matters, accruals are based on the best information available at the time. As additional information becomes available, we reassess the potential liability related to our pending claims and litigation and may revise our estimates. Such revisions in the estimates of the potential liabilities could have a material adverse effect on our business, results of operations and financial position. | ||||
Standby Letters of Credit | ||||
We execute standby letters of credit, which include bid bonds and performance bonds, in the normal course of business to ensure our performance or payments to third parties. The aggregate notional value of these instruments was $52.6 million at September 29, 2013. Our historical experience with these types of instruments has been good and no claims have been paid in the current or past five fiscal years. We believe that the likelihood of demand for payments relating to the outstanding instruments is remote. These instruments generally have expiration dates ranging from less than 1 month to 5 years from September 29, 2013. | ||||
The following table contains information related to standby letters of credit instruments outstanding as of September 29, 2013 (in thousands): | ||||
Term Remaining | Maximum Potential | |||
Future Payments | ||||
0–12 months | $ | 42,808 | ||
Greater than 12 months | 9,821 | |||
Total | $ | 52,629 | ||
Defined_Pension_Benefit_Plans
Defined Pension Benefit Plans | 9 Months Ended | |||||||||||||||
Sep. 29, 2013 | ||||||||||||||||
General Discussion of Pension and Other Postretirement Benefits [Abstract] | ' | |||||||||||||||
Defined Pension Benefit Plans | ' | |||||||||||||||
Defined Pension Benefit Plans | ||||||||||||||||
We maintain two pension benefit plans, a qualified noncontributory defined benefit plan and a nonqualified, noncontributory defined benefit supplemental plan that provides benefits to certain retired highly compensated officers and employees. To date, the supplemental plan remains an unfunded plan. These plans include significant pension benefit obligations which are calculated based on actuarial valuations. Key assumptions are made in determining these obligations and related expenses, including expected rates of return on plan assets and discount rates. Benefits are based primarily on years of service and employees’ compensation. | ||||||||||||||||
As of July 1, 2006, in connection with a revision to our retirement plan, we froze the pension benefits of our qualified noncontributory plan participants. Under the revised plan, such participants generally do not accrue any additional benefits under the defined benefit plan after July 1, 2006. | ||||||||||||||||
During the three and nine months ended September 29, 2013, we made cash contributions of $0.4 million and $1.2 million, respectively to our qualified defined benefit pension plan. Additionally, substantially all of our U.S. employees are eligible to participate in a 401(k) savings plan. Under this plan, we make a core contribution and match a specified percentage of employee contributions, subject to certain limitations. | ||||||||||||||||
The components of net pension benefit expense are as follows (in thousands): | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 29, | September 30, | September 29, | September 30, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Service cost-benefits earned | $ | — | $ | 52 | $ | — | $ | 157 | ||||||||
Interest cost on benefits obligation | 491 | 513 | 1,473 | 1,540 | ||||||||||||
Estimated return on assets | (591 | ) | (531 | ) | (1,773 | ) | (1,595 | ) | ||||||||
Prior service cost amortization | — | — | — | — | ||||||||||||
Loss amortization | 189 | 158 | 567 | 473 | ||||||||||||
Net periodic cost of defined pension benefit plans | $ | 89 | $ | 192 | $ | 267 | $ | 575 | ||||||||
Income_Taxes
Income Taxes | 9 Months Ended |
Sep. 29, 2013 | |
Income Tax Expense (Benefit) [Abstract] | ' |
Income Taxes | ' |
Income Taxes | |
As required by the Income Tax Topic of the ASC, at September 29, 2013 and at December 31, 2012, we had $1.8 million and $2.0 million of unrecognized tax benefits, respectively, of which $0.9 million and $1.1 million, respectively, would affect our effective tax rate if recognized in any future period. | |
We recognize interest and penalties related to uncertain tax positions in income tax expense. As of September 29, 2013, we had approximately $0.9 million of accrued interest related to uncertain tax positions. | |
The Company files income tax returns in the U.S. federal jurisdiction and in various state, local and foreign jurisdictions. The Company is no longer subject to examination by the Internal Revenue Service for years prior to 2010 and is no longer subject to examination by the tax authorities in foreign and state jurisdictions prior to 2006. The Company is under examination for income tax filings in various state and foreign jurisdictions. | |
For 2013, we expect an effective income tax rate of approximately 28.0%. The effective tax rate was 21.7% for the quarter ended September 29, 2013. The primary driver of this lower tax rate in the quarter was foreign rate differentials, the UK tax rate change and a non-taxable gain on a foreign price purchase settlement, offset by a change in the valuation allowance. | |
Our future effective tax rates could be adversely affected by earnings being lower than anticipated in countries where we have lower statutory rates and vice versa. Changes in the valuation of our deferred tax assets or liabilities, or changes in tax laws or interpretations thereof may also adversely affect our future effective tax rate. In addition, we are subject to the continuous examination of our income tax returns by the Internal Revenue Service and other tax authorities. We regularly assess the likelihood of adverse outcomes resulting from these examinations to determine the adequacy of our provision for income taxes. | |
The Company has a net domestic deferred income tax asset and a net foreign deferred tax asset. With regard to deferred income tax assets, we maintained a total valuation allowance of $14.2 million at September 29, 2013 and $13.5 million at December 31, 2012 due to uncertainties related to our ability to utilize certain of these assets, primarily consisting of certain foreign tax credits, foreign and state net operating losses and state tax credits carried forward. The valuation allowance is based on estimates of taxable income in each of the jurisdictions in which we operate and the period over which our deferred tax assets will be recoverable. If market conditions improve and future results of operations exceed our current expectations, our existing tax valuation allowances may be adjusted, resulting in future tax benefits. Alternatively, if market conditions deteriorate or future results of operations are less than expected, future assessments may result in a determination that some or all of the deferred tax assets are not realizable. Consequently, we may need to establish additional tax valuation allowances for all or a portion of the gross deferred tax assets, which may have a material adverse effect on our business, results of operations and financial condition. The Company has had a history of domestic and foreign taxable income, is able to avail itself of federal tax carryback provisions, has future taxable temporary differences and projects future domestic and foreign taxable income. We believe that after considering all of the available objective evidence, it is more likely than not that the results of future operations will generate sufficient taxable income to realize the remaining deferred tax assets. |
Special_Charges
Special Charges | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2012 | ||||||||||||||||||||
Restructuring and Related Activities [Abstract] | ' | |||||||||||||||||||
Restructuring and Related Activities Disclosure [Text Block] | ' | |||||||||||||||||||
Special Charges / Recoveries | ||||||||||||||||||||
During the third quarter of 2012 we announced restructuring actions in the Energy, Aerospace, and Flow Technologies segments ("2012 Announced Restructuring") including actions to consolidate facilities, shift expenses to lower cost regions, and exiting some non-strategic product lines. | ||||||||||||||||||||
On July 12, 2013 we reached a settlement on the SF Valves arbitration (“SF Settlement”) and have received a refund of a portion of the purchase price which resulted in a gain of approximately $3.2 million during the third quarter of 2013. This gain was recorded as a special recovery during the third quarter of 2013. | ||||||||||||||||||||
On August 1, 2013 we announced additional restructuring actions associated with our Aerospace and Flow Technologies segments ("August 1, 2013 Announced Restructuring") including actions to consolidate facilities, shift expenses to lower cost regions, and exiting some non-strategic product lines. | ||||||||||||||||||||
In addition during the third quarter of 2013 we announced that our Chief Financial Officer would be retiring and recorded a $0.6 million (“CFO retirement”) special charge for associated salary continuation and bonus. | ||||||||||||||||||||
During the three and nine months ended September 30, 2012 we incurred $1.4 million in special charges (recoveries) associated with the 2012 Announced Restructuring actions. The following table summarizes our special charges by expense type and business segment (in thousands): | ||||||||||||||||||||
Special Charges / Recoveries | ||||||||||||||||||||
As of and for the three months ended September 30, 2012 | ||||||||||||||||||||
Energy | Aerospace | Flow | Corporate | Total | ||||||||||||||||
Technologies | ||||||||||||||||||||
Accrued special charges as of July 1, 2012 | $ | — | ||||||||||||||||||
Facility and professional fee related expenses | 1,093 | 209 | — | — | 1,302 | |||||||||||||||
Employee-related expenses | — | 30 | 45 | — | 75 | |||||||||||||||
Total restructuring related special charges | $ | 1,093 | $ | 239 | $ | 45 | $ | — | $ | 1,377 | ||||||||||
Special charges paid | (1,377 | ) | ||||||||||||||||||
Accrued special charges as of September 30, 2012 | $ | — | ||||||||||||||||||
Special Charges / Recoveries | ||||||||||||||||||||
As of and for the nine months ended September 30, 2012 | ||||||||||||||||||||
Energy | Aerospace | Flow | Corporate | Total | ||||||||||||||||
Technologies | ||||||||||||||||||||
Accrued special charges as of December 31, 2011 | $ | — | ||||||||||||||||||
Facility and professional fee related expenses | 1,093 | 209 | — | — | 1,302 | |||||||||||||||
Employee-related expenses | — | 30 | 45 | — | 75 | |||||||||||||||
Total restructuring related special charges | $ | 1,093 | $ | 239 | $ | 45 | $ | — | $ | 1,377 | ||||||||||
Special charges paid | (1,377 | ) | ||||||||||||||||||
Accrued special charges as of September 30, 2012 | $ | — | ||||||||||||||||||
During the three and nine months ended September 29, 2013 we incurred $(0.2) million and $3.4 million in special charges (recoveries) associated with the 2012 Announced Restructuring actions, August 1, 2013 Announced Restructuring actions, SF Settlement, and CFO Retirement. The following table summarizes our special charges by expense type and business segment (in thousands): | ||||||||||||||||||||
Special Charges / Recoveries | ||||||||||||||||||||
As of and for the three months ended September 29, 2013 | ||||||||||||||||||||
Energy | Aerospace | Flow | Corporate | Total | ||||||||||||||||
Technologies | ||||||||||||||||||||
Accrued special charges as of June 30, 2013 | $ | 592 | ||||||||||||||||||
Facility and professional fee related expenses | — | 800 | 536 | — | 1,336 | |||||||||||||||
Employee-related expenses | 90 | 337 | 598 | — | 1,025 | |||||||||||||||
Total restructuring related special charges | $ | 90 | $ | 1,137 | $ | 1,134 | $ | — | $ | 2,361 | ||||||||||
CFO retirement charges | — | — | — | 600 | 600 | |||||||||||||||
Total Special Charges Incurred During Period | $ | 90 | $ | 1,137 | $ | 1,134 | $ | 600 | $ | 2,961 | ||||||||||
Special charges paid | (1,650 | ) | ||||||||||||||||||
Accrued special charges as of September 29, 2013 | $ | 1,903 | ||||||||||||||||||
Total Special Charges Incurred During Period | 90 | 1,137 | 1,134 | 600 | 2,961 | |||||||||||||||
SF Settlement special (recoveries) | (3,151 | ) | — | — | — | (3,151 | ) | |||||||||||||
Special Charges / (Recoveries) During Period | $ | (3,061 | ) | $ | 1,137 | $ | 1,134 | $ | 600 | $ | (190 | ) | ||||||||
Special Charges / Recoveries | ||||||||||||||||||||
As of and for the nine months ended September 29, 2013 | ||||||||||||||||||||
Energy | Aerospace | Flow | Corporate | Total | ||||||||||||||||
Technologies | ||||||||||||||||||||
Accrued special charges as of December 31, 2012 | $ | 800 | ||||||||||||||||||
Facility and professional fee related expenses | 811 | 2,638 | 563 | — | 4,012 | |||||||||||||||
Employee-related expenses | 391 | 910 | 680 | — | 1,981 | |||||||||||||||
Total restructuring related special charges | $ | 1,202 | $ | 3,548 | $ | 1,243 | $ | — | $ | 5,993 | ||||||||||
CFO retirement charges | — | — | — | 600 | 600 | |||||||||||||||
Total Special Charges Incurred During Period | $ | 1,202 | $ | 3,548 | $ | 1,243 | $ | 600 | $ | 6,593 | ||||||||||
Special charges paid | (5,490 | ) | ||||||||||||||||||
Accrued special charges as of September 29, 2013 | $ | 1,903 | ||||||||||||||||||
Total Special Charges Incurred During Period | 1,202 | 3,548 | 1,243 | 600 | 6,593 | |||||||||||||||
SF Settlement special (recoveries) | (3,152 | ) | — | — | — | (3,152 | ) | |||||||||||||
Special Charges / (Recoveries) During Period | $ | (1,950 | ) | $ | 3,548 | $ | 1,243 | $ | 600 | $ | 3,441 | |||||||||
The following table summarizes our 2012 Announced Restructuring action special charges incurred from the end of the third quarter of 2012 through September 29, 2013. | ||||||||||||||||||||
2012 Announced Restructurings Incurred as of September 29, 2013 | ||||||||||||||||||||
Energy | Aerospace | Flow | Corporate | Total | ||||||||||||||||
Technologies | ||||||||||||||||||||
Facility and professional fee related expenses - incurred to date | 2,113 | 2,869 | 162 | — | 5,144 | |||||||||||||||
Employee-related expenses - incurred to date | 896 | 925 | 191 | — | 2,012 | |||||||||||||||
Total restructuring related special charges - incurred to date | $ | 3,009 | $ | 3,794 | $ | 353 | $ | — | $ | 7,156 | ||||||||||
Also, in connection with the 2012 Announced Restructuring special charges noted above, we recorded $1.2 million and $3.0 million of repositioning related inventory obsolescence charges since the third quarter of 2012, for the Energy and Aerospace segments, respectively. | ||||||||||||||||||||
We do not anticipate any additional special charges to be incurred associated with the 2012 Announced Restructurings. | ||||||||||||||||||||
The following table summarizes our August 1, 2013 Announced Restructuring action special charges incurred during the third quarter of 2013. Charges with this action began in the third quarter of 2013. | ||||||||||||||||||||
August 1, 2013 Announced Restructurings Incurred as of September 29, 2013 | ||||||||||||||||||||
Energy | Aerospace | Flow | Corporate | Total | ||||||||||||||||
Technologies | ||||||||||||||||||||
Facility and professional fee related expenses - incurred to date | — | 80 | 536 | — | 616 | |||||||||||||||
Employee-related expenses - incurred to date | — | 171 | 598 | — | 769 | |||||||||||||||
Total restructuring related special charges - incurred to date | $ | — | $ | 251 | $ | 1,134 | $ | — | $ | 1,385 | ||||||||||
Additional special charges that we expect to be recorded with the August 1, 2013 Announced Restructuring action are included in the projected amounts below. | ||||||||||||||||||||
On October 31, 2013 we announced an organizational restructuring under which we will simplify the manner in which we manage our businesses. Under this restructuring we will consolidate our group structure from three groups to two, reducing management layers and administrative expenses. We expect to complete this reorganization in the fourth quarter of 2013 and expect to incur special charges of between $2.6 million to $3.0 million associated with this reorganization during the fourth quarter of 2013. | ||||||||||||||||||||
We expect to incur Restructuring related special charges between $5.3 million and $6.0 million during Q4 2013 (between $0.8 million and $0.9 million for the Energy segment, between $1.3 million and $1.4 million for the Aerospace segment, and between $3.2 million and $3.7 million for the Flow Technologies segment). We expect to incur additional Restructuring related special charges between $3.9 million and $4.3 million during the first half of 2014 (between $0.5 million and $0.6 million for the Aerospace segment and between $3.4 million and $3.7 million for the Flow Technologies segment) to complete these restructuring actions. These restructuring activities are expected to be funded with cash generated from operations. |
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 9 Months Ended | |
Sep. 29, 2013 | ||
CEO Inducement Award Price Targets [Abstract] | ' | |
Schedule of Share-based Compensation Arrangement by Share-based Payment Award, Performance-Based Units, Vested and Expected to Vest [Table Text Block] | ' | |
The stock options will vest if the following stock price targets are met based on the stock price closing at or above these targets for 60 consecutive trading days: | ||
Stock Price Target | Cumulative Vested Portion of Stock Options (in Shares) | |
$50.00 | 50,000 | |
$60.00 | 100,000 | |
$70.00 | 150,000 | |
$80.00 | 200,000 |
Inventories_Tables
Inventories (Tables) | 9 Months Ended | |||||||
Sep. 29, 2013 | ||||||||
Inventory, Net [Abstract] | ' | |||||||
Components Of Inventory | ' | |||||||
Inventories consist of the following (in thousands): | ||||||||
September 29, 2013 | December 31, 2012 | |||||||
Raw materials | $ | 53,429 | $ | 63,104 | ||||
Work in process | 99,153 | 86,564 | ||||||
Finished goods | 45,872 | 48,337 | ||||||
$ | 198,454 | $ | 198,005 | |||||
Goodwill_And_Intangible_Assets1
Goodwill And Intangible Assets (Tables) | 9 Months Ended | |||||||||||||||||||||||
Sep. 29, 2013 | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||||||
Goodwill, By Segment | ' | |||||||||||||||||||||||
The following table shows goodwill, by segment, as of September 29, 2013 (in thousands): | ||||||||||||||||||||||||
Energy | Aerospace | Flow | Consolidated | |||||||||||||||||||||
Technologies | Total | |||||||||||||||||||||||
Goodwill as of December 31, 2012 | $ | 51,526 | $ | 22,121 | $ | 3,781 | $ | 77,428 | ||||||||||||||||
Currency translation adjustments | (1,169 | ) | 42 | (235 | ) | (1,362 | ) | |||||||||||||||||
Goodwill as of September 29, 2013 | $ | 50,357 | $ | 22,163 | $ | 3,546 | $ | 76,066 | ||||||||||||||||
Gross Intangible Assets And Related Accumulated Amortization | ' | |||||||||||||||||||||||
The table below presents gross intangible assets and the related accumulated amortization as of September 29, 2013 (in thousands): | ||||||||||||||||||||||||
Gross | Accumulated | |||||||||||||||||||||||
Carrying | Amortization | |||||||||||||||||||||||
Amount | ||||||||||||||||||||||||
Patents | $ | 6,078 | $ | (5,671 | ) | |||||||||||||||||||
Non-amortized intangibles (primarily trademarks and trade names) | 23,601 | — | ||||||||||||||||||||||
Customer relationships | 34,032 | (18,088 | ) | |||||||||||||||||||||
Backlog | 1,114 | (1,114 | ) | |||||||||||||||||||||
Other | 7,479 | (4,703 | ) | |||||||||||||||||||||
Total | $ | 72,304 | $ | (29,576 | ) | |||||||||||||||||||
Net carrying value of intangible assets | 42,728 | |||||||||||||||||||||||
Estimated Remaining Amortization Expense For Intangible Assets | ' | |||||||||||||||||||||||
The table below presents estimated remaining amortization expense for intangible assets recorded as of September 29, 2013 (in thousands): | ||||||||||||||||||||||||
2013 | 2014 | 2015 | 2016 | 2017 | After 2017 | |||||||||||||||||||
Estimated amortization expense | $ | 774 | $ | 3,066 | $ | 3,045 | $ | 2,760 | $ | 2,626 | $ | 6,856 | ||||||||||||
Segment_Information_Tables
Segment Information (Tables) | 9 Months Ended | |||||||||||||||||||
Sep. 29, 2013 | ||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||
Reportable Segment Information | ' | |||||||||||||||||||
The following table presents certain reportable segment information (in thousands): | ||||||||||||||||||||
Energy | Aerospace | Flow | Corporate / | Consolidated | ||||||||||||||||
Technologies | Eliminations | Total | ||||||||||||||||||
Three Months Ended September 29, 2013 | ||||||||||||||||||||
Net revenues | $ | 108,474 | $ | 36,483 | $ | 69,775 | $ | — | $ | 214,731 | ||||||||||
Inter-segment revenues | 410 | 32 | 126 | (568 | ) | — | ||||||||||||||
Operating income (loss) | 21,620 | 3,002 | 8,334 | (9,020 | ) | 23,936 | ||||||||||||||
Interest income | (67 | ) | ||||||||||||||||||
Interest expense | 812 | |||||||||||||||||||
Other expense, net | 568 | |||||||||||||||||||
Income before income taxes | $ | 22,623 | ||||||||||||||||||
Identifiable assets | 410,975 | 180,025 | 223,737 | (89,374 | ) | 725,363 | ||||||||||||||
Capital expenditures | 1,381 | 2,071 | 906 | 489 | 4,847 | |||||||||||||||
Depreciation and amortization | 1,651 | 1,167 | 1,508 | 346 | 4,672 | |||||||||||||||
Three Months Ended September 30, 2012 | ||||||||||||||||||||
Net revenues | $ | 109,968 | $ | 31,795 | $ | 68,041 | $ | — | $ | 209,804 | ||||||||||
Inter-segment revenues | 577 | 10 | 194 | (781 | ) | — | ||||||||||||||
Operating income (loss) | 11,236 | (10,284 | ) | 8,873 | (7,169 | ) | 2,656 | |||||||||||||
Interest income | (101 | ) | ||||||||||||||||||
Interest expense | 1,223 | |||||||||||||||||||
Other expense, net | 564 | |||||||||||||||||||
Income before income taxes | $ | 970 | ||||||||||||||||||
Identifiable assets | 366,730 | 180,547 | 204,107 | (53,748 | ) | 697,636 | ||||||||||||||
Capital expenditures | 647 | 686 | 1,856 | 125 | 3,314 | |||||||||||||||
Depreciation and amortization | 1,713 | 1,233 | 1,543 | 378 | 4,867 | |||||||||||||||
Nine Months Ended September 29, 2013 | ||||||||||||||||||||
Net revenues | $ | 316,027 | $ | 111,986 | $ | 215,760 | $ | — | $ | 643,773 | ||||||||||
Inter-segment revenues | 1,136 | 56 | 526 | (1,718 | ) | — | ||||||||||||||
Operating income (loss) | 46,233 | 5,469 | 28,335 | (22,945 | ) | 57,092 | ||||||||||||||
Interest income | (189 | ) | ||||||||||||||||||
Interest expense | 2,559 | |||||||||||||||||||
Other expense, net | 1,807 | |||||||||||||||||||
Income before income taxes | $ | 52,915 | ||||||||||||||||||
Identifiable assets | 410,975 | 180,025 | 223,737 | (89,374 | ) | 725,363 | ||||||||||||||
Capital expenditures | 5,459 | 4,236 | 3,207 | 677 | 13,579 | |||||||||||||||
Depreciation and amortization | 4,943 | 3,588 | 4,599 | 1,085 | 14,215 | |||||||||||||||
Nine Months Ended September 30, 2012 | ||||||||||||||||||||
Net revenues | $ | 332,759 | $ | 105,776 | $ | 205,411 | $ | — | $ | 643,946 | ||||||||||
Inter-segment revenues | 1,477 | 41 | 589 | (2,107 | ) | — | ||||||||||||||
Operating income (loss) | 32,744 | (3,007 | ) | 25,503 | (20,404 | ) | 34,836 | |||||||||||||
Interest income | (262 | ) | ||||||||||||||||||
Interest expense | 3,482 | |||||||||||||||||||
Other expense, net | 887 | |||||||||||||||||||
Income before income taxes | $ | 30,729 | ||||||||||||||||||
Identifiable assets | 366,730 | 180,547 | 204,107 | (53,748 | ) | 697,636 | ||||||||||||||
Capital expenditures | 2,397 | 2,263 | 7,600 | 1,837 | 14,097 | |||||||||||||||
Depreciation and amortization | 5,546 | 3,672 | 4,348 | 1,022 | 14,588 | |||||||||||||||
Earnings_Per_Common_Share_Tabl
Earnings Per Common Share (Tables) | 9 Months Ended | |||||||||||||||||||||
Sep. 29, 2013 | ||||||||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||||||||
Schedule Of Earnings Per Share, Basic And Diluted | ' | |||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||
September 29, 2013 | September 30, 2012 | |||||||||||||||||||||
Net | Shares | Per Share | Net | Shares | Per Share | |||||||||||||||||
Income | Amount | Income | Amount | |||||||||||||||||||
Basic Earnings Per Common Share ("EPS") | $ | 17,720 | 17,582 | $ | 1.01 | $ | 1,869 | 17,433 | $ | 0.11 | ||||||||||||
Dilutive securities, common stock options | — | 85 | (0.01 | ) | — | 34 | 0 | |||||||||||||||
Diluted EPS | $ | 17,720 | 17,667 | $ | 1 | $ | 1,869 | 17,467 | $ | 0.11 | ||||||||||||
Nine Months Ended | ||||||||||||||||||||||
September 29, 2013 | September 30, 2012 | |||||||||||||||||||||
Net | Shares | Per Share | Net | Shares | Per Share | |||||||||||||||||
Income | Amount | Income | Amount | |||||||||||||||||||
Basic EPS | $ | 38,296 | 17,553 | $ | 2.18 | $ | 21,591 | 17,391 | $ | 1.24 | ||||||||||||
Dilutive securities, common stock options | — | 49 | 0 | — | 45 | 0 | ||||||||||||||||
Diluted EPS | $ | 38,296 | 17,602 | $ | 2.18 | $ | 21,591 | 17,436 | $ | 1.24 | ||||||||||||
Financial_Instruments_Tables
Financial Instruments (Tables) | 9 Months Ended | |||||
Sep. 29, 2013 | ||||||
Fair Value Disclosures [Abstract] | ' | |||||
Schedule Of Forward Contracts With Contract Values | ' | |||||
As of September 29, 2013, we had twenty-three forward contracts with total values as follows (in thousands): | ||||||
Currency | Number | Contract Amount | Currency | |||
Canadian Dollar/Euro | 3 | 115 | Canadian Dollars | |||
U.S. Dollar/Euro | 15 | 13,007 | U.S. Dollars | |||
Brazilian Real/Euro | 5 | 0 | Brazilian Reais |
Guarantees_And_Indemnification1
Guarantees And Indemnification Obligations (Tables) | 9 Months Ended | |||
Sep. 29, 2013 | ||||
Guarantees And Indemnification Obligations [Abstract] | ' | |||
Product Warranty Reserves | ' | |||
The following table sets forth information related to our product warranty reserves for the nine months ended September 29, 2013 (in thousands): | ||||
Balance beginning December 31, 2012 | $ | 3,322 | ||
Provisions | 2,878 | |||
Claims settled | (1,896 | ) | ||
Currency translation adjustment | 46 | |||
Balance ending September 29, 2013 | $ | 4,350 | ||
Contingencies_And_Commitments_
Contingencies And Commitments (Tables) | 9 Months Ended | |||
Sep. 29, 2013 | ||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||
Standby Letters Of Credit Instruments | ' | |||
The following table contains information related to standby letters of credit instruments outstanding as of September 29, 2013 (in thousands): | ||||
Term Remaining | Maximum Potential | |||
Future Payments | ||||
0–12 months | $ | 42,808 | ||
Greater than 12 months | 9,821 | |||
Total | $ | 52,629 | ||
Defined_Pension_Benefit_Plans_
Defined Pension Benefit Plans (Tables) | 9 Months Ended | |||||||||||||||
Sep. 29, 2013 | ||||||||||||||||
General Discussion of Pension and Other Postretirement Benefits [Abstract] | ' | |||||||||||||||
Components Of Net Pension Benefit Expense | ' | |||||||||||||||
The components of net pension benefit expense are as follows (in thousands): | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 29, | September 30, | September 29, | September 30, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Service cost-benefits earned | $ | — | $ | 52 | $ | — | $ | 157 | ||||||||
Interest cost on benefits obligation | 491 | 513 | 1,473 | 1,540 | ||||||||||||
Estimated return on assets | (591 | ) | (531 | ) | (1,773 | ) | (1,595 | ) | ||||||||
Prior service cost amortization | — | — | — | — | ||||||||||||
Loss amortization | 189 | 158 | 567 | 473 | ||||||||||||
Net periodic cost of defined pension benefit plans | $ | 89 | $ | 192 | $ | 267 | $ | 575 | ||||||||
Special_Charges_Tables
Special Charges (Tables) | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2012 | ||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ' | |||||||||||||||||||
Schedule of Restructuring and Related Costs | ' | |||||||||||||||||||
Special Charges / Recoveries | ||||||||||||||||||||
As of and for the three months ended September 29, 2013 | ||||||||||||||||||||
Energy | Aerospace | Flow | Corporate | Total | ||||||||||||||||
Technologies | ||||||||||||||||||||
Accrued special charges as of June 30, 2013 | $ | 592 | ||||||||||||||||||
Facility and professional fee related expenses | — | 800 | 536 | — | 1,336 | |||||||||||||||
Employee-related expenses | 90 | 337 | 598 | — | 1,025 | |||||||||||||||
Total restructuring related special charges | $ | 90 | $ | 1,137 | $ | 1,134 | $ | — | $ | 2,361 | ||||||||||
CFO retirement charges | — | — | — | 600 | 600 | |||||||||||||||
Total Special Charges Incurred During Period | $ | 90 | $ | 1,137 | $ | 1,134 | $ | 600 | $ | 2,961 | ||||||||||
Special charges paid | (1,650 | ) | ||||||||||||||||||
Accrued special charges as of September 29, 2013 | $ | 1,903 | ||||||||||||||||||
Total Special Charges Incurred During Period | 90 | 1,137 | 1,134 | 600 | 2,961 | |||||||||||||||
SF Settlement special (recoveries) | (3,151 | ) | — | — | — | (3,151 | ) | |||||||||||||
Special Charges / (Recoveries) During Period | $ | (3,061 | ) | $ | 1,137 | $ | 1,134 | $ | 600 | $ | (190 | ) | ||||||||
Special Charges / Recoveries | ||||||||||||||||||||
As of and for the nine months ended September 29, 2013 | ||||||||||||||||||||
Energy | Aerospace | Flow | Corporate | Total | ||||||||||||||||
Technologies | ||||||||||||||||||||
Accrued special charges as of December 31, 2012 | $ | 800 | ||||||||||||||||||
Facility and professional fee related expenses | 811 | 2,638 | 563 | — | 4,012 | |||||||||||||||
Employee-related expenses | 391 | 910 | 680 | — | 1,981 | |||||||||||||||
Total restructuring related special charges | $ | 1,202 | $ | 3,548 | $ | 1,243 | $ | — | $ | 5,993 | ||||||||||
CFO retirement charges | — | — | — | 600 | 600 | |||||||||||||||
Total Special Charges Incurred During Period | $ | 1,202 | $ | 3,548 | $ | 1,243 | $ | 600 | $ | 6,593 | ||||||||||
Special charges paid | (5,490 | ) | ||||||||||||||||||
Accrued special charges as of September 29, 2013 | $ | 1,903 | ||||||||||||||||||
Total Special Charges Incurred During Period | 1,202 | 3,548 | 1,243 | 600 | 6,593 | |||||||||||||||
SF Settlement special (recoveries) | (3,152 | ) | — | — | — | (3,152 | ) | |||||||||||||
Special Charges / (Recoveries) During Period | $ | (1,950 | ) | $ | 3,548 | $ | 1,243 | $ | 600 | $ | 3,441 | |||||||||
Special Charges / Recoveries | ||||||||||||||||||||
As of and for the three months ended September 30, 2012 | ||||||||||||||||||||
Energy | Aerospace | Flow | Corporate | Total | ||||||||||||||||
Technologies | ||||||||||||||||||||
Accrued special charges as of July 1, 2012 | $ | — | ||||||||||||||||||
Facility and professional fee related expenses | 1,093 | 209 | — | — | 1,302 | |||||||||||||||
Employee-related expenses | — | 30 | 45 | — | 75 | |||||||||||||||
Total restructuring related special charges | $ | 1,093 | $ | 239 | $ | 45 | $ | — | $ | 1,377 | ||||||||||
Special charges paid | (1,377 | ) | ||||||||||||||||||
Accrued special charges as of September 30, 2012 | $ | — | ||||||||||||||||||
Special Charges / Recoveries | ||||||||||||||||||||
As of and for the nine months ended September 30, 2012 | ||||||||||||||||||||
Energy | Aerospace | Flow | Corporate | Total | ||||||||||||||||
Technologies | ||||||||||||||||||||
Accrued special charges as of December 31, 2011 | $ | — | ||||||||||||||||||
Facility and professional fee related expenses | 1,093 | 209 | — | — | 1,302 | |||||||||||||||
Employee-related expenses | — | 30 | 45 | — | 75 | |||||||||||||||
Total restructuring related special charges | $ | 1,093 | $ | 239 | $ | 45 | $ | — | $ | 1,377 | ||||||||||
Special charges paid | (1,377 | ) | ||||||||||||||||||
Accrued special charges as of September 30, 2012 | $ | — | ||||||||||||||||||
2012 Announced Restructuring Plan [Member] | ' | |||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ' | |||||||||||||||||||
Schedule of Restructuring and Related Costs | ' | |||||||||||||||||||
2012 Announced Restructurings Incurred as of September 29, 2013 | ||||||||||||||||||||
Energy | Aerospace | Flow | Corporate | Total | ||||||||||||||||
Technologies | ||||||||||||||||||||
Facility and professional fee related expenses - incurred to date | 2,113 | 2,869 | 162 | — | 5,144 | |||||||||||||||
Employee-related expenses - incurred to date | 896 | 925 | 191 | — | 2,012 | |||||||||||||||
Total restructuring related special charges - incurred to date | $ | 3,009 | $ | 3,794 | $ | 353 | $ | — | $ | 7,156 | ||||||||||
August 1, 2013 Announced Restructuring Plan [Member] | ' | |||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ' | |||||||||||||||||||
Schedule of Restructuring and Related Costs | ' | |||||||||||||||||||
The following table summarizes our August 1, 2013 Announced Restructuring action special charges incurred during the third quarter of 2013. Charges with this action began in the third quarter of 2013. | ||||||||||||||||||||
August 1, 2013 Announced Restructurings Incurred as of September 29, 2013 | ||||||||||||||||||||
Energy | Aerospace | Flow | Corporate | Total | ||||||||||||||||
Technologies | ||||||||||||||||||||
Facility and professional fee related expenses - incurred to date | — | 80 | 536 | — | 616 | |||||||||||||||
Employee-related expenses - incurred to date | — | 171 | 598 | — | 769 | |||||||||||||||
Total restructuring related special charges - incurred to date | $ | — | $ | 251 | $ | 1,134 | $ | — | $ | 1,385 | ||||||||||
Summary_Of_Significant_Account1
Summary Of Significant Accounting Policies October 31, 2013 Restructuring Annoucement (Details) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Sep. 29, 2013 |
Maximum [Member] | ' |
Subsequent Event [Line Items] | ' |
Restructuring and Related Cost, Expected Cost, Remainder of Fiscal Year | $6 |
Maximum [Member] | October 31, 2013 Announced Restructuring Plan [Member] | ' |
Subsequent Event [Line Items] | ' |
Restructuring and Related Cost, Expected Cost, Remainder of Fiscal Year | 3 |
Minimum [Member] | ' |
Subsequent Event [Line Items] | ' |
Restructuring and Related Cost, Expected Cost, Remainder of Fiscal Year | 5.3 |
Minimum [Member] | October 31, 2013 Announced Restructuring Plan [Member] | ' |
Subsequent Event [Line Items] | ' |
Restructuring and Related Cost, Expected Cost, Remainder of Fiscal Year | $2.60 |
ShareBased_Compensation_Narrat
Share-Based Compensation (Narrative) (Details) (USD $) | 9 Months Ended | |
Sep. 29, 2013 | Sep. 30, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Share-based compensation shares authorized | 3,000,000 | ' |
RSU outstanding | 274,675 | ' |
Shares available for grant | 397,730 | ' |
Unrecognized compensation costs | $9,000,000 | ' |
Weighted average period of recognition of compensation expense (in years) | '2 years 2 months 19 days | ' |
Weighted average contractual term for stock options outstanding, years | '8 years 11 months 6 days | ' |
Weighted average contractual term for stock options exercisable, years | '7 years 4 months 7 days | ' |
Selling, General And Administrative [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Compensation expense | 3,500,000 | 3,300,000 |
Stock Options [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Share-based compensation shares authorized | 200,000 | ' |
Stock options outstanding | 279,819 | ' |
Aggregate intrinsic value of stock options exercised | 1,100,000 | ' |
Aggregate intrinsic value of stock options outstanding | 6,500,000 | ' |
Aggregate intrinsic value of stock options exercisable | 1,000,000 | ' |
Vesting Period, (in years) | '60 days | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Date Duration | '10 years | ' |
Stock Options [Member] | Minimum [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Vesting Period, (in years) | '1 year | ' |
Stock Options [Member] | Maximum [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Vesting Period, (in years) | '5 years | ' |
Restricted Stock Units (RSUs) [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Rights to nonforfeitable dividend equivalents participating securities | 0 | ' |
Restricted stock units granted | 130,845 | 132,471 |
Granted RSU awards fair value | $41.96 | $33.54 |
Aggregate intrinsic value of RSU Awards / RSU MSPs | 3,600,000 | ' |
Aggregate intrinsic value of RSU Awards outstanding | 12,700,000 | ' |
Aggregate intrinsic value of RSU Awards vested and deferred | 0 | ' |
Restricted Stock Units (RSUs) [Member] | Minimum [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Vesting Period, (in years) | '3 years | ' |
Restricted Stock Units (RSUs) [Member] | Maximum [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Vesting Period, (in years) | '6 years | ' |
Restricted Stock Units Management Stock Purchase Plan [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Restricted stock units granted | 28,463 | 34,534 |
Discount rate granted for RSU MSPs | 33.00% | ' |
ShareBasedCompensationArrangementByShareBasedPaymentAwardDiscountFromMarketPriceAmortizationPeriod | 'four | ' |
Restricted stock units discount amount | $13.90 | $10.81 |
Aggregate intrinsic value of RSU Awards / RSU MSPs | 700,000 | ' |
Aggregate intrinsic value of RSU Awards outstanding | 2,600,000 | ' |
Aggregate intrinsic value of RSU Awards vested and deferred | $0 | ' |
ShareBased_Compensation_CEO_In
Share-Based Compensation CEO Inducement Stock Award (Details) (USD $) | 9 Months Ended |
Sep. 29, 2013 | |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ' |
Deferred Compensation Arrangement with Individual, Shares Authorized for Issuance | 3,000,000 |
Stock Options [Member] | ' |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ' |
Deferred Compensation Arrangement with Individual, Shares Authorized for Issuance | 200,000 |
Exercise Price of CEO Stock Option Inducement Award | $41.17 |
Award Forfeit Period | '5 years |
CEO Inducement Award Max Term | '10 years |
Expected Term | '5 years 6 months |
Risk-free interest rate | 1.20% |
Expected stock volatility | 41.20% |
Grant Date Fair Value (in usd per share) | $14.46 |
Award Vesting Period | '60 days |
Stock Options [Member] | $50.00 [Member] | ' |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ' |
Stock Price Target | $50 |
Cumulative Vested portion of stock options (in shares) | 50,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 12,500 |
Stock Options [Member] | $60.00 [Member] | ' |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ' |
Stock Price Target | $60 |
Cumulative Vested portion of stock options (in shares) | 100,000 |
Stock Options [Member] | $70.00 [Member] | ' |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ' |
Stock Price Target | $70 |
Cumulative Vested portion of stock options (in shares) | 150,000 |
Stock Options [Member] | $80.00 [Member] | ' |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ' |
Stock Price Target | $80 |
Cumulative Vested portion of stock options (in shares) | 200,000 |
Vesting Year 1 [Member] | Stock Options [Member] | ' |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ' |
Award Vesting Percentage | 25.00% |
Vesting Year 2 [Member] | Stock Options [Member] | ' |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ' |
Award Vesting Percentage | 50.00% |
Vesting Year 3 [Member] | Stock Options [Member] | ' |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ' |
Award Vesting Percentage | 100.00% |
Inventories_Components_Of_Inve
Inventories (Components Of Inventory) (Details) (USD $) | Sep. 29, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Inventory, Net [Abstract] | ' | ' |
Raw materials | $53,429 | $63,104 |
Work in process | 99,153 | 86,564 |
Finished goods | 45,872 | 48,337 |
Inventories | $198,454 | $198,005 |
Goodwill_And_Intangible_Assets2
Goodwill And Intangible Assets (Goodwill, By Segment) (Details) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 29, 2013 |
Goodwill [Line Items] | ' |
Goodwill as of December 31, 2012 | $77,428 |
Currency translation adjustments | -1,362 |
Goodwill as of September 29, 2013 | 76,066 |
Energy [Member] | ' |
Goodwill [Line Items] | ' |
Goodwill as of December 31, 2012 | 51,526 |
Currency translation adjustments | -1,169 |
Goodwill as of September 29, 2013 | 50,357 |
Aerospace [Member] | ' |
Goodwill [Line Items] | ' |
Goodwill as of December 31, 2012 | 22,121 |
Currency translation adjustments | 42 |
Goodwill as of September 29, 2013 | 22,163 |
Flow Technologies [Member] | ' |
Goodwill [Line Items] | ' |
Goodwill as of December 31, 2012 | 3,781 |
Currency translation adjustments | -235 |
Goodwill as of September 29, 2013 | $3,546 |
Goodwill_And_Intangible_Assets3
Goodwill And Intangible Assets (Gross Intangible Assets And Related Accumulated Amortization) (Details) (USD $) | Sep. 29, 2013 |
In Thousands, unless otherwise specified | |
Intangible Assets [Line Items] | ' |
Gross Carrying Amount | $72,304 |
Accumulated Amortization | -29,576 |
Net carrying value of intangible assets | 42,728 |
Patents [Member] | ' |
Intangible Assets [Line Items] | ' |
Gross Carrying Amount | 6,078 |
Accumulated Amortization | -5,671 |
Non-amortized intangibles (primarily trademarks and trade names) [Member] | ' |
Intangible Assets [Line Items] | ' |
Accumulated Amortization | 0 |
Non-amortized intangibles | 23,601 |
Customer relationships [Member] | ' |
Intangible Assets [Line Items] | ' |
Gross Carrying Amount | 34,032 |
Accumulated Amortization | -18,088 |
Backlog [Member] | ' |
Intangible Assets [Line Items] | ' |
Gross Carrying Amount | 1,114 |
Accumulated Amortization | -1,114 |
Other [Member] | ' |
Intangible Assets [Line Items] | ' |
Gross Carrying Amount | 7,479 |
Accumulated Amortization | ($4,703) |
Goodwill_And_Intangible_Assets4
Goodwill And Intangible Assets (Estimated Remaining Amortization Expense For Intangible Assets) (Details) (USD $) | Sep. 29, 2013 |
In Thousands, unless otherwise specified | |
Goodwill and Intangible Assets Disclosure [Abstract] | ' |
2013 | $774 |
2014 | 3,066 |
2015 | 3,045 |
2016 | 2,760 |
2017 | 2,626 |
After 2017 | $6,856 |
Segment_Information_Reportable
Segment Information (Reportable Segment Information) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net revenues | $214,731 | $209,804 | $643,773 | $643,946 | ' |
Inter-segment revenues | 0 | 0 | 0 | 0 | ' |
Operating income (loss) | 23,936 | 2,656 | 57,092 | 34,836 | ' |
Interest income | -67 | -101 | -189 | -262 | ' |
Interest expense | 812 | 1,223 | 2,559 | 3,482 | ' |
Other income, net | 568 | 564 | 1,807 | 887 | ' |
INCOME BEFORE INCOME TAXES | 22,623 | 970 | 52,915 | 30,729 | ' |
Identifiable assets | 725,363 | 697,636 | 725,363 | 697,636 | 709,981 |
Capital expenditures | 4,847 | 3,314 | 13,579 | 14,097 | ' |
Depreciation and amortization | 4,672 | 4,867 | 14,215 | 14,588 | ' |
Energy [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net revenues | 108,474 | 109,968 | 316,027 | 332,759 | ' |
Inter-segment revenues | 410 | 577 | 1,136 | 1,477 | ' |
Operating income (loss) | 21,620 | 11,236 | 46,233 | 32,744 | ' |
Identifiable assets | 410,975 | 366,730 | 410,975 | 366,730 | ' |
Capital expenditures | 1,381 | 647 | 5,459 | 2,397 | ' |
Depreciation and amortization | 1,651 | 1,713 | 4,943 | 5,546 | ' |
Aerospace [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net revenues | 36,483 | 31,795 | 111,986 | 105,776 | ' |
Inter-segment revenues | 32 | 10 | 56 | 41 | ' |
Operating income (loss) | 3,002 | -10,284 | 5,469 | -3,007 | ' |
Identifiable assets | 180,025 | 180,547 | 180,025 | 180,547 | ' |
Capital expenditures | 2,071 | 686 | 4,236 | 2,263 | ' |
Depreciation and amortization | 1,167 | 1,233 | 3,588 | 3,672 | ' |
Flow Technologies [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net revenues | 69,775 | 68,041 | 215,760 | 205,411 | ' |
Inter-segment revenues | 126 | 194 | 526 | 589 | ' |
Operating income (loss) | 8,334 | 8,873 | 28,335 | 25,503 | ' |
Identifiable assets | 223,737 | 204,107 | 223,737 | 204,107 | ' |
Capital expenditures | 906 | 1,856 | 3,207 | 7,600 | ' |
Depreciation and amortization | 1,508 | 1,543 | 4,599 | 4,348 | ' |
Corporate/Eliminations [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net revenues | 0 | 0 | 0 | 0 | ' |
Inter-segment revenues | -568 | -781 | -1,718 | -2,107 | ' |
Operating income (loss) | -9,020 | -7,169 | -22,945 | -20,404 | ' |
Identifiable assets | -89,374 | -53,748 | -89,374 | -53,748 | ' |
Capital expenditures | 489 | 125 | 677 | 1,837 | ' |
Depreciation and amortization | 346 | 378 | 1,085 | 1,022 | ' |
Corporate Identifiable Assets After Elimination Of Intercompany Assets [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Identifiable assets | $36,800 | $41,800 | $36,800 | $41,800 | ' |
Earnings_Per_Common_Share_Deta
Earnings Per Common Share (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Net income | $17,720 | $1,869 | $38,296 | $21,591 |
Basic Earnings Per Common Share (EPS), Shares | 17,582,000 | 17,433,000 | 17,553,000 | 17,391,000 |
Basic EPS, Per Share Amount | $1.01 | $0.11 | $2.18 | $1.24 |
Dilutive securities, common stock options, Shares | 85,000 | 34,000 | 49,000 | 45,000 |
Dilutive securities, common stock options, Per Share Amount | ($0.01) | $0 | $0 | $0 |
Diluted EPS, Shares | 17,667,000 | 17,467,000 | 17,602,000 | 17,436,000 |
Diluted EPS, Per Share Amount | $1 | $0.11 | $2.18 | $1.24 |
Stock Options [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Anti-dilutive options and RSUs, shares | ' | ' | 133,218 | ' |
RSU Awards [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Anti-dilutive options and RSUs, shares | ' | ' | ' | 396,849 |
Financial_Instruments_Narrativ
Financial Instruments (Narrative) (Details) (USD $) | Sep. 29, 2013 | Dec. 31, 2012 | Sep. 29, 2013 | Sep. 30, 2012 |
In Millions, unless otherwise specified | Forward_Contracts | Forward_Contracts | Maximum [Member] | Maximum [Member] |
Derivative [Line Items] | ' | ' | ' | ' |
Number of forward contracts | 23 | 12 | ' | ' |
Fair value asset of derivative forward contracts | $0.10 | $0.50 | ' | ' |
Foreign Currency Transaction Gain (Loss), Unrealized | ' | ' | $0.50 | $0.50 |
Financial_Instruments_Schedule
Financial Instruments (Schedule Of Forward Contracts With Contract Values) (Details) | Sep. 29, 2013 | Dec. 31, 2012 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 |
In Thousands, unless otherwise specified | Forward_Contracts | Forward_Contracts | Canadian Dollar/Euro [Member] | U S Dollar/ Euro [Member] | Brazilian Real/Euro [Member] |
CAD | USD ($) | BRL | |||
Forward_Contracts | Forward_Contracts | Forward_Contracts | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' | ' | ' | ' |
Number | 23 | 12 | 3 | 15 | 5 |
Contract Amount | ' | ' | 115 | $13,007 | 0 |
Guarantees_And_Indemnification2
Guarantees And Indemnification Obligations (Product Warranty Reserves) (Details) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 29, 2013 |
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward] | ' |
Balance beginning December 31, 2012 | $3,322 |
Provisions | 2,878 |
Claims settled | -1,896 |
Currency translation adjustments | 46 |
Balance ending June 30, 2013 | 4,350 |
Liability for indemnification agreements | $0 |
Contingencies_And_Commitments_1
Contingencies And Commitments (Narrative) (Details) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 29, 2013 |
Contingencies, Commitments And Guarantees [Line Items] | ' |
Aggregate notional value standby letters of credit | 52,629 |
Minimum [Member] | ' |
Contingencies, Commitments And Guarantees [Line Items] | ' |
Expiration period, minimum in months and maximum in years | '1 month |
Maximum [Member] | ' |
Contingencies, Commitments And Guarantees [Line Items] | ' |
Expiration period, minimum in months and maximum in years | '5 years |
Contingencies_And_Commitments_2
Contingencies And Commitments (Standby Letters Of Credit Instruments) (Details) (USD $) | Sep. 29, 2013 |
In Thousands, unless otherwise specified | |
Contingencies, Commitments And Guarantees [Line Items] | ' |
Total | $52,629 |
0-12 months [Member] | ' |
Contingencies, Commitments And Guarantees [Line Items] | ' |
Total | 42,808 |
Greater than 12 months [Member] | ' |
Contingencies, Commitments And Guarantees [Line Items] | ' |
Total | $9,821 |
Defined_Pension_Benefit_Plans_1
Defined Pension Benefit Plans (Narrative) (Details) (Qualified Plan [Member], USD $) | 3 Months Ended | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 29, 2013 | Sep. 29, 2013 |
Qualified Plan [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Cash contributions to defined benefit pension plan | $0.40 | $1.20 |
Defined_Pension_Benefit_Plans_2
Defined Pension Benefit Plans (Components Of Net Pension Benefit Expense) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 |
General Discussion of Pension and Other Postretirement Benefits [Abstract] | ' | ' | ' | ' |
Service cost-benefits earned | $0 | $52 | $0 | $157 |
Interest cost on benefits obligation | 491 | 513 | 1,473 | 1,540 |
Estimated return on assets | -591 | -531 | -1,773 | -1,595 |
Prior service cost amortization | 0 | 0 | 0 | 0 |
Loss amortization | 189 | 158 | 567 | 473 |
Net periodic cost of defined benefit plans | $89 | $192 | $267 | $575 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 29, 2013 | Sep. 29, 2013 | Dec. 31, 2012 |
Income Tax Contingency [Line Items] | ' | ' | ' |
Deferred Tax Assets, Valuation Allowance | $14.20 | $14.20 | $13.50 |
Unrecognized tax benefits that would impact effective tax rate | 1.8 | 1.8 | 2 |
Unrecognized tax benefits that would affect the effective tax rate if recognized | 0.9 | 0.9 | 1.1 |
Accrued interest related to uncertain tax positions | $0.90 | $0.90 | ' |
Effective Income Tax Rate, Continuing Operations | 21.70% | 28.00% | ' |
Special_Charges_Details
Special Charges (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 15 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
In Thousands, unless otherwise specified | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 |
Facility Closing [Member] | Facility Closing [Member] | Facility Closing [Member] | Facility Closing [Member] | Employee Severance [Member] | Employee Severance [Member] | Employee Severance [Member] | Employee Severance [Member] | Energy Segment [Member] | Energy Segment [Member] | Energy Segment [Member] | Energy Segment [Member] | Energy Segment [Member] | Energy Segment [Member] | Energy Segment [Member] | Energy Segment [Member] | Energy Segment [Member] | Energy Segment [Member] | Energy Segment [Member] | Energy Segment [Member] | Aerospace [Member] | Aerospace [Member] | Aerospace [Member] | Aerospace [Member] | Aerospace [Member] | Aerospace [Member] | Aerospace [Member] | Aerospace [Member] | Aerospace [Member] | Aerospace [Member] | Aerospace [Member] | Aerospace [Member] | Flow Technologies [Member] | Flow Technologies [Member] | Flow Technologies [Member] | Flow Technologies [Member] | Flow Technologies [Member] | Flow Technologies [Member] | Flow Technologies [Member] | Flow Technologies [Member] | Flow Technologies [Member] | Flow Technologies [Member] | Flow Technologies [Member] | Flow Technologies [Member] | Corporate [Member] | Corporate [Member] | Corporate [Member] | Corporate [Member] | Corporate [Member] | Corporate [Member] | Corporate [Member] | Corporate [Member] | Corporate [Member] | Corporate [Member] | Corporate [Member] | Corporate [Member] | 2012 Announced Restructuring Plan [Member] | 2012 Announced Restructuring Plan [Member] | 2012 Announced Restructuring Plan [Member] | 2012 Announced Restructuring Plan [Member] | 2012 Announced Restructuring Plan [Member] | 2012 Announced Restructuring Plan [Member] | 2012 Announced Restructuring Plan [Member] | 2012 Announced Restructuring Plan [Member] | 2012 Announced Restructuring Plan [Member] | 2012 Announced Restructuring Plan [Member] | 2012 Announced Restructuring Plan [Member] | 2012 Announced Restructuring Plan [Member] | 2012 Announced Restructuring Plan [Member] | 2012 Announced Restructuring Plan [Member] | 2012 Announced Restructuring Plan [Member] | August 1, 2013 Announced Restructuring Plan [Member] | August 1, 2013 Announced Restructuring Plan [Member] | August 1, 2013 Announced Restructuring Plan [Member] | August 1, 2013 Announced Restructuring Plan [Member] | August 1, 2013 Announced Restructuring Plan [Member] | August 1, 2013 Announced Restructuring Plan [Member] | August 1, 2013 Announced Restructuring Plan [Member] | August 1, 2013 Announced Restructuring Plan [Member] | August 1, 2013 Announced Restructuring Plan [Member] | August 1, 2013 Announced Restructuring Plan [Member] | August 1, 2013 Announced Restructuring Plan [Member] | August 1, 2013 Announced Restructuring Plan [Member] | August 1, 2013 Announced Restructuring Plan [Member] | August 1, 2013 Announced Restructuring Plan [Member] | August 1, 2013 Announced Restructuring Plan [Member] | |||||
Facility Closing [Member] | Facility Closing [Member] | Facility Closing [Member] | Facility Closing [Member] | Employee Severance [Member] | Employee Severance [Member] | Employee Severance [Member] | Employee Severance [Member] | Facility Closing [Member] | Facility Closing [Member] | Facility Closing [Member] | Facility Closing [Member] | Employee Severance [Member] | Employee Severance [Member] | Employee Severance [Member] | Employee Severance [Member] | Facility Closing [Member] | Facility Closing [Member] | Facility Closing [Member] | Facility Closing [Member] | Employee Severance [Member] | Employee Severance [Member] | Employee Severance [Member] | Employee Severance [Member] | Facility Closing [Member] | Facility Closing [Member] | Facility Closing [Member] | Facility Closing [Member] | Employee Severance [Member] | Employee Severance [Member] | Employee Severance [Member] | Employee Severance [Member] | Facility Closing [Member] | Employee Severance [Member] | Energy Segment [Member] | Aerospace [Member] | Flow Technologies [Member] | Corporate [Member] | Employee Severance [Member] | Employee Severance [Member] | Employee Severance [Member] | Employee Severance [Member] | Facility Closing [Member] | Facility Closing [Member] | Facility Closing [Member] | Facility Closing [Member] | Facility Closing [Member] | Employee Severance [Member] | Energy Segment [Member] | Aerospace [Member] | Flow Technologies [Member] | Corporate [Member] | Employee Severance [Member] | Employee Severance [Member] | Employee Severance [Member] | Employee Severance [Member] | Facility Closing [Member] | Facility Closing [Member] | Facility Closing [Member] | Facility Closing [Member] | |||||||||||||||||||||||||||||||
Energy Segment [Member] | Aerospace [Member] | Flow Technologies [Member] | Corporate [Member] | Energy Segment [Member] | Aerospace [Member] | Flow Technologies [Member] | Corporate [Member] | Energy Segment [Member] | Aerospace [Member] | Flow Technologies [Member] | Corporate [Member] | Energy Segment [Member] | Aerospace [Member] | Flow Technologies [Member] | Corporate [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other Nonrecurring Income | ($3,151) | ' | ($3,152) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($3,151) | ' | ($3,152) | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | ' | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | ' | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | ' | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other Nonrecurring (Income) Expense | -190 | 1,377 | 3,441 | 1,377 | ' | ' | ' | ' | ' | ' | ' | ' | -3,061 | ' | -1,950 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,137 | ' | 3,548 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,134 | ' | 1,243 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 600 | ' | 600 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring and Related Cost, Cost Incurred to Date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,156 | 5,144 | 2,012 | 3,009 | 3,794 | 353 | 0 | 896 | 925 | 191 | 0 | 2,113 | 2,869 | 162 | 0 | 1,385 | 616 | 769 | 0 | 251 | 1,134 | 0 | 0 | 171 | 598 | 0 | 0 | 80 | 536 | 0 |
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Reserve Beginning of Period | 592 | 0 | 800 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Charges | 2,361 | 1,377 | 5,993 | 1,377 | 1,336 | 1,302 | 4,012 | 1,302 | 1,025 | 75 | 1,981 | 75 | 90 | 1,093 | 1,202 | 1,093 | 0 | 1,093 | 811 | 1,093 | 90 | 0 | 391 | 0 | 1,137 | 239 | 3,548 | 239 | 800 | 209 | 2,638 | 209 | 337 | 30 | 910 | 30 | 1,134 | 45 | 1,243 | 45 | 536 | 0 | 563 | 0 | 598 | 45 | 680 | 45 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
CFO Retirement Charges | 600 | ' | 600 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 600 | ' | 600 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other Nonrecurring Expense | 2,961 | ' | 6,593 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 90 | ' | 1,202 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,137 | ' | 3,548 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,134 | ' | 1,243 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 600 | ' | 600 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Reserve, Settled with Cash | -1,650 | -1,377 | -5,490 | -1,377 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Reserve End of Period | $1,903 | $0 | $1,903 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Special_Charges_Narrative_Deta
Special Charges Narrative (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 15 Months Ended | 3 Months Ended | |||||||||||||||||||
Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | |
Energy Segment [Member] | Energy Segment [Member] | Energy Segment [Member] | Energy Segment [Member] | Corporate [Member] | Corporate [Member] | Corporate [Member] | Corporate [Member] | Aerospace [Member] | Aerospace [Member] | Aerospace [Member] | Aerospace [Member] | Flow Technologies [Member] | Flow Technologies [Member] | Flow Technologies [Member] | Flow Technologies [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Inventory Valuation and Obsolescence [Member] | Inventory Valuation and Obsolescence [Member] | October 31, 2013 Announced Restructuring Plan [Member] | October 31, 2013 Announced Restructuring Plan [Member] | |||||
Energy Segment [Member] | Aerospace [Member] | Flow Technologies [Member] | Energy Segment [Member] | Aerospace [Member] | Flow Technologies [Member] | Energy Segment [Member] | Aerospace [Member] | Minimum [Member] | Maximum [Member] | |||||||||||||||||||||||
Effects on Future Earnings and Cash Flows Resulting from Exit Plan [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other Nonrecurring Income | ($3,151,000) | ' | ($3,152,000) | ' | ($3,151,000) | ' | ($3,152,000) | ' | $0 | ' | $0 | ' | $0 | ' | $0 | ' | $0 | ' | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
CFO Retirement Charges | 600,000 | ' | 600,000 | ' | 0 | ' | 0 | ' | 600,000 | ' | 600,000 | ' | 0 | ' | 0 | ' | 0 | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring and Related Cost, Expected Cost | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,300,000 | 800,000 | 1,300,000 | 3,200,000 | 6,000,000 | 900,000 | 1,400,000 | 3,700,000 | ' | ' | 2,600,000 | 3,000,000 |
Restructuring Charges | 2,361,000 | 1,377,000 | 5,993,000 | 1,377,000 | 90,000 | 1,093,000 | 1,202,000 | 1,093,000 | 0 | 0 | 0 | 0 | 1,137,000 | 239,000 | 3,548,000 | 239,000 | 1,134,000 | 45,000 | 1,243,000 | 45,000 | ' | ' | ' | ' | ' | ' | ' | ' | 1,200,000 | 3,000,000 | ' | ' |
Restructuring and Related Cost, Expected Cost, Year Two | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,900,000 | ' | 500,000 | 3,400,000 | 4,300,000 | ' | 600,000 | 3,700,000 | ' | ' | ' | ' |
Other Nonrecurring (Income) Expense | ($190,000) | $1,377,000 | $3,441,000 | $1,377,000 | ($3,061,000) | ' | ($1,950,000) | ' | $600,000 | ' | $600,000 | ' | $1,137,000 | ' | $3,548,000 | ' | $1,134,000 | ' | $1,243,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |