Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jul. 05, 2015 | Jul. 24, 2015 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | CIRCOR INTERNATIONAL INC | |
Entity Central Index Key | 1,091,883 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Jul. 5, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 16,472,599 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jul. 05, 2015 | Dec. 31, 2014 |
CURRENT ASSETS: | ||
Cash, cash equivalents and short term investments | $ 55,027 | $ 121,372 |
Trade accounts receivable, less allowance for doubtful accounts of $10,195 and $9,536, respectively | 144,183 | 156,738 |
Inventories | 211,382 | 183,434 |
Prepaid expenses and other current assets | 24,571 | 21,626 |
Deferred income tax asset | 24,854 | 22,861 |
Total Current Assets | 460,017 | 506,031 |
PROPERTY, PLANT AND EQUIPMENT, NET | 91,779 | 96,212 |
OTHER ASSETS: | ||
Goodwill | 122,797 | 72,430 |
Intangibles, net | 57,094 | 26,887 |
Deferred income tax asset | 14,634 | 19,048 |
Restricted cash | 904 | 1,255 |
Other assets | 2,472 | 2,859 |
TOTAL ASSETS | 749,697 | 724,722 |
CURRENT LIABILITIES: | ||
Accounts payable | 82,061 | 87,112 |
Accrued expenses and other current liabilities | 61,339 | 65,223 |
Accrued compensation and benefits | 19,336 | 24,728 |
Notes payable and current portion of long-term debt | 7,450 | 8,423 |
Total Current Liabilities | 170,186 | 185,486 |
LONG-TERM DEBT, NET OF CURRENT PORTION | 106,628 | 5,261 |
DEFERRED INCOME TAXES | 17,941 | 7,771 |
OTHER NON-CURRENT LIABILITIES | 30,640 | 32,111 |
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; 16,472,599 and 17,681,955 shares issued and outstanding at July 5, 2015 and December 31, 2014, respectively | 177 | 177 |
Additional paid-in capital | 281,191 | 277,227 |
Retained earnings | 263,341 | 250,635 |
Common treasury stock, at cost (1,254,721 shares at July 5, 2015) | (69,517) | 0 |
Accumulated other comprehensive loss, net of taxes | (50,890) | (33,946) |
Total Shareholders’ Equity | 424,302 | 494,093 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ 749,697 | $ 724,722 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jul. 05, 2015 | Dec. 31, 2014 |
Trade accounts receivable, allowance for doubtful accounts | $ 10,195 | $ 2,449 |
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 | 16,472,599 | 17,681,955 |
Common Stock, Shares, Outstanding | 16,472,599 | 17,681,955 |
Consolidated Statements Of Inco
Consolidated Statements Of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 05, 2015 | Jun. 29, 2014 | Jul. 05, 2015 | Jun. 29, 2014 | |
Net revenues | $ 166,906 | $ 207,884 | $ 332,766 | $ 419,070 |
Cost of revenues | 116,112 | 148,184 | 229,323 | 294,731 |
GROSS PROFIT | 50,794 | 59,700 | 103,443 | 124,339 |
Selling, general and administrative expenses | 39,885 | 42,609 | 77,973 | 87,498 |
Special charges, net | 3,310 | 1,257 | 4,821 | 100 |
OPERATING INCOME | 7,599 | 15,834 | 20,649 | 36,741 |
Other expense (income): | ||||
Interest expense, net | 805 | 891 | 1,446 | 1,809 |
Other (income), net | (104) | (384) | (610) | (853) |
TOTAL OTHER EXPENSE, NET | 701 | 507 | 836 | 956 |
INCOME BEFORE INCOME TAXES | 6,898 | 15,328 | 19,813 | 35,785 |
Provision for income taxes | 2,517 | 3,402 | 5,800 | 9,227 |
NET INCOME | $ 4,381 | $ 11,926 | $ 14,013 | $ 26,558 |
Earnings per common share: | ||||
Basic | $ 0.26 | $ 0.68 | $ 0.81 | $ 1.51 |
Diluted | $ 0.26 | $ 0.67 | $ 0.81 | $ 1.50 |
Weighted average number of common shares outstanding: | ||||
Basic | 16,828 | 17,665 | 17,245 | 17,643 |
Diluted | 16,900 | 17,767 | 17,306 | 17,754 |
Dividends paid per common share | $ 0.0375 | $ 0.0375 | $ 0.0750 | $ 0.0750 |
Statements Of Consolidated Comp
Statements Of Consolidated Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 05, 2015 | Jun. 29, 2014 | Jul. 05, 2015 | Jun. 29, 2014 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 4,381 | $ 11,926 | $ 14,013 | $ 26,558 |
Other comprehensive (loss) income, net of tax: | ||||
Foreign currency translation adjustments | 8,506 | 1,566 | (16,944) | 851 |
Other comprehensive income (loss) | 8,506 | 1,566 | (16,944) | 851 |
COMPREHENSIVE INCOME (LOSS) | $ 12,887 | $ 13,492 | $ (2,931) | $ 27,409 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - Scenario, Unspecified [Domain] - USD ($) $ in Thousands | 6 Months Ended | |
Jul. 05, 2015 | Jun. 29, 2014 | |
OPERATING ACTIVITIES | ||
Net income | $ 14,013 | $ 26,558 |
Adjustments to reconcile net income to net cash (used in) provided by operating activities: | ||
Depreciation | 7,150 | 8,185 |
Amortization | 3,537 | 1,591 |
Compensation expense of share-based plans | 4,122 | 4,020 |
Tax effect of share-based plan compensation | (287) | (971) |
Loss (gain) on write down of property, plant and equipment | 377 | (54) |
(Gain) on sale of business | (972) | 0 |
Change in operating assets and liabilities, net of effects of acquisition | ||
Trade accounts receivable, net | 10,913 | (23,705) |
Inventories | (27,875) | 3,600 |
Prepaid expenses and other assets | (10,475) | 143 |
Accounts payable, accrued expenses and other liabilities | (8,869) | 7,988 |
Net cash (used in) provided by operating activities | (8,366) | 27,355 |
INVESTING ACTIVITIES | ||
Purchases of property, plant and equipment | (5,567) | (5,603) |
Proceeds from the sale of property, plant and equipment | 0 | 32 |
Proceeds from the sale of affiliate | 2,759 | 0 |
Business acquisition, net of cash acquired | 79,983 | 0 |
Net cash (used in) investing activities | (82,791) | (5,571) |
FINANCING ACTIVITIES | ||
Proceeds from long-term debt | 202,380 | 81,910 |
Payments of long-term debt | (100,533) | (88,776) |
Dividends paid | (1,308) | (1,341) |
Proceeds from the exercise of stock options | 70 | 237 |
Tax effect of share-based plan compensation | 287 | 971 |
Purchases of common stock | (69,517) | 0 |
Net cash provided by (used in) financing activities | 31,379 | (6,999) |
Effect of exchange rate changes on cash and cash equivalents | (6,567) | (639) |
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | (66,345) | 14,146 |
Cash and cash equivalents at beginning of period | 121,372 | 102,266 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ 55,027 | $ 116,412 |
Basis Of Presentation
Basis Of Presentation | 6 Months Ended |
Jul. 05, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis Of Presentation | Basis of Presentation The accompanying unaudited, condensed consolidated financial statements have been prepared according to the rules and regulations of the United States (the "U.S.") 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 consolidated financial statements. Certain information and note disclosures normally included in the annual audited consolidated financial statements have been condensed or omitted in accordance with prescribed SEC rules. We believe that the disclosures made in our condensed consolidated financial statements and the accompanying notes are adequate to make the information presented not misleading. The consolidated balance sheet at December 31, 2014 is as reported in our audited consolidated financial statements as of that date. Our accounting policies are described in the notes to our December 31, 2014 consolidated 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, 2014 . 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 six months ended July 5, 2015 are not necessarily indicative of the results that may be expected for the year ending December 31, 2015 . During the three-months ended July 5, 2015, the Company identified that it incorrectly classified certain items on the statement of cash flows for the quarter ended April 5, 2015. This resulted in overstating operating cash flows, overstating investing cash flows, and understating financing cash flows by $2.8 million , $0.6 million , and $3.4 million , respectively. Management believes the adjustment is immaterial to the quarter ended April 5, 2015. The Company recorded non-cash property and equipment of $1.2 million in the six-months ended July 5, 2015 compared to $0.7 million in the six months ended June 29, 2014. |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 6 Months Ended |
Jul. 05, 2015 | |
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 six months ended July 5, 2015 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, 2014 . In May 2014, the Financial Accounting Standards Board ("FASB") issued ASU 2014-09, Revenue from Contracts with Customers. ASU 2014-09 outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and will replace most existing revenue recognition guidance in GAAP when it becomes effective. ASU 2014-09 is effective for fiscal years and interim periods within those years beginning after December 15, 2017. Early adoption is not permitted for annual periods beginning after December 15, 2016. An entity should apply ASU 2014-09 either retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of initially applying the ASU recognized as an adjustment to the opening balance of retained earnings at the date of initial application. We expect the adoption of ASU 2014-09 will impact our consolidated financial statements. There were no additional new accounting pronouncements adopted during the six months ended July 5, 2015 . |
Inventories
Inventories | 6 Months Ended |
Jul. 05, 2015 | |
Inventory, Net [Abstract] | |
Inventories | Inventories Inventories consist of the following (in thousands): July 5, 2015 December 31, 2014 Raw materials $ 68,613 $ 57,505 Work in process 96,441 82,130 Finished goods 46,328 43,799 Total inventories $ 211,382 $ 183,434 |
Business Acquisitions
Business Acquisitions | 6 Months Ended |
Jul. 05, 2015 | |
Business Combinations [Abstract] | |
Business Acquisitions | Business Acquisition On April 15, 2015, we acquired all of the outstanding equity interest of Germany-based Schroedahl, a privately-owned manufacturer of safety and control valves primarily in the power generation market. Founded in 1962 with customers in Asia, Europe and the Americas, Schroedahl designs and manufactures custom-engineered high-pressure auto-recirculation and control valves primarily for pump protection applications. We acquired Schroedahl for an aggregate purchase price of $79.7 million in cash, net of acquired cash. We acquired Schroedahl to further increase our penetration into the power generation market. The operating results of Schroedahl have been included in our consolidated financial statements from the date of acquisition reported within the Energy segment. Acquisition-related costs of $0.8 million , which primarily consisted of legal and financial advisory services, were expensed as incurred in general and administrative expense during the six months ended July 5, 2015. We financed the acquisition of Schroedahl through cash on hand and net borrowings of approximately $24 million under our existing credit facility. The purchase price allocation is based upon a preliminary valuation of assets and liabilities that were prepared with assistance from a third party valuation specialist. The estimates and assumptions are subject to change as we obtain additional information during the measurement period (up to one year from the acquisition date). The purchase accounting is expected to be finalized by the end of fiscal 2015. The assets and liabilities pending finalization include the valuation of acquired intangible assets, certain operating liabilities, and the evaluation of deferred income taxes. Differences between the preliminary and final valuation could have a material impact on our future results of operations and financial position. The following table summarizes the preliminary fair value of the assets acquired and the liabilities assumed, at the date of acquisition: (in thousands) Cash and cash equivalents $ 36,316 Other current assets 11,959 Property and equipment 1,999 Intangible assets 32,829 Current liabilities (5,529 ) Deferred tax liability (10,450 ) Other long term liabilities (642 ) Total identifiable net assets 66,482 Goodwill 49,571 Total purchase price $ 116,053 The estimated fair value of accounts receivable acquired approximates the contractual value of $4.6 million . The estimated goodwill recognized is attributable primarily to projected future profitable growth, market penetration, as well as an expanded customer base for the Energy segment. On a preliminary basis, we expect that a portion of the goodwill arising from the acquisition will be deductible for income tax purposes. The Schroedahl acquisition resulted in the identification of the following identifiable intangible assets: (in thousands) Intangible assets acquired Weighted average amortization period (in years) Customer relationships 22,185 7 Order backlog 3,993 1 Acquired technology 2,260 10 Trade name 4,391 Indefinite Total intangible assets $ 32,829 The fair value of the intangible assets was based on variations of the income approach, which estimates fair value based on the present value of cash flows that the assets are expected to generate which included the relief-from-royalty method, incremental cash flow method, multi-period excess earnings method and direct cash flow method, depending on the intangibles asset being valued. Customer relationships, order backlog, and acquired technology are amortized on a cash flow basis. The trade name was assigned an indefinite life based on the Company’s intention to keep the Schroedahl name for an indefinite period of time. Refer to Note 5 for future expected amortization to be recorded. The results of operations of Schroedahl have been included in our consolidated financial statements beginning on the acquisition date. The results include $5.2 million of revenue and an operations loss of $0.5 million for the three months ended July 5, 2015. Pro forma results of operations for the acquisition have not been presented because the effects of the acquisition are not material to the Company's consolidated financial results. |
Goodwill And Intangible Assets
Goodwill And Intangible Assets | 6 Months Ended |
Jul. 05, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill And Intangible Assets | Goodwill and Intangible Assets The following table shows goodwill by segment as of July 5, 2015 (in thousands): Energy Aerospace & Defense Consolidated Total Goodwill as of December 31, 2014 $ 49,995 $ 22,435 $ 72,430 Business Acquisition 49,571 — 49,571 Currency translation adjustments 929 (133 ) 796 Goodwill as of July 5, 2015 $ 100,495 $ 22,302 $ 122,797 The table below presents gross intangible assets and the related accumulated amortization as of July 5, 2015 (in thousands): Gross Carrying Amount Accumulated Amortization Patents $ 6,070 $ (5,758 ) Non-amortized intangibles (primarily trademarks and trade names) 16,417 — Customer relationships 53,559 (20,341 ) Backlog 5,252 (1,984 ) Other 9,210 (5,331 ) Total $ 90,508 $ (33,414 ) Net carrying value of intangible assets $ 57,094 The table below presents estimated remaining amortization expense for intangible assets recorded as of July 5, 2015 (in thousands): 2015 2016 2017 2018 2019 After 2019 Estimated amortization expense $ 6,189 $ 10,099 $ 8,037 $ 6,247 $ 4,617 $ 5,488 |
Segment Information
Segment Information | 6 Months Ended |
Jul. 05, 2015 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information The following table presents certain reportable segment information (in thousands): Energy Aerospace & Defense Corporate / Eliminations Consolidated Total Three Months Ended July 5, 2015 Net revenues $ 127,230 $ 39,676 $ — $ 166,906 Inter-segment revenues 253 18 (271 ) — Operating income (loss) 11,679 1,397 (5,477 ) 7,599 Interest expense, net 805 Other (income) expense, net (104 ) Income before income taxes $ 6,898 Identifiable assets 825,572 187,932 (263,807 ) 749,697 Capital expenditures 2,108 1,174 355 3,637 Depreciation and amortization 4,650 1,491 315 6,456 Three Months Ended June 29, 2014 Net revenues $ 160,581 $ 47,303 $ — $ 207,884 Inter-segment revenues 339 52 (391 ) — Operating income (loss) 22,992 (2,235 ) (4,923 ) 15,834 Interest expense, net 891 Other (income) expense, net (384 ) Income before income taxes $ 15,328 Identifiable assets 628,626 213,114 (82,654 ) 759,086 Capital expenditures 1,707 1,039 187 2,933 Depreciation and amortization 2,910 1,717 294 4,921 Six Months Ended July 5, 2015 Net revenues $ 254,816 $ 77,950 $ — $ 332,766 Inter-segment revenues 503 101 (604 ) — Operating income (loss) 28,330 4,250 (11,931 ) 20,649 Interest expense, net 1,446 Other (income) expense, net (610 ) Income before income taxes $ 19,813 Identifiable assets 825,572 187,932 (263,807 ) 749,697 Capital expenditures 3,424 1,649 547 5,620 Depreciation and amortization 7,083 3,021 583 10,687 Six Months Ended June 29, 2014 Net revenues $ 323,167 $ 95,903 $ — $ 419,070 Inter-segment revenues 545 131 (676 ) — Operating income (loss) 44,767 4,335 (12,361 ) 36,741 Interest expense, net 1,809 Other (income) expense, net (853 ) Income before income taxes $ 35,785 Identifiable assets 628,626 213,114 (82,654 ) 759,086 Capital expenditures 3,479 1,688 435 5,603 Depreciation and amortization 5,727 3,443 606 9,776 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, 2014 . In calculating operating income for each reporting segment, certain 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; Board of Director compensation; 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 July 5, 2015 and June 29, 2014 . Corporate Identifiable Assets after elimination of intercompany assets were $21.9 million and $37.9 million as of July 5, 2015 and June 29, 2014 , respectively. |
Earnings Per Common Share
Earnings Per Common Share | 6 Months Ended |
Jul. 05, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | Earnings Per Common Share (in thousands, except per share amounts) Three Months Ended July 5, 2015 June 29, 2014 Net Income Shares Per Share Amount Net Income Shares Per Share Amount Basic EPS $ 4,381 16,828 $ 0.26 $ 11,926 17,665 $ 0.68 Dilutive securities, common stock options — 72 0.00 — 102 (0.01 ) Diluted EPS $ 4,381 16,900 $ 0.26 $ 11,926 17,767 $ 0.67 Six Months Ended July 5, 2015 June 29, 2014 Net Income Shares Per Share Amount Net Income Shares Per Share Amount Basic EPS $ 14,013 17,245 $ 0.81 $ 26,558 17,643 $ 1.51 Dilutive securities, common stock options — 61 0.00 — 111 (0.01 ) Diluted EPS $ 14,013 17,306 $ 0.81 $ 26,558 17,754 $ 1.50 There were 311,880 and 142,740 anti-dilutive stock options, RSU Awards, and RSU MSPs outstanding for the six months ended July 5, 2015 and June 29, 2014 , respectively. |
Financial Instruments
Financial Instruments | 6 Months Ended |
Jul. 05, 2015 | |
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 July 5, 2015 , we had thirteen forward contracts: ten U.S. Dollar/Euro contracts with a total value of $30.1 million and three Brazilian Real/Euro contracts with a total value of less than $0.1 million . This compares to six forward contracts as of December 31, 2014 . The fair value asset of the derivative forward contracts as of July 5, 2015 was 0.5 million and was included in prepaid expenses and other current assets on our condensed consolidated balance sheet. This compares to a fair value liability of less than $0.6 million that was included in accrued expenses and other current liabilities on our consolidated balance sheet as of December 31, 2014 . The unrealized foreign exchange gain for each of the six month periods ended July 5, 2015 and June 29, 2014 was less than $0.5 million ,. Unrealized foreign exchange gains (losses) are included in other (income) expense, net in our condensed 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 | 6 Months Ended |
Jul. 05, 2015 | |
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 July 5, 2015 . We record provisions for the estimated cost of product warranties, primarily from historical information, at the time product revenue is recognized. We also record provisions with respect to any significant individual warranty issues as they arise. 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 six months ended July 5, 2015 (in thousands): Balance beginning December 31, 2014 $ 4,213 Provisions 1,571 Claims settled (1,170 ) Acquired Reserves/Other 819 Currency translation adjustment (164 ) Balance ending July 5, 2015 $ 5,269 Warranty obligations increased $1.1 million from $4.2 million as of December 31, 2014 to $5.3 million as of July 5, 2015 primarily related to our April 15, 2015 acquisition. For information regarding our acquisition refer to Note 4 to the condensed consolidated financial statements included in this Quarterly Report, for which disclosure is referenced herein. |
Contingencies And Commitments
Contingencies And Commitments | 6 Months Ended |
Jul. 05, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies And Commitments | Contingencies and Commitments 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. 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 our financial condition, consolidated results of operations or liquidity of the Company. In February 2015, we agreed to resolve a longstanding customer dispute regarding our design and fabrication of cable protection systems for an off-shore windfarm ("Customer Settlement"), a product line in which we no longer are involved. The resolution of this dispute was recorded as a Special Charge during the fourth quarter of 2014 in the amount of $6.2 million . The final settlement is still pending as of the date of our second quarter 2015 filing. The amounts recorded during the fourth quarter of 2014 continue to reflect our best estimate of probable resolution. 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 $56.2 million at July 5, 2015 . 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 a significant payment relating to the outstanding instruments is remote. These instruments generally have expiration dates ranging from less than 1 month to 5 years from July 5, 2015 . The following table contains information related to standby letters of credit instruments outstanding as of July 5, 2015 (in thousands): Term Remaining Maximum Potential Future Payments 0–12 months $ 38,246 Greater than 12 months 17,915 Total $ 56,161 |
Defined Pension Benefit Plans
Defined Pension Benefit Plans | 6 Months Ended |
Jul. 05, 2015 | |
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 six months ended July 5, 2015 , we made cash contributions of $0.4 million and $0.8 million 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 Six Months Ended July 5, June 29, July 5, June 29, Interest cost on benefits obligation 548 545 1,097 1,090 Estimated return on assets (723 ) (697 ) (1,446 ) (1,394 ) Loss amortization 211 127 421 254 Net periodic cost of defined pension benefit plans $ 36 $ (25 ) $ 72 $ (50 ) |
Income Taxes
Income Taxes | 6 Months Ended |
Jul. 05, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes As required by ASC 740, Income Taxes, as of July 5, 2015 and December 31, 2014 , we had $1.4 million and $2.0 million of unrecognized tax benefits, respectively, of which $1.1 million and $1.5 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 July 5, 2015 , we had approximately $0.3 million of accrued interest related to uncertain tax positions. The Company files income tax returns in the U.S. federal, state and local jurisdictions and in foreign jurisdictions. The Company is no longer subject to examination by the Internal Revenue Service (the "IRS") for years prior to 2012 and is no longer subject to examination by the tax authorities in foreign and state jurisdictions prior to 2006 . The Company is currently under examination for income tax filings in various foreign jurisdictions. During Q2 2015, the Company agreed to a settlement of $2.2 million with the Italian tax authorities regarding withholding taxes on certain intercompany dividends paid in 2009. $1.3 million of this settlement was recorded as tax expense during the second quarter of 2015 and $0.9 million was accrued as of December 31, 2014. During Q2 2015, the Company recorded additional income tax expense of $1.1 million to correct a prior year underaccrual relating to tax on foreign income. Management believes the adjustment is immaterial to the prior period financial statements and the amount is not expected to be material to the financial statements for the year ending December 31, 2015. 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 IRS 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 liability. With regard to deferred income tax assets, we maintained a total valuation allowance of $9.3 million at July 5, 2015 and $9.4 million at December 31, 2014 due to uncertainties related to our ability to utilize certain of these assets, primarily consisting of foreign and state net operating losses and state tax credits carried forward. During the second quarter of 2015 we recorded an adjustment to our valuation allowance which reduced tax expense by $1.7 million , as well as an increase to the allowance of $1.6 million primarily due to changes in foreign currency exchange rates and additional losses that have no tax benefit. 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 net deferred income tax asset. |
Share-Based Compensation
Share-Based Compensation | 6 Months Ended |
Jul. 05, 2015 | |
Share-based Compensation [Abstract] | |
Share-Based Compensation | Share-Based Compensation As of July 5, 2015 , we have two share-based compensation plans. The 2014 Stock Option and Incentive Plan (the "2014 Plan") was adopted by our Board of Directors on February 12, 2014 and approved by our shareholders at the Company's annual meeting held on April 30, 2014. As of April 30, 2014, no new awards will be granted under the existing Amended and Restated 1999 Stock Option and Incentive Plan (the “1999 Plan”). As a result, any shares subject to outstanding awards under the 1999 Plan that expire, are canceled or otherwise terminate, or are withheld to satisfy tax withholding obligations will not be available for award grant purposes under the 2014 Plan. Both plans permit the grant 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 ("SARs") and dividend equivalent rights. The 2014 Plan provides for the issuance of up to 1,700,000 shares of common stock (subject to adjustment for stock splits and similar events). Under the 2014 Plan, shares issued for awards other than stock options or SARs count against the aggregate share limit as 1.9 shares for every share actually issued. New options granted under the 2014 Plan could have varying vesting provisions and exercise periods. Options granted under the 1999 Plan vest in periods ranging from one year to five years and expire either seven years or ten years after the grant date. Restricted stock units granted under the 1999 Plan generally vest within three years . Vested restricted stock units will be settled in shares of our common stock. As of July 5, 2015 , there were 589,115 stock options (including the CEO and CFO stock option awards noted below) and 217,040 restricted stock units outstanding of which 9,454 restricted stock units were granted in 2013 outside the plan as part of a new hire inducement award. In addition, there were 1,402,072 shares available for grant under the 2014 Plan as of July 5, 2015 . As of July 5, 2015 , there were 10,700 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 ("EPS"). 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. The Black-Scholes option pricing model was used to estimate the fair value of each stock option grant at the date of grant excluding the 2013 and 2014 CEO and CFO stock option awards which were valued using the Monte Carlo 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. During the six months ended July 5, 2015 , we granted 118,992 stock options compared with 164,503 stock options granted during the first six months of 2014 . The average fair value of stock options granted during the first six months of 2015 and 2014 was $17.88 and $26.32 , respectively, and was estimated using the following weighted-average assumptions: 2015 2014 Risk-free interest rate 1.4 % 1.8 % Expected life (years) 4.5 3.7 Expected stock volatility 40.4 % 41.4 % Expected dividend yield 0.3 % 0.2 % For additional information regarding the historical issuance of stock options including awards to our CEO and CFO, refer to our Form 10-K filed on February 18, 2015. We account for Restricted Stock Unit Awards (“RSU Awards”) by expensing the weighted average fair value to selling, general and administrative expenses ratably over vesting periods generally ranging up to three years. During the six months ended July 5, 2015 and June 29, 2014 , we granted 57,564 and 33,532 RSU Awards with approximate fair values of $52.04 and $72.11 per RSU Award, respectively. During the first six months of 2015 and 2014 , we granted performance-based RSUs as part of the overall mix of RSU Awards. These performance-based RSUs include metrics for achieving Return on Invested Capital and Adjusted Operating Margin with target payouts ranging from 0% to 200% . Of the 57,564 RSUs granted during the six months ended July 5, 2015 , 26,094 are performance-based RSU awards. This compares to 11,881 performance-based RSU awards granted during the six months ended June 29, 2014 . The CIRCOR Management Stock Purchase Plan, which is a component of both the 2014 Plan and the 1999 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 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. RSU MSPs totaling 38,965 and 32,752 with per unit discount amounts representing fair values of $17.11 and $23.61 were granted under the CIRCOR Management Stock Purchase Plan during the six months ended July 5, 2015 and June 29, 2014 , respectively. Compensation expense related to our share-based plans for the six month periods ended July 5, 2015 and June 29, 2014 was $4.1 million and $4.0 million , respectively. For the six month period ended July 5, 2015 , $3.7 million compensation expense was recorded as selling, general and administrative expense. In addition, $0.4 million was recorded as a special charge related to the retirement of one of our executive officers. For the six month period ended June 29, 2014 , $4.0 million was recorded as selling, general and administrative expense. As of July 5, 2015 , there was $10.8 million of total unrecognized compensation costs related to our outstanding share-based compensation arrangements. That cost is expected to be recognized over a weighted average period of 2.0 years. The weighted average contractual term for stock options outstanding and options exercisable as of July 5, 2015 was 7.4 years and 6.6 years, respectively. The aggregate intrinsic value of stock options exercised during the six months ended July 5, 2015 was less than $0.1 million and the aggregate intrinsic value of stock options outstanding and options exercisable as of July 5, 2015 was $3.0 million and $1.4 million , respectively. The aggregate intrinsic value of RSU Awards settled during the six months ended July 5, 2015 was $2.4 million and the aggregate intrinsic value of RSU Awards outstanding and RSU Awards vested and deferred as of July 5, 2015 was $6.5 million and less than $0.1 million , respectively. The aggregate intrinsic value of RSU MSPs settled during the six months ended July 5, 2015 was $0.4 million and the aggregate intrinsic value of RSU MSPs outstanding and RSU MSPs vested and deferred as of July 5, 2015 was $1.5 million and $0.2 million , respectively. We also grant Cash Settled Stock Unit Awards to certain international employee participants. These Cash Settled Stock Unit Awards typically cliff-vest in three years and are settled in cash based on the Company's closing stock price at the time of vesting. As of July 5, 2015 , there were 29,970 Cash Settled Stock Unit Awards outstanding compared to 38,418 as of June 29, 2014 . During the six months ended July 5, 2015 , the aggregate cash used to settle Cash Settled Stock Unit Awards was $0.6 million . As of July 5, 2015 , we had $0.7 million of accrued expenses in current liabilities associated with these Cash Settled Stock Unit Awards compared with $1.2 million as of June 29, 2014 . Cash Settled Stock Unit Awards related compensation costs for the six month periods ended July 5, 2015 and June 29, 2014 was $0.2 million and $0.3 million , respectively, and was recorded as selling, general, and administrative expense. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 6 Months Ended |
Jul. 05, 2015 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss The following table summarizes the changes in accumulated other comprehensive loss, which is reported as a component of stockholders' equity, for the six months ended July 5, 2015 (in thousands): Foreign Currency Translation Adjustments Pension, net Total Balance as of December 31, 2014 (5,112 ) (28,834 ) (33,946 ) Other comprehensive (loss) income, net of tax (16,944 ) — (16,944 ) Balance as of July 5, 2015 (22,056 ) (28,834 ) (50,890 ) Amounts reclassified from accumulated other comprehensive loss to net income were immaterial for the six months ended July 5, 2015. |
Special Charges_Recoveries
Special Charges/Recoveries | 6 Months Ended |
Jul. 05, 2015 | |
Restructuring and Related Activities [Abstract] | |
Special Charges/Recoveries | Special & Restructuring Charges / (Recoveries) Background On April 15, 2015, we acquired Germany-based Schroedahl, a privately-owned manufacturer of safety and control valves primarily in the power generation market. During the first and second quarters of 2015, we incurred $0.5 million and $0.3 million of special charges, respectively, primarily professional fees, associated with this acquisition. During the first quarter of 2015, we recorded special charges of $0.3 million associated with the retirement of our Energy President ("Executive retirement charges"). These charges primarily related to equity award modification charges. On February 18, 2015, we announced additional restructuring actions ("2015 Announced Restructurings"), under which we are continuing to simplify our businesses. Under this restructuring, we are reducing certain general, administrative and manufacturing related expenses. On January 6, 2015, we announced the divestiture of two of our non-core businesses ("Divestitures") as part of our simplification strategy. During the fourth quarter of 2014, we recorded $3.4 million of special charges associated with incurred losses and expenses related to these divestitures. The Energy divestiture was completed in the fourth quarter of 2014. During the first quarter of 2015, the Aerospace & Defense divestiture was completed and we recorded a special gain of $1.0 million . On April 22, 2014, we announced restructuring actions ("2014 Announced Restructurings"), under which we are continuing to simplify our businesses. Under this restructuring, we are reducing certain general and administrative expenses, including the reduction of certain management layers, and closing or consolidating a number of smaller facilities. The savings from these restructuring actions will be utilized for growth investments. On March 28, 2014, we entered into a settlement agreement for $1.5 million with Watts Water Technologies, Inc ("Watts"). Accordingly, we recorded a $0.3 million special charge in the quarter, net of amounts previously accrued. On January 24, 2014, we reached a settlement on the T.M.W. Corporation ("TMW") arbitration where it was agreed that TMW would waive all rights to amounts due from us under a contingent consideration promissory note established at the time of acquisition, resulting in a special gain of approximately $2.2 million during the first quarter of 2014. On August 1, 2013 and October 31, 2013, we announced restructuring actions associated with our Energy and Aerospace & Defense segments under which we have simplified the manner in which we manage our businesses ("2013 Announced Restructuring"). Under these restructurings, we consolidated facilities, shifted expenses to lower cost regions, restructured certain non-strategic product lines, and also consolidated our group structure from three groups to two, reducing management layers and administrative expenses. Restructuring Related Inventory Charges During the second quarter of 2014, third quarter of 2014, and second quarter of 2015, in connection with the restructuring of certain structural landing gear product lines, we recorded inventory related charges of $5.1 million , $2.9 million , and $2.0 million , respectively, within the Aerospace & Defense segment. In addition, during the second quarter of 2015, we recorded restructuring related inventory charges of $0.2 million associated with the exit of our Energy segment cable protection product line. These restructuring related inventory charges were included as cost of revenues. Q2 2015 Quarter-to-Date and Year-to-Date As of and for the three and six months ended July 5, 2015 , we recorded $3.3 million and $4.8 million , respectively, of non-inventory restructuring related and special charges, net of recoveries, as shown in the tables below (in thousands): Special Charges / (Recoveries) As of and for the three months ended July 5, 2015 Energy Aerospace & Defense Corporate Total Accrued special and restructuring charges as of April 5, 2015 $ 8,944 Facility and professional fee related expenses 362 244 — 606 Employee related expenses 2,456 65 — 2,521 Total restructuring charges $ 2,818 $ 309 $ — $ 3,127 Divestitures (28 ) (65 ) — (93 ) Acquisition related charges 276 — — 276 Total special and restructuring charges $ 3,066 $ 244 $ — $ 3,310 Special charges paid / settled $ 3,927 Accrued special and restructuring charges as of July 5, 2015 $ 8,327 Special Charges / (Recoveries) As of and for the six months ended July 5, 2015 Energy Aerospace & Defense Corporate Total Accrued special and restructuring charges as of December 31, 2014 $ 9,133 Facility and professional fee related expenses 381 257 — 638 Employee related expenses 2,780 1,221 — 4,001 Total restructuring charges $ 3,161 $ 1,478 $ — $ 4,639 Divestitures (2 ) (1,042 ) — (1,044 ) Acquisition related charges 806 — — 806 Executive retirement charges — — 420 420 Total special and restructuring charges $ 3,965 $ 436 $ 420 $ 4,821 Special charges paid / settled 5,627 Accrued special and restructuring charges as of July 5, 2015 $ 8,327 Q2 2014 Quarter-to-Date and Year-to-Date During the three and six months ended June 29, 2014 , we recorded $1.3 million and $0.1 million , respectively, of non-inventory restructuring related and special charges, net of recoveries, as shown in the tables below (in thousands): Special Charges / (Recoveries) As of and for the three months ended June 29, 2014 Energy Aerospace & Defense Corporate Total Accrued special and restructuring charges as of March 30, 2014 $ 2,725 Facility and professional fee related expenses 88 9 — 97 Employee related expenses 422 449 289 1,160 Total restructuring charges $ 510 $ 458 $ 289 $ 1,257 Special charges paid / settled 1,887 Accrued special and restructuring charges as of June 29, 2014 2,095 Special Charges / (Recoveries) As of and for the six months ended June 29, 2014 Energy Aerospace & Defense Corporate Total Accrued special and restructuring charges as of December 31, 2013 $ 4,180 Facility and professional fee related expenses 424 93 — 517 Employee related expenses 773 464 289 1,526 Total restructuring charges $ 1,197 $ 557 $ 289 $ 2,043 Watts Settlement — — 300 300 TMW settlement special gain $ — $ (2,243 ) $ — $ (2,243 ) Total special and restructuring charges $ 1,197 $ (1,686 ) $ 589 $ 100 Special charges paid / settled 2,185 Accrued special and restructuring charges as of June 29, 2014 2,095 Inception to Date The following table (in thousands) summarizes our 2015 Announced Restructuring related special charges incurred during the six month ended July 5, 2015: 2015 Announced Restructuring Charges / (Recoveries), net as of July 5, 2015 Energy Aerospace & Defense Corporate Total Facility and professional fee related expenses - incurred to date 375 257 — 632 Employee related expenses - incurred to date 2,783 630 — 3,413 Total restructuring related special charges - incurred to date $ 3,158 $ 887 $ — $ 4,045 Additional special charges that we expect to be recorded with the 2015 announced restructuring actions are included in the future projection below. The following table (in thousands) summarizes our 2014 Announced Restructuring related special charges incurred from the second quarter of 2014 through April 5, 2015: 2014 Announced Restructuring Charges / (Recoveries), net as of July 5, 2015 Energy Aerospace & Defense Corporate Total Facility and professional fee related expenses - incurred to date (64 ) 95 — 31 Employee related expenses - incurred to date 1,463 2,956 317 4,736 Total restructuring related special charges - incurred to date $ 1,399 $ 3,051 $ 317 $ 4,767 We do not anticipate any additional restructuring related special charges associated with the 2014 Restructuring actions. The following table (in thousands) summarizes our 2013 Announced Restructuring related special charges incurred from the third quarter of 2013 through June 29, 2014. Charges with this action were finalized in the second quarter of 2014. We do not anticipate any additional special charges to be incurred associated with the 2013 Announced Restructuring actions. 2013 Announced Restructuring Charges / (Recoveries), net as of July 5, 2015 Energy Aerospace & Defense Corporate Total Facility and professional fee related expenses - incurred to date 2,117 473 — 2,590 Employee related expenses - incurred to date 2,945 1,519 — 4,464 Total restructuring related special charges - incurred to date $ 5,062 $ 1,992 $ — $ 7,054 The restructuring charges incurred to date are expected to be paid in cash during the periods of Q3 and Q4 2015. |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jul. 05, 2015 | |
Inventory, Net [Abstract] | |
Components Of Inventory | Inventories consist of the following (in thousands): July 5, 2015 December 31, 2014 Raw materials $ 68,613 $ 57,505 Work in process 96,441 82,130 Finished goods 46,328 43,799 Total inventories $ 211,382 $ 183,434 |
Business Acquisitions (Tables)
Business Acquisitions (Tables) | 6 Months Ended |
Jul. 05, 2015 | |
Business Combinations [Abstract] | |
Schedule of Business Acquisitions, by Acquisition | The following table summarizes the preliminary fair value of the assets acquired and the liabilities assumed, at the date of acquisition: (in thousands) Cash and cash equivalents $ 36,316 Other current assets 11,959 Property and equipment 1,999 Intangible assets 32,829 Current liabilities (5,529 ) Deferred tax liability (10,450 ) Other long term liabilities (642 ) Total identifiable net assets 66,482 Goodwill 49,571 Total purchase price $ 116,053 |
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination | The Schroedahl acquisition resulted in the identification of the following identifiable intangible assets: (in thousands) Intangible assets acquired Weighted average amortization period (in years) Customer relationships 22,185 7 Order backlog 3,993 1 Acquired technology 2,260 10 Trade name 4,391 Indefinite Total intangible assets $ 32,829 |
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Tables) | 6 Months Ended |
Jul. 05, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill, By Segment | The following table shows goodwill by segment as of July 5, 2015 (in thousands): Energy Aerospace & Defense Consolidated Total Goodwill as of December 31, 2014 $ 49,995 $ 22,435 $ 72,430 Business Acquisition 49,571 — 49,571 Currency translation adjustments 929 (133 ) 796 Goodwill as of July 5, 2015 $ 100,495 $ 22,302 $ 122,797 |
Gross Intangible Assets And Related Accumulated Amortization | The table below presents gross intangible assets and the related accumulated amortization as of July 5, 2015 (in thousands): Gross Carrying Amount Accumulated Amortization Patents $ 6,070 $ (5,758 ) Non-amortized intangibles (primarily trademarks and trade names) 16,417 — Customer relationships 53,559 (20,341 ) Backlog 5,252 (1,984 ) Other 9,210 (5,331 ) Total $ 90,508 $ (33,414 ) Net carrying value of intangible assets $ 57,094 |
Estimated Remaining Amortization Expense For Intangible Assets | The table below presents estimated remaining amortization expense for intangible assets recorded as of July 5, 2015 (in thousands): 2015 2016 2017 2018 2019 After 2019 Estimated amortization expense $ 6,189 $ 10,099 $ 8,037 $ 6,247 $ 4,617 $ 5,488 |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jul. 05, 2015 | |
Segment Reporting [Abstract] | |
Reportable Segment Information | The following table presents certain reportable segment information (in thousands): Energy Aerospace & Defense Corporate / Eliminations Consolidated Total Three Months Ended July 5, 2015 Net revenues $ 127,230 $ 39,676 $ — $ 166,906 Inter-segment revenues 253 18 (271 ) — Operating income (loss) 11,679 1,397 (5,477 ) 7,599 Interest expense, net 805 Other (income) expense, net (104 ) Income before income taxes $ 6,898 Identifiable assets 825,572 187,932 (263,807 ) 749,697 Capital expenditures 2,108 1,174 355 3,637 Depreciation and amortization 4,650 1,491 315 6,456 Three Months Ended June 29, 2014 Net revenues $ 160,581 $ 47,303 $ — $ 207,884 Inter-segment revenues 339 52 (391 ) — Operating income (loss) 22,992 (2,235 ) (4,923 ) 15,834 Interest expense, net 891 Other (income) expense, net (384 ) Income before income taxes $ 15,328 Identifiable assets 628,626 213,114 (82,654 ) 759,086 Capital expenditures 1,707 1,039 187 2,933 Depreciation and amortization 2,910 1,717 294 4,921 Six Months Ended July 5, 2015 Net revenues $ 254,816 $ 77,950 $ — $ 332,766 Inter-segment revenues 503 101 (604 ) — Operating income (loss) 28,330 4,250 (11,931 ) 20,649 Interest expense, net 1,446 Other (income) expense, net (610 ) Income before income taxes $ 19,813 Identifiable assets 825,572 187,932 (263,807 ) 749,697 Capital expenditures 3,424 1,649 547 5,620 Depreciation and amortization 7,083 3,021 583 10,687 Six Months Ended June 29, 2014 Net revenues $ 323,167 $ 95,903 $ — $ 419,070 Inter-segment revenues 545 131 (676 ) — Operating income (loss) 44,767 4,335 (12,361 ) 36,741 Interest expense, net 1,809 Other (income) expense, net (853 ) Income before income taxes $ 35,785 Identifiable assets 628,626 213,114 (82,654 ) 759,086 Capital expenditures 3,479 1,688 435 5,603 Depreciation and amortization 5,727 3,443 606 9,776 |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 6 Months Ended |
Jul. 05, 2015 | |
Earnings Per Share [Abstract] | |
Schedule Of Earnings Per Share, Basic And Diluted | (in thousands, except per share amounts) Three Months Ended July 5, 2015 June 29, 2014 Net Income Shares Per Share Amount Net Income Shares Per Share Amount Basic EPS $ 4,381 16,828 $ 0.26 $ 11,926 17,665 $ 0.68 Dilutive securities, common stock options — 72 0.00 — 102 (0.01 ) Diluted EPS $ 4,381 16,900 $ 0.26 $ 11,926 17,767 $ 0.67 Six Months Ended July 5, 2015 June 29, 2014 Net Income Shares Per Share Amount Net Income Shares Per Share Amount Basic EPS $ 14,013 17,245 $ 0.81 $ 26,558 17,643 $ 1.51 Dilutive securities, common stock options — 61 0.00 — 111 (0.01 ) Diluted EPS $ 14,013 17,306 $ 0.81 $ 26,558 17,754 $ 1.50 |
Guarantees And Indemnificatio27
Guarantees And Indemnification Obligations (Tables) | 6 Months Ended |
Jul. 05, 2015 | |
Guarantees And Indemnification Obligations [Abstract] | |
Product Warranty Reserves | The following table sets forth information related to our product warranty reserves for the six months ended July 5, 2015 (in thousands): Balance beginning December 31, 2014 $ 4,213 Provisions 1,571 Claims settled (1,170 ) Acquired Reserves/Other 819 Currency translation adjustment (164 ) Balance ending July 5, 2015 $ 5,269 Warranty obligations increased $1.1 million from $4.2 million as of December 31, 2014 to $5.3 million as of July 5, 2015 primarily related to our April 15, 2015 acquisition. For information regarding our acquisition refer to Note 4 to the condensed consolidated financial statements included in this Quarterly Report, for which disclosure is referenced herein. |
Contingencies And Commitments (
Contingencies And Commitments (Tables) | 6 Months Ended |
Jul. 05, 2015 | |
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 July 5, 2015 (in thousands): Term Remaining Maximum Potential Future Payments 0–12 months $ 38,246 Greater than 12 months 17,915 Total $ 56,161 |
Defined Pension Benefit Plans (
Defined Pension Benefit Plans (Tables) | 6 Months Ended |
Jul. 05, 2015 | |
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 Six Months Ended July 5, June 29, July 5, June 29, Interest cost on benefits obligation 548 545 1,097 1,090 Estimated return on assets (723 ) (697 ) (1,446 ) (1,394 ) Loss amortization 211 127 421 254 Net periodic cost of defined pension benefit plans $ 36 $ (25 ) $ 72 $ (50 ) |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 6 Months Ended |
Jul. 05, 2015 | |
Share-based Compensation [Abstract] | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The average fair value of stock options granted during the first six months of 2015 and 2014 was $17.88 and $26.32 , respectively, and was estimated using the following weighted-average assumptions: 2015 2014 Risk-free interest rate 1.4 % 1.8 % Expected life (years) 4.5 3.7 Expected stock volatility 40.4 % 41.4 % Expected dividend yield 0.3 % 0.2 % |
Accumulated Other Comprehensi31
Accumulated Other Comprehensive Loss (Tables) | 6 Months Ended |
Jul. 05, 2015 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table summarizes the changes in accumulated other comprehensive loss, which is reported as a component of stockholders' equity, for the six months ended July 5, 2015 (in thousands): Foreign Currency Translation Adjustments Pension, net Total Balance as of December 31, 2014 (5,112 ) (28,834 ) (33,946 ) Other comprehensive (loss) income, net of tax (16,944 ) — (16,944 ) Balance as of July 5, 2015 (22,056 ) (28,834 ) (50,890 ) |
Special Charges_Recoveries (Tab
Special Charges/Recoveries (Tables) | 6 Months Ended |
Jul. 05, 2015 | |
Restructuring Cost and Reserve [Line Items] | |
Schedule of Restructuring and Related Costs | As of and for the three and six months ended July 5, 2015 , we recorded $3.3 million and $4.8 million , respectively, of non-inventory restructuring related and special charges, net of recoveries, as shown in the tables below (in thousands): Special Charges / (Recoveries) As of and for the three months ended July 5, 2015 Energy Aerospace & Defense Corporate Total Accrued special and restructuring charges as of April 5, 2015 $ 8,944 Facility and professional fee related expenses 362 244 — 606 Employee related expenses 2,456 65 — 2,521 Total restructuring charges $ 2,818 $ 309 $ — $ 3,127 Divestitures (28 ) (65 ) — (93 ) Acquisition related charges 276 — — 276 Total special and restructuring charges $ 3,066 $ 244 $ — $ 3,310 Special charges paid / settled $ 3,927 Accrued special and restructuring charges as of July 5, 2015 $ 8,327 Special Charges / (Recoveries) As of and for the six months ended July 5, 2015 Energy Aerospace & Defense Corporate Total Accrued special and restructuring charges as of December 31, 2014 $ 9,133 Facility and professional fee related expenses 381 257 — 638 Employee related expenses 2,780 1,221 — 4,001 Total restructuring charges $ 3,161 $ 1,478 $ — $ 4,639 Divestitures (2 ) (1,042 ) — (1,044 ) Acquisition related charges 806 — — 806 Executive retirement charges — — 420 420 Total special and restructuring charges $ 3,965 $ 436 $ 420 $ 4,821 Special charges paid / settled 5,627 Accrued special and restructuring charges as of July 5, 2015 $ 8,327 Special Charges / (Recoveries) As of and for the three months ended June 29, 2014 Energy Aerospace & Defense Corporate Total Accrued special and restructuring charges as of March 30, 2014 $ 2,725 Facility and professional fee related expenses 88 9 — 97 Employee related expenses 422 449 289 1,160 Total restructuring charges $ 510 $ 458 $ 289 $ 1,257 Special charges paid / settled 1,887 Accrued special and restructuring charges as of June 29, 2014 2,095 Special Charges / (Recoveries) As of and for the six months ended June 29, 2014 Energy Aerospace & Defense Corporate Total Accrued special and restructuring charges as of December 31, 2013 $ 4,180 Facility and professional fee related expenses 424 93 — 517 Employee related expenses 773 464 289 1,526 Total restructuring charges $ 1,197 $ 557 $ 289 $ 2,043 Watts Settlement — — 300 300 TMW settlement special gain $ — $ (2,243 ) $ — $ (2,243 ) Total special and restructuring charges $ 1,197 $ (1,686 ) $ 589 $ 100 Special charges paid / settled 2,185 Accrued special and restructuring charges as of June 29, 2014 2,095 |
August 1, 2013 Announced Restructuring Plan [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Schedule of Restructuring and Related Costs | 2013 Announced Restructuring Charges / (Recoveries), net as of July 5, 2015 Energy Aerospace & Defense Corporate Total Facility and professional fee related expenses - incurred to date 2,117 473 — 2,590 Employee related expenses - incurred to date 2,945 1,519 — 4,464 Total restructuring related special charges - incurred to date $ 5,062 $ 1,992 $ — $ 7,054 |
2014 Announced Restructuring Plan [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Schedule of Restructuring and Related Costs | The following table (in thousands) summarizes our 2014 Announced Restructuring related special charges incurred from the second quarter of 2014 through April 5, 2015: 2014 Announced Restructuring Charges / (Recoveries), net as of July 5, 2015 Energy Aerospace & Defense Corporate Total Facility and professional fee related expenses - incurred to date (64 ) 95 — 31 Employee related expenses - incurred to date 1,463 2,956 317 4,736 Total restructuring related special charges - incurred to date $ 1,399 $ 3,051 $ 317 $ 4,767 |
2015 Announced Restructuring Plan [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Schedule of Restructuring and Related Costs | The following table (in thousands) summarizes our 2015 Announced Restructuring related special charges incurred during the six month ended July 5, 2015: 2015 Announced Restructuring Charges / (Recoveries), net as of July 5, 2015 Energy Aerospace & Defense Corporate Total Facility and professional fee related expenses - incurred to date 375 257 — 632 Employee related expenses - incurred to date 2,783 630 — 3,413 Total restructuring related special charges - incurred to date $ 3,158 $ 887 $ — $ 4,045 |
Basis of Presentation - Narrati
Basis of Presentation - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 05, 2015 | Apr. 05, 2015 | Jul. 05, 2015 | Jun. 29, 2014 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Overstatement of operating cash flows | $ (8,366) | $ 27,355 | ||
Understatement of investing cash flows | 82,791 | 5,571 | ||
Understating financing cash flows | $ (31,379) | 6,999 | ||
Additions of property and equipment included in accounts payable | $ 1,200 | $ 700 | ||
Scenario, Previously Reported [Member] | Incorrectly Classified Items [Member] | ||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Overstatement of operating cash flows | $ 2,800 | |||
Understatement of investing cash flows | 600 | |||
Understating financing cash flows | $ 3,400 |
Inventories (Components Of Inve
Inventories (Components Of Inventory) (Details) - USD ($) $ in Thousands | Jul. 05, 2015 | Dec. 31, 2014 |
Inventory, Net [Abstract] | ||
Raw materials | $ 68,613 | $ 57,505 |
Work in process | 96,441 | 82,130 |
Finished goods | 46,328 | 43,799 |
Inventories | $ 211,382 | $ 183,434 |
Business Acquisitions - Schedul
Business Acquisitions - Schedule of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Jul. 05, 2015 | Apr. 15, 2015 | Dec. 31, 2014 |
Business Acquisition [Line Items] | |||
Goodwill | $ 122,797 | $ 72,430 | |
Schroedahl [Member] | |||
Business Acquisition [Line Items] | |||
Cash and cash equivalents | $ 36,316 | ||
Other current assets | 11,959 | ||
Property and equipment | 1,999 | ||
Intangible assets | 32,829 | ||
Current liabilities | (5,529) | ||
Deferred tax liability | (10,450) | ||
Other long term liabilities | (642) | ||
Total identifiable net assets | 66,482 | ||
Goodwill | 49,571 | ||
Total purchase price | $ 116,053 |
Business Acquisitions - Sched36
Business Acquisitions - Schedule of Intangible Assets Acquired (Details) - Apr. 15, 2015 - Schroedahl [Member] - USD ($) $ in Thousands | Total |
Schedule of Finite and Indefinite-Lived Intangibles Acquired as Part of Business Combination [Line Items] | |
Intangible assets acquired | $ 32,829 |
Weighted average amortization period | |
Customer relationships [Member] | |
Schedule of Finite and Indefinite-Lived Intangibles Acquired as Part of Business Combination [Line Items] | |
Intangible assets acquired | $ 22,185 |
Weighted average amortization period | 7 years |
Order backlog [Member] | |
Schedule of Finite and Indefinite-Lived Intangibles Acquired as Part of Business Combination [Line Items] | |
Intangible assets acquired | $ 3,993 |
Weighted average amortization period | 1 year |
Acquired technology [Member] | |
Schedule of Finite and Indefinite-Lived Intangibles Acquired as Part of Business Combination [Line Items] | |
Intangible assets acquired | $ 2,260 |
Weighted average amortization period | 10 years |
Trade name [Member] | |
Schedule of Finite and Indefinite-Lived Intangibles Acquired as Part of Business Combination [Line Items] | |
Indefinite-lived intangible assets acquired | $ 4,391 |
Business Acquisitions Business
Business Acquisitions Business Acquisitions - Narrative (Details) - USD ($) $ in Thousands | Apr. 15, 2015 | Jul. 05, 2015 | Jun. 29, 2014 | Jul. 05, 2015 | Jun. 29, 2014 |
Business Acquisition [Line Items] | |||||
Business acquisition, net of cash acquired | $ 79,983 | $ 0 | |||
Net income | $ 4,381 | $ 11,926 | 14,013 | $ 26,558 | |
Schroedahl [Member] | |||||
Business Acquisition [Line Items] | |||||
Business acquisition, net of cash acquired | $ 79,700 | ||||
Purchase price | 116,053 | ||||
Acquisition-related costs | $ 1,000 | ||||
Fair value of accounts receivables acquired | 4,600 | ||||
Revenues | 5,200 | ||||
Net income | $ 500 | ||||
Line of Credit [Member] | Schroedahl [Member] | |||||
Business Acquisition [Line Items] | |||||
Borrowings under credit facility | $ 23,800 |
Goodwill And Intangible Asset38
Goodwill And Intangible Assets (Goodwill, By Segment) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jul. 05, 2015 | Jun. 29, 2014 | |
Goodwill [Line Items] | ||
Goodwill as of December 31, 2014 | $ 72,430 | |
Goodwill, Acquired During Period | 49,571 | |
Currency translation adjustments | 796 | |
Goodwill as of July 5, 2015 | 122,797 | |
Energy [Member] | ||
Goodwill [Line Items] | ||
Goodwill as of December 31, 2014 | 49,995 | |
Goodwill, Acquired During Period | 49,571 | |
Currency translation adjustments | 929 | |
Goodwill as of July 5, 2015 | 100,495 | |
Aerospace [Member] | ||
Goodwill [Line Items] | ||
Goodwill as of December 31, 2014 | 22,435 | |
Goodwill, Acquired During Period | $ 0 | |
Currency translation adjustments | (133) | |
Goodwill as of July 5, 2015 | $ 22,302 |
Goodwill And Intangible Asset39
Goodwill And Intangible Assets (Gross Intangible Assets And Related Accumulated Amortization) (Details) $ in Thousands | Jul. 05, 2015USD ($) |
Intangible Assets [Line Items] | |
Gross Carrying Amount | $ 90,508 |
Accumulated Amortization | (33,414) |
Net carrying value of intangible assets | 57,094 |
Patents [Member] | |
Intangible Assets [Line Items] | |
Gross Carrying Amount | 6,070 |
Accumulated Amortization | (5,758) |
Non-amortized intangibles (primarily trademarks and trade names) [Member] | |
Intangible Assets [Line Items] | |
Accumulated Amortization | 0 |
Non-amortized intangibles | 16,417 |
Customer relationships [Member] | |
Intangible Assets [Line Items] | |
Gross Carrying Amount | 53,559 |
Accumulated Amortization | (20,341) |
Backlog [Member] | |
Intangible Assets [Line Items] | |
Gross Carrying Amount | 5,252 |
Accumulated Amortization | (1,984) |
Other [Member] | |
Intangible Assets [Line Items] | |
Gross Carrying Amount | 9,210 |
Accumulated Amortization | $ (5,331) |
Goodwill And Intangible Asset40
Goodwill And Intangible Assets (Estimated Remaining Amortization Expense For Intangible Assets) (Details) $ in Thousands | Jul. 05, 2015USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2,015 | $ 6,189 |
2,016 | 10,099 |
2,017 | 8,037 |
2,018 | 6,247 |
2,019 | 4,617 |
After 2,019 | $ 5,488 |
Segment Information (Reportable
Segment Information (Reportable Segment Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jul. 05, 2015 | Jun. 29, 2014 | Jul. 05, 2015 | Jun. 29, 2014 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | |||||
Net revenues | $ 166,906 | $ 207,884 | $ 332,766 | $ 419,070 | |
Operating income (loss) | 7,599 | 15,834 | 20,649 | 36,741 | |
Interest expense | 805 | 891 | 1,446 | 1,809 | |
Other income, net | (104) | (384) | (610) | (853) | |
INCOME BEFORE INCOME TAXES | 6,898 | 15,328 | 19,813 | 35,785 | |
Identifiable assets | 749,697 | 749,697 | $ 724,722 | ||
Capital expenditures | 5,567 | 5,603 | |||
Corporate Identifiable Assets After Elimination Of Intercompany Assets [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Identifiable assets | 21,900 | 37,900 | 21,900 | 37,900 | |
Operating Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net revenues | 166,906 | 207,884 | 332,766 | 419,070 | |
Inter-segment revenues | 0 | 0 | 0 | 0 | |
Operating income (loss) | 7,599 | 15,834 | 20,649 | 36,741 | |
Interest expense | 805 | 891 | 1,446 | 1,809 | |
Other income, net | (104) | (384) | (610) | (853) | |
INCOME BEFORE INCOME TAXES | 6,898 | 15,328 | 19,813 | 35,785 | |
Identifiable assets | 749,697 | 759,086 | 749,697 | 759,086 | |
Capital expenditures | 3,637 | 2,933 | 5,620 | 5,603 | |
Depreciation and amortization | 6,456 | 4,921 | 10,687 | 9,776 | |
Operating Segments [Member] | Energy [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net revenues | 127,230 | 160,581 | 254,816 | 323,167 | |
Inter-segment revenues | 253 | 339 | 503 | 545 | |
Operating income (loss) | 11,679 | 22,992 | 28,330 | 44,767 | |
Identifiable assets | 825,572 | 628,626 | 825,572 | 628,626 | |
Capital expenditures | 2,108 | 1,707 | 3,424 | 3,479 | |
Depreciation and amortization | 4,650 | 2,910 | 7,083 | 5,727 | |
Operating Segments [Member] | Aerospace [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net revenues | 39,676 | 47,303 | 77,950 | 95,903 | |
Inter-segment revenues | 18 | 52 | 101 | 131 | |
Operating income (loss) | 1,397 | (2,235) | 4,250 | 4,335 | |
Identifiable assets | 187,932 | 213,114 | 187,932 | 213,114 | |
Capital expenditures | 1,174 | 1,039 | 1,649 | 1,688 | |
Depreciation and amortization | 1,491 | 1,717 | 3,021 | 3,443 | |
Operating Segments [Member] | Corporate/Eliminations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net revenues | 0 | 0 | 0 | 0 | |
Inter-segment revenues | (271) | (391) | (604) | (676) | |
Operating income (loss) | (5,477) | (4,923) | (11,931) | (12,361) | |
Identifiable assets | (263,807) | (82,654) | (263,807) | (82,654) | |
Capital expenditures | 355 | 187 | 547 | 435 | |
Depreciation and amortization | $ 315 | $ 294 | $ 583 | $ 606 |
Earnings Per Common Share (Deta
Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 05, 2015 | Jun. 29, 2014 | Jul. 05, 2015 | Jun. 29, 2014 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Net income | $ 4,381 | $ 11,926 | $ 14,013 | $ 26,558 |
Basic Earnings Per Common Share (EPS), Shares | 16,828,000 | 17,665,000 | 17,245,000 | 17,643,000 |
Basic EPS, Per Share Amount | $ 0.26 | $ 0.68 | $ 0.81 | $ 1.51 |
Dilutive securities, common stock options, Shares | 72,000 | 102,000 | ||
Dilutive securities, common stock options, Per Share Amount | $ 0 | $ (0.01) | ||
Diluted EPS, Shares | 16,900,000 | 17,767,000 | 17,306,000 | 17,754,000 |
Diluted EPS, Per Share Amount | $ 0.26 | $ 0.67 | $ 0.81 | $ 1.50 |
Stock Options [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive options and RSUs, shares | 311,880 | |||
RSU Awards [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive options and RSUs, shares | 142,740 |
Financial Instruments (Narrativ
Financial Instruments (Narrative) (Details) $ in Millions | 6 Months Ended | |
Jul. 05, 2015USD ($)Forward_Contracts | Dec. 31, 2014Forward_Contracts | |
Derivative [Line Items] | ||
Number of forward contracts | Forward_Contracts | 13 | 6 |
Maximum [Member] | ||
Derivative [Line Items] | ||
Unrealized foreign currency transaction gain (loss) | $ 0.5 | |
USD/Euro Forward Contracts [Member] | ||
Derivative [Line Items] | ||
Number of forward contracts | Forward_Contracts | 10 | |
Total value of contracts | $ 30.1 | |
Brazilian Real/Euro Forward Contracts [Member] | ||
Derivative [Line Items] | ||
Number of forward contracts | Forward_Contracts | 3 | |
Total value of contracts | $ 0.1 | |
Forward Contracts [Member] | ||
Derivative [Line Items] | ||
Fair value asset of derivative forward contracts | $ 0.6 |
Guarantees And Indemnificatio44
Guarantees And Indemnification Obligations (Product Warranty Reserves) (Details) - Jul. 05, 2015 - USD ($) $ in Thousands | Total |
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward] | |
Balance beginning December 31, 2012 | $ 4,213 |
Provisions | 1,571 |
Claims settled | (1,170) |
Product Warranty Accrual, Additions from Business Acquisition | 819 |
Currency translation adjustments | (164) |
Balance ending June 30, 2013 | 5,269 |
Liability for indemnification agreements | 0 |
Increase in warranty obligations | $ 1,100 |
Contingencies And Commitments45
Contingencies And Commitments (Narrative) (Details) - USD ($) $ in Thousands | Mar. 28, 2014 | Dec. 31, 2014 | Jul. 05, 2015 | Jun. 29, 2014 |
Contingencies, Commitments And Guarantees [Line Items] | ||||
Loss recorded for settlement of dispute | $ 300 | $ 6,200 | $ (1,044) | $ (300) |
Aggregate notional value standby letters of credit | $ 56,161 | |||
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 Commitments46
Contingencies And Commitments (Standby Letters Of Credit Instruments) (Details) $ in Thousands | Jul. 05, 2015USD ($) |
Contingencies, Commitments And Guarantees [Line Items] | |
Total | $ 56,161 |
0-12 months [Member] | |
Contingencies, Commitments And Guarantees [Line Items] | |
Total | 38,246 |
Greater than 12 months [Member] | |
Contingencies, Commitments And Guarantees [Line Items] | |
Total | $ 17,915 |
Defined Pension Benefit Plans47
Defined Pension Benefit Plans (Narrative) (Details) - Jul. 05, 2015 - USD ($) $ in Millions | Total | Total |
Qualified Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Cash contributions to defined benefit pension plan | $ 0.4 | $ 0.8 |
Defined Pension Benefit Plans48
Defined Pension Benefit Plans (Components Of Net Pension Benefit Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 05, 2015 | Jun. 29, 2014 | Jul. 05, 2015 | Jun. 29, 2014 | |
General Discussion of Pension and Other Postretirement Benefits [Abstract] | ||||
Interest cost on benefits obligation | $ 548 | $ 545 | $ 1,097 | $ 1,090 |
Estimated return on assets | (723) | (697) | (1,446) | (1,394) |
Loss amortization | 211 | 127 | 421 | 254 |
Net periodic cost of defined benefit plans | $ 36 | $ (25) | $ 72 | $ (50) |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jul. 05, 2015 | Jun. 29, 2014 | Jul. 05, 2015 | Jun. 29, 2014 | Dec. 31, 2014 | |
Income Tax Contingency [Line Items] | |||||
Income tax expense recorded | $ 2,517 | $ 3,402 | $ 5,800 | $ 9,227 | |
Unrecognized tax benefits that would impact effective tax rate | 1,400 | 1,400 | $ 2,000 | ||
Unrecognized tax benefits that would affect the effective tax rate if recognized | 1,100 | 1,100 | 1,500 | ||
Accrued interest related to uncertain tax positions | 300 | 300 | |||
Deferred Tax Assets, Valuation Allowance | 9,300 | 9,300 | (9,400) | ||
Decrease in tax expense due to changes in foreign currency exchange rate | 1,700 | ||||
Increase in valuation allowance due to changes in foreign currency exchange rate | 1,600 | ||||
Foreign Tax Authority [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Settlement with Italian tax authorities | 2,200 | ||||
Settlement with Italian tax authorities, accrued amount | 1,300 | $ 1,300 | $ 900 | ||
Income tax expense recorded | $ 1,100 |
Share-Based Compensation (Narra
Share-Based Compensation (Narrative) (Details) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 29, 2014shares | Jul. 05, 2015USD ($)$ / sharesshares | Jun. 29, 2014USD ($)$ / sharesshares | Dec. 31, 2014USD ($) | Mar. 31, 2013shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based compensation shares authorized | shares | 1,700,000 | ||||
RSU outstanding | shares | 217,040 | ||||
Shares available for grant | shares | 1,402,072 | ||||
Compensation expense | $ 4,100 | ||||
Unrecognized compensation costs | $ 10,800 | ||||
Weighted average period of recognition of compensation expense (in years) | 1 year 11 months 23 days | ||||
Weighted average contractual term for stock options outstanding, years | 7 years 5 months 10 days | ||||
Weighted average contractual term for stock options exercisable, years | 6 years 6 months 27 days | ||||
Selling, General And Administrative [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Compensation expense | $ 3,700 | $ 4,000 | |||
Special Charges [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Compensation expense | $ 400 | ||||
Stock Options [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Weighted Average Grant Date Fair Value | $ / shares | $ 17.88 | $ 26.32 | |||
Stock options outstanding | shares | 589,115 | ||||
Aggregate intrinsic value of stock options exercised | $ 100 | ||||
Aggregate intrinsic value of stock options outstanding | 3,000 | ||||
Aggregate intrinsic value of stock options exercisable | $ 1,400 | ||||
Stock Options [Member] | Minimum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting Period, (in years) | 1 year | ||||
Expiration period | 7 years | ||||
Stock Options [Member] | Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting Period, (in years) | 5 years | ||||
Expiration period | 10 years | ||||
Restricted Stock Units (RSUs) [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Rights to nonforfeitable dividend equivalents participating securities | shares | 10,700 | ||||
Restricted stock units granted | shares | 57,564 | 33,532 | |||
Granted RSU awards fair value | $ / shares | $ 52.04 | $ 72.11 | |||
Aggregate intrinsic value of RSU Awards / RSU MSPs | $ 2,400 | ||||
Aggregate intrinsic value of RSU Awards outstanding | 6,500 | ||||
Aggregate intrinsic value of RSU Awards vested and deferred | $ 100 | ||||
Restricted Stock Units (RSUs) [Member] | Minimum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting Period, (in years) | 3 years | ||||
Performance target threshold (as a percent) | 0.00% | ||||
Restricted Stock Units (RSUs) [Member] | Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Performance target threshold (as a percent) | 200.00% | ||||
Performance Shares [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Restricted stock units granted | shares | 11,881 | 26,094 | |||
Restricted Stock Units Management Stock Purchase Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting Period, (in years) | 3 years | ||||
Restricted stock units granted | shares | 38,965 | 32,752 | |||
Discount rate granted for RSU MSPs | 33.00% | ||||
Award discount from market price amortization period | |||||
Restricted stock units discount amount | $ / shares | 17.11 | 23.61 | |||
Aggregate intrinsic value of RSU Awards / RSU MSPs | $ 400 | ||||
Aggregate intrinsic value of RSU Awards outstanding | 1,500 | ||||
Aggregate intrinsic value of RSU Awards vested and deferred | $ 161 | ||||
Cash Settled Stock Unit Awards [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
RSU outstanding | shares | 29,970 | 38,418 | |||
Cash used to settle awards | $ 600 | ||||
Accrued expenses and current liabilities for Cash Settled Stock Unit Awards | 700 | $ 1,200 | |||
Cash Settled Stock Unit Awards [Member] | Selling, General and Administrative Expenses [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Compensation expense | $ 200 | $ 300 | |||
2014 Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares issued for awards other than stock options or SARs per share counted towards aggregate limit | 1.9 | ||||
Chief Financial Officer [Member] | Restricted Stock Units (RSUs) [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
RSU outstanding | shares | 9,454 |
Share-Based Compensation (Sched
Share-Based Compensation (Schedule Of Estimated Weighted-Average Assumptions Of Stock Options) (Details) | 6 Months Ended | |
Jul. 05, 2015 | Jun. 29, 2014 | |
Share-based Compensation [Abstract] | ||
Risk-free interest rate | 1.40% | 1.80% |
Expected life | 4 years 6 months | 3 years 8 months 12 days |
Expected stock volatility | 40.40% | 41.40% |
Expected dividend yield | 0.30% | 0.20% |
Share-Based Compensation CEO In
Share-Based Compensation CEO Inducement Stock Award (Details) - $ / shares | 6 Months Ended | |
Jul. 05, 2015 | Jun. 29, 2014 | |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ||
Share-based compensation shares authorized | 1,700,000 | |
Stock Options [Member] | ||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ||
Stock options granted (in shares) | 118,992 | 164,503 |
Grant Date Fair Value (in usd per share) | $ 17.88 | $ 26.32 |
Accumulated Other Comprehensi53
Accumulated Other Comprehensive Loss (Details) $ in Thousands | 6 Months Ended |
Jul. 05, 2015USD ($) | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |
Balance as of December 31, 2014 | $ (33,946) |
Other comprehensive (loss) income, net of tax | (16,944) |
Balance as of July 5, 2015 | (50,890) |
Foreign Currency Translation Adjustments | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |
Balance as of December 31, 2014 | (5,112) |
Other comprehensive (loss) income, net of tax | (16,944) |
Balance as of July 5, 2015 | (22,056) |
Pension, net | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |
Balance as of December 31, 2014 | (28,834) |
Other comprehensive (loss) income, net of tax | 0 |
Balance as of July 5, 2015 | $ (28,834) |
Special Charges_Recoveries (Det
Special Charges/Recoveries (Details) - USD ($) $ in Thousands | Mar. 28, 2014 | Jan. 24, 2014 | Jul. 05, 2015 | Apr. 05, 2015 | Dec. 31, 2014 | Jun. 29, 2014 | Jul. 05, 2015 | Jun. 29, 2014 |
Restructuring Reserve [Roll Forward] | ||||||||
Restructuring Reserve Beginning of Period | $ 8,944 | $ 9,133 | $ 2,725 | $ 9,133 | $ 4,180 | |||
Restructuring charges | 3,127 | 1,257 | 4,639 | 2,043 | ||||
Watts settlement | $ 300 | $ 6,200 | (1,044) | (300) | ||||
Gain from settlement of TMW litigation | $ (2,200) | 420 | 2,243 | |||||
Special charges paid | 3,927 | 1,887 | 5,627 | 2,185 | ||||
Restructuring Reserve End of Period | 8,327 | 8,944 | 9,133 | 8,327 | ||||
Other Nonrecurring (Income) Expense | 3,310 | 1,257 | 4,821 | 100 | ||||
Facility Closing [Member] | ||||||||
Restructuring Reserve [Roll Forward] | ||||||||
Restructuring charges | 606 | 97 | 638 | 517 | ||||
Total special and restructuring charges | 3,310 | 100 | ||||||
Other Nonrecurring Income | 2,095 | 2,095 | ||||||
Employee Severance [Member] | ||||||||
Restructuring Reserve [Roll Forward] | ||||||||
Restructuring charges | 2,521 | 1,160 | 4,001 | 1,526 | ||||
Divestiture [Member] | ||||||||
Restructuring Reserve [Roll Forward] | ||||||||
Restructuring charges | (93) | |||||||
Acquisitions [Member] | ||||||||
Restructuring Reserve [Roll Forward] | ||||||||
Restructuring charges | 276 | 500 | 806 | |||||
Energy [Member] | ||||||||
Restructuring Reserve [Roll Forward] | ||||||||
Restructuring charges | 2,818 | 510 | 3,161 | 1,197 | ||||
Watts settlement | (2) | |||||||
Gain from settlement of TMW litigation | 0 | |||||||
Other Nonrecurring (Income) Expense | 3,965 | |||||||
Energy [Member] | Facility Closing [Member] | ||||||||
Restructuring Reserve [Roll Forward] | ||||||||
Restructuring charges | 362 | 88 | 381 | 424 | ||||
Total special and restructuring charges | 3,066 | $ 1,197 | ||||||
Other Nonrecurring Income | ||||||||
Energy [Member] | Employee Severance [Member] | ||||||||
Restructuring Reserve [Roll Forward] | ||||||||
Restructuring charges | 2,456 | 422 | 2,780 | $ 773 | ||||
Energy [Member] | Divestiture [Member] | ||||||||
Restructuring Reserve [Roll Forward] | ||||||||
Restructuring charges | (28) | |||||||
Energy [Member] | Acquisitions [Member] | ||||||||
Restructuring Reserve [Roll Forward] | ||||||||
Restructuring charges | 276 | 806 | ||||||
Aerospace [Member] | ||||||||
Restructuring Reserve [Roll Forward] | ||||||||
Restructuring charges | 1,478 | 557 | ||||||
Watts settlement | (1,042) | |||||||
Gain from settlement of TMW litigation | 0 | |||||||
Other Nonrecurring (Income) Expense | 436 | |||||||
Aerospace [Member] | Facility Closing [Member] | ||||||||
Restructuring Reserve [Roll Forward] | ||||||||
Restructuring charges | 257 | $ 93 | ||||||
Other Nonrecurring Income | ||||||||
Aerospace [Member] | Employee Severance [Member] | ||||||||
Restructuring Reserve [Roll Forward] | ||||||||
Restructuring charges | 1,221 | $ 464 | ||||||
Aerospace [Member] | Acquisitions [Member] | ||||||||
Restructuring Reserve [Roll Forward] | ||||||||
Restructuring charges | 0 | 0 | ||||||
Aerospace & Defense [Member] | ||||||||
Restructuring Reserve [Roll Forward] | ||||||||
Restructuring charges | 309 | 458 | ||||||
Gain from settlement of TMW litigation | 2,243 | |||||||
Aerospace & Defense [Member] | Facility Closing [Member] | ||||||||
Restructuring Reserve [Roll Forward] | ||||||||
Restructuring charges | 244 | 9 | ||||||
Total special and restructuring charges | 244 | (1,686) | ||||||
Aerospace & Defense [Member] | Employee Severance [Member] | ||||||||
Restructuring Reserve [Roll Forward] | ||||||||
Restructuring charges | 65 | 449 | ||||||
Aerospace & Defense [Member] | Divestiture [Member] | ||||||||
Restructuring Reserve [Roll Forward] | ||||||||
Restructuring charges | (65) | |||||||
Corporate [Member] | ||||||||
Restructuring Reserve [Roll Forward] | ||||||||
Restructuring charges | 0 | 289 | 0 | 289 | ||||
Watts settlement | $ 300 | 0 | ||||||
Gain from settlement of TMW litigation | 420 | |||||||
Other Nonrecurring (Income) Expense | 420 | |||||||
Corporate [Member] | Facility Closing [Member] | ||||||||
Restructuring Reserve [Roll Forward] | ||||||||
Restructuring charges | 0 | 0 | 0 | 0 | ||||
Total special and restructuring charges | $ 589 | |||||||
Other Nonrecurring Income | ||||||||
Corporate [Member] | Employee Severance [Member] | ||||||||
Restructuring Reserve [Roll Forward] | ||||||||
Restructuring charges | 0 | $ 289 | 0 | $ 289 | ||||
Corporate [Member] | Divestiture [Member] | ||||||||
Restructuring Reserve [Roll Forward] | ||||||||
Restructuring charges | 0 | |||||||
Corporate [Member] | Acquisitions [Member] | ||||||||
Restructuring Reserve [Roll Forward] | ||||||||
Restructuring charges | 0 | $ 0 | ||||||
2014 Announced Restructuring Plan [Member] | Divestiture [Member] | ||||||||
Restructuring Reserve [Roll Forward] | ||||||||
Restructuring charges | $ 1,000 | $ 3,400 |
Special Charges_Recoveries Char
Special Charges/Recoveries Charges Incurred to Date (Details) $ in Thousands | Jul. 05, 2015USD ($) |
2015 Announced Restructuring Plan [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Charges incurred to date | $ 4,045 |
2014 Announced Restructuring Plan [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Charges incurred to date | 4,767 |
August 1, 2013 Announced Restructuring Plan [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Charges incurred to date | 7,054 |
Employee Severance [Member] | 2015 Announced Restructuring Plan [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Charges incurred to date | 3,413 |
Employee Severance [Member] | 2014 Announced Restructuring Plan [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Charges incurred to date | 4,736 |
Employee Severance [Member] | August 1, 2013 Announced Restructuring Plan [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Charges incurred to date | 4,464 |
Facility Closing [Member] | 2015 Announced Restructuring Plan [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Charges incurred to date | 632 |
Facility Closing [Member] | 2014 Announced Restructuring Plan [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Charges incurred to date | 31 |
Facility Closing [Member] | August 1, 2013 Announced Restructuring Plan [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Charges incurred to date | 2,590 |
Energy [Member] | 2015 Announced Restructuring Plan [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Charges incurred to date | 3,158 |
Energy [Member] | 2014 Announced Restructuring Plan [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Charges incurred to date | 1,399 |
Energy [Member] | August 1, 2013 Announced Restructuring Plan [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Charges incurred to date | 5,062 |
Aerospace & Defense [Member] | 2015 Announced Restructuring Plan [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Charges incurred to date | 887 |
Aerospace & Defense [Member] | 2014 Announced Restructuring Plan [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Charges incurred to date | 3,051 |
Aerospace & Defense [Member] | August 1, 2013 Announced Restructuring Plan [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Charges incurred to date | 1,992 |
Corporate [Member] | 2015 Announced Restructuring Plan [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Charges incurred to date | 0 |
Corporate [Member] | 2014 Announced Restructuring Plan [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Charges incurred to date | 317 |
Corporate [Member] | August 1, 2013 Announced Restructuring Plan [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Charges incurred to date | 0 |
Facility Closing [Member] | Energy [Member] | 2015 Announced Restructuring Plan [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Charges incurred to date | 375 |
Facility Closing [Member] | Energy [Member] | 2014 Announced Restructuring Plan [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Charges incurred to date | (64) |
Facility Closing [Member] | Energy [Member] | August 1, 2013 Announced Restructuring Plan [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Charges incurred to date | 2,117 |
Facility Closing [Member] | Aerospace & Defense [Member] | 2015 Announced Restructuring Plan [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Charges incurred to date | 257 |
Facility Closing [Member] | Aerospace & Defense [Member] | 2014 Announced Restructuring Plan [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Charges incurred to date | 95 |
Facility Closing [Member] | Aerospace & Defense [Member] | August 1, 2013 Announced Restructuring Plan [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Charges incurred to date | 473 |
Facility Closing [Member] | Corporate [Member] | 2015 Announced Restructuring Plan [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Charges incurred to date | 0 |
Facility Closing [Member] | Corporate [Member] | 2014 Announced Restructuring Plan [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Charges incurred to date | 0 |
Facility Closing [Member] | Corporate [Member] | August 1, 2013 Announced Restructuring Plan [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Charges incurred to date | 0 |
Employee Severance [Member] | Energy [Member] | 2015 Announced Restructuring Plan [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Charges incurred to date | 2,783 |
Employee Severance [Member] | Energy [Member] | 2014 Announced Restructuring Plan [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Charges incurred to date | 1,463 |
Employee Severance [Member] | Energy [Member] | August 1, 2013 Announced Restructuring Plan [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Charges incurred to date | 2,945 |
Employee Severance [Member] | Aerospace & Defense [Member] | 2015 Announced Restructuring Plan [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Charges incurred to date | 630 |
Employee Severance [Member] | Aerospace & Defense [Member] | 2014 Announced Restructuring Plan [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Charges incurred to date | 2,956 |
Employee Severance [Member] | Aerospace & Defense [Member] | August 1, 2013 Announced Restructuring Plan [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Charges incurred to date | 1,519 |
Employee Severance [Member] | Corporate [Member] | 2015 Announced Restructuring Plan [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Charges incurred to date | 0 |
Employee Severance [Member] | Corporate [Member] | 2014 Announced Restructuring Plan [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Charges incurred to date | 317 |
Employee Severance [Member] | Corporate [Member] | August 1, 2013 Announced Restructuring Plan [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Charges incurred to date | $ 0 |
Special Charges Narrative (Deta
Special Charges Narrative (Details) - USD ($) $ in Thousands | Mar. 28, 2014 | Jan. 24, 2014 | Jul. 05, 2015 | Apr. 05, 2015 | Dec. 31, 2014 | Sep. 28, 2014 | Jun. 29, 2014 | Jul. 05, 2015 | Jun. 29, 2014 |
Effects on Future Earnings and Cash Flows Resulting from Exit Plan [Line Items] | |||||||||
Watts settlement agreement amount | $ 1,500 | ||||||||
Restructuring charges | $ 3,127 | $ 1,257 | $ 4,639 | $ 2,043 | |||||
Watts settlement | $ 300 | $ 6,200 | (1,044) | (300) | |||||
Gain from settlement of TMW litigation | $ 2,200 | (420) | (2,243) | ||||||
Special charges, net | 3,310 | 1,257 | 4,821 | 100 | |||||
Energy [Member] | |||||||||
Effects on Future Earnings and Cash Flows Resulting from Exit Plan [Line Items] | |||||||||
Restructuring charges | 2,818 | 510 | 3,161 | 1,197 | |||||
Watts settlement | (2) | ||||||||
Gain from settlement of TMW litigation | 0 | ||||||||
Special charges, net | 3,965 | ||||||||
Corporate [Member] | |||||||||
Effects on Future Earnings and Cash Flows Resulting from Exit Plan [Line Items] | |||||||||
Restructuring charges | 0 | 289 | 0 | 289 | |||||
Watts settlement | $ 300 | 0 | |||||||
Gain from settlement of TMW litigation | (420) | ||||||||
Special charges, net | 420 | ||||||||
Aerospace [Member] | |||||||||
Effects on Future Earnings and Cash Flows Resulting from Exit Plan [Line Items] | |||||||||
Restructuring charges | 1,478 | 557 | |||||||
Watts settlement | (1,042) | ||||||||
Gain from settlement of TMW litigation | 0 | ||||||||
Special charges, net | 436 | ||||||||
Aerospace & Defense [Member] | |||||||||
Effects on Future Earnings and Cash Flows Resulting from Exit Plan [Line Items] | |||||||||
Restructuring charges | 309 | 458 | |||||||
Gain from settlement of TMW litigation | (2,243) | ||||||||
Acquisitions [Member] | |||||||||
Effects on Future Earnings and Cash Flows Resulting from Exit Plan [Line Items] | |||||||||
Restructuring charges | 276 | $ 500 | 806 | ||||||
Acquisitions [Member] | Energy [Member] | |||||||||
Effects on Future Earnings and Cash Flows Resulting from Exit Plan [Line Items] | |||||||||
Restructuring charges | 276 | 806 | |||||||
Acquisitions [Member] | Corporate [Member] | |||||||||
Effects on Future Earnings and Cash Flows Resulting from Exit Plan [Line Items] | |||||||||
Restructuring charges | 0 | 0 | |||||||
Acquisitions [Member] | Aerospace [Member] | |||||||||
Effects on Future Earnings and Cash Flows Resulting from Exit Plan [Line Items] | |||||||||
Restructuring charges | 0 | 0 | |||||||
Divestiture [Member] | |||||||||
Effects on Future Earnings and Cash Flows Resulting from Exit Plan [Line Items] | |||||||||
Restructuring charges | (93) | ||||||||
Divestiture [Member] | Energy [Member] | |||||||||
Effects on Future Earnings and Cash Flows Resulting from Exit Plan [Line Items] | |||||||||
Restructuring charges | (28) | ||||||||
Divestiture [Member] | Corporate [Member] | |||||||||
Effects on Future Earnings and Cash Flows Resulting from Exit Plan [Line Items] | |||||||||
Restructuring charges | 0 | ||||||||
Divestiture [Member] | Aerospace & Defense [Member] | |||||||||
Effects on Future Earnings and Cash Flows Resulting from Exit Plan [Line Items] | |||||||||
Restructuring charges | (65) | ||||||||
Divestiture [Member] | 2014 Announced Restructuring Plan [Member] | |||||||||
Effects on Future Earnings and Cash Flows Resulting from Exit Plan [Line Items] | |||||||||
Restructuring charges | 1,000 | $ 3,400 | |||||||
Inventory Related Charges [Member] | Energy [Member] | |||||||||
Effects on Future Earnings and Cash Flows Resulting from Exit Plan [Line Items] | |||||||||
Restructuring charges | 200 | ||||||||
Inventory Related Charges [Member] | Aerospace & Defense [Member] | |||||||||
Effects on Future Earnings and Cash Flows Resulting from Exit Plan [Line Items] | |||||||||
Restructuring charges | 2,000 | $ 2,900 | 5,100 | ||||||
Facility Closing [Member] | |||||||||
Effects on Future Earnings and Cash Flows Resulting from Exit Plan [Line Items] | |||||||||
Restructuring charges | 606 | 97 | 638 | 517 | |||||
Total special and restructuring charges | 3,310 | 100 | |||||||
Facility Closing [Member] | Energy [Member] | |||||||||
Effects on Future Earnings and Cash Flows Resulting from Exit Plan [Line Items] | |||||||||
Restructuring charges | 362 | 88 | 381 | 424 | |||||
Total special and restructuring charges | 3,066 | 1,197 | |||||||
Facility Closing [Member] | Corporate [Member] | |||||||||
Effects on Future Earnings and Cash Flows Resulting from Exit Plan [Line Items] | |||||||||
Restructuring charges | 0 | 0 | 0 | 0 | |||||
Total special and restructuring charges | 589 | ||||||||
Facility Closing [Member] | Aerospace [Member] | |||||||||
Effects on Future Earnings and Cash Flows Resulting from Exit Plan [Line Items] | |||||||||
Restructuring charges | $ 257 | 93 | |||||||
Facility Closing [Member] | Aerospace & Defense [Member] | |||||||||
Effects on Future Earnings and Cash Flows Resulting from Exit Plan [Line Items] | |||||||||
Restructuring charges | 244 | $ 9 | |||||||
Total special and restructuring charges | $ 244 | $ (1,686) |