Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 12, 2016 | Jun. 30, 2015 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Document Period End Date | Dec. 31, 2015 | ||
Amendment Flag | false | ||
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 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Common Stock, Shares Outstanding | 16,371,775 | ||
Entity Public Float | $ 881,436,443 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 54,541 | $ 121,372 |
Trade accounts receivable, less allowance for doubtful accounts of $8,290 and $9,536, respectively | 125,628 | 156,738 |
Inventories | 177,840 | 183,434 |
Prepaid expenses and other current assets | 16,441 | 21,626 |
Deferred income tax asset | 0 | 22,861 |
Total Current Assets | 374,450 | 506,031 |
PROPERTY, PLANT AND EQUIPMENT, NET | 87,029 | 96,212 |
OTHER ASSETS: | ||
Goodwill | 115,452 | 72,430 |
Intangibles, net | 48,981 | 26,887 |
Deferred income tax asset | 36,799 | 19,048 |
Other assets | 7,204 | 4,114 |
TOTAL ASSETS | 669,915 | 724,722 |
CURRENT LIABILITIES: | ||
Accounts payable | 64,284 | 87,112 |
Accrued expenses and other current liabilities | 52,878 | 63,911 |
Accrued compensation and benefits | 18,424 | 24,728 |
Income taxes payable | 6,585 | 1,312 |
Notes payable and current portion of long-term debt | 0 | 8,423 |
Total Current Liabilities | 142,171 | 185,486 |
LONG-TERM DEBT, NET OF CURRENT PORTION | 90,500 | 5,261 |
DEFERRED INCOME TAXES | 10,424 | 7,771 |
OTHER NON-CURRENT LIABILITIES | 26,043 | 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; 16,364,299 and 17,681,955 shares issued and outstanding at December 31, 2015 and 2014, respectively | 177 | 177 |
Additional paid-in capital | 283,621 | 277,227 |
Retained earnings | 257,939 | 250,635 |
Treasury Stock, Value | (74,972) | 0 |
Accumulated other comprehensive loss, net of taxes | (65,988) | (33,946) |
Total Shareholders' Equity | 400,777 | 494,093 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 669,915 | $ 724,722 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Trade accounts receivable, allowance for doubtful accounts | $ 8,290 | $ 9,536 |
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 | 16,364,299 | 17,681,955 |
Common Stock, Shares, Outstanding | 16,364,299 | 17,681,955 |
Consolidated Statements Of Inco
Consolidated Statements Of Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Statement [Abstract] | |||
Net revenues | $ 656,267 | $ 841,446 | $ 857,808 |
Cost of revenues | 456,935 | 584,426 | 590,207 |
GROSS PROFIT | 199,332 | 257,020 | 267,601 |
Selling, general and administrative expenses | 156,302 | 178,800 | 182,954 |
Impairment charges | 2,502 | 726 | 6,872 |
Special charges | 14,354 | 12,737 | 8,602 |
OPERATING INCOME | 26,174 | 64,757 | 69,173 |
Other (income) expense: | |||
Interest Income (Expense), Net | 2,844 | 2,652 | 3,161 |
Other (income) expense, net | 902 | (1,156) | 1,975 |
TOTAL OTHER EXPENSE | 3,746 | 1,496 | 5,136 |
INCOME BEFORE INCOME TAXES | 22,428 | 63,261 | 64,037 |
Provision for income taxes | 12,565 | 12,875 | 16,916 |
NET INCOME | $ 9,863 | $ 50,386 | $ 47,121 |
Earnings per common share: | |||
Basic | $ 0.59 | $ 2.85 | $ 2.68 |
Diluted | $ 0.58 | $ 2.84 | $ 2.67 |
Weighted average number of common shares outstanding: | |||
Basic | 16,850 | 17,660 | 17,564 |
Diluted | 16,913 | 17,768 | 17,629 |
Dividends paid per common share | $ 0.15 | $ 0.15 | $ 0.15 |
Statements Of Consolidated Comp
Statements Of Consolidated Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Net income | $ 9,863 | $ 50,386 | $ 47,121 | |
Other comprehensive (loss) income, net of tax: | ||||
Foreign currency translation adjustments | (31,775) | (30,658) | 2,147 | |
Other changes in plan assets - amortization of actuarial gains (losses) | [1] | 262 | (6,863) | 4,456 |
Net periodic pension costs amortization (loss) gain | [2] | (529) | (322) | 474 |
Other comprehensive income (loss) | (32,042) | (37,843) | 7,077 | |
COMPREHENSIVE INCOME | (22,179) | 12,543 | 54,198 | |
Pension Liability [Member] | ||||
Other comprehensive (loss) income, net of tax: | ||||
Net of Income tax effect | 0 | (4,200) | 2,700 | |
Pension Liability Adjustment [Member] | ||||
Other comprehensive (loss) income, net of tax: | ||||
Net of Income tax effect | $ (200) | $ (200) | $ 300 | |
[1] | Net of an income tax effect of $0.0 million, $(4.2) million and $2.7 million for the years ended December 31, 2015, 2014 and 2013, respectively. | |||
[2] | Net of an income tax effect of $(0.2) million, $(0.2) million and $0.3 million for the years ended December 31, 2015, 2014 and 2013, respectively. |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
OPERATING ACTIVITIES | |||
Net income | $ 9,863 | $ 50,386 | $ 47,121 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation | 14,254 | 16,446 | 16,034 |
Amortization | 9,681 | 3,116 | 3,039 |
Bad debt expense | 2,561 | 7,817 | 1,194 |
Provision Bankruptcy Settlement | 15,404 | 12,993 | 4,944 |
Intangible impairment charges | 2,502 | 726 | 6,872 |
Compensation expense of share-based plans | 6,579 | 7,188 | 5,056 |
Tax effect of share-based compensation | (134) | (756) | (732) |
Deferred income taxes | 781 | (2,740) | 5,778 |
Loss (gain) on property, plant and equipment | 305 | (79) | (322) |
(Gain) loss on sale of businesses | (1,044) | 3,413 | 0 |
Gain on return of acquisition purchase price | 0 | (3,400) | |
Changes in operating assets and liabilities, net of effects from business acquisitions: | |||
Trade accounts receivable | 20,393 | (38,439) | 7,009 |
Inventories | (14,446) | (16,945) | (5,255) |
Prepaid expenses and other assets | (4,786) | 884 | 160 |
Accounts payable, accrued expenses and other liabilities | (34,771) | 26,816 | (15,292) |
Net cash provided by (used in) operating activities | 27,142 | 70,826 | 72,206 |
INVESTING ACTIVITIES | |||
Additions to property, plant and equipment | (12,711) | (12,810) | (17,328) |
Proceeds from the sale of property, plant and equipment | 2,209 | 791 | 664 |
Business acquisitions, return of purchase price | 0 | 0 | (3,400) |
Proceeds from divestitures | 2,759 | 10,177 | 0 |
Payments to Acquire Businesses, Net of Cash Acquired | 79,983 | 0 | 0 |
Net cash used in investing activities | (87,726) | (1,842) | (13,264) |
FINANCING ACTIVITIES | |||
Proceeds from long-term debt | 261,394 | 150,062 | 146,578 |
Payments of long-term debt | (182,004) | (185,361) | (166,239) |
Debt issuance costs | 0 | (920) | 0 |
Dividends paid | (2,559) | (2,681) | (2,700) |
Proceeds from the exercise of stock options | 258 | 420 | 2,394 |
Tax effect of share-based compensation | 134 | 756 | 732 |
Payments for Repurchase of Common Stock | (74,972) | 0 | 0 |
Net cash (used in) provided by financing activities | 2,251 | (37,724) | (19,235) |
Effect of exchange rate changes on cash and cash equivalents | (8,498) | (12,163) | 729 |
INCREASE IN CASH AND CASH EQUIVALENTS | (66,831) | 19,097 | 40,436 |
Cash and cash equivalents at beginning of period | 121,372 | 102,275 | 61,839 |
CASH AND CASH EQUIVALENTS AT END OF YEAR | 54,541 | 121,372 | 102,275 |
Supplemental Cash Flow Information: | |||
Income taxes | 15,049 | 16,672 | 8,143 |
Interest | $ 1,992 | $ 2,476 | $ 960 |
Consolidated Statements Of Shar
Consolidated Statements Of Shareholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income [Member] | Treasury Stock [Member] |
BALANCE, Shares at Dec. 31, 2012 | 17,446,000 | |||||
BALANCE at Dec. 31, 2012 | $ 418,247 | $ 174 | $ 262,744 | $ 158,509 | $ (3,180) | $ 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 47,121 | 47,121 | ||||
Other comprehensive loss, net of tax | 7,077 | 7,077 | ||||
Common stock dividends paid | (2,700) | (2,700) | ||||
Stock options exercised, Shares | 83,000 | |||||
Stock options exercised | 2,394 | $ 1 | 2,393 | |||
Excess tax benefit from share-based compensation | 732 | 732 | ||||
Conversion of restricted stock units, Shares | 82,000 | |||||
Conversion of restricted stock units | (1,040) | $ (1) | (1,041) | |||
Share-based compensation | 5,056 | 5,056 | ||||
BALANCE, Shares at Dec. 31, 2013 | 17,611,000 | |||||
BALANCE at Dec. 31, 2013 | 476,887 | $ 176 | 269,884 | 202,930 | 3,897 | 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 50,386 | 50,386 | ||||
Other comprehensive loss, net of tax | (37,843) | (37,843) | ||||
Common stock dividends paid | (2,681) | (2,681) | ||||
Stock options exercised, Shares | 13,000 | |||||
Stock options exercised | 419 | 419 | ||||
Tax effect from share-based compensation | 756 | 756 | ||||
Conversion of restricted stock units, Shares | 58,000 | |||||
Conversion of restricted stock units | (1,019) | $ (1) | (1,020) | |||
Share-based compensation | $ 7,188 | 7,188 | ||||
BALANCE, Shares at Dec. 31, 2014 | 17,681,955 | 17,682,000 | ||||
BALANCE at Dec. 31, 2014 | $ 494,093 | $ 177 | 277,227 | 250,635 | $ (33,946) | 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 9,863 | $ 9,863 | ||||
Other comprehensive loss, net of tax | (32,042) | $ (32,042) | ||||
Common stock dividends paid | (2,559) | $ (2,559) | ||||
Stock options exercised, Shares | 8,000 | |||||
Stock options exercised | 258 | 258 | ||||
Excess tax benefit from share-based compensation | 134 | 134 | ||||
Conversion of restricted stock units, Shares | 56,000 | |||||
Conversion of restricted stock units | (577) | $ 0 | (577) | |||
Share-based compensation | 6,579 | 6,579 | ||||
Repurchase of common stock, Shares | (1,382,000) | |||||
Repurchase of common stock | $ (74,972) | (74,972) | ||||
BALANCE, Shares at Dec. 31, 2015 | 16,364,299 | 16,364,000 | ||||
BALANCE at Dec. 31, 2015 | $ 400,777 | $ 177 | $ 283,621 | $ 257,939 | $ (65,988) | $ (74,972) |
Description Of Business
Description Of Business | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description Of Business | Description of Business CIRCOR International, Inc. (“CIRCOR” or the “Company” or “we”) designs, manufactures and distributes a broad array of valves and related flow control products and certain services to a variety of end-markets for use in a wide range of applications to optimize the efficiency and/or ensure the safety of fluid-control systems. We have a global presence and operate 18 major manufacturing facilities that are located in the United States, Western Europe, Morocco, India and the People’s Republic of China. We have organized our business segment reporting structure into two segments: Energy and Aerospace & Defense. |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Summary Of Significant Accounting Policies | Summary of Significant Accounting Policies Principles of Consolidation and Basis of Presentation The consolidated financial statements include the accounts of CIRCOR and its subsidiaries. The results of companies acquired during the year (if any) are included in the consolidated financial statements from the date of acquisition. All significant intercompany balances and transactions have been eliminated in consolidation. Use of Estimates The preparation of these financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying disclosures. Some of the more significant estimates relate to acquisition accounting, inventory valuation, depreciation, share-based compensation, amortization and impairment of long-lived assets, pension obligations, income taxes, penalty accruals for late shipments, asset valuations, and product warranties. While management believes that the estimates and assumptions used in the preparation of the financial statements are appropriate, actual results could differ materially from those estimates. Revenue Recognition and Accounts Receivable Allowances Revenue is recognized when products are delivered, title and risk of loss have passed to the customer, persuasive evidence of an arrangement exists, no significant post delivery obligations remain, the price to the buyers is fixed or determinable and collection of the resulting receivable is reasonably assured. The Company provides for the estimated costs to fulfill customer warranty obligations upon the recognition of the related revenue. Shipping and handling costs invoiced to customers are recorded as components of revenues and the associated costs are recorded as cost of revenues. We recognize revenue net of sales returns, rebates, penalties, and discounts. Accounts receivable allowances include sales returns and bad debt allowances. The Company monitors and tracks the amount of product returns and reduces revenue at the time of shipment for the estimated amount of such future returns, based on historical experience. The Company makes estimates evaluating its allowance for doubtful accounts. The Company continuously monitors collections and payments from its customers and maintains a provision for estimated credit losses based upon its historical experience and any specific customer collection issues that it has identified. Account balances are charged off against the allowance when the company believes it is probable the receivable will not be recovered. Cost of Revenue Cost of revenue primarily reflects the costs of manufacturing and preparing products for sale and, to a much lesser extent, the costs of performing services. Cost of revenue is primarily comprised of the cost of materials, inbound freight, production, direct labor and overhead including indirect labor, which are expenses that directly result from the level of production activity at the manufacturing plant. Additional expenses that directly result from the level of production activity at the manufacturing plant include: purchasing and receiving costs, inspection costs, warehousing costs, internal transfer costs, utility expenses, property taxes, depreciation of production building and equipment assets, salaries and benefits paid to plant manufacturing management and maintenance supplies. Inventories Inventories are stated at the lower of cost or market. Cost is generally determined on the first-in, first-out (“FIFO”) basis. Where appropriate, standard cost systems are utilized for purposes of determining cost; the standards are adjusted as necessary to ensure they approximate actual cost. Estimates for obsolescence or slow moving inventory are maintained based on current economic conditions, historical sales quantities and patterns and, in some cases, the risk of loss on specifically identified inventories. Such inventories which require a provision to write-down excess and obsolete inventory are recorded at its estimated net realizable value, net of the cost of disposal. Inventory Allowances We typically analyze our inventory aging and projected future usage on a quarterly basis to assess the adequacy of our inventory allowances. We provide inventory allowances for excess, slow-moving, and obsolete inventories determined primarily by estimates of future demand. The allowance is measured on an item-by-item basis determined based on the difference between the cost of the inventory and estimated market value. The provision for inventory allowance is a component of our cost of revenues. Assumptions about future demand are among the primary factors utilized to estimate market value. At the point of the loss recognition, a new, lower-cost basis for that inventory is established, and subsequent changes in facts and circumstances do not result in the restoration or increase in that newly established cost basis. Our inventory balance was $177.8 million as of December 31, 2015 , compared to $183.4 million as of December 31, 2014 . Our inventory allowances, which include amounts primarily for obsolescence and net realizable value estimates was $28.0 million as of December 31, 2015 , compared to $27.0 million as of December 31, 2014 . If there were to be a sudden and significant decrease in demand for our products, significant price reductions, or if there were a higher incidence of inventory obsolescence for any reason, including a change in technology or customer requirements, we could be required to increase our inventory allowances and our gross profit could be adversely affected. Penalty Accruals Certain customer agreements, primarily in our long-cycle project related businesses and large aerospace programs, contain late shipment penalty clauses whereby we are contractually obligated to pay consideration to our customers if we do not meet specified shipment dates. The accrual for estimated penalties is shown as a reduction of revenue and is based on several factors including historical customer settlement experience and management’s assessment of specific shipment delay information. Accruals related to these potential late shipment penalties as of December 31, 2015 and 2014 were $6.0 million and $7.1 million , respectively. As we conclude performance under these agreements, the actual amount of consideration paid to our customers may vary from the amounts we currently have accrued. Business Acquisitions / Divestitures In connection with our acquisitions, we assess and formulate a plan related to the future integration of the acquired entity. This process begins during the due diligence phase and is concluded within twelve months of the acquisition. We account for business combinations under the purchase method, and accordingly, the assets and liabilities of the acquired businesses are recorded at their estimated fair value on the acquisition date with the excess of the purchase price over their estimated fair value recorded as goodwill. We determine acquisition related asset and liability fair values through established valuation techniques for industrial manufacturing companies and utilize third party valuation firms to assist in the valuation of certain tangible and intangible assets. Accounting Standards Codification ("ASC") Topic 805, Business Combinations, provides guidance regarding business combinations and requires acquisition-date fair value measurement of identifiable assets acquired, liabilities assumed, and non-controlling interests in the acquiree. ASC Topic 360, Property, Plant, and Equipment, provides guidance regarding long-lived asset (disposal group) to be sold, held for sale classification on the consolidated balance sheet, fair value measurement of long-lived asset (disposal group) held for sale, and gain/loss recognition for long-lived asset sale. For more detailed information, refer to Note 3, Business Acquisitions and Divestitures. Legal Contingencies 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. For more information related to our outstanding legal proceedings, see “Contingencies, Commitments and Guarantees” in Note 14 of the consolidated financial statements. Goodwill and Indefinite-Lived Intangible Assets - Impairment For the year-ended December 31, 2015 , the Company’s two reporting units were Energy and Aerospace & Defense with respective goodwill balances of $93.2 million and $22.3 million . Goodwill is measured as the excess of the cost of acquisition over the sum of the amounts assigned to identifiable tangible and intangible assets acquired less liabilities assumed. Goodwill and intangible assets are recorded at cost; intangible assets with definite lives are amortized over their useful lives. For goodwill and intangible assets with indefinite lives, we perform an impairment assessment at the reporting unit level on an annual basis as of the end of our October month end or more frequently if circumstances warrant. Our annual impairment assessment is a two-step process. The first step requires a comparison of the fair value of each of our reporting units to the respective carrying value. If the carrying value of a reporting unit is higher than its fair value, there is an indication that impairment may exist and the second step of the evaluation must be performed. In the second step, the potential impairment is calculated by comparing the implied fair value of the reporting unit’s goodwill with the carrying value of the goodwill. If the carrying value of the reporting unit’s goodwill is greater than the implied fair value of its goodwill, an impairment loss will be recognized for the excess. Determining the fair value of a reporting unit is subjective and requires the use of significant estimates and assumptions. With the assistance of an independent third-party appraisal firm, we estimate the fair value of our reporting units using an income approach based on the present value of future cash flows. We believe this approach yields the most appropriate evidence of fair value. We also utilize the comparable company multiples method and market transaction fair value method to validate the fair value amount we obtain using the income approach. The key assumptions utilized in our discounted cash flow model include our estimates of future cash flows from operating activities offset by estimated capital expenditures of the reporting unit, the estimated terminal value for each reporting unit, a discount rate based on a weighted average cost of capital, overall economic conditions, and our assessment of our current market capitalization. Any unfavorable material changes to these key assumptions could potentially impact our fair value determinations. As such, we may experience fluctuations in revenues and operating results resulting in the non-achievement of our estimated growth rates, operating performance and working capital estimates utilized in our discounted cash flow models. In fiscal year 2015 when we performed our step one analysis, the fair value of each of our reporting units exceeded the respective carrying amount, and no goodwill impairments were recorded. The fair values utilized for our 2015 goodwill assessment exceeded the carrying amounts by approximately 140% and 118% for our Energy and Aerospace & Defense reporting units, respectively. The growth rate assumptions utilized were consistent with growth rates within the markets that we serve. Actual 2015 results were substantially consistent overall with estimates and assumptions made for purposes of our goodwill impairment analysis performed as of October 2015. If our results significantly vary from our estimates, related projections, or business assumptions in the future due to changes in industry or market conditions, we may be required to record impairment charges. By way of example, a 10% reduction in our Aerospace & Defense reporting unit projected and terminal cash flows would not result in the fair value being lower than the carrying value. Indefinite-lived intangible assets, such as trade names, are generally recorded and valued in connection with a business acquisition. These assets are reviewed at least annually for impairment, or more frequently if facts and circumstances warrant. We also utilized a fair value calculation to evaluate these intangibles. For more information related to our Goodwill and Intangible Assets, see "Goodwill and Other Intangible Assets" in Note 7 of the consolidated financial statements. Other Long-Lived Assets - Impairment In accordance with ASC 360, Plant, Property, and Equipment, we perform impairment analyses of our other long-lived assets, such as property, plant and equipment, whenever events and circumstances indicate that they may be impaired. When the undiscounted future cash flows are expected to be less than the carrying value of identified asset groupings being reviewed for impairment, the asset groupings are written down to fair value. See Note 7 to the consolidated financial statements for further information on impairment of other long-lived assets. Pension Benefits Pension obligations and other post-retirement benefits are actuarially determined and are affected by several assumptions including the discount rate and projected annual rates of return on plan assets. Changes in discount rate and differences from actual results will affect the amounts of pension and other post-retirement expense recognized in future periods. These assumptions may also have an effect on the amount and timing of future cash contributions. As required in the recognition and disclosure provisions of ASC Topic 715, Compensation - Retirement Benefits, the Company recognizes the over-funded or under-funded status of defined benefit post-retirement plans in its balance sheet, measured as the difference between the fair value of plan assets and the benefit obligation (the projected benefit obligation for pension plans and the accumulated postretirement benefit obligation for other post-retirement plans). The change in the funded status of the plan is recognized in the year in which the change occurs through other comprehensive income. These provisions also require plan assets and obligations to be measured as of the Company’s balance sheet date. Unrecognized actuarial gains and losses in excess of the 10 % corridor (defined as the threshold above which gains or losses need to be amortized) are being recognized over approximately a twenty-six year period for the qualified plan, and a twenty year period for the nonqualified plan, which represents the weighted average expected remaining life of the employee group. Unrecognized actuarial gains and losses arise from several factors including experience and assumption changes in the obligations and from the difference between expected returns and actual returns on plan assets. See Note 13 of the consolidated financial statements for further information on our employee benefit plans. Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry-forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is recognized if we anticipate that it is more likely than not that we may not realize some or all of a deferred tax asset. In accordance with the provisions of Financial Accounting Standards Board ("FASB") ASC Topic 740, Income Taxes, the Company initially recognizes the financial statement effect of a tax position when, based solely on its technical merits, it is more likely than not (a likelihood of greater than fifty percent) that the position will be sustained upon examination by the relevant taxing authority. Those tax positions failing to qualify for initial recognition are recognized in the first interim period in which they meet the more likely than not standard, are resolved through negotiation or litigation with the taxing authority, or upon expiration of the statute of limitations. De-recognition of a tax position that was previously recognized occurs when an entity subsequently determines that a tax position no longer meets the more likely than not threshold of being sustained. If future results of operations exceed our current expectations, our existing tax valuation allowances may be adjusted, resulting in future tax benefits. Alternatively, if 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 a portion or all of the gross deferred tax assets, which may have a material adverse effect on our results of operations. Under ASC Topic 740, only the portion of the liability that is expected to be paid within one year is classified as a current liability. As a result, liabilities expected to be resolved without the payment of cash (e.g., due to the expiration of the statute of limitations) or are not expected to be paid within one year are classified as non-current. It is the Company’s policy to record estimated interest and penalties as income tax expense and tax credits as a reduction in income tax expense. For more information related to our Income Taxes, see "Income Taxes" in Note 8 of the consolidated financial statements. Share-Based Compensation Share-based compensation costs are based on the grant date fair value estimated in accordance with the provisions of ASC 718, Accounting for Share Based Payments, and these costs are recognized over the requisite vesting period. The Black-Scholes option pricing model is 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 are valued using the Monte Carlo option pricing model as these are market condition awards. 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. The model incorporates exercise and post-vesting forfeiture assumptions based on an analysis of historical data. Market condition stock option awards include both a service period and a market performance vesting condition. The stock options vest if certain stock price targets are met based on the stock price closing at or above 60 consecutive trading days. Vested options may be exercised 25% at the time of vesting, 50% one year from the date of vesting and 100% two years from the date of vesting. These market condition stock option awards are being expensed utilizing a graded method and are subject to forfeiture in the event of employment termination (whether voluntary or involuntary) prior to vesting. To the extent that the market conditions above (stock price targets) are not met, those options will not vest and will forfeit 5 years from grant date. The Company used a Monte Carlo simulation option pricing model to value these option awards. See Note 11 to the consolidated financial statements for further information on share-based compensation. Environmental Compliance and Remediation Environmental expenditures that relate to current operations are expensed or capitalized as appropriate. Expenditures that relate to existing conditions caused by past operations, which do not contribute to current or future revenue generation, are expensed. Expenditures that meet the criteria of "Regulated Operations" are capitalized. Liabilities are recorded when environmental assessments and/or remedial efforts are probable and the costs can be reasonably estimated. In accordance with ASC 450, Contingencies, estimated costs are based upon current laws and regulations, existing technology and the most probable method of remediation. Foreign Currency Translation Our international subsidiaries operate and report their financial results using local functional currencies. Accordingly, all assets, liabilities, revenues and costs of these subsidiaries are translated into United States dollars using exchange rates in effect at the end of the relevant periods. The resulting translation adjustments are presented as a separate component of other comprehensive income. We do not provide for U.S. income taxes on foreign currency translation adjustments since we do not generally provide for such taxes on undistributed earnings of foreign subsidiaries. Our net foreign exchange (gains) / losses recorded for the years ended December 31, 2015 , 2014 and 2013 were $0.8 million , $(1.1) million , and $1.8 million , respectively. See Note 16, Fair Value, of the consolidated financial statements for additional information on foreign currency exchange risk. Earnings Per Common Share Basic earnings per common share are calculated by dividing net income by the number of weighted average common shares outstanding. Diluted earnings per common share is calculated by dividing net income by the weighted average common shares outstanding and assumes the conversion of all dilutive securities when the effects of such conversion would not be anti-dilutive. Earnings per common share and the weighted average number of shares used to compute net earnings per common share, basic and assuming full dilution, are reconciled below (in thousands, except per share data): Year Ended December 31, 2015 2014 2013 Net Income Shares Per Share Amount Net Income Shares Per Share Amount Net Income Shares Per Share Amount Basic EPS $ 9,863 16,850 $ 0.59 $ 50,386 17,660 $ 2.85 $ 47,121 17,564 $ 2.68 Dilutive securities, principally common stock options 63 (0.01 ) 108 (0.01 ) 65 (0.01 ) Diluted EPS $ 9,863 16,913 $ 0.58 $ 50,386 17,768 $ 2.84 $ 47,121 17,629 $ 2.67 Certain stock options to purchase common shares and restricted stock units (RSUs) were anti-dilutive. There were 297,915 anti-dilutive options and RSUs for the year ended December 31, 2015 with exercise prices ranging from $41.17 to $79.33 . There were 129,329 anti-dilutive options and RSUs for the year ended December 31, 2014 with exercise prices ranging from $64.94 to $79.33 . There were 23,390 anti-dilutive options and RSUs for the year ended December 31, 2013 with exercise prices ranging from $75.04 to $79.33 . As of December 31, 2015 , there were 1,200 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. Derivative Financial Instruments 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. Generally accepted accounting principles require all derivatives, whether designated in a hedging relationship or not, to be recorded on the balance sheet at fair value. Any unrealized gains and losses on our contracts are recognized as a component of other expense in our consolidated statements of income. See Note 16, Fair Value, of the consolidated financial statements for additional information on derivative financial instruments. Cash and Cash Equivalents Our cash equivalents are invested in time deposits of financial institutions. We have established guidelines relative to credit ratings, diversification and maturities that are intended to maintain safety and liquidity. Cash equivalents include highly liquid investments with maturity periods of three months or less when purchased. Fair Value FASB ASC Topic 820, Fair Value Measurement, defines fair value and includes a framework for measuring fair value and disclosing fair value measurements in financial statements. Fair value is a market-based measurement rather than an entity-specific measurement. The fair value hierarchy makes a distinction between assumptions developed based on market data obtained from independent sources (observable inputs) and the reporting entity’s own assumptions (unobservable inputs). This fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). We utilize fair value measurements for forward currency contracts, guarantee and indemnification obligations, pension plan assets, and certain intangible assets. See Note 16, Fair Value, of the consolidated financial statements for additional information on fair value. Property, Plant and Equipment Property, plant and equipment are recorded at cost. Depreciation is generally provided on a straight-line basis over the estimated useful lives of the assets, which typically range from 3 to 40 years for buildings and improvements, 3 to 10 years for manufacturing machinery and equipment, computer equipment and software, and furniture and fixtures. Motor vehicles are depreciated over a range of 2 to 6 years. Leasehold improvements are amortized on a straight-line basis over the shorter of the lease term or estimated useful life of the asset. Repairs and maintenance costs are expensed as incurred. The Company reports depreciation of property, plant and equipment in cost of revenue and selling, general and administrative expenses based on the nature of the underlying assets. Depreciation primarily related to equipment used in the production of inventory is recorded in cost of revenue. Depreciation related to selling and administrative functions is reported in selling, general and administrative expenses. See Note 6, Property, Plant, and Equipment, of the consolidated financial statements for additional information. Research and Development Research and development expenditures are expensed when incurred and are included in selling, general and administrative expenses. Our research and development expenditures for the years ended December 31, 2015 , 2014 and 2013 were $5.9 million , $7.8 million and $6.5 million , respectively. New Accounting Standards In May 2014, the FASB issued Accounting Standard Update ("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 generally accepted accounting principles ("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 permitted but not earlier than the original effective date of 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 are currently evaluating the requirements of ASU 2014-09 and have not yet determined its impact on our consolidated financial statements. In September 2015, the FASB issued ASU 2015-16, Business Combinations. ASU 2015-16 outlines a model for an acquirer to recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. The amendments in this update require that the acquirer record, in the same period’s financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date. ASU 2015-16 is effective for fiscal years and interim periods within those years beginning after December 15, 2016, and interim periods within fiscal years beginning after December 15, 2017. The amendments in this update should be applied prospectively to adjustments to provisional amounts that occur after the effective date of this update with earlier application permitted for financial statements that have not yet been made available for issuance. We are currently evaluating the requirements of ASU 2015-16 and have not yet determined its impact on our consolidated financial statements. In July 2015, the FASB issued ASU 2015-11, Inventory. ASU 2015-11 more closely aligns the measurement of inventory in GAAP with the measurement of inventory in International Financial Reporting Standards (IFRS). The amendments in this Update require that an entity should measure inventory within the scope of this update at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. ASU 2015-11 is effective for for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. The amendments in this update should be applied prospectively with earlier application permitted as of the beginning of an interim or annual reporting period. We intend to adopt the standard prospectively after the effective date of January 1, 2017. We are currently evaluating the requirements of ASU 2015-11 and have not yet determined its impact on our consolidated financial statements. In November 2015, the FASB issued ASU 2015-17, Balance Sheet Classification of Deferred Taxes, which amends existing guidance on income taxes to require the classification of all deferred tax assets and liabilities as non-current on the balance sheet. As permitted, the Company elected to early adopt this guidance effective December 31, 2015, and has applied the guidance prospectively. |
Business Acquisitions And Dives
Business Acquisitions And Divestitures | 12 Months Ended |
Dec. 31, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Business Acquisitions And Divestitures | Business Acquisitions and Divestitures 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 serving 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 $0.9 million , which primarily consisted of legal and financial advisory services, were expensed as incurred in general and administrative expenses during the twelve months ended December 31, 2015. We financed the acquisition of Schroedahl through cash on hand and net borrowings of approximately $23.8 million under our existing credit facility. The purchase price allocation is based upon a preliminary valuation of assets and liabilities that was 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). During the fourth quarter of 2015 we recorded a adjustment to the deferred tax liability in the amount of $3.0 million . The purchase accounting is expected to be finalized in the first quarter of 2016. 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 11,797 Property, plant and equipment 1,999 Intangibles 32,829 Current liabilities (5,529 ) Deferred income tax liability (7,281 ) Other non-current liabilities (642 ) Total identifiable net assets 69,489 Goodwill 46,564 Total purchase price $ 116,053 The estimated fair value of accounts receivable acquired approximates the contractual value of $4.3 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. 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: Intangible assets acquired (in thousands) 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 intangible 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 for the year ended December 31, 2015 include $21.1 million of net revenue, and $1.2 million of operating income, respectively. 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. Divestitures As part of our simplification strategy during 2014, we identified two non-core businesses. We considered these businesses as non-core because the products or services did not complement our existing businesses and the long-term growth prospects were below our expectations. Divestiture of these non-core businesses enables us to focus resources on businesses where there is greater opportunity to achieve sales growth, higher margins, and market leadership. We divested Sagebrush Pipeline Equipment Company ("Sagebrush") on December 30, 2014 and divested Cambridge Fluid Systems ("Cambridge") on January 5, 2015. Sagebrush, part of the Energy segment, was sold through a management buyout agreement. Based in Tulsa, Oklahoma, Sagebrush primarily provides engineering, design, and fabrication of custom skids for measurement, control, and operation of oil and gas pipelines. We recorded a $3.4 million pre-tax loss on the sale of Sagebrush in our Energy segment, of which $3.0 million was recorded in the Special charges, net caption and $0.4 million of allocated goodwill was recorded in the Impairment charges caption within our consolidated statements of income for the quarter and year ended December 31, 2014. Cambridge, part of our Aerospace & Defense segment, was located in the United Kingdom and was a full-service provider of fabricated control systems for semiconductor and LED manufacturing industries. As of December 31, 2014, Cambridge was classified as held for sale in our consolidated balance sheet and had net assets of $3.2 million and net liabilities of $1.8 million included in other current assets and other current liabilities, respectively. Our 2014 pre-tax loss on the sale of Cambridge was $0.7 million , of which $0.4 million was recorded in the Special charges, net caption and $0.3 million of allocated goodwill was recorded in the Impairment charges caption within our consolidated statements of income for the three and twelve months ended December 31, 2014. During the first quarter of 2015, the Aerospace & Defense divestiture was completed and we recorded a special gain of $1.0 million . |
Special Charges
Special Charges | 12 Months Ended |
Dec. 31, 2014 | |
Restructuring and Related Activities [Abstract] | |
Special Charges, net | Special Charges, net General Background The nature of Special Charges, net include restructuring costs, amortization of acquired intangible assets, costs to exit a product line or program, litigation settlements and other special charges or gains that are generally not reflective of our on-going operational results. On November 3, 2015 the Board of Directors approved the closure and exit of our Brazil manufacturing operations ("Brazil Closure") due to the economic realities in Brazil and the ongoing challenges with our only significant end customer, Petrobras. CIRCOR Brazil has reported substantial operating losses every year since it was acquired in 2011 while the underlying market conditions and outlook have deteriorated. In connection with the closure, we recorded $ 8.7 million in special charges within our Energy Segment during the twelve months ended December 31, 2015. These charges relate to: the realizability of the value added tax recoverable for $4.4 million as our exit will stop future sales which are needed to recover these taxes paid, supplier cancellation penalties of $1.6 million as we have fixed purchase commitments which will be canceled, customer cancellation penalties of $1.1 million , litigation claims of $0.5 million that we deem probable for risk of loss, professional fees $0.3 million , and other charges of $0.8 million . In addition, during the fourth quarter of 2015, we recorded $0.8 million of professional fees associated with the Brazil matter at Corporate. As of December 31, 2015, our remaining Brazil assets, were $7.1 million of which $4.2 million relates to inventory, $1.0 million to accounts receivable, and $1.0 million to cash. On April 15, 2015, we acquired Germany-based Schroedahl, a privately-owned manufacturer of safety and control valves primarily in the power generation market. In connection with our acquisition of Schroedahl, we recorded certain acquisition related professional fees as special charges. 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 . On February 18, 2015, we announced additional restructuring actions ("2015 Announced Restructurings"), under which we continued to simplify our businesses. Under this restructuring, we reduced certain general, administrative and manufacturing related expenses primarily personnel related. During the first quarter of 2015, we recorded special charges of $0.4 million associated with the retirement of our Energy President ("Executive retirement charges"). These charges primarily related to equity award modification charges. 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 losses related to these divestitures. The Energy divestiture was substantially completed in the fourth quarter of 2014. During the first quarter of 2015, the Aerospace & Defense divestiture was substantially completed and we recorded a special gain of $1.0 million . During the fourth quarter of 2014, we recorded a special gain of $ 0.2 million in connection with revaluing certain liabilities recorded in connection with a 2013 Energy segment purchase price arbitration settlement ("Energy Settlement"). On July 12, 2013 we agreed on the Energy Settlement and received a refund of a portion of the purchase price which resulted in a gain of approximately $3.2 million during the third quarter of 2013. This gain was recorded as a special recovery during the third quarter of 2013. On April 22, 2014, we announced additional restructuring actions ("2014 Announced Restructurings"), under which we continued to simplify our businesses. Under this restructuring, we reduced certain general and administrative expenses, including the reduction of certain management layers, and closing a number of smaller facilities. The savings from these restructuring actions were utilized for growth investments. On March 28, 2014, we settled a dispute for $ 1.5 million with Watts Water Technologies, Inc. ("Watts Settlement"). 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. During 2013 we announced that our Chief Financial Officer would be retiring and recorded special charges of $1.1 million primarily related to one time cash payments and equity award modifications (“CFO retirement”). On August 1, 2013 and October 31, 2013, we announced restructuring actions associated with our Energy and Aerospace & Defense segments under which we simplified the manner in which we managed 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. During the third quarter of 2012, we announced restructuring actions in the Energy and Aerospace & Defense segments including actions to consolidate facilities, shift expenses to lower cost regions, and restructure some non-strategic product lines ("2012 Announced Restructuring"). The special charges described above are recorded in the special charges, net caption on our consolidated statement of income. Special Related Impairment Charges During the third quarter of 2015, in response to challenging conditions in the Brazil market, the Company undertook certain assessments regarding our Brazil operations and strategy. As a result, management concluded that our operations in Brazil, more likely than not, will be sold or otherwise disposed of before the end of their previously estimated useful life. Given this conclusion, we performed an impairment analysis on our Brazil asset grouping. Under step 1 of the impairment test, if the carrying value of the asset group is less than the sum of the undiscounted cash flows expected from the related business then the asset group is impaired. The amount of impairment, if any, is measured in step 2 as the difference between the fair value of the asset group and its carrying value. The fair value of the asset group is based on what the Company could reasonably expect to sell each asset from the perspective of a market participant based upon estimates and judgments regarding the marketability and ultimate sales price of each individual asset. The Company utilized market data and approximations from comparable analyses to arrive at the estimated fair values of the impacted assets. As the data includes a number of unobservable inputs, these nonrecurring long-lived asset fair value measurements fall within Level 3 of the fair value hierarchy. We concluded that certain property, plant and equipment were impaired during the third quarter of 2015. We recorded a $2.0 million impairment charge in the third quarter related to our impaired Brazil property, plant and equipment assets. In addition, we discontinued use of our Brazil indefinite-lived trademark as it was determined to have no future economic life. As such, we recorded a $0.5 million impairment charge during the third quarter of 2015. The impairment charges described above are included in the impairment charges line on our consolidated statements of income. Inventory Restructuring During the third and fourth quarters of 2015, we recorded restructuring related inventory charges of $6.4 million and $0.5 million , respectively, associated with the closure of manufacturing operations and the exit of the gate, globe and check valves product line in Brazil. As of December 31, 2015, our remaining Brazil inventory balance is $4.2 million which we believe is recoverable based upon our net realizable value calculations which consider current customer backlog and utilization of inventory within other CIRCOR business units. We expect most of this inventory to be shipped to one customer by the end of Q1 2016. 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. During the second and third quarters of 2014, and second and fourth quarters 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 , $2.0 million , and $0.5 million , respectively, within the Aerospace & Defense segment. As of December 31, 2015, our remaining structural landing gear product line inventory balance is $1.4 million which we believe is recoverable based upon our net realizable value analysis. The inventory restructuring charges described above are recorded in the cost of revenues caption on our consolidated statement of income. 2015 - Year to Date The tables below (in thousands) show the non-inventory restructuring related and non-impairment special charges, net of recoveries, for the year ending December 31, 2015: Special Charges / (Recoveries) As of and for the twelve months ended December 31, 2015 Energy Aerospace & Defense Corporate Total Facility related expenses (recoveries) $ (376 ) $ 257 $ — $ (119 ) Employee related expenses 3,422 1,331 — 4,753 Total restructuring charges $ 3,046 $ 1,588 $ — $ 4,634 Divestiture recoveries (2 ) (1,042 ) — (1,044 ) Acquisition related charges 919 — — 919 Brazil closure 8,650 — 775 9,425 Executive retirement charges — — 420 420 Total special charges $ 12,613 $ 546 $ 1,195 $ 14,354 Accrued special and restructuring charges as of December 31, 2014 $ 9,133 Special charges paid / settled (18,823 ) Accrued special and restructuring charges as of December 31, 2015 $ 4,664 The restructuring charges incurred to date that remain as of December 31, 2015 are expected to be paid in cash or settled during the first half of 2016. 2014 Year-to-Date The tables below (in thousands) show the non-inventory restructuring related and non-impairment special charges, net of recoveries, for the year ending December 31, 2014: Special Charges / (Recoveries) As of and for the twelve months ended December 31, 2014 Energy Aerospace & Defense Corporate Total Facility related expenses $ 447 $ 252 $ — $ 699 Employee related expenses 1,923 2,307 317 4,547 Total restructuring charges $ 2,370 $ 2,559 $ 317 $ 5,246 Watts settlement — — 300 300 Divestitures 2,983 430 — 3,413 Energy settlement (210 ) — — (210 ) Customer settlement 6,232 — — 6,232 TMW settlement — (2,243 ) — (2,243 ) Total special charges $ 11,375 $ 746 $ 617 $ 12,737 Accrued special charges as of December 31, 2013 4,180 Special charges paid / settled $ (7,784 ) Accrued special charges as of December 31, 2014 $ 9,133 2013 Year-to-Date The tables below (in thousands) show the non-inventory restructuring related and non-impairment special charges, net of recoveries, for the year ending December 31, 2013: Special Charges / (Recoveries) As of and for the twelve months ended December 31, 2013 Energy Aerospace & Defense Corporate Total Facility related expenses $ 2,432 $ 2,933 $ — $ 5,365 Employee related expenses 2,959 2,286 — 5,245 Total restructuring charges $ 5,391 $ 5,219 $ — $ 10,610 CFO retirement charges — — 1,144 1,144 Energy settlement (3,151 ) — — (3,151 ) Total special charges $ 2,240 $ 5,219 $ 1,144 $ 8,602 Accrued special charges as of December 31, 2012 $ 800 Special charges paid / settled (5,222 ) Accrued special charges as of December 31, 2013 $ 4,180 Inception to Date The following table (in thousands) summarizes our 2015 Announced Restructuring related special charges incurred during the twelve months ended December 31, 2015 . Charges with this action were finalized in the fourth quarter of 2015. We do not anticipate any additional restructuring related special charges associated with the 2015 Restructuring actions. 2015 Announced Restructuring Charges / (Recoveries), net as of December 31, 2015 Energy Aerospace & Defense Corporate Total Facility related expenses - incurred to date $ (382 ) $ 257 $ — $ (125 ) Employee related expenses - incurred to date 3,425 740 — 4,165 Total restructuring related special charges - incurred to date $ 3,043 $ 997 $ — $ 4,040 The following table (in thousands) summarizes our 2014 Announced Restructuring related special charges incurred during the twelve months ended December 31, 2015 . Charges with this action were finalized in the second quarter of 2015. We do not anticipate any additional restructuring related special charges associated with the 2014 Restructuring actions. 2014 Announced Restructuring Charges / (Recoveries), net as of December 31, 2015 Energy Aerospace & Defense Corporate Total Facility 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 The following table (in thousands) summarizes our 2013 Announced Restructuring related special charges incurred during the twelve months ended December 31, 2015 . 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 December 31, 2015 Energy Aerospace & Defense Corporate Total Facility 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 following table (in thousands) summarizes our 2012 Announced Restructuring related special charges incurred during the twelve months ended December 31, 2015 . Charges with this action began in the third quarter of 2012 and were finalized in the fourth quarter of 2013. We do not anticipate any additional special charges to be incurred associated with the 2012 Announced Restructuring actions. 2012 Announced Restructuring Charges / (Recoveries), net as of December 31, 2015 Energy Aerospace & Defense Corporate Total Facility related expenses - incurred to date $ 2,270 $ 2,854 $ — $ 5,124 Employee related expenses - incurred to date 1,085 968 — 2,053 Total restructuring related special charges - incurred to date $ 3,355 $ 3,822 $ — $ 7,177 |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2015 | |
Inventory, Net [Abstract] | |
Inventories | Inventories Inventories consist of the following (in thousands): December 31, 2015 2014 Raw materials $ 51,439 $ 57,505 Work in process 83,324 82,130 Finished goods 43,077 43,799 Inventories $ 177,840 $ 183,434 We regularly review inventory quantities on hand and record a provision to write-down excess and obsolete inventory to its estimated net realizable value, if less than cost, based primarily on our estimated forecast of product demand. Once our inventory value is written-down a new cost basis has been established. For 2015, 2014 and 2013 our charges for slow moving, excess and obsolete inventory totaled $15.4 million , $13.0 million and $4.9 million respectively. Our provision for inventory obsolescence allowances was $5.2 million , $5.0 million , and $5.1 million for the years ended of 2015 , 2014 and 2013 , respectively. During the third quarter of 2015, we recorded restructuring related inventory charges of $6.4 million associated with the closure of manufacturing operations and the exit of the gate, globe and check valves product line in Brazil. During the second and third quarters of 2014, in connection with the restructuring of certain structural landing gear product lines, we recorded inventory related charges of $5.1 million and $2.9 million , respectively, within the Aerospace & Defense segment. During 2013, we recorded inventory related charges of $0.4 million and $0.3 million within our Aerospace & Defense segment and Energy segment, respectively. These restructuring related inventory charges were included as cost of revenues for each respective period. As of December 31, 2015 we have $ 1.4 million of remaining structural landing gear inventory which we believe is recoverable based upon our net realizable value analysis that considers inventory demand, expected selling price, costs to transact, and costs to complete the inventory. We believe our inventory allowances remain adequate with the net realizable value of our inventory being higher than our current inventory cost after allowances. |
Property, Plant And Equipment
Property, Plant And Equipment | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment consist of the following (in thousands): December 31, 2015 2014 Land $ 12,441 $ 13,417 Buildings and improvements 66,076 68,820 Manufacturing machinery and equipment 135,885 144,239 Computer equipment and software 23,495 22,861 Furniture and fixtures 10,604 10,531 Other 633 756 Construction in progress 4,235 5,567 Property, plant and equipment, at cost 253,369 266,191 Less: Accumulated depreciation (166,340 ) (169,979 ) Property, plant and equipment, at cost, net $ 87,029 $ 96,212 Depreciation expense for the years ended December 31, 2015 , 2014 , and 2013 was $ 14.3 million , $ 16.4 million , and $ 16.0 million , respectively. |
Goodwill And Other Intangible A
Goodwill And Other Intangible Assets | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets The following table shows goodwill by segment as of December 31, 2015 and 2014 (in thousands): Energy Aerospace & Defense Consolidated Total Goodwill as of December 31, 2014 $ 49,995 $ 22,435 $ 72,430 Business acquisition 46,564 — 46,564 Currency translation adjustments (3,384 ) (158 ) (3,542 ) Goodwill as of December 31, 2015 $ 93,175 $ 22,277 $ 115,452 Energy Aerospace & Defense Consolidated Total Goodwill as of December 31, 2013 $ 52,930 $ 22,946 $ 75,876 Business divestitures (see Note 3) (425 ) (301 ) (726 ) Currency translation adjustments (2,510 ) (210 ) (2,720 ) Goodwill as of December 31, 2014 $ 49,995 $ 22,435 $ 72,430 As of December 31, 2015 and 2014 the goodwill balance includes $0.4 million and $0.3 million accumulated impairments for Energy and Aerospace & Defense, respectively. In 2015 , the fair value of each of our reporting units exceeded the respective carrying value, and no goodwill impairments were recorded as a result of our annual impairment testing. The fair values utilized for our 2015 goodwill assessment, which were assessed as of the end of October, exceeded the carrying value by approximately 140% and 118% for the Energy and Aerospace & Defense reporting units, respectively. We again assessed the goodwill factors as of December 31, 2015 and determined there were no indications of impairments. For the year ended December 31, 2014 we did not record any goodwill impairment charges. In accordance with ASC 350-20-40-2, we allocated goodwill to our divestiture calculations based on the relative fair values of the individual business to the retained segment. In 2014, we recorded $0.4 million and $0.3 million as impairment charges for the Energy and Aerospace & Defense segments, respectively, associated with the divestiture of two businesses. See Business Acquisitions and Divestitures in Note 3 of the consolidated financial statements for more detail on these divestitures. During the third quarter of 2015, we discontinued use of our Brazil indefinite-lived trademark as it was determined to have no future economic life. As such, we recorded a $0.5 million impairment charge during the quarter ended October 4, 2015. The tables below present gross intangible assets and the related accumulated amortization (in thousands): December 31, 2015 Gross Carrying Amount Impairment Charges Accumulated Amortization Net Carrying Value Patents $ 6,039 $ — $ (5,765 ) $ 274 Non-amortized intangibles (primarily trademarks and trade names) 15,802 (460 ) — 15,342 Customer relationships 53,238 — (24,029 ) 29,209 Order backlog 5,120 — (3,893 ) 1,227 Acquired technology 2,317 — (427 ) 1,890 Other 5,611 — (4,572 ) 1,039 Total $ 88,127 $ (460 ) $ (38,686 ) $ 48,981 In connection with the divestitures of two businesses, we reduced the net carrying value of our intangible assets by $3.9 million during 2014. December 31, 2014 Gross Carrying Amount Impairment Charges Accumulated Amortization Net Carrying Value Patents $ 6,069 $ — $ (5,732 ) $ 337 Non-amortized intangibles (primarily trademarks and trade names) 12,602 (278 ) 12,324 Customer relationships 31,595 — (18,840 ) 12,755 Order backlog 1,083 — (1,083 ) — Other 5,598 — (4,127 ) 1,471 Total $ 56,947 $ — $ (30,060 ) $ 26,887 The table below presents estimated future amortization expense for intangible assets recorded as of December 31, 2015 (in thousands): 2016 2017 2018 2019 2020 After 2020 Estimated amortization expense $ 9,878 $ 7,851 $ 6,102 $ 4,506 $ 2,891 $ 2,420 The annual impairment testing over our non-amortizing intangible assets is also completed as of the end of October and consists of a comparison of the fair value of the intangible assets with carrying amounts. No impairments over our non-amortizing intangible assets were recorded for the year ended December 31, 2015 . |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The significant components of our deferred income tax liabilities and assets are as follows (in thousands): December 31, 2015 2014 Deferred income tax liabilities: Excess tax over book depreciation $ 5,070 $ 6,826 Other 1,314 630 Intangible assets 10,119 4,974 Total deferred income tax liabilities 16,503 12,430 Deferred income tax assets: Accrued expenses 9,037 13,663 Equity compensation 5,710 4,303 Inventories 8,686 8,947 Net operating loss and credit carry-forward 12,413 19,091 Pension benefit obligation 6,466 7,189 Other 1,458 2,824 Total deferred income tax assets 43,770 56,017 Valuation allowance (892 ) (9,448 ) Deferred income tax asset, net of valuation allowance 42,878 46,569 Deferred income tax asset, net $ 26,375 $ 34,139 The above components of deferred income taxes are classified in the consolidated balance sheets as follows: December 31, 2015 2014 Net current deferred income tax asset $ — $ 22,861 Net non-current deferred income tax asset 36,799 19,048 Net non-current deferred income tax liability (10,424 ) (7,771 ) Deferred income tax asset, net $ 26,375 $ 34,139 Deferred income taxes by geography are as follows: Domestic net current asset $ — $ 16,191 Foreign net current asset — 6,670 Net current deferred income tax asset $ — $ 22,861 Domestic net non-current asset $ 32,099 $ 17,973 Foreign net non-current liability (5,724 ) (6,695 ) Net non-current deferred income tax asset $ 26,375 $ 11,278 The provision for income taxes is based on the following pre-tax income (in thousands): Year Ended December 31, 2015 2014 2013 Domestic $ 12,965 $ 26,229 $ 11,009 Foreign 9,463 37,032 53,028 Income before income taxes $ 22,428 $ 63,261 $ 64,037 The provision for income taxes consists of the following (in thousands): Year Ended December 31, 2015 2014 2013 Current: Federal - US $ 705 $ 3,916 $ 2,284 Foreign 11,023 10,455 7,831 State -US 56 1,244 1,023 Total current $ 11,784 $ 15,615 $ 11,138 Deferred (benefit): Federal - US $ 2,618 $ (967 ) $ (176 ) Foreign (887 ) (1,594 ) 6,294 State -US (950 ) (179 ) (340 ) Total deferred (benefit) $ 781 $ (2,740 ) $ 5,778 Total provision for income taxes $ 12,565 $ 12,875 $ 16,916 Actual income taxes reported from operations are different from those that would have been computed by applying the federal statutory tax rate to income before income taxes. The expense for income taxes differs from the U.S. statutory rate due to the following: Year Ended December 31, 2015 2014 2013 Expected federal income tax rate 35.0 % 35.0 % 35.0 % State income taxes, net of federal tax benefit (0.7 ) 1.0 0.5 Change in state tax rate 3.5 — — Recognition of state net operating losses (7.3 ) — — Foreign tax rate differential (18.9 ) (8.7 ) (9.2 ) Unbenefited foreign losses 41.4 3.0 1.2 Foreign tax credits — (9.1 ) (1.4 ) Manufacturing deduction (1.6 ) (1.7 ) (0.5 ) Research and development credit (1.1 ) (0.5 ) (0.7 ) Foreign audit settlement 6.0 — — Other, net (0.3 ) 1.4 1.5 Effective tax rate 56.0 % 20.4 % 26.4 % As of December 31, 2015 and 2014 , the Company maintained a total valuation allowance of $0.9 million and $9.4 million , respectively, which relate to state deferred tax assets as of December 31, 2015 and foreign and state deferred tax assets as of December 31, 2014. 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. The following table provides a summary of the changes in the deferred tax valuation allowance for the years ended December 31, 2015, 2014, and 2013 (in thousands): December 31, 2015 2014 2013 Deferred tax valuation allowance at January 1 $ 9,448 $ 13,928 $ 13,497 Additions 15 1,460 1,561 Deductions (7,798 ) (5,705 ) (884 ) Translation adjustments (773 ) (235 ) (246 ) Deferred tax valuation allowance at December 31 $ 892 $ 9,448 $ 13,928 As of December 31, 2015 the Company had foreign tax credits of $7.8 million , foreign net operating losses of $4.4 million , state net operating losses of $51.9 million and state tax credits of $2.0 million . As of December 31, 2014 , the Company had foreign tax credits of $10.7 million , foreign net operating losses of $13.8 million , state net operating losses of $66.1 million and state tax credits of $2.0 million . The foreign tax credits, if not utilized, will expire in 2021 . The state net operating losses and state tax credits, if not utilized, will expire at various dates through 2035 . As we are planning to close the Brazil site in 2016, we do not believe that any of the deferred tax assets related to Brazil have any value. Accordingly, this portion of the valuation allowance has been written off, along with the related deferred tax assets. During 2014, the Company believes a valuation allowance of $5.7 million is no longer needed on US foreign tax credits due to changes in our risk of loss / title transfer contract provisions which were finalized in 2014 for certain international sites. Under these new provisions, title and risk of loss transfers to the customer at the international point of manufacture or shipping rather than when the product is received. These revised contract provisions resulted in increased foreign source income allowing for the full utilization of the foreign tax credits. Based upon this change, the Company believes it will fully utilize all available foreign tax credits well in advance of their expiration, and, accordingly, reversed the related valuation allowance. On December 18, 2015 the President of the United States signed legislation that permanently extended the research and development (R&D) tax credit. Accordingly, the Company recorded the entire benefit of $0.3 million for the R&D tax credit attributable to 2015 in the fourth quarter. 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 ("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 , with the exception of net operating loss carryforwards. The Company is currently under examination for income tax filings in various foreign jurisdictions. During 2015, the Company settled a tax audit in Italy for $2.2 million , of which $0.9 million had been accrued in 2014. During 2015, the Company restructured its multi-state activities, which resulted in a reduction of its state tax rate. In connection with this reduction, the Company recorded a one time tax expense of $0.8 million to reflect the effect of this tax rate reduction on its deferred tax assets. In addition, the Company recognized a tax benefit of $1.6 million on certain state net operating loss carryforwards, as it believes that it is more likely than not to utilize these losses within the carryforward period. As of December 31, 2015 , the liability for uncertain income tax positions was approximately $2.9 million . Approximately $2.7 million as of December 31, 2015 represents the amount that if recognized would affect the Company’s effective income tax rate in future periods. Due to the high degree of uncertainty regarding the timing of potential future cash flows associated with these liabilities, we are unable to make a reasonably reliable estimate of the amount and period in which these liabilities might be paid. The table below does not include interest and penalties of $0.1 million and $0.8 million as of December 31, 2015 and 2014 , respectively. The following is a reconciliation of the Company’s liability for uncertain income tax positions for the years ended December 31, 2015 and 2014 (in thousands). December 31, 2015 2014 2013 Balance beginning January 1 $ 1,978 $ 1,612 $ 1,962 Additions for tax positions of prior years 521 149 96 Additions based on tax positions related to current year 69 820 100 Acquired uncertain tax position 1,326 — — Settlements (544 ) — — Lapse of statute of limitations (612 ) (562 ) (466 ) Currency movement 199 (41 ) (80 ) Balance ending December 31 $ 2,937 $ 1,978 $ 1,612 Undistributed earnings of our foreign subsidiaries amounted to $202.8 million at December 31, 2015 and $204.7 million at December 31, 2014 . The undistributed earnings of our foreign subsidiaries are considered to be indefinitely reinvested and accordingly, no provision for U.S. federal and state income taxes has been recorded. Determination of the amount of unrecognized deferred tax liability on these undistributed earnings is not practicable because of the complexity of laws and regulations, the varying tax treatment of alternative repatriation scenarios, and the variation due to multiple potential assumptions relating to the timing of any future repatriation. |
Accrued Expenses And Other Curr
Accrued Expenses And Other Current Liabilities | 12 Months Ended |
Dec. 31, 2015 | |
Accounts Payable and Accrued Liabilities, Current [Abstract] | |
Accrued Expenses And Other Current Liabilities | Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consist of the following (in thousands): December 31, 2015 2014 Customer deposits and obligations $ 16,397 $ 15,917 Commissions and sales incentives payable 10,447 15,071 Penalty accruals 6,002 7,125 Warranty reserve 4,551 4,213 Professional fees 2,540 1,766 Customer settlement (1) — 6,232 Taxes other than income tax 1,956 1,769 Special charges and restructuring 4,664 2,901 Other 6,321 8,917 Total accrued expenses and other current liabilities $ 52,878 $ 63,911 (1) See Note 4, Special Charges, for more details on the customer settlement. |
Financing Arrangements
Financing Arrangements | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Financing Arrangements | Financing Arrangements Long-term debt consists of the following (in thousands): December 31, 2015 2014 Line of Credit at interest rates ranging from 1.42% to 3.75% $ 90,500 $ 5,000 Capital lease obligations — 187 Other borrowings, at varying interest rates ranging from 3.0% to 15.92% in 2014 — 8,497 Total debt 90,500 13,684 Less: current portion — 8,423 Total long-term debt $ 90,500 $ 5,261 On July 31, 2014 , we entered into a five year unsecured credit agreement (“2014 Credit Agreement”), that provides for a $400 million revolving line of credit. The 2014 Credit Agreement includes a $200 million accordion feature for a maximum facility size of $600 million . The 2014 Credit Agreement also allows for additional indebtedness not to exceed $110 million . We anticipate using the 2014 Credit Agreement to fund potential acquisitions, to support our organic growth initiatives and working capital needs, and for general corporate purposes. We capitalized $0.9 million in debt issuance costs that will be amortized over the five year life of the agreement. As of December 31, 2015 , we had borrowings of $90.5 million outstanding under this 2014 Credit Facility and $56.7 million outstanding letters of credit. At December 31, 2015 , minimum principal payment of $90.5 million is required in 2019. Refer to Item 7 - Management’s Discussion and Analysis of Financial Condition and Results of Operations for further details regarding our debt covenant compliance. |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2015 | |
Share-based Compensation [Abstract] | |
Share-Based Compensation | Share-Based Compensation As of December 31, 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 historical 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; nonqualified 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 both plans generally vest within three years. Vested restricted stock units will be settled in shares of our common stock. As of December 31, 2015 , there were 570,737 stock options (including the CEO and CFO stock option awards noted below) and 188,013 restricted stock units outstanding. In addition, there were 1,410,403 shares available for grant under the 2014 Plan as of December 31, 2015 . As of December 31, 2015 , there were 1,200 outstanding restricted stock units that contain rights to nonforfeitable dividend equivalents and are considered participating securities that are included in our computation of basic and fully diluted earnings per share. There is no difference in the earnings per share amounts between the two class method and the treasury stock method, which is why we continue to use the treasury stock method. 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 noted below. 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 twelve months ended December 31, 2015 , we granted 118,992 stock option awards compared with 164,503 in 2014 and 300,000 in 2013 . On April 9, 2013, we granted stock options to purchase 200,000 shares of common stock to our newly appointed President and Chief Executive Officer at an exercise price of $41.17 per share ("2013 CEO Option Award"). On December 2, 2013, we granted stock options to purchase 100,000 shares of common stock to our newly appointed Executive Vice President and Chief Financial Officer at an exercise price of $79.33 per share ("2013 CFO Option Award"). On March 5, 2014, we granted stock options to purchase 100,000 shares of common stock to our President and Chief Executive Officer at an exercise price of $70.42 per share ("2014 CEO Option Award"). Both the 2013 CEO Option Award and the 2013 CFO Option Award were considered inducement awards and were granted outside of the Company's 1999 Plan. All three of these option awards include a service period and a market performance vesting condition. The stock options will vest if the following stock price targets are met based on the stock price closing at or above these targets for 60 consecutive trading days: 2013 CEO Option Award Stock Price Target Cumulative Vested Portion of Stock Options (in Shares) $50.00 50,000 $60.00 100,000 $70.00 150,000 $80.00 200,000 2013 CFO and 2014 CEO Option Awards Stock Price Target Cumulative Vested Portion of Stock Options (in Shares) $87.50 25,000 $100.00 50,000 $112.50 75,000 $125.00 100,000 Vested options may be exercised 25% at the time of vesting, 50% one year from the date of vesting and 100% two years from the date of vesting. On August 8, 2013, the $50.00 Stock Price Target for the 2013 CEO Option Award was met. On January 6, 2014 and January 28, 2014, the $60.00 and $70.00 Price targets for the 2013 CEO Option Award were met, respectively. Therefore, 150,000 options have vested of which 100,000 are currently exercisable under the 2013 CEO Option Award. As of December 31, 2015 , none of the options awarded in connection with the 2013 CFO Option Award or the 2014 CEO Option Award have vested. These stock option awards are being expensed utilizing a graded method and are subject to forfeiture in the event of employment termination (whether voluntary or involuntary) prior to vesting. All three of these option awards have a 10 year term but to the extent that the market conditions above (Stock Price Targets) are not met within 5 years, these options will not vest and will forfeit 5 years from grant date. The Company used a Monte Carlo simulation option pricing model to value these option awards. The average fair value of stock options granted during the year ended December 31, 2015, 2014, and 2013 of $17.88 , $26.32 , and $20.15 was estimated using the following weighted-average assumptions: Year Ended December 31, 2015 2014 2013 Risk-free interest rate 1.4 % 1.8 % 1.5 % Expected life (years) 4.5 3.7 3.2 Expected stock volatility 40.4 % 41.4 % 41.1 % Expected dividend yield 0.3 % 0.2 % 0.3 % 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 years ended December 31, 2015 and December 31, 2014 we granted 62,322 and 38,899 RSU Awards with approximate fair values of $ 51.53 and $ 72.11 per RSU Award, respectively. During 2015 and 2014 , the Company 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 62,322 RSUs granted during 2015 , 26,094 are performance-based RSU awards. This compares to 11,881 performance-based RSU awards granted in 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’ retainer 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 years ended December 31, 2015 and December 31, 2014 , respectively. Compensation expense related to our share-based plans for the year ended December 31, 2015 , 2014 , and 2013 was $6.5 million , $7.1 million , and $5.2 million respectively. Share-based compensation expense for 2015 was recorded as selling, general, and administrative expense of $6.1 million and special charges of $0.4 million which relates to the retirement of one of our senior executives. Share-based compensation expense for 2014 was recorded entirely as selling, general, and administrative expense whereas 2013 costs were split between selling, general, and administrative costs totaling $4.7 million and special charges totaling $0.5 million in our consolidated statements of income. The special charge portion was related to the separation of our previous CFO. As of December 31, 2015 , there was $7.0 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 1.8 years. This compares to $10.3 million for 2014 and $12.2 million for 2013 , respectively. The decrease in total unrecognized compensation costs from 2014 and 2013 primarily relates to equity awards to our CEO and CFO made during 2013 totaling $5.0 million . A summary of the status of all stock options granted to employees and non-employee directors as of December 31, 2015 , 2014 , and 2013 and changes during the years are presented in the table below: December 31, 2015 2014 2013 Options Weighted Average Exercise Price Options Weighted Average Exercise Price Options Weighted Average Exercise Price Options outstanding at beginning of period 486,004 $ 57.85 355,081 $ 50.71 146,621 $ 30.89 Granted 118,992 51.84 164,503 70.87 300,000 53.89 Exercised (7,717 ) 33.44 (12,937 ) 32.41 (82,487 ) 29.03 Forfeited (26,542 ) 59.25 (20,643 ) 54.72 (9,053 ) 32.76 Options outstanding at end of period 570,737 $ 56.86 486,004 $ 57.85 355,081 $ 50.71 Options exercisable at end of period 140,248 $ 43.08 78,226 $ 38.75 31,958 $ 34.72 The weighted average contractual term for stock options outstanding and exercisable as of December 31, 2015 was 7.0 years and 6.4 years, respectively. The aggregate intrinsic value of stock options exercised during the years ended December 31, 2015 , 2014 and 2013 was $ 0.1 million , $ 0.6 million and $ 1.8 million , respectively. The aggregate fair value of stock-options vested during the years ended December 31, 2015 , 2014 and 2013 was $ 1.2 million , $ 0.9 million and $ 0.8 million , respectively. The aggregate intrinsic value of stock options outstanding and exercisable as of December 31, 2015 was $ 0.4 million and $ 0.3 million , respectively. As of December 31, 2015 , there was $ 3.5 million of total unrecognized compensation costs related to stock options that is expected to be recognized over a weighted average period of 1.7 years. The following table summarizes information about stock options outstanding at December 31, 2015 : Options Outstanding Options Exercisable Range of Exercise Prices Options Weighted Average Remaining Contractual Life (Years) Weighted Average Exercise Price Options Weighted Average Exercise Price $30.91 - $46.99 225,721 6.9 $ 40.40 125,721 $ 39.79 47.00 - 61.99 102,417 6.1 51.84 — — 62.00 - 70.99 100,000 8.2 70.42 — — 71.00 - 79.33 142,599 7.0 77.01 14,527 71.56 $30.91 - $79.33 570,737 7.0 $ 56.86 140,248 $ 43.08 A summary of the status of all RSU Awards granted to employees and non-employee directors as of December 31, 2015 , 2014 , and 2013 and changes during the year are presented in the table below (RSUs in thousands): December 31, 2015 2014 2013 RSUs Weighted Average Price RSUs Weighted Average Price RSUs Weighted Average Price RSU Awards outstanding at beginning of period 115,949 $ 52.97 176,084 $ 44.39 187,667 $ 33.34 Granted 62,322 51.53 38,899 72.11 154,235 47.50 Settled (56,865 ) 48.34 (58,117 ) 45.51 (91,001 ) 32.21 Canceled (19,088 ) 55.08 (40,917 ) 44.86 (74,817 ) 37.85 Added by Performance Factor 6,963 32.76 — — — — RSU Awards outstanding at end of period 109,281 $ 52.90 115,949 $ 52.97 176,084 $ 44.39 RSU Awards exercisable at end of period 1,200 $ 59.29 250 $ 42.12 — $ — The aggregate intrinsic value of RSU Awards settled during the 12 months ended December 31, 2015 , 2014 and 2013 was $3.0 million , $4.2 million , and $4.0 million , respectively. The aggregate fair value of RSU Awards vested during the 12 months ended December 31, 2015 , 2014 and 2013 was $ 2.4 million , $ 2.7 million and $ 2.6 million , respectively. The aggregate intrinsic value of RSU Awards outstanding and exercisable as of December 31, 2015 was $ 4.6 million and $ 0.1 million , respectively. As of December 31, 2015 , there was $2.8 million of total unrecognized compensation costs related to RSU awards that is expected to be recognized over a weighted average period of 1.3 years. The following table summarizes information about RSU Awards outstanding at December 31, 2015 : RSU Awards Outstanding Range of Exercise Prices RSUs Weighted Average Remaining Contractual Life (Years) Weighted Average Exercise Price $41.00 - $50.99 35,573 0.6 $ 42.17 51.00 - 64.99 52,520 1.8 52.23 65.00 - 79.33 21,188 1.2 72.56 $41.00 - $79.33 109,281 1.3 $ 52.90 A summary of the status of all RSU MSPs granted to employees and non-employee directors as of December 31, 2015 , 2014 , and 2013 and changes during the year are presented in the table below: December 31, 2015 2014 2013 RSUs Weighted Average Exercise Price RSUs Weighted Average Exercise Price RSUs Weighted Average Exercise Price RSU MSPs outstanding at beginning of period 69,293 $ 35.81 62,896 $ 25.67 76,106 $ 22.91 Granted 38,965 34.73 32,752 47.95 28,463 28.22 Settled (22,403 ) 27.87 (23,258 ) 25.94 (28,256 ) 21.09 Canceled (7,123 ) 36.65 (3,097 ) 32.35 (13,417 ) 25.05 RSU MSPs outstanding at end of period 78,732 $ 37.46 69,293 $ 35.81 62,896 $ 25.67 There are no RSU MSPs exercisable at December 31, 2015, 2014, and 2013. The aggregate intrinsic value of RSU MSPs settled during the year ended December 31, 2015 , 2014 , and 2013 was $ 0.5 million , $ 1.1 million and $ 0.7 million , respectively. The aggregate fair value of RSU MSPs vested during the year ended December 31, 2015 , 2014 , and 2013 was $ 0.3 million , $ 0.3 million and $ 0.2 million , respectively. The aggregate intrinsic value of RSU MSPs outstanding as of December 31, 2015 was $ 0.5 million . As of December 31, 2015 there was $ 0.7 million of total unrecognized compensation costs related to RSU MSPs that is expected to be recognized over a weighted average period of 1.8 years. The following table summarizes information about RSU MSPs outstanding at December 31, 2015 : RSU MSPs Outstanding Range of Exercise Prices RSUs Weighted Average Remaining Contractual Life (Years) Weighted Average Exercise Price $28.00 - 33.99 17,349 0.2 $ 28.22 34.00 - 45.99 36,588 2.1 34.73 46.00 - 47.95 24,795 1.2 47.95 $28.00 - $47.95 78,732 1.4 $ 37.46 We also grant Cash Settled Stock Unit Awards to our international employee participants. These Cash Settled Stock Unit Awards typically cliff-vest in three years and are settled in cash based on our closing stock price at the time of vesting. As of December 31, 2015 , there were 28,660 Cash Settled Stock Unit Awards outstanding compared with 34,388 Cash Settled Stock Unit Awards as of December 31, 2014 . During 2015 , the aggregate cash used to settle Cash Settled Stock Unit Awards was $ 0.6 million . As of December 31, 2015 , the Company had $0.7 million in accrued expenses classified as current liabilities for Cash Settled Stock Unit Awards compared with $1.2 million as of December 31, 2014 . Cash Settled Stock Unit Award related compensation costs for the twelve month periods ended December 31, 2015 , 2014 , and 2013 totaled $0.2 million , $0.3 million , and $1.5 million , respectively and was recorded as selling, general and administrative expense. |
Concentrations Of Risk
Concentrations Of Risk | 12 Months Ended |
Dec. 31, 2015 | |
Risks and Uncertainties [Abstract] | |
Concentrations Of Risk | Concentrations of Risk Financial instruments that potentially subject us to concentrations of credit risk consist primarily of cash, cash equivalents, short-term investments and trade receivables. A significant portion of our revenue and receivables are from customers who are either in or service the energy, aerospace, defense and industrial markets. We perform ongoing credit evaluations of our customers and maintain allowances for potential credit losses. For the years ended December 31, 2015 , 2014 and 2013 , we had no customers from which we derive revenues that exceed the threshold of 5% of the Company’s consolidated revenues. We have experienced delays in collecting payment on our engineered valves customer accounts receivable from the Venezuela national oil company. These accounts receivable are primarily Euro denominated, are not disputed, and we have not historically had write-offs relating to this customer. Our net outstanding accounts receivable with this customer is approximately 3% of net accounts receivable. Given the outlook for oil prices in 2016 and the resulting impact on the Venezuela economy, we believe the engineered valves customer accounts receivable will not be collected until 2017 and, as such, we have classified the net balance as long-term as of December 31, 2015. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2015 | |
General Discussion of Pension and Other Postretirement Benefits [Abstract] | |
Employee Benefit Plans | Benefit Plans Employee Benefit Plan We offer a savings plan to eligible U.S. employees. The plan is intended to qualify under Section 401(k) of the Internal Revenue Code. Substantially all of our U.S. employees are eligible to participate in the 401(k) savings plan. Participating employees may defer a portion of their pre-tax compensation, as defined, but not more than statutory limits. Under this plan, we make a Company contribution and match a specified percentage of employee contributions, subject to certain limitations. During 2015 we contributed 50% of the amount contributed by the employee, up to a maximum of 3% of the employee’s earnings. Our matching contributions vest at a rate of 25% per year of service, with full vesting after 4 years of service. The components of net periodic (benefit) expense for the employee benefit plan is as follows (in thousands): Year Ended December 31, 2015 2014 2013 Cost of 401(k) plan Company contributions $ 2,886 $ 3,269 $ 4,465 Pension Plans We maintain two benefit pension plans, a qualified noncontributory defined benefit plan and a nonqualified, noncontributory defined benefit supplemental plan that provides benefits to certain retired highly compensated officers. 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 fiscal year 2015 , we made $1.6 million in cash contributions to our qualified defined benefit pension plan, in addition to $0.4 million in payments for our nonqualified plan. In fiscal year 2016 , we expect to make cash contributions of approximately $1.6 million to our qualified plan and payments of $0.4 million for our nonqualified plan. Contributions to the qualified plan may differ based on a re-assessment of this plan’s funded status during 2016 based on separate IRS cash funding calculations. Capital market and interest rate fluctuations may also impact future funding requirements. The components of net periodic (benefit) expense for the pension benefit plans are as follows (in thousands): Year Ended December 31, 2015 2014 2013 Pension components of net benefit expense: Interest cost on benefits obligation $ 2,193 $ 2,181 $ 1,963 Expected return on assets (2,655 ) (2,788 ) (2,366 ) Net pension costs (income) (462 ) (607 ) (403 ) Net loss amortization 843 506 765 Net periodic cost (benefit) of defined benefit pension plans $ 381 $ (101 ) $ 362 The weighted average assumptions used in determining the net periodic benefit cost and benefit obligations and net benefit cost for the pension plans are shown below: Year Ended December 31, 2015 2014 2013 Net periodic benefit cost: Discount rate – qualified plan 3.82 % 4.70 % 3.85 % Discount rate – nonqualified plan 3.59 % 4.30 % 3.35 % Expected return on plan assets 7.25 % 7.25 % 7.00 % Rate of compensation increase N/A N/A N/A Benefit obligations: Discount rate – qualified plan 3.82 % 4.70 % 3.85 % Discount rate – nonqualified plan 3.59 % 4.30 % 3.35 % Rate of compensation increase – nonqualified plan N/A N/A N/A Rate of compensation increase – qualified plan N/A N/A N/A The amounts reported for net periodic pension cost and the respective benefit obligation amounts are dependent upon the actuarial assumptions used. The Company reviews historical trends, future expectations, current market conditions, and external data to determine the assumptions. The actuarial assumptions used to determine the net periodic pension cost are based upon the prior year’s assumptions used to determine the benefit obligation. We derive our discount rate utilizing a commonly known pension discount curve, discounting future projected benefit obligation cash flows to arrive at a single equivalent rate. For fiscal year end 2015 benefit obligations, we utilized a weighted average basis given the level of yield on high-quality corporate bond interest rates at fiscal year-end 2015 . The effect of the discount rate change decreased our projected benefit obligation at December 31, 2015 by approximately $0.5 million and we believe will decrease our 2016 pension expense by less than $0.2 million . In selecting the expected long-term rate of return on assets for the qualified plan, we considered the average rate of earnings expected on the funds invested or to be invested to provide for the benefits of these plans. We, with input from the plans’ professional investment managers and actuaries, also considered the average rate of earnings expected on the funds invested or to be invested to provide plan benefits. This process included determining expected returns for the various asset classes that comprise the plans’ target asset allocation. This basis for selecting the long-term asset return assumptions is consistent with the prior year. Using generally accepted diversification techniques, the plans’ assets, in aggregate and at the individual portfolio level, are invested so that the total portfolio risk exposure and risk-adjusted returns best meet the plans’ long-term liabilities to employees. Plan asset allocations are reviewed periodically and rebalanced to achieve target allocation among the asset categories when necessary. This included considering the pension asset allocation and the expected returns likely to be earned over the life of the plans. The funded status of the defined benefit plans and amounts recognized in the balance sheets, measured as of December 31, 2015 and December 31, 2014 are as follows (in thousands): December 31, 2015 2014 Change in projected benefit obligation: Balance at beginning of year $ 58,819 $ 47,814 Service cost — — Interest cost 2,193 2,181 Actuarial loss (gain) (2,077 ) 10,734 Benefits paid (1,996 ) (1,910 ) Balance at end of year $ 56,939 $ 58,819 Change in fair value of plan assets: Balance at beginning of year $ 39,826 $ 38,300 Actual return on assets (457 ) 1,440 Benefits paid (1,996 ) (1,910 ) Employer contributions 1,996 1,995 Fair value of plan assets at end of year $ 39,369 $ 39,826 Funded status: Excess of projected benefit obligation over the fair value of plan assets $ (17,570 ) $ (18,993 ) Pension plan accumulated benefit obligation (“ABO”) $ 51,395 $ 52,890 Supplemental pension plan ABO 5,544 5,928 Aggregate ABO $ 56,939 $ 58,818 The following information is presented as of December 31, 2015 and 2014 (in thousands): 2015 2014 Funded status, end of year: Fair value of plan assets $ 39,369 $ 39,826 Benefit obligations (56,939 ) (58,819 ) Net pension liability $ (17,570 ) $ (18,993 ) Pension liability recognized in the balance sheet consists of: Noncurrent liability (17,570 ) (18,993 ) Amounts recognized in accumulated other comprehensive income consist of: Net losses $ 29,263 $ 28,834 Estimated pension expense to be recognized in other comprehensive income (loss) in 2016 and 2015 consists of: Amortization of net losses 905 843 Refer to Consolidated Statements of Comprehensive Income for the other comprehensive (loss) related to pension expense and other changes in plan assets - recognized actuarial gains (losses). As of December 31, 2015 , the benefit payments expected to be paid in each of the next five years and the aggregate for the five fiscal years thereafter are as follows (in thousands): 2016 2017 2018 2019 2020 2021-2025 Expected benefit payments $ 2,359 $ 2,147 $ 2,588 $ 2,729 $ 2,882 $ 16,296 The fair values of the Company’s pension plan assets at December 31, 2015 and 2014 , utilizing the fair value hierarchy are as follows (in thousands): December 31, 2015 December 31, 2014 Level 1 Level 1 Cash Equivalents: Money Market Funds $ 197 $ 1,717 Mutual Funds: Bond Funds 10,928 10,576 Large Cap Funds 14,369 13,947 International Funds 5,994 7,785 Small Cap Funds 2,489 2,475 Blended Funds 1,998 — Mid Cap Funds 3,394 3,326 Total Fair Value $ 39,369 $ 39,826 The Company’s pension plan assets are measured at fair value. For pension assets, fair value is principally determined using a market approach based on quoted prices or other relevant information from observable market transactions involving identical or comparable assets. All assets as of December 31, 2015 and 2014 are classified as Level 1 and are comprised of mutual funds held and are traded on the open market where quoted prices are determinable and available daily. The investments are valued using a market approach based on prices obtained from the primary or secondary exchanges on which they are traded. Our investment objectives for the portfolio of the plans’ assets are to approximate the return of a composite benchmark comprised of 32% of the Barclays Capital Aggregate Bond Index, 28% of the Morgan Stanley Capital International EAFE Index, and 40% of the Russell 1000 Index. We also seek to maintain a level of volatility (measured as standard deviation of returns) which approximates that of the composite benchmark returns. Realigning among asset classes will occur periodically as global markets change. Portfolio diversification provides protection against a single security or class of securities having a disproportionate impact on aggregate performance. The long-term target allocations for plan assets are 60% in equities and 40% in fixed income, although the actual plan asset allocations may be within a range around these targets. |
Contingencies, Commitments And
Contingencies, Commitments And Guarantees | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies, Commitments And Guarantees | Contingencies, Commitments and Guarantees Legal Proceedings 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, 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 . Final settlement was paid during the fourth quarter of 2015. Asbestos-related product liability claims continue to be filed against two of our subsidiaries: Spence Engineering Company, Inc. (“Spence”), the stock of which we acquired in 1984; and CIRCOR Instrumentation Technologies, Inc. (f/k/a Hoke Incorporated) (“Hoke”), the stock of which we acquired in 1998. Due to the nature of the products supplied by these entities, the markets they serve and our historical experience in resolving these claims, we do not believe that these asbestos-related claims will have a material adverse effect on the financial condition, results of operations or liquidity of Spence or Hoke, or the financial condition, consolidated results of operations or liquidity of the Company. 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 $56.7 million at December 31, 2015 . Our historical experience with these types of instruments has been good and no claims have been paid in the current or past four fiscal years. We believe that the likelihood of demand for payments relating to the outstanding instruments is remote. These instruments generally have expiration dates ranging from less than 1 month to 5 years from December 31, 2015 . The following table contains information related to standby letters of credit instruments outstanding as of December 31, 2015 (in thousands): Term Remaining Maximum Potential Future Payments 0–12 months $ 31,956 Greater than 12 months 24,777 Total $ 56,733 Operating Lease Commitments Rental expense under operating lease commitments amounted to: $ 5.9 million , $ 7.3 million and $ 7.4 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. Minimum rental commitments due under non-cancelable operating leases, primarily for office and warehouse facilities were as follows at December 31, 2015 (in thousands): 2016 2017 2018 2019 2020 Thereafter Minimum lease commitments $ 5,824 $ 4,900 $ 3,631 $ 3,212 $ 2,397 $ 8,889 Commercial Contract Commitment As of December 31, 2015 , we had approximately $ 75.0 million of commercial contract commitments related to open purchase orders. Insurance We maintain insurance coverage of a type and with such limits as we believe are customary and reasonable for the risks we face and in the industries in which we operate. While many of our policies do contain a deductible, the amount of such deductible is typically not material, and is generally less than $0.3 million per occurrence. Our accruals for insured liabilities are not discounted and take into account these deductibles and are based on claims filed and reported as well as estimates of claims incurred but not yet reported. |
Guarantees And Indemnification
Guarantees And Indemnification Obligations | 12 Months Ended |
Dec. 31, 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 is minimal and, therefore, have no liabilities recorded from those agreements as of December 31, 2015 . We record provisions for the estimated cost of product warranties, primarily from historical information, at the time product revenue is recognized. While we engage in extensive product quality programs and processes, our warranty obligation is affected by product failure rates, utilization levels, material usage, service delivery costs incurred in correcting a product failure, and supplier warranties on parts delivered to us. Should actual product failure rates, utilization levels, material usage, service delivery costs or supplier warranties on parts differ from our estimates, revisions to the estimated warranty liability would be required. Our warranty liabilities are included in accrued expenses and other current liabilities on our consolidated balance sheets. The following table sets forth information related to our product warranty reserves for the years ended December 31, 2015 and 2014 (in thousands): December 31, 2015 2014 Balance beginning December 31, 2014 $ 4,213 $ 4,194 Provisions 3,539 3,370 Claims settled (3,714 ) (3,067 ) Acquired Reserves/Other 718 — Currency translation adjustment (205 ) (284 ) Balance ending December 31, 2015 $ 4,551 $ 4,213 |
Fair Value
Fair Value | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value | Fair Value Financial Instruments 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. Cash equivalents are carried at cost which approximates fair value at the balance sheet date and is a Level 1 financial instrument. As of December 31, 2015 and 2014, the outstanding balance of the Company’s debt approximated fair value based on current rates available to the Company for debt of the same maturity and is a Level 2 financial instrument. Foreign Currency Contracts 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 gains and losses on our contracts are recognized as a component of other expense in our consolidated statements of income. As of December 31, 2015 , we had thirteen forward contracts with amounts as follows (in thousands): Currency Number Contract Amount U.S. Dollar/Euro 10 30,074,494 U.S. Dollars Brazilian Real/Euro 3 — Brazilian Reals This compares to six forward contracts as of December 31, 2014 . The fair value liability of the derivative forward contracts as of December 31, 2015 was $0.2 million and was included in accrued expenses and other current liabilities on our balance sheet. This compares to a fair value liability of $0.5 million as of December 31, 2014 . Our foreign currency forward contracts fall within Level 2 of the fair value hierarchy, in accordance with ASC Topic 820. The foreign exchange losses for the year ended December 31, 2015 , 2014 and 2013 are $0.5 million , $0.7 million , and $0.5 million , respectively and are included in other expense in our consolidated statements of income. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 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 Year Ended December 31, 2015 Net revenues $ 502,133 $ 154,134 $ — $ 656,267 Inter-segment revenues 864 222 (1,086 ) 0 Operating income (loss) 37,961 11,117 (22,904 ) 26,174 Interest income (270 ) Interest expense 3,114 Other expense, net 902 Income before income taxes 22,428 Identifiable assets 769,847 185,147 (285,079 ) 669,915 Capital expenditures 9,411 3,089 814 13,314 Depreciation and amortization 16,753 5,973 1,209 23,935 Year Ended December 31, 2014 Net revenues 653,257 188,189 — 841,446 Inter-segment revenues 1,119 215 (1,334 ) 0 Operating income (loss) 85,316 3,473 (24,032 ) 64,757 Interest income (436 ) Interest expense 3,088 Other (income), net (1,156 ) Income before income taxes 63,261 Identifiable assets 636,669 205,955 (117,902 ) 724,722 Capital expenditures 9,089 2,479 1,241 12,810 Depreciation and amortization 11,545 6,907 1,109 19,561 Year Ended December 31, 2013 Net revenues $ 660,969 $ 196,839 $ — $ 857,808 Inter-segment revenues 878 109 (987 ) 0 Operating income (loss) 90,786 6,177 (27,790 ) 69,173 Interest income (264 ) Interest expense 3,425 Other expense, net 1,975 Income before income taxes 64,037 Identifiable assets 574,967 217,281 (65,599 ) 726,649 Capital expenditures 10,249 5,773 1,306 17,328 Depreciation and amortization 11,346 6,360 1,367 19,073 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. Operating income by segment is evaluated regularly by the chief operating decision maker, or decision-making group, in deciding how to allocate resources and in assessing performance. Refer to Item 1 - Business Section for further discussion of the products included in each segment. In calculating operating income (loss) from operations for individual reporting segments, 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; corporate development costs (relating to mergers and acquisitions); human resource development and benefit plan administration expenses; legal, accounting and other professional and consulting costs; 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; tax; treasury; investor relations and shareholder services; regulatory compliance; and stock transfer agent costs. The total assets for each reportable segment have been reported as the Identifiable Assets for that segment, including inter-segment intercompany receivables, payables and investments in other CIRCOR companies. 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. Corporate Identifiable Assets after elimination of intercompany assets were $ 45.7 million , $ 48.0 million , and $ 51.5 million as of December 31, 2015 , 2014 and 2013 , respectively. All intercompany transactions have been eliminated, and inter-segment revenues are not significant. The following tables present net revenue and long-lived assets by geographic area. The net revenue amounts are based on shipments to each of the respective areas. Year Ended December 31, Net revenues by geographic area (in thousands) 2015 2014 2013 United States $ 259,068 $ 379,527 $ 405,561 United Kingdom 36,005 58,479 59,547 France 34,838 40,755 39,881 Germany 26,889 30,672 31,070 Rest of Europe 24,508 31,836 61,342 Australia 12,174 23,198 8,597 Norway 43,502 50,634 11,943 Canada 46,575 41,054 39,016 China 38,414 42,023 15,533 Rest of Asia-Pacific 36,247 50,084 40,892 Brazil 7,214 20,713 14,568 Other 90,833 72,471 129,858 $ 656,267 $ 841,446 $ 857,808 December 31, Long-lived assets by geographic area (in thousands) 2015 2014 United States $ 38,199 $ 38,921 United Kingdom 11,234 12,635 Germany 10,410 8,908 China 6,360 7,714 Italy 6,290 7,295 France 5,823 6,760 India 4,235 4,847 Netherlands 2,163 2,519 Other 2,315 6,613 Total long-lived assets $ 87,029 $ 96,212 |
Quarterly Financial Information
Quarterly Financial Information | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information | Quarterly Financial Information (Unaudited, in thousands, except per share information) The Company has revised its previously-issued financial statements to correct errors identified related to its accounting for Brazil operations for the fiscal quarter ended April 5, 2015. None of the errors were considered material to the period impacted. Summary Quarterly Data — Unaudited First Quarter as Revised (1) Second Quarter Third Quarter Fourth Quarter Year Ended December 31, 2015 Net revenues 165,860 $ 166,906 $ 159,258 $ 164,243 Gross profit 52,649 50,794 45,393 50,496 Net income (loss) 8,912 1,872 (8,078 ) 7,156 Earnings (loss) per common share: Basic $ 0.50 $ 0.11 $ (0.49 ) $ 0.44 Diluted 0.50 0.11 (0.49 ) 0.43 Dividends per common share 0.0375 0.0375 0.0375 0.0375 Stock Price range: High $ 60.13 $ 58.70 $ 50.93 $ 46.80 Low 49.21 52.87 39.99 39.63 Year Ended December 31, 2014 Net revenues $ 211,186 $ 207,884 $ 203,818 $ 218,558 Gross profit 64,638 59,700 62,217 70,465 Net income 14,632 11,926 14,675 9,155 Earnings per common share: — Basic $ 0.83 $ 0.68 $ 0.83 $ 0.52 Diluted 0.82 0.67 0.83 0.51 Dividends per common share 0.0375 0.0375 0.0375 0.0375 Stock Price range: High $ 80.65 $ 82.09 $ 77.73 $ 75.15 Low 69.63 69.92 64.94 56.02 (1) Includes correcting adjustments related to the quarter ended April 5, 2015 previously disclosed in Form 10-Q/A filed on November 11, 2015 for the quarter ended July 5, 2015 of Net Income ($0.7 million), Basic EPS ($0.05 per share) and Diluted EPS ($0.04 per share). |
Valuation And Qualifying Accoun
Valuation And Qualifying Accounts | 12 Months Ended |
Dec. 31, 2015 | |
Valuation and Qualifying Accounts [Abstract] | |
Valuation And Qualifying Accounts | Additions (Reductions) Description Balance at Beginning of Period Charged to Costs and Expenses Charged to Other Accounts Deductions (1) Balance at End of Period (in thousands) Year ended December 31, 2015 Deducted from asset account: Allowance for doubtful accounts (2) $ 9,536 $ 2,561 $ (1,748 ) $ (2,059 ) $ 8,290 Year ended December 31, 2014 Deducted from asset account: Allowance for doubtful accounts $ 2,449 $ 7,817 $ (162 ) $ (568 ) $ 9,536 Year ended December 31, 2013 Deducted from asset account: Allowance for doubtful accounts $ 1,706 $ 1,194 $ (21 ) $ (430 ) $ 2,449 (1) Uncollectible accounts written off, net of recoveries. |
Summary Of Significant Accoun27
Summary Of Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Principles Of Consolidation And Basis Of Presentation | Principles of Consolidation and Basis of Presentation The consolidated financial statements include the accounts of CIRCOR and its subsidiaries. The results of companies acquired during the year (if any) are included in the consolidated financial statements from the date of acquisition. All significant intercompany balances and transactions have been eliminated in consolidation. |
Use Of Estimates | Use of Estimates The preparation of these financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying disclosures. Some of the more significant estimates relate to acquisition accounting, inventory valuation, depreciation, share-based compensation, amortization and impairment of long-lived assets, pension obligations, income taxes, penalty accruals for late shipments, asset valuations, and product warranties. While management believes that the estimates and assumptions used in the preparation of the financial statements are appropriate, actual results could differ materially from those estimates. |
Revenue Recognition | Revenue Recognition and Accounts Receivable Allowances Revenue is recognized when products are delivered, title and risk of loss have passed to the customer, persuasive evidence of an arrangement exists, no significant post delivery obligations remain, the price to the buyers is fixed or determinable and collection of the resulting receivable is reasonably assured. The Company provides for the estimated costs to fulfill customer warranty obligations upon the recognition of the related revenue. Shipping and handling costs invoiced to customers are recorded as components of revenues and the associated costs are recorded as cost of revenues. We recognize revenue net of sales returns, rebates, penalties, and discounts. Accounts receivable allowances include sales returns and bad debt allowances. The Company monitors and tracks the amount of product returns and reduces revenue at the time of shipment for the estimated amount of such future returns, based on historical experience. The Company makes estimates evaluating its allowance for doubtful accounts. The Company continuously monitors collections and payments from its customers and maintains a provision for estimated credit losses based upon its historical experience and any specific customer collection issues that it has identified. Account balances are charged off against the allowance when the company believes it is probable the receivable will not be recovered. |
Cost Of Revenue | Cost of Revenue Cost of revenue primarily reflects the costs of manufacturing and preparing products for sale and, to a much lesser extent, the costs of performing services. Cost of revenue is primarily comprised of the cost of materials, inbound freight, production, direct labor and overhead including indirect labor, which are expenses that directly result from the level of production activity at the manufacturing plant. Additional expenses that directly result from the level of production activity at the manufacturing plant include: purchasing and receiving costs, inspection costs, warehousing costs, internal transfer costs, utility expenses, property taxes, depreciation of production building and equipment assets, salaries and benefits paid to plant manufacturing management and maintenance supplies. |
Inventories | Inventories Inventories are stated at the lower of cost or market. Cost is generally determined on the first-in, first-out (“FIFO”) basis. Where appropriate, standard cost systems are utilized for purposes of determining cost; the standards are adjusted as necessary to ensure they approximate actual cost. Estimates for obsolescence or slow moving inventory are maintained based on current economic conditions, historical sales quantities and patterns and, in some cases, the risk of loss on specifically identified inventories. Such inventories which require a provision to write-down excess and obsolete inventory are recorded at its estimated net realizable value, net of the cost of disposal. Inventory Allowances We typically analyze our inventory aging and projected future usage on a quarterly basis to assess the adequacy of our inventory allowances. We provide inventory allowances for excess, slow-moving, and obsolete inventories determined primarily by estimates of future demand. The allowance is measured on an item-by-item basis determined based on the difference between the cost of the inventory and estimated market value. The provision for inventory allowance is a component of our cost of revenues. Assumptions about future demand are among the primary factors utilized to estimate market value. At the point of the loss recognition, a new, lower-cost basis for that inventory is established, and subsequent changes in facts and circumstances do not result in the restoration or increase in that newly established cost basis. |
Penalty Accruals | Penalty Accruals Certain customer agreements, primarily in our long-cycle project related businesses and large aerospace programs, contain late shipment penalty clauses whereby we are contractually obligated to pay consideration to our customers if we do not meet specified shipment dates. The accrual for estimated penalties is shown as a reduction of revenue and is based on several factors including historical customer settlement experience and management’s assessment of specific shipment delay information. Accruals related to these potential late shipment penalties as of December 31, 2015 and 2014 were $6.0 million and $7.1 million , respectively. As we conclude performance under these agreements, the actual amount of consideration paid to our customers may vary from the amounts we currently have accrued. |
Business Acquisitions | Business Acquisitions / Divestitures In connection with our acquisitions, we assess and formulate a plan related to the future integration of the acquired entity. This process begins during the due diligence phase and is concluded within twelve months of the acquisition. We account for business combinations under the purchase method, and accordingly, the assets and liabilities of the acquired businesses are recorded at their estimated fair value on the acquisition date with the excess of the purchase price over their estimated fair value recorded as goodwill. We determine acquisition related asset and liability fair values through established valuation techniques for industrial manufacturing companies and utilize third party valuation firms to assist in the valuation of certain tangible and intangible assets. Accounting Standards Codification ("ASC") Topic 805, Business Combinations, provides guidance regarding business combinations and requires acquisition-date fair value measurement of identifiable assets acquired, liabilities assumed, and non-controlling interests in the acquiree. ASC Topic 360, Property, Plant, and Equipment, provides guidance regarding long-lived asset (disposal group) to be sold, held for sale classification on the consolidated balance sheet, fair value measurement of long-lived asset (disposal group) held for sale, and gain/loss recognition for long-lived asset sale. For more detailed information, refer to Note 3, Business Acquisitions and Divestitures. |
Goodwill And Intangible Assets | Goodwill and Indefinite-Lived Intangible Assets - Impairment For the year-ended December 31, 2015 , the Company’s two reporting units were Energy and Aerospace & Defense with respective goodwill balances of $93.2 million and $22.3 million . Goodwill is measured as the excess of the cost of acquisition over the sum of the amounts assigned to identifiable tangible and intangible assets acquired less liabilities assumed. Goodwill and intangible assets are recorded at cost; intangible assets with definite lives are amortized over their useful lives. For goodwill and intangible assets with indefinite lives, we perform an impairment assessment at the reporting unit level on an annual basis as of the end of our October month end or more frequently if circumstances warrant. Our annual impairment assessment is a two-step process. The first step requires a comparison of the fair value of each of our reporting units to the respective carrying value. If the carrying value of a reporting unit is higher than its fair value, there is an indication that impairment may exist and the second step of the evaluation must be performed. In the second step, the potential impairment is calculated by comparing the implied fair value of the reporting unit’s goodwill with the carrying value of the goodwill. If the carrying value of the reporting unit’s goodwill is greater than the implied fair value of its goodwill, an impairment loss will be recognized for the excess. Determining the fair value of a reporting unit is subjective and requires the use of significant estimates and assumptions. With the assistance of an independent third-party appraisal firm, we estimate the fair value of our reporting units using an income approach based on the present value of future cash flows. We believe this approach yields the most appropriate evidence of fair value. We also utilize the comparable company multiples method and market transaction fair value method to validate the fair value amount we obtain using the income approach. The key assumptions utilized in our discounted cash flow model include our estimates of future cash flows from operating activities offset by estimated capital expenditures of the reporting unit, the estimated terminal value for each reporting unit, a discount rate based on a weighted average cost of capital, overall economic conditions, and our assessment of our current market capitalization. Any unfavorable material changes to these key assumptions could potentially impact our fair value determinations. As such, we may experience fluctuations in revenues and operating results resulting in the non-achievement of our estimated growth rates, operating performance and working capital estimates utilized in our discounted cash flow models. In fiscal year 2015 when we performed our step one analysis, the fair value of each of our reporting units exceeded the respective carrying amount, and no goodwill impairments were recorded. The fair values utilized for our 2015 goodwill assessment exceeded the carrying amounts by approximately 140% and 118% for our Energy and Aerospace & Defense reporting units, respectively. The growth rate assumptions utilized were consistent with growth rates within the markets that we serve. Actual 2015 results were substantially consistent overall with estimates and assumptions made for purposes of our goodwill impairment analysis performed as of October 2015. If our results significantly vary from our estimates, related projections, or business assumptions in the future due to changes in industry or market conditions, we may be required to record impairment charges. By way of example, a 10% reduction in our Aerospace & Defense reporting unit projected and terminal cash flows would not result in the fair value being lower than the carrying value. Indefinite-lived intangible assets, such as trade names, are generally recorded and valued in connection with a business acquisition. These assets are reviewed at least annually for impairment, or more frequently if facts and circumstances warrant. We also utilized a fair value calculation to evaluate these intangibles. |
Impairment Of Other Long-Lived Assets | Other Long-Lived Assets - Impairment In accordance with ASC 360, Plant, Property, and Equipment, we perform impairment analyses of our other long-lived assets, such as property, plant and equipment, whenever events and circumstances indicate that they may be impaired. When the undiscounted future cash flows are expected to be less than the carrying value of identified asset groupings being reviewed for impairment, the asset groupings are written down to fair value. |
Pension Benefits | Pension Benefits Pension obligations and other post-retirement benefits are actuarially determined and are affected by several assumptions including the discount rate and projected annual rates of return on plan assets. Changes in discount rate and differences from actual results will affect the amounts of pension and other post-retirement expense recognized in future periods. These assumptions may also have an effect on the amount and timing of future cash contributions. As required in the recognition and disclosure provisions of ASC Topic 715, Compensation - Retirement Benefits, the Company recognizes the over-funded or under-funded status of defined benefit post-retirement plans in its balance sheet, measured as the difference between the fair value of plan assets and the benefit obligation (the projected benefit obligation for pension plans and the accumulated postretirement benefit obligation for other post-retirement plans). The change in the funded status of the plan is recognized in the year in which the change occurs through other comprehensive income. These provisions also require plan assets and obligations to be measured as of the Company’s balance sheet date. Unrecognized actuarial gains and losses in excess of the 10 % corridor (defined as the threshold above which gains or losses need to be amortized) are being recognized over approximately a twenty-six year period for the qualified plan, and a twenty year period for the nonqualified plan, which represents the weighted average expected remaining life of the employee group. Unrecognized actuarial gains and losses arise from several factors including experience and assumption changes in the obligations and from the difference between expected returns and actual returns on plan assets. |
Income Taxes | Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry-forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is recognized if we anticipate that it is more likely than not that we may not realize some or all of a deferred tax asset. In accordance with the provisions of Financial Accounting Standards Board ("FASB") ASC Topic 740, Income Taxes, the Company initially recognizes the financial statement effect of a tax position when, based solely on its technical merits, it is more likely than not (a likelihood of greater than fifty percent) that the position will be sustained upon examination by the relevant taxing authority. Those tax positions failing to qualify for initial recognition are recognized in the first interim period in which they meet the more likely than not standard, are resolved through negotiation or litigation with the taxing authority, or upon expiration of the statute of limitations. De-recognition of a tax position that was previously recognized occurs when an entity subsequently determines that a tax position no longer meets the more likely than not threshold of being sustained. If future results of operations exceed our current expectations, our existing tax valuation allowances may be adjusted, resulting in future tax benefits. Alternatively, if 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 a portion or all of the gross deferred tax assets, which may have a material adverse effect on our results of operations. Under ASC Topic 740, only the portion of the liability that is expected to be paid within one year is classified as a current liability. As a result, liabilities expected to be resolved without the payment of cash (e.g., due to the expiration of the statute of limitations) or are not expected to be paid within one year are classified as non-current. It is the Company’s policy to record estimated interest and penalties as income tax expense and tax credits as a reduction in income tax expense. For more information related to our Income Taxes, see "Income Taxes" in Note 8 of the consolidated financial statements. |
Share-Based Compensation | Share-Based Compensation Share-based compensation costs are based on the grant date fair value estimated in accordance with the provisions of ASC 718, Accounting for Share Based Payments, and these costs are recognized over the requisite vesting period. The Black-Scholes option pricing model is 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 are valued using the Monte Carlo option pricing model as these are market condition awards. 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. The model incorporates exercise and post-vesting forfeiture assumptions based on an analysis of historical data. Market condition stock option awards include both a service period and a market performance vesting condition. The stock options vest if certain stock price targets are met based on the stock price closing at or above 60 consecutive trading days. Vested options may be exercised 25% at the time of vesting, 50% one year from the date of vesting and 100% two years from the date of vesting. These market condition stock option awards are being expensed utilizing a graded method and are subject to forfeiture in the event of employment termination (whether voluntary or involuntary) prior to vesting. To the extent that the market conditions above (stock price targets) are not met, those options will not vest and will forfeit 5 years from grant date. The Company used a Monte Carlo simulation option pricing model to value these option awards. |
Environmental Compliance And Remediation | Environmental Compliance and Remediation Environmental expenditures that relate to current operations are expensed or capitalized as appropriate. Expenditures that relate to existing conditions caused by past operations, which do not contribute to current or future revenue generation, are expensed. Expenditures that meet the criteria of "Regulated Operations" are capitalized. Liabilities are recorded when environmental assessments and/or remedial efforts are probable and the costs can be reasonably estimated. In accordance with ASC 450, Contingencies, estimated costs are based upon current laws and regulations, existing technology and the most probable method of remediation. |
Foreign Currency Translation | Foreign Currency Translation Our international subsidiaries operate and report their financial results using local functional currencies. Accordingly, all assets, liabilities, revenues and costs of these subsidiaries are translated into United States dollars using exchange rates in effect at the end of the relevant periods. The resulting translation adjustments are presented as a separate component of other comprehensive income. We do not provide for U.S. income taxes on foreign currency translation adjustments since we do not generally provide for such taxes on undistributed earnings of foreign subsidiaries. Our net foreign exchange (gains) / losses recorded for the years ended December 31, 2015 , 2014 and 2013 were $0.8 million , $(1.1) million , and $1.8 million , respectively. |
Earnings Per Common Share | Earnings Per Common Share Basic earnings per common share are calculated by dividing net income by the number of weighted average common shares outstanding. Diluted earnings per common share is calculated by dividing net income by the weighted average common shares outstanding and assumes the conversion of all dilutive securities when the effects of such conversion would not be anti-dilutive. Earnings per common share and the weighted average number of shares used to compute net earnings per common share, basic and assuming full dilution, are reconciled below (in thousands, except per share data): Year Ended December 31, 2015 2014 2013 Net Income Shares Per Share Amount Net Income Shares Per Share Amount Net Income Shares Per Share Amount Basic EPS $ 9,863 16,850 $ 0.59 $ 50,386 17,660 $ 2.85 $ 47,121 17,564 $ 2.68 Dilutive securities, principally common stock options 63 (0.01 ) 108 (0.01 ) 65 (0.01 ) Diluted EPS $ 9,863 16,913 $ 0.58 $ 50,386 17,768 $ 2.84 $ 47,121 17,629 $ 2.67 Certain stock options to purchase common shares and restricted stock units (RSUs) were anti-dilutive. There were 297,915 anti-dilutive options and RSUs for the year ended December 31, 2015 with exercise prices ranging from $41.17 to $79.33 . There were 129,329 anti-dilutive options and RSUs for the year ended December 31, 2014 with exercise prices ranging from $64.94 to $79.33 . There were 23,390 anti-dilutive options and RSUs for the year ended December 31, 2013 with exercise prices ranging from $75.04 to $79.33 . As of December 31, 2015 , there were 1,200 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. |
Derivative Financial Instruments | Derivative Financial Instruments 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. Generally accepted accounting principles require all derivatives, whether designated in a hedging relationship or not, to be recorded on the balance sheet at fair value. Any unrealized gains and losses on our contracts are recognized as a component of other expense in our consolidated statements of income. |
Fair Value | Fair Value FASB ASC Topic 820, Fair Value Measurement, defines fair value and includes a framework for measuring fair value and disclosing fair value measurements in financial statements. Fair value is a market-based measurement rather than an entity-specific measurement. The fair value hierarchy makes a distinction between assumptions developed based on market data obtained from independent sources (observable inputs) and the reporting entity’s own assumptions (unobservable inputs). This fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). We utilize fair value measurements for forward currency contracts, guarantee and indemnification obligations, pension plan assets, and certain intangible assets. |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment are recorded at cost. Depreciation is generally provided on a straight-line basis over the estimated useful lives of the assets, which typically range from 3 to 40 years for buildings and improvements, 3 to 10 years for manufacturing machinery and equipment, computer equipment and software, and furniture and fixtures. Motor vehicles are depreciated over a range of 2 to 6 years. Leasehold improvements are amortized on a straight-line basis over the shorter of the lease term or estimated useful life of the asset. Repairs and maintenance costs are expensed as incurred. The Company reports depreciation of property, plant and equipment in cost of revenue and selling, general and administrative expenses based on the nature of the underlying assets. Depreciation primarily related to equipment used in the production of inventory is recorded in cost of revenue. Depreciation related to selling and administrative functions is reported in selling, general and administrative expenses. |
Research and Development | Research and Development Research and development expenditures are expensed when incurred and are included in selling, general and administrative expenses. |
Summary Of Significant Accoun28
Summary Of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Reconciliation Of Earnings Per Share | Earnings per common share and the weighted average number of shares used to compute net earnings per common share, basic and assuming full dilution, are reconciled below (in thousands, except per share data): Year Ended December 31, 2015 2014 2013 Net Income Shares Per Share Amount Net Income Shares Per Share Amount Net Income Shares Per Share Amount Basic EPS $ 9,863 16,850 $ 0.59 $ 50,386 17,660 $ 2.85 $ 47,121 17,564 $ 2.68 Dilutive securities, principally common stock options 63 (0.01 ) 108 (0.01 ) 65 (0.01 ) Diluted EPS $ 9,863 16,913 $ 0.58 $ 50,386 17,768 $ 2.84 $ 47,121 17,629 $ 2.67 |
Business Acquisitions And Div29
Business Acquisitions And Divestitures Business Acquisitions And Divestitures (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | 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 11,797 Property, plant and equipment 1,999 Intangibles 32,829 Current liabilities (5,529 ) Deferred income tax liability (7,281 ) Other non-current liabilities (642 ) Total identifiable net assets 69,489 Goodwill 46,564 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: Intangible assets acquired (in thousands) 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 |
Special Charges (Tables)
Special Charges (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Restructuring Cost and Reserve [Line Items] | |
Schedule of Restructuring and Related Costs | 2015 - Year to Date The tables below (in thousands) show the non-inventory restructuring related and non-impairment special charges, net of recoveries, for the year ending December 31, 2015: Special Charges / (Recoveries) As of and for the twelve months ended December 31, 2015 Energy Aerospace & Defense Corporate Total Facility related expenses (recoveries) $ (376 ) $ 257 $ — $ (119 ) Employee related expenses 3,422 1,331 — 4,753 Total restructuring charges $ 3,046 $ 1,588 $ — $ 4,634 Divestiture recoveries (2 ) (1,042 ) — (1,044 ) Acquisition related charges 919 — — 919 Brazil closure 8,650 — 775 9,425 Executive retirement charges — — 420 420 Total special charges $ 12,613 $ 546 $ 1,195 $ 14,354 Accrued special and restructuring charges as of December 31, 2014 $ 9,133 Special charges paid / settled (18,823 ) Accrued special and restructuring charges as of December 31, 2015 $ 4,664 The restructuring charges incurred to date that remain as of December 31, 2015 are expected to be paid in cash or settled during the first half of 2016. 2014 Year-to-Date The tables below (in thousands) show the non-inventory restructuring related and non-impairment special charges, net of recoveries, for the year ending December 31, 2014: Special Charges / (Recoveries) As of and for the twelve months ended December 31, 2014 Energy Aerospace & Defense Corporate Total Facility related expenses $ 447 $ 252 $ — $ 699 Employee related expenses 1,923 2,307 317 4,547 Total restructuring charges $ 2,370 $ 2,559 $ 317 $ 5,246 Watts settlement — — 300 300 Divestitures 2,983 430 — 3,413 Energy settlement (210 ) — — (210 ) Customer settlement 6,232 — — 6,232 TMW settlement — (2,243 ) — (2,243 ) Total special charges $ 11,375 $ 746 $ 617 $ 12,737 Accrued special charges as of December 31, 2013 4,180 Special charges paid / settled $ (7,784 ) Accrued special charges as of December 31, 2014 $ 9,133 2013 Year-to-Date The tables below (in thousands) show the non-inventory restructuring related and non-impairment special charges, net of recoveries, for the year ending December 31, 2013: Special Charges / (Recoveries) As of and for the twelve months ended December 31, 2013 Energy Aerospace & Defense Corporate Total Facility related expenses $ 2,432 $ 2,933 $ — $ 5,365 Employee related expenses 2,959 2,286 — 5,245 Total restructuring charges $ 5,391 $ 5,219 $ — $ 10,610 CFO retirement charges — — 1,144 1,144 Energy settlement (3,151 ) — — (3,151 ) Total special charges $ 2,240 $ 5,219 $ 1,144 $ 8,602 Accrued special charges as of December 31, 2012 $ 800 Special charges paid / settled (5,222 ) Accrued special charges as of December 31, 2013 $ 4,180 |
2012 Announced Restructuring Plan [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Schedule of Restructuring and Related Costs | 2015 Announced Restructuring Charges / (Recoveries), net as of December 31, 2015 Energy Aerospace & Defense Corporate Total Facility related expenses - incurred to date $ (382 ) $ 257 $ — $ (125 ) Employee related expenses - incurred to date 3,425 740 — 4,165 Total restructuring related special charges - incurred to date $ 3,043 $ 997 $ — $ 4,040 The following table (in thousands) summarizes our 2014 Announced Restructuring related special charges incurred during the twelve months ended December 31, 2015 . Charges with this action were finalized in the second quarter of 2015. We do not anticipate any additional restructuring related special charges associated with the 2014 Restructuring actions. 2014 Announced Restructuring Charges / (Recoveries), net as of December 31, 2015 Energy Aerospace & Defense Corporate Total Facility 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 The following table (in thousands) summarizes our 2013 Announced Restructuring related special charges incurred during the twelve months ended December 31, 2015 . 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 December 31, 2015 Energy Aerospace & Defense Corporate Total Facility 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 following table (in thousands) summarizes our 2012 Announced Restructuring related special charges incurred during the twelve months ended December 31, 2015 . Charges with this action began in the third quarter of 2012 and were finalized in the fourth quarter of 2013. We do not anticipate any additional special charges to be incurred associated with the 2012 Announced Restructuring actions. 2012 Announced Restructuring Charges / (Recoveries), net as of December 31, 2015 Energy Aerospace & Defense Corporate Total Facility related expenses - incurred to date $ 2,270 $ 2,854 $ — $ 5,124 Employee related expenses - incurred to date 1,085 968 — 2,053 Total restructuring related special charges - incurred to date $ 3,355 $ 3,822 $ — $ 7,177 |
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 December 31, 2015 Energy Aerospace & Defense Corporate Total Facility 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 2015 Announced Restructuring related special charges incurred during the twelve months ended December 31, 2015 . Charges with this action were finalized in the fourth quarter of 2015. We do not anticipate any additional restructuring related special charges associated with the 2015 Restructuring actions. 2015 Announced Restructuring Charges / (Recoveries), net as of December 31, 2015 Energy Aerospace & Defense Corporate Total Facility related expenses - incurred to date $ (382 ) $ 257 $ — $ (125 ) Employee related expenses - incurred to date 3,425 740 — 4,165 Total restructuring related special charges - incurred to date $ 3,043 $ 997 $ — $ 4,040 The following table (in thousands) summarizes our 2014 Announced Restructuring related special charges incurred during the twelve months ended December 31, 2015 . Charges with this action were finalized in the second quarter of 2015. We do not anticipate any additional restructuring related special charges associated with the 2014 Restructuring actions. 2014 Announced Restructuring Charges / (Recoveries), net as of December 31, 2015 Energy Aerospace & Defense Corporate Total Facility 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 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Inventory, Net [Abstract] | |
Components Of Inventory | Inventories consist of the following (in thousands): December 31, 2015 2014 Raw materials $ 51,439 $ 57,505 Work in process 83,324 82,130 Finished goods 43,077 43,799 Inventories $ 177,840 $ 183,434 We regularly review inventory quantities on hand and record a provision to write-down excess and obsolete inventory to its estimated net realizable value, if less than cost, based primarily on our estimated forecast of product demand. Once our inventory value is written-down a new cost basis has been established. For 2015, 2014 and 2013 our charges for slow moving, excess and obsolete inventory totaled $15.4 million , $13.0 million and $4.9 million respectively. Our provision for inventory obsolescence allowances was $5.2 million , $5.0 million , and $5.1 million for the years ended of 2015 , 2014 and 2013 , respectively. During the third quarter of 2015, we recorded restructuring related inventory charges of $6.4 million associated with the closure of manufacturing operations and the exit of the gate, globe and check valves product line in Brazil. During the second and third quarters of 2014, in connection with the restructuring of certain structural landing gear product lines, we recorded inventory related charges of $5.1 million and $2.9 million , respectively, within the Aerospace & Defense segment. During 2013, we recorded inventory related charges of $0.4 million and $0.3 million within our Aerospace & Defense segment and Energy segment, respectively. These restructuring related inventory charges were included as cost of revenues for each respective period. As of December 31, 2015 we have $ 1.4 million of remaining structural landing gear inventory which we believe is recoverable based upon our net realizable value analysis that considers inventory demand, expected selling price, costs to transact, and costs to complete the inventory. We believe our inventory allowances remain adequate with the net realizable value of our inventory being higher than our current inventory cost after allowances. |
Property, Plant And Equipment (
Property, Plant And Equipment (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Components of Property, Plant and Equipment | Property, plant and equipment consist of the following (in thousands): December 31, 2015 2014 Land $ 12,441 $ 13,417 Buildings and improvements 66,076 68,820 Manufacturing machinery and equipment 135,885 144,239 Computer equipment and software 23,495 22,861 Furniture and fixtures 10,604 10,531 Other 633 756 Construction in progress 4,235 5,567 Property, plant and equipment, at cost 253,369 266,191 Less: Accumulated depreciation (166,340 ) (169,979 ) Property, plant and equipment, at cost, net $ 87,029 $ 96,212 |
Goodwill And Other Intangible33
Goodwill And Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill by Segment | The following table shows goodwill by segment as of December 31, 2015 and 2014 (in thousands): Energy Aerospace & Defense Consolidated Total Goodwill as of December 31, 2014 $ 49,995 $ 22,435 $ 72,430 Business acquisition 46,564 — 46,564 Currency translation adjustments (3,384 ) (158 ) (3,542 ) Goodwill as of December 31, 2015 $ 93,175 $ 22,277 $ 115,452 Energy Aerospace & Defense Consolidated Total Goodwill as of December 31, 2013 $ 52,930 $ 22,946 $ 75,876 Business divestitures (see Note 3) (425 ) (301 ) (726 ) Currency translation adjustments (2,510 ) (210 ) (2,720 ) Goodwill as of December 31, 2014 $ 49,995 $ 22,435 $ 72,430 |
Gross Intangible Assets and Related Accumulated Amortization | The tables below present gross intangible assets and the related accumulated amortization (in thousands): December 31, 2015 Gross Carrying Amount Impairment Charges Accumulated Amortization Net Carrying Value Patents $ 6,039 $ — $ (5,765 ) $ 274 Non-amortized intangibles (primarily trademarks and trade names) 15,802 (460 ) — 15,342 Customer relationships 53,238 — (24,029 ) 29,209 Order backlog 5,120 — (3,893 ) 1,227 Acquired technology 2,317 — (427 ) 1,890 Other 5,611 — (4,572 ) 1,039 Total $ 88,127 $ (460 ) $ (38,686 ) $ 48,981 In connection with the divestitures of two businesses, we reduced the net carrying value of our intangible assets by $3.9 million during 2014. December 31, 2014 Gross Carrying Amount Impairment Charges Accumulated Amortization Net Carrying Value Patents $ 6,069 $ — $ (5,732 ) $ 337 Non-amortized intangibles (primarily trademarks and trade names) 12,602 (278 ) 12,324 Customer relationships 31,595 — (18,840 ) 12,755 Order backlog 1,083 — (1,083 ) — Other 5,598 — (4,127 ) 1,471 Total $ 56,947 $ — $ (30,060 ) $ 26,887 |
Estimated Future Amortization Expense | The table below presents estimated future amortization expense for intangible assets recorded as of December 31, 2015 (in thousands): 2016 2017 2018 2019 2020 After 2020 Estimated amortization expense $ 9,878 $ 7,851 $ 6,102 $ 4,506 $ 2,891 $ 2,420 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Components Of Deferred Income Tax Liabilities And Assets | The significant components of our deferred income tax liabilities and assets are as follows (in thousands): December 31, 2015 2014 Deferred income tax liabilities: Excess tax over book depreciation $ 5,070 $ 6,826 Other 1,314 630 Intangible assets 10,119 4,974 Total deferred income tax liabilities 16,503 12,430 Deferred income tax assets: Accrued expenses 9,037 13,663 Equity compensation 5,710 4,303 Inventories 8,686 8,947 Net operating loss and credit carry-forward 12,413 19,091 Pension benefit obligation 6,466 7,189 Other 1,458 2,824 Total deferred income tax assets 43,770 56,017 Valuation allowance (892 ) (9,448 ) Deferred income tax asset, net of valuation allowance 42,878 46,569 Deferred income tax asset, net $ 26,375 $ 34,139 |
Deferred Income Taxes Classified In Balance Sheets | The above components of deferred income taxes are classified in the consolidated balance sheets as follows: December 31, 2015 2014 Net current deferred income tax asset $ — $ 22,861 Net non-current deferred income tax asset 36,799 19,048 Net non-current deferred income tax liability (10,424 ) (7,771 ) Deferred income tax asset, net $ 26,375 $ 34,139 Deferred income taxes by geography are as follows: Domestic net current asset $ — $ 16,191 Foreign net current asset — 6,670 Net current deferred income tax asset $ — $ 22,861 Domestic net non-current asset $ 32,099 $ 17,973 Foreign net non-current liability (5,724 ) (6,695 ) Net non-current deferred income tax asset $ 26,375 $ 11,278 |
Components Of Pre-Tax Income (Loss) | The provision for income taxes is based on the following pre-tax income (in thousands): Year Ended December 31, 2015 2014 2013 Domestic $ 12,965 $ 26,229 $ 11,009 Foreign 9,463 37,032 53,028 Income before income taxes $ 22,428 $ 63,261 $ 64,037 |
Provision (Benefit) For Income Taxes | The provision for income taxes consists of the following (in thousands): Year Ended December 31, 2015 2014 2013 Current: Federal - US $ 705 $ 3,916 $ 2,284 Foreign 11,023 10,455 7,831 State -US 56 1,244 1,023 Total current $ 11,784 $ 15,615 $ 11,138 Deferred (benefit): Federal - US $ 2,618 $ (967 ) $ (176 ) Foreign (887 ) (1,594 ) 6,294 State -US (950 ) (179 ) (340 ) Total deferred (benefit) $ 781 $ (2,740 ) $ 5,778 Total provision for income taxes $ 12,565 $ 12,875 $ 16,916 |
Reconciliation Of Effective Income Tax Rate | Actual income taxes reported from operations are different from those that would have been computed by applying the federal statutory tax rate to income before income taxes. The expense for income taxes differs from the U.S. statutory rate due to the following: Year Ended December 31, 2015 2014 2013 Expected federal income tax rate 35.0 % 35.0 % 35.0 % State income taxes, net of federal tax benefit (0.7 ) 1.0 0.5 Change in state tax rate 3.5 — — Recognition of state net operating losses (7.3 ) — — Foreign tax rate differential (18.9 ) (8.7 ) (9.2 ) Unbenefited foreign losses 41.4 3.0 1.2 Foreign tax credits — (9.1 ) (1.4 ) Manufacturing deduction (1.6 ) (1.7 ) (0.5 ) Research and development credit (1.1 ) (0.5 ) (0.7 ) Foreign audit settlement 6.0 — — Other, net (0.3 ) 1.4 1.5 Effective tax rate 56.0 % 20.4 % 26.4 % |
Summary of Valuation Allowance | The following table provides a summary of the changes in the deferred tax valuation allowance for the years ended December 31, 2015, 2014, and 2013 (in thousands): December 31, 2015 2014 2013 Deferred tax valuation allowance at January 1 $ 9,448 $ 13,928 $ 13,497 Additions 15 1,460 1,561 Deductions (7,798 ) (5,705 ) (884 ) Translation adjustments (773 ) (235 ) (246 ) Deferred tax valuation allowance at December 31 $ 892 $ 9,448 $ 13,928 |
Reconciliation Of Total Gross Unrecognized Tax Benefits | December 31, 2015 2014 2013 Balance beginning January 1 $ 1,978 $ 1,612 $ 1,962 Additions for tax positions of prior years 521 149 96 Additions based on tax positions related to current year 69 820 100 Acquired uncertain tax position 1,326 — — Settlements (544 ) — — Lapse of statute of limitations (612 ) (562 ) (466 ) Currency movement 199 (41 ) (80 ) Balance ending December 31 $ 2,937 $ 1,978 $ 1,612 |
Accrued Expenses And Other Cu35
Accrued Expenses And Other Current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accounts Payable and Accrued Liabilities, Current [Abstract] | |
Accrued Expenses And Other Current Liabilities | Accrued expenses and other current liabilities consist of the following (in thousands): December 31, 2015 2014 Customer deposits and obligations $ 16,397 $ 15,917 Commissions and sales incentives payable 10,447 15,071 Penalty accruals 6,002 7,125 Warranty reserve 4,551 4,213 Professional fees 2,540 1,766 Customer settlement (1) — 6,232 Taxes other than income tax 1,956 1,769 Special charges and restructuring 4,664 2,901 Other 6,321 8,917 Total accrued expenses and other current liabilities $ 52,878 $ 63,911 (1) See Note 4, Special Charges, for more details on the customer settlement. |
Financing Arrangements (Tables)
Financing Arrangements (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Schedule Of Long-Term Debt | Long-term debt consists of the following (in thousands): December 31, 2015 2014 Line of Credit at interest rates ranging from 1.42% to 3.75% $ 90,500 $ 5,000 Capital lease obligations — 187 Other borrowings, at varying interest rates ranging from 3.0% to 15.92% in 2014 — 8,497 Total debt 90,500 13,684 Less: current portion — 8,423 Total long-term debt $ 90,500 $ 5,261 |
Schedule Of Minimum Principal Payments | efer to Item 7 - Management’s Discussion and Analysis of Financial Condition and Results of Operations for further details regarding our debt covenant compliance. |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule Of Estimated Weighted-Average Assumptions Of Stock Options | The average fair value of stock options granted during the year ended December 31, 2015, 2014, and 2013 of $17.88 , $26.32 , and $20.15 was estimated using the following weighted-average assumptions: Year Ended December 31, 2015 2014 2013 Risk-free interest rate 1.4 % 1.8 % 1.5 % Expected life (years) 4.5 3.7 3.2 Expected stock volatility 40.4 % 41.4 % 41.1 % Expected dividend yield 0.3 % 0.2 % 0.3 % |
Stock-Options [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary Of Stock Options Granted To Employees And Non-Employee Directors | A summary of the status of all stock options granted to employees and non-employee directors as of December 31, 2015 , 2014 , and 2013 and changes during the years are presented in the table below: December 31, 2015 2014 2013 Options Weighted Average Exercise Price Options Weighted Average Exercise Price Options Weighted Average Exercise Price Options outstanding at beginning of period 486,004 $ 57.85 355,081 $ 50.71 146,621 $ 30.89 Granted 118,992 51.84 164,503 70.87 300,000 53.89 Exercised (7,717 ) 33.44 (12,937 ) 32.41 (82,487 ) 29.03 Forfeited (26,542 ) 59.25 (20,643 ) 54.72 (9,053 ) 32.76 Options outstanding at end of period 570,737 $ 56.86 486,004 $ 57.85 355,081 $ 50.71 Options exercisable at end of period 140,248 $ 43.08 78,226 $ 38.75 31,958 $ 34.72 |
Summarized Information About Stock Options Outstanding | The following table summarizes information about stock options outstanding at December 31, 2015 : Options Outstanding Options Exercisable Range of Exercise Prices Options Weighted Average Remaining Contractual Life (Years) Weighted Average Exercise Price Options Weighted Average Exercise Price $30.91 - $46.99 225,721 6.9 $ 40.40 125,721 $ 39.79 47.00 - 61.99 102,417 6.1 51.84 — — 62.00 - 70.99 100,000 8.2 70.42 — — 71.00 - 79.33 142,599 7.0 77.01 14,527 71.56 $30.91 - $79.33 570,737 7.0 $ 56.86 140,248 $ 43.08 |
RSU Awards [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary Of RSUs Granted To Employees And Non-Employee Directors | A summary of the status of all RSU Awards granted to employees and non-employee directors as of December 31, 2015 , 2014 , and 2013 and changes during the year are presented in the table below (RSUs in thousands): December 31, 2015 2014 2013 RSUs Weighted Average Price RSUs Weighted Average Price RSUs Weighted Average Price RSU Awards outstanding at beginning of period 115,949 $ 52.97 176,084 $ 44.39 187,667 $ 33.34 Granted 62,322 51.53 38,899 72.11 154,235 47.50 Settled (56,865 ) 48.34 (58,117 ) 45.51 (91,001 ) 32.21 Canceled (19,088 ) 55.08 (40,917 ) 44.86 (74,817 ) 37.85 Added by Performance Factor 6,963 32.76 — — — — RSU Awards outstanding at end of period 109,281 $ 52.90 115,949 $ 52.97 176,084 $ 44.39 RSU Awards exercisable at end of period 1,200 $ 59.29 250 $ 42.12 — $ — |
Summarized Information About RSUs Outstanding | The following table summarizes information about RSU Awards outstanding at December 31, 2015 : RSU Awards Outstanding Range of Exercise Prices RSUs Weighted Average Remaining Contractual Life (Years) Weighted Average Exercise Price $41.00 - $50.99 35,573 0.6 $ 42.17 51.00 - 64.99 52,520 1.8 52.23 65.00 - 79.33 21,188 1.2 72.56 $41.00 - $79.33 109,281 1.3 $ 52.90 |
RSU MSPs [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary Of RSUs Granted To Employees And Non-Employee Directors | A summary of the status of all RSU MSPs granted to employees and non-employee directors as of December 31, 2015 , 2014 , and 2013 and changes during the year are presented in the table below: December 31, 2015 2014 2013 RSUs Weighted Average Exercise Price RSUs Weighted Average Exercise Price RSUs Weighted Average Exercise Price RSU MSPs outstanding at beginning of period 69,293 $ 35.81 62,896 $ 25.67 76,106 $ 22.91 Granted 38,965 34.73 32,752 47.95 28,463 28.22 Settled (22,403 ) 27.87 (23,258 ) 25.94 (28,256 ) 21.09 Canceled (7,123 ) 36.65 (3,097 ) 32.35 (13,417 ) 25.05 RSU MSPs outstanding at end of period 78,732 $ 37.46 69,293 $ 35.81 62,896 $ 25.67 |
Summarized Information About RSUs Outstanding | The following table summarizes information about RSU MSPs outstanding at December 31, 2015 : RSU MSPs Outstanding Range of Exercise Prices RSUs Weighted Average Remaining Contractual Life (Years) Weighted Average Exercise Price $28.00 - 33.99 17,349 0.2 $ 28.22 34.00 - 45.99 36,588 2.1 34.73 46.00 - 47.95 24,795 1.2 47.95 $28.00 - $47.95 78,732 1.4 $ 37.46 |
Chief Executive Officer [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of Share-based Compensation Arrangement by Share-based Payment Award, Performance-Based Units, Vested and Expected to Vest [Table Text Block] | 2013 CEO Option Award Stock Price Target Cumulative Vested Portion of Stock Options (in Shares) $50.00 50,000 $60.00 100,000 $70.00 150,000 $80.00 200,000 |
Chief Financial Officer [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of Share-based Compensation Arrangement by Share-based Payment Award, Performance-Based Units, Vested and Expected to Vest [Table Text Block] | 2013 CFO and 2014 CEO Option Awards Stock Price Target Cumulative Vested Portion of Stock Options (in Shares) $87.50 25,000 $100.00 50,000 $112.50 75,000 $125.00 100,000 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
General Discussion of Pension and Other Postretirement Benefits [Abstract] | |
Components Of Net Benefit Expense | The components of net periodic (benefit) expense for the pension benefit plans are as follows (in thousands): Year Ended December 31, 2015 2014 2013 Pension components of net benefit expense: Interest cost on benefits obligation $ 2,193 $ 2,181 $ 1,963 Expected return on assets (2,655 ) (2,788 ) (2,366 ) Net pension costs (income) (462 ) (607 ) (403 ) Net loss amortization 843 506 765 Net periodic cost (benefit) of defined benefit pension plans $ 381 $ (101 ) $ 362 The components of net periodic (benefit) expense for the employee benefit plan is as follows (in thousands): Year Ended December 31, 2015 2014 2013 Cost of 401(k) plan Company contributions $ 2,886 $ 3,269 $ 4,465 |
Weighted Average Assumptions Used In Determining Net Periodic Benefit Cost And Benefit Obligations | The weighted average assumptions used in determining the net periodic benefit cost and benefit obligations and net benefit cost for the pension plans are shown below: Year Ended December 31, 2015 2014 2013 Net periodic benefit cost: Discount rate – qualified plan 3.82 % 4.70 % 3.85 % Discount rate – nonqualified plan 3.59 % 4.30 % 3.35 % Expected return on plan assets 7.25 % 7.25 % 7.00 % Rate of compensation increase N/A N/A N/A Benefit obligations: Discount rate – qualified plan 3.82 % 4.70 % 3.85 % Discount rate – nonqualified plan 3.59 % 4.30 % 3.35 % Rate of compensation increase – nonqualified plan N/A N/A N/A Rate of compensation increase – qualified plan N/A N/A N/A |
Schedule of Defined Benefit Plans Disclosures | The funded status of the defined benefit plans and amounts recognized in the balance sheets, measured as of December 31, 2015 and December 31, 2014 are as follows (in thousands): December 31, 2015 2014 Change in projected benefit obligation: Balance at beginning of year $ 58,819 $ 47,814 Service cost — — Interest cost 2,193 2,181 Actuarial loss (gain) (2,077 ) 10,734 Benefits paid (1,996 ) (1,910 ) Balance at end of year $ 56,939 $ 58,819 Change in fair value of plan assets: Balance at beginning of year $ 39,826 $ 38,300 Actual return on assets (457 ) 1,440 Benefits paid (1,996 ) (1,910 ) Employer contributions 1,996 1,995 Fair value of plan assets at end of year $ 39,369 $ 39,826 Funded status: Excess of projected benefit obligation over the fair value of plan assets $ (17,570 ) $ (18,993 ) Pension plan accumulated benefit obligation (“ABO”) $ 51,395 $ 52,890 Supplemental pension plan ABO 5,544 5,928 Aggregate ABO $ 56,939 $ 58,818 The following information is presented as of December 31, 2015 and 2014 (in thousands): 2015 2014 Funded status, end of year: Fair value of plan assets $ 39,369 $ 39,826 Benefit obligations (56,939 ) (58,819 ) Net pension liability $ (17,570 ) $ (18,993 ) Pension liability recognized in the balance sheet consists of: Noncurrent liability (17,570 ) (18,993 ) Amounts recognized in accumulated other comprehensive income consist of: Net losses $ 29,263 $ 28,834 Estimated pension expense to be recognized in other comprehensive income (loss) in 2016 and 2015 consists of: Amortization of net losses 905 843 |
Change In Projected Benefit Obligation | December 31, 2015 2014 Change in projected benefit obligation: Balance at beginning of year $ 58,819 $ 47,814 Service cost — — Interest cost 2,193 2,181 Actuarial loss (2,077 ) 10,734 Benefits paid (1,996 ) (1,910 ) Administrative expenses Balance at end of year $ 56,939 $ 58,819 |
Change In Fair Value Of Plan Assets | Change in fair value of plan assets: Balance at beginning of year $ 39,826 $ 38,300 Actual return on assets (457 ) 1,440 Benefits paid (1,996 ) (1,910 ) Administrative expenses Employer contributions 1,996 1,995 Fair value of plan assets at end of year $ 39,369 $ 39,826 |
Funded Status | Funded status: Excess of projected benefit obligation over the fair value of plan assets $ (17,570 ) $ (18,993 ) Pension plan accumulated benefit obligation (“ABO”) $ 51,395 $ 52,890 Supplemental pension plan ABO 5,544 5,928 Aggregate ABO $ 56,939 $ 58,818 |
Funded Status, End Of Year | 2015 2014 Funded status, end of year: Fair value of plan assets $ 39,369 $ 39,826 Benefit obligations (56,939 ) (58,819 ) Net Pension Liability $ (17,570 ) $ (18,993 ) |
Pension Liability Recognized In The Balance Sheet | Pension Liability recognized in the balance sheet consists of: Noncurrent asset $ 0 $ 0 Noncurrent liability (17,570 ) (18,993 ) Total (17,570 ) (18,993 ) |
Amounts Recognized In Accumulated Other Comprehensive Income | Amounts recognized in accumulated other comprehensive income consist of: Net losses $ 29,263 $ 28,834 Prior service cost 0 0 Total 29,263 28,834 |
Estimated Pension Expense To Be Recognized In Other Comprehensive Income In The Next Year | Estimated pension expense to be recognized in other comprehensive income in 2015 consists of: Amortization of net losses 905 Prior service cost 0 Total $ 905 |
Expected Benefit Payments | 2016 2017 2018 2019 2020 2021-2025 Expected benefit payments $ 2,359 $ 2,147 $ 2,588 $ 2,729 $ 2,882 $ 16,296 |
Fair Values Of Pension Plan Assets | December 31, 2015 December 31, 2014 Level 1 Level 1 Cash Equivalents: Money Market Funds $ 197 $ 1,717 Mutual Funds: Bond Funds 10,928 10,576 Large Cap Funds 14,369 13,947 International Funds 5,994 7,785 Small Cap Funds 2,489 2,475 Blended Funds 1,998 — Mid Cap Funds 3,394 3,326 Total Fair Value $ 39,369 $ 39,826 |
Contingencies, Commitments An39
Contingencies, Commitments And Guarantees (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2015 (in thousands): Term Remaining Maximum Potential Future Payments 0–12 months $ 31,956 Greater than 12 months 24,777 Total $ 56,733 |
Minimum Rental Commitments | Minimum rental commitments due under non-cancelable operating leases, primarily for office and warehouse facilities were as follows at December 31, 2015 (in thousands): 2016 2017 2018 2019 2020 Thereafter Minimum lease commitments $ 5,824 $ 4,900 $ 3,631 $ 3,212 $ 2,397 $ 8,889 |
Guarantees And Indemnificatio40
Guarantees And Indemnification Obligations (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Guarantees And Indemnification Obligations [Abstract] | |
Product Warranty Reserves | The following table sets forth information related to our product warranty reserves for the years ended December 31, 2015 and 2014 (in thousands): December 31, 2015 2014 Balance beginning December 31, 2014 $ 4,213 $ 4,194 Provisions 3,539 3,370 Claims settled (3,714 ) (3,067 ) Acquired Reserves/Other 718 — Currency translation adjustment (205 ) (284 ) Balance ending December 31, 2015 $ 4,551 $ 4,213 |
Fair Value (Tables)
Fair Value (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Schedule Of Forward Contracts With Contract Values | As of December 31, 2015 , we had thirteen forward contracts with amounts as follows (in thousands): Currency Number Contract Amount U.S. Dollar/Euro 10 30,074,494 U.S. Dollars Brazilian Real/Euro 3 — Brazilian Reals |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Reportable Segment Information | The following table presents certain reportable segment information (in thousands): Energy Aerospace & Defense Corporate/ Eliminations Consolidated Total Year Ended December 31, 2015 Net revenues $ 502,133 $ 154,134 $ — $ 656,267 Inter-segment revenues 864 222 (1,086 ) 0 Operating income (loss) 37,961 11,117 (22,904 ) 26,174 Interest income (270 ) Interest expense 3,114 Other expense, net 902 Income before income taxes 22,428 Identifiable assets 769,847 185,147 (285,079 ) 669,915 Capital expenditures 9,411 3,089 814 13,314 Depreciation and amortization 16,753 5,973 1,209 23,935 Year Ended December 31, 2014 Net revenues 653,257 188,189 — 841,446 Inter-segment revenues 1,119 215 (1,334 ) 0 Operating income (loss) 85,316 3,473 (24,032 ) 64,757 Interest income (436 ) Interest expense 3,088 Other (income), net (1,156 ) Income before income taxes 63,261 Identifiable assets 636,669 205,955 (117,902 ) 724,722 Capital expenditures 9,089 2,479 1,241 12,810 Depreciation and amortization 11,545 6,907 1,109 19,561 Year Ended December 31, 2013 Net revenues $ 660,969 $ 196,839 $ — $ 857,808 Inter-segment revenues 878 109 (987 ) 0 Operating income (loss) 90,786 6,177 (27,790 ) 69,173 Interest income (264 ) Interest expense 3,425 Other expense, net 1,975 Income before income taxes 64,037 Identifiable assets 574,967 217,281 (65,599 ) 726,649 Capital expenditures 10,249 5,773 1,306 17,328 Depreciation and amortization 11,346 6,360 1,367 19,073 |
Net Revenues By Geographic Area | Year Ended December 31, Net revenues by geographic area (in thousands) 2015 2014 2013 United States $ 259,068 $ 379,527 $ 405,561 United Kingdom 36,005 58,479 59,547 France 34,838 40,755 39,881 Germany 26,889 30,672 31,070 Rest of Europe 24,508 31,836 61,342 Australia 12,174 23,198 8,597 Norway 43,502 50,634 11,943 Canada 46,575 41,054 39,016 China 38,414 42,023 15,533 Rest of Asia-Pacific 36,247 50,084 40,892 Brazil 7,214 20,713 14,568 Other 90,833 72,471 129,858 $ 656,267 $ 841,446 $ 857,808 |
Long-Lived Assets By Geographic Area | December 31, Long-lived assets by geographic area (in thousands) 2015 2014 United States $ 38,199 $ 38,921 United Kingdom 11,234 12,635 Germany 10,410 8,908 China 6,360 7,714 Italy 6,290 7,295 France 5,823 6,760 India 4,235 4,847 Netherlands 2,163 2,519 Other 2,315 6,613 Total long-lived assets $ 87,029 $ 96,212 |
Quarterly Financial Informati43
Quarterly Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information [Text Block] | Quarterly Financial Information (Unaudited, in thousands, except per share information) The Company has revised its previously-issued financial statements to correct errors identified related to its accounting for Brazil operations for the fiscal quarter ended April 5, 2015. None of the errors were considered material to the period impacted. Summary Quarterly Data — Unaudited First Quarter as Revised (1) Second Quarter Third Quarter Fourth Quarter Year Ended December 31, 2015 Net revenues 165,860 $ 166,906 $ 159,258 $ 164,243 Gross profit 52,649 50,794 45,393 50,496 Net income (loss) 8,912 1,872 (8,078 ) 7,156 Earnings (loss) per common share: Basic $ 0.50 $ 0.11 $ (0.49 ) $ 0.44 Diluted 0.50 0.11 (0.49 ) 0.43 Dividends per common share 0.0375 0.0375 0.0375 0.0375 Stock Price range: High $ 60.13 $ 58.70 $ 50.93 $ 46.80 Low 49.21 52.87 39.99 39.63 Year Ended December 31, 2014 Net revenues $ 211,186 $ 207,884 $ 203,818 $ 218,558 Gross profit 64,638 59,700 62,217 70,465 Net income 14,632 11,926 14,675 9,155 Earnings per common share: — Basic $ 0.83 $ 0.68 $ 0.83 $ 0.52 Diluted 0.82 0.67 0.83 0.51 Dividends per common share 0.0375 0.0375 0.0375 0.0375 Stock Price range: High $ 80.65 $ 82.09 $ 77.73 $ 75.15 Low 69.63 69.92 64.94 56.02 (1) Includes correcting adjustments related to the quarter ended April 5, 2015 previously disclosed in Form 10-Q/A filed on November 11, 2015 for the quarter ended July 5, 2015 of Net Income ($0.7 million), Basic EPS ($0.05 per share) and Diluted EPS ($0.04 per share). |
Schedule Of Quarterly Financial Information | First Quarter as Revised (1) Second Quarter Third Quarter Fourth Quarter Year Ended December 31, 2015 Net revenues 165,860 $ 166,906 $ 159,258 $ 164,243 Gross profit 52,649 50,794 45,393 50,496 Net income (loss) 8,912 1,872 (8,078 ) 7,156 Earnings (loss) per common share: Basic $ 0.50 $ 0.11 $ (0.49 ) $ 0.44 Diluted 0.50 0.11 (0.49 ) 0.43 Dividends per common share 0.0375 0.0375 0.0375 0.0375 Stock Price range: High $ 60.13 $ 58.70 $ 50.93 $ 46.80 Low 49.21 52.87 39.99 39.63 Year Ended December 31, 2014 Net revenues $ 211,186 $ 207,884 $ 203,818 $ 218,558 Gross profit 64,638 59,700 62,217 70,465 Net income 14,632 11,926 14,675 9,155 Earnings per common share: — Basic $ 0.83 $ 0.68 $ 0.83 $ 0.52 Diluted 0.82 0.67 0.83 0.51 Dividends per common share 0.0375 0.0375 0.0375 0.0375 Stock Price range: High $ 80.65 $ 82.09 $ 77.73 $ 75.15 Low 69.63 69.92 64.94 56.02 (1) Includes correcting adjustments related to the quarter ended April 5, 2015 previously disclosed in Form 10-Q/A filed on November 11, 2015 for the quarter ended July 5, 2015 of Net Income ($0.7 million), Basic EPS ($0.05 per share) and Diluted EPS ($0.04 per share). |
Description Of Business (Detail
Description Of Business (Details) | Dec. 31, 2015manufacturing_facility |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of manufacturing facilities | 18 |
Number of business segments | 2 |
Summary Of Significant Accoun45
Summary Of Significant Accounting Policies (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2015 | Oct. 04, 2015 | Jul. 05, 2015 | Sep. 28, 2014 | Jun. 29, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Summary Of Significant Accounting Policies [Line Items] | |||||||||
Capital Expenditures Incurred but Not yet Paid | $ 1,800 | ||||||||
Inventories | $ 177,840 | 177,840 | $ 183,434 | ||||||
Inventory allowances | 28,000 | 28,000 | 27,000 | ||||||
Provision for inventory obsolescence allowance | 5,200 | 5,000 | $ 5,100 | ||||||
Total restructuring charges | 4,634 | ||||||||
Accrual of late shipment penalties | 6,000 | 6,000 | 7,100 | ||||||
Goodwill | $ 115,452 | 115,452 | 72,430 | 75,876 | |||||
Foreign exchange losses | $ 800 | $ (1,100) | $ 1,800 | ||||||
Anti-dilutive options and RSUs, shares | 23,390 | ||||||||
Range of exercise prices, lower range limit | $ 41.17 | $ 64.94 | $ 75.04 | ||||||
Range of exercise prices, upper range limit | $ 79.33 | $ 79.33 | $ 79.33 | ||||||
Research and development expenditures | $ 5,900 | $ 7,800 | $ 6,500 | ||||||
Outstanding | 188,013 | 188,013 | |||||||
Stock Price for consecutive trading days (in days) | 60 days | ||||||||
Award vesting, percentage | 25.00% | ||||||||
Term of forfeiture (in years) | 5 years | ||||||||
Aerospace & Defense [Member] | |||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||
Total restructuring charges | $ 1,588 | ||||||||
Energy Segment [Member] | |||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||
Total restructuring charges | 3,046 | ||||||||
Goodwill | $ 93,175 | $ 93,175 | 49,995 | 52,930 | |||||
Percentage of excess fair value over the book value of goodwill | 140.00% | 140.00% | |||||||
Aerospace & Defense [Member] | |||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||
Goodwill | $ 22,277 | $ 22,277 | $ 22,435 | $ 22,946 | |||||
Percentage of excess fair value over the book value of goodwill | 118.00% | 118.00% | |||||||
Change in projected cash flow that could trigger goodwill impairment | 10.00% | ||||||||
Stock-Options [Member] | |||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||
Anti-dilutive options and RSUs, shares | 297,915 | ||||||||
Restricted Stock Units (RSUs) [Member] | |||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||
Anti-dilutive options and RSUs, shares | 129,329 | ||||||||
Outstanding | 109,281 | 109,281 | 115,949 | 176,084 | 187,667 | ||||
Inventory Related Charges [Member] | |||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||
Total restructuring charges | $ 500 | $ 6,400 | |||||||
Inventory Related Charges [Member] | Aerospace & Defense [Member] | |||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||
Inventories | $ 1,400 | $ 1,400 | |||||||
Total restructuring charges | 500 | $ 2,000 | $ 2,900 | $ 5,100 | $ 400 | ||||
Inventory Related Charges [Member] | Energy Segment [Member] | |||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||
Total restructuring charges | $ 200 | $ 300 | |||||||
Vesting Year 1 [Member] | |||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||
Award vesting, percentage | 50.00% | ||||||||
Vesting Year 2 [Member] | |||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||
Award vesting, percentage | 100.00% |
Summary Of Significant Accoun46
Summary Of Significant Accounting Policies (Property, Plant and Equipment) (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2015 | |
Minimum [Member] | Building And Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of assets | 3 years |
Minimum [Member] | Manufacturing Machinery [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of assets | 3 years |
Minimum [Member] | Motor Vehicles [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of assets | 2 years |
Maximum [Member] | Building And Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of assets | 40 years |
Maximum [Member] | Manufacturing Machinery [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of assets | 10 years |
Maximum [Member] | Motor Vehicles [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of assets | 6 years |
Summary Of Significant Accoun47
Summary Of Significant Accounting Policies (Reconciliation Of Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Oct. 04, 2015 | Jul. 05, 2015 | Apr. 05, 2015 | Dec. 31, 2014 | Sep. 28, 2014 | Jun. 29, 2014 | Mar. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Accounting Policies [Abstract] | |||||||||||
Basic EPS, Net Income | $ 7,156 | $ (8,078) | $ 1,872 | $ 8,912 | $ 9,155 | $ 14,675 | $ 11,926 | $ 14,632 | $ 9,863 | $ 50,386 | $ 47,121 |
Dilutive securities, principally common stock options, Net Income | |||||||||||
Diluted EPS, Net Income | $ 9,863 | $ 50,386 | $ 47,121 | ||||||||
Basic EPS, Shares | 16,850 | 17,660 | 17,564 | ||||||||
Dilutive securities, principally common stock options, Shares | 63 | 108 | 65 | ||||||||
Diluted EPS, Shares | 16,913 | 17,768 | 17,629 | ||||||||
Basic EPS, Per Share Amount | $ 0.44 | $ (0.49) | $ 0.11 | $ 0.50 | $ 0.52 | $ 0.83 | $ 0.68 | $ 0.83 | $ 0.59 | $ 2.85 | $ 2.68 |
Dilutive securities, principally common stock options, Per Share Amount | (0.01) | (0.01) | (0.01) | ||||||||
Diluted EPS, Per Share Amount | $ 0.43 | $ (0.49) | $ 0.11 | $ 0.50 | $ 0.51 | $ 0.83 | $ 0.67 | $ 0.82 | $ 0.58 | $ 2.84 | $ 2.67 |
Business Acquisitions And Div48
Business Acquisitions And Divestitures (Narrative) (Details) - USD ($) $ in Thousands | Apr. 15, 2015 | Dec. 31, 2015 | Oct. 04, 2015 | Jul. 05, 2015 | Apr. 05, 2015 | Dec. 31, 2014 | Sep. 28, 2014 | Jun. 29, 2014 | Mar. 30, 2014 | Jul. 05, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 79,983 | $ 0 | $ 0 | ||||||||||
(Gain) loss on sale of businesses | (1,044) | 3,413 | 0 | ||||||||||
Special charges | 14,354 | 12,737 | 8,602 | ||||||||||
Long-term Line of Credit | $ 90,500 | $ 5,000 | 90,500 | 5,000 | |||||||||
Total restructuring charges | 4,634 | ||||||||||||
Revenues | 0 | 0 | 0 | ||||||||||
Net income | 7,156 | $ (8,078) | $ 1,872 | $ 8,912 | 9,155 | $ 14,675 | $ 11,926 | $ 14,632 | 9,863 | 50,386 | 47,121 | ||
Energy [Member] | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Special charges | 12,613 | 2,240 | |||||||||||
Total restructuring charges | 3,046 | ||||||||||||
Revenues | 864 | 1,119 | $ 878 | ||||||||||
Energy [Member] | Sagebrush [Member] | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
(Gain) loss on sale of businesses | 3,400 | ||||||||||||
Special charges | 3,000 | ||||||||||||
Goodwill impairment | 400 | ||||||||||||
Aerospace & Defense [Member] | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Total restructuring charges | 1,588 | ||||||||||||
Aerospace & Defense [Member] | Cambridge [Member] | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
(Gain) loss on sale of businesses | 700 | ||||||||||||
Special charges | 400 | ||||||||||||
Goodwill impairment | 300 | ||||||||||||
Net assets of divestiture | 3,200 | 3,200 | |||||||||||
Net liabilities of divestiture | 1,800 | 1,800 | |||||||||||
Schroedahl [Member] | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Finite-lived Intangible Assets Acquired | $ 32,829 | ||||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | 79,700 | ||||||||||||
Business Combination, Acquired Receivables, Fair Value | 4,300 | ||||||||||||
Business Combination, Acquisition Related Costs | $ 1,000 | ||||||||||||
Revenues | 21,100 | ||||||||||||
Net income | $ 1,200 | ||||||||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Deferred tax Liabilities | $ 3,000 | ||||||||||||
Line of Credit [Member] | Schroedahl [Member] | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Long-term Line of Credit | 23,800 | ||||||||||||
Trade Names [Member] | Schroedahl [Member] | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Indefinite-lived Intangible Assets Acquired | 4,391 | ||||||||||||
Technology-Based Intangible Assets [Member] | Schroedahl [Member] | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Finite-lived Intangible Assets Acquired | $ 2,260 | ||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 10 years | ||||||||||||
Customer Relationships [Member] | Schroedahl [Member] | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Finite-lived Intangible Assets Acquired | $ 22,185 | ||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 7 years | ||||||||||||
Backlog [Member] | Schroedahl [Member] | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Finite-lived Intangible Assets Acquired | $ 3,993 | ||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 1 year | ||||||||||||
2014 Announced Restructuring Plan [Member] | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Special charges | 12,737 | ||||||||||||
2014 Announced Restructuring Plan [Member] | Energy [Member] | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Special charges | 11,375 | ||||||||||||
2014 Announced Restructuring Plan [Member] | Divestiture [Member] | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Total restructuring charges | $ 1,000 | $ 3,400 | 3,413 | ||||||||||
2014 Announced Restructuring Plan [Member] | Divestiture [Member] | Energy [Member] | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Total restructuring charges | $ 2,983 |
Business Acquisitions And Div49
Business Acquisitions And Divestitures (Assets Acquired and Liabilities Assumed) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Apr. 15, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Business Acquisition [Line Items] | ||||
Goodwill | $ 115,452 | $ 72,430 | $ 75,876 | |
Schroedahl [Member] | ||||
Business Acquisition [Line Items] | ||||
Cash and cash equivalents | $ 36,316 | |||
Other current assets | 11,797 | |||
Property, plant and equipment | 1,999 | |||
Intangibles | 32,829 | |||
Current liabilities | (5,529) | |||
Deferred income tax liability | (7,281) | |||
Other non-current liabilities | (642) | |||
Total identifiable net assets | 69,489 | |||
Goodwill | 46,564 | |||
Total purchase price | $ 116,053 |
Business Acquisitions And Div50
Business Acquisitions And Divestitures (Intangible Assets Acquired as Part of Business Combination) (Details) - Schroedahl [Member] $ in Thousands | Apr. 15, 2015USD ($) |
Business Acquisition [Line Items] | |
Finite-lived Intangible Assets Acquired | $ 32,829 |
Total intangible assets | 32,829 |
Trade Names [Member] | |
Business Acquisition [Line Items] | |
Indefinite-lived Intangible Assets Acquired | 4,391 |
Customer Relationships [Member] | |
Business Acquisition [Line Items] | |
Finite-lived Intangible Assets Acquired | $ 22,185 |
Weighted average amortization period (in years) | 7 years |
Order or Production Backlog [Member] | |
Business Acquisition [Line Items] | |
Finite-lived Intangible Assets Acquired | $ 3,993 |
Weighted average amortization period (in years) | 1 year |
Technology-Based Intangible Assets [Member] | |
Business Acquisition [Line Items] | |
Finite-lived Intangible Assets Acquired | $ 2,260 |
Weighted average amortization period (in years) | 10 years |
Special Charges (Details)
Special Charges (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Apr. 05, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Restructuring Cost and Reserve [Line Items] | |||||
Total restructuring charges | $ 4,634 | ||||
Special charges | 14,354 | $ 12,737 | $ 8,602 | ||
Restructuring Reserve [Roll Forward] | |||||
Restructuring Reserve | $ 9,133 | 9,133 | 4,180 | 800 | |
Special charges paid | (18,823) | (5,222) | |||
Restructuring Reserve | $ 9,133 | 4,664 | 9,133 | 4,180 | |
Energy Segment [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Total restructuring charges | 3,046 | ||||
Special charges | 12,613 | 2,240 | |||
Settlement | 200 | ||||
Aerospace [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Special charges | 546 | 5,219 | |||
Corporate [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Special charges | 1,195 | 1,144 | |||
Aerospace & Defense [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Total restructuring charges | 1,588 | ||||
Facility-related expenses [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Total restructuring charges | 5,365 | ||||
Facility-related expenses [Member] | Energy Segment [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Total restructuring charges | 2,432 | ||||
Facility-related expenses [Member] | Aerospace [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Total restructuring charges | 2,933 | ||||
Employee-related expenses [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Total restructuring charges | 5,245 | ||||
Employee-related expenses [Member] | Energy Segment [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Total restructuring charges | 2,959 | ||||
Settlement | 3,151 | ||||
Employee-related expenses [Member] | Aerospace [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Total restructuring charges | 2,286 | ||||
Repositioning [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Total restructuring charges | 10,610 | ||||
Repositioning [Member] | Energy Segment [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Total restructuring charges | 5,391 | ||||
Repositioning [Member] | Aerospace [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Total restructuring charges | 5,219 | ||||
CFO Retirement [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Special charges | 1,144 | ||||
CFO Retirement [Member] | Corporate [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Special charges | 1,144 | ||||
CEO Separation [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Settlement | (3,151) | ||||
2014 Announced Restructuring Plan [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Special charges | 12,737 | ||||
Settlement | 210 | ||||
Restructuring Reserve [Roll Forward] | |||||
Restructuring Reserve | 9,133 | 9,133 | 4,180 | ||
Special charges paid | (7,784) | ||||
Restructuring Reserve | 9,133 | 9,133 | $ 4,180 | ||
2014 Announced Restructuring Plan [Member] | Energy Segment [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Special charges | 11,375 | ||||
Settlement | 210 | ||||
2014 Announced Restructuring Plan [Member] | Aerospace [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Special charges | 746 | ||||
2014 Announced Restructuring Plan [Member] | Corporate [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Special charges | 617 | ||||
2014 Announced Restructuring Plan [Member] | Facility-related expenses [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Total restructuring charges | 699 | ||||
2014 Announced Restructuring Plan [Member] | Facility-related expenses [Member] | Energy Segment [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Total restructuring charges | 447 | ||||
2014 Announced Restructuring Plan [Member] | Facility-related expenses [Member] | Aerospace [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Total restructuring charges | 252 | ||||
2014 Announced Restructuring Plan [Member] | Facility-related expenses [Member] | Corporate [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Total restructuring charges | 0 | ||||
2014 Announced Restructuring Plan [Member] | Employee-related expenses [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Total restructuring charges | 4,547 | ||||
Settlement | 2,243 | ||||
2014 Announced Restructuring Plan [Member] | Employee-related expenses [Member] | Energy Segment [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Total restructuring charges | 1,923 | ||||
2014 Announced Restructuring Plan [Member] | Employee-related expenses [Member] | Aerospace [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Total restructuring charges | 2,307 | ||||
Settlement | 2,243 | ||||
2014 Announced Restructuring Plan [Member] | Employee-related expenses [Member] | Corporate [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Total restructuring charges | 317 | ||||
2014 Announced Restructuring Plan [Member] | Repositioning [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Total restructuring charges | 5,246 | ||||
2014 Announced Restructuring Plan [Member] | Repositioning [Member] | Energy Segment [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Total restructuring charges | 2,370 | ||||
2014 Announced Restructuring Plan [Member] | Repositioning [Member] | Aerospace [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Total restructuring charges | 2,559 | ||||
2014 Announced Restructuring Plan [Member] | Repositioning [Member] | Corporate [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Total restructuring charges | 317 | ||||
2014 Announced Restructuring Plan [Member] | CFO Retirement [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Special charges | 300 | ||||
2014 Announced Restructuring Plan [Member] | CFO Retirement [Member] | Corporate [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Special charges | 300 | ||||
2014 Announced Restructuring Plan [Member] | Customer Related Settlement [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Settlement | 6,200 | (6,232) | |||
2014 Announced Restructuring Plan [Member] | Customer Related Settlement [Member] | Energy Segment [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Settlement | (6,232) | ||||
Acquisitions [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Total restructuring charges | 919 | ||||
Acquisitions [Member] | Energy Segment [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Total restructuring charges | 919 | ||||
Acquisitions [Member] | Aerospace [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Total restructuring charges | 0 | ||||
Facility-related expenses [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Recoveries of Restructuring Charges | (119) | ||||
Brazil closure | 9,425 | ||||
Total special charges | 420 | ||||
Facility-related expenses [Member] | Energy Segment [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Recoveries of Restructuring Charges | (376) | ||||
Brazil closure | 8,650 | ||||
Total special charges | 0 | ||||
Facility-related expenses [Member] | Corporate [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Brazil closure | 775 | ||||
Total special charges | 420 | ||||
Facility-related expenses [Member] | Aerospace & Defense [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Recoveries of Restructuring Charges | 257 | ||||
Employee-related expenses [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Total restructuring charges | 4,753 | ||||
Employee-related expenses [Member] | Energy Segment [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Total restructuring charges | 3,422 | ||||
Employee-related expenses [Member] | Aerospace & Defense [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Total restructuring charges | 1,331 | ||||
Divestitures [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Recoveries of Restructuring Charges | (1,044) | ||||
Divestitures [Member] | Energy Segment [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Recoveries of Restructuring Charges | (2) | ||||
Divestitures [Member] | Aerospace [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Recoveries of Restructuring Charges | (1,042) | ||||
Divestitures [Member] | Corporate [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Recoveries of Restructuring Charges | $ 0 | ||||
Divestitures [Member] | 2014 Announced Restructuring Plan [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Total restructuring charges | $ 1,000 | $ 3,400 | 3,413 | ||
Divestitures [Member] | 2014 Announced Restructuring Plan [Member] | Energy Segment [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Total restructuring charges | 2,983 | ||||
Divestitures [Member] | 2014 Announced Restructuring Plan [Member] | Aerospace [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Total restructuring charges | $ 430 |
Special Charges Announced Restr
Special Charges Announced Restructuring Action Special Charges (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Restructuring Cost and Reserve [Line Items] | ||||
Special charges | $ 14,354,000 | $ 12,737,000 | $ 8,602,000 | |
2015 Announced Restructuring Plan [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Cost Incurred to Date | (4,040,000) | |||
2014 Announced Restructuring Plan [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Special charges | 12,737,000 | |||
August 1, 2013 Announced Restructuring Plan [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Cost Incurred to Date | (7,054,000) | (4,767,000) | $ (7,177,000) | |
Energy Segment [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Special charges | 12,613,000 | 2,240,000 | ||
Energy Segment [Member] | 2015 Announced Restructuring Plan [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Cost Incurred to Date | (3,043,000) | |||
Energy Segment [Member] | 2014 Announced Restructuring Plan [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Special charges | 11,375,000 | |||
Energy Segment [Member] | August 1, 2013 Announced Restructuring Plan [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Cost Incurred to Date | (5,062,000) | (1,399,000) | (3,355,000) | |
Aerospace [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Special charges | 546,000 | 5,219,000 | ||
Aerospace [Member] | 2015 Announced Restructuring Plan [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Cost Incurred to Date | (997,000) | |||
Aerospace [Member] | 2014 Announced Restructuring Plan [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Special charges | 746,000 | |||
Aerospace [Member] | August 1, 2013 Announced Restructuring Plan [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Cost Incurred to Date | (1,992,000) | (3,051,000) | (3,822,000) | |
Corporate [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Special charges | 1,195,000 | $ 1,144,000 | ||
Corporate [Member] | 2015 Announced Restructuring Plan [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Cost Incurred to Date | 0 | |||
Corporate [Member] | 2014 Announced Restructuring Plan [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Special charges | 617,000 | |||
Corporate [Member] | August 1, 2013 Announced Restructuring Plan [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Cost Incurred to Date | 0 | (317,000) | 0 | |
Facility Closing [Member] | 2015 Announced Restructuring Plan [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Cost Incurred to Date | (125,000) | |||
Facility Closing [Member] | August 1, 2013 Announced Restructuring Plan [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Cost Incurred to Date | (2,590,000) | (31,000) | (5,124,000) | |
Employee Severance [Member] | 2015 Announced Restructuring Plan [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Cost Incurred to Date | (4,165,000) | |||
Employee Severance [Member] | August 1, 2013 Announced Restructuring Plan [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Cost Incurred to Date | (4,464,000) | (4,736,000) | (2,053,000) | |
Facility Closing [Member] | Energy Segment [Member] | 2015 Announced Restructuring Plan [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Cost Incurred to Date | (382,000) | |||
Facility Closing [Member] | Energy Segment [Member] | August 1, 2013 Announced Restructuring Plan [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Cost Incurred to Date | (2,117,000) | 64,000 | (2,270,000) | |
Facility Closing [Member] | Aerospace [Member] | 2015 Announced Restructuring Plan [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Cost Incurred to Date | (257,000) | |||
Facility Closing [Member] | Aerospace [Member] | August 1, 2013 Announced Restructuring Plan [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Cost Incurred to Date | (473,000) | (95,000) | (2,854,000) | |
Facility Closing [Member] | Corporate [Member] | 2015 Announced Restructuring Plan [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Cost Incurred to Date | 0 | |||
Facility Closing [Member] | Corporate [Member] | August 1, 2013 Announced Restructuring Plan [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Cost Incurred to Date | 0 | 0 | 0 | |
Employee Severance [Member] | Energy Segment [Member] | 2015 Announced Restructuring Plan [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Cost Incurred to Date | (3,425,000) | |||
Employee Severance [Member] | Energy Segment [Member] | August 1, 2013 Announced Restructuring Plan [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Cost Incurred to Date | (2,945,000) | (1,463,000) | (1,085,000) | |
Employee Severance [Member] | Aerospace [Member] | 2015 Announced Restructuring Plan [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Cost Incurred to Date | (740,000) | |||
Employee Severance [Member] | Aerospace [Member] | August 1, 2013 Announced Restructuring Plan [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Cost Incurred to Date | (1,519,000) | (2,956,000) | (968,000) | |
Employee Severance [Member] | Corporate [Member] | 2015 Announced Restructuring Plan [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Cost Incurred to Date | 0 | |||
Employee Severance [Member] | Corporate [Member] | August 1, 2013 Announced Restructuring Plan [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Cost Incurred to Date | $ 0 | $ (317,000) | $ 0 |
Special Charges Narrative (Deta
Special Charges Narrative (Details) - USD ($) | Mar. 28, 2014 | Jan. 24, 2014 | Jul. 12, 2013 | Dec. 31, 2015 | Oct. 04, 2015 | Jul. 05, 2015 | Apr. 05, 2015 | Dec. 31, 2014 | Sep. 28, 2014 | Jun. 29, 2014 | Oct. 04, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Effects on Future Earnings and Cash Flows Resulting from Exit Plan [Line Items] | ||||||||||||||
Total restructuring charges | $ 4,634,000 | |||||||||||||
Long-term purchase commitments, adverse consequences | $ 1,600,000 | |||||||||||||
Estimated litigation liability | 500,000 | $ 500,000 | ||||||||||||
Special charges | 14,354,000 | $ 12,737,000 | $ 8,602,000 | |||||||||||
Impairment of intangibles | 0 | |||||||||||||
Gain from settlement on TMW arbitration | $ 2,200,000 | |||||||||||||
Litigation settlement | $ 1,500,000 | $ 6,200,000 | ||||||||||||
Loss Contingency, Loss in Period | $ 300,000 | |||||||||||||
Inventories | 177,840,000 | $ 183,434,000 | 177,840,000 | 183,434,000 | ||||||||||
Aerospace & Defense [Member] | ||||||||||||||
Effects on Future Earnings and Cash Flows Resulting from Exit Plan [Line Items] | ||||||||||||||
Total restructuring charges | 1,588,000 | |||||||||||||
Corporate [Member] | ||||||||||||||
Effects on Future Earnings and Cash Flows Resulting from Exit Plan [Line Items] | ||||||||||||||
Special charges | 1,195,000 | 1,144,000 | ||||||||||||
Cash payment to CFO | $ 420,000 | 1,100,000 | ||||||||||||
Energy Segment [Member] | ||||||||||||||
Effects on Future Earnings and Cash Flows Resulting from Exit Plan [Line Items] | ||||||||||||||
Total restructuring charges | 3,046,000 | |||||||||||||
Special charges | 12,613,000 | 2,240,000 | ||||||||||||
Special gain in connection with revaluing liabilities | 200,000 | |||||||||||||
Aerospace [Member] | ||||||||||||||
Effects on Future Earnings and Cash Flows Resulting from Exit Plan [Line Items] | ||||||||||||||
Special charges | 546,000 | 5,219,000 | ||||||||||||
Repositioning [Member] | ||||||||||||||
Effects on Future Earnings and Cash Flows Resulting from Exit Plan [Line Items] | ||||||||||||||
Total restructuring charges | 10,610,000 | |||||||||||||
Repositioning [Member] | Energy Segment [Member] | ||||||||||||||
Effects on Future Earnings and Cash Flows Resulting from Exit Plan [Line Items] | ||||||||||||||
Total restructuring charges | 5,391,000 | |||||||||||||
Repositioning [Member] | Aerospace [Member] | ||||||||||||||
Effects on Future Earnings and Cash Flows Resulting from Exit Plan [Line Items] | ||||||||||||||
Total restructuring charges | 5,219,000 | |||||||||||||
CEO Separation [Member] | ||||||||||||||
Effects on Future Earnings and Cash Flows Resulting from Exit Plan [Line Items] | ||||||||||||||
Special gain in connection with revaluing liabilities | $ (3,151,000) | |||||||||||||
Facility Closing [Member] | ||||||||||||||
Effects on Future Earnings and Cash Flows Resulting from Exit Plan [Line Items] | ||||||||||||||
Other Nonrecurring Income | $ (3,200,000) | |||||||||||||
Divestitures [Member] | Aerospace & Defense [Member] | ||||||||||||||
Effects on Future Earnings and Cash Flows Resulting from Exit Plan [Line Items] | ||||||||||||||
Other Nonrecurring Income | $ (1,000,000) | |||||||||||||
Inventory Related Charges [Member] | ||||||||||||||
Effects on Future Earnings and Cash Flows Resulting from Exit Plan [Line Items] | ||||||||||||||
Total restructuring charges | 500,000 | 6,400,000 | ||||||||||||
Inventory Related Charges [Member] | Aerospace & Defense [Member] | ||||||||||||||
Effects on Future Earnings and Cash Flows Resulting from Exit Plan [Line Items] | ||||||||||||||
Total restructuring charges | 500,000 | $ 2,000,000 | $ 2,900,000 | $ 5,100,000 | 400,000 | |||||||||
Inventories | 1,400,000 | 1,400,000 | ||||||||||||
Inventory Related Charges [Member] | Energy Segment [Member] | ||||||||||||||
Effects on Future Earnings and Cash Flows Resulting from Exit Plan [Line Items] | ||||||||||||||
Total restructuring charges | 200,000 | 300,000 | ||||||||||||
2014 Announced Restructuring Plan [Member] | ||||||||||||||
Effects on Future Earnings and Cash Flows Resulting from Exit Plan [Line Items] | ||||||||||||||
Special charges | 12,737,000 | |||||||||||||
Special gain in connection with revaluing liabilities | 210,000 | |||||||||||||
2014 Announced Restructuring Plan [Member] | Corporate [Member] | ||||||||||||||
Effects on Future Earnings and Cash Flows Resulting from Exit Plan [Line Items] | ||||||||||||||
Special charges | 617,000 | |||||||||||||
2014 Announced Restructuring Plan [Member] | Energy Segment [Member] | ||||||||||||||
Effects on Future Earnings and Cash Flows Resulting from Exit Plan [Line Items] | ||||||||||||||
Special charges | 11,375,000 | |||||||||||||
Special gain in connection with revaluing liabilities | 210,000 | |||||||||||||
2014 Announced Restructuring Plan [Member] | Aerospace [Member] | ||||||||||||||
Effects on Future Earnings and Cash Flows Resulting from Exit Plan [Line Items] | ||||||||||||||
Special charges | 746,000 | |||||||||||||
2014 Announced Restructuring Plan [Member] | Repositioning [Member] | ||||||||||||||
Effects on Future Earnings and Cash Flows Resulting from Exit Plan [Line Items] | ||||||||||||||
Total restructuring charges | 5,246,000 | |||||||||||||
2014 Announced Restructuring Plan [Member] | Repositioning [Member] | Corporate [Member] | ||||||||||||||
Effects on Future Earnings and Cash Flows Resulting from Exit Plan [Line Items] | ||||||||||||||
Total restructuring charges | 317,000 | |||||||||||||
2014 Announced Restructuring Plan [Member] | Repositioning [Member] | Energy Segment [Member] | ||||||||||||||
Effects on Future Earnings and Cash Flows Resulting from Exit Plan [Line Items] | ||||||||||||||
Total restructuring charges | 2,370,000 | |||||||||||||
2014 Announced Restructuring Plan [Member] | Repositioning [Member] | Aerospace [Member] | ||||||||||||||
Effects on Future Earnings and Cash Flows Resulting from Exit Plan [Line Items] | ||||||||||||||
Total restructuring charges | 2,559,000 | |||||||||||||
2014 Announced Restructuring Plan [Member] | Customer Related Settlement [Member] | ||||||||||||||
Effects on Future Earnings and Cash Flows Resulting from Exit Plan [Line Items] | ||||||||||||||
Special gain in connection with revaluing liabilities | 6,200,000 | (6,232,000) | ||||||||||||
2014 Announced Restructuring Plan [Member] | Customer Related Settlement [Member] | Energy Segment [Member] | ||||||||||||||
Effects on Future Earnings and Cash Flows Resulting from Exit Plan [Line Items] | ||||||||||||||
Special gain in connection with revaluing liabilities | (6,232,000) | |||||||||||||
2014 Announced Restructuring Plan [Member] | Divestitures [Member] | ||||||||||||||
Effects on Future Earnings and Cash Flows Resulting from Exit Plan [Line Items] | ||||||||||||||
Total restructuring charges | $ 1,000,000 | $ 3,400,000 | 3,413,000 | |||||||||||
2014 Announced Restructuring Plan [Member] | Divestitures [Member] | Energy Segment [Member] | ||||||||||||||
Effects on Future Earnings and Cash Flows Resulting from Exit Plan [Line Items] | ||||||||||||||
Total restructuring charges | 2,983,000 | |||||||||||||
2014 Announced Restructuring Plan [Member] | Divestitures [Member] | Aerospace [Member] | ||||||||||||||
Effects on Future Earnings and Cash Flows Resulting from Exit Plan [Line Items] | ||||||||||||||
Total restructuring charges | $ 430,000 | |||||||||||||
Property, Plant and Equipment [Member] | ||||||||||||||
Effects on Future Earnings and Cash Flows Resulting from Exit Plan [Line Items] | ||||||||||||||
Asset impairment | 2,000,000 | |||||||||||||
Trademarks [Member] | ||||||||||||||
Effects on Future Earnings and Cash Flows Resulting from Exit Plan [Line Items] | ||||||||||||||
Impairment of intangibles | $ 500,000 | |||||||||||||
BRAZIL | Brazil Closure [Member] | Facility Closing [Member] | Energy Segment [Member] | ||||||||||||||
Effects on Future Earnings and Cash Flows Resulting from Exit Plan [Line Items] | ||||||||||||||
Total restructuring charges | 8,700,000 | |||||||||||||
Loss of tax recoverable | 4,400,000 | |||||||||||||
Customer cancellation penalties | 1,100,000 | |||||||||||||
Other charges | 800,000 | |||||||||||||
Professional fees | 800,000 | 300,000 | ||||||||||||
Disposal Group, Disposed of by Means Other than Sale, Not Discontinued Operations, Abandonment [Member] | Brazil Manufacturing Operations [Member] | ||||||||||||||
Effects on Future Earnings and Cash Flows Resulting from Exit Plan [Line Items] | ||||||||||||||
Assets | 7,100,000 | 7,100,000 | ||||||||||||
Inventory | 4,200,000 | 4,200,000 | ||||||||||||
Receivable | 1,000,000 | 1,000,000 | ||||||||||||
Cash | $ 1,000,000 | $ 1,000,000 |
Inventories (Components Of Inve
Inventories (Components Of Inventory) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Inventory, Net [Abstract] | ||
Raw materials | $ 51,439 | $ 57,505 |
Work in process | 83,324 | 82,130 |
Finished goods | 43,077 | 43,799 |
Inventories | $ 177,840 | $ 183,434 |
Inventories (Narrative) (Detail
Inventories (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2015 | Oct. 04, 2015 | Jul. 05, 2015 | Sep. 28, 2014 | Jun. 29, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Inventory [Line Items] | ||||||||
Provision Bankruptcy Settlement | $ 15,404 | $ 12,993 | $ 4,944 | |||||
Provision for Inventory Obsolescence Allowance | 5,200 | 5,000 | $ 5,100 | |||||
Total restructuring charges | 4,634 | |||||||
Inventories | $ 177,840 | 177,840 | 183,434 | |||||
Structural Landing Gear [Member] | ||||||||
Inventory [Line Items] | ||||||||
Inventories | 0 | 0 | ||||||
Inventory Related Charges [Member] | ||||||||
Inventory [Line Items] | ||||||||
Total restructuring charges | 500 | $ 6,400 | ||||||
Aerospace & Defense [Member] | ||||||||
Inventory [Line Items] | ||||||||
Total restructuring charges | 1,588 | |||||||
Aerospace & Defense [Member] | Inventory Related Charges [Member] | ||||||||
Inventory [Line Items] | ||||||||
Total restructuring charges | 500 | $ 2,000 | $ 2,900 | $ 5,100 | 400 | |||
Inventories | $ 1,400 | 1,400 | ||||||
Energy Segment [Member] | ||||||||
Inventory [Line Items] | ||||||||
Total restructuring charges | $ 3,046 | |||||||
Energy Segment [Member] | Inventory Related Charges [Member] | ||||||||
Inventory [Line Items] | ||||||||
Total restructuring charges | $ 200 | $ 300 |
Property, Plant And Equipment56
Property, Plant And Equipment (Components Of Property, Plant And Equipment) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Property, Plant and Equipment [Abstract] | |||
Land | $ 12,441 | $ 13,417 | |
Buildings and improvements | 66,076 | 68,820 | |
Manufacturing machinery and equipment | 135,885 | 144,239 | |
Computer equipment and software | 23,495 | 22,861 | |
Furniture and fixtures | 10,604 | 10,531 | |
Motor vehicles | 633 | 756 | |
Construction in progress | 4,235 | 5,567 | |
Property, Plant and Equipment, Gross, Total | 253,369 | 266,191 | |
Accumulated depreciation | (166,340) | (169,979) | |
PROPERTY, PLANT AND EQUIPMENT, NET | 87,029 | 96,212 | |
Depreciation expense | 14,254 | $ 16,446 | $ 16,034 |
Capital Expenditures Incurred but Not yet Paid | $ 1,800 |
Goodwill And Other Intangible57
Goodwill And Other Intangible Assets (Narrative) (Details) | 3 Months Ended | 12 Months Ended | ||
Oct. 04, 2015USD ($) | Dec. 31, 2015USD ($)divestiture | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Indefinite-lived Intangible Assets by Segment [Line Items] | ||||
Goodwill, Written off Related to Sale of Business Unit | $ (726,000) | |||
Number of businesses divested | divestiture | 2 | |||
Impairment Charges | $ (460,000) | 0 | ||
Impairment charges | 2,502,000 | 726,000 | $ 6,872,000 | |
Reduction of intangible assets due to divestiture | 3,900,000 | |||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | $ 0 | |||
Energy Segment [Member] | ||||
Indefinite-lived Intangible Assets by Segment [Line Items] | ||||
Goodwill, Written off Related to Sale of Business Unit | (425,000) | |||
Percentage of excess fair value over the book value of goodwill | 140.00% | |||
Aerospace [Member] | ||||
Indefinite-lived Intangible Assets by Segment [Line Items] | ||||
Goodwill, Written off Related to Sale of Business Unit | $ (301,000) | |||
Percentage of excess fair value over the book value of goodwill | 118.00% | |||
Trademarks [Member] | ||||
Indefinite-lived Intangible Assets by Segment [Line Items] | ||||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | $ 500,000 |
Goodwill And Other Intangible58
Goodwill And Other Intangible Assets (Goodwill By Segment) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | $ 72,430 | $ 75,876 |
Goodwill, Acquired During Period | 46,564 | |
Goodwill, Written off Related to Sale of Business Unit | (726) | |
Currency translation adjustments | (3,542) | (2,720) |
Goodwill, Ending Balance | 115,452 | 72,430 |
Energy Segment [Member] | ||
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | 49,995 | 52,930 |
Goodwill, Acquired During Period | 46,564 | |
Goodwill, Written off Related to Sale of Business Unit | (425) | |
Currency translation adjustments | (3,384) | (2,510) |
Goodwill, Ending Balance | 93,175 | 49,995 |
Aerospace [Member] | ||
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | 22,435 | 22,946 |
Goodwill, Acquired During Period | 0 | |
Goodwill, Written off Related to Sale of Business Unit | (301) | |
Currency translation adjustments | (158) | (210) |
Goodwill, Ending Balance | $ 22,277 | $ 22,435 |
Goodwill And Other Intangible59
Goodwill And Other Intangible Assets (Gross Intangible Assets And Related Accumulated Amortization) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 88,127 | $ 56,947 |
Impairment Charges | (460) | 0 |
Accumulated Amortization | (38,686) | (30,060) |
Net carrying value of intangible assets | 48,981 | 26,887 |
Patents [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 6,039 | 6,069 |
Impairment Charges | 0 | 0 |
Accumulated Amortization | (5,765) | (5,732) |
Net carrying value of intangible assets | 274 | $ 337 |
Trademarks And Trade Names (Non-Amortizing) [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Impairment Charges | (460) | |
Gross Carrying Amount | 15,802 | $ 12,602 |
Accumulated Amortization | 0 | (278) |
Indefinite-Lived Intangible Assets Net of Impairment | 15,342 | 12,324 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 53,238 | 31,595 |
Impairment Charges | 0 | |
Accumulated Amortization | (24,029) | (18,840) |
Net carrying value of intangible assets | 29,209 | 12,755 |
Backlog [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 5,120 | 1,083 |
Impairment Charges | 0 | |
Accumulated Amortization | (3,893) | (1,083) |
Net carrying value of intangible assets | 1,227 | 0 |
Acquired Technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 2,317 | |
Accumulated Amortization | (427) | |
Net carrying value of intangible assets | 1,890 | |
Other [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 5,611 | 5,598 |
Impairment Charges | 0 | |
Accumulated Amortization | (4,572) | (4,127) |
Net carrying value of intangible assets | $ 1,039 | $ 1,471 |
Goodwill And Other Intangible60
Goodwill And Other Intangible Assets (Estimated Future Amortization Expense) (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2,015 | $ 9,878 |
2,016 | 7,851 |
2,017 | 6,102 |
2,018 | 4,506 |
2,019 | 2,891 |
After 2,019 | $ 2,420 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Tax Disclosure [Abstract] | |||||
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount | $ (1,600) | ||||
Valuation allowance | $ (9,448) | (892) | $ (9,448) | $ (13,928) | $ (13,497) |
Foreign tax credits | 10,700 | 7,800 | 10,700 | ||
Deferred Tax Assets, Operating Loss Carryforwards, Foreign | 13,800 | 4,400 | 13,800 | ||
State net operating losses | 66,100 | 51,900 | 66,100 | ||
State tax credits | 2,000 | 2,000 | 2,000 | ||
Valuation Allowance, Deferred Tax Asset, Decrease, Amount | 7,798 | 5,705 | 884 | ||
Effective Income Tax Rate Reconciliation, Tax Credit, Research, Amount | 300 | ||||
Unrecognized Tax Benefits | 1,978 | 2,937 | 1,978 | $ 1,612 | $ 1,962 |
Accrued interest and penalties | 800 | 100 | 800 | ||
Uncertain income tax position | 2,700 | ||||
Undistributed earnings of foreign subsidiaries | 204,700 | 202,800 | 204,700 | ||
Income Tax Examination, Liability (Refund) Adjustment from Settlement with Taxing Authority | 2,200 | ||||
Income Tax Examination, Penalties and Interest Accrued | $ 900 | $ 900 | |||
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Amount | $ 800 |
Income Taxes (Components Of Def
Income Taxes (Components Of Deferred Income Tax Liabilities And Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | ||||
Excess tax over book depreciation | $ 5,070 | $ 6,826 | ||
Deferred Tax Liabilities, Other | 1,314 | 630 | ||
Intangibles | 10,119 | 4,974 | ||
Total deferred income tax liabilities | 16,503 | 12,430 | ||
Accrued expenses | 9,037 | 13,663 | ||
Equity Compensation | 5,710 | 4,303 | ||
Inventories | 8,686 | 8,947 | ||
Net operating loss and credit carry-forward | 12,413 | 19,091 | ||
Accumulated other comprehensive income-pension benefit obligation | 6,466 | 7,189 | ||
Other | 1,458 | 2,824 | ||
Total deferred income tax assets | 43,770 | 56,017 | ||
Valuation allowance | (892) | (9,448) | $ (13,928) | $ (13,497) |
Deferred income tax asset, net of valuation allowance | 42,878 | 46,569 | ||
Deferred income tax asset, net | $ 26,375 | $ 34,139 |
Income Taxes (Deferred Income T
Income Taxes (Deferred Income Taxes Classified In Balance Sheets) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Tax Credit Carryforward [Line Items] | ||
Net current deferred income tax asset | $ 0 | $ 22,861 |
Net non-current deferred income tax asset | 36,799 | 19,048 |
Net non-current deferred income tax liability | (10,424) | (7,771) |
Deferred income tax asset, net | 26,375 | 34,139 |
Net current deferred income tax asset | 0 | 22,861 |
Net non-current deferred income tax asset | (26,375) | (11,278) |
Domestic [Member] | ||
Tax Credit Carryforward [Line Items] | ||
Net current deferred income tax asset | 0 | 16,191 |
Net non-current deferred income tax asset | (32,099) | (17,973) |
Foreign [Member] | ||
Tax Credit Carryforward [Line Items] | ||
Net current deferred income tax asset | 0 | 6,670 |
Net non-current deferred income tax asset | $ (5,724) | $ (6,695) |
Income Taxes (Components Of Pre
Income Taxes (Components Of Pre-Tax Income (Loss)) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
Domestic | $ 12,965 | $ 26,229 | $ 11,009 |
Foreign | 9,463 | 37,032 | 53,028 |
INCOME BEFORE INCOME TAXES | $ 22,428 | $ 63,261 | $ 64,037 |
Income Taxes (Provision (Benefi
Income Taxes (Provision (Benefit) For Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
Federal, Current - US | $ 705 | $ 3,916 | $ 2,284 |
Foreign, Current | 11,023 | 10,455 | 7,831 |
State, Current - US | 56 | 1,244 | 1,023 |
Total current | 11,784 | 15,615 | 11,138 |
Federal, Deferred (prepaid) - US | 2,618 | (967) | (176) |
Foreign, Deferred (prepaid) | (887) | (1,594) | 6,294 |
State, Deferred (prepaid) - US | (950) | (179) | (340) |
Total deferred (benefit) | 781 | (2,740) | 5,778 |
Total provision (benefit) for income taxes | $ 12,565 | $ 12,875 | $ 16,916 |
Income Taxes (Reconciliation Of
Income Taxes (Reconciliation Of Effective Income Tax Rate) (Details) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating Loss Carryforwards [Line Items] | |||
Expected federal income tax rate | 35.00% | 35.00% | 35.00% |
State income taxes, net of federal tax benefit | (0.70%) | 1.00% | 0.50% |
Change in state tax rate | 3.50% | 0.00% | 0.00% |
Foreign tax rate differential and credits | (18.90%) | (8.70%) | (9.20%) |
Foreign tax credits | (0.00%) | (9.10%) | (1.40%) |
Manufacturing deduction | (1.60%) | (1.70%) | (0.50%) |
Research and experimental credit | 1.10% | 0.50% | 0.70% |
Foreign audit settlement | 6.00% | 0.00% | 0.00% |
Other, net | (0.30%) | 1.40% | 1.50% |
Effective tax rate | 56.00% | 20.40% | 26.40% |
State and Local Jurisdiction [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Percent | (7.30%) | 0.00% | 0.00% |
Foreign [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Percent | 41.40% | 3.00% | 1.20% |
Income Taxes (Summary of Valuat
Income Taxes (Summary of Valuation Allowance) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
Beginning balance | $ 9,448 | $ 13,928 | $ 13,497 |
Additions | 15 | 1,460 | 1,561 |
Deductions | (7,798) | (5,705) | (884) |
Translation adjustments | (773) | (235) | (246) |
Ending balance | $ 892 | $ 9,448 | $ 13,928 |
Income Taxes (Reconciliation 68
Income Taxes (Reconciliation Of Total Gross Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
Tax Credit Carryforward, Amount | $ 2,000 | $ 2,000 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance beginning January 1 | 1,978 | 1,612 | $ 1,962 |
Additions for tax positions of prior years | 521 | 149 | 96 |
Additions based on tax positions related to current year | 69 | 820 | 100 |
Acquired uncertain tax position | 1,326 | 0 | 0 |
Settlements | (544) | 0 | 0 |
Lapse of statute of limitations | (612) | (562) | (466) |
Currency movement | 199 | 41 | 80 |
Balance ending December 31 | $ 2,937 | $ 1,978 | $ 1,612 |
Accrued Expenses And Other Cu69
Accrued Expenses And Other Current Liabilities (Accrued Expenses And Other Current Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Accounts Payable and Accrued Liabilities, Current [Abstract] | ||||
Customer deposits and obligations | $ 16,397 | $ 15,917 | ||
Commissions payable and sales incentive | 10,447 | 15,071 | ||
Penalty accruals | 6,002 | 7,125 | ||
Warranty reserve | 4,551 | 4,213 | ||
Professional fees | 2,540 | 1,766 | ||
Insurance | 0 | 6,232 | ||
Taxes other than income tax | 1,956 | 1,769 | ||
Special charges | 4,664 | 9,133 | $ 4,180 | $ 800 |
Restructuring Reserve, Current | 4,664 | 2,901 | ||
Other | 6,321 | 8,917 | ||
Accrued expenses and other current liabilities, Total | $ 52,878 | $ 63,911 |
Financing Arrangements (Narrati
Financing Arrangements (Narrative) (Details) - USD ($) $ in Thousands | May. 02, 2011 | Dec. 31, 2015 | Dec. 31, 2014 |
Debt Disclosure [Abstract] | |||
Revolving line of credit | $ 400,000 | ||
Increase, additional borrowings | 200,000 | ||
Maximum facility size | 600,000 | ||
Additional indebtedness | $ 110,000 | ||
Capitilized debt issuance costs | $ 900 | ||
Long-term Line of Credit | 90,500 | $ 5,000 | |
Outstanding letters of credit | $ 56,733 |
Financing Arrangements (Schedul
Financing Arrangements (Schedule Of Long-Term Debt) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | ||
Capital lease obligations | $ 0 | $ 187 |
Line of Credit at interest rates ranging from 1.75% to 3.75% | 90,500 | 5,000 |
Other borrowings, at varying interest rates ranging from 1.22% to 18.00% in 2012 and 2.90% to 18.00% in 2011 | 0 | 8,497 |
Total long-term debt | 90,500 | 13,684 |
Less: current portion | 0 | 8,423 |
Total long-term debt, less current portion | $ 90,500 | $ 5,261 |
Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Varying interest rates | 3.00% | |
Line of Credit at interest rates range | 1.42% | |
Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Varying interest rates | 15.92% | |
Line of Credit at interest rates range | 3.75% |
Financing Arrangements (Sched72
Financing Arrangements (Schedule Of Minimum Principal Payments) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Debt Disclosure [Abstract] | ||
Minimum principal payments, 2019 | $ 90,500 | $ 5,000 |
Share-Based Compensation (Narra
Share-Based Compensation (Narrative) (Details) $ / shares in Units, $ in Millions | Mar. 05, 2014$ / sharesshares | Jan. 28, 2014$ / shares | Jan. 06, 2014$ / shares | Dec. 02, 2013$ / sharesshares | Aug. 08, 2013$ / shares | Sep. 28, 2014$ / sharesshares | Dec. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2014USD ($)$ / sharesshares | Dec. 31, 2013USD ($)$ / sharesshares | Dec. 31, 2012shares | Dec. 31, 2011shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Outstanding | 188,013 | ||||||||||
Shares available for grant | 1,410,402.6 | ||||||||||
Estimated weighted-average fair value of stock options granted | $ / shares | $ 17.88 | $ 26.32 | $ 20.15 | ||||||||
Compensation expense | $ | $ 6.5 | $ 7.1 | $ 5.2 | ||||||||
Unrecognized compensation costs | $ | $ 7 | $ 10.3 | 12.2 | ||||||||
Weighted average period of recognition of compensation expense (in years) | 1 year 9 months 11 days | ||||||||||
Selling, General and Administrative Expenses [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Compensation expense | $ | $ 6.1 | 4.7 | |||||||||
Special Charges [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Compensation expense | $ | 0.4 | $ 0.5 | |||||||||
Chief Executive Officer [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Unrecognized compensation costs | $ | $ 5 | ||||||||||
2014 Plan [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Share based compensation shares authorized | 1,700,000 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Other than Options, Number of Shares per Share Counted Towards Aggregate Limit | 1.9 | ||||||||||
Stock-Options [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Share based compensation shares authorized | 200,000 | ||||||||||
Stock options outstanding | 570,737 | 486,004 | 355,081 | 146,621 | |||||||
Options granted | 118,992 | 164,503 | 300,000 | ||||||||
Exercised, Weighted Average Exercise Price | $ / shares | $ 41.17 | $ 33.44 | $ 32.41 | $ 29.03 | |||||||
Vesting period, (in years) | 60 days | ||||||||||
Options Exercisable, Options | 140,248 | 78,226 | 31,958 | ||||||||
Fair Value Assumptions, Maximum Term | 10 years | ||||||||||
Award Forfeit Period | 5 years | 5 years | |||||||||
Unrecognized compensation costs | $ | $ 3.5 | ||||||||||
Weighted average period of recognition of compensation expense (in years) | 1 year 8 months 27 days | ||||||||||
Weighted average contractual term for stock-options outstanding | 7 years | ||||||||||
Weighted average contractual term for stock-options exercisable, years | 6 years 4 months 9 days | ||||||||||
Aggregate intrinsic value of stock-options exercised | $ | $ 0.1 | $ 0.6 | $ 1.8 | ||||||||
Aggregate fair value of stock-options vested | $ | 1.2 | $ 0.9 | $ 0.8 | ||||||||
Aggregate intrinsic value of stock-options outstanding | $ | 0.4 | ||||||||||
Aggregate intrinsic value of stock-options exercisable | $ | $ 0.3 | ||||||||||
Stock-Options [Member] | Chief Financial Officer [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Options granted | 100,000 | ||||||||||
Exercised, Weighted Average Exercise Price | $ / shares | $ 79.33 | ||||||||||
Stock-Options [Member] | Chief Executive Officer [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Options granted | 100,000 | ||||||||||
Exercised, Weighted Average Exercise Price | $ / shares | $ 70.42 | ||||||||||
Shares Authorized for Issuance | 150,000 | ||||||||||
Stock-Options [Member] | Range 1 [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Options Exercisable, Options | 100,000 | ||||||||||
Stock-Options [Member] | Range 1 [Member] | Chief Financial Officer [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Stock Price Target | $ / shares | $ 87.50 | ||||||||||
Shares Authorized for Issuance | 25,000 | ||||||||||
Stock-Options [Member] | Range 1 [Member] | Chief Executive Officer [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Stock Price Target | $ / shares | $ 50 | $ 50 | |||||||||
Shares Authorized for Issuance | 50,000 | ||||||||||
Stock-Options [Member] | Range 2 [Member] | Chief Financial Officer [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Stock Price Target | $ / shares | $ 100 | ||||||||||
Shares Authorized for Issuance | 50,000 | ||||||||||
Stock-Options [Member] | Range 2 [Member] | Chief Executive Officer [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Stock Price Target | $ / shares | $ 60 | $ 60 | |||||||||
Shares Authorized for Issuance | 100,000 | ||||||||||
Stock-Options [Member] | Range 3 [Member] | Chief Financial Officer [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Stock Price Target | $ / shares | $ 112.50 | ||||||||||
Shares Authorized for Issuance | 75,000 | ||||||||||
Stock-Options [Member] | Range 3 [Member] | Chief Executive Officer [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Stock Price Target | $ / shares | $ 70 | $ 70 | |||||||||
Shares Authorized for Issuance | 150,000 | ||||||||||
Stock-Options [Member] | Vesting Year 1 [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Award vesting percentage | 25.00% | ||||||||||
Stock-Options [Member] | Vesting Year 2 [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Award vesting percentage | 50.00% | ||||||||||
Stock-Options [Member] | Vesting Year 3 [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Award vesting percentage | 100.00% | ||||||||||
Restricted Stock Units with Special Rights [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Outstanding | 1,200 | ||||||||||
Restricted Stock Units (RSUs) [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Outstanding | 109,281 | 115,949 | 176,084 | 187,667 | |||||||
Restricted stock units granted | 62,322 | 38,899 | 154,235 | ||||||||
Granted, Weighted Average Price | $ / shares | $ 51.53 | $ 72.11 | $ 47.50 | ||||||||
Unrecognized compensation costs | $ | $ 2.8 | ||||||||||
Aggregate intrinsic value of RSU Awards / RSU MSPs | $ | 3 | $ 4.2 | $ 4 | ||||||||
Aggregate fair value of RSU Awards vested | $ | 2.4 | $ 2.7 | $ 2.6 | ||||||||
Aggregate intrinsic value of RSU Awards outstanding | $ | 4.6 | ||||||||||
Aggregate intrinsic value of RSU awards exercisable | $ | $ 0.1 | ||||||||||
Restricted Stock Units (RSUs) [Member] | Minimum [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Performance Target Threshold | 0.00% | ||||||||||
Restricted Stock Units (RSUs) [Member] | Maximum [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Performance Target Threshold | 200.00% | ||||||||||
Performance Shares [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Restricted stock units granted | 26,094 | 11,881 | |||||||||
Restricted Stock Units Management Stock Purchase Plan [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Outstanding | 78,732 | 69,293 | 62,896 | 76,106 | |||||||
Vesting period, (in years) | 3 years | ||||||||||
Restricted stock units granted | 38,965 | 32,752 | 28,463 | ||||||||
Granted, Weighted Average Price | $ / shares | $ 34.73 | $ 47.95 | $ 28.22 | ||||||||
Discount rate granted for RSU MSPs | 33.00% | ||||||||||
Amortization period of discount | four | ||||||||||
Restricted stock units discount amount | $ / shares | 17.11 | 23.61 | |||||||||
Unrecognized compensation costs | $ | $ 0.7 | ||||||||||
Aggregate intrinsic value of RSU Awards / RSU MSPs | $ | 0.5 | $ 1.1 | $ 0.7 | ||||||||
Aggregate fair value of RSU Awards vested | $ | 0.3 | $ 0.3 | 0.2 | ||||||||
Aggregate intrinsic value of RSU Awards outstanding | $ | $ 0.5 | ||||||||||
Phantom Share Units (PSUs) [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Outstanding | 28,660 | 34,388 | |||||||||
Cash Used to Settle Awards | $ | $ 0.6 | ||||||||||
Compensation Liability | $ | 0.7 | $ 1.2 | |||||||||
Phantom Share Units (PSUs) [Member] | Selling, General and Administrative Expenses [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Compensation expense | $ | $ 0.2 | $ 0.3 | $ 1.5 | ||||||||
$31.00 - $79.33 | Restricted Stock Units (RSUs) [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Outstanding | 109,281 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding, Weighted Average Remaining Contractual Terms | 1 year 3 months 10 days | ||||||||||
$31.00 - $79.33 | Restricted Stock Units Management Stock Purchase Plan [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding, Weighted Average Remaining Contractual Terms | 1 year 9 months 15 days |
Share-Based Compensation Share-
Share-Based Compensation Share-Based Compensation (CEO & CFO Inducement Stock Award) (Details) - Stock-Options [Member] - $ / shares | Jan. 28, 2014 | Jan. 06, 2014 | Aug. 08, 2013 | Dec. 31, 2015 | Sep. 28, 2014 |
Chief Executive Officer [Member] | |||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||||
Deferred Compensation Arrangement with Individual, Shares Authorized for Issuance | 150,000 | ||||
Range 1 [Member] | Chief Executive Officer [Member] | |||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Stock Price Target | $ 50 | $ 50 | |||
Deferred Compensation Arrangement with Individual, Shares Authorized for Issuance | 50,000 | ||||
Range 1 [Member] | Chief Financial Officer [Member] | |||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Stock Price Target | $ 87.50 | ||||
Deferred Compensation Arrangement with Individual, Shares Authorized for Issuance | 25,000 | ||||
Range 2 [Member] | Chief Executive Officer [Member] | |||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Stock Price Target | $ 60 | $ 60 | |||
Deferred Compensation Arrangement with Individual, Shares Authorized for Issuance | 100,000 | ||||
Range 2 [Member] | Chief Financial Officer [Member] | |||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Stock Price Target | $ 100 | ||||
Deferred Compensation Arrangement with Individual, Shares Authorized for Issuance | 50,000 | ||||
Range 3 [Member] | Chief Executive Officer [Member] | |||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Stock Price Target | $ 70 | $ 70 | |||
Deferred Compensation Arrangement with Individual, Shares Authorized for Issuance | 150,000 | ||||
Range 3 [Member] | Chief Financial Officer [Member] | |||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Stock Price Target | $ 112.50 | ||||
Deferred Compensation Arrangement with Individual, Shares Authorized for Issuance | 75,000 | ||||
Range 4 [Member] | Chief Executive Officer [Member] | |||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Stock Price Target | $ 80 | ||||
Deferred Compensation Arrangement with Individual, Shares Authorized for Issuance | 200,000 | ||||
Range 4 [Member] | Chief Financial Officer [Member] | |||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Stock Price Target | $ 125 | ||||
Deferred Compensation Arrangement with Individual, Shares Authorized for Issuance | 100,000 |
Share-Based Compensation (Sched
Share-Based Compensation (Schedule Of Estimated Weighted-Average Assumptions Of Stock Options) (Details) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation [Abstract] | |||
Risk-free interest rate | 1.00% | 2.00% | 2.00% |
Expected life (years) | 4 years 6 months | 3 years 8 months 19 days | 3 years 2 months 19 days |
Expected stock volatility | 40.40% | 41.40% | 41.10% |
Expected dividend yield | 0.30% | 0.20% | 0.30% |
Share-Based Compensation (Summa
Share-Based Compensation (Summary Of Stock Options Granted To Employees And Non-Employee Directors) (Details) - Stock-Options [Member] - $ / shares | 9 Months Ended | 12 Months Ended | ||
Sep. 28, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||
Options outstanding at beginning of period, Options | 355,081 | 486,004 | 355,081 | |
Granted, Options | 118,992 | 164,503 | 300,000 | |
Exercised, Options | (7,717) | (12,937) | (82,487) | |
Forfeited, Options | (26,542) | (20,643) | (9,053) | |
Options outstanding at end of period, Options | 570,737 | 486,004 | 355,081 | |
Options exercisable at end of period, Options | 140,248 | 78,226 | 31,958 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | ||||
Options outstanding at beginning of period, Weighted Average Exercise Price | $ 50.71 | $ 57.85 | $ 50.71 | |
Granted, Weighted Average Exercise Price | 51.84 | 70.87 | $ 53.89 | |
Exercised, Weighted Average Exercise Price | $ 41.17 | 33.44 | 32.41 | 29.03 |
Forfeited, Weighted Average Exercise Price | 59.25 | 54.72 | 32.76 | |
Options outstanding at end of period, Weighted Average Exercise Price | 56.86 | 57.85 | 50.71 | |
Options exercisable at end of period, Weighted Average Exercise Price | $ 43.08 | $ 38.75 | $ 34.72 |
Share-Based Compensation (Sum77
Share-Based Compensation (Summarized Information About Stock Options Outstanding) (Details) - $ / shares | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Range of Exercise Prices, Lower Range Limit | $ 41.17 | $ 64.94 | $ 75.04 | |
Range of Exercise Prices, Upper Range Limit | $ 79.33 | $ 79.33 | $ 79.33 | |
Stock-Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options Outstanding, Options | 570,737 | 486,004 | 355,081 | 146,621 |
Options Outstanding, Weighted Average Remaining Contractual Life | 7 years | |||
Options Outstanding, Weighted Average Exercise Price | $ 56.86 | $ 57.85 | $ 50.71 | $ 30.89 |
Options Exercisable, Options | 140,248 | 78,226 | 31,958 | |
Options Exercisable, Weighted Average Exercise Price | $ 43.08 | $ 38.75 | $ 34.72 | |
$24.90 - $31.00 | Stock-Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options Outstanding, Options | 225,721 | |||
Options Outstanding, Weighted Average Remaining Contractual Life | 6 years 10 months 8 days | |||
Options Outstanding, Weighted Average Exercise Price | $ 40.40 | |||
Options Exercisable, Options | 125,721 | |||
Options Exercisable, Weighted Average Exercise Price | $ 39.79 | |||
Range of Exercise Prices, Lower Range Limit | 24.90 | |||
Range of Exercise Prices, Upper Range Limit | $ 31 | |||
31.01 - 40.00 | Stock-Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options Outstanding, Options | 102,417 | |||
Options Outstanding, Weighted Average Remaining Contractual Life | 6 years 1 month 24 days | |||
Options Outstanding, Weighted Average Exercise Price | $ 51.84 | |||
Options Exercisable, Options | 0 | |||
Options Exercisable, Weighted Average Exercise Price | $ 0 | |||
Range of Exercise Prices, Lower Range Limit | 31.01 | |||
Range of Exercise Prices, Upper Range Limit | $ 40 | |||
40.01 - 60.00 | Stock-Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options Outstanding, Options | 100,000 | |||
Options Outstanding, Weighted Average Remaining Contractual Life | 8 years 2 months 4 days | |||
Options Outstanding, Weighted Average Exercise Price | $ 70.42 | |||
Options Exercisable, Options | 0 | |||
Options Exercisable, Weighted Average Exercise Price | $ 0 | |||
Range of Exercise Prices, Lower Range Limit | 40.01 | |||
Range of Exercise Prices, Upper Range Limit | $ 60 | |||
60.01 - 79.33 | Stock-Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options Outstanding, Options | 142,599 | |||
Options Outstanding, Weighted Average Remaining Contractual Life | 7 years 6 days | |||
Options Outstanding, Weighted Average Exercise Price | $ 77.01 | |||
Options Exercisable, Options | 14,527 | |||
Options Exercisable, Weighted Average Exercise Price | $ 71.56 | |||
Range of Exercise Prices, Lower Range Limit | 60.01 | |||
Range of Exercise Prices, Upper Range Limit | $ 79.33 | |||
$24.90 - $79.33 | Stock-Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options Outstanding, Options | 570,737 | |||
Options Outstanding, Weighted Average Remaining Contractual Life | 7 years | |||
Options Outstanding, Weighted Average Exercise Price | $ 56.86 | |||
Options Exercisable, Options | 140,248 | |||
Options Exercisable, Weighted Average Exercise Price | $ 43.08 | |||
Range of Exercise Prices, Lower Range Limit | 24.90 | |||
Range of Exercise Prices, Upper Range Limit | $ 79.33 |
Share-Based Compensation (Sum78
Share-Based Compensation (Summary Of All RSU Awards Granted To Employees And Non-Employee Directors) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
RSU outstanding at end of period, RSUs | 188,013 | ||
RSU Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
RSU outstanding at beginning of period, RSUs | 115,949 | 176,084 | 187,667 |
Granted, RSUs | 62,322 | 38,899 | 154,235 |
Settled, RSUs | (56,865) | (58,117) | (91,001) |
Cancelled, RSUs | (19,088) | (40,917) | (74,817) |
RSU outstanding at end of period, RSUs | 109,281 | 115,949 | 176,084 |
RSU exercisable at end of period, RSUs | 1,200 | 250 | 0 |
RSU outstanding at beginning of period, Weighted Average Price | $ 52.97 | $ 44.39 | $ 33.34 |
Granted, Weighted Average Price | 51.53 | 72.11 | 47.50 |
Settled, Weighted Average Price | 48.34 | 45.51 | 32.21 |
Cancelled, Weighted Average Price | $ 55.08 | 44.86 | 37.85 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | (6,963) | ||
RSU outstanding at end of period, Weighted Average Price | $ 52.90 | 52.97 | 44.39 |
RSU exercisable at end of period, Weighted Average Price | 59.29 | $ 42.12 | $ 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 32.76 |
Share-Based Compensation (Sum79
Share-Based Compensation (Summarized Information About RSU Awards Outstanding) (Details) - $ / shares | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
RSU Outstanding, RSUs | 188,013 | |||
RSU Awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
RSU Outstanding, RSUs | 109,281 | 115,949 | 176,084 | 187,667 |
RSU Outstanding, Weighted Average Exercise Price | $ 52.90 | $ 52.97 | $ 44.39 | $ 33.34 |
RSU Vested, RSUs | 1,200 | 250 | 0 | |
RSU Vested, Weighted Average Exercise Price | $ 59.29 | $ 42.12 | $ 0 | |
$31.00 - $35.99 | RSU Awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Range of Exercise Prices, Lower Range Limit | 31 | |||
Range of Exercise Prices, Upper Range Limit | $ 35.99 | |||
RSU Outstanding, RSUs | 35,573 | |||
RSU Awards Outstanding, Weighted Average Remaining Contractual Life (Years) | 6 months 20 days | |||
RSU Outstanding, Weighted Average Exercise Price | $ 42.17 | |||
36.00 - 39.99 | RSU Awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Range of Exercise Prices, Lower Range Limit | 36 | |||
Range of Exercise Prices, Upper Range Limit | $ 39.99 | |||
RSU Outstanding, RSUs | 52,520 | |||
RSU Awards Outstanding, Weighted Average Remaining Contractual Life (Years) | 1 year 9 months 11 days | |||
RSU Outstanding, Weighted Average Exercise Price | $ 52.23 | |||
43.00 - 79.33 | RSU Awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Range of Exercise Prices, Lower Range Limit | 43 | |||
Range of Exercise Prices, Upper Range Limit | $ 79.33 | |||
RSU Outstanding, RSUs | 21,188 | |||
RSU Awards Outstanding, Weighted Average Remaining Contractual Life (Years) | 1 year 2 months 29 days | |||
RSU Outstanding, Weighted Average Exercise Price | $ 72.56 | |||
$31.00 - $79.33 | RSU Awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Range of Exercise Prices, Lower Range Limit | 31 | |||
Range of Exercise Prices, Upper Range Limit | $ 79.33 | |||
RSU Outstanding, RSUs | 109,281 | |||
RSU Awards Outstanding, Weighted Average Remaining Contractual Life (Years) | 1 year 3 months 10 days | |||
RSU Outstanding, Weighted Average Exercise Price | $ 52.90 |
Share-Based Compensation (Sum80
Share-Based Compensation (Summary Of All RSU MSPs Granted To Employees And Non-Employee Directors) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
RSU outstanding at end of period, RSUs | 188,013 | ||
RSU MSPs [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
RSU outstanding at beginning of period, RSUs | 69,293 | 62,896 | 76,106 |
Granted, RSUs | 38,965 | 32,752 | 28,463 |
Settled, RSUs | (22,403) | (23,258) | (28,256) |
Cancelled, RSUs | (7,123) | (3,097) | (13,417) |
RSU outstanding at end of period, RSUs | 78,732 | 69,293 | 62,896 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | |||
RSU outstanding at beginning of period, Weighted Average Price | $ 35.81 | $ 25.67 | $ 22.91 |
Granted, Weighted Average Price | 34.73 | 47.95 | 28.22 |
Settled, Weighted Average Price | 27.87 | 25.94 | 21.09 |
Cancelled, Weighted Average Price | 36.65 | 32.35 | 25.05 |
RSU outstanding at end of period, Weighted Average Price | $ 37.46 | $ 35.81 | $ 25.67 |
Share-Based Compensation (Sum81
Share-Based Compensation (Summarized Information About RSU MSPs Outstanding) (Details) - $ / shares | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
RSU Outstanding, RSUs | 188,013 | |||
RSU MSPs [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
RSU Outstanding, RSUs | 78,732 | 69,293 | 62,896 | 76,106 |
RSU Outstanding, Weighted Average Exercise Price | $ 37.46 | $ 35.81 | $ 25.67 | $ 22.91 |
$21.95 - 25.99 | RSU MSPs [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Range of Exercise Prices, Lower Range Limit | 21.95 | |||
Range of Exercise Prices, Upper Range Limit | $ 25.99 | |||
RSU Outstanding, RSUs | 17,349 | |||
RSU Awards Outstanding, Weighted Average Remaining Contractual Life (Years) | 2 months 2 days | |||
RSU Outstanding, Weighted Average Exercise Price | $ 28.22 | |||
26.00 - 27.99 | RSU MSPs [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Range of Exercise Prices, Lower Range Limit | 26 | |||
Range of Exercise Prices, Upper Range Limit | $ 27.99 | |||
RSU Outstanding, RSUs | 36,588 | |||
RSU Awards Outstanding, Weighted Average Remaining Contractual Life (Years) | 2 years 1 month 24 days | |||
RSU Outstanding, Weighted Average Exercise Price | $ 34.73 | |||
28.00 - 28.22 | RSU MSPs [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Range of Exercise Prices, Lower Range Limit | 28 | |||
Range of Exercise Prices, Upper Range Limit | $ 28.22 | |||
RSU Outstanding, RSUs | 24,795 | |||
RSU Awards Outstanding, Weighted Average Remaining Contractual Life (Years) | 1 year 2 months 1 day | |||
RSU Outstanding, Weighted Average Exercise Price | $ 47.95 | |||
$21.95 - $28.22 | RSU MSPs [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Range of Exercise Prices, Lower Range Limit | 21.95 | |||
Range of Exercise Prices, Upper Range Limit | $ 28.22 | |||
RSU Outstanding, RSUs | 78,732 | |||
RSU Awards Outstanding, Weighted Average Remaining Contractual Life (Years) | 1 year 4 months 24 days | |||
RSU Outstanding, Weighted Average Exercise Price | $ 37.46 |
Concentrations Of Risk (Details
Concentrations Of Risk (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015USD ($)customer | Dec. 31, 2014 | Dec. 31, 2013 | |
Concentration Risk [Line Items] | |||
Number of customers derived revenue exceed the threshold of 10% | 0 | 0 | 0 |
Revenue threshold | 5.00% | 5.00% | 5.00% |
Venezuela National Oil Company [Member] | |||
Concentration Risk [Line Items] | |||
Accounts Receivable, Net, Noncurrent | $ 0 |
Employee Benefit Plans (Narrati
Employee Benefit Plans (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Employer matching contribution, percent | 50.00% | ||
Employers matching contribution, annual vesting percentage | 25.00% | ||
Employers matching contribution, vesting term (in years) | 4 years | ||
Defined benefit plan, cost of employer contribution | $ 2,886 | $ 3,269 | $ 4,465 |
Change in projected benefit obligation | 500 | ||
Projected change in 2015 pension expense | $ 200 | ||
Actuarial loss due to utilization of new industry life expectancy tables | |||
Russell 1000 Index [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Composite benchmark index markup | 40.00% | ||
Morgan Stanley Capital International EAFE Index [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Composite benchmark index markup | 28.00% | ||
Barclays Capital Aggregate Bond Index [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Composite benchmark index markup | 32.00% | ||
Qualified Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Cash contributions to defined benefit pension plan | $ 1,600 | ||
Expected voluntary cash contributions for next year | 1,600 | ||
Nonqualified Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Cash contributions to defined benefit pension plan | 400 | ||
Expected voluntary cash contributions for next year | $ 400 | ||
Equities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Long-term target allocations for plan assets in equities | 60.00% | ||
Fixed Income [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Long-term target allocations for plan assets in equities | 40.00% | ||
401K [Member] | United States Postretirement Benefit Plan of US Entity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Employer matching contribution, percent of employees' gross pay | 3.00% |
Employee Benefit Plans (Compone
Employee Benefit Plans (Components Of Net Benefit Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
General Discussion of Pension and Other Postretirement Benefits [Abstract] | |||
Service cost-benefits earned | $ 0 | $ 0 | |
Interest cost on benefits obligation | 2,193 | 2,181 | $ 1,963 |
Expected return on assets | (2,655) | (2,788) | (2,366) |
Net pension costs and return | (462) | (607) | (403) |
Net loss amortization | 843 | 506 | 765 |
Net periodic cost of defined benefits plans | 381 | (101) | 362 |
Cost of 401(k) plan company contributions | $ 2,886 | $ 3,269 | $ 4,465 |
Employee Benefit Plans (Weighte
Employee Benefit Plans (Weighted Average Assumptions Used In Determining Net Periodic Benefit Cost And Benefit Obligations) (Details) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Expected return on plan assets | 7.25% | 7.25% | 7.00% |
Qualified Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate, Net periodic benefit cost | 3.82% | 4.70% | 3.85% |
Discount rate, Benefit obligations | 3.82% | 4.70% | 3.85% |
Nonqualified Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate, Net periodic benefit cost | 3.59% | 4.30% | 3.35% |
Discount rate, Benefit obligations | 3.59% | 4.30% | 3.35% |
Employee Benefit Plans (Change
Employee Benefit Plans (Change In Projected Benefit Obligation) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 39,369 | $ 39,826 | $ 38,300 |
Employer contributions | 1,996 | 1,995 | |
Defined Benefit Plan, Plans with Benefit Obligations in Excess of Plan Assets, Aggregate Benefit Obligation | 17,570 | 18,993 | |
Defined Benefit Plan, Accumulated Benefit Obligation | 56,939 | 58,818 | |
Actual return on assets | (457) | 1,440 | |
Balance at beginning of year | 58,819 | 47,814 | |
Service cost | 0 | 0 | |
Interest cost | 2,193 | 2,181 | 1,963 |
Actuarial loss | (2,077) | 10,734 | |
Benefits paid | $ (1,996) | $ (1,910) | |
Administrative expenses | |||
Balance at end of year | $ 56,939 | $ 58,819 | $ 47,814 |
Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Accumulated Benefit Obligation | 51,395 | 52,890 | |
Supplemental Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Accumulated Benefit Obligation | $ 5,544 | $ 5,928 |
Employee Benefit Plans (Chang87
Employee Benefit Plans (Change In Fair Value Of Plan Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Balance at beginning of year | $ 39,826 | $ 38,300 |
Actual return on assets | (457) | 1,440 |
Benefits paid | $ 1,996 | $ 1,910 |
Administrative expenses | ||
Employer contributions | $ 1,996 | $ 1,995 |
Fair value of plan assets at end of year | 39,369 | 39,826 |
Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Balance at beginning of year | 39,826 | |
Fair value of plan assets at end of year | 39,369 | 39,826 |
Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Balance at beginning of year | $ 39,826 | |
Fair value of plan assets at end of year | $ 39,826 |
Employee Benefit Plans (Funded
Employee Benefit Plans (Funded Status) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 39,369 | $ 39,826 | $ 38,300 |
Excess of projected benefit obligation over the fair value of plan assets | (17,570) | (18,993) | |
Aggregate accumulated benefit obligation (ABO) | 56,939 | 58,818 | |
Noncurrent asset | 0 | 0 | |
Pension and Other Postretirement Defined Benefit Plans, Liabilities, Noncurrent | 17,570 | 18,993 | |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Gains (Losses), before Tax | (29,263) | (28,834) | |
Prior service cost | 0 | 0 | |
Defined Benefit Plan, Amortization of Net Gains (Losses) | 905 | 843 | |
Prior service cost | 0 | ||
Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Aggregate accumulated benefit obligation (ABO) | 51,395 | 52,890 | |
Supplemental Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Aggregate accumulated benefit obligation (ABO) | $ 5,544 | $ 5,928 |
Employee Benefit Plans (Funde89
Employee Benefit Plans (Funded Status, End Of Year) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets | $ 39,369 | $ 39,826 | $ 38,300 |
Benefit obligations | (56,939) | (58,819) | $ (47,814) |
Net Pension Liability | $ (17,570) | $ (18,993) |
Employee Benefit Plans (Pension
Employee Benefit Plans (Pension Liability Recognized In The Balance Sheet) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
General Discussion of Pension and Other Postretirement Benefits [Abstract] | ||
Noncurrent asset | $ 0 | $ 0 |
Noncurrent liability | (17,570) | (18,993) |
Total | $ (17,570) | $ (18,993) |
Employee Benefit Plans (Amounts
Employee Benefit Plans (Amounts Recognized In Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
General Discussion of Pension and Other Postretirement Benefits [Abstract] | ||
Net losses | $ 29,263 | $ 28,834 |
Prior service cost | 0 | 0 |
Total | $ 29,263 | $ 28,834 |
Employee Benefit Plans (Estimat
Employee Benefit Plans (Estimated Pension Expense To Be Recognized In Other Comprehensive Income In The Next Year) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
General Discussion of Pension and Other Postretirement Benefits [Abstract] | ||
Amortization of net losses | $ 905 | $ 843 |
Prior service cost | 0 | |
Total | $ 905 |
Employee Benefit Plans (Expecte
Employee Benefit Plans (Expected Benefit Payments) (Details) $ in Thousands | Dec. 31, 2015USD ($) |
General Discussion of Pension and Other Postretirement Benefits [Abstract] | |
2,015 | $ 2,359 |
2,016 | 2,147 |
2,017 | 2,588 |
2,018 | 2,729 |
2,019 | 2,882 |
2020-2024 | $ 16,296 |
Employee Benefit Plans (Fair Va
Employee Benefit Plans (Fair Values Of Pension Plan Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 39,369 | $ 39,826 | $ 38,300 |
Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 39,369 | 39,826 | |
Fair Value, Inputs, Level 1 [Member] | Money Market Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 197 | 1,717 | |
Fair Value, Inputs, Level 1 [Member] | Bond Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 10,928 | 10,576 | |
Fair Value, Inputs, Level 1 [Member] | Large Cap Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 14,369 | 13,947 | |
Fair Value, Inputs, Level 1 [Member] | International Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 5,994 | 7,785 | |
Fair Value, Inputs, Level 1 [Member] | Small Cap Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 2,489 | 2,475 | |
Fair Value, Inputs, Level 1 [Member] | Blended Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1,998 | 0 | |
Fair Value, Inputs, Level 1 [Member] | Mid Cap Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 3,394 | $ 3,326 |
Contingencies, Commitments An95
Contingencies, Commitments And Guarantees (Narrative) (Details) - USD ($) $ in Thousands | Mar. 28, 2014 | Jan. 24, 2014 | Dec. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Contingencies, Commitments And Guarantees [Line Items] | ||||||
Litigation Settlement, Amount | $ 1,500 | $ 6,200 | ||||
Loss Contingency, Loss in Period | $ 300 | |||||
Gain from settlement on TMW arbitration | $ 2,200 | |||||
Aggregate notional value standby letters of credit | 56,733 | $ 56,733 | ||||
Rental expense under operating lease commitments | 5,900 | $ 7,300 | $ 7,400 | |||
Deductible amount of policies, maximum | $ 300 | 300 | ||||
Commercial Contract [Member] | ||||||
Contingencies, Commitments And Guarantees [Line Items] | ||||||
Approximate commitments | $ 75,000 | |||||
Minimum [Member] | ||||||
Contingencies, Commitments And Guarantees [Line Items] | ||||||
Letter Of Credit Maturity Term | 1 month | |||||
Maximum [Member] | ||||||
Contingencies, Commitments And Guarantees [Line Items] | ||||||
Letter Of Credit Maturity Term | 5 years |
Contingencies, Commitments An96
Contingencies, Commitments And Guarantees (Standby Letters Of Credit Instruments) (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Contingencies, Commitments And Guarantees [Line Items] | |
Outstanding letters of credit | $ 56,733 |
0-12 Months [Member] | |
Contingencies, Commitments And Guarantees [Line Items] | |
Outstanding letters of credit | 31,956 |
Greater Than 12 Months [Member] | |
Contingencies, Commitments And Guarantees [Line Items] | |
Outstanding letters of credit | $ 24,777 |
Contingencies, Commitments An97
Contingencies, Commitments And Guarantees (Minimal Rental Commitments) (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2,016 | $ 5,824 |
2,017 | 4,900 |
2,018 | 3,631 |
2,019 | 3,212 |
2,020 | 2,397 |
Thereafter | $ 8,889 |
Guarantees And Indemnificatio98
Guarantees And Indemnification Obligations (Product Warranty Reserves) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Guarantor Obligations [Line Items] | ||
Product Warranty Accrual, Period Increase (Decrease) | $ 300 | |
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward] | ||
Balance beginning December 31, 2011 | 4,213 | $ 4,194 |
Provisions | 3,539 | 3,370 |
Claims settled | (3,714) | (3,067) |
Product Warranty Accrual, Additions from Business Acquisition | 0 | |
Currency translation adjustments | (205) | (284) |
Balance ending September 30, 2012 | 4,551 | $ 4,213 |
Liability for indemnification agreements | 0 | |
Schroedahl [Member] | ||
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward] | ||
Balance ending September 30, 2012 | $ 718 |
Fair Value (Details)
Fair Value (Details) BRL in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015USD ($)Forward_Contracts | Dec. 31, 2014USD ($)Forward_Contracts | Dec. 31, 2013USD ($) | Dec. 31, 2015BRLForward_Contracts | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||
Number | Forward_Contracts | 13 | 6 | 13 | |
Euro U S Dollar [Member] | ||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||
Number | Forward_Contracts | 10 | 10 | ||
Contract Amount | $ 30,074,494 | |||
Brazilian Real/Euro [Member] | ||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||
Number | Forward_Contracts | 3 | 3 | ||
Contract Amount | BRL | BRL 0 | |||
Maximum [Member] | ||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||
Unrealized foreign exchange gain (loss) | $ 500 | $ 700 | $ 500 | |
Forward Contracts [Member] | ||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||
Fair value liability of derivative forward contracts | $ 200 | |||
Fair value asset of derivative forward contracts | $ 500 |
Segment Information (Reportable
Segment Information (Reportable Segment Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Oct. 04, 2015 | Jul. 05, 2015 | Apr. 05, 2015 | Dec. 31, 2014 | Sep. 28, 2014 | Jun. 29, 2014 | Mar. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | $ 164,243 | $ 159,258 | $ 166,906 | $ 165,860 | $ 218,558 | $ 203,818 | $ 207,884 | $ 211,186 | $ 656,267 | $ 841,446 | $ 857,808 |
Inter-segment revenues | 0 | 0 | 0 | ||||||||
Operating income (loss) | 26,174 | 64,757 | 69,173 | ||||||||
Interest income | (270) | (436) | (264) | ||||||||
Interest expense | 3,114 | 3,088 | 3,425 | ||||||||
Other income, net | 902 | (1,156) | 1,975 | ||||||||
Income before income taxes | 22,428 | 63,261 | 64,037 | ||||||||
Identifiable assets | 669,915 | 724,722 | 669,915 | 724,722 | 726,649 | ||||||
Capital expenditures | 12,711 | 12,810 | 17,328 | ||||||||
Depreciation and amortization | 23,935 | 19,561 | 19,073 | ||||||||
Energy Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | 502,133 | 653,257 | 660,969 | ||||||||
Inter-segment revenues | 864 | 1,119 | 878 | ||||||||
Operating income (loss) | 37,961 | 85,316 | 90,786 | ||||||||
Identifiable assets | 769,847 | 636,669 | 769,847 | 636,669 | 574,967 | ||||||
Capital expenditures | 9,411 | 9,089 | 10,249 | ||||||||
Depreciation and amortization | 16,753 | 11,545 | 11,346 | ||||||||
Aerospace [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | 154,134 | 188,189 | 196,839 | ||||||||
Inter-segment revenues | 222 | 215 | 109 | ||||||||
Operating income (loss) | 11,117 | 3,473 | 6,177 | ||||||||
Identifiable assets | 185,147 | 205,955 | 185,147 | 205,955 | 217,281 | ||||||
Capital expenditures | 3,089 | 2,479 | 5,773 | ||||||||
Depreciation and amortization | 5,973 | 6,907 | 6,360 | ||||||||
Corporate/Eliminations [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | 0 | 0 | 0 | ||||||||
Inter-segment revenues | (1,086) | (1,334) | (987) | ||||||||
Operating income (loss) | (22,904) | (24,032) | (27,790) | ||||||||
Identifiable assets | (285,079) | (117,902) | (285,079) | (117,902) | (65,599) | ||||||
Capital expenditures | 814 | 1,241 | 1,306 | ||||||||
Depreciation and amortization | 1,209 | 1,109 | 1,367 | ||||||||
Corporate Identifiable Assets After Elimination Of Intercompany Assets [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Identifiable assets | $ 45,700 | $ 48,000 | 45,700 | $ 48,000 | $ 51,500 | ||||||
Restatement Adjustment [Member] | Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Capital expenditures | $ 13,314 |
Segment Information (Net Revenu
Segment Information (Net Revenues By Geographic Area) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Oct. 04, 2015 | Jul. 05, 2015 | Apr. 05, 2015 | Dec. 31, 2014 | Sep. 28, 2014 | Jun. 29, 2014 | Mar. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | |||||||||||
Total net revenues | $ 164,243 | $ 159,258 | $ 166,906 | $ 165,860 | $ 218,558 | $ 203,818 | $ 207,884 | $ 211,186 | $ 656,267 | $ 841,446 | $ 857,808 |
United States [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total net revenues | 259,068 | 379,527 | 405,561 | ||||||||
United Kingdom [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total net revenues | 36,005 | 58,479 | 59,547 | ||||||||
Germany [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total net revenues | 26,889 | 30,672 | 31,070 | ||||||||
CHINA | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total net revenues | 38,414 | 42,023 | 15,533 | ||||||||
France [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total net revenues | 34,838 | 40,755 | 39,881 | ||||||||
Europe [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total net revenues | 24,508 | 31,836 | 61,342 | ||||||||
AUSTRALIA | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total net revenues | 12,174 | 23,198 | 8,597 | ||||||||
NORWAY | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total net revenues | 43,502 | 50,634 | 11,943 | ||||||||
CANADA | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total net revenues | 46,575 | 41,054 | 39,016 | ||||||||
Asia Pacific [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total net revenues | 36,247 | 50,084 | 40,892 | ||||||||
BRAZIL | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total net revenues | 7,214 | 20,713 | 14,568 | ||||||||
Other Countries [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total net revenues | $ 90,833 | $ 72,471 | $ 129,858 |
Segment Information (Long-Lived
Segment Information (Long-Lived Assets By Geographic Area) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total long-lived assets | $ 87,029 | $ 96,212 |
United States [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total long-lived assets | 38,199 | 38,921 |
United Kingdom [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total long-lived assets | 11,234 | 12,635 |
Germany [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total long-lived assets | 10,410 | 8,908 |
CHINA | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total long-lived assets | 6,360 | 7,714 |
ITALY | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total long-lived assets | 6,290 | 7,295 |
FRANCE | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total long-lived assets | 5,823 | 6,760 |
INDIA | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total long-lived assets | 4,235 | 4,847 |
NETHERLANDS [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total long-lived assets | 2,163 | 2,519 |
Other Countries [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total long-lived assets | $ 2,315 | $ 6,613 |
Quarterly Financial Informat103
Quarterly Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Oct. 04, 2015 | Jul. 05, 2015 | Apr. 05, 2015 | Dec. 31, 2014 | Sep. 28, 2014 | Jun. 29, 2014 | Mar. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Quarterly financial information [Line Items] | |||||||||||
Net revenues | $ 164,243 | $ 159,258 | $ 166,906 | $ 165,860 | $ 218,558 | $ 203,818 | $ 207,884 | $ 211,186 | $ 656,267 | $ 841,446 | $ 857,808 |
Gross profit | 50,496 | 45,393 | 50,794 | 52,649 | 70,465 | 62,217 | 59,700 | 64,638 | 199,332 | 257,020 | 267,601 |
Net income | $ 7,156 | $ (8,078) | $ 1,872 | $ 8,912 | $ 9,155 | $ 14,675 | $ 11,926 | $ 14,632 | $ 9,863 | $ 50,386 | $ 47,121 |
Basic | $ 0.44 | $ (0.49) | $ 0.11 | $ 0.50 | $ 0.52 | $ 0.83 | $ 0.68 | $ 0.83 | $ 0.59 | $ 2.85 | $ 2.68 |
Earnings (loss) per common share: Diluted | 0.43 | (0.49) | 0.11 | 0.50 | 0.51 | 0.83 | 0.67 | 0.82 | 0.58 | 2.84 | 2.67 |
Dividends paid per common share | 0.0375 | 0.0375 | 0.0375 | 0.0375 | 0.0375 | 0.0375 | 0.0375 | 0.0375 | 0.15 | 0.15 | $ 0.15 |
Maximum [Member] | |||||||||||
Quarterly financial information [Line Items] | |||||||||||
Stock Price range | 46.80 | 50.93 | 58.70 | 60.13 | 75.15 | 77.73 | 82.09 | 80.65 | 46.80 | 75.15 | |
Minimum [Member] | |||||||||||
Quarterly financial information [Line Items] | |||||||||||
Stock Price range | $ 39.63 | $ 39.99 | $ 52.87 | $ 49.21 | $ 56.02 | $ 64.94 | $ 69.92 | $ 69.63 | $ 39.63 | $ 56.02 |
Valuation And Qualifying Acc104
Valuation And Qualifying Accounts (Schedule Of Valuation And Qualifying Accounts) (Details) - Allowance For Doubtful Accounts [Member] - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Movement in Valuation Allowances and Reserves [Roll Forward] | ||||
Balance at Beginning of Period | $ 9,536 | $ 2,449 | $ 1,706 | |
Additions (Reductions) Charged to Costs and Expenses | 2,561 | 7,817 | 1,194 | |
Additions (Reductions) Charged to Other Accounts | (1,748) | (162) | (21) | |
Deductions | [1] | (2,059) | (568) | (430) |
Balance at End of Period | $ 8,290 | $ 9,536 | $ 2,449 | |
[1] | Uncollectible accounts written off, net of recoveries.(2)Balance at end of period excludes the engineered valves accounts receivable allowances of $2.4 million which were all charged to cost and expenses in 2015, which are classified as long-term as of December 31, 2015. |