Circor International (CIR) 10-Q 29 Jul 16 2016 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jul. 03, 2016	Jul. 26, 2016
Document And Entity Information [Abstract]
Entity Registrant Name	CIRCOR INTERNATIONAL INC
Entity Central Index Key	1,091,883
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Jul. 3, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Common Stock, Shares Outstanding		16,423,356

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jul. 03, 2016	Dec. 31, 2015
CURRENT ASSETS:
Cash and cash equivalents	$ 72,970	$ 54,541
Trade accounts receivable, less allowance for doubtful accounts of $7,811 and $8,290, respectively	115,327	125,628
Inventories	162,347	177,840
Prepaid expenses and other current assets	21,522	16,441
Total Current Assets	372,166	374,450
PROPERTY, PLANT AND EQUIPMENT, NET	81,973	87,029
OTHER ASSETS:
Goodwill	117,138	115,452
Intangibles, net	43,688	48,981
Deferred income taxes	36,328	36,799
Other assets	6,183	7,204
TOTAL ASSETS	657,476	669,915
CURRENT LIABILITIES:
Accounts payable	45,987	64,284
Accrued expenses and other current liabilities	39,945	52,878
Accrued compensation and benefits	19,121	18,424
Income taxes payable	9,174	6,585
Total Current Liabilities	114,227	142,171
LONG-TERM DEBT	97,600	90,500
DEFERRED INCOME TAXES	9,927	10,424
OTHER NON-CURRENT LIABILITIES	24,355	26,043
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; 16,423,059 and 16,364,299 shares issued and outstanding at July 3, 2016 and December 31, 2015, respectively	178	177
Additional paid-in capital	286,601	283,621
Retained earnings	264,375	257,939
Common treasury stock, at cost (1,381,784 shares at July 3, 2016 and December 31, 2015)	(74,972)	(74,972)
Accumulated other comprehensive loss, net of tax	(64,815)	(65,988)
Total Shareholders’ Equity	411,367	400,777
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$ 657,476	$ 669,915

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jul. 03, 2016	Dec. 31, 2015
Trade accounts receivable, allowance for doubtful accounts	$ 7,811	$ 8,290
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	16,423,059	16,364,299
Common Stock, Shares, Outstanding	16,423,059	16,364,299

Consolidated Statements Of Inco

Consolidated Statements Of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 03, 2016	Jul. 05, 2015	Jul. 03, 2016	Jul. 05, 2015
Net revenues	$ 146,392	$ 166,906	$ 297,190	$ 332,766
Cost of revenues	99,961	116,112	205,526	229,323
GROSS PROFIT	46,431	50,794	91,664	103,443
Selling, general and administrative expenses	36,490	42,394	74,289	81,201
Special charges, net	4,594	3,310	6,533	4,821
OPERATING INCOME	5,347	5,090	10,842	17,421
Other expense (income):
Interest expense, net	605	805	1,236	1,446
Other income, net	(549)	(104)	(1,077)	(610)
TOTAL OTHER EXPENSE, NET	56	701	159	(836)
INCOME BEFORE INCOME TAXES	5,291	4,389	10,683	16,585
Provision for income taxes	1,478	2,517	2,998	5,800
NET INCOME	$ 3,813	$ 1,872	$ 7,685	$ 10,785
Earnings per common share:
Basic	$ 0.23	$ 0.11	$ 0.47	$ 0.63
Diluted	$ 0.23	$ 0.11	$ 0.46	$ 0.62
Weighted average number of common shares outstanding:
Basic	16,424	16,828	16,403	17,245
Diluted	16,595	16,900	16,538	17,306
Dividends declared per common share	$ 0.0375	$ 0.0375	$ 0.0750	$ 0.0750

Statements Of Consolidated Comp

Statements Of Consolidated Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 03, 2016	Jul. 05, 2015	Jul. 03, 2016	Jul. 05, 2015
Statement of Comprehensive Income [Abstract]
Net income	$ 3,813	$ 1,872	$ 7,685	$ 10,785
Other comprehensive (loss) income, net of tax:
Foreign currency translation adjustments	(7,121)	8,506	1,173	(16,944)
Other comprehensive income (loss)	(7,121)	8,506	1,173	(16,944)
COMPREHENSIVE INCOME (LOSS)	$ (3,308)	$ 10,378	$ 8,858	$ (6,159)

Consolidated Statements Of Cash

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jul. 03, 2016	Jul. 05, 2015
OPERATING ACTIVITIES
Net income	$ 7,685	$ 10,785
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation	6,476	7,150
Amortization	5,098	3,537
Bad debt (recovery) expense	(853)	1,469
Loss on write down of inventory	4,011	3,673
Compensation expense of share-based plans	2,909	4,122
Tax effect of share-based plan compensation	116	(287)
Loss on sale or write down of property, plant and equipment	3,116	377
Gain on sale of business	0	(972)
Changes in operating assets and liabilities, net of effects of acquisition and disposition:
Trade accounts receivable	11,555	12,313
Inventories	13,281	(27,875)
Prepaid expenses and other assets	(3,480)	(8,484)
Accounts payable, accrued expenses and other liabilities	(32,161)	(14,174)
Net cash provided by (used in) operating activities	17,753	(8,366)
INVESTING ACTIVITIES
Purchases of property, plant and equipment	(6,998)	(5,567)
Proceeds from the sale of property, plant and equipment	1,138	0
Proceeds from the sale of affiliate	0	2,759
Business acquisition, net of cash acquired		79,983
Net cash used in investing activities	(5,860)	(82,791)
FINANCING ACTIVITIES
Proceeds from long-term debt	65,939	202,380
Payments of long-term debt	(58,890)	(100,533)
Dividends paid	(1,249)	(1,308)
Proceeds from the exercise of stock options	180	70
Tax effect of share-based plan compensation	(116)	287
Purchases of common stock	0	(69,517)
Net cash provided by financing activities	5,864	31,379
Effect of exchange rate changes on cash and cash equivalents	672	(6,567)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	18,429	(66,345)
Cash and cash equivalents at beginning of period	54,541	121,372
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$ 72,970	$ 55,027

Basis Of Presentation

Basis Of Presentation	6 Months Ended
	Jul. 03, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis Of Presentation	Basis of Presentation The accompanying unaudited, condensed consolidated financial statements have been prepared according to the rules and regulations of the United States (the "U.S.") Securities and Exchange Commission (“SEC”) and, in the opinion of management, reflect all adjustments necessary for a fair statement of the consolidated balance sheets, consolidated statements of income, consolidated statements of comprehensive income and consolidated statements of cash flows of CIRCOR International, Inc. (“CIRCOR”, the “Company”, “us”, “we” or “our”) for the periods presented. We prepare our interim financial information using the same accounting principles we use for our annual audited consolidated financial statements. Certain information and note disclosures normally included in the annual audited consolidated financial statements have been condensed or omitted in accordance with prescribed SEC rules. We believe that the disclosures made in our condensed consolidated financial statements and the accompanying notes are adequate to make the information presented not misleading. The consolidated balance sheet at December 31, 2015 is as reported in our audited consolidated financial statements as of that date. Our accounting policies are described in the notes to our December 31, 2015 consolidated financial statements, which were included in our Annual Report filed on Form 10-K for the year ended December 31, 2015. We recommend that the financial statements included in our Quarterly Report on Form 10-Q be read in conjunction with the consolidated financial statements and notes included in our Annual Report filed on Form 10-K for the year ended December 31, 2015 . We operate and report financial information using a 52-week fiscal year ending December 31. The data periods contained within our Quarterly Reports on Form 10-Q reflect the results of operations for the 13-week, 26-week and 39-week periods which generally end on the Sunday nearest the calendar quarter-end date. Operating results for the six months ended July 3, 2016 are not necessarily indicative of the results that may be expected for the year ending December 31, 2016 . The Company recorded additions to property, plant and equipment for which cash payments had not yet been made of $1.4 million and $1.2 million in the six months ended July 3, 2016 and July 5, 2015 , respectively.

Summary Of Significant Accounti

Summary Of Significant Accounting Policies	6 Months Ended
	Jul. 03, 2016
Accounting Policies [Abstract]
Summary Of Significant Accounting Policies	Summary of Significant Accounting Policies The significant accounting policies used in preparation of these condensed consolidated financial statements for the six months ended July 3, 2016 are consistent with those discussed in Note 2 to the consolidated financial statements in our Annual Report on Form 10-K for the year ended December 31, 2015 . New Accounting Standards In March 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standard Update ("ASU") 2016-02, Leases. ASU 2016-02 outlines a model of enhanced transparency for lessees by recognizing lease-related assets and liabilities on the balance sheet. The amendments in this ASU are effective for fiscal years beginning after December 15, 2018 and interim periods within those fiscal years. Early application is permitted for all entities. ASU 2016-02 requires a modified retrospective approach for all leases existing at, or entered into after, the date of initial application, with an option to elect to use certain transition relief. We are currently evaluating the requirements of ASU 2016-02 and have not yet determined its impact on our consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting, as part of its Simplification Initiative. The areas for simplification in this update involve several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The amendments in this ASU are effective for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. Early application is permitted for all entities. We are currently evaluating the requirements of ASU 2016-09 and have not yet determined its impact on our consolidated financial statements.

Inventories

Inventories	6 Months Ended
	Jul. 03, 2016
Inventory, Net [Abstract]
Inventories	Inventories Inventories consist of the following (in thousands): July 3, 2016 December 31, 2015 Raw materials $ 49,839 $ 51,439 Work in process 77,624 83,324 Finished goods 34,884 43,077 Total inventories $ 162,347 $ 177,840

Business Acquisitions

Business Acquisitions	6 Months Ended
	Jul. 03, 2016
Business Combinations [Abstract]
Business Acquisitions	Business Acquisition On April 15, 2015, we acquired all of the outstanding equity interest of Germany-based Schroedahl GmbH ("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 and reported within the Energy segment. Acquisition-related costs of $0.8 million primarily consisted of legal and financial advisory services and were expensed as incurred in general and administrative expenses during the six months ended July 5, 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 valuation of assets and liabilities that was prepared with assistance from a third party valuation specialist. The purchase accounting was finalized during the first quarter of fiscal 2016. The assets and liabilities include the valuation of acquired intangible assets, certain operating liabilities, and the evaluation of deferred income taxes. The following table summarizes the 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 11,470 Property, plant and equipment 1,999 Intangible assets 32,829 Current liabilities (5,452 ) Deferred tax liability (7,285 ) Other non-current liabilities (642 ) Total identifiable net assets 69,235 Goodwill 46,818 Total purchase price $ 116,053 The fair value of accounts receivable acquired approximates the contractual value of $4.3 million . The goodwill recognized is attributable primarily to projected future profitable growth, market penetration, as well as an expanded customer base for the Energy segment. The goodwill arising from the acquisition that is deductible for income tax purposes is $13.2 million . 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. Schroedahl's results for the three and six months ended July 3, 2016 include $6.9 million and $13.1 million of net revenue, respectively and $1.0 million and $1.3 million of operating income, respectively. Operating income includes $1.9 million and $3.8 million of intangible amortization. Pro forma results of operations for the acquisition have not been presented because the effects of the acquisition are not material to the Company's consolidated financial results.

Goodwill And Intangible Assets

Goodwill And Intangible Assets	6 Months Ended
	Jul. 03, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill And Intangible Assets	Goodwill and Intangibles, net The following table shows goodwill by segment as of July 3, 2016 (in thousands): Energy Aerospace & Defense Consolidated Total Goodwill as of December 31, 2015 $ 93,175 $ 22,277 $ 115,452 Adjustments to preliminary purchase price allocation 196 — 196 Currency translation adjustments 1,458 32 1,490 Goodwill as of July 3, 2016 $ 94,829 $ 22,309 $ 117,138 The table below presents gross intangible assets and the related accumulated amortization as of July 3, 2016 (in thousands): Gross Carrying Amount Accumulated Amortization Patents $ 6,026 $ (5,782 ) Non-amortized intangibles (primarily trademarks and trade names) 15,042 — Customer relationships 52,547 (27,286 ) Order backlog 5,140 (4,545 ) Acquired technology 2,373 (691 ) Other 5,362 (4,498 ) Total $ 86,490 $ (42,802 ) Net carrying value of intangible assets $ 43,688 The table below presents estimated remaining amortization expense for intangible assets recorded as of July 3, 2016 (in thousands): 2016 2017 2018 2019 2020 After 2020 Estimated amortization expense $ 4,895 $ 7,861 $ 6,093 $ 4,481 $ 2,882 $ 2,434

Segment Information

Segment Information	6 Months Ended
	Jul. 03, 2016
Segment Reporting [Abstract]
Segment Information	Segment Information The following table presents certain reportable segment information (in thousands): Energy Aerospace & Defense Corporate / Eliminations Consolidated Total Three Months Ended July 3, 2016 Net revenues $ 110,677 $ 35,715 $ — $ 146,392 Inter-segment revenues 164 44 (208 ) — Operating income (loss) 10,125 652 (5,430 ) 5,347 Interest expense, net 605 Other income, net (549 ) Income before income taxes $ 5,291 Identifiable assets 717,292 176,175 (235,819 ) 657,648 Capital expenditures 1,500 1,803 123 3,426 Depreciation and amortization 4,133 1,316 332 5,781 Three Months Ended July 5, 2015 Net revenues $ 127,230 $ 39,676 $ — $ 166,906 Inter-segment revenues 253 18 (271 ) — Operating income (loss) 9,170 1,397 (5,477 ) 5,090 Interest expense, net 805 Other income, net (104 ) Income before income taxes $ 4,389 Identifiable assets 822,176 187,932 (263,807 ) 746,301 Capital expenditures 2,108 1,174 355 3,637 Depreciation and amortization 4,650 1,491 315 6,456 Six Months Ended July 3, 2016 Net revenues $ 223,297 $ 73,893 $ — $ 297,190 Inter-segment revenues 358 92 (450 ) — Operating income (loss) 20,028 2,734 (11,920 ) 10,842 Interest expense, net 1,236 Other income, net (1,077 ) Income before income taxes $ 10,683 Identifiable assets 717,292 176,175 (235,819 ) 657,648 Capital expenditures 3,568 2,879 229 6,676 Depreciation and amortization 8,240 2,677 657 11,574 Six Months Ended July 5, 2015 Net revenues $ 254,816 $ 77,950 $ — $ 332,766 Inter-segment revenues 503 101 (604 ) — Operating income (loss) 25,102 4,250 (11,931 ) 17,421 Interest expense, net 1,446 Other income, net (610 ) Income before income taxes $ 16,585 Identifiable assets 822,176 187,932 (263,807 ) 746,301 Capital expenditures 3,424 1,649 547 5,620 Depreciation and amortization 7,083 3,021 583 10,687 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. In calculating operating income for each reporting segment, certain administrative expenses incurred at the corporate level for the benefit of other reporting segments were allocated to the segments based upon specific identification of costs, employment related information or net revenues. Corporate / Eliminations are reported on a net “after allocations” basis. Inter-segment intercompany transactions affecting net operating profit have been eliminated within the respective operating segments. The operating loss reported in the Corporate / Eliminations column in the preceding table consists primarily of the following corporate expenses: compensation and fringe benefit costs for executive management and other corporate staff; Board of Director compensation; corporate development costs (relating to mergers and acquisitions); human resource development and benefit plan administration expenses; legal, accounting and other professional and consulting fees; facilities, equipment and maintenance costs; and travel and various other administrative costs. The above costs are incurred in the course of furthering the business prospects of the Company and relate to activities such as: implementing strategic business growth opportunities; corporate governance; risk management; treasury; investor relations and shareholder services; regulatory compliance; and stock transfer agent costs. The total assets for each operating segment have been reported as the Identifiable Assets for that segment, including inter-segment intercompany receivables, payables and investments in other CIRCOR businesses. Identifiable assets reported in Corporate / Eliminations include both corporate assets, such as cash, deferred taxes, prepaid and other assets, fixed assets, as well as the elimination of all inter-segment intercompany assets. The elimination of intercompany assets results in negative amounts reported in Corporate / Eliminations for Identifiable Assets as of July 3, 2016 and July 5, 2015 . Corporate Identifiable Assets after elimination of intercompany assets were $48.7 million and $21.9 million as of July 3, 2016 and July 5, 2015 , respectively.

Earnings Per Common Share

Earnings Per Common Share	6 Months Ended
	Jul. 03, 2016
Earnings Per Share [Abstract]
Earnings Per Common Share	Earnings Per Common Share ("EPS") (in thousands, except per share amounts) Three Months Ended July 3, 2016 July 5, 2015 Net Income Shares Per Share Amount Net Income Shares Per Share Amount Basic EPS $ 3,813 16,424 $ 0.23 $ 1,872 16,828 $ 0.11 Dilutive securities, common stock options — 171 — — 72 — Diluted EPS $ 3,813 16,595 $ 0.23 $ 1,872 16,900 $ 0.11 Six Months Ended July 3, 2016 July 5, 2015 Net Income Shares Per Share Amount Net Income Shares Per Share Amount Basic EPS $ 7,685 16,403 $ 0.47 $ 10,785 17,245 $ 0.63 Dilutive securities, common stock options — 135 (0.01 ) — 61 (0.01 ) Diluted EPS $ 7,685 16,538 $ 0.46 $ 10,785 17,306 $ 0.62 Stock options, Restricted Stock Unit Awards (“RSU Awards”) and Restricted Stock Unit Management Stock Plans ("RSU MSPs") covering 136,041 and 311,880 shares of common stock, for the six months ended July 3, 2016 and July 5, 2015 , respectively, were not included in the computation of diluted EPS because their effect would be anti-dilutive.

Financial Instruments

Financial Instruments	6 Months Ended
	Jul. 03, 2016
Fair Value Disclosures [Abstract]
Financial Instruments	Financial Instruments Fair Value The carrying amounts of cash and cash equivalents, trade receivables and trade payables approximate fair value because of the short maturity of these financial instruments. Cash equivalents are carried at cost which approximates fair value at the balance sheet date and are Level 1 financial instruments. As of July 3, 2016 and December 31, 2015, the outstanding balance of the Company’s debt approximated its 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 Exchange Risk The Company is exposed to certain risks relating to its ongoing business operations including foreign currency exchange rate risk and interest rate risk. The Company currently uses derivative instruments to manage foreign currency risk on certain business transactions denominated in foreign currencies. To the extent the underlying transactions hedged are completed, these forward contracts do not subject us to significant risk from exchange rate movements because they offset gains and losses on the related foreign currency denominated transactions. These forward contracts do not qualify as hedging instruments and, therefore, do not qualify for fair value or cash flow hedge treatment. Any gains and losses on our contracts are recognized as a component of other expense in our condensed consolidated statements of income. As of July 3, 2016 , we had six forward contracts: three U.S. Dollar/Euro contracts with a notional amount of $9.4 million and three Brazilian Real/Euro contracts with a notional amount of less than $0.1 million . This compares to thirteen forward contracts as of December 31, 2015 . The fair value liability of the derivative forward contracts was less than $0.1 million and $0.2 million that was included in accrued expenses and other current liabilities on our consolidated balance sheets as of July 3, 2016 and December 31, 2015 , respectively. Our foreign currency forward contracts fall within Level 2 of the fair value hierarchy, in accordance with Accounting Standards Codification (“ASC”) Topic 820. For the six month period ended July 3, 2016 , the unrealized foreign exchange gain associated with these forward contracts was approximately $0.6 million . This compares to an unrealized foreign exchange gain of approximately $0.2 million for the six month period ended July 5, 2015 .

Guarantees And Indemnification

Guarantees And Indemnification Obligations	6 Months Ended
	Jul. 03, 2016
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 insure us with respect to certain events covered under the policies and should enable us to recover a portion of any future amounts paid under the indemnification agreements. We have no liabilities recorded from those agreements as of July 3, 2016 . We record provisions for the estimated cost of product warranties, primarily from historical information, at the time product revenue is recognized. We also record provisions with respect to any significant individual warranty issues as they arise. While we engage in extensive product quality programs and processes, our warranty obligation is affected by product failure rates, utilization levels, material usage, service delivery costs incurred in correcting a product failure, and supplier warranties on parts delivered to us. Should actual product failure rates, utilization levels, material usage, service delivery costs or supplier warranties on parts differ from our estimates, revisions to the estimated warranty liability would be required. The following table sets forth information related to our product warranty reserves for the six months ended July 3, 2016 (in thousands): Balance beginning December 31, 2015 $ 4,551 Provisions 1,608 Claims settled (2,003 ) Currency translation adjustment 52 Balance ending July 3, 2016 $ 4,208 Warranty obligations decreased $0.3 million from $4.6 million as of December 31, 2015 to $4.2 million as of July 3, 2016 , primarily related to higher claims settled within our engineered valves and Aerospace and Defense (California) businesses for $2.0 million , offset in part by our standard provisions during the period of $1.6 million .

Contingencies And Commitments

Contingencies And Commitments	6 Months Ended
	Jul. 03, 2016
Commitments and Contingencies Disclosure [Abstract]
Contingencies And Commitments	Contingencies and Commitments We are currently involved in various legal claims and legal proceedings, some of which may involve substantial dollar amounts. Periodically, we review the status of each significant matter and assess our potential financial exposure. If the potential loss from any claim or legal proceeding is considered probable and the amount can be estimated, we accrue a liability for the estimated loss. Significant judgment is required in both the determination of probability and the determination as to whether an exposure can be reasonably estimated. Because of uncertainties related to these matters, accruals are based on the best information available at the time. As additional information becomes available, we reassess the potential liability related to our pending claims and litigation and may revise our estimates. Such revisions in the estimates of the potential liabilities could have a material adverse effect on our business, results of operations and financial position. Asbestos-related product liability claims continue to be filed against two of our subsidiaries: Spence Engineering Company, Inc. (“Spence”), the stock of which we acquired in 1984; and CIRCOR Instrumentation Technologies, Inc. (f/k/a Hoke, Inc.) (“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 our 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 $47.4 million at July 3, 2016 . Our historical experience with these types of instruments has been good and no claims have been paid in the current or past five fiscal years. We believe that the likelihood of demand for a significant payment relating to the outstanding instruments is remote. These instruments generally have expiration dates ranging from less than 1 month to 5 years from July 3, 2016 . The following table contains information related to standby letters of credit instruments outstanding as of July 3, 2016 (in thousands): Term Remaining Maximum Potential Future Payments 0–12 months $ 21,010 Greater than 12 months 26,431 Total $ 47,441

Defined Pension Benefit Plans

Defined Pension Benefit Plans	6 Months Ended
	Jul. 03, 2016
General Discussion of Pension and Other Postretirement Benefits [Abstract]
Defined Pension Benefit Plans	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 and employees. To date, the supplemental plan remains an unfunded plan. These plans include significant pension benefit obligations which are calculated based on actuarial valuations. Key assumptions are made in determining these obligations and related expenses, including expected rates of return on plan assets and discount rates. Benefits are based primarily on years of service and employees’ compensation. As of July 1, 2006, in connection with a revision to our retirement plan, we froze the pension benefits of our qualified noncontributory plan participants. Under the revised plan, such participants generally do not accrue any additional benefits under the defined benefit plan after July 1, 2006. During the three and six months ended July 3, 2016 , we made cash contributions of $0.4 million and $0.8 million to our qualified noncontributory defined benefit pension plan, respectively. Additionally, substantially all of our U.S. employees are eligible to participate in a 401(k) savings plan. Under this plan, we match a specified percentage of employee contributions, and are able to make a discretionary core contribution, subject to certain limitations. The components of net periodic cost (benefit) of defined benefit pension plans are as follows (in thousands): Three Months Ended Six Months Ended July 3, July 5, July 3, July 5, Interest cost on benefits obligation $ 574 $ 548 $ 1,147 $ 1,097 Estimated return on assets (664 ) (723 ) (1,327 ) (1,446 ) Loss amortization 226 211 453 421 Net periodic cost of defined benefit pension plans $ 136 $ 36 $ 273 $ 72

Income Taxes

Income Taxes	6 Months Ended
	Jul. 03, 2016
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes As of July 3, 2016 and December 31, 2015 , we had $3.0 million and $2.9 million of unrecognized tax benefits, respectively, of which $2.5 million and $2.7 million , respectively, would affect our effective tax rate if recognized in any future period. The Company files income tax returns in the U.S. federal, state and local jurisdictions and in foreign jurisdictions. The Company is no longer subject to examination by the Internal Revenue Service (the "IRS") for years prior to 2012 and is no longer subject to examination by the tax authorities in foreign and state jurisdictions prior to 2006 . The Company is currently under examination for income tax filings in various foreign jurisdictions. The Company has a net U.S. domestic deferred income tax asset and a net foreign deferred tax liability. Due to uncertainties related to our ability to utilize certain of these U.S. domestic deferred income tax assets, primarily consisting of state net operating losses and state tax credits carried forward, we maintained a total valuation allowance of $0.9 million at July 3, 2016 and December 31, 2015 . The valuation allowance is based on estimates of income in each of the jurisdictions in which we operate and the period over which our deferred tax assets will be recoverable. 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 all or a portion of the deferred tax assets, which may have a material adverse effect on our business, results of operations and financial condition. The Company has had a history of domestic and foreign income, is able to avail itself of federal tax carryback provisions, has future taxable temporary differences and projects future domestic and foreign income. We believe that after considering all of the available objective evidence, it is more likely than not that the results of future operations will generate sufficient income to realize the remaining net deferred income tax asset.

Share-Based Compensation

Share-Based Compensation	6 Months Ended
	Jul. 03, 2016
Share-based Compensation [Abstract]
Share-Based Compensation	Share-Based Compensation As of July 3, 2016 , there were 765,798 stock options and 220,088 restricted stock units ("RSUs") outstanding. In addition, there were 1,013,588 shares available for grant under the 2014 Stock Option and Incentive Plan (the "2014 Plan") as of July 3, 2016 . During the six months ended July 3, 2016 , we granted 210,633 stock options compared with 118,992 stock options granted during the six months ended July 5, 2015 . The average fair value of stock options granted during the first six months of 2016 and 2015 was $11.91 and $17.88 , respectively, and was estimated using the following weighted-average assumptions: 2016 2015 Risk-free interest rate 1.2 % 1.4 % Expected life (years) 4.5 4.5 Expected stock volatility 36.2 % 40.4 % Expected dividend yield 0.4 % 0.3 % For additional information regarding the historical issuance of stock options, refer to our Form 10-K for the year ended December 31, 2015 filed with the Securities and Exchange Commission on February 23, 2016. During the six months ended July 3, 2016 and July 5, 2015 , we granted 85,901 and 57,564 RSU Awards with approximate fair values of $39.23 and $52.04 per RSU Award, respectively. During the first six months of 2016 and 2015 , we granted performance-based RSUs as part of the overall mix of RSU Awards. These performance-based RSUs include metrics for achieving Return on Invested Capital and Adjusted Operating Margin with target payouts ranging from 0% to 200% . Of the 85,901 RSUs granted during the six months ended July 3, 2016 , 43,016 are performance-based RSU awards. This compares to 26,094 performance-based RSU awards granted during the six months ended July 5, 2015 . Management Stock Purchase Plan restricted stock units ("RSU MSPs") totaling 20,130 and 38,965 with per unit discount amounts representing fair values of $12.83 and $17.11 were granted during the six months ended July 3, 2016 and July 5, 2015 , respectively. Compensation expense related to our share-based plans for the six month periods ended July 3, 2016 and July 5, 2015 was $2.9 million and $4.1 million , respectively. For the six month period ended July 3, 2016 , $2.9 million of compensation expense was recorded as selling, general and administrative expenses. For the six month period ended July 5, 2015 , $3.7 million was recorded as selling, general and administrative expense and $0.4 million was recorded as a special charge related to the retirement of one of our executive officers. As of July 3, 2016 , there was $9.7 million of total unrecognized compensation costs related to our outstanding share-based compensation arrangements. That cost is expected to be recognized over a weighted average period of 2.0 years. The weighted average contractual term for stock options outstanding and options exercisable as of July 3, 2016 was 6.6 years and 5.9 years, respectively. The aggregate intrinsic value of stock options exercised during the six months ended July 3, 2016 was less than $0.1 million and the aggregate intrinsic value of stock options outstanding and options exercisable as of July 3, 2016 was $8.3 million and $3.2 million , respectively. The aggregate intrinsic value of RSU Awards settled during the six months ended July 3, 2016 was $2.1 million and the aggregate intrinsic value of RSU Awards outstanding and RSU Awards vested and deferred as of July 3, 2016 was $8.3 million and $0.2 million , respectively. The aggregate intrinsic value of RSU MSPs settled during the six months ended July 3, 2016 was $0.2 million and the aggregate intrinsic value of RSU MSPs outstanding and RSU MSPs vested and deferred as of July 3, 2016 was $1.6 million and less than $0.1 million , respectively. As of July 3, 2016 , there were 35,548 Cash Settled Stock Unit Awards outstanding compared to 28,660 as of December 31, 2015. During the six months ended July 3, 2016 , the aggregate cash used to settle Cash Settled Stock Unit Awards was $0.4 million . As of July 3, 2016 , we had $0.7 million of accrued expenses in current liabilities associated with these Cash Settled Stock Unit Awards compared with $0.7 million as of December 31, 2015. Cash Settled Stock Unit Awards related compensation costs for the six month periods ended July 3, 2016 and July 5, 2015 was $0.5 million and $0.2 million , respectively, and was recorded as selling, general, and administrative expenses.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	6 Months Ended
	Jul. 03, 2016
Equity [Abstract]
Accumulated Other Comprehensive Loss	Accumulated Other Comprehensive Loss The following table summarizes the changes in accumulated other comprehensive loss, net of tax, which is reported as a component of shareholder's equity, for the six months ended July 3, 2016 (in thousands): Foreign Currency Translation Adjustments Pension, net Total Balance as of December 31, 2015 $ (36,725 ) $ (29,263 ) $ (65,988 ) Other comprehensive income, net of tax 1,173 — 1,173 Balance as of July 3, 2016 $ (35,552 ) $ (29,263 ) $ (64,815 )

Special Charges_Recoveries

Special Charges/Recoveries	6 Months Ended
	Jul. 03, 2016
Restructuring and Related Activities [Abstract]
Special Charges/Recoveries	Special Charges, net General Background Special Charges, net generally includes restructuring costs, costs to exit a product line or program, litigation settlements and other special charges or gains that are generally not reflective of our core-business operational results. During 2016, we have initiated certain restructuring activities, under which we continue to simplify our business ("2016 Actions"). Under these restructurings, we will reduce expenses, primarily through closing a number of smaller facilities. 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 $2.3 million in special charges within the Energy Segment during the six months ended July 3, 2016 which primarily related to employee termination costs and losses incurred subsequent to our Q1 2016 closure of manufacturing operations. As of July 3, 2016 , our remaining Brazil assets were $2.4 million of which $0.9 million relates to assets held for sale, $0.9 million relates to cash, and $0.5 million relates to net third party accounts receivables. The Brazil assets held for sale as of July 3, 2016 are reported within the other current assets caption on our condensed consolidated balance sheet. In July 2015, we announced the closure of one of the two Corona, California manufacturing facilities ("California Restructuring"). Under this restructuring, we are reducing certain general, manufacturing and facility related expenses. 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 ("Acquisition related charges") as special charges. 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. Charges with this action were finalized in the fourth quarter of 2015. Refer to Note 4, "Special Charges, net" of our Annual Report filed on Form 10-K for the year ended December 31, 2015 for further details regarding these charges. 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. 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 . 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. Charges with this action were finalized in the second quarter of 2015. Refer to Note 4, "Special Charges, net" of our Annual Report filed on Form 10-K for the year ended December 31, 2015 for further details regarding these charges. The special charges described above are recorded in the special charges, net caption on our condensed consolidated statements of income. Inventory Restructuring During the first and second quarters of 2016, we recorded restructuring related inventory charges of $ 1.9 million and $0.1 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 July 3, 2016 , any remaining inventory in our Brazilian operations has been fully provided for. During the first quarter of 2016, in connection with the restructuring of certain structural landing gear product lines, we recorded inventory related charges of less than $0.1 million within the Aerospace & Defense segment. As of July 3, 2016 , our remaining structural landing gear product line inventory balance is $1.5 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 condensed consolidated statement of income. Q2 2016 The tables below (in thousands) show the non-inventory restructuring related and special charges, net of recoveries, for the three and six months ending July 3, 2016 : Special Charges / (Recoveries) As of and for the three months ended July 3, 2016 Energy Aerospace & Defense Corporate Total Facility related expenses, net 262 1,693 — 1,955 Employee related expenses 638 666 — 1,304 Total restructuring charges, net $ 900 $ 2,359 $ — $ 3,259 Acquisition related recoveries (48 ) — — (48 ) Brazil Closure 1,383 — — 1,383 Total special charges, net $ 2,235 $ 2,359 $ — $ 4,594 Accrued special and restructuring charges as of April 3, 2016 $ 3,464 Total quarterly special charges, net (shown above) 4,594 Special charges paid / settled, net (3,565 ) Accrued special and restructuring charges as of July 3, 2016 $ 4,493 Special Charges / (Recoveries) As of and for the six months ended July 3, 2016 Energy Aerospace & Defense Corporate Total Facility related (recoveries) expenses (114 ) 3,093 — 2,979 Employee related expenses 736 707 — 1,443 Total restructuring charges, net $ 622 $ 3,800 $ — $ 4,422 Acquisition related recoveries (161 ) — — (161 ) Brazil Closure 2,270 — 2 2,272 Total special charges, net $ 2,731 $ 3,800 $ 2 $ 6,533 Accrued special and restructuring charges as of December 31, 2015 $ 9,133 Total year to date special charges, net (shown above) 6,533 Special charges paid / settled, net (11,173 ) Accrued special and restructuring charges as of July 3, 2016 $ 4,493 The restructuring charges incurred to date that remain as of July 3, 2016 primarily relate to Brazil closure charges recorded in 2015 for supplier cancellation penalties for fixed purchase commitments, customer cancellation penalties, and litigation claims that we deem probable of loss. We expect to make payment or settle the majority of all restructuring obligations accrued as of July 3, 2016 during the second half of 2016. Q2 2015 The tables below (in thousands) show the non-inventory restructuring related and special charges, net of recoveries, for the three and six months ending July 5, 2015: Special Charges / (Recoveries) As of and for the three months ended July 5, 2015 Energy Aerospace & Defense Corporate Total Facility related expenses 362 244 — 606 Employee related expenses 2,456 65 — 2,521 Total restructuring charges, net $ 2,818 $ 309 $ — $ 3,127 Divestitures (28 ) (65 ) — (93 ) Acquisition related charges 276 — — 276 Total special charges, net $ 3,066 $ 244 $ — $ 3,310 Accrued special and restructuring charges as of April 5, 2015 $ 8,944 Total quarterly special charges, net (shown above) 3,310 Special charges paid / settled (3,927 ) Accrued special and restructuring charges as of July 5, 2015 $ 8,327 Special Charges / (Recoveries) As of and for the six months ended July 5, 2015 Energy Aerospace & Defense Corporate Total Facility and professional fee related expenses 381 257 — 638 Employee related expenses 2,780 1,221 — 4,001 Total restructuring charges, net $ 3,161 $ 1,478 $ — $ 4,639 Divestitures (2 ) (1,042 ) — (1,044 ) Acquisition related charges 806 — — 806 Executive retirement charges — — 420 420 Total special charges, net $ 3,965 $ 436 $ 420 $ 4,821 Accrued special and restructuring charges as of December 31, 2014 $ 9,133 Total year to date special charges, net (shown above) 4,821 Special charges paid / settled (5,627 ) Accrued special and restructuring charges as of July 5, 2015 $ 8,327 Inception to Date The following table (in thousands) summarizes our California Restructuring related special charges for the period ended July 3, 2016 : California Restructuring Charges, net as of July 3, 2016 Aerospace & Defense Facility related expenses - incurred to date $ 3,092 Employee related expenses - incurred to date 415 Total restructuring related special charges - incurred to date $ 3,507 The following table (in thousands) summarizes the restructuring charges for our 2016 Actions through July 3, 2016 : 2016 Actions Restructuring Charges / (Recoveries), net as of July 3, 2016 Energy Aerospace & Defense Total Facility related (gain) expenses - incurred to date $ (198 ) $ 94 $ (104 ) Employee related expenses - incurred to date 819 188 1,007 Total restructuring related special charges - incurred to date $ 621 $ 282 $ 903 The California and 2016 Actions are expected to be completed in the second half of 2016.

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jul. 03, 2016
Inventory, Net [Abstract]
Components Of Inventory	Inventories consist of the following (in thousands): July 3, 2016 December 31, 2015 Raw materials $ 49,839 $ 51,439 Work in process 77,624 83,324 Finished goods 34,884 43,077 Total inventories $ 162,347 $ 177,840

Business Acquisitions (Tables)

Business Acquisitions (Tables)	6 Months Ended
	Jul. 03, 2016
Business Combinations [Abstract]
Schedule of Business Acquisitions, by Acquisition	The following table summarizes the 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 11,470 Property, plant and equipment 1,999 Intangible assets 32,829 Current liabilities (5,452 ) Deferred tax liability (7,285 ) Other non-current liabilities (642 ) Total identifiable net assets 69,235 Goodwill 46,818 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

Goodwill And Intangible Assets

Goodwill And Intangible Assets (Tables)	6 Months Ended
	Jul. 03, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill, By Segment	The following table shows goodwill by segment as of July 3, 2016 (in thousands): Energy Aerospace & Defense Consolidated Total Goodwill as of December 31, 2015 $ 93,175 $ 22,277 $ 115,452 Adjustments to preliminary purchase price allocation 196 — 196 Currency translation adjustments 1,458 32 1,490 Goodwill as of July 3, 2016 $ 94,829 $ 22,309 $ 117,138
Gross Intangible Assets And Related Accumulated Amortization	The table below presents gross intangible assets and the related accumulated amortization as of July 3, 2016 (in thousands): Gross Carrying Amount Accumulated Amortization Patents $ 6,026 $ (5,782 ) Non-amortized intangibles (primarily trademarks and trade names) 15,042 — Customer relationships 52,547 (27,286 ) Order backlog 5,140 (4,545 ) Acquired technology 2,373 (691 ) Other 5,362 (4,498 ) Total $ 86,490 $ (42,802 ) Net carrying value of intangible assets $ 43,688
Estimated Remaining Amortization Expense For Intangible Assets	The table below presents estimated remaining amortization expense for intangible assets recorded as of July 3, 2016 (in thousands): 2016 2017 2018 2019 2020 After 2020 Estimated amortization expense $ 4,895 $ 7,861 $ 6,093 $ 4,481 $ 2,882 $ 2,434

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jul. 03, 2016
Segment Reporting [Abstract]
Reportable Segment Information	The following table presents certain reportable segment information (in thousands): Energy Aerospace & Defense Corporate / Eliminations Consolidated Total Three Months Ended July 3, 2016 Net revenues $ 110,677 $ 35,715 $ — $ 146,392 Inter-segment revenues 164 44 (208 ) — Operating income (loss) 10,125 652 (5,430 ) 5,347 Interest expense, net 605 Other income, net (549 ) Income before income taxes $ 5,291 Identifiable assets 717,292 176,175 (235,819 ) 657,648 Capital expenditures 1,500 1,803 123 3,426 Depreciation and amortization 4,133 1,316 332 5,781 Three Months Ended July 5, 2015 Net revenues $ 127,230 $ 39,676 $ — $ 166,906 Inter-segment revenues 253 18 (271 ) — Operating income (loss) 9,170 1,397 (5,477 ) 5,090 Interest expense, net 805 Other income, net (104 ) Income before income taxes $ 4,389 Identifiable assets 822,176 187,932 (263,807 ) 746,301 Capital expenditures 2,108 1,174 355 3,637 Depreciation and amortization 4,650 1,491 315 6,456 Six Months Ended July 3, 2016 Net revenues $ 223,297 $ 73,893 $ — $ 297,190 Inter-segment revenues 358 92 (450 ) — Operating income (loss) 20,028 2,734 (11,920 ) 10,842 Interest expense, net 1,236 Other income, net (1,077 ) Income before income taxes $ 10,683 Identifiable assets 717,292 176,175 (235,819 ) 657,648 Capital expenditures 3,568 2,879 229 6,676 Depreciation and amortization 8,240 2,677 657 11,574 Six Months Ended July 5, 2015 Net revenues $ 254,816 $ 77,950 $ — $ 332,766 Inter-segment revenues 503 101 (604 ) — Operating income (loss) 25,102 4,250 (11,931 ) 17,421 Interest expense, net 1,446 Other income, net (610 ) Income before income taxes $ 16,585 Identifiable assets 822,176 187,932 (263,807 ) 746,301 Capital expenditures 3,424 1,649 547 5,620 Depreciation and amortization 7,083 3,021 583 10,687

Earnings Per Common Share (Tabl

Earnings Per Common Share (Tables)	6 Months Ended
	Jul. 03, 2016
Earnings Per Share [Abstract]
Schedule Of Earnings Per Share, Basic And Diluted	(in thousands, except per share amounts) Three Months Ended July 3, 2016 July 5, 2015 Net Income Shares Per Share Amount Net Income Shares Per Share Amount Basic EPS $ 3,813 16,424 $ 0.23 $ 1,872 16,828 $ 0.11 Dilutive securities, common stock options — 171 — — 72 — Diluted EPS $ 3,813 16,595 $ 0.23 $ 1,872 16,900 $ 0.11 Six Months Ended July 3, 2016 July 5, 2015 Net Income Shares Per Share Amount Net Income Shares Per Share Amount Basic EPS $ 7,685 16,403 $ 0.47 $ 10,785 17,245 $ 0.63 Dilutive securities, common stock options — 135 (0.01 ) — 61 (0.01 ) Diluted EPS $ 7,685 16,538 $ 0.46 $ 10,785 17,306 $ 0.62

Guarantees And Indemnificatio27

Guarantees And Indemnification Obligations (Tables)	6 Months Ended
	Jul. 03, 2016
Guarantees And Indemnification Obligations [Abstract]
Product Warranty Reserves	The following table sets forth information related to our product warranty reserves for the six months ended July 3, 2016 (in thousands): Balance beginning December 31, 2015 $ 4,551 Provisions 1,608 Claims settled (2,003 ) Currency translation adjustment 52 Balance ending July 3, 2016 $ 4,208 Warranty obligations decreased $0.3 million from $4.6 million as of December 31, 2015 to $4.2 million as of July 3, 2016 , primarily related to higher claims settled within our engineered valves and Aerospace and Defense (California) businesses for $2.0 million , offset in part by our standard provisions during the period of $1.6 million .

Contingencies And Commitments (

Contingencies And Commitments (Tables)	6 Months Ended
	Jul. 03, 2016
Commitments and Contingencies Disclosure [Abstract]
Standby Letters Of Credit Instruments	The following table contains information related to standby letters of credit instruments outstanding as of July 3, 2016 (in thousands): Term Remaining Maximum Potential Future Payments 0–12 months $ 21,010 Greater than 12 months 26,431 Total $ 47,441

Defined Pension Benefit Plans (

Defined Pension Benefit Plans (Tables)	6 Months Ended
	Jul. 03, 2016
General Discussion of Pension and Other Postretirement Benefits [Abstract]
Components Of Net Pension Benefit Expense	The components of net periodic cost (benefit) of defined benefit pension plans are as follows (in thousands): Three Months Ended Six Months Ended July 3, July 5, July 3, July 5, Interest cost on benefits obligation $ 574 $ 548 $ 1,147 $ 1,097 Estimated return on assets (664 ) (723 ) (1,327 ) (1,446 ) Loss amortization 226 211 453 421 Net periodic cost of defined benefit pension plans $ 136 $ 36 $ 273 $ 72

Share-Based Compensation (Table

Share-Based Compensation (Tables)	6 Months Ended
	Jul. 03, 2016
Share-based Compensation [Abstract]
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions	The average fair value of stock options granted during the first six months of 2016 and 2015 was $11.91 and $17.88 , respectively, and was estimated using the following weighted-average assumptions: 2016 2015 Risk-free interest rate 1.2 % 1.4 % Expected life (years) 4.5 4.5 Expected stock volatility 36.2 % 40.4 % Expected dividend yield 0.4 % 0.3 %

Accumulated Other Comprehensi31

Accumulated Other Comprehensive Loss (Tables)	6 Months Ended
	Jul. 03, 2016
Equity [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss)	The following table summarizes the changes in accumulated other comprehensive loss, net of tax, which is reported as a component of shareholder's equity, for the six months ended July 3, 2016 (in thousands): Foreign Currency Translation Adjustments Pension, net Total Balance as of December 31, 2015 $ (36,725 ) $ (29,263 ) $ (65,988 ) Other comprehensive income, net of tax 1,173 — 1,173 Balance as of July 3, 2016 $ (35,552 ) $ (29,263 ) $ (64,815 )

Special Charges_Recoveries (Tab

Special Charges/Recoveries (Tables)	6 Months Ended
	Jul. 03, 2016
Restructuring Cost and Reserve [Line Items]
Schedule of Restructuring and Related Costs

Basis of Presentation - Narrati

Basis of Presentation - Narrative (Details) - USD ($) $ in Millions	6 Months Ended
	Jul. 03, 2016	Jul. 05, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Capital Expenditures Incurred but Not Yet Paid	$ 1.4	$ 1.2

Inventories (Components Of Inve

Inventories (Components Of Inventory) (Details) - USD ($) $ in Thousands	Jul. 03, 2016	Dec. 31, 2015
Inventory, Net [Abstract]
Raw materials	$ 49,839	$ 51,439
Work in process	77,624	83,324
Finished goods	34,884	43,077
Inventories	$ 162,347	$ 177,840

Business Acquisitions - Schedul

Business Acquisitions - Schedule of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	6 Months Ended
	Jul. 03, 2016	Jul. 05, 2015	Dec. 31, 2015	Apr. 15, 2015
Business Acquisition [Line Items]
Goodwill	$ 117,138		$ 115,452
Schroedahl [Member]
Business Acquisition [Line Items]
Goodwill, Acquired During Period	$ 13,200
Business Combination, Acquisition Related Costs		$ 800
Cash and cash equivalents				$ 36,316
Other current assets				11,470
Property, plant and equipment				1,999
Intangible assets				32,829
Current liabilities				(5,452)
Deferred tax liability				(7,285)
Other non-current liabilities				(642)
Total identifiable net assets				69,235
Goodwill				46,818
Total purchase price				$ 116,053

Business Acquisitions - Sched36

Business Acquisitions - Schedule of Intangible Assets Acquired (Details) - Schroedahl [Member] $ in Thousands	Apr. 15, 2015USD ($)
Schedule of Finite and Indefinite-Lived Intangibles Acquired as Part of Business Combination [Line Items]
Intangible assets acquired	$ 32,829
Weighted average amortization period
Customer relationships [Member]
Schedule of Finite and Indefinite-Lived Intangibles Acquired as Part of Business Combination [Line Items]
Intangible assets acquired	$ 22,185
Weighted average amortization period	7 years
Order backlog [Member]
Schedule of Finite and Indefinite-Lived Intangibles Acquired as Part of Business Combination [Line Items]
Intangible assets acquired	$ 3,993
Weighted average amortization period	1 year
Acquired technology [Member]
Schedule of Finite and Indefinite-Lived Intangibles Acquired as Part of Business Combination [Line Items]
Intangible assets acquired	$ 2,260
Weighted average amortization period	10 years
Trade name [Member]
Schedule of Finite and Indefinite-Lived Intangibles Acquired as Part of Business Combination [Line Items]
Indefinite-lived intangible assets acquired	$ 4,391

Business Acquisitions Business

Business Acquisitions Business Acquisitions - Narrative (Details) - USD ($) $ in Thousands	Apr. 15, 2015	Jul. 03, 2016	Jul. 05, 2015	Jul. 03, 2016	Jul. 05, 2015
Business Acquisition [Line Items]
Net income		$ 3,813	$ 1,872	$ 7,685	$ 10,785
Schroedahl [Member]
Business Acquisition [Line Items]
Business acquisition, net of cash acquired	$ 79,700
Purchase price	116,053
Acquisition-related costs					$ 800
Fair value of accounts receivables acquired	4,300
Revenues		6,900		13,100
Net income		1,000		1,300
Intangible amortization included in operating income		$ 1,900		$ 3,800
Line of Credit [Member] | Schroedahl [Member]
Business Acquisition [Line Items]
Borrowings under credit facility	$ 23,800

Goodwill And Intangible Asset38

Goodwill And Intangible Assets (Goodwill, By Segment) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jul. 03, 2016	Jul. 05, 2015
Goodwill [Line Items]
Goodwill as of December 31, 2015	$ 115,452
Goodwill, Impairment Loss	196
Currency translation adjustments	1,490
Goodwill as of July 3, 2016	117,138
Energy [Member]
Goodwill [Line Items]
Goodwill as of December 31, 2015	93,175
Goodwill, Impairment Loss	196
Currency translation adjustments	1,458
Goodwill as of July 3, 2016	94,829
Aerospace [Member]
Goodwill [Line Items]
Goodwill as of December 31, 2015	22,277
Goodwill, Impairment Loss	0
Currency translation adjustments	32
Goodwill as of July 3, 2016	22,309
Schroedahl [Member]
Goodwill [Line Items]
Acquisition-related costs		$ 800
Goodwill, Acquired During Period	$ 13,200

Goodwill And Intangible Asset39

Goodwill And Intangible Assets (Gross Intangible Assets And Related Accumulated Amortization) (Details) $ in Thousands	Jul. 03, 2016USD ($)
Intangible Assets [Line Items]
Gross Carrying Amount	$ 86,490
Accumulated Amortization	(42,802)
Net carrying value of intangible assets	43,688
Patents [Member]
Intangible Assets [Line Items]
Gross Carrying Amount	6,026
Accumulated Amortization	(5,782)
Non-amortized intangibles (primarily trademarks and trade names) [Member]
Intangible Assets [Line Items]
Accumulated Amortization	0
Non-amortized intangibles	15,042
Customer relationships [Member]
Intangible Assets [Line Items]
Gross Carrying Amount	52,547
Accumulated Amortization	(27,286)
Backlog [Member]
Intangible Assets [Line Items]
Gross Carrying Amount	5,140
Accumulated Amortization	(4,545)
Acquired Technology [Member]
Intangible Assets [Line Items]
Gross Carrying Amount	2,373
Accumulated Amortization	(691)
Other [Member]
Intangible Assets [Line Items]
Gross Carrying Amount	5,362
Accumulated Amortization	$ (4,498)

Goodwill And Intangible Asset40

Goodwill And Intangible Assets (Estimated Remaining Amortization Expense For Intangible Assets) (Details) $ in Thousands	Jul. 03, 2016USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2,016	$ 4,895
2,017	7,861
2,018	6,093
2,019	4,481
2,020	2,882
After 2,020	$ 2,434

Segment Information (Reportable

Segment Information (Reportable Segment Information) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 03, 2016	Jul. 05, 2015	Jul. 03, 2016	Jul. 05, 2015	Dec. 31, 2015
Segment Reporting Information [Line Items]
Net revenues	$ 146,392	$ 166,906	$ 297,190	$ 332,766
Operating income (loss)	5,347	5,090	10,842	17,421
Interest expense	605	805	1,236	1,446
Other income, net	(549)	(104)	(1,077)	(610)
INCOME BEFORE INCOME TAXES	5,291	4,389	10,683	16,585
Identifiable assets	657,476		657,476		$ 669,915
Capital expenditures			6,998	5,567
Corporate Identifiable Assets After Elimination Of Intercompany Assets [Member]
Segment Reporting Information [Line Items]
Identifiable assets	48,700	21,900	48,700	21,900
Operating Segments [Member]
Segment Reporting Information [Line Items]
Net revenues	146,392	166,906	297,190	332,766
Inter-segment revenues	0	0	0	0
Operating income (loss)	5,347	5,090	10,842	17,421
Interest expense	605	805	1,236	1,446
Other income, net	(549)	(104)	(1,077)	(610)
INCOME BEFORE INCOME TAXES	5,291	4,389	10,683	16,585
Identifiable assets	657,648	746,301	657,648	746,301
Capital expenditures	3,426	3,637	6,676	5,620
Depreciation and amortization	5,781	6,456	11,574	10,687
Operating Segments [Member] | Energy [Member]
Segment Reporting Information [Line Items]
Net revenues	110,677	127,230	223,297	254,816
Inter-segment revenues	164	253	358	503
Operating income (loss)	10,125	9,170	20,028	25,102
Identifiable assets	717,292	822,176	717,292	822,176
Capital expenditures	1,500	2,108	3,568	3,424
Depreciation and amortization	4,133	4,650	8,240	7,083
Operating Segments [Member] | Aerospace [Member]
Segment Reporting Information [Line Items]
Net revenues	35,715	39,676	73,893	77,950
Inter-segment revenues	44	18	92	101
Operating income (loss)	652	1,397	2,734	4,250
Identifiable assets	176,175	187,932	176,175	187,932
Capital expenditures	1,803	1,174	2,879	1,649
Depreciation and amortization	1,316	1,491	2,677	3,021
Operating Segments [Member] | Corporate/Eliminations [Member]
Segment Reporting Information [Line Items]
Net revenues	0	0	0	0
Inter-segment revenues	(208)	(271)	(450)	(604)
Operating income (loss)	(5,430)	(5,477)	(11,920)	(11,931)
Identifiable assets	(235,819)	(263,807)	(235,819)	(263,807)
Capital expenditures	123	355	229	547
Depreciation and amortization	$ 332	$ 315	$ 657	$ 583

Earnings Per Common Share (Deta

Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 03, 2016	Jul. 05, 2015	Jul. 03, 2016	Jul. 05, 2015
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net income	$ 3,813	$ 1,872	$ 7,685	$ 10,785
Basic Earnings Per Common Share (EPS), Shares	16,424,000	16,828,000	16,403,000	17,245,000
Basic EPS, Per Share Amount	$ 0.23	$ 0.11	$ 0.47	$ 0.63
Dilutive securities, common stock options, Shares	171,000	72,000	135,000	61,000
Dilutive securities, common stock options, Per Share Amount	$ 0	$ 0	$ 0.01	$ 0
Diluted EPS, Shares	16,595,000	16,900,000	16,538,000	17,306,000
Diluted EPS, Per Share Amount	$ 0.23	$ 0.11	$ 0.46	$ 0.62
Stock Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive options and RSUs, shares			136,041
RSU Awards [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive options and RSUs, shares				311,880

Financial Instruments (Narrativ

Financial Instruments (Narrative) (Details) $ in Millions	6 Months Ended
	Jul. 03, 2016USD ($)Forward_Contracts	Jul. 05, 2015USD ($)	Dec. 31, 2015Forward_Contracts
Derivative [Line Items]
Number of forward contracts | Forward_Contracts	6		13
Maximum [Member]
Derivative [Line Items]
Unrealized foreign currency transaction gain (loss)	$ 0.6	$ 0.2
USD/Euro Forward Contracts [Member]
Derivative [Line Items]
Number of forward contracts | Forward_Contracts	3
Total value of contracts	$ 9.4
Brazilian Real/Euro Forward Contracts [Member]
Derivative [Line Items]
Number of forward contracts | Forward_Contracts	3
Total value of contracts	$ 0.1
Forward Contracts [Member]
Derivative [Line Items]
Fair value asset of derivative forward contracts	0.1
Derivative Liability	$ 0.2

Guarantees And Indemnificatio44

Guarantees And Indemnification Obligations (Product Warranty Reserves) (Details) $ in Thousands	6 Months Ended
	Jul. 03, 2016USD ($)
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward]
Balance beginning December 31, 2012	$ 4,551
Provisions	1,608
Claims settled	(2,003)
Currency translation adjustments	52
Balance ending June 30, 2013	4,208
Liability for indemnification agreements	0
Increase in warranty obligations	$ 300

Contingencies And Commitments45

Contingencies And Commitments (Narrative) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jul. 03, 2016	Jul. 05, 2015
Contingencies, Commitments And Guarantees [Line Items]
Loss recorded for settlement of dispute		$ (1,044)
Aggregate notional value standby letters of credit	$ 47,441
Minimum [Member]
Contingencies, Commitments And Guarantees [Line Items]
Expiration period, minimum in months and maximum in years	1 month
Maximum [Member]
Contingencies, Commitments And Guarantees [Line Items]
Expiration period, minimum in months and maximum in years	5 years

Contingencies And Commitments46

Contingencies And Commitments (Standby Letters Of Credit Instruments) (Details) $ in Thousands	Jul. 03, 2016USD ($)
Contingencies, Commitments And Guarantees [Line Items]
Total	$ 47,441
0-12 months [Member]
Contingencies, Commitments And Guarantees [Line Items]
Total	21,010
Greater than 12 months [Member]
Contingencies, Commitments And Guarantees [Line Items]
Total	$ 26,431

Defined Pension Benefit Plans47

Defined Pension Benefit Plans (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jul. 03, 2016	Jul. 03, 2016
Qualified Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Cash contributions to defined benefit pension plan	$ 0.4	$ 0.8

Defined Pension Benefit Plans48

Defined Pension Benefit Plans (Components Of Net Pension Benefit Expense) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 03, 2016	Jul. 05, 2015	Jul. 03, 2016	Jul. 05, 2015
General Discussion of Pension and Other Postretirement Benefits [Abstract]
Interest cost on benefits obligation	$ 574	$ 548	$ 1,147	$ 1,097
Estimated return on assets	(664)	(723)	(1,327)	(1,446)
Loss amortization	226	211	453	421
Net periodic cost of defined benefit plans	$ 136	$ 36	$ 273	$ 72

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	Jul. 03, 2016	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Unrecognized tax benefits that would impact effective tax rate	$ 3	$ 2.9
Unrecognized tax benefits that would affect the effective tax rate if recognized	2.5	$ 2.7
Deferred Tax Assets, Valuation Allowance	$ 0.9

Share-Based Compensation (Narra

Share-Based Compensation (Narrative) (Details) $ in Millions	3 Months Ended	6 Months Ended
	Jul. 05, 2015USD ($)shares	Jul. 03, 2016USD ($)$ / sharesshares	Jul. 05, 2015USD ($)$ / sharesshares	Dec. 31, 2015USD ($)	Mar. 31, 2013shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
RSU outstanding | shares		220,088
Shares available for grant | shares		1,013,588
Compensation expense		$ 2.9	$ 4.1
Unrecognized compensation costs		$ 9.7
Weighted average period of recognition of compensation expense (in years)		2 years 7 days
Weighted average contractual term for stock options outstanding, years		6 years 6 months 20 days
Weighted average contractual term for stock options exercisable, years		5 years 11 months 10 days
Selling, General And Administrative [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	$ 3.7	$ 2.9
Special Charges [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	$ 0.4
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Weighted Average Grant Date Fair Value | $ / shares		$ 11.91	$ 17.88
Stock options outstanding | shares		765,798
Aggregate intrinsic value of stock options exercised		$ 0.1
Aggregate intrinsic value of stock options outstanding		8.3
Aggregate intrinsic value of stock options exercisable		$ 3.2
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock units granted | shares		85,901	57,564
Granted RSU awards fair value | $ / shares		$ 39.23	$ 52.04
Aggregate intrinsic value of RSU Awards / RSU MSPs		$ 2.1
Aggregate intrinsic value of RSU Awards outstanding		8.3
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value		$ 0.2
Restricted Stock Units (RSUs) [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance target threshold (as a percent)		0.00%
Restricted Stock Units (RSUs) [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance target threshold (as a percent)		200.00%
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock units granted | shares	26,094	43,016
Restricted Stock Units Management Stock Purchase Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock units granted | shares		20,130	38,965
Restricted stock units discount amount | $ / shares		12.83	17.11
Aggregate intrinsic value of RSU Awards / RSU MSPs		$ 0.2
Aggregate intrinsic value of RSU Awards outstanding		1.6
Aggregate intrinsic value of RSU Awards vested and deferred		$ 0.1
Cash Settled Stock Unit Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
RSU outstanding | shares		35,548			28,660
Cash used to settle awards		$ 0.4
Accrued expenses and current liabilities for Cash Settled Stock Unit Awards		0.7		$ 0.7
Cash Settled Stock Unit Awards [Member] | Selling, General and Administrative Expenses [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense		$ 0.5	$ 0.2

Share-Based Compensation (Sched

Share-Based Compensation (Schedule Of Estimated Weighted-Average Assumptions Of Stock Options) (Details)	6 Months Ended
	Jul. 03, 2016	Jul. 05, 2015
Share-based Compensation [Abstract]
Risk-free interest rate	1.20%	1.40%
Expected life	4 years 6 months	4 years 6 months
Expected stock volatility	36.20%	40.40%
Expected dividend yield	0.40%	0.30%

Share-Based Compensation CEO In

Share-Based Compensation CEO Inducement Stock Award (Details) - Stock Options [Member] - $ / shares	6 Months Ended
	Jul. 03, 2016	Jul. 05, 2015
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Stock options granted (in shares)	210,633	118,992
Grant Date Fair Value (in usd per share)	$ 11.91	$ 17.88

Accumulated Other Comprehensi53

Accumulated Other Comprehensive Loss (Details) $ in Thousands	6 Months Ended
	Jul. 03, 2016USD ($)
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance as of December 31, 2015	$ (65,988)
Other comprehensive income, net of tax	1,173
Balance as of July 3, 2016	(64,815)
Foreign Currency Translation Adjustments
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance as of December 31, 2015	(36,725)
Other comprehensive income, net of tax	1,173
Balance as of July 3, 2016	(35,552)
Pension, net
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance as of December 31, 2015	(29,263)
Other comprehensive income, net of tax	0
Balance as of July 3, 2016	$ (29,263)

Special Charges_Recoveries (Det

Special Charges/Recoveries (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jul. 03, 2016	Apr. 03, 2016	Jul. 05, 2015	Jul. 03, 2016	Jul. 05, 2015
Restructuring Reserve [Roll Forward]
Restructuring Reserve Beginning of Period	$ 3,464	$ 9,133	$ 8,944	$ 9,133	$ 9,133
Restructuring charges	3,259		3,127	4,422	4,639
Watts settlement					1,044
Gain from settlement of TMW litigation					(420)
Other Nonrecurring (Income) Expense	4,594		3,310	6,533	4,821
Special charges paid	3,565		3,927	11,173	5,627
Restructuring Reserve End of Period	4,493	3,464	8,327	4,493	8,327
Facility Closing [Member]
Restructuring Reserve [Roll Forward]
Facility related recovery	1,955
Restructuring charges			606	2,979	638
Brazil exit	1,383			2,272
Total special and restructuring charges	4,594		3,310	6,533	4,821
Other Nonrecurring (Income) Expense			3,310
Employee Severance [Member]
Restructuring Reserve [Roll Forward]
Restructuring charges	1,304		2,521	1,443	4,001
Divestiture [Member]
Restructuring Reserve [Roll Forward]
Restructuring charges			(93)
Acquisitions [Member]
Restructuring Reserve [Roll Forward]
Restructuring charges	(48)		276	(161)	806
Inventory Related Charges [Member]
Restructuring Reserve [Roll Forward]
Restructuring charges	100	$ 1,900
Energy [Member]
Restructuring Reserve [Roll Forward]
Restructuring charges	900		2,818	622	3,161
Watts settlement					2
Gain from settlement of TMW litigation					0
Other Nonrecurring (Income) Expense				2,731	3,965
Energy [Member] | Facility Closing [Member]
Restructuring Reserve [Roll Forward]
Facility related recovery	262
Restructuring charges			362	(114)	381
Brazil exit	1,383			2,270
Total special and restructuring charges	2,235
Other Nonrecurring (Income) Expense			3,066
Energy [Member] | Employee Severance [Member]
Restructuring Reserve [Roll Forward]
Restructuring charges	638		2,456	736	2,780
Energy [Member] | Divestiture [Member]
Restructuring Reserve [Roll Forward]
Restructuring charges			(28)
Energy [Member] | Acquisitions [Member]
Restructuring Reserve [Roll Forward]
Restructuring charges	(48)		276	(161)	806
Aerospace [Member]
Restructuring Reserve [Roll Forward]
Restructuring charges				3,800	1,478
Watts settlement					1,042
Gain from settlement of TMW litigation					0
Other Nonrecurring (Income) Expense				3,800	436
Aerospace [Member] | Facility Closing [Member]
Restructuring Reserve [Roll Forward]
Restructuring charges				3,093	257
Aerospace [Member] | Employee Severance [Member]
Restructuring Reserve [Roll Forward]
Restructuring charges				707	1,221
Aerospace [Member] | Acquisitions [Member]
Restructuring Reserve [Roll Forward]
Restructuring charges	0		0	0	0
Brazil exit	0
Corporate [Member]
Restructuring Reserve [Roll Forward]
Restructuring charges	0		0	0	0
Watts settlement					0
Gain from settlement of TMW litigation					(420)
Deferred Compensation Arrangement with Individual, Compensation Expense					420
Other Nonrecurring (Income) Expense				2	420
Corporate [Member] | Facility Closing [Member]
Restructuring Reserve [Roll Forward]
Facility related recovery	0
Restructuring charges			0	0	0
Brazil exit	0			2
Total special and restructuring charges	0
Corporate [Member] | Employee Severance [Member]
Restructuring Reserve [Roll Forward]
Restructuring charges	0		0	0	0
Corporate [Member] | Divestiture [Member]
Restructuring Reserve [Roll Forward]
Restructuring charges			0
Corporate [Member] | Acquisitions [Member]
Restructuring Reserve [Roll Forward]
Restructuring charges	$ 0		$ 0	$ 0	0
2014 Announced Restructuring Charges / (Recoveries), net as of April 3, 2016 | Divestiture [Member]
Restructuring Reserve [Roll Forward]
Restructuring charges					$ 1,000

Special Charges_Recoveries Char

Special Charges/Recoveries Charges Incurred to Date (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jul. 03, 2016	Jul. 05, 2015	Jul. 03, 2016	Jul. 05, 2015
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Costs [Table Text Block]
Charges incurred to date	$ (3,507,000)		$ (3,507,000)
2016 Announced Restructuring Plan [Member] [Member]
Restructuring Cost and Reserve [Line Items]
Charges incurred to date	(903,000)		(903,000)
Employee Severance [Member]
Restructuring Cost and Reserve [Line Items]
Charges incurred to date	(415,000)		(415,000)
Employee Severance [Member] | 2016 Announced Restructuring Plan [Member] [Member]
Restructuring Cost and Reserve [Line Items]
Charges incurred to date	(1,007,000)		(1,007,000)
Facility Closing [Member]
Restructuring Cost and Reserve [Line Items]
Recoveries of Restructuring Charges	(1,955,000)
Other Nonrecurring Expense	4,594,000	$ 3,310,000	6,533,000	$ 4,821,000
Charges incurred to date	(3,092,000)		(3,092,000)
Facility Closing [Member] | 2016 Announced Restructuring Plan [Member] [Member]
Restructuring Cost and Reserve [Line Items]
Charges incurred to date	(104,000)		(104,000)
Energy [Member] | 2016 Announced Restructuring Plan [Member] [Member]
Restructuring Cost and Reserve [Line Items]
Charges incurred to date	(621,000)		(621,000)
Energy [Member] | Facility Closing [Member]
Restructuring Cost and Reserve [Line Items]
Recoveries of Restructuring Charges	(262,000)
Other Nonrecurring Expense	2,235,000
Aerospace [Member] | 2016 Announced Restructuring Plan [Member] [Member]
Restructuring Cost and Reserve [Line Items]
Charges incurred to date	(282,000)		(282,000)
Aerospace & Defense [Member] | Facility Closing [Member]
Restructuring Cost and Reserve [Line Items]
Recoveries of Restructuring Charges	(1,693,000)
Other Nonrecurring Expense	2,359,000
Corporate [Member] | Facility Closing [Member]
Restructuring Cost and Reserve [Line Items]
Recoveries of Restructuring Charges	0
Other Nonrecurring Expense	0
Employee Severance [Member] | Energy [Member] | 2016 Announced Restructuring Plan [Member] [Member]
Restructuring Cost and Reserve [Line Items]
Charges incurred to date	(819,000)		(819,000)
Employee Severance [Member] | Aerospace [Member] | 2016 Announced Restructuring Plan [Member] [Member]
Restructuring Cost and Reserve [Line Items]
Charges incurred to date	(188,000)		(188,000)
Facility Closing [Member] | Energy [Member] | 2016 Announced Restructuring Plan [Member] [Member]
Restructuring Cost and Reserve [Line Items]
Charges incurred to date	(198,000)		(198,000)
Facility Closing [Member] | Aerospace [Member] | 2016 Announced Restructuring Plan [Member] [Member]
Restructuring Cost and Reserve [Line Items]
Charges incurred to date	$ (94,000)		$ (94,000)

Special Charges Narrative (Deta

Special Charges Narrative (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jul. 03, 2016	Apr. 03, 2016	Jul. 05, 2015	Jul. 03, 2016	Jul. 05, 2015
Effects on Future Earnings and Cash Flows Resulting from Exit Plan [Line Items]
Restructuring charges	$ 3,259		$ 3,127	$ 4,422	$ 4,639
Gain from settlement of TMW litigation					420
Special charges, net	4,594		3,310	6,533	4,821
Aerospace & Defense [Member]
Effects on Future Earnings and Cash Flows Resulting from Exit Plan [Line Items]
Restructuring charges	2,359		309
Energy [Member]
Effects on Future Earnings and Cash Flows Resulting from Exit Plan [Line Items]
Restructuring charges	900		2,818	622	3,161
Gain from settlement of TMW litigation					0
Special charges, net				2,731	3,965
Aerospace [Member]
Effects on Future Earnings and Cash Flows Resulting from Exit Plan [Line Items]
Restructuring charges				3,800	1,478
Gain from settlement of TMW litigation					0
Special charges, net				3,800	436
Divestiture [Member]
Effects on Future Earnings and Cash Flows Resulting from Exit Plan [Line Items]
Restructuring charges			(93)
Divestiture [Member] | Aerospace & Defense [Member]
Effects on Future Earnings and Cash Flows Resulting from Exit Plan [Line Items]
Restructuring charges			(65)
Divestiture [Member] | Energy [Member]
Effects on Future Earnings and Cash Flows Resulting from Exit Plan [Line Items]
Restructuring charges			(28)
Divestiture [Member] | 2014 Announced Restructuring Charges / (Recoveries), net as of April 3, 2016
Effects on Future Earnings and Cash Flows Resulting from Exit Plan [Line Items]
Restructuring charges					1,000
Inventory Related Charges [Member]
Effects on Future Earnings and Cash Flows Resulting from Exit Plan [Line Items]
Restructuring charges	100	$ 1,900
Inventory Related Charges [Member] | Aerospace & Defense [Member]
Effects on Future Earnings and Cash Flows Resulting from Exit Plan [Line Items]
Restructuring charges				100
Disposal Group, Including Discontinued Operation, Inventory	1,500			1,500
Facility Closing [Member]
Effects on Future Earnings and Cash Flows Resulting from Exit Plan [Line Items]
Restructuring charges			606	2,979	638
Special charges, net			3,310
Total special and restructuring charges	4,594		3,310	6,533	4,821
Facility Closing [Member] | Aerospace & Defense [Member]
Effects on Future Earnings and Cash Flows Resulting from Exit Plan [Line Items]
Restructuring charges			244
Special charges, net			244
Total special and restructuring charges	2,359
Facility Closing [Member] | Energy [Member]
Effects on Future Earnings and Cash Flows Resulting from Exit Plan [Line Items]
Restructuring charges			362	(114)	381
Special charges, net			3,066
Total special and restructuring charges	2,235
Facility Closing [Member] | Aerospace [Member]
Effects on Future Earnings and Cash Flows Resulting from Exit Plan [Line Items]
Restructuring charges				3,093	257
Employee Severance [Member]
Effects on Future Earnings and Cash Flows Resulting from Exit Plan [Line Items]
Restructuring charges	1,304		2,521	1,443	4,001
Employee Severance [Member] | Aerospace & Defense [Member]
Effects on Future Earnings and Cash Flows Resulting from Exit Plan [Line Items]
Restructuring charges	666		65
Employee Severance [Member] | Energy [Member]
Effects on Future Earnings and Cash Flows Resulting from Exit Plan [Line Items]
Restructuring charges	638		2,456	736	2,780
Employee Severance [Member] | Aerospace [Member]
Effects on Future Earnings and Cash Flows Resulting from Exit Plan [Line Items]
Restructuring charges				707	1,221
Acquisitions [Member]
Effects on Future Earnings and Cash Flows Resulting from Exit Plan [Line Items]
Restructuring charges	(48)		276	(161)	806
Acquisitions [Member] | Energy [Member]
Effects on Future Earnings and Cash Flows Resulting from Exit Plan [Line Items]
Restructuring charges	(48)		276	(161)	806
Acquisitions [Member] | Aerospace [Member]
Effects on Future Earnings and Cash Flows Resulting from Exit Plan [Line Items]
Restructuring charges	0		$ 0	0	$ 0
Brazil Manufacturing Operations [Member] | Disposal Group, Disposed of by Means Other than Sale, Not Discontinued Operations, Abandonment [Member]
Effects on Future Earnings and Cash Flows Resulting from Exit Plan [Line Items]
Disposal Group, Including Discontinued Operation, Assets	2,400			2,400
Disposal Group, Including Discontinued Operation, Accounts, Notes and Loans Receivable, Net	500			500
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment	900			900
Disposal Group, Including Discontinued Operation, Cash and Cash Equivalents	$ 900			900
BRAZIL | Facility Closing [Member] | Brazil Closure [Member] | Energy [Member]
Effects on Future Earnings and Cash Flows Resulting from Exit Plan [Line Items]
Restructuring charges				$ 2,300