Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Oct. 02, 2016 | Oct. 25, 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 | Oct. 2, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 16,426,028 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Oct. 02, 2016 | Dec. 31, 2015 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 84,929 | $ 54,541 |
Trade accounts receivable, less allowance for doubtful accounts of $7,570 and $8,290, respectively | 112,122 | 125,628 |
Inventories | 153,470 | 177,840 |
Prepaid expenses and other current assets | 18,001 | 16,441 |
Total Current Assets | 368,522 | 374,450 |
PROPERTY, PLANT AND EQUIPMENT, NET | 81,327 | 87,029 |
OTHER ASSETS: | ||
Goodwill | 117,167 | 115,452 |
Intangibles, net | 40,953 | 48,981 |
Deferred income taxes | 42,713 | 36,799 |
Other assets | 5,983 | 7,204 |
TOTAL ASSETS | 656,665 | 669,915 |
CURRENT LIABILITIES: | ||
Accounts payable | 50,500 | 64,284 |
Accrued expenses and other current liabilities | 39,950 | 52,878 |
Accrued compensation and benefits | 17,386 | 18,424 |
Income taxes payable | 5,956 | 6,585 |
Total Current Liabilities | 113,792 | 142,171 |
LONG-TERM DEBT | 92,400 | 90,500 |
DEFERRED INCOME TAXES | 9,837 | 10,424 |
OTHER NON-CURRENT LIABILITIES | 24,038 | 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; 16,425,878 and 16,364,299 shares issued and outstanding at October 2, 2016 and December 31, 2015, respectively | 178 | 177 |
Additional paid-in capital | 287,919 | 283,621 |
Retained earnings | 268,169 | 257,939 |
Common treasury stock, at cost (1,381,784 shares at October 2, 2016 and December 31, 2015) | (74,972) | (74,972) |
Accumulated other comprehensive loss, net of tax | (64,696) | (65,988) |
Total Shareholders’ Equity | 416,598 | 400,777 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ 656,665 | $ 669,915 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Oct. 02, 2016 | Dec. 31, 2015 |
Trade accounts receivable, allowance for doubtful accounts | $ 7,570 | $ 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 | 16,425,878 | 16,364,299 |
Common Stock, Shares, Outstanding | 16,425,878 | 16,364,299 |
Consolidated Statements Of Inco
Consolidated Statements Of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 02, 2016 | Oct. 04, 2015 | Oct. 02, 2016 | Oct. 04, 2015 | |
Net revenues | $ 134,833 | $ 159,258 | $ 432,023 | $ 492,023 |
Cost of revenues | 92,479 | 113,865 | 298,005 | 343,187 |
GROSS PROFIT | 42,354 | 45,393 | 134,018 | 148,836 |
Selling, general and administrative expenses | 36,002 | 38,143 | 110,290 | 119,344 |
Impairment charges | 208 | 2,502 | 208 | 2,502 |
Special charges, net | 2,631 | 8,277 | 9,165 | 13,098 |
OPERATING INCOME (LOSS) | 3,513 | (3,529) | 14,355 | 13,892 |
Other expense (income): | ||||
Interest expense, net | 605 | 828 | 1,841 | 2,274 |
Other expense (income), net | 163 | (587) | (914) | (1,197) |
TOTAL OTHER EXPENSE, NET | 768 | 241 | 927 | (1,077) |
INCOME (LOSS) BEFORE INCOME TAXES | 2,745 | (3,770) | 13,428 | 12,816 |
Provision for income taxes (benefit) | (1,673) | 4,308 | 1,325 | 10,109 |
NET INCOME (LOSS) | $ 4,418 | $ (8,078) | $ 12,103 | $ 2,707 |
Earnings (Loss) per common share: | ||||
Basic | $ 0.27 | $ (0.49) | $ 0.74 | $ 0.16 |
Diluted | $ 0.27 | $ (0.49) | $ 0.73 | $ 0.16 |
Weighted average number of common shares outstanding: | ||||
Basic | 16,427 | 16,485 | 16,411 | 16,989 |
Diluted | 16,629 | 16,485 | 16,568 | 17,029 |
Dividends declared per common share | $ 0.0375 | $ 0.0375 | $ 0.1125 | $ 0.1125 |
Statements Of Consolidated Comp
Statements Of Consolidated Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 02, 2016 | Oct. 04, 2015 | Oct. 02, 2016 | Oct. 04, 2015 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 4,418 | $ (8,078) | $ 12,103 | $ 2,707 |
Other comprehensive (loss) income, net of tax: | ||||
Foreign currency translation adjustments | 120 | (6,409) | 1,292 | (23,357) |
Other comprehensive income (loss) | 120 | (6,409) | 1,292 | (23,357) |
COMPREHENSIVE INCOME (LOSS) | $ 4,538 | $ (14,487) | $ 13,395 | $ (20,650) |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Oct. 02, 2016 | Oct. 04, 2015 | |
OPERATING ACTIVITIES | ||
Net income | $ 12,103 | $ 2,707 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Depreciation | 9,614 | 10,676 |
Amortization | 7,586 | 6,742 |
Bad debt (recovery) expense | (928) | 2,832 |
Loss on write down of inventory | 5,784 | 11,808 |
Compensation expense of share-based plans | 4,200 | 5,811 |
Tax effect of share-based plan compensation | 123 | (259) |
Loss on sale or write down of property, plant and equipment | 3,238 | 478 |
Impairment charges | 208 | 2,502 |
Gain on sale of business | 0 | 1,044 |
Changes in operating assets and liabilities, net of effects of acquisition and disposition: | ||
Trade accounts receivable | 15,422 | 8,118 |
Inventories | 20,216 | (29,260) |
Prepaid expenses and other assets | 545 | (2,801) |
Accounts payable, accrued expenses and other liabilities | (39,161) | (21,669) |
Net cash provided by (used in) operating activities | 38,950 | (3,359) |
INVESTING ACTIVITIES | ||
Purchases of property, plant and equipment | (10,776) | (9,604) |
Proceeds from the sale of property, plant and equipment | 1,186 | 1,200 |
Proceeds from the sale of affiliate | 0 | 2,759 |
Business acquisition, net of cash acquired | 79,983 | |
Net cash used in investing activities | (9,590) | (85,628) |
FINANCING ACTIVITIES | ||
Proceeds from long-term debt | 90,589 | 241,619 |
Payments of long-term debt | (88,740) | (141,830) |
Dividends paid | (1,873) | (1,937) |
Proceeds from the exercise of stock options | 192 | 259 |
Tax effect of share-based plan compensation | (123) | 259 |
Purchases of common stock | 0 | (69,517) |
Net cash provided by financing activities | 45 | 28,853 |
Effect of exchange rate changes on cash and cash equivalents | 983 | (7,416) |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 30,388 | (67,550) |
Cash and cash equivalents at beginning of period | 54,541 | 121,372 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ 84,929 | $ 53,822 |
Basis Of Presentation
Basis Of Presentation | 9 Months Ended |
Oct. 02, 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 (loss), consolidated statements of comprehensive income (loss) 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 nine months ended October 2, 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 $0.8 million and $1.1 million in the nine months ended October 2, 2016 and October 4, 2015 , respectively. |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 9 Months Ended |
Oct. 02, 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 nine months ended October 2, 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 August 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standard Update ("ASU") 2016-15, Classification of Certain Cash Receipts and Cash Payments. ASU 2016-15 reduces the existing diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows under Topic 230, Statement of Cash Flows, and other Topics. This ASU addresses eight specific cash flow issues with the objective of enhancing consistency in presentation and classification. The amendments in this ASU are effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. We are currently evaluating the requirements of ASU 2016-15 and have not yet determined its impact on our consolidated financial statements. In March 2016, the FASB issued ASU 2016-02, Leases. ASU 2016-02 outlines a model 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. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers. ASU 2014-09 outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and will replace most existing revenue recognition guidance in 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. In March, April and May 2016, the FASB issued additional updates to the new revenue standard relating to reporting revenue on a gross versus net basis, identifying performance obligations and licensing arrangements, and narrow-scope improvements and practical expedients, respectively. We are currently evaluating the requirements of ASU 2014-09 and have not yet determined its impact on our consolidated financial statements. |
Inventories
Inventories | 9 Months Ended |
Oct. 02, 2016 | |
Inventory, Net [Abstract] | |
Inventories | Inventories Inventories consist of the following (in thousands): October 2, 2016 December 31, 2015 Raw materials $ 50,304 $ 51,439 Work in process 73,505 83,324 Finished goods 29,661 43,077 Total inventories $ 153,470 $ 177,840 |
Business Acquisitions
Business Acquisitions | 9 Months Ended |
Oct. 02, 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 $0.9 million primarily consisted of legal and financial advisory services and were expensed as incurred in general and administrative expenses during the nine months ended October 4, 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 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 nine months ended October 2, 2016 include $19.4 million of net revenue and $0.9 million of operating income, respectively. Operating income includes $5.7 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 | 9 Months Ended |
Oct. 02, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill And Intangible Assets | Goodwill and Intangibles, net The following table shows goodwill by segment as of October 2, 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 132 — 132 Currency translation adjustments 1,537 46 1,583 Goodwill as of October 2, 2016 $ 94,844 $ 22,323 $ 117,167 The table below presents gross intangible assets and the related accumulated amortization as of October 2, 2016 (in thousands): Gross Carrying Amount Accumulated Amortization Patents $ 5,399 $ (5,377 ) Non-amortized intangibles (primarily trademarks and trade names) 14,957 — Customer relationships 52,389 (29,081 ) Order backlog 5,154 (4,854 ) Acquired technology 2,393 (820 ) Other 5,287 (4,494 ) Total $ 85,579 $ (44,626 ) Net carrying value of intangible assets $ 40,953 The table below presents estimated remaining amortization expense for intangible assets recorded as of October 2, 2016 (in thousands): Remainder of 2016 2017 2018 2019 2020 After 2020 Estimated amortization expense $ 2,456 $ 7,849 $ 6,074 $ 4,456 $ 2,860 $ 2,301 |
Segment Information
Segment Information | 9 Months Ended |
Oct. 02, 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 October 2, 2016 Net revenues $ 99,798 $ 35,035 $ — $ 134,833 Inter-segment revenues 315 22 (337 ) — Operating income (loss) 7,690 2,345 (6,522 ) 3,513 Interest expense, net 605 Other expense, net 163 Income before income taxes $ 2,745 Identifiable assets 711,012 176,637 (230,984 ) 656,665 Capital expenditures 1,821 787 582 3,190 Depreciation and amortization 4,166 1,125 335 5,626 Three Months Ended October 4, 2015 Net revenues $ 122,905 $ 36,353 $ — $ 159,258 Inter-segment revenues 183 75 (258 ) — Operating (loss) income (685 ) 3,234 (6,078 ) (3,529 ) Interest expense, net 828 Other income, net (587 ) Loss before income taxes $ (3,770 ) Identifiable assets 824,182 191,100 (300,921 ) 714,361 Capital expenditures 3,353 501 96 3,950 Depreciation and amortization 4,938 1,492 302 6,732 Nine Months Ended October 2, 2016 Net revenues $ 323,096 $ 108,927 $ — $ 432,023 Inter-segment revenues 674 113 (787 ) — Operating income (loss) 27,718 5,080 (18,443 ) 14,355 Interest expense, net 1,841 Other income, net (914 ) Income before income taxes $ 13,428 Identifiable assets 711,012 176,637 (230,984 ) 656,665 Capital expenditures 5,389 3,666 811 9,866 Depreciation and amortization 12,406 3,802 992 17,200 Nine Months Ended October 4, 2015 Net revenues $ 377,721 $ 114,302 $ — $ 492,023 Inter-segment revenues 685 176 (861 ) — Operating income (loss) 24,417 7,484 (18,009 ) 13,892 Interest expense, net 2,274 Other income, net (1,197 ) Income before income taxes 12,816 Identifiable assets 824,182 191,100 (300,921 ) 714,361 Capital expenditures 6,777 2,150 643 9,570 Depreciation and amortization 12,021 4,513 885 17,419 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; strategic tax planning; 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 October 2, 2016 and October 4, 2015 . Corporate Identifiable Assets after elimination of intercompany assets were $55.5 million and $25.6 million as of October 2, 2016 and October 4, 2015 , respectively. |
Earnings Per Common Share
Earnings Per Common Share | 9 Months Ended |
Oct. 02, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | Earnings (Loss) Per Common Share ("EPS") (in thousands, except per share amounts) Three Months Ended October 2, 2016 October 4, 2015 Net Income Shares Per Share Amount Net (Loss) Shares Per Share Amount Basic EPS $ 4,418 16,427 $ 0.27 $ (8,078 ) 16,485 $ (0.49 ) Dilutive securities, common stock options — 202 — — — — Diluted EPS $ 4,418 16,629 $ 0.27 $ (8,078 ) 16,485 $ (0.49 ) Nine Months Ended October 2, 2016 October 4, 2015 Net Income Shares Per Share Amount Net Income Shares Per Share Amount Basic EPS $ 12,103 16,411 $ 0.74 $ 2,707 16,989 $ 0.16 Dilutive securities, common stock options — 157 (0.01 ) — 40 — Diluted EPS $ 12,103 16,568 $ 0.73 $ 2,707 17,029 $ 0.16 Stock options, Restricted Stock Unit Awards (“RSU Awards”) and Restricted Stock Unit Management Stock Plans ("RSU MSPs") covering 130,259 and 479,390 shares of common stock, for the nine months ended October 2, 2016 and October 4, 2015 , respectively, were not included in the computation of diluted EPS because their effect would be anti-dilutive. |
Financial Instruments
Financial Instruments | 9 Months Ended |
Oct. 02, 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 October 2, 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. |
Guarantees And Indemnification
Guarantees And Indemnification Obligations | 9 Months Ended |
Oct. 02, 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 October 2, 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 nine months ended October 2, 2016 (in thousands): Balance beginning December 31, 2015 $ 4,551 Provisions 1,722 Claims settled (2,326 ) Currency translation adjustment 69 Balance ending October 2, 2016 $ 4,016 Warranty obligations decreased $0.6 million from $4.6 million as of December 31, 2015 to $4.0 million as of October 2, 2016 , primarily related to higher claims settled within our engineered valves and Aerospace and Defense (California) businesses for $2.3 million , offset in part by our standard provisions during the period of $1.7 million . |
Contingencies And Commitments
Contingencies And Commitments | 9 Months Ended |
Oct. 02, 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 $44.8 million at October 2, 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 October 2, 2016 . The following table contains information related to standby letters of credit instruments outstanding as of October 2, 2016 (in thousands): Term Remaining Maximum Potential Future Payments 0–12 months $ 17,365 Greater than 12 months 27,439 Total $ 44,804 |
Defined Pension Benefit Plans
Defined Pension Benefit Plans | 9 Months Ended |
Oct. 02, 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 nine months ended October 2, 2016 , we made cash contributions of $0.8 million to our qualified noncontributory defined benefit pension plan. We made no cash contributions during the three months ended October 2, 2016 . We expect to make cash contributions during the fourth quarter 2016 in the amount of $0.2 million . 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. In Q3 2016, management offered a lump sum cash payout option to terminated and vested pension plan participants. In connection with this action, the window for participants who opt to avail themselves of this program closed on September 2016. Based on the number of participants, we would expect to incur a non-cash settlement charge between $4.5 million and $5.0 million . This special charge is to be recorded when payment occurs, which is expected to be in November 2016. The components of net periodic cost (benefit) of defined benefit pension plans are as follows (in thousands): Three Months Ended Nine Months Ended October 2, October 4, October 2, October 4, Interest cost on benefits obligation $ 574 $ 548 $ 1,721 $ 1,645 Estimated return on assets (664 ) (723 ) (1,991 ) (2,169 ) Loss amortization 226 210 679 632 Net periodic cost of defined benefit pension plans $ 136 $ 35 $ 409 $ 108 |
Income Taxes
Income Taxes | 9 Months Ended |
Oct. 02, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes As of October 2, 2016 and December 31, 2015 , we had $2.8 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. In the quarter ended October 2, 2016, the Company determined that a portion of its foreign earnings are not permanently reinvested within the meaning of ASC 740-30-25-17. The Company estimates that approximately $34 million will be repatriated to the US in the fourth quarter of 2016, resulting in a tax benefit of $1.8 million in the quarter ended October 2, 2016. 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 2013 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 October 2, 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 | 9 Months Ended |
Oct. 02, 2016 | |
Share-based Compensation [Abstract] | |
Share-Based Compensation | Share-Based Compensation As of October 2, 2016 , there were 756,179 stock options and 215,132 RSU Awards outstanding. In addition, there were 1,024,829 shares available for grant under the 2014 Stock Option and Incentive Plan (the "2014 Plan") as of October 2, 2016 . During the nine months ended October 2, 2016 , we granted 210,633 stock options compared with 118,992 stock options granted during the nine months ended October 4, 2015 . The average fair value of stock options granted during the first nine 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 SEC on February 23, 2016. During the nine months ended October 2, 2016 and October 4, 2015 , we granted 87,629 and 60,090 RSU Awards with approximate fair values of $39.61 and $51.85 per RSU Award, respectively. During the first nine 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 87,629 RSU Awards granted during the nine months ended October 2, 2016 , 43,016 are performance-based RSU Awards. This compares to 26,094 performance-based RSU Awards granted during the nine months ended October 4, 2015 . 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 nine months ended October 2, 2016 and October 4, 2015 , respectively. Compensation expense related to our share-based plans for the nine month periods ended October 2, 2016 and October 4, 2015 was $4.2 million and $5.8 million , respectively. For the nine month period ended October 2, 2016 , $4.2 million of compensation expense was recorded as selling, general and administrative expenses. For the nine month period ended October 4, 2015 , $5.4 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 October 2, 2016 , there was $8.1 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 1.9 years. The weighted average contractual term for stock options outstanding and options exercisable as of October 2, 2016 was 6.3 years and 5.7 years, respectively. The aggregate intrinsic value of stock options exercised during the nine months ended October 2, 2016 was insignificant and the aggregate intrinsic value of stock options outstanding and options exercisable as of October 2, 2016 was $9.2 million and $3.6 million , respectively. The aggregate intrinsic value of RSU Awards settled during the nine months ended October 2, 2016 was $2.2 million and the aggregate intrinsic value of RSU Awards outstanding and RSU Awards vested and deferred as of October 2, 2016 was $8.4 million and $0.2 million , respectively. The aggregate intrinsic value of RSU MSPs settled during the nine months ended October 2, 2016 was $0.3 million and the aggregate intrinsic value of RSU MSPs outstanding as of October 2, 2016 was $1.8 million . The RSU MSPs vested and deferred amount was insignificant . As of October 2, 2016 , there were 34,002 Cash Settled Stock Unit Awards outstanding compared to 28,660 as of December 31, 2015. During the nine months ended October 2, 2016 , the aggregate cash used to settle Cash Settled Stock Unit Awards was $0.5 million . As of October 2, 2016 , we had $0.8 million of accrued expenses in current liabilities associated with these Cash Settled Stock Unit Awards compared with $0.6 million as of December 31, 2015. Cash Settled Stock Unit Awards related compensation costs for the nine month periods ended October 2, 2016 and October 4, 2015 was $0.7 million and $0.2 million , respectively, and was recorded as selling, general, and administrative expenses. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 9 Months Ended |
Oct. 02, 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 nine months ended October 2, 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 1,292 — 1,292 Balance as of October 2, 2016 $ (35,433 ) $ (29,263 ) $ (64,696 ) |
Special Charges_Recoveries
Special Charges/Recoveries | 9 Months Ended |
Oct. 02, 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 reductions in force and 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 $2.7 million in special charges within the Energy Segment during the nine months ended October 2, 2016 , which primarily related to employee termination costs and losses incurred subsequent to our Q1 2016 closure of manufacturing operations. As of October 2, 2016 , our remaining Brazil assets were $2.2 million of which $1.0 million relates to cash, $0.9 million relates to assets held for sale, and $0.2 million relates to net third party accounts receivables. The Brazil assets held for sale as of October 2, 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. 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 . The special charges described above are recorded in the special charges, net caption on our condensed consolidated statements of income (loss). 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 October 2, 2016 , all remaining inventory in our Brazilian operations has been fully reserved. 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 October 2, 2016 , our remaining structural landing gear product line inventory balance is $1.2 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. Intangible Impairments During the three months ended October 2, 2016, we recorded a $0.2 million impairment charge for a China patent deemed to no longer have economic value. The impairment charge is included in the impairment charge line on our consolidated statement of income (loss). Q3 2016 The tables below (in thousands) show the non-inventory restructuring related and non-impairment special charges, net of recoveries, for the three and nine months ending October 2, 2016 : Special Charges / (Recoveries) As of and for the three months ended October 2, 2016 Energy Aerospace & Defense Corporate Total Facility related expenses, net 401 389 — 790 Employee related expenses 790 672 — 1,462 Total restructuring charges, net $ 1,191 $ 1,061 $ — $ 2,252 Brazil Closure 379 — — 379 Total special charges, net $ 1,570 $ 1,061 $ — $ 2,631 Accrued special and restructuring charges as of July 3, 2016 $ 4,493 Total quarterly special charges, net (shown above) 2,631 Special charges paid / settled, net (2,177 ) Accrued special and restructuring charges as of October 2, 2016 $ 4,947 Special Charges / (Recoveries) As of and for the nine months ended October 2, 2016 Energy Aerospace & Defense Corporate Total Facility related expenses, net 287 3,482 — 3,769 Employee related expenses 1,526 1,379 — 2,905 Total restructuring charges, net $ 1,813 $ 4,861 $ — $ 6,674 Acquisition related recoveries (161 ) — — (161 ) Brazil Closure 2,650 — 2 2,652 Total special charges, net $ 4,302 $ 4,861 $ 2 $ 9,165 Accrued special and restructuring charges as of December 31, 2015 $ 4,664 Total year to date special charges, net (shown above) 9,165 Special charges paid / settled, net (8,882 ) Accrued special and restructuring charges as of October 2, 2016 $ 4,947 The restructuring charges incurred to date that remain accrued as of October 2, 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 Brazil related obligations accrued as of October 2, 2016 during 2017. We expect to make payment or settle the majority of the non-Brazil related obligations accrued as of October 2, 2016 during the fourth quarter of 2016. Q3 2015 The tables below (in thousands) show the non-inventory restructuring related and non-impairment special charges, net of recoveries, for the three and nine months ending October 4, 2015: Special Charges / (Recoveries) As of and for the three months ended October 4, 2015 Energy Aerospace & Defense Corporate Total Facility related expenses, net (260 ) — — (260 ) Employee related expenses 539 63 — 602 Total restructuring charges, net $ 279 $ 63 $ — $ 342 Acquisition related charges 59 — — 59 Brazil Closure 7,876 — — 7,876 Total special charges, net $ 8,214 $ 63 $ — $ 8,277 Accrued special and restructuring charges as of July 5, 2015 $ 8,327 Total quarterly special charges, net (shown above) 8,277 Special charges paid / settled, net (5,579 ) Accrued special and restructuring charges as of October 4, 2015 $ 11,025 Special Charges / (Recoveries) As of and for the nine months ended October 4, 2015 Energy Aerospace & Defense Corporate Total Facility related expenses, net 121 257 — 378 Employee related expenses 3,319 1,284 — 4,603 Total restructuring charges, net $ 3,440 $ 1,541 $ — $ 4,981 Divestitures (2 ) (1,042 ) — (1,044 ) Acquisition related charges 865 — — 865 Brazil Closure 7,876 — — 7,876 Executive retirement charges — — 420 420 Total special charges, net $ 12,179 $ 499 $ 420 $ 13,098 Accrued special and restructuring charges as of December 31, 2014 $ 9,133 Total year to date special charges, net (shown above) 13,098 Special charges paid / settled (11,206 ) Accrued special and restructuring charges as of October 4, 2015 $ 11,025 Inception to Date The following table (in thousands) summarizes our California Restructuring related special charges for the period ended October 2, 2016 : California Restructuring Charges, net as of October 2, 2016 Aerospace & Defense Facility related expenses - incurred to date $ 3,481 Employee related expenses - incurred to date 800 Total restructuring related special charges - incurred to date $ 4,281 The following table (in thousands) summarizes the restructuring charges for our 2016 Actions through October 2, 2016 : 2016 Actions Restructuring Charges / (Recoveries), net as of October 2, 2016 Energy Aerospace & Defense Total Facility related expenses - incurred to date $ 203 $ 94 $ 297 Employee related expenses - incurred to date 1,609 471 2,080 Total restructuring related special charges - incurred to date $ 1,812 $ 565 $ 2,377 The California Restructuring was completed during the third quarter of 2016. The 2016 Actions are expected to be completed in the fourth quarter of 2016. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Oct. 02, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Critical Flow Solutions Acquisition On October 12, 2016, the Company, entered into an Agreement and Plan of Merger (the “Merger Agreement”) by and among the Company, Downstream Holding, LLC, a Delaware limited liability company (“Downstream”), Downstream Acquisition LLC, a Delaware limited liability company and subsidiary of the Company, and Sun Downstream, LP, a Delaware limited partnership to acquire all of the outstanding units of Downstream for $210 million . Subsidiaries of Downstream, which do business as Critical Flow Solutions ("CFS"), manufacture critical severe service equipment for refining operations. This acquisition diversifies CIRCOR’s revenue base by providing further penetration into the downstream refining market. CFS brings a portfolio of high technology valves and automation equipment for severe-service applications. Under its DeltaValve brand, CFS offers solutions for the delayed coking process in refineries, and under its TapcoEnpro brand, the company provides solutions for the fluid catalytic cracking process in refineries. CFS has a total of approximately 200 employees at its Salt Lake City, Utah headquarters, Houston, Texas facilities and Barnsley, England service center. The consideration payable by the Company pursuant to the terms of the Merger Agreement is $195 million , subject to (i) up to an additional $15 million payable pursuant to an earn-out relating to achievement of specified business performance targets by the acquired business in the twelve month period ended September 30, 2017, (ii) increase or decrease based on deviation, subject to certain limitations, from a working capital target, (iii) decrease for indebtedness and certain transactions expenses of Downstream, (iv) increase for the amount of Downstream’s cash as of the closing, and (v) a potential increase for certain transaction related tax benefits, net of certain adjustments, if and when realized by the Company. The total consideration paid at closing on October 13, 2016 was approximately $198 million in cash, net of cash acquired and including amounts paid at closing for estimated adjustments for Downstream’s working capital, the repayment of Downstream’s outstanding indebtedness and payment of certain transaction expenses. The Company funded the purchase price and payments at closing from borrowings under the Company’s existing credit agreement. Segment Realignment On October 28, 2016, the Company announced it is realigning its organizational structure which will result in two reportable business segments: Energy and Advanced Flow Solutions. The Energy segment will include all of the businesses from the existing Energy segment and Critical Flow Solutions and exclude certain businesses that operate in the industrial, power, and process markets (also referred to as the Control Valves businesses). The Advanced Flow Solutions segment will include all of the businesses from the existing Aerospace & Defense segment and the Control Valve businesses previously reported within the Energy segment. We intend to begin reporting the new two segments during the fourth quarter of 2016. All previously reported segment information will be adjusted on a retrospective basis to reflect this change beginning in the fourth quarter of 2016. |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Oct. 02, 2016 | |
Inventory, Net [Abstract] | |
Components Of Inventory | Inventories consist of the following (in thousands): October 2, 2016 December 31, 2015 Raw materials $ 50,304 $ 51,439 Work in process 73,505 83,324 Finished goods 29,661 43,077 Total inventories $ 153,470 $ 177,840 |
Business Acquisitions (Tables)
Business Acquisitions (Tables) | 9 Months Ended |
Oct. 02, 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) | 9 Months Ended |
Oct. 02, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill, By Segment | The following table shows goodwill by segment as of October 2, 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 132 — 132 Currency translation adjustments 1,537 46 1,583 Goodwill as of October 2, 2016 $ 94,844 $ 22,323 $ 117,167 |
Gross Intangible Assets And Related Accumulated Amortization | The table below presents gross intangible assets and the related accumulated amortization as of October 2, 2016 (in thousands): Gross Carrying Amount Accumulated Amortization Patents $ 5,399 $ (5,377 ) Non-amortized intangibles (primarily trademarks and trade names) 14,957 — Customer relationships 52,389 (29,081 ) Order backlog 5,154 (4,854 ) Acquired technology 2,393 (820 ) Other 5,287 (4,494 ) Total $ 85,579 $ (44,626 ) Net carrying value of intangible assets $ 40,953 |
Estimated Remaining Amortization Expense For Intangible Assets | The table below presents estimated remaining amortization expense for intangible assets recorded as of October 2, 2016 (in thousands): Remainder of 2016 2017 2018 2019 2020 After 2020 Estimated amortization expense $ 2,456 $ 7,849 $ 6,074 $ 4,456 $ 2,860 $ 2,301 |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Oct. 02, 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 October 2, 2016 Net revenues $ 99,798 $ 35,035 $ — $ 134,833 Inter-segment revenues 315 22 (337 ) — Operating income (loss) 7,690 2,345 (6,522 ) 3,513 Interest expense, net 605 Other expense, net 163 Income before income taxes $ 2,745 Identifiable assets 711,012 176,637 (230,984 ) 656,665 Capital expenditures 1,821 787 582 3,190 Depreciation and amortization 4,166 1,125 335 5,626 Three Months Ended October 4, 2015 Net revenues $ 122,905 $ 36,353 $ — $ 159,258 Inter-segment revenues 183 75 (258 ) — Operating (loss) income (685 ) 3,234 (6,078 ) (3,529 ) Interest expense, net 828 Other income, net (587 ) Loss before income taxes $ (3,770 ) Identifiable assets 824,182 191,100 (300,921 ) 714,361 Capital expenditures 3,353 501 96 3,950 Depreciation and amortization 4,938 1,492 302 6,732 Nine Months Ended October 2, 2016 Net revenues $ 323,096 $ 108,927 $ — $ 432,023 Inter-segment revenues 674 113 (787 ) — Operating income (loss) 27,718 5,080 (18,443 ) 14,355 Interest expense, net 1,841 Other income, net (914 ) Income before income taxes $ 13,428 Identifiable assets 711,012 176,637 (230,984 ) 656,665 Capital expenditures 5,389 3,666 811 9,866 Depreciation and amortization 12,406 3,802 992 17,200 Nine Months Ended October 4, 2015 Net revenues $ 377,721 $ 114,302 $ — $ 492,023 Inter-segment revenues 685 176 (861 ) — Operating income (loss) 24,417 7,484 (18,009 ) 13,892 Interest expense, net 2,274 Other income, net (1,197 ) Income before income taxes 12,816 Identifiable assets 824,182 191,100 (300,921 ) 714,361 Capital expenditures 6,777 2,150 643 9,570 Depreciation and amortization 12,021 4,513 885 17,419 |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 9 Months Ended |
Oct. 02, 2016 | |
Earnings Per Share [Abstract] | |
Schedule Of Earnings Per Share, Basic And Diluted | (in thousands, except per share amounts) Three Months Ended October 2, 2016 October 4, 2015 Net Income Shares Per Share Amount Net (Loss) Shares Per Share Amount Basic EPS $ 4,418 16,427 $ 0.27 $ (8,078 ) 16,485 $ (0.49 ) Dilutive securities, common stock options — 202 — — — — Diluted EPS $ 4,418 16,629 $ 0.27 $ (8,078 ) 16,485 $ (0.49 ) Nine Months Ended October 2, 2016 October 4, 2015 Net Income Shares Per Share Amount Net Income Shares Per Share Amount Basic EPS $ 12,103 16,411 $ 0.74 $ 2,707 16,989 $ 0.16 Dilutive securities, common stock options — 157 (0.01 ) — 40 — Diluted EPS $ 12,103 16,568 $ 0.73 $ 2,707 17,029 $ 0.16 |
Guarantees And Indemnificatio28
Guarantees And Indemnification Obligations (Tables) | 9 Months Ended |
Oct. 02, 2016 | |
Guarantees And Indemnification Obligations [Abstract] | |
Product Warranty Reserves | The following table sets forth information related to our product warranty reserves for the nine months ended October 2, 2016 (in thousands): Balance beginning December 31, 2015 $ 4,551 Provisions 1,722 Claims settled (2,326 ) Currency translation adjustment 69 Balance ending October 2, 2016 $ 4,016 Warranty obligations decreased $0.6 million from $4.6 million as of December 31, 2015 to $4.0 million as of October 2, 2016 , primarily related to higher claims settled within our engineered valves and Aerospace and Defense (California) businesses for $2.3 million , offset in part by our standard provisions during the period of $1.7 million . |
Contingencies And Commitments (
Contingencies And Commitments (Tables) | 9 Months Ended |
Oct. 02, 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 October 2, 2016 (in thousands): Term Remaining Maximum Potential Future Payments 0–12 months $ 17,365 Greater than 12 months 27,439 Total $ 44,804 |
Defined Pension Benefit Plans (
Defined Pension Benefit Plans (Tables) | 9 Months Ended |
Oct. 02, 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 Nine Months Ended October 2, October 4, October 2, October 4, Interest cost on benefits obligation $ 574 $ 548 $ 1,721 $ 1,645 Estimated return on assets (664 ) (723 ) (1,991 ) (2,169 ) Loss amortization 226 210 679 632 Net periodic cost of defined benefit pension plans $ 136 $ 35 $ 409 $ 108 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 9 Months Ended |
Oct. 02, 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 nine 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 Comprehensi32
Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended |
Oct. 02, 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 nine months ended October 2, 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 1,292 — 1,292 Balance as of October 2, 2016 $ (35,433 ) $ (29,263 ) $ (64,696 ) |
Special Charges_Recoveries (Tab
Special Charges/Recoveries (Tables) | 9 Months Ended | 12 Months Ended | |
Oct. 02, 2016 | Oct. 04, 2015 | Dec. 31, 2016 | |
Restructuring Cost and Reserve [Line Items] | |||
Schedule of Restructuring and Related Costs | Special Charges / (Recoveries) As of and for the three months ended October 2, 2016 Energy Aerospace & Defense Corporate Total Facility related expenses, net 401 389 — 790 Employee related expenses 790 672 — 1,462 Total restructuring charges, net $ 1,191 $ 1,061 $ — $ 2,252 Brazil Closure 379 — — 379 Total special charges, net $ 1,570 $ 1,061 $ — $ 2,631 Accrued special and restructuring charges as of July 3, 2016 $ 4,493 Total quarterly special charges, net (shown above) 2,631 Special charges paid / settled, net (2,177 ) Accrued special and restructuring charges as of October 2, 2016 $ 4,947 Special Charges / (Recoveries) As of and for the nine months ended October 2, 2016 Energy Aerospace & Defense Corporate Total Facility related expenses, net 287 3,482 — 3,769 Employee related expenses 1,526 1,379 — 2,905 Total restructuring charges, net $ 1,813 $ 4,861 $ — $ 6,674 Acquisition related recoveries (161 ) — — (161 ) Brazil Closure 2,650 — 2 2,652 Total special charges, net $ 4,302 $ 4,861 $ 2 $ 9,165 Accrued special and restructuring charges as of December 31, 2015 $ 4,664 Total year to date special charges, net (shown above) 9,165 Special charges paid / settled, net (8,882 ) Accrued special and restructuring charges as of October 2, 2016 $ 4,947 The following table (in thousands) summarizes our California Restructuring related special charges for the period ended October 2, 2016 : California Restructuring Charges, net as of October 2, 2016 Aerospace & Defense Facility related expenses - incurred to date $ 3,481 Employee related expenses - incurred to date 800 Total restructuring related special charges - incurred to date $ 4,281 | Special Charges / (Recoveries) As of and for the three months ended October 4, 2015 Energy Aerospace & Defense Corporate Total Facility related expenses, net (260 ) — — (260 ) Employee related expenses 539 63 — 602 Total restructuring charges, net $ 279 $ 63 $ — $ 342 Acquisition related charges 59 — — 59 Brazil Closure 7,876 — — 7,876 Total special charges, net $ 8,214 $ 63 $ — $ 8,277 Accrued special and restructuring charges as of July 5, 2015 $ 8,327 Total quarterly special charges, net (shown above) 8,277 Special charges paid / settled, net (5,579 ) Accrued special and restructuring charges as of October 4, 2015 $ 11,025 Special Charges / (Recoveries) As of and for the nine months ended October 4, 2015 Energy Aerospace & Defense Corporate Total Facility related expenses, net 121 257 — 378 Employee related expenses 3,319 1,284 — 4,603 Total restructuring charges, net $ 3,440 $ 1,541 $ — $ 4,981 Divestitures (2 ) (1,042 ) — (1,044 ) Acquisition related charges 865 — — 865 Brazil Closure 7,876 — — 7,876 Executive retirement charges — — 420 420 Total special charges, net $ 12,179 $ 499 $ 420 $ 13,098 Accrued special and restructuring charges as of December 31, 2014 $ 9,133 Total year to date special charges, net (shown above) 13,098 Special charges paid / settled (11,206 ) Accrued special and restructuring charges as of October 4, 2015 $ 11,025 | |
Restructuring and Related Activities Disclosure [Text Block] | 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 reductions in force and 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 $2.7 million in special charges within the Energy Segment during the nine months ended October 2, 2016 , which primarily related to employee termination costs and losses incurred subsequent to our Q1 2016 closure of manufacturing operations. As of October 2, 2016 , our remaining Brazil assets were $2.2 million of which $1.0 million relates to cash, $0.9 million relates to assets held for sale, and $0.2 million relates to net third party accounts receivables. The Brazil assets held for sale as of October 2, 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. 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 . The special charges described above are recorded in the special charges, net caption on our condensed consolidated statements of income (loss). 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 October 2, 2016 , all remaining inventory in our Brazilian operations has been fully reserved. 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 October 2, 2016 , our remaining structural landing gear product line inventory balance is $1.2 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. Intangible Impairments During the three months ended October 2, 2016, we recorded a $0.2 million impairment charge for a China patent deemed to no longer have economic value. The impairment charge is included in the impairment charge line on our consolidated statement of income (loss). Q3 2016 The tables below (in thousands) show the non-inventory restructuring related and non-impairment special charges, net of recoveries, for the three and nine months ending October 2, 2016 : Special Charges / (Recoveries) As of and for the three months ended October 2, 2016 Energy Aerospace & Defense Corporate Total Facility related expenses, net 401 389 — 790 Employee related expenses 790 672 — 1,462 Total restructuring charges, net $ 1,191 $ 1,061 $ — $ 2,252 Brazil Closure 379 — — 379 Total special charges, net $ 1,570 $ 1,061 $ — $ 2,631 Accrued special and restructuring charges as of July 3, 2016 $ 4,493 Total quarterly special charges, net (shown above) 2,631 Special charges paid / settled, net (2,177 ) Accrued special and restructuring charges as of October 2, 2016 $ 4,947 Special Charges / (Recoveries) As of and for the nine months ended October 2, 2016 Energy Aerospace & Defense Corporate Total Facility related expenses, net 287 3,482 — 3,769 Employee related expenses 1,526 1,379 — 2,905 Total restructuring charges, net $ 1,813 $ 4,861 $ — $ 6,674 Acquisition related recoveries (161 ) — — (161 ) Brazil Closure 2,650 — 2 2,652 Total special charges, net $ 4,302 $ 4,861 $ 2 $ 9,165 Accrued special and restructuring charges as of December 31, 2015 $ 4,664 Total year to date special charges, net (shown above) 9,165 Special charges paid / settled, net (8,882 ) Accrued special and restructuring charges as of October 2, 2016 $ 4,947 The restructuring charges incurred to date that remain accrued as of October 2, 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 Brazil related obligations accrued as of October 2, 2016 during 2017. We expect to make payment or settle the majority of the non-Brazil related obligations accrued as of October 2, 2016 during the fourth quarter of 2016. Q3 2015 The tables below (in thousands) show the non-inventory restructuring related and non-impairment special charges, net of recoveries, for the three and nine months ending October 4, 2015: Special Charges / (Recoveries) As of and for the three months ended October 4, 2015 Energy Aerospace & Defense Corporate Total Facility related expenses, net (260 ) — — (260 ) Employee related expenses 539 63 — 602 Total restructuring charges, net $ 279 $ 63 $ — $ 342 Acquisition related charges 59 — — 59 Brazil Closure 7,876 — — 7,876 Total special charges, net $ 8,214 $ 63 $ — $ 8,277 Accrued special and restructuring charges as of July 5, 2015 $ 8,327 Total quarterly special charges, net (shown above) 8,277 Special charges paid / settled, net (5,579 ) Accrued special and restructuring charges as of October 4, 2015 $ 11,025 Special Charges / (Recoveries) As of and for the nine months ended October 4, 2015 Energy Aerospace & Defense Corporate Total Facility related expenses, net 121 257 — 378 Employee related expenses 3,319 1,284 — 4,603 Total restructuring charges, net $ 3,440 $ 1,541 $ — $ 4,981 Divestitures (2 ) (1,042 ) — (1,044 ) Acquisition related charges 865 — — 865 Brazil Closure 7,876 — — 7,876 Executive retirement charges — — 420 420 Total special charges, net $ 12,179 $ 499 $ 420 $ 13,098 Accrued special and restructuring charges as of December 31, 2014 $ 9,133 Total year to date special charges, net (shown above) 13,098 Special charges paid / settled (11,206 ) Accrued special and restructuring charges as of October 4, 2015 $ 11,025 Inception to Date The following table (in thousands) summarizes our California Restructuring related special charges for the period ended October 2, 2016 : California Restructuring Charges, net as of October 2, 2016 Aerospace & Defense Facility related expenses - incurred to date $ 3,481 Employee related expenses - incurred to date 800 Total restructuring related special charges - incurred to date $ 4,281 The following table (in thousands) summarizes the restructuring charges for our 2016 Actions through October 2, 2016 : 2016 Actions Restructuring Charges / (Recoveries), net as of October 2, 2016 Energy Aerospace & Defense Total Facility related expenses - incurred to date $ 203 $ 94 $ 297 Employee related expenses - incurred to date 1,609 471 2,080 Total restructuring related special charges - incurred to date $ 1,812 $ 565 $ 2,377 The California Restructuring was completed during the third quarter of 2016. The 2016 Actions are expected to be completed in the fourth quarter of 2016. | ||
2016 Announced Restructuring Plan [Member] [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Activities Disclosure [Text Block] | The following table (in thousands) summarizes the restructuring charges for our 2016 Actions through October 2, 2016 : 2016 Actions Restructuring Charges / (Recoveries), net as of October 2, 2016 Energy Aerospace & Defense Total Facility related expenses - incurred to date $ 203 $ 94 $ 297 Employee related expenses - incurred to date 1,609 471 2,080 Total restructuring related special charges - incurred to date $ 1,812 $ 565 $ 2,377 |
Basis of Presentation - Narrati
Basis of Presentation - Narrative (Details) - USD ($) $ in Millions | 9 Months Ended | |
Oct. 02, 2016 | Oct. 04, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Capital Expenditures Incurred but Not Yet Paid | $ 0.8 | $ 1.1 |
Inventories (Components Of Inve
Inventories (Components Of Inventory) (Details) - USD ($) $ in Thousands | Oct. 02, 2016 | Dec. 31, 2015 |
Inventory, Net [Abstract] | ||
Raw materials | $ 50,304 | $ 51,439 |
Work in process | 73,505 | 83,324 |
Finished goods | 29,661 | 43,077 |
Inventories | $ 153,470 | $ 177,840 |
Business Acquisitions - Schedul
Business Acquisitions - Schedule of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | 9 Months Ended | |||
Oct. 02, 2016 | Oct. 04, 2015 | Dec. 31, 2015 | Apr. 15, 2015 | |
Business Acquisition [Line Items] | ||||
Goodwill | $ 117,167 | $ 115,452 | ||
Schroedahl [Member] | ||||
Business Acquisition [Line Items] | ||||
Goodwill, Acquired During Period | $ 13,200 | |||
Business Combination, Acquisition Related Costs | $ 900 | |||
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 - Sched37
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 | Oct. 02, 2016 | Oct. 04, 2015 | Oct. 02, 2016 | Oct. 04, 2015 |
Business Acquisition [Line Items] | |||||
Net income | $ 4,418 | $ (8,078) | $ 12,103 | $ 2,707 | |
Schroedahl [Member] | |||||
Business Acquisition [Line Items] | |||||
Business acquisition, net of cash acquired | $ 79,700 | ||||
Purchase price | 116,053 | ||||
Acquisition-related costs | $ 900 | ||||
Fair value of accounts receivables acquired | 4,300 | ||||
Revenues | 19,400 | ||||
Net income | 900 | ||||
Intangible amortization included in operating income | $ 5,700 | ||||
Line of Credit [Member] | Schroedahl [Member] | |||||
Business Acquisition [Line Items] | |||||
Borrowings under credit facility | $ 23,800 |
Goodwill And Intangible Asset39
Goodwill And Intangible Assets (Goodwill, By Segment) (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Oct. 02, 2016 | Oct. 04, 2015 | |
Goodwill [Line Items] | ||
Goodwill as of December 31, 2015 | $ 115,452 | |
Goodwill, Impairment Loss | 132 | |
Currency translation adjustments | 1,583 | |
Goodwill as of October 2, 2016 | 117,167 | |
Energy [Member] | ||
Goodwill [Line Items] | ||
Goodwill as of December 31, 2015 | 93,175 | |
Goodwill, Impairment Loss | 132 | |
Currency translation adjustments | 1,537 | |
Goodwill as of October 2, 2016 | 94,844 | |
Aerospace [Member] | ||
Goodwill [Line Items] | ||
Goodwill as of December 31, 2015 | 22,277 | |
Goodwill, Impairment Loss | 0 | |
Currency translation adjustments | 46 | |
Goodwill as of October 2, 2016 | 22,323 | |
Schroedahl [Member] | ||
Goodwill [Line Items] | ||
Acquisition-related costs | $ 900 | |
Goodwill, Acquired During Period | $ 13,200 |
Goodwill And Intangible Asset40
Goodwill And Intangible Assets (Gross Intangible Assets And Related Accumulated Amortization) (Details) $ in Thousands | Oct. 02, 2016USD ($) |
Intangible Assets [Line Items] | |
Gross Carrying Amount | $ 85,579 |
Accumulated Amortization | (44,626) |
Net carrying value of intangible assets | 40,953 |
Patents [Member] | |
Intangible Assets [Line Items] | |
Gross Carrying Amount | 5,399 |
Accumulated Amortization | (5,377) |
Non-amortized intangibles (primarily trademarks and trade names) [Member] | |
Intangible Assets [Line Items] | |
Accumulated Amortization | 0 |
Non-amortized intangibles | 14,957 |
Customer relationships [Member] | |
Intangible Assets [Line Items] | |
Gross Carrying Amount | 52,389 |
Accumulated Amortization | (29,081) |
Backlog [Member] | |
Intangible Assets [Line Items] | |
Gross Carrying Amount | 5,154 |
Accumulated Amortization | (4,854) |
Acquired Technology [Member] | |
Intangible Assets [Line Items] | |
Gross Carrying Amount | 2,393 |
Accumulated Amortization | (820) |
Other [Member] | |
Intangible Assets [Line Items] | |
Gross Carrying Amount | 5,287 |
Accumulated Amortization | $ (4,494) |
Goodwill And Intangible Asset41
Goodwill And Intangible Assets (Estimated Remaining Amortization Expense For Intangible Assets) (Details) $ in Thousands | Oct. 02, 2016USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2,016 | $ 2,456 |
2,017 | 7,849 |
2,018 | 6,074 |
2,019 | 4,456 |
2,020 | 2,860 |
After 2,020 | $ 2,301 |
Segment Information (Reportable
Segment Information (Reportable Segment Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Oct. 02, 2016 | Oct. 04, 2015 | Oct. 02, 2016 | Oct. 04, 2015 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | |||||
Net revenues | $ 134,833 | $ 159,258 | $ 432,023 | $ 492,023 | |
Operating income (loss) | 3,513 | (3,529) | 14,355 | 13,892 | |
Interest expense | 605 | 828 | 1,841 | 2,274 | |
Other income, net | 163 | (587) | (914) | (1,197) | |
INCOME (LOSS) BEFORE INCOME TAXES | 2,745 | (3,770) | 13,428 | 12,816 | |
Identifiable assets | 656,665 | 656,665 | $ 669,915 | ||
Capital expenditures | 10,776 | 9,604 | |||
Corporate Identifiable Assets After Elimination Of Intercompany Assets [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Identifiable assets | 55,500 | 25,600 | 55,500 | 25,600 | |
Operating Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net revenues | 134,833 | 159,258 | 432,023 | 492,023 | |
Inter-segment revenues | 0 | 0 | 0 | 0 | |
Operating income (loss) | 3,513 | (3,529) | 14,355 | 13,892 | |
Interest expense | 605 | 828 | 1,841 | 2,274 | |
Other income, net | 163 | (587) | (914) | (1,197) | |
INCOME (LOSS) BEFORE INCOME TAXES | 2,745 | (3,770) | 13,428 | 12,816 | |
Identifiable assets | 656,665 | 714,361 | 656,665 | 714,361 | |
Capital expenditures | 3,190 | 3,950 | 9,866 | 9,570 | |
Depreciation and amortization | 5,626 | 6,732 | 17,200 | 17,419 | |
Operating Segments [Member] | Energy [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net revenues | 99,798 | 122,905 | 323,096 | 377,721 | |
Inter-segment revenues | 315 | 183 | 674 | 685 | |
Operating income (loss) | 7,690 | (685) | 27,718 | 24,417 | |
Identifiable assets | 711,012 | 824,182 | 711,012 | 824,182 | |
Capital expenditures | 1,821 | 3,353 | 5,389 | 6,777 | |
Depreciation and amortization | 4,166 | 4,938 | 12,406 | 12,021 | |
Operating Segments [Member] | Aerospace [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net revenues | 35,035 | 36,353 | 108,927 | 114,302 | |
Inter-segment revenues | 22 | 75 | 113 | 176 | |
Operating income (loss) | 2,345 | 3,234 | 5,080 | 7,484 | |
Identifiable assets | 176,637 | 191,100 | 176,637 | 191,100 | |
Capital expenditures | 787 | 501 | 3,666 | 2,150 | |
Depreciation and amortization | 1,125 | 1,492 | 3,802 | 4,513 | |
Operating Segments [Member] | Corporate/Eliminations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net revenues | 0 | 0 | 0 | 0 | |
Inter-segment revenues | (337) | (258) | (787) | (861) | |
Operating income (loss) | (6,522) | (6,078) | (18,443) | (18,009) | |
Identifiable assets | (230,984) | (300,921) | (230,984) | (300,921) | |
Capital expenditures | 582 | 96 | 811 | 643 | |
Depreciation and amortization | $ 335 | $ 302 | $ 992 | $ 885 |
Earnings Per Common Share (Deta
Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 02, 2016 | Oct. 04, 2015 | Oct. 02, 2016 | Oct. 04, 2015 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Net income | $ 4,418 | $ (8,078) | $ 12,103 | $ 2,707 |
Basic Earnings Per Common Share (EPS), Shares | 16,427,000 | 16,485,000 | 16,411,000 | 16,989,000 |
Basic EPS, Per Share Amount | $ 0.27 | $ (0.49) | $ 0.74 | $ 0.16 |
Dilutive securities, common stock options, Shares | 202,000 | 0 | 157,000 | 40,000 |
Dilutive securities, common stock options, Per Share Amount | $ 0 | $ 0 | $ 0.01 | $ 0 |
Diluted EPS, Shares | 16,629,000 | 16,485,000 | 16,568,000 | 17,029,000 |
Diluted EPS, Per Share Amount | $ 0.27 | $ (0.49) | $ 0.73 | $ 0.16 |
Stock Options [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive options and RSUs, shares | 130,259 | |||
RSU Awards [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive options and RSUs, shares | 479,390 |
Guarantees And Indemnificatio44
Guarantees And Indemnification Obligations (Product Warranty Reserves) (Details) $ in Thousands | 9 Months Ended |
Oct. 02, 2016USD ($) | |
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward] | |
Balance beginning December 31, 2012 | $ 4,551 |
Provisions | 1,722 |
Claims settled | (2,326) |
Currency translation adjustments | 69 |
Balance ending June 30, 2013 | 4,016 |
Liability for indemnification agreements | 0 |
Increase in warranty obligations | $ 600 |
Contingencies And Commitments45
Contingencies And Commitments (Narrative) (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Oct. 02, 2016 | Oct. 04, 2015 | |
Contingencies, Commitments And Guarantees [Line Items] | ||
Loss recorded for settlement of dispute | $ (1,044) | |
Aggregate notional value standby letters of credit | $ 44,804 | |
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 | Oct. 02, 2016USD ($) |
Contingencies, Commitments And Guarantees [Line Items] | |
Total | $ 44,804 |
0-12 months [Member] | |
Contingencies, Commitments And Guarantees [Line Items] | |
Total | 17,365 |
Greater than 12 months [Member] | |
Contingencies, Commitments And Guarantees [Line Items] | |
Total | $ 27,439 |
Defined Pension Benefit Plans47
Defined Pension Benefit Plans (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended |
Oct. 02, 2016 | Oct. 02, 2016 | |
Qualified Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Cash contributions to defined benefit pension plan | $ 0.2 | $ 0.8 |
Minimum [Member] | Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Expected settlement charge | 4.5 | |
Maximum [Member] | Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Expected settlement charge | $ 5 |
Defined Pension Benefit Plans48
Defined Pension Benefit Plans (Components Of Net Pension Benefit Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 02, 2016 | Oct. 04, 2015 | Oct. 02, 2016 | Oct. 04, 2015 | |
General Discussion of Pension and Other Postretirement Benefits [Abstract] | ||||
Interest cost on benefits obligation | $ 574 | $ 548 | $ 1,721 | $ 1,645 |
Estimated return on assets | (664) | (723) | (1,991) | (2,169) |
Loss amortization | 226 | 210 | 679 | 632 |
Net periodic cost of defined benefit plans | $ 136 | $ 35 | $ 409 | $ 108 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | |
Oct. 02, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | ||
Unrecognized tax benefits that would impact effective tax rate | $ 2.8 | $ 2.9 |
Unrecognized tax benefits that would affect the effective tax rate if recognized | 2.5 | $ 2.7 |
Repatriation of funds, tax benefit | 1.8 | |
Deferred tax assets, valuation allowance | $ 0.9 |
Share-Based Compensation (Narra
Share-Based Compensation (Narrative) (Details) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | |||
Oct. 04, 2015USD ($)shares | Oct. 02, 2016USD ($)$ / sharesshares | Oct. 04, 2015USD ($)$ / sharesshares | Dec. 31, 2015USD ($) | Mar. 31, 2013shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
RSU outstanding | shares | 215,132 | ||||
Shares available for grant | shares | 1,024,829 | ||||
Compensation expense | $ 4.2 | $ 5.8 | |||
Unrecognized compensation costs | $ 8.1 | ||||
Weighted average period of recognition of compensation expense (in years) | 1 year 10 months 13 days | ||||
Weighted average contractual term for stock options outstanding, years | 6 years 3 months 23 days | ||||
Weighted average contractual term for stock options exercisable, years | 5 years 8 months 14 days | ||||
Selling, General And Administrative [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Compensation expense | $ 5.4 | $ 4.2 | |||
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 | 756,179 | ||||
Aggregate intrinsic value of stock options outstanding | $ 9.2 | ||||
Aggregate intrinsic value of stock options exercisable | $ 3.6 | ||||
Restricted Stock Units (RSUs) [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Restricted stock units granted | shares | 87,629 | 60,090 | |||
Granted RSU awards fair value | $ / shares | $ 39.61 | $ 51.85 | |||
Aggregate intrinsic value of RSU Awards / RSU MSPs | $ 2.2 | ||||
Aggregate intrinsic value of RSU Awards outstanding | 8.4 | ||||
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 | $ 0.3 | ||||
Aggregate intrinsic value of RSU Awards outstanding | $ 1.8 | ||||
Cash Settled Stock Unit Awards [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
RSU outstanding | shares | 34,002 | 28,660 | |||
Cash used to settle awards | $ 0.5 | ||||
Accrued expenses and current liabilities for Cash Settled Stock Unit Awards | 0.8 | $ 0.6 | |||
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 | $ 0.7 | $ 0.2 |
Share-Based Compensation (Sched
Share-Based Compensation (Schedule Of Estimated Weighted-Average Assumptions Of Stock Options) (Details) | 9 Months Ended | |
Oct. 02, 2016 | Oct. 04, 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 | 9 Months Ended | |
Oct. 02, 2016 | Oct. 04, 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 | 9 Months Ended |
Oct. 02, 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 | 1,292 |
Balance as of October 2, 2016 | (64,696) |
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 | 1,292 |
Balance as of October 2, 2016 | (35,433) |
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 October 2, 2016 | $ (29,263) |
Special Charges_Recoveries (Det
Special Charges/Recoveries (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Oct. 02, 2016 | Apr. 03, 2016 | Oct. 04, 2015 | Oct. 02, 2016 | Oct. 04, 2015 | |
Restructuring Reserve [Roll Forward] | |||||
Restructuring Reserve Beginning of Period | $ 4,493 | $ 4,664 | $ 8,327 | $ 4,664 | $ 9,133 |
Restructuring charges | 2,252 | 342 | 6,674 | 4,981 | |
Watts settlement | 1,044 | ||||
Gain from settlement of TMW litigation | (420) | ||||
Other Nonrecurring (Income) Expense | 2,631 | 8,277 | 9,165 | 13,098 | |
Special charges paid | 2,177 | 5,579 | 8,882 | 11,206 | |
Restructuring Reserve End of Period | 4,947 | 11,025 | 4,947 | 11,025 | |
Facility Closing [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Restructuring charges | (790) | (260) | 3,769 | 378 | |
Brazil exit | 379 | 7,876 | 2,652 | 7,876 | |
Total special and restructuring charges | 2,631 | 8,277 | 9,165 | 13,098 | |
Other Nonrecurring (Income) Expense | 8,277 | ||||
Employee Severance [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Restructuring charges | 1,462 | 602 | 2,905 | 4,603 | |
Acquisitions [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Restructuring charges | 59 | (161) | 865 | ||
Inventory Related Charges [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Restructuring charges | 100 | $ 1,900 | |||
Energy [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Restructuring charges | 1,191 | 279 | 1,813 | 3,440 | |
Watts settlement | 2 | ||||
Gain from settlement of TMW litigation | 0 | ||||
Other Nonrecurring (Income) Expense | 4,302 | 12,179 | |||
Energy [Member] | Facility Closing [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Restructuring charges | (401) | (260) | 287 | 121 | |
Brazil exit | 379 | 7,876 | 2,650 | 7,876 | |
Total special and restructuring charges | 1,570 | ||||
Other Nonrecurring (Income) Expense | 8,214 | ||||
Energy [Member] | Employee Severance [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Restructuring charges | 790 | 539 | 1,526 | 3,319 | |
Energy [Member] | Acquisitions [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Restructuring charges | 59 | (161) | 865 | ||
Aerospace & Defense [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Restructuring charges | 1,061 | 63 | |||
Aerospace & Defense [Member] | Facility Closing [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Restructuring charges | (389) | 0 | |||
Total special and restructuring charges | 1,061 | ||||
Other Nonrecurring (Income) Expense | 63 | ||||
Aerospace & Defense [Member] | Employee Severance [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Restructuring charges | 672 | 63 | |||
Aerospace & Defense [Member] | Inventory Related Charges [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Restructuring charges | 100 | ||||
Aerospace [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Restructuring charges | 4,861 | 1,541 | |||
Watts settlement | 1,042 | ||||
Gain from settlement of TMW litigation | 0 | ||||
Other Nonrecurring (Income) Expense | 4,861 | 499 | |||
Aerospace [Member] | Facility Closing [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Restructuring charges | 3,482 | 257 | |||
Aerospace [Member] | Employee Severance [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Restructuring charges | 1,379 | 1,284 | |||
Aerospace [Member] | Acquisitions [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Restructuring charges | 0 | 0 | 0 | ||
Brazil exit | 0 | 0 | 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] | |||||
Restructuring charges | 0 | 0 | 0 | 0 | |
Brazil exit | 0 | 0 | 2 | 0 | |
Total special and restructuring charges | 0 | ||||
Corporate [Member] | Employee Severance [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Restructuring charges | $ 0 | 0 | 0 | 0 | |
Corporate [Member] | Acquisitions [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Restructuring charges | $ 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 | 9 Months Ended | ||
Oct. 02, 2016 | Oct. 04, 2015 | Oct. 02, 2016 | Oct. 04, 2015 | |
Restructuring Cost and Reserve [Line Items] | ||||
Other Nonrecurring (Income) Expense | $ 2,631,000 | $ 8,277,000 | $ 9,165,000 | $ 13,098,000 |
Charges incurred to date | (4,281,000) | (4,281,000) | ||
2016 Announced Restructuring Plan [Member] [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Charges incurred to date | (2,377,000) | (2,377,000) | ||
Employee Severance [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Charges incurred to date | (800,000) | (800,000) | ||
Employee Severance [Member] | 2016 Announced Restructuring Plan [Member] [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Charges incurred to date | (2,080,000) | (2,080,000) | ||
Facility Closing [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Other Nonrecurring (Income) Expense | 8,277,000 | |||
Other Nonrecurring Expense | 2,631,000 | 8,277,000 | 9,165,000 | 13,098,000 |
Charges incurred to date | (3,481,000) | (3,481,000) | ||
Facility Closing [Member] | 2016 Announced Restructuring Plan [Member] [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Charges incurred to date | 297,000 | 297,000 | ||
Energy [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Other Nonrecurring (Income) Expense | 4,302,000 | 12,179,000 | ||
Energy [Member] | 2016 Announced Restructuring Plan [Member] [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Charges incurred to date | (1,812,000) | (1,812,000) | ||
Energy [Member] | Facility Closing [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Other Nonrecurring (Income) Expense | 8,214,000 | |||
Other Nonrecurring Expense | 1,570,000 | |||
Aerospace [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Other Nonrecurring (Income) Expense | 4,861,000 | 499,000 | ||
Aerospace [Member] | 2016 Announced Restructuring Plan [Member] [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Charges incurred to date | (565,000) | (565,000) | ||
Aerospace & Defense [Member] | Facility Closing [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Other Nonrecurring (Income) Expense | $ 63,000 | |||
Other Nonrecurring Expense | 1,061,000 | |||
Corporate [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Other Nonrecurring (Income) Expense | 2,000 | $ 420,000 | ||
Corporate [Member] | Facility Closing [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
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 | (1,609,000) | (1,609,000) | ||
Employee Severance [Member] | Aerospace [Member] | 2016 Announced Restructuring Plan [Member] [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Charges incurred to date | (471,000) | (471,000) | ||
Facility Closing [Member] | Energy [Member] | 2016 Announced Restructuring Plan [Member] [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Charges incurred to date | 203,000 | 203,000 | ||
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 | 9 Months Ended | |||
Oct. 02, 2016 | Apr. 03, 2016 | Oct. 04, 2015 | Oct. 02, 2016 | Oct. 04, 2015 | |
Effects on Future Earnings and Cash Flows Resulting from Exit Plan [Line Items] | |||||
Restructuring charges | $ 2,252 | $ 342 | $ 6,674 | $ 4,981 | |
Gain from settlement of TMW litigation | 420 | ||||
Special charges, net | 2,631 | 8,277 | 9,165 | 13,098 | |
Impairment charges | 208 | 2,502 | 208 | 2,502 | |
Aerospace & Defense [Member] | |||||
Effects on Future Earnings and Cash Flows Resulting from Exit Plan [Line Items] | |||||
Restructuring charges | 1,061 | 63 | |||
Energy [Member] | |||||
Effects on Future Earnings and Cash Flows Resulting from Exit Plan [Line Items] | |||||
Restructuring charges | 1,191 | 279 | 1,813 | 3,440 | |
Gain from settlement of TMW litigation | 0 | ||||
Special charges, net | 4,302 | 12,179 | |||
Aerospace [Member] | |||||
Effects on Future Earnings and Cash Flows Resulting from Exit Plan [Line Items] | |||||
Restructuring charges | 4,861 | 1,541 | |||
Gain from settlement of TMW litigation | 0 | ||||
Special charges, net | 4,861 | 499 | |||
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 | 1,200 | 1,200 | |||
Facility Closing [Member] | |||||
Effects on Future Earnings and Cash Flows Resulting from Exit Plan [Line Items] | |||||
Restructuring charges | (790) | (260) | 3,769 | 378 | |
Special charges, net | 8,277 | ||||
Total special and restructuring charges | 2,631 | 8,277 | 9,165 | 13,098 | |
Facility Closing [Member] | Aerospace & Defense [Member] | |||||
Effects on Future Earnings and Cash Flows Resulting from Exit Plan [Line Items] | |||||
Restructuring charges | (389) | 0 | |||
Special charges, net | 63 | ||||
Total special and restructuring charges | 1,061 | ||||
Facility Closing [Member] | Energy [Member] | |||||
Effects on Future Earnings and Cash Flows Resulting from Exit Plan [Line Items] | |||||
Restructuring charges | (401) | (260) | 287 | 121 | |
Special charges, net | 8,214 | ||||
Total special and restructuring charges | 1,570 | ||||
Facility Closing [Member] | Aerospace [Member] | |||||
Effects on Future Earnings and Cash Flows Resulting from Exit Plan [Line Items] | |||||
Restructuring charges | 3,482 | 257 | |||
Employee Severance [Member] | |||||
Effects on Future Earnings and Cash Flows Resulting from Exit Plan [Line Items] | |||||
Restructuring charges | 1,462 | 602 | 2,905 | 4,603 | |
Employee Severance [Member] | Aerospace & Defense [Member] | |||||
Effects on Future Earnings and Cash Flows Resulting from Exit Plan [Line Items] | |||||
Restructuring charges | 672 | 63 | |||
Employee Severance [Member] | Energy [Member] | |||||
Effects on Future Earnings and Cash Flows Resulting from Exit Plan [Line Items] | |||||
Restructuring charges | 790 | 539 | 1,526 | 3,319 | |
Employee Severance [Member] | Aerospace [Member] | |||||
Effects on Future Earnings and Cash Flows Resulting from Exit Plan [Line Items] | |||||
Restructuring charges | 1,379 | 1,284 | |||
Acquisitions [Member] | |||||
Effects on Future Earnings and Cash Flows Resulting from Exit Plan [Line Items] | |||||
Restructuring charges | 59 | (161) | 865 | ||
Acquisitions [Member] | Energy [Member] | |||||
Effects on Future Earnings and Cash Flows Resulting from Exit Plan [Line Items] | |||||
Restructuring charges | 59 | (161) | 865 | ||
Acquisitions [Member] | Aerospace [Member] | |||||
Effects on Future Earnings and Cash Flows Resulting from Exit Plan [Line Items] | |||||
Restructuring charges | $ 0 | 0 | $ 0 | ||
Finite-Lived Intangible Assets [Member] | Patents [Member] | |||||
Effects on Future Earnings and Cash Flows Resulting from Exit Plan [Line Items] | |||||
Impairment charges | 200 | ||||
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 | 2,200 | 2,200 | |||
Disposal Group, Including Discontinued Operation, Accounts, Notes and Loans Receivable, Net | 200 | 200 | |||
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment | 900 | 900 | |||
Disposal Group, Including Discontinued Operation, Cash and Cash Equivalents | $ 1,000 | 1,000 | |||
BRAZIL | Facility Closing [Member] | Brazil Closure [Member] | Energy [Member] | |||||
Effects on Future Earnings and Cash Flows Resulting from Exit Plan [Line Items] | |||||
Restructuring charges | $ 2,700 |
Subsequent Events (Details)
Subsequent Events (Details) - Subsequent Event [Member] - Downstream [Member] | Oct. 13, 2016USD ($) | Oct. 12, 2016USD ($)employee |
Subsequent Event [Line Items] | ||
Consideration transferred | $ 210,000,000 | |
Consideration payable | 195,000,000 | |
Additional consideration payable (up to) | $ 15,000,000 | |
Business acquisition, net of cash acquired | $ 198,000,000 | |
Critical Flow Solutions [Member] | ||
Subsequent Event [Line Items] | ||
Number of employees | employee | 200 |