Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Jan. 31, 2015 | Jun. 30, 2014 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Document Period End Date | 31-Dec-14 | ||
Amendment Flag | FALSE | ||
Entity Registrant Name | Curtiss Wright Corporation | ||
Entity Central Index Key | 26324 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Current Fiscal Year End Date | -19 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Common Stock, Shares Outstanding | 47,783,233 | ||
Entity Public Float | $3,100,000,000 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | cw |
CONSOLIDATED_STATEMENTS_OF_EAR
CONSOLIDATED STATEMENTS OF EARNINGS (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Revenue, Net [Abstract] | |||
Product sales | $1,815,028 | $1,719,591 | $1,450,313 |
Service sales | 428,098 | 398,490 | 372,994 |
Total net sales | 2,243,126 | 2,118,081 | 1,823,307 |
Cost of Revenue [Abstract] | |||
Cost of product sales | 1,190,714 | 1,123,291 | 960,878 |
Cost of service sales | 275,896 | 258,951 | 250,010 |
Total cost of sales | 1,466,610 | 1,382,242 | 1,210,888 |
Gross profit | 776,516 | 735,839 | 612,419 |
Research and development expenses | -67,842 | -63,580 | -54,352 |
Selling expenses | -128,005 | -128,473 | -107,618 |
General and administrative expenses | -298,296 | -306,663 | -269,055 |
Operating income | 282,373 | 237,123 | 181,394 |
Interest expense | -35,794 | -37,053 | -26,301 |
Other income, net | 365 | 980 | 128 |
Earnings before income taxes | 246,944 | 201,050 | 155,221 |
Provision for income taxes | -76,995 | -61,646 | -51,140 |
Earnings from continuing operations | 169,949 | 139,404 | 104,081 |
Discontinued operations, net of taxes | |||
Gain/(loss) from discontinued operations, net of taxes | -56,611 | -1,423 | 9,763 |
Net earnings | $113,338 | $137,981 | $113,844 |
Basic earnings per share | |||
Earnings from continuing operations | $3.54 | $2.97 | $2.23 |
Earnings from discontinued operations | ($1.18) | ($0.03) | $0.21 |
Total | $2.36 | $2.94 | $2.44 |
Diluted earnings per share | |||
Earnings from continuing operations | $3.46 | $2.91 | $2.20 |
Earnings from discontinued operations | ($1.15) | ($0.03) | $0.21 |
Total | $2.31 | $2.88 | $2.41 |
Dividends per share | $0.52 | $0.39 | $0.35 |
Weighted average shares outstanding: | |||
Basic | 48,019 | 46,991 | 46,743 |
Diluted | 49,075 | 47,912 | 47,412 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Statement of Comprehensive Income [Abstract] | ||||||
Net earnings | $113,338 | $137,981 | $113,844 | |||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent [Abstract] | ||||||
Foreign currency translation, net of tax | -79,386 | [1] | -6,619 | [1] | 25,954 | [1] |
Pension and postretirement adjustments, net of tax | -74,284 | [2] | 87,386 | [2] | -16,331 | [2] |
Other Comprehensive Income (Loss), Net of Tax | -153,670 | 80,767 | 9,623 | |||
Comprehensive Income | ($40,332) | $218,748 | $123,467 | |||
[1] | The tax benefit (expense) included in other comprehensive income (loss) for foreign currency translation adjustments for 2014, 2013, and 2012 were $2.1 million, ($0.9) million, and $0.7 million, respectively. | |||||
[2] | The tax benefit (expense) included in other comprehensive income (loss) for pension and postretirement adjustments for 2014, 2013, and 2012 were $41.3 million, ($49.4) million, and $9.1 million, respectively. |
CONSOLIDATED_STATEMENTS_OF_COM1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME Statement (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Comprehensive Income [Abstract] | |||
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax | $2.10 | ($0.90) | $0.70 |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Tax | $41.30 | ($49.40) | $9.10 |
CONSOLIDATED_BALANCE_SHEET
CONSOLIDATED BALANCE SHEET (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current Assets: | ||
Cash and cash equivalents | $450,116 | $175,294 |
Receivables, net | 495,480 | 603,592 |
Inventories, net | 388,670 | 452,087 |
Deferred tax assets, net | 44,311 | 47,650 |
Assets held for sale | 147,347 | 0 |
Other current assets | 45,151 | 58,660 |
Total current assets | 1,571,075 | 1,337,283 |
Property, plant, and equipment, net | 458,919 | 515,718 |
Goodwill | 998,506 | 1,110,429 |
Other intangible assets, net | 349,227 | 471,379 |
Other assets | 21,784 | 23,465 |
Total assets | 3,399,511 | 3,458,274 |
Current liabilities: | ||
Current portion of long-term debt and short-term debt | 1,069 | 1,334 |
Accounts payable | 152,266 | 186,941 |
Accrued expenses | 145,938 | 142,935 |
Income taxes payable | 22,472 | 789 |
Deferred revenue | 176,693 | 164,343 |
Liabilities held for sale | 35,392 | 0 |
Other current liabilities | 38,163 | 38,251 |
Total current liabilities | 571,993 | 534,593 |
Long-term debt | 953,279 | 958,604 |
Deferred tax liabilities, net | 51,554 | 123,644 |
Accrued pension and other postretirement benefit costs | 226,687 | 138,904 |
Long-term portion of environmental reserves | 14,911 | 15,498 |
Other liabilities | 102,654 | 134,326 |
Total liabilities | 1,921,078 | 1,905,569 |
Stockholders' Equity | ||
Common stock, $1 par value,100,000,000 shares authorized at December 31, 2014 and 2013; 49,189,702 shares issued at December 31, 2014 and 2013; outstanding shares were 47,904,518 at December 31,2014 and 47,638,835 at December 31, 2013. | 49,190 | 49,190 |
Additional paid in capital | 158,043 | 150,618 |
Retained earnings | 1,469,306 | 1,380,981 |
Accumulated other comprehensive loss | -128,411 | 25,259 |
Common treasury stock, at cost (1,285,184 shares at December 31, 2014 and 1,550,867 shares at December 31, 2013) | -69,695 | -53,343 |
Total stockholders' equity | 1,478,433 | 1,552,705 |
Total liabilities and stockholders' equity | $3,399,511 | $3,458,274 |
CONSOLIDATED_BALANCE_SHEETS_PA
CONSOLIDATED BALANCE SHEETS PARENTHETICAL (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Statement of Financial Position [Abstract] | ||
Common Stock Par Value | $1 | $1 |
Common stock authorized | 100,000,000 | 100,000,000 |
CommonStockSharesIssued | 49,189,702 | 49,189,702 |
CommonStockSharesOutstanding | 47,904,518 | 47,638,835 |
TreasuryStockShares | 1,285,184 | 1,550,867 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Cash Flows [Abstract] | |||
Net earnings | $113,338 | $137,981 | $113,844 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||
Depreciation and amortization | 118,931 | 121,497 | 93,896 |
(Gain)/Loss on sale of businesses | 29,184 | -29,912 | |
(Gain) loss on fixed asset disposals | 632 | 77 | -414 |
(Gain on Bargain Purchase) | 0 | 0 | -910 |
Deferred income taxes | -27,241 | 5,928 | -3,871 |
Share-based compensation | 8,500 | 7,349 | 9,428 |
Impairment of assets | 3,202 | 887 | 4,988 |
Impairment of assets held for sale | 41,369 | 0 | 0 |
Change in operating assets and liabilities, net of businesses acquired and divested: | |||
Accounts receivable, net | 12,845 | 6,599 | 26,524 |
Inventories, net | -19,375 | -25,499 | -30,100 |
Progress payments | -6,971 | -6,131 | -7,923 |
Accounts payable and accrued expenses | 16,147 | 8,567 | -7,290 |
Deferred revenue | 24,471 | -7,281 | -34,436 |
Income taxes | 38,946 | -16,811 | 15,211 |
Net pension and postretirement liabilities | -26,431 | -1,630 | -1,132 |
Other current and long-term assets and liabilities | 4,219 | 6,294 | 4,571 |
Net cash provided by operating activities | 331,766 | 237,827 | 152,474 |
Cash flows from investing activities: | |||
Proceeds from sales and disposals of long-lived assets | 594 | 1,348 | 2,557 |
Proceeds from divestiture | 152,965 | 0 | 52,123 |
Acquisitions of intangible assets | 0 | 0 | -1,761 |
Proceeds from insurance | 2,357 | 0 | 0 |
Additions to property, plant, and equipment | -67,115 | -72,242 | -82,954 |
Acquisition of businesses, net of cash acquired | -34,364 | -236,135 | -460,439 |
Additional consideration of prior period acquisitions | -989 | -6,663 | -2,524 |
Net cash provided by (used for) investing activities | 53,448 | -313,692 | -492,998 |
Cash flows from financing activities: | |||
Borrowings under revolving credit facility | 364,557 | 983,109 | 576,934 |
Borrowings of debt | 0 | 500,000 | 0 |
Payment of revolving credit facility | -414,770 | -1,229,148 | -296,145 |
Principal payments on debt | -80 | -125,033 | 0 |
Repurchases of common stock | -65,220 | 0 | -25,705 |
Proceeds from share-based compensation | 38,182 | 27,450 | 15,492 |
Dividends paid | -25,013 | -18,377 | -16,392 |
Proceeds from (Payments for) Other Financing Activities | 296 | 0 | 0 |
Excess tax benefits from share-based compensation | 9,610 | 2,137 | 57 |
Net cash provided by financing activities | -92,438 | 140,138 | 254,241 |
Effect of exchange-rate changes on cash | -17,954 | -1,002 | 3,919 |
Net increase (decrease) in cash and cash equivalents | 274,822 | 63,271 | -82,364 |
Cash and cash equivalents at beginning of period | 175,294 | 112,023 | 194,387 |
Cash and cash equivalents at end of period | 450,116 | 175,294 | 112,023 |
Supplemental disclosure of non-cash investing activities: | |||
Capital Expenditures Incurred but Not yet Paid | 2,891 | 4,546 | 1,478 |
Recognition of asset retirement obligation | 0 | 0 | 6,904 |
Property and equipment under build to suit transaction | $14,735 | $6,225 | $0 |
STATEMENT_OF_STOCKHOLDERS_EQUI
STATEMENT OF STOCKHOLDERS' EQUITY (USD $) | Total | Common Stock Member | Additional Paid In Capital Member | Retained Earnings Member | Accumulated Other Comprehensive Income Member | Treasury Stock Member |
In Thousands | ||||||
Beginning Balance at Dec. 31, 2011 | $48,879 | $143,192 | $1,163,925 | ($65,131) | ($85,890) | |
Net earnings | 113,844 | 113,844 | ||||
Other Comprehensive Income (Loss), Net of Tax | 9,623 | 9,623 | ||||
Dividends paid | -16,392 | |||||
Restricted Stock | -6,233 | 6,233 | ||||
Stock options exercised, net | 311 | 6,431 | 10,077 | |||
Other | -414 | 414 | ||||
Share-based compensation | 8,907 | 521 | ||||
Repurchase of common stock | -25,705 | |||||
Ending Balance at Dec. 31, 2012 | 49,190 | 151,883 | 1,261,377 | -55,508 | -94,350 | |
Net earnings | 137,981 | 137,981 | ||||
Other Comprehensive Income (Loss), Net of Tax | 80,767 | 80,767 | ||||
Dividends paid | -18,377 | |||||
Restricted Stock | -2,127 | 5,796 | ||||
Stock options exercised, net | -5,728 | 34,451 | ||||
Other | -330 | 330 | ||||
Share-based compensation | 6,920 | 430 | ||||
Ending Balance at Dec. 31, 2013 | 1,552,705 | 49,190 | 150,618 | 1,380,981 | 25,259 | -53,343 |
Net earnings | 113,338 | 113,338 | ||||
Other Comprehensive Income (Loss), Net of Tax | -153,670 | -153,670 | ||||
Dividends paid | -25,013 | |||||
Restricted Stock | -722 | 3,155 | ||||
Stock options exercised, net | 311 | 45,049 | ||||
Other | -430 | 430 | ||||
Share-based compensation | 8,266 | 234 | ||||
Repurchase of common stock | -65,220 | |||||
Ending Balance at Dec. 31, 2014 | $1,478,433 | $49,190 | $158,043 | $1,469,306 | ($128,411) | ($69,695) |
SUMMARY_OF_SIGNIFICANT_ACCOUNT
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended | ||
Dec. 31, 2014 | |||
Accounting Policies [Abstract] | |||
Significant Accounting Policies | 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||
Curtiss-Wright Corporation and its subsidiaries (the Corporation or the Company) is a diversified multinational manufacturing and service company that designs, manufactures, and overhauls precision components and provides highly engineered products and services to the aerospace, defense, automotive, shipbuilding, processing, oil, petrochemical, agricultural equipment, railroad, power generation, security, and metalworking industries. | |||
A. Principles of Consolidation | |||
The consolidated financial statements include the accounts of the Corporation and its majority-owned subsidiaries. All intercompany transactions and accounts have been eliminated. | |||
B. Use of Estimates | |||
The financial statements of the Corporation have been prepared in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP), which requires management to make estimates and judgments that affect the reported amount of assets, liabilities, revenue, and expenses and disclosure of contingent assets and liabilities in the accompanying financial statements. The most significant of these estimates includes the estimate of costs to complete long-term contracts under the percentage-of-completion accounting methods, the estimate of useful lives for property, plant, and equipment, cash flow estimates used for testing the recoverability of assets, pension plan and postretirement obligation assumptions, estimates for inventory obsolescence, estimates for the valuation and useful lives of intangible assets and legal reserves. Actual results may differ from these estimates. | |||
C. Revenue Recognition | |||
The realization of revenue refers to the timing of its recognition in the accounts of the Corporation and is generally considered realized or realizable and earned when the earnings process is substantially complete and all of the following criteria are met: 1) persuasive evidence of an arrangement exists; 2) delivery has occurred or services have been rendered; 3) the Corporation’s price to its customer is fixed or determinable; and 4) collectability is reasonably assured. | |||
We determine the appropriate method by which we recognize revenue by analyzing the terms and conditions of each contract or arrangement entered into with our customers. Revenue is recognized on product sales as production units are shipped and title and risk of loss have transferred. Revenue is recognized on service type contracts as services are rendered. The significant estimates we make in recognizing revenue are primarily for long-term contracts generally accounted for using the cost-to-cost method of percentage of completion accounting that are associated with the design, development and manufacture of highly engineered industrial products used in commercial and defense applications. Under the cost-to-cost percentage-of-completion method of accounting, profits are recorded pro rata, based upon current estimates of direct and indirect costs to complete such contracts. Changes in estimates of contract sales, costs, and profits are recognized using the cumulative catch-up method of accounting. This method recognizes in the current period the cumulative effect of the changes on current and prior periods. The effect of the changes on future periods of contract performance is recognized as if the revised estimate had been the original estimate. A significant change in an estimate on one or more contracts could have a material effect on the Corporation’s consolidated financial position, results of operations, or cash flows. In 2014 and 2013, there were no individual significant changes in estimated contract costs at completion. In 2012, the Corporation incurred unanticipated additional costs of $23.7 million on its long-term contract with Westinghouse for disassembly, inspection, and preparation for shipment costs related to the reactor coolant pumps (RCPs) that the Corporation is supplying for the AP1000 nuclear power plants in China. In addition, in 2012 the Corporation recorded a cumulative catch up benefit of $14.2 million related to a change in estimate on its technology transfer contract on the AP1000 nuclear program. | |||
Losses on contracts are provided for in the period in which the losses become determinable and the excess of billings over cost and estimated earnings on long-term contracts is included in deferred revenue. | |||
D. Cash and Cash Equivalents | |||
Cash equivalents consist of money market funds and commercial paper that are readily convertible into cash, all with original maturity dates of three months or less. | |||
E. Inventory | |||
Inventories are stated at lower of cost or market. Production costs are comprised of direct material and labor and applicable manufacturing overhead. | |||
F. Progress Payments | |||
Certain long-term contracts provide for interim billings as costs are incurred on the respective contracts. Pursuant to contract provisions, agencies of the U.S. Government and other customers are granted title or a secured interest for materials and work-in-process included in inventory to the extent progress payments are received. Accordingly, these receipts have been reported as a reduction of unbilled receivables and inventories, as presented in Notes 4 and 5 to the Consolidated Financial Statements. | |||
G. Property, Plant, and Equipment | |||
Property, plant, and equipment are carried at cost less accumulated depreciation. Major renewals and betterments are capitalized, while maintenance and repairs that do not improve or extend the life of the asset are expensed in the period they are incurred. Depreciation is computed using the straight-line method based upon the estimated useful lives of the respective assets. | |||
Average useful lives for property, plant, and equipment are as follows: | |||
Buildings and improvements | 5 to 40 years | ||
Machinery, equipment, and other | 3 to 15 years | ||
H. Intangible Assets | |||
Intangible assets are generally the result of acquisitions and consist primarily of purchased technology, customer related intangibles, trademarks, and technology licenses. Intangible assets are amortized on a straight-line basis over their estimated useful lives, which range from 1 to 20 years. See Note 8 to the Consolidated Financial Statements for further information on other intangible assets. | |||
I. Impairment of Long-Lived Assets | |||
The Corporation reviews the recoverability of all long-lived assets, including the related useful lives, whenever events or changes in circumstances indicate that the carrying amount of a long-lived asset might not be recoverable. If required, the Corporation compares the estimated fair value determined by either the undiscounted future net cash flows or appraised value to the related asset’s carrying value to determine whether there has been an impairment. If an asset is considered impaired, the asset is written down to fair value in the period in which the impairment becomes known. The Corporation recognized no significant impairment charges on assets held in use during the years ended December 31, 2014 and December 31, 2013. For impairment charges on assets held for sale, refer to Note 2, Discontinued Operations and Assets Held for Sale. In 2012, the Corporation recognized an impairment of $5.0 million in General and administrative expenses, in connection with its 2012 restructuring plan, a component of which was exiting a facility. | |||
J. Goodwill | |||
Goodwill results from business acquisitions. The Corporation accounts for business acquisitions by allocating the purchase price to the tangible and intangible assets acquired and liabilities assumed. Assets acquired and liabilities assumed are recorded at their fair values, and the excess of the purchase price over the amounts allocated is recorded as goodwill. The recoverability of goodwill is subject to an annual impairment test or whenever an event occurs or circumstances change that would more likely than not result in an impairment. The impairment test is based on the estimated fair value of the underlying businesses. The Corporation’s goodwill impairment test is performed as of October 31 of each year. See Note 7 to the Consolidated Financial Statements for further information on goodwill. | |||
K. Pre-Contract Costs | |||
The Corporation, from time to time, incurs costs to begin fulfilling the statement of work under a specific anticipated contract that has yet to be obtained from a customer. If it is determined that the recoveries of these costs are probable, the costs will be capitalized, excluding any start-up costs which are expensed as incurred. When circumstances change and the contract is no longer deemed probable, the capitalized costs will be recognized in earnings. Capitalized pre-contract costs were $2.7 million and $1.8 million at December 31, 2014 and 2013, respectively. | |||
L. Fair Value of Financial Instruments | |||
Accounting guidance requires certain disclosures regarding the fair value of financial instruments. Due to the short maturities of cash and cash equivalents, accounts receivable, accounts payable, and accrued expenses, the net book value of these financial instruments is deemed to approximate fair value. See Notes 9 and 13 to the Consolidated Financial Statements for further information on the Corporation's financial instruments. | |||
M. Research and Development | |||
The Corporation funds research and development programs for commercial products and independent research and development and bid and proposal work related to government contracts. Development costs include engineering and field support for new customer requirements. Corporation-sponsored research and development costs are expensed as incurred. | |||
Research and development costs associated with customer-sponsored programs are capitalized to inventory and are recorded in cost of sales when products are delivered or services performed. Funds received under shared development contracts are a reduction of the total development expenditures under the shared contract and are shown net as research and development costs. | |||
N. Accounting for Share-Based Payments | |||
The Corporation follows the fair value based method of accounting for share-based employee compensation, which requires the Corporation to expense all share-based employee compensation. Share-based employee compensation is a non-cash expense since the Corporation settles these obligations by issuing the shares of Curtiss-Wright Corporation instead of settling such obligations with cash payments. | |||
Compensation expense for all non-qualified share options, performance shares, performance-based restricted shares, time-based restricted stock, and performance-based restricted stock units is recognized on a graded schedule over the requisite service period for the entire award based on the grant date fair value. | |||
O. Income Taxes | |||
The Corporation accounts for income taxes using the asset and liability method. Under the asset and liability method, deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. The effect on deferred tax assets and liabilities of a change in tax laws is recognized in the results of operations in the period the new laws are enacted. A valuation allowance is recorded to reduce the carrying amounts of deferred tax assets unless it is more likely than not that such assets will be realized. | |||
The Corporation records amounts related to uncertain income tax positions by 1) prescribing a minimum recognition threshold a tax position is required to meet before being recognized in the financial statements and 2) the measurement of the income tax benefits recognized from such positions. The Corporation’s accounting policy is to classify uncertain income tax positions that are not expected to be resolved in one year as a non-current income tax liability and to classify interest and penalties as a component of Interest expense and General and administrative expenses, respectively. See Note 12 to the Consolidated Financial Statements for further information. | |||
P. Foreign Currency | |||
For operations outside the United States of America that prepare financial statements in currencies other than the U.S. dollar, the Corporation translates assets and liabilities at period-end exchange rates and income statement amounts using weighted-average exchange rates for the period. The cumulative effect of translation adjustments is presented as a component of accumulated other comprehensive income (loss) within stockholders’ equity. This balance is affected by foreign currency exchange rate fluctuations and by the acquisition of foreign entities. Gains and (losses) from foreign currency transactions are included in General and administrative expenses within the results of operations, which amounted to $2.9 million, $2.6 million, and ($2.3) million for the years ended December 31, 2014, 2013, and 2012, respectively. | |||
Q. Derivatives | |||
Forward Foreign Exchange and Currency Option Contracts | |||
The Corporation uses financial instruments, such as forward exchange and currency option contracts, to hedge a portion of existing and anticipated foreign currency denominated transactions. The purpose of the Corporation’s foreign currency risk management program is to reduce volatility in earnings caused by exchange rate fluctuations. All of the derivative financial instruments are recorded at fair value based upon quoted market prices for comparable instruments, with the gain or loss on these transactions recorded into earnings in the period in which they occur. These gains and (losses) are classified as General and administrative expenses in the Consolidated Statements of Earnings and amounted to ($6.9) million, ($6.2) million, and $0.9 million for the years ended December 31, 2014, 2013 and 2012, respectively. The Corporation does not use derivative financial instruments for trading or speculative purposes. | |||
Interest Rate Risks and Related Strategies | |||
The Corporation’s primary interest rate exposure results from changes in U.S. dollar interest rates. The Corporation’s policy is to manage interest cost using a mix of fixed and variable rate debt. The Corporation periodically uses interest rate swaps to manage such exposures. Under these interest rate swaps, the Corporation exchanges, at specified intervals, the difference between fixed and floating interest amounts calculated by reference to an agreed-upon notional principal amount. | |||
For interest rate swaps designated as fair value hedges (i.e., hedges against the exposure to changes in the fair value of an asset or a liability or an identified portion thereof that is attributable to a particular risk), changes in the fair value of the interest rate swaps offset changes in the fair value of the fixed rate debt due to changes in market interest rates. | |||
R. Recently Issued Accounting Standards | |||
Standards Issued Not Yet Adopted | |||
Standard | Description | Effect on the financial statements | |
ASU 2014-09 Revenue from contracts with customers | In May 2014, the FASB issued a comprehensive new revenue recognition standard which will supersede previous existing revenue recognition guidance. The standard creates a five-step model for revenue recognition that requires companies to exercise judgment when considering contract terms and relevant facts and circumstances. The five-step model includes (1) identifying the contract, (2) identifying the separate performance obligations in the contract, (3) determining the transaction price, (4) allocating the transaction price to the separate performance obligations and (5) recognizing revenue when each performance obligation has been satisfied. The standard also requires expanded disclosures surrounding revenue recognition. The standard is effective for fiscal periods beginning after December 15, 2016 and allows for either full | The Corporation is currently evaluating the impact of the adoption of this standard on its Consolidated Financial Statements. | |
retrospective or modified retrospective adoption. | |||
Date of adoption: January 1, 2017 | |||
ASU 2014-08 Reporting Discontinued Operations | In April 2014, new guidance was issued that amends the current discontinued operations guidance. The new guidance limits discontinued operation reporting to situations where the disposal represents a strategic shift that has (or will have) a major effect on an entity's operations and financial results, and requires expanded disclosures for discontinued operations. The adoption of this new guidance will be effective prospectively for annual reporting periods beginning after December 15, 2014 and interim periods within those years, with early adoption permitted in certain instances. | The Corporation plans to adopt the provisions of the new guidance during the first quarter of 2015. The | |
significance of this guidance is dependent on any future divestitures or disposals. | |||
Date of adoption: December 15, 2014 | |||
DISCONTINUED_OPERATIONS
DISCONTINUED OPERATIONS | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||
DISCONTINUED OPERATIONS | 2. DISCONTINUED OPERATIONS AND ASSETS HELD FOR SALE | ||||||||||||||||||||||||
As part of a strategic portfolio review conducted in 2014, the Corporation has identified certain businesses which it considers non-core. The Corporation considers businesses non-core when the business’ products or services do not complement its existing businesses and where the long-term growth prospects are below the Corporation’s expectations. As part of this initiative, the Corporation has divested four businesses in 2014. Additionally, during the third quarter of 2014, the Corporation classified certain other businesses as held for sale. The results of operations of these businesses are reported as discontinued operations within our Consolidated Statements of Earnings and prior year amounts have been restated to conform to the current year presentation. | |||||||||||||||||||||||||
The aggregate financial results of all discontinued operations were as follows: | |||||||||||||||||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||||||||||||||
Net sales | $ | 363,869 | $ | 392,690 | $ | 285,194 | |||||||||||||||||||
Loss from discontinued operations before income taxes (1) | (48,519 | ) | (3,097 | ) | (14,930 | ) | |||||||||||||||||||
Income tax benefit/(expense) | 14,268 | 1,674 | 6,181 | ||||||||||||||||||||||
Gain/(loss) on sale of businesses (2) | (22,360 | ) | — | 18,512 | |||||||||||||||||||||
Earnings from discontinued operations | $ | (56,611 | ) | $ | (1,423 | ) | $ | 9,763 | |||||||||||||||||
(1) Loss from discontinued operations before income taxes includes approximately $41.4 million of held for sale impairment expense in the year ended December 31, 2014. | |||||||||||||||||||||||||
(2) In the year ended December 31, 2014, the Corporation recognized aggregate after tax losses of $22.4 million on the sale of the Benshaw, 3D, Upstream and Vessels business. No businesses were sold in 2013. In 2012, the Corporation recognized an after tax gain of $18.5 million on the Heat Treat divestiture. Further details about these transactions are described below. | |||||||||||||||||||||||||
Assets held for sale | |||||||||||||||||||||||||
During the third quarter of 2014, the Corporation committed to a plan to sell two surface technology treatment facilities within the Commercial/Industrial segment. The Corporation also committed to a plan to sell its Engineered Packaging business and its Aviation Ground Support Equipment business, within the Defense segment, as well as its Downstream refining business, within the Energy segment. As of December 31, 2014, these businesses have been classified as held for sale and their results of operations have been presented as discontinued operations in the Consolidated Statement of Earnings. | |||||||||||||||||||||||||
The aggregate components of the assets classified as held for sale, are as follows: | |||||||||||||||||||||||||
(In thousands) | December 31, 2014 | ||||||||||||||||||||||||
Assets held for sale: | |||||||||||||||||||||||||
Receivables, net | $ | 60,187 | |||||||||||||||||||||||
Inventories, net | 27,414 | ||||||||||||||||||||||||
Property, plant, and equipment, net | 22,473 | ||||||||||||||||||||||||
Goodwill | 42,395 | ||||||||||||||||||||||||
Other intangible assets, net | 19,151 | ||||||||||||||||||||||||
Other assets | 5,631 | ||||||||||||||||||||||||
Deferred tax assets, net | 11,174 | ||||||||||||||||||||||||
Reserve for assets held for sale | (41,078 | ) | |||||||||||||||||||||||
Total assets held for sale, current | $ | 147,347 | |||||||||||||||||||||||
Liabilities held for sale | |||||||||||||||||||||||||
Accounts payable | $ | 12,579 | |||||||||||||||||||||||
Accrued expenses | 8,320 | ||||||||||||||||||||||||
Other current liabilities | 13,930 | ||||||||||||||||||||||||
Other liabilities | 563 | ||||||||||||||||||||||||
Total liabilities held for sale, current | $ | 35,392 | |||||||||||||||||||||||
The following table outlines the net sales and earnings/(loss) before income taxes attributable to the assets held for sale: | |||||||||||||||||||||||||
Net Sales | Earnings /(loss) before income taxes | ||||||||||||||||||||||||
(In thousands) | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||
Commercial/Industrial | |||||||||||||||||||||||||
Surface Technologies - Domestic | $ | 4,395 | $ | 4,672 | $ | 1,767 | $ | (2,264 | ) | $ | (528 | ) | $ | (319 | ) | ||||||||||
Defense | |||||||||||||||||||||||||
Engineered Packaging | 19,841 | 19,484 | 17,862 | 1,822 | 858 | 1,165 | |||||||||||||||||||
Aviation Ground Support Equipment | 29,331 | 28,022 | 28,585 | (8,644 | ) | (122 | ) | 27 | |||||||||||||||||
Energy | |||||||||||||||||||||||||
Downstream | 127,594 | 109,270 | 98,341 | (32,284 | ) | (3,175 | ) | (12,388 | ) | ||||||||||||||||
Total included in discontinued operations | $ | 181,161 | $ | 161,448 | $ | 146,555 | $ | (41,370 | ) | $ | (2,967 | ) | $ | (11,515 | ) | ||||||||||
As of December 31, 2014, the Corporation impaired long-lived assets held for sale in the amount of $1.9 million, $6.2 million, $33.1 million for certain Domestic Surface Technologies facilities, the Corporation’s Aviation Ground Support Equipment business, and the Corporation’s Downstream refining business, respectively. Impairment charges have been included in the figures above. | |||||||||||||||||||||||||
Divestitures and facility closures | |||||||||||||||||||||||||
During 2014, the Corporation disposed of four businesses aggregating to cash proceeds of $153 million from its Defense and Energy segments. The divestitures resulted in aggregate pre-tax losses in excess of $29 million, and tax benefits of approximately $6.7 million. During 2014, the Corporation also closed three international manufacturing facilities in its Surface Technologies business. During 2012, the Corporation disposed of its Heat Treat business for $52 million. The following table outlines the net sales and earnings/(loss) before income taxes attributable to discontinued operations. Gains and losses recognized in connection with the sale of the businesses have been included in discontinued operations on the Consolidated Statement of Earnings but have been excluded in the table presented below. | |||||||||||||||||||||||||
Net Sales | Earnings /(loss) before income taxes | ||||||||||||||||||||||||
(In thousands) | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||
Commercial/Industrial | |||||||||||||||||||||||||
Surface Technologies - International | $ | 4,355 | $ | 4,600 | $ | 4,248 | $ | (6,123 | ) | $ | (805 | ) | $ | (989 | ) | ||||||||||
Heat Treat | — | — | 10,785 | — | — | 4,929 | |||||||||||||||||||
Defense | |||||||||||||||||||||||||
Benshaw | 29,029 | 70,741 | 89,183 | (3,061 | ) | 2,173 | 5,972 | ||||||||||||||||||
3D Radar | 344 | 5,165 | 7,444 | (1,117 | ) | 215 | 1,492 | ||||||||||||||||||
Energy | |||||||||||||||||||||||||
Upstream | 143,182 | 145,609 | 9,335 | 14,267 | 10,898 | (2,090 | ) | ||||||||||||||||||
Vessels | 5,798 | 5,127 | 17,644 | (11,115 | ) | (12,611 | ) | (12,729 | ) | ||||||||||||||||
Total included in discontinued operations | $ | 182,708 | $ | 231,242 | $ | 138,639 | $ | (7,149 | ) | $ | (130 | ) | $ | (3,415 | ) | ||||||||||
2014 Divestitures and facility closures | |||||||||||||||||||||||||
Surface Technologies - International | |||||||||||||||||||||||||
During the fourth quarter of 2014, the Corporation closed certain of its international surface technology manufacturing facilities located in Canada, Italy, and Austria. As a result of the facility closures, the Company incurred $5.3 million of pre-tax closure costs, including a $3.2 million impairment on fixed assets, which are included in the figures presented above. All operations have ceased at these facilities as of December 31, 2014. | |||||||||||||||||||||||||
Benshaw | |||||||||||||||||||||||||
On June 30, 2014, the Corporation sold the assets of its Benshaw business, within our Defense segment, to Regal-Beloit Corporation for $49.7 million in cash, net of cash sold, and final working capital adjustments. The Corporation recognized a pre-tax loss on divestiture of $7.3 million. The Corporation recognized a tax benefit of $2.9 million in connection with the sale. | |||||||||||||||||||||||||
3D Radar | |||||||||||||||||||||||||
On April 30, 2014, the Corporation sold the assets of the 3D Radar business, within the Defense segment, to Chemring Group PLC for $2.4 million in cash, net of final working capital adjustments. The disposal resulted in a $0.6 million pre-tax gain. | |||||||||||||||||||||||||
Upstream | |||||||||||||||||||||||||
On December 17, 2014, the Corporation completed the sale of its upstream oil and gas business, within the Energy segment, for $98 million in cash, net of cash sold, and final working capital adjustments. The Corporation recognized a pre-tax loss on divestiture of $13.7 million. The Corporation recognized a tax benefit of $0.6 million in connection with the sale. | |||||||||||||||||||||||||
Vessels | |||||||||||||||||||||||||
During the third quarter of 2014, the Corporation completed the sale of its Vessels business, within the Energy segment, for $2 million in cash, net of transaction costs. The Corporation recognized a pre-tax loss on divestiture of $8.6 million. The Corporation recognized a tax benefit of $3.2 million in connection with the sale. | |||||||||||||||||||||||||
2012 Divestitures | |||||||||||||||||||||||||
Heat Treat | |||||||||||||||||||||||||
On March 30, 2012, the Corporation sold the assets and real estate of its heat treating business, which had been reported in the Commercial/Industrial segment, to Bodycote plc for $52 million. The heat treating business’ operating results are included in discontinued operations in the Corporation’s Consolidated Statement of Earnings for all periods presented. Discontinued operations for the year ended December 31, 2012 included net sales of $10.8 million and earnings before income taxes of $4.9 million, respectively. The Corporation recognized a pre-tax gain of $29.9 million in 2012 and has recorded the gain in discontinued operations for the year ended December 31, 2012. |
ACQUISITIONS
ACQUISITIONS | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Business Combinations [Abstract] | |||||||||||||||||||||
ACQUISITIONS | 3. ACQUISITIONS | ||||||||||||||||||||
The Corporation continually evaluates potential acquisitions that either strategically fit within the Corporation’s existing portfolio or expand the Corporation’s portfolio into new product lines or adjacent markets. The Corporation has completed a number of acquisitions that have been accounted for as business combinations and have resulted in the recognition of goodwill in the Corporation's financial statements. This goodwill arises because the purchase prices for these businesses reflect the future earnings and cash flow potential in excess of the earnings and cash flows attributable to the current product and customer set at the time of acquisition. Thus, goodwill inherently includes the know-how of the assembled workforce, the ability of the workforce to further improve the technology and product offerings, and the expected cash flows resulting from these efforts. Goodwill may also include expected synergies resulting from the complementary strategic fit these businesses bring to existing operations. | |||||||||||||||||||||
The Corporation allocates the purchase price at the date of acquisition based upon its understanding of the fair value of the acquired assets and assumed liabilities. In the months after closing, as the Corporation obtains additional information about these assets and liabilities, including through tangible and intangible asset appraisals, and as the Corporation learns more about the newly acquired business, it is able to refine the estimates of fair value and more accurately allocate the purchase price. Only items identified as of the acquisition date are considered for subsequent adjustment. The Corporation will make appropriate adjustments to the purchase price allocation prior to completion of the measurement period, as required. | |||||||||||||||||||||
In 2014, the Corporation acquired three businesses for an aggregate purchase price of $34.4 million, net of cash acquired, all of which are described in more detail below. In 2013, the Corporation acquired five businesses for an aggregate purchase price of $236.1 million, net of cash acquired, all of which are described in more detail below. In 2012, the Corporation acquired eight businesses for an aggregate purchase price of $462.4 million, net of cash acquired. | |||||||||||||||||||||
The Corporation’s Consolidated Statement of Earnings include $19.1 million of net sales and $0.2 million of net earnings from the Corporation’s 2014 acquisitions. | |||||||||||||||||||||
The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the date of acquisition for all acquisitions consummated during 2014, 2013, and 2012: | |||||||||||||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||||||||||
Accounts receivable | $ | 2,991 | $ | 25,972 | $ | 53,753 | |||||||||||||||
Inventory | 304 | 30,930 | 52,225 | ||||||||||||||||||
Property, plant, and equipment | 2,802 | 18,066 | 40,915 | ||||||||||||||||||
Other current assets | 81 | 3,229 | 7,244 | ||||||||||||||||||
Intangible assets | 13,501 | 102,265 | 182,681 | ||||||||||||||||||
Current and non-current liabilities | (1,754 | ) | (18,959 | ) | (44,617 | ) | |||||||||||||||
Pension and postretirement benefits | — | (6,472 | ) | (8,144 | ) | ||||||||||||||||
Deferred income taxes | (2,199 | ) | (19,682 | ) | (50,367 | ) | |||||||||||||||
Debt assumed | — | — | (13,819 | ) | |||||||||||||||||
Due to seller | — | (3,361 | ) | (240 | ) | ||||||||||||||||
Net tangible and intangible assets | 15,726 | 131,988 | 219,631 | ||||||||||||||||||
(Gain on Bargain Purchase) | — | — | (910 | ) | |||||||||||||||||
Purchase price | 34,364 | 236,135 | 462,416 | ||||||||||||||||||
Goodwill | $ | 18,638 | $ | 104,147 | $ | 243,695 | |||||||||||||||
Supplemental Pro Forma Statements of Operations Data (Unaudited) | |||||||||||||||||||||
The assets, liabilities, and results of operations of the businesses acquired in 2014 were not material to the Corporation’s consolidated financial position or results of operations and therefore pro forma financial information for the acquisitions are not presented. | |||||||||||||||||||||
The following table presents unaudited consolidated pro forma financial information for the combined results of the Corporation and its completed business acquisitions during the year ended December 31, 2013 and 2012 as if the 2013 acquisitions had occurred on January 1, 2012. Pro forma results were previously disclosed for the 2012 acquisitions as if the 2012 acquisitions had occurred on January 1, 2011. | |||||||||||||||||||||
(In thousands, except per share data) | 2013 | 2012 | |||||||||||||||||||
Net sales | $ | 2,184,715 | $ | 2,157,815 | |||||||||||||||||
Net earnings from continuing operations | 143,960 | 116,768 | |||||||||||||||||||
Diluted earnings per share from continuing operations | 3.04 | 2.46 | |||||||||||||||||||
The unaudited pro forma consolidated results were prepared using the acquisition method of accounting and are based on the historical financial information for a 12 month period. The unaudited pro forma consolidated results are not necessarily indicative of what our consolidated results of operations actually would have been had we completed the acquisitions on January 1, 2012. In addition, the unaudited pro forma consolidated results do not purport to project the future results of operations of the combined company nor do they reflect the expected realization of any cost savings associated with the acquisition. The unaudited pro forma consolidated results reflect primarily the following pro forma pre-tax adjustments: | |||||||||||||||||||||
• | Elimination of historical intangible asset amortization expense (approximately $0.7 million and $1.8 million in 2013 and 2012, respectively). | ||||||||||||||||||||
• | Additional amortization expense (approximately $3.6 million and $18.5 million in 2013 and 2012, respectively) related to the fair value of identifiable intangible assets acquired. | ||||||||||||||||||||
• | Additional depreciation expense (approximately $1.2 million and $1.6 million in 2013 and 2012, respectively) related to the fair value adjustment to property, plant, and equipment acquired. | ||||||||||||||||||||
• | Elimination of the fair value adjustments to acquisition-date inventory that has been sold in 2013 of $3.7 million, and recognition in 2012 of the full value of the fair value adjustment to acquisition date inventory. | ||||||||||||||||||||
• | Reclassification of $2.1 million of the Corporation’s 2013 acquisition costs directly attributable to the acquisition into 2012. Included in these costs are advisory, investment banking, and legal and regulatory costs incurred by the Corporation. The Corporation records acquisition costs in General and administrative expenses. | ||||||||||||||||||||
• | Elimination of historical interest expense (approximately $0.6 million and $5.3 million in 2013 and 2012, respectively). | ||||||||||||||||||||
• | Additional interest expense (approximately $4.2 million and $16.5 million in 2013 and 2012, respectively) associated with the incremental borrowings that would have been incurred to acquire these companies as of January 1, 2012. | ||||||||||||||||||||
2014 Acquisitions | |||||||||||||||||||||
COMMERCIAL/INDUSTRIAL | |||||||||||||||||||||
Component Coating and Repair Services Limited | |||||||||||||||||||||
On January 10, 2014, the Corporation acquired 100% of the issued and outstanding capital stock of Component Coating and Repair Services Limited (CCRS) for approximately £15 million ($25 million) in cash, net of cash acquired. The Share Purchase Agreement contains a purchase price adjustment mechanism and representations and warranties customary for a transaction of this type, including a portion of the purchase price deposited into escrow as security for potential indemnification claims against the sellers. CCRS operates out of two locations in Glasgow and Alfreton in the United Kingdom and will operate within the Corporation's Commercial/Industrial segment. CCRS is a provider of corrosion resistant coatings and precision airfoil repair services for aerospace and industrial turbine applications. Revenues were approximately £6.4 million in the latest fiscal year ended May 31, 2013. | |||||||||||||||||||||
ENERGY | |||||||||||||||||||||
Nuclear Power Services Inc. | |||||||||||||||||||||
On February 18, 2014, the Corporation acquired certain assets and assumed certain liabilities of Nuclear Power Services Inc. (NPSI) for approximately CAD 9 million (approximately $8.0 million) in cash. The Asset Purchase Agreement contains representations and warranties customary for a transaction of this type, including a portion of the purchase price held back as security for potential indemnification claims against the seller. NPSI is based in Ontario, Canada and will operate within the Corporation's Energy segment. NPSI provides qualified nuclear component sourcing, Equipment Qualification, Commercial Grade Dedication (CGD) services, and Instrumentation & Control component manufacturing primarily to the Canadian and International CANDU nuclear industry. NPSI generated revenues of approximately CAD 5 million for the year ended December 31, 2013. | |||||||||||||||||||||
Engemasa Pressure Relief Valves | |||||||||||||||||||||
On June 4, 2014, the Corporation acquired the valve division of Engemasa Engenharia E Materiais LTDA of Sao Carlos, Brazil | |||||||||||||||||||||
for approximately $1.8 million in cash. The division will operate within the Corporation's Energy segment. | |||||||||||||||||||||
The purchase price of the 2014 acquisitions have been allocated to the net tangible and intangible assets acquired with the remainder recorded as goodwill on the basis of estimated fair values. The following table summarizes the purchase price allocations for CCRS and NPSI. | |||||||||||||||||||||
(In thousands) | CCRS | NPSI | |||||||||||||||||||
Accounts receivable | $ | 2,984 | $ | 7 | |||||||||||||||||
Inventory | 64 | 112 | |||||||||||||||||||
Property, plant, and equipment | 1,987 | 790 | |||||||||||||||||||
Other current assets | 71 | 10 | |||||||||||||||||||
Intangible assets | 9,560 | 3,406 | |||||||||||||||||||
Current and non-current liabilities | (1,754 | ) | — | ||||||||||||||||||
Deferred income taxes | (2,041 | ) | — | ||||||||||||||||||
Net tangible and intangible assets | 10,871 | 4,325 | |||||||||||||||||||
Purchase price | 24,645 | 7,965 | |||||||||||||||||||
Goodwill | $ | 13,774 | $ | 3,640 | |||||||||||||||||
Amount of tax deductible goodwill | $ | — | $ | 3,640 | |||||||||||||||||
2013 Acquisitions | |||||||||||||||||||||
COMMERCIAL/INDUSTRIAL | |||||||||||||||||||||
Phönix Group | |||||||||||||||||||||
On February 28, 2013, the Corporation acquired all the outstanding shares of Phönix Holding GmbH for $97.9 million, net of cash acquired. The Share Purchase and Transfer Agreement contains a purchase price adjustment mechanism and representations and warranties customary for a transaction of this type, including a portion of the purchase price deposited into escrow as security for potential indemnification claims against the seller. Management funded the purchase from the Corporation’s revolving credit facility and excess cash at foreign locations. | |||||||||||||||||||||
Phönix, headquartered in Germany, is a designer and manufacturer of valves, valve systems, and related support services to the global chemical, petrochemical, and power (both conventional and nuclear) markets. Phönix has 282 employees and operates Phönix Valves in Volkmarsen, Germany; Strack, located in Barleben, Germany; and Daume Control Valves, located in Hanover, Germany. Phönix also owns sales subsidiaries with warehouses in Texas and France. Revenues of the acquired business were approximately $60 million for the year ended 2012. | |||||||||||||||||||||
Arens Controls | |||||||||||||||||||||
On October 4, 2013, the Corporation acquired 100% of the membership interests of Arens Controls, LLC (Arens) for $95.6 million in cash, net of purchase price adjustments and cash acquired. The Purchase Agreement contains customary representations and warranties, including a portion of the purchase price deposited into escrow as security for potential indemnification claims against the seller. Management funded the purchase from the Corporation’s revolving credit facility. | |||||||||||||||||||||
Arens is a designer and manufacturer of highly-engineered, precision operator interface controls and power management systems for commercial and off-road industrial vehicles. Arens has approximately 120 employees and is headquartered in Arlington Heights, Illinois. Revenues of the acquired business were approximately $57 million for the year ended 2012. | |||||||||||||||||||||
DEFENSE | |||||||||||||||||||||
Parvus | |||||||||||||||||||||
On October 1, 2013, the Corporation acquired 100% of the share capital of Parvus Corporation (Parvus) for $37.1 million in cash, net of cash acquired. The Stock Purchase Agreement contains customary representations and warranties, including a portion of the purchase price deposited into escrow as security for potential indemnification claims against the seller. Management funded the purchase from the Corporation’s revolving credit facility. | |||||||||||||||||||||
Parvus is a designer and manufacturer of rugged small form factor computers and communications subsystems for the aerospace, defense, homeland security, and industrial markets. Parvus has approximately 50 employees and is headquartered in Salt Lake City, Utah. Revenues of the acquired business were approximately $20 million for the year ended 2012. | |||||||||||||||||||||
ENERGY | |||||||||||||||||||||
Other | |||||||||||||||||||||
During 2013, the Corporation acquired the assets of Ovalpath, Inc and Gulff33 Valve Pros, LLC through two separate transactions for a purchase price of $2.3 million and $3.3 million respectively. The Asset Purchase Agreements contain representations and warranties customary for a transaction of this type, including a portion of the purchase price held back as security for potential indemnification claims against the seller. Ovalpath has developed a proprietary software platform utilizing mobile technology to enable applications that provide significant efficiencies within a nuclear plant. Gulf33 provides valve repair and maintenance services to the offshore oil and gas market. | |||||||||||||||||||||
The purchase price of the 2013 acquisitions have been allocated to the net tangible and intangible assets acquired with the remainder recorded as goodwill on the basis of estimated fair values. Immaterial purchase price adjustments were made during 2014 to certain of the 2013 acquisitions and are included in the asset allocation herein: | |||||||||||||||||||||
(In thousands) | Phönix | Arens | Parvus | Other | Total | ||||||||||||||||
Accounts receivable | $ | 12,226 | $ | 9,441 | $ | 3,639 | $ | 666 | $ | 25,972 | |||||||||||
Inventory | 20,358 | 5,349 | 5,122 | 101 | 30,930 | ||||||||||||||||
Property, plant, and equipment | 12,575 | 4,787 | 435 | 269 | 18,066 | ||||||||||||||||
Other current assets | 2,153 | 972 | 104 | — | 3,229 | ||||||||||||||||
Intangible assets | 42,305 | 43,100 | 15,000 | 1,860 | 102,265 | ||||||||||||||||
Current and non-current liabilities | (7,497 | ) | (7,991 | ) | (3,854 | ) | 383 | (18,959 | ) | ||||||||||||
Pension and postretirement benefits | (6,472 | ) | — | — | — | (6,472 | ) | ||||||||||||||
Deferred income taxes | (14,258 | ) | 94 | (5,518 | ) | — | (19,682 | ) | |||||||||||||
Due to seller | (119 | ) | — | (230 | ) | (3,012 | ) | (3,361 | ) | ||||||||||||
Net tangible and intangible assets | 61,271 | 55,752 | 14,698 | 267 | 131,988 | ||||||||||||||||
Purchase price | 97,886 | 95,612 | 37,059 | 5,578 | 236,135 | ||||||||||||||||
Goodwill | $ | 36,615 | $ | 39,860 | $ | 22,361 | $ | 5,311 | $ | 104,147 | |||||||||||
Amount of tax deductible goodwill | $ | — | $ | 39,860 | $ | — | $ | 5,311 | $ | 45,171 | |||||||||||
RECEIVABLES
RECEIVABLES | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | |||||||||
RECEIVABLES | 4. RECEIVABLES | ||||||||
Receivables include current notes, amounts billed to customers, claims, other receivables, and unbilled revenue on long-term contracts, which consists of amounts recognized as sales but not billed. Substantially all amounts of unbilled receivables are expected to be billed and collected in the subsequent year. An immaterial amount of unbilled receivables are subject to retainage provisions. The amount of claims and unapproved change orders within our receivables balances are immaterial. | |||||||||
Credit risk is diversified due to the large number of entities comprising the Corporation’s customer base and their geographic dispersion. The Corporation is either a prime contractor or subcontractor to various agencies of the U.S. Government. Revenues derived directly and indirectly from government sources (primarily the U.S. Government) were 33% and 34% of consolidated revenues in 2014 and 2013, respectively. Total receivables due primarily from the U.S Government were $157.9 million and $205.1 million at December 31, 2014 and 2013, respectively. Government (primarily the U.S. Government) unbilled receivables, net of progress payments, were $72.9 million and $82.5 million at December 31, 2014 and 2013, respectively. | |||||||||
The composition of receivables is as follows as of December 31: | |||||||||
(In thousands) | 2014 | 2013 | |||||||
Billed receivables: | |||||||||
Trade and other receivables | $ | 363,241 | $ | 444,841 | |||||
Less: Allowance for doubtful accounts | (5,619 | ) | (6,857 | ) | |||||
Net billed receivables | 357,622 | 437,984 | |||||||
Unbilled receivables: | |||||||||
Recoverable costs and estimated earnings not billed | 150,526 | 184,120 | |||||||
Less: Progress payments applied | (12,668 | ) | (18,512 | ) | |||||
Net unbilled receivables | 137,858 | 165,608 | |||||||
Receivables, net | $ | 495,480 | $ | 603,592 | |||||
INVENTORIES
INVENTORIES | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Inventory, Net [Abstract] | |||||||||
INVENTORIES | 5. INVENTORIES | ||||||||
Inventoried costs contain amounts relating to long-term contracts and programs with long production cycles, a portion of which will not be realized within one year. Long term contract inventory includes an immaterial amount of claims or other similar items subject to uncertainty concerning their determination or realization. Inventories are valued at the lower of cost or market. The composition of inventories as of December 31 is as follows: | |||||||||
(In thousands) | 2014 | 2013 | |||||||
Raw material | $ | 201,998 | $ | 231,219 | |||||
Work-in-process | 89,423 | 114,372 | |||||||
Finished goods | 103,831 | 117,444 | |||||||
Inventoried costs related to U.S. Government and other long-term contracts | 59,070 | 58,796 | |||||||
Gross inventories | 454,322 | 521,831 | |||||||
Less: Inventory reserves | (51,435 | ) | (54,400 | ) | |||||
Progress payments applied, principally related to long-term contracts | (14,217 | ) | (15,344 | ) | |||||
Inventories, net | $ | 388,670 | $ | 452,087 | |||||
As of December 31, 2014 and 2013, inventory also includes capitalized contract development costs of $33.9 million and $37.1 million, respectively, related to certain aerospace and defense programs. These capitalized costs will be liquidated as production units are delivered to the customer. As of December 31, 2014 and 2013, $7.2 million and $13.8 million, respectively, are scheduled to be liquidated under existing firm orders. |
PROPERTY_PLANT_AND_EQUIPMENT
PROPERTY, PLANT, AND EQUIPMENT | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
PROPERTY, PLANT, AND EQUIPMENT | 6. PROPERTY, PLANT, AND EQUIPMENT | ||||||||
The composition of property, plant, and equipment is as follows as of December 31. | |||||||||
(In thousands) | 2014 | 2013 | |||||||
Land | $ | 21,762 | $ | 24,250 | |||||
Buildings and improvements | 219,219 | 218,551 | |||||||
Machinery, equipment, and other | 750,006 | 800,573 | |||||||
Property, plant, and equipment, at cost | 990,987 | 1,043,374 | |||||||
Less: Accumulated depreciation | (532,068 | ) | (527,656 | ) | |||||
Property, plant, and equipment, net | $ | 458,919 | $ | 515,718 | |||||
Depreciation expense from continuing operations for the years ended December 31, 2014, 2013, and 2012 was $66.6 million, $63.2 million, and $55.2 million, respectively. |
GOODWILL
GOODWILL | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Goodwill [Abstract] | |||||||||||||||||
GOODWILL | 7. GOODWILL | ||||||||||||||||
In connection with the change in reportable segments discussed in Note 18, we reallocated the goodwill that existed as of December 31, 2012 to our new segments on a relative fair value basis. | |||||||||||||||||
The changes in the carrying amount of goodwill for 2014 and 2013 are as follows: | |||||||||||||||||
(In thousands) | Commercial/Industrial | Defense | Energy | Consolidated | |||||||||||||
December 31, 2012 | $ | 273,247 | $ | 467,917 | $ | 272,136 | $ | 1,013,300 | |||||||||
Acquisitions | 76,108 | 22,615 | 5,311 | 104,034 | |||||||||||||
Goodwill adjustments | (3,164 | ) | — | 429 | (2,735 | ) | |||||||||||
Foreign currency translation adjustment | 1,628 | (5,101 | ) | (697 | ) | (4,170 | ) | ||||||||||
December 31, 2013 | $ | 347,819 | $ | 485,431 | $ | 277,179 | $ | 1,110,429 | |||||||||
Acquisitions | $ | 13,773 | $ | — | $ | 4,863 | $ | 18,636 | |||||||||
Assets held for sale | — | (6,525 | ) | (35,870 | ) | (42,395 | ) | ||||||||||
Divestitures | — | (11,695 | ) | (43,660 | ) | (55,355 | ) | ||||||||||
Goodwill adjustments | (1,096 | ) | (254 | ) | — | (1,350 | ) | ||||||||||
Foreign currency translation adjustment | (9,634 | ) | (20,217 | ) | (1,608 | ) | (31,459 | ) | |||||||||
December 31, 2014 | $ | 350,862 | $ | 446,740 | $ | 200,904 | $ | 998,506 | |||||||||
The purchase price allocations relating to the businesses acquired are initially based on estimates. The Corporation adjusts these estimates based upon final analysis including input from third party appraisals, when deemed appropriate. The determination of fair value is finalized no later than twelve months from acquisition. Goodwill adjustments represent subsequent adjustments to the purchase price allocation for acquisitions as determined by the respective accounting guidance requirements based on the date of acquisition. | |||||||||||||||||
During 2014, the Corporation finalized the allocation of the purchase price for all businesses acquired prior to 2014. The adjustments to the Corporation's purchase price allocation were not material. | |||||||||||||||||
The Corporation completed its annual goodwill impairment testing as of October 31, 2014, 2013, and 2012 and concluded that there was no impairment of value. The estimated fair value of the reporting units substantially exceeded the recorded book value. |
OTHER_INTANGIBLE_ASSETS_NET
OTHER INTANGIBLE ASSETS, NET | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |||||||||||||||||||||||||
OTHER INTANGIBLE ASSETS, NET | 8. OTHER INTANGIBLE ASSETS, NET | ||||||||||||||||||||||||
Intangible assets are generally the result of acquisitions and consist primarily of purchased technology, customer related intangibles, and trademarks. Intangible assets are amortized over useful lives that generally range between 1 and 20 years. | |||||||||||||||||||||||||
The following table summarizes the intangible assets acquired (including their weighted-average useful lives) by the Corporation during 2014 and 2013. No indefinite lived intangible assets were acquired in 2014 or 2013. | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
(In thousands, except years data) | Amount | Years | Amount | Years | |||||||||||||||||||||
Technology | $ | 100 | 5 | $ | 21,101 | 13.5 | |||||||||||||||||||
Customer related intangibles | 13,200 | 13.6 | 73,146 | 16.9 | |||||||||||||||||||||
Other intangible assets | 200 | 1 | 8,504 | 3.3 | |||||||||||||||||||||
Total | $ | 13,500 | 13.3 | $ | 102,751 | 15.1 | |||||||||||||||||||
The following tables present the cumulative composition of the Corporation’s intangible assets as of December 31, 2014 and December 31, 2013, respectively. | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
(In thousands) | Gross | Accumulated Amortization | Net | Gross | Accumulated | Net | |||||||||||||||||||
Amortization | |||||||||||||||||||||||||
Technology | $ | 178,369 | $ | (84,584 | ) | $ | 93,785 | $ | 213,888 | $ | (88,644 | ) | $ | 125,244 | |||||||||||
Customer related intangibles | 356,844 | (122,920 | ) | 233,924 | 430,604 | (127,194 | ) | 303,410 | |||||||||||||||||
Other intangible assets | 38,460 | (16,942 | ) | 21,518 | 66,436 | (23,711 | ) | 42,725 | |||||||||||||||||
Total | $ | 573,673 | $ | (224,446 | ) | $ | 349,227 | $ | 710,928 | $ | (239,549 | ) | $ | 471,379 | |||||||||||
Amortization expense from continuing operations for the years ended December 31, 2014, 2013, and 2012 were $38.3 million, $39.0 million, and $24.9 million, respectively. The estimated future amortization expense of intangible assets over the next five years is as follows: | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
2015 | $ | 34,766 | |||||||||||||||||||||||
2016 | 34,264 | ||||||||||||||||||||||||
2017 | 33,775 | ||||||||||||||||||||||||
2018 | 32,680 | ||||||||||||||||||||||||
2019 | 30,848 | ||||||||||||||||||||||||
FAIR_VALUE_OF_FINANCIAL_INSTRU
FAIR VALUE OF FINANCIAL INSTRUMENTS | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Fair Value Of Financial Instruments [Abstract] | |||||||||||||||||||||||||
FAIR VALUE OF FINANCIAL INSTRUMENTS | 9. FAIR VALUE OF FINANCIAL INSTRUMENTS | ||||||||||||||||||||||||
Forward Foreign Exchange and Currency Option Contracts | |||||||||||||||||||||||||
The Corporation has foreign currency exposure primarily in the United Kingdom, Europe, and Canada. The Corporation uses financial instruments, such as forward and option contracts, to hedge a portion of existing and anticipated foreign currency denominated transactions. The purpose of the Corporation’s foreign currency risk management program is to reduce volatility in earnings caused by exchange rate fluctuations. Guidance on accounting for derivative instruments and hedging activities requires companies to recognize all of the derivative financial instruments as either assets or liabilities at fair value in the Consolidated Balance Sheets. | |||||||||||||||||||||||||
Interest Rate Risks and Related Strategies | |||||||||||||||||||||||||
The Corporation’s primary interest rate exposure results from changes in U.S. dollar interest rates. The Corporation’s policy is to manage interest cost using a mix of fixed and variable rate debt. The Corporation periodically uses interest rate swaps to manage such exposures. Under these interest rate swaps, the Corporation exchanges, at specified intervals, the difference between fixed and floating interest amounts calculated by reference to an agreed-upon notional principal amount. | |||||||||||||||||||||||||
For interest rate swaps designated as fair value hedges (i.e., hedges against the exposure to changes in the fair value of an asset or a liability or an identified portion thereof that is attributable to a particular risk), changes in the fair value of the interest rate swaps offset changes in the fair value of the fixed rate debt due to changes in market interest rates. | |||||||||||||||||||||||||
In March 2013, the Corporation entered into fixed-to-floating interest rate swap agreements to convert the interest payments of (i) the $100 million, 3.85% notes, due February 26, 2025, from a fixed rate to a floating interest rate based on 1-Month LIBOR plus a 1.77% spread, and (ii) the $75 million, 4.05% notes, due February 26, 2028, from a fixed rate to a floating interest rate based on 1-Month LIBOR plus a 1.73% spread. | |||||||||||||||||||||||||
In January 2012, the Corporation entered into fixed-to-floating interest rate swap agreements to convert the interest payments of (i) the $200 million, 4.24% notes, due December 1, 2026, from a fixed rate to a floating interest rate based on 1-Month LIBOR plus a 2.02% spread, and (ii) $25 million of the $100 million, 3.84% notes, due December 1, 2021, from a fixed rate to a floating interest rate based on 1-Month LIBOR plus a 1.90% spread. | |||||||||||||||||||||||||
The notional amounts of the Corporation’s outstanding interest rate swaps designated as fair value hedges were $400 million at December 31, 2014 and December 31, 2013. | |||||||||||||||||||||||||
The fair value accounting guidance requires that assets and liabilities carried at fair value be classified and disclosed in one of the following three categories: | |||||||||||||||||||||||||
Level 1: Quoted market prices in active markets for identical assets or liabilities that the company has the ability to access. | |||||||||||||||||||||||||
Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data such as quoted prices, interest rates, and yield curves. | |||||||||||||||||||||||||
Level 3: Inputs are unobservable data points that are not corroborated by market data. | |||||||||||||||||||||||||
Based upon the fair value hierarchy, all of the forward foreign exchange contracts and interest rate swaps are valued at a Level 2. | |||||||||||||||||||||||||
Effects on Consolidated Balance Sheets | |||||||||||||||||||||||||
The location and amounts of derivative instrument fair values in the consolidated balance sheet are below. | |||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||
(In thousands) | 2014 | 2013 | |||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Undesignated for hedge accounting | |||||||||||||||||||||||||
Forward exchange contracts | $ | 605 | $ | 605 | |||||||||||||||||||||
Total asset derivatives (1) | $ | 605 | $ | 605 | |||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||
Designated for hedge accounting | |||||||||||||||||||||||||
Interest rate swaps | $ | 5,121 | $ | 49,845 | |||||||||||||||||||||
Undesignated for hedge accounting | |||||||||||||||||||||||||
Forward exchange contracts | $ | 676 | $ | 277 | |||||||||||||||||||||
Total liability derivatives (2) | $ | 5,797 | $ | 50,122 | |||||||||||||||||||||
(1) Forward exchange derivatives are included in Other current assets and interest rate swap assets are included in Other assets. | |||||||||||||||||||||||||
(2) Forward exchange derivatives are included in Other current liabilities and interest rate swap liabilities are included in Other liabilities. | |||||||||||||||||||||||||
Effects on Consolidated Statements of Earnings | |||||||||||||||||||||||||
Fair value hedge | |||||||||||||||||||||||||
The location and amount of gains or losses on the hedged fixed rate debt attributable to changes in the market interest rates and the offsetting gain (loss) on the related interest rate swaps for the years ended December 31, were as follows: | |||||||||||||||||||||||||
Gain/(Loss) on Swap | Gain/(Loss) on Borrowings | ||||||||||||||||||||||||
(In thousands) | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||
Income statement classification: | |||||||||||||||||||||||||
Other income (loss), net | $ | 44,724 | $ | (49,845 | ) | $ | (742 | ) | $ | (44,724 | ) | $ | 49,845 | $ | 742 | ||||||||||
Undesignated hedges | |||||||||||||||||||||||||
The location and amount of gains and (losses) recognized in income on forward exchange derivative contracts not designated for hedge accounting for the years ended December 31, were as follows: | |||||||||||||||||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||||||||||||||
Forward exchange contracts: | |||||||||||||||||||||||||
General and administrative expenses | $ | (6,880 | ) | $ | (6,198 | ) | $ | 883 | |||||||||||||||||
Debt | |||||||||||||||||||||||||
The estimated fair value amounts were determined by the Corporation using available market information, which is primarily based on quoted market prices for the same or similar issues as of December 31, 2014. The fair value of our debt instruments are characterized as a Level 2 measurement in accordance with the fair value hierarchy. The estimated fair values of the Corporation’s fixed rate debt instruments at December 31, 2014, aggregated $959 million compared to a carrying value of $945 million. The estimated fair values of the Corporation’s fixed rate debt instruments at December 31, 2013, aggregated $887 million compared to a carrying value of $900 million. | |||||||||||||||||||||||||
The carrying amount of the variable interest rate debt approximates fair value because the interest rates are reset periodically to reflect current market conditions. | |||||||||||||||||||||||||
The fair values described above may not be indicative of net realizable value or reflective of future fair values. Furthermore, the use of different methodologies to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date. | |||||||||||||||||||||||||
Nonrecurring measurements | |||||||||||||||||||||||||
As discussed in Note 2. Discontinued Operations and Assets Held For Sale, the Corporation classified certain businesses as held for sale during the third quarter. In accordance with the provisions of the Impairment or Disposal of Long-Lived Assets guidance of FASB Codification Subtopic 360-10, the carrying amount of the disposal groups were written down to their estimated fair value, less costs to sell. For the year ended December 31, 2014, an impairment charge of $41.4 million was recorded in loss from discontinued operations. The fair value of the disposal groups were determined primarily by using non-binding quotes. In accordance with the fair value hierarchy, the impairment charges recorded were classified as a Level 3 measurement as it is based on significant other unobservable inputs. |
ACCRUED_EXPENSES_AND_OTHER_CUR
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Accrued Liabilities, Current [Abstract] | |||||||||
Accrued Expenses And Other Current Liabilities | 10. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES | ||||||||
Accrued expenses consist of the following as of December 31: | |||||||||
(In thousands) | 2014 | 2013 | |||||||
Accrued compensation | $ | 88,793 | $ | 88,108 | |||||
Accrued commissions | 10,783 | 12,834 | |||||||
Accrued interest | 9,688 | 9,730 | |||||||
Accrued insurance | 6,757 | 4,885 | |||||||
Accrued 401K | 7,050 | — | |||||||
Other | 22,867 | 27,378 | |||||||
Total accrued expenses | $ | 145,938 | $ | 142,935 | |||||
Other current liabilities consist of the following as of December 31: | |||||||||
(In thousands) | 2014 | 2013 | |||||||
Warranty reserves | $ | 15,688 | $ | 15,914 | |||||
Additional amounts due to sellers on acquisitions | 1,739 | 5,250 | |||||||
Reserves on loss contracts | 2,979 | 4,067 | |||||||
Deferred tax liability | 2,448 | 3,175 | |||||||
Pension and other postretirement liabilities | 5,120 | 4,280 | |||||||
Other | 10,189 | 5,565 | |||||||
Total other current liabilities | $ | 38,163 | $ | 38,251 | |||||
RESTRUCTURING_ACTIVITIES
RESTRUCTURING ACTIVITIES | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Restructuring Reserve [Abstract] | |||||||||||||||||
RESTRUCTURING ACTIVITIES | 11. RESTRUCTURING ACTIVITIES | ||||||||||||||||
The Corporation did not have any material restructuring initiatives in 2014 and 2013. | |||||||||||||||||
2012 Restructuring Initiative | |||||||||||||||||
The Corporation focuses on being the low-cost provider of its products by reducing operating costs and implementing lean manufacturing initiatives, which have in part led to the involuntary termination of certain positions and the consolidation of facilities and product lines. | |||||||||||||||||
During the year ended 2012, the Corporation recorded restructuring costs by segment as follows: | |||||||||||||||||
(In thousands) | Commercial/Industrial | Defense | Energy | Consolidated | |||||||||||||
Cost of sales | $ | 7,413 | $ | 3,227 | $ | 138 | $ | 10,778 | |||||||||
Selling expenses | — | 417 | 13 | 430 | |||||||||||||
General and administrative | 5,033 | 2,463 | 497 | 7,993 | |||||||||||||
Total | $ | 12,446 | $ | 6,107 | $ | 648 | $ | 19,201 | |||||||||
During 2012, the Corporation committed to a plan to restructure existing operations through a reduction in workforce and consolidation of operating locations. The plan impacted all three of the Corporation’s reportable segments and resulted in costs incurred of $19 million. In the Commercial/Industrial segment, restructuring costs of $7 million, were primarily for severance and benefits costs and $5 million of non-cash costs for a fixed asset write-down due to the ceased use of an operating facility. In the Defense and Energy segments, restructuring costs of $6 million and $1 million, respectively, were primarily for severance and benefit costs associated with headcount reductions. | |||||||||||||||||
The Corporation has completed its restructuring activities under the 2012 restructuring plan. | |||||||||||||||||
The following table summarizes the cash components of the Corporation’s restructuring plans. Accrued restructuring costs are included in Other current liabilities in the accompanying balance sheet. | |||||||||||||||||
(In thousands) | Severance and | Abandonment | Total | ||||||||||||||
Benefits | of facility costs | ||||||||||||||||
December 31, 2012 | $ | 1,020 | $ | 6,106 | $ | 7,126 | |||||||||||
Provisions | — | — | — | ||||||||||||||
Payments | (774 | ) | (5,519 | ) | (6,293 | ) | |||||||||||
Adjustments | (246 | ) | (587 | ) | (833 | ) | |||||||||||
December 31, 2013 | $ | — | $ | — | $ | — | |||||||||||
INCOME_TAXES
INCOME TAXES | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
INCOME TAXES | INCOME TAXES | ||||||||||||
Earnings before income taxes for the years ended December 31 consist of: | |||||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||
Domestic | $ | 120,563 | $ | 105,188 | $ | 80,475 | |||||||
Foreign | 126,381 | 95,862 | 74,746 | ||||||||||
$ | 246,944 | $ | 201,050 | $ | 155,221 | ||||||||
The provision for income taxes for the years ended December 31 consists of: | |||||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||
Current: | |||||||||||||
Federal | $ | 70,609 | $ | 29,323 | $ | 27,882 | |||||||
State | 9,065 | 5,629 | 5,465 | ||||||||||
Foreign | 33,401 | 20,807 | 21,369 | ||||||||||
113,075 | 55,759 | 54,716 | |||||||||||
Deferred: | |||||||||||||
Federal | (29,469 | ) | 7,982 | 758 | |||||||||
State | (1,275 | ) | 644 | (1,122 | ) | ||||||||
Foreign | (5,070 | ) | (802 | ) | (5,172 | ) | |||||||
(35,814 | ) | 7,824 | (5,536 | ) | |||||||||
Valuation allowance | (266 | ) | (1,937 | ) | 1,960 | ||||||||
Provision for income taxes | $ | 76,995 | $ | 61,646 | $ | 51,140 | |||||||
The effective tax rate varies from the U.S. federal statutory tax rate for the years ended December 31, principally: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
U.S. federal statutory tax rate | 35 | % | 35 | % | 35 | % | |||||||
Add (deduct): | |||||||||||||
State and local taxes, net of federal benefit | 2.4 | 1.6 | 1.7 | ||||||||||
R&D tax credits | (1.3 | ) | (1.5 | ) | (0.9 | ) | |||||||
Foreign earnings (1) | (4.4 | ) | (3.7 | ) | (3.0 | ) | |||||||
All other, net | (0.5 | ) | (0.7 | ) | 0.1 | ||||||||
Effective tax rate | 31.2 | % | 30.7 | % | 32.9 | % | |||||||
(1) Foreign earnings primarily include the net impact of differences between local statutory rates and the U.S. Federal statutory rate, the cost of repatriating foreign earnings, and the impact of changes to foreign valuation allowances. | |||||||||||||
The components of the Corporation’s deferred tax assets and liabilities at December 31 are as follows: | |||||||||||||
(In thousands) | 2014 | 2013 | |||||||||||
Deferred tax assets: | |||||||||||||
Capital loss carryover | $ | 17,555 | $ | — | |||||||||
Environmental reserves | 10,123 | 9,913 | |||||||||||
Inventories | 18,496 | 20,197 | |||||||||||
Postretirement/postemployment benefits | 13,326 | 12,641 | |||||||||||
Incentive compensation | 16,140 | 6,727 | |||||||||||
Accrued vacation pay | 4,968 | 5,745 | |||||||||||
Warranty reserves | 4,330 | 5,073 | |||||||||||
Share-based payments | 4,422 | 7,718 | |||||||||||
Pension plans | 84,493 | 43,684 | |||||||||||
Net operating loss | 8,909 | 9,826 | |||||||||||
Other | 12,609 | 14,793 | |||||||||||
Total deferred tax assets | 195,371 | 136,317 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Undistributed earnings | 7,840 | 4,077 | |||||||||||
Depreciation | 33,117 | 52,242 | |||||||||||
Goodwill amortization | 74,555 | 65,644 | |||||||||||
Other intangible amortization | 62,777 | 81,634 | |||||||||||
Other | 1,612 | 4,119 | |||||||||||
Total deferred tax liabilities | 179,901 | 207,716 | |||||||||||
Valuation allowance | 23,478 | 6,321 | |||||||||||
Net deferred tax assets/(liabilities) | $ | (8,008 | ) | $ | (77,720 | ) | |||||||
Deferred tax assets and liabilities are reflected on the Corporation’s consolidated balance sheet at December 31 as follows: | |||||||||||||
(In thousands) | 2014 | 2013 | |||||||||||
Net current deferred tax assets | $ | 44,311 | $ | 47,650 | |||||||||
Net current deferred tax liabilities | 2,448 | 3,175 | |||||||||||
Net noncurrent deferred tax assets | 1,683 | 1,449 | |||||||||||
Net noncurrent deferred tax liabilities | 51,554 | 123,644 | |||||||||||
Net deferred tax assets/(liabilities) | $ | (8,008 | ) | $ | (77,720 | ) | |||||||
The Corporation has income tax net operating loss carryforwards related to international operations of approximately $26.4 million of which $16.4 million have an indefinite life and $10.0 million expire through 2023. The Corporation has federal and state income tax net loss carryforwards of approximately $68.7 million, of which $21.0 million are net operating losses which expire through 2034 and $47.7 million are capital loss carryforwards which expire in 2019. The Corporation has recorded a deferred tax asset of $26.5 million reflecting the benefit of the loss carryforwards. | |||||||||||||
Management assesses the available positive and negative evidence to estimate if sufficient future taxable income will be generated to utilize the existing deferred tax assets. A significant piece of objective negative evidence evaluated was the cumulative loss incurred over the three-year period ended December 31, 2014 in certain of the Corporation’s foreign locations. Such objective evidence limits the ability to consider other subjective evidence such as projections for future growth. The Corporation increased its valuation allowance by $17.2 million, to $23.5 million, as of December 31, 2014, in order to measure only the portion of the deferred tax asset that more likely than not will be realized. The valuation allowance increased $17.6 million principally as a result of the tax benefit associated with the capital loss carryforward incurred from the sale of its discontinued operations offset by various minor activities. The amount of the deferred tax asset considered realizable, however, could be adjusted if estimates of future taxable income during the carryforward period are reduced or if objective negative evidence in the form of cumulative losses is no longer present and additional weight may be given to subjective evidence such as projections for growth. | |||||||||||||
Income tax payments of $35.0 million were made in 2014, $69.4 million in 2013, and $42.7 million in 2012. | |||||||||||||
The amount of undistributed foreign subsidiaries earnings considered to be permanently reinvested for which no provision has been made for U.S. federal or foreign taxes at December 31, 2014 was $295.2 million. It is not practicable to estimate the amount of tax that would be payable if these amounts were repatriated to the United States; however, foreign tax credits may partiality offset any tax liability. | |||||||||||||
The Corporation has recognized a liability in Other liabilities for interest of $1.7 million and penalties of $1.1 million as of December 31, 2014. | |||||||||||||
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: | |||||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||
Balance at January 1, | $ | 10,623 | $ | 11,301 | $ | 5,769 | |||||||
Additions for tax positions of prior periods | 1,421 | 1,511 | 4,591 | ||||||||||
Additions for tax positions related to the current year | 1,738 | 1,768 | 1,019 | ||||||||||
Settlements | (2,039 | ) | (3,868 | ) | (53 | ) | |||||||
Lapses of statute of limitations | (41 | ) | (140 | ) | (28 | ) | |||||||
Foreign currency translation | (142 | ) | 51 | 3 | |||||||||
Balance at December 31, | $ | 11,560 | $ | 10,623 | $ | 11,301 | |||||||
In many cases the Corporation’s uncertain tax positions are related to tax years that remain subject to examination by tax authorities. | |||||||||||||
The following describes the open tax years, by major tax jurisdiction, as of December 31, 2014: | |||||||||||||
United States (Federal) | 2011 | - | present | ||||||||||
United States (Various states) | 1998 | - | present | ||||||||||
United Kingdom | 2007 | - | present | ||||||||||
Canada | 2008 | - | present | ||||||||||
The Corporation does not expect any significant changes to the estimated amount of liability associated with its uncertain tax positions through the next twelve months. Included in the total unrecognized tax benefits at December 31, 2014, 2013, and 2012 is $8.0 million, $7.6 million, and $9.0 million, respectively, which, if recognized, would favorably affect the effective income tax rate. |
DEBT
DEBT | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Debt Instruments [Abstract] | |||||||||||||||||
DEBT | 13. DEBT | ||||||||||||||||
Debt consists of the following as of December 31: | |||||||||||||||||
(In thousands) | 2014 | 2014 | 2013 | 2013 | |||||||||||||
Carrying Value | Estimated Fair Value | Carrying Value | Estimated Fair Value | ||||||||||||||
Industrial revenue bond, due 2023 | $ | 8,400 | $ | 8,400 | $ | 8,400 | $ | 8,400 | |||||||||
Revolving credit agreement, due 2019 | — | — | 50,000 | 50,000 | |||||||||||||
5.51% Senior notes due 2017 | 150,000 | 162,617 | 150,000 | 163,059 | |||||||||||||
3.84% Senior notes due 2021 | 99,934 | 99,934 | 98,632 | 98,632 | |||||||||||||
3.70% Senior notes due 2023 | 225,000 | 225,748 | 225,000 | 209,140 | |||||||||||||
3.85% Senior notes due 2025 | 98,360 | 98,360 | 88,555 | 88,555 | |||||||||||||
4.24% Senior notes due 2026 | 197,237 | 197,237 | 173,557 | 173,557 | |||||||||||||
4.05% Senior notes due 2028 | 74,348 | 74,348 | 64,411 | 64,411 | |||||||||||||
4.11% Senior notes due 2028 | 100,000 | 100,801 | 100,000 | 89,252 | |||||||||||||
Other debt | 1,069 | 1,069 | 1,383 | 1,383 | |||||||||||||
Total debt | 954,348 | 968,514 | 959,938 | 946,389 | |||||||||||||
Less: current portion of long-term debt and short-term debt | 1,069 | 1,069 | 1,334 | 1,334 | |||||||||||||
Total long-term debt | $ | 953,279 | $ | 967,445 | $ | 958,604 | $ | 945,055 | |||||||||
The weighted-average interest rate of the Corporation’s Revolving Credit Agreement was 1.7% in 2014 and 2013. | |||||||||||||||||
The debt outstanding had fixed and variable interest rates averaging 3% during the year ended December 31, 2014. | |||||||||||||||||
Aggregate maturities of debt are as follows: | |||||||||||||||||
(In thousands) | |||||||||||||||||
2015 | $ | 1,069 | |||||||||||||||
2016 | — | ||||||||||||||||
2017 | 150,000 | ||||||||||||||||
2018 | — | ||||||||||||||||
2019 | — | ||||||||||||||||
Thereafter | 803,279 | ||||||||||||||||
Total | $ | 954,348 | |||||||||||||||
Interest payments of $33 million, $31 million, and $24 million were made in 2014, 2013, and 2012, respectively. | |||||||||||||||||
Revolving Credit Agreement | |||||||||||||||||
In August 2012, the Corporation refinanced its existing credit facility by entering into a Third Amended and Restated Credit Agreement (Credit Agreement) with a syndicate of financial institutions, led by Bank of America N.A., Wells Fargo, N.A, and JP Morgan Chase Bank, N.A. The proceeds available under the Credit Agreement are to be used for working capital, internal growth initiatives, funding of future acquisitions, and general corporate purposes. Under the terms of the Credit Agreement, the Corporation has borrowing capacity of $500 million. In addition, the Credit Agreement provides an accordion feature which allows the Corporation to borrow an additional $100 million. As of December 31, 2014, the Corporation had $54 million in letters of credit supported by the credit facility and no borrowings outstanding under the credit facility. As of December 31, 2014, letters of credit outstanding related to discontinuing operations was $9 million. The unused credit available under the credit facility at December 31, 2014 was $446 million, which we had the ability to borrow in full without violating our debt to capitalization covenant. | |||||||||||||||||
In December, 2014, the Corporation amended its existing credit facility by entering into a Second Amendment to the Third Amended and Restated Credit Agreement (Credit Agreement) with a syndicate of financial institutions, led by Bank of America N.A., Wells Fargo, N.A, and JP Morgan Chase Bank, N.A. the amendment extends the maturity date of the agreement to November, 2019. No other material modifications were made to the 2012 Credit Agreement. | |||||||||||||||||
The Credit Agreement contains covenants that the Corporation considers usual and customary for an agreement of this type for comparable commercial borrowers, including a maximum consolidated debt to capitalization ratio of 60%. The Credit Agreement has customary events of default, such as non-payment of principal when due; nonpayment of interest, fees, or other amounts; cross-payment default and cross-acceleration. | |||||||||||||||||
Borrowings under the credit agreement will accrue interest based on (i) Libor or (ii) a base rate of the highest of (a) the federal funds rate plus 0.5%, (b) BofA’s announced prime rate, or (c) the Eurocurrency rate plus 1%, plus a margin. The interest rate and level of facility fees are dependent on certain financial ratios, as defined in the Credit Agreement. The Credit Agreement also provides customary fees, including administrative agent and commitment fees. In connection with the Credit Agreement, we paid customary transaction fees that have been deferred and are being amortized over the term of the Credit Agreement. | |||||||||||||||||
Senior Notes | |||||||||||||||||
On February 26, 2013, the Corporation issued $500 million of Senior Notes (the “2013 Notes”). The 2013 Notes consist of $225 million of 3.70% Senior Notes that mature on February 26, 2023, $100 million of 3.85% Senior Notes that mature on February 26, 2025, and $75 million of 4.05% Senior Notes that mature on February 26, 2028. $100 million of additional 4.11% Senior Notes were deferred and subsequently issued on September 26, 2013 that mature on September 26, 2028. The 2013 Notes are senior unsecured obligations, equal in right of payment to the Corporation’s existing senior indebtedness. The Corporation, at its option, can prepay at any time all or any part of the 2013 Notes, subject to a make-whole payment in accordance with the terms of the Note Purchase Agreement. In connection with the issuance of the 2013 Notes, the Corporation paid customary fees that have been deferred and are being amortized over the term of the 2013 Notes. Under the terms of the Note Purchase Agreement, the Corporation is required to maintain certain financial ratios, the most restrictive of which is a debt to capitalization limit of 60%. The debt to capitalization ratio (as defined per the Notes Purchase Agreement and Credit Agreement) is calculated using the same formula for all of the Corporation’s debt agreements and is a measure of the Corporation’s indebtedness to capitalization, where capitalization equals debt plus equity. The Corporation had the ability to borrow additional debt of $1.2 billion without violating our debt to capitalization covenant. The 2013 Notes also contain a cross default provision with respect to the Corporation’s other senior indebtedness. | |||||||||||||||||
On December 8, 2011, the Corporation issued $300 million of Senior Notes (the “2011 Notes”). The 2011 Notes consist of $100 million of 3.84% Senior Notes that mature on December 1, 2021 and $200 million of 4.24% Senior Series Notes that mature on December 1, 2026. The 2011 Notes are senior unsecured obligations, equal in right of payment to our existing senior indebtedness. The Corporation, at its option, can prepay at any time all or any part of our 2011 Notes, subject to a make-whole payment in accordance with the terms of the Note Purchase Agreement. In connection with our 2011 Notes, the Corporation paid customary fees that have been deferred and are being amortized over the term of our 2011 Notes. Under the Note Purchase Agreement, the Corporation is required to maintain certain financial ratios, the most restrictive of which is a debt to capitalization limit of 60%. The 2011 Notes also contain a cross default provision with our other senior indebtedness. | |||||||||||||||||
On December 1, 2005, the Corporation issued $150 million of 5.51% Senior Notes (the “2005 Notes”). The 2005 Notes mature on December 1, 2017. The Notes are senior unsecured obligations and are equal in right of payment to the Corporation’s existing senior indebtedness. The Corporation, at its option, can prepay at any time all or any part of the 2005 Notes, subject to a make-whole amount in accordance with the terms of the Note Purchase Agreement. In connection with the Notes, the Corporation paid customary fees that have been deferred and are being amortized over the terms of the Notes. The Corporation is required under the Note Purchase Agreement to maintain certain financial ratios, the most restrictive of which is a debt to capitalization limit of 60%. The 2005 Notes also contain a cross default provision with the Corporation’s other senior indebtedness. |
EARNINGS_PER_SHARE
EARNINGS PER SHARE | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Earnings Per Share [Abstract] | ||||||||||||
EARNINGS PER SHARE | 14. EARNINGS PER SHARE | |||||||||||
The Corporation is required to report both basic earnings per share (EPS), based on the weighted-average number of Common shares outstanding, and diluted earnings per share, based on the basic EPS adjusted for all potentially dilutive shares issuable. | ||||||||||||
As of December 31, 2014, there were no options outstanding that were considered anti-dilutive. In December 31, 2013 and 2012 , there were 297,000, and 633,000 stock options outstanding, respectively, that were excluded from the computation of diluted earnings per share as the exercise price of these options was greater than their average market value, which would result in an anti-dilutive effect on diluted earnings per share. | ||||||||||||
Earnings per share calculations for the years ended December 31, 2014, 2013, and 2012, are as follows: | ||||||||||||
(In thousands, except per share data) | Earnings from | Weighted- | Earnings per share | |||||||||
continuing | Average Shares | from continuing | ||||||||||
operations | Outstanding | operations | ||||||||||
2014 | ||||||||||||
Basic earnings per share from continuing operations | $ | 169,949 | 48,019 | $ | 3.54 | |||||||
Dilutive effect of stock options and deferred stock compensation | 1,056 | |||||||||||
Diluted earnings per share from continuing operations | $ | 169,949 | 49,075 | $ | 3.46 | |||||||
2013 | ||||||||||||
Basic earnings per share from continuing operations | $ | 139,404 | 46,991 | $ | 2.97 | |||||||
Dilutive effect of stock options and deferred stock compensation | 921 | |||||||||||
Diluted earnings per share from continuing operations | $ | 139,404 | 47,912 | $ | 2.91 | |||||||
2012 | ||||||||||||
Basic earnings per share from continuing operations | $ | 104,081 | 46,743 | $ | 2.23 | |||||||
Dilutive effect of stock options and deferred stock compensation | 669 | |||||||||||
Diluted earnings per share from continuing operations | $ | 104,081 | 47,412 | $ | 2.2 | |||||||
SHAREBASED_COMPENSATION_PLANS
SHARE-BASED COMPENSATION PLANS | 12 Months Ended | ||||||||||||||
Dec. 31, 2014 | |||||||||||||||
Share-based Compensation [Abstract] | |||||||||||||||
SHARE-BASED COMPENSATION PLANS | 15. SHARE-BASED COMPENSATION PLANS | ||||||||||||||
In May 2014, the Corporation adopted the Curtiss Wright 2014 Omnibus Incentive Plan (the “2014 Omnibus Plan”). The plan replaces the Corporation's existing 2005 Long Term Incentive Plan and the 2005 Stock Plan for Non-Employee Directors (collectively the “2005 Stock Plans”). Beginning May 2014, all awards were granted under the 2014 Omnibus Plan. The maximum aggregate number of shares of common stock that may be issued under the 2014 Omnibus Plan will be 2,400,000 less one share of common stock for every one share of common stock granted under any Prior Plan after December 31, 2013 and prior to the effective date of the 2014 Omnibus Plan. In addition, any awards that were previously granted under any Prior Plan that terminate without issuance of shares, shall be eligible for issuance under the 2014 Omnibus Plan. Awards under the 2014 Omnibus Plan may be in the form of stock options, stock appreciation rights, restricted stock, restricted stock units (RSU), other stock-based awards, and performance share units (PSU) or cash based performance units (PU). | |||||||||||||||
During 2014, the Corporation granted awards in the form of RSUs, PSUs, PUs, and restricted stock. Previous grants under the 2005 Stock Plans included non-qualified stock options. Under our employee benefit program, the Corporation also provides an Employee Stock Purchase Plan (ESPP) available to most active employees. Certain awards provide for accelerated vesting if there is a change in control. | |||||||||||||||
The compensation cost for employee and non-employee director share-based compensation programs during 2014, 2013, and 2012 is as follows: | |||||||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||||
Non-qualified stock options | $ | — | $ | 238 | $ | 942 | |||||||||
Employee Stock Purchase Plan | 1,350 | 1,260 | 1,303 | ||||||||||||
Performance Share Units | 3,728 | 3,495 | 3,179 | ||||||||||||
Restricted Share Units | 2,655 | 1,700 | 3,237 | ||||||||||||
Other share-based payments | 767 | 657 | 767 | ||||||||||||
Total share-based compensation expense before income taxes | $ | 8,500 | $ | 7,350 | $ | 9,428 | |||||||||
Other share-based payments include restricted stock awards to non-employee directors, who are treated as employees as prescribed by the accounting guidance on share-based payments. The compensation cost recognized follows the cost of the employee, which is primarily reflected as General and administrative expenses in the Consolidated Statements of Earnings. No share-based compensation costs were capitalized during 2014, 2013, or 2012. | |||||||||||||||
The following table summarizes the cash received from share-based awards and the Corporation's tax benefit recognized on share-based compensation: | |||||||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||||
Cash received from share-based awards | $ | 38,183 | $ | 29,194 | $ | 15,137 | |||||||||
Recognized tax benefit on awards | $ | 9,610 | $ | 3,199 | $ | 1,371 | |||||||||
A summary of employee stock option activity is as follows: | |||||||||||||||
Shares | Weighted- | Weighted- | Aggregate | ||||||||||||
(000’s) | Average | Average | Intrinsic | ||||||||||||
Exercise | Remaining | Value | |||||||||||||
Price | Contractual | (000’s) | |||||||||||||
Term in | |||||||||||||||
Years | |||||||||||||||
Outstanding at December 31, 2013 | 2,321 | $ | 33.69 | ||||||||||||
Granted | — | — | |||||||||||||
Exercised | (872 | ) | 33.45 | ||||||||||||
Forfeited | (6 | ) | 29.66 | ||||||||||||
Outstanding at December 31, 2014 | 1,443 | $ | 33.86 | 4.3 | $ | 53,002 | |||||||||
Exercisable at December 31, 2014 | 1,443 | $ | 33.86 | 4.3 | $ | 53,002 | |||||||||
The total intrinsic value of stock options exercised during 2014, 2013, and 2012 was $28.3 million, $11.4 million, and $3.1 million, respectively. | |||||||||||||||
Performance Share Units | |||||||||||||||
The Corporation has granted performance share units to certain employees, whose 3 year cliff vesting is contingent upon how the Corporation's total shareholder return over the three-year term of the awards compares to that of a self-constructed peer group. The non-vested shares are subject to forfeiture if established performance goals are not met or employment is terminated other than due to death, disability, or retirement. Share plans are denominated in share-based units based on the fair market value of the Corporation’s Common stock on the date of grant. The performance share unit’s compensation cost is amortized to expense on a straight-line basis over the three-year requisite service period. As forfeiture assumptions change, compensation cost will be adjusted on a cumulative basis in the period of the assumption change. | |||||||||||||||
Restricted Share Units | |||||||||||||||
Restricted share units cliff vest at the end of the awards’ vesting period. The restricted share units contain only a service condition, and thus compensation cost is amortized to expense on a straight-line basis over the requisite service period, which is typically 3 years. The non-vested restricted stock is subject to forfeiture if employment is terminated other than due to death or disability. | |||||||||||||||
A summary of the Corporation’s 2014 activity related to performance share units and restricted share units are as follows: | |||||||||||||||
Performance Share Units (PSUs) | Restricted Share Units (RSUs) | ||||||||||||||
Shares/Units | Weighted- | Shares/Units | Weighted- | ||||||||||||
(000’s) | Average | (000’s) | Average | ||||||||||||
Fair Value | Fair Value | ||||||||||||||
Nonvested at December 31, 2013 | 368 | $ | 35.52 | 319 | $ | 36.53 | |||||||||
Granted | 51 | 82.79 | 38 | 70.28 | |||||||||||
Vested | (89 | ) | 29.88 | (92 | ) | 33.01 | |||||||||
Forfeited | (18 | ) | 46.71 | (19 | ) | 37.02 | |||||||||
Nonvested at December 31, 2014 | 312 | $ | 44.12 | 246 | $ | 43.03 | |||||||||
Expected to vest at December 31, 2014 | 312 | $ | 44.12 | 246 | $ | 43.03 | |||||||||
Nonvested PSUs had an intrinsic value of $22.0 million and unrecognized compensation costs of $8.6 million as of December 31, 2014. Nonvested RSUs had an intrinsic value of $17.3 million and unrecognized compensation costs of $5.9 million. Unrecognized compensation costs related to PSUs and RSUs are expected to be recognized over periods of 2.3-2.7 years. | |||||||||||||||
Employee Stock Purchase Plan | |||||||||||||||
The Corporation’s ESPP enables eligible employees to purchase the Corporation’s Common stock at a price per share equal to 85% of the fair market value at the end of each offering period. Each offering period of the ESPP lasts six months, commencing on January 1st and July 1st of each year. The Corporation has reserved 1,200,000 shares from Treasury to satisfy the issuance of shares under the ESPP. | |||||||||||||||
During 2014, there were 166,948 shares purchased under the ESPP. As of December 31, 2014, the Corporation has withheld $4.5 million from employees, the equivalent of 73,929 shares. Compensation cost is recognized on a straight-line basis over the six-month vesting period during which employees perform related services. |
PENSION_AND_OTHER_POSTRETIREME
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
General Discussion of Pension and Other Postretirement Benefits [Abstract] | |||||||||||||||||||||||||
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS | 16. PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS | ||||||||||||||||||||||||
The Corporation maintains thirteen separate and distinct pension and other postretirement defined benefit plans, consisting of three domestic plans and ten separate foreign pension plans. Effective December 31, 2014, the Corporation executed the following plan mergers: the two Williams Controls defined benefit pension plans were merged with the CW Pension Plan, resulting in one surviving domestic qualified plan, and the three domestic postretirement health-benefits plans (CW, EMD, and Williams Controls) were merged into one. Post-merger, the Corporation maintains the following domestic plans: a qualified pension plan, a non-qualified pension plan, and a postretirement health-benefits plan. The foreign plans consist of three defined benefit pension plans in the United Kingdom, three in Germany, two in Mexico, and one plan each in Canada and Switzerland. The German plans were added during 2013 as part of our February 28, 2013 acquisition of Phönix Holding GmbH. | |||||||||||||||||||||||||
Domestic Plans | |||||||||||||||||||||||||
Qualified Pension Plan | |||||||||||||||||||||||||
The Corporation maintains a defined benefit pension plan (the “CW Pension Plan”) covering all employees under six benefit formulas: a non-contributory non-union and union formula for certain Curtiss-Wright (CW) employees, a contributory union and non-union benefit formula for employees at the EMD business unit, and two benefit formulas providing annuity benefits for participants in the former Williams Controls salaried and union plans. | |||||||||||||||||||||||||
CW non-union employees hired prior to February 1, 2010 receive a “traditional” benefit based on years of credited service, using the five highest consecutive years’ compensation during the last ten years of service. These employees became participants under the CW Pension Plan after one year of service and were vested after three years of service. CW non-union employees hired on or after the effective date were eligible for a cash balance benefit through December 31, 2013, and were transitioned to the new defined contribution plan, further described below. CW union employees who have negotiated a benefit under the CW Pension Plan are entitled to a benefit based on years of service multiplied by a monthly pension rate. | |||||||||||||||||||||||||
The formula for EMD employees covers both union and non-union employees and is designed to satisfy the requirements of relevant collective bargaining agreements. Employee contributions are withheld each pay period and are equal to 1.5% of salary. The benefits for the EMD employees are based on years of service and compensation. On December 31, 2012, the Corporation amended the CW Pension Plan to close the benefit to EMD employees hired after January 1, 2014. | |||||||||||||||||||||||||
Participants of the former Williams Controls Retirement Income Plan for salaried employees are either deferred vested participants or currently receiving benefits, as benefit accruals under the plan were frozen to future accruals effective January 1, 2003. Benefits in the salaried plan are based on average compensation and years of service. | |||||||||||||||||||||||||
Participants of the former Williams Controls UAW Local 492 Plan for union employees are entitled to a benefit based on years of service multiplied by a monthly pension rate, and may be eligible for supplemental benefits based upon attainment of certain age and service requirements. | |||||||||||||||||||||||||
In May 2013, the Company’s Board of Directors approved an amendment to the CW Pension Plan. Effective January 1, 2014, all active non-union employees participating in the final and career average pay formulas in the defined benefit plan will cease accruals 15 years from the effective date of the amendment. In addition to the sunset provision, the “cash balance” benefit for non-union participants will be eliminated as of the effective date. Non-Union employees who are not currently receiving final or career average pay benefits become eligible to participate in a new defined contribution plan which provides both employer match and non-elective contribution components, up to a maximum employer contribution of 6%. The amendment does not affect CW employees that are subject to collective bargaining agreements. | |||||||||||||||||||||||||
At December 31, 2014 and 2013, the Corporation had a noncurrent pension liability of $152.5 million and $79.5 million, respectively. This increase was primarily driven by a 75 basis point decrease in the discount rate, which was 4.00% as of December 31, 2014, and the adoption of updated mortality tables reflecting further increases in life expectancy. The merger of the Williams plans also contributed $4.3 million of this increase. | |||||||||||||||||||||||||
The Corporation made $39.8 million of contributions to the CW Pension Plan in 2014, and made an additional elective contribution of $145.0 million in January 2015. Due to the large contribution in 2015, the Corporation does not expect to make any further contributions through 2019, but expects to make annual contributions to the new defined contribution plan, as further described below. | |||||||||||||||||||||||||
Nonqualified Pension Plan | |||||||||||||||||||||||||
The Corporation also maintains a non-qualified restoration plan (the “CW Restoration Plan”) covering those employees of CW and EMD whose compensation or benefits exceed the IRS limitation for pension benefits. Benefits under the CW Restoration Plan are not funded, and, as such, the Corporation had an accrued pension liability of $43.7 million and $31.7 million as of December 31, 2014 and 2013, respectively. The Corporation’s contributions to the CW Restoration Plan are expected to be $3.1 million in 2015. | |||||||||||||||||||||||||
Other Post-Employment Benefits (OPEB) Plan | |||||||||||||||||||||||||
Under the plan merger effective December 31, 2014, the Corporation provides post-employment benefits consisting of retiree health and life insurance to three distinct groups of employees/retirees: the CW Grandfathered plan, and plans assumed in the acquisition of EMD and Williams Controls. | |||||||||||||||||||||||||
In 2002, the Corporation restructured the postemployment medical benefits for then-active CW employees, effectively freezing the plan. The plan continues to be maintained for certain retired CW employees. | |||||||||||||||||||||||||
The Corporation also provides retiree health and life insurance benefits for substantially all of the Curtiss-Wright EMD employees. The plan provides basic health and welfare coverage for pre-65 participants based on years of service and are subject to certain caps. Effective January 1, 2011, the Corporation modified the benefit design for post-65 retirees by introducing Retiree Reimbursement Accounts (RRA’s) to participants in lieu of the traditional benefit delivery. Participant accounts are funded a set amount annually that can be used to purchase supplemental coverage on the open market, effectively capping the benefit. | |||||||||||||||||||||||||
The plan also provides retiree health and life insurance benefits for certain retirees of the Williams Controls salaried and union pension plans. Benefits are available to those employees who retired prior to December 31, 1993 in the salaried plan, and prior to October 1, 2003 in the union plan. Effective August 31, 2013, the Corporation modified the benefit design for post-65 retirees by introducing Retiree Reimbursement Accounts (RRA’s) to align with the EMD delivery model. | |||||||||||||||||||||||||
The Corporation had an accrued postretirement benefit liability at December 31, 2014 and 2013 of $23.2 million and $20.4 million, respectively. Pursuant to the EMD purchase agreement, the Corporation has a discounted receivable from Washington Group International to reimburse the Corporation for a portion of these postretirement benefit costs. At December 31, 2014 and 2013, the discounted receivable included in other assets was $1.4 million and $1.8 million, respectively. The Corporation expects to contribute $1.6 million to the plan during 2015. | |||||||||||||||||||||||||
Foreign Plans | |||||||||||||||||||||||||
The foreign plans consist of three defined benefit pension plans in the United Kingdom, three in Germany, two in Mexico, and one plan each in Canada and Switzerland. As of December 31, 2014 and 2013, the total projected benefit obligation related to all foreign plans is $90.1 million and $87.6 million, respectively. As of December 31, 2014 and 2013, the Corporation had an accrued pension liability of $5.3 million and $2.1 million, respectively. The Corporation's contributions to the foreign plans are expected to be $3.0 million in 2015. | |||||||||||||||||||||||||
In September 2013, the Corporation amended the Metal Improvement Company - Salaried Staff pension Scheme (U.K.) and the Penny & Giles Pension Plan (U.K.) to cease the accrual of future benefits effective December 31, 2013. The amendments to the plans resulted in a $7 million reduction to the projected benefit obligations and a curtailment gain of $2.8 million. | |||||||||||||||||||||||||
Components of net periodic benefit expense | |||||||||||||||||||||||||
The net pension and net postretirement benefit costs (income) consisted of the following: | |||||||||||||||||||||||||
Pension Benefits | Postretirement Benefits | ||||||||||||||||||||||||
(In thousands) | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||
Service cost | $ | 25,262 | $ | 40,170 | $ | 40,274 | $ | 246 | $ | 373 | $ | 448 | |||||||||||||
Interest cost | 30,403 | 27,777 | 26,303 | 877 | 839 | 939 | |||||||||||||||||||
Expected return on plan assets | (41,746 | ) | (36,303 | ) | (33,585 | ) | — | — | — | ||||||||||||||||
Amortization of prior service cost | 662 | 883 | 1,201 | (657 | ) | (638 | ) | (629 | ) | ||||||||||||||||
Recognized net actuarial loss | 6,827 | 15,013 | 11,023 | (811 | ) | (614 | ) | (682 | ) | ||||||||||||||||
Cost of settlements/curtailments | 377 | 13 | — | — | — | — | |||||||||||||||||||
Net periodic benefit cost (income) | $ | 21,785 | $ | 47,553 | $ | 45,216 | $ | (345 | ) | $ | (40 | ) | $ | 76 | |||||||||||
Net periodic benefit cost has declined over the reported periods, mainly due to the reduction in service cost, increase in the expected return on plan assets, and reduction of recognized net actuarial loss. The plan redesign reduced service cost by eliminating the cash balance benefit earned in the plan for all participants, with those not participating in the traditional benefit being moved to a new defined contribution plan. Expected returns increased due to favorable asset performance and the incremental return generated from higher required cash contributions in recent years, while the recognized actuarial loss declined in 2014, due largely to a prior period increase in the discount rate. | |||||||||||||||||||||||||
The Cost of settlements/curtailments indicated above represents events that are accounted for under guidance on employers’ accounting for settlements and curtailments of defined benefit pension plans. In 2014, the charge was due to a settlement in the CWAT plan in Switzerland. In 2013, the CW Pension Plan curtailment charge of $2.2 million and special termination benefits in the CW Restoration Plan were largely offset by the curtailment gain in the Penny & Giles Pension Plan. | |||||||||||||||||||||||||
The following table outlines the Corporation's consolidated disclosure of the pension benefits and postretirement benefits information described previously. The Corporation had no foreign postretirement plans. All plans were valued using a December 31, 2014 measurement date. | |||||||||||||||||||||||||
Pension Benefits | Postretirement Benefits | ||||||||||||||||||||||||
(In thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Change in benefit obligation: | |||||||||||||||||||||||||
Beginning of year | $ | 674,192 | $ | 705,022 | $ | 20,416 | $ | 23,391 | |||||||||||||||||
Service cost | 25,262 | 40,170 | 246 | 373 | |||||||||||||||||||||
Interest cost | 30,403 | 27,777 | 877 | 839 | |||||||||||||||||||||
Plan participants’ contributions | 1,734 | 2,331 | 364 | 350 | |||||||||||||||||||||
Amendments | 178 | — | — | (366 | ) | ||||||||||||||||||||
Actuarial loss (gain) | 114,763 | (62,534 | ) | 3,276 | (2,752 | ) | |||||||||||||||||||
Benefits paid | (40,765 | ) | (34,253 | ) | (1,929 | ) | (1,419 | ) | |||||||||||||||||
Business combinations | — | 5,809 | — | — | |||||||||||||||||||||
Special termination benefits | — | 533 | — | — | |||||||||||||||||||||
Curtailments/ settlements | — | (9,713 | ) | — | — | ||||||||||||||||||||
Actual expenses | (1,299 | ) | (2,206 | ) | — | — | |||||||||||||||||||
Currency translation adjustments | (7,108 | ) | 1,256 | — | — | ||||||||||||||||||||
End of year | $ | 797,360 | $ | 674,192 | $ | 23,250 | $ | 20,416 | |||||||||||||||||
Change in plan assets: | |||||||||||||||||||||||||
Beginning of year | $ | 558,567 | $ | 460,202 | $ | — | $ | — | |||||||||||||||||
Actual return on plan assets | 37,574 | 82,863 | — | — | |||||||||||||||||||||
Employer contribution | 46,306 | 48,074 | 1,565 | 1,069 | |||||||||||||||||||||
Plan participants’ contributions | 1,734 | 2,331 | 364 | 350 | |||||||||||||||||||||
Business combinations | — | — | — | — | |||||||||||||||||||||
Benefits paid | (40,765 | ) | (34,253 | ) | (1,929 | ) | (1,419 | ) | |||||||||||||||||
Settlements | (1,299 | ) | (2,206 | ) | — | — | |||||||||||||||||||
Currency translation adjustments | (6,288 | ) | 1,556 | — | — | ||||||||||||||||||||
End of year | $ | 595,829 | $ | 558,567 | $ | — | $ | — | |||||||||||||||||
Funded status | $ | (201,531 | ) | $ | (115,625 | ) | $ | (23,250 | ) | $ | (20,416 | ) | |||||||||||||
Pension Benefits | Postretirement Benefits | ||||||||||||||||||||||||
(In thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Amounts recognized on the balance sheet | |||||||||||||||||||||||||
Noncurrent assets | $ | 6,041 | $ | 7,142 | $ | — | $ | — | |||||||||||||||||
Current liabilities | (3,523 | ) | (2,620 | ) | (1,603 | ) | (1,659 | ) | |||||||||||||||||
Noncurrent liabilities | (204,049 | ) | (120,147 | ) | (21,647 | ) | (18,757 | ) | |||||||||||||||||
Total | $ | (201,531 | ) | $ | (115,625 | ) | $ | (23,250 | ) | $ | (20,416 | ) | |||||||||||||
Amounts recognized in accumulated other comprehensive income (AOCI) | |||||||||||||||||||||||||
Net actuarial loss (gain) | $ | 180,640 | $ | 69,355 | $ | (8,264 | ) | $ | (12,350 | ) | |||||||||||||||
Prior service cost | 1,990 | 2,537 | (4,686 | ) | (5,343 | ) | |||||||||||||||||||
Total | $ | 182,630 | $ | 71,892 | $ | (12,950 | ) | $ | (17,693 | ) | |||||||||||||||
Amounts in AOCI expected to be recognized in net periodic cost in the coming year: | |||||||||||||||||||||||||
Loss (gain) recognition | $ | 15,470 | $ | 5,933 | $ | (551 | ) | $ | (811 | ) | |||||||||||||||
Prior service cost recognition | $ | 619 | $ | 631 | $ | (657 | ) | $ | (657 | ) | |||||||||||||||
Accumulated benefit obligation | $ | 753,878 | $ | 641,892 | N/A | N/A | |||||||||||||||||||
Information for pension plans with an accumulated benefit obligation in excess of plan assets: | |||||||||||||||||||||||||
Projected benefit obligation | $ | 770,241 | $ | 604,515 | N/A | N/A | |||||||||||||||||||
Accumulated benefit obligation | 726,760 | 528,148 | N/A | N/A | |||||||||||||||||||||
Fair value of plan assets | 562,669 | 473,078 | N/A | N/A | |||||||||||||||||||||
Plan Assumptions | |||||||||||||||||||||||||
Pension Benefits | Postretirement Benefits | ||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
Weighted-average assumptions in determination of benefit obligation: | |||||||||||||||||||||||||
Discount rate | 3.88 | % | 4.62 | % | 3.75 | % | 4.47 | % | |||||||||||||||||
Rate of compensation increase | 3.37 | % | 3.94 | % | N/A | N/A | |||||||||||||||||||
Health care cost trends: | |||||||||||||||||||||||||
Rate assumed for subsequent year | N/A | N/A | 5.5 | % | 8 | % | |||||||||||||||||||
Ultimate rate reached in 2019 and 2015, respectively | N/A | N/A | 4.59 | % | 5 | % | |||||||||||||||||||
Weighted-average assumptions in determination of net periodic benefit cost: | |||||||||||||||||||||||||
Discount rate | 4.62 | % | 3.95 | % | 4.47 | % | 3.7 | % | |||||||||||||||||
Expected return on plan assets | 8.01 | % | 7.91 | % | N/A | N/A | |||||||||||||||||||
Rate of compensation increase | 3.36 | % | 3.94 | % | N/A | N/A | |||||||||||||||||||
Health care cost trends: | |||||||||||||||||||||||||
Rate assumed for subsequent year | N/A | N/A | 8 | % | 8 | % | |||||||||||||||||||
Ultimate rate reached in 2019 and 2015, respectively | N/A | N/A | 5 | % | 5 | % | |||||||||||||||||||
The discount rate for each plan is determined by discounting the plan’s expected future benefit payments using a yield curve developed from high quality bonds that are rated Aa or better by Moody’s as of the measurement date. The yield curve calculation matches the notional cash inflows of the hypothetical bond portfolio with the expected benefit payments to arrive at one effective rate for each plan. | |||||||||||||||||||||||||
The overall expected return on assets assumption is based on a combination of historical performance of the pension fund and expectations of future performance. Expected future performance is determined by weighting the expected returns for each asset class by the plan’s asset allocation. The expected returns are based on long-term capital market assumptions utilizing a ten-year time horizon through consultation with investment advisors. While consideration is given to recent performance and historical returns, the assumption represents a long-term prospective return. | |||||||||||||||||||||||||
The effect on the Other Post-Employment Benefits plan of a 1% change in the health care cost trend is as follows: | |||||||||||||||||||||||||
(In thousands) | 1% Increase | 1% Decrease | |||||||||||||||||||||||
Total service and interest cost components | $ | 15 | $ | (13 | ) | ||||||||||||||||||||
Postretirement benefit obligation | $ | 364 | $ | (301 | ) | ||||||||||||||||||||
Pension Plan Assets | |||||||||||||||||||||||||
The overall objective for plan assets is to earn a rate of return over time to meet anticipated benefit payments in accordance with plan provisions. The long-term investment objective of the domestic retirement plans is to achieve a total rate of return, net of fees, which exceeds the actuarial overall expected return on asset assumptions used for funding purposes and which provides an appropriate premium over inflation. The intermediate-term objective of the domestic retirement plans, defined as three to five years, is to outperform each of the capital markets in which assets are invested, net of fees. During periods of extreme market volatility, preservation of capital takes a higher precedence than outperforming the capital markets. | |||||||||||||||||||||||||
The Finance Committee of the Corporation’s Board of Directors is responsible for formulating investment policies, developing investment manager guidelines and objectives, and approving and managing qualified advisors and investment managers. The guidelines established define permitted investments within each asset class and apply certain restrictions such as limits on concentrated holdings, and prohibits selling securities short, buying on margin, and the purchase of any securities issued by the Corporation. | |||||||||||||||||||||||||
The Corporation maintains the funds of the CW Pension Plan under a trust that is diversified across investment classes and among investment managers to achieve an optimal balance between risk and return. As a part of its diversification strategy, the Corporation has established target allocations for each of the following assets classes: domestic equity securities, international equity securities, and debt securities. Below are the Corporation’s actual and established target allocations for the CW Pension Plan, representing 86% of consolidated assets: | |||||||||||||||||||||||||
As of December 31, | Target | Expected | |||||||||||||||||||||||
2014 | 2013 | Exposure | Range | ||||||||||||||||||||||
Asset class | |||||||||||||||||||||||||
Domestic equities | 53% | 52% | 50% | 40%-60% | |||||||||||||||||||||
International equities | 14% | 15% | 15% | 10%-20% | |||||||||||||||||||||
Total equity | 67% | 67% | 65% | 55%-75% | |||||||||||||||||||||
Fixed income | 33% | 31% | 35% | 25%-45% | |||||||||||||||||||||
As of December 31, 2014 and 2013, cash funds in the CW Pension Plan represented approximately 3% of portfolio assets. | |||||||||||||||||||||||||
Foreign plan assets represent 14% of consolidated plan assets, with the majority of the assets supporting the U.K. plans. The U.K. foreign plans follow a similar asset allocation strategy, while other foreign plans are more heavily weighted in fixed income resulting in a weighted expected return on assets assumption of 5.65% for all foreign plans. | |||||||||||||||||||||||||
The Corporation may from time to time require the reallocation of assets in order to bring the retirement plans into conformity with these ranges. The Corporation may also authorize alterations or deviations from these ranges where appropriate for achieving the objectives of the retirement plans. | |||||||||||||||||||||||||
Fair Value Measurements | |||||||||||||||||||||||||
The following table presents consolidated plan assets using the fair value hierarchy as of December 31, 2014: | |||||||||||||||||||||||||
Asset Category | Total | Quoted Prices | Significant | Significant | |||||||||||||||||||||
in Active | Observable | Unobservable | |||||||||||||||||||||||
Markets for | Inputs | Inputs | |||||||||||||||||||||||
Identical | (Level 2) | (Level 3) | |||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
(Level 1) | |||||||||||||||||||||||||
Cash and cash equivalents | $ | 17,951 | $ | 1,638 | $ | 16,313 | $ | — | |||||||||||||||||
Equity securities- Mutual funds (1) | 360,691 | 307,220 | 53,471 | — | |||||||||||||||||||||
Bond funds (2) | 168,348 | 115,988 | 52,360 | — | |||||||||||||||||||||
Insurance Contracts (3) | 10,795 | — | — | 10,795 | |||||||||||||||||||||
Other (4) | 782 | — | — | 782 | |||||||||||||||||||||
31-Dec-13 | $ | 558,567 | $ | 424,846 | $ | 122,144 | $ | 11,577 | |||||||||||||||||
Cash and cash equivalents | $ | 24,354 | $ | 871 | $ | 23,483 | $ | — | |||||||||||||||||
Equity securities- Mutual funds (1) | 379,467 | 330,619 | 48,848 | — | |||||||||||||||||||||
Bond funds (2) | 183,068 | 122,790 | 60,278 | — | |||||||||||||||||||||
Insurance Contracts (3) | 8,169 | — | — | 8,169 | |||||||||||||||||||||
Other (4) | 771 | — | — | 771 | |||||||||||||||||||||
31-Dec-14 | $ | 595,829 | $ | 454,280 | $ | 132,609 | $ | 8,940 | |||||||||||||||||
(1) This category consists of domestic and international equity securities. It is comprised of U.S. securities benchmarked against the S&P 500 index and Russell 2000 index, international mutual funds benchmarked against the MSCI EAFE index, global equity index mutual funds associated with our U.K. based pension plans and balanced funds associated with the U.K. and Canadian based pension plans. | |||||||||||||||||||||||||
(2) This category consists of domestic and international bonds. The domestic fixed income securities are benchmarked against the Barclays Capital Aggregate Bond index, actively-managed bond mutual funds comprised of domestic investment grade debt, fixed income derivatives, and below investment-grade issues, U.S. mortgage backed securities, asset backed securities, municipal bonds, and convertible debt. International bonds consist of bond mutual funds for institutional investors associated with the CW Pension Plan, Switzerland, and U.K. based pension plans. | |||||||||||||||||||||||||
(3) This category consists of a guaranteed investment contract (GIC) in Switzerland. Amounts contributed to the plan are guaranteed by a foundation for occupational benefits that in turn entered into a group insurance contract and the foundation pays a guaranteed rate of interest that is reset annually. | |||||||||||||||||||||||||
(4) This category consists primarily of real estate investment trusts in Switzerland. | |||||||||||||||||||||||||
Valuation | |||||||||||||||||||||||||
Equity securities and exchange-traded equity and bond mutual funds are valued using a market approach based on the quoted market prices of identical instruments. Pooled institutional funds are valued at their net asset values and are calculated by the sponsor of the fund. | |||||||||||||||||||||||||
Fixed income securities are primarily valued using a market approach utilizing various underlying pricing sources and methodologies. Real estate investment trusts are priced at net asset value based on valuations of the underlying real estate holdings using inputs such as discounted cash flows, independent appraisals, and market-based comparable data. | |||||||||||||||||||||||||
Cash balances in the United States are held in a pooled fund and classified as a Level 2 asset. Non-U.S. cash is valued using a market approach based on quoted market prices of identical instruments. | |||||||||||||||||||||||||
The following table presents a reconciliation of Level 3 assets held during the year ended December 31, 2014 and 2013: | |||||||||||||||||||||||||
(In thousands) | Insurance | Other | Total | ||||||||||||||||||||||
Contracts | |||||||||||||||||||||||||
December 31, 2012 | $ | 10,917 | $ | 728 | $ | 11,645 | |||||||||||||||||||
Actual return on plan assets: | |||||||||||||||||||||||||
Relating to assets still held at the reporting date | 162 | 35 | 197 | ||||||||||||||||||||||
Relating to assets sold during the period | — | — | — | ||||||||||||||||||||||
Purchases, sales, and settlements | (542 | ) | — | (542 | ) | ||||||||||||||||||||
Transfers in and/or out of Level 3 | — | — | — | ||||||||||||||||||||||
Foreign currency translation adjustment | 258 | 19 | 277 | ||||||||||||||||||||||
December 31, 2013 | $ | 10,795 | $ | 782 | $ | 11,577 | |||||||||||||||||||
Actual return on plan assets: | |||||||||||||||||||||||||
Relating to assets still held at the reporting date | 158 | 39 | 197 | ||||||||||||||||||||||
Relating to assets sold during the period | — | — | — | ||||||||||||||||||||||
Purchases, sales, and settlements | (1,818 | ) | 36 | (1,782 | ) | ||||||||||||||||||||
Transfers in and/or out of Level 3 | — | — | — | ||||||||||||||||||||||
Foreign currency translation adjustment | (966 | ) | (86 | ) | (1,052 | ) | |||||||||||||||||||
December 31, 2014 | $ | 8,169 | $ | 771 | $ | 8,940 | |||||||||||||||||||
Benefit Payments | |||||||||||||||||||||||||
The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid from the plans: | |||||||||||||||||||||||||
(In thousands) | Pension | Postretirement | Total | ||||||||||||||||||||||
Plans | Plans | ||||||||||||||||||||||||
2015 | $ | 45,126 | $ | 1,603 | $ | 46,729 | |||||||||||||||||||
2016 | 45,914 | 1,564 | 47,478 | ||||||||||||||||||||||
2017 | 47,534 | 1,529 | 49,063 | ||||||||||||||||||||||
2018 | 49,763 | 1,535 | 51,298 | ||||||||||||||||||||||
2019 | 52,630 | 1,506 | 54,136 | ||||||||||||||||||||||
2020 — 2024 | 270,769 | 7,342 | 278,111 | ||||||||||||||||||||||
Defined Contribution Retirement Plans | |||||||||||||||||||||||||
The Corporation offers all of its domestic employees the opportunity to participate in a defined contribution plan. Costs incurred by the Corporation in the administration and record keeping of the defined contribution plan are paid for by the Corporation and are not considered material. | |||||||||||||||||||||||||
Effective January 1, 2014, all non-union employees who were not currently receiving final or career average pay benefits became eligible to receive employer contributions in the Corporation's sponsored 401(k) plan. The employer contributions include both employer match and non-elective contribution components, up to a maximum employer contribution of 6% of eligible compensation. During the year ended December 31, 2014, the expense relating to the plan was $13.7 million. The Corporation funded $6.4 million in matching contributions to the plan in 2014, and $7.3 million in a non-elective contribution in January 2015. Cumulative contributions of approximately $65.0 million are expected to be made from 2015 through 2019. | |||||||||||||||||||||||||
In addition, the Corporation had foreign pension costs under various defined contribution plans of $5.7 million, $5.1 million, and $4.8 million in 2014, 2013, and 2012, respectively. |
LEASES
LEASES | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Leases [Abstract] | ||||
LEASES | 17. LEASES | |||
The Corporation conducts a portion of its operations from leased facilities, which include manufacturing and service facilities, administrative offices, and warehouses. In addition, the Corporation leases vehicles, machinery, and office equipment under operating leases. The leases expire at various dates and may include renewals and escalations. Rental expenses for all operating leases amounted to $38.0 million, $35.3 million, and $29.7 million in 2014, 2013, and 2012, respectively. | ||||
At December 31, 2014, the approximate future minimum rental commitments under operating leases that have initial or remaining non-cancelable lease terms in excess of one year are as follows: | ||||
(In thousands) | Rental | |||
Commitments | ||||
2015 | $ | 27,615 | ||
2016 | 24,039 | |||
2017 | 20,514 | |||
2018 | 16,058 | |||
2019 | 11,899 | |||
Thereafter | 45,683 | |||
Total | $ | 145,808 | ||
SEGMENT_INFORMATION
SEGMENT INFORMATION | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Segment Reporting [Abstract] | |||||||||||||
SEGMENT INFORMATION | 18. SEGMENT INFORMATION | ||||||||||||
Prior to the first quarter of 2014, the Corporation reported its results of operations through three segments: Flow Control, Controls, and Surface Technologies. Beginning in the first quarter of 2014, the Corporation realigned its reportable segments with its end markets to strengthen its ability to service customers and recognize certain organizational efficiencies. As result of this realignment the Corporation has three new reportable segments: Commercial/Industrial, Defense, and Energy. The Corporation’s former Surface Technologies segment is consolidated within the new Commercial/Industrial segment. The commercial businesses which were in the former Controls segment form part of the new Commercial/Industrial segment. The Corporation’s defense businesses, which were primarily in the Corporation’s former Controls segment and to a lesser extent in the former Flow Control segment, are now consolidated within the new Defense segment. The Corporation's Oil and Gas and Nuclear divisions, which were in the former Flow Control segment, form the new Energy segment. | |||||||||||||
The Corporation's measure of segment profit or loss is operating income. Interest expense and income taxes are not reported on an operating segment basis as they are not considered in the segments’ performance evaluation by the Corporation’s chief operating decision-maker, its Chief Executive Officer. | |||||||||||||
Net sales and operating income by reportable segment are as follows: | |||||||||||||
December 31, | |||||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||
Net sales | |||||||||||||
Commercial/Industrial | $ | 1,077,045 | $ | 951,900 | $ | 679,382 | |||||||
Defense | 739,805 | 769,190 | 770,318 | ||||||||||
Energy | 433,114 | 403,788 | 381,557 | ||||||||||
Less: Intersegment Revenues | (6,838 | ) | (6,797 | ) | (7,950 | ) | |||||||
Total Consolidated | $ | 2,243,126 | $ | 2,118,081 | $ | 1,823,307 | |||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||
Operating income (expense) | |||||||||||||
Commercial/Industrial | $ | 142,831 | $ | 105,245 | $ | 66,576 | |||||||
Defense | 102,252 | 116,618 | 90,285 | ||||||||||
Energy | 67,602 | 57,204 | 55,643 | ||||||||||
Corporate and Eliminations (1) | (30,312 | ) | (41,944 | ) | (31,110 | ) | |||||||
Total Consolidated | $ | 282,373 | $ | 237,123 | $ | 181,394 | |||||||
Depreciation and amortization expense | |||||||||||||
Commercial/Industrial | $ | 54,496 | $ | 53,563 | $ | 32,148 | |||||||
Defense | 33,198 | 32,351 | 33,372 | ||||||||||
Energy | 13,171 | 11,647 | 11,835 | ||||||||||
Corporate | 4,060 | 4,654 | 2,771 | ||||||||||
Total Consolidated | $ | 104,925 | $ | 102,215 | $ | 80,126 | |||||||
Segment assets | |||||||||||||
Commercial/Industrial | $ | 1,324,679 | $ | 1,309,232 | $ | 1,027,787 | |||||||
Defense | 1,158,272 | 1,293,679 | 1,266,553 | ||||||||||
Energy | 632,009 | 798,330 | 781,837 | ||||||||||
Corporate | 284,551 | 57,033 | 38,411 | ||||||||||
Total Consolidated | $ | 3,399,511 | $ | 3,458,274 | $ | 3,114,588 | |||||||
Capital expenditures | |||||||||||||
Commercial/Industrial | $ | 33,642 | $ | 38,063 | $ | 43,039 | |||||||
Defense | 18,111 | 11,468 | 20,605 | ||||||||||
Energy | 10,474 | 19,435 | 13,421 | ||||||||||
Corporate | 4,888 | 3,276 | 5,889 | ||||||||||
Total Consolidated (2) | $ | 67,115 | $ | 72,242 | $ | 82,954 | |||||||
(1) Corporate and Eliminations includes pension expense, environmental remediation and administrative expenses, legal, foreign currency transactional gains and losses, and other expenses. | |||||||||||||
(2) Total capital expenditures included $4.9 million, $7.0 million, and $10.4 million of expenditures related to discontinued operations for the years ended 2014 , 2013, and 2012, respectively. | |||||||||||||
Within the Commercial/Industrial, Defense and Energy segments are $1.0 million, $25.1 million, and $121.2 million, respectively, of assets classified as held for sale. | |||||||||||||
Reconciliations | |||||||||||||
December 31, | |||||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||
Earnings before taxes: | |||||||||||||
Total segment operating income | $ | 312,685 | $ | 279,067 | $ | 212,504 | |||||||
Corporate and administrative | (30,312 | ) | (41,944 | ) | (31,110 | ) | |||||||
Interest expense | (35,794 | ) | (37,053 | ) | (26,301 | ) | |||||||
Other income, net | 365 | 980 | 128 | ||||||||||
Total consolidated earnings before tax | $ | 246,944 | $ | 201,050 | $ | 155,221 | |||||||
December 31, | |||||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||
Assets: | |||||||||||||
Total assets for reportable segments | $ | 3,114,960 | $ | 3,401,241 | $ | 3,076,177 | |||||||
Non-segment cash | 245,651 | 12,651 | 6,934 | ||||||||||
Other assets | 38,900 | 44,382 | 31,477 | ||||||||||
Total consolidated assets | $ | 3,399,511 | $ | 3,458,274 | $ | 3,114,588 | |||||||
Geographic Information | |||||||||||||
December 31, | |||||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||
Revenues | |||||||||||||
United States of America | $ | 1,521,034 | $ | 1,444,019 | $ | 1,276,571 | |||||||
United Kingdom | 145,092 | 134,815 | 136,052 | ||||||||||
Canada | 72,392 | 66,234 | 61,916 | ||||||||||
Other foreign countries | 504,608 | 473,013 | 348,768 | ||||||||||
Consolidated total | $ | 2,243,126 | $ | 2,118,081 | $ | 1,823,307 | |||||||
Long-Lived Assets | |||||||||||||
United States of America | $ | 323,937 | $ | 365,691 | $ | 352,615 | |||||||
United Kingdom | 45,625 | 43,434 | 43,341 | ||||||||||
Canada | 20,257 | 27,975 | 31,740 | ||||||||||
Other foreign countries | 69,100 | 78,618 | 61,897 | ||||||||||
Consolidated total | $ | 458,919 | $ | 515,718 | $ | 489,593 | |||||||
CONTINGENCIES_AND_COMMITMENTS
CONTINGENCIES AND COMMITMENTS | 12 Months Ended |
Dec. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | |
CONTINGENCIES AND COMMITMENTS | . CONTINGENCIES AND COMMITMENTS |
Legal Proceedings | |
The Corporation has been named in a number of lawsuits that allege injury from exposure to asbestos. To date, the Corporation has not been found liable for or paid any material sum of money in settlement in any case. The Corporation believes its minimal use of asbestos in its past and current operations and the relatively non-friable condition of asbestos in its products makes it unlikely that it will face material liability in any asbestos litigation, whether individually or in the aggregate. The Corporation maintains insurance coverage for these potential liabilities and believes adequate coverage exists to cover any unanticipated asbestos liability. | |
In December 2013, the Corporation, along with other unaffiliated parties, received a claim, from Canadian Natural Resources Limited (CNRL) filed in the Court of Queen's Bench of Alberta, Judicial District of Calgary. The claim pertains to a January 2011 fire and explosion at a delayed coker unit at its Fort McMurray refinery that resulted in the injury of five CNRL employees, damage to property and equipment, and various forms of consequential loss such as loss of profit, lost opportunities, and business interruption. The fire and explosion occurred when a CNRL employee bypassed certain safety controls and opened an operating coker unit. The total quantum of alleged damages arising from the incident has not been finalized, but is estimated to meet or exceed $1 billion. The Corporation maintains various forms of commercial, property and casualty, product liability, and other forms of insurance; however, such insurance may not be adequate to cover the costs associated with a judgment against us. The Corporation is currently unable to estimate an amount or range of potential losses, if any, from this matter. The Corporation believes it has adequate legal defenses and intends to defend this matter vigorously. The Corporation's financial condition, results of operations, and cash flows, could be materially affected during a future fiscal quarter or fiscal year by unfavorable developments or outcome regarding this claim. | |
The Corporation is party to a number of legal actions and claims, none of which individually or in the aggregate, in the opinion of management, are expected to have a material effect on the Corporation’s results of operations or financial position. | |
Letters of Credit and Other Arrangements | |
The Corporation enters into standby letters of credit agreements and guarantees with financial institutions and customers primarily relating to guarantees of repayment, future performance on certain contracts to provide products and services, to secure advance payments from certain international customers, and to guarantee repayment of outstanding debt obligations held by certain subsidiaries. At December 31, 2014 and 2013, there were $54.3 million and $47.2 million in of stand-by letters of credit outstanding, respectively, and $20.7 million and $23.2 million of bank guarantees outstanding, respectively. In addition, the Corporation is required to provide the Nuclear Regulatory Commission financial assurance demonstrating its ability to cover the cost of decommissioning its Cheswick, Pennsylvania facility upon closure, though the Corporation does not intend to close this facility. The Corporation has provided this financial assurance in the form of a $52.9 million surety bond. | |
AP1000 Program | |
Within the Corporation’s Defense segment, our Electro-Mechanical Division is the reactor coolant pump (RCP) supplier for the Westinghouse AP1000 nuclear power plants under construction in China and the United States. The terms of the AP1000 China and United States contracts include liquidated damage provisions for failure to meet contractual delivery dates if the Corporation caused the delay and the delay was not excusable. The Corporation would be liable for liquidated damages if the Corporation was deemed responsible for not meeting the delivery dates. On October 10, 2013, the Corporation received a letter from Westinghouse stating entitlements to the maximum amount of liquidated damages allowable under the AP1000 China contract from Westinghouse of approximately $25 million. As of December 31, 2014, the Corporation has not met certain contractual delivery dates under its AP 1000 China and US contracts; however, there are significant counterclaims and uncertainties as to which parties are responsible for the delays. Given the uncertainties surrounding the parties responsible for the delays, no accrual has been made for this matter. As of December 31, 2014, the range of possible loss for liquidated damages is $0 to $40 million. |
ACCUMULATED_OTHER_COMPREHENSIV
ACCUMULATED OTHER COMPREHENSIVE INCOME LOSS | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Comprehensive Income [Abstract] | |||||||||||||
ACCUMULATED OTHER COMPREHENSIVE INCOME LOSS | 20. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | ||||||||||||
The total cumulative balance of each component of accumulated other comprehensive income (loss), net of tax, is as follows: | |||||||||||||
(In thousands) | Foreign currency translation adjustments, net | Total pension and postretirement adjustments, net | Accumulated other comprehensive income (loss) | ||||||||||
December 31, 2012 | $ | 65,722 | $ | (121,230 | ) | $ | (55,508 | ) | |||||
Current period other comprehensive income (loss) | (6,619 | ) | 87,386 | 80,767 | |||||||||
December 31, 2013 | $ | 59,103 | $ | (33,844 | ) | $ | 25,259 | ||||||
Other comprehensive loss before reclassifications (1) | (79,386 | ) | (78,450 | ) | (157,836 | ) | |||||||
Amounts reclassified from accumulated other comprehensive income (loss) (1) | — | 4,166 | 4,166 | ||||||||||
Net current period other comprehensive loss | (79,386 | ) | (74,284 | ) | (153,670 | ) | |||||||
December 31, 2014 | $ | (20,283 | ) | $ | (108,128 | ) | $ | (128,411 | ) | ||||
(1) | All amounts are after tax. | ||||||||||||
Details of amounts reclassified from accumulated other comprehensive income (loss) are below: | |||||||||||||
Amount reclassified from Accumulated other comprehensive income (loss) | Affected line item in the statement where net earnings is presented | ||||||||||||
Defined benefit pension plan | |||||||||||||
Amortization of prior service costs | (5 | ) | -1 | ||||||||||
Amortization of actuarial losses | (6,016 | ) | -1 | ||||||||||
Curtailments | (377 | ) | |||||||||||
(6,398 | ) | Total before tax | |||||||||||
2,232 | Income tax benefit | ||||||||||||
Total reclassifications | $ | (4,166 | ) | Net of tax | |||||||||
(1) | These items are included in the computation of net periodic pension cost. See Note 16, Pension and Other Postretirement Benefit Plans. |
QUARTERLY_RESULTS_OF_OPERATION
QUARTERLY RESULTS OF OPERATIONS | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
QUARTERLY RESULTS OF OPERATIONS | 21. QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) | ||||||||||||||||
(In thousands, except per share data) | First | Second | Third | Fourth | |||||||||||||
2014 | |||||||||||||||||
Net sales | $ | 542,959 | $ | 569,198 | $ | 558,383 | $ | 572,586 | |||||||||
Gross profit | 184,614 | 198,231 | 193,331 | 200,340 | |||||||||||||
Earnings from continuing operations | 36,430 | 43,009 | 44,378 | 46,132 | |||||||||||||
Loss from discontinued operations | (1,266 | ) | (6,618 | ) | (19,345 | ) | (29,382 | ) | |||||||||
Net earnings | 35,164 | 36,391 | 25,033 | 16,750 | |||||||||||||
Basic earnings per share * | |||||||||||||||||
Earnings from continuing operations | $ | 0.76 | $ | 0.9 | $ | 0.92 | $ | 0.96 | |||||||||
Loss from discontinued operations | (0.03 | ) | (0.14 | ) | (0.40 | ) | (0.61 | ) | |||||||||
Total | $ | 0.73 | $ | 0.76 | $ | 0.52 | $ | 0.35 | |||||||||
Diluted earnings per share * | |||||||||||||||||
Earnings from continuing operations | $ | 0.74 | $ | 0.87 | $ | 0.9 | $ | 0.94 | |||||||||
Loss from discontinued operations | (0.02 | ) | (0.13 | ) | (0.39 | ) | (0.60 | ) | |||||||||
Total | $ | 0.72 | $ | 0.74 | $ | 0.51 | $ | 0.34 | |||||||||
2013 | |||||||||||||||||
Net sales | $ | 494,395 | $ | 524,139 | $ | 511,380 | $ | 588,167 | |||||||||
Gross profit | 165,726 | 182,386 | 178,672 | 209,055 | |||||||||||||
Earnings from continuing operations | 22,590 | 34,035 | 38,079 | 44,700 | |||||||||||||
Earnings/(loss) from discontinued operations | (1,647 | ) | (665 | ) | (1,718 | ) | 2,607 | ||||||||||
Net earnings | 20,943 | 33,370 | 36,361 | 47,307 | |||||||||||||
Basic earnings per share * | |||||||||||||||||
Earnings from continuing operations | $ | 0.48 | $ | 0.73 | $ | 0.81 | $ | 0.95 | |||||||||
Earnings/(loss) from discontinued operations | (0.03 | ) | (0.02 | ) | (0.04 | ) | 0.05 | ||||||||||
Total | $ | 0.45 | $ | 0.71 | $ | 0.77 | $ | 1 | |||||||||
Diluted earnings per share * | |||||||||||||||||
Earnings from continuing operations | $ | 0.48 | $ | 0.72 | $ | 0.79 | $ | 0.92 | |||||||||
Earnings/(loss) from discontinued operations | (0.04 | ) | (0.02 | ) | (0.03 | ) | 0.05 | ||||||||||
Total | $ | 0.44 | $ | 0.7 | $ | 0.76 | $ | 0.97 | |||||||||
* May not add due to rounding |
SUBSEQUENT_EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2014 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | 22. SUBSEQUENT EVENTS |
As a result of the previously announced discontinued operations, the Corporation realigned its segments and businesses during the first quarter of 2015. The Energy segment will be renamed as the new Power segment. The business serving the nuclear naval defense and new build (AP1000) power generation markets, which had previously operated within the Defense segment, will join the Nuclear aftermarket business in the new Power segment. The remaining Oil and Gas division businesses, which had previously operated within the Energy segment, will be reported in Commercial / Industrial segment, specifically the industrial valves group of companies. As a result, all of our industrial severe service valve businesses will operate within a single division. The Defense segment will be comprised primarily of the electronics businesses serving the ground and aerospace defense markets. | |
On January 9, 2015, the Corporation sold the assets of its Engineered packaging business for £3 million. The assets of this business were reported as held for sale as of December 31, 2014 and its results of operations have been reflected as discontinued operations for the years ended December 31, 2014, 2013 and 2012. | |
On January 30, 2015, the Corporation made a voluntary $145 million contribution to its pension plan. |
SCHEDULE_II_VALUATION_AND_QUAL
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | |||||||||||||||||||||||||
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS | CURTISS-WRIGHT CORPORATION and SUBSIDIARIES | ||||||||||||||||||||||||
SCHEDULE II – VALUATION and QUALIFYING ACCOUNTS | |||||||||||||||||||||||||
for the years ended December 31, 2014, 2013, and 2012 | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Additions | |||||||||||||||||||||||||
Description | Balance at | Charged to | Charged to Other | Deductions | Balance at | ||||||||||||||||||||
Beginning of | Costs and | Accounts | (Describe) | End of Period | |||||||||||||||||||||
Period | Expenses | (Describe) | |||||||||||||||||||||||
Deducted from assets to which they apply: | |||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||
Tax valuation allowance | 6,321 | 18,535 | (263 | ) | (A) | 1,115 | 23,478 | ||||||||||||||||||
Total | $ | 6,321 | $ | 18,535 | $ | (263 | ) | $ | 1,115 | $ | 23,478 | ||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Tax valuation allowance | 8,531 | (1,896 | ) | (314 | ) | (A) | — | 6,321 | |||||||||||||||||
Total | $ | 8,531 | $ | (1,896 | ) | $ | (314 | ) | $ | — | $ | 6,321 | |||||||||||||
December 31, 2012 | |||||||||||||||||||||||||
Tax valuation allowance | 5,518 | 1,665 | 1,348 | (A) | — | 8,531 | |||||||||||||||||||
Total | $ | 5,518 | $ | 1,665 | $ | 1,348 | $ | — | $ | 8,531 | |||||||||||||||
Notes: | |||||||||||||||||||||||||
A. | Primarily foreign currency translation adjustments. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended | ||
Dec. 31, 2014 | |||
Accounting Policies [Abstract] | |||
ConsolidationPolicy | A. Principles of Consolidation | ||
The consolidated financial statements include the accounts of the Corporation and its majority-owned subsidiaries. All intercompany transactions and accounts have been eliminated. | |||
UseOfEstimates | B. Use of Estimates | ||
The financial statements of the Corporation have been prepared in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP), which requires management to make estimates and judgments that affect the reported amount of assets, liabilities, revenue, and expenses and disclosure of contingent assets and liabilities in the accompanying financial statements. The most significant of these estimates includes the estimate of costs to complete long-term contracts under the percentage-of-completion accounting methods, the estimate of useful lives for property, plant, and equipment, cash flow estimates used for testing the recoverability of assets, pension plan and postretirement obligation assumptions, estimates for inventory obsolescence, estimates for the valuation and useful lives of intangible assets and legal reserves. Actual results may differ from these estimates. | |||
RevenueRecognitionPolicyTextBlock | C. Revenue Recognition | ||
The realization of revenue refers to the timing of its recognition in the accounts of the Corporation and is generally considered realized or realizable and earned when the earnings process is substantially complete and all of the following criteria are met: 1) persuasive evidence of an arrangement exists; 2) delivery has occurred or services have been rendered; 3) the Corporation’s price to its customer is fixed or determinable; and 4) collectability is reasonably assured. | |||
We determine the appropriate method by which we recognize revenue by analyzing the terms and conditions of each contract or arrangement entered into with our customers. Revenue is recognized on product sales as production units are shipped and title and risk of loss have transferred. Revenue is recognized on service type contracts as services are rendered. The significant estimates we make in recognizing revenue are primarily for long-term contracts generally accounted for using the cost-to-cost method of percentage of completion accounting that are associated with the design, development and manufacture of highly engineered industrial products used in commercial and defense applications. Under the cost-to-cost percentage-of-completion method of accounting, profits are recorded pro rata, based upon current estimates of direct and indirect costs to complete such contracts. Changes in estimates of contract sales, costs, and profits are recognized using the cumulative catch-up method of accounting. This method recognizes in the current period the cumulative effect of the changes on current and prior periods. The effect of the changes on future periods of contract performance is recognized as if the revised estimate had been the original estimate. A significant change in an estimate on one or more contracts could have a material effect on the Corporation’s consolidated financial position, results of operations, or cash flows. In 2014 and 2013, there were no individual significant changes in estimated contract costs at completion. In 2012, the Corporation incurred unanticipated additional costs of $23.7 million on its long-term contract with Westinghouse for disassembly, inspection, and preparation for shipment costs related to the reactor coolant pumps (RCPs) that the Corporation is supplying for the AP1000 nuclear power plants in China. In addition, in 2012 the Corporation recorded a cumulative catch up benefit of $14.2 million related to a change in estimate on its technology transfer contract on the AP1000 nuclear program. | |||
Losses on contracts are provided for in the period in which the losses become determinable and the excess of billings over cost and estimated earnings on long-term contracts is included in deferred revenue. | |||
CashAndCashEquivalentsPolicyTextBlock | D. Cash and Cash Equivalents | ||
Cash equivalents consist of money market funds and commercial paper that are readily convertible into cash, all with original maturity dates of three months or less. | |||
InventoryPolicyTextBlock | E. Inventory | ||
Inventories are stated at lower of cost or market. Production costs are comprised of direct material and labor and applicable manufacturing overhead. | |||
GovernmentContractorsContractsInProgressPolicyPolicyTextBlock | F. Progress Payments | ||
Certain long-term contracts provide for interim billings as costs are incurred on the respective contracts. Pursuant to contract provisions, agencies of the U.S. Government and other customers are granted title or a secured interest for materials and work-in-process included in inventory to the extent progress payments are received. Accordingly, these receipts have been reported as a reduction of unbilled receivables and inventories, as presented in Notes 4 and 5 to the Consolidated Financial Statements. | |||
PropertyPlantAndEquipmentPolicyTextBlock | G. Property, Plant, and Equipment | ||
Property, plant, and equipment are carried at cost less accumulated depreciation. Major renewals and betterments are capitalized, while maintenance and repairs that do not improve or extend the life of the asset are expensed in the period they are incurred. Depreciation is computed using the straight-line method based upon the estimated useful lives of the respective assets. | |||
Average useful lives for property, plant, and equipment are as follows: | |||
Buildings and improvements | 5 to 40 years | ||
Machinery, equipment, and other | 3 to 15 years | ||
GoodwillAndIntangibleAssetsIntangibleAssetsPolicy | H. Intangible Assets | ||
Intangible assets are generally the result of acquisitions and consist primarily of purchased technology, customer related intangibles, trademarks, and technology licenses. Intangible assets are amortized on a straight-line basis over their estimated useful lives, which range from 1 to 20 years. See Note 8 to the Consolidated Financial Statements for further information on other intangible assets. | |||
ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock | I. Impairment of Long-Lived Assets | ||
The Corporation reviews the recoverability of all long-lived assets, including the related useful lives, whenever events or changes in circumstances indicate that the carrying amount of a long-lived asset might not be recoverable. If required, the Corporation compares the estimated fair value determined by either the undiscounted future net cash flows or appraised value to the related asset’s carrying value to determine whether there has been an impairment. If an asset is considered impaired, the asset is written down to fair value in the period in which the impairment becomes known. The Corporation recognized no significant impairment charges on assets held in use during the years ended December 31, 2014 and December 31, 2013. For impairment charges on assets held for sale, refer to Note 2, Discontinued Operations and Assets Held for Sale. In 2012, the Corporation recognized an impairment of $5.0 million in General and administrative expenses, in connection with its 2012 restructuring plan, a component of which was exiting a facility. | |||
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | J. Goodwill | ||
Goodwill results from business acquisitions. The Corporation accounts for business acquisitions by allocating the purchase price to the tangible and intangible assets acquired and liabilities assumed. Assets acquired and liabilities assumed are recorded at their fair values, and the excess of the purchase price over the amounts allocated is recorded as goodwill. The recoverability of goodwill is subject to an annual impairment test or whenever an event occurs or circumstances change that would more likely than not result in an impairment. The impairment test is based on the estimated fair value of the underlying businesses. The Corporation’s goodwill impairment test is performed as of October 31 of each year. See Note 7 to the Consolidated Financial Statements for further information on goodwill. | |||
PrecontractCostsPolicyTextBlock | K. Pre-Contract Costs | ||
The Corporation, from time to time, incurs costs to begin fulfilling the statement of work under a specific anticipated contract that has yet to be obtained from a customer. If it is determined that the recoveries of these costs are probable, the costs will be capitalized, excluding any start-up costs which are expensed as incurred. When circumstances change and the contract is no longer deemed probable, the capitalized costs will be recognized in earnings. Capitalized pre-contract costs were $2.7 million and $1.8 million at December 31, 2014 and 2013, respectively. | |||
FairValueOfFinancialInstrumentsPolicy | L. Fair Value of Financial Instruments | ||
Accounting guidance requires certain disclosures regarding the fair value of financial instruments. Due to the short maturities of cash and cash equivalents, accounts receivable, accounts payable, and accrued expenses, the net book value of these financial instruments is deemed to approximate fair value. See Notes 9 and 13 to the Consolidated Financial Statements for further information | |||
ResearchAndDevelopmentExpensePolicy | M. Research and Development | ||
The Corporation funds research and development programs for commercial products and independent research and development and bid and proposal work related to government contracts. Development costs include engineering and field support for new customer requirements. Corporation-sponsored research and development costs are expensed as incurred. | |||
Research and development costs associated with customer-sponsored programs are capitalized to inventory and are recorded in cost of sales when products are delivered or services performed. Funds received under shared development contracts are a reduction of the total development expenditures under the shared contract and are shown net as research and development costs. | |||
ShareBasedCompensationOptionAndIncentivePlansPolicy | N. Accounting for Share-Based Payments | ||
The Corporation follows the fair value based method of accounting for share-based employee compensation, which requires the Corporation to expense all share-based employee compensation. Share-based employee compensation is a non-cash expense since the Corporation settles these obligations by issuing the shares of Curtiss-Wright Corporation instead of settling such obligations with cash payments. | |||
Compensation expense for all non-qualified share options, performance shares, performance-based restricted shares, time-based restricted stock, and performance-based restricted stock units is recognized on a graded schedule over the requisite service period for the entire award based on the grant date fair value. | |||
IncomeTaxPolicyTextBlock | O. Income Taxes | ||
The Corporation accounts for income taxes using the asset and liability method. Under the asset and liability method, deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. The effect on deferred tax assets and liabilities of a change in tax laws is recognized in the results of operations in the period the new laws are enacted. A valuation allowance is recorded to reduce the carrying amounts of deferred tax assets unless it is more likely than not that such assets will be realized. | |||
The Corporation records amounts related to uncertain income tax positions by 1) prescribing a minimum recognition threshold a tax position is required to meet before being recognized in the financial statements and 2) the measurement of the income tax benefits recognized from such positions. The Corporation’s accounting policy is to classify uncertain income tax positions that are not expected to be resolved in one year as a non-current income tax liability and to classify interest and penalties as a component of Interest expense and General and administrative expenses, respectively. See Note 12 to the Consolidated Financial Statements for further information. | |||
ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock | P. Foreign Currency | ||
For operations outside the United States of America that prepare financial statements in currencies other than the U.S. dollar, the Corporation translates assets and liabilities at period-end exchange rates and income statement amounts using weighted-average exchange rates for the period. The cumulative effect of translation adjustments is presented as a component of accumulated other comprehensive income (loss) within stockholders’ equity. This balance is affected by foreign currency exchange rate fluctuations and by the acquisition of foreign entities. Gains and (losses) from foreign currency transactions are included in General and administrative expenses within the results of operations, which amounted to $2.9 million, $2.6 million, and ($2.3) million for the years ended December 31, 2014, 2013, and 2012, respectively. | |||
DerivativesPolicyTextBlock | Q. Derivatives | ||
Forward Foreign Exchange and Currency Option Contracts | |||
The Corporation uses financial instruments, such as forward exchange and currency option contracts, to hedge a portion of existing and anticipated foreign currency denominated transactions. The purpose of the Corporation’s foreign currency risk management program is to reduce volatility in earnings caused by exchange rate fluctuations. All of the derivative financial instruments are recorded at fair value based upon quoted market prices for comparable instruments, with the gain or loss on these transactions recorded into earnings in the period in which they occur. These gains and (losses) are classified as General and administrative expenses in the Consolidated Statements of Earnings and amounted to ($6.9) million, ($6.2) million, and $0.9 million for the years ended December 31, 2014, 2013 and 2012, respectively. The Corporation does not use derivative financial instruments for trading or speculative purposes. | |||
Interest Rate Risks and Related Strategies | |||
The Corporation’s primary interest rate exposure results from changes in U.S. dollar interest rates. The Corporation’s policy is to manage interest cost using a mix of fixed and variable rate debt. The Corporation periodically uses interest rate swaps to manage such exposures. Under these interest rate swaps, the Corporation exchanges, at specified intervals, the difference between fixed and floating interest amounts calculated by reference to an agreed-upon notional principal amount. | |||
For interest rate swaps designated as fair value hedges (i.e., hedges against the exposure to changes in the fair value of an asset or a liability or an identified portion thereof that is attributable to a particular risk), changes in the fair value of the interest rate swaps offset changes in the fair value of the fixed rate debt due to changes in market interest rates. | |||
New Accounting Pronouncements, Policy [Policy Text Block] | R. Recently Issued Accounting Standards | ||
Standards Issued Not Yet Adopted | |||
Standard | Description | Effect on the financial statements | |
ASU 2014-09 Revenue from contracts with customers | In May 2014, the FASB issued a comprehensive new revenue recognition standard which will supersede previous existing revenue recognition guidance. The standard creates a five-step model for revenue recognition that requires companies to exercise judgment when considering contract terms and relevant facts and circumstances. The five-step model includes (1) identifying the contract, (2) identifying the separate performance obligations in the contract, (3) determining the transaction price, (4) allocating the transaction price to the separate performance obligations and (5) recognizing revenue when each performance obligation has been satisfied. The standard also requires expanded disclosures surrounding revenue recognition. The standard is effective for fiscal periods beginning after December 15, 2016 and allows for either full | The Corporation is currently evaluating the impact of the adoption of this standard on its Consolidated Financial Statements. | |
retrospective or modified retrospective adoption. | |||
Date of adoption: January 1, 2017 | |||
ASU 2014-08 Reporting Discontinued Operations | In April 2014, new guidance was issued that amends the current discontinued operations guidance. The new guidance limits discontinued operation reporting to situations where the disposal represents a strategic shift that has (or will have) a major effect on an entity's operations and financial results, and requires expanded disclosures for discontinued operations. The adoption of this new guidance will be effective prospectively for annual reporting periods beginning after December 15, 2014 and interim periods within those years, with early adoption permitted in certain instances. | The Corporation plans to adopt the provisions of the new guidance during the first quarter of 2015. The | |
significance of this guidance is dependent on any future divestitures or disposals. | |||
Date of adoption: December 15, 2014 | |||
DISCONTINUED_OPERATIONS_Table
DISCONTINUED OPERATIONS (Table) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | |||||||||||||||||||||||||
Net Sales | Earnings /(loss) before income taxes | ||||||||||||||||||||||||
(In thousands) | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||
Commercial/Industrial | |||||||||||||||||||||||||
Surface Technologies - International | $ | 4,355 | $ | 4,600 | $ | 4,248 | $ | (6,123 | ) | $ | (805 | ) | $ | (989 | ) | ||||||||||
Heat Treat | — | — | 10,785 | — | — | 4,929 | |||||||||||||||||||
Defense | |||||||||||||||||||||||||
Benshaw | 29,029 | 70,741 | 89,183 | (3,061 | ) | 2,173 | 5,972 | ||||||||||||||||||
3D Radar | 344 | 5,165 | 7,444 | (1,117 | ) | 215 | 1,492 | ||||||||||||||||||
Energy | |||||||||||||||||||||||||
Upstream | 143,182 | 145,609 | 9,335 | 14,267 | 10,898 | (2,090 | ) | ||||||||||||||||||
Vessels | 5,798 | 5,127 | 17,644 | (11,115 | ) | (12,611 | ) | (12,729 | ) | ||||||||||||||||
Total included in discontinued operations | $ | 182,708 | $ | 231,242 | $ | 138,639 | $ | (7,149 | ) | $ | (130 | ) | $ | (3,415 | ) | ||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||||||||||||||
Net sales | $ | 363,869 | $ | 392,690 | $ | 285,194 | |||||||||||||||||||
Loss from discontinued operations before income taxes (1) | (48,519 | ) | (3,097 | ) | (14,930 | ) | |||||||||||||||||||
Income tax benefit/(expense) | 14,268 | 1,674 | 6,181 | ||||||||||||||||||||||
Gain/(loss) on sale of businesses (2) | (22,360 | ) | — | 18,512 | |||||||||||||||||||||
Earnings from discontinued operations | $ | (56,611 | ) | $ | (1,423 | ) | $ | 9,763 | |||||||||||||||||
(In thousands) | December 31, 2014 | ||||||||||||||||||||||||
Assets held for sale: | |||||||||||||||||||||||||
Receivables, net | $ | 60,187 | |||||||||||||||||||||||
Inventories, net | 27,414 | ||||||||||||||||||||||||
Property, plant, and equipment, net | 22,473 | ||||||||||||||||||||||||
Goodwill | 42,395 | ||||||||||||||||||||||||
Other intangible assets, net | 19,151 | ||||||||||||||||||||||||
Other assets | 5,631 | ||||||||||||||||||||||||
Deferred tax assets, net | 11,174 | ||||||||||||||||||||||||
Reserve for assets held for sale | (41,078 | ) | |||||||||||||||||||||||
Total assets held for sale, current | $ | 147,347 | |||||||||||||||||||||||
Liabilities held for sale | |||||||||||||||||||||||||
Accounts payable | $ | 12,579 | |||||||||||||||||||||||
Accrued expenses | 8,320 | ||||||||||||||||||||||||
Other current liabilities | 13,930 | ||||||||||||||||||||||||
Other liabilities | 563 | ||||||||||||||||||||||||
Total liabilities held for sale, current | $ | 35,392 | |||||||||||||||||||||||
Net Sales | Earnings /(loss) before income taxes | ||||||||||||||||||||||||
(In thousands) | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||
Commercial/Industrial | |||||||||||||||||||||||||
Surface Technologies - Domestic | $ | 4,395 | $ | 4,672 | $ | 1,767 | $ | (2,264 | ) | $ | (528 | ) | $ | (319 | ) | ||||||||||
Defense | |||||||||||||||||||||||||
Engineered Packaging | 19,841 | 19,484 | 17,862 | 1,822 | 858 | 1,165 | |||||||||||||||||||
Aviation Ground Support Equipment | 29,331 | 28,022 | 28,585 | (8,644 | ) | (122 | ) | 27 | |||||||||||||||||
Energy | |||||||||||||||||||||||||
Downstream | 127,594 | 109,270 | 98,341 | (32,284 | ) | (3,175 | ) | (12,388 | ) | ||||||||||||||||
Total included in discontinued operations | $ | 181,161 | $ | 161,448 | $ | 146,555 | $ | (41,370 | ) | $ | (2,967 | ) | $ | (11,515 | ) | ||||||||||
ACQUISITIONS_Table
ACQUISITIONS (Table) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Business Combinations [Abstract] | |||||||||||||||||||||
ScheduleOfBusinessAcquisitionsByAcquisitionTextBlock | |||||||||||||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||||||||||
Accounts receivable | $ | 2,991 | $ | 25,972 | $ | 53,753 | |||||||||||||||
Inventory | 304 | 30,930 | 52,225 | ||||||||||||||||||
Property, plant, and equipment | 2,802 | 18,066 | 40,915 | ||||||||||||||||||
Other current assets | 81 | 3,229 | 7,244 | ||||||||||||||||||
Intangible assets | 13,501 | 102,265 | 182,681 | ||||||||||||||||||
Current and non-current liabilities | (1,754 | ) | (18,959 | ) | (44,617 | ) | |||||||||||||||
Pension and postretirement benefits | — | (6,472 | ) | (8,144 | ) | ||||||||||||||||
Deferred income taxes | (2,199 | ) | (19,682 | ) | (50,367 | ) | |||||||||||||||
Debt assumed | — | — | (13,819 | ) | |||||||||||||||||
Due to seller | — | (3,361 | ) | (240 | ) | ||||||||||||||||
Net tangible and intangible assets | 15,726 | 131,988 | 219,631 | ||||||||||||||||||
(Gain on Bargain Purchase) | — | — | (910 | ) | |||||||||||||||||
Purchase price | 34,364 | 236,135 | 462,416 | ||||||||||||||||||
Goodwill | $ | 18,638 | $ | 104,147 | $ | 243,695 | |||||||||||||||
(In thousands) | Phönix | Arens | Parvus | Other | Total | ||||||||||||||||
Accounts receivable | $ | 12,226 | $ | 9,441 | $ | 3,639 | $ | 666 | $ | 25,972 | |||||||||||
Inventory | 20,358 | 5,349 | 5,122 | 101 | 30,930 | ||||||||||||||||
Property, plant, and equipment | 12,575 | 4,787 | 435 | 269 | 18,066 | ||||||||||||||||
Other current assets | 2,153 | 972 | 104 | — | 3,229 | ||||||||||||||||
Intangible assets | 42,305 | 43,100 | 15,000 | 1,860 | 102,265 | ||||||||||||||||
Current and non-current liabilities | (7,497 | ) | (7,991 | ) | (3,854 | ) | 383 | (18,959 | ) | ||||||||||||
Pension and postretirement benefits | (6,472 | ) | — | — | — | (6,472 | ) | ||||||||||||||
Deferred income taxes | (14,258 | ) | 94 | (5,518 | ) | — | (19,682 | ) | |||||||||||||
Due to seller | (119 | ) | — | (230 | ) | (3,012 | ) | (3,361 | ) | ||||||||||||
Net tangible and intangible assets | 61,271 | 55,752 | 14,698 | 267 | 131,988 | ||||||||||||||||
Purchase price | 97,886 | 95,612 | 37,059 | 5,578 | 236,135 | ||||||||||||||||
Goodwill | $ | 36,615 | $ | 39,860 | $ | 22,361 | $ | 5,311 | $ | 104,147 | |||||||||||
Amount of tax deductible goodwill | $ | — | $ | 39,860 | $ | — | $ | 5,311 | $ | 45,171 | |||||||||||
(In thousands) | CCRS | NPSI | |||||||||||||||||||
Accounts receivable | $ | 2,984 | $ | 7 | |||||||||||||||||
Inventory | 64 | 112 | |||||||||||||||||||
Property, plant, and equipment | 1,987 | 790 | |||||||||||||||||||
Other current assets | 71 | 10 | |||||||||||||||||||
Intangible assets | 9,560 | 3,406 | |||||||||||||||||||
Current and non-current liabilities | (1,754 | ) | — | ||||||||||||||||||
Deferred income taxes | (2,041 | ) | — | ||||||||||||||||||
Net tangible and intangible assets | 10,871 | 4,325 | |||||||||||||||||||
Purchase price | 24,645 | 7,965 | |||||||||||||||||||
Goodwill | $ | 13,774 | $ | 3,640 | |||||||||||||||||
Amount of tax deductible goodwill | $ | — | $ | 3,640 | |||||||||||||||||
BusinessAcquisitionProFormaInformationTextBlock | |||||||||||||||||||||
(In thousands, except per share data) | 2013 | 2012 | |||||||||||||||||||
Net sales | $ | 2,184,715 | $ | 2,157,815 | |||||||||||||||||
Net earnings from continuing operations | 143,960 | 116,768 | |||||||||||||||||||
Diluted earnings per share from continuing operations | 3.04 | 2.46 | |||||||||||||||||||
RECEIVABLES_Table
RECEIVABLES (Table) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | |||||||||
Schedule Of Accounts Notes Loans And Financing Receivable [Text Block] | |||||||||
(In thousands) | 2014 | 2013 | |||||||
Billed receivables: | |||||||||
Trade and other receivables | $ | 363,241 | $ | 444,841 | |||||
Less: Allowance for doubtful accounts | (5,619 | ) | (6,857 | ) | |||||
Net billed receivables | 357,622 | 437,984 | |||||||
Unbilled receivables: | |||||||||
Recoverable costs and estimated earnings not billed | 150,526 | 184,120 | |||||||
Less: Progress payments applied | (12,668 | ) | (18,512 | ) | |||||
Net unbilled receivables | 137,858 | 165,608 | |||||||
Receivables, net | $ | 495,480 | $ | 603,592 | |||||
INVENTORIES_Table
INVENTORIES (Table) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Inventory, Net [Abstract] | |||||||||
Schedule Of Inventory [Text Block] | |||||||||
(In thousands) | 2014 | 2013 | |||||||
Raw material | $ | 201,998 | $ | 231,219 | |||||
Work-in-process | 89,423 | 114,372 | |||||||
Finished goods | 103,831 | 117,444 | |||||||
Inventoried costs related to U.S. Government and other long-term contracts | 59,070 | 58,796 | |||||||
Gross inventories | 454,322 | 521,831 | |||||||
Less: Inventory reserves | (51,435 | ) | (54,400 | ) | |||||
Progress payments applied, principally related to long-term contracts | (14,217 | ) | (15,344 | ) | |||||
Inventories, net | $ | 388,670 | $ | 452,087 | |||||
PROPERTY_PLANT_AND_EQUIPMENT_T
PROPERTY, PLANT, AND EQUIPMENT (Table) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Property, Plant and Equipment [Table Text Block] | |||||||||
(In thousands) | 2014 | 2013 | |||||||
Land | $ | 21,762 | $ | 24,250 | |||||
Buildings and improvements | 219,219 | 218,551 | |||||||
Machinery, equipment, and other | 750,006 | 800,573 | |||||||
Property, plant, and equipment, at cost | 990,987 | 1,043,374 | |||||||
Less: Accumulated depreciation | (532,068 | ) | (527,656 | ) | |||||
Property, plant, and equipment, net | $ | 458,919 | $ | 515,718 | |||||
GOODWILL_Table
GOODWILL (Table) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Goodwill [Abstract] | |||||||||||||||||
Schedule Of Goodwill [Text Block] | |||||||||||||||||
(In thousands) | Commercial/Industrial | Defense | Energy | Consolidated | |||||||||||||
December 31, 2012 | $ | 273,247 | $ | 467,917 | $ | 272,136 | $ | 1,013,300 | |||||||||
Acquisitions | 76,108 | 22,615 | 5,311 | 104,034 | |||||||||||||
Goodwill adjustments | (3,164 | ) | — | 429 | (2,735 | ) | |||||||||||
Foreign currency translation adjustment | 1,628 | (5,101 | ) | (697 | ) | (4,170 | ) | ||||||||||
December 31, 2013 | $ | 347,819 | $ | 485,431 | $ | 277,179 | $ | 1,110,429 | |||||||||
Acquisitions | $ | 13,773 | $ | — | $ | 4,863 | $ | 18,636 | |||||||||
Assets held for sale | — | (6,525 | ) | (35,870 | ) | (42,395 | ) | ||||||||||
Divestitures | — | (11,695 | ) | (43,660 | ) | (55,355 | ) | ||||||||||
Goodwill adjustments | (1,096 | ) | (254 | ) | — | (1,350 | ) | ||||||||||
Foreign currency translation adjustment | (9,634 | ) | (20,217 | ) | (1,608 | ) | (31,459 | ) | |||||||||
December 31, 2014 | $ | 350,862 | $ | 446,740 | $ | 200,904 | $ | 998,506 | |||||||||
OTHER_INTANGIBLE_ASSETS_NET_Ta
OTHER INTANGIBLE ASSETS, NET (Table) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |||||||||||||||||||||||||
Schedule of Acquired Finite-Lived Intangible Assets by Major Class [Table Text Block] | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
(In thousands, except years data) | Amount | Years | Amount | Years | |||||||||||||||||||||
Technology | $ | 100 | 5 | $ | 21,101 | 13.5 | |||||||||||||||||||
Customer related intangibles | 13,200 | 13.6 | 73,146 | 16.9 | |||||||||||||||||||||
Other intangible assets | 200 | 1 | 8,504 | 3.3 | |||||||||||||||||||||
Total | $ | 13,500 | 13.3 | $ | 102,751 | 15.1 | |||||||||||||||||||
Schedule of Finite-Lived Intangible Assets [Table Text Block] | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
(In thousands) | Gross | Accumulated Amortization | Net | Gross | Accumulated | Net | |||||||||||||||||||
Amortization | |||||||||||||||||||||||||
Technology | $ | 178,369 | $ | (84,584 | ) | $ | 93,785 | $ | 213,888 | $ | (88,644 | ) | $ | 125,244 | |||||||||||
Customer related intangibles | 356,844 | (122,920 | ) | 233,924 | 430,604 | (127,194 | ) | 303,410 | |||||||||||||||||
Other intangible assets | 38,460 | (16,942 | ) | 21,518 | 66,436 | (23,711 | ) | 42,725 | |||||||||||||||||
Total | $ | 573,673 | $ | (224,446 | ) | $ | 349,227 | $ | 710,928 | $ | (239,549 | ) | $ | 471,379 | |||||||||||
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
2015 | $ | 34,766 | |||||||||||||||||||||||
2016 | 34,264 | ||||||||||||||||||||||||
2017 | 33,775 | ||||||||||||||||||||||||
2018 | 32,680 | ||||||||||||||||||||||||
2019 | 30,848 | ||||||||||||||||||||||||
FAIR_VALUE_OF_FINANCIAL_INSTRU1
FAIR VALUE OF FINANCIAL INSTRUMENTS (Table) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Fair Value Of Financial Instruments [Abstract] | |||||||||||||||||||||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | |||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||
(In thousands) | 2014 | 2013 | |||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Undesignated for hedge accounting | |||||||||||||||||||||||||
Forward exchange contracts | $ | 605 | $ | 605 | |||||||||||||||||||||
Total asset derivatives (1) | $ | 605 | $ | 605 | |||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||
Designated for hedge accounting | |||||||||||||||||||||||||
Interest rate swaps | $ | 5,121 | $ | 49,845 | |||||||||||||||||||||
Undesignated for hedge accounting | |||||||||||||||||||||||||
Forward exchange contracts | $ | 676 | $ | 277 | |||||||||||||||||||||
Total liability derivatives (2) | $ | 5,797 | $ | 50,122 | |||||||||||||||||||||
Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block] | |||||||||||||||||||||||||
Gain/(Loss) on Swap | Gain/(Loss) on Borrowings | ||||||||||||||||||||||||
(In thousands) | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||
Income statement classification: | |||||||||||||||||||||||||
Other income (loss), net | $ | 44,724 | $ | (49,845 | ) | $ | (742 | ) | $ | (44,724 | ) | $ | 49,845 | $ | 742 | ||||||||||
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block] | |||||||||||||||||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||||||||||||||
Forward exchange contracts: | |||||||||||||||||||||||||
General and administrative expenses | $ | (6,880 | ) | $ | (6,198 | ) | $ | 883 | |||||||||||||||||
ACCRUED_EXPENSES_AND_OTHER_CUR1
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Table) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Accrued Liabilities, Current [Abstract] | |||||||||
ScheduleOfAccruedLiabilitiesTableTextBlock | |||||||||
(In thousands) | 2014 | 2013 | |||||||
Accrued compensation | $ | 88,793 | $ | 88,108 | |||||
Accrued commissions | 10,783 | 12,834 | |||||||
Accrued interest | 9,688 | 9,730 | |||||||
Accrued insurance | 6,757 | 4,885 | |||||||
Accrued 401K | 7,050 | — | |||||||
Other | 22,867 | 27,378 | |||||||
Total accrued expenses | $ | 145,938 | $ | 142,935 | |||||
Schedule Of Other Liabilities [Table Text Block] | |||||||||
(In thousands) | 2014 | 2013 | |||||||
Warranty reserves | $ | 15,688 | $ | 15,914 | |||||
Additional amounts due to sellers on acquisitions | 1,739 | 5,250 | |||||||
Reserves on loss contracts | 2,979 | 4,067 | |||||||
Deferred tax liability | 2,448 | 3,175 | |||||||
Pension and other postretirement liabilities | 5,120 | 4,280 | |||||||
Other | 10,189 | 5,565 | |||||||
Total other current liabilities | $ | 38,163 | $ | 38,251 | |||||
RESTRUCTURING_ACTIVITIES_Table
RESTRUCTURING ACTIVITIES (Table) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Restructuring Reserve [Abstract] | |||||||||||||||||
Schedule of Restructuring and Related Costs [Table Text Block] | |||||||||||||||||
(In thousands) | Commercial/Industrial | Defense | Energy | Consolidated | |||||||||||||
Cost of sales | $ | 7,413 | $ | 3,227 | $ | 138 | $ | 10,778 | |||||||||
Selling expenses | — | 417 | 13 | 430 | |||||||||||||
General and administrative | 5,033 | 2,463 | 497 | 7,993 | |||||||||||||
Total | $ | 12,446 | $ | 6,107 | $ | 648 | $ | 19,201 | |||||||||
(In thousands) | Severance and | Abandonment | Total | ||||||||||||||
Benefits | of facility costs | ||||||||||||||||
December 31, 2012 | $ | 1,020 | $ | 6,106 | $ | 7,126 | |||||||||||
Provisions | — | — | — | ||||||||||||||
Payments | (774 | ) | (5,519 | ) | (6,293 | ) | |||||||||||
Adjustments | (246 | ) | (587 | ) | (833 | ) | |||||||||||
December 31, 2013 | $ | — | $ | — | $ | — | |||||||||||
INCOME_TAXES_Table
INCOME TAXES (Table) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Schedule Of Income Before Income Tax, Domestic and Foreign [Table Text Block] | |||||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||
Domestic | $ | 120,563 | $ | 105,188 | $ | 80,475 | |||||||
Foreign | 126,381 | 95,862 | 74,746 | ||||||||||
$ | 246,944 | $ | 201,050 | $ | 155,221 | ||||||||
Schedule Of Provision For Income Taxes [Table Text Block] | |||||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||
Current: | |||||||||||||
Federal | $ | 70,609 | $ | 29,323 | $ | 27,882 | |||||||
State | 9,065 | 5,629 | 5,465 | ||||||||||
Foreign | 33,401 | 20,807 | 21,369 | ||||||||||
113,075 | 55,759 | 54,716 | |||||||||||
Deferred: | |||||||||||||
Federal | (29,469 | ) | 7,982 | 758 | |||||||||
State | (1,275 | ) | 644 | (1,122 | ) | ||||||||
Foreign | (5,070 | ) | (802 | ) | (5,172 | ) | |||||||
(35,814 | ) | 7,824 | (5,536 | ) | |||||||||
Valuation allowance | (266 | ) | (1,937 | ) | 1,960 | ||||||||
Provision for income taxes | $ | 76,995 | $ | 61,646 | $ | 51,140 | |||||||
Schedule Of Effective Income Tax Rate Reconciliation [Table Text Block] | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
U.S. federal statutory tax rate | 35 | % | 35 | % | 35 | % | |||||||
Add (deduct): | |||||||||||||
State and local taxes, net of federal benefit | 2.4 | 1.6 | 1.7 | ||||||||||
R&D tax credits | (1.3 | ) | (1.5 | ) | (0.9 | ) | |||||||
Foreign earnings (1) | (4.4 | ) | (3.7 | ) | (3.0 | ) | |||||||
All other, net | (0.5 | ) | (0.7 | ) | 0.1 | ||||||||
Effective tax rate | 31.2 | % | 30.7 | % | 32.9 | % | |||||||
Schedule Of Deferred Tax Assets And Liabilities [Table Text Block] | The components of the Corporation’s deferred tax assets and liabilities at December 31 are as follows: | ||||||||||||
(In thousands) | 2014 | 2013 | |||||||||||
Deferred tax assets: | |||||||||||||
Capital loss carryover | $ | 17,555 | $ | — | |||||||||
Environmental reserves | 10,123 | 9,913 | |||||||||||
Inventories | 18,496 | 20,197 | |||||||||||
Postretirement/postemployment benefits | 13,326 | 12,641 | |||||||||||
Incentive compensation | 16,140 | 6,727 | |||||||||||
Accrued vacation pay | 4,968 | 5,745 | |||||||||||
Warranty reserves | 4,330 | 5,073 | |||||||||||
Share-based payments | 4,422 | 7,718 | |||||||||||
Pension plans | 84,493 | 43,684 | |||||||||||
Net operating loss | 8,909 | 9,826 | |||||||||||
Other | 12,609 | 14,793 | |||||||||||
Total deferred tax assets | 195,371 | 136,317 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Undistributed earnings | 7,840 | 4,077 | |||||||||||
Depreciation | 33,117 | 52,242 | |||||||||||
Goodwill amortization | 74,555 | 65,644 | |||||||||||
Other intangible amortization | 62,777 | 81,634 | |||||||||||
Other | 1,612 | 4,119 | |||||||||||
Total deferred tax liabilities | 179,901 | 207,716 | |||||||||||
Valuation allowance | 23,478 | 6,321 | |||||||||||
Net deferred tax assets/(liabilities) | $ | (8,008 | ) | $ | (77,720 | ) | |||||||
Deferred tax assets and liabilities are reflected on the Corporation’s consolidated balance sheet at December 31 as follows: | |||||||||||||
(In thousands) | 2014 | 2013 | |||||||||||
Net current deferred tax assets | $ | 44,311 | $ | 47,650 | |||||||||
Net current deferred tax liabilities | 2,448 | 3,175 | |||||||||||
Net noncurrent deferred tax assets | 1,683 | 1,449 | |||||||||||
Net noncurrent deferred tax liabilities | 51,554 | 123,644 | |||||||||||
Net deferred tax assets/(liabilities) | $ | (8,008 | ) | $ | (77,720 | ) | |||||||
Summary Of Unrecognized Tax Benefits [Table Text Block] | |||||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||
Balance at January 1, | $ | 10,623 | $ | 11,301 | $ | 5,769 | |||||||
Additions for tax positions of prior periods | 1,421 | 1,511 | 4,591 | ||||||||||
Additions for tax positions related to the current year | 1,738 | 1,768 | 1,019 | ||||||||||
Settlements | (2,039 | ) | (3,868 | ) | (53 | ) | |||||||
Lapses of statute of limitations | (41 | ) | (140 | ) | (28 | ) | |||||||
Foreign currency translation | (142 | ) | 51 | 3 | |||||||||
Balance at December 31, | $ | 11,560 | $ | 10,623 | $ | 11,301 | |||||||
Summary Of Open Tax Years [Table Text Block] | |||||||||||||
United States (Federal) | 2011 | - | present | ||||||||||
United States (Various states) | 1998 | - | present | ||||||||||
United Kingdom | 2007 | - | present | ||||||||||
Canada | 2008 | - | present |
DEBT_Table
DEBT (Table) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Debt Instruments [Abstract] | |||||||||||||||||
ScheduleOfDebtTableTextBlock | |||||||||||||||||
(In thousands) | 2014 | 2014 | 2013 | 2013 | |||||||||||||
Carrying Value | Estimated Fair Value | Carrying Value | Estimated Fair Value | ||||||||||||||
Industrial revenue bond, due 2023 | $ | 8,400 | $ | 8,400 | $ | 8,400 | $ | 8,400 | |||||||||
Revolving credit agreement, due 2019 | — | — | 50,000 | 50,000 | |||||||||||||
5.51% Senior notes due 2017 | 150,000 | 162,617 | 150,000 | 163,059 | |||||||||||||
3.84% Senior notes due 2021 | 99,934 | 99,934 | 98,632 | 98,632 | |||||||||||||
3.70% Senior notes due 2023 | 225,000 | 225,748 | 225,000 | 209,140 | |||||||||||||
3.85% Senior notes due 2025 | 98,360 | 98,360 | 88,555 | 88,555 | |||||||||||||
4.24% Senior notes due 2026 | 197,237 | 197,237 | 173,557 | 173,557 | |||||||||||||
4.05% Senior notes due 2028 | 74,348 | 74,348 | 64,411 | 64,411 | |||||||||||||
4.11% Senior notes due 2028 | 100,000 | 100,801 | 100,000 | 89,252 | |||||||||||||
Other debt | 1,069 | 1,069 | 1,383 | 1,383 | |||||||||||||
Total debt | 954,348 | 968,514 | 959,938 | 946,389 | |||||||||||||
Less: current portion of long-term debt and short-term debt | 1,069 | 1,069 | 1,334 | 1,334 | |||||||||||||
Total long-term debt | $ | 953,279 | $ | 967,445 | $ | 958,604 | $ | 945,055 | |||||||||
ScheduleOfMaturitiesOfLongTermDebtTableTextBlock | |||||||||||||||||
(In thousands) | |||||||||||||||||
2015 | $ | 1,069 | |||||||||||||||
2016 | — | ||||||||||||||||
2017 | 150,000 | ||||||||||||||||
2018 | — | ||||||||||||||||
2019 | — | ||||||||||||||||
Thereafter | 803,279 | ||||||||||||||||
Total | $ | 954,348 | |||||||||||||||
EARNINGS_PER_SHARE_Table
EARNINGS PER SHARE (Table) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Earnings Per Share [Abstract] | ||||||||||||
Schedule of Earnings Per Share Reconciliation [Table Text Block] | ||||||||||||
(In thousands, except per share data) | Earnings from | Weighted- | Earnings per share | |||||||||
continuing | Average Shares | from continuing | ||||||||||
operations | Outstanding | operations | ||||||||||
2014 | ||||||||||||
Basic earnings per share from continuing operations | $ | 169,949 | 48,019 | $ | 3.54 | |||||||
Dilutive effect of stock options and deferred stock compensation | 1,056 | |||||||||||
Diluted earnings per share from continuing operations | $ | 169,949 | 49,075 | $ | 3.46 | |||||||
2013 | ||||||||||||
Basic earnings per share from continuing operations | $ | 139,404 | 46,991 | $ | 2.97 | |||||||
Dilutive effect of stock options and deferred stock compensation | 921 | |||||||||||
Diluted earnings per share from continuing operations | $ | 139,404 | 47,912 | $ | 2.91 | |||||||
2012 | ||||||||||||
Basic earnings per share from continuing operations | $ | 104,081 | 46,743 | $ | 2.23 | |||||||
Dilutive effect of stock options and deferred stock compensation | 669 | |||||||||||
Diluted earnings per share from continuing operations | $ | 104,081 | 47,412 | $ | 2.2 | |||||||
SHAREBASED_COMPENSATION_PLANS_
SHARE-BASED COMPENSATION PLANS (Table) | 12 Months Ended | ||||||||||||||
Dec. 31, 2014 | |||||||||||||||
Share-based Compensation [Abstract] | |||||||||||||||
Schedule Of Compensation Cost For Share Based Payment Arrangements Allocation Of Share Based Compensation Costs By Plan [Table Text Block] | |||||||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||||
Non-qualified stock options | $ | — | $ | 238 | $ | 942 | |||||||||
Employee Stock Purchase Plan | 1,350 | 1,260 | 1,303 | ||||||||||||
Performance Share Units | 3,728 | 3,495 | 3,179 | ||||||||||||
Restricted Share Units | 2,655 | 1,700 | 3,237 | ||||||||||||
Other share-based payments | 767 | 657 | 767 | ||||||||||||
Total share-based compensation expense before income taxes | $ | 8,500 | $ | 7,350 | $ | 9,428 | |||||||||
Schedule of Cash Proceeds Received from Share-based Payment Awards [Table Text Block] | |||||||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||||
Cash received from share-based awards | $ | 38,183 | $ | 29,194 | $ | 15,137 | |||||||||
Recognized tax benefit on awards | $ | 9,610 | $ | 3,199 | $ | 1,371 | |||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | |||||||||||||||
Shares | Weighted- | Weighted- | Aggregate | ||||||||||||
(000’s) | Average | Average | Intrinsic | ||||||||||||
Exercise | Remaining | Value | |||||||||||||
Price | Contractual | (000’s) | |||||||||||||
Term in | |||||||||||||||
Years | |||||||||||||||
Outstanding at December 31, 2013 | 2,321 | $ | 33.69 | ||||||||||||
Granted | — | — | |||||||||||||
Exercised | (872 | ) | 33.45 | ||||||||||||
Forfeited | (6 | ) | 29.66 | ||||||||||||
Outstanding at December 31, 2014 | 1,443 | $ | 33.86 | 4.3 | $ | 53,002 | |||||||||
Exercisable at December 31, 2014 | 1,443 | $ | 33.86 | 4.3 | $ | 53,002 | |||||||||
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block] | |||||||||||||||
Performance Share Units (PSUs) | Restricted Share Units (RSUs) | ||||||||||||||
Shares/Units | Weighted- | Shares/Units | Weighted- | ||||||||||||
(000’s) | Average | (000’s) | Average | ||||||||||||
Fair Value | Fair Value | ||||||||||||||
Nonvested at December 31, 2013 | 368 | $ | 35.52 | 319 | $ | 36.53 | |||||||||
Granted | 51 | 82.79 | 38 | 70.28 | |||||||||||
Vested | (89 | ) | 29.88 | (92 | ) | 33.01 | |||||||||
Forfeited | (18 | ) | 46.71 | (19 | ) | 37.02 | |||||||||
Nonvested at December 31, 2014 | 312 | $ | 44.12 | 246 | $ | 43.03 | |||||||||
Expected to vest at December 31, 2014 | 312 | $ | 44.12 | 246 | $ | 43.03 | |||||||||
PENSION_AND_OTHER_POSTRETIREME1
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Table) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||||||||||||
ScheduleOfChangesInFairValueOfPlanAssetsTableTextBlock | |||||||||||||||||||||||||
Asset Category | Total | Quoted Prices | Significant | Significant | |||||||||||||||||||||
in Active | Observable | Unobservable | |||||||||||||||||||||||
Markets for | Inputs | Inputs | |||||||||||||||||||||||
Identical | (Level 2) | (Level 3) | |||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
(Level 1) | |||||||||||||||||||||||||
Cash and cash equivalents | $ | 17,951 | $ | 1,638 | $ | 16,313 | $ | — | |||||||||||||||||
Equity securities- Mutual funds (1) | 360,691 | 307,220 | 53,471 | — | |||||||||||||||||||||
Bond funds (2) | 168,348 | 115,988 | 52,360 | — | |||||||||||||||||||||
Insurance Contracts (3) | 10,795 | — | — | 10,795 | |||||||||||||||||||||
Other (4) | 782 | — | — | 782 | |||||||||||||||||||||
31-Dec-13 | $ | 558,567 | $ | 424,846 | $ | 122,144 | $ | 11,577 | |||||||||||||||||
Cash and cash equivalents | $ | 24,354 | $ | 871 | $ | 23,483 | $ | — | |||||||||||||||||
Equity securities- Mutual funds (1) | 379,467 | 330,619 | 48,848 | — | |||||||||||||||||||||
Bond funds (2) | 183,068 | 122,790 | 60,278 | — | |||||||||||||||||||||
Insurance Contracts (3) | 8,169 | — | — | 8,169 | |||||||||||||||||||||
Other (4) | 771 | — | — | 771 | |||||||||||||||||||||
31-Dec-14 | $ | 595,829 | $ | 454,280 | $ | 132,609 | $ | 8,940 | |||||||||||||||||
Schedule of Net Benefit Costs [Table Text Block] | |||||||||||||||||||||||||
Pension Benefits | Postretirement Benefits | ||||||||||||||||||||||||
(In thousands) | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||
Service cost | $ | 25,262 | $ | 40,170 | $ | 40,274 | $ | 246 | $ | 373 | $ | 448 | |||||||||||||
Interest cost | 30,403 | 27,777 | 26,303 | 877 | 839 | 939 | |||||||||||||||||||
Expected return on plan assets | (41,746 | ) | (36,303 | ) | (33,585 | ) | — | — | — | ||||||||||||||||
Amortization of prior service cost | 662 | 883 | 1,201 | (657 | ) | (638 | ) | (629 | ) | ||||||||||||||||
Recognized net actuarial loss | 6,827 | 15,013 | 11,023 | (811 | ) | (614 | ) | (682 | ) | ||||||||||||||||
Cost of settlements/curtailments | 377 | 13 | — | — | — | — | |||||||||||||||||||
Net periodic benefit cost (income) | $ | 21,785 | $ | 47,553 | $ | 45,216 | $ | (345 | ) | $ | (40 | ) | $ | 76 | |||||||||||
ScheduleOfChangesInProjectedBenefitObligationsTableTextBlock | |||||||||||||||||||||||||
Pension Benefits | Postretirement Benefits | ||||||||||||||||||||||||
(In thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Change in benefit obligation: | |||||||||||||||||||||||||
Beginning of year | $ | 674,192 | $ | 705,022 | $ | 20,416 | $ | 23,391 | |||||||||||||||||
Service cost | 25,262 | 40,170 | 246 | 373 | |||||||||||||||||||||
Interest cost | 30,403 | 27,777 | 877 | 839 | |||||||||||||||||||||
Plan participants’ contributions | 1,734 | 2,331 | 364 | 350 | |||||||||||||||||||||
Amendments | 178 | — | — | (366 | ) | ||||||||||||||||||||
Actuarial loss (gain) | 114,763 | (62,534 | ) | 3,276 | (2,752 | ) | |||||||||||||||||||
Benefits paid | (40,765 | ) | (34,253 | ) | (1,929 | ) | (1,419 | ) | |||||||||||||||||
Business combinations | — | 5,809 | — | — | |||||||||||||||||||||
Special termination benefits | — | 533 | — | — | |||||||||||||||||||||
Curtailments/ settlements | — | (9,713 | ) | — | — | ||||||||||||||||||||
Actual expenses | (1,299 | ) | (2,206 | ) | — | — | |||||||||||||||||||
Currency translation adjustments | (7,108 | ) | 1,256 | — | — | ||||||||||||||||||||
End of year | $ | 797,360 | $ | 674,192 | $ | 23,250 | $ | 20,416 | |||||||||||||||||
Change in plan assets: | |||||||||||||||||||||||||
Beginning of year | $ | 558,567 | $ | 460,202 | $ | — | $ | — | |||||||||||||||||
Actual return on plan assets | 37,574 | 82,863 | — | — | |||||||||||||||||||||
Employer contribution | 46,306 | 48,074 | 1,565 | 1,069 | |||||||||||||||||||||
Plan participants’ contributions | 1,734 | 2,331 | 364 | 350 | |||||||||||||||||||||
Business combinations | — | — | — | — | |||||||||||||||||||||
Benefits paid | (40,765 | ) | (34,253 | ) | (1,929 | ) | (1,419 | ) | |||||||||||||||||
Settlements | (1,299 | ) | (2,206 | ) | — | — | |||||||||||||||||||
Currency translation adjustments | (6,288 | ) | 1,556 | — | — | ||||||||||||||||||||
End of year | $ | 595,829 | $ | 558,567 | $ | — | $ | — | |||||||||||||||||
Funded status | $ | (201,531 | ) | $ | (115,625 | ) | $ | (23,250 | ) | $ | (20,416 | ) | |||||||||||||
Pension Benefits | Postretirement Benefits | ||||||||||||||||||||||||
(In thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Amounts recognized on the balance sheet | |||||||||||||||||||||||||
Noncurrent assets | $ | 6,041 | $ | 7,142 | $ | — | $ | — | |||||||||||||||||
Current liabilities | (3,523 | ) | (2,620 | ) | (1,603 | ) | (1,659 | ) | |||||||||||||||||
Noncurrent liabilities | (204,049 | ) | (120,147 | ) | (21,647 | ) | (18,757 | ) | |||||||||||||||||
Total | $ | (201,531 | ) | $ | (115,625 | ) | $ | (23,250 | ) | $ | (20,416 | ) | |||||||||||||
Amounts recognized in accumulated other comprehensive income (AOCI) | |||||||||||||||||||||||||
Net actuarial loss (gain) | $ | 180,640 | $ | 69,355 | $ | (8,264 | ) | $ | (12,350 | ) | |||||||||||||||
Prior service cost | 1,990 | 2,537 | (4,686 | ) | (5,343 | ) | |||||||||||||||||||
Total | $ | 182,630 | $ | 71,892 | $ | (12,950 | ) | $ | (17,693 | ) | |||||||||||||||
Amounts in AOCI expected to be recognized in net periodic cost in the coming year: | |||||||||||||||||||||||||
Loss (gain) recognition | $ | 15,470 | $ | 5,933 | $ | (551 | ) | $ | (811 | ) | |||||||||||||||
Prior service cost recognition | $ | 619 | $ | 631 | $ | (657 | ) | $ | (657 | ) | |||||||||||||||
Accumulated benefit obligation | $ | 753,878 | $ | 641,892 | N/A | N/A | |||||||||||||||||||
Information for pension plans with an accumulated benefit obligation in excess of plan assets: | |||||||||||||||||||||||||
Projected benefit obligation | $ | 770,241 | $ | 604,515 | N/A | N/A | |||||||||||||||||||
Accumulated benefit obligation | 726,760 | 528,148 | N/A | N/A | |||||||||||||||||||||
Fair value of plan assets | 562,669 | 473,078 | N/A | N/A | |||||||||||||||||||||
ScheduleOfAssumptionsUsedTableTextBlock | |||||||||||||||||||||||||
Pension Benefits | Postretirement Benefits | ||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
Weighted-average assumptions in determination of benefit obligation: | |||||||||||||||||||||||||
Discount rate | 3.88 | % | 4.62 | % | 3.75 | % | 4.47 | % | |||||||||||||||||
Rate of compensation increase | 3.37 | % | 3.94 | % | N/A | N/A | |||||||||||||||||||
Health care cost trends: | |||||||||||||||||||||||||
Rate assumed for subsequent year | N/A | N/A | 5.5 | % | 8 | % | |||||||||||||||||||
Ultimate rate reached in 2019 and 2015, respectively | N/A | N/A | 4.59 | % | 5 | % | |||||||||||||||||||
Weighted-average assumptions in determination of net periodic benefit cost: | |||||||||||||||||||||||||
Discount rate | 4.62 | % | 3.95 | % | 4.47 | % | 3.7 | % | |||||||||||||||||
Expected return on plan assets | 8.01 | % | 7.91 | % | N/A | N/A | |||||||||||||||||||
Rate of compensation increase | 3.36 | % | 3.94 | % | N/A | N/A | |||||||||||||||||||
Health care cost trends: | |||||||||||||||||||||||||
Rate assumed for subsequent year | N/A | N/A | 8 | % | 8 | % | |||||||||||||||||||
Ultimate rate reached in 2019 and 2015, respectively | N/A | N/A | 5 | % | 5 | % | |||||||||||||||||||
ScheduleOfEffectOfOnePercentagePointChangeInAssumedHealthCareCostTrendRatesTableTextBlock | |||||||||||||||||||||||||
(In thousands) | 1% Increase | 1% Decrease | |||||||||||||||||||||||
Total service and interest cost components | $ | 15 | $ | (13 | ) | ||||||||||||||||||||
Postretirement benefit obligation | $ | 364 | $ | (301 | ) | ||||||||||||||||||||
ScheduleOfAllocationOfPlanAssetsTableTextBlock | |||||||||||||||||||||||||
As of December 31, | Target | Expected | |||||||||||||||||||||||
2014 | 2013 | Exposure | Range | ||||||||||||||||||||||
Asset class | |||||||||||||||||||||||||
Domestic equities | 53% | 52% | 50% | 40%-60% | |||||||||||||||||||||
International equities | 14% | 15% | 15% | 10%-20% | |||||||||||||||||||||
Total equity | 67% | 67% | 65% | 55%-75% | |||||||||||||||||||||
Fixed income | 33% | 31% | 35% | 25%-45% | |||||||||||||||||||||
ScheduleOfExpectedBenefitPaymentsTableTextBlock | |||||||||||||||||||||||||
(In thousands) | Pension | Postretirement | Total | ||||||||||||||||||||||
Plans | Plans | ||||||||||||||||||||||||
2015 | $ | 45,126 | $ | 1,603 | $ | 46,729 | |||||||||||||||||||
2016 | 45,914 | 1,564 | 47,478 | ||||||||||||||||||||||
2017 | 47,534 | 1,529 | 49,063 | ||||||||||||||||||||||
2018 | 49,763 | 1,535 | 51,298 | ||||||||||||||||||||||
2019 | 52,630 | 1,506 | 54,136 | ||||||||||||||||||||||
2020 — 2024 | 270,769 | 7,342 | 278,111 | ||||||||||||||||||||||
Level 3 | |||||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||||||||||||
ScheduleOfChangesInFairValueOfPlanAssetsTableTextBlock | |||||||||||||||||||||||||
(In thousands) | Insurance | Other | Total | ||||||||||||||||||||||
Contracts | |||||||||||||||||||||||||
December 31, 2012 | $ | 10,917 | $ | 728 | $ | 11,645 | |||||||||||||||||||
Actual return on plan assets: | |||||||||||||||||||||||||
Relating to assets still held at the reporting date | 162 | 35 | 197 | ||||||||||||||||||||||
Relating to assets sold during the period | — | — | — | ||||||||||||||||||||||
Purchases, sales, and settlements | (542 | ) | — | (542 | ) | ||||||||||||||||||||
Transfers in and/or out of Level 3 | — | — | — | ||||||||||||||||||||||
Foreign currency translation adjustment | 258 | 19 | 277 | ||||||||||||||||||||||
December 31, 2013 | $ | 10,795 | $ | 782 | $ | 11,577 | |||||||||||||||||||
Actual return on plan assets: | |||||||||||||||||||||||||
Relating to assets still held at the reporting date | 158 | 39 | 197 | ||||||||||||||||||||||
Relating to assets sold during the period | — | — | — | ||||||||||||||||||||||
Purchases, sales, and settlements | (1,818 | ) | 36 | (1,782 | ) | ||||||||||||||||||||
Transfers in and/or out of Level 3 | — | — | — | ||||||||||||||||||||||
Foreign currency translation adjustment | (966 | ) | (86 | ) | (1,052 | ) | |||||||||||||||||||
December 31, 2014 | $ | 8,169 | $ | 771 | $ | 8,940 | |||||||||||||||||||
LEASES_Table
LEASES (Table) | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Leases [Abstract] | ||||
ScheduleOfFutureMinimumRentalPaymentsForOperatingLeasesTableTextBlock | ||||
(In thousands) | Rental | |||
Commitments | ||||
2015 | $ | 27,615 | ||
2016 | 24,039 | |||
2017 | 20,514 | |||
2018 | 16,058 | |||
2019 | 11,899 | |||
Thereafter | 45,683 | |||
Total | $ | 145,808 | ||
SEGMENT_INFORMATION_Table
SEGMENT INFORMATION (Table) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Segment Reporting [Abstract] | |||||||||||||
Schedule Of Segment Reporting Information By Segment [Text Block] | |||||||||||||
Depreciation and amortization expense | |||||||||||||
Commercial/Industrial | $ | 54,496 | $ | 53,563 | $ | 32,148 | |||||||
Defense | 33,198 | 32,351 | 33,372 | ||||||||||
Energy | 13,171 | 11,647 | 11,835 | ||||||||||
Corporate | 4,060 | 4,654 | 2,771 | ||||||||||
Total Consolidated | $ | 104,925 | $ | 102,215 | $ | 80,126 | |||||||
December 31, | |||||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||
Earnings before taxes: | |||||||||||||
Total segment operating income | $ | 312,685 | $ | 279,067 | $ | 212,504 | |||||||
Corporate and administrative | (30,312 | ) | (41,944 | ) | (31,110 | ) | |||||||
Interest expense | (35,794 | ) | (37,053 | ) | (26,301 | ) | |||||||
Other income, net | 365 | 980 | 128 | ||||||||||
Total consolidated earnings before tax | $ | 246,944 | $ | 201,050 | $ | 155,221 | |||||||
Capital expenditures | |||||||||||||
Commercial/Industrial | $ | 33,642 | $ | 38,063 | $ | 43,039 | |||||||
Defense | 18,111 | 11,468 | 20,605 | ||||||||||
Energy | 10,474 | 19,435 | 13,421 | ||||||||||
Corporate | 4,888 | 3,276 | 5,889 | ||||||||||
Total Consolidated (2) | $ | 67,115 | $ | 72,242 | $ | 82,954 | |||||||
December 31, | |||||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||
Net sales | |||||||||||||
Commercial/Industrial | $ | 1,077,045 | $ | 951,900 | $ | 679,382 | |||||||
Defense | 739,805 | 769,190 | 770,318 | ||||||||||
Energy | 433,114 | 403,788 | 381,557 | ||||||||||
Less: Intersegment Revenues | (6,838 | ) | (6,797 | ) | (7,950 | ) | |||||||
Total Consolidated | $ | 2,243,126 | $ | 2,118,081 | $ | 1,823,307 | |||||||
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | |||||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||
Operating income (expense) | |||||||||||||
Commercial/Industrial | $ | 142,831 | $ | 105,245 | $ | 66,576 | |||||||
Defense | 102,252 | 116,618 | 90,285 | ||||||||||
Energy | 67,602 | 57,204 | 55,643 | ||||||||||
Corporate and Eliminations (1) | (30,312 | ) | (41,944 | ) | (31,110 | ) | |||||||
Total Consolidated | $ | 282,373 | $ | 237,123 | $ | 181,394 | |||||||
Reconciliation Of Assets From Segment To Consolidated [Text Block] | |||||||||||||
Segment assets | |||||||||||||
Commercial/Industrial | $ | 1,324,679 | $ | 1,309,232 | $ | 1,027,787 | |||||||
Defense | 1,158,272 | 1,293,679 | 1,266,553 | ||||||||||
Energy | 632,009 | 798,330 | 781,837 | ||||||||||
Corporate | 284,551 | 57,033 | 38,411 | ||||||||||
Total Consolidated | $ | 3,399,511 | $ | 3,458,274 | $ | 3,114,588 | |||||||
December 31, | |||||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||
Assets: | |||||||||||||
Total assets for reportable segments | $ | 3,114,960 | $ | 3,401,241 | $ | 3,076,177 | |||||||
Non-segment cash | 245,651 | 12,651 | 6,934 | ||||||||||
Other assets | 38,900 | 44,382 | 31,477 | ||||||||||
Total consolidated assets | $ | 3,399,511 | $ | 3,458,274 | $ | 3,114,588 | |||||||
ScheduleOfRevenueFromExternalCustomersAttributedToForeignCountriesByGeographicAreaTextBlock | |||||||||||||
December 31, | |||||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||
Revenues | |||||||||||||
United States of America | $ | 1,521,034 | $ | 1,444,019 | $ | 1,276,571 | |||||||
United Kingdom | 145,092 | 134,815 | 136,052 | ||||||||||
Canada | 72,392 | 66,234 | 61,916 | ||||||||||
Other foreign countries | 504,608 | 473,013 | 348,768 | ||||||||||
Consolidated total | $ | 2,243,126 | $ | 2,118,081 | $ | 1,823,307 | |||||||
ScheduleOfEntityWideDisclosureOnGeographicAreasLongLivedAssetsInIndividualForeignCountriesByCountryTextBlock | |||||||||||||
Long-Lived Assets | |||||||||||||
United States of America | $ | 323,937 | $ | 365,691 | $ | 352,615 | |||||||
United Kingdom | 45,625 | 43,434 | 43,341 | ||||||||||
Canada | 20,257 | 27,975 | 31,740 | ||||||||||
Other foreign countries | 69,100 | 78,618 | 61,897 | ||||||||||
Consolidated total | $ | 458,919 | $ | 515,718 | $ | 489,593 | |||||||
ACCUMULATED_OTHER_COMPREHENSIV1
ACCUMULATED OTHER COMPREHENSIVE INCOME LOSS (Table) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Comprehensive Income [Abstract] | |||||||||||||
Schedule of Comprehensive Income (Loss) [Table Text Block] | |||||||||||||
(In thousands) | Foreign currency translation adjustments, net | Total pension and postretirement adjustments, net | Accumulated other comprehensive income (loss) | ||||||||||
December 31, 2012 | $ | 65,722 | $ | (121,230 | ) | $ | (55,508 | ) | |||||
Current period other comprehensive income (loss) | (6,619 | ) | 87,386 | 80,767 | |||||||||
December 31, 2013 | $ | 59,103 | $ | (33,844 | ) | $ | 25,259 | ||||||
Other comprehensive loss before reclassifications (1) | (79,386 | ) | (78,450 | ) | (157,836 | ) | |||||||
Amounts reclassified from accumulated other comprehensive income (loss) (1) | — | 4,166 | 4,166 | ||||||||||
Net current period other comprehensive loss | (79,386 | ) | (74,284 | ) | (153,670 | ) | |||||||
December 31, 2014 | $ | (20,283 | ) | $ | (108,128 | ) | $ | (128,411 | ) | ||||
Amount reclassified from Accumulated other comprehensive income (loss) | Affected line item in the statement where net earnings is presented | ||||||||||||
Defined benefit pension plan | |||||||||||||
Amortization of prior service costs | (5 | ) | -1 | ||||||||||
Amortization of actuarial losses | (6,016 | ) | -1 | ||||||||||
Curtailments | (377 | ) | |||||||||||
(6,398 | ) | Total before tax | |||||||||||
2,232 | Income tax benefit | ||||||||||||
Total reclassifications | $ | (4,166 | ) | Net of tax |
QUARTERLY_RESULTS_OF_OPERATION1
QUARTERLY RESULTS OF OPERATIONS (Table) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
ScheduleOfQuarterlyFinancialInformationTableTextBlock | |||||||||||||||||
(In thousands, except per share data) | First | Second | Third | Fourth | |||||||||||||
2014 | |||||||||||||||||
Net sales | $ | 542,959 | $ | 569,198 | $ | 558,383 | $ | 572,586 | |||||||||
Gross profit | 184,614 | 198,231 | 193,331 | 200,340 | |||||||||||||
Earnings from continuing operations | 36,430 | 43,009 | 44,378 | 46,132 | |||||||||||||
Loss from discontinued operations | (1,266 | ) | (6,618 | ) | (19,345 | ) | (29,382 | ) | |||||||||
Net earnings | 35,164 | 36,391 | 25,033 | 16,750 | |||||||||||||
Basic earnings per share * | |||||||||||||||||
Earnings from continuing operations | $ | 0.76 | $ | 0.9 | $ | 0.92 | $ | 0.96 | |||||||||
Loss from discontinued operations | (0.03 | ) | (0.14 | ) | (0.40 | ) | (0.61 | ) | |||||||||
Total | $ | 0.73 | $ | 0.76 | $ | 0.52 | $ | 0.35 | |||||||||
Diluted earnings per share * | |||||||||||||||||
Earnings from continuing operations | $ | 0.74 | $ | 0.87 | $ | 0.9 | $ | 0.94 | |||||||||
Loss from discontinued operations | (0.02 | ) | (0.13 | ) | (0.39 | ) | (0.60 | ) | |||||||||
Total | $ | 0.72 | $ | 0.74 | $ | 0.51 | $ | 0.34 | |||||||||
2013 | |||||||||||||||||
Net sales | $ | 494,395 | $ | 524,139 | $ | 511,380 | $ | 588,167 | |||||||||
Gross profit | 165,726 | 182,386 | 178,672 | 209,055 | |||||||||||||
Earnings from continuing operations | 22,590 | 34,035 | 38,079 | 44,700 | |||||||||||||
Earnings/(loss) from discontinued operations | (1,647 | ) | (665 | ) | (1,718 | ) | 2,607 | ||||||||||
Net earnings | 20,943 | 33,370 | 36,361 | 47,307 | |||||||||||||
Basic earnings per share * | |||||||||||||||||
Earnings from continuing operations | $ | 0.48 | $ | 0.73 | $ | 0.81 | $ | 0.95 | |||||||||
Earnings/(loss) from discontinued operations | (0.03 | ) | (0.02 | ) | (0.04 | ) | 0.05 | ||||||||||
Total | $ | 0.45 | $ | 0.71 | $ | 0.77 | $ | 1 | |||||||||
Diluted earnings per share * | |||||||||||||||||
Earnings from continuing operations | $ | 0.48 | $ | 0.72 | $ | 0.79 | $ | 0.92 | |||||||||
Earnings/(loss) from discontinued operations | (0.04 | ) | (0.02 | ) | (0.03 | ) | 0.05 | ||||||||||
Total | $ | 0.44 | $ | 0.7 | $ | 0.76 | $ | 0.97 | |||||||||
SCHEDULE_II_VALUATION_AND_QUAL1
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS (Table) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | |||||||||||||||||||||||||
SummaryOfValuationAllowanceTextBlock | |||||||||||||||||||||||||
Additions | |||||||||||||||||||||||||
Description | Balance at | Charged to | Charged to Other | Deductions | Balance at | ||||||||||||||||||||
Beginning of | Costs and | Accounts | (Describe) | End of Period | |||||||||||||||||||||
Period | Expenses | (Describe) | |||||||||||||||||||||||
Deducted from assets to which they apply: | |||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||
Tax valuation allowance | 6,321 | 18,535 | (263 | ) | (A) | 1,115 | 23,478 | ||||||||||||||||||
Total | $ | 6,321 | $ | 18,535 | $ | (263 | ) | $ | 1,115 | $ | 23,478 | ||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Tax valuation allowance | 8,531 | (1,896 | ) | (314 | ) | (A) | — | 6,321 | |||||||||||||||||
Total | $ | 8,531 | $ | (1,896 | ) | $ | (314 | ) | $ | — | $ | 6,321 | |||||||||||||
December 31, 2012 | |||||||||||||||||||||||||
Tax valuation allowance | 5,518 | 1,665 | 1,348 | (A) | — | 8,531 | |||||||||||||||||||
Total | $ | 5,518 | $ | 1,665 | $ | 1,348 | $ | — | $ | 8,531 | |||||||||||||||
SUMMARY_OF_SIGNIFICANT_ACCOUNT2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Revenue Recognition) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 |
Revenue Recognition [Line Items] | |||
Other Current Assets Capitalized Costs | $2.70 | $1.80 | |
Changes In Contract Estimates Leading Decrease In Earnings From Continuing Operations | 0 | 0 | |
Technology Transfer Contract [Member] | |||
Revenue Recognition [Line Items] | |||
Changes In Contract Estimates Leading Increase In Earnings From Continuing Operations | 14.2 | ||
AP1000 [Member] | |||
Revenue Recognition [Line Items] | |||
Changes In Contract Estimates Leading Decrease In Earnings From Continuing Operations | $23.70 |
SUMMARY_OF_SIGNIFICANT_ACCOUNT3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Property Plant And Equipment) (Details) | 12 Months Ended |
Dec. 31, 2014 | |
Building [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 5 years |
Building [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 40 years |
Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 3 years |
Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 15 years |
SUMMARY_OF_SIGNIFICANT_ACCOUNT4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Intangible Assets) (Details) | 12 Months Ended |
Dec. 31, 2014 | |
Minimum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 1 year |
Maximum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 20 years |
SUMMARY_OF_SIGNIFICANT_ACCOUNT5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Impairment of Long-Lived Assets) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Impairment of assets | $3,202 | $887 | $4,988 |
General and Administrative Expense [Member] | Facility Closing [Member] | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Impairment of assets | $5,000 |
SUMMARY_OF_SIGNIFICANT_ACCOUNT6
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Foreign Currency) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Foreign Currency [Abstract] | |||
Foreign Currency Transaction Gain (Loss), Realized | $2.90 | $2.60 | ($2.30) |
SUMMARY_OF_SIGNIFICANT_ACCOUNT7
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Derivatives) (Details) (General and Administrative Expense [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
General and Administrative Expense [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Gain (Loss) on Foreign Currency Derivative Instruments Not Designated as Hedging Instruments | ($6,880) | ($6,198) | $883 |
DISCONTINUED_OPERATIONS_Detail
DISCONTINUED OPERATIONS (Detail) (USD $) | 3 Months Ended | 12 Months Ended | 0 Months Ended | |||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2014 | Dec. 17, 2014 | |||
Income Statement Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||||||||||||
Net sales | $363,869 | $392,690 | $285,194 | |||||||||||||
Earnings from discontinued operations before income taxes | -48,519 | [1] | -3,097 | [1] | -14,930 | [1] | ||||||||||
Provision for income taxes | 14,268 | 1,674 | 6,181 | |||||||||||||
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | -22,360 | [2] | 0 | [2] | 18,512 | [2] | ||||||||||
Gain/(loss) from discontinued operations, net of taxes | -29,382 | -19,345 | -6,618 | -1,266 | 2,607 | -1,718 | -665 | -1,647 | -56,611 | -1,423 | 9,763 | |||||
Surface Technologies Domestic [Member] | Commercial Industrial [Member] | ||||||||||||||||
Income Statement Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||||||||||||
Net sales | 4,395 | 4,672 | 1,767 | |||||||||||||
Earnings from discontinued operations before income taxes | -2,264 | -528 | -319 | |||||||||||||
Surface Technologies International [Member] | Commercial Industrial [Member] | ||||||||||||||||
Income Statement Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||||||||||||
Net sales | 4,355 | 4,600 | 4,248 | |||||||||||||
Earnings from discontinued operations before income taxes | -6,123 | -805 | -989 | |||||||||||||
Heat Treating [Member] | Commercial Industrial [Member] | ||||||||||||||||
Income Statement Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||||||||||||
Net sales | 10,785 | |||||||||||||||
Earnings from discontinued operations before income taxes | 4,929 | |||||||||||||||
Benshaw [Member] | Defense [Member] | ||||||||||||||||
Income Statement Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||||||||||||
Net sales | 29,029 | 70,741 | 89,183 | |||||||||||||
Earnings from discontinued operations before income taxes | -3,061 | 2,173 | 5,972 | |||||||||||||
Provision for income taxes | -2,900 | |||||||||||||||
3 D Radar [Member] | Defense [Member] | ||||||||||||||||
Income Statement Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||||||||||||
Net sales | 344 | 5,165 | 7,444 | |||||||||||||
Earnings from discontinued operations before income taxes | -1,117 | 215 | 1,492 | |||||||||||||
Upstream [Member] | Energy [Member] | ||||||||||||||||
Income Statement Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||||||||||||
Net sales | 143,182 | 145,609 | 9,335 | |||||||||||||
Earnings from discontinued operations before income taxes | 14,267 | 10,898 | -2,090 | |||||||||||||
Provision for income taxes | -600 | |||||||||||||||
Vessels [Member] | Energy [Member] | ||||||||||||||||
Income Statement Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||||||||||||
Net sales | 5,798 | 5,127 | 17,644 | |||||||||||||
Earnings from discontinued operations before income taxes | -11,115 | -12,611 | -12,729 | |||||||||||||
Provision for income taxes | -3,200 | |||||||||||||||
Engineered Packaging [Member] | Defense [Member] | ||||||||||||||||
Income Statement Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||||||||||||
Net sales | 19,841 | 19,484 | 17,862 | |||||||||||||
Earnings from discontinued operations before income taxes | 1,822 | 858 | 1,165 | |||||||||||||
Aviation Ground Support [Member] | Defense [Member] | ||||||||||||||||
Income Statement Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||||||||||||
Net sales | 29,331 | 28,022 | 28,585 | |||||||||||||
Earnings from discontinued operations before income taxes | -8,644 | -122 | 27 | |||||||||||||
Downstream [Member] | Energy [Member] | ||||||||||||||||
Income Statement Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||||||||||||
Net sales | 127,594 | 109,270 | 98,341 | |||||||||||||
Earnings from discontinued operations before income taxes | -32,284 | -3,175 | -12,388 | |||||||||||||
Assets Held-for-sale [Member] | ||||||||||||||||
Income Statement Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||||||||||||
Net sales | 181,161 | 161,448 | 146,555 | |||||||||||||
Earnings from discontinued operations before income taxes | -41,370 | -2,967 | -11,515 | |||||||||||||
Divestitures and facility closures [Member] | ||||||||||||||||
Income Statement Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||||||||||||
Net sales | 182,708 | 231,242 | 138,639 | |||||||||||||
Earnings from discontinued operations before income taxes | ($7,149) | ($130) | ($3,415) | |||||||||||||
[1] | Loss from discontinued operations before income taxes includes approximately $41.4 million of held for sale impairment expense in the year ended DecemberB 31, 2014. | |||||||||||||||
[2] | In the year ended DecemberB 31, 2014, the Corporation recognized aggregate after tax losses of $22.4 million on the sale of the Benshaw, 3D, Upstream and Vessels business. No businesses were sold in 2013. In 2012, the Corporation recognized an after tax gain of $18.5 million on the Heat Treat divestiture. Further details about these transactions are described below. |
DISCONTINUED_OPERATIONS_Narrat
DISCONTINUED OPERATIONS (Narrative) (Detail) (USD $) | 12 Months Ended | 0 Months Ended | 3 Months Ended | 0 Months Ended | 1 Months Ended | 3 Months Ended | |||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2014 | Apr. 30, 2014 | Dec. 17, 2014 | Sep. 30, 2014 | Mar. 30, 2012 | Mar. 30, 2012 | Dec. 31, 2014 | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Disposable Group, Including Discontinued Business, Number of Facilities to be Disposed of | 4 | ||||||||||||
Impairment of assets held for sale | ($41,369,000) | $0 | $0 | ||||||||||
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | -22,360,000 | [1] | 0 | [1] | 18,512,000 | [1] | |||||||
Proceeds from divestiture | 152,965,000 | 0 | 52,123,000 | ||||||||||
Impairment of assets | 3,202,000 | 887,000 | 4,988,000 | ||||||||||
Net sales | 363,869,000 | 392,690,000 | 285,194,000 | ||||||||||
Earnings from discontinued operations before income taxes | -48,519,000 | [2] | -3,097,000 | [2] | -14,930,000 | [2] | |||||||
Gain (loss) on divestiture | -29,184,000 | 29,912,000 | |||||||||||
Discontinued Operation, Tax Effect of Discontinued Operation | -14,268,000 | -1,674,000 | -6,181,000 | ||||||||||
Surface Technologies Domestic [Member] | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Impairment of assets held for sale | -1,900,000 | ||||||||||||
Surface Technologies Domestic [Member] | Commercial Industrial [Member] | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Net sales | 4,395,000 | 4,672,000 | 1,767,000 | ||||||||||
Earnings from discontinued operations before income taxes | -2,264,000 | -528,000 | -319,000 | ||||||||||
Surface Technologies International [Member] | Commercial Industrial [Member] | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Net sales | 4,355,000 | 4,600,000 | 4,248,000 | ||||||||||
Earnings from discontinued operations before income taxes | -6,123,000 | -805,000 | -989,000 | ||||||||||
Aviation Ground Support [Member] | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Impairment of assets held for sale | -6,200,000 | ||||||||||||
Aviation Ground Support [Member] | Defense [Member] | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Net sales | 29,331,000 | 28,022,000 | 28,585,000 | ||||||||||
Earnings from discontinued operations before income taxes | -8,644,000 | -122,000 | 27,000 | ||||||||||
Downstream [Member] | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Impairment of assets held for sale | -33,100,000 | ||||||||||||
Downstream [Member] | Energy [Member] | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Net sales | 127,594,000 | 109,270,000 | 98,341,000 | ||||||||||
Earnings from discontinued operations before income taxes | -32,284,000 | -3,175,000 | -12,388,000 | ||||||||||
Benshaw [Member] | Defense [Member] | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Proceeds from Sales of Business, Affiliate and Productive Assets | 49,700,000 | ||||||||||||
Disposal Date | 30-Jun-14 | ||||||||||||
Net sales | 29,029,000 | 70,741,000 | 89,183,000 | ||||||||||
Earnings from discontinued operations before income taxes | -3,061,000 | 2,173,000 | 5,972,000 | ||||||||||
Gain (loss) on divestiture | 7,300,000 | ||||||||||||
Discontinued Operation, Tax Effect of Discontinued Operation | 2,900,000 | ||||||||||||
3 D Radar [Member] | Defense [Member] | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Proceeds from Sales of Business, Affiliate and Productive Assets | 2,400,000 | ||||||||||||
Disposal Date | 30-Apr-14 | ||||||||||||
Net sales | 344,000 | 5,165,000 | 7,444,000 | ||||||||||
Earnings from discontinued operations before income taxes | -1,117,000 | 215,000 | 1,492,000 | ||||||||||
Gain (loss) on divestiture | 600,000 | ||||||||||||
Upstream [Member] | Energy [Member] | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Proceeds from Sales of Business, Affiliate and Productive Assets | 98,000,000 | ||||||||||||
Disposal Date | 17-Dec-14 | ||||||||||||
Net sales | 143,182,000 | 145,609,000 | 9,335,000 | ||||||||||
Earnings from discontinued operations before income taxes | 14,267,000 | 10,898,000 | -2,090,000 | ||||||||||
Gain (loss) on divestiture | -13,700,000 | ||||||||||||
Discontinued Operation, Tax Effect of Discontinued Operation | 600,000 | ||||||||||||
Vessels [Member] | Energy [Member] | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Proceeds from Sales of Business, Affiliate and Productive Assets | 2,000,000 | ||||||||||||
Net sales | 5,798,000 | 5,127,000 | 17,644,000 | ||||||||||
Earnings from discontinued operations before income taxes | -11,115,000 | -12,611,000 | -12,729,000 | ||||||||||
Gain (loss) on divestiture | -8,600,000 | ||||||||||||
Discontinued Operation, Tax Effect of Discontinued Operation | 3,200,000 | ||||||||||||
Heat Treating [Member] | Commercial Industrial [Member] | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Proceeds from Sales of Business, Affiliate and Productive Assets | 52,000,000 | ||||||||||||
Disposal Date | 30-Mar-12 | ||||||||||||
Net sales | 10,785,000 | ||||||||||||
Earnings from discontinued operations before income taxes | 4,929,000 | ||||||||||||
Gain (loss) on divestiture | 29,900,000 | ||||||||||||
Discontinued Operations, Disposed of by Means Other than Sale, Abandonment [Member] | Surface Technologies International [Member] | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Payments for Removal Costs | 5,300,000 | ||||||||||||
General and Administrative Expense [Member] | Machinery and Equipment [Member] | Surface Technologies International [Member] | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Impairment of assets | $3,200,000 | ||||||||||||
[1] | In the year ended DecemberB 31, 2014, the Corporation recognized aggregate after tax losses of $22.4 million on the sale of the Benshaw, 3D, Upstream and Vessels business. No businesses were sold in 2013. In 2012, the Corporation recognized an after tax gain of $18.5 million on the Heat Treat divestiture. Further details about these transactions are described below. | ||||||||||||
[2] | Loss from discontinued operations before income taxes includes approximately $41.4 million of held for sale impairment expense in the year ended DecemberB 31, 2014. |
DISCONTINUED_OPERATIONS_DISCON
DISCONTINUED OPERATIONS DISCONTINUED OPERATIONS (Balance Sheet) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Disposal Group, Including Discontinued Operation, Balance Sheet Disclosures [Abstract] | ||
Receivables, net | $60,187 | |
Inventories, net | 27,414 | |
Property, plant, and equipment, net | 22,473 | |
Goodwill | 42,395 | |
Other intangible assets, net | 19,151 | |
Other assets | 5,631 | |
Deferred tax assets, net | 11,174 | |
Reserve for assets held for sale | -41,078 | |
Total assets held for sale, current | 147,347 | |
Accounts payable | 12,579 | |
Disposal Group, Including Discontinued Operation, Accrued Liabilities, Current | 8,320 | |
Disposal Group, Including Discontinued Operation, Other Liabilities, Current | 13,930 | |
Disposal Group, Including Discontinued Operation, Other Liabilities, Noncurrent | 563 | |
Liabilities held for sale | $35,392 | $0 |
ACQUISITIONS_Detail
ACQUISITIONS (Detail) | 12 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 12 Months Ended | ||||||||||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Jan. 10, 2014 | Jan. 10, 2014 | Dec. 31, 2014 | Feb. 18, 2014 | Feb. 18, 2014 | Oct. 01, 2013 | Dec. 31, 2013 | Oct. 04, 2013 | Dec. 31, 2013 | Feb. 28, 2013 | Dec. 31, 2013 | Feb. 28, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
USD ($) | USD ($) | USD ($) | Commercial Industrial [Member] | Commercial Industrial [Member] | Commercial Industrial [Member] | Energy [Member] | Energy [Member] | Energy [Member] | Defense [Member] | Defense [Member] | Defense [Member] | 2012 Acquisitions [Member] | 2013 Acquisitions [Member] | 2014 acquisitions [Member] | Component Coating and Repair Services [Member] | Component Coating and Repair Services [Member] | Component Coating and Repair Services [Member] | NPSI [Member] | NPSI [Member] | NPSI [Member] | Parvus Corporation [Member] | Parvus Corporation [Member] | Arens Controls [Member] | Arens Controls [Member] | Phonix Group [Member] | Phonix Group [Member] | other acquisitions [Member] | other acquisitions [Member] | Gulf33 [Member] | Ovalpath [Member] | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Commercial Industrial [Member] | Commercial Industrial [Member] | USD ($) | Energy [Member] | Energy [Member] | Defense [Member] | Defense [Member] | Commercial Industrial [Member] | Commercial Industrial [Member] | Commercial Industrial [Member] | Commercial Industrial [Member] | Energy [Member] | Energy [Member] | Energy [Member] | Energy [Member] | ||||
USD ($) | GBP (£) | USD ($) | CAD | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | ||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||||
Accounts receivable | $53,753 | $25,972 | $2,991 | $2,984 | $7 | $3,639 | $9,441 | $12,226 | $666 | ||||||||||||||||||||||
Inventory | 52,225 | 30,930 | 304 | 64 | 112 | 5,122 | 5,349 | 20,358 | 101 | ||||||||||||||||||||||
Property, plant, and equipment | 40,915 | 18,066 | 2,802 | 1,987 | 790 | 435 | 4,787 | 12,575 | 269 | ||||||||||||||||||||||
Other current assets | 7,244 | 3,229 | 81 | 71 | 10 | 104 | 972 | 2,153 | 0 | ||||||||||||||||||||||
Intangible assets | 182,681 | 102,265 | 13,501 | 9,560 | 3,406 | 15,000 | 43,100 | 42,305 | 1,860 | ||||||||||||||||||||||
Current and non-current liabilities | -44,617 | -18,959 | -1,754 | -1,754 | 0 | -3,854 | -7,991 | -7,497 | 383 | ||||||||||||||||||||||
Pension and postretirement benefits | -8,144 | -6,472 | 0 | 0 | 0 | -6,472 | 0 | ||||||||||||||||||||||||
Deferred income taxes | -50,367 | -19,682 | -2,199 | -2,041 | 0 | -5,518 | 94 | -14,258 | 0 | ||||||||||||||||||||||
Debt assumed | -13,819 | 0 | 0 | ||||||||||||||||||||||||||||
Due to seller | -240 | -3,361 | -230 | 0 | -119 | -3,012 | |||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 219,631 | 131,988 | 15,726 | 10,871 | 4,325 | 14,698 | 55,752 | 61,271 | 267 | ||||||||||||||||||||||
(Gain on Bargain Purchase) | 0 | 0 | -910 | -910 | 0 | 0 | |||||||||||||||||||||||||
Purchase price | 462,416 | 236,135 | 34,364 | 24,645 | 25,000 | 15,000 | 7,965 | 8,000 | 9,000 | 37,059 | 95,612 | 97,886 | 5,578 | 3,300 | 2,300 | ||||||||||||||||
Goodwill | 998,506 | 1,110,429 | 1,013,300 | 350,862 | 347,819 | 273,247 | 200,904 | 277,179 | 272,136 | 446,740 | 485,431 | 467,917 | 243,695 | 104,147 | 18,638 | 13,774 | 3,640 | 22,361 | 39,860 | 36,615 | 5,311 | ||||||||||
Expected deductible tax amount | $45,171 | $0 | $3,640 | $0 | $39,860 | $0 | $5,311 |
ACQUISITiONS_Proforma_Detail
ACQUISITiONS (Proforma) (Detail) (USD $) | 12 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Business Acquisition, Pro Forma Information [Abstract] | ||
Net sales | $2,184,715 | $2,157,815 |
Net earnings from continuing operations | $143,960 | $116,768 |
Diluted earnings per share from continuing operations | $3.04 | $2.46 |
ACQUISITIONS_Narrative_Detail
ACQUISITIONS (Narrative) (Detail) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | ||||||||||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | 31-May-13 | Jan. 10, 2014 | Jan. 10, 2014 | Dec. 31, 2014 | Feb. 18, 2014 | Feb. 18, 2014 | Dec. 31, 2013 | Jun. 04, 2014 | Oct. 01, 2013 | Dec. 31, 2012 | Oct. 01, 2013 | Feb. 28, 2013 | Dec. 31, 2013 | Oct. 04, 2013 | Dec. 31, 2012 | Oct. 04, 2013 | Feb. 28, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | |
USD ($) | NumberAcquisitions | NumberAcquisitions | 2012 Acquisitions [Member] | 2013 Acquisitions [Member] | 2014 acquisitions [Member] | Component Coating and Repair Services [Member] | Component Coating and Repair Services [Member] | Component Coating and Repair Services [Member] | Component Coating and Repair Services [Member] | NPSI [Member] | NPSI [Member] | NPSI [Member] | NPSI [Member] | Engemasa Pressure Relief Valve [Member] | Parvus Corporation [Member] | Parvus Corporation [Member] | Parvus Corporation [Member] | other acquisitions [Member] | other acquisitions [Member] | Arens Controls [Member] | Arens Controls [Member] | Arens Controls [Member] | Phonix Group [Member] | Phonix Group [Member] | Gulf33 [Member] | Ovalpath [Member] | |
NumberAcquisitions | USD ($) | USD ($) | USD ($) | USD ($) | GBP (£) | Commercial Industrial [Member] | Commercial Industrial [Member] | USD ($) | Energy [Member] | Energy [Member] | Energy [Member] | Energy [Member] | Defense [Member] | Defense [Member] | Defense [Member] | Energy [Member] | Energy [Member] | Commercial Industrial [Member] | Commercial Industrial [Member] | Commercial Industrial [Member] | Commercial Industrial [Member] | Commercial Industrial [Member] | Energy [Member] | Energy [Member] | |||
USD ($) | GBP (£) | USD ($) | CAD | CAD | USD ($) | USD ($) | USD ($) | USD ($) | NumberAcquisitions | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | ||||||||||||
employee | employee | employee | |||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||
Payments to acquire business | $462,416,000 | $236,135,000 | $34,364,000 | $24,645,000 | $25,000,000 | £ 15,000,000 | $7,965,000 | $8,000,000 | 9,000,000 | $1,800,000 | $37,059,000 | $5,578,000 | $95,612,000 | $97,886,000 | $3,300,000 | $2,300,000 | |||||||||||
Number of Businesses Acquired | 3 | 5 | 8 | ||||||||||||||||||||||||
Effective date of acquisition | 10-Jan-14 | 10-Jan-14 | 18-Feb-14 | 18-Feb-14 | 4-Jun-14 | 1-Oct-13 | 4-Oct-13 | 28-Feb-13 | |||||||||||||||||||
Percentage acquired | 100.00% | 100.00% | |||||||||||||||||||||||||
Employee Date of Acquisition | 50 | 120 | 282 | ||||||||||||||||||||||||
Business Acquisition, Revenue Reported by Acquired Entity for Last Annual Period | 6,400,000 | 5,000,000 | 20,000,000 | 57,000,000 | 60,000,000 | ||||||||||||||||||||||
Business Combination, Number of Separate Transactions | 2 | ||||||||||||||||||||||||||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | 19,100,000 | ||||||||||||||||||||||||||
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | $200,000 |
ACQUISITIONS_Proforma_Narrativ
ACQUISITIONS (Proforma Narrative) (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Business Acquisition [Line Items] | ||
Elimination Of Intangible Asset Amortization | $0.70 | $1.80 |
Additional Amortization Of Intangible Assets | 3.6 | 18.5 |
Additional depreciation expense | 1.2 | 1.6 |
Elimination Of Acquisition Costs | 2.1 | |
Elimination Of Historical Interest Expense | 0.6 | 5.3 |
Additional Interest Expense | 4.2 | 16.5 |
Inventory [Member] | ||
Business Acquisition [Line Items] | ||
Assets, Fair Value Adjustment | $3.70 |
RECEIVABLES_Detail
RECEIVABLES (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Billed receivables: | ||
Trade and other receivables | $363,241 | $444,841 |
Less: Allowance for doubtful accounts | -5,619 | -6,857 |
Net billed receivables | 357,622 | 437,984 |
Unbilled receivables: | ||
Recoverable costs and estimated earnings not billed | 150,526 | 184,120 |
Less: Progress payments applied | -12,668 | -18,512 |
Net unbilled receivables | 137,858 | 165,608 |
Receivables, net | $495,480 | $603,592 |
RECEIVABLES_Narrative_Detail
RECEIVABLES (Narrative) (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
ConcentrationRiskLineItems | ||
Unbilled Receivables, Not Billable | $137,858,000 | $165,608,000 |
GovernmentContractsConcentrationRiskMember | ||
ConcentrationRiskLineItems | ||
Accounts Receivable, Gross | 157,900,000 | 205,100,000 |
ConcentrationRiskPercentage | 33.00% | 34.00% |
Unbilled Receivables, Not Billable | $72,900,000 | $82,500,000 |
INVENTORIES_Detail
INVENTORIES (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventory, Net [Abstract] | ||
Raw material | $201,998 | $231,219 |
Work-in-process | 89,423 | 114,372 |
Finished goods and component parts | 103,831 | 117,444 |
Inventory costs related to U.S. Government and other long-term contracts | 59,070 | 58,796 |
Gross inventories | 454,322 | 521,831 |
Less: Inventory reserves | -51,435 | -54,400 |
Progress payments applied, principally related to long-term contracts | -14,217 | -15,344 |
Inventories, net | $388,670 | $452,087 |
INVENTORIES_Narrative_Detail
INVENTORIES (Narrative) (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Inventory, Net [Abstract] | ||
Other Inventory, Capitalized Costs | $33.90 | $37.10 |
Other Inventory Capitalized Costs To Be Liquidated Under Firm Orders | $7.20 | $13.80 |
PROPERTY_PLANT_AND_EQUIPMENT_D
PROPERTY, PLANT, AND EQUIPMENT (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Property, Plant and Equipment [Abstract] | |||
land | $21,762 | $24,250 | |
BuildingsAndImprovementsGross | 219,219 | 218,551 | |
MachineryAndEquipmentGross | 750,006 | 800,573 | |
Property, Plant and Equipment, Gross, Total | 990,987 | 1,043,374 | |
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment | -532,068 | -527,656 | |
Property, plant, and equipment, net | $458,919 | $515,718 | $489,593 |
PROPERTY_PLANT_AND_EQUIPMENT_N
PROPERTY, PLANT, AND EQUIPMENT (Narrative) (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Property, Plant and Equipment [Abstract] | |||
Depreciation | $66.60 | $63.20 | $55.20 |
GOODWILL_Detail
GOODWILL (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Goodwill [Line Items] | ||
Goodwill | $1,110,429 | $1,013,300 |
Acquisitions | 18,636 | 104,034 |
Goodwill, Written off Related to Assets Held For Sale | -42,395 | |
Divestitures | -55,355 | |
Goodwill adjustments | -1,350 | -2,735 |
Goodwill, Translation Adjustments | -31,459 | -4,170 |
Goodwill | 998,506 | 1,110,429 |
Energy [Member] | ||
Goodwill [Line Items] | ||
Goodwill | 277,179 | 272,136 |
Acquisitions | 4,863 | 5,311 |
Goodwill, Written off Related to Assets Held For Sale | -35,870 | |
Divestitures | -43,660 | |
Goodwill adjustments | 0 | 429 |
Goodwill, Translation Adjustments | -1,608 | -697 |
Goodwill | 200,904 | 277,179 |
Defense [Member] | ||
Goodwill [Line Items] | ||
Goodwill | 485,431 | 467,917 |
Acquisitions | 0 | 22,615 |
Goodwill, Written off Related to Assets Held For Sale | -6,525 | |
Divestitures | -11,695 | |
Goodwill adjustments | -254 | 0 |
Goodwill, Translation Adjustments | -20,217 | -5,101 |
Goodwill | 446,740 | 485,431 |
Commercial Industrial [Member] | ||
Goodwill [Line Items] | ||
Goodwill | 347,819 | 273,247 |
Acquisitions | 13,773 | 76,108 |
Goodwill, Written off Related to Assets Held For Sale | 0 | |
Divestitures | 0 | |
Goodwill adjustments | -1,096 | -3,164 |
Goodwill, Translation Adjustments | -9,634 | 1,628 |
Goodwill | $350,862 | $347,819 |
OTHER_INTANGIBLE_ASSETS_NET_De
OTHER INTANGIBLE ASSETS, NET (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite Lived Intangible Assets Gross | $573,673 | $710,928 |
Finite Lived Intangible Assets Accumulated Amortization | -224,446 | -239,549 |
Other intangible assets, net | 349,227 | 471,379 |
Technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite Lived Intangible Assets Gross | 178,369 | 213,888 |
Finite Lived Intangible Assets Accumulated Amortization | -84,584 | -88,644 |
Other intangible assets, net | 93,785 | 125,244 |
Customer Related Intangibles [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite Lived Intangible Assets Gross | 356,844 | 430,604 |
Finite Lived Intangible Assets Accumulated Amortization | -122,920 | -127,194 |
Other intangible assets, net | 233,924 | 303,410 |
Other Intangible Assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite Lived Intangible Assets Gross | 38,460 | 66,436 |
Finite Lived Intangible Assets Accumulated Amortization | -16,942 | -23,711 |
Other intangible assets, net | $21,518 | $42,725 |
OTHER_INTANGIBLE_ASSETS_NET_Ac
OTHER INTANGIBLE ASSETS, NET (Acquisition) (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Acquired Finite Lived Intangible Assets [Line Items] | ||
Intangible assets | $13,500 | $102,751 |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 13 years 3 months 18 days | 15 years 1 month 6 days |
Technology [Member] | ||
Acquired Finite Lived Intangible Assets [Line Items] | ||
Intangible assets | 100 | 21,101 |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 5 years | 13 years 6 months |
Customer Related Intangibles [Member] | ||
Acquired Finite Lived Intangible Assets [Line Items] | ||
Intangible assets | 13,200 | 73,146 |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 13 years 7 months 6 days | 16 years 10 months 24 days |
Other Intangible Assets [Member] | ||
Acquired Finite Lived Intangible Assets [Line Items] | ||
Intangible assets | $200 | $8,504 |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 1 year | 3 years 3 months 18 days |
OTHER_INTANGIBLE_ASSETS_NET_Am
OTHER INTANGIBLE ASSETS, NET (Amort) (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |||
Amortization of Intangible Assets | $38,300,000 | $39,000,000 | $24,900,000 |
Future Amortization Expense Year One | 34,766,000 | ||
Future Amortization Expense Year Two | 34,264,000 | ||
Future Amortization Expense Year Three | 33,775,000 | ||
Future Amortization Expense Year Four | 32,680,000 | ||
Future Amortization Expense Year Five | $30,848,000 |
OTHER_INTANGIBLE_ASSETS_NET_OT
OTHER INTANGIBLE ASSETS, NET OTHER INTANGIBLE ASSETS, NET (Narrative) (Detail) | 12 Months Ended |
Dec. 31, 2014 | |
Minimum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 1 year |
Maximum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 20 years |
FAIR_VALUE_Detail
FAIR VALUE (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | $605 | [1] | $605 | [1] |
Derivative Liability, Fair Value, Gross Liability | 5,797 | [2] | 50,122 | [2] |
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | ||||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||||
Derivative Liability, Fair Value, Gross Liability | 5,121 | 49,845 | ||
Not Designated as Hedging Instrument [Member] | Foreign Exchange Forward [Member] | ||||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 605 | 605 | ||
Derivative Liability, Fair Value, Gross Liability | $676 | $277 | ||
[1] | Forward exchange derivatives are included in Other current assets and interest rate swap assets are included in Other assets. | |||
[2] | Forward exchange derivatives are included in Other current liabilities and interest rate swap liabilities are included in Other liabilities. |
FAIR_VALUE_OF_FINANCIAL_INSTRU2
FAIR VALUE OF FINANCIAL INSTRUMENTS (Income Loss) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
General and Administrative Expense [Member] | |||
Derivative Instruments Gain Loss [Line Items] | |||
Gain (Loss) on Foreign Currency Derivative Instruments Not Designated as Hedging Instruments | ($6,880) | ($6,198) | $883 |
Swap [Member] | Other Income [Member] | |||
Derivative Instruments Gain Loss [Line Items] | |||
Increase (Decrease) in Fair Value of Hedged Item in Interest Rate Fair Value Hedge | 44,724 | -49,845 | -742 |
Borrowings [Member] | Other Income [Member] | |||
Derivative Instruments Gain Loss [Line Items] | |||
Increase (Decrease) in Fair Value of Hedged Item in Interest Rate Fair Value Hedge | ($44,724) | $49,845 | $742 |
FAIR_VALUE_OF_FINANCIAL_INSTRU3
FAIR VALUE OF FINANCIAL INSTRUMENTS (Narrative) (Detail) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Mar. 31, 2013 | Jan. 31, 2012 | Dec. 31, 2013 |
Derivative [Line Items] | ||||
Derivative, Number of Instruments Held | 3 | |||
Derivative, Notional Amount | 400 | |||
Two Thousand Eleven Notes [Member] | ||||
Derivative [Line Items] | ||||
Derivative, Inception Date | 1-Jan-12 | |||
Two Thousand Thirteen Senior Notes [Member] | ||||
Derivative [Line Items] | ||||
Derivative, Inception Date | 1-Mar-13 | |||
Senior Notes Three Eighty Five [Member] | ||||
Derivative [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 3.85% | |||
Derivative, Basis Spread on Variable Rate | 1.77% | |||
Debt Instrument, Description of Variable Rate Basis | LIBOR | |||
Debt Instrument, Maturity Date | 26-Feb-25 | |||
Derivative, Notional Amount | 100 | |||
Senior Notes Four Zero Five [Member] | ||||
Derivative [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 4.05% | |||
Derivative, Basis Spread on Variable Rate | 1.73% | |||
Debt Instrument, Description of Variable Rate Basis | LIBOR | |||
Debt Instrument, Maturity Date | 26-Feb-28 | |||
Derivative, Notional Amount | 75 | |||
Senior Notes Four Twenty Four [Member] | ||||
Derivative [Line Items] | ||||
Debt Instrument, Face Amount | 200 | |||
Debt Instrument, Interest Rate, Stated Percentage | 4.24% | |||
Derivative, Basis Spread on Variable Rate | 2.02% | |||
Debt Instrument, Description of Variable Rate Basis | LIBOR | |||
Debt Instrument, Maturity Date | 1-Dec-26 | 1-Dec-26 | ||
Derivative, Notional Amount | 200 | |||
Senior Notes Three Eighty Four [Member] | ||||
Derivative [Line Items] | ||||
Debt Instrument, Face Amount | 100 | |||
Debt Instrument, Interest Rate, Stated Percentage | 3.84% | |||
Derivative, Basis Spread on Variable Rate | 1.90% | |||
Debt Instrument, Description of Variable Rate Basis | LIBOR | |||
Debt Instrument, Maturity Date | 1-Dec-21 | 1-Dec-21 | ||
Derivative, Notional Amount | $25 |
FAIR_VALUE_OF_FINANCIAL_INSTRU4
FAIR VALUE OF FINANCIAL INSTRUMENTS (Debt Narrative) (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Estimate Of Fair Value Fair Value Disclosure [Member] | ||
DebtInstrumentLineItems | ||
Long-term Debt, Percentage Bearing Fixed Interest, Amount | $959 | $887 |
Carrying Reported Amount Fair Value Disclosure [Member] | ||
DebtInstrumentLineItems | ||
Long-term Debt, Percentage Bearing Fixed Interest, Amount | $945 | $900 |
FAIR_VALUE_OF_FINANCIAL_INSTRU5
FAIR VALUE OF FINANCIAL INSTRUMENTS (Nonrecurring) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impairment of Long-Lived Assets to be Disposed of | $41,369 | $0 | $0 |
ACCRUED_EXPENSES_AND_OTHER_CUR2
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Accrued Expenses) (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accrued Liabilities, Current [Abstract] | ||
Accrued compensation | $88,793 | $88,108 |
Accrued commissions | 10,783 | 12,834 |
Accrued interest | 9,688 | 9,730 |
Accrued insurance | 6,757 | 4,885 |
Accrued 401K | 7,050 | 0 |
Other Accrued Liabilities, Current | 22,867 | 27,378 |
Accrued expenses | $145,938 | $142,935 |
ACCRUED_EXPENSES_AND_OTHER_CUR3
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Other Current Liabilities) (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accrued Liabilities, Current [Abstract] | ||
Warranty | $15,688 | $15,914 |
Additional amounts due to sellers on acquisitions | 1,739 | 5,250 |
Reserves on loss contracts | 2,979 | 4,067 |
Deferred tax liability | 2,448 | 3,175 |
Pension and other postretirement liabilities | 5,120 | 4,280 |
Other Sundry Liabilities, Current | 10,189 | 5,565 |
Other current liabilities | $38,163 | $38,251 |
RESTRUCTURING_ACTIVITIES_Detai
RESTRUCTURING ACTIVITIES (Detail) (USD $) | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring And Related Cost Cost Incurred To Date | $19,201 |
Cost Of Sales [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring And Related Cost Cost Incurred To Date | 10,778 |
Selling and Marketing Expense [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring And Related Cost Cost Incurred To Date | 430 |
General and Administrative Expense [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring And Related Cost Cost Incurred To Date | 7,993 |
Commercial Industrial [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring And Related Cost Cost Incurred To Date | 12,446 |
Commercial Industrial [Member] | Cost Of Sales [Member] | Employee Severance [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring And Related Cost Cost Incurred To Date | 7,413 |
Commercial Industrial [Member] | Selling and Marketing Expense [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring And Related Cost Cost Incurred To Date | 0 |
Commercial Industrial [Member] | General and Administrative Expense [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring And Related Cost Cost Incurred To Date | 5,033 |
Defense [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring And Related Cost Cost Incurred To Date | 6,107 |
Defense [Member] | Cost Of Sales [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring And Related Cost Cost Incurred To Date | 3,227 |
Defense [Member] | Selling and Marketing Expense [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring And Related Cost Cost Incurred To Date | 417 |
Defense [Member] | General and Administrative Expense [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring And Related Cost Cost Incurred To Date | 2,463 |
Energy [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring And Related Cost Cost Incurred To Date | 648 |
Energy [Member] | Cost Of Sales [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring And Related Cost Cost Incurred To Date | 138 |
Energy [Member] | Selling and Marketing Expense [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring And Related Cost Cost Incurred To Date | 13 |
Energy [Member] | General and Administrative Expense [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring And Related Cost Cost Incurred To Date | $497 |
RESTRUCTURING_ACTIVITIES_Rollf
RESTRUCTURING ACTIVITIES (Rollforward) (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Restructuring Cost and Reserve [Line Items] | |
Restructuring Reserve | $7,126 |
Restructuring Charges | 0 |
Restructuring Reserve Settled With Cash | -6,293 |
Restructuring Reserve, Accrual Adjustment | -833 |
Restructuring Reserve | 0 |
Employee Severance [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring Reserve | 1,020 |
Restructuring Charges | 0 |
Restructuring Reserve Settled With Cash | -774 |
Restructuring Reserve, Accrual Adjustment | -246 |
Restructuring Reserve | 0 |
Facility Closing [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring Reserve | 6,106 |
Restructuring Charges | 0 |
Restructuring Reserve Settled With Cash | -5,519 |
Restructuring Reserve, Accrual Adjustment | -587 |
Restructuring Reserve | $0 |
INCOME_TAXES_Income_Before_Inc
INCOME TAXES (Income Before Income Tax) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||
Domestic | $120,563 | $105,188 | $80,475 |
Foreign | 126,381 | 95,862 | 74,746 |
Earnings before income taxes | $246,944 | $201,050 | $155,221 |
INCOME_TAXES_Provision_for_Inc
INCOME TAXES (Provision for Income Taxes) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||
Federal | $70,609 | $29,323 | $27,882 |
State | 9,065 | 5,629 | 5,465 |
Foreign | 33,401 | 20,807 | 21,369 |
Current Income Tax Expense (Benefit), Total | 113,075 | 55,759 | 54,716 |
Federal | -29,469 | 7,982 | 758 |
State | -1,275 | 644 | -1,122 |
Foreign | -5,070 | -802 | -5,172 |
Deferred Income Tax Expense (Benefit), Total | -35,814 | 7,824 | -5,536 |
Deferred Other Tax Expense (Benefit) | -266 | -1,937 | 1,960 |
Provision for income taxes | $76,995 | $61,646 | $51,140 |
INCOME_TAXES_Effective_Income_
INCOME TAXES (Effective Income Tax Rate Reconciliation) (Detail) | 12 Months Ended | |||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||
Income Tax Disclosure [Abstract] | ||||||
U.S. federal statutory tax rate | 35.00% | 35.00% | 35.00% | |||
State and local taxes, net of federal benefit | 2.40% | 1.60% | 1.70% | |||
R&D tax credits | -1.30% | -1.50% | -0.90% | |||
Foreign rate differential | -4.40% | [1] | -3.70% | [1] | -3.00% | [1] |
All other, net | -0.50% | -0.70% | 0.10% | |||
Effective tax rate | 31.20% | 30.70% | 32.90% | |||
[1] | Foreign earnings primarily include the net impact of differences between local statutory rates and the U.S. Federal statutory rate, the cost of repatriating foreign earnings, and the impact of changes to foreign valuation allowances. |
INCOME_TAXES_Deferred_Tax_Asse
INCOME TAXES (Deferred Tax Assets and Liabilties) (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Deferred tax assets: | ||
Capital loss carryover | $17,555,000 | $0 |
Environmental reserves | 10,123,000 | 9,913,000 |
Inventories | 18,496,000 | 20,197,000 |
Postretirement/postemployment benefits | 13,326,000 | 12,641,000 |
Incentive compensation | 16,140,000 | 6,727,000 |
Accrued vacation pay | 4,968,000 | 5,745,000 |
Warranty reserves | 4,330,000 | 5,073,000 |
Share-based payments | 4,422,000 | 7,718,000 |
Pension plans | 84,493,000 | 43,684,000 |
Net operating loss | 8,909,000 | 9,826,000 |
Other | 12,609,000 | 14,793,000 |
Total deferred tax assets | 195,371,000 | 136,317,000 |
Deferred Tax Liabilities, Undistributed Foreign Earnings | 7,840,000 | 4,077,000 |
Deferred tax liabilities: | ||
Undistributed foreign subsidiaries earnings | 295,200,000 | |
Depreciation | 33,117,000 | 52,242,000 |
Goodwill amortization | 74,555,000 | 65,644,000 |
Other intangible amortization | 62,777,000 | 81,634,000 |
Other | 1,612,000 | 4,119,000 |
Total deferred tax liabilities | 179,901,000 | 207,716,000 |
Valuation allowance | 23,478,000 | 6,321,000 |
Net deferred tax assets/(liabilities) | ($8,008,000) | ($77,720,000) |
INCOME_TAXES_Net_Deferred_Tax_
INCOME TAXES (Net Deferred Tax Assets and Liabilities) (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Income Tax Disclosure [Abstract] | ||
Net current deferred tax assets | $44,311 | $47,650 |
Net current deferred tax liabilities | 2,448 | 3,175 |
Net noncurrent deferred tax assets | 1,683 | 1,449 |
Net noncurrent deferred tax liabilities | 51,554 | 123,644 |
Net deferred tax assets/(liabilities) | ($8,008) | ($77,720) |
INCOME_TAXES_Unrecognized_Tax_
INCOME TAXES (Unrecognized Tax Benefits) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Unrecognized tax benefits (beginning balance) | $10,623 | $11,301 | $5,769 |
Additions for tax positions of prior periods | 1,421 | 1,511 | 4,591 |
Additions for tax positions related to the current year | 1,738 | 1,768 | 1,019 |
Settlements | -2,039 | -3,868 | -53 |
Lapses of statute of limitations | -41 | -140 | -28 |
Foreign currency translation | -142 | 51 | 3 |
Unrecognized tax benefits (ending balance) | $11,560 | $10,623 | $11,301 |
INCOME_TAXES_Open_Tax_Years_De
INCOME TAXES (Open Tax Years) (Detail) | 12 Months Ended |
Dec. 31, 2014 | |
United States (Various states) | |
IncomeTaxContingencyLineItems | |
Open Tax Year | 1998 |
Internal Revenue Service (IRS) | United States (Federal) | |
IncomeTaxContingencyLineItems | |
Open Tax Year | 2011 |
United Kingdom | Foreign Tax Authority | |
IncomeTaxContingencyLineItems | |
Open Tax Year | 2007 |
Canada | Foreign Tax Authority | |
IncomeTaxContingencyLineItems | |
Open Tax Year | 2008 |
INCOME_TAXES_Narrative_Detail
INCOME TAXES (Narrative) (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
OperatingLossCarryforwardsLineItems | |||
Operating loss carryforward | $26,500,000 | ||
Valuation allowance increase | 17,200,000 | ||
Valuation allowance | 23,478,000 | 6,321,000 | |
Income tax payments | 35,000,000 | 69,400,000 | 42,700,000 |
Undistributed foreign subsidiaries earnings | 295,200,000 | ||
Unrecognized tax benefits that would affect the effective income tax rate | 8,000,000 | 7,600,000 | 9,000,000 |
Foreign Tax Authority | |||
OperatingLossCarryforwardsLineItems | |||
Operating loss carryforwards related to international operations | 26,400,000 | ||
Indefinite lived operating loss carryforwards, | 16,400,000 | ||
Operating loss carryforwards subject to expiration | 10,000,000 | ||
Operating loss carryforward, expiration date | 31-Dec-23 | ||
State And Local Jurisdiction [Member] | |||
OperatingLossCarryforwardsLineItems | |||
Operating loss carryforwards subject to expiration | 21,000,000 | ||
Operating loss carryforward, expiration date | 31-Dec-34 | ||
Operating loss carryforwards state and local | 68,700,000 | ||
Capital Loss Carryforward [Member] | |||
OperatingLossCarryforwardsLineItems | |||
Tax credit carryforward amount | 47,700,000 | ||
Valuation allowance increase | 17,600,000 | ||
Capital Loss Carryforward [Member] | State And Local Jurisdiction [Member] | |||
OperatingLossCarryforwardsLineItems | |||
Capital loss carryforwards expiration date | 31-Dec-19 | ||
Other Liabilities [Member] | |||
OperatingLossCarryforwardsLineItems | |||
Interest on income taxes accrued | 1,700,000 | ||
Income tax penalties accrued | $1,100,000 |
DEBT_Detail
DEBT (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
DebtInstrumentLineItems | ||
Current portion of long-term debt and short-term debt | $1,069 | $1,334 |
Long-term debt | 953,279 | 958,604 |
Carrying Reported Amount Fair Value Disclosure [Member] | ||
DebtInstrumentLineItems | ||
Long-term Debt | 954,348 | 959,938 |
Current portion of long-term debt and short-term debt | 1,069 | 1,334 |
Long-term debt | 953,279 | 958,604 |
Carrying Reported Amount Fair Value Disclosure [Member] | Industrial Revenue Bond [Member] | ||
DebtInstrumentLineItems | ||
Long-term Debt | 8,400 | 8,400 |
Carrying Reported Amount Fair Value Disclosure [Member] | Revolving Credit Facility [Member] | ||
DebtInstrumentLineItems | ||
Long-term Debt | 0 | 50,000 |
Carrying Reported Amount Fair Value Disclosure [Member] | Senior Notes Five Fifty One [Member] | ||
DebtInstrumentLineItems | ||
Long-term Debt | 150,000 | 150,000 |
Carrying Reported Amount Fair Value Disclosure [Member] | Senior Notes Three Eighty Four [Member] | ||
DebtInstrumentLineItems | ||
Long-term Debt | 99,934 | 98,632 |
Carrying Reported Amount Fair Value Disclosure [Member] | Senior Notes Three Seventy [Member] | ||
DebtInstrumentLineItems | ||
Long-term Debt | 225,000 | 225,000 |
Carrying Reported Amount Fair Value Disclosure [Member] | Senior Notes Three Eighty Five [Member] | ||
DebtInstrumentLineItems | ||
Long-term Debt | 98,360 | 88,555 |
Carrying Reported Amount Fair Value Disclosure [Member] | Senior Notes Four Twenty Four [Member] | ||
DebtInstrumentLineItems | ||
Long-term Debt | 197,237 | 173,557 |
Carrying Reported Amount Fair Value Disclosure [Member] | Senior Notes Four Zero Five [Member] | ||
DebtInstrumentLineItems | ||
Long-term Debt | 74,348 | 64,411 |
Carrying Reported Amount Fair Value Disclosure [Member] | Senior Notes Four Eleven [Member] | ||
DebtInstrumentLineItems | ||
Long-term Debt | 100,000 | 100,000 |
Carrying Reported Amount Fair Value Disclosure [Member] | Other Debt Obligations [Member] | ||
DebtInstrumentLineItems | ||
Long-term Debt | 1,383 | |
Estimate Of Fair Value Fair Value Disclosure [Member] | ||
DebtInstrumentLineItems | ||
Long Term Debt Fair Value | 968,514 | 946,389 |
Current portion of long-term debt and short-term debt | 1,069 | 1,334 |
Long-term debt | 967,445 | 945,055 |
Estimate Of Fair Value Fair Value Disclosure [Member] | Industrial Revenue Bond [Member] | ||
DebtInstrumentLineItems | ||
Long Term Debt Fair Value | 8,400 | 8,400 |
Estimate Of Fair Value Fair Value Disclosure [Member] | Revolving Credit Facility [Member] | ||
DebtInstrumentLineItems | ||
Long Term Debt Fair Value | 0 | 50,000 |
Estimate Of Fair Value Fair Value Disclosure [Member] | Senior Notes Five Fifty One [Member] | ||
DebtInstrumentLineItems | ||
Long Term Debt Fair Value | 162,617 | 163,059 |
Estimate Of Fair Value Fair Value Disclosure [Member] | Senior Notes Three Eighty Four [Member] | ||
DebtInstrumentLineItems | ||
Long Term Debt Fair Value | 99,934 | 98,632 |
Estimate Of Fair Value Fair Value Disclosure [Member] | Senior Notes Three Seventy [Member] | ||
DebtInstrumentLineItems | ||
Long Term Debt Fair Value | 225,748 | 209,140 |
Estimate Of Fair Value Fair Value Disclosure [Member] | Senior Notes Three Eighty Five [Member] | ||
DebtInstrumentLineItems | ||
Long Term Debt Fair Value | 98,360 | 88,555 |
Estimate Of Fair Value Fair Value Disclosure [Member] | Senior Notes Four Twenty Four [Member] | ||
DebtInstrumentLineItems | ||
Long Term Debt Fair Value | 197,237 | 173,557 |
Estimate Of Fair Value Fair Value Disclosure [Member] | Senior Notes Four Zero Five [Member] | ||
DebtInstrumentLineItems | ||
Long Term Debt Fair Value | 74,348 | 64,411 |
Estimate Of Fair Value Fair Value Disclosure [Member] | Senior Notes Four Eleven [Member] | ||
DebtInstrumentLineItems | ||
Long Term Debt Fair Value | 100,801 | 89,252 |
Estimate Of Fair Value Fair Value Disclosure [Member] | Other Debt Obligations [Member] | ||
DebtInstrumentLineItems | ||
Long Term Debt Fair Value | $1,069 | $1,383 |
DEBT_Maturity_Detail
DEBT (Maturity) (Detail) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Debt Instruments [Abstract] | |
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths | $1,069 |
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo | 0 |
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree | 150,000 |
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour | 0 |
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive | 0 |
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive | 803,279 |
Long Term Debt Maturities Total | $954,348 |
DEBT_Narrative_Detail
DEBT (Narrative) (Detail) (USD $) | 12 Months Ended | ||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 08, 2011 | Feb. 26, 2013 | Sep. 26, 2013 | Dec. 01, 2005 | |
DebtInstrumentLineItems | |||||||
Repayments of Long-term Debt | $80,000 | $125,033,000 | $0 | ||||
DebtInstrumentCovenantDescription | 0.6 | ||||||
LineOfCreditFacilityInterestRateDescription | Borrowings under the credit agreement will accrue interest based on (i) Libor or (ii) a base rate of the highest of (a) the federal funds rate plus 0.5%, (b) BofAbs announced prime rate, or (c) the Eurocurrency rate plus 1%, plus a margin. The interest rate and level of facility fees are dependent on certain financial ratios, as defined in the Credit Agreement. The Credit Agreement also provides customary fees, including administrative agent and commitment fees. In connection with the Credit Agreement, we paid customary transaction fees that have been deferred and are being amortized over the term of the Credit Agreement. | ||||||
Debt Instrument, Covenant Ratio, Debt To Capitalization Limit | 60.00% | ||||||
InterestPaid | 33,000,000 | 31,000,000 | 24,000,000 | ||||
Revolving Credit Facility [Member] | |||||||
DebtInstrumentLineItems | |||||||
DebtWeightedAverageInterestRate | 1.70% | 1.69% | |||||
LineOfCreditFacilityMaximumBorrowingCapacity | 500,000,000 | ||||||
Line Of Credit Facility Additional Borrowing Capacity | 100,000,000 | ||||||
Letters of Credit Supported by Credit Facility | 54,000,000 | ||||||
Debt Covenant, Amount of Borrowing Available | 446,000,000 | ||||||
Long-term Debt [Member] | |||||||
DebtInstrumentLineItems | |||||||
DebtWeightedAverageInterestRate | 3.00% | ||||||
Debt Covenant, Amount of Borrowing Available | 1,200,000,000 | ||||||
Senior Notes Four Twenty Four [Member] | |||||||
DebtInstrumentLineItems | |||||||
Debt Instrument, Maturity Date | 1-Dec-26 | ||||||
Debt Instrument, Face Amount | 200,000,000 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.24% | ||||||
Senior Notes Four Zero Five [Member] | |||||||
DebtInstrumentLineItems | |||||||
Debt Instrument, Maturity Date | 26-Feb-28 | ||||||
Debt Instrument, Face Amount | 75,000,000 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.05% | ||||||
Senior Notes Four Eleven [Member] | |||||||
DebtInstrumentLineItems | |||||||
DebtInstrumentIssuanceDate | 26-Sep-13 | ||||||
Debt Instrument, Maturity Date | 26-Sep-28 | ||||||
Debt Instrument, Face Amount | 100,000,000 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.11% | ||||||
Senior Notes Three Eighty Four [Member] | |||||||
DebtInstrumentLineItems | |||||||
Debt Instrument, Maturity Date | 1-Dec-21 | ||||||
Debt Instrument, Face Amount | 100,000,000 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.84% | ||||||
Senior Notes Three Seventy [Member] | |||||||
DebtInstrumentLineItems | |||||||
Debt Instrument, Maturity Date | 26-Feb-23 | ||||||
Debt Instrument, Face Amount | 225,000,000 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.70% | ||||||
Senior Notes Three Eighty Five [Member] | |||||||
DebtInstrumentLineItems | |||||||
Debt Instrument, Maturity Date | 26-Feb-25 | ||||||
Debt Instrument, Face Amount | 100,000,000 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.85% | ||||||
Two Thousand Thirteen Senior Notes [Member] | |||||||
DebtInstrumentLineItems | |||||||
DebtInstrumentIssuanceDate | 26-Feb-13 | ||||||
Debt Instrument, Face Amount | 500,000,000 | ||||||
Two Thousand Eleven Notes [Member] | |||||||
DebtInstrumentLineItems | |||||||
DebtInstrumentIssuanceDate | 8-Dec-11 | ||||||
Debt Instrument, Face Amount | 300,000,000 | ||||||
Two Thousand Five [Member] | |||||||
DebtInstrumentLineItems | |||||||
DebtInstrumentIssuanceDate | 1-Dec-05 | ||||||
Debt Instrument, Maturity Date | 1-Dec-17 | ||||||
Debt Instrument, Face Amount | 150,000,000 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.51% | ||||||
Revolving Credit Facility [Member] | |||||||
DebtInstrumentLineItems | |||||||
Line of Credit Facility, Initiation Date | 31-Aug-12 | ||||||
Discontinued Operations [Member] | Revolving Credit Facility [Member] | |||||||
DebtInstrumentLineItems | |||||||
Letters of Credit Outstanding, Amount | $9,000,000 |
EARNINGS_PER_SHARE_Detail
EARNINGS PER SHARE (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Earnings Per Share Reconciliation [Abstract] | |||||||||||
Basic | 48,019 | 46,991 | 46,743 | ||||||||
Dilutive effect of stock options and deferred stock compensation | 1,056 | 921 | 669 | ||||||||
Diluted | 49,075 | 47,912 | 47,412 | ||||||||
Earnings from continuing operations | $0.96 | $0.92 | $0.90 | $0.76 | $0.95 | $0.81 | $0.73 | $0.48 | $3.54 | $2.97 | $2.23 |
Earnings from continuing operations | $0.94 | $0.90 | $0.87 | $0.74 | $0.92 | $0.79 | $0.72 | $0.48 | $3.46 | $2.91 | $2.20 |
Earnings from continuing operations | $46,132 | $44,378 | $43,009 | $36,430 | $44,700 | $38,079 | $34,035 | $22,590 | $169,949 | $139,404 | $104,081 |
EARNINGS_PER_SHARE_AntiDilutiv
EARNINGS PER SHARE (AntiDilutive) (Detail) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Earnings Per Share [Abstract] | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount | 0 | 297,000 | 633,000 |
SHAREBASED_COMPENSATION_PLANS_1
SHARE-BASED COMPENSATION PLANS (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Share-based Compensation [Abstract] | |||
Non-qualified stock options | $0 | $238 | $942 |
Employee Stock Purchase Plan | 1,350 | 1,260 | 1,303 |
Performance Share Units | 3,728 | 3,495 | 3,179 |
Restricted Share Units | 2,655 | 1,700 | 3,237 |
Other share-based payments | 767 | 657 | 767 |
Total share-based compensation expense before income taxes | $8,500 | $7,350 | $9,428 |
SHAREBASED_COMPENSATION_PLANS_2
SHARE-BASED COMPENSATION PLANS (Cash Proceeds and Tax Benefit) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Share-based Compensation [Abstract] | |||
Cash received from share-based awards | $38,183 | $29,194 | $15,137 |
Recognized tax benefit on awards | $9,610 | $3,199 | $1,371 |
SHAREBASED_COMPENSATION_PLANS_3
SHARE-BASED COMPENSATION PLANS (LTI) (Detail) (USD $) | 12 Months Ended |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Outstanding (in shares) | 2,321,000 |
Granted (in shares) | 0 |
Exercised (in shares) | -872,000 |
Forfeited (in shares) | -6,000 |
Outstanding (in shares) | 1,443,000 |
Exercisable (in shares) | 1,443,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |
Outstanding (in dollars per share) | $33.69 |
Granted (in dollars per share) | $0 |
Exercised (in dollars per share) | $33.45 |
Forfeited (in dollars per share) | $29.66 |
Outstanding (in dollars per share) | $33.86 |
Exercisable (in dollars per share) | $33.86 |
Outstanding, weighted-average remaining contractual term in years | 4 years 3 months 26 days |
Exercisable. weighted-average remaining contractual term in years | 4 years 3 months 26 days |
Outstanding, aggregate intrinsic value | $53,002 |
Exercisable, aggregate intrinsic value | $53,002 |
SHAREBASED_COMPENSATION_PLANS_4
SHARE-BASED COMPENSATION PLANS (Restricted Units) (Detail) (USD $) | 12 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 |
Restricted Stock Units (RSUs) [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Outstanding (in shares) | 319 |
Granted (in shares) | 38 |
Vested (in shares) | -92 |
Forfeited (in shares) | -19 |
Outstanding (in shares) | 246 |
Expected to vest (in shares) | 246 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
Outstanding (in dollars per share) | $36.53 |
Granted (in dollars per share) | $70.28 |
Vested (in dollars per share) | $33.01 |
Forfeited (in dollars per share) | $37.02 |
Outstanding (in dollars per share) | $43.03 |
Expected to vest (in dollars per share) | $43.03 |
Performance Shares [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Outstanding (in shares) | 368 |
Granted (in shares) | 51 |
Vested (in shares) | -89 |
Forfeited (in shares) | -18 |
Outstanding (in shares) | 312 |
Expected to vest (in shares) | 312 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
Outstanding (in dollars per share) | $35.52 |
Granted (in dollars per share) | $82.79 |
Vested (in dollars per share) | $29.88 |
Forfeited (in dollars per share) | $46.71 |
Outstanding (in dollars per share) | $44.12 |
Expected to vest (in dollars per share) | $44.12 |
SHAREBASED_COMPENSATION_PLANS_5
SHARE-BASED COMPENSATION PLANS (Narrative) (Detail) (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common stock authorized | 100,000,000 | 100,000,000 | |
2014 Omnibus Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common stock authorized | 2,400,000 | ||
Non Qualfied Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total intrinsic value of stock options exercised | $28.30 | $11.40 | $3.10 |
Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Nonvested intrinsic value | 22 | ||
Unrecognized compensation cost | 8.6 | ||
Unrecognized compensation expense, period of recognition | 2 years 3 months 18 days | ||
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Requisite service period | 3 years | ||
Nonvested intrinsic value | 17.3 | ||
Unrecognized compensation cost | 5.9 | ||
Unrecognized compensation expense, period of recognition | 2 years 8 months 1 day | ||
Employee Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Purchase price percentage of fair market value | 85.00% | ||
Authorized shares reserved | 1,200,000 | ||
Shares purchased under plan | 166,948 | ||
Proceeds from shares purchased under plan | $4.50 | ||
Number of shares equivalent related to purchase | 73,929 |
PENSION_PLANS_Detail
PENSION PLANS (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Pension Plans Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $25,262 | $40,170 | $40,274 |
Interest cost | 30,403 | 27,777 | 26,303 |
Expected return on plan assets | -41,746 | -36,303 | -33,585 |
Prior service cost | 662 | 883 | 1,201 |
Recognized net actuarial loss | 6,827 | 15,013 | 11,023 |
Curtailment charge | 377 | 13 | 0 |
Defined Benefit Plan, Net Periodic Benefit Cost | 21,785 | 47,553 | 45,216 |
Other Postretirement Benefit Plans, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 246 | 373 | 448 |
Interest cost | 877 | 839 | 939 |
Expected return on plan assets | 0 | 0 | 0 |
Prior service cost | -657 | -638 | -629 |
Recognized net actuarial loss | -811 | -614 | -682 |
Curtailment charge | 0 | 0 | 0 |
Defined Benefit Plan, Net Periodic Benefit Cost | ($345) | ($40) | $76 |
PENSION_AND_OTHER_POSTRETIREME2
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Pension Plans Defined Benefit [Member] | |||
DefinedBenefitPlanChangeInBenefitObligationRollForward | |||
Defined Benefit Plan, Benefit Obligation, Beginning Balance | $674,192 | $705,022 | |
Service cost | 25,262 | 40,170 | 40,274 |
Interest cost | 30,403 | 27,777 | 26,303 |
DefinedBenefitPlanContributionsByPlanParticipants | 1,734 | 2,331 | |
DefinedBenefitPlanPlanAmendments | 178 | 0 | |
DefinedBenefitPlanActuarialGainLoss | 114,763 | -62,534 | |
DefinedBenefitPlanBenefitsPaid | -40,765 | -34,253 | |
DefinedBenefitPlanBusinessCombinationsAndAcquisitionsBenefitObligation | 0 | 5,809 | |
DefinedBenefitPlanSpecialTerminationBenefits | 0 | 533 | |
DefinedBenefitPlanRecognizedNetGainLossDueToSettlements | 0 | -9,713 | |
Defined Benefit Plan, Actual Expense | -1,299 | -2,206 | |
DefinedBenefitPlanForeignCurrencyExchangeRateChangesBenefitObligation | -7,108 | 1,256 | |
Defined Benefit Plan, Benefit Obligation, Ending Balance | 797,360 | 674,192 | 705,022 |
Other Postretirement Benefit Plans, Defined Benefit [Member] | |||
DefinedBenefitPlanChangeInBenefitObligationRollForward | |||
Defined Benefit Plan, Benefit Obligation, Beginning Balance | 20,416 | 23,391 | |
Service cost | 246 | 373 | 448 |
Interest cost | 877 | 839 | 939 |
DefinedBenefitPlanContributionsByPlanParticipants | 364 | 350 | |
DefinedBenefitPlanPlanAmendments | 0 | -366 | |
DefinedBenefitPlanActuarialGainLoss | 3,276 | -2,752 | |
DefinedBenefitPlanBenefitsPaid | -1,929 | -1,419 | |
DefinedBenefitPlanBusinessCombinationsAndAcquisitionsBenefitObligation | 0 | 0 | |
DefinedBenefitPlanSpecialTerminationBenefits | 0 | 0 | |
DefinedBenefitPlanRecognizedNetGainLossDueToSettlements | 0 | 0 | |
Defined Benefit Plan, Actual Expense | 0 | 0 | |
DefinedBenefitPlanForeignCurrencyExchangeRateChangesBenefitObligation | 0 | 0 | |
Defined Benefit Plan, Benefit Obligation, Ending Balance | $23,250 | $20,416 | $23,391 |
PENSION_AND_OTHER_POSTRETIREME3
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Plan Asset) (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
DefinedBenefitPlanChangeInFairValueOfPlanAssetsRollForward | ||
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | $595,829 | $558,567 |
DefinedBenefitPlanAmountsRecognizedInBalanceSheetAbstract | ||
Pension and other postretirement liabilities | -5,120 | -4,280 |
Accrued pension and other postretirement benefit costs | -226,687 | -138,904 |
Pension Plans Defined Benefit [Member] | ||
DefinedBenefitPlanChangeInFairValueOfPlanAssetsRollForward | ||
Defined Benefit Plan, Fair Value of Plan Assets, Beginning Balance | -558,567 | -460,202 |
Defined Benefit Plan, Actual Return on Plan Assets | 37,574 | 82,863 |
Contributions made by employer | 46,306 | 48,074 |
DefinedBenefitPlanContributionsByPlanParticipants | 1,734 | 2,331 |
DefinedBenefitPlanBusinessCombinationsAndAcquisitionsPlanAssets | 0 | 0 |
DefinedBenefitPlanBenefitsPaid | -40,765 | -34,253 |
DefinedBenefitPlanSettlementsPlanAssets | -1,299 | -2,206 |
DefinedBenefitPlanForeignCurrencyExchangeRateChangesPlanAssets | -6,288 | 1,556 |
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 595,829 | 558,567 |
DefinedBenefitPlanFundedStatusOfPlan | -201,531 | -115,625 |
DefinedBenefitPlanAmountsRecognizedInBalanceSheetAbstract | ||
Defined Benefit Plan, Assets for Plan Benefits, Noncurrent | 6,041 | 7,142 |
Pension and other postretirement liabilities | -3,523 | -2,620 |
Accrued pension and other postretirement benefit costs | -204,049 | -120,147 |
DefinedBenefitPlanAmountsRecognizedInBalanceSheet | -201,531 | -115,625 |
DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeBeforeTaxAbstract | ||
DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeNetGainsLossesBeforeTax | 180,640 | 69,355 |
DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeNetPriorServiceCostCreditBeforeTax | 1,990 | 2,537 |
DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeBeforeTax | 182,630 | 71,892 |
DefinedBenefitPlanAmountsThatWillBeAmortizedFromAccumulatedOtherComprehensiveIncomeLossInNextFiscalYearAbstract | ||
DefinedBenefitPlanAmortizationOfNetGainsLosses | 15,470 | 5,933 |
DefinedBenefitPlanAmortizationOfNetPriorServiceCostCredit | 619 | 631 |
DefinedBenefitPlanAccumulatedBenefitObligation | 753,878 | 641,892 |
DefinedBenefitPlanPensionPlansWithAccumulatedBenefitObligationsInExcessOfPlanAssetsAbstract | ||
DefinedBenefitPlanPensionPlansWithAccumulatedBenefitObligationsInExcessOfPlanAssetsAggregateProjectedBenefitObligation | 770,241 | 604,515 |
DefinedBenefitPlanPensionPlansWithAccumulatedBenefitObligationsInExcessOfPlanAssetsAggregateAccumulatedBenefitObligation | 726,760 | 528,148 |
DefinedBenefitPlanPensionPlansWithAccumulatedBenefitObligationsInExcessOfPlanAssetsAggregateFairValueOfPlanAssets | 562,669 | 473,078 |
Defined Benefit Plan, Assets for Plan Benefits, Noncurrent | 6,041 | 7,142 |
Domestic Other Post-Employment Benefits Plan | ||
DefinedBenefitPlanChangeInFairValueOfPlanAssetsRollForward | ||
Defined Benefit Plan, Fair Value of Plan Assets, Beginning Balance | 0 | 0 |
Defined Benefit Plan, Actual Return on Plan Assets | 0 | 0 |
Contributions made by employer | 1,565 | 1,069 |
DefinedBenefitPlanContributionsByPlanParticipants | 364 | 350 |
DefinedBenefitPlanBusinessCombinationsAndAcquisitionsPlanAssets | 0 | 0 |
DefinedBenefitPlanBenefitsPaid | -1,929 | -1,419 |
DefinedBenefitPlanSettlementsPlanAssets | 0 | 0 |
DefinedBenefitPlanForeignCurrencyExchangeRateChangesPlanAssets | 0 | 0 |
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 0 | 0 |
DefinedBenefitPlanFundedStatusOfPlan | -23,250 | -20,416 |
DefinedBenefitPlanAmountsRecognizedInBalanceSheetAbstract | ||
Defined Benefit Plan, Assets for Plan Benefits, Noncurrent | 0 | 0 |
Pension and other postretirement liabilities | -1,603 | -1,659 |
Accrued pension and other postretirement benefit costs | -21,647 | -18,757 |
DefinedBenefitPlanAmountsRecognizedInBalanceSheet | -23,250 | -20,416 |
DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeBeforeTaxAbstract | ||
DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeNetGainsLossesBeforeTax | -8,264 | -12,350 |
DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeNetPriorServiceCostCreditBeforeTax | -4,686 | -5,343 |
DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeBeforeTax | -12,950 | -17,693 |
DefinedBenefitPlanAmountsThatWillBeAmortizedFromAccumulatedOtherComprehensiveIncomeLossInNextFiscalYearAbstract | ||
DefinedBenefitPlanAmortizationOfNetGainsLosses | -551 | -811 |
DefinedBenefitPlanAmortizationOfNetPriorServiceCostCredit | -657 | -657 |
DefinedBenefitPlanPensionPlansWithAccumulatedBenefitObligationsInExcessOfPlanAssetsAbstract | ||
Defined Benefit Plan, Assets for Plan Benefits, Noncurrent | $0 | $0 |
PENSION_AND_OTHER_POSTRETIREME4
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Plan Assumptions) (Detail) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Pension Plans Defined Benefit [Member] | ||
DefinedBenefitPlanWeightedAverageAssumptionsUsedInCalculatingBenefitObligationAbstract | ||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 3.88% | 4.62% |
DefinedBenefitPlanAssumptionsUsedCalculatingBenefitObligationRateOfCompensationIncrease | 3.37% | 3.94% |
DefinedBenefitPlanWeightedAverageAssumptionsUsedInCalculatingNetPeriodicBenefitCostAbstract | ||
DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostDiscountRate | 4.62% | 3.95% |
DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostExpectedLongTermReturnOnAssets | 8.01% | 7.91% |
DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostRateOfCompensationIncrease | 3.36% | 3.94% |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan Year That Rate Reaches Ultimate Trend Rate Net Periodic | 2019 | 2015 |
DefinedBenefitPlanWeightedAverageAssumptionsUsedInCalculatingBenefitObligationAbstract | ||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 3.75% | 4.47% |
DefinedBenefitPlanAssumedHealthCareCostTrendRatesAbstract | ||
DefinedBenefitPlanHealthCareCostTrendRateAssumedForNextFiscalYear | 5.50% | 8.00% |
DefinedBenefitPlanUltimateHealthCareCostTrendRate | 4.59% | 5.00% |
DefinedBenefitPlanWeightedAverageAssumptionsUsedInCalculatingNetPeriodicBenefitCostAbstract | ||
DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostDiscountRate | 4.47% | 3.70% |
Defined Benefit Plan Assumed Health Care Cost Trend Rates Net Periodic [Abstract] | ||
Defined Benefit Plan Health Care Cost Trend Rate Assumed for Next Fiscal Year Net Periodic | 8.00% | 8.00% |
Defined Benefit Plan Ultimate Health Care Cost Trend Rate Net Periodic | 5.00% | 5.00% |
PENSION_Percentage_Detail
PENSION (Percentage) (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
Defined Benefit Plan, Effect of One-Percentage Point Change in Assumed Health Care Cost Trend Rates [Abstract] | |
DefinedBenefitPlanEffectOfOnePercentagePointIncreaseOnServiceAndInterestCostComponents | $15 |
DefinedBenefitPlanEffectOfOnePercentagePointDecreaseOnServiceAndInterestCostComponents | -13 |
DefinedBenefitPlanEffectOfOnePercentagePointIncreaseOnAccumulatedPostretirementBenefitObligation | 364 |
DefinedBenefitPlanEffectOfOnePercentagePointDecreaseOnAccumulatedPostretirementBenefitObligation | ($301) |
PENSION_Asset_Class_Detail
PENSION (Asset Class) (Detail) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Domestic Equities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
DefinedBenefitPlanWeightedAverageAssetAllocations | 53.00% | 52.00% |
DefinedBenefitPlanTargetPlanAssetAllocations | 50.00% | |
DefinedBenefitPlanTargetPlanAssetAllocationsRangeMinimum | 40.00% | |
DefinedBenefitPlanTargetPlanAssetAllocationsRangeMaximum | 60.00% | |
International Equities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
DefinedBenefitPlanWeightedAverageAssetAllocations | 14.00% | 15.00% |
DefinedBenefitPlanTargetPlanAssetAllocations | 15.00% | |
DefinedBenefitPlanTargetPlanAssetAllocationsRangeMinimum | 10.00% | |
DefinedBenefitPlanTargetPlanAssetAllocationsRangeMaximum | 20.00% | |
EquitySecuritiesMember | ||
Defined Benefit Plan Disclosure [Line Items] | ||
DefinedBenefitPlanWeightedAverageAssetAllocations | 67.00% | 67.00% |
DefinedBenefitPlanTargetPlanAssetAllocations | 65.00% | |
DefinedBenefitPlanTargetPlanAssetAllocationsRangeMinimum | 55.00% | |
DefinedBenefitPlanTargetPlanAssetAllocationsRangeMaximum | 75.00% | |
FixedIncomeFundsMember | ||
Defined Benefit Plan Disclosure [Line Items] | ||
DefinedBenefitPlanWeightedAverageAssetAllocations | 33.00% | 31.00% |
DefinedBenefitPlanTargetPlanAssetAllocations | 35.00% | |
DefinedBenefitPlanTargetPlanAssetAllocationsRangeMinimum | 25.00% | |
DefinedBenefitPlanTargetPlanAssetAllocationsRangeMaximum | 45.00% |
PENSION_Fair_Value_Detail
PENSION (Fair Value) (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | |||||
Defined Benefit Plan Fair Value Disclosure [Line Items] | |||||
DefinedBenefitPlanFairValueOfPlanAssets | $595,829 | $558,567 | |||
CashAndCashEquivalentsMember | |||||
Defined Benefit Plan Fair Value Disclosure [Line Items] | |||||
DefinedBenefitPlanFairValueOfPlanAssets | 24,354 | 17,951 | |||
EquitySecuritiesMember | |||||
Defined Benefit Plan Fair Value Disclosure [Line Items] | |||||
DefinedBenefitPlanFairValueOfPlanAssets | 379,467 | [1] | 360,691 | [1] | |
DebtSecuritiesMember | |||||
Defined Benefit Plan Fair Value Disclosure [Line Items] | |||||
DefinedBenefitPlanFairValueOfPlanAssets | 183,068 | [2] | 168,348 | [2] | |
Alternative Investments [Member] | |||||
Defined Benefit Plan Fair Value Disclosure [Line Items] | |||||
DefinedBenefitPlanFairValueOfPlanAssets | 8,169 | [3] | 10,795 | [3] | |
Other Assets [Member] | |||||
Defined Benefit Plan Fair Value Disclosure [Line Items] | |||||
DefinedBenefitPlanFairValueOfPlanAssets | 771 | [4] | 782 | [4] | |
FairValueInputsLevel1Member | |||||
Defined Benefit Plan Fair Value Disclosure [Line Items] | |||||
DefinedBenefitPlanFairValueOfPlanAssets | 454,280 | 424,846 | |||
FairValueInputsLevel1Member | CashAndCashEquivalentsMember | |||||
Defined Benefit Plan Fair Value Disclosure [Line Items] | |||||
DefinedBenefitPlanFairValueOfPlanAssets | 871 | 1,638 | |||
FairValueInputsLevel1Member | EquitySecuritiesMember | |||||
Defined Benefit Plan Fair Value Disclosure [Line Items] | |||||
DefinedBenefitPlanFairValueOfPlanAssets | 330,619 | [1] | 307,220 | [1] | |
FairValueInputsLevel1Member | DebtSecuritiesMember | |||||
Defined Benefit Plan Fair Value Disclosure [Line Items] | |||||
DefinedBenefitPlanFairValueOfPlanAssets | 122,790 | [2] | 115,988 | [2] | |
FairValueInputsLevel1Member | Alternative Investments [Member] | |||||
Defined Benefit Plan Fair Value Disclosure [Line Items] | |||||
DefinedBenefitPlanFairValueOfPlanAssets | 0 | [3] | 0 | [3] | |
FairValueInputsLevel1Member | Other Assets [Member] | |||||
Defined Benefit Plan Fair Value Disclosure [Line Items] | |||||
DefinedBenefitPlanFairValueOfPlanAssets | 0 | [4] | 0 | [4] | |
FairValueInputsLevel2Member | |||||
Defined Benefit Plan Fair Value Disclosure [Line Items] | |||||
DefinedBenefitPlanFairValueOfPlanAssets | 132,609 | 122,144 | |||
FairValueInputsLevel2Member | CashAndCashEquivalentsMember | |||||
Defined Benefit Plan Fair Value Disclosure [Line Items] | |||||
DefinedBenefitPlanFairValueOfPlanAssets | 23,483 | 16,313 | |||
FairValueInputsLevel2Member | EquitySecuritiesMember | |||||
Defined Benefit Plan Fair Value Disclosure [Line Items] | |||||
DefinedBenefitPlanFairValueOfPlanAssets | 48,848 | [1] | 53,471 | [1] | |
FairValueInputsLevel2Member | DebtSecuritiesMember | |||||
Defined Benefit Plan Fair Value Disclosure [Line Items] | |||||
DefinedBenefitPlanFairValueOfPlanAssets | 60,278 | [2] | 52,360 | [2] | |
FairValueInputsLevel2Member | Alternative Investments [Member] | |||||
Defined Benefit Plan Fair Value Disclosure [Line Items] | |||||
DefinedBenefitPlanFairValueOfPlanAssets | 0 | [3] | 0 | [3] | |
FairValueInputsLevel2Member | Other Assets [Member] | |||||
Defined Benefit Plan Fair Value Disclosure [Line Items] | |||||
DefinedBenefitPlanFairValueOfPlanAssets | 0 | [4] | 0 | [4] | |
FairValueInputsLevel3Member | |||||
Defined Benefit Plan Fair Value Disclosure [Line Items] | |||||
DefinedBenefitPlanFairValueOfPlanAssets | 8,940 | 11,577 | 11,645 | ||
FairValueInputsLevel3Member | CashAndCashEquivalentsMember | |||||
Defined Benefit Plan Fair Value Disclosure [Line Items] | |||||
DefinedBenefitPlanFairValueOfPlanAssets | 0 | 0 | |||
FairValueInputsLevel3Member | EquitySecuritiesMember | |||||
Defined Benefit Plan Fair Value Disclosure [Line Items] | |||||
DefinedBenefitPlanFairValueOfPlanAssets | 0 | [1] | 0 | [1] | |
FairValueInputsLevel3Member | DebtSecuritiesMember | |||||
Defined Benefit Plan Fair Value Disclosure [Line Items] | |||||
DefinedBenefitPlanFairValueOfPlanAssets | 0 | [2] | 0 | [2] | |
FairValueInputsLevel3Member | Alternative Investments [Member] | |||||
Defined Benefit Plan Fair Value Disclosure [Line Items] | |||||
DefinedBenefitPlanFairValueOfPlanAssets | 8,169 | [3] | 10,795 | [3] | |
FairValueInputsLevel3Member | Other Assets [Member] | |||||
Defined Benefit Plan Fair Value Disclosure [Line Items] | |||||
DefinedBenefitPlanFairValueOfPlanAssets | $771 | [4] | $782 | [4] | $728 |
[1] | This category consists of domestic and international equity securities. It is comprised of U.S. securities benchmarked against the S&P 500 index and Russell 2000 index, international mutual funds benchmarked against the MSCI EAFE index, global equity index mutual funds associated with our U.K. based pension plans and balanced funds associated with the U.K. and Canadian based pension plans. | ||||
[2] | This category consists of domestic and international bonds. The domestic fixed income securities are benchmarked against the Barclays Capital Aggregate Bond index, actively-managed bond mutual funds comprised of domestic investment grade debt, fixed income derivatives, and below investment-grade issues, U.S. mortgage backed securities, asset backed securities, municipal bonds, and convertible debt. International bonds consist of bond mutual funds for institutional investors associated with the CW Pension Plan, Switzerland, and U.K. based pension plans. | ||||
[3] | This category consists of a guaranteed investment contract (GIC) in Switzerland. Amounts contributed to the plan are guaranteed by a foundation for occupational benefits that in turn entered into a group insurance contract and the foundation pays a guaranteed rate of interest that is reset annually. | ||||
[4] | This category consists primarily of real estate investment trusts in Switzerland. |
PENSION_Plan_Assets_Detail
PENSION (Plan Assets) (Detail) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | ||
FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationLineItems | ||||
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | $595,829 | $558,567 | ||
FairValueInputsLevel3Member | ||||
FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationLineItems | ||||
Defined Benefit Plan, Fair Value of Plan Assets, Beginning Balance | -11,577 | -11,645 | ||
DefinedBenefitPlanActualReturnOnPlanAssetsStillHeld | 197 | 197 | ||
DefinedBenefitPlanActualReturnOnPlanAssetsSoldDuringPeriod | 0 | 0 | ||
DefinedBenefitPlanPurchasesSalesAndSettlements | -1,782 | -542 | ||
DefinedBenefitPlanTransfersBetweenMeasurementLevels | 0 | 0 | ||
DefinedBenefitPlanForeignCurrencyExchangeRateChangesPlanAssets | -1,052 | 277 | ||
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 8,940 | 11,577 | ||
Insurance Contracts [Member] | FairValueInputsLevel3Member | ||||
FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationLineItems | ||||
Defined Benefit Plan, Fair Value of Plan Assets, Beginning Balance | -10,795 | -10,917 | ||
DefinedBenefitPlanActualReturnOnPlanAssetsStillHeld | 158 | 162 | ||
DefinedBenefitPlanActualReturnOnPlanAssetsSoldDuringPeriod | 0 | 0 | ||
DefinedBenefitPlanPurchasesSalesAndSettlements | -1,818 | -542 | ||
DefinedBenefitPlanTransfersBetweenMeasurementLevels | 0 | 0 | ||
DefinedBenefitPlanForeignCurrencyExchangeRateChangesPlanAssets | -966 | 258 | ||
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 8,169 | 10,795 | ||
Other Assets [Member] | ||||
FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationLineItems | ||||
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 771 | [1] | 782 | [1] |
Other Assets [Member] | FairValueInputsLevel3Member | ||||
FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationLineItems | ||||
Defined Benefit Plan, Fair Value of Plan Assets, Beginning Balance | -782 | [1] | -728 | |
DefinedBenefitPlanActualReturnOnPlanAssetsStillHeld | 39 | 35 | ||
DefinedBenefitPlanActualReturnOnPlanAssetsSoldDuringPeriod | 0 | 0 | ||
DefinedBenefitPlanPurchasesSalesAndSettlements | 36 | 0 | ||
DefinedBenefitPlanTransfersBetweenMeasurementLevels | 0 | 0 | ||
DefinedBenefitPlanForeignCurrencyExchangeRateChangesPlanAssets | -86 | 19 | ||
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | $771 | [1] | $782 | [1] |
[1] | This category consists primarily of real estate investment trusts in Switzerland. |
PENSION_Future_Service_Detail
PENSION (Future Service) (Detail) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Expected Future Benefit Payments, Next Twelve Months | $46,729 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Two | 47,478 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Three | 49,063 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Four | 51,298 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Five | 54,136 |
Defined Benefit Plan, Expected Future Benefit Payments, Five Fiscal Years Thereafter | 278,111 |
Pension Plans Defined Benefit [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Expected Future Benefit Payments, Next Twelve Months | 45,126 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Two | 45,914 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Three | 47,534 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Four | 49,763 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Five | 52,630 |
Defined Benefit Plan, Expected Future Benefit Payments, Five Fiscal Years Thereafter | 270,769 |
Domestic Other Post-Employment Benefits Plan | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Expected Future Benefit Payments, Next Twelve Months | 1,603 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Two | 1,564 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Three | 1,529 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Four | 1,535 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Five | 1,506 |
Defined Benefit Plan, Expected Future Benefit Payments, Five Fiscal Years Thereafter | $7,342 |
PENSION_AND_OTHER_POSTRETIREME5
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Defined Contribution Retirement Plan) (Narrative) (Details) (Curtiss-Wright [Member], USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Defined Contribution Retirement Plan [Member] | UNITED STATES | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Expense relating to the defined contribution plan | $13.70 | ||
Employer contributions made to the defined contribution plan | 6.4 | ||
Non-elective estimated employer contribution to the defined contribution plan | 7.3 | ||
Expected cumulative employer contributions to the defined contribution plan | 65 | ||
Defined Contribution Retirement Plan [Member] | Non-US [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Pension expense | $5.70 | $5.10 | $4.80 |
Maximum [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Maximum employer contribution match percentage | 6.00% | ||
Maximum [Member] | Defined Contribution Retirement Plan [Member] | UNITED STATES | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Maximum employer contribution match percentage | 6.00% |
PENSION_AND_POSTRETIREMENT_BEN
PENSION AND POSTRETIREMENT BENEFITS (Defined Benefit Plans) (Narrative) (Detail) (USD $) | 12 Months Ended | 1 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | |
pension_plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Number of pension and other post retirement defined benefit plans | 13 | ||
United States Postretirement Benefit Plan and Pension Plan of US Entity [Member] [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Number of pension and other post retirement defined benefit plans | 3 | ||
Domestic Qualified Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets as a percentage of consolidated assets | 86.00% | ||
Domestic Qualified Pension Plan | CashAndCashEquivalentsMember | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets as a percentage of consolidated assets | 3.00% | 3.00% | |
Domestic Other Post-Employment Benefits Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Number of pension and other post retirement defined benefit plans merged into parent plan | 3 | ||
Contributions made by employer | 1,565,000 | 1,069,000 | |
Domestic Non-Qualified Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Number of pension and other post retirement defined benefit plans | 1 | ||
Foreign Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Number of pension and other post retirement defined benefit plans | 10 | ||
Plan assets as a percentage of consolidated assets | 14.00% | ||
Expected return on assets assumption | 5.65% | ||
SWITZERLAND | Foreign Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Number of pension and other post retirement defined benefit plans | 1 | ||
United Kingdom [Member] | Foreign Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Number of pension and other post retirement defined benefit plans | 3 | ||
GERMANY | Foreign Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Number of pension and other post retirement defined benefit plans | 3 | ||
MEXICO | Foreign Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Number of pension and other post retirement defined benefit plans | 2 | ||
Canada [Member] | Foreign Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Number of pension and other post retirement defined benefit plans | 1 | ||
Curtiss-Wright [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Number of years of service | 1 year | ||
Vesting period | 3 years | ||
Period after which accruals will cease | 15 years | ||
Curtiss-Wright [Member] | Domestic Qualified Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Number of pension and other post retirement defined benefit plans | 1 | ||
Noncurrent pension liability | 152,500,000 | 79,500,000 | |
Discount rate decrease | 0.75% | ||
Discount rate | 4.00% | ||
Increase (decrease) in funded status of plan due to merger of plans | -4,300,000 | ||
Contributions made by employer | 39,800,000 | ||
Expected employer contributions | 145,000,000 | ||
Curtailment charge | 2,200,000 | ||
Curtiss-Wright [Member] | Domestic Other Post-Employment Benefits Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Number of pension and other post retirement defined benefit plans | 1 | ||
Expected employer contributions | 1,600,000 | ||
Postretirement benefit liability | 23,200,000 | 20,400,000 | |
Curtiss-Wright [Member] | Domestic Non-Qualified Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Noncurrent pension liability | 43,700,000 | 31,700,000 | |
Expected employer contributions | 3,100,000 | ||
Curtiss-Wright [Member] | Foreign Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Noncurrent pension liability | 5,300,000 | 2,100,000 | |
Expected employer contributions | 3,000,000 | ||
Total projected benefit obligation | 90,100,000 | 87,600,000 | |
Plan amendment reducing projected benefit obligation | 7,000,000 | ||
Plan amendment gain due to curtailment | 2,800,000 | ||
EMD [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Percent of employees' gross pay withheld | 1.50% | ||
Willams Controls [Member] | Domestic Qualified Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Number of pension and other post retirement defined benefit plans merged into parent plan | 2 | ||
Other Assets [Member] | Curtiss-Wright [Member] | Domestic Other Post-Employment Benefits Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discounted receivable | 1,400,000 | 1,800,000 |
LEASES_Detail
LEASES (Detail) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Leases [Abstract] | |
OperatingLeasesFutureMinimumPaymentsDueCurrent | $27,615 |
OperatingLeasesFutureMinimumPaymentsDueInTwoYears | 24,039 |
OperatingLeasesFutureMinimumPaymentsDueInThreeYears | 20,514 |
OperatingLeasesFutureMinimumPaymentsDueInFourYears | 16,058 |
OperatingLeasesFutureMinimumPaymentsDueInFiveYears | 11,899 |
OperatingLeasesFutureMinimumPaymentsDueThereafter | 45,683 |
OperatingLeasesFutureMinimumPaymentsDue | $145,808 |
LEASES_Narrative_Detail
LEASES (Narrative) (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Leases [Abstract] | |||
OperatingLeasesRentExpenseNet | $38 | $35.30 | $29.70 |
SEGMENT_INFORMATION_Detail
SEGMENT INFORMATION (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Segment Reporting Information [Line Items] | |||||||||||
Assets held for sale | $147,347,000 | $0 | $147,347,000 | $0 | |||||||
Net sales | 572,586,000 | 558,383,000 | 569,198,000 | 542,959,000 | 588,167,000 | 511,380,000 | 524,139,000 | 494,395,000 | 2,243,126,000 | 2,118,081,000 | 1,823,307,000 |
Operating income | 282,373,000 | 237,123,000 | 181,394,000 | ||||||||
Depreciation and amortization | 118,931,000 | 121,497,000 | 93,896,000 | ||||||||
Total assets | 3,399,511,000 | 3,458,274,000 | 3,399,511,000 | 3,458,274,000 | 3,114,588,000 | ||||||
Capital expenditures related to discontinued operations | 4,900,000 | 7,000,000 | 10,400,000 | ||||||||
Commercial Industrial [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Assets held for sale | 1,000,000 | 1,000,000 | |||||||||
Defense [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Assets held for sale | 25,100,000 | 25,100,000 | |||||||||
Energy [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Assets held for sale | 121,200,000 | 121,200,000 | |||||||||
Corporate And Other [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating income | -30,312,000 | -41,944,000 | -31,110,000 | ||||||||
Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 2,243,126,000 | 2,118,081,000 | 1,823,307,000 | ||||||||
Operating income | 282,373,000 | 237,123,000 | 181,394,000 | ||||||||
Depreciation and amortization | 104,925,000 | 102,215,000 | 80,126,000 | ||||||||
Total assets | 3,399,511,000 | 3,458,274,000 | 3,399,511,000 | 3,458,274,000 | 3,114,588,000 | ||||||
PropertyPlantAndEquipmentAdditions | 67,115,000 | 72,242,000 | 82,954,000 | ||||||||
Operating Segments [Member] | Commercial Industrial [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Segment Reporting Information, Revenue for Reportable Segment | 1,077,045,000 | 951,900,000 | 679,382,000 | ||||||||
Operating income | 142,831,000 | 105,245,000 | 66,576,000 | ||||||||
Depreciation and amortization | 54,496,000 | 53,563,000 | 32,148,000 | ||||||||
Total assets | 1,324,679,000 | 1,309,232,000 | 1,324,679,000 | 1,309,232,000 | 1,027,787,000 | ||||||
PropertyPlantAndEquipmentAdditions | 33,642,000 | 38,063,000 | 43,039,000 | ||||||||
Operating Segments [Member] | Defense [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Segment Reporting Information, Revenue for Reportable Segment | 739,805,000 | 769,190,000 | 770,318,000 | ||||||||
Operating income | 102,252,000 | 116,618,000 | 90,285,000 | ||||||||
Depreciation and amortization | 33,198,000 | 32,351,000 | 33,372,000 | ||||||||
Total assets | 1,158,272,000 | 1,293,679,000 | 1,158,272,000 | 1,293,679,000 | 1,266,553,000 | ||||||
PropertyPlantAndEquipmentAdditions | 18,111,000 | 11,468,000 | 20,605,000 | ||||||||
Operating Segments [Member] | Energy [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Segment Reporting Information, Revenue for Reportable Segment | 433,114,000 | 403,788,000 | 381,557,000 | ||||||||
Operating income | 67,602,000 | 57,204,000 | 55,643,000 | ||||||||
Depreciation and amortization | 13,171,000 | 11,647,000 | 11,835,000 | ||||||||
Total assets | 632,009,000 | 798,330,000 | 632,009,000 | 798,330,000 | 781,837,000 | ||||||
PropertyPlantAndEquipmentAdditions | 10,474,000 | 19,435,000 | 13,421,000 | ||||||||
Operating Segments [Member] | Corporate And Other [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating income | -30,312,000 | -41,944,000 | -31,110,000 | ||||||||
Depreciation and amortization | 4,060,000 | 4,654,000 | 2,771,000 | ||||||||
Total assets | 284,551,000 | 57,033,000 | 284,551,000 | 57,033,000 | 38,411,000 | ||||||
PropertyPlantAndEquipmentAdditions | 4,888,000 | 3,276,000 | 5,889,000 | ||||||||
Operating Segments [Member] | Intersegment Eliminations [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Segment Reporting Information, Revenue for Reportable Segment | ($6,838,000) | ($6,797,000) | ($7,950,000) |
SEGMENT_INFORMATION_Reconcilia
SEGMENT INFORMATION (Reconciliation) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment Reporting Information [Line Items] | |||
Operating income | $282,373 | $237,123 | $181,394 |
Interest expense | -35,794 | -37,053 | -26,301 |
Other income, net | 365 | 980 | 128 |
Earnings before income taxes | 246,944 | 201,050 | 155,221 |
Assets | |||
Total assets | 3,399,511 | 3,458,274 | 3,114,588 |
Non Segment Cash [Member] | |||
Assets | |||
Total assets | 245,651 | 12,651 | 6,934 |
Non Segment Other Assets [Member] | |||
Assets | |||
Total assets | 38,900 | 44,382 | 31,477 |
Corporate And Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Operating income | -30,312 | -41,944 | -31,110 |
Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Operating income | 312,685 | 279,067 | 212,504 |
Assets | |||
Total assets | $3,114,960 | $3,401,241 | $3,076,177 |
SEGMENT_INFORMATION_Geographic
SEGMENT INFORMATION (Geographic) (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
RevenuesFromExternalCustomersAndLongLivedAssetsLineItems | |||||||||||
Net sales | $572,586 | $558,383 | $569,198 | $542,959 | $588,167 | $511,380 | $524,139 | $494,395 | $2,243,126 | $2,118,081 | $1,823,307 |
Property, plant, and equipment, net | 458,919 | 515,718 | 458,919 | 515,718 | 489,593 | ||||||
UNITED STATES | |||||||||||
RevenuesFromExternalCustomersAndLongLivedAssetsLineItems | |||||||||||
Net sales | 1,521,034 | 1,444,019 | 1,276,571 | ||||||||
Property, plant, and equipment, net | 323,937 | 365,691 | 323,937 | 365,691 | 352,615 | ||||||
United Kingdom [Member] | |||||||||||
RevenuesFromExternalCustomersAndLongLivedAssetsLineItems | |||||||||||
Net sales | 145,092 | 134,815 | 136,052 | ||||||||
Property, plant, and equipment, net | 45,625 | 43,434 | 45,625 | 43,434 | 43,341 | ||||||
Canada [Member] | |||||||||||
RevenuesFromExternalCustomersAndLongLivedAssetsLineItems | |||||||||||
Net sales | 72,392 | 66,234 | 61,916 | ||||||||
Property, plant, and equipment, net | 20,257 | 27,975 | 20,257 | 27,975 | 31,740 | ||||||
Other Foreign Countries [Member] | |||||||||||
RevenuesFromExternalCustomersAndLongLivedAssetsLineItems | |||||||||||
Net sales | 504,608 | 473,013 | 348,768 | ||||||||
Property, plant, and equipment, net | $69,100 | $78,618 | $69,100 | $78,618 | $61,897 |
CONTINGENCIES_AND_COMMITMENTS_
CONTINGENCIES AND COMMITMENTS (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2014 | |
Loss Contingencies [Line Items] | ||
Surety Bond Outstanding | $52,900,000 | |
Loss Contingency, Damages Sought, Value | 1,000,000,000 | |
Standby Letters Of Credit [Member] | ||
Loss Contingencies [Line Items] | ||
Letters of Credit Outstanding, Amount | 47,200,000 | 54,300,000 |
Financial Standby Letter of Credit [Member] | ||
Loss Contingencies [Line Items] | ||
Letters of Credit Outstanding, Amount | 23,200,000 | 20,700,000 |
Failure to Meet Contractual Obligations [Member] | ||
Loss Contingencies [Line Items] | ||
Loss Contingency, Damages Sought, Value | 25,000,000 | |
Loss Contingency, Range of Possible Loss, Minimum | 0 | |
Loss Contingency, Range of Possible Loss, Maximum | $40,000,000 |
ACCUMULATED_OTHER_COMPREHENSIV2
ACCUMULATED OTHER COMPREHENSIVE INCOME LOSS (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax | $25,259 | ($55,508) | |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | -157,836 | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 4,166 | ||
Other Comprehensive Income (Loss), Net of Tax | -153,670 | 80,767 | 9,623 |
Accumulated Other Comprehensive Income (Loss), Net of Tax | -128,411 | 25,259 | -55,508 |
Accumulated Translation Adjustment [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 59,103 | 65,722 | |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | -79,386 | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | ||
Other Comprehensive Income (Loss), Net of Tax | -79,386 | -6,619 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax | -20,283 | 59,103 | |
Accumulated Defined Benefit Plans Adjustment [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax | -33,844 | -121,230 | |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | -78,450 | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 4,166 | ||
Other Comprehensive Income (Loss), Net of Tax | -74,284 | 87,386 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax | ($108,128) | ($33,844) |
ACCUMULATED_OTHER_COMPREHENSIV3
ACCUMULATED OTHER COMPREHENSIVE INCOME LOSS ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Reclass) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Earnings before income taxes | $246,944 | $201,050 | $155,221 | |||||||||
Income Tax Expense (Benefit) | 76,995 | 61,646 | 51,140 | |||||||||
Net earnings | 16,750 | 25,033 | 36,391 | 35,164 | 47,307 | 36,361 | 33,370 | 20,943 | 113,338 | 137,981 | 113,844 | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment [Member] | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Other Comprehensive (Income) Loss, Amortization Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Prior Service Cost (Credit), before Tax | -5 | [1] | ||||||||||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Gain (Loss), before Tax | 6,016 | [1] | ||||||||||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, Curtailments, before Tax | -377 | |||||||||||
Earnings before income taxes | -6,398 | |||||||||||
Income Tax Expense (Benefit) | -2,232 | |||||||||||
Net earnings | ($4,166) | |||||||||||
[1] | These items are included in the computation of net periodic pension cost. See Note 16, Pension and Other Postretirement Benefit Plans. |
QUARTERLY_RESULTS_OF_OPERATION2
QUARTERLY RESULTS OF OPERATIONS (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Net sales | $572,586 | $558,383 | $569,198 | $542,959 | $588,167 | $511,380 | $524,139 | $494,395 | $2,243,126 | $2,118,081 | $1,823,307 |
Gross Profit | 200,340 | 193,331 | 198,231 | 184,614 | 209,055 | 178,672 | 182,386 | 165,726 | 776,516 | 735,839 | 612,419 |
Earnings from continuing operations | 46,132 | 44,378 | 43,009 | 36,430 | 44,700 | 38,079 | 34,035 | 22,590 | 169,949 | 139,404 | 104,081 |
Earnings from discontinued operations | -29,382 | -19,345 | -6,618 | -1,266 | 2,607 | -1,718 | -665 | -1,647 | -56,611 | -1,423 | 9,763 |
Net earnings | $16,750 | $25,033 | $36,391 | $35,164 | $47,307 | $36,361 | $33,370 | $20,943 | $113,338 | $137,981 | $113,844 |
Basic earnings per share | |||||||||||
Earnings from continuing operations | $0.96 | $0.92 | $0.90 | $0.76 | $0.95 | $0.81 | $0.73 | $0.48 | $3.54 | $2.97 | $2.23 |
Earnings from discontinued operations | ($0.61) | ($0.40) | ($0.14) | ($0.03) | $0.05 | ($0.04) | ($0.02) | ($0.03) | ($1.18) | ($0.03) | $0.21 |
Total | $0.35 | $0.52 | $0.76 | $0.73 | $1 | $0.77 | $0.71 | $0.45 | $2.36 | $2.94 | $2.44 |
Diluted earnings per share | |||||||||||
Earnings from continuing operations | $0.94 | $0.90 | $0.87 | $0.74 | $0.92 | $0.79 | $0.72 | $0.48 | $3.46 | $2.91 | $2.20 |
Earnings from discontinued operations | ($0.60) | ($0.39) | ($0.13) | ($0.02) | $0.05 | ($0.03) | ($0.02) | ($0.04) | ($1.15) | ($0.03) | $0.21 |
Total | $0.34 | $0.51 | $0.74 | $0.72 | $0.97 | $0.76 | $0.70 | $0.44 | $2.31 | $2.88 | $2.41 |
SUBSEQUENT_EVENTS_Detail
SUBSEQUENT EVENTS (Detail) (Subsequent Event [Member]) | 0 Months Ended | |
In Millions, unless otherwise specified | Jan. 30, 2015 | Jan. 09, 2015 |
USD ($) | GBP (£) | |
Subsequent Event [Line Items] | ||
Pension Contributions | $145 | |
Discontinued Operations, Proceeds from Sale of Assets | £ 3 |
SCHEDULE_II_VALUATION_AND_QUAL2
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
ValuationAndQualifyingAccountsDisclosureLineItems | |||
Valuation Allowances and Reserves, Balance, Beginning Balance | $6,321 | $8,531 | $5,518 |
ValuationAllowancesAndReservesChargedToCostAndExpense | 18,535 | -1,896 | 1,665 |
ValuationAllowancesAndReservesChargedToOtherAccounts | -263 | -314 | 1,348 |
ValuationAllowancesAndReservesDeductions | 1,115 | 0 | 0 |
Valuation Allowances and Reserves, Balance, Ending Balance | 23,478 | 6,321 | 8,531 |
ValuationAllowanceOfDeferredTaxAssetsMember | |||
ValuationAndQualifyingAccountsDisclosureLineItems | |||
Valuation Allowances and Reserves, Balance, Beginning Balance | 6,321 | 8,531 | 5,518 |
ValuationAllowancesAndReservesChargedToCostAndExpense | 18,535 | -1,896 | 1,665 |
ValuationAllowancesAndReservesChargedToOtherAccounts | -263 | -314 | 1,348 |
ValuationAllowancesAndReservesDeductions | 1,115 | 0 | 0 |
Valuation Allowances and Reserves, Balance, Ending Balance | $23,478 | $6,321 | $8,531 |