Kaman (KAMN) 10-Q 30 Jul 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jul. 03, 2015	Jul. 24, 2015
Document Information [Line Items]
Entity Registrant Name	KAMAN CORPORATION
Entity Central Index Key	54,381
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Jul. 3, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Common Stock, Shares Outstanding		27,182,149

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jul. 03, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 11,524	$ 12,411
Accounts receivable, net	231,990	234,648
Inventories	367,718	359,741
Deferred income taxes	25,675	25,888
Other current assets	32,885	29,568
Total current assets	669,792	662,256
Property, plant and equipment, net of accumulated depreciation of $194,660 and $183,829 respectively	147,113	147,825
Goodwill	245,079	238,581
Other intangibles assets, net	92,686	94,491
Deferred income taxes	36,248	34,784
Other assets	25,085	23,268
Total assets	1,216,003	1,201,205
Current liabilities:
Current portion of long-term debt	5,000	10,000
Accounts payable – trade	131,895	116,787
Accrued salaries and wages	36,655	42,214
Advances on contracts	6,558	2,406
Other accruals and payables	43,923	47,583
Income taxes payable	1,528	2,734
Total current liabilities	225,559	221,724
Long-term debt, excluding current portion	268,188	271,232
Deferred income taxes	2,630	3,391
Underfunded pension	130,304	141,546
Other long-term liabilities	$ 43,770	$ 45,647
Commitments and contingencies
Shareholders' equity:
Preferred stock, $1 par value, 200,000 shares authorized; none outstanding	$ 0	$ 0
Common stock, $1 par value, 50,000,000 shares authorized, voting, 27,686,687 and 27,518,226 shares issued, respectively	27,687	27,518
Additional paid-in capital	152,894	145,845
Retained earnings	504,625	479,984
Accumulated other comprehensive income (loss)	(125,762)	(126,261)
Less 485,332 and 385,942 shares of common stock, respectively, held in treasury, at cost	(13,892)	(9,421)
Total shareholders’ equity	545,552	517,665
Total liabilities and shareholders’ equity	$ 1,216,003	$ 1,201,205

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	Jul. 03, 2015	Dec. 31, 2014
Accumulated Depreciation	$ 194,660	$ 183,829
Stockholders' Equity:
Preferred stock, par value (in usd per share)	$ 1	$ 1
Preferred stock, shares authorized	200,000	200,000
Preferred stock, shares issued	0	0
Common stock, par value (in usd per share)	$ 1	$ 1
Common stock, shares authorized	50,000,000	50,000,000
Common stock, shares issued	27,686,687	27,518,226
Common Stock held in treasury, at cost (in shares)	485,332	385,942

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 03, 2015	Jun. 27, 2014	Jul. 03, 2015	Jun. 27, 2014
Income Statement [Abstract]
Net sales	$ 446,324	$ 453,018	$ 889,106	$ 860,976
Cost of sales	314,372	324,469	629,243	618,427
Gross profit	131,952	128,549	259,863	242,549
Selling, general and administrative expenses	101,953	100,048	207,507	192,350
Net (gain) / loss on sale of assets	(432)	59	(405)	173
Operating income	30,431	28,442	52,761	50,026
Interest expense, net	3,222	3,373	6,549	6,504
Other expense (income), net	(1)	240	(65)	320
Earnings from continuing operations before income taxes	27,210	24,829	46,277	43,202
Income tax expense	5,519	8,120	11,837	14,549
Earnings from continuing operations	21,691	16,709	34,440	28,653
Losses from discontinued operations, net of tax	0	(515)	0	(1,002)
Gain on disposal of discontinued operations, net of taxes	0	379	0	379
Net earnings	$ 21,691	$ 16,573	$ 34,440	$ 28,030
Earnings per share:
Basic earnings per share from continuing operations	$ 0.80	$ 0.62	$ 1.27	$ 1.07
Basic loss per share from discontinued operations	0	(0.02)	0	(0.04)
Basic earnings per share from disposal of discontinued operations	0	0.01	0	0.01
Basic earnings per share	0.80	0.61	1.27	1.04
Diluted earnings per share from continuing operations	0.77	0.61	1.23	1.04
Diluted loss per share from discontinued operations	0	(0.02)	0	(0.04)
Diluted earnings per share from disposal of discontinued operations	0	0.01	0	0.01
Diluted earnings per share	$ 0.77	$ 0.60	$ 1.23	$ 1.01
Average shares outstanding:
Basic	27,240	27,039	27,214	26,981
Diluted	28,098	27,844	27,988	27,717
Dividends declared per share	$ 0.18	$ 0.16	$ 0.36	$ 0.32

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jul. 03, 2015	Jun. 27, 2014	Jul. 03, 2015	Jun. 27, 2014
Statement of Comprehensive Income [Abstract]
Net earnings		$ 21,691	$ 16,573	$ 34,440	$ 28,030
Foreign currency translation adjustments		2,624	1,755	(2,836)	1,460
Unrealized gain on derivative instruments, net of tax expense (benefit) of $51 and ($38) and $95 and $41, respectively	[1]	84	0	159	69
Change in pension and post-retirement benefit plan liabilities, net of tax expense of $961 and $408 and $1,923 and $810, respectively	[2]	1,588	673	3,176	1,337
Other Comprehensive Income (Loss)		4,296	2,428	499	2,866
Comprehensive Income		$ 25,987	$ 19,001	$ 34,939	$ 30,896
[1]	See Note 7, Derivative Financial Instruments, for additional information regarding our derivative instruments.
[2]	These accumulated other comprehensive income components are included in the computation of net periodic pension cost. (See Note 11, Pension Plans for additional information.)

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Comprehensive Income (Parentheticals) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 03, 2015	Jun. 27, 2014	Jul. 03, 2015	Jun. 27, 2014
Tax expense (benefit) for the change in unrealized gain (loss) on derivative instruments	$ 51	$ (38)	$ 95	$ 41
Tax expense for pension plan adjustments	$ 961	$ 408	$ 1,922	$ 810

Condensed Consolidated Stateme7

Condensed Consolidated Statement of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jul. 03, 2015	Jun. 27, 2014
Cash flows from operating activities:
Earnings from continuing operations	$ 34,440	$ 28,653
Adjustments to reconcile earnings from continuing operations to net cash provided by (used in) operating activities of continuing operations:
Depreciation and amortization	18,583	16,916
Accretion of convertible notes discount	1,004	953
Provision for doubtful accounts	1,103	352
Net (gain) / loss on sale of assets	(405)	173
Net loss on derivative instruments	251	289
Stock compensation expense	4,024	3,293
Excess tax benefit from share-based compensation arrangements	(312)	(732)
Deferred income taxes	(3,993)	2,640
Changes in assets and liabilities, excluding effects of acquisitions/divestures:
Accounts receivable	3,748	(37,604)
Inventories	(7,285)	10,048
Income tax refunds receivable	0	1,990
Other current assets	(3,366)	403
Accounts payable-trade	16,184	(555)
Accrued Contract losses	(111)	(1,253)
Advances on contracts	4,152	(5,984)
Other accruals and payables	(9,152)	5,066
Income taxes payable	(1,206)	(91)
Pension liabilities	(6,150)	(8,332)
Other long-term liabilities	(3,020)	(3,422)
Net cash provided by (used in) operating activities of continuing operations	48,489	12,803
Net cash provided by (used in) operating activities of discontinued operations	0	(661)
Net cash provided by (used in) operating activities	48,489	12,142
Cash flows from investing activities:
Proceeds from sale of assets	551	63
Expenditures for property, plant & equipment	(13,475)	(18,051)
Acquisition of businesses	(11,556)	(75,518)
Other, net	(536)	(1,049)
Cash used in investing activities of continuing operations	(25,016)	(94,555)
Cash used in investing activities of discontinued operations	0	(2)
Cash used in investing activities	(25,016)	(94,557)
Cash flows from financing activities:
Net borrowings under revolving credit agreements	(27,711)	88,541
Proceeds from Issuance of Long-term Debt	100,000	0
Debt repayment	(81,250)	(2,500)
Net change in book overdraft	(2,614)	1,676
Proceeds from exercise of employee stock awards	3,262	4,639
Purchase of treasury shares	(4,162)	(843)
Dividends paid	(9,236)	(8,616)
Payments of Debt Issuance Costs	(2,482)	0
Other	(52)	0
Windfall tax benefit	312	732
Cash provided by (used in) financing activities of continuing operations	(23,933)	83,629
Cash provided by (used in) financing activities of discontinued operations	0	0
Cash provided by (used in) financing activities	(23,933)	83,629
Net increase (decrease) in cash and cash equivalents	(460)	1,214
Effect of exchange rate changes on cash and cash equivalents	(427)	78
Cash and cash equivalents at beginning of period	12,411	10,384
Cash and cash equivalents at end of period	$ 11,524	$ 11,676

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jul. 03, 2015
Accounting Policies [Abstract]
Basis of Presentation	BASIS OF PRESENTATION The December 31, 2014 , Condensed Consolidated Balance Sheet amounts have been derived from the previously audited Consolidated Balance Sheet of Kaman Corporation and subsidiaries (collectively, the “Company”), but do not include all disclosures required by accounting principles generally accepted in the United States of America ("US GAAP"). In the opinion of management, the condensed financial information reflects all adjustments necessary for a fair presentation of the Company’s financial position, results of operations and cash flows for the interim periods presented. All such adjustments are of a normal recurring nature, unless otherwise disclosed in this report. The statements should be read in conjunction with the consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014 . The results of operations for the interim periods presented are not necessarily indicative of trends or of results to be expected for the entire year. The Company has a calendar year-end; however, its first three fiscal quarters follow a 13-week convention, with each quarter ending on a Friday. The second quarters for 2015 and 2014 ended on July 3, 2015 , and June 27, 2014 , respectively.

Recent Accounting Standards

Recent Accounting Standards	6 Months Ended
	Jul. 03, 2015
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Recent Accounting Standards	RECENT ACCOUNTING STANDARDS In April 2015, the FASB issued ASU No. 2015-03, "Interest—Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs." ASU No. 2015-03 amends the FASB Accounting Standards Codification (the "Codification") to require that debt issuance costs be presented in the balance sheet as a direct deduction from the carrying amount of the related liability. Such treatment is consistent with the current presentation of debt discounts or premiums. As it stood prior to amendment, debt issuance costs were reported in the balance sheet as an asset (i.e., a deferred charge), whereas debt discounts and premiums were, and remain, reported as deductions from or additions to the debt itself. Recognition and measurement guidance for debt issuance costs is not affected by amendments to the Codification. The new standard is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015. The adoption of this standard is not expected to have a material impact on the Company's financial statements. In February 2015, the FASB issued ASU No. 2015-02, "Consolidation (Topic 810)." ASU 2015-02 focuses on the consolidation evaluation for reporting organizations that are required to evaluate whether they should consolidate certain legal entities. The new standard is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015. The adoption of this standard is not expected to have a material impact on the Company's financial statements. In January 2015, the FASB issued ASU No. 2015-01, "Income Statement - Extraordinary and Unusual Items (Subtopic 225-20)." The new standard eliminates the concept of extraordinary items and their segregation from the results of ordinary operations and expands presentation and disclosure guidance to include items that are both unusual in nature and occur infrequently. The new standard is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015. The adoption of this standard is not expected to have a material impact on the Company's financial statements. In August 2014, the FASB issued ASU No. 2014-15, "Presentation of Financial Statements - Going Concern (ASC Subtopic 205-40): Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern." The new standard provides guidance around management's responsibility to evaluate whether there is substantial doubt about an entity's ability to continue as a going concern and to provide related footnote disclosures. The new standard is effective for fiscal years, and interim periods within those fiscal years, ending after December 15, 2016. Early adoption is permitted. The adoption of this standard is not expected to have a material impact on the Company's financial statements. In June 2014, the FASB issued ASU No. 2014-12, "Compensation - Stock Compensation (ASC Topic 718) - Accounting for Share-Based Payments When the Terms of an Award Provide that a Performance Target Could Be Achieved after the Requisite Service Period." The objective of this standard update is to eliminate inconsistent practices with regards to the accounting treatment of share-based payment awards. The provisions of this ASU are effective for interim and annual periods beginning after December 15, 2015. The adoption of this standard is not expected to have a material impact on the Company's financial statements. 2. RECENT ACCOUNTING STANDARDS (CONTINUED) In May 2014, the FASB issued ASU No. 2014-09, "Revenue from Contracts with Customers (ASC Topic 606)." The objective of this standard update is to remove inconsistent practices with regards to revenue recognition between US GAAP and International Financial Reporting Standards ("IFRS"). The standard intends to improve comparability of revenue recognition practices across entities, industries, jurisdictions and capital markets. On July 9, 2015, the FASB announced a one-year deferral of this standard. The provisions of this ASU will be effective for interim and annual periods beginning after December 15, 2017, with early adoption permitted for annual periods beginning after December 15, 2016. The Company is currently assessing the potential impact of this ASU on its consolidated financial statements. In April 2014, the FASB issued ASU No. 2014-08, "Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity." This standard update requires that a disposal representing a strategic shift that has (or will have) a major effect on an entity's financial results or a business activity classified as held for sale should be reported as discontinued operations. The standard also expands the disclosures for discontinued operations and requires new disclosures related to individually material disposals that do not meet the definition of a discontinued operation. The provisions of this ASU are effective for annual periods beginning on or after December 15, 2014, and interim periods beginning on or after December 15, 2015. The adoption of this standard did not have a material impact on the Company's financial statements for the fiscal quarter ended July 3, 2015.

Discontinued Operations (Notes)

Discontinued Operations (Notes)	6 Months Ended
	Jul. 03, 2015
Discontinued Operations and Disposal Groups [Abstract]
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]	DISCONTINUED OPERATIONS On December 19, 2014, the Company sold the Distribution segment's Mexican business unit, Delamac de Mexico, S.A. de C.V. ("Delamac"). As a result, the Company has reported the results of operations and consolidated financial position of this component as discontinued operations within the condensed consolidated financial statements for all periods presented. For the three-month and six-month fiscal periods ended July 3, 2015 , there were no earnings or losses from discontinued operations. For the three-month fiscal period ended June 27, 2014 , the Company recorded $6.1 million in net sales from discontinued operations, $0.7 million of losses and a related tax benefit of $0.2 million , resulting in $0.5 million of net loss from discontinued operations. For the six-month fiscal period ended June 27, 2014 , the Company recorded $12.0 million in net sales from discontinued operations, $1.4 million of losses and a related tax benefit of $0.4 million , resulting in $1.0 million of net loss from discontinued operations. On December 31, 2012, the Company sold substantially all of the assets and liabilities of the Distribution's segment's Canadian operations. As a result, the Company has reported the results of operations and financial position of this component as discontinued operations within the condensed consolidated financial statements for all periods presented. For the three-month and six-month fiscal periods ended July 3, 2015 , there were no earnings or losses from discontinued operations. During the second quarter of 2014, the Company recorded earnings from discontinued operations of $0.5 million , $0.4 million net of tax, related to a pension settlement that resulted from the 2012 disposal of the Distribution segment's Canadian operations.

Acquisitions (Notes)

Acquisitions (Notes)	6 Months Ended
	Jul. 03, 2015
Business Combinations [Abstract]
Business Combination Disclosure [Text Block]	ACQUISITIONS On January 30, 2015, the Company acquired substantially all of the operating assets of G.C. Fabrication, Inc. ("GCF") for a purchase price of $9.5 million . Located in Northvale, New Jersey, GCF is a premier Schneider Electric/Square D distributor and carries a variety of electrical power, automation, process controls, specialized HVAC, water and wastewater systems, communication and networking devices from a premier set of global manufacturers. The acquisition of GCF has expanded the Company's automation, control and energy product offerings into the New York metro market. This acquisition is immaterial to the Company's results of operations and financial position.

Accounts Receivable

Accounts Receivable	6 Months Ended
	Jul. 03, 2015
Accounts Receivable, Net [Abstract]
Accounts Receivable, Net	ACCOUNTS RECEIVABLE, NET Accounts receivable, net consists of the following: July 3, December 31, In thousands Trade receivables $ 150,568 $ 141,481 U.S. Government contracts: Billed 15,267 21,909 Costs and accrued profit – not billed 2,447 1,581 Commercial and other government contracts: Billed 66,498 51,166 Costs and accrued profit – not billed 899 21,719 Less allowance for doubtful accounts (3,689 ) (3,208 ) Accounts receivable, net $ 231,990 $ 234,648 Accounts receivable, net includes amounts for matters such as contract changes, negotiated settlements and claims for unanticipated contract costs. These amounts are as follows: July 3, December 31, In thousands Contract changes, negotiated settlements and claims for unanticipated contract costs $ 900 $ 4,561 Total $ 900 $ 4,561 The decrease in the above balance primarily relates to receipt of payment from a customer for claims related to a composite aerostructures program.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jul. 03, 2015
Fair Value Disclosures [Abstract]
Fair Value Measurements	FAIR VALUE MEASUREMENTS Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. The Company uses a three-level fair value hierarchy that prioritizes the inputs used to measure fair value. This hierarchy requires the Company to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows: • Level 1 — Quoted prices in active markets for identical assets or liabilities. • Level 2 — Observable inputs other than quoted prices included in Level 1, such as quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data. • Level 3 — Unobservable inputs that are supported by little or no market activity and are significant to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. 6. FAIR VALUE MEASUREMENTS (CONTINUED) The following table presents the carrying value and fair value of financial instruments that are not carried at fair value: July 3, 2015 December 31, 2014 Carrying Value Fair Value Carrying Value Fair Value In thousands Long-term debt: Level 1 $ 110,028 $ 152,214 $ 109,024 $ 145,188 Level 2 163,160 151,680 172,208 164,204 Total $ 273,188 $ 303,894 $ 281,232 $ 309,392 The above fair values were computed based on quoted market prices (Level 1) and discounted future cash flows (Level 2 observable inputs), as applicable. Differences from carrying values are attributable to interest rate changes subsequent to when the transactions occurred. The fair values of Cash and cash equivalents, Accounts receivable, net, Notes payable, and Accounts payable - trade approximate their carrying amounts due to the short-term maturities of these instruments. Recurring Fair Value Measurements The Company holds derivative instruments for foreign exchange contracts and interest rate swaps that are measured at fair value using observable market inputs such as forward rates and our counterparties’ credit risks. Based on these inputs, the derivative instruments are classified within Level 2 of the valuation hierarchy and have been included in other current assets and other assets on the Condensed Consolidated Balance Sheet at July 3, 2015 , and December 31, 2014 . Based on the Company's continued ability to trade and enter into forward contracts and interest rate swaps, we consider the markets for our fair value instruments to be active. These contracts and the activity related to these contracts were not material to the Company's Condensed Consolidated Financial Statements as of and for the three-month and six-month fiscal periods ended July 3, 2015 , and June 27, 2014 . The Company evaluated the credit risk associated with the counterparties to these derivative instruments and determined that as of July 3, 2015 , such credit risks have not had an adverse impact on the fair value of these instruments.

Derivative Financial Instrument

Derivative Financial Instruments	6 Months Ended
	Jul. 03, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	DERIVATIVE FINANCIAL INSTRUMENTS The Company is exposed to certain risks relating to its ongoing business operations, including market risks relating to fluctuations in foreign currency exchange rates and interest rates. Derivative financial instruments are recognized on the Condensed Consolidated Balance Sheets as either assets or liabilities and are measured at fair value. Changes in the fair values of derivatives are recorded each period in earnings or accumulated other comprehensive income, depending on whether a derivative is effective as part of a hedged transaction. Gains and losses on derivative instruments reported in accumulated other comprehensive income are subsequently included in earnings in the periods in which earnings are affected by the hedged item. The Company does not use derivative instruments for speculative purposes. The Company holds forward exchange contracts designed to hedge forecasted transactions denominated in foreign currencies and to minimize the impact of foreign currency fluctuations on the Company’s earnings and cash flows. Some of these contracts are designated as cash flow hedges. The Company will include in earnings amounts currently included in accumulated other comprehensive income upon recognition of cost of sales related to the underlying transaction. The Term Loan Facility of the Company's Credit Agreement (“Term Loan”) contains floating rate obligations and is subject to interest rate fluctuations. During 2013, the Company entered into interest rate swap agreements for the purposes of hedging the eight quarterly variable-rate interest payments under its Term Loan due in 2014 and 2015. These interest rate swap agreements were designated as cash flow hedges and are intended to manage interest rate risk associated with the Company’s variable rate borrowings and minimize the impact on the Company’s earnings and cash flows of interest rate fluctuations attributable to changes in LIBOR rates. These agreements and the activity related to these agreements were not material to the Company's Condensed Consolidated Financial Statements as of and for the three-month and six-month fiscal periods ended July 3, 2015 , and June 27, 2014 . 7. DERIVATIVE FINANCIAL INSTRUMENTS (CONTINUED) During the second quarter of 2014, the Company entered into forward exchange contracts designed to hedge forecasted transactions denominated in foreign currencies and to minimize the impact of foreign currency fluctuations on the Company's earnings and cash flows. These contracts were entered into as a result of forecasted foreign currency transactions associated with the New Zealand contract to deliver ten SH-2G(I) aircraft and were designated as cash flow hedges. During the third quarter of 2014, the Company dedesignated these forward contracts, due to a change in the timing of payments. These contracts and the activity related to these contracts were not material to the Company's Condensed Consolidated Financial Statements as of and for the three-month and six-month fiscal periods ended July 3, 2015 , and June 27, 2014 .

Inventories

Inventories	6 Months Ended
	Jul. 03, 2015
Inventory Disclosure [Abstract]
Inventories	INVENTORIES Inventories consist of the following: July 3, December 31, In thousands Merchandise for resale $ 155,614 $ 149,837 Raw materials 22,079 19,954 Contracts and other work in process 176,169 179,002 Finished goods (including certain general stock materials) 13,856 10,948 Total $ 367,718 $ 359,741 Inventories include amounts associated with matters such as contract changes, negotiated settlements and claims for unanticipated contract costs. These amounts are as follows: July 3, December 31, In thousands Contract changes, negotiated settlements and claims for unanticipated contract costs $ 15,833 $ 13,337 Total $ 15,833 $ 13,337 K-MAX® inventory of $19.0 million and $17.2 million as of July 3, 2015 , and December 31, 2014 , respectively, is included in contracts and other work in process inventory and finished goods. Management believes that a significant portion of this K-MAX® inventory will be sold after July 3, 2016, in connection with the production of the new build helicopters and the support of the fleet for the foreseeable future. At July 3, 2015 , and December 31, 2014 , $14.4 million and $23.5 million , respectively, of SH-2G(I), formerly SH-2G(A), inventory was included on the Company's balance sheet in contracts and other work in process inventory. On May 8, 2013, the Company announced that it had entered into a $120.6 million contract with the New Zealand Ministry of Defence for the sale of ten SH-2G(I) Super Seasprite aircraft, spare parts, a full mission flight simulator, and related logistics support. Although a substantial portion of the SH-2G(I) inventory will be used in the performance of this contract, management believes that $6.2 million of the SH-2G(I) inventory will be sold after July 3, 2016. Long-term Contracts For long-term aerospace contracts, the Company generally recognizes revenue and cost based on the percentage-of-completion method of accounting, which allows for recognition of revenue as work on a contract progresses. The Company recognizes revenues and cost based on either (1) the cost-to-cost method, in which sales and profit are recorded based upon the ratio of costs incurred to estimated total costs to complete the contract, or (2) the units-of-delivery method, in which sales are recognized as deliveries are made and cost of sales is computed on the basis of the estimated ratio of total cost to total sales. 8. INVENTORIES (CONTINUED) Revenue and cost estimates for all significant long-term contracts for which revenue is recognized using the percentage-of-completion method of accounting are reviewed and reassessed quarterly. Based upon these reviews, the Company records the effects of adjustments in profit estimates each period. If at any time the Company determines that in the case of a particular contract total costs will exceed total contract revenue, the Company will record a provision for the entire anticipated contract loss at that time. For the three-month and six-month fiscal periods ended July 3, 2015 , there were increases in the Company's operating income attributable to changes in contract estimates of $1.1 million and $2.9 million , respectively. The increases were primarily a result of improved performance on the Joint Programmable Fuze ("JPF") program. For the three-month fiscal period ended June 27, 2014 , there was a $0.6 million decrease in the Company's operating income from changes in contract estimates. This decrease was primarily a result of cost growth on the Sikorsky BLACK HAWK helicopter program. For the six-month fiscal period ended June 27, 2014 , changes in contract estimates contributed $0.2 million to the Company's operating income. The increase for the six-month period was primarily a result of improved performance on the JPF program, offset by the cost growth on the Sikorsky BLACK HAWK helicopter program.

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets, Net	6 Months Ended
	Jul. 03, 2015
Intangible Assets, Net (Including Goodwill) [Abstract]
Goodwill and Other Intangible Assets, Net	GOODWILL AND OTHER INTANGIBLE ASSETS, NET Goodwill The following table sets forth the change in the carrying amount of goodwill for each reportable segment and for the Company: Distribution Aerospace Total In thousands Gross balance at December 31, 2014 $ 141,612 $ 113,221 $ 254,833 Accumulated impairment — (16,252 ) (16,252 ) Net balance at December 31, 2014 141,612 96,969 238,581 Additions 5,559 1,506 7,065 Impairments — — — Foreign currency translation — (567 ) (567 ) Ending balance at July 3, 2015 $ 147,171 $ 97,908 $ 245,079 Additions to goodwill for the Company's Distribution segment relate to the acquisition completed during 2015, as discussed in Note 4, Acquisitions . Additions to goodwill for the Company's Aerospace segment relate to an earnout payment associated with a previous acquisition. Other intangible assets consisted of: At July 3, At December 31, 2015 2014 Amortization Period Gross Amount Accumulated Amortization Gross Amount Accumulated Amortization In thousands Customer lists / relationships 6-21 years $ 126,766 $ (36,756 ) $ 123,005 $ (31,868 ) Trademarks / trade names 3-8 years 3,636 (2,331 ) 3,546 (2,080 ) Non-compete agreements and other 1-9 years 6,768 (5,509 ) 6,719 (4,948 ) Patents 17 years 523 (411 ) 523 (406 ) Total $ 137,693 $ (45,007 ) $ 133,793 $ (39,302 ) The changes in other intangible assets are attributable to changes in foreign currency exchange rates and the acquisition completed during 2015.

Debt (Notes)

Debt (Notes)	6 Months Ended
	Jul. 03, 2015
Debt Disclosure [Abstract]
Debt	DEBT On May 6, 2015, the Company closed on an amended and restated $700.0 million Credit Agreement (the "Credit Agreement") with JPMorgan Chase Bank, N.A., as Administrative Agent, Bank of America, N.A. and Citizens Bank, N.A. as Co-Syndication Agents and SunTrust Bank, KeyBank National Association, TD Bank, N.A., Branch Banking & Trust Company and Fifth Third Bank, as Co-Documentation Agents. The Credit Agreement amends and restates the Company's previously existing credit facility in its entirety to, among other things: (i) extend the maturity date to May 6, 2020; (ii) increase the aggregate amount of revolving commitments from $400.0 million to $600.0 million ; (iii) reinstate the aggregate amount of outstanding Term Loans to $100.0 million ; (iv) modify the affirmative and negative covenants set forth in the facility; and (v) effectuate a number of additional modifications to the terms and provisions of the facility, including its pricing. Capitalized terms used but not defined within this Note 10, Debt shall have the meanings ascribed thereto in the Credit Agreement. The term loan commitment requires quarterly payments of principal (which commenced on June 30, 2015) at the rate of $1.25 million , increasing to $1.875 million on June 30, 2017, and then to $2.5 million on June 30, 2019, with $65.0 million payable in the final quarter of the facility's term. The facility includes an accordion feature that allows the Company to increase the aggregate amount available to up to $900.0 million with additional commitments from the Lenders. The revolving credit facility permits the Company to pay cash dividends. The Lenders have been granted a security interest in substantially all of the Company's and its domestic subsidiaries' personal property and other assets (including intellectual property but excluding real estate), including a pledge of 66% of the Company's equity interest in certain foreign subsidiaries and 100% of the Company's equity interest in its domestic subsidiaries, as collateral for the Company's obligations under the Credit Agreement. At July 3, 2015, there was $64.4 million of Revolving Loans outstanding under the Credit Agreement, excluding letters of credit, with $ 345.2 million available for borrowing. Letters of credit are considered borrowings for purposes of the Credit Agreement. A total of $25.1 million in letters of credit was outstanding under the Credit Agreement at July 3, 2015, $19.2 million of which related to the New Zealand SH-2G(I) sales contract. At December 31, 2014, there was $92.2 million of Revolving Loans outstanding under the Credit Agreement, excluding letters of credit, with $248.6 million available for borrowing. A total of $59.2 million in letters of credit was outstanding under the Credit Agreement at December 31, 2014, $54.5 million of which related to the New Zealand SH-2G(I) sales contract. Interest rates on amounts outstanding under the Credit Agreement are variable, and are determined based on the Consolidated Senior Secured Leverage Ratio. At July 3, 2015, the interest rate for the outstanding amounts on both the revolving credit facility and term loan commitment was 1.59% . In addition, the Company is required to pay a quarterly commitment fee on the unused revolving loan commitment amount at a rate ranging from 0.175% to 0.300% per annum, based on the Consolidated Senior Secured Leverage Ratio. Fees for outstanding letters of credit range from 1.25% to 2.00% , based on the Consolidated Senior Secured Leverage Ratio. The financial covenants associated with the Credit Agreement include a requirement that (i) the Consolidated Senior Secured Leverage Ratio cannot be greater than 3.50 to 1.00 , with an election to increase the maximum to 3.75 to 1.00 for four consecutive quarters, in connection with a Permitted Acquisition with consideration in excess of $125.0 million ; (ii) the Consolidated Total Leverage Ratio, as defined in the Credit Agreement, cannot be greater than 4.00 to 1.00 , with an election to increase the maximum to 4.25 to 1.00 for four consecutive quarters, in connection with a Permitted Acquisition with consideration in excess of $125.0 million ; (iii) the Consolidated Interest Coverage Ratio cannot be less than 4.00 to 1.00 ; and (iv) Liquidity: (a) as of the last day of the fiscal quarter of the Company ending two full fiscal quarters prior to the stated maturity of the Specified Convertible Notes, cannot be less than an amount equal to 50% of the outstanding principal amount of the Specified Convertible Notes, and (b) as of the last day of each fiscal quarter of the Company ending thereafter, cannot be less than an amount equal to the outstanding principal amount of the Specified Convertible Notes as of such day.

Pension Plan

Pension Plan	6 Months Ended
	Jul. 03, 2015
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract]
Pension Plans	PENSION PLANS Components of net pension cost for the Qualified Pension Plan and Supplemental Employees’ Retirement Plan ("SERP") are as follows: For the Three Months Ended Qualified Pension Plan SERP July 3, June 27, July 3, June 27, In thousands Service cost for benefits earned during the year $ 3,532 $ 2,940 $ 51 $ 64 Interest cost on projected benefit obligation 6,879 7,208 80 86 Expected return on plan assets (11,033 ) (10,261 ) — — Amortization of prior service cost 15 20 — — Amortization of net loss 2,479 1,038 55 23 Net pension cost $ 1,872 $ 945 $ 186 $ 173 For the Six Months Ended Qualified Pension Plan SERP July 3, June 27, July 3, June 27, In thousands Service cost for benefits earned during the year $ 7,065 $ 5,880 $ 103 $ 128 Interest cost on projected benefit obligation 13,757 14,417 159 171 Expected return on plan assets (22,065 ) (20,523 ) — — Amortization of prior service cost 29 45 — — Amortization of net loss 4,959 2,057 110 45 Net pension cost $ 3,745 $ 1,876 $ 372 $ 344 The following tables show the amounts of contributions made to the Qualified Pension Plan and SERP during each period and the additional contributions the Company expects to make during the remainder of 2015 : Year-to-date contributions: Qualified Pension Plan SERP As of July 3, 2015 As of December 31, 2014 As of July 3, 2015 As of December 31, 2014 In thousands Year-to-date contributions $ 10,000 $ 10,000 $ 267 $ 819 Expected additional contributions in 2015 : Qualified Pension Plan SERP In thousands Expected additional contributions $ — $ 264

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jul. 03, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	COMMITMENTS AND CONTINGENCIES AH-1Z Program The Company is currently engaged in discussions with its customer to resolve the technical and design issues experienced on the AH-1Z attack helicopter program that caused production and delivery delays. Engineering design changes were made after the contract date, resulting in excess costs associated with design modification and rework of parts. As a result of these technical issues and schedule delays, the Company has incurred additional costs outside the scope of work for its original contract and, under the provisions of the contract, has filed claims with its customer requesting additional consideration for work performed. Costs associated with these claims is included in inventory as of July 3, 2015. See Note 8, Inventories , for amounts capitalized into inventory associated with unanticipated contract costs. On April 23, 2015, the Company received a $24.0 million warranty claim from its customer for costs incurred due to rework performed on delivered cabins. The Company is in the process of evaluating this claim; however, based on the Company's preliminary understanding it does not believe there is a legitimate basis for the claim. The Company has signed an agreement with the customer to enter into non-binding mediation in order to attempt to resolve all pending claims and disputes associated with this program. If a mutually acceptable resolution cannot be agreed upon, the Company intends to vigorously defend itself in this matter. As of July 3, 2015 , no amounts have been accrued for this matter. If the Company is unsuccessful in settling the claims it has against the customer and/or settling the customer's claims against the Company, this could have a material impact on the Company's financial results and cash flows. The Company is also in discussions with its customer regarding the acceleration of the delivery of aircraft to the U.S. Marines, which is likely to result in a scope change to the current contract. The Company has submitted a change in scope proposal to the customer and the parties are currently in negotiations. Dependent upon the outcome of these discussions and the disposition of the matters described above, the Company may be required to accrue amounts associated with its customer's claim or write-off a portion of the amounts currently recorded in inventory; however, the resolution of these matters cannot be determined at this time. There is no gross margin being recorded on sales associated with this program. Total program inventory is $44.1 million as of July 3, 2015, and there are currently sales orders of $7.0 million in backlog associated with this program. New Hartford Property In connection with the sale of the Company’s Music segment in 2007, the Company assumed responsibility for meeting certain requirements of the Connecticut Transfer Act (the “Transfer Act”) that applied to the transfer of the New Hartford, Connecticut, facility leased by that segment for guitar manufacturing purposes (“Ovation”). Under the Transfer Act, those responsibilities essentially consist of assessing the site's environmental conditions and remediating environmental impairments, if any, caused by Ovation's operations prior to the sale. The site is a multi-tenant industrial park, in which Ovation and other unrelated entities lease space. The environmental assessment process, which began in 2008, has been completed. The Company's estimate of its portion of the cost to assess the environmental conditions and remediate this site is $2.4 million , all of which has been accrued. The total amount paid to date in connection with these environmental remediation activities is $0.5 million . A portion ( $0.9 million ) of the accrual related to this property is included in other accruals and payables and the balance is included in other long-term liabilities. The remaining balance of the accrual reflects the total anticipated cost of completing these environmental remediation activities. Although it is reasonably possible that additional costs will be paid in connection with the resolution of this matter, the Company is unable to estimate the amount of such additional costs, if any, at this time. 12. COMMITMENTS AND CONTINGENCIES (CONTINUED) Bloomfield Property In connection with the Company’s 2008 purchase of the portion of the Bloomfield campus that a Company subsidiary had leased from the Naval Air Systems Command (NAVAIR), the Company assumed responsibility for environmental remediation at the facility as may be required under the Transfer Act and continues the effort to define the scope of the remediation that will be required by the Connecticut Department of Energy & Environmental Protection. The assumed environmental liability of $10.3 million , all of which has been accrued, was determined by taking the undiscounted estimated remediation liability of $20.8 million and discounting it at a rate of 8% . This remediation process will take many years to complete. The total amount paid to date in connection with these environmental remediation activities is $10.0 million . At July 3, 2015 , the Company has $4.6 million accrued for this environmental matter. A portion ( $1.2 million ) of the accrual related to this property is included in other accruals and payables, and the balance ( $3.4 million ) is included in other long-term liabilities. Although it is reasonably possible that additional costs will be paid in connection with the resolution of this matter, the Company is unable to estimate the amount of such additional costs, if any, at this time. Other Environmental Matters The Company has been notified by the Environmental Protection Agency that it is a potentially responsible party ("PRP") at a Superfund Site. At July 3, 2015 , the Company had no amount accrued for this matter, as it is unable to estimate the amount of costs, if any, that might be incurred in connection with the remediation of this site. In making this determination, the Company considered all available information related to the site; specifically, the continued identification of PRPs and the inability to determine the proportion of total responsibility attributable to each PRP at this time. As more information is received, the Company will reassess its ability to estimate its portion of the cost for remediation, taking into consideration the financial resources of other PRPs involved in the site, their proportionate share of the total responsibility for waste at the site, the existence of insurance and the financial viability of the insurer.

Computation of Earnings Per Sha

Computation of Earnings Per Share	6 Months Ended
	Jul. 03, 2015
Earnings Per Share Reconciliation [Abstract]
Computation of Earnings Per Share	COMPUTATION OF EARNINGS PER SHARE The computation of basic earnings per share is based on net earnings divided by the weighted average number of shares of common stock outstanding for each period. The computation of diluted earnings per share reflects the common stock equivalency of dilutive options granted to employees under the Company's stock incentive plan and shares issuable on redemption of its Convertible Notes. For the Three Months Ended For the Six Months Ended July 3, June 27, July 3, June 27, In thousands, except per share amounts Earnings from continuing operations $ 21,691 $ 16,709 $ 34,440 $ 28,653 Losses from discontinued operations, net of tax — (515 ) — (1,002 ) Gain on disposal of discontinued operations, net of taxes — 379 — 379 Net earnings $ 21,691 $ 16,573 $ 34,440 $ 28,030 Basic: Weighted average number of shares outstanding 27,240 27,039 27,214 26,981 Earnings per share from continuing operations $ 0.80 $ 0.62 $ 1.27 $ 1.07 Loss per share from discontinued operations — (0.02 ) — (0.04 ) Earnings per share from disposal of discontinued operations — 0.01 — 0.01 Basic earnings per share $ 0.80 $ 0.61 $ 1.27 $ 1.04 Diluted: Weighted average number of shares outstanding 27,240 27,039 27,214 26,981 Weighted average shares issuable on exercise of dilutive stock options 152 155 145 157 Weighted average shares issuable on redemption of convertible notes 706 650 629 579 Total 28,098 27,844 27,988 27,717 Earnings per share from continuing operations $ 0.77 $ 0.61 $ 1.23 $ 1.04 Loss per share from discontinued operations — (0.02 ) — (0.04 ) Earnings per share from disposal of discontinued operations — 0.01 — 0.01 Diluted earnings per share $ 0.77 $ 0.60 $ 1.23 $ 1.01 Equity awards For the three-month and six-month fiscal periods ended July 3, 2015 , respectively, 457,425 and 479,344 shares issuable under equity awards granted to employees were excluded from the calculation of diluted earnings per share as they were anti-dilutive based on the average stock price during the period. For the three-month and six-month fiscal periods ended June 27, 2014 , respectively, 318,111 and 380,165 shares issuable under equity awards granted to employees were excluded from the calculation of diluted earnings per share as they were anti-dilutive based on the average stock price during the period. 13. COMPUTATION OF EARNINGS PER SHARE (CONTINUED) Convertible Notes In November 2010, the Company issued Convertible Notes due on November 15, 2017, in the aggregate principal amount of $115.0 million . The Convertible Notes will mature on November 15, 2017, unless earlier redeemed, repurchased by the Company or converted. Upon conversion, the Convertible Notes require net share settlement, where the aggregate principal amount of the notes will be paid in cash and remaining amounts due, if any, will be settled in cash, shares of the Company's common stock or a combination of cash and shares of common stock, at the Company's election. For the three-month fiscal periods ended July 3, 2015 , and June 27, 2014 , respectively, shares issuable under the Convertible Notes that were dilutive during the period were included in the calculation of earnings per share as the conversion price for the Convertible Notes was less than the average share price of the Company's stock. Warrants Excluded from the diluted earnings per share calculation for the three-month and six-month fiscal periods ended July 3, 2015 , are 3,420,607 and 3,419,000 , respectively, shares issuable under the warrants sold in connection with the Company’s convertible note offering as they would be anti-dilutive. Excluded from the diluted earnings per share calculation for the three-month and six-month fiscal periods ended June 27, 2014 , are 3,410,658 and 3,409,866 , respectively, shares issuable under the warrants sold in connection with the Company’s convertible note offering as they would be anti-dilutive.

Share-Based Arrangements

Share-Based Arrangements	6 Months Ended
	Jul. 03, 2015
Share-based Arrangements with Employees and Nonemployees [Abstract]
Share-based Arrangements	SHARE-BASED ARRANGEMENTS General The Company accounts for stock options, restricted stock awards, restricted stock units and performance shares as equity awards and measures the cost of all share-based payments, including stock options, at fair value on the grant date and recognizes this cost in the statement of operations. The Company also has an employee stock purchase plan which is accounted for as a liability award. Compensation expense for stock options, restricted stock awards and restricted stock units is recognized on a straight-line basis over the vesting period of the awards. Share-based compensation expense recorded for the three-month and six-month fiscal periods ended July 3, 2015 , was $2.4 million and $4.0 million , respectively. Share-based compensation expense recorded for the three-month and six-month fiscal periods ended June 27, 2014 , was $2.0 million and $3.3 million , respectively. During the first quarter of 2015, the Company issued additional stock awards with market and performance based conditions, bringing the total of these shares to 8,238 , assuming a 100% achievement level. The Company measures the cost of these awards based on their grant date fair value to the extent of the probable number of shares to be earned upon vesting. Amortization of this cost will be recorded on a straight-line basis over the requisite service period. Throughout the course of the requisite service period, the Company will monitor the level of achievement compared to the target and adjust the number of shares expected to be earned, and the related compensation expense recorded thereafter, to reflect the updated most probable outcome. Compensation expense for these awards for the three-month and six-month fiscal periods ended July 3, 2015 , and June 27, 2014 , was not material. 14. SHARE-BASED ARRANGEMENTS (CONTINUED) Stock option activity was as follows: For the Three Months Ended For the Six Months Ended July 3, 2015 July 3, 2015 Options Weighted - average exercise price Options Weighted - average exercise price Options outstanding at beginning of period 1,099,175 $ 32.79 904,091 $ 31.26 Granted — $ — 202,345 $ 39.54 Exercised (49,092 ) $ 25.03 (52,895 ) $ 24.90 Forfeited or expired (367 ) $ 36.29 (3,825 ) $ 37.81 Options outstanding at July 3, 2015 1,049,716 $ 33.15 1,049,716 $ 33.15 The fair value of each option award is estimated on the date of grant using the Black-Scholes option valuation model. The following table indicates the weighted-average assumptions used in estimating fair value: For the Six Months Ended July 3, June 27, Expected option term (years) 5.1 5.1 Expected volatility 29.0 % 37.5 % Risk-free interest rate 1.6 % 1.5 % Expected dividend yield 1.6 % 1.7 % Per share fair value of options granted $ 9.28 $ 11.60 Restricted Stock Award and Restricted Stock Unit activity was as follows: For the Three Months Ended For the Six Months Ended July 3, 2015 July 3, 2015 Restricted Stock Weighted- average grant date fair value Restricted Stock Weighted- average grant date fair value Restricted Stock outstanding at beginning of period 190,346 $ 37.98 196,553 $ 36.29 Granted 23,254 $ 42.37 79,494 $ 40.33 Vested (25,908 ) $ 41.92 (87,052 ) $ 36.32 Forfeited or expired — $ — (1,303 ) $ 36.42 Restricted Stock outstanding at July 3, 2015 187,692 $ 37.99 187,692 $ 37.99

Segment and Geographic Informat

Segment and Geographic Information	6 Months Ended
	Jul. 03, 2015
Segment Reporting [Abstract]
Segment and Geographic Information	SEGMENT AND GEOGRAPHIC INFORMATION The Company is organized based upon the nature of its products and services, and is composed of two operating segments each overseen by a segment manager. These segments are reflective of how the Company’s Chief Executive Officer, who is its Chief Operating Decision Maker (“CODM”), reviews operating results for the purposes of allocating resources and assessing performance. The Company has not aggregated operating segments for purposes of identifying reportable segments. The Distribution segment is a leading power transmission, motion control, and fluid power industrial distributor with operations throughout the United States. Distribution conducts business in the mechanical power transmission and bearings, electrical, automation and control, and fluid power product platforms and provides total solutions from system design and integration to machine parts and value-added services to the manufacturing industry. 15. SEGMENT AND GEOGRAPHIC INFORMATION (CONTINUED) The Aerospace segment produces and/or markets widely used proprietary aircraft bearings and components; complex metallic and composite aerostructures for commercial, military and general aviation fixed and rotary wing aircraft; safe and arm solutions for missile and bomb systems for the U.S. and allied militaries; K-MAX® medium-to-heavy lift helicopters; support for our SH-2G Super Seasprite maritime helicopters and K-MAX® aircraft; and engineering design, analysis and certification services. Summarized financial information by business segment is as follows: For the Three Months Ended For the Six Months Ended In thousands July 3, June 27, July 3, June 27, Net sales: Distribution $ 304,050 $ 298,115 $ 615,521 $ 557,011 Aerospace 142,274 154,903 273,585 303,965 Net sales $ 446,324 $ 453,018 $ 889,106 $ 860,976 Operating income: Distribution $ 15,403 $ 16,176 $ 28,367 $ 27,909 Aerospace 29,153 26,681 50,974 48,702 Net gain/(loss) on sale of assets 432 (59 ) 405 (173 ) Corporate expense (14,557 ) (14,356 ) (26,985 ) (26,412 ) Operating income from continuing operations 30,431 28,442 52,761 50,026 Interest expense, net 3,222 3,373 6,549 6,504 Other (income) expense, net (1 ) 240 (65 ) 320 Earnings before income taxes from continuing operations 27,210 24,829 46,277 43,202 Income tax expense 5,519 8,120 11,837 14,549 Earnings from continuing operations $ 21,691 $ 16,709 $ 34,440 $ 28,653

Shareholders' Equity and Accumu

Shareholders' Equity and Accumulated Other Comprehensive Income	6 Months Ended
	Jul. 03, 2015
Stockholders' Equity Note [Abstract]
Stockholders' Equity and Accumulated Other Comprehensive Income	SHAREHOLDERS' EQUITY AND ACCUMULATED OTHER COMPREHENSIVE INCOME Changes in shareholders’ equity for the six-month fiscal periods ended July 3, 2015 , and June 27, 2014 , respectively, were as follows: For the Six Months Ended July 3, 2015 June 27, 2014 In thousands Beginning balance $ 517,665 $ 511,292 Comprehensive income 34,939 30,896 Dividends declared (9,799 ) (8,652 ) Employee stock plans and related tax benefit 3,262 4,639 Purchase of treasury shares (4,539 ) (843 ) Share-based compensation expense 4,024 3,293 Ending balance $ 545,552 $ 540,625 16. SHAREHOLDERS' EQUITY AND ACCUMULATED OTHER COMPREHENSIVE INCOME (CONTINUED) The components of accumulated other comprehensive income (loss) are shown below: For the Three Months Ended July 3, 2015 June 27, 2014 In thousands Foreign currency translation: Beginning balance $ (26,136 ) $ (14,514 ) Net gain/(loss) on foreign currency translation 2,624 1,755 Reclassification to net income — — Other comprehensive income/(loss), net of tax 2,624 1,755 Ending balance $ (23,512 ) $ (12,759 ) Pension and other post-retirement benefits (a) : Beginning balance (103,676 ) (65,653 ) Reclassifications to net income: Amortization of prior service cost, net of tax expense of $6 and $7, respectively 9 13 Amortization of net loss, net of tax expense of $955 and $401, respectively 1,579 660 Other comprehensive income/(loss), net of tax 1,588 673 Ending balance $ (102,088 ) $ (64,980 ) Derivative instruments (b) : Beginning balance (246 ) (516 ) Net loss on derivative instruments, net of tax benefit of ($8) and ($122), respectively (13 ) (88 ) Reclassification to net income, net of tax expense of $59 and $84, respectively 97 88 Other comprehensive income/(loss), net of tax 84 — Ending balance $ (162 ) $ (516 ) Total accumulated other comprehensive income (loss) $ (125,762 ) $ (78,255 ) 16. SHAREHOLDERS' EQUITY AND ACCUMULATED OTHER COMPREHENSIVE INCOME (CONTINUED) For the Six Months Ended July 3, 2015 June 27, 2014 In thousands Foreign currency translation: Beginning balance $ (20,676 ) $ (14,219 ) Net gain/(loss) on foreign currency translation (2,836 ) 1,460 Reclassification to net income — — Other comprehensive income/(loss), net of tax (2,836 ) 1,460 Ending balance $ (23,512 ) $ (12,759 ) Pension and other post-retirement benefits (a) : Beginning balance (105,264 ) (66,317 ) Reclassifications to net income: Amortization of prior service cost, net of tax expense of $11 and $17, respectively 18 28 Amortization of net loss, net of tax expense of $1,911 and $793, respectively 3,158 1,309 Other comprehensive income/(loss), net of tax 3,176 1,337 Ending balance $ (102,088 ) $ (64,980 ) Derivative instruments (b) : Beginning balance (321 ) (585 ) Net loss on derivative instruments, net of tax benefit of ($36) and ($78), respectively (58 ) (129 ) Reclassification to net income, net of tax expense of $131 and $119, respectively 217 198 Other comprehensive income/(loss), net of tax 159 69 Ending balance $ (162 ) $ (516 ) Total accumulated other comprehensive income (loss) $ (125,762 ) $ (78,255 ) (a) These accumulated other comprehensive income components are included in the computation of net periodic pension cost. (See Note 11, Pension Plans for additional information.) (b) See Note 7, Derivative Financial Instruments , for additional information regarding our derivative instruments.

Income Taxes

Income Taxes	6 Months Ended
	Jul. 03, 2015
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXES For the Three Months Ended For the Six Months Ended July 3, June 27, July 3, June 27, Effective Income Tax Rate 20.3 % 32.7 % 25.6 % 33.7 % The effective income tax rate represents the combined federal, state and foreign tax effects attributable to pretax earnings for the year. The decrease in the effective tax rate for the three-month and six-month fiscal periods ended July 3, 2015 , as compared to the rate for the corresponding period in the prior year is due to certain discrete items within the periods. The discrete items recognized in the three-month period ended July 3, 2015, are primarily the result of changes in tax laws which will allow the Company to realize future state tax benefits. Prior to the changes in the tax laws the Company established valuation allowances against certain net operating loss carryforwards, which are no longer deemed necessary as it is now more likely than not that these benefits will be realized in the future.

Subsequent Events

Subsequent Events	6 Months Ended
	Jul. 03, 2015
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTS The Company has evaluated subsequent events through the issuance date of these financial statements. No material subsequent events were identified that required disclosure.

Basis of Presentation (Policies

Basis of Presentation (Policies)	6 Months Ended
	Jul. 03, 2015
Accounting Policies [Abstract]
Basis of Presentation	BASIS OF PRESENTATION The December 31, 2014 , Condensed Consolidated Balance Sheet amounts have been derived from the previously audited Consolidated Balance Sheet of Kaman Corporation and subsidiaries (collectively, the “Company”), but do not include all disclosures required by accounting principles generally accepted in the United States of America ("US GAAP"). In the opinion of management, the condensed financial information reflects all adjustments necessary for a fair presentation of the Company’s financial position, results of operations and cash flows for the interim periods presented. All such adjustments are of a normal recurring nature, unless otherwise disclosed in this report. The statements should be read in conjunction with the consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014 . The results of operations for the interim periods presented are not necessarily indicative of trends or of results to be expected for the entire year. The Company has a calendar year-end; however, its first three fiscal quarters follow a 13-week convention, with each quarter ending on a Friday. The second quarters for 2015 and 2014 ended on July 3, 2015 , and June 27, 2014 , respectively.

Accounts Receivable (Tables)

Accounts Receivable (Tables)	6 Months Ended
	Jul. 03, 2015
Accounts Receivable, Net [Abstract]
Schedule of Accounts Receivable, Net	Accounts receivable, net consists of the following: July 3, December 31, In thousands Trade receivables $ 150,568 $ 141,481 U.S. Government contracts: Billed 15,267 21,909 Costs and accrued profit – not billed 2,447 1,581 Commercial and other government contracts: Billed 66,498 51,166 Costs and accrued profit – not billed 899 21,719 Less allowance for doubtful accounts (3,689 ) (3,208 ) Accounts receivable, net $ 231,990 $ 234,648
Accounts Receivable due to contract changes, negotiated settlements and claims for unanticipated cost	Accounts receivable, net includes amounts for matters such as contract changes, negotiated settlements and claims for unanticipated contract costs. These amounts are as follows: July 3, December 31, In thousands Contract changes, negotiated settlements and claims for unanticipated contract costs $ 900 $ 4,561 Total $ 900 $ 4,561

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jul. 03, 2015
Fair Value Disclosures [Abstract]
Schedule of Fair Value of Financial Instruments That Are Not Carried At Fair Value	The following table presents the carrying value and fair value of financial instruments that are not carried at fair value: July 3, 2015 December 31, 2014 Carrying Value Fair Value Carrying Value Fair Value In thousands Long-term debt: Level 1 $ 110,028 $ 152,214 $ 109,024 $ 145,188 Level 2 163,160 151,680 172,208 164,204 Total $ 273,188 $ 303,894 $ 281,232 $ 309,392

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jul. 03, 2015
Inventory Disclosure [Abstract]
Schedule of Inventory	Inventories consist of the following: July 3, December 31, In thousands Merchandise for resale $ 155,614 $ 149,837 Raw materials 22,079 19,954 Contracts and other work in process 176,169 179,002 Finished goods (including certain general stock materials) 13,856 10,948 Total $ 367,718 $ 359,741
Inventory due to contract changes, negotiated settlements and claims for unanticipated contract costs	Inventories include amounts associated with matters such as contract changes, negotiated settlements and claims for unanticipated contract costs. These amounts are as follows: July 3, December 31, In thousands Contract changes, negotiated settlements and claims for unanticipated contract costs $ 15,833 $ 13,337 Total $ 15,833 $ 13,337

Goodwill and Other Intangible30

Goodwill and Other Intangible Assets, Net (Tables)	6 Months Ended
	Jul. 03, 2015
Intangible Assets, Net (Including Goodwill) [Abstract]
Schedule of Goodwill	The following table sets forth the change in the carrying amount of goodwill for each reportable segment and for the Company: Distribution Aerospace Total In thousands Gross balance at December 31, 2014 $ 141,612 $ 113,221 $ 254,833 Accumulated impairment — (16,252 ) (16,252 ) Net balance at December 31, 2014 141,612 96,969 238,581 Additions 5,559 1,506 7,065 Impairments — — — Foreign currency translation — (567 ) (567 ) Ending balance at July 3, 2015 $ 147,171 $ 97,908 $ 245,079
Schedule of Acquired Finite-Lived Intangible Assets by Major Class	Other intangible assets consisted of: At July 3, At December 31, 2015 2014 Amortization Period Gross Amount Accumulated Amortization Gross Amount Accumulated Amortization In thousands Customer lists / relationships 6-21 years $ 126,766 $ (36,756 ) $ 123,005 $ (31,868 ) Trademarks / trade names 3-8 years 3,636 (2,331 ) 3,546 (2,080 ) Non-compete agreements and other 1-9 years 6,768 (5,509 ) 6,719 (4,948 ) Patents 17 years 523 (411 ) 523 (406 ) Total $ 137,693 $ (45,007 ) $ 133,793 $ (39,302 )

Pension Plan (Tables)

Pension Plan (Tables)	6 Months Ended
	Jul. 03, 2015
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract]
Schedule of Net Benefit Costs	Components of net pension cost for the Qualified Pension Plan and Supplemental Employees’ Retirement Plan ("SERP") are as follows: For the Three Months Ended Qualified Pension Plan SERP July 3, June 27, July 3, June 27, In thousands Service cost for benefits earned during the year $ 3,532 $ 2,940 $ 51 $ 64 Interest cost on projected benefit obligation 6,879 7,208 80 86 Expected return on plan assets (11,033 ) (10,261 ) — — Amortization of prior service cost 15 20 — — Amortization of net loss 2,479 1,038 55 23 Net pension cost $ 1,872 $ 945 $ 186 $ 173 For the Six Months Ended Qualified Pension Plan SERP July 3, June 27, July 3, June 27, In thousands Service cost for benefits earned during the year $ 7,065 $ 5,880 $ 103 $ 128 Interest cost on projected benefit obligation 13,757 14,417 159 171 Expected return on plan assets (22,065 ) (20,523 ) — — Amortization of prior service cost 29 45 — — Amortization of net loss 4,959 2,057 110 45 Net pension cost $ 3,745 $ 1,876 $ 372 $ 344
Schedule of Defined Benefit Plans Disclosures	The following tables show the amounts of contributions made to the Qualified Pension Plan and SERP during each period and the additional contributions the Company expects to make during the remainder of 2015 : Year-to-date contributions: Qualified Pension Plan SERP As of July 3, 2015 As of December 31, 2014 As of July 3, 2015 As of December 31, 2014 In thousands Year-to-date contributions $ 10,000 $ 10,000 $ 267 $ 819 Expected additional contributions in 2015 : Qualified Pension Plan SERP In thousands Expected additional contributions $ — $ 264

Computation of Earnings Per S32

Computation of Earnings Per Share (Tables)	6 Months Ended
	Jul. 03, 2015
Earnings Per Share Reconciliation [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	For the Three Months Ended For the Six Months Ended July 3, June 27, July 3, June 27, In thousands, except per share amounts Earnings from continuing operations $ 21,691 $ 16,709 $ 34,440 $ 28,653 Losses from discontinued operations, net of tax — (515 ) — (1,002 ) Gain on disposal of discontinued operations, net of taxes — 379 — 379 Net earnings $ 21,691 $ 16,573 $ 34,440 $ 28,030 Basic: Weighted average number of shares outstanding 27,240 27,039 27,214 26,981 Earnings per share from continuing operations $ 0.80 $ 0.62 $ 1.27 $ 1.07 Loss per share from discontinued operations — (0.02 ) — (0.04 ) Earnings per share from disposal of discontinued operations — 0.01 — 0.01 Basic earnings per share $ 0.80 $ 0.61 $ 1.27 $ 1.04 Diluted: Weighted average number of shares outstanding 27,240 27,039 27,214 26,981 Weighted average shares issuable on exercise of dilutive stock options 152 155 145 157 Weighted average shares issuable on redemption of convertible notes 706 650 629 579 Total 28,098 27,844 27,988 27,717 Earnings per share from continuing operations $ 0.77 $ 0.61 $ 1.23 $ 1.04 Loss per share from discontinued operations — (0.02 ) — (0.04 ) Earnings per share from disposal of discontinued operations — 0.01 — 0.01 Diluted earnings per share $ 0.77 $ 0.60 $ 1.23 $ 1.01

Share-Based Arrangements (Table

Share-Based Arrangements (Tables)	6 Months Ended
	Jul. 03, 2015
Share-based Arrangements with Employees and Nonemployees [Abstract]
Schedule of Share-based Compensation, Stock Options, Activity	Stock option activity was as follows: For the Three Months Ended For the Six Months Ended July 3, 2015 July 3, 2015 Options Weighted - average exercise price Options Weighted - average exercise price Options outstanding at beginning of period 1,099,175 $ 32.79 904,091 $ 31.26 Granted — $ — 202,345 $ 39.54 Exercised (49,092 ) $ 25.03 (52,895 ) $ 24.90 Forfeited or expired (367 ) $ 36.29 (3,825 ) $ 37.81 Options outstanding at July 3, 2015 1,049,716 $ 33.15 1,049,716 $ 33.15
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions	The fair value of each option award is estimated on the date of grant using the Black-Scholes option valuation model. The following table indicates the weighted-average assumptions used in estimating fair value: For the Six Months Ended July 3, June 27, Expected option term (years) 5.1 5.1 Expected volatility 29.0 % 37.5 % Risk-free interest rate 1.6 % 1.5 % Expected dividend yield 1.6 % 1.7 % Per share fair value of options granted $ 9.28 $ 11.60
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity	Restricted Stock Award and Restricted Stock Unit activity was as follows: For the Three Months Ended For the Six Months Ended July 3, 2015 July 3, 2015 Restricted Stock Weighted- average grant date fair value Restricted Stock Weighted- average grant date fair value Restricted Stock outstanding at beginning of period 190,346 $ 37.98 196,553 $ 36.29 Granted 23,254 $ 42.37 79,494 $ 40.33 Vested (25,908 ) $ 41.92 (87,052 ) $ 36.32 Forfeited or expired — $ — (1,303 ) $ 36.42 Restricted Stock outstanding at July 3, 2015 187,692 $ 37.99 187,692 $ 37.99

Segment and Geographic Inform34

Segment and Geographic Information (Tables)	6 Months Ended
	Jul. 03, 2015
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	Summarized financial information by business segment is as follows: For the Three Months Ended For the Six Months Ended In thousands July 3, June 27, July 3, June 27, Net sales: Distribution $ 304,050 $ 298,115 $ 615,521 $ 557,011 Aerospace 142,274 154,903 273,585 303,965 Net sales $ 446,324 $ 453,018 $ 889,106 $ 860,976 Operating income: Distribution $ 15,403 $ 16,176 $ 28,367 $ 27,909 Aerospace 29,153 26,681 50,974 48,702 Net gain/(loss) on sale of assets 432 (59 ) 405 (173 ) Corporate expense (14,557 ) (14,356 ) (26,985 ) (26,412 ) Operating income from continuing operations 30,431 28,442 52,761 50,026 Interest expense, net 3,222 3,373 6,549 6,504 Other (income) expense, net (1 ) 240 (65 ) 320 Earnings before income taxes from continuing operations 27,210 24,829 46,277 43,202 Income tax expense 5,519 8,120 11,837 14,549 Earnings from continuing operations $ 21,691 $ 16,709 $ 34,440 $ 28,653

Shareholders' Equity and Accu35

Shareholders' Equity and Accumulated Other Comprehensive Income (Tables)	6 Months Ended
	Jul. 03, 2015
Stockholders' Equity Note [Abstract]
Schedule of Stockholders Equity	Changes in shareholders’ equity for the six-month fiscal periods ended July 3, 2015 , and June 27, 2014 , respectively, were as follows: For the Six Months Ended July 3, 2015 June 27, 2014 In thousands Beginning balance $ 517,665 $ 511,292 Comprehensive income 34,939 30,896 Dividends declared (9,799 ) (8,652 ) Employee stock plans and related tax benefit 3,262 4,639 Purchase of treasury shares (4,539 ) (843 ) Share-based compensation expense 4,024 3,293 Ending balance $ 545,552 $ 540,625
Schedule of Accumulated Other Comprehensive Income (Loss)	The components of accumulated other comprehensive income (loss) are shown below: For the Three Months Ended July 3, 2015 June 27, 2014 In thousands Foreign currency translation: Beginning balance $ (26,136 ) $ (14,514 ) Net gain/(loss) on foreign currency translation 2,624 1,755 Reclassification to net income — — Other comprehensive income/(loss), net of tax 2,624 1,755 Ending balance $ (23,512 ) $ (12,759 ) Pension and other post-retirement benefits (a) : Beginning balance (103,676 ) (65,653 ) Reclassifications to net income: Amortization of prior service cost, net of tax expense of $6 and $7, respectively 9 13 Amortization of net loss, net of tax expense of $955 and $401, respectively 1,579 660 Other comprehensive income/(loss), net of tax 1,588 673 Ending balance $ (102,088 ) $ (64,980 ) Derivative instruments (b) : Beginning balance (246 ) (516 ) Net loss on derivative instruments, net of tax benefit of ($8) and ($122), respectively (13 ) (88 ) Reclassification to net income, net of tax expense of $59 and $84, respectively 97 88 Other comprehensive income/(loss), net of tax 84 — Ending balance $ (162 ) $ (516 ) Total accumulated other comprehensive income (loss) $ (125,762 ) $ (78,255 ) 16. SHAREHOLDERS' EQUITY AND ACCUMULATED OTHER COMPREHENSIVE INCOME (CONTINUED) For the Six Months Ended July 3, 2015 June 27, 2014 In thousands Foreign currency translation: Beginning balance $ (20,676 ) $ (14,219 ) Net gain/(loss) on foreign currency translation (2,836 ) 1,460 Reclassification to net income — — Other comprehensive income/(loss), net of tax (2,836 ) 1,460 Ending balance $ (23,512 ) $ (12,759 ) Pension and other post-retirement benefits (a) : Beginning balance (105,264 ) (66,317 ) Reclassifications to net income: Amortization of prior service cost, net of tax expense of $11 and $17, respectively 18 28 Amortization of net loss, net of tax expense of $1,911 and $793, respectively 3,158 1,309 Other comprehensive income/(loss), net of tax 3,176 1,337 Ending balance $ (102,088 ) $ (64,980 ) Derivative instruments (b) : Beginning balance (321 ) (585 ) Net loss on derivative instruments, net of tax benefit of ($36) and ($78), respectively (58 ) (129 ) Reclassification to net income, net of tax expense of $131 and $119, respectively 217 198 Other comprehensive income/(loss), net of tax 159 69 Ending balance $ (162 ) $ (516 ) Total accumulated other comprehensive income (loss) $ (125,762 ) $ (78,255 ) (a) These accumulated other comprehensive income components are included in the computation of net periodic pension cost. (See Note 11, Pension Plans for additional information.) (b) See Note 7, Derivative Financial Instruments , for additional information regarding our derivative instruments.

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	Jul. 03, 2015
Income Tax Disclosure [Abstract]
Schedule of Effective Income Tax Rates	For the Three Months Ended For the Six Months Ended July 3, June 27, July 3, June 27, Effective Income Tax Rate 20.3 % 32.7 % 25.6 % 33.7 %

Discontinued Operations Discont

Discontinued Operations Discontinued Operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 03, 2015	Jun. 27, 2014	Jul. 03, 2015	Jun. 27, 2014
Discontinued Operations [Abstract]
Disposal Group, Including Discontinued Operation, Revenue		$ 6,100		$ 12,000
Loss from Discontinued Operation, before Income Tax		(700)		(1,400)
Tax Benefit of Discontinued Operation		(200)		(400)
Losses from discontinued operations, net of tax	$ 0	(515)	$ 0	(1,002)
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax		500
Gain on disposal of discontinued operations, net of taxes	$ 0	$ 379	$ 0	$ 379

Acquisitions Acquisitions (Deta

Acquisitions Acquisitions (Details) $ in Millions	6 Months Ended
	Jul. 03, 2015USD ($)
Business Combinations [Abstract]
Purchase price	$ 9.5

Accounts Receivable (Details)

Accounts Receivable (Details) - USD ($) $ in Thousands	Jul. 03, 2015	Dec. 31, 2014
Accounts, Notes, Loans and Financing Receivable [Line Items]
Contracts Receivable, Claims and Uncertain Amounts	$ 900	$ 4,561
Less allowance for doubtful accounts	(3,689)	(3,208)
Accounts receivable, net	231,990	234,648
Trade Accounts Receivable [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts Receivable, Gross, Current	150,568	141,481
U.S. Government [Member] | Billed Revenues [Member] | Trade Accounts Receivable [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts Receivable, Gross, Current	15,267	21,909
U.S. Government [Member] | Unbilled Revenues [Member] | Trade Accounts Receivable [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts Receivable, Gross, Current	2,447	1,581
Commercial and Other Government [Member] | Billed Revenues [Member] | Trade Accounts Receivable [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts Receivable, Gross, Current	66,498	51,166
Commercial and Other Government [Member] | Unbilled Revenues [Member] | Trade Accounts Receivable [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts Receivable, Gross, Current	$ 899	$ 21,719

Fair Value Measurements Fair Va

Fair Value Measurements Fair Value of Financial Instruments not carried at Fair Value (Details) - USD ($) $ in Thousands	Jul. 03, 2015	Dec. 31, 2014
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt Instrument, Fair Value Disclosure	$ 273,188	$ 281,232
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt Instrument, Fair Value Disclosure	303,894	309,392
Fair Value, Inputs, Level 1 [Member] | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt Instrument, Fair Value Disclosure	110,028	109,024
Fair Value, Inputs, Level 1 [Member] | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt Instrument, Fair Value Disclosure	152,214	145,188
Fair Value, Inputs, Level 2 [Member] | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt Instrument, Fair Value Disclosure	163,160	172,208
Fair Value, Inputs, Level 2 [Member] | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt Instrument, Fair Value Disclosure	$ 151,680	$ 164,204

Inventories Schedule of Invento

Inventories Schedule of Inventory (Details) - USD ($) $ in Thousands	Jul. 03, 2015	Dec. 31, 2014
Inventory Disclosure [Abstract]
Merchandise for Resale	$ 155,614	$ 149,837
Raw materials	22,079	19,954
Contracts and other work in process	176,169	179,002
Finished Goods (including certain general stock materials)	13,856	10,948
Inventory, Net	$ 367,718	$ 359,741

Inventories Inventory due to co

Inventories Inventory due to contract changes, negotiated settlements and claims for unanticipated contract costs (Details) - USD ($) $ in Thousands	Jul. 03, 2015	Dec. 31, 2014
Inventory Disclosure [Abstract]
Inventory due to contract changes, negotiated settlements and claims for unanticipated contract costs	$ 15,833	$ 13,337

Inventories Other Significant I

Inventories Other Significant Inventory (Details) $ in Millions	Jul. 03, 2015USD ($)	Dec. 31, 2014USD ($)	May. 08, 2013USD ($)Equipment
SH 2G(I) New Zealand Contract Value			$ 120.6
SH-2G(I) Aircraft Sold | Equipment			10
K-MAX® [Member]
Inventory, Noncurrent	$ 19	$ 17.2
SH 2GA Super Seasprite Program [Member]
Inventory, Gross	14.4	$ 23.5
SH 2 inventory
Inventory, Noncurrent	$ 6.2

Inventories Long term contracts

Inventories Long term contracts percentage-of-completion accounting (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 03, 2015	Jun. 27, 2014	Jul. 03, 2015	Jun. 27, 2014
Inventory Disclosure [Abstract]
Increase to operating income from the quarterly impact of revisions in long term contracts	$ 1.1		$ 2.9	$ 0.2
Decrease to operating income from the quarterly impact of revisions in long term contracts		$ 0.6

Goodwill and Other Intangible45

Goodwill and Other Intangible Assets, Net (Details) - USD ($) $ in Thousands	6 Months Ended
	Jul. 03, 2015	Dec. 31, 2014
Goodwill [Roll Forward]
Gross balance at beginning of period		$ 254,833
Accumulated impairment		(16,252)
Net balance at beginning of period	$ 238,581
Additions	7,065
Goodwill impairment	0
Foreign currency translation	(567)
Net balance at end of period	245,079
Distribution [Member]
Goodwill [Roll Forward]
Gross balance at beginning of period		141,612
Accumulated impairment		0
Net balance at beginning of period	141,612
Additions	5,559
Goodwill impairment	0
Foreign currency translation	0
Net balance at end of period	147,171
Aerospace [Member]
Goodwill [Roll Forward]
Gross balance at beginning of period		113,221
Accumulated impairment		$ (16,252)
Net balance at beginning of period	96,969
Additions	1,506
Goodwill impairment	0
Foreign currency translation	(567)
Net balance at end of period	$ 97,908

Goodwill and Other Intangible46

Goodwill and Other Intangible Assets, Net Other Intangible Assets (Details) - USD ($) $ in Thousands	6 Months Ended
	Jul. 03, 2015	Dec. 31, 2014
Finite-Lived Intangible Assets [Line Items]
Gross Amount	$ 137,693	$ 133,793
Accumulated Amortization	(45,007)	(39,302)
Customer Lists and Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Amount	126,766	123,005
Accumulated Amortization	(36,756)	(31,868)
Trademarks and Trade Names [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Amount	3,636	3,546
Accumulated Amortization	(2,331)	(2,080)
Non-Compete Agreements and other [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Amount	6,768	6,719
Accumulated Amortization	(5,509)	(4,948)
Patents [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Amount	523	523
Accumulated Amortization	$ (411)	$ (406)
Amortization period, in years	17 years
Minimum [Member] | Customer Lists and Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization period, in years	6 years
Minimum [Member] | Trademarks and Trade Names [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization period, in years	3 years
Minimum [Member] | Non-Compete Agreements and other [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization period, in years	1 year
Maximum [Member] | Customer Lists and Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization period, in years	21 years
Maximum [Member] | Trademarks and Trade Names [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization period, in years	8 years
Maximum [Member] | Non-Compete Agreements and other [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization period, in years	9 years

Debt (Details)

Debt (Details)	1 Months Ended	6 Months Ended	9 Months Ended	21 Months Ended
	May. 06, 2020USD ($)	Jul. 03, 2015USD ($)	Mar. 31, 2020USD ($)	Mar. 31, 2019USD ($)	Mar. 31, 2017USD ($)	May. 06, 2015USD ($)	Dec. 31, 2014USD ($)	Nov. 20, 2012USD ($)
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Effective Percentage		1.59%
Consolidated Senior Secured Indebtedness to Consolidated EBITDA, Ratio		3.5
Consideration for Permitted Acquisition under Credit Agreement		$ 125,000,000
Consolidated Interest Coverage Ratio		4
Consolidated Total Leverage Ratio		4
Minimum Liquidity Debt Covenant under Credit Agreement		50.00%
Credit Agreement Election [Member]
Debt Instrument [Line Items]
Consolidated Total Leverage Ratio		4.25
Revolving Credit Facility [Member] | JPMorgan Chase Bank NA as Administrative Agent Bank of America NA and Citizens Bank NA as Co-Syndication Agents [Member]
Debt Instrument [Line Items]
Long-term Debt, Gross		$ 64,400,000					$ 92,200,000
Line of Credit Facility, Remaining Borrowing Capacity		$ 345,200,000					248,600,000
Line of Credit Facility, Maximum Borrowing Capacity						$ 600,000,000		$ 400,000,000
Long-term Line of Credit						700,000,000
Revolving Credit Facility [Member] | Minimum [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Commitment Fee Percentage		0.175%
Revolving Credit Facility [Member] | Maximum [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Commitment Fee Percentage		0.30%
Medium-term Notes [Member]
Debt Instrument [Line Items]
Long-term Line of Credit						$ 100,000,000
Medium-term Notes [Member] | Credit Agreement Election [Member]
Debt Instrument [Line Items]
Consolidated Senior Secured Indebtedness to Consolidated EBITDA, Ratio		3.75
Credit Agreement Election [Member] | JPMorgan Chase Bank NA as Administrative Agent Bank of America NA and Citizens Bank NA as Co-Syndication Agents [Member]
Debt Instrument [Line Items]
Long-term Line of Credit		$ 900,000,000
Line of Credit [Member] | JPMorgan Chase Bank NA as Administrative Agent Bank of America NA and Citizens Bank NA as Co-Syndication Agents [Member]
Debt Instrument [Line Items]
Letters of Credit Outstanding, Amount		25,100,000					59,200,000
Line of Credit [Member] | New Zealand Ministry of Defense [Member] | JPMorgan Chase Bank NA as Administrative Agent Bank of America NA and Citizens Bank NA as Co-Syndication Agents [Member]
Debt Instrument [Line Items]
Letters of Credit Outstanding, Amount		$ 19,200,000					$ 54,500,000
Line of Credit [Member] | Minimum [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Commitment Fee Percentage		1.25%
Line of Credit [Member] | Maximum [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Commitment Fee Percentage		2.00%
Foreign Subsidiary [Member] | Commercial Loan [Member] | Line of Credit [Member]
Debt Instrument [Line Items]
Equity Interest In Certain Foreign Subsidiaries		66.00%
Equity Interest In Domestic Subsidiaries		100.00%
Scenario, Forecast [Member] | Medium-term Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Final Periodic Payment, Principal	$ 65,000,000
Debt Instrument, Periodic Payment, Principal			$ 2,500,000	$ 1,875,000	$ 1,250,000

Pension Plan Pension plan net p

Pension Plan Pension plan net periodic benefit costs (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 03, 2015	Jun. 27, 2014	Jul. 03, 2015	Jun. 27, 2014
Qualified Pension Plan [Member]
Defined Benefit Plan Disclosure
Service cost for benefits earned during the year	$ 3,532	$ 2,940	$ 7,065	$ 5,880
Interest cost on projected benefit obligation	6,879	7,208	13,757	14,417
Expected return on plan assets	(11,033)	(10,261)	(22,065)	(20,523)
Amortization of prior service cost (credit)	15	20	29	45
Recognized net loss	2,479	1,038	4,959	2,057
Net pension benefit cost	1,872	945	3,745	1,876
Supplemental Employee Retirement Plans [Member]
Defined Benefit Plan Disclosure
Service cost for benefits earned during the year	51	64	103	128
Interest cost on projected benefit obligation	80	86	159	171
Expected return on plan assets	0	0	0	0
Amortization of prior service cost (credit)	0	0	0	0
Recognized net loss	55	23	110	45
Net pension benefit cost	$ 186	$ 173	$ 372	$ 344

Pension Plan Contributions (Det

Pension Plan Contributions (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jul. 03, 2015	Dec. 31, 2014
Qualified Pension Plan [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans
Contributions paid-to-date	$ 10,000	$ 10,000
Defined Benefit Plan, Expected Contributions	0
Supplemental Employee Retirement Plans [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans
Contributions paid-to-date	267	$ 819
SERP, Expected contributions	$ 264

Commitments and Contingencies T

Commitments and Contingencies Textuals (Details) - USD ($) $ in Thousands	6 Months Ended
	Jul. 03, 2015	Apr. 23, 2015
New Hartford [Member]
Loss Contingencies [Line Items]
Accrual for Environmental Loss Contingencies	$ 2,400
Accrual for Environmental Loss Contingencies, Payments	500
Bloomfield [Member]
Loss Contingencies [Line Items]
Accrual for Environmental Loss Contingencies	4,600
Accrual for Environmental Loss Contingencies, Payments	10,000
Site Contingency, Accrual, Discount Amount	10,300
Site Contingency, Accrual, Undiscounted Amount	$ 20,800
Site Contingency, Accrual, Discount Rate	8.00%
Superfund Site [Member]
Loss Contingencies [Line Items]
Accrual for Environmental Loss Contingencies	$ 0
Other accruals and payables [Member] | New Hartford [Member]
Loss Contingencies [Line Items]
Accrual for Environmental Loss Contingencies	900
Other accruals and payables [Member] | Bloomfield [Member]
Loss Contingencies [Line Items]
Accrual for Environmental Loss Contingencies	1,200
Other Long-Term Liabilities [Member] | Bloomfield [Member]
Loss Contingencies [Line Items]
Accrual for Environmental Loss Contingencies	3,400
AH-1Z program [Member]
Loss Contingencies [Line Items]
Unasserted warranty claim		$ 24,000
Loss Contingency Accrual	0
Total program inventory, long-term contract	44,100
Backlog	$ 7,000

Computation of Earnings Per S51

Computation of Earnings Per Share (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jul. 03, 2015	Jun. 27, 2014	Jul. 03, 2015	Jun. 27, 2014	Nov. 30, 2010
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Earnings from continuing operations	$ 21,691,000	$ 16,709,000	$ 34,440,000	$ 28,653,000
Losses from discontinued operations, net of tax	0	(515,000)	0	(1,002,000)
Gain on disposal of discontinued operations, net of taxes	0	379,000	0	379,000
Net earnings	$ 21,691,000	$ 16,573,000	$ 34,440,000	$ 28,030,000
Weighted Average Number of Shares Outstanding, Basic	27,240,000	27,039,000	27,214,000	26,981,000
Basic earnings per share from continuing operations	$ 0.80	$ 0.62	$ 1.27	$ 1.07
Basic loss per share from discontinued operations	0	(0.02)	0	(0.04)
Basic earnings per share from disposal of discontinued operations	0	0.01	0	0.01
Basic earnings per share	$ 0.80	$ 0.61	$ 1.27	$ 1.04
Weighted average shares issuable on exercise of dilutive stock options	152,000	155,000	145,000	157,000
Weighted average shares issuable on exercise of convertible notes	706,000	650,000	629,000	579,000
Weighted Average Number of Shares Outstanding, Diluted	28,098,000	27,844,000	27,988,000	27,717,000
Diluted earnings per share from continuing operations	$ 0.77	$ 0.61	$ 1.23	$ 1.04
Diluted loss per share from discontinued operations	0	(0.02)	0	(0.04)
Diluted earnings per share from disposal of discontinued operations	0	0.01	0	0.01
Diluted earnings per share	$ 0.77	$ 0.60	$ 1.23	$ 1.01
Equity awards granted to employees [Member]
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	457,425	318,111	479,344	380,165
Convertible Debt Securities [Member] | Convertible Debt [Member]
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Convertible Notes, Face Amount					$ 115,000,000
Warrant [Member]
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	3,420,607	3,410,658	3,419,000	3,409,866

Share-Based Arrangements Compen

Share-Based Arrangements Compensation Arrangements by Share-based Payment Award (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 03, 2015	Jun. 27, 2014	Jul. 03, 2015	Jun. 27, 2014
Share-based Compensation Arrangement by Share-based Payment Award
Stock compensation expense	$ 2,400	$ 2,000	$ 4,024	$ 3,293
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period			8,238
Assumed achievement level	100.00%		100.00%

Share-Based Arrangements Stock

Share-Based Arrangements Stock Options Activity (Details) - Stock Options [Member] - $ / shares	3 Months Ended	6 Months Ended
	Jul. 03, 2015	Jul. 03, 2015	Jun. 27, 2014	Apr. 03, 2015	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Outstanding at beginning of the period (in shares)	1,099,175	904,091
Granted (in shares)	0	202,345
Exercised (in shares)	(49,092)	(52,895)
Forfeited or expired (in shares)	(367)	(3,825)
Outstanding at July 3, 2015 (in shares)	1,049,716	1,049,716
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Options outstanding at Beginning of Period, Weighted average-exercise price (usd per share)	$ 33.15	$ 33.15		$ 32.79	$ 31.26
Granted, Weighted Average Grant Date Fair Value (usd per share)	0	39.54
Exercised, Weighted average-exercise price (usd per share)	25.03	24.90
Forfeited or expired, Weighted average exercise price (usd per share)	36.29	37.81
Options outstanding at July 3, 2015, Weighted average-exercise price (usd per share)	$ 33.15	$ 33.15		$ 32.79	$ 31.26
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Expected option term		5 years 1 month	5 years 1 month
Expected volatility		29.00%	37.50%
Risk-free interest rate		1.60%	1.50%
Expected dividend yield		1.60%	1.70%
Per share fair value of options granted		$ 9.28	$ 11.60

Share-Based Arrangements Restri

Share-Based Arrangements Restricted Stock Activity (Details) - Jul. 03, 2015 - Restricted Stock Awards [Member] - $ / shares	Total	Total
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Restricted Stock outstanding at beginning of the period (in shares)	190,346	196,553
Granted (in shares)	23,254	79,494
Vested (in shares)	(25,908)	(87,052)
Forfeited or expired (in shares)	0	(1,303)
Restricted Stock outstanding at July 3, 2015 (in shares)	187,692	187,692
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Restricted Stock outstanding at Beginning of Period, Weighted-average grant date fair value (usd per share)	$ 37.98	$ 36.29
Granted, Weighted Average Grant Date Fair Value (usd per share)	42.37	40.33
Vested, Weighted Average Grant Date Fair Value (usd per share)	41.92	36.32
Forfeited or expired, Weighted Average Grant Date Fair Value (usd per share)	0	36.42
Restricted Stock outstanding at July 3, 2015, Weighted-average grant date fair value (usd per share)	$ 37.99	$ 37.99

Segment and Geographic Inform55

Segment and Geographic Information Reconciliation of Income From Segements to Consolidation (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 03, 2015USD ($)	Jun. 27, 2014USD ($)	Jul. 03, 2015USD ($)segment	Jun. 27, 2014USD ($)
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Number of Operating Segments | segment			2
Net sales	$ 446,324	$ 453,018	$ 889,106	$ 860,976
Operating income	30,431	28,442	52,761	50,026
Net (gain) / loss on sale of assets	432	(59)	405	(173)
Interest expense, net	3,222	3,373	6,549	6,504
Other expense (income), net	(1)	240	(65)	320
Earnings from continuing operations before income taxes	27,210	24,829	46,277	43,202
Income tax expense	5,519	8,120	11,837	14,549
Earnings from continuing operations	21,691	16,709	34,440	28,653
Distribution [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net sales	304,050	298,115	615,521	557,011
Operating income	15,403	16,176	28,367	27,909
Aerospace [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net sales	142,274	154,903	273,585	303,965
Operating income	29,153	26,681	50,974	48,702
Unallocated Amount to Segment [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net (gain) / loss on sale of assets	432	(59)	405	(173)
Corporate Segment [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Operating income	$ (14,557)	$ (14,356)	$ (26,985)	$ (26,412)

Shareholders' Equity and Accu56

Shareholders' Equity and Accumulated Other Comprehensive Income Changes in Shareholders' Equity (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 03, 2015	Jun. 27, 2014	Jul. 03, 2015	Jun. 27, 2014
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance		$ 540,625	$ 517,665	$ 511,292
Comprehensive Income	$ 25,987	19,001	34,939	30,896
Dividends declared			(9,799)	(8,652)
Employee stock plans and related tax benefit			3,262	4,639
Purchase of treasury shares			(4,539)	(843)
Share-based compensation expense	2,400	$ 2,000	4,024	$ 3,293
Ending Balance	$ 545,552		$ 545,552

Shareholders' Equity and Accu57

Shareholders' Equity and Accumulated Other Comprehensive Income Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands		3 Months Ended				6 Months Ended
		Jul. 03, 2015		Jun. 27, 2014		Jul. 03, 2015		Jun. 27, 2014		Apr. 03, 2015		Dec. 31, 2014		Mar. 28, 2014	Dec. 31, 2013
Schedule of Accumulated Other Comprehensive Income [Line Items]
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation		$ (23,512)		$ (12,759)		$ (23,512)		$ (12,759)		$ (26,136)		$ (20,676)		$ (14,514)	$ (14,219)
Foreign currency translation adjustments		2,624		1,755		(2,836)		1,460
Reclassification to net income, foreign currency translation		0		0		0		0
Other Comprehensive Income (Loss), Foreign Currency Translation		2,624		1,755		(2,836)		1,460
Changes in pension and post-retirement benefit plans		(102,088)	[1]	(64,980)	[1]	(102,088)	[1]	(64,980)	[1]	(103,676)	[1]	(105,264)	[1]	(65,653)	(66,317)
Amortization of prior service cost, net of tax expense	[1]	9		13		18		28
Amortization of net loss, net of tax expense	[1]	1,579		660		3,158		1,309
Pension plan adjustments, net of tax expense	[1]	1,588		673		3,176		1,337
Accumulated Other Comprehensive Income (Loss), Unrealized Gain (Loss) on derivative instruments, Effect Net of Tax		(162)	[2]	(516)	[2]	(162)	[2]	(516)	[2]	$ (246)	[2]	(321)	[2]	$ (516)	$ (585)
Net loss on derivative instruments, net of tax expense (benefit)	[2]	(13)		(88)		(58)		(129)
Reclassification to net income, derivative instruments, net of tax benefit		97	[2]	88		217	[2]	198
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax	[2]	84		0		159		69
Accumulated Other Comprehensive Income (Loss), Net of Tax		(125,762)		(78,255)		(125,762)		(78,255)				$ (126,261)
Tax expense for pension plan adjustments		961		408		1,922		810
Tax expense (benefit) for the change in unrealized loss on derivative instruments		(8)		(122)		(36)		(78)
Tax expense (benefit) on loss on derivative instruments reclassified to net income		59		84		131		119
Amortization of prior service cost
Schedule of Accumulated Other Comprehensive Income [Line Items]
Tax expense for pension plan adjustments		6		7		11		17
Amortization of net loss
Schedule of Accumulated Other Comprehensive Income [Line Items]
Tax expense for pension plan adjustments		$ 955		$ 401		$ 1,911		$ 793
[1]	These accumulated other comprehensive income components are included in the computation of net periodic pension cost. (See Note 11, Pension Plans for additional information.)
[2]	See Note 7, Derivative Financial Instruments, for additional information regarding our derivative instruments.

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended		6 Months Ended
	Jul. 03, 2015	Jun. 27, 2014	Jul. 03, 2015	Jun. 27, 2014
Income Tax Disclosure [Abstract]
Effective Income Tax Rate, Continuing Operations	20.30%	32.70%	25.60%	33.70%