Kaman (KAMN) 10-Q 28 Jul 16 2016 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jul. 01, 2016	Jul. 22, 2016
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. 1, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Common Stock, Shares Outstanding		27,091,541

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jul. 01, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents	$ 20,210	$ 16,462
Accounts receivable, net	267,674	238,102
Inventories	396,738	385,747
Income tax refunds receivable	1,628	3,591
Other current assets	31,178	32,133
Total current assets	717,428	676,035
Property, plant and equipment, net of accumulated depreciation of $214,867 and $202,648 respectively	176,428	175,586
Goodwill	347,892	352,710
Other intangibles assets, net	136,667	144,763
Deferred income taxes	63,573	66,815
Other assets	23,519	23,702
Total assets	1,465,507	1,439,611
Current liabilities:
Current portion of long-term debt	5,625	5,000
Accounts payable – trade	131,838	121,044
Accrued salaries and wages	42,437	40,284
Advances on contracts	14,997	11,274
Other accruals and payables	63,238	58,761
Income taxes payable	717	326
Total current liabilities	258,852	236,689
Long-term debt, excluding current portion	443,118	434,227
Deferred income taxes	7,393	15,207
Underfunded pension	143,137	158,984
Other long-term liabilities	48,394	51,427
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, 27,981,573 and 27,735,757 shares issued, respectively	27,982	27,736
Additional paid-in capital	165,678	156,803
Retained earnings	537,383	520,865
Accumulated other comprehensive income (loss)	(136,805)	(140,138)
Less 878,529 and 698,183 shares of common stock, respectively, held in treasury, at cost	(29,625)	(22,189)
Total shareholders’ equity	564,613	543,077
Total liabilities and shareholders’ equity	$ 1,465,507	$ 1,439,611

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	Jul. 01, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Accumulated Depreciation	$ 214,867	$ 202,648
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	27,981,573	27,735,757
Common Stock held in treasury, at cost (in shares)	878,529	698,183

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 01, 2016	Jul. 03, 2015	Jul. 01, 2016	Jul. 03, 2015
Income Statement [Abstract]
Net sales	$ 470,642	$ 446,324	$ 921,840	$ 889,106
Cost of sales	326,876	314,372	643,644	629,243
Gross profit	143,766	131,952	278,196	259,863
Selling, general and administrative expenses	113,905	101,953	230,013	207,507
Net (gain) / loss on sale of assets	14	(432)	(14)	(405)
Operating income	29,847	30,431	48,197	52,761
Interest expense, net	3,988	3,222	7,795	6,549
Other expense (income), net	489	(1)	575	(65)
Earnings before income taxes	25,370	27,210	39,827	46,277
Income tax expense	8,875	5,519	13,555	11,837
Net earnings	$ 16,495	$ 21,691	$ 26,272	$ 34,440
Earnings per share:
Basic earnings per share (in usd per share)	$ 0.61	$ 0.80	$ 0.97	$ 1.27
Diluted earnings per share (in usd per share)	$ 0.59	$ 0.77	$ 0.94	$ 1.23
Average shares outstanding:
Basic (in shares)	27,101	27,240	27,080	27,214
Diluted (in shares)	27,944	28,098	27,875	27,988
Dividends declared per share (in usd per share)	$ 0.18	$ 0.18	$ 0.36	$ 0.36

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 01, 2016	Jul. 03, 2015	Jul. 01, 2016	Jul. 03, 2015
Statement of Comprehensive Income [Abstract]
Net earnings	$ 16,495	$ 21,691	$ 26,272	$ 34,440
Foreign currency translation adjustments	(7,178)	2,624	35	(2,836)
Unrealized (loss) gain on derivative instruments, net of tax benefit (expense) of $94 and ($51) and $431 and ($95), respectively	(155)	84	(712)	159	[1]
Change in pension and post-retirement benefit plan liabilities, net of tax expense of $1,215 and $961 and $2,428 and $1,922, respectively	2,005	1,588	4,010	3,176	[2]
Other Comprehensive Income (Loss)	(5,328)	4,296	3,333	499
Comprehensive Income	$ 11,167	$ 25,987	$ 29,605	$ 34,939
[1]	See Note 6, 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 9, 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. 01, 2016	Jul. 03, 2015	Jul. 01, 2016	Jul. 03, 2015
Statement of Comprehensive Income [Abstract]
Tax expense (benefit) for the change in unrealized gain (loss) on derivative instruments	$ (94)	$ 51	$ (431)	$ 95
Tax expense for pension plan adjustments	$ 1,215	$ 961	$ 2,428	$ 1,922

Condensed Consolidated Stateme7

Condensed Consolidated Statement of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jul. 01, 2016	Jul. 03, 2015
Statement of Cash Flows [Abstract]
Net earnings	$ 26,272	$ 34,440
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities of continuing operations:
Depreciation and amortization	22,514	18,583
Accretion of convertible notes discount	1,058	1,004
Provision for doubtful accounts	672	1,103
Net (gain) / loss on sale of assets	(14)	(405)
Net loss on derivative instruments	588	251
Stock compensation expense	3,622	4,024
Excess tax benefit from share-based compensation arrangements	(197)	(312)
Deferred income taxes	(928)	(3,993)
Changes in assets and liabilities, excluding effects of acquisitions/divestures:
Accounts receivable	(30,735)	3,748
Inventories	(12,416)	(7,285)
Income tax refunds receivable	1,967	0
Other current assets	640	(4,500)
Accounts payable-trade	11,448	16,184
Accrued Contract losses	693	(111)
Advances on contracts	3,723	4,152
Other accruals and payables	9,479	(9,152)
Income taxes payable	(211)	(1,206)
Pension liabilities	(9,549)	(6,150)
Other long-term liabilities	(3,274)	(3,020)
Net cash provided by operating activities	25,352	47,355
Cash flows from investing activities:
Proceeds from sale of assets	176	551
Expenditures for property, plant & equipment	(15,348)	(13,475)
Acquisition of businesses	(5,681)	(11,556)
Other, net	(133)	(536)
Cash used in investing activities	(20,986)	(25,016)
Cash flows from financing activities:
Net borrowings (repayments) under revolving credit agreements	14,029	(27,711)
Proceeds from Issuance of Long-term Debt	0	100,000
Debt repayment	(2,500)	(81,250)
Net change in book overdraft	47	(2,614)
Proceeds from exercise of employee stock awards	5,085	3,262
Purchase of treasury shares	(7,022)	(4,162)
Dividends paid	(9,744)	(9,236)
Payments of Debt Issuance Costs	0	(1,348)
Other	(163)	(52)
Windfall tax benefit	197	312
Cash provided by (used in) financing activities	(71)	(22,799)
Net increase in cash and cash equivalents	4,295	(460)
Effect of exchange rate changes on cash and cash equivalents	(547)	(427)
Cash and cash equivalents at beginning of period	16,462	12,411
Cash and cash equivalents at end of period	$ 20,210	$ 11,524

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jul. 01, 2016
Accounting Policies [Abstract]
Basis of Presentation	BASIS OF PRESENTATION The December 31, 2015 , 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 consolidated 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, 2015 . 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 2016 and 2015 ended on July 1, 2016 , and July 3, 2015 , respectively.

Recent Accounting Standards

Recent Accounting Standards	6 Months Ended
	Jul. 01, 2016
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Recent Accounting Standards	RECENT ACCOUNTING STANDARDS In May 2016, the FASB issued ASU 2016-12, " Revenue from Contracts with Customers (Topic 606) - Narrow-Scope Improvements and Practical Expedients." This standard update was issued t o address certain issues identified by the FASB-IASB Joint Transition Resource Group in the guidance on assessing collectibility, presentation of sales taxes, noncash consideration, and completed contracts and contract modifications at transition. This update is intended to improve Topic 606, Revenue from Contracts with Customers, by reducing: 1. The potential for diversity in practice at initial application; and 2. The cost and complexity of applying Topic 606 both at transition and on an ongoing basis. The amendments in this update affect the guidance for ASU 2014-09 and ASU 2015-14. The provisions of ASU 2016-12 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 standard update on its consolidated financial statements. In April 2016, the FASB issued ASU 2016-10, " Revenue from Contracts with Customers (Topic 606) - Identifying Performance Obligations and Licensing." The objective of this standard update is to clarify the following two aspects of Topic 606: identifying performance obligations and the licensing implementation guidance, while retaining the related principles for those areas. The amendments in this update affect the guidance for ASU 2014-09 and ASU 2015-14. The provisions of ASU 2016-10 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 standard update on its consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, “Compensation - Stock Compensation (Topic 718) - Improvements to Employee Share-Based Payment Accounting.” The objective of this standard update is to simplify several aspects of the accounting for share-based payment transactions, including, but not limited to, income tax consequences, classification of awards as equity or liabilities and classification on the statement of cash flows. The standard update is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016. Early adoption is permitted. The Company is currently assessing the potential impact of this standard update on its consolidated financial statements. In March 2016, the FASB issued ASU 2016-08, “Revenue from Contracts with Customers (Topic 606) - Principal versus Agent Considerations (Reporting Revenue Gross versus Net).” The objective of this standard update is to eliminate inconsistent practices with regards to the application of principal versus agent guidance. The amendments in this update affect the guidance for ASU 2014-09 and ASU 2015-14. The provisions of ASU 2016-08 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 standard update on its consolidated financial statements. In March 2016, the FASB issued ASU 2016-07, “Investments - Equity Method and Joint Ventures (Topic 323) - Simplifying the Transition to the Equity Method of Accounting.” This standard update eliminates the requirement to retroactively adopt the equity method of accounting when an investment qualifies for use of the equity method. The standard update is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016. Earlier adoption is permitted. The adoption of this standard update is not expected to have a material impact on the Company’s consolidated financial statements. 2. RECENT ACCOUNTING STANDARDS (CONTINUED) In March 2016, the FASB issued ASU 2016-06, “Derivatives and Hedging (Topic 815) - Contingent Put and Call Options in Debt Instruments.” The objective of this standard update is to eliminate inconsistent practices with regards to assessing embedded contingent put and call options in debt instruments. The standard update is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016. Early adoption is permitted. The adoption of this standard update is not expected to have a material impact on the Company’s consolidated financial statements. In March 2016, the FASB issued ASU 2016-05, “Derivatives and Hedging (Topic 815) - Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships.” The objective of this standard update is to clarify whether a change in the counterparty to a derivative instrument results in a requirement to dedesignate that hedging relationship and discontinue the application of hedge accounting. The standard update is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016. Early adoption is permitted. The adoption of this standard update is not expected to have a material impact on the Company’s consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842).” The objective of this standard update is to provide a complete and understandable representation of an entity’s leasing activities. This standard update requires that lease assets and lease liabilities be recognized on the balance sheet and all key information about leasing arrangements be disclosed. The standard update is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018. Early adoption is permitted. The Company is currently assessing the potential impact of this standard update on its consolidated financial statements. In January 2016, the FASB issued ASU No. 2016-01, “Financial Instruments - Overall (Subtopic 825-10) - Recognition and Measurement of Financial Assets and Financial Liabilities.” The objective of this standard update is to remove inconsistent practices with regards to the accounting for financial instruments between US GAAP and International Financial Reporting Standards (“IFRS”). The standard update intends to improve the reporting model for financial instruments to provide users of financial statements with more decision-useful information. The provisions of this standard update are effective for interim and annual periods beginning after December 15, 2017. The Company does not expect these changes to have a material impact on its consolidated financial statements. In September 2015, the FASB issued ASU 2015-16, “Business Combinations: Simplifying the Accounting for Measurement-Period Adjustments.” This standard update requires that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. The standard update became effective the first quarter of fiscal year 2016. The adoption of this standard update did not have a material impact on the Company’s consolidated financial statements. In August 2015, the FASB issued ASU 2015-15, “Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements,” which amends ASC 835-30, “Interest - Imputation of Interest.” The standard update clarifies the presentation and subsequent measurement of debt issuance costs associated with lines of credit. These costs may be presented as an asset and amortized ratably over the term of the line of credit arrangement, regardless of whether there are outstanding borrowings on the arrangement. The standard update became effective the first quarter of fiscal year 2016. The adoption of this standard update did not have a material impact on the Company’s consolidated financial statements. In July 2015, the FASB issued ASU No. 2015-11, " Inventory (Topic 330) - Simplifying the Measurement of Inventory." ASU 2015-11 requires an entity to measure inventory within the scope of the standard at the lower of cost and net realizable value. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. The standard update is effective for fiscal years beginning after December 15, 2016, including interim periods within those years. Early adoption is permitted. The adoption of this standard update is not expected to have a material impact on the Company's consolidated financial statements. 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 requires 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 now consistent with the 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 this standard update. The standard update is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015. The adoption of this standard update did not have a material impact on the Company's consolidated financial statements. 2. RECENT ACCOUNTING STANDARDS (CONTINUED) 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 standard update is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015. The adoption of this standard update did not have a material impact on the Company's consolidated financial statements. In January 2015, the FASB issued ASU No. 2015-01, "Income Statement - Extraordinary and Unusual Items (Subtopic 225-20)." The standard update 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 standard update is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015. The adoption of this standard did not have a material impact on the Company's consolidated financial statements. In August 2014, the FASB issued ASU No. 2014-15, "Presentation of Financial Statements - Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern." The standard update provides guidance regarding 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 standard update 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 update is not expected to have a material impact on the Company's consolidated financial statements. In June 2014, the FASB issued ASU No. 2014-12, "Compensation - Stock Compensation (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 standard update are effective for interim and annual periods beginning after December 15, 2015. The adoption of this standard update did not have a material impact on the Company's consolidated financial statements. In May 2014, the FASB issued ASU No. 2014-09, "Revenue from Contracts with Customers (Topic 606)." The objective of this standard update is to remove inconsistent practices with regards to revenue recognition between US GAAP and IFRS. The standard intends to improve comparability of revenue recognition practices across entities, industries, jurisdictions and capital markets. On August 12, 2015, the FASB issued ASU No. 2015-14, deferring the effective date of ASU No. 2014-09 by one year. The provisions of ASU No. 2014-09 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 standard update on its consolidated financial statements.

Restructuring Costs

Restructuring Costs	6 Months Ended
	Jul. 01, 2016
Restructuring Costs [Abstract]
Restructuring Costs	RESTRUCTURING COSTS During the fourth quarter of 2015, the Company initiated restructuring activities at its Distribution segment in order to align the cost structure of the organization to its current revenue levels. Such actions included workforce reductions and the consolidation of field operations where its Distribution segment had multiple facilities in the same geographic area. The restructuring resulted in net workforce reductions of 60 employees and the Company's exit from four facilities. As of December 31, 2015, we had communicated the workforce reductions to all affected employees. The Company accrued all workforce reduction costs and facility exit related costs during 2015. 3. RESTRUCTURING COSTS (CONTINUED) The following table summarizes the accrual balances by cost type for the 2015 restructuring actions: Severance Other (a) Total In thousands Restructuring accrual balance at December 31, 2015 $ 654 $ 375 $ 1,029 Adjustments to provision (63 ) 6 (57 ) Cash payments (579 ) (381 ) (960 ) Restructuring accrual balance at July 1, 2016 $ 12 $ — $ 12 (a) Includes costs associated with consolidation of facilities The above accrual balance associated with severance is included in "Accrued salaries and wages" on the Company's Condensed Consolidated Balance Sheet.

Accounts Receivable, Net

Accounts Receivable, Net	6 Months Ended
	Jul. 01, 2016
Accounts Receivable, Net [Abstract]
Accounts Receivable, Net	ACCOUNTS RECEIVABLE, NET Accounts receivable, net consists of the following: July 1, December 31, In thousands Trade receivables $ 152,950 $ 144,616 U.S. Government contracts: Billed 24,455 20,289 Costs and accrued profit – not billed 1,198 4,248 Commercial and other government contracts: Billed 82,173 68,066 Costs and accrued profit – not billed 10,345 3,872 Less allowance for doubtful accounts (3,447 ) (2,989 ) Accounts receivable, net $ 267,674 $ 238,102 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 1, December 31, In thousands Contract changes, negotiated settlements and claims for unanticipated contract costs $ 900 $ 900

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jul. 01, 2016
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. The following table presents the carrying value and fair value of financial instruments that are not carried at fair value: July 1, 2016 December 31, 2015 Carrying Value Fair Value Carrying Value Fair Value In thousands Long-term debt: Level 1 $ 112,116 $ 150,075 $ 111,058 $ 140,156 Level 2 337,876 311,867 329,763 305,681 Total $ 449,992 $ 461,942 $ 440,821 $ 445,837 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 accruals and payables and other long-term liabilities on the Condensed Consolidated Balance Sheets at July 1, 2016 , and December 31, 2015 . 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. The Company evaluated the credit risk associated with the counterparties to these derivative instruments and determined that as of July 1, 2016 , 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. 01, 2016
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. Forward Exchange Contracts 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. 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 1, 2016 , and July 3, 2015 . 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 1, 2016 , and July 3, 2015 . Interest Rate Swaps The Term Loan Facility of the Company's Credit Agreement (“Term Loan”) contains floating rate obligations and is subject to interest rate fluctuations. During 2015, the Company entered into interest rate swap agreements for the purposes of hedging the eight quarterly variable-rate Term Loan interest payments due in 2016 and 2017. Additionally, the Company entered into interest rate swap agreements to effectively convert $83.8 million of its variable rate revolving credit facility debt to a fixed interest rate. These interest rate swap agreements were designated as cash flow hedges and intended to manage interest rate risk associated with the Company's variable-rate borrowings and minimize the impact on its earnings and cash flows of interest rate fluctuations attributable to changes in LIBOR rates. At July 1, 2016 , and December 31, 2015 , $1.2 million and $0.1 million , respectively, was included in other accruals and payables and other long-term liabilities for the fair value of these interest rate swap agreements. The Company reclassified $0.3 million and $0.5 million of expense from other comprehensive income during the three-month and six-month fiscal periods ended July 1, 2016 , respectively, related to the interest rate swap agreements. The activity related to these contracts was not material to the Company's Condensed Consolidated Financial Statements for the three-month and six-month fiscal periods ended July 3, 2015 . Over the next twelve months, the expense related to cash flow hedges expected to be reclassified from other comprehensive income is $0.8 million .

Inventories

Inventories	6 Months Ended
	Jul. 01, 2016
Inventory Disclosure [Abstract]
Inventories	INVENTORIES Inventories consist of the following: July 1, December 31, In thousands Merchandise for resale $ 150,828 $ 161,691 Raw materials 23,364 24,721 Contracts and other work in process 198,138 176,130 Finished goods (including certain general stock materials) 24,408 23,205 Total $ 396,738 $ 385,747 Inventories include amounts associated with matters such as contract changes, negotiated settlements and claims for unanticipated contract costs. These amounts are as follows: July 1, December 31, In thousands Contract changes, negotiated settlements and claims for unanticipated contract costs $ 4,927 $ 7,137 K-MAX® inventory of $15.2 million and $14.9 million as of July 1, 2016 , and December 31, 2015 , 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 1, 2017, based upon the anticipation of additional aircraft manufacturing and supporting the fleet for the foreseeable future. At July 1, 2016 , and December 31, 2015 , $7.9 million and $9.0 million , respectively, of SH-2G(I) inventory was included on the Company's Condensed Consolidated Balance Sheet in contracts and other work in process inventory. Management believes that approximately $4.6 million of the SH-2G(I) inventory will be sold after July 1, 2017. This balance represents spares requirements and inventory to be used on SH-2G programs. At July 1, 2016, backlog for the A-10 program with Boeing was $12.2 million , representing 26 shipsets, and total program inventory was $16.3 million , of which $10.0 million is associated with nonrecurring costs. Through July 1, 2016, the Company has delivered 147 shipsets over the life of the program. In January 2016, the U.S. Air Force ("USAF") indicated that they would delay the retirement of the A-10 fleet due to its importance in current operations in the Middle East. The Company continues to monitor the defense budget and understands that despite this positive indication, the future of this program could be at risk without the continued support of Congress. As of the date of this filing, the Company believes congressional support remains strong and it has confidence that this program will continue. The Company has not received any orders for additional shipsets in 2016; however, the customer has not given any indication that this program will be terminated. This contract is currently scheduled to expire on October 18, 2016. Tooling and nonrecurring costs on this program are being amortized over 242 shipsets, the number of shipsets under the program of record. These nonrecurring costs may not be recoverable in the event of a contract termination. Long-term Contracts For long-term aerospace contracts, the Company generally recognizes revenue and cost of sales using 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 of sales based on either (1) the cost-to-cost method, in which case 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 case 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. 7. 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 1, 2016 , there were net decreases in the Company's operating income attributable to changes in contract estimates of $1.6 million and $2.6 million , respectively. These decreases were primarily a result of cost growth on various programs, including the Boeing 767/777 program, the A-10 program and a composites assembly program, offset by improved performance on the JPF program. There were increases in the Company's operating income from changes in contract estimates of $1.1 million and $2.9 million for the three-month and six-month fiscal periods ended July 3, 2015 . The increases were primarily a result of improved performance on the JPF program.

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets, Net	6 Months Ended
	Jul. 01, 2016
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, 2015 $ 149,204 $ 219,758 $ 368,962 Accumulated impairment — (16,252 ) (16,252 ) Net balance at December 31, 2015 149,204 203,506 352,710 Additions — 2,138 2,138 Impairments — — — Foreign currency translation — (462 ) (462 ) Purchase price adjustment 1 — (6,494 ) (6,494 ) Ending balance at July 1, 2016 $ 149,204 $ 198,688 $ 347,892 1 Adjustment to goodwill reflects the finalization of certain tax matters related to the Company's acquisition of GRW. Additions to goodwill for the Company's Aerospace segment primarily relate to an earnout payment associated with a previous acquisition. Other intangible assets consisted of: At July 1, At December 31, 2016 2015 Amortization Period Gross Amount Accumulated Amortization Gross Amount Accumulated Amortization In thousands Customer lists / relationships 6-26 years $ 157,283 $ (46,504 ) $ 158,831 $ (41,445 ) Developed technologies 10-20 years 19,480 (802 ) 19,055 (154 ) Trademarks / trade names 3-15 years 8,599 (2,917 ) 8,478 (2,556 ) Non-compete agreements and other 1-9 years 8,212 (6,786 ) 8,453 (6,006 ) Patents 17 years 523 (421 ) 523 (416 ) Total $ 194,097 $ (57,430 ) $ 195,340 $ (50,577 ) The changes in other intangible assets are primarily attributable to changes in foreign currency exchange rates.

Pension Plan

Pension Plan	6 Months Ended
	Jul. 01, 2016
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 1, July 3, July 1, July 3, In thousands Service cost $ 1,149 $ 3,532 $ — $ 51 Interest cost on projected benefit obligation 6,122 6,879 64 80 Expected return on plan assets (10,192 ) (11,033 ) — — Amortization of prior service cost — 15 — — Amortization of net loss 3,174 2,479 46 55 Net pension cost $ 253 $ 1,872 $ 110 $ 186 For the Six Months Ended Qualified Pension Plan SERP July 1, July 3, July 1, July 3, In thousands Service cost $ 2,298 $ 7,065 $ — $ 103 Interest cost on projected benefit obligation 12,244 13,757 128 159 Expected return on plan assets (20,384 ) (22,065 ) — — Amortization of prior service cost — 29 — — Amortization of net loss 6,347 4,959 91 110 Net pension cost $ 505 $ 3,745 $ 219 $ 372 The Company contributed $10.0 million to the qualified pension plan and $0.3 million to the SERP through the end of the second quarter. No further contributions are expected to be made to the qualified pension plan during 2016 . The Company plans to contribute an additional $0.3 million to the SERP in 2016 . For the 2015 plan year, the Company contributed $10.0 million to the qualified pension plan and $0.5 million to the SERP.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jul. 01, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	COMMITMENTS AND CONTINGENCIES Pension Freeze Effective December 31, 2015, the Company's qualified pension plan was frozen with respect to future benefit accruals. Under U.S. Government Cost Accounting Standard (“CAS”) 413 the Company must determine the U.S. Government’s share of any pension curtailment adjustment calculated in accordance with CAS. Such adjustments can result in an amount due to the U.S. Government for pension plans that are in a surplus position or an amount due to the contractor for plans that are in a deficit position. Based upon the analysis completed through the date of this filing, the Company does not believe the U.S. Government's share in this curtailment adjustment will have a material impact on the Company's consolidated balance sheet and results of operations. 10. COMMITMENTS AND CONTINGENCIES (CONTINUED) AH-1Z Program In February 2016, the Company reached an agreement with its customer that modified the scope of the AH-1Z contract and which, among other things, resolved outstanding claims associated with this program. The Company agreed to pay its customer $4.0 million , all of which had been accrued as of the end of 2015, and the customer agreed to pay the Company $4.3 million . Subsequent to the end of the second quarter, we received the $4.3 million from the customer and made the $4.0 million payment to the customer. Given the current volume of firm orders and the general and administrative expenses capitalized in inventory, the Company estimates the contract to be approximately break-even at the operating income level. 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 and site remediation is in process. The Company's estimate of its portion of the cost to assess the environmental conditions and remediate this site is $2.3 million , all of which has been accrued. The total amount paid to date in connection with these environmental remediation activities is $1.5 million . A portion ( $0.1 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. 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 $11.6 million . At July 1, 2016 , the Company has $3.4 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 ( $2.2 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. Rimpar Property In connection with the Company's purchase of GRW Bearings, the Company assumed responsibility for the environmental remediation of GRW's Rimpar, Germany facility. As part of the purchase price allocation, the Company accrued approximately €3.8 million for this remediation effort. A portion ( €0.3 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. We are currently in the process of a Phase II assessment in order to better understand the extent of the environmental effort necessary to remediate the facility. 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. 10. COMMITMENTS AND CONTINGENCIES (CONTINUED) Other Matters On June 29, 2016, the Company received notification from a customer of their intent to file a claim for recovery of costs and expenses related to rework on certain aerostructures components previously delivered by the Company to the customer. The notification did not indicate the extent of the rework undertaken by the customer, the cost or expenses incurred by the customer, nor the time frame in which the customer anticipated filing their formal claim. As of the date of this filing the Company has not received any further information from its customer, nor any detail quantifying the cost the customer may be seeking to recover. As of the date of this filing, the Company has not yet completed its assessment of the impact, if any, this matter might have on its Consolidated Financial Statements and, therefore, no accrual has been recorded as of July 1, 2016. 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 in Rhode Island. The Company believes the resolution of this matter will not have a material impact on the Company's results of operations. 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. 01, 2016
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 1, July 3, July 1, July 3, In thousands, except per share amounts Net earnings $16,495 $21,691 $26,272 $34,440 Basic: Weighted average number of shares outstanding 27,101 27,240 27,080 27,214 Basic earnings per share $0.61 $0.80 $0.97 $1.27 Diluted: Weighted average number of shares outstanding 27,101 27,240 27,080 27,214 Weighted average shares issuable on exercise of dilutive stock options 140 152 137 145 Weighted average shares issuable on redemption of convertible notes 703 706 658 629 Total 27,944 28,098 27,875 27,988 Diluted earnings per share $0.59 $0.77 $0.94 $1.23 11. COMPUTATION OF EARNINGS PER SHARE (CONTINUED) Equity awards For the three-month and six-month fiscal periods ended July 1, 2016 , respectively, 537,033 and 600,168 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 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. 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 and six-month fiscal periods ended July 1, 2016 , and July 3, 2015 , 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 1, 2016 , are 3,434,193 and 3,432,593 , 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 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.

Share-Based Arrangements

Share-Based Arrangements	6 Months Ended
	Jul. 01, 2016
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 1, 2016 , was $2.1 million and $3.6 million , respectively. 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. During the first quarter of 2015, the Company issued 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 is recorded on a straight-line basis over the requisite service period. Throughout the course of the requisite service period, the Company monitors the level of achievement compared to the target and adjusts 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 1, 2016 , and July 3, 2015 , was not material. 12. SHARE-BASED ARRANGEMENTS (CONTINUED) Stock option activity was as follows: For the Three Months Ended For the Six Months Ended July 1, 2016 July 1, 2016 Options Weighted - average exercise price Options Weighted - average exercise price Options outstanding at beginning of period 1,216,295 $35.14 1,040,036 $33.22 Granted — — 230,197 $42.86 Exercised (76,515 ) $30.59 (125,878 ) $30.58 Forfeited or expired (9,305 ) $39.78 (13,880 ) $38.09 Options outstanding at July 1, 2016 1,130,475 $35.41 1,130,475 $35.41 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 1, July 3, Expected option term (years) 5.2 5.1 Expected volatility 26.0 % 29.0 % Risk-free interest rate 1.2 % 1.6 % Expected dividend yield 1.8 % 1.6 % Per share fair value of options granted $8.63 $9.28 Restricted Stock Award and Restricted Stock Unit activity was as follows: For the Three Months Ended For the Six Months Ended July 1, 2016 July 1, 2016 Restricted Stock Weighted- average grant date fair value Restricted Stock Weighted- average grant date fair value Restricted Stock outstanding at beginning of period 182,788 $39.90 183,543 $37.80 Granted 23,499 $42.23 81,019 $42.61 Vested (25,321 ) $41.59 (82,558 ) $37.80 Forfeited or expired (2,635 ) $40.46 (3,673 ) $39.72 Restricted Stock outstanding at July 1, 2016 178,331 $40.17 178,331 $40.17

Segment and Geographic Informat

Segment and Geographic Information	6 Months Ended
	Jul. 01, 2016
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. 13. SEGMENT AND GEOGRAPHIC INFORMATION (CONTINUED) The Aerospace segment produces and/or markets widely used proprietary aircraft bearings and components; super precision miniature ball bearings; 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; subcontract helicopter work; restoration, modification and support of the Company's SH-2G Super Seasprite maritime helicopters; manufacture and support of the Company's K-MAX® medium-to-heavy lift helicopters; and engineering services. Summarized financial information by business segment is as follows: For the Three Months Ended For the Six Months Ended In thousands July 1, July 3, July 1, July 3, Net sales: Distribution $ 286,052 $ 304,050 $ 574,716 $ 615,521 Aerospace 184,590 142,274 347,124 273,585 Net sales $ 470,642 $ 446,324 $ 921,840 $ 889,106 Operating income: Distribution $ 13,807 $ 15,403 $ 24,276 $ 28,367 Aerospace 30,461 29,153 51,758 50,974 Net gain/(loss) on sale of assets (14 ) 432 14 405 Corporate expense (14,407 ) (14,557 ) (27,851 ) (26,985 ) Operating income 29,847 30,431 48,197 52,761 Interest expense, net 3,988 3,222 7,795 6,549 Other expense (income), net 489 (1 ) 575 (65 ) Earnings before income taxes 25,370 27,210 39,827 46,277 Income tax expense 8,875 5,519 13,555 11,837 Net earnings $ 16,495 $ 21,691 $ 26,272 $ 34,440

Shareholders' Equity and Accumu

Shareholders' Equity and Accumulated Other Comprehensive Income	6 Months Ended
	Jul. 01, 2016
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 1, 2016 , and July 3, 2015 , were as follows: For the Six Months Ended July 1, 2016 July 3, 2015 In thousands Beginning balance $ 543,077 $ 517,665 Comprehensive income 29,605 34,939 Dividends declared (9,754 ) (9,799 ) Employee stock plans and related tax benefit 5,085 3,262 Purchase of treasury shares (7,022 ) (4,539 ) Share-based compensation expense 3,622 4,024 Ending balance $ 564,613 $ 545,552 14. 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 1, 2016 July 3, 2015 In thousands Foreign currency translation: Beginning balance $ (15,412 ) $ (26,136 ) Net gain/(loss) on foreign currency translation (7,178 ) 2,624 Reclassification to net income — — Other comprehensive income/(loss), net of tax (7,178 ) 2,624 Ending balance $ (22,590 ) $ (23,512 ) Pension and other post-retirement benefits (a) : Beginning balance $ (115,450 ) $ (103,676 ) Reclassifications to net income: Amortization of prior service cost, net of tax expense of $0 and $6, respectively — 9 Amortization of net loss, net of tax expense of $1,215 and $955, respectively 2,005 1,579 Other comprehensive income/(loss), net of tax 2,005 1,588 Ending balance $ (113,445 ) $ (102,088 ) Derivative instruments (b) : Beginning balance $ (615 ) $ (246 ) Net loss on derivative instruments, net of tax benefit of $192 and $8, respectively (317 ) (13 ) Reclassification to net income, net of tax expense of $98 and $59, respectively 162 97 Other comprehensive income/(loss), net of tax (155 ) 84 Ending balance $ (770 ) $ (162 ) Total accumulated other comprehensive income (loss) $ (136,805 ) $ (125,762 ) 14. SHAREHOLDERS' EQUITY AND ACCUMULATED OTHER COMPREHENSIVE INCOME (CONTINUED) For the Six Months Ended July 1, 2016 July 3, 2015 In thousands Foreign currency translation: Beginning balance $ (22,625 ) $ (20,676 ) Net gain/(loss) on foreign currency translation 35 (2,836 ) Reclassification to net income — — Other comprehensive income/(loss), net of tax 35 (2,836 ) Ending balance $ (22,590 ) $ (23,512 ) Pension and other post-retirement benefits (a) : Beginning balance $ (117,455 ) $ (105,264 ) Reclassifications to net income: Amortization of prior service cost, net of tax expense of $0 and $11, respectively — 18 Amortization of net loss, net of tax expense of $2,428 and $1,911, respectively 4,010 3,158 Other comprehensive income/(loss), net of tax 4,010 3,176 Ending balance $ (113,445 ) $ (102,088 ) Derivative instruments (b) : Beginning balance $ (58 ) $ (321 ) Net loss on derivative instruments, net of tax benefit of $629 and $36, respectively (1,039 ) (58 ) Reclassification to net income, net of tax expense of $198 and $131, respectively 327 217 Other comprehensive income/(loss), net of tax (712 ) 159 Ending balance $ (770 ) $ (162 ) Total accumulated other comprehensive income (loss) $ (136,805 ) $ (125,762 ) (a) These accumulated other comprehensive income components are included in the computation of net periodic pension cost. (See Note 9, Pension Plans for additional information.) (b) See Note 6, Derivative Financial Instruments , for additional information regarding our derivative instruments.

Income Taxes

Income Taxes	6 Months Ended
	Jul. 01, 2016
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXES For the Three Months Ended For the Six Months Ended July 1, July 3, July 1, July 3, Effective Income Tax Rate 35.0 % 20.3 % 34.0 % 25.6 % The effective income tax rate represents the combined federal, state and foreign tax effects attributable to pretax earnings for the period. The increase in the effective tax rate for the three-month and six-month fiscal periods ended July 1, 2016, as compared to the rates for the corresponding periods in the prior year is due to certain discrete items recognized in the three-month fiscal period ended July 3, 2015. These were primarily the result of changes in tax laws which made it more likely than not that the Company would realize future state tax benefits associated with certain net operating loss carryforwards for which, prior to the changes in the tax laws, the Company had established valuation allowances. As a result, the valuation allowances were no longer deemed necessary. These state tax law changes were amended in the fourth quarter of 2015 causing the amount of the anticipated benefit to be reduced and therefore a portion of the valuation allowances were reinstated at that time. 15. INCOME TAXES (CONTINUED) A valuation allowance for deferred tax assets, including those associated with net operating loss carryforwards, is recognized when it is more likely than not that some or all of the benefit from the deferred tax asset will not be realized. To assess that likelihood, the Company uses estimates and judgment regarding future taxable income, and considers the tax consequences in the jurisdiction where such taxable income is generated, to determine whether a valuation allowance is required. Such evidence can include current financial position, results of operations, both actual and forecasted, the reversal of deferred tax liabilities, and tax planning strategies, as well as the current and forecasted business economic s . The Company has assessed both positive and negative evidence to estimate whether sufficient future taxable income will be generated to utilize operating loss carryforwards associated with certain foreign operations that will permit the Company to use $2.1 million of deferred tax assets associated with these foreign operations as of July 1, 2016. Through the end of the second quarter of 2016, the Company believes it is more likely than not that these deferred tax assets will be realized and as such, has not recorded a valuation allowance . Going forward, management will continue to assess the available positive and negative evidence to determine whether it is likely sufficient future taxable income will be generated to permit the use of these deferred tax assets. The amount of the deferred tax asset considered realizable could be adjusted if estimates of future taxable income are reduced or increased, or if additional weight is given to subjective evidence such as future expected growth because objective negative evidence in the form of cumulative losses is no longer present.

Subsequent Events

Subsequent Events	6 Months Ended
	Jul. 01, 2016
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. 01, 2016
Accounting Policies [Abstract]
Basis of Presentation	BASIS OF PRESENTATION The December 31, 2015 , 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 consolidated 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, 2015 . 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 2016 and 2015 ended on July 1, 2016 , and July 3, 2015 , respectively.

Restructuring Costs (Tables)

Restructuring Costs (Tables)	6 Months Ended
	Jul. 01, 2016
Restructuring Costs [Abstract]
Restructuring and Related Costs	The following table summarizes the accrual balances by cost type for the 2015 restructuring actions: Severance Other (a) Total In thousands Restructuring accrual balance at December 31, 2015 $ 654 $ 375 $ 1,029 Adjustments to provision (63 ) 6 (57 ) Cash payments (579 ) (381 ) (960 ) Restructuring accrual balance at July 1, 2016 $ 12 $ — $ 12 (a) Includes costs associated with consolidation of facilities

Accounts Receivable, Net (Table

Accounts Receivable, Net (Tables)	6 Months Ended
	Jul. 01, 2016
Accounts Receivable, Net [Abstract]
Schedule of Accounts Receivable, Net	Accounts receivable, net consists of the following: July 1, December 31, In thousands Trade receivables $ 152,950 $ 144,616 U.S. Government contracts: Billed 24,455 20,289 Costs and accrued profit – not billed 1,198 4,248 Commercial and other government contracts: Billed 82,173 68,066 Costs and accrued profit – not billed 10,345 3,872 Less allowance for doubtful accounts (3,447 ) (2,989 ) Accounts receivable, net $ 267,674 $ 238,102
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 1, December 31, In thousands Contract changes, negotiated settlements and claims for unanticipated contract costs $ 900 $ 900

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jul. 01, 2016
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 1, 2016 December 31, 2015 Carrying Value Fair Value Carrying Value Fair Value In thousands Long-term debt: Level 1 $ 112,116 $ 150,075 $ 111,058 $ 140,156 Level 2 337,876 311,867 329,763 305,681 Total $ 449,992 $ 461,942 $ 440,821 $ 445,837

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jul. 01, 2016
Inventory Disclosure [Abstract]
Schedule of Inventory	Inventories consist of the following: July 1, December 31, In thousands Merchandise for resale $ 150,828 $ 161,691 Raw materials 23,364 24,721 Contracts and other work in process 198,138 176,130 Finished goods (including certain general stock materials) 24,408 23,205 Total $ 396,738 $ 385,747
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 1, December 31, In thousands Contract changes, negotiated settlements and claims for unanticipated contract costs $ 4,927 $ 7,137

Goodwill and Other Intangible29

Goodwill and Other Intangible Assets, Net (Tables)	6 Months Ended
	Jul. 01, 2016
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, 2015 $ 149,204 $ 219,758 $ 368,962 Accumulated impairment — (16,252 ) (16,252 ) Net balance at December 31, 2015 149,204 203,506 352,710 Additions — 2,138 2,138 Impairments — — — Foreign currency translation — (462 ) (462 ) Purchase price adjustment 1 — (6,494 ) (6,494 ) Ending balance at July 1, 2016 $ 149,204 $ 198,688 $ 347,892
Schedule of Acquired Finite-Lived Intangible Assets by Major Class	Other intangible assets consisted of: At July 1, At December 31, 2016 2015 Amortization Period Gross Amount Accumulated Amortization Gross Amount Accumulated Amortization In thousands Customer lists / relationships 6-26 years $ 157,283 $ (46,504 ) $ 158,831 $ (41,445 ) Developed technologies 10-20 years 19,480 (802 ) 19,055 (154 ) Trademarks / trade names 3-15 years 8,599 (2,917 ) 8,478 (2,556 ) Non-compete agreements and other 1-9 years 8,212 (6,786 ) 8,453 (6,006 ) Patents 17 years 523 (421 ) 523 (416 ) Total $ 194,097 $ (57,430 ) $ 195,340 $ (50,577 )

Pension Plan (Tables)

Pension Plan (Tables)	6 Months Ended
	Jul. 01, 2016
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 1, July 3, July 1, July 3, In thousands Service cost $ 1,149 $ 3,532 $ — $ 51 Interest cost on projected benefit obligation 6,122 6,879 64 80 Expected return on plan assets (10,192 ) (11,033 ) — — Amortization of prior service cost — 15 — — Amortization of net loss 3,174 2,479 46 55 Net pension cost $ 253 $ 1,872 $ 110 $ 186 For the Six Months Ended Qualified Pension Plan SERP July 1, July 3, July 1, July 3, In thousands Service cost $ 2,298 $ 7,065 $ — $ 103 Interest cost on projected benefit obligation 12,244 13,757 128 159 Expected return on plan assets (20,384 ) (22,065 ) — — Amortization of prior service cost — 29 — — Amortization of net loss 6,347 4,959 91 110 Net pension cost $ 505 $ 3,745 $ 219 $ 372

Computation of Earnings Per S31

Computation of Earnings Per Share (Tables)	6 Months Ended
	Jul. 01, 2016
Earnings Per Share Reconciliation [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	For the Three Months Ended For the Six Months Ended July 1, July 3, July 1, July 3, In thousands, except per share amounts Net earnings $16,495 $21,691 $26,272 $34,440 Basic: Weighted average number of shares outstanding 27,101 27,240 27,080 27,214 Basic earnings per share $0.61 $0.80 $0.97 $1.27 Diluted: Weighted average number of shares outstanding 27,101 27,240 27,080 27,214 Weighted average shares issuable on exercise of dilutive stock options 140 152 137 145 Weighted average shares issuable on redemption of convertible notes 703 706 658 629 Total 27,944 28,098 27,875 27,988 Diluted earnings per share $0.59 $0.77 $0.94 $1.23

Share-Based Arrangements (Table

Share-Based Arrangements (Tables)	6 Months Ended
	Jul. 01, 2016
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 1, 2016 July 1, 2016 Options Weighted - average exercise price Options Weighted - average exercise price Options outstanding at beginning of period 1,216,295 $35.14 1,040,036 $33.22 Granted — — 230,197 $42.86 Exercised (76,515 ) $30.59 (125,878 ) $30.58 Forfeited or expired (9,305 ) $39.78 (13,880 ) $38.09 Options outstanding at July 1, 2016 1,130,475 $35.41 1,130,475 $35.41
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 1, July 3, Expected option term (years) 5.2 5.1 Expected volatility 26.0 % 29.0 % Risk-free interest rate 1.2 % 1.6 % Expected dividend yield 1.8 % 1.6 % Per share fair value of options granted $8.63 $9.28
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 1, 2016 July 1, 2016 Restricted Stock Weighted- average grant date fair value Restricted Stock Weighted- average grant date fair value Restricted Stock outstanding at beginning of period 182,788 $39.90 183,543 $37.80 Granted 23,499 $42.23 81,019 $42.61 Vested (25,321 ) $41.59 (82,558 ) $37.80 Forfeited or expired (2,635 ) $40.46 (3,673 ) $39.72 Restricted Stock outstanding at July 1, 2016 178,331 $40.17 178,331 $40.17

Segment and Geographic Inform33

Segment and Geographic Information (Tables)	6 Months Ended
	Jul. 01, 2016
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 1, July 3, July 1, July 3, Net sales: Distribution $ 286,052 $ 304,050 $ 574,716 $ 615,521 Aerospace 184,590 142,274 347,124 273,585 Net sales $ 470,642 $ 446,324 $ 921,840 $ 889,106 Operating income: Distribution $ 13,807 $ 15,403 $ 24,276 $ 28,367 Aerospace 30,461 29,153 51,758 50,974 Net gain/(loss) on sale of assets (14 ) 432 14 405 Corporate expense (14,407 ) (14,557 ) (27,851 ) (26,985 ) Operating income 29,847 30,431 48,197 52,761 Interest expense, net 3,988 3,222 7,795 6,549 Other expense (income), net 489 (1 ) 575 (65 ) Earnings before income taxes 25,370 27,210 39,827 46,277 Income tax expense 8,875 5,519 13,555 11,837 Net earnings $ 16,495 $ 21,691 $ 26,272 $ 34,440

Shareholders' Equity and Accu34

Shareholders' Equity and Accumulated Other Comprehensive Income (Tables)	6 Months Ended
	Jul. 01, 2016
Stockholders' Equity Note [Abstract]
Schedule of Stockholders Equity	Changes in shareholders’ equity for the six-month fiscal periods ended July 1, 2016 , and July 3, 2015 , were as follows: For the Six Months Ended July 1, 2016 July 3, 2015 In thousands Beginning balance $ 543,077 $ 517,665 Comprehensive income 29,605 34,939 Dividends declared (9,754 ) (9,799 ) Employee stock plans and related tax benefit 5,085 3,262 Purchase of treasury shares (7,022 ) (4,539 ) Share-based compensation expense 3,622 4,024 Ending balance $ 564,613 $ 545,552
Schedule of Accumulated Other Comprehensive Income (Loss)	The components of accumulated other comprehensive income (loss) are shown below: For the Three Months Ended July 1, 2016 July 3, 2015 In thousands Foreign currency translation: Beginning balance $ (15,412 ) $ (26,136 ) Net gain/(loss) on foreign currency translation (7,178 ) 2,624 Reclassification to net income — — Other comprehensive income/(loss), net of tax (7,178 ) 2,624 Ending balance $ (22,590 ) $ (23,512 ) Pension and other post-retirement benefits (a) : Beginning balance $ (115,450 ) $ (103,676 ) Reclassifications to net income: Amortization of prior service cost, net of tax expense of $0 and $6, respectively — 9 Amortization of net loss, net of tax expense of $1,215 and $955, respectively 2,005 1,579 Other comprehensive income/(loss), net of tax 2,005 1,588 Ending balance $ (113,445 ) $ (102,088 ) Derivative instruments (b) : Beginning balance $ (615 ) $ (246 ) Net loss on derivative instruments, net of tax benefit of $192 and $8, respectively (317 ) (13 ) Reclassification to net income, net of tax expense of $98 and $59, respectively 162 97 Other comprehensive income/(loss), net of tax (155 ) 84 Ending balance $ (770 ) $ (162 ) Total accumulated other comprehensive income (loss) $ (136,805 ) $ (125,762 ) 14. SHAREHOLDERS' EQUITY AND ACCUMULATED OTHER COMPREHENSIVE INCOME (CONTINUED) For the Six Months Ended July 1, 2016 July 3, 2015 In thousands Foreign currency translation: Beginning balance $ (22,625 ) $ (20,676 ) Net gain/(loss) on foreign currency translation 35 (2,836 ) Reclassification to net income — — Other comprehensive income/(loss), net of tax 35 (2,836 ) Ending balance $ (22,590 ) $ (23,512 ) Pension and other post-retirement benefits (a) : Beginning balance $ (117,455 ) $ (105,264 ) Reclassifications to net income: Amortization of prior service cost, net of tax expense of $0 and $11, respectively — 18 Amortization of net loss, net of tax expense of $2,428 and $1,911, respectively 4,010 3,158 Other comprehensive income/(loss), net of tax 4,010 3,176 Ending balance $ (113,445 ) $ (102,088 ) Derivative instruments (b) : Beginning balance $ (58 ) $ (321 ) Net loss on derivative instruments, net of tax benefit of $629 and $36, respectively (1,039 ) (58 ) Reclassification to net income, net of tax expense of $198 and $131, respectively 327 217 Other comprehensive income/(loss), net of tax (712 ) 159 Ending balance $ (770 ) $ (162 ) Total accumulated other comprehensive income (loss) $ (136,805 ) $ (125,762 ) (a) These accumulated other comprehensive income components are included in the computation of net periodic pension cost. (See Note 9, Pension Plans for additional information.) (b) See Note 6, Derivative Financial Instruments , for additional information regarding our derivative instruments.

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	Jul. 01, 2016
Income Tax Disclosure [Abstract]
Schedule of Effective Income Tax Rates	For the Three Months Ended For the Six Months Ended July 1, July 3, July 1, July 3, Effective Income Tax Rate 35.0 % 20.3 % 34.0 % 25.6 %

Restructuring Costs (Details)

Restructuring Costs (Details) $ in Thousands		6 Months Ended	12 Months Ended
		Jul. 01, 2016USD ($)	Dec. 31, 2015USD ($)EmployeesFacility
Restructuring Reserve [Roll Forward]
Restructuring beginning balance		$ 1,029
Adjustments to provision		(57)
Cash payments		(960)
Restructuring ending balance		12	$ 1,029
Restructuring and Related Cost, Number of Positions Eliminated | Employees			60
Restructuring and Related Costs, Number of Facilities Eliminated | Facility			4
Employee Severance [Member]
Restructuring Reserve [Roll Forward]
Restructuring beginning balance		654
Adjustments to provision		(63)
Cash payments		(579)
Restructuring ending balance		12	$ 654
Other Restructuring [Member]
Restructuring Reserve [Roll Forward]
Restructuring beginning balance	[1]	375
Adjustments to provision	[1]	6
Cash payments	[1]	(381)
Restructuring ending balance	[1]	$ 0	$ 375
[1]	(a) Includes costs associated with consolidation of facilities

Accounts Receivable, Net (Detai

Accounts Receivable, Net (Details) - USD ($) $ in Thousands	Jul. 01, 2016	Dec. 31, 2015
Accounts, Notes, Loans and Financing Receivable [Line Items]
Contracts Receivable, Claims and Uncertain Amounts	$ 900	$ 900
Less allowance for doubtful accounts	(3,447)	(2,989)
Accounts receivable, net	267,674	238,102
Trade Accounts Receivable [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts Receivable, Gross, Current	152,950	144,616
U.S. Government [Member] | Billed Revenues [Member] | Trade Accounts Receivable [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts Receivable, Gross, Current	24,455	20,289
U.S. Government [Member] | Unbilled Revenues [Member] | Trade Accounts Receivable [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts Receivable, Gross, Current	1,198	4,248
Commercial and Other Government [Member] | Billed Revenues [Member] | Trade Accounts Receivable [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts Receivable, Gross, Current	82,173	68,066
Commercial and Other Government [Member] | Unbilled Revenues [Member] | Trade Accounts Receivable [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts Receivable, Gross, Current	$ 10,345	$ 3,872

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value of Financial Instruments not carried at Fair Value (Details) - USD ($) $ in Thousands	Jul. 01, 2016	Dec. 31, 2015
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt Instrument, Fair Value Disclosure	$ 449,992	$ 440,821
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt Instrument, Fair Value Disclosure	461,942	445,837
Fair Value, Inputs, Level 1 [Member] | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt Instrument, Fair Value Disclosure	112,116	111,058
Fair Value, Inputs, Level 1 [Member] | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt Instrument, Fair Value Disclosure	150,075	140,156
Fair Value, Inputs, Level 2 [Member] | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt Instrument, Fair Value Disclosure	337,876	329,763
Fair Value, Inputs, Level 2 [Member] | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt Instrument, Fair Value Disclosure	$ 311,867	$ 305,681

Derivative Financial Instrume39

Derivative Financial Instruments - Derivative Financial Instruments (Details) $ in Millions	3 Months Ended	6 Months Ended
	Jul. 01, 2016USD ($)	Jul. 01, 2016USD ($)	Dec. 31, 2015USD ($)	May 08, 2013Equipment
Derivatives, Fair Value [Line Items]
SH-2G(I) Aircraft Sold | Equipment				10
Derivative Instruments, Loss Reclassified from Accumulated OCI into Income, Effective Portion	$ 0.3	$ 0.5
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months		0.8
Accruals and Payable and Other Long Term Liabilties [Member]
Derivatives, Fair Value [Line Items]
Derivative Liability	$ 1.2	$ 1.2	$ 0.1
Interest Rate Swap [Member]
Derivatives, Fair Value [Line Items]
Underlying derivative			$ 83.8

Inventories - Schedule of Inven

Inventories - Schedule of Inventory (Details) - USD ($) $ in Thousands	Jul. 01, 2016	Dec. 31, 2015
Inventory Disclosure [Abstract]
Merchandise for Resale	$ 150,828	$ 161,691
Raw materials	23,364	24,721
Contracts and other work in process	198,138	176,130
Finished Goods (including certain general stock materials)	24,408	23,205
Inventory, Net	$ 396,738	$ 385,747

Inventories - Inventory due to

Inventories - Inventory due to contract changes, negotiated settlements and claims for unanticipated contract costs (Details) - USD ($) $ in Thousands	Jul. 01, 2016	Dec. 31, 2015
Inventory Disclosure [Abstract]
Inventory due to contract changes, negotiated settlements and claims for unanticipated contract costs	$ 4,927	$ 7,137

Inventories - Other Significant

Inventories - Other Significant Inventory (Details) $ in Millions	Jul. 01, 2016USD ($)	Dec. 31, 2015USD ($)
Remaining A-10 shipsets	26
K-MAX®
Inventory, Noncurrent	$ 15.2	$ 14.9
SH 2GA Super Seasprite Program [Member]
Inventory, Gross	7.9	$ 9
SH 2 inventory
Inventory, Noncurrent	4.6
A-10 program
Backlog	12.2
Inventory, Gross	$ 16.3
Delivered Shipsets	147
Shipsets under program of record	242
Nonrecurring costs [Member] | A-10 program
Inventory, Gross	$ 10

Inventories - Long term contrac

Inventories - Long term contracts percentage-of-completion accounting (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 01, 2016	Jul. 03, 2015	Jul. 01, 2016	Jul. 03, 2015
Inventory Disclosure [Abstract]
Decrease to operating income from the quarterly impact of revisions in long term contracts	$ (1.6)		$ (2.6)
Increase to operating income from the quarterly impact of revisions in long term contracts		$ 1.1		$ 2.9

Goodwill and Other Intangible44

Goodwill and Other Intangible Assets, Net (Details) - USD ($) $ in Thousands		6 Months Ended
		Jul. 01, 2016	Dec. 31, 2015
Goodwill [Roll Forward]
Gross balance at beginning of period			$ 368,962
Accumulated impairment			(16,252)
Net balance at beginning of period		$ 352,710
Additions		2,138
Goodwill impairment		0
Foreign currency translation		(462)
Purchase price adjustment		(6,494)
Net balance at end of period		347,892
Distribution [Member]
Goodwill [Roll Forward]
Gross balance at beginning of period			149,204
Accumulated impairment			0
Net balance at beginning of period		149,204
Additions		0
Goodwill impairment		0
Foreign currency translation		0
Purchase price adjustment		0
Net balance at end of period		149,204
Aerospace [Member]
Goodwill [Roll Forward]
Gross balance at beginning of period			219,758
Accumulated impairment			$ (16,252)
Net balance at beginning of period		203,506
Additions		2,138
Goodwill impairment		0
Foreign currency translation		(462)
Purchase price adjustment	[1]	(6,494)
Net balance at end of period		$ 198,688
[1]	1Adjustment to goodwill reflects the finalization of certain tax matters related to the Company's acquisition of GRW.

Goodwill and Other Intangible45

Goodwill and Other Intangible Assets, Net - Other Intangible Assets (Details) - USD ($) $ in Thousands	6 Months Ended
	Jul. 01, 2016	Dec. 31, 2015
Finite-Lived Intangible Assets [Line Items]
Gross Amount	$ 194,097	$ 195,340
Accumulated Amortization	(57,430)	(50,577)
Customer Lists and Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Amount	157,283	158,831
Accumulated Amortization	(46,504)	(41,445)
Developed Technology Rights [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Amount	19,480	19,055
Accumulated Amortization	(802)	(154)
Trademarks and Trade Names [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Amount	8,599	8,478
Accumulated Amortization	(2,917)	(2,556)
Non-Compete Agreements and other [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Amount	8,212	8,453
Accumulated Amortization	(6,786)	(6,006)
Patents [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Amount	523	523
Accumulated Amortization	$ (421)	$ (416)
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] | Developed Technology Rights [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization period, in years	10 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	26 years
Maximum [Member] | Developed Technology Rights [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization period, in years	20 years
Maximum [Member] | Trademarks and Trade Names [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization period, in years	15 years
Maximum [Member] | Non-Compete Agreements and other [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization period, in years	9 years

Pension Plan - Pension plan net

Pension Plan - Pension plan net periodic benefit costs (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 01, 2016	Jul. 03, 2015	Jul. 01, 2016	Jul. 03, 2015
Qualified Pension Plan [Member]
Defined Benefit Plan Disclosure
Service cost	$ 1,149	$ 3,532	$ 2,298	$ 7,065
Interest cost on projected benefit obligation	6,122	6,879	12,244	13,757
Expected return on plan assets	(10,192)	(11,033)	(20,384)	(22,065)
Amortization of prior service cost (credit)	0	15	0	29
Recognized net loss	3,174	2,479	6,347	4,959
Net pension benefit cost	253	1,872	505	3,745
Supplemental Employee Retirement Plans [Member]
Defined Benefit Plan Disclosure
Service cost	0	51	0	103
Interest cost on projected benefit obligation	64	80	128	159
Expected return on plan assets	0	0	0	0
Amortization of prior service cost (credit)	0	0	0	0
Recognized net loss	46	55	91	110
Net pension benefit cost	$ 110	$ 186	$ 219	$ 372

Pension Plan - Contributions (D

Pension Plan - Contributions (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jul. 01, 2016	Dec. 31, 2015
Qualified Pension Plan [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans
Contributions paid-to-date	$ 10,000,000	$ 10,000,000
Defined Benefit Plan, Expected Contributions	0
Supplemental Employee Retirement Plans [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans
Contributions paid-to-date	300,000	$ 500,000
SERP, Expected contributions	$ 300,000

Commitments and Contingencies (

Commitments and Contingencies (Details) € in Millions, $ in Millions	6 Months Ended
	Jul. 01, 2016USD ($)	Jul. 01, 2016EUR (€)
New Hartford [Member]
Loss Contingencies [Line Items]
Accrual for Environmental Loss Contingencies	$ 2.3
Accrual for Environmental Loss Contingencies, Payments	1.5
Bloomfield [Member]
Loss Contingencies [Line Items]
Accrual for Environmental Loss Contingencies	3.4
Accrual for Environmental Loss Contingencies, Payments	11.6
Site Contingency, Accrual, Discount Amount	10.3
Site Contingency, Accrual, Undiscounted Amount	$ 20.8
Site Contingency, Accrual, Discount Rate	8.00%	8.00%
Rimpar [Member]
Loss Contingencies [Line Items]
Accrual for Environmental Loss Contingencies | €		€ 3.8
Other accruals and payables [Member] | New Hartford [Member]
Loss Contingencies [Line Items]
Accrual for Environmental Loss Contingencies	$ 0.1
Other accruals and payables [Member] | Bloomfield [Member]
Loss Contingencies [Line Items]
Accrual for Environmental Loss Contingencies	1.2
Other Long-Term Liabilities [Member] | Bloomfield [Member]
Loss Contingencies [Line Items]
Accrual for Environmental Loss Contingencies	2.2
Accruals and Payable and Other Long Term Liabilties [Member] | Rimpar [Member]
Loss Contingencies [Line Items]
Accrual for Environmental Loss Contingencies | €		€ 0.3
AH-1Z program [Member]
Loss Contingencies [Line Items]
Gain Contingency, Unrecorded Amount	4.3
Loss Contingency Accrual	$ 4

Computation of Earnings Per S49

Computation of Earnings Per Share (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jul. 01, 2016	Jul. 03, 2015	Jul. 01, 2016	Jul. 03, 2015	Nov. 30, 2010
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net earnings	$ 16,495,000	$ 21,691,000	$ 26,272,000	$ 34,440,000
Weighted average number of shares outstanding (in shares)	27,101,000	27,240,000	27,080,000	27,214,000
Basic earnings per share (in usd per share)	$ 0.61	$ 0.80	$ 0.97	$ 1.27
Weighted average shares issuable on exercise of dilutive stock options (in shares)	140,000	152,000	137,000	145,000
Weighted average shares issuable on exercise of convertible notes (in shares)	703,000	706,000	658,000	629,000
Diluted (in shares)	27,944,000	28,098,000	27,875,000	27,988,000
Diluted earnings per share (in usd per share)	$ 0.59	$ 0.77	$ 0.94	$ 1.23
Equity awards granted to employees [Member]
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Antidilutive securities excluded from EPS (in shares)	537,033	457,425	600,168	479,344
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 EPS (in shares)	3,434,193	3,420,607	3,432,593	3,419,000

Share-Based Arrangements - Comp

Share-Based Arrangements - Compensation Arrangements by Share-based Payment Award (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 01, 2016	Jul. 03, 2015	Jul. 01, 2016	Jul. 03, 2015
Share-based Compensation Arrangement by Share-based Payment Award
Stock compensation expense	$ 2,100	$ 2,400	$ 3,622	$ 4,024
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award
Number of shares issued (in shares)			8,238
Assumed achievement level	100.00%		100.00%

Share-Based Arrangements - Stoc

Share-Based Arrangements - Stock Options Activity (Details) - Stock Options [Member] - $ / shares	3 Months Ended	6 Months Ended
	Jul. 01, 2016	Jul. 01, 2016	Jul. 03, 2015	Apr. 01, 2016	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Outstanding at beginning of the period (in shares)	1,216,295	1,040,036
Granted (in shares)	0	230,197
Exercised (in shares)	(76,515)	(125,878)
Forfeited or expired (in shares)	(9,305)	(13,880)
Outstanding at July 1, 2016 (in shares)	1,130,475	1,130,475
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 (in usd per share)	$ 35.41	$ 35.41		$ 35.14	$ 33.22
Granted, Weighted average grant date fair favue (in usd per share)	0	42.86
Exercised, Weighted average-exercise price (in usd per share)	30.59	30.58
Forfeited or expired, Weighted average exercise price (in usd per share)	39.78	38.09
Options outstanding at July 1, 2016, Weighted average-exercise price (in usd per share)	$ 35.41	$ 35.41		$ 35.14	$ 33.22
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Expected option term		5 years 2 months	5 years 1 month
Expected volatility		26.00%	29.00%
Risk-free interest rate		1.20%	1.60%
Expected dividend yield		1.80%	1.60%
Per share fair value of options granted (in usd per share)		$ 8.63	$ 9.28

Share-Based Arrangements - Rest

Share-Based Arrangements - Restricted Stock Activity (Details) - Restricted Stock Awards [Member] - $ / shares	3 Months Ended	6 Months Ended
	Jul. 01, 2016	Jul. 01, 2016
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)	182,788	183,543
Granted (in shares)	23,499	81,019
Vested (in shares)	(25,321)	(82,558)
Forfeited or expired (in shares)	(2,635)	(3,673)
Restricted Stock outstanding at July 1, 2016 (in shares)	178,331	178,331
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)	$ 39.90	$ 37.80
Granted, Weighted Average Grant Date Fair Value (usd per share)	42.23	42.61
Vested, Weighted Average Grant Date Fair Value (usd per share)	41.59	37.80
Forfeited or expired, Weighted Average Grant Date Fair Value (usd per share)	40.46	39.72
Restricted Stock outstanding at July 1, 2016, Weighted-average grant date fair value (usd per share)	$ 40.17	$ 40.17

Segment and Geographic Inform53

Segment and Geographic Information - Reconciliation of Income From Segments to Consolidation (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 01, 2016USD ($)	Jul. 03, 2015USD ($)	Jul. 01, 2016USD ($)segment	Jul. 03, 2015USD ($)
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Number of Operating Segments | segment			2
Net sales	$ 470,642	$ 446,324	$ 921,840	$ 889,106
Operating income	29,847	30,431	48,197	52,761
Net (gain) / loss on sale of assets	(14)	432	14	405
Interest expense, net	3,988	3,222	7,795	6,549
Other expense (income), net	489	(1)	575	(65)
Earnings before income taxes	25,370	27,210	39,827	46,277
Income tax expense	8,875	5,519	13,555	11,837
Net earnings	16,495	21,691	26,272	34,440
Distribution [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net sales	286,052	304,050	574,716	615,521
Operating income	13,807	15,403	24,276	28,367
Aerospace [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net sales	184,590	142,274	347,124	273,585
Operating income	30,461	29,153	51,758	50,974
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	(14)	432	14	405
Corporate Segment [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Operating income	$ (14,407)	$ (14,557)	$ (27,851)	$ (26,985)

Shareholders' Equity and Accu54

Shareholders' Equity and Accumulated Other Comprehensive Income - Changes in Shareholders' Equity (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 01, 2016	Jul. 03, 2015	Jul. 01, 2016	Jul. 03, 2015
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance		$ 545,552	$ 543,077	$ 517,665
Comprehensive Income	$ 11,167	25,987	29,605	34,939
Dividends declared			(9,754)	(9,799)
Employee stock plans and related tax benefit			5,085	3,262
Purchase of treasury shares				(4,539)
Share-based compensation expense	2,100	$ 2,400	3,622	$ 4,024
Ending Balance	$ 564,613		$ 564,613

Shareholders' Equity and Accu55

Shareholders' Equity and Accumulated Other Comprehensive Income - Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jul. 01, 2016		Jul. 03, 2015		Jul. 01, 2016		Jul. 03, 2015		Apr. 01, 2016		Dec. 31, 2015	Apr. 03, 2015	Dec. 31, 2014
Schedule of Accumulated Other Comprehensive Income [Line Items]
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation	$ (22,590)		$ (23,512)		$ (22,590)		$ (23,512)		$ (15,412)		$ (22,625)	$ (26,136)	$ (20,676)
Foreign currency translation adjustments	(7,178)		2,624		35		(2,836)
Reclassification to net income, foreign currency translation	0		0		0		0
Other Comprehensive Income (Loss), Foreign Currency Translation	(7,178)		2,624		35		(2,836)
Changes in pension and post-retirement benefit plans	113,445	[1]	102,088	[1]	113,445	[1]	102,088	[1]	(115,450)	[1]	(117,455)	(103,676)	(105,264)
Amortization of prior service cost, net of tax expense	0	[1]	9	[1]	0		18
Amortization of net loss, net of tax expense	2,005	[1]	1,579	[1]	4,010		3,158
Pension plan adjustments, net of tax expense	2,005		1,588		4,010		3,176	[1]
Accumulated Other Comprehensive Income (Loss), Unrealized Gain (Loss) on derivative instruments, Effect Net of Tax	(770)		(162)	[2]	(770)		(162)	[2]	$ (615)	[2]	(58)	$ (246)	$ (321)
Net loss on derivative instruments, net of tax expense (benefit)	(317)	[2]	(13)	[2]	(1,039)		(58)
Reclassification to net income, derivative instruments, net of tax benefit	162	[2]	97		327		217
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax	(155)		84		(712)		159	[2]
Accumulated Other Comprehensive Income (Loss), Net of Tax	(136,805)		(125,762)		(136,805)		(125,762)				$ (140,138)
Tax expense for pension plan adjustments	1,215		961		2,428		1,922
Other Comprehensive Income (Loss) before Reclassifications, Tax	(192)		(8)		(629)		(36)
Reclassification from AOCI, Current Period, Tax	98		59		198		131
Amortization of prior service cost
Schedule of Accumulated Other Comprehensive Income [Line Items]
Tax expense for pension plan adjustments	0		6		0		11
Amortization of net loss
Schedule of Accumulated Other Comprehensive Income [Line Items]
Tax expense for pension plan adjustments	$ 1,215		$ 955		$ 2,428		$ 1,911
[1]	These accumulated other comprehensive income components are included in the computation of net periodic pension cost. (See Note 9, Pension Plans for additional information.)
[2]	See Note 6, Derivative Financial Instruments, for additional information regarding our derivative instruments.

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 01, 2016	Jul. 03, 2015	Jul. 01, 2016	Jul. 03, 2015
Income Tax Disclosure [Abstract]
Deferred Tax Assets, Operating Loss Carryforwards, Foreign	$ 2		$ 2
Effective Income Tax Rate, Continuing Operations	35.00%	20.30%	34.00%	25.60%