Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Feb. 19, 2014 | Jun. 28, 2013 | |
Document and Entity Information [Abstract] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Entity Registrant Name | 'BARNES GROUP INC | ' | ' |
Entity Central Index Key | '0000009984 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 54,259,183 | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Public Float | ' | ' | $1,460,805,462 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Statement [Abstract] | ' | ' | ' |
Net sales | $1,091,566 | $928,780 | $865,078 |
Cost of sales | 738,170 | 655,653 | 615,331 |
Selling and administrative expenses | 230,195 | 165,996 | 148,168 |
Total operating costs and expenses | 968,365 | 821,649 | 763,499 |
Operating income | 123,201 | 107,131 | 101,579 |
Interest expense | 13,090 | 12,238 | 10,271 |
Other expense (income), net | 2,537 | 2,631 | 333 |
Income from continuing operations before income taxes | 107,574 | 92,262 | 90,975 |
Income taxes | 35,253 | 12,432 | 16,020 |
Income from continuing operations | 72,321 | 79,830 | 74,955 |
Income (loss) from discontinued operations, net of income taxes of $120,750, $10,831 and $10,460, respectively (Note 2) | 198,206 | 15,419 | -10,240 |
Net income | $270,527 | $95,249 | $64,715 |
Basic: | ' | ' | ' |
Income from continuing operations (in dollars per share) | $1.34 | $1.46 | $1.36 |
Income (loss) from discontinued operations, net of income taxes (in dollars per share) | $3.68 | $0.28 | ($0.19) |
Net income (in dollars per share) | $5.02 | $1.74 | $1.17 |
Diluted: | ' | ' | ' |
Income from continuing operations (in dollars per share) | $1.31 | $1.44 | $1.34 |
Income (loss) from discontinued operations, net of income taxes (in dollars per share) | $3.61 | $0.28 | ($0.18) |
Net income (in dollars per share) | $4.92 | $1.72 | $1.16 |
Dividends | $0.42 | $0.40 | $0.34 |
Weighted average common shares outstanding: | ' | ' | ' |
Basic (in shares) | 53,860,308 | 54,626,453 | 55,214,586 |
Diluted (in shares) | 54,973,344 | 55,224,457 | 55,931,882 |
Consolidated_Statements_of_Inc1
Consolidated Statements of Income (Parentheticals) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Statement [Abstract] | ' | ' | ' |
Income taxes from discontinued operations | $120,750 | $10,831 | $10,460 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Statement of Comprehensive Income [Abstract] | ' | ' | ' | |||
Net income | $270,527 | $95,249 | $64,715 | |||
Other comprehensive income (loss), net of tax | ' | ' | ' | |||
Unrealized (loss) gain on hedging activities, net of tax (1) | -87 | [1] | -635 | [1] | 381 | [1] |
Unrealized (loss) gain on hedging activities, tax | 272 | -513 | 232 | |||
Foreign currency translation adjustments, net of tax (2) | 19,615 | [2] | 24,678 | [2] | 2,514 | [2] |
Foreign currency translation adjustment, tax | 439 | 1,262 | -296 | |||
Defined benefit pension and other postretirement benefits, net of tax (3) | 73,168 | [3] | -15,741 | [3] | -41,355 | [3] |
Defined benefit pension and other postretirement benefits, tax | 43,109 | -7,994 | -25,605 | |||
Total other comprehensive income (loss), net of tax | 92,696 | 8,302 | -38,460 | |||
Total comprehensive income | $363,223 | $103,551 | $26,255 | |||
[1] | Net of tax of $272, $(513) and $232 for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||
[2] | Net of tax of $439, $1,262 and $(296) for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||
[3] | Net of tax of $43,109, $(7,994) and $(25,605) for the years ended December 31, 2013, 2012 and 2011, respectively. |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets | ' | ' |
Cash and cash equivalents | $70,856 | $86,356 |
Accounts receivable, less allowances (2013 – $3,438; 2012 – $2,858) | 258,664 | 253,202 |
Inventories | 211,246 | 226,220 |
Deferred income taxes | 18,226 | 33,906 |
Prepaid expenses and other current assets | 18,204 | 18,856 |
Total current assets | 577,196 | 618,540 |
Deferred income taxes | 2,314 | 29,961 |
Property, plant and equipment, net | 302,558 | 233,097 |
Goodwill | 649,697 | 579,905 |
Other intangible assets, net | 534,293 | 383,972 |
Other assets | 57,615 | 23,121 |
Total assets | 2,123,673 | 1,868,596 |
Current liabilities | ' | ' |
Notes and overdrafts payable | 1,074 | 3,795 |
Accounts payable | 88,721 | 99,037 |
Accrued liabilities | 154,514 | 96,364 |
Long-term debt – current | 56,009 | 699 |
Total current liabilities | 300,318 | 199,895 |
Long-term debt | 490,341 | 642,119 |
Accrued retirement benefits | 80,884 | 159,103 |
Deferred income taxes | 94,506 | 48,707 |
Other liabilities | 16,210 | 18,654 |
Commitments and contingencies (Note 20) | ' | ' |
Stockholders’ equity | ' | ' |
Common stock – par value $0.01 per share Authorized: 150,000,000 shares Issued: at par value (2013 – 60,306,128 shares; 2012 – 59,202,029 shares) | 603 | 592 |
Additional paid-in capital | 390,347 | 332,588 |
Treasury stock, at cost (2013 – 6,389,267 shares; 2012 – 4,999,556 shares) | -156,649 | -99,756 |
Retained earnings | 881,169 | 633,446 |
Accumulated other non-owner changes to equity | 25,944 | -66,752 |
Total stockholders’ equity | 1,141,414 | 800,118 |
Total liabilities and stockholders’ equity | $2,123,673 | $1,868,596 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Allowance for doubtful accounts | $3,438 | $2,858 |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized (in shares) | 150,000,000 | 150,000,000 |
Common stock, shares issued (in shares) | 60,306,128 | 59,202,029 |
Treasury stock, at cost (in shares) | 6,389,267 | 4,999,556 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Operating activities: | ' | ' | ' |
Net income | $270,527 | $95,249 | $64,715 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Depreciation and amortization | 65,052 | 57,360 | 58,904 |
Amortization of convertible debt discount | 2,391 | 2,211 | 2,158 |
Gain on disposition of property, plant and equipment | -887 | -178 | -379 |
Stock compensation expense | 18,128 | 8,819 | 8,319 |
Withholding taxes paid on stock issuances | -2,090 | -1,150 | -1,124 |
(Gain) loss on the sale of businesses | 313,708 | -886 | -26,709 |
Changes in assets and liabilities, net of the effects of acquisitions/divestitures: | ' | ' | ' |
Accounts receivable | -23,764 | -4,160 | -24,707 |
Inventories | 2,079 | 5,404 | -12,384 |
Prepaid expenses and other current assets | -2,172 | -4,341 | 59 |
Accounts payable | 2,384 | -5,493 | 615 |
Accrued liabilities | -9,891 | -9,746 | 10,645 |
Deferred income taxes | 3,412 | 9,446 | 5,386 |
Long-term retirement benefits | -642 | -16,438 | -18,367 |
Other | -729 | -1,492 | 475 |
Net cash provided by operating activities | 10,090 | 136,377 | 121,024 |
Investing activities: | ' | ' | ' |
Proceeds from disposition of property, plant and equipment | 1,767 | 854 | 3,620 |
Proceeds from (payments for) the sale of businesses | 538,942 | -438 | 22,492 |
Change (investment) in restricted cash | 0 | 4,900 | -11,664 |
Capital expenditures | -57,304 | -37,787 | -37,082 |
Business acquisitions, net of cash acquired | -307,264 | -296,560 | -3,495 |
Component Repair Program payments | -16,639 | 0 | 0 |
Other | -2,058 | -3,776 | -4,483 |
Net cash provided (used) by investing activities | 157,444 | -332,807 | -30,612 |
Financing activities: | ' | ' | ' |
Net change in other borrowings | -2,753 | -8,852 | 7,168 |
Payments on long-term debt | -555,195 | -114,411 | -411,661 |
Proceeds from the issuance of long-term debt | 450,253 | 376,000 | 392,390 |
Premium paid on convertible debt redemption | 0 | 0 | -9,803 |
Proceeds from the issuance of common stock | 13,491 | 7,061 | 28,579 |
Common stock repurchases | -68,608 | -19,037 | -34,066 |
Dividends paid | -22,422 | -21,662 | -18,629 |
Excess tax benefit on stock awards | 3,899 | 1,438 | 8,056 |
Other | -1,472 | -1,261 | -2,229 |
Net cash (used) provided by financing activities | -182,807 | 219,276 | -40,195 |
Effect of exchange rate changes on cash flows | -227 | 1,005 | -1,162 |
(Decrease) increase in cash and cash equivalents | -15,500 | 23,851 | 49,055 |
Cash and cash equivalents at beginning of year | 86,356 | 62,505 | 13,450 |
Cash and cash equivalents at end of year | 70,856 | 86,356 | 62,505 |
Supplemental Disclosure of Cash Flow Information: | ' | ' | ' |
Debt assumed in connection with acquisition | ' | 45,537 | ' |
Treasury shares issued (in shares) | 1,032,493 | ' | ' |
Treasury shares issued | -36,695 | ' | ' |
Intangible assets acquired | $10,000 | ' | ' |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Stockholders' Equity (USD $) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Retained Earnings [Member] | Accumulated Other Non-Owner Changes to Equity [Member] |
In Thousands, except Share data, unless otherwise specified | ||||||
Balance at Dec. 31, 2010 | $712,119 | $565 | $278,287 | ($44,379) | $514,240 | ($36,594) |
Balance (in shares) at Dec. 31, 2010 | ' | 56,518,000 | ' | 2,691,000 | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Comprehensive income | 26,255 | ' | ' | ' | 64,715 | -38,460 |
Dividends paid | -18,629 | ' | ' | ' | -18,629 | ' |
Common stock repurchases | -34,066 | ' | ' | -34,066 | ' | ' |
Convertible debt redemption, net of tax | -5,238 | ' | -5,238 | ' | ' | ' |
Common stock repurchases (in shares) | ' | ' | ' | 1,509,156 | ' | ' |
Employee stock plans | ' | 21 | ' | ' | ' | ' |
Employee stock plans, other | ' | ' | 43,202 | ' | ' | ' |
Employee stock plans (in shares) | ' | 2,075,385 | ' | ' | ' | ' |
Employee stock plans, shares withheld for taxes (in shares) | ' | ' | ' | 54,000 | ' | ' |
Employee stock plans, shares withheld for taxes | ' | ' | ' | -1,124 | ' | ' |
Dividends paid to holders of certain restricted stock units | ' | ' | ' | ' | -140 | ' |
Employee stock plans, total | 41,959 | ' | ' | ' | ' | ' |
Balance at Dec. 31, 2011 | 722,400 | 586 | 316,251 | -79,569 | 560,186 | -75,054 |
Balance (in shares) at Dec. 31, 2011 | ' | 58,594,000 | ' | 4,254,000 | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Comprehensive income | 103,551 | ' | ' | ' | 95,249 | 8,302 |
Dividends paid | -21,662 | ' | ' | ' | -21,662 | ' |
Common stock repurchases | -19,037 | ' | ' | -19,037 | ' | ' |
Common stock repurchases (in shares) | ' | ' | ' | 700,000 | ' | ' |
Employee stock plans | ' | 6 | ' | ' | ' | ' |
Employee stock plans, other | ' | ' | 16,337 | ' | ' | ' |
Employee stock plans (in shares) | ' | 608,227 | ' | ' | ' | ' |
Employee stock plans, shares withheld for taxes (in shares) | ' | ' | ' | 46,000 | ' | ' |
Employee stock plans, shares withheld for taxes | ' | ' | ' | -1,150 | ' | ' |
Dividends paid to holders of certain restricted stock units | ' | ' | ' | ' | -327 | ' |
Employee stock plans, total | 14,866 | ' | ' | ' | ' | ' |
Balance at Dec. 31, 2012 | 800,118 | 592 | 332,588 | -99,756 | 633,446 | -66,752 |
Balance (in shares) at Dec. 31, 2012 | ' | 59,202,000 | ' | 5,000,000 | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Comprehensive income | 363,223 | ' | ' | ' | 270,527 | 92,696 |
Dividends paid | -22,422 | ' | ' | ' | -22,422 | ' |
Common stock repurchases | -68,608 | ' | ' | -68,608 | ' | ' |
Männer Acquisition (in shares) | ' | ' | ' | -1,032,000 | ' | ' |
Männer Acquisition | 36,695 | ' | 22,890 | 13,805 | ' | ' |
Common stock repurchases (in shares) | ' | ' | ' | 2,350,697 | ' | ' |
Employee stock plans | ' | 11 | ' | ' | ' | ' |
Employee stock plans, other | ' | ' | 34,869 | ' | ' | ' |
Employee stock plans (in shares) | ' | 1,104,099 | ' | ' | ' | ' |
Employee stock plans, shares withheld for taxes (in shares) | ' | ' | ' | 70,000 | ' | ' |
Employee stock plans, shares withheld for taxes | ' | ' | ' | -2,090 | ' | ' |
Dividends paid to holders of certain restricted stock units | ' | ' | ' | ' | -382 | ' |
Employee stock plans, total | 32,408 | ' | ' | ' | ' | ' |
Balance at Dec. 31, 2013 | $1,141,414 | $603 | $390,347 | ($156,649) | $881,169 | $25,944 |
Balance (in shares) at Dec. 31, 2013 | ' | 60,306,000 | ' | 6,388,697 | ' | ' |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' |
Summary of Significant Accounting Policies | ' |
Summary of Significant Accounting Policies | |
General: The preparation of consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Certain reclassifications have been made to prior year amounts to conform to the current year presentation. | |
Consolidation: The accompanying consolidated financial statements include the accounts of the Company and all of its subsidiaries. Intercompany transactions and account balances have been eliminated. | |
In the fourth quarter of 2013, the Company and two of its subsidiaries (collectively with the Company, the "Purchaser") completed the acquisition of the Männer Business (defined below) pursuant to the terms of the Share Purchase and Assignment Agreement dated September 30, 2013 ("Share Purchase Agreement") among the Purchaser, Otto Männer Holding AG, a German company based in Bahlingen, Germany (the "Seller"), and the three shareholders of the Seller ("the Männer Business”). The acquisition is being integrated into the Industrial segment. The results of the Männer Business, from the date of the acquisition on October 31, 2013, are included within the Company's Consolidated Financial Statements for the year ended December 31, 2013. See Note 3 of the Consolidated Financial Statements. | |
In the second quarter of 2013, the Company completed the sale of its Barnes Distribution North America business (“BDNA”) to MSC Industrial Direct Co., Inc. ("MSC"). The results of these operations are segregated and presented as discontinued operations in the Consolidated Financial Statements. See Note 2 of the Consolidated Financial Statements. | |
In the first quarter of 2013, the Company realigned its organizational structure by aligning its strategic business units into two reportable segments: Industrial and Aerospace. See Note 19. | |
In the third quarter of 2012, the Company completed its acquisition of Synventive Molding Solutions ("Synventive”). The acquisition has been integrated into the Industrial segment. The results of Synventive, from the date of the acquisition on August 27, 2012, are included within the Company's Consolidated Financial Statements for the year ended December 31, 2012. See Note 3 of the Consolidated Financial Statements. | |
During the fourth quarter of 2011, the Company completed the sale of its Barnes Distribution Europe businesses (the "BDE" business). The BDE business was comprised of the Company's European KENT, Toolcom and BD France distribution businesses that were reported within the Company's former Distribution segment (formerly referred to as the Logistics and Manufacturing Services segment at the time of sale). The results of these operations are segregated and presented as discontinued operations in the Consolidated Financial Statements. See Note 2 of the Consolidated Financial Statements. | |
All previously reported financial information has been adjusted on a retrospective basis to reflect the discontinued operations of BDNA and the BDE business and the segment realignment for all years presented. | |
Revenue recognition: Sales and related cost of sales are recognized when products are shipped or delivered to customers depending upon when title and risk of loss have passed. Service revenue is recognized when the related services are performed. In the aerospace manufacturing businesses, the Company recognizes revenue based on the units-of-delivery method in accordance with accounting standards related to accounting for performance of construction-type and certain production-type contracts. Management fees related to the aerospace aftermarket Revenue Sharing Programs ("RSPs") are satisfied through an agreed upon reduction from the sales price of each of the related spare parts. These fees recognize our customer's necessary performance of engine program support activities, such as spare parts administration, warehousing and inventory management, and customer support, and are not separable from our sale of products, and accordingly, they are reflected as a reduction to sales, rather than as costs incurred, when revenues are recognized. | |
Operating expenses: The Company includes manufacturing labor, material, manufacturing overhead and costs of its distribution network within cost of sales. Other costs, including selling personnel costs and commissions, and other general and administrative costs of the Company are included within selling and administrative expenses. Depreciation and amortization expense is allocated between cost of sales and selling and administrative expenses. | |
Cash and cash equivalents: Cash in excess of operating requirements is invested in short-term, highly liquid, income-producing investments. All highly liquid investments purchased with an original maturity of three months or less are considered cash equivalents. Cash equivalents are carried at cost which approximates fair value. | |
Inventories: Inventories are valued at the lower of cost, determined on a first-in, first-out basis, or market. Loss provisions, if any, on aerospace contracts are established when estimable. Loss provisions are based on the projected excess of manufacturing costs over the net revenues of the products or group of related products under contract or purchase order. | |
Property, plant and equipment: Property, plant and equipment is stated at cost. Depreciation is recorded over estimated useful lives, ranging from 20 to 50 years for buildings, three to five years for computer equipment, four to 12 years for | |
machinery and equipment and 12 to 17 years for furnaces and boilers. The straight-line method of depreciation was adopted for all property, plant and equipment placed in service after March 31, 1999. For property, plant and equipment placed into service prior to April 1, 1999, depreciation is calculated using accelerated methods. The Company assesses the impairment of property, plant and equipment subject to depreciation whenever events or changes in circumstances indicate the carrying value may not be recoverable. | |
Goodwill: Goodwill represents the excess purchase cost over the fair value of net assets of companies acquired in business combinations. Goodwill is considered an indefinite-lived asset. Goodwill is subject to impairment testing in accordance with accounting standards governing such on an annual basis, in the second quarter, or more frequently if an event or change in circumstances indicates that the fair value of a reporting unit has been reduced below its carrying value. Based on the assessments performed during 2013, there was no goodwill impairment. | |
Aerospace Aftermarket Programs: The Company participates in aftermarket RSPs under which the Company receives an exclusive right to supply designated aftermarket parts over the life of the related aircraft engine program. As consideration, the Company has paid participation fees, which are recorded as long-lived intangible assets. The Company records amortization of the related intangible asset as sales dollars are being earned based on a proportional sales dollar method. Specifically, this method amortizes each asset as a reduction to revenue based on the proportion of sales under a program in a given period to the estimated aggregate sales dollars over the life of that program. | |
The Company also entered into a Component Repair Program ("CRP") that provides for, among other items, the extension of contracts under which the Company currently provides certain aftermarket component repair services for the CF6 and LM engine programs and the right to sell these services directly to other customers as one of a few General Electric licensed suppliers. The Company has recorded the consideration for these rights ("CRP Payment") as an intangible asset that will be amortized as a reduction to sales over the remaining life of these engine programs. This method reflects the pattern in which the economic benefits of the RSPs and the CRP are realized. | |
The recoverability of each asset is subject to significant estimates about future revenues related to the program’s aftermarket parts and services. The Company evaluates these intangible assets for recoverability and updates amortization rates on an agreement by agreement basis for the RSP's and on an individual asset basis for the CRP. The assets are reviewed for recoverability periodically including whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. Annually, the Company evaluates the remaining useful life of these assets to determine whether events and circumstances warrant a revision to the remaining periods of amortization. Management updates revenue projections, which includes comparing actual experience against projected revenue and industry projections. The potential exists that actual revenues will not meet expectations due to a change in market conditions including, for example, the replacement of older engines with new, more fuel-efficient engines or the Company's ability to capture additional market share within the Aftermarket business. A shortfall in future revenues may indicate a triggering event requiring a write down or further evaluation of the recoverability of the assets or require the Company to accelerate amortization expense prospectively dependent on the level of the shortfall. The Company has not identified any impairment of these assets. | |
Other Intangible Assets: Other intangible assets consist primarily of the Aerospace Aftermarket Programs, as discussed above, customer relationships, tradenames, patents and proprietary technology. These intangible assets, with the exception of tradenames, have finite lives and are amortized over the periods in which they provide benefit. The Company assesses the impairment of long-lived assets, including identifiable intangible assets subject to amortization, whenever significant events or significant changes in circumstances indicate the carrying value may not be recoverable. Tradenames, intangible assets with indefinite lives, are subject to impairment testing in accordance with accounting standards governing such on an annual basis, in the third quarter, or more frequently if an event or change in circumstances indicates that the fair value of a reporting unit has been reduced below its carrying value. Based on the assessment performed during 2013, there were no impairments of other intangible assets. See Note 6 of the Consolidated Financial Statements. | |
Derivatives: Accounting standards related to the accounting for derivative instruments and hedging activities require that all derivative instruments be recorded on the balance sheet at fair value. Foreign currency contracts may qualify as fair value hedges of unrecognized firm commitments, cash flow hedges of recognized assets and liabilities or anticipated transactions, or a hedge of a net investment. Changes in the fair market value of derivatives that qualify as fair value hedges or cash flow hedges are recorded directly to earnings or accumulated other non-owner changes to equity, depending on the designation. Amounts recorded to accumulated other non-owner changes to equity are reclassified to earnings in a manner that matches the earnings impact of the hedged transaction. Any ineffective portion, or amounts related to contracts that are not designated as hedges, are recorded directly to earnings. The Company’s policy for classifying cash flows from derivatives is to report the cash flows consistent with the underlying hedged item. | |
Foreign currency: Assets and liabilities of international operations are translated at year-end rates of exchange; revenues and expenses are translated at average rates of exchange. The resulting translation gains or losses are reflected in accumulated other non-owner changes to equity within stockholders’ equity. A net foreign currency transaction gain of $945 in 2013, and losses of $2,144 and $224 in 2012 and 2011, respectively, were included in other expense (income), net in the Consolidated Statements of Income. |
Discontinued_Operations
Discontinued Operations | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||||||||
Discontinued Operations | ' | |||||||||
Discontinued Operations | ||||||||||
Barnes Distribution North America | ||||||||||
On April 22, 2013, the Company completed the sale of BDNA to MSC pursuant to the terms of the APA between the Company and MSC. The total cash consideration received for BDNA through December 31, 2013 was $538,942, net of transaction costs and closing adjustments paid. The net after-tax proceeds were $420,190 after consideration of certain post closing adjustments, transaction costs and income taxes. The Company made estimated income tax payments of $130,004 related to the gain on sale during 2013 and has recorded an income tax receivable of $12,608 in the Consolidated Balance Sheet as of December 31, 2013. | ||||||||||
Barnes Distribution Europe | ||||||||||
On December 30, 2011, the Company sold substantially all of the assets of its BDE business to Berner SE (the "Purchaser") in a cash transaction pursuant to the terms of a Share and Asset Purchase Agreement ("SPA") among the Company, the Purchaser, and their respective relevant subsidiaries dated November 17, 2011. The Company received gross proceeds of $33,358, which represents the initial stated purchase price, and yielded net cash proceeds of $22,492 after consideration of cash sold, transaction costs paid and closing adjustments. The final amount of proceeds from the sale of the BDE business was subject to post-closing adjustments that were reflected in discontinued operations in periods subsequent to the disposition. The income from operations of discontinued businesses for 2013 includes a final settlement of a retained liability related to BDE. | ||||||||||
In the fourth quarter of 2011, upon approval of the sale of the BDE business by the Company's Board of Directors, the Company classified the business as “held for sale”. As a result, the Company allocated $17,200 of goodwill to the BDE business based on the relative fair values of those businesses within the Barnes Distribution reporting unit that were sold and retained, and evaluated goodwill for impairment based on this allocation. The Company recorded a goodwill impairment charge of $16,800 and transaction and employee transaction related costs of $8,248 that are included in the loss on the sale of the BDE business in 2011. | ||||||||||
As required by the terms of the SPA, the Company was required to place €9,000 of the proceeds in escrow to be used for any settlement of general representation and warranty claims. Absent a breach of warranty claim, the funds would be released from escrow on August 31, 2012 unless there were any then pending claims. Cash related to a pending claim would remain in escrow until a final determination of the claim had been made. On August 17, 2012, the Purchaser provided a notice of breach of various warranties to the Company. The Company rejected the Purchaser's notice and demanded release of the full escrow effective August 31, 2012. The Purchaser refused to release the full escrow, and only €3,900 plus interest was released whereas €5,100 ($7,038 at December 31, 2013) plus interest remains in escrow. The Company objected to the retention of the escrow and expects to prevail in this matter. The Company has recorded the restricted cash in other assets at December 31, 2013 and 2012. | ||||||||||
The below amounts related to the BDE business and BDNA were derived from historical financial information. The amounts have been segregated from continuing operations and reported as discontinued operations within the consolidated financial statements. In 2013, the Company recorded a net after-tax gain of $195,317 on the sale of BDNA, net of transaction-related costs of $9,749, whereas pre-tax income from the discontinued operations at BDNA was $6,345. In 2012, the Company recorded income of $15,419 from discontinued operations which included $29,384 of pre-tax income provided by the operations of BDNA, partially offset by the adjustment of a retained liability related to BDE, $10,831 of tax expense and a $886 pre-tax loss on transaction. In 2011, a $10,240 loss from discontinued operations included pre-tax income of $26,929 primarily from the operations of BDNA, more then offset by a $26,709 pre-tax loss on transaction and $10,460 of net tax expense. The 2011 loss on transaction related to the sale of the BDE business included a $16,800 goodwill impairment charge and $8,248 of transaction and employee transaction related costs. | ||||||||||
2013 | 2012 | 2011 | ||||||||
Net sales | $ | 93,173 | $ | 301,179 | $ | 415,382 | ||||
Income before income taxes | 5,248 | 27,136 | 26,929 | |||||||
Income tax expense | 2,359 | 10,918 | 11,041 | |||||||
Income from operations of discontinued businesses, net of income taxes | 2,889 | 16,218 | 15,888 | |||||||
Gain (loss) on transaction | 313,708 | (886 | ) | (26,709 | ) | |||||
Income tax expense (benefit) on sale | 118,391 | (87 | ) | (581 | ) | |||||
Gain (loss) on the sale of businesses, net of income taxes | 195,317 | (799 | ) | (26,128 | ) | |||||
Income (loss) from discontinued operations, net of income taxes | $ | 198,206 | $ | 15,419 | $ | (10,240 | ) | |||
Acquisition
Acquisition | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Business Combinations [Abstract] | ' | |||||||||
Acquisition | ' | |||||||||
Acquisitions | ||||||||||
During 2013 and 2012, the Company acquired the Männer and Synventive businesses, respectively. The results of operations of these acquired businesses have been included in the consolidated results from the respective acquisition dates. The purchase prices for these acquisitions have been allocated to tangible and intangible assets and liabilities of the businesses based upon estimates of their respective fair values. | ||||||||||
In August 2012, the Company completed the acquisition of Synventive by acquiring all of the issued and outstanding shares of capital stock of Synventive Acquisition Inc., a Delaware corporation. Synventive is a leading designer and manufacturer of highly engineered and customized hot runner systems and components which serve as the enabling technology for many complex injection molding applications and are standard in industries that require premium product aesthetics and performance. This business, which has been integrated into our Industrial segment, enhances the Company's core manufacturing capabilities, adds innovative products and services and is expected to expand the Company's global marketplace presence. The Company acquired Synventive for an aggregate purchase price of $351,463, consisting of $305,926 in cash (including cash acquired of $9,366) and the assumption of $45,537 of debt. Immediately following the completion of the acquisition, the Company paid $45,156 of the assumed debt, primarily using cash on hand. The remaining purchase price was financed primarily with borrowings under the Company's revolving credit facility. | ||||||||||
In October 2013, the Company completed the acquisition of the Männer Business, a German company based in Bahlingen, Germany. The Männer Business is a leader in the development and manufacture of high precision molds, valve gate hot runner systems, and system solutions for the medical/pharmaceutical, packaging, and personal care/health care industries. The Männer Business, which is being integrated into the Industrial segment, includes manufacturing locations in Germany, Switzerland and the United States, and sales and service offices in Europe, the United States, Hong Kong/China and Japan. The Company acquired all the shares of capital stock of the Männer Business for an aggregate purchase price of €280,742 ($380,673) which was paid through a combination of €253,242 in cash ($343,978) and 1,032,493 shares of the Company's common stock (valued at €27,500 pursuant to the Share Purchase Agreement and $36,695 based upon market value at close). The purchase price includes preliminary adjustments under the terms of the Share Purchase Agreement, including approximately €27,030 related to cash acquired ($36,714), and is subject to post closing adjustments. | ||||||||||
The Company incurred $3,642 and $2,377 of acquisition-related costs during the years ended December 31, 2013 and 2012 related to the Männer and Synventive acquisitions, respectively. These costs include due diligence costs and transaction costs to complete the acquisitions, and have been recognized in the Company's Consolidated Statements of Income as selling and administrative expenses. | ||||||||||
The operating results of Synventive have been included in the Consolidated Statements of Income for the period ended December 31, 2012, since the August 27, 2012 date of acquisition. The Company reported $60,070 in net sales and operating profit of $1,892 from Synventive, included within the Industrial segment's operating profit, inclusive of $5,899 of short-term purchase accounting adjustments and transaction costs, for the period from the acquisition date through December 31, 2012. The operating results of Synventive during 2013 have been included in the Consolidated Statements of Income for the year ended December 31, 2013. | ||||||||||
The operating results of the Männer Business have been included in the Consolidated Statements of Income for the period ended December 31, 2013, since the October 31, 2013 date of acquisition. The Company reported $18,894 in net sales and an operating loss of $2,817 from the Männer Business, included within the Industrial segment's operating profit, inclusive of $7,279 of short-term purchase accounting adjustments and transaction costs, for the year ended December 31, 2013. | ||||||||||
The following table summarizes the fair values of the assets acquired, net of cash acquired, and liabilities assumed at the October 31, 2013 date of acquisition for the Männer Business and the August 27, 2012 acquisition date for Synventive. Fair values are inclusive of purchase price adjustments that were made subsequent to the respective acquisition dates: | ||||||||||
Synventive | Männer Business | |||||||||
Accounts Receivable | $ | 43,270 | $ | 15,329 | ||||||
Inventories | 13,392 | 32,908 | ||||||||
Other current assets | 3,988 | 423 | ||||||||
Property, plant and equipment | 16,000 | 63,411 | ||||||||
Other noncurrent assets | 2,841 | — | ||||||||
Other intangible assets (Note 6) | 126,600 | 146,600 | ||||||||
Goodwill (Note 6) | 203,656 | 189,486 | ||||||||
Total assets acquired | 409,747 | 448,157 | ||||||||
Current liabilities | (25,230 | ) | (57,943 | ) | ||||||
Other liabilities | (4,130 | ) | (566 | ) | ||||||
Deferred income taxes | (38,290 | ) | (42,495 | ) | ||||||
Debt assumed | (45,537 | ) | (3,194 | ) | ||||||
Total liabilities assumed | (113,187 | ) | (104,198 | ) | ||||||
Net assets acquired | $ | 296,560 | $ | 343,959 | ||||||
The final purchase price allocation related to Synventive reflects post-closing adjustments pursuant to the terms of the Stock Purchase Agreement. The final purchase price allocation for the Manner Business remains subject to post-closing adjustments pursuant to the terms of the Share Purchase Agreement. | ||||||||||
The following table reflects the unaudited pro forma operating results of the Company for the years ended December 31, 2013, 2012 and 2011, which give effect to the acquisition of the Männer Business as if it had occurred on January 1, 2012 and the acquisition of Synventive as if it had occurred on January 1, 2011. The pro forma results are based on assumptions that the Company believes are reasonable under the circumstances. The pro forma results are not necessarily indicative of the operating results that would have occurred had the acquisitions been effective on January 1, 2012 and 2011, nor are they intended to be indicative of results that may occur in the future. The underlying pro forma information includes the historical financial results of the Company and the two acquired businesses adjusted for certain items including depreciation and amortization expense associated with the assets acquired and the Company’s expense related to financing arrangements, with the related tax effects. The pro forma information does not include the effects of any synergies or cost reduction initiatives related to the acquisitions. | ||||||||||
(Unaudited Pro Forma) | ||||||||||
2013 | 2012 | 2011 | ||||||||
Net sales | $ | 1,191,109 | $ | 1,137,437 | $ | 1,012,672 | ||||
Income from continuing operations | 92,343 | 88,023 | 63,380 | |||||||
Net income | $ | 290,549 | $ | 103,442 | $ | 53,140 | ||||
Per common share: | ||||||||||
Basic: | ||||||||||
Income from continuing operations | $ | 1.69 | $ | 1.58 | $ | 1.15 | ||||
Net income | $ | 5.31 | $ | 1.86 | $ | 0.96 | ||||
Diluted: | ||||||||||
Income from continuing operations | $ | 1.65 | $ | 1.56 | $ | 1.13 | ||||
Net income | $ | 5.2 | $ | 1.84 | $ | 0.95 | ||||
For the Männer Business, pro forma earnings during the year ended December 31, 2013 were adjusted to exclude non-recurring items including acquisition-related costs and expenses related to fair value adjustments to inventory and acquired backlog. Pro forma earnings in 2012 were adjusted to include these items, with acquisition-related costs of $3,642 and expenses of $9,130 and $6,600 related to adjustments to inventory and acquired backlog, respectively. | ||||||||||
For Synventive, pro forma earnings during the year ended December 31, 2012 were adjusted to exclude non-recurring items including acquisition-related costs related to fair value adjustments to inventory and acquired backlog. Pro forma earnings in 2011 were adjusted to include these items, with acquisition-related costs of $11,776 ($2,377 incurred by the Company and $9,399 incurred by Synventive at closing) and expenses of $3,765 and $1,222 related to the fair value adjustments to inventory and acquired backlog, respectively. |
Inventories
Inventories | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventories | ' | ||||||||
Inventories | |||||||||
Inventories at December 31 consisted of: | |||||||||
2013 | 2012 | ||||||||
Finished goods | $ | 85,033 | $ | 126,139 | |||||
Work-in-process | 71,982 | 56,186 | |||||||
Raw materials and supplies | 54,231 | 43,895 | |||||||
$ | 211,246 | $ | 226,220 | ||||||
Property_Plant_and_Equipment
Property, Plant and Equipment | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Property, Plant and Equipment | ' | ||||||||
Property, Plant and Equipment | |||||||||
Property, plant and equipment at December 31 consisted of: | |||||||||
2013 | 2012 | ||||||||
Land | $ | 21,935 | $ | 15,260 | |||||
Buildings | 154,938 | 127,117 | |||||||
Machinery and equipment | 509,664 | 492,087 | |||||||
686,537 | 634,464 | ||||||||
Less accumulated depreciation | (383,979 | ) | (401,367 | ) | |||||
$ | 302,558 | $ | 233,097 | ||||||
Depreciation expense was $34,419, $34,218 and $36,772 during 2013, 2012 and 2011, respectively. |
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||
Goodwill and Other Intangible Assets | ' | ||||||||||||||||||
Goodwill and Other Intangible Assets | |||||||||||||||||||
Goodwill: The following table sets forth the change in the carrying amount of goodwill for each reportable segment and the Company: | |||||||||||||||||||
Industrial | Aerospace | Other | Total | ||||||||||||||||
Company | |||||||||||||||||||
1-Jan-12 | $ | 200,636 | $ | 30,786 | $ | 134,682 | $ | 366,104 | |||||||||||
Goodwill acquired | 201,029 | — | — | 201,029 | |||||||||||||||
Foreign currency translation | 12,579 | — | 193 | 12,772 | |||||||||||||||
31-Dec-12 | 414,244 | 30,786 | 134,875 | 579,905 | |||||||||||||||
Goodwill acquired | 189,486 | — | — | 189,486 | |||||||||||||||
Divestiture | — | — | (134,704 | ) | (134,704 | ) | |||||||||||||
Purchase accounting adjustment | 2,627 | — | — | 2,627 | |||||||||||||||
Foreign currency translation | 12,554 | — | (171 | ) | 12,383 | ||||||||||||||
31-Dec-13 | $ | 618,911 | $ | 30,786 | $ | — | $ | 649,697 | |||||||||||
Of the $649,697 of goodwill at December 31, 2013, $43,860 represents the original tax deductible basis. | |||||||||||||||||||
In 2013, the changes recorded at Industrial include $2,627 of final purchase accounting adjustments from the acquisition of Synventive and $189,486 of goodwill resulting from the acquisition of the Männer Business. The amount allocated to goodwill reflects the benefits that the Company expects to realize from increased global market access and the assembled workforce of the Männer Business. None of the recognized goodwill from the Männer Business is expected to be deductible for income tax purposes. | |||||||||||||||||||
In the first quarter of 2013, the Company realigned its reportable business segments by transferring the Associated Spring Raymond business ("Raymond"), its remaining business within the former Distribution segment, to the Industrial segment. The goodwill related to BDNA ("BDNA goodwill"), also a business within the former Distribution segment, was $134,875 at December 31, 2012. BDNA was sold on April 22, 2013. See Note 2. | |||||||||||||||||||
In 2012, the changes recorded at Industrial include $201,029 of initially recognized goodwill resulting from the acquisition of Synventive. The amount allocated to Goodwill is reflective of the benefits the Company expects to realize from the entrance into a new business platform, increased global market access and Synventive's assembled workforce. None of the recognized goodwill is expected to be deductible for income tax purposes. | |||||||||||||||||||
Other Intangible Assets: Other intangible assets at December 31 consisted of: | |||||||||||||||||||
2013 | 2012 | ||||||||||||||||||
Range of | Gross | Accumulated | Gross | Accumulated | |||||||||||||||
Life-Years | Amount | Amortization | Amount | Amortization | |||||||||||||||
Amortized intangible assets: | |||||||||||||||||||
Revenue Sharing Programs | Up to 30 | $ | 293,700 | $ | (64,220 | ) | $ | 293,700 | $ | (54,638 | ) | ||||||||
Component Repair Program | Up to 15 | 26,639 | — | — | — | ||||||||||||||
Customer lists/relationships | 16-Oct | 183,406 | (18,293 | ) | 102,806 | (21,727 | ) | ||||||||||||
Patents and technology | 14-Jul | 62,972 | (14,210 | ) | 41,972 | (7,758 | ) | ||||||||||||
Trademarks/trade names | 30-May | 11,950 | (7,628 | ) | 12,750 | (7,497 | ) | ||||||||||||
Other | Up to 15 | 19,292 | (9,868 | ) | 12,692 | (6,927 | ) | ||||||||||||
597,959 | (114,219 | ) | 463,920 | (98,547 | ) | ||||||||||||||
Unamortized intangible asset | |||||||||||||||||||
Trade names | 36,900 | — | 10,000 | — | |||||||||||||||
Foreign currency translation | $ | 13,653 | $ | — | $ | 8,599 | $ | — | |||||||||||
Other intangible assets | 648,512 | (114,219 | ) | 482,519 | (98,547 | ) | |||||||||||||
On December 30, 2013, the Company entered into the CRP with its customer, General Electric. The CRP provides for, among other items, the extension of contracts under which the Company currently provides certain aftermarket component repair services for the CF6 and LM engine programs and the right to sell these services directly to other customers as one of a few General Electric licensed suppliers. As consideration for these rights, the Company agreed to pay $26,639. The Company has paid $16,639 in the fourth quarter of 2013 and $10,000 is expected to be paid in 2014. The amortization of the CRP will be recognized as a reduction to sales over the remaining life of the applicable engine programs. | |||||||||||||||||||
In connection with the acquisition of the Männer Business in October 2013, the Company recorded intangible assets of $146,600, which includes $92,100 of customer relationships, $21,000 of patents and technology, $6,600 of customer backlog and $26,900 of an indefinite life Männer Business trade name. The weighted-average useful lives of the acquired assets were 16 years, 10 years, and less than one year, respectively. | |||||||||||||||||||
In connection with the acquisition of Synventive in August 2012, the Company recorded intangible assets of $126,600 which includes $79,300 of customer relationships, $35,400 of patents and technology, $10,700 of trade names ($10,000 of which relates to the Synventive trade name and has an indefinite life) and $1,200 of customer backlog. The weighted-average useful lives of the acquired assets were 15 years, 7 years, 10 years and less than one year, respectively. | |||||||||||||||||||
Gross amounts of $11,500 and $800 (accumulated amortization of $11,387 and $800) that were included within customer lists and trademarks, respectively, at December 31, 2012, were related to BDNA. | |||||||||||||||||||
Amortization of intangible assets for the years ended December 31, 2013, 2012 and 2011 was $27,973, $18,605 and $16,907, respectively. Estimated amortization of intangible assets for future periods is as follows: 2014 - $39,000; 2015 - $34,000; 2016 - $34,000; 2017 - $34,000 and 2018 - $35,000. | |||||||||||||||||||
The Company has entered into a number of aftermarket RSP agreements each of which is with General Electric. See Note 1 of the Consolidated Financial Statements for a further discussion of these Revenue Sharing Programs. As of December 31, 2013, the Company has made all required participation fee payments under the aftermarket RSP agreements. |
Accrued_Liabilities
Accrued Liabilities | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Accrued Liabilities [Abstract] | ' | ||||||||
Accrued Liabilities | ' | ||||||||
Accrued Liabilities | |||||||||
Accrued liabilities at December 31 consisted of: | |||||||||
2013 | 2012 | ||||||||
Payroll and other compensation | $ | 37,640 | $ | 35,008 | |||||
Deferred revenue | 23,424 | 1,710 | |||||||
Payable to Otto Männer Holding AG | 20,001 | — | |||||||
Pension and other postretirement benefits | 8,225 | 8,184 | |||||||
Accrued income taxes | 13,593 | 5,573 | |||||||
Other | 51,631 | 45,889 | |||||||
$ | 154,514 | $ | 96,364 | ||||||
The payable to Otto Männer Holding AG relates to an assumed liability to the seller in connection with the acquisition of the Männer Business. |
Debt_and_Commitments
Debt and Commitments | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||
Debt and Commitments | ' | ||||||||||||||||
Debt and Commitments | |||||||||||||||||
Long-term debt and notes and overdrafts payable at December 31 consisted of: | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Carrying | Fair | Carrying | Fair | ||||||||||||||
Amount | Value | Amount | Value | ||||||||||||||
3.375% Convertible Notes | $ | 55,636 | $ | 76,569 | $ | 55,636 | $ | 57,977 | |||||||||
Unamortized debt discount – 3.375% Convertible Notes | (731 | ) | — | (3,122 | ) | — | |||||||||||
Revolving credit agreement | 487,920 | 482,431 | 589,200 | 599,172 | |||||||||||||
Borrowings under lines of credit and overdrafts | 1,074 | 1,074 | 3,380 | 3,380 | |||||||||||||
Other foreign bank borrowings | 405 | 410 | 945 | 947 | |||||||||||||
Capital leases | 3,120 | 3,402 | 159 | 159 | |||||||||||||
Other | — | — | 415 | 415 | |||||||||||||
547,424 | 563,886 | 646,613 | 662,050 | ||||||||||||||
Less current maturities | (57,083 | ) | (4,494 | ) | |||||||||||||
Long-term debt | $ | 490,341 | $ | 642,119 | |||||||||||||
The Company’s long-term debt portfolio consists of fixed-rate and variable-rate instruments and is managed to reduce the overall cost of borrowing and to mitigate fluctuations in interest rates. Among other things, interest rate fluctuations impact the market value of the Company’s fixed-rate debt and fluctuations in the Company’s stock price impact the market value of its convertible notes. | |||||||||||||||||
In 2007, the Company sold $100,000 of 3.375% Senior Subordinated Convertible Notes due in March 2027 with interest payable semi-annually on March 1 and September 1 of each year commencing on September 1, 2007. During 2009, the Company repurchased $44,364 par value of these notes. The 3.375% Convertible Notes are general unsecured obligations of the Company and are subordinated in right of payment to all existing and future senior debt of the Company. These notes are subject to redemption at their par value at any time, at the option of the Company, on or after March 20, 2014. Additionally, these notes may be converted into a combination of cash and common stock of the Company at a conversion value equal to 35.3235 shares per note, equivalent to a conversion price of approximately $28.31 per share of common stock upon meeting certain conditions provided in the respective indenture agreement including (i) the closing stock price for 20 of the last 30 trading days in a quarter is greater than or equal to 130% of the conversion price or (ii) the note holders may require the Company to redeem some or all of the Notes on March 15th of 2014, 2017 and 2022. As such, the balance of these Notes of $54,905 ($55,636 par value) and the related deferred tax balances, classified as long-term at December 31, 2012, have been classified as current in the accompanying balance sheet as of December 31, 2013. The first $1 of the conversion value of each note would be paid in cash and the additional conversion value, if any, would be paid in cash or common stock, at the option of the Company. | |||||||||||||||||
During 2013 and 2012, the 3.375% Convertible Notes were not eligible for conversion. Additionally, the 3.375% Convertible Notes are not eligible for conversion from January 1, 2014 through March 31, 2014, except on March 15th of 2014, as noted above. The fair value of the notes was determined using quoted market prices (inactively traded) that represent Level 2 observable inputs. | |||||||||||||||||
Effective April 5, 2011, the Company exercised its right to redeem the remaining $92,500 principal amount of the 3.75% Convertible Notes under their indenture agreement. Of the total $92,500 principal amount, $11,865 of these notes were redeemed with accrued interest through the redemption date. The remaining $80,635 of these notes were surrendered for conversion. The Company elected to pay cash to holders of the notes surrendered for conversion, including the value of any residual shares of common stock that were payable to the holders electing to convert their notes into an equivalent share value, resulting in a total cash payment of $90,438 including a premium on conversion of $9,803 which reduced the equity component by $6,085, net of tax of $3,718. As a result of this transaction, the Company recaptured $40,217 of previously deducted contingent convertible debt interest which resulted in a $15,252 reduction in short-term deferred tax liabilities as well as a reduction of tax loss carryforwards reflected in long-term deferred tax assets. The Company used borrowings under its Credit Facility to finance the redemption of the 3.75% Convertible Notes. | |||||||||||||||||
The following table sets forth balance sheet information regarding the Company’s convertible notes at December 31: | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
3.375% Convertible Notes: | |||||||||||||||||
Carrying value of equity component, net of tax | $ | 10,772 | $ | 10,772 | |||||||||||||
Principal value of liability component | $ | 55,636 | $ | 55,636 | |||||||||||||
Unamortized debt discount | (731 | ) | (3,122 | ) | |||||||||||||
Net carrying value of liability component | $ | 54,905 | $ | 52,514 | |||||||||||||
As of December 31, 2013, the remaining unamortized debt discount on the 3.375% Convertible Notes will be amortized over a remaining period of 3 months. The effective interest rate on the liability component is 8.00%. | |||||||||||||||||
The following table sets forth the components of interest expense for the Company’s convertible notes for the years ended December 31, 2013, 2012 and 2011. | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Interest expense – 3.375% coupon | $ | 1,878 | $ | 1,878 | $ | 1,878 | |||||||||||
Interest expense – 3.375% debt discount amortization | 2,391 | 2,211 | 2,044 | ||||||||||||||
Interest expense – 3.75% coupon | — | — | 1,225 | ||||||||||||||
Interest expense – 3.75% debt discount amortization | — | — | 114 | ||||||||||||||
$ | 4,269 | $ | 4,089 | $ | 5,261 | ||||||||||||
In September 2011, the Company entered into an amended and restated revolving credit agreement (the "Amended Credit Agreement" or "Amended Credit Facility") with Bank of America, N.A. as the administrative agent. The Amended Credit Agreement increased the borrowing availability of the Amended Credit Facility from $400,000 to $500,000 and extended the expiration date of the Amended Credit Facility by four years from September 2012 to September 2016. In July 2012, the Company executed a $250,000 accordion feature that was available under the Amended Credit Agreement increasing the available amount under the Amended Credit Facility to $750,000. In September 2013, the Company entered into a Second Amendment to its revolving credit agreement ("Second Amendment") and retained Bank of America, N.A. as Administrative Agent for the lenders. The Second Amendment extends the maturity date of the debt facility by two years from September 2016 to September 2018 and includes an option to extend the maturity date for an additional year, subject to certain conditions. The Second Amendment also adds a new foreign subsidiary borrower in Germany, Barnes Group Acquisition GmbH, maintains the borrowing availability of the Company at $750,000 and adds an accordion feature to increase this amount to $1,000,000. The Company may exercise the accordion feature upon request to the Administrative Agent as long as an event of default has not occurred or is continuing. The borrowing availability of $750,000, pursuant to the terms of the Second Amendment, allows for Euro-denominated borrowings equivalent to $500,000. Euro-denominated borrowings are subject to foreign currency translation adjustments that are included within accumulated other non-owner changes to equity. Borrowings under the Amended Credit Agreement continue to bear interest at LIBOR plus a spread ranging from 1.10% to 1.70% depending on the Company's leverage ratio at the time of the borrowing. The Company paid fees and expenses of $1,261, $1,030 and $2,012 in conjunction with executing the Second Amendment in 2013, the execution of the accordion feature in 2012 and the refinancing of the Amended Credit Agreement in 2011, respectively. Such fees will be deferred and amortized into interest expense on the accompanying Consolidated Statements of Income through its maturity. | |||||||||||||||||
At December 31, 2013, borrowings and availability under the Amended Credit Agreement were $487,920 and $262,080, respectively. Borrowings included Euro-denominated borrowings of €114,000 ($157,320 at December 31, 2013). The interest rate on these borrowings was 1.36% and 1.97% on December 31, 2013 and 2012, respectively. The fair value of the borrowings is based on observable Level 2 inputs. The borrowings are valued using discounted cash flows based upon the Company's estimated interest costs for similar types of borrowings. | |||||||||||||||||
The Company's borrowing capacity remains limited by various debt covenants in the Amended Credit Agreement, certain of which have been amended in September 2013. The Amended Credit Agreement requires the Company to maintain a ratio of Consolidated Senior Debt, as defined in the Second Amendment, to Consolidated EBITDA, as defined, of not more than 3.25 times at the end of each fiscal quarter, a ratio of Consolidated Total Debt, as defined, to Consolidated EBITDA of not more than 4.00 times at the end of each fiscal quarter, and a ratio of Consolidated EBITDA to Consolidated Cash Interest Expense, as defined, of not less than 4.25 times at the end of each fiscal quarter. The Second Amendment also provides that in connection with certain permitted acquisitions with aggregate consideration in excess of $150,000, the Consolidated Senior Debt to EBITDA ratio and the Consolidated Total Debt to EBITDA ratio are permitted to increase to 3.50 times and 4.25 times, respectively, for a period of the four fiscal quarters ending after the closing of the acquisition. At December 31, 2013, the Company was in compliance with all covenants under the Amended Credit Agreement and continues to monitor its future compliance based on current and future economic conditions. | |||||||||||||||||
In addition, the Company has available approximately $15,000 in uncommitted short-term bank credit lines ("Credit Lines") of which $1,000 was borrowed at December 31, 2013 at an interest rate of 2.13% and $2,800 was borrowed at December 31, 2012 at an interest rate of 2.16%. The Company had also borrowed $74 and $580 under overdraft facilities at December 31, 2013 and 2012, respectively. Repayments under the Credit Lines are due within seven days after being borrowed. Repayments of the overdrafts are generally due within two days after being borrowed. The carrying amounts of the Credit Lines and overdrafts approximate fair value due to the short maturities of these financial instruments. | |||||||||||||||||
The Company also has other foreign bank borrowings. The fair value of the foreign bank borrowings are based on observable Level 2 inputs. These instruments are valued using discounted cash flows based upon the Company's estimated interest costs for similar types of borrowings. | |||||||||||||||||
The Company holds capital leases within the Männer Business that was acquired on October 31, 2013. The fair value of the capital leases are based on observable Level 2 inputs. These instruments are valued using discounted cash flows based upon the Company's estimated interest costs for similar types of borrowings. | |||||||||||||||||
Other debt consists primarily of bank acceptances which are used to pay certain vendors. Bank acceptances represent financial instruments accepted by certain Chinese vendors in lieu of cash paid on payables, generally range from three to six months in maturity and are guaranteed by banks. The fair values of the bank acceptances are based on observable Level 2 inputs and their carrying amounts approximate fair value due to their short maturities. | |||||||||||||||||
Long-term debt and notes payable, excluding the unamortized debt discount related to the Convertible Notes, are payable as follows: $57,814 in 2014, $750 in 2015, $806 in 2016, $865 in 2017, $487,920 in 2018 and $0 thereafter. The 3.375% Convertible Notes are included in 2014 according to their first put date. | |||||||||||||||||
In addition, the Company had outstanding letters of credit totaling $6,799 at December 31, 2013. | |||||||||||||||||
Interest paid was $11,636, $9,512 and $11,038 in 2013, 2012 and 2011, respectively. Interest capitalized was $247, $195 and $106 in 2013, 2012 and 2011, respectively, and is being depreciated over the lives of the related fixed assets. |
Derivatives
Derivatives | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||
Derivatives | ' | ||||||||||||||||
Derivatives | |||||||||||||||||
The Company has manufacturing, sales and distribution facilities around the world and thus makes investments and conducts business transactions denominated in various currencies. The Company is also exposed to fluctuations in interest rates and commodity price changes. These financial exposures are monitored and managed by the Company as an integral part of its risk management program. | |||||||||||||||||
Financial instruments have been used by the Company to hedge its exposures to fluctuations in interest rates. The Company previously had two, three-year interest rate swap agreements which together converted the interest on the first $100,000 of the Company's one-month LIBOR-based borrowings from a variable rate plus the borrowing spread to a fixed rate of 2.947% plus the borrowing spread and were accounted for as cash flow hedges. These agreements matured in the first quarter of 2011. In April 2012, the Company entered into five-year interest rate swap agreements transacted with three banks which together convert the interest on the first $100,000 of the Company's one-month LIBOR-based borrowings from a variable rate plus the borrowing spread to a fixed rate of 1.03% plus the borrowing spread. These interest rate swap agreements were accounted for as cash flow hedges and remained in place at December 31, 2013. | |||||||||||||||||
The Company also uses financial instruments to hedge its exposures to fluctuations in foreign currency exchange rates. The Company has various contracts outstanding which primarily hedge recognized assets or liabilities and anticipated transactions in various currencies including the British pound sterling, U.S. dollar, Euro, Singapore dollar, Swedish kroner and Swiss franc. Certain foreign currency derivative instruments are treated as cash flow hedges of forecasted transactions. All foreign exchange contracts are due within two years. | |||||||||||||||||
The Company does not use derivatives for speculative or trading purposes or to manage commodity exposures. | |||||||||||||||||
The following table sets forth the fair value amounts of derivative instruments held by the Company as of December 31. | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Asset | Liability | Asset | Liability | ||||||||||||||
Derivatives | Derivatives | Derivatives | Derivatives | ||||||||||||||
Derivatives designated as hedging | |||||||||||||||||
instruments: | |||||||||||||||||
Interest rate contracts | $ | — | $ | (370 | ) | $ | — | $ | (1,818 | ) | |||||||
Foreign exchange contracts | — | (318 | ) | 945 | — | ||||||||||||
— | (688 | ) | 945 | (1,818 | ) | ||||||||||||
Derivatives not designated as | |||||||||||||||||
hedging instruments: | |||||||||||||||||
Foreign exchange contracts | 543 | (67 | ) | 2,370 | (152 | ) | |||||||||||
Total derivatives | $ | 543 | $ | (755 | ) | $ | 3,315 | $ | (1,970 | ) | |||||||
Asset derivatives are recorded in prepaid expenses and other current assets in the accompanying consolidated balance sheets. Liability derivatives related to interest rate contracts and foreign exchange contracts are recorded in other liabilities and accrued liabilities, respectively, in the accompanying consolidated balance sheets. | |||||||||||||||||
The following table sets forth the gain (loss) recorded in accumulated other comprehensive income (loss), net of tax, for the years ended December 31, 2013 and 2012 for derivatives held by the Company and designated as hedging instruments. | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Cash flow hedges: | |||||||||||||||||
Interest rate contracts | $ | 898 | $ | (1,128 | ) | ||||||||||||
Foreign exchange contracts | (985 | ) | 493 | ||||||||||||||
$ | (87 | ) | $ | (635 | ) | ||||||||||||
Amounts included within accumulated other comprehensive income (loss) that were reclassified to expense during the year ended December 31, 2013 and 2012 related to the interest rate swaps resulted in a fixed rate of interest of 1.03% plus the borrowing spread for the first $100,000 of one-month LIBOR borrowings. The amounts reclassified for the foreign exchange contracts were not material. Additionally, there were no amounts recognized in income for hedge ineffectiveness during the years ended December 31, 2013 and 2012. | |||||||||||||||||
The following table sets forth the gain (loss) recorded in other expense (income), net in the consolidated statements of income for the years ended December 31, 2013 and 2012 for non-designated derivatives held by the Company. Such gains (losses) were substantially offset by (losses)/gains recorded on the underlying hedged asset or liability. | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Foreign exchange contracts | $ | (739 | ) | $ | 3,462 | ||||||||||||
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||
Fair Value Measurements | |||||||||||||||||
The provisions of the accounting standard for fair value define fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. This standard classifies the inputs used to measure fair value into the following hierarchy: | |||||||||||||||||
Level 1 | Unadjusted quoted prices in active markets for identical assets or liabilities. | ||||||||||||||||
Level 2 | Unadjusted quoted prices in active markets for similar assets or liabilities, or unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or inputs other than quoted prices that are observable for the asset or liability. | ||||||||||||||||
Level 3 | Unobservable inputs for the asset or liability. | ||||||||||||||||
The following table provides the assets and liabilities reported at fair value and measured on a recurring basis as of December 31, 2013 and 2012: | |||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||
Total | Quoted Prices in | Significant Other | Significant | ||||||||||||||
Active Markets for | Observable Inputs | Unobservable | |||||||||||||||
Identical Assets | (Level 2) | Inputs | |||||||||||||||
(Level 1) | (Level 3) | ||||||||||||||||
Description | |||||||||||||||||
December 31, 2013 | |||||||||||||||||
Asset derivatives | $ | 543 | $ | — | $ | 543 | $ | — | |||||||||
Liability derivatives | (755 | ) | — | (755 | ) | — | |||||||||||
Bank acceptances | 6,461 | — | 6,461 | — | |||||||||||||
Rabbi trust assets | 1,975 | 1,975 | — | — | |||||||||||||
$ | 8,224 | $ | 1,975 | $ | 6,249 | $ | — | ||||||||||
December 31, 2012 | |||||||||||||||||
Asset derivatives | $ | 3,315 | $ | — | $ | 3,315 | $ | — | |||||||||
Liability derivatives | (1,970 | ) | — | (1,970 | ) | — | |||||||||||
Bank acceptances | 3,441 | — | 3,441 | — | |||||||||||||
Rabbi trust assets | 1,831 | 1,831 | — | — | |||||||||||||
$ | 6,617 | $ | 1,831 | $ | 4,786 | $ | — | ||||||||||
The derivative contracts are valued using observable current market information as of the reporting date such as the prevailing LIBOR-based and U.S. treasury interest rates and foreign currency spot and forward rates. Bank acceptances represent financial instruments accepted from certain Chinese customers in lieu of cash paid on receivables, generally range from 3 to 6 months in maturity and are guaranteed by banks. The carrying amounts of the bank acceptances, which are included within other current assets, approximate fair value due to their short maturities. The fair values of rabbi trust assets are based on quoted market prices from various financial exchanges. For disclosures of the fair values of the Company’s pension plan assets, see Note 11 of the Consolidated Financial Statements. |
Pension_and_Other_Postretireme
Pension and Other Postretirement Benefits | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Pension and Other Postretirement Benefits | ' | ||||||||||||||||||||||||
Pension and Other Postretirement Benefits | |||||||||||||||||||||||||
The accounting standards related to employers’ accounting for defined benefit pension and other postretirement plans requires the Company to recognize the funded status of its defined benefit postretirement plans as assets or liabilities in the accompanying consolidated balance sheets and to recognize changes in the funded status of the plans in comprehensive income. | |||||||||||||||||||||||||
The Company has various defined contribution plans, the largest of which is its Retirement Savings Plan. Most U.S. salaried and non-union hourly employees are eligible to participate in this plan. See Note 16 for further discussion of the Retirement Savings Plan. The Company also maintains various defined contribution plans which cover certain other employees. Company contributions under these plans are based primarily on the performance of the business units and employee compensation. Contribution expense under these other defined contribution plans was $4,780, $5,319 and $5,106 in 2013, 2012 and 2011, respectively. | |||||||||||||||||||||||||
Defined benefit pension plans in the U.S. cover a majority of the Company’s U.S. employees at the Associated Spring business of Industrial, the Company’s Corporate Office and certain other U.S. employees at the businesses within the former Distribution segment. Plan benefits for salaried and non-union hourly employees are based on years of service and average salary. Plans covering union hourly employees provide benefits based on years of service. In 2012, the Company closed the U.S. salaried defined benefit pension plan (the "U.S. Salaried Plan") to employees hired on or after January 1, 2013, with no impact to the benefits of existing participants. Certain salaried employees hired on or after January 1, 2013 will be eligible to receive, in place of pensionable benefits under the closed U.S. Salaried Plan, contributions under a Retirement Contribution Plan. The Company funds U.S. pension costs in accordance with the Employee Retirement Income Security Act of 1974, as amended (“ERISA”). Non-U.S. defined benefit pension plans cover certain employees of certain international locations in Europe and Canada. | |||||||||||||||||||||||||
The Company provides other medical, dental and life insurance postretirement benefits for certain of its retired employees in the U.S. and Canada. It is the Company’s practice to fund these benefits as incurred. | |||||||||||||||||||||||||
The accompanying balance sheets reflect the funded status of the Company’s defined benefit pension plans at December 31, 2013 and 2012, respectively. Reconciliations of the obligations and funded status of the plans follow: | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
U.S. | Non-U.S. | Total | U.S. | Non-U.S. | Total | ||||||||||||||||||||
Benefit obligation, January 1 | $ | 423,547 | $ | 72,769 | $ | 496,316 | $ | 377,982 | $ | 63,444 | $ | 441,426 | |||||||||||||
Service cost | 5,403 | 778 | 6,181 | 5,860 | 670 | 6,530 | |||||||||||||||||||
Interest cost | 17,571 | 2,541 | 20,112 | 18,800 | 2,824 | 21,624 | |||||||||||||||||||
Amendments | — | — | — | 158 | — | 158 | |||||||||||||||||||
Actuarial (gain) loss | (40,734 | ) | 31 | (40,703 | ) | 43,155 | 4,820 | 47,975 | |||||||||||||||||
Benefits paid | (23,348 | ) | (4,712 | ) | (28,060 | ) | (22,408 | ) | (3,740 | ) | (26,148 | ) | |||||||||||||
Transfers in | — | 6,786 | 6,786 | — | 2,588 | 2,588 | |||||||||||||||||||
Plan curtailments | (8,715 | ) | — | (8,715 | ) | — | — | — | |||||||||||||||||
Plan settlements | — | — | — | — | (769 | ) | (769 | ) | |||||||||||||||||
Special termination benefit | 1,016 | — | 1,016 | — | — | — | |||||||||||||||||||
Participant contributions | — | 545 | 545 | — | 469 | 469 | |||||||||||||||||||
Foreign exchange rate changes | — | 244 | 244 | — | 2,463 | 2,463 | |||||||||||||||||||
Benefit obligation, December 31 | 374,740 | 78,982 | 453,722 | 423,547 | 72,769 | 496,316 | |||||||||||||||||||
Fair value of plan assets, January 1 | 323,711 | 63,842 | 387,553 | 283,538 | 56,832 | 340,370 | |||||||||||||||||||
Actual return on plan assets | 74,622 | 6,357 | 80,979 | 42,755 | 4,158 | 46,913 | |||||||||||||||||||
Company contributions | 4,074 | 1,910 | 5,984 | 19,826 | 2,591 | 22,417 | |||||||||||||||||||
Participant contributions | — | 545 | 545 | — | 469 | 469 | |||||||||||||||||||
Benefits paid | (23,348 | ) | (4,712 | ) | (28,060 | ) | (22,408 | ) | (3,740 | ) | (26,148 | ) | |||||||||||||
Plan settlements | — | — | — | — | (769 | ) | (769 | ) | |||||||||||||||||
Transfers in | — | 6,627 | 6,627 | 2,086 | 2,086 | ||||||||||||||||||||
Foreign exchange rate changes | — | (50 | ) | (50 | ) | — | 2,215 | 2,215 | |||||||||||||||||
Fair value of plan assets, December 31 | 379,059 | 74,519 | 453,578 | 323,711 | 63,842 | 387,553 | |||||||||||||||||||
Funded/(underfunded) status, December 31 | $ | 4,319 | $ | (4,463 | ) | $ | (144 | ) | $ | (99,836 | ) | $ | (8,927 | ) | $ | (108,763 | ) | ||||||||
In 2013 and 2012, "transfers in" relate to the defined benefit pension plans associated with the acquisitions of the Männer Business and Synventive, respectively. See Note 3 of the Consolidated Financial Statements. In 2013, plan curtailments and special termination benefits relate to the sale of BDNA. See Note 2 of the Consolidated Financial Statements. | |||||||||||||||||||||||||
Projected benefit obligations related to pension plans with benefit obligations in excess of plan assets follow: | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
U.S. | Non-U.S. | Total | U.S. | Non-U.S. | Total | ||||||||||||||||||||
Projected benefit obligation | $ | 31,231 | $ | 27,415 | $ | 58,646 | $ | 396,695 | $ | 72,769 | $ | 469,464 | |||||||||||||
Fair value of plan assets | — | 19,353 | 19,353 | 294,040 | 63,842 | 357,882 | |||||||||||||||||||
Information related to pension plans with accumulated benefit obligations in excess of plan assets follows: | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
U.S. | Non-U.S. | Total | U.S. | Non-U.S. | Total | ||||||||||||||||||||
Projected benefit obligation | $ | 31,231 | $ | 9,421 | $ | 40,652 | $ | 396,695 | $ | 62,831 | $ | 459,526 | |||||||||||||
Accumulated benefit obligation | 30,913 | 8,994 | 39,907 | 382,023 | 62,355 | 444,378 | |||||||||||||||||||
Fair value of plan assets | — | 1,779 | 1,779 | 294,040 | 54,350 | 348,390 | |||||||||||||||||||
The accumulated benefit obligation for all defined benefit pension plans was $444,096 and $480,027 at December 31, 2013 and 2012, respectively. | |||||||||||||||||||||||||
Amounts related to pensions recognized in the accompanying balance sheets consist of: | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
U.S. | Non-U.S. | Total | U.S. | Non-U.S. | Total | ||||||||||||||||||||
Other assets | $ | 35,550 | $ | 3,599 | $ | 39,149 | $ | 2,819 | $ | — | $ | 2,819 | |||||||||||||
Accrued liabilities | 2,707 | 627 | 3,334 | 2,720 | 389 | 3,109 | |||||||||||||||||||
Accrued retirement benefits | 28,524 | 7,435 | 35,959 | 99,935 | 8,538 | 108,473 | |||||||||||||||||||
Accumulated other non-owner changes to equity, net | (48,564 | ) | (18,858 | ) | (67,422 | ) | (116,305 | ) | (23,803 | ) | (140,108 | ) | |||||||||||||
Amounts related to pensions recognized in accumulated other non-owner changes to equity, net of tax, at December 31, 2013 and 2012, respectively, consist of: | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
U.S. | Non-U.S. | Total | U.S. | Non-U.S. | Total | ||||||||||||||||||||
Net actuarial loss | $ | (47,538 | ) | $ | (18,477 | ) | $ | (66,015 | ) | $ | (114,748 | ) | $ | (23,318 | ) | $ | (138,066 | ) | |||||||
Prior service costs | (1,026 | ) | (381 | ) | (1,407 | ) | (1,557 | ) | (485 | ) | (2,042 | ) | |||||||||||||
$ | (48,564 | ) | $ | (18,858 | ) | $ | (67,422 | ) | $ | (116,305 | ) | $ | (23,803 | ) | $ | (140,108 | ) | ||||||||
The accompanying balance sheets reflect the underfunded status of the Company’s other postretirement benefit plans at December 31, 2013 and 2012. Reconciliations of the obligations and underfunded status of the plans follow: | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Benefit obligation, January 1 | $ | 53,988 | $ | 54,587 | |||||||||||||||||||||
Service cost | 233 | 273 | |||||||||||||||||||||||
Interest cost | 2,061 | 2,532 | |||||||||||||||||||||||
Actuarial (gain) loss | (2,328 | ) | 745 | ||||||||||||||||||||||
Benefits paid | (9,133 | ) | (6,922 | ) | |||||||||||||||||||||
Curtailment gain | (1,675 | ) | — | ||||||||||||||||||||||
Participant contributions | 3,039 | 2,782 | |||||||||||||||||||||||
Foreign exchange rate changes | 58 | (9 | ) | ||||||||||||||||||||||
Benefit obligation, December 31 | 46,243 | 53,988 | |||||||||||||||||||||||
Fair value of plan assets, January 1 | — | — | |||||||||||||||||||||||
Company contributions | 6,094 | 4,140 | |||||||||||||||||||||||
Participant contributions | 3,039 | 2,782 | |||||||||||||||||||||||
Benefits paid | (9,133 | ) | (6,922 | ) | |||||||||||||||||||||
Fair value of plan assets, December 31 | — | — | |||||||||||||||||||||||
Underfunded status, December 31 | $ | 46,243 | $ | 53,988 | |||||||||||||||||||||
Amounts related to other postretirement benefits recognized in the accompanying balance sheets consist of: | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Accrued liabilities | $ | 4,891 | $ | 5,075 | |||||||||||||||||||||
Accrued retirement benefits | 41,352 | 48,913 | |||||||||||||||||||||||
Accumulated other non-owner changes to equity, net | (5,804 | ) | (6,286 | ) | |||||||||||||||||||||
Amounts related to other postretirement benefits recognized in accumulated other non-owner changes to equity, net of tax, at December 31, 2013 and 2012 consist of: | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Net actuarial loss | $ | (6,885 | ) | $ | (9,895 | ) | |||||||||||||||||||
Prior service credits | 1,081 | 3,609 | |||||||||||||||||||||||
$ | (5,804 | ) | $ | (6,286 | ) | ||||||||||||||||||||
The sources of changes in accumulated other non-owner changes to equity, net, during 2013 were: | |||||||||||||||||||||||||
Pension | Other | ||||||||||||||||||||||||
Postretirement | |||||||||||||||||||||||||
Benefits | |||||||||||||||||||||||||
Prior service cost | $ | — | $ | — | |||||||||||||||||||||
Net gain | 61,770 | 2,522 | |||||||||||||||||||||||
Amortization of prior service costs (credits) | 622 | (2,565 | ) | ||||||||||||||||||||||
Amortization of actuarial loss | 11,179 | 620 | |||||||||||||||||||||||
Foreign exchange rate changes | (754 | ) | (95 | ) | |||||||||||||||||||||
Acquisition | (131 | ) | — | ||||||||||||||||||||||
$ | 72,686 | $ | 482 | ||||||||||||||||||||||
Weighted-average assumptions used to determine benefit obligations at December 31, are: | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
U.S. plans: | |||||||||||||||||||||||||
Discount rate | 5.2 | % | 4.25 | % | |||||||||||||||||||||
Increase in compensation | 3.72 | % | 3.71 | % | |||||||||||||||||||||
Non-U.S. plans: | |||||||||||||||||||||||||
Discount rate | 3.93 | % | 3.73 | % | |||||||||||||||||||||
Increase in compensation | 2.76 | % | 2.69 | % | |||||||||||||||||||||
The investment strategy of the plans is to generate a consistent total investment return sufficient to pay present and future plan benefits to retirees, while minimizing the long-term cost to the Company. Target allocations for asset categories are used to earn a reasonable rate of return, provide required liquidity and minimize the risk of large losses. Targets may be adjusted, as necessary within certain guidelines, to reflect trends and developments within the overall investment environment. The weighted-average target investment allocations by asset category are as follows: 70% in equity securities, 20% in fixed income securities, 5% in real estate and 5% in other investments, including cash. | |||||||||||||||||||||||||
The fair values of the Company’s pension plan assets at December 31, 2013 and 2012, by asset category are as follows: | |||||||||||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||||||||||
Asset Category | Total | Quoted Prices in | Significant Other | Significant | |||||||||||||||||||||
Active Markets for | Observable Inputs | Unobservable | |||||||||||||||||||||||
Identical Assets | (Level 2) | Inputs | |||||||||||||||||||||||
(Level 1) | (Level 3) | ||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Cash and short-term investments | $ | 18,885 | $ | 18,885 | $ | — | $ | — | |||||||||||||||||
Equity securities: | |||||||||||||||||||||||||
U.S. large-cap | 131,749 | 61,257 | 70,492 | — | |||||||||||||||||||||
U.S. mid-cap | 47,276 | 47,276 | — | — | |||||||||||||||||||||
U.S. small-cap | 53,627 | 53,627 | — | — | |||||||||||||||||||||
International equities | 80,479 | — | 80,479 | — | |||||||||||||||||||||
Fixed income securities: | |||||||||||||||||||||||||
U.S. bond funds | 65,740 | — | 65,740 | — | |||||||||||||||||||||
International bonds | 37,357 | — | 37,357 | — | |||||||||||||||||||||
Real estate securities | 16,686 | — | 16,686 | — | |||||||||||||||||||||
Other | 1,779 | — | — | 1,779 | |||||||||||||||||||||
$ | 453,578 | $ | 181,045 | $ | 270,754 | $ | 1,779 | ||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||
Cash and short-term investments | $ | 14,633 | $ | 14,633 | $ | — | $ | — | |||||||||||||||||
Equity securities: | |||||||||||||||||||||||||
U.S. large-cap | 95,145 | 43,388 | 51,757 | — | |||||||||||||||||||||
U.S. mid-cap | 41,090 | 41,090 | — | — | |||||||||||||||||||||
U.S. small-cap | 42,558 | 42,558 | — | — | |||||||||||||||||||||
International equities | 77,111 | — | 77,111 | — | |||||||||||||||||||||
Fixed income securities: | |||||||||||||||||||||||||
U.S. bond funds | 66,276 | — | 66,276 | — | |||||||||||||||||||||
International bonds | 29,032 | — | 29,032 | — | |||||||||||||||||||||
Real estate securities | 20,174 | — | 20,174 | — | |||||||||||||||||||||
Other | 1,534 | — | — | 1,534 | |||||||||||||||||||||
$ | 387,553 | $ | 141,669 | $ | 244,350 | $ | 1,534 | ||||||||||||||||||
The fair values of the Level 1 assets are based on quoted market prices from various financial exchanges. The fair values of the Level 2 assets are based primarily on quoted prices in active markets for similar assets or liabilities. The Level 2 assets are comprised primarily of commingled funds and fixed income securities. Commingled equity funds are valued at their net asset values based on quoted market prices of the underlying assets. Fixed income securities are valued using a market approach which considers observable market data for the underlying asset or securities. The Level 3 assets relate to the defined benefit pension plan of the Synventive business and were transferred to the Company in the August 2012 acquisition. The pension assets are fully insured and have been estimated based on the accrued pension rights and actuarial rates at December 31, 2013. The pension assets are limited to fulfilling the Company's pension obligations. | |||||||||||||||||||||||||
The Company expects to contribute approximately $7,400 to the pension plans in 2014. | |||||||||||||||||||||||||
The following are the estimated future net benefit payments, which include future service, over the next 10 years: | |||||||||||||||||||||||||
Pensions | Other | ||||||||||||||||||||||||
Postretirement | |||||||||||||||||||||||||
Benefits | |||||||||||||||||||||||||
2014 | $ | 30,364 | $ | 4,675 | |||||||||||||||||||||
2015 | 29,231 | 4,287 | |||||||||||||||||||||||
2016 | 29,513 | 4,156 | |||||||||||||||||||||||
2017 | 29,737 | 4,276 | |||||||||||||||||||||||
2018 | 30,549 | 4,085 | |||||||||||||||||||||||
Years 2019-2023 | 152,050 | 17,319 | |||||||||||||||||||||||
Total | $ | 301,444 | $ | 38,798 | |||||||||||||||||||||
Pension and other postretirement benefit expenses consist of the following: | |||||||||||||||||||||||||
Pensions | Other | ||||||||||||||||||||||||
Postretirement Benefits | |||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||
Service cost | $ | 6,181 | $ | 6,530 | $ | 5,923 | $ | 233 | $ | 273 | $ | 286 | |||||||||||||
Interest cost | 20,112 | 21,624 | 22,452 | 2,061 | 2,532 | 2,831 | |||||||||||||||||||
Expected return on plan assets | (33,144 | ) | (32,827 | ) | (32,041 | ) | — | — | — | ||||||||||||||||
Amortization of prior service cost (credit) | 752 | 845 | 1,124 | (1,006 | ) | (1,585 | ) | (1,541 | ) | ||||||||||||||||
Recognized losses | 16,365 | 12,048 | 5,725 | 1,004 | 1,082 | 806 | |||||||||||||||||||
Curtailment loss (gain) | 199 | — | (1,884 | ) | (3,081 | ) | — | — | |||||||||||||||||
Settlement loss | 637 | 92 | 304 | — | — | — | |||||||||||||||||||
Special termination benefits | 1,016 | — | — | — | — | — | |||||||||||||||||||
Net periodic benefit cost | $ | 12,118 | $ | 8,312 | $ | 1,603 | $ | (789 | ) | $ | 2,302 | $ | 2,382 | ||||||||||||
The estimated net actuarial loss and prior service cost for the defined benefit pension plans that will be amortized from accumulated other non-owner changes to equity into net periodic benefit cost in 2014 are $7,733 and $730, respectively. The estimated net actuarial loss and prior service credit for other defined benefit postretirement plans that will be amortized from accumulated other non-owner changes to equity into net periodic benefit cost in 2014 are $813 and $(868), respectively. | |||||||||||||||||||||||||
Weighted-average assumptions used to determine net benefit expense for years ended December 31, are: | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
U.S. plans: | |||||||||||||||||||||||||
Discount rate | 4.25 | % | 5.05 | % | 5.65 | % | |||||||||||||||||||
Long-term rate of return | 9 | % | 9 | % | 9 | % | |||||||||||||||||||
Increase in compensation | 3.71 | % | 3.71 | % | 3.71 | % | |||||||||||||||||||
Non-U.S. plans: | |||||||||||||||||||||||||
Discount rate | 3.73 | % | 4.46 | % | 4.89 | % | |||||||||||||||||||
Long-term rate of return | 5.33 | % | 5.79 | % | 5.87 | % | |||||||||||||||||||
Increase in compensation | 2.69 | % | 2.76 | % | 2.72 | % | |||||||||||||||||||
The expected long-term rate of return is based on the actual historical rates of return of published indices that are used to measure the plans’ target asset allocation. The historical rates are then discounted to consider fluctuations in the historical rates as well as potential changes in the investment environment. | |||||||||||||||||||||||||
The Company’s accumulated postretirement benefit obligations, exclusive of pensions, take into account certain cost-sharing provisions. The annual rate of increase in the cost of covered benefits (i.e., health care cost trend rate) is assumed to be 7.11% and 7.35% at December 31, 2013 and 2012, respectively, decreasing gradually to a rate of 4.5% by December 31, 2029. A one percentage point change in the assumed health care cost trend rate would have the following effects: | |||||||||||||||||||||||||
One Percentage | One Percentage | ||||||||||||||||||||||||
Point Increase | Point Decrease | ||||||||||||||||||||||||
Effect on postretirement benefit obligation | $ | 574 | $ | (525 | ) | ||||||||||||||||||||
Effect on postretirement benefit cost | 25 | (23 | ) | ||||||||||||||||||||||
The Company contributed to a multi-employer defined benefit pension plan under the terms of a collective bargaining agreement. This multi-employer plan provides pension benefits to certain former union-represented employees of the Edison, New Jersey facility at BDNA. The Company determined that a withdrawal from this multi-employer plan, following its entry into a definitive agreement to sell BDNA in February 2013, was probable. The Company estimated its assessment of a withdrawal liability, on a pre-tax discounted basis, and recorded a liability of $2,788 during the first quarter of 2013. The expense was recorded within discontinued operations. The Company completed the sale of BDNA and ceased making contributions into the multi-employer plan during the second quarter of 2013. The Company settled the withdrawal liability in the fourth quarter of 2013, with the agreed-upon settlement payment being made in January 2014. | |||||||||||||||||||||||||
The Company actively contributes to a Swedish pension plan that supplements the Swedish social insurance system. The pension plan guarantees employees a pension based on a percentage of their salary and represents a multi-employer pension plan, however the pension plan was not significant in any year presented. This pension plan is not underfunded. | |||||||||||||||||||||||||
Contributions related to the individually insignificant multi-employer plans, as disclosure is required pursuant to the applicable accounting standards, are as follows: | |||||||||||||||||||||||||
Contributions by the Company | |||||||||||||||||||||||||
Pension Fund: | 2013 | 2012 | 2011 | ||||||||||||||||||||||
Teamsters Local 641 Pension Fund (Edison, New Jersey) | $ | 23 | $ | 97 | $ | 101 | |||||||||||||||||||
Swedish Pension Plan (ITP2) | 414 | 409 | 292 | ||||||||||||||||||||||
Total Contributions | $ | 437 | $ | 506 | $ | 393 | |||||||||||||||||||
The Company also contributed to a multi-employer other postretirement benefit plan under the terms of the collective bargaining agreement at the former Edison, New Jersey facility. This postretirement benefit plan was settled in conjunction with the defined benefit pension plan. This health and welfare postretirement plan provides medical, prescription, optical and other benefits to certain former union-represented active employees and retirees. Company contributions to the postretirement plan were $40, $171 and $202 in 2013, 2012 and 2011, respectively. There have been no significant changes that affect the comparability of 2013, 2012 or 2011 contributions, however contributions to the postretirement benefit plan ceased during the second quarter of 2013 following the sale of BDNA. |
Stockbased_Compensation
Stock-based Compensation | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Share-based Compensation [Abstract] | ' | |||||||||||||||||||||||
Stock-based Compensation | ' | |||||||||||||||||||||||
Stock-Based Compensation | ||||||||||||||||||||||||
The Company accounts for the cost of all share-based payments, including stock options, by measuring the payments at fair value on the grant date and recognizing the cost in the results of operations. The fair values of stock options are estimated using the Black-Scholes option-pricing model based on certain assumptions. The fair values of service and performance based stock awards are estimated based on the fair market value of the Company’s stock price on the grant date. The fair value of market based performance share awards are estimated using the Monte Carlo valuation method. Estimated forfeiture rates are applied to outstanding awards. The Company records the cash flows resulting from tax deductions in excess of compensation for those options and other stock awards, if any, as financing cash flows. The Company has elected the shortcut method as described in the related accounting literature for determining the available pool of windfall tax benefits upon adoption. The Company accounts for the utilization of windfall tax benefits using the tax law ordering approach. | ||||||||||||||||||||||||
Please refer to Note 16 for a description of the Company’s stock-based compensation plans and their general terms. As of December 31, 2013, incentives have been awarded in the form of performance share unit awards and restricted stock unit awards (collectively, “Rights”) and stock options. The Company has elected to use the straight-line method to recognize compensation costs. Stock options and awards vest over a period ranging from six months to five years. The maximum term of stock option awards is 10 years. Upon exercise of a stock option or upon vesting of Rights, shares are issued from treasury shares held by the Company or from authorized shares. | ||||||||||||||||||||||||
In February of 2013, the Board of Directors of the Company approved a Transition and Resignation Agreement (the "Agreement") for its former Chief Executive Officer (“Former CEO”) in connection with his resignation from the CEO role and his assumption of a Vice Chairman role. The Agreement provided that, in exchange for the Former CEO's delivery of an effective release of claims, his adherence to certain restrictive covenants, and the successful provision of transition services, including with regard to certain equity grants, the successful sale of the BDNA business, the Former CEO's outstanding equity awards were modified to increase the post-termination exercise period for stock options until the earlier of ten years from the date of grant or five years from the retirement date and made non-forfeitable all outstanding stock options, restricted stock unit awards and performance share unit awards that remained unvested on the day of his agreed to resignation date from the Company. The original vesting dates of the equity awards serve as the delivery dates and the performance metrics continue to apply to the performance share unit awards. The Company recorded $10,492 of stock compensation expense in the first quarter of 2013 as a result of the modifications. | ||||||||||||||||||||||||
During 2013, 2012 and 2011, the Company recognized $18,128, $8,819, and $8,319 respectively, of stock-based compensation cost and $6,757, $3,345, and $3,155 respectively, of related tax benefits in the accompanying consolidated statements of income. Stock compensation cost in 2013 includes the $10,492 related to the modification of awards for the Former CEO. In addition, the Company has recorded $3,899, $1,438 and $8,056 of excess tax benefits in additional paid-in capital in 2013, 2012 and 2011, respectively. The Company has realized all available tax benefits related to deductions from excess stock awards exercised or issued in earlier periods. At December 31, 2013, the Company had $9,801 of unrecognized compensation costs related to unvested awards which are expected to be recognized over a weighted average period of 2.31 years. | ||||||||||||||||||||||||
The following table summarizes information about the Company’s stock option awards during 2013: | ||||||||||||||||||||||||
Number of | Weighted-Average | |||||||||||||||||||||||
Shares | Exercise | |||||||||||||||||||||||
Price | ||||||||||||||||||||||||
Outstanding, January 1, 2013 | 2,227,145 | $ | 18.4 | |||||||||||||||||||||
Granted | 155,900 | 24.58 | ||||||||||||||||||||||
Exercised | (843,805 | ) | 15.45 | |||||||||||||||||||||
Forfeited | (22,899 | ) | 20.25 | |||||||||||||||||||||
Outstanding, December 31, 2013 | 1,516,341 | 20.65 | ||||||||||||||||||||||
The following table summarizes information about stock options outstanding at December 31, 2013: | ||||||||||||||||||||||||
Options Outstanding | Options Exercisable | |||||||||||||||||||||||
Range of | Number | Average | Average | Number | Average | |||||||||||||||||||
Exercise | of Shares | Remaining | Exercise | of Shares | Exercise | |||||||||||||||||||
Prices | Life (Years) | Price | Price | |||||||||||||||||||||
$11.45 to $20.21 | 613,978 | 4.01 | $ | 16.6 | 592,454 | $ | 16.61 | |||||||||||||||||
$20.69 to $22.34 | 472,189 | 4.54 | 21.42 | 374,070 | 21.61 | |||||||||||||||||||
$23.18 to $26.59 | 423,674 | 5.56 | 25.48 | 191,646 | 25.88 | |||||||||||||||||||
$32.76 to $33.45 | 6,500 | 3.63 | 32.97 | 6,500 | 32.97 | |||||||||||||||||||
The Company received cash proceeds from the exercise of stock options of $13,034, $6,415 and $27,909 in 2013, 2012 and 2011, respectively. The total intrinsic value (the amount by which the stock price exceeds the exercise price of the option on the date of exercise) of the stock options exercised during 2013, 2012 and 2011 was $14,022, $4,225 and $14,263, respectively. | ||||||||||||||||||||||||
The weighted-average grant date fair value of stock options granted in 2013, 2012 and 2011 was $8.77, $9.49 and $7.50, respectively. The fair value of each stock option grant on the date of grant was estimated using the Black-Scholes option-pricing model based on the following weighted average assumptions: | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
Risk-free interest rate | 0.96 | % | 0.98 | % | 2.04 | % | ||||||||||||||||||
Expected life (years) | 5.3 | 5.3 | 5.2 | |||||||||||||||||||||
Expected volatility | 48.9 | % | 50.2 | % | 49.6 | % | ||||||||||||||||||
Expected dividend yield | 2.38 | % | 2.56 | % | 2.75 | % | ||||||||||||||||||
The risk-free interest rate is based on the term structure of interest rates at the time of the option grant. The expected life represents an estimate of the period of time that options are expected to remain outstanding. Assumptions of expected volatility of the Company’s common stock and expected dividend yield are estimates of future volatility and dividend yields based on historical trends. | ||||||||||||||||||||||||
The following table summarizes information about stock options outstanding that are expected to vest and stock options outstanding that are exercisable at December 31, 2013: | ||||||||||||||||||||||||
Options Outstanding, Expected to Vest | Options Outstanding, Exercisable | |||||||||||||||||||||||
Shares | Weighted- | Aggregate | Weighted- | Shares | Weighted- | Aggregate | Weighted- | |||||||||||||||||
Average | Intrinsic | Average | Average | Intrinsic | Average | |||||||||||||||||||
Exercise | Value | Remaining | Exercise | Value | Remaining | |||||||||||||||||||
Price | Term (Years) | Price | Term (Years) | |||||||||||||||||||||
1,491,252 | $ | 20.65 | $ | 26,334 | 4.61 | 1,164,670 | $ | 19.83 | $ | 21,519 | 4.06 | |||||||||||||
The following table summarizes information about the Company’s Rights during 2013: | ||||||||||||||||||||||||
Service Based Rights | Service and Performance Based Rights | Service and Market Based Rights | ||||||||||||||||||||||
Number of Units | Weighted-Average Grant Date Fair Value | Number of Units | Weighted-Average Grant Date Fair Value | Number of Units | Weighted-Average Grant Date Fair Value | |||||||||||||||||||
Outstanding, January 1, 2013 | 565,477 | $ | 18.11 | 124,067 | $ | 24.08 | 60,367 | $ | 40.03 | |||||||||||||||
Granted | 257,245 | 26.62 | 105,103 | 24.37 | 52,552 | 38.57 | ||||||||||||||||||
Forfeited | (22,164 | ) | 25.35 | (1,293 | ) | 32.23 | (647 | ) | 41.09 | |||||||||||||||
Vested / Issued | (241,982 | ) | 28.25 | (3,333 | ) | 18.51 | — | — | ||||||||||||||||
Outstanding, December 31, 2013 | 558,576 | 20.6 | 224,544 | 24.42 | 112,272 | 35.87 | ||||||||||||||||||
The Company granted 257,245 restricted stock unit awards and 157,655 performance share unit awards in 2013. All of the restricted stock unit awards vest upon meeting certain service conditions. The performance share unit awards are part of the long-term Relative Measure Program, which is designed to assess the long-term Company performance relative to the performance of companies included in the Russell 2000 Index. The performance goals are independent of each other and based on three metrics, the Company's total shareholder return ("TSR"), basic earnings per share growth and operating income before depreciation and amortization growth (weighted equally). The participants can earn from zero to 250% of the target award and the award includes a forfeitable right to dividend equivalents, which are not included in the aggregate target award numbers. Compensation expense for the awards is recognized over the three year service period based upon the value determined under the intrinsic value method for the basic earnings per share growth and operating income before depreciation and amortization growth portions of the award and the Monte Carlo simulation valuation model for the TSR portion of the award since it contains a market condition. The weighted-average assumptions used to determine the weighted-average fair values of the market based portion of the 2013 awards include a 0.40% risk-free interest rate and a 34.6% expected volatility rate. | ||||||||||||||||||||||||
Compensation expense for the TSR portion of the awards is fixed at the date of grant and will not be adjusted in future periods based upon the achievement of the TSR performance goal. Compensation expense for the basic earnings per share growth and operating income before depreciation and amortization growth portions of the awards is recorded each period based upon a probability assessment of achieving the goals with a final adjustment at the end of the service period based upon the actual achievement of those performance goals. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||||||
Income Taxes | ' | ||||||||||||||||
Income Taxes | |||||||||||||||||
The components of Income from continuing operations before income taxes and Income taxes follow: | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Income from continuing operations before income taxes: | |||||||||||||||||
U.S. | $ | 10,343 | $ | 8,853 | $ | (630 | ) | ||||||||||
International | 97,231 | 83,409 | 91,605 | ||||||||||||||
Income from continuing operations before income taxes | $ | 107,574 | $ | 92,262 | $ | 90,975 | |||||||||||
Income tax provision: | |||||||||||||||||
Current: | |||||||||||||||||
U.S. – federal | $ | 8,356 | $ | 579 | $ | 12,223 | |||||||||||
U.S. – state | 539 | 24 | (128 | ) | |||||||||||||
International | 16,933 | 13,418 | 11,695 | ||||||||||||||
25,828 | 14,021 | 23,790 | |||||||||||||||
Deferred: | |||||||||||||||||
U.S. – federal | 13,792 | 4,610 | (6,382 | ) | |||||||||||||
U.S. – state | (110 | ) | 566 | 928 | |||||||||||||
International | (4,257 | ) | (6,765 | ) | (2,316 | ) | |||||||||||
9,425 | (1,589 | ) | (7,770 | ) | |||||||||||||
Income taxes | $ | 35,253 | $ | 12,432 | $ | 16,020 | |||||||||||
Deferred income tax assets and liabilities at December 31 consist of the tax effects of temporary differences related to the following: | |||||||||||||||||
Assets | Liabilities | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Allowance for doubtful accounts | $ | 520 | $ | 946 | $ | 88 | $ | 78 | |||||||||
Depreciation and amortization | 1,886 | (13,881 | ) | 96,305 | 35,245 | ||||||||||||
Inventory valuation | 17,292 | 15,486 | 4,241 | 1,288 | |||||||||||||
Other postretirement/postemployment costs | 3,065 | 20,841 | (14,536 | ) | (350 | ) | |||||||||||
Tax loss carryforwards | 15,363 | 48,402 | (1,445 | ) | — | ||||||||||||
Pension | 1,631 | 41,854 | (1,049 | ) | (262 | ) | |||||||||||
Accrued compensation | 5,949 | 12,611 | (9,381 | ) | — | ||||||||||||
Goodwill | — | (35,236 | ) | 12,805 | 53 | ||||||||||||
Swedish tax incentive | — | — | 4,590 | 3,898 | |||||||||||||
Contingent convertible debt interest | (12,848 | ) | (10,846 | ) | — | — | |||||||||||
Unrealized foreign currency gain | — | — | 2,948 | 2,613 | |||||||||||||
Other | 6,555 | 8,626 | 3,735 | 7,921 | |||||||||||||
39,413 | 88,803 | 98,301 | 50,484 | ||||||||||||||
Valuation allowance | (18,873 | ) | (24,936 | ) | — | — | |||||||||||
$ | 20,540 | $ | 63,867 | $ | 98,301 | $ | 50,484 | ||||||||||
Current deferred income taxes | $ | 18,226 | $ | 33,906 | $ | 3,795 | $ | 1,777 | |||||||||
Non-current deferred income taxes | 2,314 | 29,961 | 94,506 | 48,707 | |||||||||||||
$ | 20,540 | $ | 63,867 | $ | 98,301 | $ | 50,484 | ||||||||||
The standards related to accounting for income taxes require that deferred tax assets be reduced by a valuation allowance if, based on all available evidence, it is more likely than not that the deferred tax asset will not be realized. Available evidence includes the reversal of existing taxable temporary differences, future taxable income exclusive of temporary differences, taxable income in carryback years and tax planning strategies. The valuation allowance decreased $6,063 in 2013 primarily due to the utilization of previously unbenefited losses as a result of the sale of BDNA. | |||||||||||||||||
Management believes that sufficient taxable income should be earned in the future to realize the net deferred tax assets principally in the United States. The realization of these assets is dependent in part on the amount and timing of future taxable income in the jurisdictions where deferred tax assets reside. The Company has tax loss carryforwards of $60,278; $1,436 of which relates to state tax loss carryforwards; $55,405 of which relates to international tax loss carryforwards with carryforward periods ranging from one to 13 years; and $3,437 of which relates to international tax loss carryforwards with unlimited carryforward periods. In addition, the Company has tax credit carryforwards of $1,100 with remaining carryforward periods ranging from one year to 5 years. As the ultimate realization of the remaining net deferred tax assets is dependent upon future taxable income, if such future taxable income is not earned and it becomes necessary to recognize a valuation allowance, it could result in a material increase in the Company’s tax expense which could have a material adverse effect on the Company’s financial condition and results of operations. | |||||||||||||||||
The Company has not recognized deferred income taxes on $766,456 of undistributed earnings of its international subsidiaries, since such earnings are considered to be reinvested indefinitely. If the earnings were distributed in the form of dividends, the Company would be subject, in certain cases, to both U.S. income taxes and foreign income and withholding taxes. Determination of the amount of this unrecognized deferred income tax liability is not practicable. During 2013, the Company repatriated a dividend from a portion of current year foreign earnings to the U.S. in the amount of $5,000. As a result of the dividend, tax expense increased by $1,207 and the 2013 annual consolidated effective income tax rate increased by 1.1 percentage points. | |||||||||||||||||
A reconciliation of the U.S. federal statutory income tax rate to the consolidated effective income tax rate from continuing operations follows: | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
U.S. federal statutory income tax rate | 35 | % | 35 | % | 35 | % | |||||||||||
State taxes (net of federal benefit) | 0.3 | 0.3 | 0.5 | ||||||||||||||
Foreign losses without tax benefit | 0.8 | 0.8 | 0.3 | ||||||||||||||
U.S. Tax Court Decision | 15.3 | — | — | ||||||||||||||
Foreign operations taxed at lower rates | (20.6 | ) | (23.7 | ) | (25.5 | ) | |||||||||||
ESOP dividend | (0.3 | ) | (0.5 | ) | (0.4 | ) | |||||||||||
Repatriation from current year foreign earnings | 1.1 | 2.3 | 7.6 | ||||||||||||||
Other | 1.2 | (0.7 | ) | 0.1 | |||||||||||||
Consolidated effective income tax rate | 32.8 | % | 13.5 | % | 17.6 | % | |||||||||||
The Aerospace and Industrial Segments were previously awarded a number of multi-year tax holidays in both Singapore and China. Tax benefits of $6,746 ($0.12 per diluted share), $6,026 ($0.11 per diluted share) and $7,185 ($0.13 per diluted share) were realized in 2013, 2012 and 2011, respectively. These holidays are subject to the Company meeting certain commitments in the respective jurisdictions. The tax holidays are due to expire in 2014 through 2016. | |||||||||||||||||
Income taxes paid globally, net of refunds, were $158,092, $15,876 and $11,613 in 2013, 2012 and 2011, respectively. | |||||||||||||||||
As of December 31, 2013, 2012 and 2011, the total amount of unrecognized tax benefits recorded in the consolidated balance sheet was $8,027, $9,321 and $6,965, respectively, which, if recognized, would have reduced the effective tax rate in prior years, with the exception of amounts related to acquisitions. A reconciliation of the unrecognized tax benefits for 2013, 2012 and 2011 follows: | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Balance at January 1 | $ | 9,321 | $ | 6,965 | $ | 7,102 | |||||||||||
Increase (decrease) in unrecognized tax benefits due to: | |||||||||||||||||
Tax positions taken during prior periods | 9,944 | — | — | ||||||||||||||
Tax positions taken during the current period | 3,350 | — | 215 | ||||||||||||||
Acquisition | 556 | 2,528 | — | ||||||||||||||
Settlements | (15,144 | ) | (172 | ) | (175 | ) | |||||||||||
Lapse of the applicable statute of limitations | — | — | (177 | ) | |||||||||||||
Balance at December 31 | $ | 8,027 | $ | 9,321 | $ | 6,965 | |||||||||||
The Company recognizes interest and penalties, if any, related to unrecognized tax benefits in income tax expense. The Company recognized interest and penalties as a component of income taxes of $9,614, $0, and $(32) in the years 2013, 2012, and 2011 respectively. The liability for unrecognized tax benefits include gross accrued interest and penalties of $1,031, $0 and $0 at December 31, 2013, 2012 and 2011, respectively. | |||||||||||||||||
The Company or its subsidiaries file income tax returns in the U.S. federal jurisdiction, and various state and foreign jurisdictions. In the normal course of business, the Company is subject to examination by various taxing authorities, including the IRS in the U.S. and the taxing authorities in other major jurisdictions such as Brazil, Canada, China, France, Germany, Mexico, Singapore, Sweden, Switzerland and the United Kingdom. With few exceptions, the Company is no longer subject to U.S. federal, state and local, or non-U.S. income tax examinations by tax authorities for years before 2003. See Note 20 of the Consolidated Financial Statements for a discussion of current IRS matters. |
Common_Stock
Common Stock | 12 Months Ended |
Dec. 31, 2013 | |
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | ' |
Common Stock | ' |
Common Stock | |
In 2013, 1,032,493 shares of common stock were issued from treasury and used to fund the acquisition of the Männer Business. No shares of common stock were issued from treasury in 2012 or 2011. In 2013, 2012 and 2011, the Company acquired 2,350,697 shares, 700,000 shares and 1,509,156 shares, respectively, of the Company’s common stock at a cost of $68,608, $19,037 and $34,066, respectively. These amounts exclude shares reacquired to pay for the related income tax upon issuance of shares in accordance with the terms of the Company’s stockholder-approved equity compensation plans and the equity rights granted under those plans. These reacquired shares were placed in treasury. | |
In 2013, 2012 and 2011, 1,104,099 shares, 608,227 shares and 2,075,385 shares of common stock, respectively, were issued from authorized shares for the exercise of stock options, various other incentive awards and purchases by the Company's Employee Stock Purchase Plan. |
Preferred_Stock
Preferred Stock | 12 Months Ended |
Dec. 31, 2013 | |
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | ' |
Preferred Stock | ' |
Preferred Stock | |
At December 31, 2013 and 2012, the Company had 3,000,000 shares of preferred stock authorized, none of which were outstanding. |
Stock_Plans
Stock Plans | 12 Months Ended |
Dec. 31, 2013 | |
Stock Plans [Abstract] | ' |
Stock Plans | ' |
Stock Plans | |
Most U.S. salaried and non-union hourly employees are eligible to participate in the Company’s 401(k) plan (the "Retirement Savings Plan"). The Retirement Savings Plan provides for the investment of employer and employee contributions in various investment alternatives including the Company’s common stock, at the employee’s direction. The Company contributes an amount equal to 50% of employee contributions up to 6% of eligible compensation. The Company expenses all contributions made to the Retirement Savings Plan. Effective January 1, 2013, the Retirement Savings Plan was amended to provide employees hired on or after January 1, 2013 with an annual retirement contribution of 4% of eligible earnings. The Company recognized expense of $2,815, $3,504 and $3,399 in 2013, 2012 and 2011, respectively. As of December 31, 2013, the Retirement Savings Plan held 1,870,301 shares of the Company’s common stock. | |
The Company has an Employee Stock Purchase Plan (“ESPP”) under which eligible employees may elect to have up to the lesser of $25 or 10% of base compensation deducted from their payroll checks for the purchase of the Company’s common stock at 95% of the average market value on the date of purchase. The maximum number of shares which may be purchased under the ESPP is 4,550,000. The number of shares purchased under the ESPP was 14,979, 27,949 and 31,874 in 2013, 2012 and 2011, respectively. The Company received cash proceeds from the purchase of these shares of $457, $646 and $670 in 2013, 2012 and 2011, respectively. As of December 31, 2013, 321,225 additional shares may be purchased. | |
The 1991 Barnes Group Stock Incentive Plan (the “1991 Plan”) authorized the granting of incentives to executive officers, directors and key employees in the form of stock options, stock appreciation rights, incentive stock rights and performance unit awards. Options granted under the 1991 Plan that terminated without being exercised become available for future grants under the 2004 Plan. A maximum of 5,850 common shares are subject to issuance under this plan after December 31, 2013. | |
The Barnes Group Inc. Employee Stock and Ownership Program (the “2000 Plan”) was approved on April 12, 2000, and subsequently amended on April 10, 2002 by the Company’s stockholders. The 2000 Plan permitted the granting of incentive stock options, nonqualified stock options, restricted stock awards, performance share or cash unit awards and stock appreciation rights, or any combination of the foregoing, to eligible employees to purchase up to 6,900,000 shares of the Company’s common stock. Such shares were authorized and reserved. Options granted under the 2000 Plan that terminate without being exercised become available for future grants under the 2004 Plan. No common shares are subject to issuance under the 2000 Plan after December 31, 2013. | |
The Barnes Group Stock and Incentive Award Plan (the “2004 Plan”) was approved on April 14, 2004, and subsequently amended on April 20, 2006 and May 7, 2010 by the Company’s stockholders. The 2004 Plan permits the issuance of incentive awards, stock option grants and stock appreciation rights to eligible participants to purchase up to 5,700,000 shares of common stock. Of this amount as of December 31, 2013 and 2012, there were 1,541,914 and 2,115,338 shares, respectively, available for future grants under the 2004 Plan. Also available for grants under the Plan are the number of shares of common stock reserved for grants of awards under the 1991 and 2000 Plans (collectively, the “Prior Plans”) but not used as of April 14, 2004 and the number of shares of common stock that become available under the terms of the 1991, 2000 and 2004 Plans, including shares subject to awards which are forfeited, settled for cash, expire or otherwise terminate without issuance of the shares. Including shares of common stock that become available under the terms of the Prior Plans, a maximum of 3,996,798 common shares are subject to issuance under the 2004 Plan after December 31, 2013. | |
Restricted stock unit awards under the 2004 Plan (“Stock Rights”) entitle the holder to receive, without payment, one share of the Company’s common stock after the expiration of the vesting period. Certain Stock Rights are also subject to the satisfaction of established performance goals. Additionally, holders of certain Stock Rights are credited with dividend equivalents, which are converted into additional Stock Rights, and holders of certain restricted stock units are paid dividend equivalents in cash when dividends are paid to other stockholders. All Stock Rights have a vesting period of up to five years. | |
Under the Non-Employee Director Deferred Stock Plan, as amended, each non-employee director who joined the Board of Directors prior to December 15, 2005 was granted the right to receive 12,000 shares of the Company’s common stock upon retirement. In 2013 and 2012, $30 and $29, respectively, of dividend equivalents were paid in cash related to these shares. Compensation cost related to this plan was $16, $19 and $25 in 2013, 2012 and 2011, respectively. There are 69,600 shares reserved for issuance under this plan. Each non-employee director who joins the Board of Directors subsequent to December 15, 2005 will receive restricted stock units under the 2004 Plan having a value of $50 that vest three years after the date of grant. | |
Total shares reserved for issuance under all stock plans aggregated 4,393,473 at December 31, 2013. |
Weighted_Average_Shares_Outsta
Weighted Average Shares Outstanding | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Weighted Average Shares Outstanding [Abstract] | ' | |||||||||
Weighted Average Shares Outstanding | ' | |||||||||
Weighted Average Shares Outstanding | ||||||||||
Income from continuing operations and net income per common share is computed in accordance with accounting standards related to earnings per share. Basic earnings per share is calculated using the weighted-average number of common shares outstanding during the year. Share-based payment awards that entitle their holders to receive nonforfeitable dividends before vesting should be considered participating securities and, as such, should be included in the calculation of basic earnings per share. The Company’s restricted stock unit awards which contain nonforfeitable rights to dividends are considered participating securities. Diluted earnings per share reflects the assumed exercise and conversion of all dilutive securities. Shares held by the Retirement Savings Plan are considered outstanding for both basic and diluted earnings per share. There are no significant adjustments to income from continuing operations and net income for purposes of computing income available to common stockholders for the years ended December 31, 2013, 2012 and 2011. A reconciliation of the weighted-average number of common shares outstanding used in the calculation of basic and diluted earnings per share follows: | ||||||||||
Weighted-Average Common Shares Outstanding | ||||||||||
2013 | 2012 | 2011 | ||||||||
Basic | 53,860,308 | 54,626,453 | 55,214,586 | |||||||
Dilutive effect of: | ||||||||||
Stock options | 575,202 | 478,462 | 645,280 | |||||||
Restricted stock units | 280,488 | 70,554 | 19,089 | |||||||
Convertible senior subordinated debt | 209,321 | — | — | |||||||
Non-Employee Director Deferred Stock Plan | 48,025 | 48,988 | 52,927 | |||||||
Diluted | 54,973,344 | 55,224,457 | 55,931,882 | |||||||
The calculation of weighted-average diluted shares outstanding excludes all anti-dilutive shares. During 2013, 2012 and 2011, the Company excluded 133,162, 336,892 and 787,809 stock options, respectively, from the calculation of diluted weighted-average shares outstanding as the stock options were considered anti-dilutive. | ||||||||||
Effective April 5, 2011, the Company exercised its right to redeem the remaining $92,500 principal amount of the 3.75% Convertible Notes under their indenture agreement. The potential shares issuable for the 3.75% Convertible Notes were not included in either basic or diluted average common shares outstanding for the year ended December 31, 2012 as the notes were settled in cash. | ||||||||||
The 3.375% Convertible Notes are convertible, under certain circumstances, into a combination of cash and common stock of the Company. The conversion price is approximately $28.31 per share of common stock. The dilutive effect of the notes is determined based on the average closing price of the Company’s stock for the last 30 trading days of each quarter as compared to the conversion price. Under the net share settlement method, there were 209,321 potential shares issuable under the notes that were considered dilutive in 2013. There were no potential shares issuable in 2012 and 2011 as the notes would have been anti-dilutive. |
Changes_in_Accumulated_Other_C
Changes in Accumulated Other Comprehensive Income by Component | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | |||||||||||||||
Changes in Accumulated Other Comprehensive Income by Component | ' | |||||||||||||||
Changes in Accumulated Other Comprehensive Income by Component | ||||||||||||||||
The following table sets forth the changes in accumulated other comprehensive income by component for the year ended December 31, 2013: | ||||||||||||||||
Gains and Losses on Cash Flow Hedges | Pension and Other Postretirement Benefit Items | Foreign Currency Items | Total | |||||||||||||
1-Jan-13 | $ | (432 | ) | $ | (146,441 | ) | $ | 80,121 | $ | (66,752 | ) | |||||
Other comprehensive income before reclassifications to consolidated statements of income | (48 | ) | 63,315 | 15,472 | 78,739 | |||||||||||
Amounts reclassified from accumulated other comprehensive (loss) income to the consolidated statements of income | (39 | ) | 9,853 | 4,143 | 13,957 | |||||||||||
Net current-period other comprehensive income | (87 | ) | 73,168 | 19,615 | 92,696 | |||||||||||
31-Dec-13 | $ | (519 | ) | $ | (73,273 | ) | $ | 99,736 | $ | 25,944 | ||||||
The following table sets forth the reclassifications out of accumulated other comprehensive income by component for the year ended December 31, 2013: | ||||||||||||||||
Details about Accumulated Other Comprehensive Income Components | Amount Reclassified from Accumulated Other Comprehensive Income | Affected Line Item in the Consolidated Statements of Income | ||||||||||||||
Gains and losses on cash flow hedges | ||||||||||||||||
Interest rate contracts | $ | (850 | ) | Interest expense | ||||||||||||
Foreign exchange contracts | 733 | Net sales | ||||||||||||||
(117 | ) | Total before tax | ||||||||||||||
156 | Tax benefit | |||||||||||||||
39 | Net of tax | |||||||||||||||
Pension and other postretirement benefit items | ||||||||||||||||
Amortization of prior-service credits, net | $ | 254 | (A) | |||||||||||||
Amortization of actuarial losses | (17,369 | ) | (A) | |||||||||||||
Curtailment gain (net) | 2,882 | (A) | ||||||||||||||
Settlement loss | (637 | ) | (A) | |||||||||||||
(14,870 | ) | Total before tax | ||||||||||||||
5,017 | Tax benefit | |||||||||||||||
(9,853 | ) | Net of tax | ||||||||||||||
Foreign currency items | ||||||||||||||||
Charge to cumulative translation adjustment (sale of BDNA) | $ | (4,143 | ) | Income from discontinued operations | ||||||||||||
— | Tax benefit | |||||||||||||||
(4,143 | ) | Net of tax | ||||||||||||||
Total reclassifications in the period | $ | (13,957 | ) | |||||||||||||
(A) These accumulated other comprehensive income components are included within the computation of net periodic pension cost. See Note 11. |
Information_on_Business_Segmen
Information on Business Segments | 12 Months Ended | |||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||
Information on Business Segments | ' | |||||||||||||||||
Information on Business Segments | ||||||||||||||||||
In the first quarter of 2013, the Company realigned its reportable business segments by transferring the Associated Spring Raymond business ("Raymond"), its remaining business within the former Distribution segment, to the Industrial segment. Raymond sells, among other products, springs that are manufactured by one of the Industrial businesses. Accordingly, the Company reports under two global business segments: Industrial and Aerospace. The Company’s two reportable segments offer different products and services and are managed separately as each business has different core functional and delivery capabilities. All segment information presented below has been adjusted on a retrospective basis for the impact of the segment realignment. | ||||||||||||||||||
Industrial is a global manufacturer of highly-engineered, high-quality precision parts, products and systems for critical applications serving a diverse customer base in end-markets such as transportation, industrial equipment, consumer products, packaging, electronics, medical devices, and energy. Focused on innovative custom solutions, Industrial participates in the design phase of components and assemblies whereby the customers receive the benefits of application and systems engineering, new product development, testing and evaluation, and the manufacturing of final products. Industrial designs and manufactures customized hot runner systems and precision mold assemblies - the enabling technologies for many complex injection molding applications. It is a leading manufacturer and supplier of precision mechanical products, including precision mechanical springs and nitrogen gas products. Industrial also manufactures high-precision punched and fine-blanked components used in transportation and industrial applications, nitrogen gas springs and manifold systems used to precisely control stamping presses, and retention rings that position parts on a shaft or other axis. Industrial is equipped to produce virtually every type of precision spring, from fine hairsprings for electronics and instruments to large heavy-duty springs for machinery. | ||||||||||||||||||
In the fourth quarter of 2013, the Company completed the acquisition of the Männer Business, a leader in the development and manufacture of high precision molds, valve gate hot runner systems, and system solutions for the medical/ pharmaceutical, packaging, and personal care/health care industries. The Männer Business includes manufacturing locations in Germany, Switzerland and the United States, and sales and service offices in Europe, the United States, Hong Kong/China and Japan and is being integrated into the Industrial segment. | ||||||||||||||||||
Industrial has a diverse customer base with products purchased by durable goods manufacturers located around the world in industries including transportation, consumer products, packaging, farm equipment, telecommunications, medical devices, home appliances and electronics. Long-standing customer relationships enable Industrial to participate in the design phase of components and assemblies through which customers receive the benefits of manufacturing research, testing and evaluation. Products are sold primarily through its direct sales force and global distribution channels. | ||||||||||||||||||
Industrial competes with a broad base of large and small companies engaged in the manufacture and sale of custom metal components and assemblies, precision molds, and hot runner systems. Industrial competes on the basis of quality, service, reliability of supply, engineering and technical capability, geographic reach, product breadth, innovation, design, and price. Products are sold primarily through its direct sales force and a network of global distribution channels. Industrial has manufacturing, distribution and assembly operations in the United States, Brazil, China, Germany, Mexico, Singapore, Sweden and Switzerland. Industrial also has sales and service operations in the United States, Brazil, Canada, China/Hong Kong, France, India, Italy, Japan, Mexico, the Netherlands, Portugal, Singapore, Slovakia, South Korea, Spain, Thailand and the United Kingdom. | ||||||||||||||||||
Aerospace produces precision-machined and fabricated components and assemblies for OEM turbine engine, airframe and industrial gas turbine builders throughout the world, and the military. Aerospace also provides jet engine component overhaul and repair services for many of the world's major turbine engine manufacturers, commercial airlines and the military. MRO activities include the manufacture and delivery of aerospace aftermarket spare parts, including the RSPs under which the Company receives an exclusive right to supply designated aftermarket parts over the life of the related aircraft engine program, and component repairs. | ||||||||||||||||||
Aerospace's OEM business supplements the leading jet engine OEM capabilities and competes with a large number of machining and fabrication companies. Competition is based mainly on quality, engineering and technical capability, product breadth, new product introduction, manufacturing timeliness, service and price. Aerospace's machining and fabrication operations, with facilities in Arizona, Connecticut, Michigan, Ohio, Utah and Singapore, produce critical engine and airframe components through technically advanced processes. | ||||||||||||||||||
The Aerospace aftermarket business supplements jet engine OEMs' maintenance, repair and overhaul capabilities, and competes with the service centers of major commercial airlines and other independent service companies for the repair and overhaul of turbine engine components. The manufacturing and supply of aerospace aftermarket spare parts, including those related to the RSPs, are dependent upon the reliable and timely delivery of high-quality components. Aerospace's aftermarket facilities, located in Connecticut, Ohio and Singapore, specialize in the repair and refurbishment of highly engineered components and assemblies such as cases, rotating life limited parts, rotating air seals, turbine shrouds, vanes and honeycomb air seals. | ||||||||||||||||||
The Company evaluates the performance of its reportable segments based on the operating profit of the respective businesses, which includes net sales, cost of sales, selling and administrative expenses and certain components of other expense (income), net, as well as the allocation of corporate overhead expenses. | ||||||||||||||||||
Sales between the business segments and between the geographic areas in which the businesses operate are accounted for on the same basis as sales to unaffiliated customers. Additionally, revenues are attributed to countries based on the location of facilities. | ||||||||||||||||||
The following tables (dollars shown in millions) set forth information about the Company’s operations by its reportable business segments and by geographic area. | ||||||||||||||||||
Operations by Reportable Business Segment | ||||||||||||||||||
Industrial | Aerospace | Other | Total Company | |||||||||||||||
Revenues | ||||||||||||||||||
2013 | $ | 687.6 | $ | 404 | $ | — | $ | 1,091.60 | ||||||||||
2012 | 538.3 | 390.5 | — | 928.8 | ||||||||||||||
2011 | 482.6 | 382.5 | — | 865.1 | ||||||||||||||
Operating profit | ||||||||||||||||||
2013 | $ | 71.9 | $ | 51.3 | $ | — | $ | 123.2 | ||||||||||
2012 | 49.3 | 57.9 | — | 107.1 | ||||||||||||||
2011 | 45.8 | 55.7 | — | 101.6 | ||||||||||||||
Assets | ||||||||||||||||||
2013 | $ | 1,410.40 | $ | 567.1 | $ | 146.2 | $ | 2,123.70 | ||||||||||
2012 | 907.1 | 533.5 | 428 | 1,868.60 | ||||||||||||||
2011 | 483 | 544.9 | 412.5 | 1,440.40 | ||||||||||||||
Depreciation and amortization | ||||||||||||||||||
2013 | $ | 38.4 | $ | 23.2 | $ | 3.5 | $ | 65.1 | ||||||||||
2012 | 24.4 | 21.2 | 11.8 | 57.4 | ||||||||||||||
2011 | 19.3 | 24.2 | 15.4 | 58.9 | ||||||||||||||
Capital expenditures | ||||||||||||||||||
2013 | $ | 31.3 | $ | 23.8 | $ | 2.2 | $ | 57.3 | ||||||||||
2012 | 24.3 | 8.6 | 4.9 | 37.8 | ||||||||||||||
2011 | 18.7 | 13.5 | 4.9 | 37.1 | ||||||||||||||
_________________________ | ||||||||||||||||||
Notes: | ||||||||||||||||||
One customer, General Electric, accounted for 21%, 23% and 26% of the Company’s total revenues in 2013, 2012 and 2011, respectively. | ||||||||||||||||||
“Other” revenues represent the elimination of intersegment sales. | ||||||||||||||||||
“Other” assets include corporate-controlled assets, the majority of which are cash and deferred tax assets. "Other" assets as of December 31, 2012 and 2011 also include the assets of BDNA, which was sold on April 22, 2013. "Other" Depreciation and Amortization and "Other" Capital Expenditures in 2012 and 2011 also relate to transactions that occurred at BDNA, prior to its sale. See Note 2. | ||||||||||||||||||
A reconciliation of the total reportable segments’ operating profit to income from continuing operations before income taxes follows: | ||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||
Operating profit | $ | 123.2 | $ | 107.1 | $ | 101.6 | ||||||||||||
Interest expense | 13.1 | 12.2 | 10.3 | |||||||||||||||
Other expense (income), net | 2.5 | 2.6 | 0.3 | |||||||||||||||
Income from continuing operations before income taxes | $ | 107.6 | $ | 92.3 | $ | 91 | ||||||||||||
Operations by Geographic Area | ||||||||||||||||||
Domestic | International | Other | Total | |||||||||||||||
Company | ||||||||||||||||||
Revenues | ||||||||||||||||||
2013 | $ | 593.3 | $ | 524.1 | $ | (25.9 | ) | $ | 1,091.60 | |||||||||
2012 | 529.9 | 421.7 | (22.8 | ) | 928.8 | |||||||||||||
2011 | 495.6 | 394.7 | (25.3 | ) | 865.1 | |||||||||||||
Long-lived assets | ||||||||||||||||||
2013 | $ | 330.2 | $ | 1,214.00 | $ | — | $ | 1,544.20 | ||||||||||
2012 | 372 | 848.1 | — | 1,220.10 | ||||||||||||||
2011 | 303.7 | 559 | — | 862.7 | ||||||||||||||
_________________________ | ||||||||||||||||||
Notes: | ||||||||||||||||||
Germany, with sales of $140.8 million in 2013, represents the only international country with revenues in excess of 10% of the Company's total revenues. International sales derived from any one country did not exceed 10% of the Company's total revenues for 2012 or 2011. | ||||||||||||||||||
“Other” revenues represent the elimination of intercompany sales between geographic locations, of which approximately 72% were sales from international locations to domestic locations. | ||||||||||||||||||
Long-lived assets located in any one international country that exceeded 10% of the Company’s total long-lived assets as of December 31, 2013 included $229.5 million of intangible assets related to the RSPs recorded in Singapore at the aftermarket division of the Aerospace segment, $156.4 million primarily related to goodwill and intangible assets at the Synventive China division of the Industrial segment, $477.3 million primarily related to goodwill, property, plant and equipment and intangible assets at the Synventive Germany and Männer Germany divisions of the Industrial segment and $193.8 million primarily related to goodwill and property, plant and equipment at the Hänggi division of the Industrial segment located in Switzerland. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
Commitments and Contingencies | |
Leases | |
The Company has various noncancellable operating leases for buildings, office space and equipment. Rent expense was $11,398, $13,464 and $19,678 for 2013, 2012 and 2011, respectively. The decrease in rent expense during 2013 was primarily attributed to the divestiture of BDNA in the second quarter of 2013. Minimum rental commitments under noncancellable leases in years 2014 through 2018 are $8,581, $5,358, $1,821, $909 and $683, respectively, and $2,921 thereafter. The rental expense and minimum rental commitments of leases with step rent provisions are recognized on a straight-line basis over the lease term. | |
Product Warranties | |
The Company provides product warranties in connection with the sale of certain products. From time to time, the Company is subject to customer claims with respect to product warranties. Product warranty liabilities were not material as of December 31, 2013 or 2012. | |
The Company was named in a lawsuit arising out of an alleged breach of contract and implied warranty by a customer of Toolcom Suppliers Limited (“Toolcom”), a business previously included within the former Logistics and Manufacturing Services segment, related to the sale of certain products prior to the Company’s 2005 acquisition of Toolcom. In 2006, the plaintiff filed the lawsuit in civil court in Scotland and asserted that certain products sold were not fit for a particular use. The Company settled the lawsuit during the first quarter of 2013 with an outcome that did not have a material effect on the consolidated financial statements. The final settlement expense is included within the income from operations of discontinued businesses in the consolidated statements of income for the year ended December 31, 2013. | |
Income Taxes | |
On April 16, 2013, the United States Tax Court rendered an unfavorable decision in the matter Barnes Group Inc. and Subsidiaries v. Commissioner of Internal Revenue (“Tax Court Decision”). The Tax Court rejected the Company's objections and imposed penalties. The case involved IRS proposed adjustments of approximately 16,500, plus a 20% penalty and interest for the tax years 1998, 2000 and 2001. | |
The case arose out of an Internal Revenue Service (“IRS”) audit for the tax years 2000 through 2002. The adjustment relates to the federal taxation of foreign income of certain foreign subsidiaries. The Company filed an administrative protest of these adjustments. In the third quarter of 2009, the Company was informed that its protest was denied and a tax assessment was received from the Appeals Office of the IRS. Subsequently, in November 2009, the Company filed a petition against the IRS in the United States Tax Court, contesting the tax assessment. A trial was held and all briefs were filed in 2012. In April 2013 the Tax Court Decision was then issued rendering an unfavorable decision against the Company and imposing penalties. As a result of the unfavorable Tax Court Decision, the Company has recorded an additional tax charge during 2013 for $16,428. | |
In November 2013, the Company made a cash payment of approximately $12,700 related to tax, interest and penalties and utilized a portion of its net operating losses. The Company also submitted a notice of appeal of the Tax Court Decision to the United States Court of Appeals for the Second Circuit. The Company filed its formal appeal with the United States Court of Appeals for the Second Circuit on February 13, 2014. The Company does not expect a decision until 2015. |
Accounting_Changes
Accounting Changes | 12 Months Ended |
Dec. 31, 2013 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ' |
Accounting Changes | ' |
Accounting Changes | |
In February 2013, the Financial Accounting Standards Board ("FASB") amended its guidance related to the presentation of other comprehensive income. The amended guidance requires that companies present information related to reclassification adjustments from accumulated other comprehensive income in their consolidated financial statements within a single note or on the face of the financial statements. The Company adopted the provisions of the amended accounting standard during the first quarter of 2013 and within Note 18 of the Consolidated Financial Statements. |
Schedule_II_Valuation_and_Qual
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Valuation and Qualifying Accounts [Abstract] | ' | |||
Schedule of Valuation and Qualifying Accounts Disclosure | ' | |||
Schedule II—Valuation and Qualifying Accounts | ||||
Years Ended December 31, 2013, 2012 and 2011 | ||||
(In thousands) | ||||
Allowances for Doubtful Accounts: | ||||
Balance December 31, 2010 | $ | 5,026 | ||
Provision charged to income | 1,623 | |||
Doubtful accounts written off (net) | (2,364 | ) | ||
Other adjustments(1) | (1,387 | ) | ||
Balance December 31, 2011 | 2,898 | |||
Provision charged to income | 1,706 | |||
Doubtful accounts written off (net) | (1,617 | ) | ||
Other adjustments(1) | (129 | ) | ||
Balance December 31, 2012 | 2,858 | |||
Provision charged to income | 1,726 | |||
Doubtful accounts written off (net) | (532 | ) | ||
Other adjustments(1) | (614 | ) | ||
Balance December 31, 2013 | $ | 3,438 | ||
________________ | ||||
-1 | These amounts are comprised primarily of foreign currency translation and other reclassifications. The reductions in 2011 and 2013 include $1.3 million and $0.8 million of reserves recorded at the Barnes Distribution Europe and Barnes Distribution North America businesses which were sold in the fourth quarter of 2011 and the second quarter of 2013, respectively. | |||
Schedule II—Valuation and Qualifying Accounts | ||||
Years Ended December 31, 2013, 2012 and 2011 | ||||
(In thousands) | ||||
Valuation Allowance on Deferred Tax Assets: | ||||
Balance December 31, 2010 | $ | 30,036 | ||
Additions charged to income tax expense | 93 | |||
Additions charged to other comprehensive income | 466 | |||
Reductions credited to income tax expense | (1,628 | ) | ||
Changes due to foreign currency translation | (521 | ) | ||
Divestiture(1) | (11,765 | ) | ||
Balance December 31, 2011 | 16,681 | |||
Additions charged to income tax expense | 2,154 | |||
Additions charged to other comprehensive income | 205 | |||
Reductions credited to income tax expense | (1,676 | ) | ||
Changes due to foreign currency translation | 728 | |||
Acquisition(2) | 6,844 | |||
Balance December 31, 2012 | 24,936 | |||
Additions charged to income tax expense | 473 | |||
Reductions charged to other comprehensive income | (547 | ) | ||
Reductions credited to income tax expense | (1,412 | ) | ||
Changes due to foreign currency translation | (849 | ) | ||
Divestiture(3) | (3,728 | ) | ||
Balance December 31, 2013 | $ | 18,873 | ||
________________ | ||||
-1 | The reduction in 2011 reflects the valuation allowance recorded at the Barnes Distribution Europe businesses which were sold in the fourth quarter of 2011. | |||
-2 | The increase in 2012 reflects the valuation allowance recorded at the Synventive business which was acquired in the third quarter of 2012. | |||
-3 | The reduction in 2013 reflects the valuation allowance adjustment to Discontinued Operations as it relates to the sale of the Barnes Distribution North America Business. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' |
General | ' |
General: The preparation of consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Certain reclassifications have been made to prior year amounts to conform to the current year presentation. | |
Consolidation | ' |
Consolidation: The accompanying consolidated financial statements include the accounts of the Company and all of its subsidiaries. Intercompany transactions and account balances have been eliminated. | |
Revenue recognition | ' |
Revenue recognition: Sales and related cost of sales are recognized when products are shipped or delivered to customers depending upon when title and risk of loss have passed. Service revenue is recognized when the related services are performed. In the aerospace manufacturing businesses, the Company recognizes revenue based on the units-of-delivery method in accordance with accounting standards related to accounting for performance of construction-type and certain production-type contracts. Management fees related to the aerospace aftermarket Revenue Sharing Programs ("RSPs") are satisfied through an agreed upon reduction from the sales price of each of the related spare parts. These fees recognize our customer's necessary performance of engine program support activities, such as spare parts administration, warehousing and inventory management, and customer support, and are not separable from our sale of products, and accordingly, they are reflected as a reduction to sales, rather than as costs incurred, when revenues are recognized. | |
Operating expenses | ' |
Operating expenses: The Company includes manufacturing labor, material, manufacturing overhead and costs of its distribution network within cost of sales. Other costs, including selling personnel costs and commissions, and other general and administrative costs of the Company are included within selling and administrative expenses. Depreciation and amortization expense is allocated between cost of sales and selling and administrative expenses. | |
Cash and cash equivalents | ' |
Cash and cash equivalents: Cash in excess of operating requirements is invested in short-term, highly liquid, income-producing investments. All highly liquid investments purchased with an original maturity of three months or less are considered cash equivalents. Cash equivalents are carried at cost which approximates fair value. | |
Inventories | ' |
Inventories: Inventories are valued at the lower of cost, determined on a first-in, first-out basis, or market. Loss provisions, if any, on aerospace contracts are established when estimable. Loss provisions are based on the projected excess of manufacturing costs over the net revenues of the products or group of related products under contract or purchase order. | |
Property, plant and equipment | ' |
Property, plant and equipment: Property, plant and equipment is stated at cost. Depreciation is recorded over estimated useful lives, ranging from 20 to 50 years for buildings, three to five years for computer equipment, four to 12 years for | |
machinery and equipment and 12 to 17 years for furnaces and boilers. The straight-line method of depreciation was adopted for all property, plant and equipment placed in service after March 31, 1999. For property, plant and equipment placed into service prior to April 1, 1999, depreciation is calculated using accelerated methods. The Company assesses the impairment of property, plant and equipment subject to depreciation whenever events or changes in circumstances indicate the carrying value may not be recoverable. | |
Goodwill | ' |
Goodwill: Goodwill represents the excess purchase cost over the fair value of net assets of companies acquired in business combinations. Goodwill is considered an indefinite-lived asset. Goodwill is subject to impairment testing in accordance with accounting standards governing such on an annual basis, in the second quarter, or more frequently if an event or change in circumstances indicates that the fair value of a reporting unit has been reduced below its carrying value. Based on the assessments performed during 2013, there was no goodwill impairment. | |
Aerospace Aftermarket Programs | ' |
Aerospace Aftermarket Programs: The Company participates in aftermarket RSPs under which the Company receives an exclusive right to supply designated aftermarket parts over the life of the related aircraft engine program. As consideration, the Company has paid participation fees, which are recorded as long-lived intangible assets. The Company records amortization of the related intangible asset as sales dollars are being earned based on a proportional sales dollar method. Specifically, this method amortizes each asset as a reduction to revenue based on the proportion of sales under a program in a given period to the estimated aggregate sales dollars over the life of that program. | |
The Company also entered into a Component Repair Program ("CRP") that provides for, among other items, the extension of contracts under which the Company currently provides certain aftermarket component repair services for the CF6 and LM engine programs and the right to sell these services directly to other customers as one of a few General Electric licensed suppliers. The Company has recorded the consideration for these rights ("CRP Payment") as an intangible asset that will be amortized as a reduction to sales over the remaining life of these engine programs. This method reflects the pattern in which the economic benefits of the RSPs and the CRP are realized. | |
The recoverability of each asset is subject to significant estimates about future revenues related to the program’s aftermarket parts and services. The Company evaluates these intangible assets for recoverability and updates amortization rates on an agreement by agreement basis for the RSP's and on an individual asset basis for the CRP. The assets are reviewed for recoverability periodically including whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. Annually, the Company evaluates the remaining useful life of these assets to determine whether events and circumstances warrant a revision to the remaining periods of amortization. Management updates revenue projections, which includes comparing actual experience against projected revenue and industry projections. The potential exists that actual revenues will not meet expectations due to a change in market conditions including, for example, the replacement of older engines with new, more fuel-efficient engines or the Company's ability to capture additional market share within the Aftermarket business. A shortfall in future revenues may indicate a triggering event requiring a write down or further evaluation of the recoverability of the assets or require the Company to accelerate amortization expense prospectively dependent on the level of the shortfall. The Company has not identified any impairment of these assets. | |
Intangible Assets | ' |
Other Intangible Assets: Other intangible assets consist primarily of the Aerospace Aftermarket Programs, as discussed above, customer relationships, tradenames, patents and proprietary technology. These intangible assets, with the exception of tradenames, have finite lives and are amortized over the periods in which they provide benefit. The Company assesses the impairment of long-lived assets, including identifiable intangible assets subject to amortization, whenever significant events or significant changes in circumstances indicate the carrying value may not be recoverable. Tradenames, intangible assets with indefinite lives, are subject to impairment testing in accordance with accounting standards governing such on an annual basis, in the third quarter, or more frequently if an event or change in circumstances indicates that the fair value of a reporting unit has been reduced below its carrying value. Based on the assessment performed during 2013, there were no impairments of other intangible assets. See Note 6 of the Consolidated Financial Statements. | |
Derivatives | ' |
Derivatives: Accounting standards related to the accounting for derivative instruments and hedging activities require that all derivative instruments be recorded on the balance sheet at fair value. Foreign currency contracts may qualify as fair value hedges of unrecognized firm commitments, cash flow hedges of recognized assets and liabilities or anticipated transactions, or a hedge of a net investment. Changes in the fair market value of derivatives that qualify as fair value hedges or cash flow hedges are recorded directly to earnings or accumulated other non-owner changes to equity, depending on the designation. Amounts recorded to accumulated other non-owner changes to equity are reclassified to earnings in a manner that matches the earnings impact of the hedged transaction. Any ineffective portion, or amounts related to contracts that are not designated as hedges, are recorded directly to earnings. The Company’s policy for classifying cash flows from derivatives is to report the cash flows consistent with the underlying hedged item. | |
Foreign currency | ' |
Foreign currency: Assets and liabilities of international operations are translated at year-end rates of exchange; revenues and expenses are translated at average rates of exchange. The resulting translation gains or losses are reflected in accumulated other non-owner changes to equity within stockholders’ equity. A net foreign currency transaction gain of $945 in 2013, and losses of $2,144 and $224 in 2012 and 2011, respectively, were included in other expense (income), net in the Consolidated Statements of Income. | |
Stock-based compensation | ' |
The Company accounts for the cost of all share-based payments, including stock options, by measuring the payments at fair value on the grant date and recognizing the cost in the results of operations. The fair values of stock options are estimated using the Black-Scholes option-pricing model based on certain assumptions. The fair values of service and performance based stock awards are estimated based on the fair market value of the Company’s stock price on the grant date. The fair value of market based performance share awards are estimated using the Monte Carlo valuation method. Estimated forfeiture rates are applied to outstanding awards. The Company records the cash flows resulting from tax deductions in excess of compensation for those options and other stock awards, if any, as financing cash flows. The Company has elected the shortcut method as described in the related accounting literature for determining the available pool of windfall tax benefits upon adoption. The Company accounts for the utilization of windfall tax benefits using the tax law ordering approach. | |
Please refer to Note 16 for a description of the Company’s stock-based compensation plans and their general terms. As of December 31, 2013, incentives have been awarded in the form of performance share unit awards and restricted stock unit awards (collectively, “Rights”) and stock options. The Company has elected to use the straight-line method to recognize compensation costs. Stock options and awards vest over a period ranging from six months to five years. The maximum term of stock option awards is 10 years. Upon exercise of a stock option or upon vesting of Rights, shares are issued from treasury shares held by the Company or from authorized shares. |
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||||||||
Schedule of Discontinued Operations | ' | |||||||||
The below amounts related to the BDE business and BDNA were derived from historical financial information. The amounts have been segregated from continuing operations and reported as discontinued operations within the consolidated financial statements. In 2013, the Company recorded a net after-tax gain of $195,317 on the sale of BDNA, net of transaction-related costs of $9,749, whereas pre-tax income from the discontinued operations at BDNA was $6,345. In 2012, the Company recorded income of $15,419 from discontinued operations which included $29,384 of pre-tax income provided by the operations of BDNA, partially offset by the adjustment of a retained liability related to BDE, $10,831 of tax expense and a $886 pre-tax loss on transaction. In 2011, a $10,240 loss from discontinued operations included pre-tax income of $26,929 primarily from the operations of BDNA, more then offset by a $26,709 pre-tax loss on transaction and $10,460 of net tax expense. The 2011 loss on transaction related to the sale of the BDE business included a $16,800 goodwill impairment charge and $8,248 of transaction and employee transaction related costs. | ||||||||||
2013 | 2012 | 2011 | ||||||||
Net sales | $ | 93,173 | $ | 301,179 | $ | 415,382 | ||||
Income before income taxes | 5,248 | 27,136 | 26,929 | |||||||
Income tax expense | 2,359 | 10,918 | 11,041 | |||||||
Income from operations of discontinued businesses, net of income taxes | 2,889 | 16,218 | 15,888 | |||||||
Gain (loss) on transaction | 313,708 | (886 | ) | (26,709 | ) | |||||
Income tax expense (benefit) on sale | 118,391 | (87 | ) | (581 | ) | |||||
Gain (loss) on the sale of businesses, net of income taxes | 195,317 | (799 | ) | (26,128 | ) | |||||
Income (loss) from discontinued operations, net of income taxes | $ | 198,206 | $ | 15,419 | $ | (10,240 | ) | |||
Acquisition_Tables
Acquisition (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Business Combinations [Abstract] | ' | |||||||||
Schedule of Purchase Price Allocations | ' | |||||||||
The following table summarizes the fair values of the assets acquired, net of cash acquired, and liabilities assumed at the October 31, 2013 date of acquisition for the Männer Business and the August 27, 2012 acquisition date for Synventive. Fair values are inclusive of purchase price adjustments that were made subsequent to the respective acquisition dates: | ||||||||||
Synventive | Männer Business | |||||||||
Accounts Receivable | $ | 43,270 | $ | 15,329 | ||||||
Inventories | 13,392 | 32,908 | ||||||||
Other current assets | 3,988 | 423 | ||||||||
Property, plant and equipment | 16,000 | 63,411 | ||||||||
Other noncurrent assets | 2,841 | — | ||||||||
Other intangible assets (Note 6) | 126,600 | 146,600 | ||||||||
Goodwill (Note 6) | 203,656 | 189,486 | ||||||||
Total assets acquired | 409,747 | 448,157 | ||||||||
Current liabilities | (25,230 | ) | (57,943 | ) | ||||||
Other liabilities | (4,130 | ) | (566 | ) | ||||||
Deferred income taxes | (38,290 | ) | (42,495 | ) | ||||||
Debt assumed | (45,537 | ) | (3,194 | ) | ||||||
Total liabilities assumed | (113,187 | ) | (104,198 | ) | ||||||
Net assets acquired | $ | 296,560 | $ | 343,959 | ||||||
Schedule of Unaudited Pro Forma Operating Results | ' | |||||||||
The following table reflects the unaudited pro forma operating results of the Company for the years ended December 31, 2013, 2012 and 2011, which give effect to the acquisition of the Männer Business as if it had occurred on January 1, 2012 and the acquisition of Synventive as if it had occurred on January 1, 2011. The pro forma results are based on assumptions that the Company believes are reasonable under the circumstances. The pro forma results are not necessarily indicative of the operating results that would have occurred had the acquisitions been effective on January 1, 2012 and 2011, nor are they intended to be indicative of results that may occur in the future. The underlying pro forma information includes the historical financial results of the Company and the two acquired businesses adjusted for certain items including depreciation and amortization expense associated with the assets acquired and the Company’s expense related to financing arrangements, with the related tax effects. The pro forma information does not include the effects of any synergies or cost reduction initiatives related to the acquisitions. | ||||||||||
(Unaudited Pro Forma) | ||||||||||
2013 | 2012 | 2011 | ||||||||
Net sales | $ | 1,191,109 | $ | 1,137,437 | $ | 1,012,672 | ||||
Income from continuing operations | 92,343 | 88,023 | 63,380 | |||||||
Net income | $ | 290,549 | $ | 103,442 | $ | 53,140 | ||||
Per common share: | ||||||||||
Basic: | ||||||||||
Income from continuing operations | $ | 1.69 | $ | 1.58 | $ | 1.15 | ||||
Net income | $ | 5.31 | $ | 1.86 | $ | 0.96 | ||||
Diluted: | ||||||||||
Income from continuing operations | $ | 1.65 | $ | 1.56 | $ | 1.13 | ||||
Net income | $ | 5.2 | $ | 1.84 | $ | 0.95 | ||||
For the Männer Business, pro forma earnings during the year ended December 31, 2013 were adjusted to exclude non-recurring items including acquisition-related costs and expenses related to fair value adjustments to inventory and acquired backlog. Pro forma earnings in 2012 were adjusted to include these items, with acquisition-related costs of $3,642 and expenses of $9,130 and $6,600 related to adjustments to inventory and acquired backlog, respectively. | ||||||||||
For Synventive, pro forma earnings during the year ended December 31, 2012 were adjusted to exclude non-recurring items including acquisition-related costs related to fair value adjustments to inventory and acquired backlog. Pro forma earnings in 2011 were adjusted to include these items, with acquisition-related costs of $11,776 ($2,377 incurred by the Company and $9,399 incurred by Synventive at closing) and expenses of $3,765 and $1,222 related to the fair value adjustments to inventory and acquired backlog, respectively. |
Inventories_Tables
Inventories (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Schedule of Inventory, Current | ' | ||||||||
Inventories at December 31 consisted of: | |||||||||
2013 | 2012 | ||||||||
Finished goods | $ | 85,033 | $ | 126,139 | |||||
Work-in-process | 71,982 | 56,186 | |||||||
Raw materials and supplies | 54,231 | 43,895 | |||||||
$ | 211,246 | $ | 226,220 | ||||||
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Property, Plant and Equipment | ' | ||||||||
Property, plant and equipment at December 31 consisted of: | |||||||||
2013 | 2012 | ||||||||
Land | $ | 21,935 | $ | 15,260 | |||||
Buildings | 154,938 | 127,117 | |||||||
Machinery and equipment | 509,664 | 492,087 | |||||||
686,537 | 634,464 | ||||||||
Less accumulated depreciation | (383,979 | ) | (401,367 | ) | |||||
$ | 302,558 | $ | 233,097 | ||||||
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||
Schedule of Goodwill | ' | ||||||||||||||||||
The following table sets forth the change in the carrying amount of goodwill for each reportable segment and the Company: | |||||||||||||||||||
Industrial | Aerospace | Other | Total | ||||||||||||||||
Company | |||||||||||||||||||
1-Jan-12 | $ | 200,636 | $ | 30,786 | $ | 134,682 | $ | 366,104 | |||||||||||
Goodwill acquired | 201,029 | — | — | 201,029 | |||||||||||||||
Foreign currency translation | 12,579 | — | 193 | 12,772 | |||||||||||||||
31-Dec-12 | 414,244 | 30,786 | 134,875 | 579,905 | |||||||||||||||
Goodwill acquired | 189,486 | — | — | 189,486 | |||||||||||||||
Divestiture | — | — | (134,704 | ) | (134,704 | ) | |||||||||||||
Purchase accounting adjustment | 2,627 | — | — | 2,627 | |||||||||||||||
Foreign currency translation | 12,554 | — | (171 | ) | 12,383 | ||||||||||||||
31-Dec-13 | $ | 618,911 | $ | 30,786 | $ | — | $ | 649,697 | |||||||||||
Schedule of Intangible Assets | ' | ||||||||||||||||||
Other intangible assets at December 31 consisted of: | |||||||||||||||||||
2013 | 2012 | ||||||||||||||||||
Range of | Gross | Accumulated | Gross | Accumulated | |||||||||||||||
Life-Years | Amount | Amortization | Amount | Amortization | |||||||||||||||
Amortized intangible assets: | |||||||||||||||||||
Revenue Sharing Programs | Up to 30 | $ | 293,700 | $ | (64,220 | ) | $ | 293,700 | $ | (54,638 | ) | ||||||||
Component Repair Program | Up to 15 | 26,639 | — | — | — | ||||||||||||||
Customer lists/relationships | 16-Oct | 183,406 | (18,293 | ) | 102,806 | (21,727 | ) | ||||||||||||
Patents and technology | 14-Jul | 62,972 | (14,210 | ) | 41,972 | (7,758 | ) | ||||||||||||
Trademarks/trade names | 30-May | 11,950 | (7,628 | ) | 12,750 | (7,497 | ) | ||||||||||||
Other | Up to 15 | 19,292 | (9,868 | ) | 12,692 | (6,927 | ) | ||||||||||||
597,959 | (114,219 | ) | 463,920 | (98,547 | ) | ||||||||||||||
Unamortized intangible asset | |||||||||||||||||||
Trade names | 36,900 | — | 10,000 | — | |||||||||||||||
Foreign currency translation | $ | 13,653 | $ | — | $ | 8,599 | $ | — | |||||||||||
Other intangible assets | 648,512 | (114,219 | ) | 482,519 | (98,547 | ) | |||||||||||||
Accrued_Liabilities_Tables
Accrued Liabilities (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Accrued Liabilities [Abstract] | ' | ||||||||
Schedule of Accrued Liabilities | ' | ||||||||
Accrued liabilities at December 31 consisted of: | |||||||||
2013 | 2012 | ||||||||
Payroll and other compensation | $ | 37,640 | $ | 35,008 | |||||
Deferred revenue | 23,424 | 1,710 | |||||||
Payable to Otto Männer Holding AG | 20,001 | — | |||||||
Pension and other postretirement benefits | 8,225 | 8,184 | |||||||
Accrued income taxes | 13,593 | 5,573 | |||||||
Other | 51,631 | 45,889 | |||||||
$ | 154,514 | $ | 96,364 | ||||||
The payable to Otto Männer Holding AG relates to an assumed liability to the seller in connection with the acquisition of the Männer Business. |
Debt_and_Commitments_Tables
Debt and Commitments (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||
Schedule of Debt | ' | ||||||||||||||||
Long-term debt and notes and overdrafts payable at December 31 consisted of: | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Carrying | Fair | Carrying | Fair | ||||||||||||||
Amount | Value | Amount | Value | ||||||||||||||
3.375% Convertible Notes | $ | 55,636 | $ | 76,569 | $ | 55,636 | $ | 57,977 | |||||||||
Unamortized debt discount – 3.375% Convertible Notes | (731 | ) | — | (3,122 | ) | — | |||||||||||
Revolving credit agreement | 487,920 | 482,431 | 589,200 | 599,172 | |||||||||||||
Borrowings under lines of credit and overdrafts | 1,074 | 1,074 | 3,380 | 3,380 | |||||||||||||
Other foreign bank borrowings | 405 | 410 | 945 | 947 | |||||||||||||
Capital leases | 3,120 | 3,402 | 159 | 159 | |||||||||||||
Other | — | — | 415 | 415 | |||||||||||||
547,424 | 563,886 | 646,613 | 662,050 | ||||||||||||||
Less current maturities | (57,083 | ) | (4,494 | ) | |||||||||||||
Long-term debt | $ | 490,341 | $ | 642,119 | |||||||||||||
Schedule of Convertible Notes | ' | ||||||||||||||||
The following table sets forth balance sheet information regarding the Company’s convertible notes at December 31: | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
3.375% Convertible Notes: | |||||||||||||||||
Carrying value of equity component, net of tax | $ | 10,772 | $ | 10,772 | |||||||||||||
Principal value of liability component | $ | 55,636 | $ | 55,636 | |||||||||||||
Unamortized debt discount | (731 | ) | (3,122 | ) | |||||||||||||
Net carrying value of liability component | $ | 54,905 | $ | 52,514 | |||||||||||||
Schedule of Interest Expense on Convertible Notes | ' | ||||||||||||||||
The following table sets forth the components of interest expense for the Company’s convertible notes for the years ended December 31, 2013, 2012 and 2011. | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Interest expense – 3.375% coupon | $ | 1,878 | $ | 1,878 | $ | 1,878 | |||||||||||
Interest expense – 3.375% debt discount amortization | 2,391 | 2,211 | 2,044 | ||||||||||||||
Interest expense – 3.75% coupon | — | — | 1,225 | ||||||||||||||
Interest expense – 3.75% debt discount amortization | — | — | 114 | ||||||||||||||
$ | 4,269 | $ | 4,089 | $ | 5,261 | ||||||||||||
Derivatives_Tables
Derivatives (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | ' | ||||||||||||||||
The following table sets forth the fair value amounts of derivative instruments held by the Company as of December 31. | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Asset | Liability | Asset | Liability | ||||||||||||||
Derivatives | Derivatives | Derivatives | Derivatives | ||||||||||||||
Derivatives designated as hedging | |||||||||||||||||
instruments: | |||||||||||||||||
Interest rate contracts | $ | — | $ | (370 | ) | $ | — | $ | (1,818 | ) | |||||||
Foreign exchange contracts | — | (318 | ) | 945 | — | ||||||||||||
— | (688 | ) | 945 | (1,818 | ) | ||||||||||||
Derivatives not designated as | |||||||||||||||||
hedging instruments: | |||||||||||||||||
Foreign exchange contracts | 543 | (67 | ) | 2,370 | (152 | ) | |||||||||||
Total derivatives | $ | 543 | $ | (755 | ) | $ | 3,315 | $ | (1,970 | ) | |||||||
Asset derivatives are recorded in prepaid expenses and other current assets in the accompanying consolidated balance sheets. Liability derivatives related to interest rate contracts and foreign exchange contracts are recorded in other liabilities and accrued liabilities, respectively, in the accompanying consolidated balance sheets. | |||||||||||||||||
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) | ' | ||||||||||||||||
The following table sets forth the gain (loss) recorded in accumulated other comprehensive income (loss), net of tax, for the years ended December 31, 2013 and 2012 for derivatives held by the Company and designated as hedging instruments. | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Cash flow hedges: | |||||||||||||||||
Interest rate contracts | $ | 898 | $ | (1,128 | ) | ||||||||||||
Foreign exchange contracts | (985 | ) | 493 | ||||||||||||||
$ | (87 | ) | $ | (635 | ) | ||||||||||||
Amounts included within accumulated other comprehensive income (loss) that were reclassified to expense during the year ended December 31, 2013 and 2012 related to the interest rate swaps resulted in a fixed rate of interest of 1.03% plus the borrowing spread for the first $100,000 of one-month LIBOR borrowings. The amounts reclassified for the foreign exchange contracts were not material. Additionally, there were no amounts recognized in income for hedge ineffectiveness during the years ended December 31, 2013 and 2012. | |||||||||||||||||
(Gain) Loss Recorded in Other (Income) Expense, Net in Consolidated Statements of Income | ' | ||||||||||||||||
The following table sets forth the gain (loss) recorded in other expense (income), net in the consolidated statements of income for the years ended December 31, 2013 and 2012 for non-designated derivatives held by the Company. Such gains (losses) were substantially offset by (losses)/gains recorded on the underlying hedged asset or liability. | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Foreign exchange contracts | $ | (739 | ) | $ | 3,462 | ||||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | ' | ||||||||||||||||
The following table provides the assets and liabilities reported at fair value and measured on a recurring basis as of December 31, 2013 and 2012: | |||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||
Total | Quoted Prices in | Significant Other | Significant | ||||||||||||||
Active Markets for | Observable Inputs | Unobservable | |||||||||||||||
Identical Assets | (Level 2) | Inputs | |||||||||||||||
(Level 1) | (Level 3) | ||||||||||||||||
Description | |||||||||||||||||
December 31, 2013 | |||||||||||||||||
Asset derivatives | $ | 543 | $ | — | $ | 543 | $ | — | |||||||||
Liability derivatives | (755 | ) | — | (755 | ) | — | |||||||||||
Bank acceptances | 6,461 | — | 6,461 | — | |||||||||||||
Rabbi trust assets | 1,975 | 1,975 | — | — | |||||||||||||
$ | 8,224 | $ | 1,975 | $ | 6,249 | $ | — | ||||||||||
December 31, 2012 | |||||||||||||||||
Asset derivatives | $ | 3,315 | $ | — | $ | 3,315 | $ | — | |||||||||
Liability derivatives | (1,970 | ) | — | (1,970 | ) | — | |||||||||||
Bank acceptances | 3,441 | — | 3,441 | — | |||||||||||||
Rabbi trust assets | 1,831 | 1,831 | — | — | |||||||||||||
$ | 6,617 | $ | 1,831 | $ | 4,786 | $ | — | ||||||||||
Pension_and_Other_Postretireme1
Pension and Other Postretirement Benefits (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ' | ||||||||||||||||||||||||
Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets | ' | ||||||||||||||||||||||||
Projected benefit obligations related to pension plans with benefit obligations in excess of plan assets follow: | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
U.S. | Non-U.S. | Total | U.S. | Non-U.S. | Total | ||||||||||||||||||||
Projected benefit obligation | $ | 31,231 | $ | 27,415 | $ | 58,646 | $ | 396,695 | $ | 72,769 | $ | 469,464 | |||||||||||||
Fair value of plan assets | — | 19,353 | 19,353 | 294,040 | 63,842 | 357,882 | |||||||||||||||||||
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets | ' | ||||||||||||||||||||||||
Information related to pension plans with accumulated benefit obligations in excess of plan assets follows: | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
U.S. | Non-U.S. | Total | U.S. | Non-U.S. | Total | ||||||||||||||||||||
Projected benefit obligation | $ | 31,231 | $ | 9,421 | $ | 40,652 | $ | 396,695 | $ | 62,831 | $ | 459,526 | |||||||||||||
Accumulated benefit obligation | 30,913 | 8,994 | 39,907 | 382,023 | 62,355 | 444,378 | |||||||||||||||||||
Fair value of plan assets | — | 1,779 | 1,779 | 294,040 | 54,350 | 348,390 | |||||||||||||||||||
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) | ' | ||||||||||||||||||||||||
The sources of changes in accumulated other non-owner changes to equity, net, during 2013 were: | |||||||||||||||||||||||||
Pension | Other | ||||||||||||||||||||||||
Postretirement | |||||||||||||||||||||||||
Benefits | |||||||||||||||||||||||||
Prior service cost | $ | — | $ | — | |||||||||||||||||||||
Net gain | 61,770 | 2,522 | |||||||||||||||||||||||
Amortization of prior service costs (credits) | 622 | (2,565 | ) | ||||||||||||||||||||||
Amortization of actuarial loss | 11,179 | 620 | |||||||||||||||||||||||
Foreign exchange rate changes | (754 | ) | (95 | ) | |||||||||||||||||||||
Acquisition | (131 | ) | — | ||||||||||||||||||||||
$ | 72,686 | $ | 482 | ||||||||||||||||||||||
Schedule of Assumptions Used, Benefit Obligation | ' | ||||||||||||||||||||||||
Weighted-average assumptions used to determine benefit obligations at December 31, are: | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
U.S. plans: | |||||||||||||||||||||||||
Discount rate | 5.2 | % | 4.25 | % | |||||||||||||||||||||
Increase in compensation | 3.72 | % | 3.71 | % | |||||||||||||||||||||
Non-U.S. plans: | |||||||||||||||||||||||||
Discount rate | 3.93 | % | 3.73 | % | |||||||||||||||||||||
Increase in compensation | 2.76 | % | 2.69 | % | |||||||||||||||||||||
Schedule of Allocation of Plan Assets | ' | ||||||||||||||||||||||||
The fair values of the Company’s pension plan assets at December 31, 2013 and 2012, by asset category are as follows: | |||||||||||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||||||||||
Asset Category | Total | Quoted Prices in | Significant Other | Significant | |||||||||||||||||||||
Active Markets for | Observable Inputs | Unobservable | |||||||||||||||||||||||
Identical Assets | (Level 2) | Inputs | |||||||||||||||||||||||
(Level 1) | (Level 3) | ||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Cash and short-term investments | $ | 18,885 | $ | 18,885 | $ | — | $ | — | |||||||||||||||||
Equity securities: | |||||||||||||||||||||||||
U.S. large-cap | 131,749 | 61,257 | 70,492 | — | |||||||||||||||||||||
U.S. mid-cap | 47,276 | 47,276 | — | — | |||||||||||||||||||||
U.S. small-cap | 53,627 | 53,627 | — | — | |||||||||||||||||||||
International equities | 80,479 | — | 80,479 | — | |||||||||||||||||||||
Fixed income securities: | |||||||||||||||||||||||||
U.S. bond funds | 65,740 | — | 65,740 | — | |||||||||||||||||||||
International bonds | 37,357 | — | 37,357 | — | |||||||||||||||||||||
Real estate securities | 16,686 | — | 16,686 | — | |||||||||||||||||||||
Other | 1,779 | — | — | 1,779 | |||||||||||||||||||||
$ | 453,578 | $ | 181,045 | $ | 270,754 | $ | 1,779 | ||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||
Cash and short-term investments | $ | 14,633 | $ | 14,633 | $ | — | $ | — | |||||||||||||||||
Equity securities: | |||||||||||||||||||||||||
U.S. large-cap | 95,145 | 43,388 | 51,757 | — | |||||||||||||||||||||
U.S. mid-cap | 41,090 | 41,090 | — | — | |||||||||||||||||||||
U.S. small-cap | 42,558 | 42,558 | — | — | |||||||||||||||||||||
International equities | 77,111 | — | 77,111 | — | |||||||||||||||||||||
Fixed income securities: | |||||||||||||||||||||||||
U.S. bond funds | 66,276 | — | 66,276 | — | |||||||||||||||||||||
International bonds | 29,032 | — | 29,032 | — | |||||||||||||||||||||
Real estate securities | 20,174 | — | 20,174 | — | |||||||||||||||||||||
Other | 1,534 | — | — | 1,534 | |||||||||||||||||||||
$ | 387,553 | $ | 141,669 | $ | 244,350 | $ | 1,534 | ||||||||||||||||||
Schedule of Expected Benefit Payments | ' | ||||||||||||||||||||||||
The following are the estimated future net benefit payments, which include future service, over the next 10 years: | |||||||||||||||||||||||||
Pensions | Other | ||||||||||||||||||||||||
Postretirement | |||||||||||||||||||||||||
Benefits | |||||||||||||||||||||||||
2014 | $ | 30,364 | $ | 4,675 | |||||||||||||||||||||
2015 | 29,231 | 4,287 | |||||||||||||||||||||||
2016 | 29,513 | 4,156 | |||||||||||||||||||||||
2017 | 29,737 | 4,276 | |||||||||||||||||||||||
2018 | 30,549 | 4,085 | |||||||||||||||||||||||
Years 2019-2023 | 152,050 | 17,319 | |||||||||||||||||||||||
Total | $ | 301,444 | $ | 38,798 | |||||||||||||||||||||
Schedule of Net Benefit Costs | ' | ||||||||||||||||||||||||
Pension and other postretirement benefit expenses consist of the following: | |||||||||||||||||||||||||
Pensions | Other | ||||||||||||||||||||||||
Postretirement Benefits | |||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||
Service cost | $ | 6,181 | $ | 6,530 | $ | 5,923 | $ | 233 | $ | 273 | $ | 286 | |||||||||||||
Interest cost | 20,112 | 21,624 | 22,452 | 2,061 | 2,532 | 2,831 | |||||||||||||||||||
Expected return on plan assets | (33,144 | ) | (32,827 | ) | (32,041 | ) | — | — | — | ||||||||||||||||
Amortization of prior service cost (credit) | 752 | 845 | 1,124 | (1,006 | ) | (1,585 | ) | (1,541 | ) | ||||||||||||||||
Recognized losses | 16,365 | 12,048 | 5,725 | 1,004 | 1,082 | 806 | |||||||||||||||||||
Curtailment loss (gain) | 199 | — | (1,884 | ) | (3,081 | ) | — | — | |||||||||||||||||
Settlement loss | 637 | 92 | 304 | — | — | — | |||||||||||||||||||
Special termination benefits | 1,016 | — | — | — | — | — | |||||||||||||||||||
Net periodic benefit cost | $ | 12,118 | $ | 8,312 | $ | 1,603 | $ | (789 | ) | $ | 2,302 | $ | 2,382 | ||||||||||||
Schedule of Assumptions Used, Net Benefit Expense | ' | ||||||||||||||||||||||||
Weighted-average assumptions used to determine net benefit expense for years ended December 31, are: | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
U.S. plans: | |||||||||||||||||||||||||
Discount rate | 4.25 | % | 5.05 | % | 5.65 | % | |||||||||||||||||||
Long-term rate of return | 9 | % | 9 | % | 9 | % | |||||||||||||||||||
Increase in compensation | 3.71 | % | 3.71 | % | 3.71 | % | |||||||||||||||||||
Non-U.S. plans: | |||||||||||||||||||||||||
Discount rate | 3.73 | % | 4.46 | % | 4.89 | % | |||||||||||||||||||
Long-term rate of return | 5.33 | % | 5.79 | % | 5.87 | % | |||||||||||||||||||
Increase in compensation | 2.69 | % | 2.76 | % | 2.72 | % | |||||||||||||||||||
Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates | ' | ||||||||||||||||||||||||
A one percentage point change in the assumed health care cost trend rate would have the following effects: | |||||||||||||||||||||||||
One Percentage | One Percentage | ||||||||||||||||||||||||
Point Increase | Point Decrease | ||||||||||||||||||||||||
Effect on postretirement benefit obligation | $ | 574 | $ | (525 | ) | ||||||||||||||||||||
Effect on postretirement benefit cost | 25 | (23 | ) | ||||||||||||||||||||||
Schedule of Multiemployer Plans | ' | ||||||||||||||||||||||||
Contributions by the Company | |||||||||||||||||||||||||
Pension Fund: | 2013 | 2012 | 2011 | ||||||||||||||||||||||
Teamsters Local 641 Pension Fund (Edison, New Jersey) | $ | 23 | $ | 97 | $ | 101 | |||||||||||||||||||
Swedish Pension Plan (ITP2) | 414 | 409 | 292 | ||||||||||||||||||||||
Total Contributions | $ | 437 | $ | 506 | $ | 393 | |||||||||||||||||||
Defined benefit pension plans [Member] | ' | ||||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ' | ||||||||||||||||||||||||
Schedule of Net Funded Status | ' | ||||||||||||||||||||||||
The accompanying balance sheets reflect the funded status of the Company’s defined benefit pension plans at December 31, 2013 and 2012, respectively. Reconciliations of the obligations and funded status of the plans follow: | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
U.S. | Non-U.S. | Total | U.S. | Non-U.S. | Total | ||||||||||||||||||||
Benefit obligation, January 1 | $ | 423,547 | $ | 72,769 | $ | 496,316 | $ | 377,982 | $ | 63,444 | $ | 441,426 | |||||||||||||
Service cost | 5,403 | 778 | 6,181 | 5,860 | 670 | 6,530 | |||||||||||||||||||
Interest cost | 17,571 | 2,541 | 20,112 | 18,800 | 2,824 | 21,624 | |||||||||||||||||||
Amendments | — | — | — | 158 | — | 158 | |||||||||||||||||||
Actuarial (gain) loss | (40,734 | ) | 31 | (40,703 | ) | 43,155 | 4,820 | 47,975 | |||||||||||||||||
Benefits paid | (23,348 | ) | (4,712 | ) | (28,060 | ) | (22,408 | ) | (3,740 | ) | (26,148 | ) | |||||||||||||
Transfers in | — | 6,786 | 6,786 | — | 2,588 | 2,588 | |||||||||||||||||||
Plan curtailments | (8,715 | ) | — | (8,715 | ) | — | — | — | |||||||||||||||||
Plan settlements | — | — | — | — | (769 | ) | (769 | ) | |||||||||||||||||
Special termination benefit | 1,016 | — | 1,016 | — | — | — | |||||||||||||||||||
Participant contributions | — | 545 | 545 | — | 469 | 469 | |||||||||||||||||||
Foreign exchange rate changes | — | 244 | 244 | — | 2,463 | 2,463 | |||||||||||||||||||
Benefit obligation, December 31 | 374,740 | 78,982 | 453,722 | 423,547 | 72,769 | 496,316 | |||||||||||||||||||
Fair value of plan assets, January 1 | 323,711 | 63,842 | 387,553 | 283,538 | 56,832 | 340,370 | |||||||||||||||||||
Actual return on plan assets | 74,622 | 6,357 | 80,979 | 42,755 | 4,158 | 46,913 | |||||||||||||||||||
Company contributions | 4,074 | 1,910 | 5,984 | 19,826 | 2,591 | 22,417 | |||||||||||||||||||
Participant contributions | — | 545 | 545 | — | 469 | 469 | |||||||||||||||||||
Benefits paid | (23,348 | ) | (4,712 | ) | (28,060 | ) | (22,408 | ) | (3,740 | ) | (26,148 | ) | |||||||||||||
Plan settlements | — | — | — | — | (769 | ) | (769 | ) | |||||||||||||||||
Transfers in | — | 6,627 | 6,627 | 2,086 | 2,086 | ||||||||||||||||||||
Foreign exchange rate changes | — | (50 | ) | (50 | ) | — | 2,215 | 2,215 | |||||||||||||||||
Fair value of plan assets, December 31 | 379,059 | 74,519 | 453,578 | 323,711 | 63,842 | 387,553 | |||||||||||||||||||
Funded/(underfunded) status, December 31 | $ | 4,319 | $ | (4,463 | ) | $ | (144 | ) | $ | (99,836 | ) | $ | (8,927 | ) | $ | (108,763 | ) | ||||||||
Schedule of Amounts Recognized in Balance Sheet | ' | ||||||||||||||||||||||||
Amounts related to pensions recognized in the accompanying balance sheets consist of: | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
U.S. | Non-U.S. | Total | U.S. | Non-U.S. | Total | ||||||||||||||||||||
Other assets | $ | 35,550 | $ | 3,599 | $ | 39,149 | $ | 2,819 | $ | — | $ | 2,819 | |||||||||||||
Accrued liabilities | 2,707 | 627 | 3,334 | 2,720 | 389 | 3,109 | |||||||||||||||||||
Accrued retirement benefits | 28,524 | 7,435 | 35,959 | 99,935 | 8,538 | 108,473 | |||||||||||||||||||
Accumulated other non-owner changes to equity, net | (48,564 | ) | (18,858 | ) | (67,422 | ) | (116,305 | ) | (23,803 | ) | (140,108 | ) | |||||||||||||
Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) | ' | ||||||||||||||||||||||||
Amounts related to pensions recognized in accumulated other non-owner changes to equity, net of tax, at December 31, 2013 and 2012, respectively, consist of: | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
U.S. | Non-U.S. | Total | U.S. | Non-U.S. | Total | ||||||||||||||||||||
Net actuarial loss | $ | (47,538 | ) | $ | (18,477 | ) | $ | (66,015 | ) | $ | (114,748 | ) | $ | (23,318 | ) | $ | (138,066 | ) | |||||||
Prior service costs | (1,026 | ) | (381 | ) | (1,407 | ) | (1,557 | ) | (485 | ) | (2,042 | ) | |||||||||||||
$ | (48,564 | ) | $ | (18,858 | ) | $ | (67,422 | ) | $ | (116,305 | ) | $ | (23,803 | ) | $ | (140,108 | ) | ||||||||
Other postretirement benefit plans [Member] | ' | ||||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ' | ||||||||||||||||||||||||
Schedule of Net Funded Status | ' | ||||||||||||||||||||||||
The accompanying balance sheets reflect the underfunded status of the Company’s other postretirement benefit plans at December 31, 2013 and 2012. Reconciliations of the obligations and underfunded status of the plans follow: | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Benefit obligation, January 1 | $ | 53,988 | $ | 54,587 | |||||||||||||||||||||
Service cost | 233 | 273 | |||||||||||||||||||||||
Interest cost | 2,061 | 2,532 | |||||||||||||||||||||||
Actuarial (gain) loss | (2,328 | ) | 745 | ||||||||||||||||||||||
Benefits paid | (9,133 | ) | (6,922 | ) | |||||||||||||||||||||
Curtailment gain | (1,675 | ) | — | ||||||||||||||||||||||
Participant contributions | 3,039 | 2,782 | |||||||||||||||||||||||
Foreign exchange rate changes | 58 | (9 | ) | ||||||||||||||||||||||
Benefit obligation, December 31 | 46,243 | 53,988 | |||||||||||||||||||||||
Fair value of plan assets, January 1 | — | — | |||||||||||||||||||||||
Company contributions | 6,094 | 4,140 | |||||||||||||||||||||||
Participant contributions | 3,039 | 2,782 | |||||||||||||||||||||||
Benefits paid | (9,133 | ) | (6,922 | ) | |||||||||||||||||||||
Fair value of plan assets, December 31 | — | — | |||||||||||||||||||||||
Underfunded status, December 31 | $ | 46,243 | $ | 53,988 | |||||||||||||||||||||
Schedule of Amounts Recognized in Balance Sheet | ' | ||||||||||||||||||||||||
Amounts related to other postretirement benefits recognized in the accompanying balance sheets consist of: | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Accrued liabilities | $ | 4,891 | $ | 5,075 | |||||||||||||||||||||
Accrued retirement benefits | 41,352 | 48,913 | |||||||||||||||||||||||
Accumulated other non-owner changes to equity, net | (5,804 | ) | (6,286 | ) | |||||||||||||||||||||
Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) | ' | ||||||||||||||||||||||||
Amounts related to other postretirement benefits recognized in accumulated other non-owner changes to equity, net of tax, at December 31, 2013 and 2012 consist of: | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Net actuarial loss | $ | (6,885 | ) | $ | (9,895 | ) | |||||||||||||||||||
Prior service credits | 1,081 | 3,609 | |||||||||||||||||||||||
$ | (5,804 | ) | $ | (6,286 | ) |
Stockbased_Compensation_Tables
Stock-based Compensation (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Share-based Compensation [Abstract] | ' | |||||||||||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity | ' | |||||||||||||||||||||||
The following table summarizes information about the Company’s stock option awards during 2013: | ||||||||||||||||||||||||
Number of | Weighted-Average | |||||||||||||||||||||||
Shares | Exercise | |||||||||||||||||||||||
Price | ||||||||||||||||||||||||
Outstanding, January 1, 2013 | 2,227,145 | $ | 18.4 | |||||||||||||||||||||
Granted | 155,900 | 24.58 | ||||||||||||||||||||||
Exercised | (843,805 | ) | 15.45 | |||||||||||||||||||||
Forfeited | (22,899 | ) | 20.25 | |||||||||||||||||||||
Outstanding, December 31, 2013 | 1,516,341 | 20.65 | ||||||||||||||||||||||
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range | ' | |||||||||||||||||||||||
The following table summarizes information about stock options outstanding at December 31, 2013: | ||||||||||||||||||||||||
Options Outstanding | Options Exercisable | |||||||||||||||||||||||
Range of | Number | Average | Average | Number | Average | |||||||||||||||||||
Exercise | of Shares | Remaining | Exercise | of Shares | Exercise | |||||||||||||||||||
Prices | Life (Years) | Price | Price | |||||||||||||||||||||
$11.45 to $20.21 | 613,978 | 4.01 | $ | 16.6 | 592,454 | $ | 16.61 | |||||||||||||||||
$20.69 to $22.34 | 472,189 | 4.54 | 21.42 | 374,070 | 21.61 | |||||||||||||||||||
$23.18 to $26.59 | 423,674 | 5.56 | 25.48 | 191,646 | 25.88 | |||||||||||||||||||
$32.76 to $33.45 | 6,500 | 3.63 | 32.97 | 6,500 | 32.97 | |||||||||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | ' | |||||||||||||||||||||||
The fair value of each stock option grant on the date of grant was estimated using the Black-Scholes option-pricing model based on the following weighted average assumptions: | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
Risk-free interest rate | 0.96 | % | 0.98 | % | 2.04 | % | ||||||||||||||||||
Expected life (years) | 5.3 | 5.3 | 5.2 | |||||||||||||||||||||
Expected volatility | 48.9 | % | 50.2 | % | 49.6 | % | ||||||||||||||||||
Expected dividend yield | 2.38 | % | 2.56 | % | 2.75 | % | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding and Exercisable | ' | |||||||||||||||||||||||
The following table summarizes information about stock options outstanding that are expected to vest and stock options outstanding that are exercisable at December 31, 2013: | ||||||||||||||||||||||||
Options Outstanding, Expected to Vest | Options Outstanding, Exercisable | |||||||||||||||||||||||
Shares | Weighted- | Aggregate | Weighted- | Shares | Weighted- | Aggregate | Weighted- | |||||||||||||||||
Average | Intrinsic | Average | Average | Intrinsic | Average | |||||||||||||||||||
Exercise | Value | Remaining | Exercise | Value | Remaining | |||||||||||||||||||
Price | Term (Years) | Price | Term (Years) | |||||||||||||||||||||
1,491,252 | $ | 20.65 | $ | 26,334 | 4.61 | 1,164,670 | $ | 19.83 | $ | 21,519 | 4.06 | |||||||||||||
Schedule of Share-based Compensation, Restricted Stock Units, Activity | ' | |||||||||||||||||||||||
The following table summarizes information about the Company’s Rights during 2013: | ||||||||||||||||||||||||
Service Based Rights | Service and Performance Based Rights | Service and Market Based Rights | ||||||||||||||||||||||
Number of Units | Weighted-Average Grant Date Fair Value | Number of Units | Weighted-Average Grant Date Fair Value | Number of Units | Weighted-Average Grant Date Fair Value | |||||||||||||||||||
Outstanding, January 1, 2013 | 565,477 | $ | 18.11 | 124,067 | $ | 24.08 | 60,367 | $ | 40.03 | |||||||||||||||
Granted | 257,245 | 26.62 | 105,103 | 24.37 | 52,552 | 38.57 | ||||||||||||||||||
Forfeited | (22,164 | ) | 25.35 | (1,293 | ) | 32.23 | (647 | ) | 41.09 | |||||||||||||||
Vested / Issued | (241,982 | ) | 28.25 | (3,333 | ) | 18.51 | — | — | ||||||||||||||||
Outstanding, December 31, 2013 | 558,576 | 20.6 | 224,544 | 24.42 | 112,272 | 35.87 | ||||||||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||||||
Schedule of Effective Income Tax Rate Reconciliation | ' | ||||||||||||||||
A reconciliation of the U.S. federal statutory income tax rate to the consolidated effective income tax rate from continuing operations follows: | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
U.S. federal statutory income tax rate | 35 | % | 35 | % | 35 | % | |||||||||||
State taxes (net of federal benefit) | 0.3 | 0.3 | 0.5 | ||||||||||||||
Foreign losses without tax benefit | 0.8 | 0.8 | 0.3 | ||||||||||||||
U.S. Tax Court Decision | 15.3 | — | — | ||||||||||||||
Foreign operations taxed at lower rates | (20.6 | ) | (23.7 | ) | (25.5 | ) | |||||||||||
ESOP dividend | (0.3 | ) | (0.5 | ) | (0.4 | ) | |||||||||||
Repatriation from current year foreign earnings | 1.1 | 2.3 | 7.6 | ||||||||||||||
Other | 1.2 | (0.7 | ) | 0.1 | |||||||||||||
Consolidated effective income tax rate | 32.8 | % | 13.5 | % | 17.6 | % | |||||||||||
Schedule of Income before Income Tax, Domestic and Foreign and Components of Income Tax Expense | ' | ||||||||||||||||
The components of Income from continuing operations before income taxes and Income taxes follow: | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Income from continuing operations before income taxes: | |||||||||||||||||
U.S. | $ | 10,343 | $ | 8,853 | $ | (630 | ) | ||||||||||
International | 97,231 | 83,409 | 91,605 | ||||||||||||||
Income from continuing operations before income taxes | $ | 107,574 | $ | 92,262 | $ | 90,975 | |||||||||||
Income tax provision: | |||||||||||||||||
Current: | |||||||||||||||||
U.S. – federal | $ | 8,356 | $ | 579 | $ | 12,223 | |||||||||||
U.S. – state | 539 | 24 | (128 | ) | |||||||||||||
International | 16,933 | 13,418 | 11,695 | ||||||||||||||
25,828 | 14,021 | 23,790 | |||||||||||||||
Deferred: | |||||||||||||||||
U.S. – federal | 13,792 | 4,610 | (6,382 | ) | |||||||||||||
U.S. – state | (110 | ) | 566 | 928 | |||||||||||||
International | (4,257 | ) | (6,765 | ) | (2,316 | ) | |||||||||||
9,425 | (1,589 | ) | (7,770 | ) | |||||||||||||
Income taxes | $ | 35,253 | $ | 12,432 | $ | 16,020 | |||||||||||
Schedule of Deferred Tax Assets and Liabilities | ' | ||||||||||||||||
Deferred income tax assets and liabilities at December 31 consist of the tax effects of temporary differences related to the following: | |||||||||||||||||
Assets | Liabilities | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Allowance for doubtful accounts | $ | 520 | $ | 946 | $ | 88 | $ | 78 | |||||||||
Depreciation and amortization | 1,886 | (13,881 | ) | 96,305 | 35,245 | ||||||||||||
Inventory valuation | 17,292 | 15,486 | 4,241 | 1,288 | |||||||||||||
Other postretirement/postemployment costs | 3,065 | 20,841 | (14,536 | ) | (350 | ) | |||||||||||
Tax loss carryforwards | 15,363 | 48,402 | (1,445 | ) | — | ||||||||||||
Pension | 1,631 | 41,854 | (1,049 | ) | (262 | ) | |||||||||||
Accrued compensation | 5,949 | 12,611 | (9,381 | ) | — | ||||||||||||
Goodwill | — | (35,236 | ) | 12,805 | 53 | ||||||||||||
Swedish tax incentive | — | — | 4,590 | 3,898 | |||||||||||||
Contingent convertible debt interest | (12,848 | ) | (10,846 | ) | — | — | |||||||||||
Unrealized foreign currency gain | — | — | 2,948 | 2,613 | |||||||||||||
Other | 6,555 | 8,626 | 3,735 | 7,921 | |||||||||||||
39,413 | 88,803 | 98,301 | 50,484 | ||||||||||||||
Valuation allowance | (18,873 | ) | (24,936 | ) | — | — | |||||||||||
$ | 20,540 | $ | 63,867 | $ | 98,301 | $ | 50,484 | ||||||||||
Current deferred income taxes | $ | 18,226 | $ | 33,906 | $ | 3,795 | $ | 1,777 | |||||||||
Non-current deferred income taxes | 2,314 | 29,961 | 94,506 | 48,707 | |||||||||||||
$ | 20,540 | $ | 63,867 | $ | 98,301 | $ | 50,484 | ||||||||||
Summary of Income Tax Contingencies | ' | ||||||||||||||||
A reconciliation of the unrecognized tax benefits for 2013, 2012 and 2011 follows: | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Balance at January 1 | $ | 9,321 | $ | 6,965 | $ | 7,102 | |||||||||||
Increase (decrease) in unrecognized tax benefits due to: | |||||||||||||||||
Tax positions taken during prior periods | 9,944 | — | — | ||||||||||||||
Tax positions taken during the current period | 3,350 | — | 215 | ||||||||||||||
Acquisition | 556 | 2,528 | — | ||||||||||||||
Settlements | (15,144 | ) | (172 | ) | (175 | ) | |||||||||||
Lapse of the applicable statute of limitations | — | — | (177 | ) | |||||||||||||
Balance at December 31 | $ | 8,027 | $ | 9,321 | $ | 6,965 | |||||||||||
The Company recognizes interest and penalties, if any, related to unrecognized tax benefits in income tax expense. The Company recognized interest and penalties as a component of income taxes of $9,614, $0, and $(32) in the years 2013, 2012, and 2011 respectively. The liability for unrecognized tax benefits include gross accrued interest and penalties of $1,031, $0 and $0 at December 31, 2013, 2012 and 2011, respectively. | |||||||||||||||||
The Company or its subsidiaries file income tax returns in the U.S. federal jurisdiction, and various state and foreign jurisdictions. In the normal course of business, the Company is subject to examination by various taxing authorities, including the IRS in the U.S. and the taxing authorities in other major jurisdictions such as Brazil, Canada, China, France, Germany, Mexico, Singapore, Sweden, Switzerland and the United Kingdom. With few exceptions, the Company is no longer subject to U.S. federal, state and local, or non-U.S. income tax examinations by tax authorities for years before 2003. See Note 20 of the Consolidated Financial Statements for a discussion of current IRS matters. |
Weighted_Average_Shares_Outsta1
Weighted Average Shares Outstanding (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Weighted Average Shares Outstanding [Abstract] | ' | |||||||||
Schedule of Weighted Average Number of Shares | ' | |||||||||
A reconciliation of the weighted-average number of common shares outstanding used in the calculation of basic and diluted earnings per share follows: | ||||||||||
Weighted-Average Common Shares Outstanding | ||||||||||
2013 | 2012 | 2011 | ||||||||
Basic | 53,860,308 | 54,626,453 | 55,214,586 | |||||||
Dilutive effect of: | ||||||||||
Stock options | 575,202 | 478,462 | 645,280 | |||||||
Restricted stock units | 280,488 | 70,554 | 19,089 | |||||||
Convertible senior subordinated debt | 209,321 | — | — | |||||||
Non-Employee Director Deferred Stock Plan | 48,025 | 48,988 | 52,927 | |||||||
Diluted | 54,973,344 | 55,224,457 | 55,931,882 | |||||||
Changes_in_Accumulated_Other_C1
Changes in Accumulated Other Comprehensive Income by Component (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | |||||||||||||||
Schedule of Changes in Accumulated Other Comprehensive Income By Component | ' | |||||||||||||||
The following table sets forth the changes in accumulated other comprehensive income by component for the year ended December 31, 2013: | ||||||||||||||||
Gains and Losses on Cash Flow Hedges | Pension and Other Postretirement Benefit Items | Foreign Currency Items | Total | |||||||||||||
1-Jan-13 | $ | (432 | ) | $ | (146,441 | ) | $ | 80,121 | $ | (66,752 | ) | |||||
Other comprehensive income before reclassifications to consolidated statements of income | (48 | ) | 63,315 | 15,472 | 78,739 | |||||||||||
Amounts reclassified from accumulated other comprehensive (loss) income to the consolidated statements of income | (39 | ) | 9,853 | 4,143 | 13,957 | |||||||||||
Net current-period other comprehensive income | (87 | ) | 73,168 | 19,615 | 92,696 | |||||||||||
31-Dec-13 | $ | (519 | ) | $ | (73,273 | ) | $ | 99,736 | $ | 25,944 | ||||||
Schedule of Amounts Reclassified Out of Accumulated Other Comprehensive Income to the Consolidated Statements of Income | ' | |||||||||||||||
The following table sets forth the reclassifications out of accumulated other comprehensive income by component for the year ended December 31, 2013: | ||||||||||||||||
Details about Accumulated Other Comprehensive Income Components | Amount Reclassified from Accumulated Other Comprehensive Income | Affected Line Item in the Consolidated Statements of Income | ||||||||||||||
Gains and losses on cash flow hedges | ||||||||||||||||
Interest rate contracts | $ | (850 | ) | Interest expense | ||||||||||||
Foreign exchange contracts | 733 | Net sales | ||||||||||||||
(117 | ) | Total before tax | ||||||||||||||
156 | Tax benefit | |||||||||||||||
39 | Net of tax | |||||||||||||||
Pension and other postretirement benefit items | ||||||||||||||||
Amortization of prior-service credits, net | $ | 254 | (A) | |||||||||||||
Amortization of actuarial losses | (17,369 | ) | (A) | |||||||||||||
Curtailment gain (net) | 2,882 | (A) | ||||||||||||||
Settlement loss | (637 | ) | (A) | |||||||||||||
(14,870 | ) | Total before tax | ||||||||||||||
5,017 | Tax benefit | |||||||||||||||
(9,853 | ) | Net of tax | ||||||||||||||
Foreign currency items | ||||||||||||||||
Charge to cumulative translation adjustment (sale of BDNA) | $ | (4,143 | ) | Income from discontinued operations | ||||||||||||
— | Tax benefit | |||||||||||||||
(4,143 | ) | Net of tax | ||||||||||||||
Total reclassifications in the period | $ | (13,957 | ) | |||||||||||||
(A) These accumulated other comprehensive income components are included within the computation of net periodic pension cost. See Note 11. |
Information_on_Business_Segmen1
Information on Business Segments (Tables) | 12 Months Ended | |||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||
Schedule of Segment Reporting Information, by Segment | ' | |||||||||||||||||
The following tables (dollars shown in millions) set forth information about the Company’s operations by its reportable business segments and by geographic area. | ||||||||||||||||||
Operations by Reportable Business Segment | ||||||||||||||||||
Industrial | Aerospace | Other | Total Company | |||||||||||||||
Revenues | ||||||||||||||||||
2013 | $ | 687.6 | $ | 404 | $ | — | $ | 1,091.60 | ||||||||||
2012 | 538.3 | 390.5 | — | 928.8 | ||||||||||||||
2011 | 482.6 | 382.5 | — | 865.1 | ||||||||||||||
Operating profit | ||||||||||||||||||
2013 | $ | 71.9 | $ | 51.3 | $ | — | $ | 123.2 | ||||||||||
2012 | 49.3 | 57.9 | — | 107.1 | ||||||||||||||
2011 | 45.8 | 55.7 | — | 101.6 | ||||||||||||||
Assets | ||||||||||||||||||
2013 | $ | 1,410.40 | $ | 567.1 | $ | 146.2 | $ | 2,123.70 | ||||||||||
2012 | 907.1 | 533.5 | 428 | 1,868.60 | ||||||||||||||
2011 | 483 | 544.9 | 412.5 | 1,440.40 | ||||||||||||||
Depreciation and amortization | ||||||||||||||||||
2013 | $ | 38.4 | $ | 23.2 | $ | 3.5 | $ | 65.1 | ||||||||||
2012 | 24.4 | 21.2 | 11.8 | 57.4 | ||||||||||||||
2011 | 19.3 | 24.2 | 15.4 | 58.9 | ||||||||||||||
Capital expenditures | ||||||||||||||||||
2013 | $ | 31.3 | $ | 23.8 | $ | 2.2 | $ | 57.3 | ||||||||||
2012 | 24.3 | 8.6 | 4.9 | 37.8 | ||||||||||||||
2011 | 18.7 | 13.5 | 4.9 | 37.1 | ||||||||||||||
_________________________ | ||||||||||||||||||
Notes: | ||||||||||||||||||
One customer, General Electric, accounted for 21%, 23% and 26% of the Company’s total revenues in 2013, 2012 and 2011, respectively. | ||||||||||||||||||
“Other” revenues represent the elimination of intersegment sales. | ||||||||||||||||||
“Other” assets include corporate-controlled assets, the majority of which are cash and deferred tax assets. "Other" assets as of December 31, 2012 and 2011 also include the assets of BDNA, which was sold on April 22, 2013. "Other" Depreciation and Amortization and "Other" Capital Expenditures in 2012 and 2011 also relate to transactions that occurred at BDNA, prior to its sale. See Note 2. | ||||||||||||||||||
Reconciliation of Operating Profit (Loss) from Segments to Consolidated | ' | |||||||||||||||||
A reconciliation of the total reportable segments’ operating profit to income from continuing operations before income taxes follows: | ||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||
Operating profit | $ | 123.2 | $ | 107.1 | $ | 101.6 | ||||||||||||
Interest expense | 13.1 | 12.2 | 10.3 | |||||||||||||||
Other expense (income), net | 2.5 | 2.6 | 0.3 | |||||||||||||||
Income from continuing operations before income taxes | $ | 107.6 | $ | 92.3 | $ | 91 | ||||||||||||
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas | ' | |||||||||||||||||
Operations by Geographic Area | ||||||||||||||||||
Domestic | International | Other | Total | |||||||||||||||
Company | ||||||||||||||||||
Revenues | ||||||||||||||||||
2013 | $ | 593.3 | $ | 524.1 | $ | (25.9 | ) | $ | 1,091.60 | |||||||||
2012 | 529.9 | 421.7 | (22.8 | ) | 928.8 | |||||||||||||
2011 | 495.6 | 394.7 | (25.3 | ) | 865.1 | |||||||||||||
Long-lived assets | ||||||||||||||||||
2013 | $ | 330.2 | $ | 1,214.00 | $ | — | $ | 1,544.20 | ||||||||||
2012 | 372 | 848.1 | — | 1,220.10 | ||||||||||||||
2011 | 303.7 | 559 | — | 862.7 | ||||||||||||||
_________________________ | ||||||||||||||||||
Notes: | ||||||||||||||||||
Germany, with sales of $140.8 million in 2013, represents the only international country with revenues in excess of 10% of the Company's total revenues. International sales derived from any one country did not exceed 10% of the Company's total revenues for 2012 or 2011. | ||||||||||||||||||
“Other” revenues represent the elimination of intercompany sales between geographic locations, of which approximately 72% were sales from international locations to domestic locations. | ||||||||||||||||||
Long-lived assets located in any one international country that exceeded 10% of the Company’s total long-lived assets as of December 31, 2013 included $229.5 million of intangible assets related to the RSPs recorded in Singapore at the aftermarket division of the Aerospace segment, $156.4 million primarily related to goodwill and intangible assets at the Synventive China division of the Industrial segment, $477.3 million primarily related to goodwill, property, plant and equipment and intangible assets at the Synventive Germany and Männer Germany divisions of the Industrial segment and $193.8 million primarily related to goodwill and property, plant and equipment at the Hänggi division of the Industrial segment located in Switzerland. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
subsidiary | Segment | Segment | |||
Schedule of Useful Lives [Line Items] | ' | ' | ' | ' | ' |
Number of Subsidiaries Included in Business Acquisition | 2 | ' | ' | ' | ' |
Number Of Reportable Segments | ' | 2 | 2 | ' | ' |
Maximum Maturity Term to Be Considered Cash and Cash Equivalents | ' | ' | '3 years | ' | ' |
Goodwill, Impairment Loss | ' | ' | $0 | ' | ' |
Foreign Currency Transaction Gain (Loss), before Tax | ' | ' | $945 | ($2,144) | ($224) |
Buildings [Member] | Minimum [Member] | ' | ' | ' | ' | ' |
Schedule of Useful Lives [Line Items] | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Useful Life | ' | ' | '20 years | ' | ' |
Buildings [Member] | Maximum [Member] | ' | ' | ' | ' | ' |
Schedule of Useful Lives [Line Items] | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Useful Life | ' | ' | '50 years | ' | ' |
Computer equipment [Member] | Minimum [Member] | ' | ' | ' | ' | ' |
Schedule of Useful Lives [Line Items] | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Useful Life | ' | ' | '3 years | ' | ' |
Computer equipment [Member] | Maximum [Member] | ' | ' | ' | ' | ' |
Schedule of Useful Lives [Line Items] | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Useful Life | ' | ' | '5 years | ' | ' |
Machinery and equipment [Member] | Minimum [Member] | ' | ' | ' | ' | ' |
Schedule of Useful Lives [Line Items] | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Useful Life | ' | ' | '4 years | ' | ' |
Machinery and equipment [Member] | Maximum [Member] | ' | ' | ' | ' | ' |
Schedule of Useful Lives [Line Items] | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Useful Life | ' | ' | '12 years | ' | ' |
Furnaces and boilers [Member] | Minimum [Member] | ' | ' | ' | ' | ' |
Schedule of Useful Lives [Line Items] | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Useful Life | ' | ' | '12 years | ' | ' |
Furnaces and boilers [Member] | Maximum [Member] | ' | ' | ' | ' | ' |
Schedule of Useful Lives [Line Items] | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Useful Life | ' | ' | '17 years | ' | ' |
Discontinued_Operations_Detail
Discontinued Operations (Details) | 12 Months Ended | 0 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 30, 2011 | Sep. 30, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 30, 2011 |
USD ($) | USD ($) | USD ($) | Barnes Distribution Europe and Barnes Distribution North America [Member] | Barnes Distribution Europe and Barnes Distribution North America [Member] | Barnes Distribution Europe and Barnes Distribution North America [Member] | Barnes Distribution North America [Member] | Barnes Distribution North America [Member] | Barnes Distribution North America [Member] | Barnes Distribution Europe [Member] | Barnes Distribution Europe [Member] | Barnes Distribution Europe [Member] | Barnes Distribution Europe [Member] | Barnes Distribution Europe [Member] | Barnes Distribution Europe [Member] | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | EUR (€) | USD ($) | USD ($) | EUR (€) | EUR (€) | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from (payments for) the sale of businesses | $538,942 | ($438) | $22,492 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated After-Tax Proceeds from Divestiture of Business | ' | ' | ' | ' | ' | ' | 420,190 | ' | ' | ' | ' | ' | ' | ' | ' |
Income Tax Payments Related to Gain on Sale of Business | ' | ' | ' | ' | ' | ' | 130,004 | ' | ' | ' | ' | ' | ' | ' | ' |
Income Tax Receivable Related to Gain on Sale of Business | ' | ' | ' | ' | ' | ' | 12,608 | ' | ' | ' | ' | ' | ' | ' | ' |
Income Tax Expense Related to Discontinued Operations | ' | ' | ' | ' | 10,831 | 10,460 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from divestiture of businesses | ' | ' | ' | ' | ' | ' | ' | ' | ' | 33,358 | ' | ' | ' | ' | ' |
Proceeds in escrow | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,038 | 5,100 | 9,000 |
Increase (Decrease) in Restricted Cash | 0 | -4,900 | 11,664 | ' | ' | ' | ' | ' | ' | ' | -3,900 | ' | ' | ' | ' |
Goodwill, Allocated to Disposal Group | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17,200 | ' | ' | ' |
Goodwill, Impairment Loss | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16,800 | ' | ' | ' |
Transaction costs on sale of business | ' | ' | ' | ' | ' | ' | 9,749 | ' | ' | ' | ' | 8,248 | ' | ' | ' |
Net sales | ' | ' | ' | 93,173 | 301,179 | 415,382 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income before income taxes | ' | ' | ' | 5,248 | 27,136 | 26,929 | 6,345 | 29,384 | 26,929 | ' | ' | ' | ' | ' | ' |
Income tax expense | ' | ' | ' | 2,359 | 10,918 | 11,041 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income from operations of discontinued businesses, net of income taxes | ' | ' | ' | 2,889 | 16,218 | 15,888 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain (loss) on transaction | 313,708 | -886 | -26,709 | 313,708 | -886 | -26,709 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income tax expense (benefit) on sale | ' | ' | ' | 118,391 | -87 | -581 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain (loss) on the sale of businesses, net of income taxes | ' | ' | ' | 195,317 | -799 | -26,128 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income (loss) from discontinued operations, net of income taxes | $198,206 | $15,419 | ($10,240) | $198,206 | $15,419 | ($10,240) | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisition_Details
Acquisition (Details) | 12 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | ||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Oct. 31, 2013 | Oct. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Aug. 27, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2011 |
USD ($) | USD ($) | USD ($) | Männer Business and Synventive [Member] | Männer Business and Synventive [Member] | Männer Business and Synventive [Member] | Männer Business [Member] | Männer Business [Member] | Männer Business [Member] | Männer Business [Member] | Synventive [Member] | Synventive [Member] | Synventive [Member] | Parent Company [Member] | |
USD ($) | USD ($) | USD ($) | USD ($) | EUR (€) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | ||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate purchase price | ' | ' | ' | ' | ' | ' | $380,673 | € 280,742 | ' | ' | $351,463 | ' | ' | ' |
Cash paid | ' | ' | ' | ' | ' | ' | 343,978 | 253,242 | ' | ' | 305,926 | ' | ' | ' |
Equity interests issued (in shares) | ' | ' | ' | ' | ' | ' | 1,032,493 | 1,032,493 | ' | ' | ' | ' | ' | ' |
Equity interests issued | ' | ' | ' | ' | ' | ' | 36,695 | 27,500 | ' | ' | ' | ' | ' | ' |
Cash acquired | ' | ' | ' | ' | ' | ' | 36,714 | 27,030 | ' | ' | 9,366 | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 45,537 | ' | ' | ' |
Repayments of debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 45,156 | ' | ' | ' |
Acquisition related costs | ' | ' | ' | ' | ' | ' | ' | ' | 3,642 | ' | ' | 2,377 | ' | ' |
Sales since date of acquisition | ' | ' | ' | ' | ' | ' | ' | ' | 18,894 | ' | ' | 60,070 | ' | ' |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | 2,817 | ' | ' | 1,892 | ' | ' |
Accounts Receivable | ' | ' | ' | ' | ' | ' | 15,329 | ' | ' | ' | 43,270 | ' | ' | ' |
Inventories | ' | ' | ' | ' | ' | ' | 32,908 | ' | ' | ' | 13,392 | ' | ' | ' |
Other current assets | ' | ' | ' | ' | ' | ' | 423 | ' | ' | ' | 3,988 | ' | ' | ' |
Property, plant and equipment | ' | ' | ' | ' | ' | ' | 63,411 | ' | ' | ' | 16,000 | ' | ' | ' |
Other noncurrent assets | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | 2,841 | ' | ' | ' |
Other intangible assets | ' | ' | ' | ' | ' | ' | 146,600 | ' | ' | ' | 126,600 | ' | ' | ' |
Goodwill | 366,104 | 649,697 | 579,905 | ' | ' | ' | 189,486 | ' | ' | ' | 203,656 | ' | ' | ' |
Total assets acquired | ' | ' | ' | ' | ' | ' | 448,157 | ' | ' | ' | 409,747 | ' | ' | ' |
Current liabilities | ' | ' | ' | ' | ' | ' | -57,943 | ' | ' | ' | -25,230 | ' | ' | ' |
Other liabilities | ' | ' | ' | ' | ' | ' | -566 | ' | ' | ' | -4,130 | ' | ' | ' |
Deferred income taxes | ' | ' | ' | ' | ' | ' | -42,495 | ' | ' | ' | -38,290 | ' | ' | ' |
Debt assumed | ' | ' | ' | ' | ' | ' | -3,194 | ' | ' | ' | -45,537 | ' | ' | ' |
Total liabilities assumed | ' | ' | ' | ' | ' | ' | -104,198 | ' | ' | ' | -113,187 | ' | ' | ' |
Net assets acquired | ' | ' | ' | ' | ' | ' | 343,959 | ' | ' | ' | 296,560 | ' | ' | ' |
Net sales | ' | ' | ' | 1,191,109 | 1,137,437 | 1,012,672 | ' | ' | ' | ' | ' | ' | ' | ' |
Income from continuing operations | ' | ' | ' | 92,343 | 88,023 | 63,380 | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | ' | ' | ' | 290,549 | 103,442 | 53,140 | ' | ' | ' | ' | ' | ' | ' | ' |
Pro forma adjustments, acqusition related costs | 11,776 | ' | ' | ' | ' | ' | ' | ' | ' | 3,642 | ' | ' | 9,399 | 2,377 |
Pro forma adjustments, inventory | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,130 | ' | ' | 3,765 | ' |
Pro forma adjustments, acquired backlog | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,600 | ' | ' | 1,222 | ' |
Purchase accounting adjustments | ' | ' | ' | ' | ' | ' | ' | ' | $7,279 | ' | ' | $5,899 | ' | ' |
Basic: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income from continuing operations (in dollars per share) | ' | ' | ' | $1.69 | $1.58 | $1.15 | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (in dollars per share) | ' | ' | ' | $5.31 | $1.86 | $0.96 | ' | ' | ' | ' | ' | ' | ' | ' |
Diluted: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income from continuing operations (in dollars per share) | ' | ' | ' | $1.65 | $1.56 | $1.13 | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (in dollars per share) | ' | ' | ' | $5.20 | $1.84 | $0.95 | ' | ' | ' | ' | ' | ' | ' | ' |
Inventories_Details
Inventories (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Finished goods | $85,033 | $126,139 |
Work-in-process | 71,982 | 56,186 |
Raw material and supplies | 54,231 | 43,895 |
Inventories | $211,246 | $226,220 |
Property_Plant_and_Equipment_D
Property, Plant and Equipment (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment, gross | $686,537 | $634,464 | ' |
Less accumulated depreciation | -383,979 | -401,367 | ' |
Property, plant and equipment, net | 302,558 | 233,097 | ' |
Depreciation expense | 34,419 | 34,218 | 36,772 |
Land [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment, gross | 21,935 | 15,260 | ' |
Buildings [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment, gross | 154,938 | 127,117 | ' |
Machinery and equipment [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment, gross | $509,664 | $492,087 | ' |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets (Details) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 0 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Oct. 31, 2013 | Aug. 27, 2012 | Oct. 31, 2013 | Aug. 27, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Oct. 31, 2013 | Aug. 27, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Aug. 27, 2012 | Aug. 27, 2012 | Oct. 31, 2013 | Dec. 31, 2012 | Aug. 27, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Aug. 27, 2012 | Aug. 27, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Männer Business [Member] | Synventive [Member] | Customer Relationships [Member] | Customer Relationships [Member] | Revenue sharing programs [Member] | Revenue sharing programs [Member] | Revenue sharing programs [Member] | Component Repair Program [Member] | Component Repair Program [Member] | Component Repair Program [Member] | Customer lists/relationships [Member] | Customer lists/relationships [Member] | Customer lists/relationships [Member] | Customer lists/relationships [Member] | Patents And Technology [Member] | Patents And Technology [Member] | Patents And Technology [Member] | Patents And Technology [Member] | Patents And Technology [Member] | Patents And Technology [Member] | Trademarks, Trade Names [Member] | Trademarks, Trade Names [Member] | Trademarks, Trade Names [Member] | Trademarks, Trade Names [Member] | Amortized and Unamortized Trade Names [Member] | Amortized Trade Name [Member] | Unamoritized Trade Name [Member] | Unamoritized Trade Name [Member] | Unamoritized Trade Name [Member] | Unamoritized Trade Name [Member] | Other [Member] | Other [Member] | Other [Member] | Customer Backlog [Member] | Customer Backlog [Member] | Customer Backlog [Member] | Customer Backlog [Member] | Customer Lists [Member] | Trademarks [Member] | Industrial [Member] | Industrial [Member] | Aerospace [Member] | Aerospace [Member] | Other [Member] | Other [Member] | ||||
Männer Business [Member] | Synventive [Member] | Maximum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Männer Business [Member] | Synventive [Member] | Minimum [Member] | Maximum [Member] | Synventive [Member] | Synventive [Member] | Männer Business and Synventive [Member] | Maximum [Member] | Männer Business [Member] | Männer Business [Member] | Synventive [Member] | Synventive [Member] | Barnes Distribution North America [Member] | Barnes Distribution North America [Member] | |||||||||||||||||||||||||||
Maximum [Member] | Maximum [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Goodwill [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill, beginning of period | $579,905 | $366,104 | ' | $189,486 | $203,656 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $414,244 | $200,636 | $30,786 | $30,786 | $134,875 | $134,682 |
Goodwill acquired | 189,486 | 201,029 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 189,486 | 201,029 | 0 | 0 | 0 | 0 |
Foreign currency translation | 12,383 | 12,772 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,554 | 12,579 | 0 | 0 | -171 | 193 |
Divestiture | -134,704 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 0 | ' | -134,704 | ' |
Purchase accounting adjustment | 2,627 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,627 | ' | 0 | ' | 0 | ' |
Goodwill, end of period | 649,697 | 579,905 | 366,104 | 189,486 | 203,656 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 618,911 | 414,244 | 30,786 | 30,786 | 0 | 134,875 |
Other Intangible Assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Range of life (in years) | ' | ' | ' | ' | ' | ' | ' | ' | ' | '30 years | ' | ' | '14 years | ' | ' | '10 years | '16 years | ' | ' | '7 years | '14 years | ' | ' | ' | ' | '5 years | '30 years | ' | ' | ' | ' | ' | ' | ' | ' | '15 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Finite Lived Intangible Assets Before Foreign Currency Translation Adjustment | 597,959 | 463,920 | ' | ' | ' | ' | ' | 293,700 | 293,700 | ' | 26,639 | 0 | ' | 183,406 | 102,806 | ' | ' | 62,972 | 41,972 | ' | ' | ' | ' | 11,950 | 12,750 | ' | ' | ' | ' | 26,900 | 10,000 | 10,000 | 36,900 | 19,292 | 12,692 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Finite Lived Intangible Assets Foreign Currency Translation Adjustment | 13,653 | 8,599 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets, Accumulated Amortization | -114,219 | -98,547 | ' | ' | ' | ' | ' | -64,220 | -54,638 | ' | 0 | 0 | ' | -18,293 | -21,727 | ' | ' | -14,210 | -7,758 | ' | ' | ' | ' | -7,628 | -7,497 | ' | ' | ' | ' | ' | ' | ' | ' | -9,868 | -6,927 | ' | ' | ' | ' | ' | -11,387 | -800 | ' | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets, Gross | 648,512 | 482,519 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11,500 | 800 | ' | ' | ' | ' | ' | ' |
Intangible Assets, Future Amortization Expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of intangible assets expected in 2014 | 39,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of intangible assets expected in 2015 | 34,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of intangible assets expected in 2016 | 34,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of intangible assets expected in 2017 | 34,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of intangible assets expected in 2018 | 35,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Component Repair Program Payments Consideration | 26,639 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Component Repair Program Payments | 16,639 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Component Repair Program Payments Expected in Next Fiscal Year | 10,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other intangible assets | ' | ' | ' | 146,600 | 126,600 | 92,100 | 79,300 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 21,000 | 35,400 | ' | ' | ' | ' | 10,700 | ' | ' | ' | ' | ' | ' | ' | ' | 6,600 | ' | 1,200 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill expected tax deductible amount | 43,860 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of Intangible Assets | $27,973 | $18,605 | $16,907 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquired Finite-lived Intangible Asset, Weighted Average Useful Life | ' | ' | ' | ' | ' | '16 years | '15 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | '7 years | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | '1 year | ' | '1 year | ' | ' | ' | ' | ' | ' | ' | ' |
Accrued_Liabilities_Details
Accrued Liabilities (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Accrued Liabilities [Abstract] | ' | ' |
Payroll and other compensation | $37,640 | $35,008 |
Deferred revenue | 23,424 | 1,710 |
Payable to Otto Männer Holding AG | 20,001 | 0 |
Pension and other postretirement benefits | 8,225 | 8,184 |
Accrued income taxes | 13,593 | 5,573 |
Other | 51,631 | 45,889 |
Accrued liabilities | $154,514 | $96,364 |
Debt_and_Commitments_Details_N
Debt and Commitments (Details Narrative) | 12 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | |||||||||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Apr. 05, 2011 | Apr. 05, 2011 | Apr. 05, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2009 | Dec. 31, 2007 | Sep. 30, 2013 | Sep. 30, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Jul. 10, 2012 | Sep. 26, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 27, 2013 |
USD ($) | USD ($) | USD ($) | Bank Overdrafts [Member] | Bank Overdrafts [Member] | Line of Credit [Member] | Line of Credit [Member] | Convertible Debt [Member] | Convertible Debt [Member] | Convertible Debt [Member] | Convertible Debt [Member] | Convertible Debt [Member] | Convertible Debt [Member] | Convertible Debt [Member] | Revolving Credit Agreement [Member] | Revolving Credit Agreement [Member] | Revolving Credit Agreement [Member] | Revolving Credit Agreement [Member] | Revolving Credit Agreement [Member] | Revolving Credit Agreement [Member] | Revolving Credit Agreement [Member] | Revolving Credit Agreement [Member] | Bank Overdrafts [Member] | Euro Member Countries, Euro | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member] | |
USD ($) | USD ($) | USD ($) | USD ($) | 3.75% Convertible Notes [Member] | 3.75% Convertible Notes [Member] | 3.75% Convertible Notes [Member] | 3.375% Convertible Notes [Member] | 3.375% Convertible Notes [Member] | 3.375% Convertible Notes [Member] | 3.375% Convertible Notes [Member] | USD ($) | USD ($) | USD ($) | EUR (€) | USD ($) | USD ($) | Revolving Credit Agreement [Member] | Revolving Credit Agreement [Member] | Revolving Credit Agreement [Member] | Revolving Credit Agreement [Member] | Revolving Credit Agreement [Member] | |||||||||
USD ($) | Redeemed With Accrued Interest [Member] | Surrendered For Conversion [Member] | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Adjusted for Certain Acquisitons [Member] | |||||||||||||||||||||
USD ($) | USD ($) | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, face amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Convertible notes stated interest rate | ' | ' | ' | ' | ' | ' | ' | 3.75% | ' | ' | 3.38% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Convertible note repurchases, par value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 44,364 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, convertible, conversion ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 35.3235 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, convertible, conversion price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $28.31 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt, gross, net of unamortized discounts | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 54,905 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Days Required for Closing Stock Price to be Greater or Equal to Threshold Percentage of Conversion Price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '20 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Measurement Days for Closing Stock Price to be Greater or Equal to Threshold Percentage of Conversion Price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '30 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum ratio of stock price to conversion price for conversion | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 130.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Guaranteed cash payment upon conversion per note | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, convertible, eligible for conversion | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Convertible notes | ' | ' | ' | ' | ' | ' | ' | 92,500 | 11,865 | 80,635 | 55,636 | 55,636 | ' | ' | ' | ' | 487,920 | 589,200 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayments of convertible debt, including premium on conversion | ' | ' | ' | ' | ' | ' | ' | 90,438 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Premium paid on convertible debt redemption | 0 | 0 | 9,803 | ' | ' | ' | ' | 9,803 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Adjustments to additional paid in capital, premium paid on convertible debt redemption | ' | ' | ' | ' | ' | ' | ' | 6,085 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Adjustments to additional paid in capital, income tax benefit from premium paid on convertible debt redemption, tax | ' | ' | ' | ' | ' | ' | ' | 3,718 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contingent convertible debt interest, amount recaptured for income tax purpose | ' | ' | ' | ' | ' | ' | ' | 40,217 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reduction in short-term deferred tax liabilities | ' | ' | ' | ' | ' | ' | ' | 15,252 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization period | '3 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, convertible, effective interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility maximum borrowing capacity | ' | ' | ' | ' | ' | 15,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 750,000 | ' | 500,000 | 500,000 | ' | 400,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Description of Variable Rate Basis | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'LIBOR |
Line of credit expiration date extension | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2 years | '4 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Accordian Feature Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 250,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility With Accordian Feature, Maximum Borrowing Capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments of debt issue costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,261 | 1,030 | 2,012 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument basis spread on LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.10% | ' | 1.70% | ' | ' |
Line of credit facility, amount outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 487,920 | ' | ' | 114,000 | ' | ' | ' | 157,320 | ' | ' | ' | ' | ' | ' |
Line of credit facility remaining borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 262,080 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility, interest rate at period end | ' | ' | ' | ' | ' | 2.13% | 2.16% | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.36% | 1.97% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt covenant ratio of senior debt to EBITDA | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.25 | 3.5 | ' |
Debt covenant ratio of total debt to EBITDA | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4 | 4.25 | ' |
Debt covenant ratio of EBITDA to cash interest expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.25 | ' | ' | ' | ' |
Debt Covenant, Threshold Price of Acquisition Permitting Higher Ratio Limits | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 150,000 | ' | ' | ' | ' |
Notes and overdrafts payable | 1,074 | 3,795 | ' | 74 | 580 | 1,000 | 2,800 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayment period | ' | ' | ' | ' | ' | '7 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2 days | ' | ' | ' | ' | ' | ' | ' |
Maturity of Bank Acceptances | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 months | ' | '6 months | ' | ' | ' |
Letters of credit outstanding, amount | $6,799 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt_and_Commitments_Details_1
Debt and Commitments (Details 1) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Apr. 05, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | Convertible Debt [Member] | Convertible Debt [Member] | Convertible Debt [Member] | Revolving Credit Agreement [Member] | Revolving Credit Agreement [Member] | Borrowings Under Lines of Credit and Overdrafts [Member] | Borrowings Under Lines of Credit and Overdrafts [Member] | Foreign Bank Borrowings [Member] | Foreign Bank Borrowings [Member] | Capital Lease Obligations [Member] | Capital Lease Obligations [Member] | Other Debt Obligations [Member] | Other Debt Obligations [Member] | ||
3.75% Convertible Notes [Member] | 3.375% Convertible Notes [Member] | 3.375% Convertible Notes [Member] | |||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-Term Debt, Gross | ' | ' | $92,500 | $55,636 | $55,636 | $487,920 | $589,200 | ' | ' | $405 | $945 | $3,120 | $159 | $0 | $415 |
Debt Instrument, Fair Value Disclosure | 563,886 | 662,050 | ' | 76,569 | 57,977 | 482,431 | 599,172 | 1,074 | 3,380 | 410 | 947 | 3,402 | 159 | 0 | 415 |
Unamortized debt discount | ' | ' | ' | -731 | -3,122 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Borrowings under lines of credit and overdrafts | 1,074 | 3,795 | ' | ' | ' | ' | ' | 1,074 | 3,380 | ' | ' | ' | ' | ' | ' |
Total debt, net of unamortized discounts | 547,424 | 646,613 | ' | 54,905 | 52,514 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Less current maturities | -57,083 | -4,494 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt | $490,341 | $642,119 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt_and_Commitments_Details_2
Debt and Commitments (Details 2) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Apr. 05, 2011 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | Convertible Debt [Member] | Convertible Debt [Member] | Convertible Debt [Member] | ||
3.75% Convertible Notes [Member] | 3.375% Convertible Notes [Member] | 3.375% Convertible Notes [Member] | |||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' |
Carrying value of equity component, net of tax | ' | ' | ' | $10,772 | $10,772 |
Principal value of liability component | ' | ' | 92,500 | 55,636 | 55,636 |
Unamortized debt discount | ' | ' | ' | -731 | -3,122 |
Net carrying value of liability component | $547,424 | $646,613 | ' | $54,905 | $52,514 |
Debt_and_Commitments_Details_3
Debt and Commitments (Details 3) (Convertible Debt [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Debt Instrument [Line Items] | ' | ' | ' |
Debt Instrument, Convertible, Interest Expense | $4,269 | $4,089 | $5,261 |
Coupon [Member] | 3.375% Convertible Notes [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Debt Instrument, Convertible, Interest Expense | 1,878 | 1,878 | 1,878 |
Coupon [Member] | 3.75% Convertible Notes [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Debt Instrument, Convertible, Interest Expense | 0 | 0 | 1,225 |
Debt discount amortization [Member] | 3.375% Convertible Notes [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Debt Instrument, Convertible, Interest Expense | 2,391 | 2,211 | 2,044 |
Debt discount amortization [Member] | 3.75% Convertible Notes [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Debt Instrument, Convertible, Interest Expense | $0 | $0 | $114 |
Debt_and_Commitments_Details_4
Debt and Commitments (Details 4) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Debt Disclosure [Abstract] | ' |
Long-term Debt, Maturities, Repayments of Principal in 2014 | $57,814 |
Long-term Debt, Maturities, Repayments of Principal in 2015 | 750 |
Long-term Debt, Maturities, Repayments of Principal in 2016 | 806 |
Long-term Debt, Maturities, Repayments of Principal in 2017 | 865 |
Long-term Debt, Maturities, Repayments of Principal in 2018 | 487,920 |
Long-term Debt, Maturities, Repayments of Principal, thereafter | $0 |
Debt_and_Commitments_Details_5
Debt and Commitments (Details 5) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Debt Disclosure [Abstract] | ' | ' | ' |
Interest Paid | $11,636 | $9,512 | $11,038 |
Interest Capitalized | $247 | $195 | $106 |
Derivatives_Details
Derivatives (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract] | ' | ' |
Derivative Liabilities | ($755) | ($1,970) |
Designated as Hedging Instrument [Member] | ' | ' |
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract] | ' | ' |
Derivative Liabilities | -688 | -1,818 |
Prepaid Assets and Other Current Assets [Member] | ' | ' |
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract] | ' | ' |
Derivative Assets | 543 | 3,315 |
Prepaid Assets and Other Current Assets [Member] | Designated as Hedging Instrument [Member] | ' | ' |
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract] | ' | ' |
Derivative Assets | 0 | 945 |
Prepaid Assets and Other Current Assets [Member] | Designated as Hedging Instrument [Member] | Interest Rate Contracts [Member] | ' | ' |
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract] | ' | ' |
Derivative Assets | 0 | 0 |
Prepaid Assets and Other Current Assets [Member] | Designated as Hedging Instrument [Member] | Foreign Exchange Contracts [Member] | ' | ' |
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract] | ' | ' |
Derivative Assets | 0 | 945 |
Prepaid Assets and Other Current Assets [Member] | Not Designated as Hedging Instrument [Member] | Foreign Exchange Contracts [Member] | ' | ' |
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract] | ' | ' |
Derivative Assets | 543 | 2,370 |
Accrued Liabilities [Member] | Designated as Hedging Instrument [Member] | Foreign Exchange Contracts [Member] | ' | ' |
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract] | ' | ' |
Derivative Liabilities | -318 | 0 |
Accrued Liabilities [Member] | Not Designated as Hedging Instrument [Member] | Foreign Exchange Contracts [Member] | ' | ' |
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract] | ' | ' |
Derivative Liabilities | -67 | -152 |
Other Liabilities [Member] | Designated as Hedging Instrument [Member] | Interest Rate Contracts [Member] | ' | ' |
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract] | ' | ' |
Derivative Liabilities | ($370) | ($1,818) |
Derivatives_Details_1
Derivatives (Details 1) (USD $) | 12 Months Ended | 1 Months Ended | 3 Months Ended | |||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Apr. 30, 2012 | Mar. 31, 2011 | Apr. 30, 2012 | Mar. 31, 2011 |
Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | |||
Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Foreign Exchange Contracts [Member] | Foreign Exchange Contracts [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | |||
Interest Rate Contracts [Member] | Interest Rate Contracts [Member] | Foreign Exchange Contracts [Member] | Foreign Exchange Contracts [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | |||||||
Bank | Derivatives | |||||||||||||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Interest Rate Derivatives Held | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 |
Term of Interest Rate Derivatives | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | '3 years | ' | ' |
Derivative, Amount of Hedged Item | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $100,000 | $100,000 | ' | ' |
Debt Instrument, Description of Variable Rate Basis | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'one-month LIBOR | 'one-month LIBOR | ' | ' |
Number of Banks Transacted With for Interest Rate Swap Agreements | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' |
Derivative, Fixed Interest Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.03% | 2.95% |
Maximum Remaining Maturity of Foreign Currency Derivatives | '2 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | ' | ' | -87 | -635 | 898 | -1,128 | -985 | 493 | ' | ' | ' | ' | ' | ' |
Derivative, Net Hedge Ineffectiveness Gain (Loss) | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | ' | ' | ' | ' | ' | ' | ' | ' | ($739) | $3,462 | ' | ' | ' | ' |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | Quoted Prices in Active Markets for Identical Assets (Level 1) | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Significant Unobservable Inputs (Level 3) | Estimate of Fair Value, Fair Value Disclosure [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Minimum [Member] | Maximum [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maturity of Bank Acceptances | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 months | '6 months |
Derivative Assets | ' | ' | $0 | $0 | $543 | $3,315 | $0 | $0 | $543 | $3,315 | ' | ' |
Derivative Liabilities | -755 | -1,970 | 0 | 0 | -755 | -1,970 | 0 | 0 | -755 | -1,970 | ' | ' |
Bank acceptances | ' | ' | 0 | 0 | 6,461 | 3,441 | 0 | 0 | 6,461 | 3,441 | ' | ' |
Rabbi Trust Asset Fair Value Disclosure | ' | ' | 1,975 | 1,831 | 0 | 0 | 0 | 0 | 1,975 | 1,831 | ' | ' |
Financial Instruments Asset Liabilities at Fair Value Net | ' | ' | $1,975 | $1,831 | $6,249 | $4,786 | $0 | $0 | $8,224 | $6,617 | ' | ' |
Pension_and_Other_Postretireme2
Pension and Other Postretirement Benefits (Details 1) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Compensation and Retirement Disclosure [Abstract] | ' | ' | ' |
Contribution expense | $4,780 | $5,319 | $5,106 |
Pension_and_Other_Postretireme3
Pension and Other Postretirement Benefits (Details 2) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Defined benefit pension plans [Member] | ' | ' | ' |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ' | ' | ' |
Benefit obligation, beginning balance | $496,316 | $441,426 | ' |
Service cost | 6,181 | 6,530 | 5,923 |
Interest cost | 20,112 | 21,624 | 22,452 |
Amendments | 0 | 158 | ' |
Actuarial loss | -40,703 | 47,975 | ' |
Benefits paid | -28,060 | -26,148 | ' |
Transfers in | 6,786 | 2,588 | ' |
Curtailment gain | -8,715 | 0 | ' |
Plan Settlement | 0 | -769 | ' |
Special termination benefit | 1,016 | 0 | 0 |
Participant contributions | 545 | 469 | ' |
Foreign exchange rate changes | 244 | 2,463 | ' |
Benefit obligation, ending balance | 453,722 | 496,316 | 441,426 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' |
Fair value of plan assets, beginning balance | 387,553 | 340,370 | ' |
Actual return on plan assets | 80,979 | 46,913 | ' |
Company contributions | 5,984 | 22,417 | ' |
Participant contributions | 545 | 469 | ' |
Benefits paid | -28,060 | -26,148 | ' |
Plan Settlements | 0 | -769 | ' |
Transfers in | 6,627 | 2,086 | ' |
Foreign exchange rate changes | -50 | 2,215 | ' |
Fair value of plan assets, ending balance | 453,578 | 387,553 | 340,370 |
Funded/(underfunded) status, December 31 | -144 | -108,763 | ' |
Defined benefit pension plans, U.S. [Member] | ' | ' | ' |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ' | ' | ' |
Benefit obligation, beginning balance | 423,547 | 377,982 | ' |
Service cost | 5,403 | 5,860 | ' |
Interest cost | 17,571 | 18,800 | ' |
Amendments | 0 | 158 | ' |
Actuarial loss | -40,734 | 43,155 | ' |
Benefits paid | -23,348 | -22,408 | ' |
Transfers in | 0 | 0 | ' |
Curtailment gain | -8,715 | 0 | ' |
Plan Settlement | 0 | 0 | ' |
Special termination benefit | 1,016 | 0 | ' |
Participant contributions | 0 | 0 | ' |
Foreign exchange rate changes | 0 | 0 | ' |
Benefit obligation, ending balance | 374,740 | 423,547 | ' |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' |
Fair value of plan assets, beginning balance | 323,711 | 283,538 | ' |
Actual return on plan assets | 74,622 | 42,755 | ' |
Company contributions | 4,074 | 19,826 | ' |
Participant contributions | 0 | 0 | ' |
Benefits paid | -23,348 | -22,408 | ' |
Plan Settlements | 0 | 0 | ' |
Transfers in | 0 | ' | ' |
Foreign exchange rate changes | 0 | 0 | ' |
Fair value of plan assets, ending balance | 379,059 | 323,711 | ' |
Funded/(underfunded) status, December 31 | 4,319 | -99,836 | ' |
Defined benefit pension plans, Non-U.S. [Member] | ' | ' | ' |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ' | ' | ' |
Benefit obligation, beginning balance | 72,769 | 63,444 | ' |
Service cost | 778 | 670 | ' |
Interest cost | 2,541 | 2,824 | ' |
Amendments | 0 | 0 | ' |
Actuarial loss | 31 | 4,820 | ' |
Benefits paid | -4,712 | -3,740 | ' |
Transfers in | 6,786 | 2,588 | ' |
Curtailment gain | 0 | 0 | ' |
Plan Settlement | 0 | -769 | ' |
Special termination benefit | 0 | 0 | ' |
Participant contributions | 545 | 469 | ' |
Foreign exchange rate changes | 244 | 2,463 | ' |
Benefit obligation, ending balance | 78,982 | 72,769 | ' |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' |
Fair value of plan assets, beginning balance | 63,842 | 56,832 | ' |
Actual return on plan assets | 6,357 | 4,158 | ' |
Company contributions | 1,910 | 2,591 | ' |
Participant contributions | 545 | 469 | ' |
Benefits paid | -4,712 | -3,740 | ' |
Plan Settlements | 0 | -769 | ' |
Transfers in | 6,627 | 2,086 | ' |
Foreign exchange rate changes | -50 | 2,215 | ' |
Fair value of plan assets, ending balance | 74,519 | 63,842 | ' |
Funded/(underfunded) status, December 31 | -4,463 | -8,927 | ' |
Other postretirement benefit plans [Member] | ' | ' | ' |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ' | ' | ' |
Benefit obligation, beginning balance | 53,988 | 54,587 | ' |
Service cost | 233 | 273 | 286 |
Interest cost | 2,061 | 2,532 | 2,831 |
Actuarial loss | -2,328 | 745 | ' |
Benefits paid | -9,133 | -6,922 | ' |
Curtailment gain | -1,675 | 0 | ' |
Special termination benefit | 0 | 0 | 0 |
Participant contributions | 3,039 | 2,782 | ' |
Foreign exchange rate changes | 58 | -9 | ' |
Benefit obligation, ending balance | 46,243 | 53,988 | 54,587 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' |
Fair value of plan assets, beginning balance | 0 | 0 | ' |
Company contributions | 6,094 | 4,140 | ' |
Participant contributions | 3,039 | 2,782 | ' |
Benefits paid | -9,133 | -6,922 | ' |
Fair value of plan assets, ending balance | 0 | 0 | 0 |
Funded/(underfunded) status, December 31 | $46,243 | $53,988 | ' |
Pension_and_Other_Postretireme4
Pension and Other Postretirement Benefits (Details 3) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Defined benefit pension plans [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Projected benefit obligation, related to pension plans with benefit obligations in excess of plan assets | $58,646 | $469,464 |
Fair value of plan assets, related to pension plans with benefit obligations in excess of plan assets | 19,353 | 357,882 |
Defined benefit pension plans, U.S. [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Projected benefit obligation, related to pension plans with benefit obligations in excess of plan assets | 31,231 | 396,695 |
Fair value of plan assets, related to pension plans with benefit obligations in excess of plan assets | 0 | 294,040 |
Defined benefit pension plans, Non-U.S. [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Projected benefit obligation, related to pension plans with benefit obligations in excess of plan assets | 27,415 | 72,769 |
Fair value of plan assets, related to pension plans with benefit obligations in excess of plan assets | $19,353 | $63,842 |
Pension_and_Other_Postretireme5
Pension and Other Postretirement Benefits (Details 4) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Defined benefit pension plans [Member] | ' | ' |
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets [Abstract] | ' | ' |
Projected benefit obligation | $40,652 | $459,526 |
Accumulated benefit obligation | 39,907 | 444,378 |
Fair value of plan assets | 1,779 | 348,390 |
Total accumulated benefit obligation | 444,096 | 480,027 |
Defined benefit pension plans, U.S. [Member] | ' | ' |
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets [Abstract] | ' | ' |
Projected benefit obligation | 31,231 | 396,695 |
Accumulated benefit obligation | 30,913 | 382,023 |
Fair value of plan assets | 0 | 294,040 |
Defined benefit pension plans, Non-U.S. [Member] | ' | ' |
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets [Abstract] | ' | ' |
Projected benefit obligation | 9,421 | 62,831 |
Accumulated benefit obligation | 8,994 | 62,355 |
Fair value of plan assets | $1,779 | $54,350 |
Pension_and_Other_Postretireme6
Pension and Other Postretirement Benefits (Details 5) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Accrued liabilities | $8,225 | $8,184 |
Accrued retirement benefits | 80,884 | 159,103 |
Defined benefit pension plans [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Other assets | 39,149 | 2,819 |
Accrued liabilities | 3,334 | 3,109 |
Accrued retirement benefits | 35,959 | 108,473 |
Accumulated other non-owner changes to equity, net | -67,422 | -140,108 |
Net actuarial loss | -66,015 | -138,066 |
Prior service costs | -1,407 | -2,042 |
Defined benefit pension plans, U.S. [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Other assets | 35,550 | 2,819 |
Accrued liabilities | 2,707 | 2,720 |
Accrued retirement benefits | 28,524 | 99,935 |
Accumulated other non-owner changes to equity, net | -48,564 | -116,305 |
Net actuarial loss | -47,538 | -114,748 |
Prior service costs | -1,026 | -1,557 |
Defined benefit pension plans, Non-U.S. [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Other assets | 3,599 | 0 |
Accrued liabilities | 627 | 389 |
Accrued retirement benefits | 7,435 | 8,538 |
Accumulated other non-owner changes to equity, net | -18,858 | -23,803 |
Net actuarial loss | -18,477 | -23,318 |
Prior service costs | -381 | -485 |
Other postretirement benefit plans [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Accrued liabilities | 4,891 | 5,075 |
Accrued retirement benefits | 41,352 | 48,913 |
Accumulated other non-owner changes to equity, net | -5,804 | -6,286 |
Net actuarial loss | -6,885 | -9,895 |
Prior service costs | $1,081 | $3,609 |
Pension_and_Other_Postretireme7
Pension and Other Postretirement Benefits (Details 6) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | ($73,168) | [1] | $15,741 | [1] | $41,355 | [1] |
Defined benefit pension plans [Member] | ' | ' | ' | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |||
Prior service cost | 0 | ' | ' | |||
Net loss | 61,770 | ' | ' | |||
Amortization of prior service costs (credits) | 622 | ' | ' | |||
Amortization of actuarial loss | 11,179 | ' | ' | |||
Foreign exchange rate changes | -754 | ' | ' | |||
Divestiture | -131 | ' | ' | |||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | 72,686 | ' | ' | |||
Other postretirement benefit plans [Member] | ' | ' | ' | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |||
Prior service cost | 0 | ' | ' | |||
Net loss | 2,522 | ' | ' | |||
Amortization of prior service costs (credits) | -2,565 | ' | ' | |||
Amortization of actuarial loss | 620 | ' | ' | |||
Foreign exchange rate changes | -95 | ' | ' | |||
Divestiture | 0 | ' | ' | |||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | $482 | ' | ' | |||
[1] | Net of tax of $43,109, $(7,994) and $(25,605) for the years ended December 31, 2013, 2012 and 2011, respectively. |
Pension_and_Other_Postretireme8
Pension and Other Postretirement Benefits (Details 7) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
U.S. plans [Member] | ' | ' | ' |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | ' | ' | ' |
Discount rate | 5.20% | 4.25% | ' |
Increase in compensation | 3.72% | 3.71% | ' |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | ' | ' | ' |
Discount rate | 4.25% | 5.05% | 5.65% |
Long-term rate of return | 9.00% | 9.00% | 9.00% |
Increase in compensation | 3.71% | 3.71% | 3.71% |
Non-U.S. plans [Member] | ' | ' | ' |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | ' | ' | ' |
Discount rate | 3.93% | 3.73% | ' |
Increase in compensation | 2.76% | 2.69% | ' |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | ' | ' | ' |
Discount rate | 3.73% | 4.46% | 4.89% |
Long-term rate of return | 5.33% | 5.79% | 5.87% |
Increase in compensation | 2.69% | 2.76% | 2.72% |
Pension_and_Other_Postretireme9
Pension and Other Postretirement Benefits (Details 8) (Defined benefit pension plans [Member]) | 12 Months Ended |
Dec. 31, 2013 | |
Equity Securities [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
The weighted-average target investment allocations in equity securities | 70.00% |
Fixed Income Securities [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
The weighted-average target investment allocations in equity securities | 20.00% |
Real Estate Funds [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
The weighted-average target investment allocations in equity securities | 5.00% |
Other Investments [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
The weighted-average target investment allocations in equity securities | 5.00% |
Recovered_Sheet1
Pension and Other Postretirement Benefits (Details 9) (Defined benefit pension plans [Member], USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair Value of Plan Assets | $453,578 | $387,553 | $340,370 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair Value of Plan Assets | 181,045 | 141,669 | ' |
Significant Other Observable Inputs (Level 2) | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair Value of Plan Assets | 270,754 | 244,350 | ' |
Significant Unobservable Inputs (Level 3) | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair Value of Plan Assets | 1,779 | 1,534 | ' |
Cash and short-term investments [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair Value of Plan Assets | 18,885 | 14,633 | ' |
Cash and short-term investments [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair Value of Plan Assets | 18,885 | 14,633 | ' |
Cash and short-term investments [Member] | Significant Other Observable Inputs (Level 2) | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair Value of Plan Assets | 0 | 0 | ' |
Cash and short-term investments [Member] | Significant Unobservable Inputs (Level 3) | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair Value of Plan Assets | 0 | 0 | ' |
Equity Securities, U.S. large-cap [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair Value of Plan Assets | 131,749 | 95,145 | ' |
Equity Securities, U.S. large-cap [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair Value of Plan Assets | 61,257 | 43,388 | ' |
Equity Securities, U.S. large-cap [Member] | Significant Other Observable Inputs (Level 2) | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair Value of Plan Assets | 70,492 | 51,757 | ' |
Equity Securities, U.S. large-cap [Member] | Significant Unobservable Inputs (Level 3) | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair Value of Plan Assets | 0 | 0 | ' |
Equity Securities, U.S. mid-cap [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair Value of Plan Assets | 47,276 | 41,090 | ' |
Equity Securities, U.S. mid-cap [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair Value of Plan Assets | 47,276 | 41,090 | ' |
Equity Securities, U.S. mid-cap [Member] | Significant Other Observable Inputs (Level 2) | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair Value of Plan Assets | 0 | 0 | ' |
Equity Securities, U.S. mid-cap [Member] | Significant Unobservable Inputs (Level 3) | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair Value of Plan Assets | 0 | 0 | ' |
Equity Securities, U.S. small-cap [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair Value of Plan Assets | 53,627 | 42,558 | ' |
Equity Securities, U.S. small-cap [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair Value of Plan Assets | 53,627 | 42,558 | ' |
Equity Securities, U.S. small-cap [Member] | Significant Other Observable Inputs (Level 2) | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair Value of Plan Assets | 0 | 0 | ' |
Equity Securities, U.S. small-cap [Member] | Significant Unobservable Inputs (Level 3) | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair Value of Plan Assets | 0 | 0 | ' |
Equity Securities, International equities [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair Value of Plan Assets | 80,479 | 77,111 | ' |
Equity Securities, International equities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair Value of Plan Assets | 0 | 0 | ' |
Equity Securities, International equities [Member] | Significant Other Observable Inputs (Level 2) | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair Value of Plan Assets | 80,479 | 77,111 | ' |
Equity Securities, International equities [Member] | Significant Unobservable Inputs (Level 3) | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair Value of Plan Assets | 0 | 0 | ' |
U.S. bond funds [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair Value of Plan Assets | 65,740 | 66,276 | ' |
U.S. bond funds [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair Value of Plan Assets | 0 | 0 | ' |
U.S. bond funds [Member] | Significant Other Observable Inputs (Level 2) | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair Value of Plan Assets | 65,740 | 66,276 | ' |
U.S. bond funds [Member] | Significant Unobservable Inputs (Level 3) | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair Value of Plan Assets | 0 | 0 | ' |
International bonds [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair Value of Plan Assets | 37,357 | 29,032 | ' |
International bonds [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair Value of Plan Assets | 0 | 0 | ' |
International bonds [Member] | Significant Other Observable Inputs (Level 2) | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair Value of Plan Assets | 37,357 | 29,032 | ' |
International bonds [Member] | Significant Unobservable Inputs (Level 3) | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair Value of Plan Assets | 0 | 0 | ' |
Real estate securities [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair Value of Plan Assets | 16,686 | 20,174 | ' |
Real estate securities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair Value of Plan Assets | 0 | 0 | ' |
Real estate securities [Member] | Significant Other Observable Inputs (Level 2) | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair Value of Plan Assets | 16,686 | 20,174 | ' |
Real estate securities [Member] | Significant Unobservable Inputs (Level 3) | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair Value of Plan Assets | 0 | 0 | ' |
Other [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair Value of Plan Assets | 1,779 | 1,534 | ' |
Other [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair Value of Plan Assets | 0 | 0 | ' |
Other [Member] | Significant Other Observable Inputs (Level 2) | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair Value of Plan Assets | 0 | 0 | ' |
Other [Member] | Significant Unobservable Inputs (Level 3) | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair Value of Plan Assets | $1,779 | $1,534 | ' |
Recovered_Sheet2
Pension and Other Postretirement Benefits (Details 10) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Defined benefit pension plans [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Estimated future employer contributions in next fiscal year | $7,400 |
Defined Benefit Plan, Estimated Future Benefit Payments [Abstract] | ' |
2014 | 30,364 |
2015 | 29,231 |
2016 | 29,513 |
2017 | 29,737 |
2018 | 30,549 |
Years 2019-2023 | 152,050 |
Total | 301,444 |
Other postretirement benefit plans [Member] | ' |
Defined Benefit Plan, Estimated Future Benefit Payments [Abstract] | ' |
2014 | 4,675 |
2015 | 4,287 |
2016 | 4,156 |
2017 | 4,276 |
2018 | 4,085 |
Years 2019-2023 | 17,319 |
Total | $38,798 |
Recovered_Sheet3
Pension and Other Postretirement Benefits (Details 11) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Defined benefit pension plans [Member] | ' | ' | ' |
Pension and other postretirement benefits expenses | ' | ' | ' |
Service cost | $6,181 | $6,530 | $5,923 |
Interest cost | 20,112 | 21,624 | 22,452 |
Expected return on plan assets | -33,144 | -32,827 | -32,041 |
Amortization of prior service cost | 752 | 845 | 1,124 |
Recognized losses | 16,365 | 12,048 | 5,725 |
Curtailment loss gain | 199 | 0 | -1,884 |
Settlement loss | 637 | 92 | 304 |
Special termination benefit | 1,016 | 0 | 0 |
Net periodic benefit cost | 12,118 | 8,312 | 1,603 |
Estimated net actuarial loss for the defined benefit pension plans that will be amortized from accumulated other non-owner changes to equity into net periodic benefit cost in 2013 | 7,733 | ' | ' |
Estimated prior service cost for the defined benefit pension plans that will be amortized from accumulated other non-owner changes to equity into net periodic benefit cost (credit) in 2013 | 730 | ' | ' |
Other postretirement benefit plans [Member] | ' | ' | ' |
Pension and other postretirement benefits expenses | ' | ' | ' |
Service cost | 233 | 273 | 286 |
Interest cost | 2,061 | 2,532 | 2,831 |
Expected return on plan assets | 0 | 0 | 0 |
Amortization of prior service cost | -1,006 | -1,585 | -1,541 |
Recognized losses | 1,004 | 1,082 | 806 |
Curtailment loss gain | -3,081 | 0 | 0 |
Settlement loss | 0 | 0 | 0 |
Special termination benefit | 0 | 0 | 0 |
Net periodic benefit cost | -789 | 2,302 | 2,382 |
Estimated net actuarial loss for the defined benefit pension plans that will be amortized from accumulated other non-owner changes to equity into net periodic benefit cost in 2013 | 813 | ' | ' |
Estimated prior service cost for the defined benefit pension plans that will be amortized from accumulated other non-owner changes to equity into net periodic benefit cost (credit) in 2013 | ($868) | ' | ' |
Recovered_Sheet4
Pension and Other Postretirement Benefits (Details 12) (Other postretirement benefit plans [Member], USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Other postretirement benefit plans [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Ultimate health care cost trend rate | 4.50% | ' |
Health care cost trend rate assumed | 7.11% | 7.35% |
Defined Benefit Plan, Effect of One-Percentage Point Change in Assumed Health Care Cost Trend Rates [Abstract] | ' | ' |
One Percentage Point Increase, Effect on postretirement benefit oblilgation | $574 | ' |
One Percentage Point Decrease, Effect on postretirement benefit oblilgation | -525 | ' |
One Percentage Point Increase, Effect on postretirement benefit cost | 25 | ' |
One Percentage Point Decrease, Effect on postretirement benefit cost | ($23) | ' |
Recovered_Sheet5
Pension and Other Postretirement Benefits (Details 13) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Multiemployer Plans [Line Items] | ' | ' | ' |
Contributions by the Company | $437 | $506 | $393 |
Multi-employer pension plan [Member] | Teamsters Local 641 Pension Fund [Member] | ' | ' | ' |
Multiemployer Plans [Line Items] | ' | ' | ' |
Contributions by the Company | 23 | 97 | 101 |
Multi-employer pension plan [Member] | Swedish Pension Plan (ITP) (B) [Member] | ' | ' | ' |
Multiemployer Plans [Line Items] | ' | ' | ' |
Contributions by the Company | 414 | 409 | 292 |
Multi-employer post-retirement benefit plan [Member] | ' | ' | ' |
Multiemployer Plans [Line Items] | ' | ' | ' |
Contributions by the Company | 40 | 171 | 202 |
Barnes Distribution North America [Member] | ' | ' | ' |
Multiemployer Plans [Line Items] | ' | ' | ' |
Withdrawl from Multi-Employer Post Retirement Benefit Plan Expense | $2,788 | ' | ' |
Stockbased_Compensation_Detail
Stock-based Compensation (Details Narrative) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Stock compensation expense | $18,128 | $8,819 | $8,319 |
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Term | '10 years | ' | ' |
Allocated Share-based Compensation Expense | 18,128 | 8,819 | 8,319 |
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | 6,757 | 3,345 | 3,155 |
Adjustments to Additional Paid in Capital, Income Tax Benefit from Share-based Compensation | 3,899 | 1,438 | 8,056 |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | 9,801 | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | '2 years 3 months 22 days | ' | ' |
Employee Service Share-based Compensation, Cash Received from Exercise of Stock Options | 13,034 | 6,415 | 27,909 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Total Intrinsic Value | 14,022 | 4,225 | 14,263 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $8.77 | $9.49 | $7.50 |
Minimum [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Award vesting period | '6 months | ' | ' |
Maximum [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Award vesting period | '5 years | ' | ' |
Employee Stock Option [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Exercise Period of Stock Options from Date of Grant | '10 years | ' | ' |
Exercise Period of Stock Options from Date of Retirement | '5 years | ' | ' |
Equity Award Modification [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Stock compensation expense | $10,492 | ' | ' |
Recovered_Sheet6
Stock-Based Compensation (Details 1) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Share-based Compensation [Abstract] | ' | ' |
Weighted-Average Exercise Price, Options Outstanding | $20.65 | $18.40 |
Weighted-Average Exercise Price, Options Granted | $24.58 | ' |
Weighted-Average Exercise Price, Options Exercised | $15.45 | ' |
Weighted-Average Exercise Price, Options Forfeited | $20.25 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' | ' |
Options Outstanding | 2,227,145 | ' |
Granted | 155,900 | ' |
Exercised | -843,805 | ' |
Forfeited | -22,899 | ' |
Options Outstanding | 1,516,341 | ' |
StockBased_Compensation_Detail1
Stock-Based Compensation (Details 2) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
$11.45 to $20.21 | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Options Outstanding, Number of Shares | 613,978 |
Options Outstanding, Average Remaining Life (Years) | '4 years 0 months 4 days |
Options Outstanding, Average Exercise Price | $16.60 |
Options Exercisable, Number of Shares | 592,454 |
Options Exercisable, Average Exercise Price | $16.61 |
Range of Exercise Prices, Lower Range Limit | $11.45 |
Range of Exercise Prices, Upper Range Limit | $20.21 |
$20.69 to $22.34 | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Options Outstanding, Number of Shares | 472,189 |
Options Outstanding, Average Remaining Life (Years) | '4 years 6 months 15 days |
Options Outstanding, Average Exercise Price | $21.42 |
Options Exercisable, Number of Shares | 374,070 |
Options Exercisable, Average Exercise Price | $21.61 |
Range of Exercise Prices, Lower Range Limit | $20.69 |
Range of Exercise Prices, Upper Range Limit | $22.34 |
$23.18 to $26.59 | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Options Outstanding, Number of Shares | 423,674 |
Options Outstanding, Average Remaining Life (Years) | '5 years 6 months 22 days |
Options Outstanding, Average Exercise Price | $25.48 |
Options Exercisable, Number of Shares | 191,646 |
Options Exercisable, Average Exercise Price | $25.88 |
Range of Exercise Prices, Lower Range Limit | $23.18 |
Range of Exercise Prices, Upper Range Limit | $26.59 |
$32.76 to $33.45 | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Options Outstanding, Number of Shares | 6,500 |
Options Outstanding, Average Remaining Life (Years) | '3 years 7 months 17 days |
Options Outstanding, Average Exercise Price | $32.97 |
Options Exercisable, Number of Shares | 6,500 |
Options Exercisable, Average Exercise Price | $32.97 |
Range of Exercise Prices, Lower Range Limit | $32.76 |
Range of Exercise Prices, Upper Range Limit | $33.45 |
StockBased_Compensation_Detail2
Stock-Based Compensation (Details 3) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | ' | ' | ' |
Risk-free interest rate | 0.96% | 0.98% | 2.04% |
Expected life (years) | '5 years 3 months 18 days | '5 years 3 months 18 days | '5 years 2 months 12 days |
Expected volatility | 48.90% | 50.20% | 49.60% |
Expected dividend yield | 2.38% | 2.56% | 2.75% |
StockBased_Compensation_Detail3
Stock-Based Compensation (Details 4) (USD $) | 12 Months Ended |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 |
Share-based Compensation [Abstract] | ' |
Options Outstanding, Expected to Vest, Shares | 1,491,252 |
Options Outstanding, Expected to Vest, Weighted-Average Exercise Price | $20.65 |
Options Outstanding, Expected to Vest, Aggregate Intrinsic Value | $26,334 |
Options Outstanding, Expected to Vest, Weighted-Average Remaining Term | '4 years 7 months 10 days |
Options Outstanding, Exercisable, Shares | 1,164,670 |
Options Outstanding, Exercisable, Weighted-Average Exercise Price | $19.83 |
Options Outstanding, Exercisable, Aggregate Intrinsic Value | $21,519 |
Options Outstanding, Exercisable, Weighted-Average Remaining Term | '4 years 0 months 22 days |
StockBased_Compensation_Detail4
Stock-Based Compensation (Details 5) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | ' | ' | ' |
Risk-free interest rate | 0.96% | 0.98% | 2.04% |
Expected volatility | 48.90% | 50.20% | 49.60% |
Service And Market Based Rights [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | ' | ' | ' |
Awards Outstanding | 60,367 | ' | ' |
Granted | 52,552 | ' | ' |
Forfeited | -647 | ' | ' |
Vested/Issued | 0 | ' | ' |
Awards Outstanding | 112,272 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | ' | ' | ' |
Weighted-Average Grant Date Fair Value, Awards Outstanding | 40.03 | ' | ' |
Weighted-Average Grant Date Fair Value, Awards Granted | 38.57 | ' | ' |
Weighted-Average Grant Date Fair Value, Awards Forfeited | 41.09 | ' | ' |
Weighted-Average Grant Date Fair Value, Awards Vested/Issued | 0 | ' | ' |
Weighted-Average Grant Date Fair Value, Awards Outstanding | 35.87 | ' | ' |
Service And Performance Based Rights [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | ' | ' | ' |
Awards Outstanding | 124,067 | ' | ' |
Granted | 105,103 | ' | ' |
Forfeited | -1,293 | ' | ' |
Vested/Issued | -3,333 | ' | ' |
Awards Outstanding | 224,544 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | ' | ' | ' |
Weighted-Average Grant Date Fair Value, Awards Outstanding | 24.08 | ' | ' |
Weighted-Average Grant Date Fair Value, Awards Granted | 24.37 | ' | ' |
Weighted-Average Grant Date Fair Value, Awards Forfeited | 32.23 | ' | ' |
Weighted-Average Grant Date Fair Value, Awards Vested/Issued | 18.51 | ' | ' |
Weighted-Average Grant Date Fair Value, Awards Outstanding | 24.42 | ' | ' |
Restricted stock units [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | ' | ' | ' |
Awards Outstanding | 565,477 | ' | ' |
Granted | 257,245 | ' | ' |
Forfeited | -22,164 | ' | ' |
Vested/Issued | -241,982 | ' | ' |
Awards Outstanding | 558,576 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | ' | ' | ' |
Weighted-Average Grant Date Fair Value, Awards Outstanding | 18.11 | ' | ' |
Weighted-Average Grant Date Fair Value, Awards Granted | 26.62 | ' | ' |
Weighted-Average Grant Date Fair Value, Awards Forfeited | 25.35 | ' | ' |
Weighted-Average Grant Date Fair Value, Awards Vested/Issued | 28.25 | ' | ' |
Weighted-Average Grant Date Fair Value, Awards Outstanding | 20.6 | ' | ' |
Performance Share Awards [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | ' | ' | ' |
Granted | 157,655 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | ' | ' | ' |
Number Of Metrics Used To Measure Performance Goals | 3 | ' | ' |
Minimum Range of Target Award of Stock Plan | 0.00% | ' | ' |
Maximum Range of Target Award of Stock Plan | 250.00% | ' | ' |
Award vesting period | '3 years | ' | ' |
Risk-free interest rate | 0.40% | ' | ' |
Expected volatility | 34.60% | ' | ' |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income from continuing operations before income taxes: | ' | ' | ' |
U.S. | $10,343 | $8,853 | ($630) |
International | 97,231 | 83,409 | 91,605 |
Income from continuing operations before income taxes | 107,574 | 92,262 | 90,975 |
Current: | ' | ' | ' |
U.S. – federal | 8,356 | 579 | 12,223 |
U.S. – state | 539 | 24 | -128 |
International | 16,933 | 13,418 | 11,695 |
Current Income Tax Expense (Benefit) | 25,828 | 14,021 | 23,790 |
Deferred: | ' | ' | ' |
U.S. – federal | 13,792 | 4,610 | -6,382 |
U.S. – state | -110 | 566 | 928 |
International | -4,257 | -6,765 | -2,316 |
Deferred Income Tax Expense (Benefit) | 9,425 | -1,589 | -7,770 |
Income taxes | $35,253 | $12,432 | $16,020 |
Income_Taxes_Details_1
Income Taxes (Details 1) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Deferred Tax Assets, Gross [Abstract] | ' | ' |
Deferred Tax Assets, Allowance for doubtful accounts | $520 | $946 |
Deferred Tax Assets, Depreciation and amortization | 1,886 | -13,881 |
Deferred Tax Assets, Inventory valuation | 17,292 | 15,486 |
Deferred Tax Assets, Other postretirement/postemployment costs | 3,065 | 20,841 |
Deferred Tax Assets, Tax loss carryforwards | 15,363 | 48,402 |
Deferred Tax Assets, Pension | 1,631 | 41,854 |
Deferred Tax Assets, Accrued compensation | 5,949 | 12,611 |
Deferred Tax Assets, Goodwill | 0 | -35,236 |
Deferred Tax Assets, Contingent convertible debt interest | -12,848 | -10,846 |
Deferred Tax Assets, Other | 6,555 | 8,626 |
Deferred Tax Assets | 39,413 | 88,803 |
Deferred Tax Assets, Valuation allowance | -18,873 | -24,936 |
Deferred Tax Assets, Net | 20,540 | 63,867 |
Deferred Tax Assets, Net, Classification [Abstract] | ' | ' |
Deferred Tax Assets, Net, Current | 18,226 | 33,906 |
Deferred Tax Assets, Net non-current | 2,314 | 29,961 |
Deferred Tax Assets, Net | 20,540 | 63,867 |
Deferred Tax Liabilities [Abstract] | ' | ' |
Deferred Tax Liabilities, Allowance for doubtful accounts | 88 | 78 |
Deferred Tax Liabilities, Depreciation and amortization | 96,305 | 35,245 |
Deferred Tax Liabilities, Inventory valuation | 4,241 | 1,288 |
Deferred Tax Liabilities, Other postretirement/postemployment costs | -14,536 | -350 |
Deferred Tax Liabilities, Tax loss carryforwards | -1,445 | 0 |
Deferred Tax Liabilities, Pension | -1,049 | -262 |
Deferred Tax Liabilities, Accrued compensation | -9,381 | 0 |
Deferred Tax Liabilities, Goodwill | 12,805 | 53 |
Deferred Tax Liabilities, Swedish tax incentive | 4,590 | 3,898 |
Deferred Tax Liabilities, Unrealized foreign currency (loss) gain | 2,948 | 2,613 |
Deferred Tax Liabilities, Other | 3,735 | 7,921 |
Deferred Tax Liabilities | 98,301 | 50,484 |
Deferred Tax Liabilities, Classification [Abstract] | ' | ' |
Deferred Tax Liabilities, Current | 3,795 | 1,777 |
Deferred Tax Liabilities, Non-current | 94,506 | 48,707 |
Deferred Tax Liabilities | 98,301 | 50,484 |
Decrease in valuation allowance | $6,063 | ' |
Income_Taxes_Details_2
Income Taxes (Details 2) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Operating Loss Carryforwards [Line Items] | ' |
Tax loss carryforwards | 60,278 |
Tax credit carryforward | 1,100 |
U.S. [Member] | ' |
Operating Loss Carryforwards [Line Items] | ' |
Tax loss carryforwards | 1,436 |
Federal [Member] | ' |
Operating Loss Carryforwards [Line Items] | ' |
Tax Credit Carryforwards, Carryforward Period, Minimum | '1 year |
Tax Credit Carryforwards, Carryforward Period, Maximum | '5 years |
International [Member] | ' |
Operating Loss Carryforwards [Line Items] | ' |
Tax loss carryforwards | 55,405 |
Tax Credit Carryforwards, Carryforward Period, Minimum | '1 year |
Tax Credit Carryforwards, Carryforward Period, Maximum | '13 years |
International with Unlimited Carryforward Periods [Member] | ' |
Operating Loss Carryforwards [Line Items] | ' |
Tax loss carryforwards | 3,437 |
Income_Taxes_Details_3
Income Taxes (Details 3) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
The company has not recognized deferred income taxes of undistributed earnings of its international subsidiaries | $766,456 | ' | ' |
The Company repatriated a dividend from a portion of current year foreign earnings to the U.S. in the amount of | 5,000 | ' | ' |
Dividend increased tax expense by | $1,207 | ' | ' |
Dividend increased tax expense by | 1.10% | 2.30% | 7.60% |
Income_Taxes_Details_4
Income Taxes (Details 4) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Tax Disclosure [Abstract] | ' | ' | ' |
U.S. federal statutory income tax rate | 35.00% | 35.00% | 35.00% |
State taxes (net of federal benefit) | 0.30% | 0.30% | 0.50% |
Foreign losses without tax benefit | 0.80% | 0.80% | 0.30% |
U.S. Tax Court Decision | 15.30% | 0.00% | 0.00% |
Foreign operations taxed at lower rates | -20.60% | -23.70% | -25.50% |
ESOP dividend | -0.30% | -0.50% | -0.40% |
Repatriation from current year foreign earnings | 1.10% | 2.30% | 7.60% |
Other | 1.20% | -0.70% | 0.10% |
Consolidated effective income tax rate | 32.80% | 13.50% | 17.60% |
Income_Taxes_Details_5
Income Taxes (Details 5) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Holiday [Line Items] | ' | ' | ' |
Income taxes paid globally, net of refunds | $158,092 | $15,876 | $11,613 |
Singapore and China [Member] | ' | ' | ' |
Income Tax Holiday [Line Items] | ' | ' | ' |
Tax benefits | $6,746 | $6,026 | $7,185 |
Tax benefits (in dollars per share) | $0.12 | $0.11 | $0.13 |
Income_Taxes_Details_6
Income Taxes (Details 6) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ' | ' | ' |
Balance at January 1 | $9,321 | $6,965 | $7,102 |
Tax positions taken during prior periods | 9,944 | 0 | 0 |
Tax positions taken during the current period | 3,350 | 0 | 215 |
Acquisition | 556 | 2,528 | 0 |
Settlements | -15,144 | -172 | -175 |
Lapse of the applicable statute of limitations | 0 | 0 | -177 |
Balance at December 31 | 8,027 | 9,321 | 6,965 |
Interest and penalties | 9,614 | 0 | -32 |
The liability for unrecognized tax benefits included accrued interest | $1,031 | $0 | $0 |
Common_Stock_Details
Common Stock (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Treasury shares issued (in shares) | 1,032,493 | ' | ' |
Common stock repurchases, value | $68,608 | $19,037 | $34,066 |
Treasury Stock [Member] | ' | ' | ' |
Common stock repurchases (in shares) | 2,350,697 | 700,000 | 1,509,156 |
Common stock repurchases, value | $68,608 | $19,037 | $34,066 |
Common Stock [Member] | ' | ' | ' |
Employee stock plans (in shares) | 1,104,099 | 608,227 | 2,075,385 |
Preferred_Stock_Preferred_Stoc
Preferred Stock Preferred Stock (Details) | Dec. 31, 2013 | Dec. 31, 2012 |
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | ' | ' |
Preferred Stock, Shares Authorized | 3,000,000 | 3,000,000 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Stock_Plans_Details
Stock Plans (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Contribution expense | $4,780 | $5,319 | $5,106 |
Retirement Savings Plan [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Employer match of employee contributions to Retirement Savings Plan | 50.00% | ' | ' |
Share-based compensation arrangement by share-based payment award, maximum salary percentage of employer match | 6.00% | ' | ' |
Annual Retirement Contribution Percent | 4.00% | ' | ' |
Contribution expense | $2,815 | $3,504 | $3,399 |
Shares held by Retirement Savings Plan | 1,870,301 | ' | ' |
Stock_Plans_Details_1
Stock Plans (Details 1) (Employee Stock Purchase Plan [Member], USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Employee Stock Purchase Plan [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Maximum employee contribution to ESPP, monetary | $25 | ' | ' |
Maximum employee contribution to ESPP, percent of base compensation | 10.00% | ' | ' |
Common Stock Discount Purchase Price | 95.00% | ' | ' |
Shares Available Under Employee Stock Purchase Plan | 4,550,000 | ' | ' |
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 14,979 | 27,949 | 31,874 |
Proceeds from Stock Plans | $457 | $646 | $670 |
Number Of Shares Available Under Employee Stock Purchase Plan | 321,225 | ' | ' |
Stock_Plans_Details_2
Stock Plans (Details 2) (USD $) | 12 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 15, 2005 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Allocated Share-based Compensation Expense | $18,128 | $8,819 | $8,319 | ' |
Employee Stock Ownership Program [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Common Stock, Capital Shares Reserved for Future Issuance | 0 | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 6,900,000 | ' | ' | ' |
Barnes Group Stock Incentive Plan [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Common Stock, Capital Shares Reserved for Future Issuance | 5,850 | ' | ' | ' |
Barnes Group Stock And Incentive Award Plan [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Common Stock, Capital Shares Reserved for Future Issuance | 3,996,798 | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 5,700,000 | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 1,541,914 | 2,115,338 | ' | ' |
Non Employee Director Deferred Stock Plan [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Common Stock, Capital Shares Reserved for Future Issuance | 69,600 | ' | ' | ' |
Award vesting period | '3 years | ' | ' | ' |
Number of Common Shares Awarded, Non Employee Directors | ' | ' | ' | 12,000 |
Dividend Equivalent Paid To Non Employee Director Deferred Stock Plan | $30 | $29 | ' | ' |
Allocated Share-based Compensation Expense | $16 | $19 | $25 | ' |
Value Of Restricted Stock Units Granted | $50 | ' | ' | ' |
All Stock Plans [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Common Stock, Capital Shares Reserved for Future Issuance | 4,393,473 | ' | ' | ' |
Maximum [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Award vesting period | '5 years | ' | ' | ' |
Maximum [Member] | Stock Rights [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Award vesting period | '5 years | ' | ' | ' |
Weighted_Average_Shares_Outsta2
Weighted Average Shares Outstanding (Details) (USD $) | 12 Months Ended | 12 Months Ended | ||||||||||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Apr. 05, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
3.75% Convertible Notes [Member] | 3.375% Convertible Notes [Member] | 3.375% Convertible Notes [Member] | Stock options [Member] | Stock options [Member] | Stock options [Member] | Stock options [Member] | Stock options [Member] | Stock options [Member] | Restricted stock units [Member] | Restricted stock units [Member] | Restricted stock units [Member] | Non Employee Director Deferred Stock Plan [Member] | Non Employee Director Deferred Stock Plan [Member] | Non Employee Director Deferred Stock Plan [Member] | ||||
Convertible Debt [Member] | Convertible Debt [Member] | Convertible Debt [Member] | ||||||||||||||||
Weighted Average Shares Outstanding [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic (in shares) | 53,860,308 | 54,626,453 | 55,214,586 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dilutive effect of: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares attributable to share-based payment arrangements (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 575,202 | 478,462 | 645,280 | 280,488 | 70,554 | 19,089 | 48,025 | 48,988 | 52,927 |
Diluted (in shares) | 54,973,344 | 55,224,457 | 55,931,882 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | ' | ' | ' | ' | ' | ' | 133,162 | 336,892 | 787,809 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Convertible notes | ' | ' | ' | $92,500 | $55,636 | $55,636 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Convertible notes stated interest rate | ' | ' | ' | 3.75% | 3.38% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Convertible, Conversion Price | ' | ' | ' | ' | $28.31 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Trading Days Used To Compute Average Closing Price of Stock for Dilutive Effect Comparison | '30 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Incremental Common Shares Attributable to Conversion of Debt Securities | 209,321 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Changes_in_Accumulated_Other_C2
Changes in Accumulated Other Comprehensive Income by Component (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Changes in Accumulated Other Comprehensive Income by Component [Roll Forward] | ' | ' | ' |
Accumulated other comprehensive income (loss) | ($66,752) | ' | ' |
Other comprehensive income before reclassifications to consolidated statements of income | 78,739 | ' | ' |
Amounts reclassified from accumulated other comprehensive (loss) income to the consolidated statements of income | 13,957 | ' | ' |
Net current-period other comprehensive income | 92,696 | 8,302 | -38,460 |
Accumulated other comprehensive income (loss) | 25,944 | -66,752 | ' |
Gains and Losses on Cash Flow Hedges | ' | ' | ' |
Changes in Accumulated Other Comprehensive Income by Component [Roll Forward] | ' | ' | ' |
Accumulated other comprehensive income (loss) | -432 | ' | ' |
Other comprehensive income before reclassifications to consolidated statements of income | -48 | ' | ' |
Amounts reclassified from accumulated other comprehensive (loss) income to the consolidated statements of income | -39 | ' | ' |
Net current-period other comprehensive income | -87 | ' | ' |
Accumulated other comprehensive income (loss) | -519 | ' | ' |
Pension and Other Postretirement Benefit Items | ' | ' | ' |
Changes in Accumulated Other Comprehensive Income by Component [Roll Forward] | ' | ' | ' |
Accumulated other comprehensive income (loss) | -146,441 | ' | ' |
Other comprehensive income before reclassifications to consolidated statements of income | 63,315 | ' | ' |
Amounts reclassified from accumulated other comprehensive (loss) income to the consolidated statements of income | 9,853 | ' | ' |
Net current-period other comprehensive income | 73,168 | ' | ' |
Accumulated other comprehensive income (loss) | -73,273 | ' | ' |
Foreign Currency Items | ' | ' | ' |
Changes in Accumulated Other Comprehensive Income by Component [Roll Forward] | ' | ' | ' |
Accumulated other comprehensive income (loss) | 80,121 | ' | ' |
Other comprehensive income before reclassifications to consolidated statements of income | 15,472 | ' | ' |
Amounts reclassified from accumulated other comprehensive (loss) income to the consolidated statements of income | 4,143 | ' | ' |
Net current-period other comprehensive income | 19,615 | ' | ' |
Accumulated other comprehensive income (loss) | $99,736 | ' | ' |
Changes_in_Accumulated_Other_C3
Changes in Accumulated Other Comprehensive Income by Component (Details 2) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' |
Interest expense | ($13,090) | ($12,238) | ($10,271) |
Net sales | 1,091,566 | 928,780 | 865,078 |
Income from continuing operations before income taxes | 107,574 | 92,262 | 90,975 |
Tax benefit | -35,253 | -12,432 | -16,020 |
Income from continuing operations | 72,321 | 79,830 | 74,955 |
Income (loss) from discontinued operations, net of income taxes | 198,206 | 15,419 | -10,240 |
Total reclassifications in the period | 270,527 | 95,249 | 64,715 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' |
Income (loss) from discontinued operations, net of income taxes | -4,143 | ' | ' |
Total reclassifications in the period | -13,957 | ' | ' |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Gains and Losses on Cash Flow Hedges | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' |
Income from continuing operations before income taxes | -117 | ' | ' |
Tax benefit | 156 | ' | ' |
Income from continuing operations | 39 | ' | ' |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Gains and Losses on Cash Flow Hedges | Interest Rate Contracts [Member] | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' |
Interest expense | -850 | ' | ' |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Gains and Losses on Cash Flow Hedges | Foreign Exchange Contracts [Member] | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' |
Net sales | 733 | ' | ' |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Pension and Other Postretirement Benefit Items | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' |
Income from continuing operations before income taxes | -14,870 | ' | ' |
Tax benefit | 5,017 | ' | ' |
Income from continuing operations | -9,853 | ' | ' |
Amortization of prior-service credits, net | 254 | ' | ' |
Amortization of actuarial losses | -17,369 | ' | ' |
Curtailment gain (net) | 2,882 | ' | ' |
Settlement loss | ($637) | ' | ' |
Information_on_Business_Segmen2
Information on Business Segments (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment | Segment | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Number Of Reportable Segments | 2 | 2 | ' | ' |
Revenues | ' | $1,091,566 | $928,780 | $865,078 |
Operating profit | ' | 123,201 | 107,131 | 101,579 |
Assets | ' | 2,123,673 | 1,868,596 | 1,440,365 |
Depreciation and amortization | ' | 65,052 | 57,360 | 58,904 |
Capital expenditures | ' | 57,304 | 37,787 | 37,082 |
Interest expense | ' | 13,090 | 12,238 | 10,271 |
Other expense (income), net | ' | 2,537 | 2,631 | 333 |
Income from continuing operations before income taxes | ' | 107,574 | 92,262 | 90,975 |
General Electric [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Entity-Wide Revenue, Major Customer, Percent | ' | 21.00% | 23.00% | 26.00% |
Aerospace [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenues | ' | 404,000 | 390,500 | 382,500 |
Operating profit | ' | 51,300 | 57,900 | 55,700 |
Assets | ' | 567,100 | 533,500 | 544,900 |
Depreciation and amortization | ' | 23,200 | 21,200 | 24,200 |
Capital expenditures | ' | 23,800 | 8,600 | 13,500 |
Industrial [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenues | ' | 687,600 | 538,300 | 482,600 |
Operating profit | ' | 71,900 | 49,300 | 45,800 |
Assets | ' | 1,410,400 | 907,100 | 483,000 |
Depreciation and amortization | ' | 38,400 | 24,400 | 19,300 |
Capital expenditures | ' | 31,300 | 24,300 | 18,700 |
Other [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenues | ' | 0 | 0 | 0 |
Operating profit | ' | 0 | 0 | 0 |
Assets | ' | 146,200 | 428,000 | 412,500 |
Depreciation and amortization | ' | 3,500 | 11,800 | 15,400 |
Capital expenditures | ' | $2,200 | $4,900 | $4,900 |
Information_on_Business_Segmen3
Information on Business Segments (Details 1) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Revenues | $1,091,566 | $928,780 | $865,078 |
Long-lived assets | 1,544,163 | 1,220,100 | 862,700 |
Long-lived assets located in any one international country | 1 | ' | ' |
Aerospace [Member] | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Revenues | 404,000 | 390,500 | 382,500 |
Industrial [Member] | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Revenues | 687,600 | 538,300 | 482,600 |
Domestic [Member] | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Revenues | 593,300 | 529,900 | 495,600 |
Long-lived assets | 330,200 | 372,000 | 303,700 |
International [Member] | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Revenues | 524,100 | 421,700 | 394,700 |
Long-lived assets | 1,214,000 | 848,100 | 559,000 |
Other [Member] | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Revenues | -25,900 | -22,800 | -25,300 |
Long-lived assets | 0 | 0 | 0 |
Sales from international locations to domestic locations | 72.00% | ' | ' |
Singapore [Member] | Aerospace [Member] | Intangible Assets [Member] | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Long-lived assets | 229,500 | ' | ' |
China [Member] | Industrial [Member] | Goodwill and Intangible Assets [Member] | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Long-lived assets | 156,400 | ' | ' |
Germany [Member] | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Revenues | 140,800 | ' | ' |
Germany [Member] | Industrial [Member] | Goodwill, Property Plant and Equipment and Intangible Assets [Member] | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Long-lived assets | 477,300 | ' | ' |
Switzerland [Member] | Industrial [Member] | Goodwill And Property Plant And Equipment [Member] | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Long-lived assets | $193,800 | ' | ' |
Commitments_and_Contingencies_
Commitments and Contingencies (Details) (USD $) | 1 Months Ended | 12 Months Ended | |||
In Thousands, unless otherwise specified | Nov. 30, 2013 | Apr. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Loss Contingencies [Line Items] | ' | ' | ' | ' | ' |
IRS proposed adjustments to tax years 2000 through 2002, before penalty and interest | ' | $16,500 | ' | ' | ' |
Potential penalty, percentage of tax assessment | ' | 20.00% | ' | ' | ' |
Income taxes | ' | ' | 35,253 | 12,432 | 16,020 |
Income Tax Examination, Tax, Penalties and Interest Expense | 12,700 | ' | ' | ' | ' |
Leases [Abstract] | ' | ' | ' | ' | ' |
Operating Leases, Rent Expense | ' | ' | 11,398 | 13,464 | 19,678 |
Operating Leases, Future Minimum Payments, Due 2014 | ' | ' | 8,581 | ' | ' |
Operating Leases, Future Minimum Payments, Due 2015 | ' | ' | 5,358 | ' | ' |
Operating Leases, Future Minimum Payments, Due 2016 | ' | ' | 1,821 | ' | ' |
Operating Leases, Future Minimum Payments, Due 2017 | ' | ' | 909 | ' | ' |
Operating Leases, Future Minimum Payments, Due 2018 | ' | ' | 683 | ' | ' |
Operating Leases, Future Minimum Payments, Due Thereafter | ' | ' | 2,921 | ' | ' |
2013 U.S Court Decision [Member] | ' | ' | ' | ' | ' |
Loss Contingencies [Line Items] | ' | ' | ' | ' | ' |
Income taxes | ' | ' | $16,428 | ' | ' |
Schedule_II_Valuation_and_Qual1
Schedule II - Valuation and Qualifying Accounts (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Allowance for Doubtful Accounts [Member] | ' | ' | ' |
Movement in Valuation Allowances and Reserves [Roll Forward] | ' | ' | ' |
Allowance, Beginning Balance | $2,858 | $2,898 | $5,026 |
Provision charged to income | 1,726 | 1,706 | 1,623 |
Doubtful accounts written off (net) | -532 | -1,617 | -2,364 |
Other Adjustments | -614 | -129 | -1,387 |
Allowance, Ending Balance | 3,438 | 2,858 | 2,898 |
Barnes Distribution Europe and Barnes Distribution North America [Member] | ' | ' | ' |
Movement in Valuation Allowances and Reserves [Roll Forward] | ' | ' | ' |
Other Adjustments | ($800) | ' | ($1,300) |
Schedule_II_Valuation_and_Qual2
Schedule II - Valuation and Qualifying Accounts (Details 1) (Valuation Allowance of Deferred Tax Assets [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Valuation Allowance of Deferred Tax Assets [Member] | ' | ' | ' |
Movement in Valuation Allowances and Reserves [Roll Forward] | ' | ' | ' |
Allowance, Beginning Balance | $24,936 | $16,681 | $30,036 |
Additions charged to income tax expense | 473 | 2,154 | 93 |
Additions (reductions) charged to other comprehensive income | -547 | 205 | 466 |
Reductions credited to income tax expense | -1,412 | -1,676 | -1,628 |
Changes due to foreign currency translation | -849 | 728 | -521 |
Divestiture | -3,728 | ' | -11,765 |
Acquisition | ' | 6,844 | ' |
Allowance, Ending Balance | $18,873 | $24,936 | $16,681 |