Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2014 | Apr. 24, 2014 | |
Document and Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 31-Mar-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
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 | ' | 54,205,461 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Income Statement [Abstract] | ' | ' |
Net sales | $312,099 | $263,545 |
Cost of sales | 214,557 | 177,715 |
Selling and administrative expenses | 62,418 | 60,875 |
Total operating costs and expenses | 276,975 | 238,590 |
Operating income | 35,124 | 24,955 |
Interest expense | 3,319 | 4,357 |
Other expense (income), net | 234 | 966 |
Income from continuing operations before income taxes | 31,571 | 19,632 |
Income taxes | 8,819 | 4,199 |
Income from continuing operations | 22,752 | 15,433 |
Loss from discontinued operations, net of income taxes (Note 2) | 0 | -1,961 |
Net income | $22,752 | $13,472 |
Basic: | ' | ' |
Income from continuing operations (in dollars per share) | $0.42 | $0.29 |
(Loss) income from discontinued operations, net of income taxes (in dollars per share) | $0 | ($0.04) |
Net income (in dollars per share) | $0.42 | $0.25 |
Diluted: | ' | ' |
Income from continuing operations (in dollars per share) | $0.41 | $0.28 |
(Loss) income from discontinued operations, net of income taxes (in dollars per share) | $0 | ($0.04) |
Net income (in dollars per share) | $0.41 | $0.24 |
Dividends (in dollars per share) | $0.11 | $0.10 |
Weighted average common shares outstanding: | ' | ' |
Basic (in shares) | 54,650,481 | 54,739,465 |
Diluted (in shares) | 55,972,753 | 55,524,560 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
Statement of Comprehensive Income [Abstract] | ' | ' | ||
Net income | $22,752 | $13,472 | ||
Other comprehensive (loss) income, net of tax | ' | ' | ||
Unrealized (loss) income on hedging activities, net of tax (1) | -27 | [1] | 427 | [1] |
Foreign currency translation adjustments, net of tax (2) | -5,948 | [2] | -14,505 | [2] |
Defined benefit pension and other postretirement benefits, net of tax (3) | -5,870 | [3] | 2,410 | [3] |
Total other comprehensive loss, net of tax | -11,845 | -11,668 | ||
Total comprehensive income | 10,907 | 1,804 | ||
Unrealized (loss) income on hedging activities, tax | 14 | 188 | ||
Foreign currency translation adjustment, tax | -198 | -101 | ||
Defined benefit pension and other postretirement benefits, tax | ($3,787) | $2,838 | ||
[1] | Net of tax of $14 and $188 for the three months ended March 31, 2014 and 2013, respectively | |||
[2] | Net of tax of $(198) and $(101) for the three months ended March 31, 2014 and 2013, respectively. | |||
[3] | Net of tax of $(3,787) and $2,838 for the three months ended March 31, 2014 and 2013, respectively. |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets | ' | ' |
Cash and cash equivalents | $61,411 | $70,856 |
Accounts receivable, less allowances (2014 - $2,729; 2013 - $3,438) | 291,703 | 258,664 |
Inventories | 210,212 | 211,246 |
Deferred income taxes | 14,874 | 18,226 |
Prepaid expenses and other current assets | 19,958 | 18,204 |
Total current assets | 598,158 | 577,196 |
Deferred income taxes | 869 | 2,314 |
Property, plant and equipment | 699,195 | 686,537 |
Less accumulated depreciation | -392,026 | -383,979 |
Property, plant and equipment, net | 307,169 | 302,558 |
Goodwill | 645,604 | 649,697 |
Other intangible assets, net | 523,002 | 534,293 |
Other assets | 59,865 | 57,615 |
Total assets | 2,134,667 | 2,123,673 |
Current liabilities | ' | ' |
Notes and overdrafts payable | 1,636 | 1,074 |
Accounts payable | 98,421 | 88,721 |
Accrued liabilities | 129,589 | 154,514 |
Long-term debt - current | 56,615 | 56,009 |
Total current liabilities | 286,261 | 300,318 |
Long-term debt | 503,076 | 490,341 |
Accrued retirement benefits | 90,319 | 80,884 |
Deferred income taxes | 91,250 | 94,506 |
Other liabilities | 15,058 | 16,210 |
Commitments and contingencies (Note 15) | ' | ' |
Stockholders' equity | ' | ' |
Common stock - par value $0.01 per share Authorized: 150,000,000 shares Issued: at par value (2014 - 60,742,629 shares; 2013 - 60,306,128 shares) | 607 | 603 |
Additional paid-in capital | 401,675 | 390,347 |
Treasury stock, at cost (2014 - 6,622,624 shares; 2013 - 6,389,267 shares) | -165,501 | -156,649 |
Retained earnings | 897,823 | 881,169 |
Accumulated other non-owner changes to equity | 14,099 | 25,944 |
Total stockholders' equity | 1,148,703 | 1,141,414 |
Total liabilities and stockholders' equity | $2,134,667 | $2,123,673 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Allowance for doubtful accounts | $2,729 | $3,438 |
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) | 60,742,629 | 60,306,128 |
Treasury stock, at cost (in shares) | 6,622,624 | 6,389,267 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Operating activities: | ' | ' |
Net income | $22,752 | $13,472 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 20,782 | 16,499 |
Amortization of convertible debt discount | 731 | 582 |
Loss (gain) on disposition of property, plant and equipment | 78 | -54 |
Stock compensation expense | 1,865 | 12,657 |
Withholding taxes paid on stock issuances | -463 | -720 |
Changes in assets and liabilities: | ' | ' |
Accounts receivable | -32,802 | -16,347 |
Inventories | 802 | -968 |
Prepaid expenses and other current assets | -2,763 | -235 |
Accounts payable | 9,676 | 7,144 |
Accrued liabilities | -3,131 | -16,679 |
Deferred income taxes | 3,834 | 485 |
Long-term retirement benefits | -4,964 | 801 |
Other | 580 | 1,020 |
Net cash provided by operating activities | 16,977 | 17,657 |
Investing activities: | ' | ' |
Proceeds from disposition of property, plant and equipment | 382 | 44 |
Capital expenditures | -15,074 | -10,050 |
Other | -467 | -1,420 |
Net cash used by investing activities | -15,159 | -11,426 |
Financing activities: | ' | ' |
Net change in other borrowings | 559 | 8,737 |
Payments on long-term debt | -26,151 | -6,245 |
Proceeds from the issuance of long-term debt | 39,283 | 21,000 |
Payment of assumed liability to Otto MC$nner Holding AG | -19,796 | 0 |
Proceeds from the issuance of common stock | 7,262 | 2,677 |
Common stock repurchases | -8,389 | -12,856 |
Dividends paid | -5,971 | -5,443 |
Excess tax benefit on stock awards | 2,246 | 506 |
Other | -76 | -53 |
Net cash (used) provided by financing activities | -11,033 | 8,323 |
Effect of exchange rate changes on cash flows | -230 | -1,038 |
(Decrease) increase in cash and cash equivalents | -9,445 | 13,516 |
Cash and cash equivalents at beginning of period | 70,856 | 86,356 |
Cash and cash equivalents at end of period | $61,411 | $99,872 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2014 | |
Accounting Policies [Abstract] | ' |
Summary of Significant Accounting Policies | ' |
Summary of Significant Accounting Policies | |
The accompanying unaudited consolidated balance sheet and the related unaudited consolidated statements of income, comprehensive income and cash flows have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. The consolidated financial statements do not include all information and notes required by accounting principles generally accepted in the United States of America for complete financial statements. The balance sheet as of December 31, 2013 has been derived from the 2013 financial statements of Barnes Group Inc. (the “Company”). For additional information, please refer to the consolidated financial statements and notes included in the Company's Annual Report on Form 10-K for the year ended December 31, 2013. In the opinion of management, all adjustments, including normal recurring accruals considered necessary for a fair presentation, have been included. Operating results for the three-month period ended March 31, 2014 are not necessarily indicative of the results that may be expected for the year ending December 31, 2014. | |
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 has been integrated into the Industrial segment. 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. |
Discontinued_Operations
Discontinued Operations | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||||||
Discontinued Operations | ' | |||||||
Discontinued Operations | ||||||||
Barnes Distribution North America | ||||||||
In April 2013, the Company completed the sale of BDNA to MSC pursuant to the terms of an Asset Purchase Agreement between the Company and MSC. The total cash consideration received for BDNA through March 31, 2014 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 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 March 31, 2014 and December 31, 2013. | ||||||||
Barnes Distribution Europe | ||||||||
In December 2011, the Company sold substantially all of the assets of its Barnes Distribution Europe ("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. | ||||||||
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 ($7,014 at March 31, 2014) 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 March 31, 2014 and December 31, 2013. | ||||||||
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. | ||||||||
Three months ended March 31, | ||||||||
2014 | 2013 | |||||||
Net sales | $ | — | $ | 75,821 | ||||
Loss before income taxes | — | (1,778 | ) | |||||
Income tax expense | — | 183 | ||||||
Loss from operations of discontinued businesses, net of income taxes | — | (1,961 | ) | |||||
(Loss) gain on transaction | — | — | ||||||
Income tax (expense) benefit on sale | — | — | ||||||
(Loss) gain on the sale of businesses, net of income taxes | — | — | ||||||
Loss from discontinued operations, net of income taxes | $ | — | $ | (1,961 | ) | |||
Acquisitions
Acquisitions | 3 Months Ended | |||
Mar. 31, 2014 | ||||
Business Combinations [Abstract] | ' | |||
Acquisitions | ' | |||
Acquisitions | ||||
During 2013, the Company completed the acquisition of the Männer Business, a German company based in Bahlingen, Germany. The following table reflects the unaudited pro forma operating results of the Company for the three months ended March 31, 2013, which gives effect to the acquisition of the Männer Business as if it had occurred on January 1, 2012. 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 acquisition been effective January 1, 2012, 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 Männer Business 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 acquisition. | ||||
(Unaudited Pro Forma) Three months ended March 31, 2013 | ||||
Net sales | $ | 286,834 | ||
Income from continuing operations | 17,929 | |||
Net income | 15,968 | |||
Per common share: | ||||
Basic: | ||||
Income from continuing operations | $ | 0.32 | ||
Net income | $ | 0.29 | ||
Diluted: | ||||
Income from continuing operations | $ | 0.32 | ||
Net income | $ | 0.28 | ||
Net_Income_Per_Common_Share
Net Income Per Common Share | 3 Months Ended |
Mar. 31, 2014 | |
Earnings Per Share [Abstract] | ' |
Net Income Per Common Share | ' |
Net Income Per Common Share | |
For the purpose of computing diluted income from continuing operations and net income per common share, the weighted-average number of common shares outstanding is increased for the potential dilutive effects of stock-based incentive plans and convertible senior subordinated notes. For the purpose of computing diluted income from continuing operations and net income per common share, the weighted-average number of common shares outstanding was increased by 1,322,272 and 785,095 for the three-month periods ended March 31, 2014 and 2013, respectively, to account for the potential dilutive effect of stock-based incentive plans and convertible senior subordinated notes. There were no adjustments to income from continuing operations or net income for the purposes of computing income available to common stockholders for those periods. | |
The calculation of weighted-average diluted shares outstanding excludes all shares that would have been anti-dilutive. During the three-month periods ended March 31, 2014 and 2013, the Company excluded 92,049 and 366,349 stock options, respectively, from the calculation of weighted average diluted shares outstanding as the stock options would have been anti-dilutive. | |
The Company granted 86,300 stock options, 93,989 restricted stock unit awards and 84,654 performance share awards in February 2014 as part of its annual grant awards. All of the stock options and the restricted stock unit awards vest upon meeting certain service conditions. The restricted stock unit awards are included in basic average common shares outstanding as they contain nonforfeitable rights to dividend payments. The performance share awards are part of a long-term Relative Measure program, which is designed to assess the Company's performance relative to the performance of companies included in the Russell 2000 Index over the three-year term of the program ending December 31, 2016. 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. The fair value of the TSR portion of the performance share awards was determined using a Monte Carlo valuation method as the award contains a market condition. | |
In the first quarter 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 of 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 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 awards. The Company recorded $10,492 of stock compensation expense in the first quarter of 2013 as a result of the modifications. | |
The 3.375% convertible senior subordinated notes due in March 2027 (the “Notes”) are convertible, under certain circumstances, into a combination of cash and common stock of the Company. The conversion price as of March 31, 2014 was $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 the quarter as compared to the conversion price of the Notes. Under the net share settlement method, there were 512,453 potential shares issuable under the Notes that were considered dilutive for the three-month period ended March 31, 2014. There were no potential shares issuable under the Notes for the three-month period ended March 31, 2013 as the Notes would have been anti-dilutive. |
Inventories
Inventories | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Inventories | ' | |||||||
Inventories | ||||||||
The components of inventories consisted of: | ||||||||
March 31, 2014 | December 31, 2013 | |||||||
Finished goods | $ | 81,406 | $ | 85,033 | ||||
Work-in-process | 76,152 | 71,982 | ||||||
Raw material and supplies | 52,654 | 54,231 | ||||||
$ | 210,212 | $ | 211,246 | |||||
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 3 Months Ended | |||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||
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 for the Company as of and for the period ended March 31, 2014: | ||||||||||||||||||
Industrial | Aerospace | Total Company | ||||||||||||||||
1-Jan-14 | $ | 618,911 | $ | 30,786 | $ | 649,697 | ||||||||||||
Foreign currency translation | (4,093 | ) | — | (4,093 | ) | |||||||||||||
March 31, 2014 | $ | 614,818 | $ | 30,786 | $ | 645,604 | ||||||||||||
Other Intangible Assets: | ||||||||||||||||||
Other intangible assets consisted of: | ||||||||||||||||||
March 31, 2014 | December 31, 2013 | |||||||||||||||||
Range of | Gross Amount | Accumulated Amortization | Gross Amount | Accumulated Amortization | ||||||||||||||
Life -Years | ||||||||||||||||||
Amortized intangible assets: | ||||||||||||||||||
Revenue sharing programs (RSPs) | Up to 30 | $ | 293,700 | $ | (66,393 | ) | $ | 293,700 | $ | (64,220 | ) | |||||||
Component Repair Program | Up to 15 | 26,639 | (247 | ) | 26,639 | — | ||||||||||||
Customer lists/relationships | 15-Oct | 183,406 | (21,515 | ) | 183,406 | (18,293 | ) | |||||||||||
Patents and technology | 14-Jul | 62,972 | (16,296 | ) | 62,972 | (14,210 | ) | |||||||||||
Trademarks/trade names | 30-May | 11,950 | (7,868 | ) | 11,950 | (7,628 | ) | |||||||||||
Other | Up to 15 | 19,292 | (11,736 | ) | 19,292 | (9,868 | ) | |||||||||||
597,959 | (124,055 | ) | 597,959 | (114,219 | ) | |||||||||||||
Unamortized intangible asset: | ||||||||||||||||||
Trade name | 36,900 | 36,900 | ||||||||||||||||
Foreign currency translation | 12,198 | — | 13,653 | — | ||||||||||||||
Other intangible assets | $ | 647,057 | $ | (124,055 | ) | $ | 648,512 | $ | (114,219 | ) | ||||||||
Estimated amortization of intangible assets for future periods is as follows: 2014 - $39,000; 2015 - $33,000; 2016 - $32,000; 2017 - $32,000 and 2018 - $33,000. |
Debt
Debt | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||
Debt | ' | ||||||||||||||||
Debt | |||||||||||||||||
The Company's debt agreements contain financial covenants that require the maintenance of interest coverage and leverage ratios. The Company is in compliance with its financial covenants as of March 31, 2014, and continues to monitor its future compliance based on current and anticipated future economic conditions. | |||||||||||||||||
Long-term debt and notes and overdrafts payable at March 31, 2014 and December 31, 2013 consisted of: | |||||||||||||||||
March 31, 2014 | December 31, 2013 | ||||||||||||||||
Carrying | Fair | Carrying | Fair | ||||||||||||||
Amount | Value | Amount | Value | ||||||||||||||
3.375% Convertible Notes | $ | 55,636 | $ | 76,114 | $ | 55,636 | $ | 76,569 | |||||||||
Unamortized debt discount – 3.375% Convertible Notes | — | — | (731 | ) | — | ||||||||||||
Revolving credit agreement | 500,845 | 503,798 | 487,920 | 482,431 | |||||||||||||
Borrowings under lines of credit and overdrafts | 1,636 | 1,636 | 1,074 | 1,074 | |||||||||||||
Other foreign bank borrowings | 270 | 273 | 405 | 410 | |||||||||||||
Capital leases | 2,940 | 3,264 | 3,120 | 3,402 | |||||||||||||
561,327 | 585,085 | 547,424 | 563,886 | ||||||||||||||
Less current maturities | (58,251 | ) | (57,083 | ) | |||||||||||||
Long-term debt | $ | 503,076 | $ | 490,341 | |||||||||||||
As of March 20, 2014, the 3.375% Convertible Notes (Notes") are subject to redemption at their par value at any time, at the option of the Company. The note holders had the option to require the Company to redeem some or all of the Notes on April 11, 2014. As such, the balance of these Notes of $55,636 (par value) and the related deferred tax balances are classified as current in the accompanying balance sheet as of March 31, 2014. None of the Notes were redeemed by the note holders on April 11, 2014. The note holders may also require the Company to redeem some or all of the notes at their par value on March 15th of 2017 and 2022. The 3.375% Convertible Notes are also eligible for conversion upon meeting certain conditions as provided in the indenture agreement including the closing stock price for 20 of the last 30 trading days in the preceding quarter being greater than or equal to 130% of the conversion price (the "conversion price eligibility requirement"). The eligibility for conversion is determined quarterly. During the first quarter of 2014, the 3.375% Convertible Notes were not eligible for conversion. During the second quarter of 2014, the 3.375% Convertible Notes will be eligible for conversion due to meeting the conversion price eligibility requirement and on March 20, the Company formally notified the note holders that they are entitled to convert the Notes. 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. The fair value of the Notes was determined using quoted market prices that represent Level 2 observable inputs. | |||||||||||||||||
In September 2013, the Company entered into a second amendment to its fifth amended and restated revolving credit agreement (the "Amended Credit Agreement”) and retained Bank of America, N.A. as Administrative Agent for the lenders. The Amended Credit Agreement extended 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 Amended Credit Agreement added a new foreign subsidiary borrower in Germany, Barnes Group Acquisition GmbH, maintained 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 Amended Credit Agreement, 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 prior quarter end. The Company paid fees and expenses of $1,261 in conjunction with executing the Amended Credit Agreement in 2013; such fees will be deferred and amortized into interest expense on the accompanying Consolidated Statements of Income through its maturity. | |||||||||||||||||
Borrowings and availability under the Amended Credit Agreement were $500,845 and $249,155, respectively, at March 31, 2014 and $487,920 and $262,080, respectively, at December 31, 2013. Borrowings included Euro-denominated borrowings of €109,100 ($150,045) at March 31, 2014 and €114,000 ($157,320) at December 31, 2013. The interest rate on these borrowings was 1.30% and 1.36% on March 31, 2014 and December 31, 2013, 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 were amended in September 2013. The Amended Credit Agreement requires the Company to maintain a ratio of Consolidated Senior Debt, as defined in the Amended Credit Agreement, to Consolidated EBITDA, as defined, of not more than 3.25 times at the end of each fiscal quarter ("Senior Debt Ratio"), 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 Amended Credit Agreement 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. In October 2013, the Company completed the acquisition of the Männer Business, a permitted transaction pursuant to the terms of the Amended Credit Agreement. At March 31, 2014, the Company was in compliance with all financial covenants under the Amended Credit Agreement. | |||||||||||||||||
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 March 31, 2014 at an interest rate of 2.12% and $1,000 was borrowed at December 31, 2013 at an interest rate of 2.13%. The Company had also borrowed $636 and $74 under overdraft facilities at March 31, 2014 and December 31, 2013, respectively. Repayments under the Credit Lines are due within seven days. Repayments of the overdrafts are generally due within two days. 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 in October 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. |
Business_Reorganization
Business Reorganization | 3 Months Ended | |||
Mar. 31, 2014 | ||||
Restructuring and Related Activities [Abstract] | ' | |||
Business Reorganization | ' | |||
Business Reorganization | ||||
On March 14, 2014, the Company authorized the closure of production operations ("Saline operations") at its Associated Spring facility located in Saline, Michigan ("the Closure"). Saline operations, which include approximately 50 employees, primarily manufacture certain automotive engine valve springs, a highly commoditized product. Based on changing market dynamics and increased customer demands for commodity pricing, several customers advised the Company of their intent to transition these specific springs to other suppliers, which led to the decision of the Closure. The Closure is expected to be completed mid-year 2014. The Company recorded restructure and related costs of $2,750. This balance included $2,112 of employee termination costs, primarily severance expense of $1,174 and defined benefit pension and other postretirement plan ("the "Plans") costs related to the accelerated recognition of actuarial losses and special termination benefits, and $638 of other Closure costs, primarily related to asset write-downs. The severance liability of $1,174 was included within accrued liabilities as of March 31, 2014. See Note 11 of the Consolidated Financial Statements for costs associated with the Plans that were impacted by the Closure. The Company also expects to incur additional costs of approximately $5,000 in 2014 related to the Closure. Closure costs are recorded primarily within Cost of Sales in the accompanying Consolidated Statements of Income and are reflected in the results of the Industrial segment. | ||||
The following table sets forth the change in the liability for the 2014 employee termination actions: | ||||
January 1, 2014 | $ | — | ||
Employee termination benefit costs | 1,174 | |||
Payments | — | |||
March 31, 2014 | $ | 1,174 | ||
The balance is expected to be paid in 2014. |
Derivatives
Derivatives | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
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 exposure to fluctuations in interest rates. In 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. | ||||||||||||||||
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. | ||||||||||||||||
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 following table sets forth the fair value amounts of derivative instruments held by the Company. | ||||||||||||||||
March 31, 2014 | December 31, 2013 | |||||||||||||||
Asset Derivatives | Liability Derivatives | Asset Derivatives | Liability Derivatives | |||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||
Interest rate contracts | $ | — | $ | (258 | ) | $ | — | $ | (370 | ) | ||||||
Foreign exchange contracts | — | (443 | ) | — | (318 | ) | ||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||
Foreign exchange contracts | 37 | (296 | ) | 543 | (67 | ) | ||||||||||
Total derivatives | $ | 37 | $ | (997 | ) | $ | 543 | $ | (755 | ) | ||||||
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), net of tax, recorded in accumulated other non-owner changes to equity for the three-month periods ended March 31, 2014 and 2013 for derivatives held by the Company and designated as hedging instruments. | ||||||||||||||||
Three months ended March 31, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Cash flow hedges: | ||||||||||||||||
Interest rate contracts | $ | 71 | $ | 156 | ||||||||||||
Foreign exchange contracts | (98 | ) | 271 | |||||||||||||
$ | (27 | ) | $ | 427 | ||||||||||||
Amounts included within accumulated other non-owner changes to equity that were reclassified to expense during the first three months of 2014 and 2013 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 in any period presented. Additionally, there were no amounts recognized in income for hedge ineffectiveness during the three- month periods ended March 31, 2014 and 2013. | ||||||||||||||||
The following table sets forth the (losses) recorded in other expense (income), net in the consolidated statements of income for the three- month periods ended March 31, 2014 and 2013 for non-designated derivatives held by the Company. Such amounts were substantially offset by gains (losses) recorded on the underlying hedged asset or liability. | ||||||||||||||||
Three months ended March 31, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Foreign exchange contracts | $ | (747 | ) | $ | (3,906 | ) |
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
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 financial assets and financial liabilities reported at fair value and measured on a recurring basis: | |||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||
Description | Total | Quoted Prices in Active Markets for | Significant Other Observable Inputs | Significant Unobservable Inputs | |||||||||||||
Identical Assets | (Level 2) | (Level 3) | |||||||||||||||
(Level 1) | |||||||||||||||||
March 31, 2014 | |||||||||||||||||
Asset derivatives | $ | 37 | $ | — | $ | 37 | $ | — | |||||||||
Liability derivatives | (997 | ) | — | (997 | ) | — | |||||||||||
Bank acceptances | 5,174 | — | 5,174 | — | |||||||||||||
Rabbi trust assets | 2,053 | 2,053 | — | — | |||||||||||||
$ | 6,267 | $ | 2,053 | $ | 4,214 | $ | — | ||||||||||
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 | $ | — | ||||||||||
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 three to six months in maturity and are guaranteed by banks. The carrying amounts of the bank acceptances, which are included within prepaid expenses and 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. |
Pension_and_Other_Postretireme
Pension and Other Postretirement Benefits | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||
Pension and Other Postretirement Benefits | ' | |||||||
Pension and Other Postretirement Benefits | ||||||||
Pension and other postretirement benefits expenses consisted of the following: | ||||||||
Three months ended March 31, | ||||||||
Pensions | 2014 | 2013 | ||||||
Service cost | $ | 1,255 | $ | 1,984 | ||||
Interest cost | 5,438 | 4,987 | ||||||
Expected return on plan assets | (8,570 | ) | (8,276 | ) | ||||
Amortization of prior service cost | 177 | 203 | ||||||
Amortization of actuarial losses | 1,962 | 4,075 | ||||||
Curtailment loss | 219 | 199 | ||||||
Special termination benefits | 715 | — | ||||||
Net periodic benefit cost | $ | 1,196 | $ | 3,172 | ||||
Three months ended March 31, | ||||||||
Other Postretirement Benefits | 2014 | 2013 | ||||||
Service cost | $ | 52 | $ | 77 | ||||
Interest cost | 559 | 543 | ||||||
Amortization of prior service credit | (217 | ) | (395 | ) | ||||
Amortization of actuarial losses | 216 | 290 | ||||||
Curtailment loss | 4 | — | ||||||
Net periodic benefit cost | $ | 614 | $ | 515 | ||||
Curtailment losses and special termination benefits during the first three months of 2014 and 2013 relate to certain defined benefit pension and other postretirement benefit plans that were impacted by the closure of production operations at the Associated Spring facility located in Saline, Michigan and the completed sale of Barnes Distribution North America ("BDNA"), respectively. Amounts related to BDNA have been segregated from continuing operations and reported as discontinued operations within the Consolidated Financial Statements during the first three months of 2013. | ||||||||
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 during the first quarter of 2014. |
Income_Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
Income Taxes | |
The Company's effective tax rate from continuing operations for the first quarter of 2014 was 27.9% compared with 21.4% in the first quarter of 2013 and 32.8% for the full year 2013 which includes the impact of $16,428 of tax expense related to the April 16, 2013 U.S. Court Decision (see Note 15 of the Consolidated Financial Statements). Excluding the impact of the U.S. Tax Court Decision, the Company's effective tax rate from continuing operations for full year 2013 was 17.5%. The increase in the first quarter 2014 effective tax rate from the full year 2013 rate, as adjusted for the U.S. Tax Court Decision, is primarily due to the a change in the mix of earnings attributable to higher-taxing jurisdictions or jurisdictions where losses cannot be benefited in 2014, the expiration of certain tax holidays and the increase in planned repatriation of a portion of current foreign earnings to the U.S. | |
The Aerospace and Industrial segments were previously awarded international tax holidays. All of the tax holidays for which the Company currently receives benefit are expected to expire in 2014 through 2016. |
Changes_in_Accumulated_Other_C
Changes in Accumulated Other Comprehensive Income by Component | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
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, net of tax, by component for the three-month periods ended March 31, 2014 and March 31, 2013: | ||||||||||||||||
Gains and Losses on Cash Flow Hedges | Pension and Other Postretirement Benefit Items | Foreign Currency Items | Total | |||||||||||||
1-Jan-14 | $ | (519 | ) | $ | (73,273 | ) | $ | 99,736 | $ | 25,944 | ||||||
Other comprehensive income before reclassifications to consolidated statements of income | (146 | ) | (7,419 | ) | (5,948 | ) | (13,513 | ) | ||||||||
Amounts reclassified from accumulated other comprehensive (loss) income to the consolidated statements of income | 119 | 1,549 | — | 1,668 | ||||||||||||
Net current-period other comprehensive loss | (27 | ) | (5,870 | ) | (5,948 | ) | (11,845 | ) | ||||||||
March 31, 2014 | $ | (546 | ) | $ | (79,143 | ) | $ | 93,788 | $ | 14,099 | ||||||
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 | 525 | (388 | ) | (14,505 | ) | (14,368 | ) | |||||||||
Amounts reclassified from accumulated other comprehensive income to the consolidated statements of income | (98 | ) | 2,798 | — | 2,700 | |||||||||||
Net current-period other comprehensive income (loss) | 427 | 2,410 | (14,505 | ) | (11,668 | ) | ||||||||||
31-Mar-13 | $ | (5 | ) | $ | (144,031 | ) | $ | 65,616 | $ | (78,420 | ) | |||||
The following table sets forth the reclassifications out of accumulated other comprehensive income by component for the three- periods ended March 31, 2014 and March 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 | ||||||||||||||
Three months ended March 31, 2014 | Three months ended March 31, 2013 | |||||||||||||||
Gains and losses on cash flow hedges | ||||||||||||||||
Interest rate contracts | $ | (217 | ) | $ | (199 | ) | Interest expense | |||||||||
Foreign exchange contracts | 22 | 284 | Net sales | |||||||||||||
(195 | ) | 85 | Total before tax | |||||||||||||
76 | 13 | Tax benefit | ||||||||||||||
(119 | ) | 98 | Net of tax | |||||||||||||
Pension and other postretirement benefit items | ||||||||||||||||
Amortization of prior-service credits, net | $ | 40 | $ | 192 | (A) | |||||||||||
Amortization of actuarial losses | (2,178 | ) | (4,365 | ) | (A) | |||||||||||
Curtailment loss (net) | (223 | ) | (199 | ) | (A) | |||||||||||
(2,361 | ) | (4,372 | ) | Total before tax | ||||||||||||
812 | 1,574 | Tax benefit | ||||||||||||||
(1,549 | ) | (2,798 | ) | Net of tax | ||||||||||||
Total reclassifications in the period | $ | (1,668 | ) | $ | (2,700 | ) | ||||||||||
(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 | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Segment Reporting [Abstract] | ' | |||||||
Information on Business Segments | ' | |||||||
Information on Business Segments | ||||||||
The Company is organized based upon the nature of its products and services. Segment information is consistent with how management reviews the businesses, makes investing and resource allocation decisions and assesses operating performance. The Company has not aggregated operating segments for purposes of identifying reportable segments. | ||||||||
The Industrial segment 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. | ||||||||
The Aerospace segment produces precision-machined and fabricated components and assemblies for original equipment manufacturer ("OEM") turbine engine, airframe and industrial gas turbine builders throughout the world, and the military. Aerospace also provides jet engine component overhaul and repair ("MRO") 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. | ||||||||
The following tables set forth information about the Company's operations by its two reportable segments: | ||||||||
Three months ended March 31, | ||||||||
2014 | 2013 | |||||||
Net sales | ||||||||
Industrial | $ | 203,888 | $ | 165,502 | ||||
Aerospace | 108,212 | 98,045 | ||||||
Intersegment sales | (1 | ) | (2 | ) | ||||
Total net sales | $ | 312,099 | $ | 263,545 | ||||
Operating profit | ||||||||
Industrial | $ | 19,374 | $ | 14,609 | ||||
Aerospace | 15,750 | 10,346 | ||||||
Total operating profit | 35,124 | 24,955 | ||||||
Interest expense | 3,319 | 4,357 | ||||||
Other expense (income), net | 234 | 966 | ||||||
Income from continuing operations before income taxes | $ | 31,571 | $ | 19,632 | ||||
March 31, 2014 | 31-Dec-13 | |||||||
Assets | ||||||||
Industrial | $ | 1,421,029 | $ | 1,410,400 | ||||
Aerospace | 576,336 | 567,080 | ||||||
Other (A) | 137,302 | 146,193 | ||||||
Total assets | $ | 2,134,667 | $ | 2,123,673 | ||||
(A) "Other" assets include corporate-controlled assets, the majority of which are cash and deferred tax assets. |
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
Commitments and Contingencies | |
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 March 31, 2014 and 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 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 | 3 Months Ended |
Mar. 31, 2014 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ' |
Accounting Changes | ' |
Accounting Changes | |
In July 2013, the Financial Accounting Standards Board (FASB) issued guidance related to the financial statement presentation of an unrecognized tax benefit when certain tax losses or tax credit carryforwards exist. This guidance requires that companies present an unrecognized tax benefit, or a portion of an unrecognized tax benefit, as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward. The provisions of the amended guidance were effective for the Company, and adopted, in the first quarter of 2014. The provisions did not have a material impact on the presentation of the Company's consolidated financial statements. |
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||||||
Schedule of Disposal Groups, Including 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. | ||||||||
Three months ended March 31, | ||||||||
2014 | 2013 | |||||||
Net sales | $ | — | $ | 75,821 | ||||
Loss before income taxes | — | (1,778 | ) | |||||
Income tax expense | — | 183 | ||||||
Loss from operations of discontinued businesses, net of income taxes | — | (1,961 | ) | |||||
(Loss) gain on transaction | — | — | ||||||
Income tax (expense) benefit on sale | — | — | ||||||
(Loss) gain on the sale of businesses, net of income taxes | — | — | ||||||
Loss from discontinued operations, net of income taxes | $ | — | $ | (1,961 | ) | |||
Acquisitions_Tables
Acquisitions (Tables) | 3 Months Ended | |||
Mar. 31, 2014 | ||||
Business Combinations [Abstract] | ' | |||
Schedule of Unaudited Pro Forma Operating Results | ' | |||
The pro forma information does not include the effects of any synergies or cost reduction initiatives related to the acquisition. | ||||
(Unaudited Pro Forma) Three months ended March 31, 2013 | ||||
Net sales | $ | 286,834 | ||
Income from continuing operations | 17,929 | |||
Net income | 15,968 | |||
Per common share: | ||||
Basic: | ||||
Income from continuing operations | $ | 0.32 | ||
Net income | $ | 0.29 | ||
Diluted: | ||||
Income from continuing operations | $ | 0.32 | ||
Net income | $ | 0.28 | ||
Inventories_Tables
Inventories (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Schedule of Inventory | ' | |||||||
The components of inventories consisted of: | ||||||||
March 31, 2014 | December 31, 2013 | |||||||
Finished goods | $ | 81,406 | $ | 85,033 | ||||
Work-in-process | 76,152 | 71,982 | ||||||
Raw material and supplies | 52,654 | 54,231 | ||||||
$ | 210,212 | $ | 211,246 | |||||
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 3 Months Ended | |||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||
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 for the Company as of and for the period ended March 31, 2014: | ||||||||||||||||||
Industrial | Aerospace | Total Company | ||||||||||||||||
1-Jan-14 | $ | 618,911 | $ | 30,786 | $ | 649,697 | ||||||||||||
Foreign currency translation | (4,093 | ) | — | (4,093 | ) | |||||||||||||
March 31, 2014 | $ | 614,818 | $ | 30,786 | $ | 645,604 | ||||||||||||
Schedule of Finite-Lived Intangible Assets by Major Class | ' | |||||||||||||||||
Other intangible assets consisted of: | ||||||||||||||||||
March 31, 2014 | December 31, 2013 | |||||||||||||||||
Range of | Gross Amount | Accumulated Amortization | Gross Amount | Accumulated Amortization | ||||||||||||||
Life -Years | ||||||||||||||||||
Amortized intangible assets: | ||||||||||||||||||
Revenue sharing programs (RSPs) | Up to 30 | $ | 293,700 | $ | (66,393 | ) | $ | 293,700 | $ | (64,220 | ) | |||||||
Component Repair Program | Up to 15 | 26,639 | (247 | ) | 26,639 | — | ||||||||||||
Customer lists/relationships | 15-Oct | 183,406 | (21,515 | ) | 183,406 | (18,293 | ) | |||||||||||
Patents and technology | 14-Jul | 62,972 | (16,296 | ) | 62,972 | (14,210 | ) | |||||||||||
Trademarks/trade names | 30-May | 11,950 | (7,868 | ) | 11,950 | (7,628 | ) | |||||||||||
Other | Up to 15 | 19,292 | (11,736 | ) | 19,292 | (9,868 | ) | |||||||||||
597,959 | (124,055 | ) | 597,959 | (114,219 | ) | |||||||||||||
Unamortized intangible asset: | ||||||||||||||||||
Trade name | 36,900 | 36,900 | ||||||||||||||||
Foreign currency translation | 12,198 | — | 13,653 | — | ||||||||||||||
Other intangible assets | $ | 647,057 | $ | (124,055 | ) | $ | 648,512 | $ | (114,219 | ) | ||||||||
Debt_Tables
Debt (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||
Schedule of Debt | ' | ||||||||||||||||
Long-term debt and notes and overdrafts payable at March 31, 2014 and December 31, 2013 consisted of: | |||||||||||||||||
March 31, 2014 | December 31, 2013 | ||||||||||||||||
Carrying | Fair | Carrying | Fair | ||||||||||||||
Amount | Value | Amount | Value | ||||||||||||||
3.375% Convertible Notes | $ | 55,636 | $ | 76,114 | $ | 55,636 | $ | 76,569 | |||||||||
Unamortized debt discount – 3.375% Convertible Notes | — | — | (731 | ) | — | ||||||||||||
Revolving credit agreement | 500,845 | 503,798 | 487,920 | 482,431 | |||||||||||||
Borrowings under lines of credit and overdrafts | 1,636 | 1,636 | 1,074 | 1,074 | |||||||||||||
Other foreign bank borrowings | 270 | 273 | 405 | 410 | |||||||||||||
Capital leases | 2,940 | 3,264 | 3,120 | 3,402 | |||||||||||||
561,327 | 585,085 | 547,424 | 563,886 | ||||||||||||||
Less current maturities | (58,251 | ) | (57,083 | ) | |||||||||||||
Long-term debt | $ | 503,076 | $ | 490,341 | |||||||||||||
Business_Reorganization_Tables
Business Reorganization (Tables) | 3 Months Ended | |||
Mar. 31, 2014 | ||||
Restructuring and Related Activities [Abstract] | ' | |||
Schedule of change in the liability for the 2014 employee termination action | ' | |||
The following table sets forth the change in the liability for the 2014 employee termination actions: | ||||
January 1, 2014 | $ | — | ||
Employee termination benefit costs | 1,174 | |||
Payments | — | |||
March 31, 2014 | $ | 1,174 | ||
Derivatives_Tables
Derivatives (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||
Gain (Loss) Recorded in Other Expense (Income), Net in Consolidated Statements of Income | ' | |||||||||||||||
The following table sets forth the (losses) recorded in other expense (income), net in the consolidated statements of income for the three- month periods ended March 31, 2014 and 2013 for non-designated derivatives held by the Company. Such amounts were substantially offset by gains (losses) recorded on the underlying hedged asset or liability. | ||||||||||||||||
Three months ended March 31, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Foreign exchange contracts | $ | (747 | ) | $ | (3,906 | ) | ||||||||||
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) | ' | |||||||||||||||
The following table sets forth the gain (loss), net of tax, recorded in accumulated other non-owner changes to equity for the three-month periods ended March 31, 2014 and 2013 for derivatives held by the Company and designated as hedging instruments. | ||||||||||||||||
Three months ended March 31, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Cash flow hedges: | ||||||||||||||||
Interest rate contracts | $ | 71 | $ | 156 | ||||||||||||
Foreign exchange contracts | (98 | ) | 271 | |||||||||||||
$ | (27 | ) | $ | 427 | ||||||||||||
Amounts included within accumulated other non-owner changes to equity that were reclassified to expense during the first three months of 2014 and 2013 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 in any period presented. Additionally, there were no amounts recognized in income for hedge ineffectiveness during the three- month periods ended March 31, 2014 and 2013. | ||||||||||||||||
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. | ||||||||||||||||
March 31, 2014 | December 31, 2013 | |||||||||||||||
Asset Derivatives | Liability Derivatives | Asset Derivatives | Liability Derivatives | |||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||
Interest rate contracts | $ | — | $ | (258 | ) | $ | — | $ | (370 | ) | ||||||
Foreign exchange contracts | — | (443 | ) | — | (318 | ) | ||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||
Foreign exchange contracts | 37 | (296 | ) | 543 | (67 | ) | ||||||||||
Total derivatives | $ | 37 | $ | (997 | ) | $ | 543 | $ | (755 | ) | ||||||
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. |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | ' | ||||||||||||||||
The following table provides the financial assets and financial liabilities reported at fair value and measured on a recurring basis: | |||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||
Description | Total | Quoted Prices in Active Markets for | Significant Other Observable Inputs | Significant Unobservable Inputs | |||||||||||||
Identical Assets | (Level 2) | (Level 3) | |||||||||||||||
(Level 1) | |||||||||||||||||
March 31, 2014 | |||||||||||||||||
Asset derivatives | $ | 37 | $ | — | $ | 37 | $ | — | |||||||||
Liability derivatives | (997 | ) | — | (997 | ) | — | |||||||||||
Bank acceptances | 5,174 | — | 5,174 | — | |||||||||||||
Rabbi trust assets | 2,053 | 2,053 | — | — | |||||||||||||
$ | 6,267 | $ | 2,053 | $ | 4,214 | $ | — | ||||||||||
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 | $ | — | ||||||||||
Pension_and_Other_Postretireme1
Pension and Other Postretirement Benefits (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||
Schedule of Net Benefit Costs | ' | |||||||
Pension and other postretirement benefits expenses consisted of the following: | ||||||||
Three months ended March 31, | ||||||||
Pensions | 2014 | 2013 | ||||||
Service cost | $ | 1,255 | $ | 1,984 | ||||
Interest cost | 5,438 | 4,987 | ||||||
Expected return on plan assets | (8,570 | ) | (8,276 | ) | ||||
Amortization of prior service cost | 177 | 203 | ||||||
Amortization of actuarial losses | 1,962 | 4,075 | ||||||
Curtailment loss | 219 | 199 | ||||||
Special termination benefits | 715 | — | ||||||
Net periodic benefit cost | $ | 1,196 | $ | 3,172 | ||||
Three months ended March 31, | ||||||||
Other Postretirement Benefits | 2014 | 2013 | ||||||
Service cost | $ | 52 | $ | 77 | ||||
Interest cost | 559 | 543 | ||||||
Amortization of prior service credit | (217 | ) | (395 | ) | ||||
Amortization of actuarial losses | 216 | 290 | ||||||
Curtailment loss | 4 | — | ||||||
Net periodic benefit cost | $ | 614 | $ | 515 | ||||
Changes_in_Accumulated_Other_C1
Changes in Accumulated Other Comprehensive Income by Component (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
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, net of tax, by component for the three-month periods ended March 31, 2014 and March 31, 2013: | ||||||||||||||||
Gains and Losses on Cash Flow Hedges | Pension and Other Postretirement Benefit Items | Foreign Currency Items | Total | |||||||||||||
1-Jan-14 | $ | (519 | ) | $ | (73,273 | ) | $ | 99,736 | $ | 25,944 | ||||||
Other comprehensive income before reclassifications to consolidated statements of income | (146 | ) | (7,419 | ) | (5,948 | ) | (13,513 | ) | ||||||||
Amounts reclassified from accumulated other comprehensive (loss) income to the consolidated statements of income | 119 | 1,549 | — | 1,668 | ||||||||||||
Net current-period other comprehensive loss | (27 | ) | (5,870 | ) | (5,948 | ) | (11,845 | ) | ||||||||
March 31, 2014 | $ | (546 | ) | $ | (79,143 | ) | $ | 93,788 | $ | 14,099 | ||||||
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 | 525 | (388 | ) | (14,505 | ) | (14,368 | ) | |||||||||
Amounts reclassified from accumulated other comprehensive income to the consolidated statements of income | (98 | ) | 2,798 | — | 2,700 | |||||||||||
Net current-period other comprehensive income (loss) | 427 | 2,410 | (14,505 | ) | (11,668 | ) | ||||||||||
31-Mar-13 | $ | (5 | ) | $ | (144,031 | ) | $ | 65,616 | $ | (78,420 | ) | |||||
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 three- periods ended March 31, 2014 and March 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 | ||||||||||||||
Three months ended March 31, 2014 | Three months ended March 31, 2013 | |||||||||||||||
Gains and losses on cash flow hedges | ||||||||||||||||
Interest rate contracts | $ | (217 | ) | $ | (199 | ) | Interest expense | |||||||||
Foreign exchange contracts | 22 | 284 | Net sales | |||||||||||||
(195 | ) | 85 | Total before tax | |||||||||||||
76 | 13 | Tax benefit | ||||||||||||||
(119 | ) | 98 | Net of tax | |||||||||||||
Pension and other postretirement benefit items | ||||||||||||||||
Amortization of prior-service credits, net | $ | 40 | $ | 192 | (A) | |||||||||||
Amortization of actuarial losses | (2,178 | ) | (4,365 | ) | (A) | |||||||||||
Curtailment loss (net) | (223 | ) | (199 | ) | (A) | |||||||||||
(2,361 | ) | (4,372 | ) | Total before tax | ||||||||||||
812 | 1,574 | Tax benefit | ||||||||||||||
(1,549 | ) | (2,798 | ) | Net of tax | ||||||||||||
Total reclassifications in the period | $ | (1,668 | ) | $ | (2,700 | ) |
Information_on_Business_Segmen1
Information on Business Segments (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Segment Reporting [Abstract] | ' | |||||||
Schedule of Segment Reporting Information, by Segment | ' | |||||||
The following tables set forth information about the Company's operations by its two reportable segments: | ||||||||
Three months ended March 31, | ||||||||
2014 | 2013 | |||||||
Net sales | ||||||||
Industrial | $ | 203,888 | $ | 165,502 | ||||
Aerospace | 108,212 | 98,045 | ||||||
Intersegment sales | (1 | ) | (2 | ) | ||||
Total net sales | $ | 312,099 | $ | 263,545 | ||||
Operating profit | ||||||||
Industrial | $ | 19,374 | $ | 14,609 | ||||
Aerospace | 15,750 | 10,346 | ||||||
Total operating profit | 35,124 | 24,955 | ||||||
Interest expense | 3,319 | 4,357 | ||||||
Other expense (income), net | 234 | 966 | ||||||
Income from continuing operations before income taxes | $ | 31,571 | $ | 19,632 | ||||
March 31, 2014 | 31-Dec-13 | |||||||
Assets | ||||||||
Industrial | $ | 1,421,029 | $ | 1,410,400 | ||||
Aerospace | 576,336 | 567,080 | ||||||
Other (A) | 137,302 | 146,193 | ||||||
Total assets | $ | 2,134,667 | $ | 2,123,673 | ||||
(A) "Other" assets include corporate-controlled assets, the majority of which are cash and deferred tax assets. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Details) | 3 Months Ended |
Dec. 31, 2013 | |
subsidiary | |
Accounting Policies [Abstract] | ' |
Number of subsidiaries included in business acquisition | 2 |
Discontinued_Operations_Detail
Discontinued Operations (Details) | 3 Months Ended | 12 Months Ended | 0 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | ||||||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 30, 2011 | Sep. 30, 2012 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 30, 2011 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
USD ($) | USD ($) | USD ($) | USD ($) | Barnes Distribution Europe [Member] | Barnes Distribution Europe [Member] | Barnes Distribution Europe [Member] | Barnes Distribution Europe [Member] | Barnes Distribution Europe [Member] | Barnes Distribution North America [Member] | Barnes Distribution Europe and Barnes Distribution North America [Member] | Barnes Distribution Europe and Barnes Distribution North America [Member] | |
USD ($) | EUR (€) | USD ($) | EUR (€) | EUR (€) | USD ($) | USD ($) | USD ($) | |||||
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 | $22,492 | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated after-tax proceeds from divestiture of business | ' | ' | ' | ' | ' | ' | ' | ' | ' | 420,190 | ' | ' |
Income Tax Receivable Related to Gain on Sale of Business | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,608 | ' | ' |
Proceeds from divestiture of businesses | ' | ' | ' | ' | 33,358 | ' | ' | ' | ' | ' | ' | ' |
Proceeds in escrow | ' | ' | ' | ' | ' | ' | 7,014 | 5,100 | 9,000 | ' | ' | ' |
Decrease in restricted cash | ' | ' | ' | ' | ' | -3,900 | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 75,821 |
Loss before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -1,778 |
Income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 183 |
Loss from operations of discontinued businesses, net of income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -1,961 |
(Loss) gain on transaction | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 |
Income tax (expense) benefit on sale | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 |
(Loss) gain on the sale of businesses, net of income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 |
Loss from discontinued operations, net of income taxes | $0 | ($1,961) | ' | ' | ' | ' | ' | ' | ' | ' | $0 | ($1,961) |
Acquisitions_Details
Acquisitions (Details) (MC$nner Business [Member], USD $) | 3 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2013 |
MC$nner Business [Member] | ' |
Business Acquisition [Line Items] | ' |
Net sales | $286,834 |
Income from continuing operations | 17,929 |
Net income | $15,968 |
Basic: | ' |
Income from continuing operations (in dollars per share) | $0.32 |
Net income (in dollars per share) | $0.29 |
Diluted: | ' |
Income from continuing operations (in dollars per share) | $0.32 |
Net income (in dollars per share) | $0.28 |
Net_Income_Per_Common_Share_De
Net Income Per Common Share (Details) (USD $) | 1 Months Ended | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Feb. 28, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Net Income Per Common Share [Line Items] | ' | ' | ' |
Weighted average number of diluted shares outstanding adjustment (in shares) | ' | 1,322,272 | 785,095 |
Adjustments to net income for purposes of computing income available to common stockholders | ' | 0 | 0 |
Stock compensation expense | ' | 1,865 | 12,657 |
3.375% Convertible Notes [Member] | ' | ' | ' |
Net Income Per Common Share [Line Items] | ' | ' | ' |
Potential shares issuable under net share settlement method (in shares) | ' | 512,453 | 0 |
Convertible Debt [Member] | 3.375% Convertible Notes [Member] | ' | ' | ' |
Net Income Per Common Share [Line Items] | ' | ' | ' |
Convertible notes stated interest rate | ' | 3.38% | ' |
Conversion price (in dollars per share) | ' | 28.31 | ' |
Term used to compute average closing price of stock for dilutive effect comparison | ' | '30 days | ' |
Stock Options [Member] | ' | ' | ' |
Net Income Per Common Share [Line Items] | ' | ' | ' |
Antidilutive securities excluded from computation of EPS | ' | 92,049 | 366,349 |
Options, granted (in shares) | 86,300 | ' | ' |
Exercise period of stock options from date of grant | ' | '10 years | ' |
Exercise period of stock options from date of retirement | ' | '5 years | ' |
Restricted Stock Units (RSUs) [Member] | ' | ' | ' |
Net Income Per Common Share [Line Items] | ' | ' | ' |
Other than options, granted (in shares) | 93,989 | ' | ' |
Performance Share Awards [Member] | ' | ' | ' |
Net Income Per Common Share [Line Items] | ' | ' | ' |
Other than options, granted (in shares) | 84,654 | ' | ' |
Award vesting period | ' | '3 years | ' |
Minimum range of target award of stock plan | ' | 0.00% | ' |
Maximum range of target award of stock plan | ' | 250.00% | ' |
Equity Award Modification [Member] | ' | ' | ' |
Net Income Per Common Share [Line Items] | ' | ' | ' |
Stock compensation expense | ' | ' | 10,492 |
Inventories_Details
Inventories (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Finished goods | $81,406 | $85,033 |
Work-in-process | 76,152 | 71,982 |
Raw material and supplies | 52,654 | 54,231 |
Inventories | $210,212 | $211,246 |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
Goodwill: | ' | ' |
Goodwill, beginning of period | $649,697 | ' |
Foreign currency translation | -4,093 | ' |
Goodwill, end of period | 645,604 | ' |
Other Intangible Assets: | ' | ' |
Gross Amount | 597,959 | 597,959 |
Accumulated Amortization | -124,055 | -114,219 |
Foreign currency translation | 12,198 | 13,653 |
Other intangible assets | 647,057 | 648,512 |
Intangible Assets, Future Amortization Expense | ' | ' |
Amortization of intangible assets expected in 2014 | 39,000 | ' |
Amortization of intangible assets expected in 2015 | 33,000 | ' |
Amortization of intangible assets expected in 2016 | 32,000 | ' |
Amortization of intangible assets expected in 2017 | 32,000 | ' |
Amortization of intangible assets expected in 2018 | 33,000 | ' |
Trade name [Member] | ' | ' |
Other Intangible Assets: | ' | ' |
Unamortized intangible asset | 36,900 | 36,900 |
Revenue sharing programs (RSPs) [Member] | ' | ' |
Other Intangible Assets: | ' | ' |
Gross Amount | 293,700 | 293,700 |
Accumulated Amortization | -66,393 | -64,220 |
Component Repair Program [Member] | ' | ' |
Other Intangible Assets: | ' | ' |
Gross Amount | 26,639 | 26,639 |
Accumulated Amortization | -247 | 0 |
Customer lists/relationships [Member] | ' | ' |
Other Intangible Assets: | ' | ' |
Gross Amount | 183,406 | 183,406 |
Accumulated Amortization | -21,515 | -18,293 |
Patents and technology [Member] | ' | ' |
Other Intangible Assets: | ' | ' |
Gross Amount | 62,972 | 62,972 |
Accumulated Amortization | -16,296 | -14,210 |
Trademarks/trade names [Member] | ' | ' |
Other Intangible Assets: | ' | ' |
Gross Amount | 11,950 | 11,950 |
Accumulated Amortization | -7,868 | -7,628 |
Other [Member] | ' | ' |
Other Intangible Assets: | ' | ' |
Gross Amount | 19,292 | 19,292 |
Accumulated Amortization | -11,736 | -9,868 |
Minimum [Member] | Customer lists/relationships [Member] | ' | ' |
Other Intangible Assets: | ' | ' |
Range of life | '10 years | ' |
Minimum [Member] | Patents and technology [Member] | ' | ' |
Other Intangible Assets: | ' | ' |
Range of life | '7 years | ' |
Minimum [Member] | Trademarks/trade names [Member] | ' | ' |
Other Intangible Assets: | ' | ' |
Range of life | '5 years | ' |
Maximum [Member] | Revenue sharing programs (RSPs) [Member] | ' | ' |
Other Intangible Assets: | ' | ' |
Range of life | '30 years | ' |
Maximum [Member] | Component Repair Program [Member] | ' | ' |
Other Intangible Assets: | ' | ' |
Range of life | '15 years | ' |
Maximum [Member] | Customer lists/relationships [Member] | ' | ' |
Other Intangible Assets: | ' | ' |
Range of life | '15 years | ' |
Maximum [Member] | Patents and technology [Member] | ' | ' |
Other Intangible Assets: | ' | ' |
Range of life | '14 years | ' |
Maximum [Member] | Trademarks/trade names [Member] | ' | ' |
Other Intangible Assets: | ' | ' |
Range of life | '30 years | ' |
Maximum [Member] | Other [Member] | ' | ' |
Other Intangible Assets: | ' | ' |
Range of life | '15 years | ' |
Industrial [Member] | ' | ' |
Goodwill: | ' | ' |
Goodwill, beginning of period | 618,911 | ' |
Foreign currency translation | -4,093 | ' |
Goodwill, end of period | 614,818 | ' |
Aerospace [Member] | ' | ' |
Goodwill: | ' | ' |
Goodwill, beginning of period | 30,786 | ' |
Foreign currency translation | 0 | ' |
Goodwill, end of period | $30,786 | ' |
Debt_Details
Debt (Details) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 27, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 27, 2013 | Sep. 27, 2013 | Sep. 27, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 27, 2013 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | USD ($) | USD ($) | Minimum [Member] | Maximum [Member] | Convertible Debt [Member] | Convertible Debt [Member] | Revolving Credit Agreement [Member] | Revolving Credit Agreement [Member] | Revolving Credit Agreement [Member] | Revolving Credit Agreement [Member] | Revolving Credit Agreement [Member] | Revolving Credit Agreement [Member] | Revolving Credit Agreement [Member] | Revolving Credit Agreement [Member] | Revolving Credit Agreement [Member] | Revolving Credit Agreement [Member] | Lines of Credit and Overdrafts [Member] | Lines of Credit and Overdrafts [Member] | Foreign Bank Borrowings [Member] | Foreign Bank Borrowings [Member] | Lines of Credit [Member] | Lines of Credit [Member] | Bank Overdrafts [Member] | Bank Overdrafts [Member] | Capital Lease Obligations [Member] | Capital Lease Obligations [Member] |
3.375% Convertible Notes [Member] | 3.375% Convertible Notes [Member] | USD ($) | USD ($) | USD ($) | London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | EUR (€) | Minimum [Member] | Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member] | Adjusted for Certain Acquisitons [Member] | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | |||||
USD ($) | USD ($) | Minimum [Member] | Maximum [Member] | USD ($) | Maximum [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Carrying amount of debt | ' | ' | ' | ' | $55,636 | $55,636 | ' | $500,845 | $487,920 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $270 | $405 | ' | ' | ' | ' | $2,940 | $3,120 |
Fair value of debt | 585,085 | 563,886 | ' | ' | 76,114 | 76,569 | ' | 503,798 | 482,431 | ' | ' | ' | ' | ' | ' | ' | 1,636 | 1,074 | 273 | 410 | ' | ' | ' | ' | 3,264 | 3,402 |
Unamortized debt discount | ' | ' | ' | ' | 0 | -731 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Borrowings under lines of credit and overdrafts | 1,636 | 1,074 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,636 | 1,074 | ' | ' | 1,000 | 1,000 | 636 | 74 | ' | ' |
Total debt, net of unamortized discounts | 561,327 | 547,424 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Less current maturities | -58,251 | -57,083 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt | 503,076 | 490,341 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Convertible notes stated interest rate | ' | ' | ' | ' | 3.38% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Guaranteed Cash Payment Upon Conversion Per Note | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Convertible notes balance | ' | ' | ' | ' | 55,636 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility, maximum borrowing capacity | ' | ' | ' | ' | ' | ' | 750,000 | ' | ' | ' | ' | 500,000 | ' | ' | ' | ' | ' | ' | ' | ' | 15,000 | ' | ' | ' | ' | ' |
Line of credit facility with accordian feature, maximum borrowing capacity | ' | ' | ' | ' | ' | ' | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Variable rate basis | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Variable basis spread | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.10% | 1.70% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments of debt issuance costs | ' | ' | ' | ' | ' | ' | 1,261 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
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 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit, interest rate at period end | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.12% | 2.13% | ' | ' | ' | ' |
Repayment period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '7 days | ' | '2 days | ' | ' | ' |
Maturity of bank acceptances | ' | ' | '3 months | '6 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Days Required for Closing Stock Price to be Greater or Equal to Threshold Percentage of Conversion Price | ' | ' | ' | ' | '20 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Measurement Days for Closing Stock Price to be Greater or Equal to Threshold Percentage of Conversion Price | ' | ' | ' | ' | '30 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum Ratio Of Stock Price To Conversion Price For Conversion | ' | ' | ' | ' | 130.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business_Reorganization_Detail
Business Reorganization (Details) (USD $) | 0 Months Ended | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 14, 2014 | Mar. 31, 2014 |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Number of positions eliminated | 50 | ' |
Schedule of change in the liability for the 2014 employee termination action | ' | ' |
Employee termination benefit costs | $2,750 | ' |
One-time Termination Benefits [Member] | ' | ' |
Schedule of change in the liability for the 2014 employee termination action | ' | ' |
Employee termination benefit costs | 2,112 | ' |
Employee Severance [Member] | ' | ' |
Schedule of change in the liability for the 2014 employee termination action | ' | ' |
1-Jan-14 | ' | 0 |
Employee termination benefit costs | 1,174 | 1,174 |
Payments | ' | 0 |
31-Mar-14 | ' | 1,174 |
Other Restructuring [Member] | ' | ' |
Schedule of change in the liability for the 2014 employee termination action | ' | ' |
Employee termination benefit costs | 638 | ' |
Facility Closing [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Expected additional costs | $5,000 | ' |
Derivatives_Details
Derivatives (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract] | ' | ' |
Derivative Assets | $37 | $543 |
Derivative Liabilities | -997 | -755 |
Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | ' | ' |
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract] | ' | ' |
Derivative Assets | 0 | 0 |
Derivative Liabilities | -258 | -370 |
Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | ' | ' |
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract] | ' | ' |
Derivative Assets | 0 | 0 |
Derivative Liabilities | -443 | -318 |
Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | ' | ' |
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract] | ' | ' |
Derivative Assets | 37 | 543 |
Derivative Liabilities | ($296) | ($67) |
Derivatives_Details_1
Derivatives (Details 1) (USD $) | 3 Months Ended | 1 Months Ended | |||||||||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Apr. 30, 2012 |
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] | |||
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 Contract [Member] | Foreign Exchange Contract [Member] | Designated as Hedging Instrument [Member] | |||
Interest Rate Contract [Member] | Interest Rate Contract [Member] | Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | Cash Flow Hedging [Member] | |||||||
Bank | |||||||||||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term of interest rate derivatives | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years |
Number of banks transacted with for interest rate swap agreements (in banks) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 |
Derivative amount of hedge | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $100,000 |
Variable rate basis | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'one-month LIBOR |
Fixed interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.03% |
Maximum remaining maturity of foreign currency derivatives | '2 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative, Net Hedge Ineffectiveness Gain (Loss) | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | ' | ' | -27 | 427 | 71 | 156 | -98 | 271 | ' | ' | ' |
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | ' | ' | ' | ' | ' | ' | ' | ' | ($747) | ($3,906) | ' |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 |
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] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Asset derivatives | $37 | $543 | $0 | $0 | $37 | $543 | $0 | $0 | $37 | $543 | ' | ' |
Liability derivatives | -997 | -755 | 0 | 0 | -997 | -755 | 0 | 0 | -997 | -755 | ' | ' |
Bank acceptances | ' | ' | 0 | 0 | 5,174 | 6,461 | 0 | 0 | 5,174 | 6,461 | ' | ' |
Rabbi trust assets | ' | ' | 2,053 | 1,975 | 0 | 0 | 0 | 0 | 2,053 | 1,975 | ' | ' |
Financial assets and financial liabilities, reported at fair value | ' | ' | $2,053 | $1,975 | $4,214 | $6,249 | $0 | $0 | $6,267 | $8,224 | ' | ' |
Maturity of bank acceptances | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 months | '6 months |
Pension_and_Other_Postretireme2
Pension and Other Postretirement Benefits (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Pensions [Member] | ' | ' |
Pension and other postretirement benefits expenses | ' | ' |
Service cost | $1,255 | $1,984 |
Interest cost | 5,438 | 4,987 |
Expected return on plan assets | -8,570 | -8,276 |
Amortization of prior service cost (credit) | 177 | 203 |
Amortization of actuarial losses | 1,962 | 4,075 |
Curtailment loss (gain) | 219 | 199 |
Special termination benefits | 715 | 0 |
Net periodic benefit cost | 1,196 | 3,172 |
Other Postretirement Benefits [Member] | ' | ' |
Pension and other postretirement benefits expenses | ' | ' |
Service cost | 52 | 77 |
Interest cost | 559 | 543 |
Amortization of prior service cost (credit) | -217 | -395 |
Amortization of actuarial losses | 216 | 290 |
Curtailment loss (gain) | 4 | 0 |
Net periodic benefit cost | 614 | 515 |
Barnes Distribution North America [Member] | ' | ' |
Pension and other postretirement benefits expenses | ' | ' |
Withdrawal from multi-employer post-retirement benefit plan expense | ' | $2,788 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 |
Income Tax Contingency [Line Items] | ' | ' | ' |
Effective tax rate | 27.90% | 21.40% | 32.80% |
Income taxes | $8,819 | $4,199 | ' |
2013 U.S Court Decision [Member] | ' | ' | ' |
Income Tax Contingency [Line Items] | ' | ' | ' |
Effective tax rate | ' | ' | 17.50% |
Income taxes | ' | ' | 16,428 |
Changes_in_Accumulated_Other_C2
Changes in Accumulated Other Comprehensive Income by Component (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Changes in Accumulated Other Comprehensive Income by Component [Roll Forward] | ' | ' |
Accumulated other comprehensive income (loss) | $25,944 | ($66,752) |
Other comprehensive income before reclassifications to consolidated statements of income | -13,513 | -14,368 |
Amounts reclassified from accumulated other comprehensive (loss) income to the consolidated statements of income | 1,668 | 2,700 |
Net current-period other comprehensive income (loss) | -11,845 | -11,668 |
Accumulated other comprehensive income (loss) | 14,099 | -78,420 |
Gains and Losses on Cash Flow Hedges | ' | ' |
Changes in Accumulated Other Comprehensive Income by Component [Roll Forward] | ' | ' |
Accumulated other comprehensive income (loss) | -519 | -432 |
Other comprehensive income before reclassifications to consolidated statements of income | -146 | 525 |
Amounts reclassified from accumulated other comprehensive (loss) income to the consolidated statements of income | 119 | -98 |
Net current-period other comprehensive income (loss) | -27 | 427 |
Accumulated other comprehensive income (loss) | -546 | -5 |
Pension and Other Postretirement Benefit Items | ' | ' |
Changes in Accumulated Other Comprehensive Income by Component [Roll Forward] | ' | ' |
Accumulated other comprehensive income (loss) | -73,273 | -146,441 |
Other comprehensive income before reclassifications to consolidated statements of income | -7,419 | -388 |
Amounts reclassified from accumulated other comprehensive (loss) income to the consolidated statements of income | 1,549 | 2,798 |
Net current-period other comprehensive income (loss) | -5,870 | 2,410 |
Accumulated other comprehensive income (loss) | -79,143 | -144,031 |
Foreign Currency Items | ' | ' |
Changes in Accumulated Other Comprehensive Income by Component [Roll Forward] | ' | ' |
Accumulated other comprehensive income (loss) | 99,736 | 80,121 |
Other comprehensive income before reclassifications to consolidated statements of income | -5,948 | -14,505 |
Amounts reclassified from accumulated other comprehensive (loss) income to the consolidated statements of income | 0 | 0 |
Net current-period other comprehensive income (loss) | -5,948 | -14,505 |
Accumulated other comprehensive income (loss) | $93,788 | $65,616 |
Changes_in_Accumulated_Other_C3
Changes in Accumulated Other Comprehensive Income by Component (Details 2) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' |
Interest expense | $3,319 | $4,357 |
Net sales | 312,099 | 263,545 |
Income from continuing operations before income taxes | 31,571 | 19,632 |
Tax benefit | -8,819 | -4,199 |
Income from continuing operations | 22,752 | 15,433 |
Loss from discontinued operations, net of income taxes | 0 | -1,961 |
Total reclassifications in the period | 22,752 | 13,472 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' |
Total reclassifications in the period | -1,668 | -2,700 |
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 | -195 | 85 |
Tax benefit | 76 | 13 |
Income from continuing operations | -119 | 98 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Gains and Losses on Cash Flow Hedges | Interest Rate Contract [Member] | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' |
Interest expense | -217 | -199 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Gains and Losses on Cash Flow Hedges | Foreign Exchange Contract [Member] | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' |
Net sales | 22 | 284 |
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 | -2,361 | -4,372 |
Tax benefit | 812 | 1,574 |
Income from continuing operations | -1,549 | -2,798 |
Amortization of prior-service credits, net | 40 | 192 |
Amortization of actuarial losses | -2,178 | -4,365 |
Curtailment loss (net) | ($223) | ($199) |
Information_on_Business_Segmen2
Information on Business Segments (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Segment | ||
Segment Reporting Information [Line Items] | ' | ' |
Number of reportable segments | 2 | ' |
Net sales | $312,099 | $263,545 |
Operating profit | 35,124 | 24,955 |
Interest expense | 3,319 | 4,357 |
Other expense (income), net | 234 | 966 |
Income from continuing operations before income taxes | 31,571 | 19,632 |
Aerospace [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Net sales | 108,212 | 98,045 |
Operating profit | 15,750 | 10,346 |
Industrial [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Net sales | 203,888 | 165,502 |
Operating profit | 19,374 | 14,609 |
Intersegment sales [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Net sales | ($1) | ($2) |
Information_on_Business_Segmen3
Information on Business Segments Details 1 (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Segment Reporting Information [Line Items] | ' | ' |
Assets | $2,134,667 | $2,123,673 |
Aerospace [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Assets | 576,336 | 567,080 |
Industrial [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Assets | 1,421,029 | 1,410,400 |
Other [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Assets | $137,302 | $146,193 |
Commitments_and_Contingencies_
Commitments and Contingencies (Details) (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Nov. 30, 2013 | Apr. 30, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 |
2013 U.S Court Decision [Member] | |||||
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 | ' | ' | 8,819 | 4,199 | 16,428 |
Income tax examination, tax, penalties and interest expense | $12,700 | ' | ' | ' | ' |