Barnes (B) 10-Q 28 Jul 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Jul. 21, 2015
Document and Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
Entity Registrant Name	BARNES GROUP INC
Entity Central Index Key	9,984
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		54,694,464

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Income Statement [Abstract]
Net sales	$ 314,941	$ 322,074	$ 615,515	$ 634,173
Cost of sales	204,121	211,705	402,477	426,261
Selling and administrative expenses	60,171	64,988	118,494	127,406
Total operating costs and expenses	264,292	276,693	520,971	553,667
Operating income	50,649	45,381	94,544	80,506
Interest expense	2,586	2,804	5,306	6,123
Other expense (income), net	237	792	318	1,027
Income before income taxes	47,826	41,785	88,920	73,356
Income taxes	13,599	11,557	25,617	20,375
Net income	$ 34,227	$ 30,228	$ 63,303	$ 52,981
Net income
Basic (in dollars per share)	$ 0.62	$ 0.55	$ 1.15	$ 0.97
Diluted (in dollars per share)	0.61	0.54	1.14	0.95
Dividends (in dollars per share)	$ 0.12	$ 0.11	$ 0.24	$ 0.22
Weighted average common shares outstanding:
Basic (in shares)	55,134,890	54,740,750	55,111,019	54,695,865
Diluted (in shares)	55,695,258	55,927,881	55,677,166	55,950,467

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Statement of Comprehensive Income [Abstract]
Net income		$ 34,227	$ 30,228	$ 63,303	$ 52,981
Other comprehensive income (loss), net of tax
Unrealized gain (loss) on hedging activities, net of tax (1)	[1]	189	(502)	301	(529)
Foreign currency translation adjustments, net of tax (2)	[2]	23,632	(4,612)	(16,125)	(10,560)
Defined benefit pension and other postretirement benefits, net of tax (3)	[3]	1,790	1,489	5,451	(4,381)
Total other comprehensive income (loss), net of tax		25,611	(3,625)	(10,373)	(15,470)
Total comprehensive income		59,838	26,603	52,930	37,511
Unrealized (loss) income on hedging activities, tax		73	(208)	32	(194)
Foreign currency translation adjustment, tax		830	(569)	(1,381)	(767)
Defined benefit pension and other postretirement benefits, tax		$ 1,421	$ 797	$ 2,767	$ (2,990)
[1]	Net of tax of $73 and $(208) for the three months ended June 30, 2015 and 2014, respectively, and $32 and $(194) for the six months ended June 30, 2015 and 2014, respectively.
[2]	Net of tax of $830 and $(569) for the three months ended June 30, 2015 and 2014, respectively, and $(1,381) and $(767) for the six months ended June 30, 2015 and 2014, respectively.
[3]	Net of tax of $1,421 and $797 for the three months ended June 30, 2015 and 2014, respectively, and $2,767 and $(2,990) for the six months ended June 30, 2015 and 2014, respectively.

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Current assets
Cash and cash equivalents	$ 81,967	$ 46,039
Accounts receivable, less allowances (2015 - $3,502; 2014 - $3,873)	283,918	275,890
Inventories	210,302	212,044
Deferred income taxes	27,628	31,849
Prepaid expenses and other current assets	32,027	22,574
Total current assets	635,842	588,396
Deferred income taxes	8,961	10,061
Property, plant and equipment	683,138	672,225
Less accumulated depreciation	(385,080)	(372,790)
Property, plant and equipment, net	298,058	299,435
Goodwill	583,448	594,949
Other intangible assets, net	523,898	554,694
Other assets	28,436	26,350
Total assets	2,078,643	2,073,885
Current liabilities
Notes and overdrafts payable	21,789	8,028
Accounts payable	107,030	94,803
Accrued liabilities	123,003	161,397
Long-term debt - current	824	862
Total current liabilities	252,646	265,090
Long-term debt	474,730	495,844
Accrued retirement benefits	110,241	115,057
Deferred income taxes	66,198	70,147
Other liabilities	$ 19,648	$ 15,954
Commitments and contingencies (Note 13)
Stockholders' equity
Common stock - par value $0.01 per share Authorized: 150,000,000 shares Issued: at par value (2015 - 61,744,866 shares; 2014 - 61,229,980 shares)	$ 617	$ 612
Additional paid-in capital	421,519	405,525
Treasury stock, at cost (2015 - 7,035,647 shares; 2014 - 6,729,438 shares)	(181,617)	(169,405)
Retained earnings	1,024,487	974,514
Accumulated other non-owner changes to equity	(109,826)	(99,453)
Total stockholders' equity	1,155,180	1,111,793
Total liabilities and stockholders' equity	$ 2,078,643	$ 2,073,885

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Allowance for doubtful accounts	$ 3,502	$ 3,873
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)	61,744,866	61,229,980
Treasury stock, at cost (in shares)	7,035,647	6,729,438

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Operating activities:
Net income	$ 63,303	$ 52,981
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	39,642	42,515
Amortization of convertible debt discount	0	731
(Gain) loss on disposition of property, plant and equipment	(1,302)	78
Stock compensation expense	4,890	4,108
Withholding taxes paid on stock issuances	(746)	(806)
Changes in assets and liabilities:
Accounts receivable	(8,902)	(39,359)
Inventories	(2,768)	(6,409)
Prepaid expenses and other current assets	(10,448)	(3,204)
Accounts payable	14,742	12,796
Accrued liabilities	(14,202)	2,934
Deferred income taxes	629	1,307
Long-term retirement benefits	(745)	(4,326)
Other	1,818	1,567
Net cash provided by operating activities	85,911	64,913
Investing activities:
Proceeds from disposition of property, plant and equipment	2,058	474
Payments for the sale of businesses	0	(1,181)
Capital expenditures	(22,376)	(25,802)
Component Repair Program payments	(19,000)	(41,000)
Other	(651)	(858)
Net cash used by investing activities	(39,969)	(68,367)
Financing activities:
Net change in other borrowings	13,738	11,186
Payments on long-term debt	(85,821)	(78,467)
Proceeds from the issuance of long-term debt	68,722	90,383
Payment of assumed liability to Otto Männer Holding AG	0	(19,796)
Proceeds from the issuance of common stock	9,691	9,395
Common stock repurchases	(11,465)	(8,389)
Dividends paid	(13,126)	(11,937)
Excess tax benefit on stock awards	1,574	2,671
Other	8,487	(137)
Net cash used by financing activities	(8,200)	(5,091)
Effect of exchange rate changes on cash flows	(1,814)	(71)
Increase (decrease) in cash and cash equivalents	35,928	(8,616)
Cash and cash equivalents at beginning of period	46,039	70,856
Cash and cash equivalents at end of period	$ 81,967	62,240
Intangible assets acquired		$ 39,000

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2015
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, 2014 has been derived from the 2014 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, 2014 . In the opinion of management, all adjustments, including normal recurring accruals considered necessary for a fair statement of the results, have been included. Operating results for the six-month period ended June 30, 2015 are not necessarily indicative of the results that may be expected for the year ending December 31, 2015 .

Net Income Per Common Share

Net Income Per Common Share	6 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
Net Income Per Common Share	Net Income Per Common Share For the purpose of computing diluted 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 net income per common share, the weighted-average number of common shares outstanding was increased by 560,368 and 1,187,131 for the three-month periods ended June 30, 2015 and 2014 , respectively, and 566,147 and 1,254,602 for the six-month periods ended June 30, 2015 and 2014, respectively, to account for the potential dilutive effect of stock-based incentive plans and the Company's 3.375% Senior Subordinated Convertible Notes (the "3.375% Notes"). The decrease in the dilutive effect of potentially issuable shares was due primarily to the redemption of the 3.375% Notes, which occurred during 2014. There were no adjustments to 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 June 30, 2015 and 2014 , the Company excluded 199,950 and 92,049 stock options, respectively, from the calculation of weighted average diluted shares outstanding as the stock options would have been anti-dilutive. During the six-month periods ended June 30, 2015 and 2014 , the Company excluded 199,950 and 92,049 stock options, respectively, from the calculation of weighted average diluted shares outstanding as the stock options would have been anti-dilutive. The Company granted 122,700 stock options, 106,685 restricted stock unit awards and 85,465 performance share awards in February 2015 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 weighted average common shares outstanding as they contain nonforfeitable rights to dividend payments. The performance share awards are part of a long-term incentive program and are based on performance goals that are driven by three independently measured metrics: the Company's total shareholder return ("TSR"), return on invested capital ("ROIC") and operating income before depreciation and amortization growth (each metric weighted equally). The TSR and operating income before depreciation and amortization growth metrics are 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, 2017. The ROIC metric is measured based on pre-established Company targets over the same period. 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.

Inventories

Inventories	6 Months Ended
	Jun. 30, 2015
Inventory Disclosure [Abstract]
Inventories	Inventories The components of inventories consisted of: June 30, 2015 December 31, 2014 Finished goods $ 78,817 $ 83,905 Work-in-process 80,485 79,563 Raw material and supplies 51,000 48,576 $ 210,302 $ 212,044

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	6 Months Ended
	Jun. 30, 2015
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 June 30, 2015 : Industrial Aerospace Total Company January 1, 2015 $ 564,163 $ 30,786 $ 594,949 Foreign currency translation (11,501 ) — (11,501 ) June 30, 2015 $ 552,662 $ 30,786 $ 583,448 In the second quarter of 2015, management performed its annual impairment testing of goodwill. Based on this assessment, there was no goodwill impairment through June 30, 2015. Other Intangible Assets: Other intangible assets consisted of: June 30, 2015 December 31, 2014 Range of Life -Years Gross Amount Accumulated Amortization Gross Amount Accumulated Amortization Amortized intangible assets: Revenue sharing programs (RSPs) Up to 30 $ 293,700 $ (78,820 ) $ 293,700 $ (72,958 ) Component repair programs (CRPs) Up to 30 106,639 (4,003 ) 106,639 (1,941 ) Customer lists/relationships 10-16 183,406 (36,116 ) 183,406 (30,731 ) Patents and technology 7-14 62,972 (25,834 ) 62,972 (22,356 ) Trademarks/trade names 10-30 11,950 (9,008 ) 11,950 (8,552 ) Other Up to 15 19,292 (16,997 ) 19,292 (14,806 ) 677,959 (170,778 ) 677,959 (151,344 ) Unamortized intangible asset: Trade names 36,900 — 36,900 — Foreign currency translation (20,183 ) — (8,821 ) — Other intangible assets $ 694,676 $ (170,778 ) $ 706,038 $ (151,344 ) Estimated amortization of intangible assets for future periods is as follows: 2015 - $39,000 ; 2016 - $35,000 ; 2017 - $35,000 ; 2018 - $36,000 and 2019 - $33,000 . During the second quarter of 2015, the Company changed its annual impairment testing of its trade names, indefinite-lived intangible assets, from July 1 to April 1. The Company believes this timing is preferable as it better aligns with its annual testing of goodwill impairment. The Company completed its annual testing in the second quarter of 2015 and determined that there were no impairments through June 30, 2015. In June 2014, the Company entered into a Component Repair Program ("CRP") with its customer, General Electric ("GE"). This CRP provides for, among other items, the right to sell certain aftermarket component repair services for CFM56 engines directly to other customers as one of a few GE licensed suppliers. In addition, this CRP extends existing contracts under which the Company currently provides these services directly to GE. As consideration for these rights, the Company agreed to pay $80,000 . The Company paid $61,000 during 2014 and $19,000 during the second quarter of 2015. The length of the program rights are for the remaining life of all CFM56 engine lines and the amortization of the intangible will be recognized as a reduction to sales over this life.

Debt

Debt	6 Months Ended
	Jun. 30, 2015
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 June 30, 2015 , and continues to monitor its future compliance based on current and anticipated future economic conditions. Long-term debt and notes and overdrafts payable at June 30, 2015 and December 31, 2014 consisted of: June 30, 2015 December 31, 2014 Carrying Amount Fair Value Carrying Amount Fair Value Revolving credit agreement $ 373,000 $ 373,219 $ 393,518 $ 394,917 3.97% Senior Notes 100,000 101,892 100,000 102,859 Borrowings under lines of credit and overdrafts 21,789 21,789 8,028 8,028 Capital leases 2,554 2,758 3,188 3,479 497,343 499,658 504,734 509,283 Less current maturities (22,613 ) (8,890 ) Long-term debt $ 474,730 $ 495,844 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 the administrative agent for the lenders. The $750,000 Amended Credit Agreement matures in September 2018 with an option to extend the maturity date for an additional year, subject to certain conditions. The Amended Credit Agreement adds a new foreign subsidiary borrower in Germany, Barnes Group Acquisition GmbH, and includes an accordion feature to increase the borrowing availability of the Company 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 . Borrowings under the Amended Credit Agreement 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. Borrowings and availability under the Amended Credit Agreement were $ 373,000 and $ 377,000 , respectively, at June 30, 2015 and $393,518 and $356,482 , respectively, at December 31, 2014. Borrowings included Euro-denominated borrowings of €30,945 ( $37,618 ) at December 31, 2014. The interest rate on these borrowings was 1.29% and 1.33% on June 30, 2015 and December 31, 2014, 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. On October 15, 2014, the Company entered into a Note Purchase Agreement (“Note Purchase Agreement”), among the Company and New York Life Insurance Company, New York Life Insurance and Annuity Corporation and New York Life Insurance and Annuity Corporation Institutionally Owned Life Insurance Separate Account (BOLI 30C) , as purchasers, for the issuance of $100,000 aggregate principal amount of 3.97% senior notes due October 17, 2024 (the “ 3.97% Senior Notes”). The Company completed funding of the transaction and issued the 3.97% Senior Notes on October 17, 2014 . The 3.97% Senior Notes are senior unsecured obligations of the Company and will pay interest semi-annually on April 17 and October 17 of each year at an annual rate of 3.97% . The 3.97% Senior Notes will mature on October 17, 2024 unless earlier prepaid in accordance with their terms. Subject to certain conditions, the Company may, at its option, prepay all or any part of the 3.97% Senior Notes in an amount equal to 100% of the principal amount of the 3.97% Senior Notes so prepaid, plus any accrued and unpaid interest to the date of prepayment, plus the Make-Whole Amount, as defined in the Note Purchase Agreement, with respect to such principal amount being prepaid. The fair value of the 3.97% Senior Notes was determined using the US Treasury yield and a long-term credit spread for similar types of borrowings, that represent Level 2 observable inputs. The Note Purchase Agreement contains customary affirmative and negative covenants, including, among others, limitations on indebtedness, liens, investments, restricted payments, dispositions and business activities. The Note Purchase Agreement also requires the Company to maintain a ratio of Consolidated Senior Debt, as defined, to Consolidated EBITDA, as defined, of not more than 3.25 times at the end of each fiscal quarter, provided that such ratio may increase to 3.50 times following the consummation of certain acquisitions. In addition, the Note Purchase Agreement requires the Company to maintain (i) 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, provided that such ratio may increase to 4.25 times following the consummation of certain acquisitions, and (ii) a ratio of Consolidated EBITDA to Consolidated Cash Interest Expense, as defined, of not less than 4.25 times at the end of any fiscal quarter. In addition, the Company has available approximately $56,000 in uncommitted short-term bank credit lines ("Credit Lines") and overdraft facilities. Under the Credit Lines, $20,900 was borrowed at June 30, 2015 at an interest rate of 1.19% and $7,550 was borrowed at December 31, 2014 at an interest rate of 1.23% . The Company had also borrowed $889 and $478 under the overdraft facilities at June 30, 2015 and December 31, 2014 , respectively. Repayments under the Credit Lines are due within a month after being borrowed. Repayments of the overdrafts are generally due within two days after being borrowed. The carrying amounts of the Credit Lines and overdrafts approximate fair value due to the short maturities of these financial instruments. The Company holds certain capital leases at June 30, 2015 and at December 31, 2014. 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	6 Months Ended
	Jun. 30, 2015
Restructuring and Related Activities [Abstract]
Business Reorganization	Business Reorganization The Company authorized the closure of production operations ("Saline operations") at its Associated Spring facility located in Saline, Michigan (the "Closure") during the first quarter of 2014. The Saline operations, which included approximately 50 employees, primarily manufactured 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 occurred during the second quarter of 2014, however certain other facility Closure costs, including the transfer of machinery and equipment, continued during the remainder of 2014. The Company recorded restructure and related costs of $5,052 during the first half of 2014. This balance included $2,112 of employee termination costs, primarily employee severance expense and defined benefit pension and other postretirement plans (the "Plans") costs related to the accelerated recognition of actuarial losses and special termination benefits, and $2,940 of other facility costs, primarily related to asset write-downs and depreciation on assets that had been utilized through the Closure. See Note 9 for costs associated with the Plans that were impacted by the Closure during the first half of 2014. The Closure was completed as of December 31, 2014. Closure costs were recorded primarily within Cost of Sales in the accompanying Consolidated Statements of Income and are reflected in the results of the Industrial segment.

Derivatives

Derivatives	6 Months Ended
	Jun. 30, 2015
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 Euro, British pound sterling, U.S. dollar, Japanese yen, 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 Company's policy for classifying cash flows from derivatives is to report the cash flows consistent with the underlying hedged item. Other financing cash flows during the first half of 2015, as presented on the consolidated statements of cash flows, include $8,695 of net cash proceeds from the settlement of foreign currency hedges related to intercompany financing. The following table sets forth the fair value amounts of derivative instruments held by the Company. June 30, 2015 December 31, 2014 Asset Derivatives Liability Derivatives Asset Derivatives Liability Derivatives Derivatives designated as hedging instruments: Interest rate contracts $ — $ (564 ) $ — $ (295 ) Foreign exchange contracts — (50 ) — (652 ) Derivatives not designated as hedging instruments: Foreign exchange contracts 399 (781 ) 460 (699 ) Total derivatives $ 399 $ (1,395 ) $ 460 $ (1,646 ) 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- and six- month periods ended June 30, 2015 and 2014 for derivatives held by the Company and designated as hedging instruments. Three months ended June 30, Six months ended June 30, 2015 2014 2015 2014 Cash flow hedges: Interest rate contracts $ 63 $ (213 ) $ (169 ) $ (142 ) Foreign exchange contracts 126 (289 ) 470 (387 ) $ 189 $ (502 ) $ 301 $ (529 ) Amounts related to the interest rate swaps included within accumulated other non-owner changes to equity that were reclassified to expense during the first half of 2015 and 2014 resulted in a fixed rate of interest of 1.03% plus the borrowing spread for the first $100,000 of one-month LIBOR borrowings. Additionally, there were no amounts recognized in income for hedge ineffectiveness during the three- and six- month periods ended June 30, 2015 and 2014 . The following table sets forth the net gain (loss) recorded in other expense (income), net in the consolidated statements of income for the three- and six- month periods ended June 30, 2015 and 2014 for non-designated derivatives held by the Company. Such amounts were substantially offset by the net loss (gain) recorded on the underlying hedged asset or liability, also recorded in other expense (income), net. Three months ended June 30, Six months ended June 30, 2015 2014 2015 2014 Foreign exchange contracts $ (1,671 ) $ (241 ) $ 6,945 $ (988 )

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2015
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 Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) June 30, 2015 Asset derivatives $ 399 $ — $ 399 $ — Liability derivatives (1,395 ) — (1,395 ) — Bank acceptances 16,785 — 16,785 — Rabbi trust assets 2,259 2,259 — — $ 18,048 $ 2,259 $ 15,789 $ — December 31, 2014 Asset derivatives $ 460 $ — $ 460 $ — Liability derivatives (1,646 ) — (1,646 ) — Bank acceptances 10,785 — 10,785 — Rabbi trust assets 2,092 2,092 — — $ 11,691 $ 2,092 $ 9,599 $ — 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 Postretiremen

Pension and Other Postretirement Benefits	6 Months Ended
	Jun. 30, 2015
Compensation and Retirement Disclosure [Abstract]
Pension and Other Postretirement Benefits	Curtailment losses and special termination benefits during the first half of 2014 relate to certain defined benefit pension and other postretirement benefit plans that were impacted by the closure of production operations at an Associated Spring facility located in Saline, Michigan. The settlement loss during the first half of 2014 reflects payments that were made to certain participants within one of the Company's defined benefit pension plans.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2015
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company's effective tax rate from continuing operations for the first half of 2015 was 28.8% compared with 27.8% in the first half of 2014 and 27.6% for the full year 2014 . The increase in the first half of 2015 effective tax rate from the full year 2014 rate is primarily due to the expiration of certain tax holidays. The Aerospace and Industrial segments were previously awarded international tax holidays. The tax holidays awarded to Industrial have expired. The remaining tax holidays for which the Company currently receives benefit relate to Aerospace, the majority of which are due to expire in 2015 through 2016.

Changes in Accumulated Other Co

Changes in Accumulated Other Comprehensive Income by Component	6 Months Ended
	Jun. 30, 2015
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 six- month periods ended June 30, 2015 and 2014 : Gains and Losses on Cash Flow Hedges Pension and Other Postretirement Benefit Items Foreign Currency Items Total January 1, 2015 $ (732 ) $ (115,289 ) $ 16,568 $ (99,453 ) Other comprehensive (loss) income before reclassifications to consolidated statements of income (249 ) 355 (16,125 ) (16,019 ) Amounts reclassified from accumulated other comprehensive income to the consolidated statements of income 550 5,096 — 5,646 Net current-period other comprehensive income (loss) 301 5,451 (16,125 ) (10,373 ) June 30, 2015 $ (431 ) $ (109,838 ) $ 443 $ (109,826 ) Gains and Losses on Cash Flow Hedges Pension and Other Postretirement Benefit Items Foreign Currency Items Total January 1, 2014 $ (519 ) $ (73,273 ) $ 99,736 $ 25,944 Other comprehensive loss before reclassifications to consolidated statements of income (820 ) (8,133 ) (10,560 ) (19,513 ) Amounts reclassified from accumulated other comprehensive income to the consolidated statements of income 291 3,752 — 4,043 Net current-period other comprehensive loss (529 ) (4,381 ) (10,560 ) (15,470 ) June 30, 2014 $ (1,048 ) $ (77,654 ) $ 89,176 $ 10,474 The following table sets forth the reclassifications out of accumulated other comprehensive income by component for the three-and six- month periods ended June 30, 2015 and 2014 : 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 June 30, 2015 Three months ended June 30, 2014 Gains and losses on cash flow hedges Interest rate contracts $ (214 ) $ (222 ) Interest expense Foreign exchange contracts (116 ) (42 ) Net sales (330 ) (264 ) Total before tax 106 92 Tax benefit (224 ) (172 ) Net of tax Pension and other postretirement benefit items Amortization of prior-service credits, net $ 64 $ 61 (A) Amortization of actuarial losses (4,300 ) (2,537 ) (A) Settlement loss — (582 ) (A) (4,236 ) (3,058 ) Total before tax 1,421 855 Tax benefit (2,815 ) (2,203 ) Net of tax Total reclassifications in the period $ (3,039 ) $ (2,375 ) (A) These accumulated other comprehensive income components are included within the computation of net periodic pension cost. See Note 9. Details about Accumulated Other Comprehensive Income Components Amount Reclassified from Accumulated Other Comprehensive Income Affected Line Item in the Consolidated Statements of Income Six months ended June 30, 2015 Six months ended June 30, 2014 Gains and losses on cash flow hedges Interest rate contracts $ (429 ) $ (439 ) Interest expense Foreign exchange contracts (360 ) (20 ) Net sales (789 ) (459 ) Total before tax 239 168 Tax benefit (550 ) (291 ) Net of tax Pension and other postretirement benefit items Amortization of prior-service credits, net $ 127 $ 101 (A) Amortization of actuarial losses (7,990 ) (4,715 ) (A) Curtailment loss — (223 ) (A) Settlement loss — (582 ) (A) (7,863 ) (5,419 ) Total before tax 2,767 1,667 Tax benefit (5,096 ) (3,752 ) Net of tax Total reclassifications in the period $ (5,646 ) $ (4,043 ) (A) These accumulated other comprehensive income components are included within the computation of net periodic pension cost. See Note 9.

Information on Business Segment

Information on Business Segments	6 Months Ended
	Jun. 30, 2015
Segment Reporting [Abstract]
Information on Business Segments	Information on Business Segments The Company is organized based upon the nature of its products and services and reports under two global business segments: Industrial and Aerospace. 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 these two 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 Aftermarket provides jet engine component overhaul and repair ("MRO") services, including the CRP's, for many of the world's major turbine engine manufacturers, commercial airlines and militaries. Aerospace Aftermarket activities also include the manufacture and delivery of 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 June 30, Six months ended June 30, 2015 2014 2015 2014 Net sales Industrial $ 202,589 $ 212,768 $ 402,938 $ 416,656 Aerospace 112,356 109,310 212,581 217,521 Intersegment sales (4 ) (4 ) (4 ) (4 ) Total net sales $ 314,941 $ 322,074 $ 615,515 $ 634,173 Operating profit Industrial $ 29,979 $ 28,765 $ 60,958 $ 48,140 Aerospace 20,670 16,616 33,586 32,366 Total operating profit 50,649 45,381 94,544 80,506 Interest expense 2,586 2,804 5,306 6,123 Other expense (income), net 237 792 318 1,027 Income before income taxes $ 47,826 $ 41,785 $ 88,920 $ 73,356 June 30, 2015 December 31, 2014 Assets Industrial $ 1,251,669 $ 1,281,974 Aerospace 655,806 655,042 Other (A) 171,168 136,869 Total assets $ 2,078,643 $ 2,073,885 (A) "Other" assets include corporate-controlled assets, the majority of which are cash and deferred tax assets.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2015
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 June 30, 2015 and December 31, 2014 .

Subsequent Event Subsequent Eve

Subsequent Event Subsequent Event	6 Months Ended
	Jun. 30, 2015
Subsequent Events [Abstract]
Subsequent Event	Subsequent Event On July 20, 2015, the Company, through one of its subsidiaries (the “Purchaser”), entered into a Sale and Purchase Agreement (the "SPA") with the three shareholders of privately held HPE S.p.A. (collectively, the “Seller”) for the acquisition (the “Acquisition”) of all of the shares of capital stock of HPE S.p.A. through which Seller owns and operates its Thermoplay business ("Thermoplay”). Thermoplay’s headquarters and manufacturing facility are located in Pont-Saint-Martin in Aosta, Italy, with technical service capabilities in China, India, France, Germany, United Kingdom, Portugal, and Brazil. Thermoplay specializes in the design, development, and manufacturing of hot runner solutions for plastic injection molding, primarily in the packaging, automotive, and medical end markets. The purchase price payable by the Purchaser for the Acquisition under the terms of the SPA is €50 million in cash, subject to certain adjustments in connection with the closing. The closing of the Acquisition is subject to the satisfaction of certain closing conditions, and is currently expected to occur in August 2015. The Company expects to finance the transaction with cash on hand and borrowings under the Company’s revolving credit facility. Following the closing, Thermoplay will operate as a business unit within the Company’s Industrial segment.

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jun. 30, 2015
Inventory Disclosure [Abstract]
Schedule of Inventory	The components of inventories consisted of: June 30, 2015 December 31, 2014 Finished goods $ 78,817 $ 83,905 Work-in-process 80,485 79,563 Raw material and supplies 51,000 48,576 $ 210,302 $ 212,044

Goodwill and Other Intangible22

Goodwill and Other Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 2015
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 June 30, 2015 : Industrial Aerospace Total Company January 1, 2015 $ 564,163 $ 30,786 $ 594,949 Foreign currency translation (11,501 ) — (11,501 ) June 30, 2015 $ 552,662 $ 30,786 $ 583,448
Schedule of Finite-Lived Intangible Assets by Major Class	Other intangible assets consisted of: June 30, 2015 December 31, 2014 Range of Life -Years Gross Amount Accumulated Amortization Gross Amount Accumulated Amortization Amortized intangible assets: Revenue sharing programs (RSPs) Up to 30 $ 293,700 $ (78,820 ) $ 293,700 $ (72,958 ) Component repair programs (CRPs) Up to 30 106,639 (4,003 ) 106,639 (1,941 ) Customer lists/relationships 10-16 183,406 (36,116 ) 183,406 (30,731 ) Patents and technology 7-14 62,972 (25,834 ) 62,972 (22,356 ) Trademarks/trade names 10-30 11,950 (9,008 ) 11,950 (8,552 ) Other Up to 15 19,292 (16,997 ) 19,292 (14,806 ) 677,959 (170,778 ) 677,959 (151,344 ) Unamortized intangible asset: Trade names 36,900 — 36,900 — Foreign currency translation (20,183 ) — (8,821 ) — Other intangible assets $ 694,676 $ (170,778 ) $ 706,038 $ (151,344 )

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2015
Debt Disclosure [Abstract]
Schedule of Debt	Long-term debt and notes and overdrafts payable at June 30, 2015 and December 31, 2014 consisted of: June 30, 2015 December 31, 2014 Carrying Amount Fair Value Carrying Amount Fair Value Revolving credit agreement $ 373,000 $ 373,219 $ 393,518 $ 394,917 3.97% Senior Notes 100,000 101,892 100,000 102,859 Borrowings under lines of credit and overdrafts 21,789 21,789 8,028 8,028 Capital leases 2,554 2,758 3,188 3,479 497,343 499,658 504,734 509,283 Less current maturities (22,613 ) (8,890 ) Long-term debt $ 474,730 $ 495,844

Derivatives (Tables)

Derivatives (Tables)	6 Months Ended
	Jun. 30, 2015
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 net gain (loss) recorded in other expense (income), net in the consolidated statements of income for the three- and six- month periods ended June 30, 2015 and 2014 for non-designated derivatives held by the Company. Such amounts were substantially offset by the net loss (gain) recorded on the underlying hedged asset or liability, also recorded in other expense (income), net. Three months ended June 30, Six months ended June 30, 2015 2014 2015 2014 Foreign exchange contracts $ (1,671 ) $ (241 ) $ 6,945 $ (988 )
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- and six- month periods ended June 30, 2015 and 2014 for derivatives held by the Company and designated as hedging instruments. Three months ended June 30, Six months ended June 30, 2015 2014 2015 2014 Cash flow hedges: Interest rate contracts $ 63 $ (213 ) $ (169 ) $ (142 ) Foreign exchange contracts 126 (289 ) 470 (387 ) $ 189 $ (502 ) $ 301 $ (529 )
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. June 30, 2015 December 31, 2014 Asset Derivatives Liability Derivatives Asset Derivatives Liability Derivatives Derivatives designated as hedging instruments: Interest rate contracts $ — $ (564 ) $ — $ (295 ) Foreign exchange contracts — (50 ) — (652 ) Derivatives not designated as hedging instruments: Foreign exchange contracts 399 (781 ) 460 (699 ) Total derivatives $ 399 $ (1,395 ) $ 460 $ (1,646 )

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2015
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 Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) June 30, 2015 Asset derivatives $ 399 $ — $ 399 $ — Liability derivatives (1,395 ) — (1,395 ) — Bank acceptances 16,785 — 16,785 — Rabbi trust assets 2,259 2,259 — — $ 18,048 $ 2,259 $ 15,789 $ — December 31, 2014 Asset derivatives $ 460 $ — $ 460 $ — Liability derivatives (1,646 ) — (1,646 ) — Bank acceptances 10,785 — 10,785 — Rabbi trust assets 2,092 2,092 — — $ 11,691 $ 2,092 $ 9,599 $ —

Pension and Other Postretirem26

Pension and Other Postretirement Benefits (Tables)	6 Months Ended
	Jun. 30, 2015
Compensation and Retirement Disclosure [Abstract]
Schedule of Net Benefit Costs	Pension and other postretirement benefits expenses consisted of the following: Three months ended June 30, Six months ended June 30, Pensions 2015 2014 2015 2014 Service cost $ 1,299 $ 1,052 $ 2,752 $ 2,307 Interest cost 5,297 5,540 9,992 10,978 Expected return on plan assets (8,589 ) (8,483 ) (16,159 ) (17,053 ) Amortization of prior service cost 77 157 155 334 Amortization of actuarial losses 4,056 2,270 7,485 4,232 Curtailment loss — — — 219 Settlement loss — 582 — 582 Special termination benefits — — — 715 Net periodic benefit cost $ 2,140 $ 1,118 $ 4,225 $ 2,314 Three months ended June 30, Six months ended June 30, Other Postretirement Benefits 2015 2014 2015 2014 Service cost $ 36 $ 29 $ 73 $ 81 Interest cost 425 540 918 1,099 Amortization of prior service credit (141 ) (218 ) (282 ) (435 ) Amortization of actuarial losses 244 267 505 483 Curtailment loss — — — 4 Net periodic benefit cost $ 564 $ 618 $ 1,214 $ 1,232

Changes in Accumulated Other 27

Changes in Accumulated Other Comprehensive Income by Component (Tables)	6 Months Ended
	Jun. 30, 2015
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 six- month periods ended June 30, 2015 and 2014 : Gains and Losses on Cash Flow Hedges Pension and Other Postretirement Benefit Items Foreign Currency Items Total January 1, 2015 $ (732 ) $ (115,289 ) $ 16,568 $ (99,453 ) Other comprehensive (loss) income before reclassifications to consolidated statements of income (249 ) 355 (16,125 ) (16,019 ) Amounts reclassified from accumulated other comprehensive income to the consolidated statements of income 550 5,096 — 5,646 Net current-period other comprehensive income (loss) 301 5,451 (16,125 ) (10,373 ) June 30, 2015 $ (431 ) $ (109,838 ) $ 443 $ (109,826 ) Gains and Losses on Cash Flow Hedges Pension and Other Postretirement Benefit Items Foreign Currency Items Total January 1, 2014 $ (519 ) $ (73,273 ) $ 99,736 $ 25,944 Other comprehensive loss before reclassifications to consolidated statements of income (820 ) (8,133 ) (10,560 ) (19,513 ) Amounts reclassified from accumulated other comprehensive income to the consolidated statements of income 291 3,752 — 4,043 Net current-period other comprehensive loss (529 ) (4,381 ) (10,560 ) (15,470 ) June 30, 2014 $ (1,048 ) $ (77,654 ) $ 89,176 $ 10,474
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-and six- month periods ended June 30, 2015 and 2014 : 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 June 30, 2015 Three months ended June 30, 2014 Gains and losses on cash flow hedges Interest rate contracts $ (214 ) $ (222 ) Interest expense Foreign exchange contracts (116 ) (42 ) Net sales (330 ) (264 ) Total before tax 106 92 Tax benefit (224 ) (172 ) Net of tax Pension and other postretirement benefit items Amortization of prior-service credits, net $ 64 $ 61 (A) Amortization of actuarial losses (4,300 ) (2,537 ) (A) Settlement loss — (582 ) (A) (4,236 ) (3,058 ) Total before tax 1,421 855 Tax benefit (2,815 ) (2,203 ) Net of tax Total reclassifications in the period $ (3,039 ) $ (2,375 ) (A) These accumulated other comprehensive income components are included within the computation of net periodic pension cost. See Note 9. Details about Accumulated Other Comprehensive Income Components Amount Reclassified from Accumulated Other Comprehensive Income Affected Line Item in the Consolidated Statements of Income Six months ended June 30, 2015 Six months ended June 30, 2014 Gains and losses on cash flow hedges Interest rate contracts $ (429 ) $ (439 ) Interest expense Foreign exchange contracts (360 ) (20 ) Net sales (789 ) (459 ) Total before tax 239 168 Tax benefit (550 ) (291 ) Net of tax Pension and other postretirement benefit items Amortization of prior-service credits, net $ 127 $ 101 (A) Amortization of actuarial losses (7,990 ) (4,715 ) (A) Curtailment loss — (223 ) (A) Settlement loss — (582 ) (A) (7,863 ) (5,419 ) Total before tax 2,767 1,667 Tax benefit (5,096 ) (3,752 ) Net of tax Total reclassifications in the period $ (5,646 ) $ (4,043 ) (A) These accumulated other comprehensive income components are included within the computation of net periodic pension cost. See Note 9.

Information on Business Segme28

Information on Business Segments (Tables)	6 Months Ended
	Jun. 30, 2015
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 June 30, Six months ended June 30, 2015 2014 2015 2014 Net sales Industrial $ 202,589 $ 212,768 $ 402,938 $ 416,656 Aerospace 112,356 109,310 212,581 217,521 Intersegment sales (4 ) (4 ) (4 ) (4 ) Total net sales $ 314,941 $ 322,074 $ 615,515 $ 634,173 Operating profit Industrial $ 29,979 $ 28,765 $ 60,958 $ 48,140 Aerospace 20,670 16,616 33,586 32,366 Total operating profit 50,649 45,381 94,544 80,506 Interest expense 2,586 2,804 5,306 6,123 Other expense (income), net 237 792 318 1,027 Income before income taxes $ 47,826 $ 41,785 $ 88,920 $ 73,356 June 30, 2015 December 31, 2014 Assets Industrial $ 1,251,669 $ 1,281,974 Aerospace 655,806 655,042 Other (A) 171,168 136,869 Total assets $ 2,078,643 $ 2,073,885 (A) "Other" assets include corporate-controlled assets, the majority of which are cash and deferred tax assets.

Net Income Per Common Share (De

Net Income Per Common Share (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	Feb. 28, 2013	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Net Income Per Common Share [Line Items]
Weighted average number of diluted shares outstanding adjustment (in shares)		560,368	1,187,131	566,147	1,254,602
Adjustments to net income for purposes of computing income available to common stockholders		$ 0	$ 0	$ 0	$ 0
Stock Options [Member]
Net Income Per Common Share [Line Items]
Antidilutive securities excluded from computation of EPS		199,950	92,049	199,950	92,049
Options, granted (in shares)	122,700
Restricted Stock Units (RSUs) [Member]
Net Income Per Common Share [Line Items]
Other than options, granted (in shares)	106,685
Performance Share Awards [Member]
Net Income Per Common Share [Line Items]
Other than options, granted (in shares)	85,465
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%

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Inventory Disclosure [Abstract]
Finished goods	$ 78,817	$ 83,905
Work-in-process	80,485	79,563
Raw material and supplies	51,000	48,576
Inventories	$ 210,302	$ 212,044

Goodwill and Other Intangible31

Goodwill and Other Intangible Assets (Details) - USD ($)	3 Months Ended	6 Months Ended		12 Months Ended
	Jun. 30, 2015	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Goodwill:
Goodwill impairment		$ 0
Goodwill, beginning of period		594,949,000
Foreign currency translation		(11,501,000)
Goodwill, end of period	$ 583,448,000	583,448,000		$ 594,949,000
Other Intangible Assets:
Gross Amount	677,959,000	677,959,000		677,959,000
Accumulated Amortization	(170,778,000)	(170,778,000)		(151,344,000)
Foreign currency translation	(20,183,000)	(20,183,000)		(8,821,000)
Other intangible assets	694,676,000	694,676,000		706,038,000
Intangible Assets, Future Amortization Expense
Amortization of intangible assets expected in 2015	39,000,000	39,000,000
Amortization of intangible assets expected in 2016	35,000,000	35,000,000
Amortization of intangible assets expected in 2017	35,000,000	35,000,000
Amortization of intangible assets expected in 2018	36,000,000	36,000,000
Amortization of intangible assets expected in 2019	33,000,000	33,000,000
Component Repair Program payments consideration			$ 80,000,000
Component Repair Program payments	19,000,000	19,000,000	$ 41,000,000	61,000,000
Trade name [Member]
Other Intangible Assets:
Unamortized intangible asset	36,900,000	36,900,000		36,900,000
Revenue sharing programs (RSPs) [Member]
Other Intangible Assets:
Gross Amount	293,700,000	293,700,000		293,700,000
Accumulated Amortization	(78,820,000)	(78,820,000)		(72,958,000)
Component repair programs (CRPs) [Member]
Other Intangible Assets:
Gross Amount	106,639,000	106,639,000		106,639,000
Accumulated Amortization	(4,003,000)	(4,003,000)		(1,941,000)
Customer lists/relationships [Member]
Other Intangible Assets:
Gross Amount	183,406,000	183,406,000		183,406,000
Accumulated Amortization	(36,116,000)	(36,116,000)		(30,731,000)
Patents and technology [Member]
Other Intangible Assets:
Gross Amount	62,972,000	62,972,000		62,972,000
Accumulated Amortization	(25,834,000)	(25,834,000)		(22,356,000)
Trademarks/trade names [Member]
Other Intangible Assets:
Gross Amount	11,950,000	11,950,000		11,950,000
Accumulated Amortization	(9,008,000)	(9,008,000)		(8,552,000)
Other [Member]
Other Intangible Assets:
Gross Amount	19,292,000	19,292,000		19,292,000
Accumulated Amortization	(16,997,000)	$ (16,997,000)		(14,806,000)
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		10 years
Maximum [Member] | Revenue sharing programs (RSPs) [Member]
Other Intangible Assets:
Range of life		30 years
Maximum [Member] | Component repair programs (CRPs) [Member]
Other Intangible Assets:
Range of life		30 years
Maximum [Member] | Customer lists/relationships [Member]
Other Intangible Assets:
Range of life		16 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		$ 564,163,000
Foreign currency translation		(11,501,000)
Goodwill, end of period	552,662,000	552,662,000		564,163,000
Aerospace [Member]
Goodwill:
Goodwill, beginning of period		30,786,000
Foreign currency translation		0
Goodwill, end of period	$ 30,786,000	$ 30,786,000		$ 30,786,000

Debt (Details)

Debt (Details) € in Thousands	Sep. 27, 2013EUR (€)	Jun. 30, 2015USD ($)	Dec. 31, 2014EUR (€)	Dec. 31, 2014USD ($)	Oct. 15, 2014USD ($)	Sep. 27, 2013USD ($)
Debt Instrument [Line Items]
Fair value of debt		$ 499,658,000		$ 509,283,000
Borrowings under lines of credit and overdrafts		21,789,000		8,028,000
Total debt, net of unamortized discounts		497,343,000		504,734,000
Less current maturities		(22,613,000)		(8,890,000)
Long-term debt		474,730,000		495,844,000
Revolving Credit Agreement [Member]
Debt Instrument [Line Items]
Carrying amount of debt		373,000,000		393,518,000
Fair value of debt		$ 373,219,000		$ 394,917,000
Stated interest rate		1.29%	1.33%	1.33%
Line of credit facility, maximum borrowing capacity						$ 750,000,000
Line of credit facility with accordian feature, maximum borrowing capacity						$ 1,000,000,000
Remaining borrowing capacity		$ 377,000,000		$ 356,482,000
Revolving Credit Agreement [Member] | Euro Member Countries, Euro
Debt Instrument [Line Items]
Carrying amount of debt			€ 30,945	37,618,000
Revolving Credit Agreement [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member]
Debt Instrument [Line Items]
Variable basis spread	1.10%
Revolving Credit Agreement [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member]
Debt Instrument [Line Items]
Variable basis spread	1.70%
Senior Notes [Member] | Minimum [Member]
Debt Instrument [Line Items]
Debt covenant ratio of EBITDA to cash interest expense					4.25
Senior Notes [Member] | Maximum [Member]
Debt Instrument [Line Items]
Debt covenant ratio of senior debt to EBITDA					3.25
Debt covenant ratio of total debt to EBITDA					4
Senior Notes [Member] | 3.97% Senior Notes [Member]
Debt Instrument [Line Items]
Carrying amount of debt		100,000,000		100,000,000
Fair value of debt		101,892,000		102,859,000
Stated interest rate					3.97%
Converted amount with accrued interest					$ 100,000,000
Percent allowed to be prepaid					100.00%
Senior Notes [Member] | Adjusted for Certain Acquisitons [Member] | Maximum [Member]
Debt Instrument [Line Items]
Debt covenant ratio of senior debt to EBITDA					3.50
Debt covenant ratio of total debt to EBITDA					4.25
Revolving Credit Agreement [Member]
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity | €	€ 500,000
Revolving Credit Agreement [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Variable rate basis	LIBOR
Lines of Credit and Overdrafts [Member]
Debt Instrument [Line Items]
Fair value of debt		21,789,000		8,028,000
Borrowings under lines of credit and overdrafts		21,789,000		8,028,000
Lines of Credit [Member]
Debt Instrument [Line Items]
Borrowings under lines of credit and overdrafts		20,900,000		$ 7,550,000
Line of credit facility, maximum borrowing capacity		$ 56,000,000
Line of credit, interest rate at period end		1.19%	1.23%	1.23%
Bank Overdrafts [Member]
Debt Instrument [Line Items]
Borrowings under lines of credit and overdrafts		$ 889,000		$ 478,000
Repayment period		2 days
Capital Lease Obligations [Member]
Debt Instrument [Line Items]
Carrying amount of debt		$ 2,554,000		3,188,000
Fair value of debt		$ 2,758,000		$ 3,479,000

Business Reorganization (Detail

Business Reorganization (Details) - Jun. 30, 2014 $ in Thousands	employee	USD ($)
Restructuring Cost and Reserve [Line Items]
Number of positions eliminated | employee	50
Restructuring charges		$ 5,052
One-time Termination Benefits [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges		2,112
Facility Closing [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges		$ 2,940

Derivatives (Details)

Derivatives (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract]
Derivative Assets	$ 399	$ 460
Derivative Liabilities	(1,395)	(1,646)
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	(564)	(295)
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	(50)	(652)
Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member]
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract]
Derivative Assets	399	460
Derivative Liabilities	$ (781)	$ (699)

Derivatives (Details 1)

Derivatives (Details 1) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)	Dec. 31, 2012USD ($)Bank
Derivative [Line Items]
Maximum remaining maturity of foreign currency derivatives			2 years
Derivative, Net Hedge Ineffectiveness Gain (Loss)	$ 0	$ 0	$ 0	$ 0
Other			8,487	(137)
Foreign Exchange Contract [Member]
Derivative [Line Items]
Other			8,695
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member]
Derivative [Line Items]
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net	189	(502)	301	(529)
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Interest Rate Contract [Member]
Derivative [Line Items]
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net	63	(213)	(169)	(142)
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Foreign Exchange Contract [Member]
Derivative [Line Items]
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net	126	(289)	470	(387)
Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member]
Derivative [Line Items]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	$ (1,671)	$ (241)	$ 6,945	$ (988)
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member]
Derivative [Line Items]
Term of interest rate derivatives					5 years
Number of banks transacted with for interest rate swap agreements (in banks) | Bank					3
Derivative amount of hedge					$ 100,000
Variable rate basis					one-month LIBOR
Fixed interest rate					1.03%

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Asset derivatives	$ 399	$ 460
Liability derivatives	(1,395)	(1,646)
Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Asset derivatives	0	0
Liability derivatives	0	0
Bank acceptances	0	0
Rabbi trust assets	2,259	2,092
Financial assets and financial liabilities, reported at fair value	2,259	2,092
Significant Other Observable Inputs (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Asset derivatives	399	460
Liability derivatives	(1,395)	(1,646)
Bank acceptances	16,785	10,785
Rabbi trust assets	0	0
Financial assets and financial liabilities, reported at fair value	15,789	9,599
Significant Unobservable Inputs (Level 3)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Asset derivatives	0	0
Liability derivatives	0	0
Bank acceptances	0	0
Rabbi trust assets	0	0
Financial assets and financial liabilities, reported at fair value	0	0
Estimate of Fair Value, Fair Value Disclosure [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Asset derivatives	399	460
Liability derivatives	(1,395)	(1,646)
Bank acceptances	16,785	10,785
Rabbi trust assets	2,259	2,092
Financial assets and financial liabilities, reported at fair value	$ 18,048	$ 11,691
Minimum [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Maturity of bank acceptances	3 months
Maximum [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Maturity of bank acceptances	6 months

Pension and Other Postretirem37

Pension and Other Postretirement Benefits (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Pensions [Member]
Pension and other postretirement benefits expenses
Service cost	$ 1,299	$ 1,052	$ 2,752	$ 2,307
Interest cost	5,297	5,540	9,992	10,978
Expected return on plan assets	(8,589)	(8,483)	(16,159)	(17,053)
Amortization of prior service cost (credit)	77	157	155	334
Amortization of actuarial losses	4,056	2,270	7,485	4,232
Curtailment loss	0	0	0	219
Settlement loss	0	582	0	582
Special termination benefits	0	0	0	715
Net periodic benefit cost	2,140	1,118	4,225	2,314
Other Postretirement Benefits [Member]
Pension and other postretirement benefits expenses
Service cost	36	29	73	81
Interest cost	425	540	918	1,099
Amortization of prior service cost (credit)	(141)	(218)	(282)	(435)
Amortization of actuarial losses	244	267	505	483
Curtailment loss	0	0	0	4
Net periodic benefit cost	$ 564	$ 618	$ 1,214	$ 1,232

Income Taxes (Details)

Income Taxes (Details)	6 Months Ended		12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Income Tax Disclosure [Abstract]
Effective tax rate	28.80%	27.80%	27.60%

Changes in Accumulated Other 39

Changes in Accumulated Other Comprehensive Income by Component (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Changes in Accumulated Other Comprehensive Income by Component [Roll Forward]
Accumulated other comprehensive income (loss)			$ (99,453)	$ 25,944
Other comprehensive (loss) income before reclassifications to consolidated statements of income			(16,019)	(19,513)
Amounts reclassified from accumulated other comprehensive income to the consolidated statements of income			5,646	4,043
Net current-period other comprehensive loss	$ 25,611	$ (3,625)	(10,373)	(15,470)
Accumulated other comprehensive income (loss)	(109,826)	10,474	(109,826)	10,474
Gains and Losses on Cash Flow Hedges
Changes in Accumulated Other Comprehensive Income by Component [Roll Forward]
Accumulated other comprehensive income (loss)			(732)	(519)
Other comprehensive (loss) income before reclassifications to consolidated statements of income			(249)	(820)
Amounts reclassified from accumulated other comprehensive income to the consolidated statements of income			550	291
Net current-period other comprehensive loss			301	(529)
Accumulated other comprehensive income (loss)	(431)	(1,048)	(431)	(1,048)
Pension and Other Postretirement Benefit Items
Changes in Accumulated Other Comprehensive Income by Component [Roll Forward]
Accumulated other comprehensive income (loss)			(115,289)	(73,273)
Other comprehensive (loss) income before reclassifications to consolidated statements of income			355	(8,133)
Amounts reclassified from accumulated other comprehensive income to the consolidated statements of income			5,096	3,752
Net current-period other comprehensive loss			5,451	(4,381)
Accumulated other comprehensive income (loss)	(109,838)	(77,654)	(109,838)	(77,654)
Foreign Currency Items
Changes in Accumulated Other Comprehensive Income by Component [Roll Forward]
Accumulated other comprehensive income (loss)			16,568	99,736
Other comprehensive (loss) income before reclassifications to consolidated statements of income			(16,125)	(10,560)
Amounts reclassified from accumulated other comprehensive income to the consolidated statements of income			0	0
Net current-period other comprehensive loss			(16,125)	(10,560)
Accumulated other comprehensive income (loss)	$ 443	$ 89,176	$ 443	$ 89,176

Changes in Accumulated Other 40

Changes in Accumulated Other Comprehensive Income by Component (Details 2) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Interest expense	$ (2,586)	$ (2,804)	$ (5,306)	$ (6,123)
Net sales	314,941	322,074	615,515	634,173
Income before income taxes	47,826	41,785	88,920	73,356
Tax benefit	(13,599)	(11,557)	(25,617)	(20,375)
Total reclassifications in the period	34,227	30,228	63,303	52,981
Reclassification out of Accumulated Other Comprehensive Income [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total reclassifications in the period	(3,039)	(2,375)	(5,646)	(4,043)
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 before income taxes	(330)	(264)	(789)	(459)
Tax benefit	106	92	239	168
Income from continuing operations	(224)	(172)	(550)	(291)
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	(214)	(222)	(429)	(439)
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	(116)	(42)	(360)	(20)
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 before income taxes	(4,236)	(3,058)	(7,863)	(5,419)
Tax benefit	1,421	855	2,767	1,667
Income from continuing operations	(2,815)	(2,203)	(5,096)	(3,752)
Amortization of prior-service credits, net	64	61	127	101
Amortization of actuarial losses	(4,300)	(2,537)	(7,990)	(4,715)
Curtailment loss			0	(223)
Settlement loss	$ 0	$ (582)	$ 0	$ (582)

Information on Business Segme41

Information on Business Segments (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)Segment	Jun. 30, 2014USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments | Segment			2
Net sales	$ 314,941	$ 322,074	$ 615,515	$ 634,173
Operating profit	50,649	45,381	94,544	80,506
Interest expense	2,586	2,804	5,306	6,123
Other expense (income), net	237	792	318	1,027
Income before income taxes	47,826	41,785	88,920	73,356
Aerospace [Member]
Segment Reporting Information [Line Items]
Net sales	112,356	109,310	212,581	217,521
Operating profit	20,670	16,616	33,586	32,366
Industrial [Member]
Segment Reporting Information [Line Items]
Net sales	202,589	212,768	402,938	416,656
Operating profit	29,979	28,765	60,958	48,140
Intersegment sales [Member]
Segment Reporting Information [Line Items]
Net sales	$ (4)	$ (4)	$ (4)	$ (4)

Information on Business Segme42

Information on Business Segments Details 1 (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Segment Reporting Information [Line Items]
Assets	$ 2,078,643	$ 2,073,885
Aerospace [Member]
Segment Reporting Information [Line Items]
Assets	655,806	655,042
Industrial [Member]
Segment Reporting Information [Line Items]
Assets	1,251,669	1,281,974
Other [Member]
Segment Reporting Information [Line Items]
Assets	$ 171,168	$ 136,869

Subsequent Event (Details)

Subsequent Event (Details) € in Millions	Jul. 20, 2015EUR (€)
Subsequent Event [Member] | Thermoplay [Member]
Subsequent Event [Line Items]
Purchase price	€ 50