Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 18, 2016 | Jun. 30, 2015 | |
Document and Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
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 | 53,900,397 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 2,009,804,702 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Statement [Abstract] | |||
Net sales | $ 1,193,975 | $ 1,262,006 | $ 1,091,566 |
Cost of sales | 782,817 | 829,648 | 738,170 |
Selling and administrative expenses | 242,762 | 252,384 | 230,195 |
Total operating costs and expenses | 1,025,579 | 1,082,032 | 968,365 |
Operating income | 168,396 | 179,974 | 123,201 |
Interest expense | 10,698 | 11,392 | 13,090 |
Other (income) expense, net | (248) | 2,082 | 2,537 |
Income from continuing operations before income taxes | 157,946 | 166,500 | 107,574 |
Income taxes | 36,566 | 45,959 | 35,253 |
Income from continuing operations | 121,380 | 120,541 | 72,321 |
(Loss) income from discontinued operations, net of income taxes of $0, $315 and $120,750, respectively (Note 3) | 0 | (2,171) | 198,206 |
Net income | $ 121,380 | $ 118,370 | $ 270,527 |
Basic: | |||
Income from continuing operations (in dollars per share) | $ 2.21 | $ 2.20 | $ 1.34 |
(Loss) income from discontinued operations, net of income taxes (in dollars per share) | 0 | (0.04) | 3.68 |
Net income (in dollars per share) | 2.21 | 2.16 | 5.02 |
Diluted: | |||
Income from continuing operations (in dollars per share) | 2.19 | 2.16 | 1.31 |
(Loss) income from discontinued operations, net of income taxes (in dollars per share) | 0 | (0.04) | 3.61 |
Net income (in dollars per share) | 2.19 | 2.12 | 4.92 |
Dividends | $ 0.48 | $ 0.45 | $ 0.42 |
Weighted average common shares outstanding: | |||
Basic (in shares) | 55,028,063 | 54,791,030 | 53,860,308 |
Diluted (in shares) | 55,513,219 | 55,723,267 | 54,973,344 |
Consolidated Statements of Inc3
Consolidated Statements of Income (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Statement [Abstract] | |||
Income taxes from discontinued operations | $ 0 | $ 315 | $ 120,750 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 121,380 | $ 118,370 | $ 270,527 | |
Other comprehensive (loss) income, net of tax | ||||
Unrealized gain (loss) on hedging activities, net of tax (1) | [1] | 847 | (213) | (87) |
Unrealized (loss) gain on hedging activities, tax | 227 | (45) | 272 | |
Foreign currency translation adjustments, net of tax (2) | [2] | (54,232) | (83,168) | 19,615 |
Foreign currency translation adjustment, tax | (1,777) | (3,292) | 439 | |
Defined benefit pension and other postretirement benefits, net of tax (3) | [3] | 9,586 | (42,016) | 73,168 |
Defined benefit pension and other postretirement benefits, tax | 3,916 | (24,799) | 43,109 | |
Total other comprehensive (loss) income, net of tax | (43,799) | (125,397) | 92,696 | |
Total comprehensive income (loss) | $ 77,581 | $ (7,027) | $ 363,223 | |
[1] | Net of tax of $227, $(45) and $272 for the years ended December 31, 2015, 2014 and 2013, respectively. | |||
[2] | Net of tax of $(1,777), $(3,292) and $439 for the years ended December 31, 2015, 2014 and 2013, respectively. | |||
[3] | Net of tax of $3,916, $(24,799) and $43,109 for the years ended December 31, 2015, 2014 and 2013, respectively. |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Current assets | ||
Cash and cash equivalents | $ 83,926 | $ 46,039 |
Accounts receivable, less allowances (2015 – $4,085; 2014 – $3,873) | 261,757 | 275,890 |
Inventories | 208,611 | 212,044 |
Deferred income taxes | 24,825 | 31,849 |
Prepaid expenses and other current assets | 32,469 | 22,574 |
Total current assets | 611,588 | 588,396 |
Deferred income taxes | 1,139 | 10,061 |
Property, plant and equipment, net | 308,856 | 299,435 |
Goodwill | 587,992 | 594,949 |
Other intangible assets, net | 528,322 | 554,694 |
Other assets | 23,969 | 26,350 |
Total assets | 2,061,866 | 2,073,885 |
Current liabilities | ||
Notes and overdrafts payable | 22,680 | 8,028 |
Accounts payable | 97,035 | 94,803 |
Accrued liabilities | 131,320 | 161,397 |
Long-term debt – current | 1,515 | 862 |
Total current liabilities | 252,550 | 265,090 |
Long-term debt | 485,711 | 495,844 |
Accrued retirement benefits | 112,888 | 115,057 |
Deferred income taxes | 62,364 | 70,147 |
Other liabilities | $ 20,600 | $ 15,954 |
Commitments and contingencies (Note 21) | ||
Stockholders’ equity | ||
Common stock – par value $0.01 per share Authorized: 150,000,000 shares Issued: at par value (2014 – 61,229,980 shares; 2013 – 60,306,128 shares) | $ 621 | $ 612 |
Additional paid-in capital | 427,558 | 405,525 |
Treasury stock, at cost (2015 – 8,206,683 shares; 2014 – 6,729,438 shares) | (226,421) | (169,405) |
Retained earnings | 1,069,247 | 974,514 |
Accumulated other non-owner changes to equity | (143,252) | (99,453) |
Total stockholders’ equity | 1,127,753 | 1,111,793 |
Total liabilities and stockholders’ equity | $ 2,061,866 | $ 2,073,885 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 4,085 | $ 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) | 62,071,144 | 61,229,980 |
Treasury stock, at cost (in shares) | 8,206,683 | 6,729,438 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating activities: | |||
Net income | $ 121,380 | $ 118,370 | $ 270,527 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 78,242 | 81,395 | 65,052 |
Amortization of convertible debt discount | 0 | 731 | 2,391 |
(Gain) loss on disposition of property, plant and equipment | (1,128) | 143 | (887) |
Stock compensation expense | 9,258 | 7,603 | 18,128 |
Withholding taxes paid on stock issuances | (4,913) | (4,367) | (2,090) |
Loss (gain) on the sale of businesses | 0 | (1,586) | 313,708 |
Pension lump-sum settlement charge | 9,856 | 0 | 0 |
Changes in assets and liabilities, net of the effects of acquisitions/divestitures: | |||
Accounts receivable | 14,027 | (21,367) | (23,764) |
Inventories | (1,190) | (10,092) | 2,079 |
Prepaid expenses and other current assets | (2,645) | (7,137) | (2,172) |
Accounts payable | (2,936) | 8,123 | 2,384 |
Accrued liabilities | (16,833) | 24,402 | (9,891) |
Deferred income taxes | 3,121 | (9,841) | 3,412 |
Long-term retirement benefits | 1,081 | (7,584) | (642) |
Other | 2,575 | 4,933 | (729) |
Net cash provided by operating activities | 209,895 | 186,898 | 10,090 |
Investing activities: | |||
Proceeds from disposition of property, plant and equipment | 3,442 | 849 | 1,767 |
(Payments for) proceeds from the sale of businesses | 0 | (1,181) | 538,942 |
Change in restricted cash | 0 | 4,886 | 0 |
Capital expenditures | (45,982) | (57,365) | (57,304) |
Business acquisitions, net of cash acquired | (51,954) | 0 | (307,264) |
Component Repair Program payments | (21,000) | (70,100) | (16,639) |
Other | 0 | (1,338) | (2,058) |
Net cash (used) provided by investing activities | (115,494) | (124,249) | 157,444 |
Financing activities: | |||
Net change in other borrowings | 14,680 | 7,009 | (2,753) |
Payments on long-term debt | (171,198) | (332,336) | (555,195) |
Proceeds from the issuance of long-term debt | 159,264 | 293,291 | 450,253 |
Payment of assumed liability to Otto Männer Holding AG | 0 | (19,796) | 0 |
Premium paid on convertible debt redemption | 0 | (14,868) | 0 |
Proceeds from the issuance of common stock | 11,425 | 11,460 | 13,491 |
Common stock repurchases | (52,103) | (8,389) | (68,608) |
Dividends paid | (26,176) | (24,464) | (22,422) |
Excess tax benefit on stock awards | 2,667 | 4,888 | 3,899 |
Other | 9,850 | (338) | (1,472) |
Net cash used by financing activities | (51,591) | (83,543) | (182,807) |
Effect of exchange rate changes on cash flows | (4,923) | (3,923) | (227) |
Increase (decrease) in cash and cash equivalents | 37,887 | (24,817) | (15,500) |
Cash and cash equivalents at beginning of year | 46,039 | 70,856 | 86,356 |
Cash and cash equivalents at end of year | 83,926 | 46,039 | 70,856 |
Supplemental Disclosure of Cash Flow Information: | |||
Intangible assets acquired | $ 3,200 | $ 19,000 | $ 10,000 |
Treasury shares issued (in shares) | 1,032,493 | ||
Treasury shares issued | $ (36,695) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Retained Earnings [Member] | Accumulated Other Non-Owner Changes to Equity [Member] |
Balance at Dec. 31, 2012 | $ 800,118 | $ 592 | $ 332,588 | $ (99,756) | $ 633,446 | $ (66,752) |
Balance (in shares) at Dec. 31, 2012 | 59,202,000 | 5,000,000 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Comprehensive income | 363,223 | 270,527 | 92,696 | |||
Dividends paid | (22,422) | (22,422) | ||||
Common stock repurchases | (68,608) | $ (68,608) | ||||
Common stock repurchases (in shares) | 2,350,697 | |||||
Männer Acquisition (in shares) | (1,032,000) | |||||
Männer Acquisition | 36,695 | 22,890 | $ 13,805 | |||
Employee stock plans | $ 11 | |||||
Employee stock plans (in shares) | 1,104,099 | |||||
Employee stock plans, other | 34,869 | |||||
Employee stock plans, shares withheld for taxes (in shares) | 70,000 | |||||
Employee stock plans, shares withheld for taxes | $ (2,090) | |||||
Dividends paid to holders of certain restricted stock units | (382) | |||||
Employee stock plans, total | 32,408 | |||||
Balance at Dec. 31, 2013 | 1,141,414 | $ 603 | 390,347 | $ (156,649) | 881,169 | 25,944 |
Balance (in shares) at Dec. 31, 2013 | 60,306,000 | 6,389,000 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Comprehensive income | (7,027) | 118,370 | (125,397) | |||
Dividends paid | (24,464) | (24,464) | ||||
Common stock repurchases | (8,389) | $ (8,389) | ||||
Common stock repurchases (in shares) | 220,794 | |||||
Convertible debt redemption, net of tax | (8,666) | (8,666) | ||||
Employee stock plans | $ 9 | |||||
Employee stock plans (in shares) | 923,852 | |||||
Employee stock plans, other | 23,844 | |||||
Employee stock plans, shares withheld for taxes (in shares) | 119,000 | |||||
Employee stock plans, shares withheld for taxes | $ (4,367) | |||||
Dividends paid to holders of certain restricted stock units | (561) | |||||
Employee stock plans, total | 18,925 | |||||
Balance at Dec. 31, 2014 | 1,111,793 | $ 612 | 405,525 | $ (169,405) | 974,514 | (99,453) |
Balance (in shares) at Dec. 31, 2014 | 61,230,000 | 6,729,000 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Comprehensive income | 77,581 | 121,380 | (43,799) | |||
Dividends paid | (26,176) | (26,176) | ||||
Common stock repurchases | (52,103) | $ (52,103) | ||||
Common stock repurchases (in shares) | 1,352,596 | |||||
Employee stock plans | $ 9 | |||||
Employee stock plans (in shares) | 841,164 | |||||
Employee stock plans, other | 22,033 | |||||
Employee stock plans, shares withheld for taxes (in shares) | 125,000 | |||||
Employee stock plans, shares withheld for taxes | $ (4,913) | |||||
Dividends paid to holders of certain restricted stock units | (471) | |||||
Employee stock plans, total | 16,658 | |||||
Balance at Dec. 31, 2015 | $ 1,127,753 | $ 621 | $ 427,558 | $ (226,421) | $ 1,069,247 | $ (143,252) |
Balance (in shares) at Dec. 31, 2015 | 62,071,000 | 8,207,000 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies General: The preparation of consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Consolidation: The accompanying consolidated financial statements include the accounts of the Company and all of its subsidiaries. Intercompany transactions and account balances have been eliminated. In the 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 3 of the Consolidated Financial Statements. Revenue recognition : Sales and related cost of sales are recognized when products are shipped or delivered to customers depending upon when title and risk of loss have passed. Service revenue is recognized when the related services are performed. In the aerospace manufacturing businesses, the Company recognizes revenue based on the units-of-delivery method in accordance with accounting standards related to accounting for performance of construction-type and certain production-type contracts. Management fees related to the aerospace aftermarket Revenue Sharing Programs ("RSPs") are satisfied through an agreed upon reduction from the sales price of each of the related spare parts. These fees recognize our customer's necessary performance of engine program support activities, such as spare parts administration, warehousing and inventory management, and customer support, and are not separable from our sale of products, and accordingly, they are reflected as a reduction to sales, rather than as costs incurred, when revenues are recognized. Operating expenses: The Company includes manufacturing labor, material, manufacturing overhead and costs of its distribution network within cost of sales. Other costs, including selling personnel costs and commissions, and other general and administrative costs of the Company are included within selling and administrative expenses. Depreciation and amortization expense is allocated between cost of sales and selling and administrative expenses. Cash and cash equivalents: Cash in excess of operating requirements is invested in short-term, highly liquid, income-producing investments. All highly liquid investments purchased with an original maturity of three months or less are considered cash equivalents. Cash equivalents are carried at cost which approximates fair value. Inventories: Inventories are valued at the lower of cost, determined on a first-in, first-out basis, or market. Loss provisions, if any, on aerospace contracts are established when estimable. Loss provisions are based on the projected excess of manufacturing costs over the net revenues of the products or group of related products under contract or purchase order. Property, plant and equipment: Property, plant and equipment is stated at cost. Depreciation is recorded over estimated useful lives, ranging from 20 to 50 years for buildings, three to five years for computer equipment, four to 12 years for machinery and equipment and 12 to 17 years for furnaces and boilers. The straight-line method of depreciation was adopted for all property, plant and equipment placed in service after March 31, 1999. For property, plant and equipment placed into service prior to April 1, 1999, depreciation is calculated using accelerated methods. The Company assesses the impairment of property, plant and equipment subject to depreciation whenever events or changes in circumstances indicate the carrying value may not be recoverable. Goodwill: Goodwill represents the excess purchase cost over the fair value of net assets of companies acquired in business combinations. Goodwill is considered an indefinite-lived asset. Goodwill is subject to impairment testing in accordance with accounting standards governing such on an annual basis, in the second quarter, or more frequently if an event or change in circumstances indicates that the fair value of a reporting unit has been reduced below its carrying value. Based on the assessments performed during 2015, there was no goodwill impairment. Aerospace Aftermarket Programs: The Company participates in aftermarket RSPs under which the Company receives an exclusive right to supply designated aftermarket parts over the life of the related aircraft engine program. As consideration, the Company has paid participation fees, which are recorded as long-lived intangible assets. The Company records amortization of the related intangible asset as sales dollars are being earned based on a proportional sales dollar method. Specifically, this method amortizes each asset as a reduction to revenue based on the proportion of sales under a program in a given period to the estimated aggregate sales dollars over the life of that program. The Company also entered into Component Repair Programs ("CRPs") that provide for, among other items, the right to sell certain aftermarket component repair services for CFM56, CF6, CF34 and LM engines directly to other customers as one of a few GE licensed suppliers. In addition, the CRPs extend certain existing contracts under which the Company currently provides these services directly to GE. The Company has recorded the consideration for these rights as an intangible asset that will be amortized as a reduction to sales over the remaining life of these engine programs. This method reflects the pattern in which the economic benefits of the RSPs and the CRPs are realized. The recoverability of each asset is subject to significant estimates about future revenues related to the program’s aftermarket parts and services. The Company evaluates these intangible assets for recoverability and updates amortization rates on an agreement by agreement basis for the RSPs and on an individual asset basis for the CRPs. The assets are reviewed for recoverability periodically including whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. Annually, the Company evaluates the remaining useful life of these assets to determine whether events and circumstances warrant a revision to the remaining periods of amortization. Management updates revenue projections, which includes comparing actual experience against projected revenue and industry projections. The potential exists that actual revenues will not meet expectations due to a change in market conditions including, for example, the replacement of older engines with new, more fuel-efficient engines or the Company's ability to capture additional market share within the Aftermarket business. A shortfall in future revenues may indicate a triggering event requiring a write down or further evaluation of the recoverability of the assets or require the Company to accelerate amortization expense prospectively dependent on the level of the shortfall. The Company has not identified any impairment of these assets. Other Intangible Assets: Other intangible assets consist primarily of the Aerospace Aftermarket Programs, as discussed above, customer relationships, tradenames, patents and proprietary technology. These intangible assets, with the exception of tradenames, have finite lives and are amortized over the periods in which they provide benefit. The Company assesses the impairment of long-lived assets, including identifiable intangible assets subject to amortization, whenever significant events or significant changes in circumstances indicate the carrying value may not be recoverable. Tradenames, intangible assets with indefinite lives, are subject to impairment testing in accordance with accounting standards governing such on an annual basis, in the second quarter, or more frequently if an event or change in circumstances indicates that the fair value of a reporting unit has been reduced below its carrying value. Based on the assessment performed during 2015, there were no impairments of other intangible assets. See Note 6 of the Consolidated Financial Statements. Derivatives: Accounting standards related to the accounting for derivative instruments and hedging activities require that all derivative instruments be recorded on the balance sheet at fair value. Foreign currency contracts may qualify as fair value hedges of unrecognized firm commitments, cash flow hedges of recognized assets and liabilities or anticipated transactions, or a hedge of a net investment. Changes in the fair market value of derivatives that qualify as fair value hedges or cash flow hedges are recorded directly to earnings or accumulated other non-owner changes to equity, depending on the designation. Amounts recorded to accumulated other non-owner changes to equity are reclassified to earnings in a manner that matches the earnings impact of the hedged transaction. Any ineffective portion, or amounts related to contracts that are not designated as hedges, are recorded directly to earnings. The Company’s policy for classifying cash flows from derivatives is to report the cash flows consistent with the underlying hedged item. Foreign currency: Assets and liabilities of international operations are translated at year-end rates of exchange; revenues and expenses are translated at average rates of exchange. The resulting translation gains or losses are reflected in accumulated other non-owner changes to equity within stockholders’ equity. A net foreign currency transaction gain of $505 in 2015 , a loss of $1,466 in 2014 and a gain of $945 in 2013 were included in other (income) expense, net in the Consolidated Statements of Income. Research and Development: Costs are incurred in connection with efforts aimed at discovering and implementing new knowledge that is critical to developing new products, processes or services, significantly improving existing products or services, and developing new applications for existing products and services. Research and development expenses for the creation of new and improved products and services were $12,688 , $15,782 and $14,707 , for the years 2015 , 2014 and 2013 , respectively, and are included in selling, general and administrative expense. |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Acquisition | Acquisitions The Company has acquired a number of businesses during the past three years . The results of operations of these acquired businesses have been included in the consolidated results from the respective acquisition dates. The purchase prices for these acquisitions have been allocated to tangible and intangible assets and liabilities of the businesses based upon estimates of their respective fair values. In October 2013, the Company completed the acquisition of the Männer Business, a German company based in Bahlingen, Germany. The Männer Business is a leader in the development and manufacture of high precision molds, valve gate hot runner systems, and system solutions for the medical/pharmaceutical, packaging, and personal care/health care industries. The Männer Business, which has been integrated into the Industrial segment, includes manufacturing locations in Germany, Switzerland and the United States, and sales and service offices in Europe, the United States, Hong Kong/China and Japan. The Company acquired all the shares of capital stock of the Männer Business for an aggregate purchase price of € 280,742 ($ 380,673 ) which was paid through a combination of € 253,242 in cash ($ 343,978 ) and 1,032,493 shares of the Company's common stock (valued at € 27,500 pursuant to the Share Purchase Agreement and $ 36,695 based upon market value at close). The purchase price includes certain adjustments under the terms of the Share Purchase Agreement, including approximately € 27,030 related to cash acquired ($ 36,714 ). The Company incurred $3,642 of acquisition-related costs during the year ended December 31, 2013 related to the acquisition of the Männer business. These costs include due diligence costs and transaction costs to complete the acquisition, and have been recognized in the Company's Consolidated Statements of Income as selling and administrative expenses. The operating results of the Männer Business have been included in the Consolidated Statements of Income for the period ended December 31, 2013, since the October 31, 2013 date of acquisition. The Company reported $18,894 in net sales and an operating loss of $2,817 from the Männer Business, included within the Industrial segment's operating profit, inclusive of $7,279 of short-term purchase accounting adjustments and transaction costs, for the year ended December 31, 2013. The following table reflects the unaudited pro forma operating results of the Company for the year ended December 31, 2013, which give 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 on 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 acquired 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) 2013 Net sales $ 1,191,109 Income from continuing operations 92,343 Net income $ 290,549 Per common share: Basic: Income from continuing operations $ 1.69 Net income $ 5.31 Diluted: Income from continuing operations $ 1.65 Net income $ 5.20 For the Männer Business, pro forma earnings during the year ended December 31, 2013 were adjusted to exclude non-recurring items including acquisition-related costs and expenses related to fair value adjustments to inventory and acquired backlog. In the fourth quarter of 2015, the Company, itself and through two of its subsidiaries, completed the acquisition of privately held Priamus System Technologies AG and two of its subsidiaries (collectively, "Priamus") from Growth Finance AG. Priamus, which has approximately 40 employees, is headquartered in Schaffhausen, Switzerland and has direct sales and service offices in the U.S. and Germany. Priamus is a technology leader in the development of advanced process control systems for the plastic injection molding industry and services many of the world's highest quality plastic injection molders in the medical, automotive, consumer goods, electronics and packaging markets. Priamus is being integrated into our Industrial segment. The Company acquired Priamus for an aggregate cash purchase price of CHF 9,831 ( $10,062 ) which was financed using cash on hand and borrowings under the Company's revolving credit facility. The purchase price includes adjustments under the terms of the Share Purchase Agreement, including CHF 1,556 ( $1,592 ) related to cash acquired, and is subject to post closing adjustments under the terms of the Share Purchase Agreement. In the third quarter of 2015, the Company, through one of its subsidiaries, completed the acquisition of the Thermoplay business ("Thermoplay") by acquiring all of the capital stock of privately held HPE S.p.A., the parent Company through which Thermoplay operates. 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, which is being integrated into our Industrial segment, 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 Company acquired Thermoplay for an aggregate cash purchase price of €58,066 ( $63,690 ), pursuant to the terms of the Sale and Purchase Agreement ("SPA"). The Company paid €56,700 ( $62,191 ) in cash, using cash on hand and borrowings under the Company's revolving credit facility and recorded a liability of €1,366 ( $1,499 ) related to the estimated post closing adjustments. The purchase price includes adjustments under the terms of the SPA, including €17,054 ( $18,706 ) related to cash acquired. The Company incurred $2,195 and $574 of acquisition-related costs during the year ended December 31, 2015 related to the Thermoplay and Priamus acquisitions, respectively. These costs include due diligence costs and transaction costs to complete the acquisitions, and have been recognized in the Company's Consolidated Statements of Income as selling and administrative expenses. Pro forma operating results for the 2015 acquisitions are not presented since the results would not be significantly different than historical results. The operating results of Thermoplay and Priamus have been included in the Consolidated Statements of Income for the period ended December 31, 2015, since the August 7, 2015 and the October 1, 2015 dates of acquisition, respectively. The Company reported $13,593 and $2,028 in net sales for Thermoplay and Priamus, respectively, for the year ended December 31, 2015. |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | Discontinued Operations In April 2013, the Company completed the sale of BDNA to MSC pursuant to the terms of the Asset Purchase Agreement between the Company and MSC. The total cash consideration received for BDNA was $537,761 , net of transaction costs and closing adjustments paid. The net after-tax proceeds were $419,136 after consideration of certain post closing adjustments, transaction costs and income taxes. The below amounts relate primarily to the sale of BDNA and were derived from historical financial information. The amounts have been segregated from continuing operations and reported as discontinued operations within the consolidated financial statements. In 2014, the Company recorded a net after-tax loss on the sale of businesses of $1,987 resulting primarily from a 2014 reduction to the proceeds related to the sale of the Barnes Distribution Europe business in 2011 ( €1,250 ). In 2013, the Company recorded a net after-tax gain of $195,317 on the sale of BDNA, net of transaction-related costs of $9,749 , whereas pre-tax income from the discontinued operations at BDNA was $6,345 . 2014 2013 Net sales $ — $ 93,173 (Loss) income before income taxes (270 ) 5,248 Income tax (benefit) expense (86 ) 2,359 (Loss) income from operations of discontinued businesses, net of income taxes (184 ) 2,889 (Loss) gain on transaction (1,586 ) 313,708 Income tax expense on sale 401 118,391 (Loss) gain on the sale of businesses, net of income taxes (1,987 ) 195,317 (Loss) income from discontinued operations, net of income taxes $ (2,171 ) $ 198,206 |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2015 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventories at December 31 consisted of: 2015 2014 Finished goods $ 76,836 $ 83,905 Work-in-process 77,061 79,563 Raw materials and supplies 54,714 48,576 $ 208,611 $ 212,044 |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment at December 31 consisted of: 2015 2014 Land $ 19,153 $ 19,422 Buildings 156,294 145,142 Machinery and equipment 539,360 507,661 714,807 672,225 Less accumulated depreciation (405,951 ) (372,790 ) $ 308,856 $ 299,435 Depreciation expense was $39,654 , $41,875 and $34,419 during 2015 , 2014 and 2013 , respectively. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 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 the Company: Industrial Aerospace Total Company January 1, 2014 $ 618,911 $ 30,786 $ 649,697 Foreign currency translation (54,748 ) — (54,748 ) December 31, 2014 564,163 30,786 594,949 Goodwill acquired 22,798 — 22,798 Foreign currency translation (29,755 ) — (29,755 ) December 31, 2015 $ 557,206 $ 30,786 $ 587,992 Of the $587,992 of goodwill at December 31, 2015 , $43,860 represents the original tax deductible basis. The goodwill acquired at Industrial includes $20,521 related to the purchase of Thermoplay in August 2015 and $2,277 related to the purchase of Priamus in October 2015 (aggregate of $22,798 ). The amounts allocated to goodwill reflect the benefits that the Company expects to realize from geographical expansion, new end-market applications within the plastics market, future enhancements to technology and assembled workforce. None of the recognized goodwill is expected to be deductible for income tax purposes. Final purchase price allocations are subject to post-closing adjustments pursuant to the respective purchase agreements. Other Intangible Assets: Other intangible assets at December 31 consisted of: 2015 2014 Range of Life-Years Gross Amount Accumulated Amortization Gross Amount Accumulated Amortization Amortized intangible assets: Revenue Sharing Programs Up to 30 $ 293,700 $ (84,629 ) $ 293,700 $ (72,958 ) Component Repair Program Up to 30 111,839 (6,054 ) 106,639 (1,941 ) Customer lists/relationships 10-16 194,566 (41,786 ) 183,406 (30,731 ) Patents and technology 6-14 69,352 (29,551 ) 62,972 (22,356 ) Trademarks/trade names 10-30 11,950 (9,412 ) 11,950 (8,552 ) Other Up to 15 20,551 (15,413 ) 19,292 (14,806 ) 701,958 (186,845 ) 677,959 (151,344 ) Unamortized intangible asset: Trade names 38,370 — 36,900 — Foreign currency translation (25,161 ) — (8,821 ) — Other intangible assets $ 715,167 $ (186,845 ) $ 706,038 $ (151,344 ) The Company entered into Component Repair Programs ("CRPs") with General Electric ("GE") during the fourth quarter of 2013 ("CRP 1"), the second quarter of 2014 ("CRP 2") and the fourth quarter of 2015 ("CRP 3"). The CRPs provide for, among other items, the right to sell certain aftermarket component repair services for CFM56, CF6, CF34 and LM engines directly to other customers as one of a few GE licensed suppliers. In addition, the CRPs extend certain existing contracts under which the Company currently provides these services directly to GE. The Company agreed to pay $26,639 as consideration for the rights related to CRP 1. Of this balance, the Company paid $16,639 in the fourth quarter of 2013 and $9,100 in the fourth quarter of 2014. The remaining payment of $900 has been included within accrued liabilities in the Consolidated Financial Statements. The Company agreed to pay $80,000 as consideration for the rights related to CRP 2. The Company paid $41,000 in the second quarter of 2014, $20,000 in the fourth quarter of 2014 and $19,000 in the second quarter of 2015. The Company agreed to pay $5,200 as consideration for the rights related to CRP 3. Of this balance, the Company paid $2,000 in the fourth quarter of 2015 and the remaining payment of $3,200 is due by December 31, 2016 and has been included within accrued liabilities. The Company recorded the CRP payments as an intangible asset which is recognized as a reduction of sales over the remaining useful life of these engine programs. In connection with the acquisition of Thermoplay in August 2015, the Company recorded intangible assets of $14,770 , which includes $9,860 of customer relationships, $3,180 of patents and technology, $1,470 of an indefinite life Thermoplay trade name and $260 of customer backlog. The weighted-average useful lives of the acquired assets were 13 years, 6 years and less than one year, respectively. In connection with the acquisition of Priamus in October 2015, the Company recorded intangible assets of $4,500 , which includes $3,200 of patents and technology and $1,300 of customer relationships. The weighted-average useful lives of the acquired assets were 6 years and 14 years, respectively. Amortization of intangible assets for the years ended December 31, 2015 , 2014 and 2013 was $38,502 , $37,125 and $27,973 , respectively. Estimated amortization of intangible assets for future periods is as follows: 2016 - $35,000 ; 2017 - $35,000 ; 2018 - $36,000 ; 2019 - $35,000 and 2020 - $32,000 . The Company has entered into a number of aftermarket RSP agreements each of which is with General Electric. See Note 1 of the Consolidated Financial Statements for a further discussion of these Revenue Sharing Programs. As of December 31, 2015 , the Company has made all required participation fee payments under the aftermarket RSP agreements. |
Accrued Liabilities
Accrued Liabilities | 12 Months Ended |
Dec. 31, 2015 | |
Accrued Liabilities [Abstract] | |
Accrued Liabilities | Accrued Liabilities Accrued liabilities at December 31 consisted of: 2015 2014 Payroll and other compensation $ 27,186 $ 41,948 Deferred revenue 16,453 25,344 CRP Accrual 4,100 19,900 Pension and other postretirement benefits 8,444 8,233 Accrued income taxes 25,682 21,755 Other 49,455 44,217 $ 131,320 $ 161,397 |
Debt and Commitments
Debt and Commitments | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Debt and Commitments | Debt and Commitments Long-term debt and notes and overdrafts payable at December 31 consisted of: 2015 2014 Carrying Amount Fair Value Carrying Amount Fair Value Revolving credit agreement 379,700 375,188 393,518 394,917 3.97% Senior Notes 100,000 102,484 100,000 102,859 Borrowings under lines of credit and overdrafts 22,680 22,680 8,028 8,028 Capital leases 7,105 7,503 3,188 3,479 Other foreign bank borrowings 421 410 — — 509,906 508,265 504,734 509,283 Less current maturities (24,195 ) (8,890 ) Long-term debt $ 485,711 $ 495,844 The Company’s long-term debt portfolio consists of fixed-rate and variable-rate instruments and is managed to reduce the overall cost of borrowing and to mitigate fluctuations in interest rates. Among other things, interest rate fluctuations impact the market value of the Company’s fixed-rate debt. 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. The Company paid fees and expenses of $1,261 in conjunction with executing the second amendment in 2013. Such fees were deferred and are being amortized into interest expense on the accompanying Consolidated Statements of Income through September 2018 . Borrowings and availability under the Amended Credit Agreement were $ 379,700 and $ 370,300 , respectively, at December 31, 2015 and $393,518 and $356,482 , respectively, at December 31, 2014 . The average interest rate on these borrowings was 1.50% and 1.33% on December 31, 2015 and 2014, respectively. Borrowings included Euro-denominated borrowings of €30,945 ( $37,618 ) at December 31, 2014 . There were no Euro-denominated borrowings at December 31, 2015. The fair value of the borrowings is based on observable Level 2 inputs. The borrowings were 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% 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 Company's borrowing capacity remains limited by various debt covenants in the Amended Credit Agreement and the Note Purchase Agreement (the "Agreements"). The Agreements contain customary affirmative and negative covenants, including, among others, limitations on indebtedness, liens, investments, restricted payments, dispositions and business activities. The Agreements require 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 Agreements require 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 each fiscal quarter. At December 31, 2015, the Company was in compliance with all covenants under the Agreements and continues to monitor its future compliance based on current and future economic conditions. In addition, the Company has approximately $56,000 in uncommitted short-term bank credit lines ("Credit Lines") and overdraft facilities. Under the Credit Lines, $22,500 was borrowed at December 31, 2015 at an average interest rate of 1.56% and $7,550 was borrowed at December 31, 2014 at an average interest rate of 1.23% . The Company had also borrowed $180 and $478 under the overdraft facilities at December 31, 2015 and 2014 , respectively. Repayments under the Credit Lines are due within one 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 has capital leases within the Thermoplay Business that was acquired on August 7, 2015 and the Männer Business that was acquired on October 31, 2013. The fair value of the capital leases are based on observable Level 2 inputs. These instruments are valued using discounted cash flows based upon the Company's estimated interest costs for similar types of borrowings. At December 31, 2015 , the Company also had other foreign bank borrowings of $421 . The fair value of the foreign bank borrowings was based on observable Level 2 inputs. These instruments were valued using discounted cash flows based upon the Company's estimated interest costs for similar types of borrowings. Long-term debt and notes payable are payable as follows: $24,195 in 2016 , $1,551 in 2017 , $380,551 in 2018 , $732 in 2019 , $465 in 2020 and $102,412 thereafter. The 3.97% Notes are due in 2024 according to their maturity date. In addition, the Company had outstanding letters of credit totaling $8,689 at December 31, 2015 . Interest paid was $10,550 , $10,471 and $11,636 in 2015 , 2014 and 2013 , respectively. Interest capitalized was $422 , $359 and $247 in 2015 , 2014 and 2013 , respectively, and is being depreciated over the lives of the related fixed assets. During the second quarter of 2014, the 3.375% Senior Subordinated Convertible Notes ("Notes") were eligible for conversion due to meeting the conversion price eligibility requirement and on March 20, 2014, the Company formally notified the note holders that they were entitled to convert the Notes. On June 16, 2014, $224 (par value) of the Notes were surrendered for conversion. On June 24, 2014, the Company exercised its right to redeem the remaining $55,412 principal amount of the Notes, effective July 31, 2014. Of the total $55,412 principal amount, $7 of these Notes were redeemed with accrued interest through the redemption date. The remaining $55,405 of these Notes were surrendered for conversion. The Company elected to pay cash to holders of the Notes surrendered for conversion, including the value of any residual shares of common stock that were payable to the holders electing to convert their notes into an equivalent share value, resulting in a total cash payment of $70,497 including a premium on conversion of $14,868 (reducing the equity component by $9,326 , net of tax of $5,542 ). As a result of this transaction, the Company recaptured $23,565 of previously deducted contingent convertible debt interest which resulted in an $8,784 reduction in short-term deferred tax liabilities and a corresponding increase in current taxes payable included within accrued liabilities. The Company used borrowings under its Amended Credit Facility to finance the conversion of the Notes. The fair value of the Notes was previously determined using quoted market prices that represent Level 2 observable inputs. As of December 31, 2015 and 2014 there were no balances reflected on the balance sheet related to the Company's convertible notes. The following table sets forth the components of interest expense for the Notes for the years ended December 31, 2014 and 2013 . The effective interest rate on the liability component of the Notes was 8.00% (life of the Notes). 2014 2013 Interest expense – 3.375% coupon $ 1,046 $ 1,878 Interest expense – 3.375% debt discount amortization 731 2,391 $ 1,777 $ 4,269 |
Business Reorganization
Business Reorganization | 12 Months Ended |
Dec. 31, 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 restructuring and related costs of $6,020 during 2014. This included $2,182 of employee termination costs, primarily employee severance expense and defined benefit pension and other postretirement plan (the "Plans") costs related to the accelerated recognition of actuarial losses and special termination benefits, and $3,838 of other facility costs, primarily related to asset write-downs and depreciation on assets utilized through the Closure. See Note 12 for costs associated with the Plans that were impacted by the Closure. 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 | 12 Months Ended |
Dec. 31, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives | Derivatives The Company has manufacturing and sales facilities around the world and thus makes investments and conducts business transactions denominated in various currencies. The Company is also exposed to fluctuations in interest rates and commodity price changes. These financial exposures are monitored and managed by the Company as an integral part of its risk management program. Financial instruments have been used by the Company to hedge its exposures to fluctuations in interest rates. In April 2012, the Company entered into five -year interest rate swap agreements transacted with three banks which together convert the interest on the first $100,000 of the Company's one-month LIBOR -based borrowings from a variable rate plus the borrowing spread to a fixed rate of 1.03% plus the borrowing spread. These interest rate swap agreements were accounted for as cash flow hedges and remained in place at December 31, 2015. The Company 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, Canadian dollar, Japanese yen, Chinese renminbi, Singapore dollar, Korean won, Swedish kroner and Swiss franc. Certain foreign currency derivative instruments are treated as cash flow hedges of forecasted transactions. All foreign exchange contracts are due within two years . The Company does not use derivatives for speculative or trading purposes or to manage commodity exposures. The 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 year ended December 31, 2015, as presented on the consolidated statements of cash flows, include $10,309 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 as of December 31. 2015 2014 Asset Derivatives Liability Derivatives Asset Derivatives Liability Derivatives Derivatives designated as hedging instruments: Interest rate contracts $ — $ (357 ) $ — $ (295 ) Foreign exchange contracts 484 — — (652 ) 484 (357 ) — (947 ) Derivatives not designated as hedging instruments: Foreign exchange contracts 215 (101 ) 460 (699 ) Total derivatives $ 699 $ (458 ) $ 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) recorded in accumulated other comprehensive income (loss), net of tax, for the years ended December 31, 2015 and 2014 for derivatives held by the Company and designated as hedging instruments. 2015 2014 Cash flow hedges: Interest rate contracts $ (39 ) $ 48 Foreign exchange contracts 886 (261 ) $ 847 $ (213 ) Amounts included within accumulated other comprehensive income (loss) that were reclassified to expense during the year ended December 31, 2015 and 2014 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. Additionally, there were no amounts recognized in income for hedge ineffectiveness during the years ended December 31, 2015 and 2014 . The following table sets forth the net gains (losses) recorded in other (income) expense, net in the consolidated statements of income for the years ended December 31, 2015 and 2014 for non-designated derivatives held by the Company. Such gains (losses) were substantially offset by (losses) gains recorded on the underlying hedged asset or liability. 2015 2014 Foreign exchange contracts $ 8,215 $ (810 ) |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 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 assets and liabilities reported at fair value and measured on a recurring basis as of December 31, 2015 and 2014 : Fair Value Measurements Using Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) December 31, 2015 Asset derivatives $ 699 $ — $ 699 $ — Liability derivatives (458 ) — (458 ) — Bank acceptances 10,823 — 10,823 — Rabbi trust assets 2,159 2,159 — — $ 13,223 $ 2,159 $ 11,064 $ — 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 interest rates and foreign currency spot and forward rates. Bank acceptances represent financial instruments accepted from certain Chinese customers in lieu of cash paid on receivables, generally range from 3 to 6 months in maturity and are guaranteed by banks. The carrying amounts of the bank acceptances, which are included within other current assets, approximate fair value due to their short maturities. The fair values of rabbi trust assets are based on quoted market prices from various financial exchanges. For disclosures of the fair values of the Company’s pension plan assets, see Note 12 of the Consolidated Financial Statements. |
Pension and Other Postretiremen
Pension and Other Postretirement Benefits | 12 Months Ended |
Dec. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Pension and Other Postretirement Benefits | Pension and Other Postretirement Benefits The accounting standards related to employers’ accounting for defined benefit pension and other postretirement plans requires the Company to recognize the funded status of its defined benefit postretirement plans as assets or liabilities in the accompanying consolidated balance sheets and to recognize changes in the funded status of the plans in comprehensive income. The Company has various defined contribution plans, the largest of which is its Retirement Savings Plan. Most U.S. salaried and non-union hourly employees are eligible to participate in this plan. See Note 17 for further discussion of the Retirement Savings Plan. The Company also maintains various other defined contribution plans which cover certain other employees. Company contributions under these plans are based primarily on the performance of the business units and employee compensation. Contribution expense under these other defined contribution plans was $5,347 , $5,213 and $4,780 in 2015 , 2014 and 2013 , respectively. Defined benefit pension plans in the U.S. cover a majority of the Company’s U.S. employees at the Associated Spring and Nitrogen Gas Products businesses of Industrial, the Company’s Corporate Office and certain former U.S. employees, including retirees. Plan benefits for salaried and non-union hourly employees are based on years of service and average salary. Plans covering union hourly employees provide benefits based on years of service. In 2012, the Company closed the U.S. salaried defined benefit pension plan (the "U.S. Salaried Plan") to employees hired on or after January 1, 2013, with no impact to the benefits of existing participants. Effective January 1, 2013, the Retirement Savings Plan was amended to provide certain salaried employees hired on or after January 1, 2013 with an additional annual retirement contribution of 4% of eligible earnings, in place of pensionable benefits under the closed U.S. Salaried Plan. The Company funds U.S. pension costs in accordance with the Employee Retirement Income Security Act of 1974, as amended (“ERISA”). Non-U.S. defined benefit pension plans cover certain employees of certain international locations in Europe and Canada. The Company provides other medical, dental and life insurance postretirement benefits for certain of its retired employees in the U.S. and Canada. It is the Company’s practice to fund these benefits as incurred. The accompanying balance sheets reflect the funded status of the Company’s defined benefit pension plans at December 31, 2015 and 2014 , respectively. Reconciliations of the obligations and funded status of the plans follow: 2015 2014 U.S. Non-U.S. Total U.S. Non-U.S. Total Benefit obligation, January 1 $ 433,079 $ 80,305 $ 513,384 $ 374,740 $ 78,982 $ 453,722 Service cost 4,160 1,348 5,508 3,549 997 4,546 Interest cost 17,967 2,052 20,019 19,129 2,897 22,026 Amendments — (463 ) (463 ) — — — Actuarial (gain) loss (16,622 ) (2,288 ) (18,910 ) 58,906 9,728 68,634 Benefits paid (52,490 ) (4,244 ) (56,734 ) (23,960 ) (3,405 ) (27,365 ) Transfers in — 3,951 3,951 — 1,929 1,929 Plan curtailments (465 ) — (465 ) — — — Plan settlements — (375 ) (375 ) — (4,949 ) (4,949 ) Special termination benefit — — — 715 — 715 Participant contributions — 368 368 — 906 906 Foreign exchange rate changes — (5,248 ) (5,248 ) — (6,780 ) (6,780 ) Benefit obligation, December 31 385,629 75,406 461,035 433,079 80,305 513,384 Fair value of plan assets, January 1 380,937 71,750 452,687 379,059 74,519 453,578 Actual return on plan assets (5,045 ) 1,264 (3,781 ) 20,436 6,349 26,785 Company contributions 3,427 1,100 4,527 5,402 2,219 7,621 Participant contributions — 368 368 — 906 906 Benefits paid (52,490 ) (4,244 ) (56,734 ) (23,960 ) (3,405 ) (27,365 ) Plan settlements — (376 ) (376 ) — (4,949 ) (4,949 ) Transfers in — 3,434 3,434 — 1,929 1,929 Foreign exchange rate changes — (4,743 ) (4,743 ) — (5,818 ) (5,818 ) Fair value of plan assets, December 31 326,829 68,553 395,382 380,937 71,750 452,687 Funded/(underfunded) status, December 31 $ (58,800 ) $ (6,853 ) $ (65,653 ) $ (52,142 ) $ (8,555 ) $ (60,697 ) In September 2015, the Company announced a limited-time program offering (the "Program") to certain eligible, vested, terminated participants ("eligible participants") for a voluntary lump-sum pension payout or reduced annuity option (the "payout") that, if accepted, would settle the Company's pension obligation to them. The Program provides the eligible participants with a limited time opportunity of electing to receive a lump-sum settlement of their remaining pension benefit, or reduced annuity. The eligible participants notified the Company by November 20, 2015, the required deadline, to confirm whether they would opt for a lump-sum payout or reduced annuity. The scheduled payments of $27,986 were made in December 2015, and are included within the "Benefits Paid" of $52,490 above. The payouts were funded by the assets of the Company's pension plan and therefore the Program did not require significant cash outflows by the Company. The resultant pre-tax settlement charge of $9,856 represents accelerated amortization of actuarial losses and was reflected within costs of sales and selling and administrative expenses within the Consolidated Statements of Income. Projected benefit obligations related to pension plans with benefit obligations in excess of plan assets follow: 2015 2014 U.S. Non-U.S. Total U.S. Non-U.S. Total Projected benefit obligation $ 271,459 $ 31,613 $ 303,072 $ 297,067 $ 29,971 $ 327,038 Fair value of plan assets 204,270 20,199 224,469 234,305 17,660 251,965 Information related to pension plans with accumulated benefit obligations in excess of plan assets follows: 2015 2014 U.S. Non-U.S. Total U.S. Non-U.S. Total Projected benefit obligation $ 271,459 $ 30,560 $ 302,019 $ 297,067 $ 23,496 $ 320,563 Accumulated benefit obligation 262,172 26,998 289,170 286,217 20,446 306,663 Fair value of plan assets 204,270 19,256 223,526 234,305 12,552 246,857 The accumulated benefit obligation for all defined benefit pension plans was $447,591 and $497,453 at December 31, 2015 and 2014 , respectively. Amounts related to pensions recognized in the accompanying balance sheets consist of: 2015 2014 U.S. Non-U.S. Total U.S. Non-U.S. Total Other assets $ 8,389 $ 4,561 $ 12,950 $ 10,620 $ 3,882 $ 14,502 Accrued liabilities 2,806 379 3,185 2,810 376 3,186 Accrued retirement benefits 64,383 11,035 75,418 59,952 12,061 72,013 Accumulated other non-owner changes to equity, net (83,014 ) (16,812 ) (99,826 ) (86,925 ) (20,689 ) (107,614 ) Amounts related to pensions recognized in accumulated other non-owner changes to equity, net of tax, at December 31, 2015 and 2014 , respectively, consist of: 2015 2014 U.S. Non-U.S. Total U.S. Non-U.S. Total Net actuarial loss $ (82,643 ) $ (16,999 ) $ (99,642 ) $ (86,399 ) $ (20,406 ) $ (106,805 ) Prior service costs (371 ) 187 (184 ) (526 ) (283 ) (809 ) $ (83,014 ) $ (16,812 ) $ (99,826 ) $ (86,925 ) $ (20,689 ) $ (107,614 ) The accompanying balance sheets reflect the underfunded status of the Company’s other postretirement benefit plans at December 31, 2015 and 2014 . Reconciliations of the obligations and underfunded status of the plans follow: 2015 2014 Benefit obligation, January 1 $ 46,814 $ 46,243 Service cost 145 139 Interest cost 1,836 2,179 Actuarial (gain) loss (2,521 ) 3,049 Benefits paid (6,970 ) (7,568 ) Curtailment gain — — Participant contributions 2,486 2,833 Foreign exchange rate changes (84 ) (61 ) Benefit obligation, December 31 41,706 46,814 Fair value of plan assets, January 1 — — Company contributions 4,484 4,735 Participant contributions 2,486 2,833 Benefits paid (6,970 ) (7,568 ) Fair value of plan assets, December 31 — — Underfunded status, December 31 $ 41,706 $ 46,814 Amounts related to other postretirement benefits recognized in the accompanying balance sheets consist of: 2015 2014 Accrued liabilities $ 5,259 $ 5,047 Accrued retirement benefits 36,447 41,767 Accumulated other non-owner changes to equity, net (5,877 ) (7,675 ) Amounts related to other postretirement benefits recognized in accumulated other non-owner changes to equity, net of tax, at December 31, 2015 and 2014 consist of: 2015 2014 Net actuarial loss $ (6,061 ) $ (8,212 ) Prior service credits 184 537 $ (5,877 ) $ (7,675 ) The sources of changes in accumulated other non-owner changes to equity, net, during 2015 were: Pension Other Postretirement Benefits Prior service cost $ 379 $ — Net (loss) gain (10,493 ) 1,557 Amortization of prior service costs (credits) 213 (354 ) Amortization of actuarial loss 16,007 627 Foreign exchange rate changes 1,682 (32 ) $ 7,788 $ 1,798 Weighted-average assumptions used to determine benefit obligations at December 31, are: 2015 2014 U.S. plans: Discount rate 4.65 % 4.25 % Increase in compensation 3.71 % 3.73 % Non-U.S. plans: Discount rate 2.80 % 2.74 % Increase in compensation 2.71 % 2.72 % The investment strategy of the plans is to generate a consistent total investment return sufficient to pay present and future plan benefits to retirees, while minimizing the long-term cost to the Company. Target allocations for asset categories are used to earn a reasonable rate of return, provide required liquidity and minimize the risk of large losses. Targets may be adjusted, as necessary, to reflect trends and developments within the overall investment environment. The weighted-average target investment allocations by asset category were as follows during 2014: 70% in equity securities, 20% in fixed income securities, 5% in real estate and 5% in other investments, including cash. During the fourth quarter of 2014, the Company approved a strategic shift that resulted in a change in the targeted mix of assets. The revised target mix reflects the following investment allocations by asset category: 65% in equity securities, 30% in fixed income securities and 5% in other investments, including cash. The fair values of the Company’s pension plan assets at December 31, 2015 and 2014 , by asset category are as follows: Fair Value Measurements Using Asset Category Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) December 31, 2015 Cash and short-term investments $ 18,795 $ 18,795 $ — $ — Equity securities: U.S. large-cap 67,274 28,190 39,084 — U.S. mid-cap 38,790 38,790 — — U.S. small-cap 38,248 38,248 — — International equities 91,563 — 91,563 — Global equity 17,928 17,928 — — Fixed income securities: U.S. bond funds 84,645 — 84,645 — International bonds 36,282 — 36,282 — Real estate securities — — — — Other 1,857 — — 1,857 $ 395,382 $ 141,951 $ 251,574 $ 1,857 December 31, 2014 Cash and short-term investments 10,805 10,805 — — Equity securities: U.S. large-cap 137,051 65,484 71,567 — U.S. mid-cap 48,614 48,614 — — U.S. small-cap 47,972 47,972 — — International equities 71,451 — 71,451 — Fixed income securities: U.S. bond funds 79,810 — 79,810 — International bonds 35,949 — 35,949 — Real estate securities 18,915 — 18,915 — Other 2,120 — — 2,120 $ 452,687 $ 172,875 $ 277,692 $ 2,120 The fair values of the Level 1 assets are based on quoted market prices from various financial exchanges. The fair values of the Level 2 assets are based primarily on quoted prices in active markets for similar assets or liabilities. The Level 2 assets are comprised primarily of commingled funds and fixed income securities. Commingled equity funds are valued at their net asset values based on quoted market prices of the underlying assets. Fixed income securities are valued using a market approach which considers observable market data for the underlying asset or securities. The Level 3 assets relate to the defined benefit pension plan at the Synventive business. These pension assets are fully insured and have been estimated based on accrued pension rights and actuarial rates. These pension assets are limited to fulfilling the Company's pension obligations. The Company expects to contribute approximately $19,398 to the pension plans in 2016 , including $15,000 of discretionary contributions to the U.S. Qualified pension plans. The following are the estimated future net benefit payments, which include future service, over the next 10 years: Pensions Other Postretirement Benefits 2015 $ 29,147 $ 4,467 2016 29,071 3,933 2017 28,980 3,540 2018 29,290 3,687 2019 29,051 3,468 Years 2020-2024 145,470 14,242 Total $ 291,009 $ 33,337 Pension and other postretirement benefit expenses consist of the following: Pensions Other Postretirement Benefits 2015 2014 2013 2015 2014 2013 Service cost $ 5,508 $ 4,546 $ 6,181 $ 145 $ 139 $ 233 Interest cost 20,019 22,026 20,112 1,836 2,179 2,061 Expected return on plan assets (32,404 ) (34,232 ) (33,144 ) — — — Amortization of prior service cost (credit) 305 648 752 (564 ) (871 ) (1,006 ) Recognized losses 15,004 8,617 16,365 1,011 1,017 1,004 Curtailment loss (gain) — 219 199 — 4 (3,081 ) Settlement loss 9,939 871 637 — — — Special termination benefits — 715 1,016 — — — Net periodic benefit cost $ 18,371 $ 3,410 $ 12,118 $ 2,428 $ 2,468 $ (789 ) The estimated net actuarial loss and prior service cost for the defined benefit pension plans that will be amortized from accumulated other non-owner changes to equity into net periodic benefit cost in 2016 are $10,218 and $207 , respectively. The estimated net actuarial loss and prior service credit for other defined benefit postretirement plans that will be amortized from accumulated other non-owner changes to equity into net periodic benefit cost in 2016 are $704 and $(373) , respectively. Weighted-average assumptions used to determine net benefit expense for years ended December 31, are: 2015 2014 2013 U.S. plans: Discount rate 4.25 % 5.20 % 4.25 % Long-term rate of return 8.25 % 9.00 % 9.00 % Increase in compensation 3.71 % 3.72 % 3.71 % Non-U.S. plans: Discount rate 2.74 % 3.93 % 3.73 % Long-term rate of return 5.00 % 5.07 % 5.33 % Increase in compensation 2.72 % 2.76 % 2.69 % The expected long-term rate of return is based on projected rates of return and the historical rates of return of published indices that are used to measure the plans’ target asset allocation. The historical rates are then discounted to consider fluctuations in the historical rates as well as potential changes in the investment environment. The Company’s accumulated postretirement benefit obligations, exclusive of pensions, take into account certain cost-sharing provisions. The annual rate of increase in the cost of covered benefits (i.e., health care cost trend rate) is assumed to be 6.65% and 6.88% at December 31, 2015 and 2014 , respectively, decreasing gradually to a rate of 4.50% by December 31, 2029 . A one percentage point change in the assumed health care cost trend rate would have the following effects: One Percentage Point Increase One Percentage Point Decrease Effect on postretirement benefit obligation $ 391 $ (360 ) Effect on postretirement benefit cost 17 (15 ) The Company previously contributed to a multi-employer defined benefit pension plan under the terms of a collective bargaining agreement. This multi-employer plan provides pension benefits to certain former union-represented employees of the Edison, New Jersey facility at BDNA. The Company determined that a withdrawal from this multi-employer plan, following its entry into a definitive agreement to sell BDNA in February 2013, was probable. The Company estimated its assessment of a withdrawal liability, on a pre-tax discounted basis, and recorded a liability of $2,788 during the first quarter of 2013. The expense was recorded within discontinued operations. The Company completed the sale of BDNA and ceased making contributions into the multi-employer plan during the second quarter of 2013. The Company settled the withdrawal liability in the fourth quarter of 2013, with the agreed-upon settlement payment being made in January 2014. The Company actively contributes to a Swedish pension plan that supplements the Swedish social insurance system. The pension plan guarantees employees a pension based on a percentage of their salary and represents a multi-employer pension plan, however the pension plan was not significant in any year presented. This pension plan is not underfunded. Contributions related to the individually insignificant multi-employer plans, as disclosure is required pursuant to the applicable accounting standards, are as follows: Contributions by the Company Pension Fund: 2015 2014 2013 Teamsters Local 641 Pension Fund (Edison, New Jersey) $ — $ — $ 23 Swedish Pension Plan (ITP2) 343 379 414 Total Contributions $ 343 $ 379 $ 437 The Company also contributed to a multi-employer other postretirement benefit plan under the terms of the collective bargaining agreement at the former Edison, New Jersey facility. This postretirement benefit plan was also settled in 2013 in conjunction with the defined benefit pension plan. This health and welfare postretirement plan provides medical, prescription, optical and other benefits to certain former union-represented active employees and retirees. Company contributions to the postretirement plan were $0 , $0 and $40 in 2015 , 2014 and 2013 , respectively, as contributions ceased in 2013. There have been no significant changes that affect the comparability of 2015 , 2014 or 2013 contributions, however contributions to the postretirement benefit plan ceased during the second quarter of 2013 following the sale of BDNA. |
Stock-based Compensation
Stock-based Compensation | 12 Months Ended |
Dec. 31, 2015 | |
Share-based Compensation [Abstract] | |
Stock-based Compensation | Stock-Based Compensation The Company accounts for the cost of all share-based payments, including stock options, by measuring the payments at fair value on the grant date and recognizing the cost in the results of operations. The fair values of stock options are estimated using the Black-Scholes option-pricing model based on certain assumptions. The fair values of service and performance based stock awards are estimated based on the fair market value of the Company’s stock price on the grant date. The fair value of market based performance share awards are estimated using the Monte Carlo valuation method. Estimated forfeiture rates are applied to outstanding awards. The Company records the cash flows resulting from tax deductions in excess of compensation for those options and other stock awards, if any, as financing cash flows. The Company has elected the shortcut method as described in the related accounting literature for determining the available pool of windfall tax benefits upon adoption. The Company accounts for the utilization of windfall tax benefits using the tax law ordering approach. Refer to Note 17 for a description of the Company’s stock-based compensation plans and their general terms. As of December 31, 2015 , incentives have been awarded in the form of performance share awards and restricted stock unit awards (collectively, “Rights”) and stock options. The Company has elected to use the straight-line method to recognize compensation costs. Stock options and awards vest over a period ranging from six months to five years . The maximum term of stock option awards is 10 years. Upon exercise of a stock option or upon vesting of Rights, shares may be issued from treasury shares held by the Company or from authorized shares. In February of 2013, the Board of Directors of the Company approved a Transition and Resignation Agreement (the "Agreement") for its former Chief Executive Officer (“Former CEO”) in connection with his resignation from the CEO role and his assumption of a Vice Chairman role. The Agreement provided that, in exchange for the Former CEO's delivery of an effective release of claims, his adherence to certain restrictive covenants, and the successful provision of transition services, including with regard to certain equity grants, the successful sale of the BDNA business, the Former CEO's outstanding equity awards were modified to increase the post-termination exercise period for stock options until the earlier of ten years from the date of grant or five years from the retirement date and made non-forfeitable all outstanding stock options, restricted stock unit awards and performance share unit awards that remained unvested on the day of his agreed to resignation date from the Company. The original vesting dates of the equity awards serve as the delivery dates and the performance metrics continue to apply to the performance share unit awards. The Company recorded $10,492 of stock compensation expense in the first quarter of 2013 as a result of the modifications. During 2015 , 2014 and 2013 , the Company recognized $9,258 , $7,603 , and $18,128 respectively, of stock-based compensation cost and $3,451 , $2,834 , and $6,757 respectively, of related tax benefits in the accompanying consolidated statements of income. Stock compensation cost in 2013 includes the $10,492 related to the modification of awards for the Former CEO. In addition, the Company has recorded $2,667 , $4,888 and $3,899 of excess tax benefits for current year tax deductions in additional paid-in capital in 2015 , 2014 and 2013 , respectively. The Company has realized all available tax benefits related to deductions from excess stock awards exercised or issued in earlier periods. At December 31, 2015 , the Company had $12,875 of unrecognized compensation costs related to unvested awards which are expected to be recognized over a weighted average period of 2.07 years. The following table summarizes information about the Company’s stock option awards during 2015 : Number of Shares Weighted-Average Exercise Price Outstanding, January 1, 2015 1,013,224 $ 22.72 Granted 131,852 36.49 Exercised (491,638 ) 22.42 Forfeited (9,366 ) 32.89 Outstanding, December 31, 2015 644,072 25.63 The following table summarizes information about stock options outstanding at December 31, 2015 : Options Outstanding Options Exercisable Range of Exercise Prices Number of Shares Average Remaining Life (Years) Average Exercise Price Number of Shares Average Exercise Price $11.45 to $20.69 241,854 4.17 $ 16.41 241,854 $ 16.41 $22.34 to $26.59 191,116 4.72 25.00 143,153 25.14 $33.45 to $36.31 121,800 8.99 36.26 2,000 33.45 $37.13 to $38.96 89,302 8.28 37.43 26,726 37.26 The Company received cash proceeds from the exercise of stock options of $11,022 , $11,024 and $13,034 in 2015 , 2014 and 2013 , respectively. The total intrinsic value (the amount by which the stock price exceeds the exercise price of the option on the date of exercise) of the stock options exercised during 2015 , 2014 and 2013 was $8,331 , $11,178 and $14,022 , respectively. The weighted-average grant date fair value of stock options granted in 2015 , 2014 and 2013 was $8.86 , $12.14 and $8.77 , respectively. The fair value of each stock option grant on the date of grant was estimated using the Black-Scholes option-pricing model based on the following weighted average assumptions: 2015 2014 2013 Risk-free interest rate 1.58 % 1.68 % 0.96 % Expected life (years) 5.3 5.3 5.3 Expected volatility 31.1 % 42.6 % 48.9 % Expected dividend yield 2.06 % 2.24 % 2.38 % The risk-free interest rate is based on the term structure of interest rates at the time of the option grant. The expected life represents an estimate of the period of time that options are expected to remain outstanding. Assumptions of expected volatility of the Company’s common stock and expected dividend yield are estimates of future volatility and dividend yields based on historical trends. The following table summarizes information about stock options outstanding that are expected to vest and stock options outstanding that are exercisable at December 31, 2015 : Options Outstanding, Expected to Vest Options Outstanding, Exercisable Shares Weighted- Average Exercise Price Aggregate Intrinsic Value Weighted- Average Remaining Term (Years) Shares Weighted- Average Exercise Price Aggregate Intrinsic Value Weighted- Average Remaining Term (Years) 626,523 $ 25.63 $ 6,400 5.81 413,733 $ 20.86 $ 6,063 4.61 The following table summarizes information about the Company’s Rights during 2015 : Service Based Rights Service and Performance Based Rights Service and Market Based Rights Number of Units Weighted-Average Grant Date Fair Value Number of Units Weighted-Average Grant Date Fair Value Number of Units Weighted-Average Grant Date Fair Value Outstanding, January 1, 2015 429,206 $ 26.76 227,064 $ 28.11 113,531 $ 41.82 Granted 186,996 36.39 61,973 36.48 30,986 54.54 Forfeited (13,526 ) 30.86 (6,342 ) 39.64 (3,171 ) 49.48 Additional Earned — — 36,965 25.37 (2,057 ) 32.06 Issued (200,970 ) 27.96 (105,234 ) 25.37 (32,076 ) 32.06 Outstanding, December 31, 2015 401,706 214,426 107,213 The Company granted 186,996 restricted stock unit awards and 92,959 performance share awards in 2015 . All of the restricted stock unit awards vest upon meeting certain service conditions. "Additional Earned" reflects performance share awards earned above target that have been issued. The performance share awards are part of the long-term Performance Share Award Program (the "Awards Program"), which is designed to assess the long-term Company performance relative to the performance of companies included in the Russell 2000 Index or to pre-established goals. The performance goals are independent of each other and based on three equally weighted metrics. Prior to 2015, the metrics included the Company's total shareholder return ("TSR"), basic or diluted earnings per share growth and operating income before depreciation and amortization growth. For awards granted in 2015, return on invested capital (the "ROIC metric") replaced the earnings per share metric. The total shareholder return (“TSR”), operating income before depreciation and amortization growth, and basic or diluted earnings per share growth metrics are designed to assess the long-term Company performance relative to the performance of companies included in the Russell 2000 Index over a three year period. The return on invested capital metrics (the “ROIC metric”), is designed to assess the Company’s performance compared to pre-established goals over a three year performance 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. Compensation expense for the awards is recognized over the three year service period based upon the value determined under the intrinsic value method for the basic or diluted earnings per share growth, operating income before depreciation and amortization growth and ROIC portions of the award and the Monte Carlo simulation valuation model for the TSR portion of the award since it contains a market condition. The weighted-average assumptions used to determine the weighted-average fair values of the market based portion of the 2015 awards include a 1.01% risk-free interest rate and a 24.9% expected volatility rate. Compensation expense for the TSR portion of the awards is fixed at the date of grant and will not be adjusted in future periods based upon the achievement of the TSR performance goal. Compensation expense for the basic or diluted earnings per share growth or the return on invested capital, and the operating income before depreciation and amortization growth portions of the awards is recorded each period based upon a probability assessment of achieving the goals with a final adjustment at the end of the service period based upon the actual achievement of those performance goals. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The components of Income from continuing operations before income taxes and Income taxes follow: 2015 2014 2013 Income from continuing operations before income taxes: U.S. $ 11,525 $ 33,070 $ 10,343 International 146,421 133,430 97,231 Income from continuing operations before income taxes $ 157,946 $ 166,500 $ 107,574 Income tax provision: Current: U.S. – federal $ (210 ) $ 22,673 $ 8,356 U.S. – state 2,019 1,236 539 International 32,217 35,954 16,933 34,026 59,863 25,828 Deferred: U.S. – federal 7,670 (6,737 ) 13,792 U.S. – state (1,137 ) 1,279 (110 ) International (3,993 ) (8,446 ) (4,257 ) 2,540 (13,904 ) 9,425 Income taxes $ 36,566 $ 45,959 $ 35,253 Deferred income tax assets and liabilities at December 31 consist of the tax effects of temporary differences related to the following: Assets Liabilities 2015 2014 2015 2014 Allowance for doubtful accounts $ 662 $ 494 $ 129 $ 86 Depreciation and amortization (1,610 ) (19,338 ) 78,786 59,271 Inventory valuation 15,911 17,072 1,843 1,981 Other postretirement/postemployment costs 2,978 17,549 (12,774 ) (247 ) Tax loss carryforwards 13,412 13,977 (1,919 ) (56 ) Pension 1,663 21,968 (22,946 ) (1,005 ) Accrued compensation 2,975 15,418 (7,267 ) — Goodwill — (13,772 ) 14,545 57 Swedish tax incentive — — 4,647 4,255 Unrealized foreign currency gain — — 1,350 1,999 Other 4,374 4,398 7,513 5,763 40,365 57,766 63,907 72,104 Valuation allowance (14,401 ) (15,856 ) — — $ 25,964 $ 41,910 $ 63,907 $ 72,104 Current deferred income taxes $ 24,825 $ 31,849 $ 1,543 $ 1,957 Non-current deferred income taxes 1,139 10,061 62,364 70,147 $ 25,964 $ 41,910 $ 63,907 $ 72,104 Net current deferred tax liabilities are recorded in accrued liabilities on the consolidated Balance Sheet. The standards related to accounting for income taxes require that deferred tax assets be reduced by a valuation allowance if, based on all available evidence, it is more likely than not that the deferred tax asset will not be realized. Available evidence includes the reversal of existing taxable temporary differences, future taxable income exclusive of temporary differences, taxable income in carryback years and tax planning strategies. Management believes that sufficient taxable income should be earned in the future to realize the net deferred tax assets principally in the United States. The realization of these assets is dependent in part on the amount and timing of future taxable income in the jurisdictions where deferred tax assets reside. The Company has tax loss carryforwards of $57,560 ; $1,756 of which relates to state tax loss carryforwards and $145 which relates to federal loss carryforward acquired in the Priamus deal and not limited by Section 382; $47,462 of which relates to international tax loss carryforwards with carryforward periods ranging from one to 15 years; and $8,197 of which relates to international tax loss carryforwards with unlimited carryforward periods. In addition, the Company has tax credit carryforwards of $242 with remaining carryforward periods ranging from one year to 5 years. As the ultimate realization of the remaining net deferred tax assets is dependent upon future taxable income, if such future taxable income is not earned and it becomes necessary to recognize a valuation allowance, it could result in a material increase in the Company’s tax expense which could have a material adverse effect on the Company’s financial condition and results of operations. The Company has not recognized a deferred income liability on $959,857 of undistributed earnings of its international subsidiaries, since such earnings are considered to be reinvested indefinitely as defined per the indefinite reversal criterion within the accounting guidance for income taxes. If the earnings were distributed in the form of dividends, the Company would be subject, in certain cases, to both U.S. income taxes and foreign income and withholding taxes. Determination of the amount of this unrecognized deferred income tax liability is not practicable. During 2015, the Company repatriated a dividend from a portion of current year foreign earnings to the U.S. in the amount of $19,500 . As a result of the dividend, tax expense increased by $6,821 and the 2015 annual consolidated effective income tax rate increased by 4.3 percentage points. A reconciliation of the U.S. federal statutory income tax rate to the consolidated effective income tax rate from continuing operations follows: 2015 2014 2013 U.S. federal statutory income tax rate 35.0 % 35.0 % 35.0 % State taxes (net of federal benefit) 0.2 0.5 0.3 Foreign losses without tax benefit 1.1 1.1 0.8 U.S. Tax Court Decision — — 15.3 Foreign operations taxed at lower rates (12.9 ) (9.9 ) (14.4 ) Repatriation from current year foreign earnings 4.3 2.6 1.1 Tax withholding refund (1.9 ) — — Tax Holiday's (3.2 ) (2.7 ) (6.2 ) Other 0.6 1.0 0.9 Consolidated effective income tax rate 23.2 % 27.6 % 32.8 % The Aerospace and Industrial Segments were previously awarded a number of multi-year tax holidays in both Singapore and China. Tax benefits of $5,000 ( $0.09 per diluted share), $4,513 ( $0.08 per diluted share) and $6,746 ( $0.12 per diluted share) were realized in 2015 , 2014 and 2013 , respectively. These holidays are subject to the Company meeting certain commitments in the respective jurisdictions. The significant tax holidays are due to expire in 2016 and 2017. Income taxes paid globally, net of refunds, were $31,895 , $33,146 and $158,092 in 2015 , 2014 and 2013 , respectively. As of December 31, 2015 , 2014 and 2013 , the total amount of unrecognized tax benefits recorded in the consolidated balance sheet was $10,634 , $8,560 and $8,027 , respectively, which, if recognized, would have reduced the effective tax rate in prior years, with the exception of amounts related to acquisitions. A reconciliation of the unrecognized tax benefits for 2015 , 2014 and 2013 follows: 2015 2014 2013 Balance at January 1 $ 8,560 $ 8,027 $ 9,321 Increase (decrease) in unrecognized tax benefits due to: Tax positions taken during prior periods 1,691 533 9,944 Tax positions taken during the current period — — 3,350 Acquisition 598 — 556 Settlements with taxing authorities — — (15,144 ) Lapse of the applicable statute of limitations (215 ) $ — $ — Balance at December 31 $ 10,634 $ 8,560 $ 8,027 The Company recognizes interest and penalties, if any, related to unrecognized tax benefits in income tax expense. The Company recognized interest and penalties as a component of income taxes of $616 , $0 , and $9,614 in the years 2015, 2014, and 2013 respectively. The liability for unrecognized tax benefits include gross accrued interest and penalties of $1,923 , $1,031 and $1,031 at December 31, 2015 , 2014 and 2013 , respectively. The Company or its subsidiaries file income tax returns in the U.S. federal jurisdiction, and various state and foreign jurisdictions. In the normal course of business, the Company is subject to examination by various taxing authorities, including the IRS in the U.S. and the taxing authorities in other major jurisdictions including China, Germany, Singapore, Sweden and Switzerland. With a few exceptions, tax years remaining open to examination in significant foreign jurisdictions include tax years 2010 and forward and for the U.S. include tax years 2012 and forward. The Company is under audit in the U.S. for tax year 2013 as well as several state audits for the period 2011 through 2013. No other matters are ongoing. |
Common Stock
Common Stock | 12 Months Ended |
Dec. 31, 2015 | |
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |
Common Stock | Common Stock In 2013, 1,032,493 shares of common stock were issued from treasury and used to fund the acquisition of the Männer business. There were no shares of common stock issued from treasury in 2015 or 2014. In 2015 , 2014 and 2013 , the Company acquired 1,352,596 shares, 220,794 shares and 2,350,697 shares, respectively, of the Company’s common stock at a cost of $52,103 , $8,389 and $68,608 , respectively. These amounts exclude shares reacquired to pay for the related income tax upon issuance of shares in accordance with the terms of the Company’s stockholder-approved equity compensation plans and the equity rights granted under those plans ("Reacquired Shares"). These Reacquired Shares were placed in treasury. In 2015 , 2014 and 2013 , 841,164 shares, 923,852 shares and 1,104,099 shares of common stock, respectively, were issued from authorized shares for the exercise of stock options, various other incentive awards and purchases by the Company's Employee Stock Purchase Plan. |
Preferred Stock
Preferred Stock | 12 Months Ended |
Dec. 31, 2015 | |
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |
Preferred Stock | Preferred Stock At December 31, 2015 and 2014 , the Company had 3,000,000 shares of preferred stock authorized, none of which were outstanding. |
Stock Plans
Stock Plans | 12 Months Ended |
Dec. 31, 2015 | |
Stock Plans [Abstract] | |
Stock Plans | Stock Plans Most U.S. salaried and non-union hourly employees are eligible to participate in the Company’s 401(k) plan (the "Retirement Savings Plan"). The Retirement Savings Plan provides for the investment of employer and employee contributions in various investment alternatives including the Company’s common stock, at the employee’s direction. The Company contributes an amount equal to 50% of employee contributions up to 6% of eligible compensation. The Company expenses all contributions made to the Retirement Savings Plan. Effective January 1, 2013, the Retirement Savings Plan was amended to provide certain salaried employees hired on or after January 1, 2013 with an additional annual retirement contribution of 4% of eligible earnings. The Company recognized expense of $3,666 , $3,278 and $2,815 in 2015 , 2014 and 2013 , respectively. As of December 31, 2015 , the Retirement Savings Plan held 1,566,536 shares of the Company’s common stock. The Company has an Employee Stock Purchase Plan (“ESPP”) under which eligible employees may elect to have up to the lesser of $25 or 10% of base compensation deducted from their payroll checks for the purchase of the Company’s common stock at 95% of the average market value on the date of purchase. The maximum number of shares which may be purchased under the ESPP is 4,550,000 . The number of shares purchased under the ESPP was 11,246 , 12,770 and 14,979 in 2015 , 2014 and 2013 , respectively. The Company received cash proceeds from the purchase of these shares of $403 , $436 and $457 in 2015 , 2014 and 2013 , respectively. As of December 31, 2015 , 297,209 additional shares may be purchased. The 1991 Barnes Group Stock Incentive Plan (the “1991 Plan”) authorized the granting of incentives to executive officers, directors and key employees in the form of stock options, stock appreciation rights, incentive stock rights and performance unit awards. On May 9, 2014, the 1991 Plan was merged into the 2014 Plan (defined below). The Barnes Group Inc. Employee Stock and Ownership Program (the “2000 Plan”) was approved on April 12, 2000, and subsequently amended on April 10, 2002 by the Company’s stockholders. The 2000 Plan permitted the granting of incentive stock options, nonqualified stock options, restricted stock awards, performance share or cash unit awards and stock appreciation rights, or any combination of the foregoing, to eligible employees to purchase up to 6,900,000 shares of the Company’s common stock. Such shares were authorized and reserved. On May 9, 2014, the 2000 Plan was merged into the 2014 Plan (defined below). The Barnes Group Stock and Incentive Award Plan (the “2004 Plan”) was approved on April 14, 2004, and subsequently amended on April 20, 2006 and May 7, 2010 by the Company’s stockholders. The 2004 Plan permits the issuance of incentive awards, stock option grants and stock appreciation rights to eligible participants to purchase up to 5,700,000 shares of common stock. On May 9, 2014, the 2004 Plan was merged into the 2014 Plan (defined below), and the remaining shares available for future grants under the 2004 Plan, as of the merger date, were made available under the 2014 Plan. The 2014 Barnes Group Stock and Incentive Award Plan (the “2014 Plan”) was approved on May 9, 2014 by the Company's stockholders. The 2014 Plan permits the issuance of incentive awards, stock option grants and stock appreciation rights to eligible participants to purchase up to 6,913,978 shares of common stock. The amount includes shares available for purchase under the 1991, 2000, and 2004 Plans which were merged into the 2014 Plan. The 2014 Plan allows for stock options and stock appreciation rights to be issued at a ratio of 1 :1 and other types of incentive awards at a ratio of 2.84 :1 from the shares available for future grants. As of December 31, 2015 , there were 6,767,432 shares available for future grants under the 2014 Plan, inclusive of Shares Reacquired and shares made available through 2015 forfeitures. As of December 31, 2015 , there were 1,401,926 shares of common stock outstanding to be issued upon the exercise of stock options and the vesting of Rights. Rights under the 2014 Plan entitle the holder to receive, without payment, one share of the Company’s common stock after the expiration of the vesting period. Certain of these Rights are also subject to the satisfaction of established performance goals. Additionally, holders of certain Rights are credited with dividend equivalents, which are converted into additional Rights, and holders of certain restricted stock units are paid dividend equivalents in cash when dividends are paid to other stockholders. All Rights have a vesting period of up to five years . Under the Non-Employee Director Deferred Stock Plan, as amended, each non-employee director who joined the Board of Directors prior to December 15, 2005 was granted the right to receive 12,000 shares of the Company’s common stock upon retirement. In 2015 , 2014 and 2013, $26 , $28 and $30 , respectively, of dividend equivalents were paid in cash related to these shares. Compensation cost related to this plan was $16 , $16 and $16 in 2015 , 2014 and 2013 , respectively. There are 52,800 shares reserved for issuance under this plan. Each non-employee director who joined the Board of Directors subsequent to December 15, 2005 received restricted stock units under the respective 2004 or 2014 Plans that have a value of $50 that vest three years after the date of grant. Total maximum shares reserved for issuance under all stock plans aggregated 8,519,367 at December 31, 2015 . |
Weighted Average Shares Outstan
Weighted Average Shares Outstanding | 12 Months Ended |
Dec. 31, 2015 | |
Weighted Average Shares Outstanding [Abstract] | |
Weighted Average Shares Outstanding | Weighted Average Shares Outstanding Income from continuing operations and net income per common share is computed in accordance with accounting standards related to earnings per share. Basic earnings per share is calculated using the weighted-average number of common shares outstanding during the year. Share-based payment awards that entitle their holders to receive nonforfeitable dividends before vesting should be considered participating securities and, as such, should be included in the calculation of basic earnings per share. The Company’s restricted stock unit awards which contain nonforfeitable rights to dividends are considered participating securities. Diluted earnings per share reflects the assumed exercise and conversion of all dilutive securities. Shares held by the Retirement Savings Plan are considered outstanding for both basic and diluted earnings per share. There are no significant adjustments to income from continuing operations and net income for purposes of computing income available to common stockholders for the years ended December 31, 2015 , 2014 and 2013 . A reconciliation of the weighted-average number of common shares outstanding used in the calculation of basic and diluted earnings per share follows: Weighted-Average Common Shares Outstanding 2015 2014 2013 Basic 55,028,063 54,791,030 53,860,308 Dilutive effect of: Stock options 206,778 355,595 575,202 Performance share awards 278,378 319,704 280,488 Convertible senior subordinated debt — 245,230 209,321 Non-Employee Director Deferred Stock Plan — 11,708 48,025 Diluted 55,513,219 55,723,267 54,973,344 The calculation of weighted-average diluted shares outstanding excludes all anti-dilutive shares. During 2015 , 2014 and 2013 , the Company excluded 214,032 , 89,924 and 133,162 stock awards, respectively, from the calculation of diluted weighted-average shares outstanding as the stock awards were considered anti-dilutive. On June 16, 2014, $224 (par value) of the 3.375% Convertible Senior Subordinated Notes due in March 2027 (the "3.375% Convertible Notes") were surrendered for conversion. On June 24, 2014, the Company exercised its right to redeem the remaining $55,412 principal amount of the Notes, effective July 31, 2014, and elected to pay cash to holders of the Notes surrendered for conversion, including the value of any residual shares of common stock that were payable to the holders electing to convert their notes into an equivalent share value. Accordingly, the potential shares issuable for the 3.375% Convertible Notes were included in diluted average common shares outstanding for the period prior to the June 24, 2014 notification date. Under the net share settlement method, there were 245,230 and 209,321 potential shares issuable under the Notes that were considered dilutive in 2014 and 2013, respectively. |
Changes in Accumulated Other Co
Changes in Accumulated Other Comprehensive Income by Component | 12 Months Ended |
Dec. 31, 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 tables set forth the changes in accumulated other comprehensive income by component for the years ended December 31, 2015 and December 31, 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 before reclassifications to consolidated statements of income (70 ) (6,921 ) (54,232 ) (61,223 ) Amounts reclassified from accumulated other comprehensive income to the consolidated statements of income 917 16,507 — 17,424 Net current-period other comprehensive income (loss) 847 9,586 (54,232 ) (43,799 ) December 31, 2015 $ 115 $ (105,703 ) $ (37,664 ) $ (143,252 ) 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 (1,074 ) (49,144 ) (83,168 ) (133,386 ) Amounts reclassified from accumulated other comprehensive income to the consolidated statements of income 861 7,128 — 7,989 Net current-period other comprehensive loss (213 ) (42,016 ) (83,168 ) (125,397 ) December 31, 2014 $ (732 ) $ (115,289 ) $ 16,568 $ (99,453 ) The following table sets forth the reclassifications out of accumulated other comprehensive income by component for the years ended December 31, 2015 and December 31, 2014 : Details about Accumulated Other Comprehensive Income Components Amount Reclassified from Accumulated Other Comprehensive Income Affected Line Item in the Consolidated Statements of Income 2015 2014 Gains and losses on cash flow hedges Interest rate contracts $ (853 ) $ (886 ) Interest expense Foreign exchange contracts (490 ) (391 ) Net sales (1,343 ) (1,277 ) Total before tax 426 416 Tax benefit (917 ) (861 ) Net of tax Pension and other postretirement benefit items Amortization of prior-service credits, net $ 259 $ 223 (A) Amortization of actuarial losses (16,015 ) (9,634 ) (A) Curtailment loss — (223 ) (A) Settlement loss (9,939 ) (871 ) (A) (25,695 ) (10,505 ) Total before tax 9,188 3,377 Tax benefit (16,507 ) (7,128 ) Net of tax Total reclassifications in the period $ (17,424 ) $ (7,989 ) (A) These accumulated other comprehensive income components are included within the computation of net periodic pension cost. See Note 12. |
Information on Business Segment
Information on Business Segments | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Information on Business Segments | Information on Business Segments Industrial is a global manufacturer of highly-engineered, high-quality precision components, 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 customers receive the benefits of application and systems engineering, new product development, testing and evaluation, and the manufacturing of final products. Products are sold primarily through its direct sales force and global distribution channels. Industrial’s Molding Solutions businesses design and manufacture customized hot runner systems, advanced mold cavity sensors and process control systems, and precision high cavitation mold assemblies - collectively, the enabling technologies for many complex injection molding applications. Industrial’s Engineered Components businesses manufacture and supply precision mechanical products used in transportation and industrial applications, including mechanical springs, high-precision punched and fine-blanked components, and retention rings that position parts on a shaft or other axis. Engineered Components is equipped to produce virtually every type of precision engineered spring, from fine hairsprings for electronics and instruments to large heavy-duty springs for machinery. Industrial’s Nitrogen Gas Products business manufactures nitrogen gas springs and manifold systems used to precisely control stamping presses. Industrial has a diverse customer base with products purchased by durable goods manufacturers located around the world in industries including transportation, consumer products, packaging, farm and mining equipment, telecommunications, medical devices, home appliances and electronics. Industrial competes with a broad base of large and small companies engaged in the manufacture and sale of custom metal components, products and assemblies, precision molds, and hot runner systems. Industrial competes on the basis of quality, service, reliability of supply, engineering and technical capability, geographic reach, product breadth, innovation, design, and price. Industrial has manufacturing, distribution and assembly operations in the United States, Brazil, China, Germany, Italy, Mexico, Singapore, Sweden and Switzerland. Industrial also has sales and service operations in the United States, Brazil, Canada, China/Hong Kong, France, Germany, India, Italy, Japan, Mexico, the Netherlands, Portugal, Singapore, Slovakia, South Korea, Spain, Switzerland, Thailand and the United Kingdom. Aerospace is a global provider of fabricated and precision-machined components and assemblies for original equipment manufacturer (“OEM”) turbine engine, airframe and industrial gas turbine builders, and the military. The Aerospace aftermarket business provides jet engine component maintenance overhaul and repair (“MRO”) services, including our Component Repair Programs (“CRPs”), for many of the world’s major turbine engine manufacturers, commercial airlines and the military. The Aerospace aftermarket activities also include the manufacture and delivery of aerospace aftermarket spare parts, including the revenue sharing programs (“RSPs”) under which the Company receives an exclusive right to supply designated aftermarket parts over the life of the related aircraft engine program. Aerospace’s OEM business supplements the leading jet engine OEM capabilities and competes with a large number of fabrication and machining companies. Competition is based mainly on quality, engineering and technical capability, product breadth, new product introduction, timeliness, service and price. Aerospace’s fabrication and machining operations, with facilities in Arizona, Connecticut, Michigan, Ohio, Utah and Singapore, produce critical engine and airframe components through technically advanced manufacturing processes. The Aerospace aftermarket business supplements jet engine OEMs’ maintenance, repair and overhaul capabilities, and competes with the service centers of major commercial airlines and other independent service companies for the repair and overhaul of turbine engine components. The manufacture and supply of aerospace aftermarket spare parts, including those related to the RSPs, are dependent upon the reliable and timely delivery of high-quality components. Aerospace’s aftermarket facilities, located in Connecticut, Ohio and Singapore, specialize in the repair and refurbishment of highly engineered components and assemblies such as cases, rotating life limited parts, rotating air seals, turbine shrouds, vanes and honeycomb air seals. The Company evaluates the performance of its reportable segments based on the operating profit of the respective businesses, which includes net sales, cost of sales, selling and administrative expenses and certain components of other (income) expense, net, as well as the allocation of corporate overhead expenses. Sales between the business segments and between the geographic areas in which the businesses operate are accounted for on the same basis as sales to unaffiliated customers. Additionally, revenues are attributed to countries based on the location of facilities. The following tables (dollars shown in millions) set forth information about the Company’s operations by its reportable business segments and by geographic area. Operations by Reportable Business Segment Industrial Aerospace Other Total Company Sales 2015 $ 782.3 $ 411.7 $ — $ 1,194.0 2014 822.1 440.0 — 1,262.0 2013 687.6 404.0 — 1,091.6 Operating profit 2015 $ 103.0 $ 65.4 $ — $ 168.4 2014 108.4 71.6 — 180.0 2013 71.9 51.3 — 123.2 Assets 2015 $ 1,241.2 $ 654.1 $ 166.5 $ 2,061.9 2014 1,282.0 655.0 136.9 2,073.9 2013 1,410.4 567.1 146.2 2,123.7 Depreciation and amortization 2015 $ 46.0 $ 30.8 $ 1.3 $ 78.2 2014 54.7 24.9 1.8 81.4 2013 38.4 23.2 3.5 65.1 Capital expenditures 2015 $ 28.7 $ 17.2 $ 0.1 $ 46.0 2014 36.1 20.9 0.4 57.4 2013 31.3 23.8 2.2 57.3 _________________________ Notes: One customer, General Electric, accounted for 18% , 19% and 21% of the Company’s total revenues in 2015 , 2014 and 2013 , respectively. “Other” assets include corporate-controlled assets, the majority of which are cash and deferred tax assets. A reconciliation of the total reportable segments’ operating profit to income from continuing operations before income taxes follows: 2015 2014 2013 Operating profit $ 168.4 $ 180.0 $ 123.2 Interest expense 10.7 11.4 13.1 Other (income) expense, net (0.2 ) 2.1 2.5 Income from continuing operations before income taxes $ 157.9 $ 166.5 $ 107.6 Operations by Geographic Area Domestic International Other Total Company Sales 2015 $ 589.6 $ 661.7 $ (57.3 ) $ 1,194.0 2014 618.9 677.6 (34.5 ) 1,262.0 2013 593.3 524.1 (25.9 ) 1,091.6 Long-lived assets 2015 $ 379.2 $ 1,069.9 $ — $ 1,449.1 2014 380.6 1,094.9 — 1,475.4 2013 330.2 1,214.0 — 1,544.2 _________________________ Notes: Germany, with sales of $210.5 million, $ 249.9 million and $ 140.8 million in 2015, 2014 and 2013, respectively, represents the only international country with revenues in excess of 10% of the Company's total revenues. “Other” revenues represent the elimination of intercompany sales between geographic locations, of which approximately 82% were sales from international locations to domestic locations. Germany, with long-lived assets of $ 362.7 million , $ 410.0 million and $ 477.3 million in 2015, 2014 and 2013, respectively, Singapore, with long-lived assets of $ 246.4 million , $ 255.3 million and $ 255.3 million in 2015, 2014 and 2013, respectively, Switzerland, with long-lived assets of $ 167.0 million , $ 165.7 million and $ 193.8 million in 2015, 2014 and 2013, respectively and China with long-lived assets of $ 151.7 million and $ 156.4 million in 2014 and 2013, respectively, represent the only international countries that exceeded 10% of the Company's total long-lived assets in those years. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Leases The Company has various noncancellable operating leases for buildings, office space and equipment. Rent expense was $11,166 , $12,745 and $11,398 for 2015, 2014 and 2013 , respectively. Minimum rental commitments under noncancellable leases in years 2016 through 2020 are $7,619 , $4,445 , $3,419 , $2,315 and $2,216 , respectively, and $9,469 thereafter. The rental expense and minimum rental commitments of leases with step rent provisions are recognized on a straight-line basis over the lease term. Product Warranties The Company provides product warranties in connection with the sale of certain products. From time to time, the Company is subject to customer claims with respect to product warranties. Product warranty liabilities were not material as of December 31, 2015 or 2014 . Contract Matters During the third quarter of 2015 the Company recorded a $2,788 charge related to a contract termination dispute following the decision of a customer, Triumph Actuation Systems - Yakima, LLC ("Triumph"), to re-source work. The Company has approximately $8,000 of net assets, in connection with this dispute, recorded on the Consolidated Balance Sheet as of December 31, 2015. The Company has assessed recoverability of costs and damages provided by the relevant contracts and, during the fourth quarter of 2015, filed an arbitration demand before the American Arbitration Association for recovery of these costs and damages for approximately $15,000 . Also during the fourth quarter, Triumph responded with a counterclaim of a similar amount, alleging various breaches and seeking damages, which the Company views as unsubstantiated. An arbitrator has been appointed and a hearing is currently scheduled for May 2016. While it is currently not possible to determine the ultimate outcome of this matter, the Company intends to vigorously defend its position and believes that the ultimate resolution will not have a material adverse effect on the Company’s consolidated financial position or liquidity, but could be material to the consolidated results of operations of any one period. |
Accounting Changes
Accounting Changes | 12 Months Ended |
Dec. 31, 2015 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Accounting Changes | Accounting Changes In September 2015, the FASB amended its guidance related to the accounting for measurement period adjustments. The amended guidance eliminates the requirement to restate prior period financial statements for measurement period adjustments resulting from a business combination. The amended guidance is effective prospectively for interim and annual periods beginning after December 15, 2015. Early adoption is permitted. The Company elected to adopt the amended guidance in the third quarter of 2015 and it had no impact on the Consolidated Financial Statements during this period. |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2015 | |
Valuation and Qualifying Accounts [Abstract] | |
Schedule of Valuation and Qualifying Accounts Disclosure | Schedule II—Valuation and Qualifying Accounts Years Ended December 31, 2015 , 2014 and 2013 (In thousands) Allowances for Doubtful Accounts: Balance January 1, 2013 $ 2,858 Provision charged to income 1,726 Doubtful accounts written off (net) (532 ) Other adjustments (1) (614 ) Balance December 31, 2013 3,438 Provision charged to income 1,523 Doubtful accounts written off (net) (493 ) Other adjustments (1) (595 ) Balance December 31, 2014 3,873 Provision charged to income 1,248 Doubtful accounts written off (net) (404 ) Other adjustments (1) (632 ) Balance December 31, 2015 $ 4,085 ________________ (1) These amounts are comprised primarily of foreign currency translation and other reclassifications. The reduction in 2013 includes $0.8 million of reserves recorded at BDNA which was sold in the second quarter of 2013. Schedule II—Valuation and Qualifying Accounts Years Ended December 31, 2015 , 2014 and 2013 (In thousands) Valuation Allowance on Deferred Tax Assets: Balance January 1, 2013 $ 24,936 Additions charged to income tax expense 473 Additions charged to other comprehensive income (547 ) Reductions credited to income tax expense (1,412 ) Changes due to foreign currency translation (849 ) Divestiture (1) (3,728 ) Balance December 31, 2013 18,873 Additions charged to income tax expense 1,049 Additions charged to other comprehensive income (30 ) Reductions credited to income tax expense (2,303 ) Changes due to foreign currency translation (1,733 ) Balance December 31, 2014 15,856 Additions charged to income tax expense 1,043 Reductions charged to other comprehensive income (59 ) Reductions credited to income tax expense (1,216 ) Changes due to foreign currency translation (2,204 ) Acquisition (2) 981 Balance December 31, 2015 $ 14,401 ________________ (1) The reduction in 2013 reflects the valuation allowance adjustment to Discontinued Operations as it relates to the sale of BDNA (2) The increase in 2015 reflects the valuation allowance recorded at the Thermoplay and Priamus businesses which were acquired in the third and fourth quarters of 2015, respectively. |
Summary of Significant Accoun32
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
General | General: The preparation of consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Consolidation | Consolidation: The accompanying consolidated financial statements include the accounts of the Company and all of its subsidiaries. Intercompany transactions and account balances have been eliminated. 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 3 of the Consolidated Financial Statements. |
Revenue recognition | Revenue recognition : Sales and related cost of sales are recognized when products are shipped or delivered to customers depending upon when title and risk of loss have passed. Service revenue is recognized when the related services are performed. In the aerospace manufacturing businesses, the Company recognizes revenue based on the units-of-delivery method in accordance with accounting standards related to accounting for performance of construction-type and certain production-type contracts. Management fees related to the aerospace aftermarket Revenue Sharing Programs ("RSPs") are satisfied through an agreed upon reduction from the sales price of each of the related spare parts. These fees recognize our customer's necessary performance of engine program support activities, such as spare parts administration, warehousing and inventory management, and customer support, and are not separable from our sale of products, and accordingly, they are reflected as a reduction to sales, rather than as costs incurred, when revenues are recognized. |
Operating expenses | Operating expenses: The Company includes manufacturing labor, material, manufacturing overhead and costs of its distribution network within cost of sales. Other costs, including selling personnel costs and commissions, and other general and administrative costs of the Company are included within selling and administrative expenses. Depreciation and amortization expense is allocated between cost of sales and selling and administrative expenses. |
Cash and cash equivalents | Cash and cash equivalents: Cash in excess of operating requirements is invested in short-term, highly liquid, income-producing investments. All highly liquid investments purchased with an original maturity of three months or less are considered cash equivalents. Cash equivalents are carried at cost which approximates fair value. |
Inventories | Inventories: Inventories are valued at the lower of cost, determined on a first-in, first-out basis, or market. Loss provisions, if any, on aerospace contracts are established when estimable. Loss provisions are based on the projected excess of manufacturing costs over the net revenues of the products or group of related products under contract or purchase order. |
Property, plant and equipment | Property, plant and equipment: Property, plant and equipment is stated at cost. Depreciation is recorded over estimated useful lives, ranging from 20 to 50 years for buildings, three to five years for computer equipment, four to 12 years for machinery and equipment and 12 to 17 years for furnaces and boilers. The straight-line method of depreciation was adopted for all property, plant and equipment placed in service after March 31, 1999. For property, plant and equipment placed into service prior to April 1, 1999, depreciation is calculated using accelerated methods. The Company assesses the impairment of property, plant and equipment subject to depreciation whenever events or changes in circumstances indicate the carrying value may not be recoverable. |
Goodwill | Goodwill: Goodwill represents the excess purchase cost over the fair value of net assets of companies acquired in business combinations. Goodwill is considered an indefinite-lived asset. Goodwill is subject to impairment testing in accordance with accounting standards governing such on an annual basis, in the second quarter, or more frequently if an event or change in circumstances indicates that the fair value of a reporting unit has been reduced below its carrying value. Based on the assessments performed during 2015, there was no goodwill impairment. |
Aerospace Aftermarket Programs | Aerospace Aftermarket Programs: The Company participates in aftermarket RSPs under which the Company receives an exclusive right to supply designated aftermarket parts over the life of the related aircraft engine program. As consideration, the Company has paid participation fees, which are recorded as long-lived intangible assets. The Company records amortization of the related intangible asset as sales dollars are being earned based on a proportional sales dollar method. Specifically, this method amortizes each asset as a reduction to revenue based on the proportion of sales under a program in a given period to the estimated aggregate sales dollars over the life of that program. The Company also entered into Component Repair Programs ("CRPs") that provide for, among other items, the right to sell certain aftermarket component repair services for CFM56, CF6, CF34 and LM engines directly to other customers as one of a few GE licensed suppliers. In addition, the CRPs extend certain existing contracts under which the Company currently provides these services directly to GE. The Company has recorded the consideration for these rights as an intangible asset that will be amortized as a reduction to sales over the remaining life of these engine programs. This method reflects the pattern in which the economic benefits of the RSPs and the CRPs are realized. The recoverability of each asset is subject to significant estimates about future revenues related to the program’s aftermarket parts and services. The Company evaluates these intangible assets for recoverability and updates amortization rates on an agreement by agreement basis for the RSPs and on an individual asset basis for the CRPs. The assets are reviewed for recoverability periodically including whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. Annually, the Company evaluates the remaining useful life of these assets to determine whether events and circumstances warrant a revision to the remaining periods of amortization. Management updates revenue projections, which includes comparing actual experience against projected revenue and industry projections. The potential exists that actual revenues will not meet expectations due to a change in market conditions including, for example, the replacement of older engines with new, more fuel-efficient engines or the Company's ability to capture additional market share within the Aftermarket business. A shortfall in future revenues may indicate a triggering event requiring a write down or further evaluation of the recoverability of the assets or require the Company to accelerate amortization expense prospectively dependent on the level of the shortfall. The Company has not identified any impairment of these assets. |
Intangible Assets | Other Intangible Assets: Other intangible assets consist primarily of the Aerospace Aftermarket Programs, as discussed above, customer relationships, tradenames, patents and proprietary technology. These intangible assets, with the exception of tradenames, have finite lives and are amortized over the periods in which they provide benefit. The Company assesses the impairment of long-lived assets, including identifiable intangible assets subject to amortization, whenever significant events or significant changes in circumstances indicate the carrying value may not be recoverable. Tradenames, intangible assets with indefinite lives, are subject to impairment testing in accordance with accounting standards governing such on an annual basis, in the second quarter, or more frequently if an event or change in circumstances indicates that the fair value of a reporting unit has been reduced below its carrying value. Based on the assessment performed during 2015, there were no impairments of other intangible assets. See Note 6 of the Consolidated Financial Statements. |
Derivatives | Derivatives: Accounting standards related to the accounting for derivative instruments and hedging activities require that all derivative instruments be recorded on the balance sheet at fair value. Foreign currency contracts may qualify as fair value hedges of unrecognized firm commitments, cash flow hedges of recognized assets and liabilities or anticipated transactions, or a hedge of a net investment. Changes in the fair market value of derivatives that qualify as fair value hedges or cash flow hedges are recorded directly to earnings or accumulated other non-owner changes to equity, depending on the designation. Amounts recorded to accumulated other non-owner changes to equity are reclassified to earnings in a manner that matches the earnings impact of the hedged transaction. Any ineffective portion, or amounts related to contracts that are not designated as hedges, are recorded directly to earnings. The Company’s policy for classifying cash flows from derivatives is to report the cash flows consistent with the underlying hedged item. |
Foreign currency | Foreign currency: Assets and liabilities of international operations are translated at year-end rates of exchange; revenues and expenses are translated at average rates of exchange. The resulting translation gains or losses are reflected in accumulated other non-owner changes to equity within stockholders’ equity. A net foreign currency transaction gain of $505 in 2015 , a loss of $1,466 in 2014 and a gain of $945 in 2013 were included in other (income) expense, net in the Consolidated Statements of Income. |
Research and Development | Research and Development: Costs are incurred in connection with efforts aimed at discovering and implementing new knowledge that is critical to developing new products, processes or services, significantly improving existing products or services, and developing new applications for existing products and services. Research and development expenses for the creation of new and improved products and services were $12,688 , $15,782 and $14,707 , for the years 2015 , 2014 and 2013 , respectively, and are included in selling, general and administrative expense. |
Stock-Based Compensation | The Company accounts for the cost of all share-based payments, including stock options, by measuring the payments at fair value on the grant date and recognizing the cost in the results of operations. The fair values of stock options are estimated using the Black-Scholes option-pricing model based on certain assumptions. The fair values of service and performance based stock awards are estimated based on the fair market value of the Company’s stock price on the grant date. The fair value of market based performance share awards are estimated using the Monte Carlo valuation method. Estimated forfeiture rates are applied to outstanding awards. The Company records the cash flows resulting from tax deductions in excess of compensation for those options and other stock awards, if any, as financing cash flows. The Company has elected the shortcut method as described in the related accounting literature for determining the available pool of windfall tax benefits upon adoption. The Company accounts for the utilization of windfall tax benefits using the tax law ordering approach. Refer to Note 17 for a description of the Company’s stock-based compensation plans and their general terms. As of December 31, 2015 , incentives have been awarded in the form of performance share awards and restricted stock unit awards (collectively, “Rights”) and stock options. The Company has elected to use the straight-line method to recognize compensation costs. Stock options and awards vest over a period ranging from six months to five years . The maximum term of stock option awards is 10 years. Upon exercise of a stock option or upon vesting of Rights, shares may be issued from treasury shares held by the Company or from authorized shares. |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Schedule of Unaudited Pro Forma Operating Results | The following table reflects the unaudited pro forma operating results of the Company for the year ended December 31, 2013, which give 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 on 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 acquired 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) 2013 Net sales $ 1,191,109 Income from continuing operations 92,343 Net income $ 290,549 Per common share: Basic: Income from continuing operations $ 1.69 Net income $ 5.31 Diluted: Income from continuing operations $ 1.65 Net income $ 5.20 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Discontinued Operations | The below amounts relate primarily to the sale of BDNA and were derived from historical financial information. The amounts have been segregated from continuing operations and reported as discontinued operations within the consolidated financial statements. In 2014, the Company recorded a net after-tax loss on the sale of businesses of $1,987 resulting primarily from a 2014 reduction to the proceeds related to the sale of the Barnes Distribution Europe business in 2011 ( €1,250 ). In 2013, the Company recorded a net after-tax gain of $195,317 on the sale of BDNA, net of transaction-related costs of $9,749 , whereas pre-tax income from the discontinued operations at BDNA was $6,345 . 2014 2013 Net sales $ — $ 93,173 (Loss) income before income taxes (270 ) 5,248 Income tax (benefit) expense (86 ) 2,359 (Loss) income from operations of discontinued businesses, net of income taxes (184 ) 2,889 (Loss) gain on transaction (1,586 ) 313,708 Income tax expense on sale 401 118,391 (Loss) gain on the sale of businesses, net of income taxes (1,987 ) 195,317 (Loss) income from discontinued operations, net of income taxes $ (2,171 ) $ 198,206 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current | Inventories at December 31 consisted of: 2015 2014 Finished goods $ 76,836 $ 83,905 Work-in-process 77,061 79,563 Raw materials and supplies 54,714 48,576 $ 208,611 $ 212,044 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, plant and equipment at December 31 consisted of: 2015 2014 Land $ 19,153 $ 19,422 Buildings 156,294 145,142 Machinery and equipment 539,360 507,661 714,807 672,225 Less accumulated depreciation (405,951 ) (372,790 ) $ 308,856 $ 299,435 |
Goodwill and Other Intangible37
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 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 the Company: Industrial Aerospace Total Company January 1, 2014 $ 618,911 $ 30,786 $ 649,697 Foreign currency translation (54,748 ) — (54,748 ) December 31, 2014 564,163 30,786 594,949 Goodwill acquired 22,798 — 22,798 Foreign currency translation (29,755 ) — (29,755 ) December 31, 2015 $ 557,206 $ 30,786 $ 587,992 |
Schedule of Intangible Assets | Other intangible assets at December 31 consisted of: 2015 2014 Range of Life-Years Gross Amount Accumulated Amortization Gross Amount Accumulated Amortization Amortized intangible assets: Revenue Sharing Programs Up to 30 $ 293,700 $ (84,629 ) $ 293,700 $ (72,958 ) Component Repair Program Up to 30 111,839 (6,054 ) 106,639 (1,941 ) Customer lists/relationships 10-16 194,566 (41,786 ) 183,406 (30,731 ) Patents and technology 6-14 69,352 (29,551 ) 62,972 (22,356 ) Trademarks/trade names 10-30 11,950 (9,412 ) 11,950 (8,552 ) Other Up to 15 20,551 (15,413 ) 19,292 (14,806 ) 701,958 (186,845 ) 677,959 (151,344 ) Unamortized intangible asset: Trade names 38,370 — 36,900 — Foreign currency translation (25,161 ) — (8,821 ) — Other intangible assets $ 715,167 $ (186,845 ) $ 706,038 $ (151,344 ) |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accrued Liabilities [Abstract] | |
Schedule of Accrued Liabilities | Accrued liabilities at December 31 consisted of: 2015 2014 Payroll and other compensation $ 27,186 $ 41,948 Deferred revenue 16,453 25,344 CRP Accrual 4,100 19,900 Pension and other postretirement benefits 8,444 8,233 Accrued income taxes 25,682 21,755 Other 49,455 44,217 $ 131,320 $ 161,397 |
Debt and Commitments (Tables)
Debt and Commitments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | Long-term debt and notes and overdrafts payable at December 31 consisted of: 2015 2014 Carrying Amount Fair Value Carrying Amount Fair Value Revolving credit agreement 379,700 375,188 393,518 394,917 3.97% Senior Notes 100,000 102,484 100,000 102,859 Borrowings under lines of credit and overdrafts 22,680 22,680 8,028 8,028 Capital leases 7,105 7,503 3,188 3,479 Other foreign bank borrowings 421 410 — — 509,906 508,265 504,734 509,283 Less current maturities (24,195 ) (8,890 ) Long-term debt $ 485,711 $ 495,844 |
Schedule of Interest Expense on Convertible Notes | The following table sets forth the components of interest expense for the Notes for the years ended December 31, 2014 and 2013 . The effective interest rate on the liability component of the Notes was 8.00% (life of the Notes). 2014 2013 Interest expense – 3.375% coupon $ 1,046 $ 1,878 Interest expense – 3.375% debt discount amortization 731 2,391 $ 1,777 $ 4,269 |
Derivatives (Tables)
Derivatives (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The following table sets forth the fair value amounts of derivative instruments held by the Company as of December 31. 2015 2014 Asset Derivatives Liability Derivatives Asset Derivatives Liability Derivatives Derivatives designated as hedging instruments: Interest rate contracts $ — $ (357 ) $ — $ (295 ) Foreign exchange contracts 484 — — (652 ) 484 (357 ) — (947 ) Derivatives not designated as hedging instruments: Foreign exchange contracts 215 (101 ) 460 (699 ) Total derivatives $ 699 $ (458 ) $ 460 $ (1,646 ) |
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) | The following table sets forth the gain (loss) recorded in accumulated other comprehensive income (loss), net of tax, for the years ended December 31, 2015 and 2014 for derivatives held by the Company and designated as hedging instruments. 2015 2014 Cash flow hedges: Interest rate contracts $ (39 ) $ 48 Foreign exchange contracts 886 (261 ) $ 847 $ (213 ) |
(Gain) Loss Recorded in Other (Income) Expense, Net in Consolidated Statements of Income | The following table sets forth the net gains (losses) recorded in other (income) expense, net in the consolidated statements of income for the years ended December 31, 2015 and 2014 for non-designated derivatives held by the Company. Such gains (losses) were substantially offset by (losses) gains recorded on the underlying hedged asset or liability. 2015 2014 Foreign exchange contracts $ 8,215 $ (810 ) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following table provides the assets and liabilities reported at fair value and measured on a recurring basis as of December 31, 2015 and 2014 : Fair Value Measurements Using Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) December 31, 2015 Asset derivatives $ 699 $ — $ 699 $ — Liability derivatives (458 ) — (458 ) — Bank acceptances 10,823 — 10,823 — Rabbi trust assets 2,159 2,159 — — $ 13,223 $ 2,159 $ 11,064 $ — 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 Postretirem42
Pension and Other Postretirement Benefits (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets | Projected benefit obligations related to pension plans with benefit obligations in excess of plan assets follow: 2015 2014 U.S. Non-U.S. Total U.S. Non-U.S. Total Projected benefit obligation $ 271,459 $ 31,613 $ 303,072 $ 297,067 $ 29,971 $ 327,038 Fair value of plan assets 204,270 20,199 224,469 234,305 17,660 251,965 |
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets | Information related to pension plans with accumulated benefit obligations in excess of plan assets follows: 2015 2014 U.S. Non-U.S. Total U.S. Non-U.S. Total Projected benefit obligation $ 271,459 $ 30,560 $ 302,019 $ 297,067 $ 23,496 $ 320,563 Accumulated benefit obligation 262,172 26,998 289,170 286,217 20,446 306,663 Fair value of plan assets 204,270 19,256 223,526 234,305 12,552 246,857 |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) | The sources of changes in accumulated other non-owner changes to equity, net, during 2015 were: Pension Other Postretirement Benefits Prior service cost $ 379 $ — Net (loss) gain (10,493 ) 1,557 Amortization of prior service costs (credits) 213 (354 ) Amortization of actuarial loss 16,007 627 Foreign exchange rate changes 1,682 (32 ) $ 7,788 $ 1,798 |
Schedule of Assumptions Used, Benefit Obligation | Weighted-average assumptions used to determine benefit obligations at December 31, are: 2015 2014 U.S. plans: Discount rate 4.65 % 4.25 % Increase in compensation 3.71 % 3.73 % Non-U.S. plans: Discount rate 2.80 % 2.74 % Increase in compensation 2.71 % 2.72 % |
Schedule of Allocation of Plan Assets | The fair values of the Company’s pension plan assets at December 31, 2015 and 2014 , by asset category are as follows: Fair Value Measurements Using Asset Category Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) December 31, 2015 Cash and short-term investments $ 18,795 $ 18,795 $ — $ — Equity securities: U.S. large-cap 67,274 28,190 39,084 — U.S. mid-cap 38,790 38,790 — — U.S. small-cap 38,248 38,248 — — International equities 91,563 — 91,563 — Global equity 17,928 17,928 — — Fixed income securities: U.S. bond funds 84,645 — 84,645 — International bonds 36,282 — 36,282 — Real estate securities — — — — Other 1,857 — — 1,857 $ 395,382 $ 141,951 $ 251,574 $ 1,857 December 31, 2014 Cash and short-term investments 10,805 10,805 — — Equity securities: U.S. large-cap 137,051 65,484 71,567 — U.S. mid-cap 48,614 48,614 — — U.S. small-cap 47,972 47,972 — — International equities 71,451 — 71,451 — Fixed income securities: U.S. bond funds 79,810 — 79,810 — International bonds 35,949 — 35,949 — Real estate securities 18,915 — 18,915 — Other 2,120 — — 2,120 $ 452,687 $ 172,875 $ 277,692 $ 2,120 |
Schedule of Expected Benefit Payments | The following are the estimated future net benefit payments, which include future service, over the next 10 years: Pensions Other Postretirement Benefits 2015 $ 29,147 $ 4,467 2016 29,071 3,933 2017 28,980 3,540 2018 29,290 3,687 2019 29,051 3,468 Years 2020-2024 145,470 14,242 Total $ 291,009 $ 33,337 |
Schedule of Net Benefit Costs | Pension and other postretirement benefit expenses consist of the following: Pensions Other Postretirement Benefits 2015 2014 2013 2015 2014 2013 Service cost $ 5,508 $ 4,546 $ 6,181 $ 145 $ 139 $ 233 Interest cost 20,019 22,026 20,112 1,836 2,179 2,061 Expected return on plan assets (32,404 ) (34,232 ) (33,144 ) — — — Amortization of prior service cost (credit) 305 648 752 (564 ) (871 ) (1,006 ) Recognized losses 15,004 8,617 16,365 1,011 1,017 1,004 Curtailment loss (gain) — 219 199 — 4 (3,081 ) Settlement loss 9,939 871 637 — — — Special termination benefits — 715 1,016 — — — Net periodic benefit cost $ 18,371 $ 3,410 $ 12,118 $ 2,428 $ 2,468 $ (789 ) |
Schedule of Assumptions Used, Net Benefit Expense | Weighted-average assumptions used to determine net benefit expense for years ended December 31, are: 2015 2014 2013 U.S. plans: Discount rate 4.25 % 5.20 % 4.25 % Long-term rate of return 8.25 % 9.00 % 9.00 % Increase in compensation 3.71 % 3.72 % 3.71 % Non-U.S. plans: Discount rate 2.74 % 3.93 % 3.73 % Long-term rate of return 5.00 % 5.07 % 5.33 % Increase in compensation 2.72 % 2.76 % 2.69 % |
Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates | A one percentage point change in the assumed health care cost trend rate would have the following effects: One Percentage Point Increase One Percentage Point Decrease Effect on postretirement benefit obligation $ 391 $ (360 ) Effect on postretirement benefit cost 17 (15 ) |
Schedule of Multiemployer Plans | Contributions related to the individually insignificant multi-employer plans, as disclosure is required pursuant to the applicable accounting standards, are as follows: Contributions by the Company Pension Fund: 2015 2014 2013 Teamsters Local 641 Pension Fund (Edison, New Jersey) $ — $ — $ 23 Swedish Pension Plan (ITP2) 343 379 414 Total Contributions $ 343 $ 379 $ 437 |
Defined benefit pension plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of Net Funded Status | The accompanying balance sheets reflect the funded status of the Company’s defined benefit pension plans at December 31, 2015 and 2014 , respectively. Reconciliations of the obligations and funded status of the plans follow: 2015 2014 U.S. Non-U.S. Total U.S. Non-U.S. Total Benefit obligation, January 1 $ 433,079 $ 80,305 $ 513,384 $ 374,740 $ 78,982 $ 453,722 Service cost 4,160 1,348 5,508 3,549 997 4,546 Interest cost 17,967 2,052 20,019 19,129 2,897 22,026 Amendments — (463 ) (463 ) — — — Actuarial (gain) loss (16,622 ) (2,288 ) (18,910 ) 58,906 9,728 68,634 Benefits paid (52,490 ) (4,244 ) (56,734 ) (23,960 ) (3,405 ) (27,365 ) Transfers in — 3,951 3,951 — 1,929 1,929 Plan curtailments (465 ) — (465 ) — — — Plan settlements — (375 ) (375 ) — (4,949 ) (4,949 ) Special termination benefit — — — 715 — 715 Participant contributions — 368 368 — 906 906 Foreign exchange rate changes — (5,248 ) (5,248 ) — (6,780 ) (6,780 ) Benefit obligation, December 31 385,629 75,406 461,035 433,079 80,305 513,384 Fair value of plan assets, January 1 380,937 71,750 452,687 379,059 74,519 453,578 Actual return on plan assets (5,045 ) 1,264 (3,781 ) 20,436 6,349 26,785 Company contributions 3,427 1,100 4,527 5,402 2,219 7,621 Participant contributions — 368 368 — 906 906 Benefits paid (52,490 ) (4,244 ) (56,734 ) (23,960 ) (3,405 ) (27,365 ) Plan settlements — (376 ) (376 ) — (4,949 ) (4,949 ) Transfers in — 3,434 3,434 — 1,929 1,929 Foreign exchange rate changes — (4,743 ) (4,743 ) — (5,818 ) (5,818 ) Fair value of plan assets, December 31 326,829 68,553 395,382 380,937 71,750 452,687 Funded/(underfunded) status, December 31 $ (58,800 ) $ (6,853 ) $ (65,653 ) $ (52,142 ) $ (8,555 ) $ (60,697 ) |
Schedule of Amounts Recognized in Balance Sheet | Amounts related to pensions recognized in the accompanying balance sheets consist of: 2015 2014 U.S. Non-U.S. Total U.S. Non-U.S. Total Other assets $ 8,389 $ 4,561 $ 12,950 $ 10,620 $ 3,882 $ 14,502 Accrued liabilities 2,806 379 3,185 2,810 376 3,186 Accrued retirement benefits 64,383 11,035 75,418 59,952 12,061 72,013 Accumulated other non-owner changes to equity, net (83,014 ) (16,812 ) (99,826 ) (86,925 ) (20,689 ) (107,614 ) |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) | Amounts related to pensions recognized in accumulated other non-owner changes to equity, net of tax, at December 31, 2015 and 2014 , respectively, consist of: 2015 2014 U.S. Non-U.S. Total U.S. Non-U.S. Total Net actuarial loss $ (82,643 ) $ (16,999 ) $ (99,642 ) $ (86,399 ) $ (20,406 ) $ (106,805 ) Prior service costs (371 ) 187 (184 ) (526 ) (283 ) (809 ) $ (83,014 ) $ (16,812 ) $ (99,826 ) $ (86,925 ) $ (20,689 ) $ (107,614 ) |
Other postretirement benefit plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of Net Funded Status | The accompanying balance sheets reflect the underfunded status of the Company’s other postretirement benefit plans at December 31, 2015 and 2014 . Reconciliations of the obligations and underfunded status of the plans follow: 2015 2014 Benefit obligation, January 1 $ 46,814 $ 46,243 Service cost 145 139 Interest cost 1,836 2,179 Actuarial (gain) loss (2,521 ) 3,049 Benefits paid (6,970 ) (7,568 ) Curtailment gain — — Participant contributions 2,486 2,833 Foreign exchange rate changes (84 ) (61 ) Benefit obligation, December 31 41,706 46,814 Fair value of plan assets, January 1 — — Company contributions 4,484 4,735 Participant contributions 2,486 2,833 Benefits paid (6,970 ) (7,568 ) Fair value of plan assets, December 31 — — Underfunded status, December 31 $ 41,706 $ 46,814 |
Schedule of Amounts Recognized in Balance Sheet | Amounts related to other postretirement benefits recognized in the accompanying balance sheets consist of: 2015 2014 Accrued liabilities $ 5,259 $ 5,047 Accrued retirement benefits 36,447 41,767 Accumulated other non-owner changes to equity, net (5,877 ) (7,675 ) |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) | Amounts related to other postretirement benefits recognized in accumulated other non-owner changes to equity, net of tax, at December 31, 2015 and 2014 consist of: 2015 2014 Net actuarial loss $ (6,061 ) $ (8,212 ) Prior service credits 184 537 $ (5,877 ) $ (7,675 ) |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Share-based Compensation [Abstract] | |
Schedule of Share-based Compensation, Stock Options, Activity | The following table summarizes information about the Company’s stock option awards during 2015 : Number of Shares Weighted-Average Exercise Price Outstanding, January 1, 2015 1,013,224 $ 22.72 Granted 131,852 36.49 Exercised (491,638 ) 22.42 Forfeited (9,366 ) 32.89 Outstanding, December 31, 2015 644,072 25.63 |
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range | The following table summarizes information about stock options outstanding at December 31, 2015 : Options Outstanding Options Exercisable Range of Exercise Prices Number of Shares Average Remaining Life (Years) Average Exercise Price Number of Shares Average Exercise Price $11.45 to $20.69 241,854 4.17 $ 16.41 241,854 $ 16.41 $22.34 to $26.59 191,116 4.72 25.00 143,153 25.14 $33.45 to $36.31 121,800 8.99 36.26 2,000 33.45 $37.13 to $38.96 89,302 8.28 37.43 26,726 37.26 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The fair value of each stock option grant on the date of grant was estimated using the Black-Scholes option-pricing model based on the following weighted average assumptions: 2015 2014 2013 Risk-free interest rate 1.58 % 1.68 % 0.96 % Expected life (years) 5.3 5.3 5.3 Expected volatility 31.1 % 42.6 % 48.9 % Expected dividend yield 2.06 % 2.24 % 2.38 % |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding and Exercisable | The following table summarizes information about stock options outstanding that are expected to vest and stock options outstanding that are exercisable at December 31, 2015 : Options Outstanding, Expected to Vest Options Outstanding, Exercisable Shares Weighted- Average Exercise Price Aggregate Intrinsic Value Weighted- Average Remaining Term (Years) Shares Weighted- Average Exercise Price Aggregate Intrinsic Value Weighted- Average Remaining Term (Years) 626,523 $ 25.63 $ 6,400 5.81 413,733 $ 20.86 $ 6,063 4.61 |
Schedule of Share-based Compensation, Restricted Stock Units, Activity | The following table summarizes information about the Company’s Rights during 2015 : Service Based Rights Service and Performance Based Rights Service and Market Based Rights Number of Units Weighted-Average Grant Date Fair Value Number of Units Weighted-Average Grant Date Fair Value Number of Units Weighted-Average Grant Date Fair Value Outstanding, January 1, 2015 429,206 $ 26.76 227,064 $ 28.11 113,531 $ 41.82 Granted 186,996 36.39 61,973 36.48 30,986 54.54 Forfeited (13,526 ) 30.86 (6,342 ) 39.64 (3,171 ) 49.48 Additional Earned — — 36,965 25.37 (2,057 ) 32.06 Issued (200,970 ) 27.96 (105,234 ) 25.37 (32,076 ) 32.06 Outstanding, December 31, 2015 401,706 214,426 107,213 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of the U.S. federal statutory income tax rate to the consolidated effective income tax rate from continuing operations follows: 2015 2014 2013 U.S. federal statutory income tax rate 35.0 % 35.0 % 35.0 % State taxes (net of federal benefit) 0.2 0.5 0.3 Foreign losses without tax benefit 1.1 1.1 0.8 U.S. Tax Court Decision — — 15.3 Foreign operations taxed at lower rates (12.9 ) (9.9 ) (14.4 ) Repatriation from current year foreign earnings 4.3 2.6 1.1 Tax withholding refund (1.9 ) — — Tax Holiday's (3.2 ) (2.7 ) (6.2 ) Other 0.6 1.0 0.9 Consolidated effective income tax rate 23.2 % 27.6 % 32.8 % |
Schedule of Income before Income Tax, Domestic and Foreign and Components of Income Tax Expense | The components of Income from continuing operations before income taxes and Income taxes follow: 2015 2014 2013 Income from continuing operations before income taxes: U.S. $ 11,525 $ 33,070 $ 10,343 International 146,421 133,430 97,231 Income from continuing operations before income taxes $ 157,946 $ 166,500 $ 107,574 Income tax provision: Current: U.S. – federal $ (210 ) $ 22,673 $ 8,356 U.S. – state 2,019 1,236 539 International 32,217 35,954 16,933 34,026 59,863 25,828 Deferred: U.S. – federal 7,670 (6,737 ) 13,792 U.S. – state (1,137 ) 1,279 (110 ) International (3,993 ) (8,446 ) (4,257 ) 2,540 (13,904 ) 9,425 Income taxes $ 36,566 $ 45,959 $ 35,253 |
Schedule of Deferred Tax Assets and Liabilities | Deferred income tax assets and liabilities at December 31 consist of the tax effects of temporary differences related to the following: Assets Liabilities 2015 2014 2015 2014 Allowance for doubtful accounts $ 662 $ 494 $ 129 $ 86 Depreciation and amortization (1,610 ) (19,338 ) 78,786 59,271 Inventory valuation 15,911 17,072 1,843 1,981 Other postretirement/postemployment costs 2,978 17,549 (12,774 ) (247 ) Tax loss carryforwards 13,412 13,977 (1,919 ) (56 ) Pension 1,663 21,968 (22,946 ) (1,005 ) Accrued compensation 2,975 15,418 (7,267 ) — Goodwill — (13,772 ) 14,545 57 Swedish tax incentive — — 4,647 4,255 Unrealized foreign currency gain — — 1,350 1,999 Other 4,374 4,398 7,513 5,763 40,365 57,766 63,907 72,104 Valuation allowance (14,401 ) (15,856 ) — — $ 25,964 $ 41,910 $ 63,907 $ 72,104 Current deferred income taxes $ 24,825 $ 31,849 $ 1,543 $ 1,957 Non-current deferred income taxes 1,139 10,061 62,364 70,147 $ 25,964 $ 41,910 $ 63,907 $ 72,104 |
Summary of Income Tax Contingencies | A reconciliation of the unrecognized tax benefits for 2015 , 2014 and 2013 follows: 2015 2014 2013 Balance at January 1 $ 8,560 $ 8,027 $ 9,321 Increase (decrease) in unrecognized tax benefits due to: Tax positions taken during prior periods 1,691 533 9,944 Tax positions taken during the current period — — 3,350 Acquisition 598 — 556 Settlements with taxing authorities — — (15,144 ) Lapse of the applicable statute of limitations (215 ) $ — $ — Balance at December 31 $ 10,634 $ 8,560 $ 8,027 |
Weighted Average Shares Outst45
Weighted Average Shares Outstanding (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Weighted Average Shares Outstanding [Abstract] | |
Schedule of Weighted Average Number of Shares | A reconciliation of the weighted-average number of common shares outstanding used in the calculation of basic and diluted earnings per share follows: Weighted-Average Common Shares Outstanding 2015 2014 2013 Basic 55,028,063 54,791,030 53,860,308 Dilutive effect of: Stock options 206,778 355,595 575,202 Performance share awards 278,378 319,704 280,488 Convertible senior subordinated debt — 245,230 209,321 Non-Employee Director Deferred Stock Plan — 11,708 48,025 Diluted 55,513,219 55,723,267 54,973,344 |
Changes in Accumulated Other 46
Changes in Accumulated Other Comprehensive Income by Component (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) | The following tables set forth the changes in accumulated other comprehensive income by component for the years ended December 31, 2015 and December 31, 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 before reclassifications to consolidated statements of income (70 ) (6,921 ) (54,232 ) (61,223 ) Amounts reclassified from accumulated other comprehensive income to the consolidated statements of income 917 16,507 — 17,424 Net current-period other comprehensive income (loss) 847 9,586 (54,232 ) (43,799 ) December 31, 2015 $ 115 $ (105,703 ) $ (37,664 ) $ (143,252 ) 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 (1,074 ) (49,144 ) (83,168 ) (133,386 ) Amounts reclassified from accumulated other comprehensive income to the consolidated statements of income 861 7,128 — 7,989 Net current-period other comprehensive loss (213 ) (42,016 ) (83,168 ) (125,397 ) December 31, 2014 $ (732 ) $ (115,289 ) $ 16,568 $ (99,453 ) |
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 years ended December 31, 2015 and December 31, 2014 : Details about Accumulated Other Comprehensive Income Components Amount Reclassified from Accumulated Other Comprehensive Income Affected Line Item in the Consolidated Statements of Income 2015 2014 Gains and losses on cash flow hedges Interest rate contracts $ (853 ) $ (886 ) Interest expense Foreign exchange contracts (490 ) (391 ) Net sales (1,343 ) (1,277 ) Total before tax 426 416 Tax benefit (917 ) (861 ) Net of tax Pension and other postretirement benefit items Amortization of prior-service credits, net $ 259 $ 223 (A) Amortization of actuarial losses (16,015 ) (9,634 ) (A) Curtailment loss — (223 ) (A) Settlement loss (9,939 ) (871 ) (A) (25,695 ) (10,505 ) Total before tax 9,188 3,377 Tax benefit (16,507 ) (7,128 ) Net of tax Total reclassifications in the period $ (17,424 ) $ (7,989 ) (A) These accumulated other comprehensive income components are included within the computation of net periodic pension cost. See Note 12. |
Information on Business Segme47
Information on Business Segments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | The following tables (dollars shown in millions) set forth information about the Company’s operations by its reportable business segments and by geographic area. Operations by Reportable Business Segment Industrial Aerospace Other Total Company Sales 2015 $ 782.3 $ 411.7 $ — $ 1,194.0 2014 822.1 440.0 — 1,262.0 2013 687.6 404.0 — 1,091.6 Operating profit 2015 $ 103.0 $ 65.4 $ — $ 168.4 2014 108.4 71.6 — 180.0 2013 71.9 51.3 — 123.2 Assets 2015 $ 1,241.2 $ 654.1 $ 166.5 $ 2,061.9 2014 1,282.0 655.0 136.9 2,073.9 2013 1,410.4 567.1 146.2 2,123.7 Depreciation and amortization 2015 $ 46.0 $ 30.8 $ 1.3 $ 78.2 2014 54.7 24.9 1.8 81.4 2013 38.4 23.2 3.5 65.1 Capital expenditures 2015 $ 28.7 $ 17.2 $ 0.1 $ 46.0 2014 36.1 20.9 0.4 57.4 2013 31.3 23.8 2.2 57.3 _________________________ Notes: One customer, General Electric, accounted for 18% , 19% and 21% of the Company’s total revenues in 2015 , 2014 and 2013 , respectively. “Other” assets include corporate-controlled assets, the majority of which are cash and deferred tax assets. |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated | A reconciliation of the total reportable segments’ operating profit to income from continuing operations before income taxes follows: 2015 2014 2013 Operating profit $ 168.4 $ 180.0 $ 123.2 Interest expense 10.7 11.4 13.1 Other (income) expense, net (0.2 ) 2.1 2.5 Income from continuing operations before income taxes $ 157.9 $ 166.5 $ 107.6 |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas | Operations by Geographic Area Domestic International Other Total Company Sales 2015 $ 589.6 $ 661.7 $ (57.3 ) $ 1,194.0 2014 618.9 677.6 (34.5 ) 1,262.0 2013 593.3 524.1 (25.9 ) 1,091.6 Long-lived assets 2015 $ 379.2 $ 1,069.9 $ — $ 1,449.1 2014 380.6 1,094.9 — 1,475.4 2013 330.2 1,214.0 — 1,544.2 _________________________ Notes: Germany, with sales of $210.5 million, $ 249.9 million and $ 140.8 million in 2015, 2014 and 2013, respectively, represents the only international country with revenues in excess of 10% of the Company's total revenues. “Other” revenues represent the elimination of intercompany sales between geographic locations, of which approximately 82% were sales from international locations to domestic locations. Germany, with long-lived assets of $ 362.7 million , $ 410.0 million and $ 477.3 million in 2015, 2014 and 2013, respectively, Singapore, with long-lived assets of $ 246.4 million , $ 255.3 million and $ 255.3 million in 2015, 2014 and 2013, respectively, Switzerland, with long-lived assets of $ 167.0 million , $ 165.7 million and $ 193.8 million in 2015, 2014 and 2013, respectively and China with long-lived assets of $ 151.7 million and $ 156.4 million in 2014 and 2013, respectively, represent the only international countries that exceeded 10% of the Company's total long-lived assets in those years. |
Summary of Significant Accoun48
Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Schedule of Useful Lives [Line Items] | |||
Maximum Maturity Term to Be Considered Cash and Cash Equivalents | 3 months | ||
Impairment of goodwill | $ 0 | ||
Impairment of other intangible assets | 0 | ||
Foreign Currency Transaction Gain (Loss), before Tax | 505 | $ (1,466) | $ 945 |
Research and Development Expense | $ 12,688 | $ 15,782 | $ 14,707 |
Buildings [Member] | Minimum | |||
Schedule of Useful Lives [Line Items] | |||
Property, Plant and Equipment, Useful Life | 20 years | ||
Buildings [Member] | Maximum | |||
Schedule of Useful Lives [Line Items] | |||
Property, Plant and Equipment, Useful Life | 50 years | ||
Computer equipment [Member] | Minimum | |||
Schedule of Useful Lives [Line Items] | |||
Property, Plant and Equipment, Useful Life | 3 years | ||
Computer equipment [Member] | Maximum | |||
Schedule of Useful Lives [Line Items] | |||
Property, Plant and Equipment, Useful Life | 5 years | ||
Machinery and equipment [Member] | Minimum | |||
Schedule of Useful Lives [Line Items] | |||
Property, Plant and Equipment, Useful Life | 4 years | ||
Machinery and equipment [Member] | Maximum | |||
Schedule of Useful Lives [Line Items] | |||
Property, Plant and Equipment, Useful Life | 12 years | ||
Furnaces and boilers [Member] | Minimum | |||
Schedule of Useful Lives [Line Items] | |||
Property, Plant and Equipment, Useful Life | 12 years | ||
Furnaces and boilers [Member] | Maximum | |||
Schedule of Useful Lives [Line Items] | |||
Property, Plant and Equipment, Useful Life | 17 years |
Acquisitions (Details)
Acquisitions (Details) $ / shares in Units, € in Thousands, shares in Thousands, SFr in Thousands, $ in Thousands | Oct. 31, 2013EUR (€)shares | Oct. 31, 2013USD ($)shares | Dec. 31, 2015CHF (SFr)employeesubsidiary | Dec. 31, 2015USD ($)subsidiary | Sep. 30, 2015EUR (€)subsidiary | Sep. 30, 2015USD ($)subsidiary | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($)$ / shares | Dec. 31, 2015USD ($)employee | Sep. 30, 2015USD ($) |
Business Acquisition [Line Items] | |||||||||||
Period of acquisitions | 3 years | ||||||||||
Number of subsidiaries included in business acquisition | subsidiary | 2 | 2 | 1 | 1 | |||||||
Diluted: | |||||||||||
Net sales | $ 1,193,975 | $ 1,262,006 | $ 1,091,566 | ||||||||
Männer Business and Synventive [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Net sales | 1,191,109 | ||||||||||
Income from continuing operations | 92,343 | ||||||||||
Net income | $ 290,549 | ||||||||||
Basic: | |||||||||||
Income from continuing operations (in dollars per share) | $ / shares | $ 1.69 | ||||||||||
Net income (in dollars per share) | $ / shares | 5.31 | ||||||||||
Diluted: | |||||||||||
Income from continuing operations (in dollars per share) | $ / shares | 1.65 | ||||||||||
Net income (in dollars per share) | $ / shares | $ 5.20 | ||||||||||
Männer Business [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Aggregate purchase price | € 280,742 | $ 380,673 | |||||||||
Cash paid | € 253,242 | $ 343,978 | |||||||||
Equity interests issued (in shares) | shares | 1,032,493 | 1,032,493 | |||||||||
Equity interests issued | € 27,500 | $ 36,695 | |||||||||
Cash acquired | € 27,030 | $ 36,714 | |||||||||
Acquisition related costs | $ 3,642 | ||||||||||
Sales since date of acquisition | 18,894 | ||||||||||
Operating income | 2,817 | ||||||||||
Purchase accounting adjustments | $ 7,279 | ||||||||||
Priamus [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Aggregate purchase price | SFr 9,831 | $ 10,062 | |||||||||
Business Combination, Number of Employees | employee | 40 | 40 | |||||||||
Acquisition related costs | 574 | ||||||||||
Diluted: | |||||||||||
Net sales | $ 2,028 | ||||||||||
Priamus System Technologies AG [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Number of subsidiaries included in business acquisition | subsidiary | 2 | 2 | |||||||||
Thermoplay [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Aggregate purchase price | € 58,066 | $ 63,690 | |||||||||
Adjustments under terms of Share Purchase Agreement | SFr 1,556 | 17,054 | $ 1,592 | $ 18,706 | |||||||
Cash paid | 56,700 | 62,191 | |||||||||
Liabilities recorded | € 1,366 | $ 1,499 | |||||||||
Acquisition related costs | $ 2,195 | ||||||||||
Diluted: | |||||||||||
Net sales | $ 13,593 |
Discontinued Operations (Detail
Discontinued Operations (Details) € in Thousands, $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
Apr. 30, 2013USD ($) | Sep. 30, 2014EUR (€) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Change in restricted cash | $ 0 | $ 4,886 | $ 0 | ||
(Loss) gain on transaction | 0 | (1,586) | 313,708 | ||
(Loss) income from discontinued operations, net of income taxes | $ 0 | (2,171) | 198,206 | ||
Barnes Distribution Europe and Barnes Distribution North America [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Net sales | 0 | 93,173 | |||
(Loss) income before income taxes | (270) | 5,248 | |||
Income tax (benefit) expense | (86) | 2,359 | |||
(Loss) income from operations of discontinued businesses, net of income taxes | (184) | 2,889 | |||
(Loss) gain on transaction | (1,586) | 313,708 | |||
Income tax expense on sale | 401 | 118,391 | |||
(Loss) gain on the sale of businesses, net of income taxes | (1,987) | 195,317 | |||
(Loss) income from discontinued operations, net of income taxes | $ (2,171) | 198,206 | |||
Barnes Distribution North America [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Proceeds from divestiture of businesses | $ 537,761 | ||||
After-tax proceeds from divestiture of business | $ 419,136 | ||||
Transaction costs on sale of business | 9,749 | ||||
(Loss) income before income taxes | $ 6,345 | ||||
Barnes Distribution Europe [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Change in restricted cash | € | € 1,250 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Inventory Disclosure [Abstract] | ||
Finished goods | $ 76,836 | $ 83,905 |
Work-in-process | 77,061 | 79,563 |
Raw material and supplies | 54,714 | 48,576 |
Inventories | $ 208,611 | $ 212,044 |
Property, Plant and Equipment52
Property, Plant and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 714,807 | $ 672,225 | |
Less accumulated depreciation | (405,951) | (372,790) | |
Property, plant and equipment, net | 308,856 | 299,435 | |
Depreciation expense | 39,654 | 41,875 | $ 34,419 |
Land [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 19,153 | 19,422 | |
Buildings [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 156,294 | 145,142 | |
Machinery and equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 539,360 | $ 507,661 |
Goodwill and Other Intangible53
Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||
Oct. 31, 2015 | Aug. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2015 | |
Goodwill [Roll Forward] | |||||||||||
Goodwill, beginning of period | $ 594,949 | $ 594,949 | $ 649,697 | ||||||||
Goodwill acquired | 22,798 | ||||||||||
Foreign currency translation | (29,755) | (54,748) | |||||||||
Goodwill, end of period | $ 587,992 | $ 594,949 | $ 649,697 | 587,992 | 594,949 | $ 649,697 | |||||
Other Intangible Assets: | |||||||||||
Finite Lived Intangible Assets Before Foreign Currency Translation Adjustment | 701,958 | 677,959 | 701,958 | 677,959 | |||||||
Finite Lived Intangible Assets Foreign Currency Translation Adjustment | (25,161) | (8,821) | (25,161) | (8,821) | |||||||
Finite-Lived Intangible Assets, Accumulated Amortization | (186,845) | (151,344) | (186,845) | (151,344) | |||||||
Finite-Lived Intangible Assets, Gross | 715,167 | 706,038 | 715,167 | 706,038 | |||||||
Intangible Assets, Future Amortization Expense | |||||||||||
Amortization of intangible assets expected in 2015 | 35,000 | 35,000 | |||||||||
Amortization of intangible assets expected in 2016 | 35,000 | 35,000 | |||||||||
Amortization of intangible assets expected in 2017 | 36,000 | 36,000 | |||||||||
Amortization of intangible assets expected in 2018 | 35,000 | 35,000 | |||||||||
Amortization of intangible assets expected in 2019 | 32,000 | 32,000 | |||||||||
Component Repair Program Payments | 21,000 | 70,100 | 16,639 | ||||||||
Goodwill expected tax deductible amount | 43,860 | 43,860 | |||||||||
Amortization of Intangible Assets | 38,502 | 37,125 | 27,973 | ||||||||
Thermoplay [Member] | |||||||||||
Intangible Assets, Future Amortization Expense | |||||||||||
Other intangible assets | $ 4,500 | $ 14,770 | |||||||||
Customer Relationships [Member] | Thermoplay [Member] | |||||||||||
Intangible Assets, Future Amortization Expense | |||||||||||
Other intangible assets | $ 1,300 | $ 9,860 | |||||||||
Acquired Finite-lived Intangible Asset, Weighted Average Useful Life | 14 years | 13 years | |||||||||
Revenue sharing programs [Member] | |||||||||||
Other Intangible Assets: | |||||||||||
Finite Lived Intangible Assets Before Foreign Currency Translation Adjustment | 293,700 | 293,700 | 293,700 | 293,700 | |||||||
Finite-Lived Intangible Assets, Accumulated Amortization | (84,629) | (72,958) | $ (84,629) | (72,958) | |||||||
Revenue sharing programs [Member] | Maximum | |||||||||||
Other Intangible Assets: | |||||||||||
Range of life (in years) | 30 years | ||||||||||
Component Repair Program [Member] | |||||||||||
Other Intangible Assets: | |||||||||||
Finite Lived Intangible Assets Before Foreign Currency Translation Adjustment | 111,839 | 106,639 | $ 111,839 | 106,639 | |||||||
Finite-Lived Intangible Assets, Accumulated Amortization | (6,054) | (1,941) | $ (6,054) | (1,941) | |||||||
Component Repair Program [Member] | Maximum | |||||||||||
Other Intangible Assets: | |||||||||||
Range of life (in years) | 30 years | ||||||||||
Customer lists/relationships [Member] | |||||||||||
Other Intangible Assets: | |||||||||||
Finite Lived Intangible Assets Before Foreign Currency Translation Adjustment | 194,566 | 183,406 | $ 194,566 | 183,406 | |||||||
Finite-Lived Intangible Assets, Accumulated Amortization | (41,786) | (30,731) | $ (41,786) | (30,731) | |||||||
Customer lists/relationships [Member] | Minimum | |||||||||||
Other Intangible Assets: | |||||||||||
Range of life (in years) | 10 years | ||||||||||
Customer lists/relationships [Member] | Maximum | |||||||||||
Other Intangible Assets: | |||||||||||
Range of life (in years) | 16 years | ||||||||||
Patents And Technology [Member] | |||||||||||
Other Intangible Assets: | |||||||||||
Finite Lived Intangible Assets Before Foreign Currency Translation Adjustment | 69,352 | 62,972 | $ 69,352 | 62,972 | |||||||
Finite-Lived Intangible Assets, Accumulated Amortization | (29,551) | (22,356) | $ (29,551) | (22,356) | |||||||
Patents And Technology [Member] | Minimum | |||||||||||
Other Intangible Assets: | |||||||||||
Range of life (in years) | 6 years | ||||||||||
Patents And Technology [Member] | Maximum | |||||||||||
Other Intangible Assets: | |||||||||||
Range of life (in years) | 14 years | ||||||||||
Patents And Technology [Member] | Thermoplay [Member] | |||||||||||
Intangible Assets, Future Amortization Expense | |||||||||||
Other intangible assets | $ 3,200 | $ 3,180 | |||||||||
Acquired Finite-lived Intangible Asset, Weighted Average Useful Life | 6 years | 6 years | |||||||||
Trademarks, Trade Names [Member] | |||||||||||
Other Intangible Assets: | |||||||||||
Finite Lived Intangible Assets Before Foreign Currency Translation Adjustment | 11,950 | 11,950 | $ 11,950 | 11,950 | |||||||
Finite-Lived Intangible Assets, Accumulated Amortization | (9,412) | (8,552) | $ (9,412) | (8,552) | |||||||
Trademarks, Trade Names [Member] | Minimum | |||||||||||
Other Intangible Assets: | |||||||||||
Range of life (in years) | 10 years | ||||||||||
Trademarks, Trade Names [Member] | Maximum | |||||||||||
Other Intangible Assets: | |||||||||||
Range of life (in years) | 30 years | ||||||||||
Unamoritized Trade Name [Member] | |||||||||||
Other Intangible Assets: | |||||||||||
Finite Lived Intangible Assets Before Foreign Currency Translation Adjustment | $ 1,470 | 36,900 | 36,900 | ||||||||
Unamoritized Trade Name [Member] | Männer Business and Synventive [Member] | |||||||||||
Other Intangible Assets: | |||||||||||
Finite Lived Intangible Assets Before Foreign Currency Translation Adjustment | 38,370 | $ 38,370 | |||||||||
Other [Member] | |||||||||||
Other Intangible Assets: | |||||||||||
Finite Lived Intangible Assets Before Foreign Currency Translation Adjustment | 20,551 | 19,292 | 20,551 | 19,292 | |||||||
Finite-Lived Intangible Assets, Accumulated Amortization | (15,413) | (14,806) | $ (15,413) | (14,806) | |||||||
Other [Member] | Maximum | |||||||||||
Other Intangible Assets: | |||||||||||
Range of life (in years) | 15 years | ||||||||||
Customer Backlog [Member] | Thermoplay [Member] | |||||||||||
Intangible Assets, Future Amortization Expense | |||||||||||
Other intangible assets | $ 260 | ||||||||||
Acquired Finite-lived Intangible Asset, Weighted Average Useful Life | 1 year | ||||||||||
Component Repair Program One [Member] | |||||||||||
Intangible Assets, Future Amortization Expense | |||||||||||
Component Repair Program Payments Consideration | 26,639 | $ 26,639 | |||||||||
Component Repair Program Payments | 9,100 | 16,639 | |||||||||
Component Repair Program One [Member] | Accrued Liabilities [Member] | |||||||||||
Intangible Assets, Future Amortization Expense | |||||||||||
Component Repair Program Payments Expected | 900 | 900 | |||||||||
Component Repair Program Two [Member] | |||||||||||
Intangible Assets, Future Amortization Expense | |||||||||||
Component Repair Program Payments Consideration | 80,000 | 80,000 | |||||||||
Component Repair Program Payments | 2,000 | 20,000 | $ 41,000 | ||||||||
Component Repair Program Two [Member] | Accrued Liabilities [Member] | |||||||||||
Intangible Assets, Future Amortization Expense | |||||||||||
Component Repair Program Payments Expected | $ 19,000 | ||||||||||
Component Repair Program Three [Member] | |||||||||||
Intangible Assets, Future Amortization Expense | |||||||||||
Component Repair Program Payments Consideration | 5,200 | 5,200 | |||||||||
Component Repair Program Three [Member] | Accrued Liabilities [Member] | |||||||||||
Intangible Assets, Future Amortization Expense | |||||||||||
Component Repair Program Payments Expected | 3,200 | 3,200 | |||||||||
Industrial [Member] | |||||||||||
Goodwill [Roll Forward] | |||||||||||
Goodwill, beginning of period | 564,163 | 564,163 | 618,911 | ||||||||
Goodwill acquired | 22,798 | ||||||||||
Foreign currency translation | (29,755) | (54,748) | |||||||||
Goodwill, end of period | 557,206 | 564,163 | 618,911 | 557,206 | 564,163 | 618,911 | |||||
Industrial [Member] | Thermoplay [Member] | |||||||||||
Goodwill [Roll Forward] | |||||||||||
Goodwill acquired | 20,521 | ||||||||||
Industrial [Member] | Priamus [Member] | |||||||||||
Goodwill [Roll Forward] | |||||||||||
Goodwill acquired | 2,277 | ||||||||||
Aerospace [Member] | |||||||||||
Goodwill [Roll Forward] | |||||||||||
Goodwill, beginning of period | $ 30,786 | 30,786 | 30,786 | ||||||||
Goodwill acquired | 0 | ||||||||||
Foreign currency translation | 0 | 0 | |||||||||
Goodwill, end of period | $ 30,786 | $ 30,786 | $ 30,786 | $ 30,786 | $ 30,786 | $ 30,786 |
Accrued Liabilities (Details)
Accrued Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Accrued Liabilities [Abstract] | ||
Payroll and other compensation | $ 27,186 | $ 41,948 |
Deferred revenue | 16,453 | 25,344 |
CRP Accrual | 4,100 | 19,900 |
Pension and other postretirement benefits | 8,444 | 8,233 |
Accrued income taxes | 25,682 | 21,755 |
Other | 49,455 | 44,217 |
Accrued liabilities | $ 131,320 | $ 161,397 |
Debt and Commitments (Details N
Debt and Commitments (Details Narrative) € in Thousands, $ in Thousands | Jun. 24, 2014USD ($) | Sep. 27, 2013 | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2014EUR (€) | Dec. 31, 2014USD ($) | Oct. 15, 2014USD ($) | Jun. 30, 2014 | Jun. 16, 2014USD ($) |
Debt Instrument [Line Items] | ||||||||||
Premium paid on convertible debt redemption | $ 0 | $ 14,868 | $ 0 | |||||||
Notes and overdrafts payable | 22,680 | $ 8,028 | ||||||||
Letters of credit outstanding, amount | 8,689 | |||||||||
Interest Expense [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Fees and expenses paid with amendment | $ 1,261 | |||||||||
Convertible Debt [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Convertible notes | 0 | 0 | ||||||||
Bank Overdrafts [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Notes and overdrafts payable | 180 | $ 478 | ||||||||
Line of Credit [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Line of credit facility maximum borrowing capacity | $ 56,000 | |||||||||
Line of credit facility, interest rate at period end | 1.56% | 1.23% | 1.23% | |||||||
Notes and overdrafts payable | $ 22,500 | $ 7,550 | ||||||||
Repayment period | 1 month | |||||||||
Convertible Debt [Member] | 3.375% Convertible Notes [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Convertible notes stated interest rate | 3.375% | 3.375% | ||||||||
Repayments of convertible debt, including premium on conversion | $ 70,497 | |||||||||
Premium paid on convertible debt redemption | 14,868 | |||||||||
Adjustments to additional paid in capital, premium paid on convertible debt redemption | 9,326 | |||||||||
Adjustments to additional paid in capital, income tax benefit from premium paid on convertible debt redemption, tax | 5,542 | |||||||||
Contingent convertible debt interest, amount recaptured for income tax purpose | 23,565 | |||||||||
Reduction in short-term deferred tax liabilities | 8,784 | |||||||||
Debt instrument, convertible, effective interest rate | 8.00% | |||||||||
Debt Conversion, Converted Instrument, Amount Redeemed with Accrued Interest | 7 | |||||||||
Debt Conversion, Converted Instrument, Amount | 55,405 | |||||||||
Convertible Note Repurchases, Par Value | $ 224 | |||||||||
Convertible notes | $ 55,412 | |||||||||
Revolving Credit Agreement [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Carrying amount of debt | $ 379,700 | 393,518 | ||||||||
Line of credit facility maximum borrowing capacity | 750,000 | |||||||||
Line of Credit Facility With Accordian Feature, Maximum Borrowing Capacity | 1,000,000 | |||||||||
Line of credit facility, amount outstanding | 379,700 | 393,518 | ||||||||
Line of credit facility remaining borrowing capacity | $ 370,300 | $ 356,482 | ||||||||
Line of credit facility, interest rate at period end | 1.50% | 1.33% | 1.33% | |||||||
Bank Overdrafts [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Repayment period | 2 days | |||||||||
Senior Notes [Member] | 3.97% Senior Notes [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, face amount | $ 100,000 | |||||||||
Convertible notes stated interest rate | 3.97% | |||||||||
Carrying amount of debt | $ 100,000 | $ 100,000 | ||||||||
Debt Instrument, Prepayment Percentage of Principal Amount | 100.00% | |||||||||
Foreign bank borrowings [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Carrying amount of debt | 421 | 0 | ||||||||
Euro Member Countries, Euro | Revolving Credit Agreement [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Line of credit facility maximum borrowing capacity | $ 500,000 | |||||||||
Line of credit facility, amount outstanding | € 30,945 | $ 37,618 | ||||||||
Minimum | Revolving Credit Agreement [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument basis spread on LIBOR | 1.10% | |||||||||
Debt covenant ratio of EBITDA to cash interest expense | 4.25 | |||||||||
Maximum | Revolving Credit Agreement [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument basis spread on LIBOR | 1.70% | |||||||||
Debt covenant ratio of senior debt to EBITDA | 3.25 | |||||||||
Debt covenant ratio of total debt to EBITDA | 4 | |||||||||
Maximum | Senior Notes [Member] | Adjusted for Certain Acquisitons [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 | |||||||||
London Interbank Offered Rate (LIBOR) [Member] | Revolving Credit Agreement [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR |
Debt and Commitments (Details 1
Debt and Commitments (Details 1) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Fair Value | $ 508,265 | $ 509,283 |
Borrowings under lines of credit and overdrafts | 22,680 | 8,028 |
Total debt, net of unamortized discounts | 509,906 | 504,734 |
Less current maturities | (24,195) | (8,890) |
Long-term debt | 485,711 | 495,844 |
Revolving Credit Agreement [Member] | ||
Debt Instrument [Line Items] | ||
Carrying Amount | 379,700 | 393,518 |
Fair Value | 375,188 | 394,917 |
Senior Notes [Member] | 3.97% Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Carrying Amount | 100,000 | 100,000 |
Fair Value | 102,484 | 102,859 |
Lines of credit and overdrafts [Member] | ||
Debt Instrument [Line Items] | ||
Fair Value | 22,680 | 8,028 |
Borrowings under lines of credit and overdrafts | 22,680 | 8,028 |
Capital Lease Obligations [Member] | ||
Debt Instrument [Line Items] | ||
Carrying Amount | 7,105 | 3,188 |
Fair Value | 7,503 | 3,479 |
Foreign bank borrowings [Member] | ||
Debt Instrument [Line Items] | ||
Carrying Amount | 421 | 0 |
Fair Value | $ 410 | $ 0 |
Debt and Commitments (Details 2
Debt and Commitments (Details 2) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Debt Instrument [Line Items] | ||
Interest expense on convertible notes | $ 1,777 | $ 4,269 |
Coupon [Member] | Convertible Debt [Member] | 3.375% Convertible Notes [Member] | ||
Debt Instrument [Line Items] | ||
Interest expense on convertible notes | 1,046 | 1,878 |
Debt discount amortization [Member] | Convertible Debt [Member] | 3.375% Convertible Notes [Member] | ||
Debt Instrument [Line Items] | ||
Interest expense on convertible notes | $ 731 | $ 2,391 |
Debt and Commitments (Details 3
Debt and Commitments (Details 3) $ in Thousands | Dec. 31, 2015USD ($) |
Debt Disclosure [Abstract] | |
Long-term Debt, Maturities, Repayments of Principal in 2016 | $ 24,195 |
Long-term Debt, Maturities, Repayments of Principal in 2017 | 1,551 |
Long-term Debt, Maturities, Repayments of Principal in 2018 | 380,551 |
Long-term Debt, Maturities, Repayments of Principal in 2019 | 732 |
Long-term Debt, Maturities, Repayments of Principal in 2020 | 465 |
Long-term Debt, Maturities, Repayments of Principal, thereafter | $ 102,412 |
Debt and Commitments (Details 4
Debt and Commitments (Details 4) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Debt Disclosure [Abstract] | |||
Interest Paid | $ 10,550 | $ 10,471 | $ 11,636 |
Interest Capitalized | $ 422 | $ 359 | $ 247 |
Business Reorganization (Detail
Business Reorganization (Details) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2014employee | Dec. 31, 2014USD ($) | |
Restructuring Cost and Reserve [Line Items] | ||
Number of positions eliminated | employee | 50 | |
Restructuring and related costs | $ 6,020 | |
One-time Termination Benefits [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and related costs | 2,182 | |
Other Restructuring [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and related costs | $ 3,838 |
Derivatives (Details)
Derivatives (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract] | ||
Derivative Liabilities | $ (458) | $ (1,646) |
Designated as Hedging Instrument [Member] | ||
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract] | ||
Derivative Liabilities | (357) | (947) |
Prepaid Assets and Other Current Assets [Member] | ||
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract] | ||
Derivative Assets | 699 | 460 |
Prepaid Assets and Other Current Assets [Member] | Designated as Hedging Instrument [Member] | ||
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract] | ||
Derivative Assets | 484 | 0 |
Prepaid Assets and Other Current Assets [Member] | Designated as Hedging Instrument [Member] | Interest Rate Contracts [Member] | ||
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract] | ||
Derivative Assets | 0 | 0 |
Prepaid Assets and Other Current Assets [Member] | Designated as Hedging Instrument [Member] | Foreign Exchange Contracts [Member] | ||
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract] | ||
Derivative Assets | 484 | 0 |
Prepaid Assets and Other Current Assets [Member] | Not Designated as Hedging Instrument [Member] | Foreign Exchange Contracts [Member] | ||
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract] | ||
Derivative Assets | 215 | 460 |
Accrued Liabilities [Member] | Designated as Hedging Instrument [Member] | Foreign Exchange Contracts [Member] | ||
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract] | ||
Derivative Liabilities | 0 | (652) |
Accrued Liabilities [Member] | Not Designated as Hedging Instrument [Member] | Foreign Exchange Contracts [Member] | ||
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract] | ||
Derivative Liabilities | (101) | (699) |
Other Liabilities [Member] | Designated as Hedging Instrument [Member] | Interest Rate Contracts [Member] | ||
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract] | ||
Derivative Liabilities | $ (357) | $ (295) |
Derivatives (Details 1)
Derivatives (Details 1) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Apr. 30, 2012USD ($)Bank | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Derivative [Line Items] | ||||
Maximum Remaining Maturity of Foreign Currency Derivatives | 2 years | |||
Other | $ 9,850 | $ (338) | $ (1,472) | |
Derivative, Net Hedge Ineffectiveness Gain (Loss) | 0 | 0 | ||
Foreign Exchange Contracts [Member] | ||||
Derivative [Line Items] | ||||
Other | 10,309 | |||
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 | 847 | (213) | ||
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Interest Rate Contracts [Member] | ||||
Derivative [Line Items] | ||||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | (39) | 48 | ||
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Foreign Exchange Contracts [Member] | ||||
Derivative [Line Items] | ||||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | 886 | (261) | ||
Not Designated as Hedging Instrument [Member] | Foreign Exchange Contracts [Member] | ||||
Derivative [Line Items] | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $ 8,215 | $ (810) | ||
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 | Bank | 3 | |||
Derivative, Amount of Hedged Item | $ 100,000 | |||
Debt Instrument, Description of Variable Rate Basis | one-month LIBOR | |||
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | ||||
Derivative [Line Items] | ||||
Derivative, Fixed Interest Rate | 1.03% |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative Liabilities | $ (458) | $ (1,646) |
Minimum | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Maturity of Bank Acceptances | 3 months | |
Maximum | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Maturity of Bank Acceptances | 6 months | |
Fair Value, Measurements, Recurring | Estimate of Fair Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative Assets | $ 699 | 460 |
Derivative Liabilities | (458) | (1,646) |
Bank acceptances | 10,823 | 10,785 |
Rabbi Trust Asset Fair Value Disclosure | 2,159 | 2,092 |
Fair value net asset (liability) | 13,223 | 11,691 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative Assets | 0 | 0 |
Derivative Liabilities | 0 | 0 |
Bank acceptances | 0 | 0 |
Rabbi Trust Asset Fair Value Disclosure | 2,159 | 2,092 |
Fair value net asset (liability) | 2,159 | 2,092 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative Assets | 699 | 460 |
Derivative Liabilities | (458) | (1,646) |
Bank acceptances | 10,823 | 10,785 |
Rabbi Trust Asset Fair Value Disclosure | 0 | 0 |
Fair value net asset (liability) | 11,064 | 9,599 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative Assets | 0 | 0 |
Derivative Liabilities | 0 | 0 |
Bank acceptances | 0 | 0 |
Rabbi Trust Asset Fair Value Disclosure | 0 | 0 |
Fair value net asset (liability) | $ 0 | $ 0 |
Pension and Other Postretirem64
Pension and Other Postretirement Benefits (Details 1) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Contribution expense | $ 5,347 | $ 5,213 | $ 4,780 | |
Pension lump-sum settlement charge | 9,856 | 0 | 0 | |
Defined benefit pension plans, U.S. [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Benefits Paid | $ 27,986 | 52,490 | 23,960 | |
Pension lump-sum settlement charge | 0 | 0 | ||
Defined benefit pension plans, U.S. [Member] | Selling, General and Administrative Expenses [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension lump-sum settlement charge | 9,856 | |||
Retirement Savings Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Contribution expense | $ 3,666 | $ 3,278 | $ 2,815 | |
Annual Retirement Contribution Percent | 4.00% | 4.00% |
Pension and Other Postretirem65
Pension and Other Postretirement Benefits (Details 2) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||||
Plan Settlement | $ (9,856) | $ 0 | $ 0 | |
Defined benefit pension plans [Member] | ||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||||
Benefit obligation, beginning balance | 513,384 | 453,722 | ||
Service cost | 5,508 | 4,546 | 6,181 | |
Interest cost | 20,019 | 22,026 | 20,112 | |
Amendments | (463) | |||
Actuarial loss | (18,910) | 68,634 | ||
Benefits paid | (56,734) | (27,365) | ||
Transfers in | 3,951 | 1,929 | ||
Curtailment gain | (465) | 0 | ||
Plan Settlement | (375) | (4,949) | ||
Special termination benefit | 0 | 715 | 1,016 | |
Participant contributions | 368 | 906 | ||
Foreign exchange rate changes | (5,248) | (6,780) | ||
Benefit obligation, ending balance | $ 461,035 | 461,035 | 513,384 | 453,722 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of plan assets, beginning balance | 452,687 | 453,578 | ||
Actual return on plan assets | (3,781) | 26,785 | ||
Company contributions | 4,527 | 7,621 | ||
Participant contributions | 368 | 906 | ||
Benefits paid | (56,734) | (27,365) | ||
Plan Settlements | (376) | (4,949) | ||
Transfers in | 3,434 | 1,929 | ||
Foreign exchange rate changes | (4,743) | (5,818) | ||
Fair value of plan assets, ending balance | 395,382 | 395,382 | 452,687 | 453,578 |
Funded/(underfunded) status, December 31 | (65,653) | (65,653) | (60,697) | |
Defined benefit pension plans, U.S. [Member] | ||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||||
Benefit obligation, beginning balance | 433,079 | 374,740 | ||
Service cost | 4,160 | 3,549 | ||
Interest cost | 17,967 | 19,129 | ||
Amendments | 0 | |||
Actuarial loss | (16,622) | 58,906 | ||
Benefits paid | (27,986) | (52,490) | (23,960) | |
Transfers in | 0 | 0 | ||
Curtailment gain | (465) | 0 | ||
Plan Settlement | 0 | 0 | ||
Special termination benefit | 0 | 715 | ||
Participant contributions | 0 | 0 | ||
Foreign exchange rate changes | 0 | 0 | ||
Benefit obligation, ending balance | 385,629 | 385,629 | 433,079 | 374,740 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of plan assets, beginning balance | 380,937 | 379,059 | ||
Actual return on plan assets | (5,045) | 20,436 | ||
Company contributions | 3,427 | 5,402 | ||
Participant contributions | 0 | 0 | ||
Benefits paid | (27,986) | (52,490) | (23,960) | |
Plan Settlements | 0 | 0 | ||
Transfers in | 0 | 0 | ||
Foreign exchange rate changes | 0 | 0 | ||
Fair value of plan assets, ending balance | 326,829 | 326,829 | 380,937 | 379,059 |
Funded/(underfunded) status, December 31 | (58,800) | (58,800) | (52,142) | |
Defined benefit pension plans, Non-U.S. [Member] | ||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||||
Benefit obligation, beginning balance | 80,305 | 78,982 | ||
Service cost | 1,348 | 997 | ||
Interest cost | 2,052 | 2,897 | ||
Amendments | (463) | |||
Actuarial loss | (2,288) | 9,728 | ||
Benefits paid | (4,244) | (3,405) | ||
Transfers in | 3,951 | 1,929 | ||
Curtailment gain | 0 | 0 | ||
Plan Settlement | (375) | (4,949) | ||
Special termination benefit | 0 | 0 | ||
Participant contributions | 368 | 906 | ||
Foreign exchange rate changes | (5,248) | (6,780) | ||
Benefit obligation, ending balance | 75,406 | 75,406 | 80,305 | 78,982 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of plan assets, beginning balance | 71,750 | 74,519 | ||
Actual return on plan assets | 1,264 | 6,349 | ||
Company contributions | 1,100 | 2,219 | ||
Participant contributions | 368 | 906 | ||
Benefits paid | (4,244) | (3,405) | ||
Plan Settlements | (376) | (4,949) | ||
Transfers in | 3,434 | 1,929 | ||
Foreign exchange rate changes | (4,743) | (5,818) | ||
Fair value of plan assets, ending balance | 68,553 | 68,553 | 71,750 | 74,519 |
Funded/(underfunded) status, December 31 | (6,853) | (6,853) | (8,555) | |
Other postretirement benefit plans [Member] | ||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||||
Benefit obligation, beginning balance | 46,814 | 46,243 | ||
Service cost | 145 | 139 | 233 | |
Interest cost | 1,836 | 2,179 | 2,061 | |
Actuarial loss | (2,521) | 3,049 | ||
Benefits paid | (6,970) | (7,568) | ||
Curtailment gain | 0 | 0 | ||
Special termination benefit | 0 | 0 | 0 | |
Participant contributions | 2,486 | 2,833 | ||
Foreign exchange rate changes | (84) | (61) | ||
Benefit obligation, ending balance | 41,706 | 41,706 | 46,814 | 46,243 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of plan assets, beginning balance | 0 | 0 | ||
Company contributions | 4,484 | 4,735 | ||
Participant contributions | 2,486 | 2,833 | ||
Benefits paid | (6,970) | (7,568) | ||
Fair value of plan assets, ending balance | 0 | 0 | 0 | $ 0 |
Funded/(underfunded) status, December 31 | $ 41,706 | $ 41,706 | $ 46,814 |
Pension and Other Postretirem66
Pension and Other Postretirement Benefits (Details 3) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Defined benefit pension plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation, related to pension plans with benefit obligations in excess of plan assets | $ 303,072 | $ 327,038 |
Fair value of plan assets, related to pension plans with benefit obligations in excess of plan assets | 224,469 | 251,965 |
Defined benefit pension plans, U.S. [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation, related to pension plans with benefit obligations in excess of plan assets | 271,459 | 297,067 |
Fair value of plan assets, related to pension plans with benefit obligations in excess of plan assets | 204,270 | 234,305 |
Defined benefit pension plans, Non-U.S. [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation, related to pension plans with benefit obligations in excess of plan assets | 31,613 | 29,971 |
Fair value of plan assets, related to pension plans with benefit obligations in excess of plan assets | $ 20,199 | $ 17,660 |
Pension and Other Postretirem67
Pension and Other Postretirement Benefits (Details 4) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Defined benefit pension plans [Member] | ||
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets [Abstract] | ||
Projected benefit obligation | $ 302,019 | $ 320,563 |
Accumulated benefit obligation | 289,170 | 306,663 |
Fair value of plan assets | 223,526 | 246,857 |
Total accumulated benefit obligation | 447,591 | 497,453 |
Defined benefit pension plans, U.S. [Member] | ||
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets [Abstract] | ||
Projected benefit obligation | 271,459 | 297,067 |
Accumulated benefit obligation | 262,172 | 286,217 |
Fair value of plan assets | 204,270 | 234,305 |
Defined benefit pension plans, Non-U.S. [Member] | ||
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets [Abstract] | ||
Projected benefit obligation | 30,560 | 23,496 |
Accumulated benefit obligation | 26,998 | 20,446 |
Fair value of plan assets | $ 19,256 | $ 12,552 |
Pension and Other Postretirem68
Pension and Other Postretirement Benefits (Details 5) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Defined Benefit Plan Disclosure [Line Items] | ||
Accrued liabilities | $ 8,444 | $ 8,233 |
Accrued retirement benefits | 112,888 | 115,057 |
Defined benefit pension plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Other assets | 12,950 | 14,502 |
Accrued liabilities | 3,185 | 3,186 |
Accrued retirement benefits | 75,418 | 72,013 |
Accumulated other non-owner changes to equity, net | (99,826) | (107,614) |
Net actuarial loss | (99,642) | (106,805) |
Prior service costs | (184) | (809) |
Defined benefit pension plans, U.S. [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Other assets | 8,389 | 10,620 |
Accrued liabilities | 2,806 | 2,810 |
Accrued retirement benefits | 64,383 | 59,952 |
Accumulated other non-owner changes to equity, net | (83,014) | (86,925) |
Net actuarial loss | (82,643) | (86,399) |
Prior service costs | (371) | (526) |
Defined benefit pension plans, Non-U.S. [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Other assets | 4,561 | 3,882 |
Accrued liabilities | 379 | 376 |
Accrued retirement benefits | 11,035 | 12,061 |
Accumulated other non-owner changes to equity, net | (16,812) | (20,689) |
Net actuarial loss | (16,999) | (20,406) |
Prior service costs | 187 | (283) |
Other postretirement benefit plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accrued liabilities | 5,259 | 5,047 |
Accrued retirement benefits | 36,447 | 41,767 |
Accumulated other non-owner changes to equity, net | (5,877) | (7,675) |
Net actuarial loss | (6,061) | (8,212) |
Prior service costs | $ 184 | $ 537 |
Pension and Other Postretirem69
Pension and Other Postretirement Benefits (Details 6) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Defined Benefit Plan Disclosure [Line Items] | ||||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | [1] | $ (9,586) | $ 42,016 | $ (73,168) |
Defined benefit pension plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Prior service cost | 379 | |||
Net loss | (10,493) | |||
Amortization of prior service costs (credits) | 213 | |||
Amortization of actuarial loss | 16,007 | |||
Foreign exchange rate changes | 1,682 | |||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | 7,788 | |||
Other postretirement benefit plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Prior service cost | 0 | |||
Net loss | 1,557 | |||
Amortization of prior service costs (credits) | (354) | |||
Amortization of actuarial loss | 627 | |||
Foreign exchange rate changes | (32) | |||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | $ 1,798 | |||
[1] | Net of tax of $3,916, $(24,799) and $43,109 for the years ended December 31, 2015, 2014 and 2013, respectively. |
Pension and Other Postretirem70
Pension and Other Postretirement Benefits (Details 7) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined benefit pension plans, U.S. [Member] | |||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | |||
Discount rate | 4.65% | 4.25% | |
Increase in compensation | 3.71% | 3.73% | |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||
Discount rate | 4.25% | 5.20% | 4.25% |
Long-term rate of return | 8.25% | 9.00% | 9.00% |
Increase in compensation | 3.71% | 3.72% | 3.71% |
Defined benefit pension plans, Non-U.S. [Member] | |||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | |||
Discount rate | 2.80% | 2.74% | |
Increase in compensation | 2.71% | 2.72% | |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||
Discount rate | 2.74% | 3.93% | 3.73% |
Long-term rate of return | 5.00% | 5.07% | 5.33% |
Increase in compensation | 2.72% | 2.76% | 2.69% |
Pension and Other Postretirem71
Pension and Other Postretirement Benefits (Details 8) - Defined benefit pension plans [Member] | 3 Months Ended | 9 Months Ended |
Dec. 31, 2014 | Sep. 30, 2014 | |
Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
The weighted-average target investment allocations in equity securities | 65.00% | 70.00% |
Fixed Income Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
The weighted-average target investment allocations in equity securities | 30.00% | 20.00% |
Real estate securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
The weighted-average target investment allocations in equity securities | 5.00% | |
Other Investments [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
The weighted-average target investment allocations in equity securities | 5.00% | 5.00% |
Pension and Other Postretirem72
Pension and Other Postretirement Benefits (Details 9) - Defined benefit pension plans [Member] - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | $ 395,382 | $ 452,687 | $ 453,578 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 141,951 | 172,875 | |
Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 251,574 | 277,692 | |
Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 1,857 | 2,120 | |
Cash and short-term investments [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 18,795 | 10,805 | |
Cash and short-term investments [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 18,795 | 10,805 | |
Cash and short-term investments [Member] | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | |
Cash and short-term investments [Member] | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | |
Equity Securities, U.S. large-cap [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 67,274 | 137,051 | |
Equity Securities, U.S. large-cap [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 28,190 | 65,484 | |
Equity Securities, U.S. large-cap [Member] | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 39,084 | 71,567 | |
Equity Securities, U.S. large-cap [Member] | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | |
Equity Securities, U.S. mid-cap [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 38,790 | 48,614 | |
Equity Securities, U.S. mid-cap [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 38,790 | 48,614 | |
Equity Securities, U.S. mid-cap [Member] | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | |
Equity Securities, U.S. mid-cap [Member] | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | |
Equity Securities, U.S. small-cap [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 38,248 | 47,972 | |
Equity Securities, U.S. small-cap [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 38,248 | 47,972 | |
Equity Securities, U.S. small-cap [Member] | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | |
Equity Securities, U.S. small-cap [Member] | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | |
Equity Securities, International equities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 91,563 | 71,451 | |
Equity Securities, International equities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | |
Equity Securities, International equities [Member] | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 91,563 | 71,451 | |
Equity Securities, International equities [Member] | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | |
Equity Securities, Global Entity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 17,928 | ||
Equity Securities, Global Entity [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 17,928 | ||
Equity Securities, Global Entity [Member] | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | ||
Equity Securities, Global Entity [Member] | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | ||
U.S. bond funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 84,645 | 79,810 | |
U.S. bond funds [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | |
U.S. bond funds [Member] | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 84,645 | 79,810 | |
U.S. bond funds [Member] | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | |
International bonds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 36,282 | 35,949 | |
International bonds [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | |
International bonds [Member] | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 36,282 | 35,949 | |
International bonds [Member] | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | |
Real estate securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 18,915 | |
Real estate securities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | |
Real estate securities [Member] | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 18,915 | |
Real estate securities [Member] | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | |
Other [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 1,857 | 2,120 | |
Other [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | |
Other [Member] | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | |
Other [Member] | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | $ 1,857 | $ 2,120 |
Pension and Other Postretirem73
Pension and Other Postretirement Benefits (Details 10) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Defined benefit pension plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Estimated future employer contributions in next fiscal year | $ 19,398 |
Defined Benefit Plan, Estimated Future Benefit Payments [Abstract] | |
2,016 | 29,147 |
2,017 | 29,071 |
2,018 | 28,980 |
2,019 | 29,290 |
2,020 | 29,051 |
Years 2020-2024 | 145,470 |
Total | 291,009 |
Defined benefit pension plans, U.S. [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Estimated future employer contributions in next fiscal year | 15,000 |
Other postretirement benefit plans [Member] | |
Defined Benefit Plan, Estimated Future Benefit Payments [Abstract] | |
2,016 | 4,467 |
2,017 | 3,933 |
2,018 | 3,540 |
2,019 | 3,687 |
2,020 | 3,468 |
Years 2020-2024 | 14,242 |
Total | $ 33,337 |
Pension and Other Postretirem74
Pension and Other Postretirement Benefits (Details 11) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined benefit pension plans [Member] | |||
Pension and other postretirement benefits expenses | |||
Service cost | $ 5,508 | $ 4,546 | $ 6,181 |
Interest cost | 20,019 | 22,026 | 20,112 |
Expected return on plan assets | (32,404) | (34,232) | (33,144) |
Amortization of prior service cost | 305 | 648 | 752 |
Recognized losses | 15,004 | 8,617 | 16,365 |
Curtailment loss gain | 0 | 219 | 199 |
Settlement loss | 9,939 | 871 | 637 |
Special termination benefit | 0 | 715 | 1,016 |
Net periodic benefit cost | 18,371 | 3,410 | 12,118 |
Estimated net actuarial loss for the defined benefit pension plans that will be amortized from accumulated other non-owner changes to equity into net periodic benefit cost in 2013 | 10,218 | ||
Estimated prior service cost for the defined benefit pension plans that will be amortized from accumulated other non-owner changes to equity into net periodic benefit cost (credit) in 2013 | 207 | ||
Other postretirement benefit plans [Member] | |||
Pension and other postretirement benefits expenses | |||
Service cost | 145 | 139 | 233 |
Interest cost | 1,836 | 2,179 | 2,061 |
Expected return on plan assets | 0 | 0 | 0 |
Amortization of prior service cost | (564) | (871) | (1,006) |
Recognized losses | 1,011 | 1,017 | 1,004 |
Curtailment loss gain | 0 | 4 | (3,081) |
Settlement loss | 0 | 0 | 0 |
Special termination benefit | 0 | 0 | 0 |
Net periodic benefit cost | 2,428 | $ 2,468 | $ (789) |
Estimated net actuarial loss for the defined benefit pension plans that will be amortized from accumulated other non-owner changes to equity into net periodic benefit cost in 2013 | 704 | ||
Estimated prior service cost for the defined benefit pension plans that will be amortized from accumulated other non-owner changes to equity into net periodic benefit cost (credit) in 2013 | $ (373) |
Pension and Other Postretirem75
Pension and Other Postretirement Benefits (Details 12) - Other postretirement benefit plans [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Ultimate health care cost trend rate | 4.50% | |
Health care cost trend rate assumed | 6.65% | 6.88% |
Defined Benefit Plan, Effect of One-Percentage Point Change in Assumed Health Care Cost Trend Rates [Abstract] | ||
One Percentage Point Increase, Effect on postretirement benefit oblilgation | $ 391 | |
One Percentage Point Decrease, Effect on postretirement benefit oblilgation | (360) | |
One Percentage Point Increase, Effect on postretirement benefit cost | 17 | |
One Percentage Point Decrease, Effect on postretirement benefit cost | $ (15) |
Pension and Other Postretirem76
Pension and Other Postretirement Benefits (Details 13) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Multiemployer Plans [Line Items] | ||||
Contributions by the Company | $ 343 | $ 379 | $ 437 | |
Multi-employer pension plan [Member] | Teamsters Local 641 Pension Fund [Member] | ||||
Multiemployer Plans [Line Items] | ||||
Contributions by the Company | 0 | 0 | 23 | |
Multi-employer pension plan [Member] | Swedish Pension Plan (ITP) (B) [Member] | ||||
Multiemployer Plans [Line Items] | ||||
Contributions by the Company | 343 | 379 | 414 | |
Multi-employer post-retirement benefit plan [Member] | ||||
Multiemployer Plans [Line Items] | ||||
Contributions by the Company | $ 0 | $ 0 | $ 40 | |
Barnes Distribution North America [Member] | ||||
Multiemployer Plans [Line Items] | ||||
Withdrawl from Multi-Employer Post Retirement Benefit Plan Expense | $ 2,788 |
Stock-based Compensation - Narr
Stock-based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock compensation expense | $ 9,258 | $ 7,603 | $ 18,128 | |
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Term | 10 years | |||
Allocated Share-based Compensation Expense | $ 9,258 | 7,603 | 18,128 | |
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | 3,451 | 2,834 | 6,757 | |
Adjustments to Additional Paid in Capital, Income Tax Benefit from Share-based Compensation | 2,667 | 4,888 | 3,899 | |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $ 12,875 | |||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 2 years 26 days | |||
Employee Service Share-based Compensation, Cash Received from Exercise of Stock Options | $ 11,022 | 11,024 | 13,034 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Total Intrinsic Value | $ 8,331 | $ 11,178 | $ 14,022 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 8.86 | $ 12.14 | $ 8.77 | |
Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting period | 6 months | |||
Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting period | 5 years | |||
Employee Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Exercise Period of Stock Options from Date of Grant | 10 years | |||
Exercise Period of Stock Options from Date of Retirement | 5 years | |||
Equity Award Modification [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock compensation expense | $ 10,492 | $ 10,492 | ||
Performance Share Awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting period | 3 years | |||
Performance period | 3 years |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details 1) - $ / shares | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation [Abstract] | ||
Weighted-Average Exercise Price, Options Outstanding | $ 25.63 | $ 22.72 |
Weighted-Average Exercise Price, Options Granted | 36.49 | |
Weighted-Average Exercise Price, Options Exercised | 22.42 | |
Weighted-Average Exercise Price, Options Forfeited | $ 32.89 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||
Options Outstanding | 1,013,224 | |
Granted | 131,852 | |
Exercised | (491,638) | |
Forfeited | (9,366) | |
Options Outstanding | 644,072 |
Stock-Based Compensation (Det79
Stock-Based Compensation (Details 2) | 12 Months Ended |
Dec. 31, 2015$ / sharesshares | |
$11.45 to $20.69 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Options Outstanding, Number of Shares | shares | 241,854 |
Options Outstanding, Average Remaining Life (Years) | 4 years 2 months 1 day |
Options Outstanding, Average Exercise Price | $ 16.41 |
Options Exercisable, Number of Shares | shares | 241,854 |
Options Exercisable, Average Exercise Price | $ 16.41 |
Range of Exercise Prices, Lower Range Limit | 11.45 |
Range of Exercise Prices, Upper Range Limit | $ 20.69 |
$22.34 to $26.59 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Options Outstanding, Number of Shares | shares | 191,116 |
Options Outstanding, Average Remaining Life (Years) | 4 years 8 months 19 days |
Options Outstanding, Average Exercise Price | $ 25 |
Options Exercisable, Number of Shares | shares | 143,153 |
Options Exercisable, Average Exercise Price | $ 25.14 |
Range of Exercise Prices, Lower Range Limit | 22.34 |
Range of Exercise Prices, Upper Range Limit | $ 26.59 |
$33.45 to $36.31 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Options Outstanding, Number of Shares | shares | 121,800 |
Options Outstanding, Average Remaining Life (Years) | 8 years 11 months 27 days |
Options Outstanding, Average Exercise Price | $ 36.26 |
Options Exercisable, Number of Shares | shares | 2,000 |
Options Exercisable, Average Exercise Price | $ 33.45 |
Range of Exercise Prices, Lower Range Limit | 33.45 |
Range of Exercise Prices, Upper Range Limit | $ 36.31 |
$37.13 to $38.96 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Options Outstanding, Number of Shares | shares | 89,302 |
Options Outstanding, Average Remaining Life (Years) | 8 years 3 months 11 days |
Options Outstanding, Average Exercise Price | $ 37.43 |
Options Exercisable, Number of Shares | shares | 26,726 |
Options Exercisable, Average Exercise Price | $ 37.26 |
Range of Exercise Prices, Lower Range Limit | 37.13 |
Range of Exercise Prices, Upper Range Limit | $ 38.96 |
Stock-Based Compensation (Det80
Stock-Based Compensation (Details 3) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | |||
Risk-free interest rate | 1.58% | 1.68% | 0.96% |
Expected life (years) | 5 years 3 months 18 days | 5 years 3 months 18 days | 5 years 3 months 18 days |
Expected volatility | 31.10% | 42.60% | 48.90% |
Expected dividend yield | 2.06% | 2.24% | 2.38% |
Stock-Based Compensation (Det81
Stock-Based Compensation (Details 4) $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($)$ / sharesshares | |
Share-based Compensation [Abstract] | |
Options Outstanding, Expected to Vest, Shares | shares | 626,523 |
Options Outstanding, Expected to Vest, Weighted-Average Exercise Price | $ / shares | $ 25.63 |
Options Outstanding, Expected to Vest, Aggregate Intrinsic Value | $ | $ 6,400 |
Options Outstanding, Expected to Vest, Weighted-Average Remaining Term | 5 years 9 months 22 days |
Options Outstanding, Exercisable, Shares | shares | 413,733 |
Options Outstanding, Exercisable, Weighted-Average Exercise Price | $ / shares | $ 20.86 |
Options Outstanding, Exercisable, Aggregate Intrinsic Value | $ | $ 6,063 |
Options Outstanding, Exercisable, Weighted-Average Remaining Term | 4 years 7 months 10 days |
Stock-Based Compensation (Det82
Stock-Based Compensation (Details 5) | 12 Months Ended | ||
Dec. 31, 2015metric$ / sharesshares | Dec. 31, 2014$ / sharesshares | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | |||
Number Of Metrics Used To Measure Performance Goals | metric | 3 | ||
Risk-free interest rate | 1.58% | 1.68% | 0.96% |
Expected volatility | 31.10% | 42.60% | 48.90% |
Service And Market Based Rights [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | |||
Awards Outstanding | 113,531 | ||
Granted | 30,986 | ||
Forfeited | (3,171) | ||
Additional Earned | (2,057) | ||
Vested/Issued | (32,076) | ||
Awards Outstanding | 107,213 | 113,531 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | |||
Weighted-Average Grant Date Fair Value, Awards Outstanding | $ / shares | $ 41.82 | ||
Weighted-Average Grant Date Fair Value, Awards Granted | $ / shares | 54.54 | ||
Weighted-Average Grant Date Fair Value, Awards Forfeited | $ / shares | 49.48 | ||
Weighted-Average Grant Date Fair Value, Additional Earned | $ / shares | 32.06 | ||
Weighted-Average Grant Date Fair Value, Awards Vested/Issued | $ / shares | $ 32.06 | ||
Weighted-Average Grant Date Fair Value, Awards Outstanding | $ / shares | $ 41.82 | ||
Service And Performance Based Rights [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | |||
Awards Outstanding | 227,064 | ||
Granted | 61,973 | ||
Forfeited | (6,342) | ||
Additional Earned | 36,965 | ||
Vested/Issued | (105,234) | ||
Awards Outstanding | 214,426 | 227,064 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | |||
Weighted-Average Grant Date Fair Value, Awards Outstanding | $ / shares | $ 28.11 | ||
Weighted-Average Grant Date Fair Value, Awards Granted | $ / shares | 36.48 | ||
Weighted-Average Grant Date Fair Value, Awards Forfeited | $ / shares | 39.64 | ||
Weighted-Average Grant Date Fair Value, Additional Earned | $ / shares | 25.37 | ||
Weighted-Average Grant Date Fair Value, Awards Vested/Issued | $ / shares | $ 25.37 | ||
Weighted-Average Grant Date Fair Value, Awards Outstanding | $ / shares | $ 28.11 | ||
Restricted stock units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | |||
Awards Outstanding | 429,206 | ||
Granted | 186,996 | ||
Forfeited | (13,526) | ||
Additional Earned | 0 | ||
Vested/Issued | (200,970) | ||
Awards Outstanding | 401,706 | 429,206 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | |||
Weighted-Average Grant Date Fair Value, Awards Outstanding | $ / shares | $ 26.76 | ||
Weighted-Average Grant Date Fair Value, Awards Granted | $ / shares | 36.39 | ||
Weighted-Average Grant Date Fair Value, Awards Forfeited | $ / shares | 30.86 | ||
Weighted-Average Grant Date Fair Value, Additional Earned | $ / shares | 0 | ||
Weighted-Average Grant Date Fair Value, Awards Vested/Issued | $ / shares | $ 27.96 | ||
Weighted-Average Grant Date Fair Value, Awards Outstanding | $ / shares | $ 26.76 | ||
Performance Share Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | |||
Granted | 92,959 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | |||
Minimum Range of Target Award of Stock Plan | 0.00% | ||
Maximum Range of Target Award of Stock Plan | 250.00% | ||
Award vesting period | 3 years | ||
Risk-free interest rate | 1.01% | ||
Expected volatility | 24.90% |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income from continuing operations before income taxes: | |||
U.S. | $ 11,525 | $ 33,070 | $ 10,343 |
International | 146,421 | 133,430 | 97,231 |
Income from continuing operations before income taxes | 157,946 | 166,500 | 107,574 |
Current: | |||
U.S. – federal | (210) | 22,673 | 8,356 |
U.S. – state | 2,019 | 1,236 | 539 |
International | 32,217 | 35,954 | 16,933 |
Current Income Tax Expense (Benefit) | 34,026 | 59,863 | 25,828 |
Deferred: | |||
U.S. – federal | 7,670 | (6,737) | 13,792 |
U.S. – state | (1,137) | 1,279 | (110) |
International | (3,993) | (8,446) | (4,257) |
Deferred Income Tax Expense (Benefit) | 2,540 | (13,904) | 9,425 |
Income taxes | $ 36,566 | $ 45,959 | $ 35,253 |
Income Taxes (Details 1)
Income Taxes (Details 1) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred Tax Assets, Gross [Abstract] | ||
Deferred Tax Assets, Allowance for doubtful accounts | $ 662 | $ 494 |
Deferred Tax Assets, Depreciation and amortization | (1,610) | (19,338) |
Deferred Tax Assets, Inventory valuation | 15,911 | 17,072 |
Deferred Tax Assets, Other postretirement/postemployment costs | 2,978 | 17,549 |
Deferred Tax Assets, Tax loss carryforwards | 13,412 | 13,977 |
Deferred Tax Assets, Pension | 1,663 | 21,968 |
Deferred Tax Assets, Accrued compensation | 2,975 | 15,418 |
Deferred Tax Assets, Goodwill | 0 | (13,772) |
Deferred Tax Assets, Other | 4,374 | 4,398 |
Deferred Tax Assets | 40,365 | 57,766 |
Deferred Tax Assets, Valuation allowance | (14,401) | (15,856) |
Deferred Tax Assets, Net | 25,964 | 41,910 |
Deferred Tax Assets, Net, Classification [Abstract] | ||
Deferred Tax Assets, Net, Current | 24,825 | 31,849 |
Deferred Tax Assets, Net non-current | 1,139 | 10,061 |
Deferred Tax Assets, Net | 25,964 | 41,910 |
Deferred Tax Liabilities [Abstract] | ||
Deferred Tax Liabilities, Allowance for doubtful accounts | 129 | 86 |
Deferred Tax Liabilities, Depreciation and amortization | 78,786 | 59,271 |
Deferred Tax Liabilities, Inventory valuation | 1,843 | 1,981 |
Deferred Tax Liabilities, Other postretirement/postemployment costs | (12,774) | (247) |
Deferred Tax Liabilities, Tax loss carryforwards | (1,919) | (56) |
Deferred Tax Liabilities, Pension | (22,946) | (1,005) |
Deferred Tax Liabilities, Accrued compensation | (7,267) | 0 |
Deferred Tax Liabilities, Goodwill | 14,545 | 57 |
Deferred Tax Liabilities, Swedish tax incentive | 4,647 | 4,255 |
Deferred Tax Liabilities, Unrealized foreign currency (loss) gain | 1,350 | 1,999 |
Deferred Tax Liabilities, Other | 7,513 | 5,763 |
Deferred Tax Liabilities | 63,907 | 72,104 |
Deferred Tax Liabilities, Classification [Abstract] | ||
Deferred Tax Liabilities, Current | 1,543 | 1,957 |
Deferred Tax Liabilities, Non-current | 62,364 | 70,147 |
Deferred Tax Liabilities | $ 63,907 | $ 72,104 |
Income Taxes (Details 2)
Income Taxes (Details 2) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Operating Loss Carryforwards [Line Items] | |
Tax loss carryforwards | $ 57,560 |
Tax credit carryforward | 242 |
State [Member] | |
Operating Loss Carryforwards [Line Items] | |
Tax loss carryforwards | 1,756 |
Federal [Member] | |
Operating Loss Carryforwards [Line Items] | |
Tax loss carryforwards | $ 145 |
Tax Credit Carryforwards, Carryforward Period, Minimum | 1 year |
Tax Credit Carryforwards, Carryforward Period, Maximum | 5 years |
International [Member] | |
Operating Loss Carryforwards [Line Items] | |
Tax loss carryforwards | $ 47,462 |
Tax Credit Carryforwards, Carryforward Period, Minimum | 1 year |
Tax Credit Carryforwards, Carryforward Period, Maximum | 15 years |
International with Unlimited Carryforward Periods [Member] | |
Operating Loss Carryforwards [Line Items] | |
Tax loss carryforwards | $ 8,197 |
Income Taxes (Details 3)
Income Taxes (Details 3) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
The company has not recognized deferred income taxes of undistributed earnings of its international subsidiaries | $ 959,857 | ||
The Company repatriated a dividend from a portion of current year foreign earnings to the U.S. in the amount of | 19,500 | ||
Dividend increased tax expense by | $ 6,821 | ||
Dividend increased tax expense by | 4.30% | 2.60% | 1.10% |
Income Taxes (Details 4)
Income Taxes (Details 4) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
U.S. federal statutory income tax rate | 35.00% | 35.00% | 35.00% |
State taxes (net of federal benefit) | 0.20% | 0.50% | 0.30% |
Foreign losses without tax benefit | 1.10% | 1.10% | 0.80% |
U.S. Tax Court Decision | 0.00% | 0.00% | 15.30% |
Foreign operations taxed at lower rates | (12.90%) | (9.90%) | (14.40%) |
Repatriation from current year foreign earnings | 4.30% | 2.60% | 1.10% |
Tax withholding refund | (1.90%) | (0.00%) | (0.00%) |
Tax Holiday's | (3.20%) | (2.70%) | (6.20%) |
Other | 0.60% | 1.00% | 0.90% |
Consolidated effective income tax rate | 23.20% | 27.60% | 32.80% |
Income Taxes (Details 5)
Income Taxes (Details 5) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Holiday [Line Items] | |||
Income taxes paid globally, net of refunds | $ 31,895 | $ 33,146 | $ 158,092 |
Singapore and China [Member] | |||
Income Tax Holiday [Line Items] | |||
Tax benefits | $ 5,000 | $ 4,513 | $ 6,746 |
Tax benefits (in dollars per share) | $ 0.09 | $ 0.08 | $ 0.12 |
Income Taxes (Details 6)
Income Taxes (Details 6) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance at January 1 | $ 8,560 | $ 8,027 | $ 9,321 |
Tax positions taken during prior periods | 1,691 | 533 | 9,944 |
Tax positions taken during the current period | 0 | 0 | 3,350 |
Acquisition | 598 | 0 | 556 |
Settlements | 0 | 0 | (15,144) |
Lapse of the applicable statute of limitations | (215) | 0 | 0 |
Balance at December 31 | 10,634 | 8,560 | 8,027 |
Interest and penalties | 616 | 0 | 9,614 |
The liability for unrecognized tax benefits included accrued interest | $ 1,923 | $ 1,031 | $ 1,031 |
Common Stock (Details)
Common Stock (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Treasury shares issued (in shares) | 1,032,493 | ||
Common stock repurchases, value | $ 52,103 | $ 8,389 | $ 68,608 |
Common Stock [Member] | |||
Employee stock plans (in shares) | 841,164 | 923,852 | 1,104,099 |
Treasury Stock [Member] | |||
Common stock repurchases (in shares) | 1,352,596 | 220,794 | 2,350,697 |
Common stock repurchases, value | $ 52,103 | $ 8,389 | $ 68,608 |
Männer Business [Member] | Common Stock [Member] | |||
Treasury shares issued (in shares) | 0 | 0 | 1,032,493 |
Preferred Stock Preferred Stock
Preferred Stock Preferred Stock (Details) - shares | Dec. 31, 2015 | Dec. 31, 2014 |
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | ||
Preferred Stock, Shares Authorized | 3,000,000 | 3,000,000 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Stock Plans (Details)
Stock Plans (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Contribution expense | $ 5,347 | $ 5,213 | $ 4,780 |
Retirement Savings Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Employer match of employee contributions to Retirement Savings Plan | 50.00% | ||
Share-based compensation arrangement by share-based payment award, maximum salary percentage of employer match | 6.00% | ||
Annual Retirement Contribution Percent | 4.00% | ||
Contribution expense | $ 3,666 | $ 3,278 | $ 2,815 |
Shares held by Retirement Savings Plan | 1,566,536 |
Stock Plans (Details 1)
Stock Plans (Details 1) - Employee Stock Purchase Plan [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Maximum employee contribution to ESPP | $ 25 | ||
Maximum employee contribution to ESPP, percent of base compensation | 10.00% | ||
Common Stock Discount Purchase Price | 95.00% | ||
Shares Available Under Employee Stock Purchase Plan | 4,550,000 | ||
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 11,246 | 12,770 | 14,979 |
Proceeds from Stock Plans | $ 403 | $ 436 | $ 457 |
Number Of Shares Available Under Employee Stock Purchase Plan | 297,209 |
Stock Plans (Details 2)
Stock Plans (Details 2) $ / shares in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2014USD ($)$ / shares | Dec. 31, 2013USD ($)$ / shares | Dec. 15, 2005shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Allocated Share-based Compensation Expense | $ | $ 9,258 | $ 7,603 | $ 18,128 | |
Employee Stock Ownership Program [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 6,900,000 | |||
Barnes Group Stock And Incentive Award Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Common Stock, Capital Shares Reserved for Future Issuance | 6,913,978 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 5,700,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 6,767,432 | |||
Other Incentive Awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Issuance Ratio | 2.84 | |||
Non Employee Director Deferred Stock Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Common Stock, Capital Shares Reserved for Future Issuance | 52,800 | |||
Award vesting period | 3 years | |||
Number of Common Shares Awarded, Non Employee Directors | 12,000 | |||
Dividend Equivalent Paid To Non Employee Director Deferred Stock Plan | $ / shares | $ 26 | $ 28 | $ 30 | |
Allocated Share-based Compensation Expense | $ | $ 16 | $ 16 | $ 16 | |
Value Of Restricted Stock Units Granted | $ / shares | $ 50 | |||
All Stock Plans [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Common Stock, Capital Shares Reserved for Future Issuance | 8,519,367 | |||
Stock Options and Rights [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Issuance Ratio | 1 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 1,401,926 | |||
Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting period | 5 years | |||
Maximum | Stock Rights [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting period | 5 years |
Weighted Average Shares Outst95
Weighted Average Shares Outstanding (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 24, 2014 | Jun. 16, 2014 | |
Weighted Average Shares Outstanding [Line Items] | ||||||
Basic (in shares) | 55,028,063 | 54,791,030 | 53,860,308 | |||
Dilutive effect of: | ||||||
Diluted (in shares) | 55,513,219 | 55,723,267 | 54,973,344 | |||
Incremental Common Shares Attributable to Conversion of Debt Securities | 0 | 245,230 | 209,321 | |||
3.375% Convertible Notes [Member] | Convertible Debt [Member] | ||||||
Dilutive effect of: | ||||||
Convertible Note Repurchases, Par Value | $ 224 | |||||
Convertible notes stated interest rate | 3.375% | 3.375% | ||||
Convertible notes | $ 55,412 | |||||
Stock options [Member] | ||||||
Dilutive effect of: | ||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 214,032 | 89,924 | 133,162 | |||
Stock options [Member] | ||||||
Dilutive effect of: | ||||||
Shares attributable to share-based payment arrangements (in shares) | 206,778 | 355,595 | 575,202 | |||
Performance share awards [Member] | ||||||
Dilutive effect of: | ||||||
Shares attributable to share-based payment arrangements (in shares) | 278,378 | 319,704 | 280,488 | |||
Non Employee Director Deferred Stock Plan [Member] | ||||||
Dilutive effect of: | ||||||
Shares attributable to share-based payment arrangements (in shares) | 0 | 11,708 | 48,025 |
Changes in Accumulated Other 96
Changes in Accumulated Other Comprehensive Income by Component (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Changes in Accumulated Other Comprehensive Income by Component [Roll Forward] | |||
Accumulated other comprehensive income (loss) | $ (99,453) | $ 25,944 | |
Other comprehensive income before reclassifications to consolidated statements of income | (61,223) | (133,386) | |
Amounts reclassified from accumulated other comprehensive (loss) income to the consolidated statements of income | 17,424 | 7,989 | |
Total other comprehensive (loss) income, net of tax | (43,799) | (125,397) | $ 92,696 |
Accumulated other comprehensive income (loss) | (143,252) | (99,453) | 25,944 |
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 income before reclassifications to consolidated statements of income | (70) | (1,074) | |
Amounts reclassified from accumulated other comprehensive (loss) income to the consolidated statements of income | 917 | 861 | |
Total other comprehensive (loss) income, net of tax | 847 | (213) | |
Accumulated other comprehensive income (loss) | 115 | (732) | (519) |
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 income before reclassifications to consolidated statements of income | (6,921) | (49,144) | |
Amounts reclassified from accumulated other comprehensive (loss) income to the consolidated statements of income | 16,507 | 7,128 | |
Total other comprehensive (loss) income, net of tax | 9,586 | (42,016) | |
Accumulated other comprehensive income (loss) | (105,703) | (115,289) | (73,273) |
Foreign Currency Items | |||
Changes in Accumulated Other Comprehensive Income by Component [Roll Forward] | |||
Accumulated other comprehensive income (loss) | 16,568 | 99,736 | |
Other comprehensive income before reclassifications to consolidated statements of income | (54,232) | (83,168) | |
Amounts reclassified from accumulated other comprehensive (loss) income to the consolidated statements of income | 0 | 0 | |
Total other comprehensive (loss) income, net of tax | (54,232) | (83,168) | |
Accumulated other comprehensive income (loss) | $ (37,664) | $ 16,568 | $ 99,736 |
Changes in Accumulated Other 97
Changes in Accumulated Other Comprehensive Income by Component (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Interest expense | $ (10,698) | $ (11,392) | $ (13,090) |
Net sales | 1,193,975 | 1,262,006 | 1,091,566 |
Income from continuing operations before income taxes | 157,946 | 166,500 | 107,574 |
Tax benefit | (36,566) | (45,959) | (35,253) |
Income from continuing operations | 121,380 | 120,541 | 72,321 |
Total reclassifications in the period | 121,380 | 118,370 | $ 270,527 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Total reclassifications in the period | (17,424) | (7,989) | |
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 | (1,343) | (1,277) | |
Tax benefit | 426 | 416 | |
Income from continuing operations | (917) | (861) | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Gains and Losses on Cash Flow Hedges | Interest Rate Contracts [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Interest expense | (853) | (886) | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Gains and Losses on Cash Flow Hedges | Foreign Exchange Contracts [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Net sales | (490) | (391) | |
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 | (25,695) | (10,505) | |
Tax benefit | 9,188 | 3,377 | |
Income from continuing operations | (16,507) | (7,128) | |
Amortization of prior-service credits, net | 259 | 223 | |
Amortization of actuarial losses | (16,015) | (9,634) | |
Curtailment gain (net) | 0 | (223) | |
Settlement loss | $ (9,939) | $ (871) |
Information on Business Segme98
Information on Business Segments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | |||
Revenues | $ 1,193,975 | $ 1,262,006 | $ 1,091,566 |
Operating profit | 168,396 | 179,974 | 123,201 |
Assets | 2,061,866 | 2,073,885 | 2,123,673 |
Depreciation and amortization | 78,242 | 81,395 | 65,052 |
Capital expenditures | 45,982 | 57,365 | 57,304 |
Interest expense | 10,698 | 11,392 | 13,090 |
Other (income) expense, net | (248) | 2,082 | 2,537 |
Income from continuing operations before income taxes | $ 157,946 | $ 166,500 | $ 107,574 |
General Electric [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue by major customer | 18.00% | 19.00% | 21.00% |
Aerospace [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | $ 411,700 | $ 440,000 | $ 404,000 |
Operating profit | 65,400 | 71,600 | 51,300 |
Assets | 654,100 | 655,000 | 567,100 |
Depreciation and amortization | 30,800 | 24,900 | 23,200 |
Capital expenditures | 17,200 | 20,900 | 23,800 |
Industrial [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 782,300 | 822,100 | 687,600 |
Operating profit | 103,000 | 108,400 | 71,900 |
Assets | 1,241,200 | 1,282,000 | 1,410,400 |
Depreciation and amortization | 46,000 | 54,700 | 38,400 |
Capital expenditures | 28,700 | 36,100 | 31,300 |
Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 0 | 0 | 0 |
Operating profit | 0 | 0 | 0 |
Assets | 166,500 | 136,900 | 146,200 |
Depreciation and amortization | 1,300 | 1,800 | 3,500 |
Capital expenditures | $ 100 | $ 400 | $ 2,200 |
Information on Business Segme99
Information on Business Segments (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | $ 1,193,975 | $ 1,262,006 | $ 1,091,566 |
Long-lived assets | 1,449,100 | 1,475,400 | 1,544,200 |
Aerospace [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 411,700 | 440,000 | 404,000 |
Industrial [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 782,300 | 822,100 | 687,600 |
Domestic [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 589,600 | 618,900 | 593,300 |
Long-lived assets | 379,200 | 380,600 | 330,200 |
International [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 661,700 | 677,600 | 524,100 |
Long-lived assets | 1,069,900 | 1,094,900 | 1,214,000 |
Other [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | (57,300) | (34,500) | (25,900) |
Long-lived assets | $ 0 | 0 | 0 |
Sales from international locations to domestic locations | 82.00% | ||
Singapore [Member] | Aerospace [Member] | Intangible Assets [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Long-lived assets | $ 246,400 | 255,300 | 255,300 |
China [Member] | Industrial [Member] | Goodwill and Intangible Assets [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Long-lived assets | 151,700 | 156,400 | |
Germany [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 210,500 | 249,900 | 140,800 |
Germany [Member] | Industrial [Member] | Goodwill, Property Plant and Equipment and Intangible Assets [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Long-lived assets | 362,700 | 410,000 | 477,300 |
Switzerland [Member] | Industrial [Member] | Goodwill And Property Plant And Equipment [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Long-lived assets | $ 167,000 | $ 165,700 | $ 193,800 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2015 | Sep. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Leases [Abstract] | |||||
Operating Leases, Rent Expense | $ 11,166 | $ 12,745 | $ 11,398 | ||
Operating Leases, Future Minimum Payments, Due 2016 | $ 7,619 | 7,619 | |||
Operating Leases, Future Minimum Payments, Due 2017 | 4,445 | 4,445 | |||
Operating Leases, Future Minimum Payments, Due 2018 | 3,419 | 3,419 | |||
Operating Leases, Future Minimum Payments, Due 2019 | 2,315 | 2,315 | |||
Operating Leases, Future Minimum Payments, Due 2020 | 2,216 | 2,216 | |||
Operating Leases, Future Minimum Payments, Due Thereafter | 9,469 | 9,469 | |||
Loss Contingencies [Line Items] | |||||
Assets | 2,061,866 | 2,061,866 | $ 2,073,885 | $ 2,123,673 | |
Contract Matters with Triumph [Member] | |||||
Loss Contingencies [Line Items] | |||||
Loss is period | $ 2,788 | ||||
Assets | 8,000 | $ 8,000 | |||
Damages sought | $ 15,000 |
Schedule II - Valuation and 101
Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Allowance for Doubtful Accounts [Member] | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Allowance, Beginning Balance | $ 3,873 | $ 3,438 | $ 2,858 |
Provision charged to income | 1,248 | 1,523 | 1,726 |
Doubtful accounts written off (net) | (404) | (493) | (532) |
Other Adjustments | (632) | (595) | (614) |
Allowance, Ending Balance | $ 4,085 | $ 3,873 | 3,438 |
Barnes Distribution North America [Member] | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Other Adjustments | $ (800) |
Schedule II - Valuation and 102
Schedule II - Valuation and Qualifying Accounts (Details 1) - Valuation Allowance of Deferred Tax Assets [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Allowance, Beginning Balance | $ 15,856 | $ 18,873 | $ 24,936 |
Additions charged to income tax expense | 1,043 | 1,049 | 473 |
Additions (reductions) charged to other comprehensive income | (59) | (30) | (547) |
Reductions credited to income tax expense | (1,216) | (2,303) | (1,412) |
Changes due to foreign currency translation | (2,204) | (1,733) | (849) |
Divestiture | (3,728) | ||
Acquisition | 981 | ||
Allowance, Ending Balance | $ 14,401 | $ 15,856 | $ 18,873 |