Barnes (B) 10-Q 29 Jul 16 2016 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2016	Jul. 20, 2016
Document and Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
Entity Registrant Name	BARNES GROUP INC
Entity Central Index Key	9,984
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		53,846,392

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Income Statement [Abstract]
Net sales	$ 306,693	$ 314,941	$ 595,025	$ 615,515
Cost of sales	197,173	204,121	383,428	402,477
Selling and administrative expenses	62,060	60,171	122,610	118,494
Total operating costs and expenses	259,233	264,292	506,038	520,971
Operating income	47,460	50,649	88,987	94,544
Interest expense	2,815	2,586	5,806	5,306
Other (income) expense, net	(824)	237	(597)	318
Income before income taxes	45,469	47,826	83,778	88,920
Income taxes	12,257	13,599	21,718	25,617
Net income	$ 33,212	$ 34,227	$ 62,060	$ 63,303
Per common share:
Basic (in dollars per share)	$ 0.61	$ 0.62	$ 1.14	$ 1.15
Diluted (in dollars per share)	0.61	0.61	1.14	1.14
Dividends (in dollars per share)	$ 0.13	$ 0.12	$ 0.25	$ 0.24
Weighted average common shares outstanding:
Basic (in shares)	54,168,562	55,134,890	54,207,145	55,111,019
Diluted (in shares)	54,642,071	55,695,258	54,662,389	55,677,166

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Statement of Comprehensive Income [Abstract]
Net income		$ 33,212	$ 34,227	$ 62,060	$ 63,303
Other comprehensive (loss) income, net of tax
Unrealized (loss) gain on hedging activities, net of tax (1)	[1]	(282)	189	(430)	301
Foreign currency translation adjustments, net of tax (2)	[2]	(19,603)	23,632	1,110	(16,125)
Defined benefit pension and other postretirement benefits, net of tax (3)	[3]	2,378	1,790	3,697	5,451
Total other comprehensive (loss) income, net of tax		(17,507)	25,611	4,377	(10,373)
Total comprehensive income		15,705	59,838	66,437	52,930
Unrealized (loss) gain on hedging activities, tax		(79)	73	(141)	32
Foreign currency translation adjustment, tax		(83)	830	74	(1,381)
Defined benefit pension and other postretirement benefits, tax		$ 1,018	$ 1,421	$ 1,953	$ 2,767
[1]	Net of tax of $(79) and $73 for the three months ended June 30, 2016 and 2015, respectively, and $(141) and $32 for the six months ended June 30, 2016 and 2015, respectively.
[2]	Net of tax of $(83) and $830 for the three months ended June 30, 2016 and 2015, respectively, and $74 and $(1,381) for the six months ended June 30, 2016 and 2015, respectively.
[3]	Net of tax of $1,018 and $1,421 for the three months ended June 30, 2016 and 2015, respectively, and $1,953 and $2,767 for the six months ended June 30, 2016 and 2015, respectively.

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Current assets
Cash and cash equivalents	$ 101,326	$ 83,926
Accounts receivable, less allowances (2016 - $4,089; 2015 - $4,085)	271,809	261,757
Inventories	204,918	208,611
Deferred income taxes	0	24,825
Prepaid expenses and other current assets	34,353	32,469
Total current assets	612,406	611,588
Deferred income taxes	22,726	1,139
Property, plant and equipment	735,370	714,807
Less accumulated depreciation	(422,470)	(405,951)
Property, plant and equipment, net	312,900	308,856
Goodwill	589,194	587,992
Other intangible assets, net	512,170	528,322
Other assets	25,627	23,969
Total assets	2,075,023	2,061,866
Current liabilities
Notes and overdrafts payable	20,219	22,680
Accounts payable	104,882	97,035
Accrued liabilities	136,192	131,320
Long-term debt - current	1,573	1,515
Total current liabilities	262,866	252,550
Long-term debt	457,310	485,711
Accrued retirement benefits	94,246	112,888
Deferred income taxes	62,363	62,364
Other liabilities	19,935	20,600
Commitments and contingencies (Note 12)
Stockholders' equity
Common stock - par value $0.01 per share Authorized: 150,000,000 shares Issued: at par value (2016 - 62,177,886 shares; 2015 - 62,071,144 shares)	622	621
Additional paid-in capital	433,816	427,558
Treasury stock, at cost (2016 - 8,453,319 shares; 2015 - 8,206,683 shares)	(234,887)	(226,421)
Retained earnings	1,117,627	1,069,247
Accumulated other non-owner changes to equity	(138,875)	(143,252)
Total stockholders' equity	1,178,303	1,127,753
Total liabilities and stockholders' equity	$ 2,075,023	$ 2,061,866

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Allowance for doubtful accounts	$ 4,089	$ 4,085
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)	62,177,886	62,071,144
Treasury stock, at cost (in shares)	8,453,319	8,206,683

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Operating activities:
Net income	$ 62,060	$ 63,303
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	38,639	39,642
Gain on disposition of property, plant and equipment	(286)	(1,302)
Stock compensation expense	5,947	4,890
Withholding taxes paid on stock issuances	(465)	(746)
Changes in assets and liabilities:
Accounts receivable	(11,036)	(8,902)
Inventories	4,755	(2,768)
Prepaid expenses and other current assets	(2,378)	(10,448)
Accounts payable	8,014	14,742
Accrued liabilities	8,453	(14,202)
Deferred income taxes	(536)	629
Long-term retirement benefits	(16,199)	(745)
Other	(459)	1,818
Net cash provided by operating activities	96,509	85,911
Investing activities:
Proceeds from disposition of property, plant and equipment	439	2,058
Capital expenditures	(22,987)	(22,376)
Business acquisitions	(1,546)	0
Component Repair Program payments	(900)	(19,000)
Other	0	(651)
Net cash used by investing activities	(24,994)	(39,969)
Financing activities:
Net change in other borrowings	(2,349)	13,738
Payments on long-term debt	(127,484)	(85,821)
Proceeds from the issuance of long-term debt	99,022	68,722
Proceeds from the issuance of common stock	311	9,691
Common stock repurchases	(8,000)	(11,465)
Dividends paid	(13,450)	(13,126)
Excess tax benefit on stock awards	59	1,574
Other	(2,876)	8,487
Net cash used by financing activities	(54,767)	(8,200)
Effect of exchange rate changes on cash flows	652	(1,814)
Increase in cash and cash equivalents	17,400	35,928
Cash and cash equivalents at beginning of period	83,926	46,039
Cash and cash equivalents at end of period	$ 101,326	$ 81,967

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2016
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies The accompanying unaudited consolidated balance sheet and the related unaudited consolidated statements of income, comprehensive income and cash flows have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. The consolidated financial statements do not include all information and notes required by accounting principles generally accepted in the United States of America for complete financial statements. The balance sheet as of December 31, 2015 has been derived from the 2015 financial statements of Barnes Group Inc. (the “Company”). For additional information, please refer to the consolidated financial statements and notes included in the Company's Annual Report on Form 10-K for the year ended December 31, 2015 . In the opinion of management, all adjustments, including normal recurring accruals considered necessary for a fair statement of the results, have been included. Operating results for the six-month period ended June 30, 2016 are not necessarily indicative of the results that may be expected for the year ending December 31, 2016 .

Net Income Per Common Share

Net Income Per Common Share	6 Months Ended
	Jun. 30, 2016
Earnings Per Share [Abstract]
Net Income Per Common Share	Net Income Per Common Share For the purpose of computing diluted net income per common share, the weighted-average number of common shares outstanding is increased for the potential dilutive effects of stock-based incentive plans. For the purpose of computing diluted net income per common share, the weighted-average number of common shares outstanding was increased by 473,509 and 560,368 for the three-month periods ended June 30, 2016 and 2015 , respectively, and by 455,244 and 566,147 for the six-month periods ended June 30, 2016 and 2015 , respectively, to account for the potential dilutive effect of stock-based incentive plans. There were no adjustments to net income for the purposes of computing income available to common stockholders for the periods. The calculation of weighted-average diluted shares outstanding excludes all shares that would have been anti-dilutive. During the three-month periods ended June 30, 2016 and 2015 , the Company excluded 358,207 and 199,950 stock options, respectively, from the calculation of weighted-average diluted shares outstanding as the stock options would have been anti-dilutive. During the six-month periods ended June 30, 2016 and 2015 , the Company excluded 368,207 and 199,950 stock options, respectively, from the calculation of weighted-average diluted shares outstanding as the stock options would have been anti-dilutive. The Company also excluded 9,048 and 46,542 performance share awards from the calculation of weighted-average diluted shares outstanding during the three- and six- month periods ended June 30, 2016, respectively, as such awards also would have been anti-dilutive. The Company granted 142,000 stock options, 119,814 restricted stock unit awards and 108,400 performance share awards ("PSAs") in February 2016 as part of its annual grant awards. All of the stock options and the restricted stock unit awards vest upon meeting certain service conditions. The restricted stock unit awards are included in basic weighted-average common shares outstanding as they contain nonforfeitable rights to dividend payments. The performance share awards are part of the long-term Performance Share Award Program (the "Awards Program") and are based on performance goals that are driven by a combination of independently measured metrics (depending on the grant year) with each metric being weighted equally. The metrics for awards granted in 2015 include the Company’s total shareholder return (“TSR”), return on invested capital (“ROIC”) and operating income before depreciation and amortization growth. The metrics for the awards granted in 2016 include TSR and ROIC. The TSR and operating income before depreciation and amortization 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 performance period. The ROIC metric is measured based on pre-established Company targets over the same period. The participants can earn from zero to 250% of the target award and the award includes a forfeitable right to dividend equivalents, which are not included in the aggregate target award numbers. The fair value of the TSR portion of the PSA was determined using a Monte Carlo valuation method as the award contains a market condition.

Inventories

Inventories	6 Months Ended
	Jun. 30, 2016
Inventory Disclosure [Abstract]
Inventories	Inventories The components of inventories consisted of: June 30, 2016 December 31, 2015 Finished goods $ 70,284 $ 76,836 Work-in-process 80,774 77,061 Raw material and supplies 53,860 54,714 $ 204,918 $ 208,611

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	6 Months Ended
	Jun. 30, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets Goodwill: The following table sets forth the change in the carrying amount of goodwill for each reportable segment and for the Company as of and for the period ended June 30, 2016 : Industrial Aerospace Total Company January 1, 2016 $ 557,206 $ 30,786 $ 587,992 Foreign currency translation 1,202 — 1,202 June 30, 2016 $ 558,408 $ 30,786 $ 589,194 In the second quarter of 2016, management performed its annual impairment testing of goodwill. Based on this assessment, there was no goodwill impairment recognized as of June 30, 2016. Other Intangible Assets: Other intangible assets consisted of: June 30, 2016 December 31, 2015 Range of Life -Years Gross Amount Accumulated Amortization Gross Amount Accumulated Amortization Amortized intangible assets: Revenue sharing programs (RSPs) Up to 30 $ 293,700 $ (90,354 ) $ 293,700 $ (84,629 ) Component repair programs (CRPs) Up to 30 111,839 (8,044 ) 111,839 (6,054 ) Customer lists/relationships 10-16 194,566 (47,501 ) 194,566 (41,786 ) Patents and technology 6-14 69,352 (33,413 ) 69,352 (29,551 ) Trademarks/trade names 10-30 11,950 (9,776 ) 11,950 (9,412 ) Other Up to 15 20,551 (15,838 ) 20,551 (15,413 ) 701,958 (204,926 ) 701,958 (186,845 ) Unamortized intangible assets: Trade names 38,370 — 38,370 — Foreign currency translation (23,232 ) — (25,161 ) — Other intangible assets $ 717,096 $ (204,926 ) $ 715,167 $ (186,845 ) Estimated amortization of intangible assets for future periods is as follows: 2016 - $36,000 ; 2017 - $39,000 ; 2018 - $40,000 ; 2019 - $39,000 and 2020 - $37,000 . In the second quarter of 2016 management performed its annual impairment testing of its trade names, indefinite-lived intangible assets. Based on this assessment, there was no impairment recognized as of June 30, 2016. 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, $9,100 in the fourth quarter of 2014, and $900 in the first quarter of 2016. 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.

Debt

Debt	6 Months Ended
	Jun. 30, 2016
Debt Disclosure [Abstract]
Debt	Debt The Company's debt agreements contain financial covenants that require the maintenance of interest coverage and leverage ratios. The Company is in compliance with its financial covenants as of June 30, 2016 , and continues to monitor its future compliance based on current and anticipated future economic conditions. Long-term debt and notes and overdrafts payable at June 30, 2016 and December 31, 2015 consisted of: June 30, 2016 December 31, 2015 Carrying Amount Fair Value Carrying Amount Fair Value Revolving credit agreement $ 352,000 $ 351,347 $ 379,700 $ 375,188 3.97% Senior Notes 100,000 108,546 100,000 102,484 Borrowings under lines of credit and overdrafts 20,219 20,219 22,680 22,680 Capital leases 6,485 7,105 7,105 7,503 Other foreign bank borrowings 398 413 421 410 479,102 487,630 509,906 508,265 Less current maturities (21,792 ) (24,195 ) Long-term debt $ 457,310 $ 485,711 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 . The Amended Credit Agreement added a new foreign subsidiary borrower in Germany, Barnes Group Acquisition GmbH, and included an accordion feature to increase the borrowing availability of the Company to $1,000,000 . The Company may exercise the accordion feature upon request to the Administrative Agent as long as an event of default has not occurred or is continuing. The borrowing availability of $750,000 , pursuant to the terms of the Amended Credit Agreement, allows for Euro-denominated borrowings equivalent to $500,000 . Borrowings under the Amended Credit Agreement bear interest at LIBOR plus a spread ranging from 1.10% to 1.70% depending on the Company's leverage ratio at prior quarter end. Borrowings and availability under the Amended Credit Agreement were $ 352,000 and $ 398,000 , respectively, at June 30, 2016 and $379,700 and $370,300 , respectively, at December 31, 2015. The average interest rate on these borrowings was 1.56% and 1.50% on June 30, 2016 and December 31, 2015, respectively. There were no Euro-denominated borrowings at June 30, 2016 or 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. In October 2014, the Company entered into a Note Purchase Agreement (“Note Purchase Agreement”), among the Company and New York Life Insurance Company, New York Life Insurance and Annuity Corporation and New York Life Insurance and Annuity Corporation Institutionally Owned Life Insurance Separate Account (BOLI 30C) , as purchasers, for the issuance of $100,000 aggregate principal amount of 3.97% Senior Notes due October 17, 2024 (the “ 3.97% Senior Notes”). The Company completed funding of the transaction and issued the 3.97% Senior Notes on October 17, 2014 . The 3.97% Senior Notes are senior unsecured obligations of the Company and the Company pays 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 may be 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 any fiscal quarter. In addition, the Company has available approximately $56,000 in uncommitted short-term bank credit lines ("Credit Lines") and overdraft facilities. Under the Credit Lines, $20,200 was borrowed at June 30, 2016 at an interest rate of 1.30% and $22,500 was borrowed at December 31, 2015 at an average interest rate of 1.56% . The Company had also borrowed $19 and $180 under the overdraft facilities at June 30, 2016 and December 31, 2015 , 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 at the Thermoplay and Männer businesses. The fair value of the capital leases is based on observable Level 2 inputs. These instruments are valued using discounted cash flows based upon the Company's estimated interest costs for similar types of borrowings. The Company also has other foreign bank borrowings. The fair value of the other foreign bank borrowings is 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.

Derivatives

Derivatives	6 Months Ended
	Jun. 30, 2016
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 exposure to fluctuations in interest rates. In 2012, the Company entered into five -year interest rate swap agreements transacted with three banks which together convert the interest on the first $100,000 of the Company's one-month LIBOR -based borrowings from a variable rate plus the borrowing spread to a fixed rate of 1.03% plus the borrowing spread. These interest rate swap agreements were accounted for as cash flow hedges. The Company also uses financial instruments to hedge its exposures to fluctuations in foreign currency exchange rates. The Company has various contracts outstanding which primarily hedge recognized assets or liabilities, and anticipated transactions in various currencies including the Euro, British pound sterling, U.S. dollar, Canadian dollar, Japanese yen, Singapore dollar, Korean won, Swedish kroner, Chinese renminbi, Mexican peso and Swiss franc. Certain foreign currency derivative instruments are treated as cash flow hedges of forecasted transactions. All foreign exchange contracts are due within two years . The Company does not use derivatives for speculative or trading purposes or to manage commodity exposures. Changes in the fair market value of derivatives that qualify as fair value hedges or cash flow hedges are recorded directly to earnings or accumulated other non-owner changes to equity, depending on the designation. Amounts recorded to accumulated other non-owner changes to equity are reclassified to earnings in a manner that matches the earnings impact of the hedged transaction. Any ineffective portion, or amounts related to contracts that are not designated as hedges, are recorded directly to earnings. The Company's policy for classifying cash flows from derivatives is to report the cash flows consistent with the underlying hedged item. Other financing cash flows during the first half of 2016, as presented on the consolidated statements of cash flows, include $2,780 of net cash losses from the settlement of foreign currency hedges related to intercompany financing. The following table sets forth the fair value amounts of derivative instruments held by the Company. June 30, 2016 December 31, 2015 Asset Derivatives Liability Derivatives Asset Derivatives Liability Derivatives Derivatives designated as hedging instruments: Interest rate contracts $ — $ (456 ) $ — $ (357 ) Foreign exchange contracts 12 — 484 — Derivatives not designated as hedging instruments: Foreign exchange contracts 51 (871 ) 215 (101 ) Total derivatives $ 63 $ (1,327 ) $ 699 $ (458 ) 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 (loss) gain, net of tax, recorded in accumulated other comprehensive income (loss), net of tax, for the three- and six-month periods ended June 30, 2016 and 2015 for derivatives held by the Company and designated as hedging instruments. Three months ended June 30, Six months ended June 30, 2016 2015 2016 2015 Cash flow hedges: Interest rate contracts $ 3 $ 63 $ (62 ) $ (169 ) Foreign exchange contracts (285 ) 126 (368 ) 470 $ (282 ) $ 189 $ (430 ) $ 301 Amounts related to the interest rate swaps included within accumulated other comprehensive income (loss) that were reclassified to expense during the first half of 2016 and 2015 resulted in a fixed rate of interest of 1.03% plus the borrowing spread for the first $100,000 of one-month LIBOR borrowings. Additionally, there were no amounts recognized in income for hedge ineffectiveness during the three- and six-month periods ended June 30, 2016 and 2015 . The following table sets forth the net (loss) gain recorded in other (income) expense, net in the consolidated statements of income for the three- and six-month periods ended June 30, 2016 and 2015 for non-designated derivatives held by the Company. Such amounts were substantially offset by the net (gain) loss recorded on the underlying hedged asset or liability, also recorded in other (income) expense, net. Three months ended June 30, Six months ended June 30, 2016 2015 2016 2015 Foreign exchange contracts $ (39 ) $ (1,671 ) $ (3,751 ) $ 6,945

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2016
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The provisions of the accounting standard for fair value define fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. This standard classifies the inputs used to measure fair value into the following hierarchy: Level 1 Unadjusted quoted prices in active markets for identical assets or liabilities Level 2 Unadjusted quoted prices in active markets for similar assets or liabilities, or unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or inputs other than quoted prices that are observable for the asset or liability Level 3 Unobservable inputs for the asset or liability The following table provides the financial assets and financial liabilities reported at fair value and measured on a recurring basis: Fair Value Measurements Using Description Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) June 30, 2016 Asset derivatives $ 63 $ — $ 63 $ — Liability derivatives (1,327 ) — (1,327 ) — Bank acceptances 11,523 — 11,523 — Rabbi trust assets 2,181 2,181 — — $ 12,440 $ 2,181 $ 10,259 $ — 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 $ — 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 three to six months in maturity and are guaranteed by banks. The carrying amounts of the bank acceptances, which are included within prepaid expenses and other current assets, approximate fair value due to their short maturities. The fair values of rabbi trust assets are based on quoted market prices from various financial exchanges.

Pension and Other Postretiremen

Pension and Other Postretirement Benefits	6 Months Ended
	Jun. 30, 2016
Compensation and Retirement Disclosure [Abstract]
Pension and Other Postretirement Benefits	Pension and Other Postretirement Benefits Pension and other postretirement benefits expenses consisted of the following: Three months ended June 30, Six months ended June 30, Pensions 2016 2015 2016 2015 Service cost $ 1,318 $ 1,299 $ 2,702 $ 2,752 Interest cost 4,945 5,297 9,781 9,992 Expected return on plan assets (7,667 ) (8,589 ) (15,210 ) (16,159 ) Amortization of prior service cost 55 77 105 155 Amortization of actuarial losses 2,856 4,056 5,412 7,485 Net periodic benefit cost $ 1,507 $ 2,140 $ 2,790 $ 4,225 Three months ended June 30, Six months ended June 30, Other Postretirement Benefits 2016 2015 2016 2015 Service cost $ 27 $ 36 $ 61 $ 73 Interest cost 431 425 884 918 Amortization of prior service credit (94 ) (141 ) (187 ) (282 ) Amortization of actuarial losses 91 244 267 505 Net periodic benefit cost $ 455 $ 564 $ 1,025 $ 1,214 As planned, the Company made a $15,000 discretionary contribution to the U.S. qualified pension plans in March 2016.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2016
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company's effective tax rate for the first half of 2016 was 25.9% compared with 28.8% in the first half of 2015 and 23.2% for the full year 2015. The increase in the first half of 2016 effective tax rate from the full year 2015 rate is primarily due to the expiration of certain tax holidays, the absence of the 2015 refund of withholding taxes and the projected change in the mix of earnings attributable to higher-taxing jurisdictions, partially offset by a decrease in planned repatriation of a portion of current year foreign earnings to the U.S. The Aerospace and Industrial segments were previously awarded international tax holidays. All significant tax holidays for which the Company currently receives benefit are expected to expire in 2016 and 2017.

Changes in Accumulated Other Co

Changes in Accumulated Other Comprehensive Income (Loss) by Component	6 Months Ended
	Jun. 30, 2016
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Changes in Accumulated Other Comprehensive Income by Component	Changes in Accumulated Other Comprehensive Income (Loss) by Component The following table sets forth the changes in accumulated other comprehensive income (loss), net of tax, by component for the six month periods ended June 30, 2016 and 2015 : Gains and Losses on Cash Flow Hedges Pension and Other Postretirement Benefit Items Foreign Currency Items Total January 1, 2016 $ 115 $ (105,703 ) $ (37,664 ) $ (143,252 ) Other comprehensive (loss) income before reclassifications to consolidated statements of income (571 ) 53 1,110 592 Amounts reclassified from accumulated other comprehensive income to the consolidated statements of income 141 3,644 — 3,785 Net current-period other comprehensive (loss) income (430 ) 3,697 1,110 4,377 June 30, 2016 $ (315 ) $ (102,006 ) $ (36,554 ) $ (138,875 ) Gains and Losses on Cash Flow Hedges Pension and Other Postretirement Benefit Items Foreign Currency Items Total January 1, 2015 $ (732 ) $ (115,289 ) $ 16,568 $ (99,453 ) Other comprehensive (loss) income before reclassifications to consolidated statements of income (249 ) 355 (16,125 ) (16,019 ) Amounts reclassified from accumulated other comprehensive income to the consolidated statements of income 550 5,096 — 5,646 Net current-period other comprehensive income (loss) 301 5,451 (16,125 ) (10,373 ) June 30, 2015 $ (431 ) $ (109,838 ) $ 443 $ (109,826 ) The following table sets forth the reclassifications out of accumulated other comprehensive income (loss) by component for the three- and six- month periods ended June 30, 2016 and 2015 : Details about Accumulated Other Comprehensive Income (Loss) Components Amount Reclassified from Accumulated Other Comprehensive Income (Loss) Affected Line Item in the Consolidated Statements of Income Three months ended June 30, 2016 Three months ended June 30, 2015 Gains and losses on cash flow hedges Interest rate contracts $ (149 ) $ (214 ) Interest expense Foreign exchange contracts 55 (116 ) Net sales (94 ) (330 ) Total before tax 43 106 Tax benefit (51 ) (224 ) Net of tax Pension and other postretirement benefit items Amortization of prior-service credits, net $ 39 $ 64 (A) Amortization of actuarial losses (2,947 ) (4,300 ) (A) (2,908 ) (4,236 ) Total before tax 1,018 1,421 Tax benefit (1,890 ) (2,815 ) Net of tax Total reclassifications in the period $ (1,941 ) $ (3,039 ) (A) These accumulated other comprehensive income (loss) components are included within the computation of net periodic pension cost. See Note 8. Details about Accumulated Other Comprehensive Income (Loss) Components Amount Reclassified from Accumulated Other Comprehensive Income (Loss) Affected Line Item in the Consolidated Statements of Income Six months ended June 30, 2016 Six months ended June 30, 2015 Gains and losses on cash flow hedges Interest rate contracts $ (300 ) $ (429 ) Interest expense Foreign exchange contracts 60 (360 ) Net sales (240 ) (789 ) Total before tax 99 239 Tax benefit (141 ) (550 ) Net of tax Pension and other postretirement benefit items Amortization of prior-service credits, net $ 82 $ 127 (A) Amortization of actuarial losses (5,679 ) (7,990 ) (A) (5,597 ) (7,863 ) Total before tax 1,953 2,767 Tax benefit (3,644 ) (5,096 ) Net of tax Total reclassifications in the period $ (3,785 ) $ (5,646 ) (A) These accumulated other comprehensive income (loss) components are included within the computation of net periodic pension cost. See Note 8.

Information on Business Segment

Information on Business Segments	6 Months Ended
	Jun. 30, 2016
Segment Reporting [Abstract]
Information on Business Segments	Information on Business Segments The Company is organized based upon the nature of its products and services and reports under two global business segments: Industrial and Aerospace. Segment information is consistent with how management reviews the businesses, makes investing and resource allocation decisions and assesses operating performance. The Company has not aggregated operating segments for purposes of identifying these two reportable segments. The Industrial segment is a global manufacturer of highly-engineered, high-quality precision 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 consists of three strategic business units that include Molding Solutions, Nitrogen Gas Products and Engineered Components. 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 Nitrogen Gas Products business manufactures nitrogen gas springs for the tool and die industry and manifold systems used to precisely control stamping presses. It also specializes in gas hydraulic suspension systems for heavy duty off road vehicles. 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. The Aerospace segment 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 provides jet engine component maintenance overhaul and repair ("MRO") services, including our Component Repair Programs ("CRP's"), 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. The following tables set forth information about the Company's operations by its two reportable segments: Three months ended June 30, Six months ended June 30, 2016 2015 2016 2015 Net sales Industrial $ 204,540 $ 202,589 $ 399,786 $ 402,938 Aerospace 102,153 112,356 195,240 212,581 Intersegment sales — (4 ) (1 ) (4 ) Total net sales $ 306,693 $ 314,941 $ 595,025 $ 615,515 Operating profit Industrial $ 34,843 $ 29,979 $ 64,487 $ 60,958 Aerospace 12,617 20,670 24,500 33,586 Total operating profit 47,460 50,649 88,987 94,544 Interest expense 2,815 2,586 5,806 5,306 Other (income) expense, net (824 ) 237 (597 ) 318 Income before income taxes $ 45,469 $ 47,826 $ 83,778 $ 88,920 June 30, 2016 December 31, 2015 Assets Industrial $ 1,253,637 $ 1,241,206 Aerospace 646,021 654,147 Other (A) 175,365 166,513 Total assets $ 2,075,023 $ 2,061,866 (A) "Other" assets include corporate-controlled assets, the majority of which are cash and deferred tax assets.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Product Warranties The Company provides product warranties in connection with the sale of certain products. From time to time, the Company is subject to customer claims with respect to product warranties. Product warranty liabilities were not material as of June 30, 2016 or December 31, 2015 . 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 in-source work. The Company has approximately $8,000 of net assets, in connection with this dispute, recorded on the Consolidated Balance Sheet as of June 30, 2016. 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. During 2016, Triumph adjusted the amount of its counterclaim to approximately $23,000 , and the Company adjusted its claim to seek approximately $12,000 . As scheduled in May 2016, the parties arbitrated the matter and the Company continues to view the Triumph counterclaim as unsubstantiated. The Company and Triumph are scheduled to prepare and submit post-hearing filings in July and August prior to the issuance of the arbitrator’s written ruling. 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	6 Months Ended
	Jun. 30, 2016
Accounting Changes and Error Corrections [Abstract]
Accounting Changes	Accounting Changes In November 2015, the FASB amended its guidance related to the balance sheet classification of deferred income taxes. The amended guidance removes the requirement to separate and classify deferred income tax liabilities and assets into current and non-current amounts and requires an entity to now classify all deferred tax liabilities and assets as non-current. The amended guidance can be adopted either on a prospective or retrospective basis and is effective for interim and annual periods beginning after December 15, 2016. Early adoption is permitted. The provisions of the amended guidance were adopted on a prospective basis during the first quarter of 2016. The provisions resulted in the classification of $25,341 and $1,418 of current deferred income tax assets and liabilities, respectively, into non-current deferred income tax assets and liabilities, respectively, on the Consolidated Balance Sheet as of June 30, 2016. In April 2015, the FASB amended its guidance related to the presentation of debt issuance costs. The amended guidance specifies that debt issuance costs related to notes shall be reported in the balance sheet as a direct deduction from the face amount of that note and that amortization of debt issuance costs shall be reported as interest expense. The amended guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015 and should be applied retrospectively. The Company adopted the guidance during the first quarter of 2016 and it did not have a material impact on its Consolidated Financial Statements.

Subsequent Event

Subsequent Event	6 Months Ended
	Jun. 30, 2016
Subsequent Events [Abstract]
Subsequent Event	Subsequent Event On July 11, 2016, the Company, itself and through three of its subsidiaries (collectively, the “Purchaser”), entered into a Share Purchase Agreement (the "SPA") with Adval Tech Holding AG and Adval Tech Holdings (Asia) Pte. Ltd. (collectively, the “Sellers”) for the acquisition (the “Acquisition”) of the Sellers’ molds business (the "FOBOHA business"). The FOBOHA business is headquartered in Haslach, Germany and operates out of three manufacturing facilities located in Germany, Switzerland and China. The FOBOHA business specializes in the development and manufacture of complex plastic injection molds for packaging, medical, consumer and automotive applications. The purchase price for the Acquisition under the terms of the SPA is CHF 133,000 in cash, subject to certain closing adjustments. The closing of the Acquisition is subject to the satisfaction of certain closing conditions, and is currently expected to occur in the third quarter of 2016. The Company expects to finance the transaction with cash on hand and borrowings under the Company’s revolving credit facility. Following the closing, the FOBOHA business will operate within the Molding Solutions business unit of the Industrial segment.

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jun. 30, 2016
Inventory Disclosure [Abstract]
Schedule of Inventory	The components of inventories consisted of: June 30, 2016 December 31, 2015 Finished goods $ 70,284 $ 76,836 Work-in-process 80,774 77,061 Raw material and supplies 53,860 54,714 $ 204,918 $ 208,611

Goodwill and Other Intangible22

Goodwill and Other Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	The following table sets forth the change in the carrying amount of goodwill for each reportable segment and for the Company as of and for the period ended June 30, 2016 : Industrial Aerospace Total Company January 1, 2016 $ 557,206 $ 30,786 $ 587,992 Foreign currency translation 1,202 — 1,202 June 30, 2016 $ 558,408 $ 30,786 $ 589,194
Schedule of Finite-Lived Intangible Assets by Major Class	Other intangible assets consisted of: June 30, 2016 December 31, 2015 Range of Life -Years Gross Amount Accumulated Amortization Gross Amount Accumulated Amortization Amortized intangible assets: Revenue sharing programs (RSPs) Up to 30 $ 293,700 $ (90,354 ) $ 293,700 $ (84,629 ) Component repair programs (CRPs) Up to 30 111,839 (8,044 ) 111,839 (6,054 ) Customer lists/relationships 10-16 194,566 (47,501 ) 194,566 (41,786 ) Patents and technology 6-14 69,352 (33,413 ) 69,352 (29,551 ) Trademarks/trade names 10-30 11,950 (9,776 ) 11,950 (9,412 ) Other Up to 15 20,551 (15,838 ) 20,551 (15,413 ) 701,958 (204,926 ) 701,958 (186,845 ) Unamortized intangible assets: Trade names 38,370 — 38,370 — Foreign currency translation (23,232 ) — (25,161 ) — Other intangible assets $ 717,096 $ (204,926 ) $ 715,167 $ (186,845 )

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2016
Debt Disclosure [Abstract]
Schedule of Debt	Long-term debt and notes and overdrafts payable at June 30, 2016 and December 31, 2015 consisted of: June 30, 2016 December 31, 2015 Carrying Amount Fair Value Carrying Amount Fair Value Revolving credit agreement $ 352,000 $ 351,347 $ 379,700 $ 375,188 3.97% Senior Notes 100,000 108,546 100,000 102,484 Borrowings under lines of credit and overdrafts 20,219 20,219 22,680 22,680 Capital leases 6,485 7,105 7,105 7,503 Other foreign bank borrowings 398 413 421 410 479,102 487,630 509,906 508,265 Less current maturities (21,792 ) (24,195 ) Long-term debt $ 457,310 $ 485,711

Derivatives (Tables)

Derivatives (Tables)	6 Months Ended
	Jun. 30, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Gain (Loss) Recorded in Other Expense (Income), Net in Consolidated Statements of Income	The following table sets forth the net (loss) gain recorded in other (income) expense, net in the consolidated statements of income for the three- and six-month periods ended June 30, 2016 and 2015 for non-designated derivatives held by the Company. Such amounts were substantially offset by the net (gain) loss recorded on the underlying hedged asset or liability, also recorded in other (income) expense, net. Three months ended June 30, Six months ended June 30, 2016 2015 2016 2015 Foreign exchange contracts $ (39 ) $ (1,671 ) $ (3,751 ) $ 6,945
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)	The following table sets forth the (loss) gain, net of tax, recorded in accumulated other comprehensive income (loss), net of tax, for the three- and six-month periods ended June 30, 2016 and 2015 for derivatives held by the Company and designated as hedging instruments. Three months ended June 30, Six months ended June 30, 2016 2015 2016 2015 Cash flow hedges: Interest rate contracts $ 3 $ 63 $ (62 ) $ (169 ) Foreign exchange contracts (285 ) 126 (368 ) 470 $ (282 ) $ 189 $ (430 ) $ 301
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value	The following table sets forth the fair value amounts of derivative instruments held by the Company. June 30, 2016 December 31, 2015 Asset Derivatives Liability Derivatives Asset Derivatives Liability Derivatives Derivatives designated as hedging instruments: Interest rate contracts $ — $ (456 ) $ — $ (357 ) Foreign exchange contracts 12 — 484 — Derivatives not designated as hedging instruments: Foreign exchange contracts 51 (871 ) 215 (101 ) Total derivatives $ 63 $ (1,327 ) $ 699 $ (458 )

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2016
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	The following table provides the financial assets and financial liabilities reported at fair value and measured on a recurring basis: Fair Value Measurements Using Description Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) June 30, 2016 Asset derivatives $ 63 $ — $ 63 $ — Liability derivatives (1,327 ) — (1,327 ) — Bank acceptances 11,523 — 11,523 — Rabbi trust assets 2,181 2,181 — — $ 12,440 $ 2,181 $ 10,259 $ — 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 $ —

Pension and Other Postretirem26

Pension and Other Postretirement Benefits (Tables)	6 Months Ended
	Jun. 30, 2016
Compensation and Retirement Disclosure [Abstract]
Schedule of Net Benefit Costs	Pension and other postretirement benefits expenses consisted of the following: Three months ended June 30, Six months ended June 30, Pensions 2016 2015 2016 2015 Service cost $ 1,318 $ 1,299 $ 2,702 $ 2,752 Interest cost 4,945 5,297 9,781 9,992 Expected return on plan assets (7,667 ) (8,589 ) (15,210 ) (16,159 ) Amortization of prior service cost 55 77 105 155 Amortization of actuarial losses 2,856 4,056 5,412 7,485 Net periodic benefit cost $ 1,507 $ 2,140 $ 2,790 $ 4,225 Three months ended June 30, Six months ended June 30, Other Postretirement Benefits 2016 2015 2016 2015 Service cost $ 27 $ 36 $ 61 $ 73 Interest cost 431 425 884 918 Amortization of prior service credit (94 ) (141 ) (187 ) (282 ) Amortization of actuarial losses 91 244 267 505 Net periodic benefit cost $ 455 $ 564 $ 1,025 $ 1,214

Changes in Accumulated Other 27

Changes in Accumulated Other Comprehensive Income (Loss) by Component (Tables)	6 Months Ended
	Jun. 30, 2016
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Schedule of Changes in Accumulated Other Comprehensive Income (Loss) By Component	The following table sets forth the changes in accumulated other comprehensive income (loss), net of tax, by component for the six month periods ended June 30, 2016 and 2015 : Gains and Losses on Cash Flow Hedges Pension and Other Postretirement Benefit Items Foreign Currency Items Total January 1, 2016 $ 115 $ (105,703 ) $ (37,664 ) $ (143,252 ) Other comprehensive (loss) income before reclassifications to consolidated statements of income (571 ) 53 1,110 592 Amounts reclassified from accumulated other comprehensive income to the consolidated statements of income 141 3,644 — 3,785 Net current-period other comprehensive (loss) income (430 ) 3,697 1,110 4,377 June 30, 2016 $ (315 ) $ (102,006 ) $ (36,554 ) $ (138,875 ) Gains and Losses on Cash Flow Hedges Pension and Other Postretirement Benefit Items Foreign Currency Items Total January 1, 2015 $ (732 ) $ (115,289 ) $ 16,568 $ (99,453 ) Other comprehensive (loss) income before reclassifications to consolidated statements of income (249 ) 355 (16,125 ) (16,019 ) Amounts reclassified from accumulated other comprehensive income to the consolidated statements of income 550 5,096 — 5,646 Net current-period other comprehensive income (loss) 301 5,451 (16,125 ) (10,373 ) June 30, 2015 $ (431 ) $ (109,838 ) $ 443 $ (109,826 )
Schedule of Amounts Reclassified Out of Accumulated Other Comprehensive Income (Loss) to the Consolidated Statements of Income	The following table sets forth the reclassifications out of accumulated other comprehensive income (loss) by component for the three- and six- month periods ended June 30, 2016 and 2015 : Details about Accumulated Other Comprehensive Income (Loss) Components Amount Reclassified from Accumulated Other Comprehensive Income (Loss) Affected Line Item in the Consolidated Statements of Income Three months ended June 30, 2016 Three months ended June 30, 2015 Gains and losses on cash flow hedges Interest rate contracts $ (149 ) $ (214 ) Interest expense Foreign exchange contracts 55 (116 ) Net sales (94 ) (330 ) Total before tax 43 106 Tax benefit (51 ) (224 ) Net of tax Pension and other postretirement benefit items Amortization of prior-service credits, net $ 39 $ 64 (A) Amortization of actuarial losses (2,947 ) (4,300 ) (A) (2,908 ) (4,236 ) Total before tax 1,018 1,421 Tax benefit (1,890 ) (2,815 ) Net of tax Total reclassifications in the period $ (1,941 ) $ (3,039 ) (A) These accumulated other comprehensive income (loss) components are included within the computation of net periodic pension cost. See Note 8. Details about Accumulated Other Comprehensive Income (Loss) Components Amount Reclassified from Accumulated Other Comprehensive Income (Loss) Affected Line Item in the Consolidated Statements of Income Six months ended June 30, 2016 Six months ended June 30, 2015 Gains and losses on cash flow hedges Interest rate contracts $ (300 ) $ (429 ) Interest expense Foreign exchange contracts 60 (360 ) Net sales (240 ) (789 ) Total before tax 99 239 Tax benefit (141 ) (550 ) Net of tax Pension and other postretirement benefit items Amortization of prior-service credits, net $ 82 $ 127 (A) Amortization of actuarial losses (5,679 ) (7,990 ) (A) (5,597 ) (7,863 ) Total before tax 1,953 2,767 Tax benefit (3,644 ) (5,096 ) Net of tax Total reclassifications in the period $ (3,785 ) $ (5,646 ) (A) These accumulated other comprehensive income (loss) components are included within the computation of net periodic pension cost. See Note 8.

Information on Business Segme28

Information on Business Segments (Tables)	6 Months Ended
	Jun. 30, 2016
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	The following tables set forth information about the Company's operations by its two reportable segments: Three months ended June 30, Six months ended June 30, 2016 2015 2016 2015 Net sales Industrial $ 204,540 $ 202,589 $ 399,786 $ 402,938 Aerospace 102,153 112,356 195,240 212,581 Intersegment sales — (4 ) (1 ) (4 ) Total net sales $ 306,693 $ 314,941 $ 595,025 $ 615,515 Operating profit Industrial $ 34,843 $ 29,979 $ 64,487 $ 60,958 Aerospace 12,617 20,670 24,500 33,586 Total operating profit 47,460 50,649 88,987 94,544 Interest expense 2,815 2,586 5,806 5,306 Other (income) expense, net (824 ) 237 (597 ) 318 Income before income taxes $ 45,469 $ 47,826 $ 83,778 $ 88,920 June 30, 2016 December 31, 2015 Assets Industrial $ 1,253,637 $ 1,241,206 Aerospace 646,021 654,147 Other (A) 175,365 166,513 Total assets $ 2,075,023 $ 2,061,866 (A) "Other" assets include corporate-controlled assets, the majority of which are cash and deferred tax assets.

Net Income Per Common Share (De

Net Income Per Common Share (Details) - shares	1 Months Ended	3 Months Ended		6 Months Ended
	Feb. 29, 2016	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Net Income Per Common Share [Line Items]
Weighted average number of diluted shares outstanding adjustment (in shares)		473,509	560,368	455,244	566,147
Stock Options [Member]
Net Income Per Common Share [Line Items]
Antidilutive securities excluded from computation of EPS		358,207	199,950	368,207	199,950
Options, granted (in shares)	142,000
Restricted Stock Units (RSUs) [Member]
Net Income Per Common Share [Line Items]
Other than options, granted (in shares)	119,814
Performance Share Awards [Member]
Net Income Per Common Share [Line Items]
Antidilutive securities excluded from computation of EPS		9,048		46,542
Other than options, granted (in shares)	108,400
Performance period				3 years
Minimum range of target award of stock plan				0.00%
Maximum range of target award of stock plan				250.00%

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Inventory Disclosure [Abstract]
Finished goods	$ 70,284	$ 76,836
Work-in-process	80,774	77,061
Raw material and supplies	53,860	54,714
Inventories	$ 204,918	$ 208,611

Goodwill and Other Intangible31

Goodwill and Other Intangible Assets (Details) - USD ($)	3 Months Ended						6 Months Ended
	Jun. 30, 2016	Dec. 31, 2015	Jun. 30, 2015	Dec. 31, 2014	Jun. 30, 2014	Dec. 31, 2013	Jun. 30, 2016	Jun. 30, 2015
Goodwill:
Goodwill, beginning of period							$ 587,992,000
Foreign currency translation							1,202,000
Goodwill, end of period	$ 589,194,000	$ 587,992,000					589,194,000
Goodwill impairment	0						0
Intangible Assets:
Gross Amount	701,958,000	701,958,000					701,958,000
Accumulated Amortization	(204,926,000)	(186,845,000)					(204,926,000)
Amortization of intangible assets expected in 2016	36,000,000						36,000,000
Amortization of intangible assets expected in 2017	39,000,000						39,000,000
Amortization of intangible assets expected in 2018	40,000,000						40,000,000
Amortization of intangible assets expected in 2019	39,000,000						39,000,000
Amortization of intangible assets expected in 2020	37,000,000						37,000,000
Impairment of trade names, indefinite-lived intangible assets	0						0
Component Repair Program payments							900,000	$ 19,000,000
Trade names [Member]
Intangible Assets:
Gross Amount	38,370,000	38,370,000					38,370,000
Accumulated Amortization	0	0					0
Foreign currency translation [Member]
Intangible Assets:
Accumulated Amortization	0	0					0
Gross Amount	(23,232,000)	(25,161,000)					(23,232,000)
Other intangible assets [Member]
Intangible Assets:
Gross Amount	717,096,000	715,167,000					717,096,000
Accumulated Amortization	(204,926,000)	(186,845,000)					(204,926,000)
Revenue sharing programs (RSPs) [Member]
Intangible Assets:
Gross Amount	293,700,000	293,700,000					293,700,000
Accumulated Amortization	(90,354,000)	(84,629,000)					$ (90,354,000)
Revenue sharing programs (RSPs) [Member] | Maximum [Member]
Intangible Assets:
Range of life							30 years
Component repair programs (CRPs) [Member]
Intangible Assets:
Gross Amount	111,839,000	111,839,000					$ 111,839,000
Accumulated Amortization	(8,044,000)	(6,054,000)					$ (8,044,000)
Component repair programs (CRPs) [Member] | Maximum [Member]
Intangible Assets:
Range of life							30 years
Customer lists/relationships [Member]
Intangible Assets:
Gross Amount	194,566,000	194,566,000					$ 194,566,000
Accumulated Amortization	(47,501,000)	(41,786,000)					$ (47,501,000)
Customer lists/relationships [Member] | Minimum [Member]
Intangible Assets:
Range of life							10 years
Customer lists/relationships [Member] | Maximum [Member]
Intangible Assets:
Range of life							16 years
Patents and technology [Member]
Intangible Assets:
Gross Amount	69,352,000	69,352,000					$ 69,352,000
Accumulated Amortization	(33,413,000)	(29,551,000)					$ (33,413,000)
Patents and technology [Member] | Minimum [Member]
Intangible Assets:
Range of life							6 years
Patents and technology [Member] | Maximum [Member]
Intangible Assets:
Range of life							14 years
Trademarks/trade names [Member]
Intangible Assets:
Gross Amount	11,950,000	11,950,000					$ 11,950,000
Accumulated Amortization	(9,776,000)	(9,412,000)					$ (9,776,000)
Trademarks/trade names [Member] | Minimum [Member]
Intangible Assets:
Range of life							10 years
Trademarks/trade names [Member] | Maximum [Member]
Intangible Assets:
Range of life							30 years
Other [Member]
Intangible Assets:
Gross Amount	20,551,000	20,551,000					$ 20,551,000
Accumulated Amortization	(15,838,000)	(15,413,000)					$ (15,838,000)
Other [Member] | Maximum [Member]
Intangible Assets:
Range of life							15 years
Component Repair Program One [Member]
Intangible Assets:
Component Repair Program payments consideration	26,639,000						$ 26,639,000
Component Repair Program payments	900,000			$ 9,100,000		$ 16,639,000
Component Repair Program Two [Member]
Intangible Assets:
Component Repair Program payments consideration	80,000,000						80,000,000
Component Repair Program payments		2,000,000	$ 19,000,000	$ 20,000,000	$ 41,000,000
Component Repair Program Three [Member]
Intangible Assets:
Component Repair Program payments consideration	5,200,000						5,200,000
Component Repair Program Three [Member] | Accrued Liabilities [Member]
Intangible Assets:
Component Repair Program payments expected in current fiscal year	3,200,000						3,200,000
Industrial [Member]
Goodwill:
Goodwill, beginning of period							557,206,000
Foreign currency translation							1,202,000
Goodwill, end of period	558,408,000	557,206,000					558,408,000
Aerospace [Member]
Goodwill:
Goodwill, beginning of period							30,786,000
Foreign currency translation							0
Goodwill, end of period	$ 30,786,000	$ 30,786,000					$ 30,786,000

Debt (Debt Schedule) (Details)

Debt (Debt Schedule) (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Fair value of debt	$ 487,630	$ 508,265
Total debt, net of unamortized discounts	479,102	509,906
Borrowings under lines of credit and overdrafts	20,219	22,680
Less current maturities	(21,792)	(24,195)
Long-term debt	457,310	485,711
Revolving Credit Agreement [Member]
Debt Instrument [Line Items]
Carrying amount of debt	352,000	379,700
Fair value of debt	351,347	375,188
Senior Notes [Member] | 3.97% Senior Notes [Member]
Debt Instrument [Line Items]
Carrying amount of debt	100,000	100,000
Fair value of debt	108,546	102,484
Borrowings Under Lines of Credit and Overdrafts [Member]
Debt Instrument [Line Items]
Fair value of debt	20,219	22,680
Borrowings under lines of credit and overdrafts	20,219	22,680
Capital Lease Obligations [Member]
Debt Instrument [Line Items]
Carrying amount of debt	6,485	7,105
Fair value of debt	7,105	7,503
Other Foreign Bank Borrowings [Member]
Debt Instrument [Line Items]
Carrying amount of debt	398	421
Fair value of debt	$ 413	$ 410

Debt (Narrative) (Details)

Debt (Narrative) (Details) € in Thousands	1 Months Ended	6 Months Ended
	Sep. 30, 2013USD ($)	Jun. 30, 2016EUR (€)	Jun. 30, 2016USD ($)	Dec. 31, 2015USD ($)	Oct. 31, 2014USD ($)
Debt Instrument [Line Items]
Borrowings under lines of credit and overdrafts			$ 20,219,000	$ 22,680,000
Revolving Credit Agreement [Member]
Debt Instrument [Line Items]
Carrying amount of debt			352,000,000	379,700,000
Line of credit facility, maximum borrowing capacity	$ 750,000,000
Line of credit facility with accordian feature, maximum borrowing capacity	$ 1,000,000,000
Remaining borrowing capacity			$ 398,000,000	370,300,000
Revolving Credit Agreement [Member] | Euro Member Countries, Euro
Debt Instrument [Line Items]
Carrying amount of debt		€ 0		$ 0
Stated interest rate		1.56%	1.56%	1.50%
Revolving Credit Agreement [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member]
Debt Instrument [Line Items]
Variable basis spread	1.10%
Revolving Credit Agreement [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member]
Debt Instrument [Line Items]
Variable basis spread	1.70%
Senior Notes [Member] | Minimum [Member]
Debt Instrument [Line Items]
Debt covenant ratio of EBITDA to cash interest expense					4.25
Senior Notes [Member] | Maximum [Member]
Debt Instrument [Line Items]
Debt covenant ratio of senior debt to EBITDA					3.25
Debt covenant ratio of total debt to EBITDA					4
Senior Notes [Member] | 3.97% Senior Notes [Member]
Debt Instrument [Line Items]
Carrying amount of debt			$ 100,000,000	$ 100,000,000
Stated interest rate					3.97%
Converted amount with accrued interest					$ 100,000,000
Percent allowed to be prepaid					100.00%
Senior Notes [Member] | Adjusted for Certain Acquisitons [Member] | Maximum [Member]
Debt Instrument [Line Items]
Debt covenant ratio of senior debt to EBITDA					3.50
Debt covenant ratio of total debt to EBITDA					4.25
Revolving Credit Agreement [Member]
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 500,000,000
Revolving Credit Agreement [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Variable rate basis	LIBOR
Lines of Credit [Member]
Debt Instrument [Line Items]
Borrowings under lines of credit and overdrafts			20,200,000	$ 22,500,000
Line of credit facility, maximum borrowing capacity			$ 56,000,000
Line of credit, interest rate at period end		1.30%	1.30%	1.56%
Bank Overdrafts [Member]
Debt Instrument [Line Items]
Borrowings under lines of credit and overdrafts			$ 19,000	$ 180,000
Repayment period		2 days

Derivatives (Details)

Derivatives (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract]
Derivative Assets	$ 63	$ 699
Derivative Liabilities	(1,327)	(458)
Designated as Hedging Instrument [Member] | Interest Rate Contract [Member]
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract]
Derivative Assets	0	0
Derivative Liabilities	(456)	(357)
Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member]
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract]
Derivative Assets	12	484
Derivative Liabilities	0	0
Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member]
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract]
Derivative Assets	51	215
Derivative Liabilities	$ (871)	$ (101)

Derivatives (Details 1)

Derivatives (Details 1) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2016USD ($)	Jun. 30, 2015USD ($)	Jun. 30, 2016USD ($)	Jun. 30, 2015USD ($)	Dec. 31, 2012USD ($)Bank
Derivative [Line Items]
Maximum remaining maturity of foreign currency derivatives			2 years
Derivative, Net Hedge Ineffectiveness Gain (Loss)	$ 0	$ 0	$ 0	$ 0
Net cash losses from settlement			(2,876)	8,487
Foreign Exchange Contract [Member]
Derivative [Line Items]
Net cash losses from settlement			2,780
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	(282)	189	(430)	301
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Interest Rate Contract [Member]
Derivative [Line Items]
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net	3	63	(62)	(169)
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Foreign Exchange Contract [Member]
Derivative [Line Items]
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net	(285)	126	(368)	470
Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member]
Derivative [Line Items]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	$ (39)	$ (1,671)	$ (3,751)	$ 6,945
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member]
Derivative [Line Items]
Term of interest rate derivatives					5 years
Number of banks transacted with for interest rate swap agreements (in banks) | Bank					3
Derivative amount of hedge					$ 100,000
Variable rate basis					one-month LIBOR
Fixed interest rate					1.03%

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Asset derivatives	$ 63	$ 699
Liability derivatives	(1,327)	(458)
Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Asset derivatives	0	0
Liability derivatives	0	0
Bank acceptances	0	0
Rabbi trust assets	2,181	2,159
Financial assets and financial liabilities, reported at fair value	2,181	2,159
Significant Other Observable Inputs (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Asset derivatives	63	699
Liability derivatives	(1,327)	(458)
Bank acceptances	11,523	10,823
Rabbi trust assets	0	0
Financial assets and financial liabilities, reported at fair value	10,259	11,064
Significant Unobservable Inputs (Level 3)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Asset derivatives	0	0
Liability derivatives	0	0
Bank acceptances	0	0
Rabbi trust assets	0	0
Financial assets and financial liabilities, reported at fair value	0	0
Estimate of Fair Value, Fair Value Disclosure [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Asset derivatives	63	699
Liability derivatives	(1,327)	(458)
Bank acceptances	11,523	10,823
Rabbi trust assets	2,181	2,159
Financial assets and financial liabilities, reported at fair value	$ 12,440	$ 13,223
Minimum [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Maturity of bank acceptances	3 months
Maximum [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Maturity of bank acceptances	6 months

Pension and Other Postretirem37

Pension and Other Postretirement Benefits (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	Mar. 31, 2016	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Pensions [Member]
Pension and other postretirement benefits expenses
Service cost		$ 1,318	$ 1,299	$ 2,702	$ 2,752
Interest cost		4,945	5,297	9,781	9,992
Expected return on plan assets		(7,667)	(8,589)	(15,210)	(16,159)
Amortization of prior service cost (credit)		55	77	105	155
Amortization of actuarial losses		2,856	4,056	5,412	7,485
Net periodic benefit cost		1,507	2,140	2,790	4,225
Other Postretirement Benefits [Member]
Pension and other postretirement benefits expenses
Service cost		27	36	61	73
Interest cost		431	425	884	918
Amortization of prior service cost (credit)		(94)	(141)	(187)	(282)
Amortization of actuarial losses		91	244	267	505
Net periodic benefit cost		$ 455	$ 564	$ 1,025	$ 1,214
United States Pension Plan of US Entity [Member]
Pension and other postretirement benefits expenses
Discretionary contributions	$ 15,000

Income Taxes (Details)

Income Taxes (Details)	6 Months Ended		12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Effective tax rate	25.90%	28.80%	23.20%

Changes in Accumulated Other 39

Changes in Accumulated Other Comprehensive Income (Loss) by Component (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Changes in Accumulated Other Comprehensive Income by Component [Roll Forward]
Accumulated other comprehensive income (loss), Beginning balance			$ (143,252)	$ (99,453)
Other comprehensive (loss) income before reclassifications to consolidated statements of income			592	(16,019)
Amounts reclassified from accumulated other comprehensive income to the consolidated statements of income			3,785	5,646
Net current-period other comprehensive income (loss)	$ (17,507)	$ 25,611	4,377	(10,373)
Accumulated other comprehensive income (loss), Ending balance	(138,875)	(109,826)	(138,875)	(109,826)
Gains and Losses on Cash Flow Hedges
Changes in Accumulated Other Comprehensive Income by Component [Roll Forward]
Accumulated other comprehensive income (loss), Beginning balance			115	(732)
Other comprehensive (loss) income before reclassifications to consolidated statements of income			(571)	(249)
Amounts reclassified from accumulated other comprehensive income to the consolidated statements of income			141	550
Net current-period other comprehensive income (loss)			(430)	301
Accumulated other comprehensive income (loss), Ending balance	(315)	(431)	(315)	(431)
Pension and Other Postretirement Benefit Items
Changes in Accumulated Other Comprehensive Income by Component [Roll Forward]
Accumulated other comprehensive income (loss), Beginning balance			(105,703)	(115,289)
Other comprehensive (loss) income before reclassifications to consolidated statements of income			53	355
Amounts reclassified from accumulated other comprehensive income to the consolidated statements of income			3,644	5,096
Net current-period other comprehensive income (loss)			3,697	5,451
Accumulated other comprehensive income (loss), Ending balance	(102,006)	(109,838)	(102,006)	(109,838)
Foreign Currency Items
Changes in Accumulated Other Comprehensive Income by Component [Roll Forward]
Accumulated other comprehensive income (loss), Beginning balance			(37,664)	16,568
Other comprehensive (loss) income before reclassifications to consolidated statements of income			1,110	(16,125)
Amounts reclassified from accumulated other comprehensive income to the consolidated statements of income			0	0
Net current-period other comprehensive income (loss)			1,110	(16,125)
Accumulated other comprehensive income (loss), Ending balance	$ (36,554)	$ 443	$ (36,554)	$ 443

Changes in Accumulated Other 40

Changes in Accumulated Other Comprehensive Income (Loss) by Component (Details 2) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Interest expense	$ (2,815)	$ (2,586)	$ (5,806)	$ (5,306)
Net sales	306,693	314,941	595,025	615,515
Income before income taxes	45,469	47,826	83,778	88,920
Tax benefit	(12,257)	(13,599)	(21,718)	(25,617)
Total reclassifications in the period	33,212	34,227	62,060	63,303
Reclassification out of Accumulated Other Comprehensive Income [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total reclassifications in the period	(1,941)	(3,039)	(3,785)	(5,646)
Reclassification out of Accumulated Other Comprehensive Income [Member] | Gains and Losses on Cash Flow Hedges
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Income before income taxes	(94)	(330)	(240)	(789)
Tax benefit	43	106	99	239
Income from continuing operations	(51)	(224)	(141)	(550)
Reclassification out of Accumulated Other Comprehensive Income [Member] | Gains and Losses on Cash Flow Hedges | Interest Rate Contract [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Interest expense	(149)	(214)	(300)	(429)
Reclassification out of Accumulated Other Comprehensive Income [Member] | Gains and Losses on Cash Flow Hedges | Foreign Exchange Contract [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net sales	55	(116)	60	(360)
Reclassification out of Accumulated Other Comprehensive Income [Member] | Pension and Other Postretirement Benefit Items
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Income before income taxes	(2,908)	(4,236)	(5,597)	(7,863)
Tax benefit	1,018	1,421	1,953	2,767
Income from continuing operations	(1,890)	(2,815)	(3,644)	(5,096)
Amortization of prior-service credits, net	39	64	82	127
Amortization of actuarial losses	$ (2,947)	$ (4,300)	$ (5,679)	$ (7,990)

Information on Business Segme41

Information on Business Segments (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016USD ($)	Jun. 30, 2015USD ($)	Jun. 30, 2016USD ($)Segment	Jun. 30, 2015USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments | Segment			2
Net sales	$ 306,693	$ 314,941	$ 595,025	$ 615,515
Operating profit	47,460	50,649	88,987	94,544
Interest expense	2,815	2,586	5,806	5,306
Other (income) expense, net	(824)	237	(597)	318
Income before income taxes	45,469	47,826	83,778	88,920
Aerospace [Member]
Segment Reporting Information [Line Items]
Net sales	102,153	112,356	195,240	212,581
Operating profit	12,617	20,670	24,500	33,586
Industrial [Member]
Segment Reporting Information [Line Items]
Net sales	204,540	202,589	399,786	402,938
Operating profit	34,843	29,979	64,487	60,958
Intersegment sales [Member]
Segment Reporting Information [Line Items]
Net sales	$ 0	$ (4)	$ (1)	$ (4)

Information on Business Segme42

Information on Business Segments Details 1 (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Segment Reporting Information [Line Items]
Assets	$ 2,075,023	$ 2,061,866
Aerospace [Member]
Segment Reporting Information [Line Items]
Assets	646,021	654,147
Industrial [Member]
Segment Reporting Information [Line Items]
Assets	1,253,637	1,241,206
Other [Member]
Segment Reporting Information [Line Items]
Assets	$ 175,365	$ 166,513

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2016
Loss Contingencies [Line Items]
Assets		$ 2,061,866		$ 2,075,023
Contract Matters with Triumph [Member]
Loss Contingencies [Line Items]
Charge related to a contract termination dispute			$ 2,788
Assets				$ 8,000
Damages sought	$ 12,000	$ 15,000
Triumph Counterclaim [Member]
Loss Contingencies [Line Items]
Damages sought	$ 23,000

Accounting Changes (Details)

Accounting Changes (Details) - New Accounting Pronouncement, Early Adoption, Effect [Member] $ in Thousands	Jun. 30, 2016USD ($)
New Accounting Pronouncement, Early Adoption [Line Items]
Deferred Tax Assets, Net, Current	$ 25,341
Deferred Tax Liabilities, Net, Current	$ 1,418

Subsequent Event (Details)

Subsequent Event (Details) SFr in Thousands	3 Months Ended
	Sep. 30, 2016CHF (SFr)
Scenario, Forecast [Member] | FOBOHA Business [Member]
Subsequent Event [Line Items]
Purchase price	SFr 133,000