Barnes (B) 10-Q 26 Oct 20 2020 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2020	Oct. 21, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2020
Document Transition Report	false
Entity File Number	1-4801
Entity Registrant Name	BARNES GROUP INC
Entity Central Index Key	0000009984
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	06-0247840
Entity Address, Address Line One	123 Main Street
Entity Address, City or Town	Bristol
Entity Address, State or Province	CT
Entity Address, Postal Zip Code	06010
City Area Code	860
Local Phone Number	583-7070
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	B
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		50,617,373

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Income Statement [Abstract]
Net sales	$ 269,059	$ 372,587	$ 835,266	$ 1,120,947
Cost of sales	176,908	234,421	532,214	717,370
Selling and administrative expenses	60,908	70,581	212,380	228,385
Total operating costs and expenses	237,816	305,002	744,594	945,755
Operating income	31,243	67,585	90,672	175,192
Interest expense	3,701	5,344	11,924	15,856
Other expense (income), net	47	2,524	2,700	6,043
Income before income taxes	27,495	59,717	76,048	153,293
Income taxes	12,137	13,948	30,390	35,916
Net income	$ 15,358	$ 45,769	$ 45,658	$ 117,377
Per common share:
Basic (in dollars per share)	$ 0.30	$ 0.90	$ 0.90	$ 2.29
Diluted (in dollars per share)	$ 0.30	$ 0.89	$ 0.89	$ 2.27
Weighted average common shares outstanding:
Basic (in shares)	50,833,157	50,926,521	50,886,094	51,276,801
Diluted (in shares)	50,937,093	51,230,845	51,123,024	51,718,574

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Statement of Comprehensive Income [Abstract]
Net income		$ 15,358	$ 45,769	$ 45,658	$ 117,377
Other comprehensive income (loss), net of tax
Unrealized gain (loss) on hedging activities, net of tax	[1]	79	(168)	(1,447)	(1,960)
Foreign currency translation adjustments, net of tax	[2]	39,851	(39,289)	23,774	(44,513)
Defined benefit pension and other postretirement benefits, net of tax	[3]	2,209	2,112	2,667	5,648
Total other comprehensive income (loss), net of tax		42,139	(37,345)	24,994	(40,825)
Total comprehensive income		57,497	8,424	70,652	76,552
Unrealized (loss) income on hedging activities, tax		73	(52)	(481)	(607)
Foreign currency translation adjustment, tax		0	(196)	(66)	(230)
Defined benefit pension and other postretirement benefits, tax		$ 844	$ 554	$ 456	$ 1,663
[1]	Net of tax of $73 and $(52) for the three months ended September 30, 2020 and 2019, respectively, and $(481) and $(607) for the nine months ended September 30, 2020 and 2019, respectively.
[2]	Net of tax of $0 and $(196) for the three months ended September 30, 2020 and 2019, respectively, and $(66) and $(230) for the nine months ended September 30, 2020 and 2019, respectively.
[3]	Net of tax of $844 and $554 for the three months ended September 30, 2020 and 2019, respectively, and $456 and $1,663 for the nine months ended September 30, 2020 and 2019, respectively.

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Current assets
Cash and cash equivalents	$ 77,485	$ 93,805
Accounts receivable, less allowances (2020 - $6,273; 2019 - $5,197)	248,053	348,974
Inventories	245,968	232,706
Prepaid expenses and other current assets	77,209	67,532
Assets held for sale	0	21,373
Total current assets	648,715	764,390
Deferred income taxes	23,202	21,235
Property, plant and equipment	870,088	840,640
Less accumulated depreciation	(516,824)	(484,037)
Property, plant and equipment, net	353,264	356,603
Goodwill	969,255	933,022
Other intangible assets, net	560,466	581,116
Other assets	55,214	53,924
Assets held for sale	0	28,045
Total assets	2,610,116	2,738,335
Current liabilities
Notes and overdrafts payable	14,490	7,724
Accounts payable	91,959	118,509
Accrued liabilities	208,948	209,992
Long-term debt - current	1,820	2,034
Liabilities held for sale	0	4,616
Total current liabilities	317,217	342,875
Long-term debt	701,413	825,017
Accrued retirement benefits	90,597	93,358
Deferred income taxes	89,505	88,408
Long-term tax liability	59,063	66,012
Other liabilities	44,665	45,148
Liabilities held for sale	0	6,989
Commitments and contingencies (Note 16)
Stockholders' equity
Common stock - par value $0.01 per share Authorized: 150,000,000 shares Issued: at par value (2020 - 64,141,290 shares; 2019 - 63,872,756 shares)	641	639
Additional paid-in capital	499,020	489,282
Treasury stock, at cost (2020 - 13,526,172 shares; 2019 - 13,051,256 shares)	(516,800)	(498,074)
Retained earnings	1,510,296	1,489,176
Accumulated other non-owner changes to equity	(185,501)	(210,495)
Total stockholders' equity	1,307,656	1,270,528
Total liabilities and stockholders' equity	$ 2,610,116	$ 2,738,335

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 6,273	$ 5,197
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)	64,141,290	63,872,756
Treasury stock, at cost (in shares)	13,526,172	13,051,256

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Operating activities:
Net income	$ 45,658	$ 117,377
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	66,045	75,692
(Gain) loss on disposition of property, plant and equipment	(303)	35
Stock compensation expense	8,094	9,740
Seeger divestiture charges	6,620	0
Changes in assets and liabilities, net of the effects of divestitures:
Accounts receivable	103,161	9,741
Inventories	(11,616)	6,145
Prepaid expenses and other current assets	(10,168)	(12,494)
Accounts payable	(24,476)	(19,541)
Accrued liabilities	(7,981)	(216)
Deferred income taxes	(5,032)	(2,617)
Long-term retirement benefits	(2,517)	(16,862)
Long-term tax liability	(6,949)	(6,949)
Other	2,871	1,298
Net cash provided by operating activities	163,407	161,349
Investing activities:
Proceeds from disposition of property, plant and equipment	580	233
Proceeds from the sale of businesses, net of cash sold	36,879	0
Investment in restricted cash	(6,621)	0
Capital expenditures	(30,170)	(37,722)
Business acquisitions, net of cash acquired	0	(6,061)
Net cash provided (used) by investing activities	668	(43,550)
Financing activities:
Net change in other borrowings	6,794	16,415
Payments on long-term debt	(194,279)	(290,593)
Proceeds from the issuance of long-term debt	50,000	230,625
Proceeds from the issuance of common stock	1,661	2,458
Common stock repurchases	(15,550)	(50,347)
Dividends paid	(24,302)	(24,414)
Withholding taxes paid on stock issuances	(3,177)	(5,913)
Other	(2,217)	(13,034)
Net cash used by financing activities	(181,070)	(134,803)
Effect of exchange rate changes on cash flows	675	(3,247)
Decrease in cash and cash equivalents	(16,320)	(20,251)
Cash and cash equivalents at beginning of period	93,805	100,719
Cash and cash equivalents at end of period	$ 77,485	$ 80,468

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation 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, 2019 has been derived from the 2019 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, 2019. 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 nine-month period ended September 30, 2020 are not necessarily indicative of the results that may be expected for the year ending December 31, 2020. The outbreak and a continued spread of COVID-19 has resulted in a substantial curtailment of business activities worldwide and has caused weakened economic conditions, both in the United States and abroad. COVID-19 has had, and may continue to have, a significant negative impact on the Company's ongoing operations and the end markets in which it serves. The Company has assessed the impacts that COVID-19 has had on its accounting estimates, assumptions and disclosures.

Divestiture

Divestiture	9 Months Ended
	Sep. 30, 2020
Discontinued Operations and Disposal Groups [Abstract]
Divestiture	Divestiture On December 20, 2019, the Company entered into a Share Purchase and Transfer Agreement ("SPA") with the Kajo Neukirchen Group ("KNG") to sell the Seeger business, consisting of partnership interests and shares, respectively, of Seeger-Orbis GmbH & Co. OHG and Seeger-Orbis Mechanical Components (Tianjin) Co., Ltd. (“Seeger”) for 42,500 Euros, subject to certain adjustments. The Company classified the assets and liabilities of Seeger, which operated within the Industrial segment, as "held for sale" on the Consolidated Balance Sheet as of December 31, 2019. Pursuant to the required accounting guidance, the Company allocated $15,000 of goodwill from the Engineered Components reporting unit to Seeger based on the estimated relative fair values of the business to be disposed of and the portion of the reporting unit that will be retained. The Company subsequently recorded an impairment charge of $5,600 related to the goodwill that was allocated to Seeger. The impairment charge was recorded within Selling and Administrative expenses on the Consolidated Statements of Income in the period ended December 31, 2019. The Seeger assets and liabilities held for sale were comprised of the following as of December 31, 2019: Assets Accounts receivable, less allowance of $152 $ 6,844 Inventories 13,727 Prepaid expenses and other current assets 802 Current assets held for sale 21,373 Property, plant and equipment, net 17,701 Other intangible assets, net 590 Goodwill 9,400 Other assets 354 Non-current assets held for sale 28,045 Liabilities Accounts payable $ 2,961 Accrued liabilities 1,655 Current liabilities held for sale 4,616 Accrued retirement benefits 5,788 Other liabilities 1,201 Non-current liabilities held for sale 6,989 The Company completed the sale of the Seeger business to KNG effective February 1, 2020. Gross proceeds received were 39,634 Euros ($43,732). The Company yielded net cash proceeds of $36,879 after consideration of cash sold and transaction costs. The final amount of proceeds from the sale is subject to post-closing adjustments. Resulting tax charges of $4,211 were recognized in the first quarter of 2020 following the completion of the sale. Divestiture charges of $2,409 resulted from the completion of the sale and were recorded within Selling and Administrative expenses on the Consolidated Statements of Income in the quarter ended March 31, 2020.

Recent Accounting Standards

Recent Accounting Standards	9 Months Ended
	Sep. 30, 2020
Accounting Changes and Error Corrections [Abstract]
Recent Accounting Standards	Recent Accounting Standards The Financial Accounting Standards Board ("FASB") establishes changes to accounting principles under U.S. GAAP through the use of Accounting Standards Updates ("ASUs") to the FASB's Accounting Standards Codification. The Company evaluates the applicability and potential impacts of recent ASUs on its Consolidated Financial Statements and related disclosures. Recently Adopted Accounting Standards In February 2016, the FASB amended its guidance related to lease accounting. The amended guidance required lessees to recognize a majority of their leases on the balance sheet as a right-of-use ("ROU") asset and a lease liability. The guidance was effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Early adoption was permitted. The Company adopted the new standard using the modified retrospective approach on January 1, 2019. The most significant impact of the guidance was the recognition of ROU assets and related lease liabilities for operating leases on the Consolidated Balance Sheet. The Company recognized ROU assets and related lease liabilities of $31,724 and $32,579, respectively, related to operating lease commitments as of January 1, 2019. The amended guidance did not have a material impact on the Company's cash flows or results of operations. In June 2016, the FASB amended its guidance related to credit losses on financial instruments. The amended guidance requires the use of a methodology of estimation that reflects expected credit losses on certain types of financial instruments, including trade receivables, as a replacement to the current methodology, which estimates losses based on incurred credit losses. This expected credit loss methodology requires that the Company consider a broader range of information when estimating credit losses on receivables. The amended guidance was effective for fiscal years, and interim periods within those years, beginning after December 15, 2019. The Company adopted this amended guidance and applicable FASB updates related to the guidance during the first quarter of 2020 and it did not have a material impact on the Company's Consolidated Financial Statements. In January 2017, the FASB amended its guidance related to goodwill impairment testing. The amended guidance simplified the subsequent measurement of goodwill, eliminating Step 2 from the goodwill impairment test. Under the amended guidance, companies should perform their annual goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. Companies would recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit's fair value, assuming the loss recognized does not exceed the total amount of goodwill for the reporting unit. The amended guidance was effective for fiscal years beginning after December 15, 2019. Early adoption was permitted. The Company elected to early adopt this amended guidance during the second quarter of 2018 in connection with its annual goodwill impairment testing and it did not have an impact on the Company's Consolidated Financial Statements. In August 2017, the FASB amended its guidance related to hedge accounting. The amended guidance made more financial and nonfinancial hedging strategies eligible for hedge accounting, amended presentation and disclosure requirements and changed the assessment of effectiveness. The guidance also more closely aligned hedge accounting with management strategies, simplified application and increased the transparency of hedging. The amended guidance was effective January 1, 2019, with early adoption permitted in any interim period. The Company adopted the amended guidance on January 1, 2019 and it did not have a material impact on the Company's Consolidated Financial Statements, however it did result in amendments to certain disclosures required pursuant to the earlier guidance. See Note 10 of the Company's Consolidated Financial Statements. In August 2018, the FASB issued new guidance related to a customer's accounting for implementation, set-up, and other upfront costs incurred in a cloud computing arrangement that is hosted by a vendor (for example, a service contract). Pursuant to the new guidance, customers apply the same criteria for capitalizing implementation costs in a hosting arrangement as they would for an arrangement that has a software license. The new guidance was effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption was permitted, including adoption in any interim period for which financial statements have not been issued. The FASB provided the option of applying the guidance retrospectively or prospectively to all implementation costs incurred after the date of adoption. The Company elected to early adopt this guidance, prospectively, during the third quarter of 2018, and it did not have a material impact on the Consolidated Financial Statements. Recently Issued Accounting Standards In August 2018, the FASB amended its guidance related to disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. The amended requirements serve to remove, add and otherwise clarify certain existing disclosures. The amended guidance is effective for fiscal years ending after December 15, 2020. The guidance requires application on a retrospective basis to all periods presented. The adoption of this amended guidance is not expected to have a material impact on the Company's Consolidated Financial Statements. In December 2019, the FASB amended its guidance related to income taxes. The amended guidance simplifies the accounting for income taxes, eliminating certain exceptions to the general income tax principles, in an effort to reduce the cost and complexity of application. The amended guidance is effective for annual periods beginning after December 15, 2020, and interim periods within those reporting periods. Early adoption is permitted in any interim or annual period. The guidance requires application on either a prospective, retrospective or modified retrospective basis, contingent on the income tax exception being applied. The adoption of this amended guidance is not expected to have a material impact on the Company's Consolidated Financial Statements. The United Kingdom's Financial Conduct Authority, which regulates the London Interbank Offered Rate (“LIBOR”), announced its intent to phase out the use of LIBOR by the end of 2021. The U.S. Federal Reserve, in conjunction with the Alternative Reference Rates Committee, a steering committee comprised of large U.S. financial institutions, identified the Secured Overnight Financing Rate (“SOFR”) as its preferred benchmark alternative to U.S. dollar LIBOR. Published by the Federal Reserve Bank of New York, SOFR represents a measure of the cost of borrowing cash overnight, collateralized by U.S. Treasury securities, and is calculated based on directly observable U.S. Treasury-backed repurchase transactions. In March 2020, in response to this transition, the FASB issued guidance that provides optional expedients and exceptions for applying U.S. GAAP to contract modifications, hedging relationships and other transactions that reference LIBOR, and addresses operational issues likely to arise in modifying contracts to replace discontinued reference rates with new rates. The guidance is effective as of March 12, 2020 through December 31, 2022. Once elected, the guidance must be applied prospectively for all eligible contract modifications. The Company’s Amended Credit Agreement and corresponding interest rate swap are tied to LIBOR, with both maturing in early 2022 (see Note 9). The Company is evaluating the potential impact of the replacement of LIBOR, but does not anticipate a material impact on our business, financial condition, results of operations or cash flows.

Revenue

Revenue	9 Months Ended
	Sep. 30, 2020
Revenue from Contract with Customer [Abstract]
Revenue	Revenue The Company is a global provider of highly engineered products, differentiated industrial technologies, and innovative solutions, serving a wide range of end markets and customers. Its specialized products and services are used in far-reaching applications including aerospace, transportation, manufacturing, automation, healthcare and packaging. Revenue is recognized by the Company when control of the product or solution is transferred to the customer. Control is generally transferred when products are shipped or delivered to customers, title is transferred, and the significant risks and rewards of ownership have transferred, and the Company has rights to payment and rewards of ownership pass to the customer. Customer acceptance may also be a factor in determining whether control of the product has transferred. Although revenue is generally transferred at a point in time, a certain portion of businesses with customized products or contracts in which the Company performs work on customer-owned assets requires the use of an over time recognition model as certain contracts meet one or more of the established criteria pursuant to the accounting guidance. Also, service revenue is recognized as control transfers, which is concurrent with the services being performed. The following table presents the Company's revenue disaggregated by products and services, and geographic regions, by segment: Three Months Ended Nine Months Ended Industrial Aerospace Total Company Industrial Aerospace Total Company Products and Services Engineered Components Products $ 41,746 $ — $ 41,746 $ 115,414 $ — $ 115,414 Molding Solutions Products 103,684 — 103,684 294,869 — 294,869 Force & Motion Control Products 37,813 — 37,813 112,250 — 112,250 Automation Products 13,668 — 13,668 38,506 — 38,506 Aerospace Original Equipment Manufacturer Products — 52,023 52,023 — 178,346 178,346 Aerospace Aftermarket Products and Services — 20,125 20,125 — 95,881 95,881 $ 196,911 $ 72,148 $ 269,059 $ 561,039 $ 274,227 $ 835,266 Geographic Regions (A) Americas $ 73,677 $ 56,740 $ 130,417 $ 208,232 $ 196,945 $ 405,177 Europe 80,470 10,139 90,609 230,685 49,742 280,427 Asia 41,255 4,704 45,959 118,511 23,937 142,448 Rest of World 1,509 565 2,074 3,611 3,603 7,214 $ 196,911 $ 72,148 $ 269,059 $ 561,039 $ 274,227 $ 835,266 Three Months Ended Nine Months Ended Industrial Aerospace Total Company Industrial Aerospace Total Company Products and Services Engineered Components Products $ 63,069 $ — $ 63,069 $ 198,291 $ — $ 198,291 Molding Solutions Products 110,546 — 110,546 323,242 — 323,242 Force & Motion Control Products 45,676 — 45,676 144,746 — 144,746 Automation Products 12,397 — 12,397 41,315 — 41,315 Aerospace Original Equipment Manufacturer Products — 92,885 92,885 — 274,708 274,708 Aerospace Aftermarket Products and Services — 48,014 48,014 — 138,645 138,645 $ 231,688 $ 140,899 $ 372,587 $ 707,594 $ 413,353 $ 1,120,947 Geographic Regions (A) Americas $ 93,086 $ 100,949 $ 194,035 $ 278,520 $ 299,220 $ 577,740 Europe 77,308 25,534 102,842 261,388 73,248 334,636 Asia 60,433 13,444 73,877 164,844 38,051 202,895 Rest of World 861 972 1,833 2,842 2,834 5,676 $ 231,688 $ 140,899 $ 372,587 $ 707,594 $ 413,353 $ 1,120,947 (A) Sales by geographic region are based on the location to which the product is shipped. Revenue from products and services transferred to customers at a point in time accounted for approximately 90 percent and 85 percent of total revenue for the three and nine month periods ended September 30, 2020, respectively, and approximately 90 percent of revenue for the three and nine month periods ended September 30, 2019. A majority of revenue within the Industrial segment and Aerospace OEM business, along with a portion of revenue within the Aerospace Aftermarket business, is recognized at a point in time, primarily when the product or solution is shipped to the customer. Revenue from products and services transferred to customers over time accounted for approximately 10 percent and 15 percent of total revenue for the three and nine month periods ended September 30, 2020, respectively, and approximately 10 percent of revenue for the three and nine month periods ended September 30, 2019. The Company recognizes revenue over time in instances where a contract supports a continual transfer of control to the customer. Substantially all of our revenue in the Aerospace maintenance repair and overhaul business and a portion of the Engineered Components products, Molding Solutions products and Aerospace OEM products is recognized over time. Within the Molding Solutions and Aerospace Aftermarket businesses, this continual transfer of control to the customer results from repair and refurbishment work performed on customer-controlled assets. With other contracts, this continual transfer of control to the customer is supported by clauses in the contract where we deliver products that do not have an alternative use and require an enforceable right to payment of costs incurred (plus a reasonable profit) or the Company has a contractual right to complete any work in process and receive full contract price. The majority of our revenues are from contracts that are for less than one year, however certain Aerospace OEM and Molding Solutions business contracts extend beyond one year. In the Industrial segment, customers are typically OEMs or suppliers to OEMs and, in some businesses, distributors. In the Aerospace segment, customers include commercial airlines, OEMs and other aircraft and military parts and service providers. A performance obligation represents a promise within a contract to provide a distinct good or service to the customer. Revenue is recognized in an over time model based on the extent of progress towards completion of the performance obligation. The selection of the method to measure progress towards completion requires judgment and is based on the nature of the products or services to be provided. The Company utilizes the cost-to-cost measure of progress for over time contracts as we believe this measure best depicts the transfer of control to the customer, which occurs as we incur costs on contracts. Adjustments to net sales, cost of sales and the related impact to operating income are recognized as necessary in the period they become known. Revenue recognized from performance obligations satisfied in previous periods was not material in both the three and nine months ended September 30, 2020 and 2019. Contract Balances . The timing of revenue recognition, invoicing and cash collections affect accounts receivable, unbilled receivables (contract assets) and customer advances and deposits (contract liabilities) on the Consolidated Balance Sheets. Unbilled Receivables (Contract Assets) - Pursuant to the over time revenue recognition model, revenue may be recognized prior to the customer being invoiced. An unbilled receivable is recorded to reflect revenue that is recognized when 1) the cost-to-cost method is applied and 2) such revenue exceeds the amount invoiced to the customer. Unbilled receivables are included within prepaid expenses and other current assets on the Consolidated Balance Sheets as of September 30, 2020 and December 31, 2019. Customer Advances and Deposits (Contract Liabilities) - The Company may receive a customer advance or deposit, or have an unconditional right to receive a customer advance, prior to revenue being recognized. Certain contracts within the Molding Solutions business, for example, may require such advances. Since the performance obligations related to such advances may not have been satisfied, a contract liability is established. An offsetting asset of equal amount is recorded as an account receivable until the advance is collected. Advances and deposits are included within accrued liabilities on the Consolidated Balance Sheets until the respective revenue is recognized. Advance payments are not considered a significant financing component as they are generally received less than one year before the customer solution is completed. These assets and liabilities are reported on the Consolidated Balance Sheets on an individual contract basis at the end of each reporting period. Net contract liabilities consisted of the following: September 30, 2020 December 31, 2019 $ Change % Change Unbilled receivables (contract assets) $ 36,201 $ 22,444 $ 13,757 61 % Contract liabilities (45,499) (55,076) 9,577 (17) % Net contract liabilities $ (9,298) $ (32,632) $ 23,334 (72) % Contract liabilities balances at September 30, 2020 and December 31, 2019 include $12,536 and $16,971, respectively, of customer advances for which the Company has an unconditional right to collect payment. Accounts receivable, as presented on the Consolidated Balance Sheet, includes corresponding balances at September 30, 2020 and December 31, 2019, respectively. Changes in the net contract liabilities balance during the nine-month period ended September 30, 2020 were impacted by a $9,577 decrease in contract liabilities, driven primarily by revenue recognized in the current period, partially offset by new customer advances and deposits. Adding to this net contract liability decrease was a $13,757 increase in contract assets, driven primarily by contract progress (i.e. unbilled receivable), partially offset by earlier contract progress being invoiced to the customer. The Company recognized approximately 25% and 75% of the revenue related to the contract liability balance as of December 31, 2019 during the three and nine months ended September 30, 2020, respectively, and approximately 15% and 70% of the revenue related to the contract liability balance as of December 31, 2018 during the three and nine months ended September 30, 2019, respectively, primarily representing revenue from the sale of molds and hot runners within the Molding Solutions business. Remaining Performance Obligations . The Company has elected to disclose remaining performance obligations only for contracts with an original duration of greater than one year. Such remaining performance obligations represent the transaction price of firm orders for which work has not yet been performed and, for Aerospace, excludes projections of components and assemblies that Aerospace OEM customers anticipate purchasing in the future under existing programs, which represent orders that are beyond lead time and do not represent performance obligations pursuant to accounting guidance. As of September 30, 2020, the aggregate amount of the transaction price allocated to remaining performance obligations was $170,388. The Company expects to recognize revenue on approximately 75% of the remaining performance obligations over the next 12 months, with the remainder being recognized within 24 months.

Stockholders Equity

Stockholders Equity	9 Months Ended
	Sep. 30, 2020
Equity [Abstract]
Stockholders Equity	Stockholders' Equity A schedule of consolidated changes in equity for the nine months ended September 30, 2020 is as follows (shares in thousands): Common Common Additional Treasury Treasury Retained Accumulated Total December 31, 2019 63,873 $ 639 $ 489,282 13,051 $ (498,074) $ 1,489,176 $ (210,495) $ 1,270,528 Comprehensive income — — — — — 29,733 (34,189) (4,456) Dividends declared ($0.16 per share) — — — — — (8,133) — (8,133) Common stock repurchases — — — 396 (15,550) — — (15,550) Employee stock plans 17 — 2,743 2 (84) (88) — 2,571 March 31, 2020 63,890 $ 639 $ 492,025 13,449 $ (513,708) $ 1,510,688 $ (244,684) $ 1,244,960 Comprehensive income — — — — — 567 17,044 17,611 Dividends declared ($0.16 per share) — — — — — (8,072) — (8,072) Employee stock plans 14 — 3,394 1 (53) (134) — 3,207 June 30, 2020 63,904 $ 639 $ 495,419 13,450 $ (513,761) $ 1,503,049 $ (227,640) $ 1,257,706 Comprehensive income — — — — — 15,358 42,139 57,497 Dividends declared ($0.16 per share) — — — — — (8,097) — (8,097) Employee stock plans 237 2 3,601 76 (3,039) (14) — 550 September 30, 2020 64,141 $ 641 $ 499,020 13,526 $ (516,800) $ 1,510,296 $ (185,501) $ 1,307,656 A schedule of consolidated changes in equity for the nine months ended September 30, 2019 is as follows (shares in thousands): Common Common Additional Treasury Treasury Retained Accumulated Total December 31, 2018 63,367 $ 634 $ 470,818 12,034 $ (441,668) $ 1,363,772 $ (190,500) $ 1,203,056 Comprehensive income — — — — — 33,992 (8,178) 25,814 Dividends declared ($0.16 per share) — — — — — (8,217) — (8,217) Employee stock plans 51 — 4,039 1 (80) (109) — 3,850 March 31, 2019 63,418 $ 634 $ 474,857 12,035 $ (441,748) $ 1,389,438 $ (198,678) $ 1,224,503 Comprehensive income — — — — — 37,616 4,698 42,314 Dividends declared ($0.16 per share) — — — — — (8,086) — (8,086) Common stock repurchases — — — 900 (50,347) — — (50,347) Employee stock plans 18 — 3,285 2 (106) (178) — 3,001 June 30, 2019 63,436 $ 634 $ 478,142 12,937 $ (492,201) $ 1,418,790 $ (193,980) $ 1,211,385 Comprehensive income — — — — — 45,769 (37,345) 8,424 Dividends declared ($0.16 per share) — — — — — (8,111) — (8,111) Employee stock plans 321 4 4,713 112 (5,727) 10 — (1,000) September 30, 2019 63,757 $ 638 $ 482,855 13,049 $ (497,928) $ 1,456,458 $ (231,325) $ 1,210,698

Net Income Per Common Share

Net Income Per Common Share	9 Months Ended
	Sep. 30, 2020
Earnings Per Share [Abstract]
Net Income Per Common Share	Net Income Per Common ShareFor 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 103,936 and 304,324 for the three-month periods ended September 30, 2020 and 2019, respectively, and by 236,930 and 441,773 for the nine-month periods ended September 30, 2020 and 2019, 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 September 30, 2020 and 2019, the Company excluded 525,738 and 257,979 stock awards, respectively, from the calculation of weighted-average diluted shares outstanding as the stock awards were considered anti-dilutive. During the nine-month periods ended September 30, 2020 and 2019, the Company excluded 488,401 and 295,043 stock awards, respectively, from the calculation of weighted-average diluted shares outstanding as the stock awards were considered anti-dilutive. The Company granted 102,500 stock options, 79,994 restricted stock unit awards and 81,283 performance share awards ("PSAs") in February 2020 as part of its annual long-term incentive equity 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 PSAs are part of the long-term Performance Share Award 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 2020 include the Company’s total shareholder return (“TSR”), return on invested capital (“ROIC”) and operating income before depreciation and amortization growth ("EBITDA growth"). The TSR and EBITDA 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. ROIC is designed to assess the Company's performance compared to pre-established Company targets 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. The fair value of the TSR is determined using a Monte Carlo valuation method as the award contains a market condition.

Inventories

Inventories	9 Months Ended
	Sep. 30, 2020
Inventory Disclosure [Abstract]
Inventories	Inventories The components of inventories consisted of: September 30, 2020 December 31, 2019 Finished goods $ 82,175 $ 69,594 Work-in-process 84,310 88,196 Raw material and supplies 79,483 74,916 $ 245,968 $ 232,706

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	9 Months Ended
	Sep. 30, 2020
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 September 30, 2020: Industrial Aerospace Total Company December 31, 2019 $ 902,236 $ 30,786 $ 933,022 Foreign currency translation 36,233 — 36,233 September 30, 2020 $ 938,469 $ 30,786 $ 969,255 In the second quarter of 2020, management performed its annual impairment testing of goodwill and determined that there was no goodwill impairment. Other Intangible Assets: Other intangible assets consisted of: September 30, 2020 December 31, 2019 Range of Gross Amount Accumulated Amortization Gross Amount Accumulated Amortization Amortized intangible assets: Revenue Sharing Programs (RSPs) Up to 30 $ 299,500 $ (141,821) $ 299,500 $ (135,466) Component Repair Programs (CRPs) Up to 30 111,839 (30,097) 111,839 (27,270) Customer relationships 10-16 338,366 (113,662) 338,366 (98,953) Patents and technology 4-11 123,433 (75,006) 123,433 (68,188) Trademarks/trade names 10-30 10,949 (10,323) 10,949 (10,145) Other Up to 15 10,746 (4,449) 10,746 (4,014) 894,833 (375,358) 894,833 (344,036) Unamortized intangible assets: Trade names 55,670 — 55,670 — Foreign currency translation (14,679) — (25,351) — Other intangible assets $ 935,824 $ (375,358) $ 925,152 $ (344,036) Estimated amortization of intangible assets for future periods is as follows: 2020 (remainder) - $9,000; 2021 - $42,000; 2022- $41,000; 2023 - $41,000, 2024 - $40,000 and 2025- $39,000. In the second quarter of 2020, management performed its annual impairment testing of its trade names, which represent indefinite-lived intangible assets. Based on this assessment, there were no impairments.

Debt

Debt	9 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
Debt	Debt Long-term debt and notes and overdrafts payable at September 30, 2020 and December 31, 2019 consisted of: September 30, 2020 December 31, 2019 Carrying Fair Carrying Fair Revolving credit agreement $ 597,102 $ 602,054 $ 720,379 $ 737,816 3.97% Senior Notes 100,000 110,656 100,000 104,151 Borrowings under lines of credit and overdrafts 14,490 14,490 7,724 7,724 Finance leases 5,842 5,998 6,266 6,515 Other foreign bank borrowings 289 289 406 410 717,723 733,487 834,775 856,616 Less current maturities (16,310) (9,758) Long-term debt $ 701,413 $ 825,017 In February 2017, the Company and certain of its subsidiaries entered into the fourth amendment of 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 Amended Credit Agreement increased the facility from $750,000 to $850,000 and extends the maturity date from September 2018 to February 2022. The Amended Credit Agreement also increases the previous accordion feature from $250,000, allowing the Company to now request additional borrowings of up to $350,000. 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 not continuing. The borrowing availability of $850,000, pursuant to the terms of the Amended Credit Agreement, allows for multi-currency borrowing which includes Euro, British pound sterling or Swiss franc borrowing, up to $600,000. In September 2018, the Company and one of its wholly owned subsidiaries entered into a Sale and Purchase Agreement to acquire Gimatic. In conjunction with the acquisition, the Company requested additional borrowings of $150,000 that was provided for under the existing accordion feature. The Administrative Agent for the lenders approved the Company's access to the accordion feature and on October 19, 2018 the lenders formally committed the capital to fund such feature, resulting in the execution of the fifth amendment to the Amended Credit Agreement (the "Fifth Amendment"). The Fifth Amendment, effective October 19, 2018, thereby increased the borrowing availability of the existing facility to $1,000,000. The Company may also request access to the residual $200,000 of the accordion feature. Depending on the Company’s consolidated leverage ratio, and at the election of the Company, borrowings under the Amended Credit Agreement will bear interest at either LIBOR plus a margin of between 1.10% and 1.70% or the base rate, as defined in the Amended Credit Agreement, plus a margin of 0.10% to 0.70%. Multi-currency borrowings, pursuant to the Amended Credit Agreement, bear interest at their respective interbank offered rate (i.e. Euribor) or 0.00% (higher of the two rates) plus a margin of between 1.10% and 1.70%. Borrowings and availability under the Amended Credit Agreement were $597,102 and $402,898, respectively, at September 30, 2020 and $720,379 and $279,621, respectively, at December 31, 2019, subject to covenants in the Company's revolving debt agreements. The borrowing capacity under the Amended Credit Agreement was limited by the Senior Debt Ratio (defined below) to $126,285 as of September 30, 2020. The average interest rate on these borrowings was 1.22% and 1.76% on September 30, 2020 and December 31, 2019, respectively. Borrowings included Euro-denominated borrowings of 359,450 Euros ($422,102) at September 30, 2020 and 504,690 Euros ($565,379) at December 31, 2019. 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 2019, the Company borrowed 44,100 Euros ($49,506) under the Amended Credit Facility through an international subsidiary. The proceeds were distributed to the parent company and subsequently used to pay down U.S. borrowings under the Amended Credit Agreement. 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, 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 3.97% Senior Notes are senior unsecured obligations of the Company and 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 U.S. Treasury yield and a long-term credit spread for similar types of borrowings, which 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 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 ("Senior Debt Ratio"), a ratio of Consolidated Total Debt, as defined, to Consolidated EBITDA of not more than 3.75 times ("Total Debt Ratio") and a ratio of Consolidated EBITDA to Consolidated Cash Interest Expense, as defined, of not less than 4.25, in each case at the end of each fiscal quarter; provided that the debt to EBITDA ratios are permitted to increase for a period of four fiscal quarters after the closing of certain permitted acquisitions. A permitted acquisition is defined as an acquisition exceeding $150,000, for which the acquisition of Gimatic on October 31, 2018 qualified. With the completion of a permitted acquisition, the Senior Debt Ratio cannot exceed 3.50 times and the Total Debt Ratio cannot exceed 4.25 times. The increased ratios were allowed for a period of four fiscal quarters subsequent to the close of the permitted acquisition and therefore expired in the fourth quarter of 2019. On October 8, 2020, the Company entered into the sixth amendment to the Amended Credit Agreement with Bank of America (the “Sixth Amendment”) and the first amendment to the Note Purchase Agreement with New York Life (the “First NPA Amendment”). The Sixth Amendment and the First NPA Amendment provided for an increase in the Company’s maximum ratio of Consolidated Senior Debt, as defined, to Consolidated EBITDA, as defined, from 3.25 times (or, if a certain permitted acquisition above $150,000 is consummated, 3.50 times) to 3.75 times in each case at the end of the four fiscal quarters, beginning with December 31, 2020. Additionally, the Sixth Amendment requires the Company to maintain a maximum ratio of Consolidated Total Debt, as defined, to Consolidated EBITDA, of not more than 3.75 times in each case, at the end of the four fiscal quarters, beginning with December 31, 2020 and regardless of whether a permitted acquisition, as defined, is consummated. Furthermore, the First NPA Amendment provides for (i) adjustments to the ratio of Consolidated Total Debt, as defined, to Consolidated EBITDA, as defined, to conform to a more restrictive total leverage ratio that may be required under the Amended Credit Agreement, (ii) an increase in the amount of allowable add-back for restructuring charges when calculating Consolidated EBITDA from $15,000 to $25,000 and (iii) a required fee payment equal to 0.50% per annum times the daily outstanding principal amount of the note during each of the four fiscal quarters, following the quarter ended December 31, 2020, if the Company’s Senior Leverage Ratio, as defined, exceeds 3.25 times. In October 2020, the Company paid fees and expenses of $1,384 in conjunction with executing the Amendments; such fees will be deferred within Other Assets on the accompanying Consolidated Balance Sheet and amortized into interest expense on the Consolidated Statements of Income through their expiration. The increased ratios related to the close of a permitted acquisition have been suspended during the four fiscal quarters in which the Amendments are in effect. At September 30, 2020, the Company was in compliance with all covenants under the Agreements. The Company currently anticipates that it will maintain compliance with all of its covenants in the next four quarters while continuing to monitor its future compliance based on current and future economic conditions. In addition, the Company has approximately $82,000 in uncommitted short-term bank credit lines ("Credit Lines") and overdraft facilities. The Credit Lines are accessed locally and are available primarily within the U.S., Europe and Asia. The Credit Lines are subject to the applicable borrowing rates within each respective country and vary between jurisdictions (i.e. LIBOR, Euribor, etc.). Under the Credit Lines, $14,300 was borrowed at September 30, 2020 at an average interest rate of 1.10% and $7,700 was borrowed at December 31, 2019 at an average interest rate of 2.38%. The Company had also borrowed $190 and $24 under the overdraft facilities at September 30, 2020 and December 31, 2019, 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 also has several finance leases under which $5,842 and $6,266 was outstanding at September 30, 2020 and December 31, 2019, respectively. The fair value of the finance leases are 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.

Derivatives

Derivatives	9 Months Ended
	Sep. 30, 2020
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. The Company entered into an interest rate swap agreement (the "Swap") on April 28, 2017, with one bank, which converts 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 1.92% plus the borrowing spread. The Swap expires on January 31, 2022 and is accounted for as a cash flow hedge. 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, Hong Kong dollar 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 cash flow hedges are recorded to accumulated other non-owner changes to equity. 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. 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 nine months of 2020 and 2019, as presented on the Consolidated Statements of Cash Flows, include $1,880 and $12,593, respectively, of net cash payments related to 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: Derivative Assets Derivative Liabilities Fair Value Fair Value Balance Sheet Location September 30, 2020 December 31, 2019 Balance Sheet Location September 30, 2020 December 31, 2019 Derivatives designated as hedging instruments: Interest rate contracts Other assets $ — $ — Other liabilities $ (2,425) $ (820) Foreign exchange contracts Prepaid expenses and other current assets 235 700 Accrued liabilities — — Total derivatives designated as hedging instruments 235 700 (2,425) (820) Derivatives not designated as hedging instruments: Foreign exchange contracts Prepaid expenses and other current assets 405 1,375 Accrued liabilities (221) (1) Total derivatives not designated as hedging instruments 405 1,375 (221) (1) Total derivatives $ 640 $ 2,075 $ (2,646) $ (821) The following table sets forth the effect of hedge accounting on accumulated other comprehensive (loss) income for the three and nine-month periods ended September 30, 2020 and 2019: Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Loss) on Derivative Location of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income Three Months Ended Nine Months Ended Three Months Ended Nine Months Ended Derivatives in Hedging Relationships 2020 2019 2020 2019 2020 2019 2020 2019 Derivatives in Cash Flow Hedging Relationships: Interest rate contracts $ 344 $ (178) $ (1,223) $ (1,846) Interest expense $ (449) $ 86 $ (866) $ 367 Foreign exchange contracts (265) 10 (224) (114) Net sales 237 (199) (213) (788) Total $ 79 $ (168) $ (1,447) $ (1,960) $ (212) $ (113) $ (1,079) $ (421) The following table sets forth the effect of hedge accounting on the Consolidated Statements of Income for the three-month periods ended September 30, 2020 and 2019: Location and Amount of Gain (Loss) Recognized in Income on Hedging Relationships Three Months Ended 2020 2019 Net sales Interest expense Net sales Interest expense Total amounts of income and expense line items presented in the consolidated statements of income in which the effects of hedges are recorded $ 269,059 $ 3,701 $ 372,587 $ 5,344 The effects of hedging: Gain (Loss) on cash flow hedging relationships Interest rate contracts Amount of gain (loss) reclassified from accumulated other comprehensive income (loss) into income (449) 86 Foreign exchange contracts Amount of gain (loss) reclassified from accumulated other comprehensive income (loss) into income 237 (199) The following table sets forth the effect of hedge accounting on the consolidated statements of income for the nine-month periods ended September 30, 2020 and 2019: Location and Amount of Gain (Loss) Recognized in Income on Hedging Relationships Nine Months Ended 2020 2019 Net sales Interest expense Net sales Interest expense Total amounts of income and expense line items presented in the consolidated statements of income in which the effects of hedges are recorded $ 835,266 $ 11,924 $ 1,120,947 $ 15,856 The effects of hedging: Gain (Loss) on cash flow hedging relationships Interest rate contracts Amount of (loss) gain reclassified from accumulated other comprehensive income (loss) into income (866) 367 Foreign exchange contracts Amount of (loss) gain reclassified from accumulated other comprehensive income (loss) into income (213) (788) The following table sets forth the effect of derivatives not designated as hedging instruments on the consolidated statements of income for the three and nine-month periods ended September 30, 2020 and 2019: Location of Gain (Loss) Recognized in Income on Derivative Amount of Gain (Loss) Recognized in Income on Derivative (A) Three Months Ended Nine Months Ended Derivatives Not Designated as Hedging Instruments 2020 2019 2020 2019 Foreign exchange contracts Other expense (income), net $ 3,079 $ (11,662) $ (2,743) $ (15,182)

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2020
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: Fair Value Measurements Using Description Total Quoted Prices in Active Markets for Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs September 30, 2020 Asset derivatives $ 640 $ — $ 640 $ — Liability derivatives (2,646) — (2,646) — Bank acceptances 13,427 — 13,427 — Rabbi trust assets 2,889 2,889 — — Total $ 14,310 $ 2,889 $ 11,421 $ — December 31, 2019 Asset derivatives $ 2,075 $ — $ 2,075 $ — Liability derivatives (821) — (821) — Bank acceptances 14,460 — 14,460 — Rabbi trust assets 2,947 2,947 — — Total $ 18,661 $ 2,947 $ 15,714 $ — 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 China-based customers in lieu of cash paid on receivables, generally range from three

Pension and Other Postretiremen

Pension and Other Postretirement Benefits	9 Months Ended
	Sep. 30, 2020
Retirement Benefits [Abstract]
Pension and Other Postretirement Benefits	Pension and Other Postretirement Benefits Pension and other postretirement benefits expenses consisted of the following: Three Months Ended Nine Months Ended Pensions 2020 2019 2020 2019 Service cost $ 1,620 $ 1,356 $ 4,704 $ 4,064 Interest cost 3,815 4,539 11,438 13,647 Expected return on plan assets (7,594) (7,389) (22,391) (21,816) Amortization of prior service cost 128 101 281 302 Amortization of actuarial losses 3,502 2,215 10,148 6,658 Curtailment loss — — 484 — Settlement loss — 93 — 340 Net periodic benefit cost $ 1,471 $ 915 $ 4,664 $ 3,195 Three Months Ended Nine Months Ended Other Postretirement Benefits 2020 2019 2020 2019 Service cost $ 20 $ 18 $ 61 $ 53 Interest cost 259 335 780 1,008 Amortization of prior service cost 6 6 20 19 Amortization of actuarial losses 9 3 27 10 Net periodic benefit cost $ 294 $ 362 $ 888 $ 1,090 The service cost component of net periodic benefit cost is included within cost of sales and selling and administrative expenses. The components of net periodic benefit cost other than the service cost component are included in Other Income (Expense) on the Consolidated Statements of Income. The curtailment loss of $484 relates to the restructuring actions that were taken during the second quarter of 2020. See Note 17.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company's effective tax rate for the first nine months of 2020 was 40.0% compared with 23.4% in the first nine months of 2019 and 23.4% for the full year 2019. The increase in the first nine months of 2020 effective tax rate from the full year 2019 rate is primarily due to a decrease in projected earnings in jurisdictions with lower rates, the recognition of tax expense related to the completed sale of the Seeger business during the first quarter of 2020, the impact of the global intangible low-taxed income tax on foreign earnings in the U.S. (despite lower U.S. income) and excess tax charges related to stock awards. The impact of these items was partially offset by a benefit related to a refund of withholding taxes that were previously paid and included in tax expense in prior years and a reduction of the statutory tax rate at one of our international operations, both of which were recognized in the first quarter of 2020. The Aerospace and Industrial segments have a number of multi-year tax holidays in Singapore and China. These holidays are subject to the Company meeting certain commitments in the respective jurisdictions. Aerospace was granted a multi-year income tax holiday for operations recently established in Malaysia. The Company expected the holiday to begin in the third quarter of 2020, however, due to the impact of COVID-19, the start date of the holiday has been delayed. Discussions are currently being held regarding the effective start date of the holiday, with a likelihood that the holiday will be deferred until 2022. Once the start date is established, the holiday is scheduled to remain effective for ten years. The Industrial Segment has a holiday in China, for which it currently receives benefit, that is scheduled to expire at the end of 2020. The Company plans to re-apply for the holiday, but does not expect notification of potential approval until the latter half of 2021.

Changes in Accumulated Other Co

Changes in Accumulated Other Comprehensive Income (Loss) by Component	9 Months Ended
	Sep. 30, 2020
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Changes in Accumulated Other Comprehensive Income (Loss) by Component	Changes in Accumulated Other Comprehensive Income (Loss) by ComponentThe following tables set forth the changes in accumulated other comprehensive income (loss), net of tax, by component for the nine-month periods ended September 30, 2020 and 2019: Gains and Losses on Cash Flow Hedges Pension and Other Postretirement Benefit Items Foreign Currency Items Total January 1, 2020 $ (115) $ (144,047) $ (66,333) $ (210,495) Other comprehensive (loss) income before reclassifications (2,305) (5,733) 23,774 15,736 Amounts reclassified from accumulated other comprehensive income to the consolidated statements of income 858 8,400 — 9,258 Net current-period other comprehensive (loss) income (1,447) 2,667 23,774 24,994 September 30, 2020 $ (1,562) $ (141,380) $ (42,559) $ (185,501) Gains and Losses on Cash Flow Hedges Pension and Other Postretirement Benefit Items Foreign Currency Items Total January 1, 2019 $ 834 $ (138,690) $ (52,644) $ (190,500) Other comprehensive loss before reclassifications (2,300) (18) (44,513) (46,831) Amounts reclassified from accumulated other comprehensive income to the consolidated statements of income 340 5,666 — 6,006 Net current-period other comprehensive (loss) income (1,960) 5,648 (44,513) (40,825) September 30, 2019 $ (1,126) $ (133,042) $ (97,157) $ (231,325) The following table sets forth the reclassifications out of accumulated other comprehensive income (loss) by component for the three-month periods ended September 30, 2020 and 2019: 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 Three Months Ended Gains and losses on cash flow hedges Interest rate contracts $ (449) $ 86 Interest expense Foreign exchange contracts 237 (199) Net sales (212) (113) Total before tax 85 19 Tax benefit (127) (94) Net of tax Pension and other postretirement benefit items Amortization of prior service costs $ (134) $ (107) (A) Amortization of actuarial losses (3,511) (2,218) (A) Settlement loss — (93) (A) (3,645) (2,418) Total before tax 844 554 Tax benefit (2,801) (1,864) Net of tax Total reclassifications in the period $ (2,928) $ (1,958) The following table sets forth the reclassifications out of accumulated other comprehensive income (loss) by component for the nine month periods ended September 30, 2020 and 2019: 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 Nine Months Ended Nine Months Ended Gains and losses on cash flow hedges Interest rate contracts $ (866) $ 367 Interest expense Foreign exchange contracts (213) (788) Net sales (1,079) (421) Total before tax 221 81 Tax benefit (858) (340) Net of tax Pension and other postretirement benefit items Amortization of prior service costs $ (301) $ (321) (A) Amortization of actuarial losses (10,175) (6,668) (A) Curtailment loss (484) — (A) Settlement loss — (340) (A) (10,960) (7,329) Total before tax 2,560 1,663 Tax benefit (8,400) (5,666) Net of tax Total reclassifications in the period $ (9,258) $ (6,006) (A) These accumulated other comprehensive income (loss) components are included within the computation of net periodic Pension and Other Postretirement Benefits cost. See Note 12.

Information on Business Segment

Information on Business Segments	9 Months Ended
	Sep. 30, 2020
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. Industrial is a global provider 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, automation, personal care, packaging, electronics, and medical devices. 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 business designs and manufactures 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. The Force & Motion Control business provides innovative cost effective force and motion control solutions for a wide range of metal forming and other industrial markets. The Automation business designs and develops robotic grippers, advanced end-of-arm tooling systems, sensors and other automation components for intelligent robotic handling solutions and industrial automation applications. Industrial's Engineered Components business manufactures and supplies precision mechanical products used in transportation and industrial applications, including mechanical springs, and high-precision punched and fine-blanked components. Aerospace's original equipment manufacturing ("OEM") business is a global manufacturer of complex fabricated and precision-machined components and assemblies for turbine engines, nacelles and structures for both commercial and military aircraft. The Aerospace aftermarket business provides aircraft engine component MRO services, including services performed under 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 Revenue Sharing Programs (“RSPs”) under which the Company receives an exclusive right to supply designated aftermarket parts over the life of specific aircraft engine programs. The following tables set forth information about the Company's operations by its two reportable segments: Three Months Ended Nine Months Ended 2020 2019 2020 2019 Net sales Industrial $ 196,916 $ 231,688 $ 561,047 $ 707,594 Aerospace 72,148 140,899 274,227 413,353 Intersegment sales (5) — (8) — Total net sales $ 269,059 $ 372,587 $ 835,266 $ 1,120,947 Operating profit Industrial $ 24,438 $ 34,836 $ 42,063 $ 83,785 Aerospace 6,805 32,749 48,609 91,407 Total operating profit 31,243 67,585 90,672 175,192 Interest expense 3,701 5,344 11,924 15,856 Other expense (income), net 47 2,524 2,700 6,043 Income before income taxes $ 27,495 $ 59,717 $ 76,048 $ 153,293 September 30, 2020 December 31, 2019 Assets Industrial $ 1,834,736 $ 1,879,258 Aerospace 631,765 704,318 Other (A) 143,615 154,759 Total assets $ 2,610,116 $ 2,738,335

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2020
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. The Company accrues its estimated exposure for warranty claims at the time of sale based upon the length of the warranty period, historical experience and other related information known to the Company. Liabilities related to product warranties and extended warranties were not material as of September 30, 2020 and December 31, 2019. Litigation The Company is subject to litigation from time to time in the ordinary course of business and various other suits, proceedings and claims are pending involving the Company and its subsidiaries. The Company records a loss contingency liability when a loss is considered probable and the amount can be reasonably estimated. While it is not possible to determine the ultimate disposition of each of these proceedings and whether they will be resolved consistent with the Company's beliefs, the Company expects that the outcome of such proceedings, individually or in the aggregate, will not have a material adverse effect on financial condition or results of operations.

Business Reorganization

Business Reorganization	9 Months Ended
	Sep. 30, 2020
Restructuring and Related Activities [Abstract]
Business Reorganization	Business Reorganization In June 2020, the Company announced restructuring and workforce reduction actions ("actions") to be implemented across its businesses and functions in response to the macroeconomic disruption in global industrial and aerospace end markets arising from COVID-19. A resulting pre-tax charge of $18,493 was recorded through the third quarter of 2020, primarily related to employee severance and other termination benefits, with the amounts expected to be paid by the end of 2021. These actions are expected to be substantially completed in 2020 and reduce the Company’s global workforce by approximately 8%. A corresponding liability of $15,119, per below, was included within accrued liabilities as of September 30, 2020. The Company expects to incur additional costs of approximately $2,000 through the first half of 2021 related to these actions. The employee termination costs are recorded primarily within Selling and Administrative Expenses in the accompanying Consolidated Statements of Income. Of the aggregate charges recorded, $2,243 is reflected within the results of the Aerospace segment, $15,766 is reflected within the results of the Industrial segment and $484, a pension curtailment loss, is included in Other expense (income), net. The following table sets forth the change in the liability related to these actions: December 31, 2019 $ — Employee severance and other termination benefits 17,614 Payments (2,495) September 30, 2020 $ 15,119

Recent Accounting Standards (Po

Recent Accounting Standards (Policies)	9 Months Ended
	Sep. 30, 2020
Accounting Changes and Error Corrections [Abstract]
Recently Adopted and Issued Accounting Standards	Recently Adopted Accounting Standards In February 2016, the FASB amended its guidance related to lease accounting. The amended guidance required lessees to recognize a majority of their leases on the balance sheet as a right-of-use ("ROU") asset and a lease liability. The guidance was effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Early adoption was permitted. The Company adopted the new standard using the modified retrospective approach on January 1, 2019. The most significant impact of the guidance was the recognition of ROU assets and related lease liabilities for operating leases on the Consolidated Balance Sheet. The Company recognized ROU assets and related lease liabilities of $31,724 and $32,579, respectively, related to operating lease commitments as of January 1, 2019. The amended guidance did not have a material impact on the Company's cash flows or results of operations. In June 2016, the FASB amended its guidance related to credit losses on financial instruments. The amended guidance requires the use of a methodology of estimation that reflects expected credit losses on certain types of financial instruments, including trade receivables, as a replacement to the current methodology, which estimates losses based on incurred credit losses. This expected credit loss methodology requires that the Company consider a broader range of information when estimating credit losses on receivables. The amended guidance was effective for fiscal years, and interim periods within those years, beginning after December 15, 2019. The Company adopted this amended guidance and applicable FASB updates related to the guidance during the first quarter of 2020 and it did not have a material impact on the Company's Consolidated Financial Statements. In January 2017, the FASB amended its guidance related to goodwill impairment testing. The amended guidance simplified the subsequent measurement of goodwill, eliminating Step 2 from the goodwill impairment test. Under the amended guidance, companies should perform their annual goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. Companies would recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit's fair value, assuming the loss recognized does not exceed the total amount of goodwill for the reporting unit. The amended guidance was effective for fiscal years beginning after December 15, 2019. Early adoption was permitted. The Company elected to early adopt this amended guidance during the second quarter of 2018 in connection with its annual goodwill impairment testing and it did not have an impact on the Company's Consolidated Financial Statements. In August 2017, the FASB amended its guidance related to hedge accounting. The amended guidance made more financial and nonfinancial hedging strategies eligible for hedge accounting, amended presentation and disclosure requirements and changed the assessment of effectiveness. The guidance also more closely aligned hedge accounting with management strategies, simplified application and increased the transparency of hedging. The amended guidance was effective January 1, 2019, with early adoption permitted in any interim period. The Company adopted the amended guidance on January 1, 2019 and it did not have a material impact on the Company's Consolidated Financial Statements, however it did result in amendments to certain disclosures required pursuant to the earlier guidance. See Note 10 of the Company's Consolidated Financial Statements. In August 2018, the FASB issued new guidance related to a customer's accounting for implementation, set-up, and other upfront costs incurred in a cloud computing arrangement that is hosted by a vendor (for example, a service contract). Pursuant to the new guidance, customers apply the same criteria for capitalizing implementation costs in a hosting arrangement as they would for an arrangement that has a software license. The new guidance was effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption was permitted, including adoption in any interim period for which financial statements have not been issued. The FASB provided the option of applying the guidance retrospectively or prospectively to all implementation costs incurred after the date of adoption. The Company elected to early adopt this guidance, prospectively, during the third quarter of 2018, and it did not have a material impact on the Consolidated Financial Statements. Recently Issued Accounting Standards In August 2018, the FASB amended its guidance related to disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. The amended requirements serve to remove, add and otherwise clarify certain existing disclosures. The amended guidance is effective for fiscal years ending after December 15, 2020. The guidance requires application on a retrospective basis to all periods presented. The adoption of this amended guidance is not expected to have a material impact on the Company's Consolidated Financial Statements. In December 2019, the FASB amended its guidance related to income taxes. The amended guidance simplifies the accounting for income taxes, eliminating certain exceptions to the general income tax principles, in an effort to reduce the cost and complexity of application. The amended guidance is effective for annual periods beginning after December 15, 2020, and interim periods within those reporting periods. Early adoption is permitted in any interim or annual period. The guidance requires application on either a prospective, retrospective or modified retrospective basis, contingent on the income tax exception being applied. The adoption of this amended guidance is not expected to have a material impact on the Company's Consolidated Financial Statements. The United Kingdom's Financial Conduct Authority, which regulates the London Interbank Offered Rate (“LIBOR”), announced its intent to phase out the use of LIBOR by the end of 2021. The U.S. Federal Reserve, in conjunction with the Alternative Reference Rates Committee, a steering committee comprised of large U.S. financial institutions, identified the Secured Overnight Financing Rate (“SOFR”) as its preferred benchmark alternative to U.S. dollar LIBOR. Published by the Federal Reserve Bank of New York, SOFR represents a measure of the cost of borrowing cash overnight, collateralized by U.S. Treasury securities, and is calculated based on directly observable U.S. Treasury-backed repurchase transactions. In March 2020, in response to this transition, the FASB issued guidance that provides optional expedients and exceptions for applying U.S. GAAP to contract modifications, hedging relationships and other transactions that reference LIBOR, and addresses operational issues likely to arise in modifying contracts to replace discontinued reference rates with new rates. The guidance is effective as of March 12, 2020 through December 31, 2022. Once elected, the guidance must be applied prospectively for all eligible contract modifications. The Company’s Amended Credit Agreement and corresponding interest rate swap are tied to LIBOR, with both maturing in early 2022 (see Note 9). The Company is evaluating the potential impact of the replacement of LIBOR, but does not anticipate a material impact on our business, financial condition, results of operations or cash flows.

Divestiture (Tables)

Divestiture (Tables)	9 Months Ended
	Sep. 30, 2020
Discontinued Operations and Disposal Groups [Abstract]
Assets and Liabilities Held for Sale	The Seeger assets and liabilities held for sale were comprised of the following as of December 31, 2019: Assets Accounts receivable, less allowance of $152 $ 6,844 Inventories 13,727 Prepaid expenses and other current assets 802 Current assets held for sale 21,373 Property, plant and equipment, net 17,701 Other intangible assets, net 590 Goodwill 9,400 Other assets 354 Non-current assets held for sale 28,045 Liabilities Accounts payable $ 2,961 Accrued liabilities 1,655 Current liabilities held for sale 4,616 Accrued retirement benefits 5,788 Other liabilities 1,201 Non-current liabilities held for sale 6,989

Revenue (Tables)

Revenue (Tables)	9 Months Ended
	Sep. 30, 2020
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following table presents the Company's revenue disaggregated by products and services, and geographic regions, by segment: Three Months Ended Nine Months Ended Industrial Aerospace Total Company Industrial Aerospace Total Company Products and Services Engineered Components Products $ 41,746 $ — $ 41,746 $ 115,414 $ — $ 115,414 Molding Solutions Products 103,684 — 103,684 294,869 — 294,869 Force & Motion Control Products 37,813 — 37,813 112,250 — 112,250 Automation Products 13,668 — 13,668 38,506 — 38,506 Aerospace Original Equipment Manufacturer Products — 52,023 52,023 — 178,346 178,346 Aerospace Aftermarket Products and Services — 20,125 20,125 — 95,881 95,881 $ 196,911 $ 72,148 $ 269,059 $ 561,039 $ 274,227 $ 835,266 Geographic Regions (A) Americas $ 73,677 $ 56,740 $ 130,417 $ 208,232 $ 196,945 $ 405,177 Europe 80,470 10,139 90,609 230,685 49,742 280,427 Asia 41,255 4,704 45,959 118,511 23,937 142,448 Rest of World 1,509 565 2,074 3,611 3,603 7,214 $ 196,911 $ 72,148 $ 269,059 $ 561,039 $ 274,227 $ 835,266 Three Months Ended Nine Months Ended Industrial Aerospace Total Company Industrial Aerospace Total Company Products and Services Engineered Components Products $ 63,069 $ — $ 63,069 $ 198,291 $ — $ 198,291 Molding Solutions Products 110,546 — 110,546 323,242 — 323,242 Force & Motion Control Products 45,676 — 45,676 144,746 — 144,746 Automation Products 12,397 — 12,397 41,315 — 41,315 Aerospace Original Equipment Manufacturer Products — 92,885 92,885 — 274,708 274,708 Aerospace Aftermarket Products and Services — 48,014 48,014 — 138,645 138,645 $ 231,688 $ 140,899 $ 372,587 $ 707,594 $ 413,353 $ 1,120,947 Geographic Regions (A) Americas $ 93,086 $ 100,949 $ 194,035 $ 278,520 $ 299,220 $ 577,740 Europe 77,308 25,534 102,842 261,388 73,248 334,636 Asia 60,433 13,444 73,877 164,844 38,051 202,895 Rest of World 861 972 1,833 2,842 2,834 5,676 $ 231,688 $ 140,899 $ 372,587 $ 707,594 $ 413,353 $ 1,120,947 (A) Sales by geographic region are based on the location to which the product is shipped.
Contract with Customer, Asset and Liability	Net contract liabilities consisted of the following: September 30, 2020 December 31, 2019 $ Change % Change Unbilled receivables (contract assets) $ 36,201 $ 22,444 $ 13,757 61 % Contract liabilities (45,499) (55,076) 9,577 (17) % Net contract liabilities $ (9,298) $ (32,632) $ 23,334 (72) %

Stockholders Equity (Tables)

Stockholders Equity (Tables)	9 Months Ended
	Sep. 30, 2020
Equity [Abstract]
Schedule of changes in equity	A schedule of consolidated changes in equity for the nine months ended September 30, 2020 is as follows (shares in thousands): Common Common Additional Treasury Treasury Retained Accumulated Total December 31, 2019 63,873 $ 639 $ 489,282 13,051 $ (498,074) $ 1,489,176 $ (210,495) $ 1,270,528 Comprehensive income — — — — — 29,733 (34,189) (4,456) Dividends declared ($0.16 per share) — — — — — (8,133) — (8,133) Common stock repurchases — — — 396 (15,550) — — (15,550) Employee stock plans 17 — 2,743 2 (84) (88) — 2,571 March 31, 2020 63,890 $ 639 $ 492,025 13,449 $ (513,708) $ 1,510,688 $ (244,684) $ 1,244,960 Comprehensive income — — — — — 567 17,044 17,611 Dividends declared ($0.16 per share) — — — — — (8,072) — (8,072) Employee stock plans 14 — 3,394 1 (53) (134) — 3,207 June 30, 2020 63,904 $ 639 $ 495,419 13,450 $ (513,761) $ 1,503,049 $ (227,640) $ 1,257,706 Comprehensive income — — — — — 15,358 42,139 57,497 Dividends declared ($0.16 per share) — — — — — (8,097) — (8,097) Employee stock plans 237 2 3,601 76 (3,039) (14) — 550 September 30, 2020 64,141 $ 641 $ 499,020 13,526 $ (516,800) $ 1,510,296 $ (185,501) $ 1,307,656 A schedule of consolidated changes in equity for the nine months ended September 30, 2019 is as follows (shares in thousands): Common Common Additional Treasury Treasury Retained Accumulated Total December 31, 2018 63,367 $ 634 $ 470,818 12,034 $ (441,668) $ 1,363,772 $ (190,500) $ 1,203,056 Comprehensive income — — — — — 33,992 (8,178) 25,814 Dividends declared ($0.16 per share) — — — — — (8,217) — (8,217) Employee stock plans 51 — 4,039 1 (80) (109) — 3,850 March 31, 2019 63,418 $ 634 $ 474,857 12,035 $ (441,748) $ 1,389,438 $ (198,678) $ 1,224,503 Comprehensive income — — — — — 37,616 4,698 42,314 Dividends declared ($0.16 per share) — — — — — (8,086) — (8,086) Common stock repurchases — — — 900 (50,347) — — (50,347) Employee stock plans 18 — 3,285 2 (106) (178) — 3,001 June 30, 2019 63,436 $ 634 $ 478,142 12,937 $ (492,201) $ 1,418,790 $ (193,980) $ 1,211,385 Comprehensive income — — — — — 45,769 (37,345) 8,424 Dividends declared ($0.16 per share) — — — — — (8,111) — (8,111) Employee stock plans 321 4 4,713 112 (5,727) 10 — (1,000) September 30, 2019 63,757 $ 638 $ 482,855 13,049 $ (497,928) $ 1,456,458 $ (231,325) $ 1,210,698

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Sep. 30, 2020
Inventory Disclosure [Abstract]
Schedule of Inventory	The components of inventories consisted of: September 30, 2020 December 31, 2019 Finished goods $ 82,175 $ 69,594 Work-in-process 84,310 88,196 Raw material and supplies 79,483 74,916 $ 245,968 $ 232,706

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 2020
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 September 30, 2020: Industrial Aerospace Total Company December 31, 2019 $ 902,236 $ 30,786 $ 933,022 Foreign currency translation 36,233 — 36,233 September 30, 2020 $ 938,469 $ 30,786 $ 969,255
Schedule of Intangible Assets	Other intangible assets consisted of: September 30, 2020 December 31, 2019 Range of Gross Amount Accumulated Amortization Gross Amount Accumulated Amortization Amortized intangible assets: Revenue Sharing Programs (RSPs) Up to 30 $ 299,500 $ (141,821) $ 299,500 $ (135,466) Component Repair Programs (CRPs) Up to 30 111,839 (30,097) 111,839 (27,270) Customer relationships 10-16 338,366 (113,662) 338,366 (98,953) Patents and technology 4-11 123,433 (75,006) 123,433 (68,188) Trademarks/trade names 10-30 10,949 (10,323) 10,949 (10,145) Other Up to 15 10,746 (4,449) 10,746 (4,014) 894,833 (375,358) 894,833 (344,036) Unamortized intangible assets: Trade names 55,670 — 55,670 — Foreign currency translation (14,679) — (25,351) — Other intangible assets $ 935,824 $ (375,358) $ 925,152 $ (344,036)

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
Schedule of Debt	Long-term debt and notes and overdrafts payable at September 30, 2020 and December 31, 2019 consisted of: September 30, 2020 December 31, 2019 Carrying Fair Carrying Fair Revolving credit agreement $ 597,102 $ 602,054 $ 720,379 $ 737,816 3.97% Senior Notes 100,000 110,656 100,000 104,151 Borrowings under lines of credit and overdrafts 14,490 14,490 7,724 7,724 Finance leases 5,842 5,998 6,266 6,515 Other foreign bank borrowings 289 289 406 410 717,723 733,487 834,775 856,616 Less current maturities (16,310) (9,758) Long-term debt $ 701,413 $ 825,017

Derivatives (Tables)

Derivatives (Tables)	9 Months Ended
	Sep. 30, 2020
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: Derivative Assets Derivative Liabilities Fair Value Fair Value Balance Sheet Location September 30, 2020 December 31, 2019 Balance Sheet Location September 30, 2020 December 31, 2019 Derivatives designated as hedging instruments: Interest rate contracts Other assets $ — $ — Other liabilities $ (2,425) $ (820) Foreign exchange contracts Prepaid expenses and other current assets 235 700 Accrued liabilities — — Total derivatives designated as hedging instruments 235 700 (2,425) (820) Derivatives not designated as hedging instruments: Foreign exchange contracts Prepaid expenses and other current assets 405 1,375 Accrued liabilities (221) (1) Total derivatives not designated as hedging instruments 405 1,375 (221) (1) Total derivatives $ 640 $ 2,075 $ (2,646) $ (821)
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)	The following table sets forth the effect of hedge accounting on accumulated other comprehensive (loss) income for the three and nine-month periods ended September 30, 2020 and 2019: Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Loss) on Derivative Location of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income Three Months Ended Nine Months Ended Three Months Ended Nine Months Ended Derivatives in Hedging Relationships 2020 2019 2020 2019 2020 2019 2020 2019 Derivatives in Cash Flow Hedging Relationships: Interest rate contracts $ 344 $ (178) $ (1,223) $ (1,846) Interest expense $ (449) $ 86 $ (866) $ 367 Foreign exchange contracts (265) 10 (224) (114) Net sales 237 (199) (213) (788) Total $ 79 $ (168) $ (1,447) $ (1,960) $ (212) $ (113) $ (1,079) $ (421)
Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location	The following table sets forth the effect of hedge accounting on the Consolidated Statements of Income for the three-month periods ended September 30, 2020 and 2019: Location and Amount of Gain (Loss) Recognized in Income on Hedging Relationships Three Months Ended 2020 2019 Net sales Interest expense Net sales Interest expense Total amounts of income and expense line items presented in the consolidated statements of income in which the effects of hedges are recorded $ 269,059 $ 3,701 $ 372,587 $ 5,344 The effects of hedging: Gain (Loss) on cash flow hedging relationships Interest rate contracts Amount of gain (loss) reclassified from accumulated other comprehensive income (loss) into income (449) 86 Foreign exchange contracts Amount of gain (loss) reclassified from accumulated other comprehensive income (loss) into income 237 (199) The following table sets forth the effect of hedge accounting on the consolidated statements of income for the nine-month periods ended September 30, 2020 and 2019: Location and Amount of Gain (Loss) Recognized in Income on Hedging Relationships Nine Months Ended 2020 2019 Net sales Interest expense Net sales Interest expense Total amounts of income and expense line items presented in the consolidated statements of income in which the effects of hedges are recorded $ 835,266 $ 11,924 $ 1,120,947 $ 15,856 The effects of hedging: Gain (Loss) on cash flow hedging relationships Interest rate contracts Amount of (loss) gain reclassified from accumulated other comprehensive income (loss) into income (866) 367 Foreign exchange contracts Amount of (loss) gain reclassified from accumulated other comprehensive income (loss) into income (213) (788)
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location	The following table sets forth the effect of derivatives not designated as hedging instruments on the consolidated statements of income for the three and nine-month periods ended September 30, 2020 and 2019: Location of Gain (Loss) Recognized in Income on Derivative Amount of Gain (Loss) Recognized in Income on Derivative (A) Three Months Ended Nine Months Ended Derivatives Not Designated as Hedging Instruments 2020 2019 2020 2019 Foreign exchange contracts Other expense (income), net $ 3,079 $ (11,662) $ (2,743) $ (15,182)

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2020
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: Fair Value Measurements Using Description Total Quoted Prices in Active Markets for Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs September 30, 2020 Asset derivatives $ 640 $ — $ 640 $ — Liability derivatives (2,646) — (2,646) — Bank acceptances 13,427 — 13,427 — Rabbi trust assets 2,889 2,889 — — Total $ 14,310 $ 2,889 $ 11,421 $ — December 31, 2019 Asset derivatives $ 2,075 $ — $ 2,075 $ — Liability derivatives (821) — (821) — Bank acceptances 14,460 — 14,460 — Rabbi trust assets 2,947 2,947 — — Total $ 18,661 $ 2,947 $ 15,714 $ —

Pension and Other Postretirem_2

Pension and Other Postretirement Benefits (Tables)	9 Months Ended
	Sep. 30, 2020
Retirement Benefits [Abstract]
Schedule of Net Benefit Costs	Pension and other postretirement benefits expenses consisted of the following: Three Months Ended Nine Months Ended Pensions 2020 2019 2020 2019 Service cost $ 1,620 $ 1,356 $ 4,704 $ 4,064 Interest cost 3,815 4,539 11,438 13,647 Expected return on plan assets (7,594) (7,389) (22,391) (21,816) Amortization of prior service cost 128 101 281 302 Amortization of actuarial losses 3,502 2,215 10,148 6,658 Curtailment loss — — 484 — Settlement loss — 93 — 340 Net periodic benefit cost $ 1,471 $ 915 $ 4,664 $ 3,195 Three Months Ended Nine Months Ended Other Postretirement Benefits 2020 2019 2020 2019 Service cost $ 20 $ 18 $ 61 $ 53 Interest cost 259 335 780 1,008 Amortization of prior service cost 6 6 20 19 Amortization of actuarial losses 9 3 27 10 Net periodic benefit cost $ 294 $ 362 $ 888 $ 1,090

Changes in Accumulated Other _2

Changes in Accumulated Other Comprehensive Income (Loss) by Component (Tables)	9 Months Ended
	Sep. 30, 2020
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Schedule of Changes in Accumulated Other Comprehensive Income (Loss) By Component	The following tables set forth the changes in accumulated other comprehensive income (loss), net of tax, by component for the nine-month periods ended September 30, 2020 and 2019: Gains and Losses on Cash Flow Hedges Pension and Other Postretirement Benefit Items Foreign Currency Items Total January 1, 2020 $ (115) $ (144,047) $ (66,333) $ (210,495) Other comprehensive (loss) income before reclassifications (2,305) (5,733) 23,774 15,736 Amounts reclassified from accumulated other comprehensive income to the consolidated statements of income 858 8,400 — 9,258 Net current-period other comprehensive (loss) income (1,447) 2,667 23,774 24,994 September 30, 2020 $ (1,562) $ (141,380) $ (42,559) $ (185,501) Gains and Losses on Cash Flow Hedges Pension and Other Postretirement Benefit Items Foreign Currency Items Total January 1, 2019 $ 834 $ (138,690) $ (52,644) $ (190,500) Other comprehensive loss before reclassifications (2,300) (18) (44,513) (46,831) Amounts reclassified from accumulated other comprehensive income to the consolidated statements of income 340 5,666 — 6,006 Net current-period other comprehensive (loss) income (1,960) 5,648 (44,513) (40,825) September 30, 2019 $ (1,126) $ (133,042) $ (97,157) $ (231,325)
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-month periods ended September 30, 2020 and 2019: 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 Three Months Ended Gains and losses on cash flow hedges Interest rate contracts $ (449) $ 86 Interest expense Foreign exchange contracts 237 (199) Net sales (212) (113) Total before tax 85 19 Tax benefit (127) (94) Net of tax Pension and other postretirement benefit items Amortization of prior service costs $ (134) $ (107) (A) Amortization of actuarial losses (3,511) (2,218) (A) Settlement loss — (93) (A) (3,645) (2,418) Total before tax 844 554 Tax benefit (2,801) (1,864) Net of tax Total reclassifications in the period $ (2,928) $ (1,958) The following table sets forth the reclassifications out of accumulated other comprehensive income (loss) by component for the nine month periods ended September 30, 2020 and 2019: 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 Nine Months Ended Nine Months Ended Gains and losses on cash flow hedges Interest rate contracts $ (866) $ 367 Interest expense Foreign exchange contracts (213) (788) Net sales (1,079) (421) Total before tax 221 81 Tax benefit (858) (340) Net of tax Pension and other postretirement benefit items Amortization of prior service costs $ (301) $ (321) (A) Amortization of actuarial losses (10,175) (6,668) (A) Curtailment loss (484) — (A) Settlement loss — (340) (A) (10,960) (7,329) Total before tax 2,560 1,663 Tax benefit (8,400) (5,666) Net of tax Total reclassifications in the period $ (9,258) $ (6,006) (A) These accumulated other comprehensive income (loss) components are included within the computation of net periodic Pension and Other Postretirement Benefits cost. See Note 12.

Information on Business Segme_2

Information on Business Segments (Tables)	9 Months Ended
	Sep. 30, 2020
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 Nine Months Ended 2020 2019 2020 2019 Net sales Industrial $ 196,916 $ 231,688 $ 561,047 $ 707,594 Aerospace 72,148 140,899 274,227 413,353 Intersegment sales (5) — (8) — Total net sales $ 269,059 $ 372,587 $ 835,266 $ 1,120,947 Operating profit Industrial $ 24,438 $ 34,836 $ 42,063 $ 83,785 Aerospace 6,805 32,749 48,609 91,407 Total operating profit 31,243 67,585 90,672 175,192 Interest expense 3,701 5,344 11,924 15,856 Other expense (income), net 47 2,524 2,700 6,043 Income before income taxes $ 27,495 $ 59,717 $ 76,048 $ 153,293 September 30, 2020 December 31, 2019 Assets Industrial $ 1,834,736 $ 1,879,258 Aerospace 631,765 704,318 Other (A) 143,615 154,759 Total assets $ 2,610,116 $ 2,738,335

Business Reorganization (Tables

Business Reorganization (Tables)	9 Months Ended
	Sep. 30, 2020
Restructuring and Related Activities [Abstract]
Schedule of Change of Liability for Business Reorganization	The following table sets forth the change in the liability related to these actions: December 31, 2019 $ — Employee severance and other termination benefits 17,614 Payments (2,495) September 30, 2020 $ 15,119

Divestiture - Narrative (Detail

Divestiture - Narrative (Details) € in Thousands	Feb. 01, 2020USD ($)	Feb. 01, 2020EUR (€)	Dec. 20, 2019USD ($)	Jun. 30, 2020USD ($)	Mar. 31, 2020USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)	Dec. 20, 2019EUR (€)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment of goodwill				$ 0
Proceeds from the sale of businesses, net of cash sold	$ 36,879,000					$ 36,879,000	$ 0
Loss on sale						$ 6,620,000	$ 0
Seeger Orbis GmbH &Co. OHG and Seeger-Orbis Mechanical Components (Tianjin) Co., Ltd. | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration | €								€ 42,500
Goodwill			$ 15,000,000
Impairment of goodwill			$ 5,600,000
Cash consideration, gross	43,732,000	€ 39,634
Loss on sale	$ 4,211,000
Incremental costs					$ 2,409,000
Escrow deposits | €		€ 6,000

Divestiture - Assets and Liabil

Divestiture - Assets and Liabilities Held for Sale (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Assets
Current assets held for sale	$ 0	$ 21,373
Non-current assets held for sale	0	28,045
Liabilities
Disposal Group, Including Discontinued Operation, Liabilities, Current	0	4,616
Non-current liabilities held for sale	$ 0	6,989
Seeger Orbis GmbH &Co. OHG and Seeger-Orbis Mechanical Components (Tianjin) Co., Ltd. | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Assets
Accounts receivable, less allowance of $152		6,844
Inventories		13,727
Prepaid expenses and other current assets		802
Current assets held for sale		21,373
Property, plant and equipment, net		17,701
Other intangible assets, net		590
Goodwill		9,400
Other assets		354
Non-current assets held for sale		28,045
Liabilities
Accounts payable		2,961
Accrued liabilities		1,655
Disposal Group, Including Discontinued Operation, Liabilities, Current		4,616
Accrued retirement benefits		5,788
Other liabilities		1,201
Non-current liabilities held for sale		6,989
Accounts receivable, allowance		$ 152

Recent Accounting Standards (De

Recent Accounting Standards (Details) $ in Thousands	Jan. 01, 2019USD ($)
Accounting Changes and Error Corrections [Abstract]
ROU assets	$ 31,724
Lease liability	$ 32,579

Revenue - Revenue by Category (

Revenue - Revenue by Category (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Disaggregation of Revenue [Line Items]
Net sales	$ 269,059	$ 372,587	$ 835,266	$ 1,120,947
Industrial
Disaggregation of Revenue [Line Items]
Net sales	196,911	231,688	561,039	707,594
Aerospace
Disaggregation of Revenue [Line Items]
Net sales	72,148	140,899	274,227	413,353
Americas
Disaggregation of Revenue [Line Items]
Net sales	130,417	194,035	405,177	577,740
Americas | Industrial
Disaggregation of Revenue [Line Items]
Net sales	73,677	93,086	208,232	278,520
Americas | Aerospace
Disaggregation of Revenue [Line Items]
Net sales	56,740	100,949	196,945	299,220
Europe
Disaggregation of Revenue [Line Items]
Net sales	90,609	102,842	280,427	334,636
Europe | Industrial
Disaggregation of Revenue [Line Items]
Net sales	80,470	77,308	230,685	261,388
Europe | Aerospace
Disaggregation of Revenue [Line Items]
Net sales	10,139	25,534	49,742	73,248
Asia
Disaggregation of Revenue [Line Items]
Net sales	45,959	73,877	142,448	202,895
Asia | Industrial
Disaggregation of Revenue [Line Items]
Net sales	41,255	60,433	118,511	164,844
Asia | Aerospace
Disaggregation of Revenue [Line Items]
Net sales	4,704	13,444	23,937	38,051
Rest of World
Disaggregation of Revenue [Line Items]
Net sales	2,074	1,833	7,214	5,676
Rest of World | Industrial
Disaggregation of Revenue [Line Items]
Net sales	1,509	861	3,611	2,842
Rest of World | Aerospace
Disaggregation of Revenue [Line Items]
Net sales	565	972	3,603	2,834
Engineered Components Products
Disaggregation of Revenue [Line Items]
Net sales	41,746	63,069	115,414	198,291
Engineered Components Products | Industrial
Disaggregation of Revenue [Line Items]
Net sales	41,746	63,069	115,414	198,291
Engineered Components Products | Aerospace
Disaggregation of Revenue [Line Items]
Net sales	0	0	0	0
Molding Solutions Products
Disaggregation of Revenue [Line Items]
Net sales	103,684	45,676	294,869	144,746
Molding Solutions Products | Industrial
Disaggregation of Revenue [Line Items]
Net sales	103,684	45,676	294,869	144,746
Molding Solutions Products | Aerospace
Disaggregation of Revenue [Line Items]
Net sales	0	0	0	0
Force & Motion Control Products
Disaggregation of Revenue [Line Items]
Net sales	37,813	110,546	112,250	323,242
Force & Motion Control Products | Industrial
Disaggregation of Revenue [Line Items]
Net sales	37,813	110,546	112,250	323,242
Force & Motion Control Products | Aerospace
Disaggregation of Revenue [Line Items]
Net sales	0	0	0	0
Automation Products
Disaggregation of Revenue [Line Items]
Net sales	13,668	12,397	38,506	41,315
Automation Products | Industrial
Disaggregation of Revenue [Line Items]
Net sales	13,668	12,397	38,506	41,315
Automation Products | Aerospace
Disaggregation of Revenue [Line Items]
Net sales	0	0	0	0
Aerospace Original Equipment Manufacturer Products
Disaggregation of Revenue [Line Items]
Net sales	52,023	92,885	178,346	274,708
Aerospace Original Equipment Manufacturer Products | Industrial
Disaggregation of Revenue [Line Items]
Net sales	0	0	0	0
Aerospace Original Equipment Manufacturer Products | Aerospace
Disaggregation of Revenue [Line Items]
Net sales	52,023	92,885	178,346	274,708
Aerospace Aftermarket Products and Services
Disaggregation of Revenue [Line Items]
Net sales	20,125	48,014	95,881	138,645
Aerospace Aftermarket Products and Services | Industrial
Disaggregation of Revenue [Line Items]
Net sales	0	0	0	0
Aerospace Aftermarket Products and Services | Aerospace
Disaggregation of Revenue [Line Items]
Net sales	$ 20,125	$ 48,014	$ 95,881	$ 138,645
Transferred at Point in Time
Disaggregation of Revenue [Line Items]
Revenue transferred percent	90.00%	90.00%	8500.00%	90.00%
Transferred over Time
Disaggregation of Revenue [Line Items]
Revenue transferred percent	10.00%	10.00%	1500.00%	10.00%

Revenue - Contract Balances (De

Revenue - Contract Balances (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Revenue from Contract with Customer [Abstract]
Unbilled receivables (contract assets)	$ 36,201		$ 36,201		$ 22,444
Unbilled receivables (contract assets), $ Change			$ 13,757
Unbilled receivables (contract assets), % Change			61.00%
Contract liabilities	(45,499)		$ (45,499)		(55,076)
Contract liabilities, $ Change			$ 9,577
Contract liabilities, % Change			(17.00%)
Net contract liabilities	(9,298)		$ (9,298)		(32,632)
Net contract liabilities, $ Change			$ 23,334
Net contract liabilities, % Change			(72.00%)
Customer advances	$ 12,536		$ 12,536		$ 16,971
Revenue recognized	25.00%	15.00%	75.00%	70.00%

Revenue - Remaining Performance

Revenue - Remaining Performance Obligations (Details) $ in Thousands	Sep. 30, 2020USD ($)
Revenue from Contract with Customer [Abstract]
Remaining performance obligations	$ 170,388
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, expected timing	12 months
Remaining performance obligations, percentage	75.00%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, expected timing	24 months
Remaining performance obligations, percentage	25.00%

Stockholders Equity (Details)

Stockholders Equity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2020	Sep. 30, 2019
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance	$ 1,257,706	$ 1,244,960	$ 1,270,528	$ 1,211,385	$ 1,224,503	$ 1,203,056	$ 1,270,528	$ 1,203,056
Comprehensive income	57,497	17,611	(4,456)	8,424	42,314	25,814	70,652	76,552
Dividends declared	(8,097)	(8,072)	(8,133)	(8,111)	(8,086)	(8,217)
Common stock repurchases			(15,550)		(50,347)
Employee stock plans	550	3,207	2,571	(1,000)	3,001	3,850
Balance	$ 1,307,656	$ 1,257,706	$ 1,244,960	$ 1,210,698	$ 1,211,385	$ 1,224,503	1,307,656	1,210,698
Dividends declared (in dollars per share)	$ 0.16	$ 0.16	$ 0.16	$ 0.16	$ 0.16	$ 0.16
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance	$ 639	$ 639	$ 639	$ 634	$ 634	$ 634	$ 639	$ 634
Balance (in shares)	63,904	63,890	63,873	63,436	63,418	63,367	63,873	63,367
Employee stock plans				$ 4	$ 0	$ 0
Employee stock plans (in shares)	237	14	17	321	18	51
Balance	$ 641	$ 639	$ 639	$ 638	$ 634	$ 634	$ 641	$ 638
Balance (in shares)	64,141	63,904	63,890	63,757	63,436	63,418	64,141	63,757
Additional Paid-In Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance	$ 495,419	$ 492,025	$ 489,282	$ 478,142	$ 474,857	$ 470,818	$ 489,282	$ 470,818
Employee stock plans	3,601	3,394	2,743	4,713	3,285	4,039
Balance	499,020	495,419	492,025	482,855	478,142	474,857	499,020	482,855
Treasury Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance	$ (513,761)	$ (513,708)	$ (498,074)	$ (492,201)	$ (441,748)	$ (441,668)	$ (498,074)	$ (441,668)
Balance (in shares)	13,450	13,449	13,051	12,937	12,035	12,034	13,051	12,034
Common stock repurchases			$ (15,550)		$ (50,347)
Common stock repurchases (in shares)			396		900
Employee stock plans	$ (3,039)	$ (53)	$ (84)	$ (5,727)	$ (106)	$ (80)
Employee stock plans (in shares)	76	1	2	112	2	1
Balance	$ (516,800)	$ (513,761)	$ (513,708)	$ (497,928)	$ (492,201)	$ (441,748)	$ (516,800)	$ (497,928)
Balance (in shares)	13,526	13,450	13,449	13,049	12,937	12,035	13,526	13,049
Retained Earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance	$ 1,503,049	$ 1,510,688	$ 1,489,176	$ 1,418,790	$ 1,389,438	$ 1,363,772	$ 1,489,176	$ 1,363,772
Comprehensive income	15,358	567	29,733	45,769	37,616	33,992
Dividends declared	(8,097)	(8,072)	(8,133)	(8,111)	(8,086)	(8,217)
Employee stock plans	(14)	(134)	(88)	10	(178)	(109)
Balance	1,510,296	1,503,049	1,510,688	1,456,458	1,418,790	1,389,438	1,510,296	1,456,458
Accumulated Other Non-Owner Changes to Equity
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance	(227,640)	(244,684)	(210,495)	(193,980)	(198,678)	(190,500)	(210,495)	(190,500)
Comprehensive income	42,139	17,044	(34,189)	(37,345)	4,698	(8,178)
Balance	$ (185,501)	$ (227,640)	$ (244,684)	$ (231,325)	$ (193,980)	$ (198,678)	$ (185,501)	$ (231,325)

Net Income Per Common Share (De

Net Income Per Common Share (Details) - shares	1 Months Ended	3 Months Ended		9 Months Ended
	Feb. 29, 2020	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Net Income Per Common Share [Line Items]
Weighted average number of diluted shares outstanding adjustment (in shares)		103,936	304,324	236,930	441,773
Stock Options [Member]
Net Income Per Common Share [Line Items]
Antidilutive securities excluded from computation of EPS		525,738	257,979	488,401	295,043
Options, granted (in shares)	102,500
Restricted Stock Units [Member]
Net Income Per Common Share [Line Items]
Other than options, granted (in shares)	79,994
Performance Share Awards [Member]
Net Income Per Common Share [Line Items]
Other than options, granted (in shares)	81,283
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	Sep. 30, 2020	Dec. 31, 2019
Inventory Disclosure [Abstract]
Finished goods	$ 82,175	$ 69,594
Work-in-process	84,310	88,196
Raw material and supplies	79,483	74,916
Inventories	$ 245,968	$ 232,706

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets (Details) - USD ($)	3 Months Ended	9 Months Ended
	Jun. 30, 2020	Sep. 30, 2020	Dec. 31, 2019
Goodwill:
Goodwill, beginning of period		$ 933,022,000
Foreign currency translation		36,233,000
Goodwill, end of period		969,255,000
Impairment of goodwill	$ 0
Other Intangible Assets:
Gross Amount		894,833,000	$ 894,833,000
Accumulated Amortization		(375,358,000)	(344,036,000)
Foreign currency translation		(14,679,000)	(25,351,000)
Other intangible assets		935,824,000	925,152,000
Impairment of intangible assets	$ 0
Intangible Assets, Future Amortization Expense
Amortization of intangible assets expected in 2020		9,000,000
Amortization of intangible assets expected in 2021		42,000,000
Amortization of intangible assets expected in 2022		41,000,000
Amortization of intangible assets expected in 2023		41,000,000
Amortization of intangible assets expected in 2024		40,000,000
Amortization of intangible assets expected in 2025		39,000,000
Trade name [Member]
Other Intangible Assets:
Unamortized intangible asset		$ 55,670,000	55,670,000
Revenue sharing programs (RSPs) [Member]
Other Intangible Assets:
Range of life		30 years
Gross Amount		$ 299,500,000	299,500,000
Accumulated Amortization		$ (141,821,000)	(135,466,000)
Component repair programs (CRPs) [Member]
Other Intangible Assets:
Range of life		30 years
Gross Amount		$ 111,839,000	111,839,000
Accumulated Amortization		(30,097,000)	(27,270,000)
Customer lists/relationships [Member]
Other Intangible Assets:
Gross Amount		338,366,000	338,366,000
Accumulated Amortization		(113,662,000)	(98,953,000)
Patents and technology [Member]
Other Intangible Assets:
Gross Amount		123,433,000	123,433,000
Accumulated Amortization		(75,006,000)	(68,188,000)
Trademarks/trade names [Member]
Other Intangible Assets:
Gross Amount		10,949,000	10,949,000
Accumulated Amortization		$ (10,323,000)	(10,145,000)
Other [Member]
Other Intangible Assets:
Range of life		15 years
Gross Amount		$ 10,746,000	10,746,000
Accumulated Amortization		(4,449,000)	$ (4,014,000)
Industrial
Goodwill:
Goodwill, beginning of period		902,236,000
Foreign currency translation		36,233,000
Goodwill, end of period		938,469,000
Aerospace
Goodwill:
Goodwill, beginning of period		30,786,000
Foreign currency translation		0
Goodwill, end of period		$ 30,786,000
Minimum [Member] | Customer lists/relationships [Member]
Other Intangible Assets:
Range of life		10 years
Minimum [Member] | Patents and technology [Member]
Other Intangible Assets:
Range of life		4 years
Minimum [Member] | Trademarks/trade names [Member]
Other Intangible Assets:
Range of life		10 years
Maximum [Member] | Customer lists/relationships [Member]
Other Intangible Assets:
Range of life		16 years
Maximum [Member] | Patents and technology [Member]
Other Intangible Assets:
Range of life		11 years
Maximum [Member] | Trademarks/trade names [Member]
Other Intangible Assets:
Range of life		30 years

Debt (Debt Schedule) (Details)

Debt (Debt Schedule) (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Carrying amount of debt	$ 14,490	$ 7,724
Carrying amount of finance leases	5,842	6,266
Fair value of finance leases	5,998	6,515
Carrying amount of debt and finance leases	717,723	834,775
Fair value of debt and finance leases	733,487	856,616
Less current maturities	(16,310)	(9,758)
Long-term debt	701,413	825,017
Revolving Credit Agreement [Member]
Debt Instrument [Line Items]
Carrying amount of debt	597,102	720,379
Fair value of debt	602,054	737,816
Senior Notes [Member] | 3.97% Senior Notes [Member]
Debt Instrument [Line Items]
Carrying amount of debt	100,000	100,000
Fair value of debt	110,656	104,151
Lines of Credit and Overdrafts [Member]
Debt Instrument [Line Items]
Carrying amount of debt	14,490	7,724
Fair value of debt	14,490	7,724
Foreign Bank Borrowings [Member]
Debt Instrument [Line Items]
Carrying amount of debt	289	406
Fair value of debt	$ 289	$ 410

Debt (Narrative) (Details)

Debt (Narrative) (Details) € in Thousands	Oct. 19, 2018USD ($)	Sep. 19, 2018USD ($)	Sep. 30, 2020USD ($)	Oct. 08, 2020USD ($)	Oct. 07, 2020USD ($)	Sep. 30, 2020EUR (€)	Dec. 31, 2019USD ($)	Dec. 31, 2019EUR (€)	Feb. 28, 2017USD ($)	Jan. 31, 2017USD ($)	Oct. 31, 2014USD ($)
Debt Instrument [Line Items]
Carrying amount of debt			$ 14,490,000				$ 7,724,000
Finance lease			5,842,000				6,266,000
Revolving Credit Agreement [Member]
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity										$ 750,000,000
Line of credit facility with accordian feature, maximum borrowing capacity										$ 250,000,000
Carrying amount of debt							720,379,000
Remaining borrowing capacity			402,898,000				$ 279,621,000
Borrowing capacity			$ 126,285,000
Revolving Credit Agreement [Member] | Euro Member Countries, Euro
Debt Instrument [Line Items]
Stated interest rate			1.22%			1.22%	1.76%	1.76%
Carrying amount of debt			$ 422,102,000			€ 359,450	$ 565,379,000	€ 504,690
Revolving Credit Agreement [Member] | International Subsidiary Borrowings [Member]
Debt Instrument [Line Items]
Carrying amount of debt			49,506,000			€ 44,100
Senior Notes [Member] | 3.97% Senior Notes [Member]
Debt Instrument [Line Items]
Stated interest rate											3.97%
Carrying amount of debt			100,000,000				100,000,000
Converted amount with accrued interest											$ 100,000,000
Percent allowed to be prepaid											100.00%
Lines of Credit [Member]
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity			82,000,000
Carrying amount of debt			$ 14,300,000				$ 7,700,000
Line of credit, interest rate at period end			1.10%			1.10%	2.38%	2.38%
Bank Overdrafts [Member]
Debt Instrument [Line Items]
Carrying amount of debt			$ 190,000				$ 24,000
Repayment period			2 days
Foreign Bank Borrowings [Member]
Debt Instrument [Line Items]
Carrying amount of debt			$ 289,000				$ 406,000
Line of Credit and Senior Notes [Member] | Fifth Amendment Maturity February 2022 and 3.97% Senior Notes [Member]
Debt Instrument [Line Items]
Debt covenant ratio of senior debt to EBITDA			3.25			3.25
Debt covenant ratio of total debt to EBITDA			3.75			3.75
Debt covenant ratio of EBITDA to cash interest expense			4.25			4.25
Debt covenant threshold for permitted acquisition			$ 150,000
Debt covenant material acquisition, senior credit to EBITDA			3.50			3.50
Debt covenant material acquisition, debt to EBITDA			4.25			4.25
Line of Credit and Senior Notes [Member] | Fifth Amendment Maturity February 2022 and 3.97% Senior Notes [Member] | Subsequent Event [Member]
Debt Instrument [Line Items]
Allowable add-back for consolidated EBITDA					$ 15,000,000
Line of Credit and Senior Notes [Member] | Sixth Amendment Maturity February 2022 and 3.97% Percent Senior Notes [Member] | Subsequent Event [Member]
Debt Instrument [Line Items]
Debt covenant ratio of senior debt to EBITDA				3.75
Debt covenant threshold for permitted acquisition				$ 150,000,000
Debt covenant material acquisition, senior credit to EBITDA				3.50
Debt covenant, fee for exceeding senior leverage ratio				0.0050
Allowable add-back for consolidated EBITDA				$ 25,000,000
Fees and expenses for executing admendments				$ 1,384,000
Line of Credit and Senior Notes [Member] | Sixth Amendment Maturity February 2022 and 3.97% Percent Senior Notes [Member] | Minimum [Member] | Subsequent Event [Member]
Debt Instrument [Line Items]
Debt covenant ratio of senior debt to EBITDA				3.25
Line of Credit and Senior Notes [Member] | Sixth Amendment Maturity February 2022 and 3.97% Percent Senior Notes [Member] | Maximum [Member] | Subsequent Event [Member]
Debt Instrument [Line Items]
Debt covenant ratio of senior debt to EBITDA				3.75
Revolving Credit Agreement [Member] | Fourth Amendment, Maturity February 2022 [Member]
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity									$ 850,000,000
Revolving Credit Agreement [Member] | Fourth Amendment, Maturity February 2022 [Member] | Euro Member Countries, Euro
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity									600,000,000
Revolving Credit Agreement [Member] | Fourth Amendment, Maturity February 2022 [Member] | Switzerland, Francs
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity									600,000,000
Revolving Credit Agreement [Member] | Fourth Amendment, Maturity February 2022 [Member] | United Kingdom, Pounds
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity									600,000,000
Revolving Credit Agreement [Member] | Fourth Amendment, Maturity February 2022 [Member] | Euribor [Member]
Debt Instrument [Line Items]
Stated interest rate	0.00%
Revolving Credit Agreement [Member] | Fifth Amendment, Maturity February 2022 [Member]
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 1,000,000,000
Line of credit facility with accordian feature, maximum borrowing capacity	$ 200,000,000
Revolving Credit Agreement [Member] | Fifth Amendment, Maturity February 2022 [Member] | LIBOR | Minimum [Member]
Debt Instrument [Line Items]
Variable basis spread	1.10%
Revolving Credit Agreement [Member] | Fifth Amendment, Maturity February 2022 [Member] | LIBOR | Maximum [Member]
Debt Instrument [Line Items]
Variable basis spread	1.70%
Revolving Credit Agreement [Member] | Fifth Amendment, Maturity February 2022 [Member] | Base Rate [Member] | Minimum [Member]
Debt Instrument [Line Items]
Variable basis spread	0.10%
Revolving Credit Agreement [Member] | Fifth Amendment, Maturity February 2022 [Member] | Base Rate [Member] | Maximum [Member]
Debt Instrument [Line Items]
Variable basis spread	0.70%
Revolving Credit Agreement [Member] | Fifth Amendment, Maturity February 2022 [Member] | Euribor [Member] | Minimum [Member]
Debt Instrument [Line Items]
Variable basis spread	1.10%
Revolving Credit Agreement [Member] | Fifth Amendment, Maturity February 2022 [Member] | Euribor [Member] | Maximum [Member]
Debt Instrument [Line Items]
Variable basis spread	1.70%
Revolving Credit Agreement [Member] | Fourth Amendment, Maturity February 2022, Accordion Feature [Member]
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity									$ 350,000,000
SPA with Gimatic [Member]
Debt Instrument [Line Items]
Additional borrowings in conjunction with acquisition		$ 150,000,000

Derivatives - Narrative (Detail

Derivatives - Narrative (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)	Apr. 28, 2017USD ($)Bank
Derivative [Line Items]
Net cash payments from settlement	$ (2,217)	$ (13,034)
Foreign exchange contracts
Derivative [Line Items]
Maximum remaining maturity of foreign currency derivatives	2 years
Net cash payments from settlement	$ 1,880	$ 12,593
Derivatives designated as hedging instruments | Interest rate contracts
Derivative [Line Items]
Number of banks transacted with for interest rate swap agreements (in banks) | Bank			1
Fixed interest rate			1.92%
Derivatives designated as hedging instruments | Interest rate contracts | LIBOR
Derivative [Line Items]
Derivative amount of hedge			$ 100,000

Derivatives - Schedule of Deriv

Derivatives - Schedule of Derivative Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Derivative [Line Items]
Derivative Assets	$ 640	$ 2,075
Derivative Liabilities	(2,646)	(821)
Derivatives designated as hedging instruments
Derivative [Line Items]
Derivative Assets	235	700
Derivative Liabilities	(2,425)	(820)
Derivatives designated as hedging instruments | Interest rate contracts
Derivative [Line Items]
Derivative Assets	0	0
Derivative Liabilities	(2,425)	(820)
Derivatives designated as hedging instruments | Foreign exchange contracts
Derivative [Line Items]
Derivative Assets	235	700
Derivative Liabilities	0	0
Derivatives not designated as hedging instruments
Derivative [Line Items]
Derivative Assets	405	1,375
Derivative Liabilities	(221)	(1)
Derivatives not designated as hedging instruments | Foreign exchange contracts
Derivative [Line Items]
Derivative Assets	405	1,375
Derivative Liabilities	$ (221)	$ (1)

Derivatives - Schedule of Effec

Derivatives - Schedule of Effect of Hedge Accounting on Accumulated Other Comprehensive (Loss) Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Derivative [Line Items]
Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Loss) on Derivative	$ 79	$ (168)	$ (1,447)	$ (1,960)
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income	(212)	(113)	(1,079)	(421)
Interest rate contracts
Derivative [Line Items]
Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Loss) on Derivative	344	(178)	(1,223)	(1,846)
Interest rate contracts | Interest expense
Derivative [Line Items]
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income	(449)	86	(866)	367
Foreign exchange contracts
Derivative [Line Items]
Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Loss) on Derivative	(265)	10	(224)	(114)
Foreign exchange contracts | Net sales
Derivative [Line Items]
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income	$ 237	$ (199)	$ (213)	$ (788)

Derivatives - Schedule of Locat

Derivatives - Schedule of Location and Amount of Gain (Loss) Recognized in Income on Hedging Relationships (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Derivative Instruments, Gain (Loss) [Line Items]
Net sales	$ 269,059	$ 372,587	$ 835,266	$ 1,120,947
Interest expense	3,701	5,344	11,924	15,856
Amount of gain (loss) reclassified from accumulated other comprehensive income (loss) into income	(212)	(113)	(1,079)	(421)
Interest rate contracts | Interest expense
Derivative Instruments, Gain (Loss) [Line Items]
Amount of gain (loss) reclassified from accumulated other comprehensive income (loss) into income	(449)	86	(866)	367
Foreign exchange contracts | Net sales
Derivative Instruments, Gain (Loss) [Line Items]
Amount of gain (loss) reclassified from accumulated other comprehensive income (loss) into income	$ 237	$ (199)	$ (213)	$ (788)

Derivatives - Amount of Gain (L

Derivatives - Amount of Gain (Loss) Recognized in Income on Derivative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Other expense (income), net | Foreign exchange contracts
Derivative [Line Items]
Amount of gain (loss) recognized in income on derivative	$ 3,079	$ (11,662)	$ (2,743)	$ (15,182)

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Asset derivatives	$ 640	$ 2,075
Liability derivatives	(2,646)	(821)
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	2,889	2,947
Financial assets and financial liabilities, reported at fair value	2,889	2,947
Significant Other Observable Inputs (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Asset derivatives	640	2,075
Liability derivatives	(2,646)	(821)
Bank acceptances	13,427	14,460
Rabbi trust assets	0	0
Financial assets and financial liabilities, reported at fair value	11,421	15,714
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	640	2,075
Liability derivatives	(2,646)	(821)
Bank acceptances	13,427	14,460
Rabbi trust assets	2,889	2,947
Financial assets and financial liabilities, reported at fair value	$ 14,310	$ 18,661
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 Postretirem_3

Pension and Other Postretirement Benefits (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Pensions
Pension and other postretirement benefits expenses
Service cost	$ 1,620	$ 1,356	$ 4,704	$ 4,064
Interest cost	3,815	4,539	11,438	13,647
Expected return on plan assets	(7,594)	(7,389)	(22,391)	(21,816)
Amortization of prior service cost	128	101	281	302
Amortization of actuarial losses	3,502	2,215	10,148	6,658
Curtailment loss	0	0	484	0
Settlement loss	0	93	0	340
Net periodic benefit cost	1,471	915	4,664	3,195
Other Postretirement Benefits
Pension and other postretirement benefits expenses
Service cost	20	18	61	53
Interest cost	259	335	780	1,008
Amortization of prior service cost	6	6	20	19
Amortization of actuarial losses	9	3	27	10
Net periodic benefit cost	$ 294	$ 362	$ 888	$ 1,090

Income Taxes (Details)

Income Taxes (Details)	9 Months Ended		12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Effective tax rate	40.00%	23.40%	23.40%

Changes in Accumulated Other _3

Changes in Accumulated Other Comprehensive Income (Loss) by Component - Schedule of Changes in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Changes in Accumulated Other Comprehensive Income by Component [Roll Forward]
Accumulated other comprehensive income (loss)			$ (210,495)	$ (190,500)
Other comprehensive (loss) income before reclassifications			15,736	(46,831)
Amounts reclassified from accumulated other comprehensive income to the consolidated statements of income			9,258	6,006
Net current-period other comprehensive (loss) income	$ 42,139	$ (37,345)	24,994	(40,825)
Accumulated other comprehensive income (loss)	(185,501)	(231,325)	(185,501)	(231,325)
Gains and Losses on Cash Flow Hedges
Changes in Accumulated Other Comprehensive Income by Component [Roll Forward]
Accumulated other comprehensive income (loss)			(115)	834
Other comprehensive (loss) income before reclassifications			(2,305)	(2,300)
Amounts reclassified from accumulated other comprehensive income to the consolidated statements of income			858	340
Net current-period other comprehensive (loss) income			(1,447)	(1,960)
Accumulated other comprehensive income (loss)	(1,562)	(1,126)	(1,562)	(1,126)
Pension and Other Postretirement Benefit Items
Changes in Accumulated Other Comprehensive Income by Component [Roll Forward]
Accumulated other comprehensive income (loss)			(144,047)	(138,690)
Other comprehensive (loss) income before reclassifications			(5,733)	(18)
Amounts reclassified from accumulated other comprehensive income to the consolidated statements of income			8,400	5,666
Net current-period other comprehensive (loss) income			2,667	5,648
Accumulated other comprehensive income (loss)	(141,380)	(133,042)	(141,380)	(133,042)
Foreign Currency Items
Changes in Accumulated Other Comprehensive Income by Component [Roll Forward]
Accumulated other comprehensive income (loss)			(66,333)	(52,644)
Other comprehensive (loss) income before reclassifications			23,774	(44,513)
Amounts reclassified from accumulated other comprehensive income to the consolidated statements of income			0	0
Net current-period other comprehensive (loss) income			23,774	(44,513)
Accumulated other comprehensive income (loss)	$ (42,559)	$ (97,157)	$ (42,559)	$ (97,157)

Changes in Accumulated Other _4

Changes in Accumulated Other Comprehensive Income (Loss) by Component - Amount Reclassified from Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Interest expense	$ (3,701)	$ (5,344)	$ (11,924)	$ (15,856)
Net sales	269,059	372,587	835,266	1,120,947
Income before income taxes	27,495	59,717	76,048	153,293
Tax benefit	(12,137)	(13,948)	(30,390)	(35,916)
Total reclassifications in the period	15,358	45,769	45,658	117,377
Reclassification out of Accumulated Other Comprehensive Income [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total reclassifications in the period	(2,928)	(1,958)	(9,258)	(6,006)
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]
Interest expense	(449)	86	(866)	367
Net sales	237	(199)	(213)	(788)
Income before income taxes	(212)	(113)	(1,079)	(421)
Tax benefit	85	19	221	81
Income from continuing operations	(127)	(94)	(858)	(340)
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	(3,645)	(2,418)	(10,960)	(7,329)
Tax benefit	844	554	2,560	1,663
Income from continuing operations	(2,801)	(1,864)	(8,400)	(5,666)
Amortization of prior-service credits, net	(134)	(107)	(301)	(321)
Amortization of actuarial losses	(3,511)	(2,218)	(10,175)	(6,668)
Curtailment loss			(484)	0
Settlement loss	$ 0	$ (93)	$ 0	$ (340)

Information on Business Segme_3

Information on Business Segments (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)Segment	Sep. 30, 2019USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments | Segment			2
Net sales	$ 269,059	$ 372,587	$ 835,266	$ 1,120,947
Operating profit	31,243	67,585	90,672	175,192
Interest expense	3,701	5,344	11,924	15,856
Other expense (income), net	47	2,524	2,700	6,043
Income before income taxes	27,495	59,717	76,048	153,293
Industrial
Segment Reporting Information [Line Items]
Net sales	196,911	231,688	561,039	707,594
Aerospace
Segment Reporting Information [Line Items]
Net sales	72,148	140,899	274,227	413,353
Operating Segments | Industrial
Segment Reporting Information [Line Items]
Net sales	196,916	231,688	561,047	707,594
Operating profit	24,438	34,836	42,063	83,785
Operating Segments | Aerospace
Segment Reporting Information [Line Items]
Net sales	72,148	140,899	274,227	413,353
Operating profit	6,805	32,749	48,609	91,407
Intersegment sales
Segment Reporting Information [Line Items]
Net sales	$ (5)	$ 0	$ (8)	$ 0

Information on Business Segme_4

Information on Business Segments Details 1 (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Segment Reporting Information [Line Items]
Assets	$ 2,610,116	$ 2,738,335
Operating Segments | Industrial
Segment Reporting Information [Line Items]
Assets	1,834,736	1,879,258
Operating Segments | Aerospace
Segment Reporting Information [Line Items]
Assets	631,765	704,318
Other
Segment Reporting Information [Line Items]
Assets	$ 143,615	$ 154,759

Business Reorganization - Narra

Business Reorganization - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended	9 Months Ended
	Jun. 30, 2020	Sep. 30, 2020
Restructuring Cost and Reserve [Line Items]
Charge for business reorganization		$ 18,493
Percentage reduction in workforce	8.00%
Additional costs for charge for business reorganization		2,000
Other expense (income), net
Restructuring Cost and Reserve [Line Items]
Charge for business reorganization		484
Aerospace
Restructuring Cost and Reserve [Line Items]
Charge for business reorganization		2,243
Industrial
Restructuring Cost and Reserve [Line Items]
Charge for business reorganization		$ 15,766

Business Reorganization - Chang

Business Reorganization - Change in Liability for Business Reorganization (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2020USD ($)
Restructuring Reserve [Roll Forward]
Employee severance and other termination benefits	$ 18,493
Employee Severance and other termination benefits
Restructuring Reserve [Roll Forward]
Restructuring reserve	0
Employee severance and other termination benefits	17,614
Payments	(2,495)
Restructuring reserve	$ 15,119