Barnes (B) 10-Q 30 Apr 21 2021 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2021	Apr. 28, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2021
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	2021
Document Fiscal Period Focus	Q1
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		50,653,088

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Income Statement [Abstract]
Net sales	$ 301,629	$ 330,671
Cost of sales	194,696	208,248
Selling and administrative expenses	74,553	73,110
Total operating costs and expenses	269,249	281,358
Operating income	32,380	49,313
Interest expense	3,942	4,324
Other expense (income), net	1,463	1,594
Income before income taxes	26,975	43,395
Income taxes	7,593	13,662
Net income	$ 19,382	$ 29,733
Per common share:
Basic (in dollars per share)	$ 0.38	$ 0.58
Diluted (in dollars per share)	$ 0.38	$ 0.58
Weighted average common shares outstanding:
Basic (in shares)	50,933,666	51,061,132
Diluted (in shares)	51,087,688	51,501,857

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2021	Mar. 31, 2020
Statement of Comprehensive Income [Abstract]
Net income		$ 19,382	$ 29,733
Other comprehensive loss, net of tax
Unrealized loss on hedging activities, net of tax	[1]	(652)	(2,337)
Foreign currency translation adjustments, net of tax	[2]	(47,882)	(36,333)
Defined benefit pension and other postretirement benefits, net of tax	[3]	3,632	4,481
Total other comprehensive loss, net of tax		(44,902)	(34,189)
Total comprehensive loss		$ (25,520)	$ (4,456)
[1]	Net of tax of $(184) and $(823) for the three months ended March 31, 2021 and 2020, respectively.
[2]	Net of tax of $0 and $(66) for the three months ended March 31, 2021 and 2020, respectively.
[3]	Net of tax of $1,069 and $810 for the three months ended March 31, 2021 and 2020, respectively.

Consolidated Statements of Comm

Consolidated Statements of Commprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement of Comprehensive Income [Abstract]
Unrealized (loss) income on hedging activities, tax	$ (184)	$ (823)
Foreign currency translation adjustment, tax	0	(66)
Defined benefit pension and other postretirement benefits, tax	$ 1,069	$ 810

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Current assets
Cash and cash equivalents	$ 84,900	$ 79,145
Accounts receivable, less allowances (2021 - $6,394; 2020 - $6,348)	252,548	251,460
Inventories	233,465	238,008
Prepaid expenses and other current assets	77,490	73,732
Total current assets	648,403	642,345
Deferred income taxes	21,653	22,092
Property, plant and equipment	896,096	910,378
Less accumulated depreciation	(539,824)	(539,431)
Property, plant and equipment, net	356,272	370,947
Goodwill	971,851	1,011,580
Other intangible assets, net	541,148	564,132
Other assets	60,937	65,130
Total assets	2,600,264	2,676,226
Current liabilities
Notes and overdrafts payable	7,507	2,115
Accounts payable	118,756	112,428
Accrued liabilities	169,277	178,560
Long-term debt - current	2,051	2,276
Total current liabilities	297,591	295,379
Long-term debt	664,015	699,868
Accrued retirement benefits	94,066	98,171
Deferred income taxes	88,117	91,668
Long-term tax liability	59,063	59,063
Other liabilities	46,045	49,400
Commitments and contingencies (Note 16)
Stockholders' equity
Common stock - par value $0.01 per share Authorized: 150,000,000 shares Issued: at par value (2021 - 64,183,161 shares; 2020 - 64,171,321 shares)	642	642
Additional paid-in capital	503,937	501,531
Treasury stock, at cost (2021 - 13,531,343 shares; 2020 - 13,530,074 shares)	(517,060)	(516,992)
Retained earnings	1,531,065	1,519,811
Accumulated other non-owner changes to equity	(167,217)	(122,315)
Total stockholders' equity	1,351,367	1,382,677
Total liabilities and stockholders' equity	$ 2,600,264	$ 2,676,226

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 6,394	$ 6,348
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)	64,183,161	64,171,321
Treasury stock, at cost (in shares)	13,531,343	13,530,074

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Operating activities:
Net income	$ 19,382	$ 29,733
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	21,992	23,617
Gain on disposition of property, plant and equipment	(50)	(123)
Stock compensation expense	2,306	2,552
Seeger divestiture charges	0	6,620
Changes in assets and liabilities, net of the effects of divestitures:
Accounts receivable	(7,590)	9,592
Inventories	78	(12,788)
Prepaid expenses and other current assets	(4,882)	(3,227)
Accounts payable	9,121	1,328
Accrued liabilities	(6,456)	(7,885)
Deferred income taxes	(101)	462
Long-term retirement benefits	(569)	(3,518)
Other	2,381	826
Net cash provided by operating activities	35,612	47,189
Investing activities:
Proceeds from disposition of property, plant and equipment	83	185
Proceeds from the sale of businesses, net of cash sold	0	36,879
Capital expenditures	(7,855)	(11,912)
Other	3,758	0
Net cash (used) provided by investing activities	(4,014)	25,152
Financing activities:
Net change in other borrowings	5,354	20,775
Payments on long-term debt	(30,933)	(108,521)
Proceeds from the issuance of long-term debt	15,000	75,000
Proceeds from the issuance of common stock	125	183
Common stock repurchases	0	(15,550)
Dividends paid	(8,104)	(8,133)
Withholding taxes paid on stock issuances	(68)	(84)
Other	(5,816)	(7,252)
Net cash used by financing activities	(24,442)	(43,582)
Effect of exchange rate changes on cash flows	(2,331)	(3,111)
Increase in cash, cash equivalents and restricted cash	4,825	25,648
Cash, cash equivalents and restricted cash at beginning of period	91,468	93,805
Cash, cash equivalents and restricted cash at end of period	96,293	119,453
Cash and cash equivalents	84,900	112,827
Prepaid Expenses and Other Current Assets
Financing activities:
Restricted cash	(6,198)	0
Other Noncurrent Assets
Financing activities:
Restricted cash	$ (5,195)	$ (6,626)

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of PresentationThe 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, 2020 has been derived from the 2020 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, 2020. 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 three-month period ended March 31, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021. Certain reclassifications have been made to prior year amounts to conform to current year presentation.The COVID-19 pandemic ("COVID-19") has resulted in a disruption in 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	3 Months Ended
	Mar. 31, 2021
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 completed the sale of the Seeger business to KNG effective February 1, 2020. Gross proceeds received were 38,964 Euros ($42,915) after consideration of post-closing adjustments, which were made during the fourth quarter of 2020, pursuant to the terms of the SPA. The Company yielded net cash proceeds of $36,062 after consideration of cash sold and transaction costs. 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. The Company utilized the proceeds from the sale to reduce debt under the Amended Credit Agreement. Pursuant to the SPA, 6,000 Euros of the proceeds were placed in escrow and will be released through 2024, pending any potential settlement of claims. Cash related to a pending claim would remain in escrow until a final determination of the claim has been made. The Company has recorded the restricted cash in Prepaid Expenses and Other Current Assets and Other Assets (non-current) as of March 31, 2021.

Recent Accounting Standards

Recent Accounting Standards	3 Months Ended
	Mar. 31, 2021
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 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 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 Company has adopted this guidance, on a prospective basis, on January 1, 2021 and it did not have a material impact on the Company's Consolidated Financial Statements. Recently Issued Accounting Standards

Revenue

Revenue	3 Months Ended
	Mar. 31, 2021
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 the Company's 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 Three Months Ended Industrial Aerospace Total Company Industrial Aerospace Total Company Products and Services Engineered Components Products $ 48,286 $ — $ 48,286 $ 47,707 $ — $ 47,707 Molding Solutions Products 108,547 — 108,547 97,406 — 97,406 Force & Motion Control Products 45,657 — 45,657 39,791 — 39,791 Automation Products 17,497 — 17,497 14,196 — 14,196 Aerospace Original Equipment Manufacturer Products — 55,528 55,528 — 81,706 81,706 Aerospace Aftermarket Products and Services — 26,114 26,114 — 49,865 49,865 $ 219,987 $ 81,642 $ 301,629 $ 199,100 $ 131,571 $ 330,671 Geographic Regions (A) Americas $ 82,895 $ 59,009 $ 141,904 $ 80,644 $ 92,578 $ 173,222 Europe 88,674 14,151 102,825 81,864 25,163 107,027 Asia 46,760 7,647 54,407 35,493 11,696 47,189 Rest of World 1,658 835 2,493 1,099 2,134 3,233 $ 219,987 $ 81,642 $ 301,629 $ 199,100 $ 131,571 $ 330,671 (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 80 percent and 85 percent of total revenue for the three-month periods ended March 31, 2021 and 2020, respectively. 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 20 percent and 15 percent of total revenue for the three-month periods ended March 31, 2021, and 2020, respectively. 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 (within Aftermarket Products and Services) 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, or governing commercial law for the relevant jurisdiction, 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 defense-related 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 months ended March 31, 2021 and 2020. 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 March 31, 2021 and December 31, 2020. 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 asset (liabilities) consisted of the following: March 31, 2021 December 31, 2020 $ Change % Change Unbilled receivables (contract assets) $ 35,796 $ 33,009 $ 2,787 8 % Contract liabilities (35,046) (39,865) 4,819 (12) % Net contract asset (liabilities) $ 750 $ (6,856) $ 7,606 NM NM - Not Meaningful Contract liabilities balances at March 31, 2021 and December 31, 2020 include $11,158 and $12,750, respectively, of customer advances for which the Company has an unconditional right to collect payment. Accounts receivable, as presented on the Consolidated Balance Sheet, include corresponding balances at March 31, 2021 and December 31, 2020, respectively. Changes in the net contract asset during the three-month period ended March 31, 2021 included a $4,819 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 asset increase was a $2,787 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 40% of the revenue related to the contract liability balance as of December 31, 2020 during the three months ended March 31, 2021, and approximately 40% of the revenue related to the contract liability balance as of December 31, 2019 during the three months ended March 31, 2020, 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 March 31, 2021, the aggregate amount of the transaction price allocated to remaining performance obligations was $178,459. The Company expects to recognize revenue on approximately 70% of the remaining performance obligations over the next 12 months, with the remainder being recognized within 24 months.

Stockholders Equity

Stockholders Equity	3 Months Ended
	Mar. 31, 2021
Equity [Abstract]
Stockholders Equity	Stockholders' Equity A schedule of consolidated changes in equity for the three months ended March 31, 2021 is as follows (shares in thousands): Common Common Additional Treasury Treasury Retained Accumulated Total December 31, 2020 64,171 $ 642 $ 501,531 13,530 $ (516,992) $ 1,519,811 $ (122,315) $ 1,382,677 Comprehensive income — — — — — 19,382 (44,902) (25,520) Dividends declared ($0.16 per share) — — — — — (8,104) — (8,104) Employee stock plans 12 — 2,406 1 (68) (24) — 2,314 March 31, 2021 64,183 $ 642 $ 503,937 13,531 $ (517,060) $ 1,531,065 $ (167,217) $ 1,351,367 A schedule of consolidated changes in equity for the three months ended March 31, 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

Net Income Per Common Share

Net Income Per Common Share	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
Net Income Per Common Share	Net Income Per Common Share For the purpose of computing diluted net income per common share, the weighted-average number of common shares outstanding is increased for the potential dilutive effects of stock-based incentive plans. For the purpose of computing diluted net income per common share, the weighted-average number of common shares outstanding was increased by 154,022 and 440,725 for the three-month periods ended March 31, 2021 and 2020, respectively. The calculation of weighted-average diluted shares outstanding excludes all shares that would have been anti-dilutive. During the three-month periods ended March 31, 2021 and 2020, the Company excluded 522,117 and 325,670 stock awards, respectively, from the calculation of weighted-average diluted shares outstanding as the stock awards were considered anti-dilutive. The Company granted 144,000 stock options, 104,029 restricted stock unit awards and 99,155 performance share awards ("PSAs") in February 2021 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 2021 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	3 Months Ended
	Mar. 31, 2021
Inventory Disclosure [Abstract]
Inventories	Inventories The components of inventories consisted of: March 31, 2021 December 31, 2020 Finished goods $ 78,023 $ 79,833 Work-in-process 75,858 76,542 Raw material and supplies 79,584 81,633 $ 233,465 $ 238,008

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	3 Months Ended
	Mar. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets Goodwill: The following table sets forth the change in the carrying amount of goodwill for each reportable segment and for the Company as of and for the period ended March 31, 2021: Industrial Aerospace Total Company December 31, 2020 $ 980,794 $ 30,786 $ 1,011,580 Foreign currency translation (39,729) — (39,729) March 31, 2021 $ 941,065 $ 30,786 $ 971,851 Other Intangible Assets: Other intangible assets consisted of: March 31, 2021 December 31, 2020 Range of Gross Amount Accumulated Amortization Gross Amount Accumulated Amortization Amortized intangible assets: Revenue Sharing Programs (RSPs) Up to 30 $ 299,500 $ (144,937) $ 299,500 $ (143,209) Component Repair Programs (CRPs) Up to 30 111,839 (31,918) 111,839 (30,869) Customer relationships 10-16 338,366 (123,806) 338,366 (118,752) Patents and technology 4-11 123,433 (79,623) 123,433 (77,311) Trademarks/trade names 10-30 10,949 (10,431) 10,949 (10,377) Other Up to 15 10,746 (4,733) 10,746 (4,580) 894,833 (395,448) 894,833 (385,098) Unamortized intangible assets: Trade names 55,670 — 55,670 — Foreign currency translation (13,907) — (1,273) — Other intangible assets $ 936,596 $ (395,448) $ 949,230 $ (385,098) Estimated amortization of intangible assets for future periods is as follows: 2021 (remainder) - $32,000; 2022 - $42,000; 2023- $44,000; 2024 - $44,000, 2025 - $44,000 and 2026- $43,000.

Debt

Debt	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Debt	Debt Long-term debt and notes and overdrafts payable at March 31, 2021 and December 31, 2020 consisted of: March 31, 2021 December 31, 2020 Carrying Fair Carrying Fair Amended Credit Agreement $ 558,526 $ 596,456 $ 593,622 $ 601,936 3.97% Senior Notes 100,000 109,282 100,000 109,151 Borrowings under lines of credit and overdrafts 7,507 7,507 2,115 2,115 Finance leases 7,343 8,508 8,268 8,650 Other foreign bank borrowings 197 199 254 257 673,573 721,952 704,259 722,109 Less current maturities (9,558) (4,391) Long-term debt $ 664,015 $ 699,868 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. On October 8, 2020, the Company entered into the sixth amendment to its fifth amended and restated revolving 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 maintained the borrowing availability of $1,000,000 along with access to request $200,000 through an accordion feature. 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, and regardless of whether a permitted acquisition, as defined, is consummated, providing additional financing flexibility and access to liquidity. 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 have been deferred within Other Assets on the accompanying Consolidated Balance Sheet and are being amortized on the Consolidated Statements of Income. On February 10, 2021, the Company and certain of its subsidiaries entered into the sixth amended and restated senior unsecured 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 maintains the $1,000,000 of availability within the facility, while increasing the available borrowings under the accordion feature from $200,000 to $250,000 (aggregate availability of $1,250,000) and extends the maturity date through February 2026. The Amended Credit Agreement also adjusts the interest rate to either the Eurocurrency rate, as defined in the Amended Credit Agreement, plus a margin of 1.175% to 1.775% or the base rate, as defined in the Amended Agreement, plus a margin of 0.175% and 0.775%, depending on the Company's leverage ratio at the time of the borrowing. 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 1.175% to 1.775%. As with the earlier facility, the Company's borrowing capacity is limited by various debt covenants in the Amended Credit Agreement, as described further below. The Amended Credit Agreement requires the Company to maintain a Senior Debt Ratio of not more than 3.75 times at the end of each fiscal quarter ending on or before September 30, 2021, after which the ratio will revert to 3.25 times (or, if a permitted acquisition above $150,000 is consummated, 3.50 times at the end of each of the first four fiscal quarters ending after the consummation of any such acquisition). In addition, the Amended Credit Agreement requires the Company to maintain a Total Debt Ratio of not more than 3.75 for each fiscal quarter (or, if a permitted acquisition above $150,000 is consummated, 4.25 times at the end of each of the first four fiscal quarters ending after the consummation of any such acquisition, however, such increase in the ratio will not be effective during any period prior to October 1, 2021). A ratio of Consolidated EBITDA to Consolidated Cash Interest Expense, as defined, of not less than 4.25, is required at the end of each fiscal quarter. The Company paid fees and expenses of $4,279 in the first quarter of 2021 in conjunction with executing the Amended Credit Agreement; such fees have been deferred within Other assets on the Consolidated Balance and will be amortized into interest expense on the Consolidated Statements of Income through its maturity. Cash used to pay these fees has been recorded through other financing activities on the Consolidated Statements of Cash Flows. Borrowings and availability under the Amended Credit Agreement were $558,526 and $441,474, respectively, at March 31, 2021 and borrowings and availability under the Sixth Amendment were $593,622 and $406,378, respectively, at December 31, 2020, subject to covenants in the Company's revolving debt agreements. At March 31, 2021, additional borrowings of $142,716 of Total Debt (including $142,716 of Senior Debt) would have been allowed under the financial covenants. The average interest rate on these borrowings was 1.48% and 1.42% on March 31, 2021 and December 31, 2020, respectively. Borrowings included Euro-denominated borrowings of 331,450 Euros ($388,525) at March 31, 2021 and 344,450 Euros ($423,622) at December 31, 2020. 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. At March 31, 2021, the Company was in compliance with all applicable covenants. 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. The Company's most restrictive financial covenant is the Senior Debt Ratio, which required the Company to maintain a ratio of Consolidated Senior Debt to Consolidated EBITDA of not more than 3.75 times at March 31, 2021. The actual ratio at March 31, 2021 was 3.09 times, as defined. 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, $7,500 was borrowed at March 31, 2021 at an average interest rate of 1.09% and $2,100 was borrowed at December 31, 2020 at an average interest rate of 1.10%. The Company had also borrowed $7 and $15 under the overdraft facilities at March 31, 2021 and December 31, 2020, 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 $7,343 and $8,268 was outstanding at March 31, 2021 and December 31, 2020, 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	3 Months Ended
	Mar. 31, 2021
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. Derivative financial instruments have been used by the Company to hedge its exposure to fluctuations in interest rates. On April 28, 2017, the Company entered into an interest rate swap agreement (the "2017 Swap") 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 2017 Swap expires on January 31, 2022. On March 24, 2021, the Company entered into a new interest rate swap agreement (the "2021 Swap") with this same bank that will commence on January 31, 2022 and will convert the interest on the first $100,000 of the Company's one-month LIBOR-based borrowings from a variable rate plus the borrowing spread to a fixed rate of 1.17% plus the borrowing spread. The 2021 Swap will expire on January 30, 2026. These interest rate swap agreements (the "Swaps") remained in place at March 31, 2021 and are accounted for as cash flow hedges. The Company also uses derivative 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. The Company records the derivatives at fair value on the Consolidated Balance Sheets within Prepaid Expenses and Other Current Assets, Other Assets, Accrued Liabilities or Other Liabilities depending on their fair value and remaining contractual period. Changes in the fair market value of derivatives accounted for as cash flow hedges are recorded to accumulated other comprehensive income (loss) and reclassified to earnings in a manner that matches the earnings impact of the hedged transaction. Reclassifications to earnings for the Swaps are recorded through interest expense and reclassifications to earnings for foreign exchange contracts are recorded through net sales. Changes in the fair market value of the foreign exchange contracts that are not designated hedging instruments are recorded directly to earnings through other expense (income), net. The fair values of derivatives were not material to the Company's Consolidated Balance Sheets as of March 31, 2021 or December 31, 2020. The activity related to the derivatives that have been designated hedging instruments was not material to the Company's Consolidated Financial Statements for the periods ended March 31, 2021 or 2020. The Company recognized losses of $3,302 and $12,195 related to the foreign exchange contracts that are not accounted for as hedging instruments within other expense (income), net, in the Consolidated Statements of Income for the three-month periods ended March 31, 2021 and 2020, respectively. Such losses were substantially offset by net gains recorded on the underlying hedged asset or liability (the "underlying"). Offsetting net gains or losses on the underlying are also recorded within other expense (income), net. 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 three months ended March 31, 2021 and 2020, as presented on the Consolidated

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2021
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 March 31, 2021 Asset derivatives $ 441 $ — $ 441 $ — Liability derivatives (3,091) — (3,091) — Bank acceptances 10,509 — 10,509 — Rabbi trust assets 3,306 3,306 — — Total $ 11,165 $ 3,306 $ 7,859 $ — December 31, 2020 Asset derivatives $ 1,642 $ — $ 1,642 $ — Liability derivatives (1,988) — (1,988) — Bank acceptances 13,267 — 13,267 — Rabbi trust assets 3,233 3,233 — — Total $ 16,154 $ 3,233 $ 12,921 $ — 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	3 Months Ended
	Mar. 31, 2021
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 Pensions 2021 2020 Service cost $ 1,741 $ 1,649 Interest cost 3,172 3,817 Expected return on plan assets (6,972) (7,393) Amortization of prior service cost 85 80 Amortization of actuarial losses 3,926 3,339 Net periodic benefit cost $ 1,952 $ 1,492 Three Months Ended Other Postretirement Benefits 2021 2020 Service cost $ 25 $ 22 Interest cost 206 264 Amortization of prior service cost 7 7 Amortization of actuarial losses 70 23 Net periodic benefit cost $ 308 $ 316

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company's effective tax rate for the first quarter of 2021 was 28.1% compared with 31.5% in the first quarter of 2020 and 37.6% for the full year 2020. The decrease in the first quarter of 2021 effective tax rate from the full year 2020 rate is primarily due to an increase in projected earnings in jurisdictions with lower tax rates, a reduction in tax reserves due to statute of limitations expiration and the absence of tax expense related to the completed sale of the Seeger business in the first quarter of 2020. The tax rate benefits were partially offset by additional expense related to the global intangible low-tax income tax. The Aerospace and Industrial segments have a number of multi-year tax holidays in Singapore and China. The tax holiday in China expired at the end of 2020. The Company has re-applied for approval of a potential three-year holiday in China which could reduce the tax rate. The Company anticipates notification of a decision on its application for the holiday in the latter half of 2021. These holidays are subject to the Company meeting certain commitments in the respective jurisdictions. Aerospace was granted an income tax holiday for operations recently established in Malaysia. This holiday commenced effective November 2020 and remains effective for a period of ten years from inception.

Changes in Accumulated Other Co

Changes in Accumulated Other Comprehensive Income (Loss) by Component	3 Months Ended
	Mar. 31, 2021
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 Component The following tables set forth the changes in accumulated other comprehensive income (loss), net of tax, by component for the three-month periods ended March 31, 2021 and 2020: Gains and Losses on Cash Flow Hedges Pension and Other Postretirement Benefit Items Foreign Currency Items Total December 31, 2020 $ (757) $ (142,119) $ 20,561 $ (122,315) Other comprehensive (loss) income before reclassifications (888) 498 (47,882) (48,272) Amounts reclassified from accumulated other comprehensive income to the consolidated statements of income 236 3,134 — 3,370 Net current-period other comprehensive (loss) income (652) 3,632 (47,882) (44,902) March 31, 2021 $ (1,409) $ (138,487) $ (27,321) $ (167,217) Gains and Losses on Cash Flow Hedges Pension and Other Postretirement Benefit Items Foreign Currency Items Total December 31, 2019 $ (115) $ (144,047) $ (66,333) $ (210,495) Other comprehensive (loss) income before reclassifications (2,879) 1,842 (36,333) (37,370) Amounts reclassified from accumulated other comprehensive income to the consolidated statements of income 542 2,639 — 3,181 Net current-period other comprehensive (loss) income (2,337) 4,481 (36,333) (34,189) March 31, 2020 $ (2,452) $ (139,566) $ (102,666) $ (244,684) The following table sets forth the reclassifications out of accumulated other comprehensive income (loss) by component for the three-month periods ended March 31, 2021 and 2020: 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) $ (61) Interest expense Foreign exchange contracts 128 (523) Net sales (321) (584) Total before tax 85 42 Tax benefit (236) (542) Net of tax Pension and other postretirement benefit items Amortization of prior service costs $ (92) $ (87) (A) Amortization of actuarial losses (3,996) (3,362) (A) (4,088) (3,449) Total before tax 954 810 Tax benefit (3,134) (2,639) Net of tax Total reclassifications in the period $ (3,370) $ (3,181) (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	3 Months Ended
	Mar. 31, 2021
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 pneumatic 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 is a global manufacturer of complex fabricated and precision machined components and assemblies for turbine engines, nacelles and structures for both commercial and defense-related aircraft. The Aerospace Aftermarket business provides aircraft engine component maintenance, repair and overhaul ("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 defense market. The Aerospace Aftermarket business also manufactures and supplies aerospace aftermarket spare parts, including through 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 2021 2020 Net sales Industrial $ 219,992 $ 199,100 Aerospace 81,642 131,571 Intersegment sales (5) — Total net sales $ 301,629 $ 330,671 Operating profit Industrial $ 21,295 $ 17,924 Aerospace 11,085 31,389 Total operating profit 32,380 49,313 Interest expense 3,942 4,324 Other expense (income), net 1,463 1,594 Income before income taxes $ 26,975 $ 43,395 March 31, 2021 December 31, 2020 Assets Industrial $ 1,841,248 $ 1,908,389 Aerospace 614,029 623,547 Other (A) 144,987 144,290 Total assets $ 2,600,264 $ 2,676,226

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2021
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 March 31, 2021 and December 31, 2020. 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	3 Months Ended
	Mar. 31, 2021
Restructuring and Related Activities [Abstract]
Business Reorganization	Business ReorganizationIn 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. During 2020, a resulting pre-tax charge of $19,116 was recorded ($18,158 through operating profit), primarily related to employee severance and termination benefits (recorded largely during the second quarter of 2020). These actions were substantially complete as of December 31, 2020 and reduced the Company’s global workforce by approximately 8%. A corresponding liability of $6,715, per below, was included within accrued liabilities as of March 31, 2021. The Company does not expect any additional costs related to the Actions to be significant. The following table sets forth the change in the liability related to these actions: December 31, 2020 $ 13,151 Payments (6,436) March 31, 2021 $ 6,715

Recent Accounting Standards (Po

Recent Accounting Standards (Policies)	3 Months Ended
	Mar. 31, 2021
Accounting Changes and Error Corrections [Abstract]
Recently Adopted and Issued Accounting Standards	Recently Adopted Accounting Standards 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 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 Company has adopted this guidance, on a prospective basis, on January 1, 2021 and it did not have a material impact on the Company's Consolidated Financial Statements. Recently Issued Accounting Standards

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Mar. 31, 2021
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 Three Months Ended Industrial Aerospace Total Company Industrial Aerospace Total Company Products and Services Engineered Components Products $ 48,286 $ — $ 48,286 $ 47,707 $ — $ 47,707 Molding Solutions Products 108,547 — 108,547 97,406 — 97,406 Force & Motion Control Products 45,657 — 45,657 39,791 — 39,791 Automation Products 17,497 — 17,497 14,196 — 14,196 Aerospace Original Equipment Manufacturer Products — 55,528 55,528 — 81,706 81,706 Aerospace Aftermarket Products and Services — 26,114 26,114 — 49,865 49,865 $ 219,987 $ 81,642 $ 301,629 $ 199,100 $ 131,571 $ 330,671 Geographic Regions (A) Americas $ 82,895 $ 59,009 $ 141,904 $ 80,644 $ 92,578 $ 173,222 Europe 88,674 14,151 102,825 81,864 25,163 107,027 Asia 46,760 7,647 54,407 35,493 11,696 47,189 Rest of World 1,658 835 2,493 1,099 2,134 3,233 $ 219,987 $ 81,642 $ 301,629 $ 199,100 $ 131,571 $ 330,671 (A) Sales by geographic region are based on the location to which the product is shipped.
Contract with Customer, Asset and Liability	Net contract asset (liabilities) consisted of the following: March 31, 2021 December 31, 2020 $ Change % Change Unbilled receivables (contract assets) $ 35,796 $ 33,009 $ 2,787 8 % Contract liabilities (35,046) (39,865) 4,819 (12) % Net contract asset (liabilities) $ 750 $ (6,856) $ 7,606 NM

Stockholders Equity (Tables)

Stockholders Equity (Tables)	3 Months Ended
	Mar. 31, 2021
Equity [Abstract]
Schedule of changes in equity	A schedule of consolidated changes in equity for the three months ended March 31, 2021 is as follows (shares in thousands): Common Common Additional Treasury Treasury Retained Accumulated Total December 31, 2020 64,171 $ 642 $ 501,531 13,530 $ (516,992) $ 1,519,811 $ (122,315) $ 1,382,677 Comprehensive income — — — — — 19,382 (44,902) (25,520) Dividends declared ($0.16 per share) — — — — — (8,104) — (8,104) Employee stock plans 12 — 2,406 1 (68) (24) — 2,314 March 31, 2021 64,183 $ 642 $ 503,937 13,531 $ (517,060) $ 1,531,065 $ (167,217) $ 1,351,367 A schedule of consolidated changes in equity for the three months ended March 31, 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

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Mar. 31, 2021
Inventory Disclosure [Abstract]
Schedule of Inventory	The components of inventories consisted of: March 31, 2021 December 31, 2020 Finished goods $ 78,023 $ 79,833 Work-in-process 75,858 76,542 Raw material and supplies 79,584 81,633 $ 233,465 $ 238,008

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	The following table sets forth the change in the carrying amount of goodwill for each reportable segment and for the Company as of and for the period ended March 31, 2021: Industrial Aerospace Total Company December 31, 2020 $ 980,794 $ 30,786 $ 1,011,580 Foreign currency translation (39,729) — (39,729) March 31, 2021 $ 941,065 $ 30,786 $ 971,851
Schedule of Intangible Assets	Other intangible assets consisted of: March 31, 2021 December 31, 2020 Range of Gross Amount Accumulated Amortization Gross Amount Accumulated Amortization Amortized intangible assets: Revenue Sharing Programs (RSPs) Up to 30 $ 299,500 $ (144,937) $ 299,500 $ (143,209) Component Repair Programs (CRPs) Up to 30 111,839 (31,918) 111,839 (30,869) Customer relationships 10-16 338,366 (123,806) 338,366 (118,752) Patents and technology 4-11 123,433 (79,623) 123,433 (77,311) Trademarks/trade names 10-30 10,949 (10,431) 10,949 (10,377) Other Up to 15 10,746 (4,733) 10,746 (4,580) 894,833 (395,448) 894,833 (385,098) Unamortized intangible assets: Trade names 55,670 — 55,670 — Foreign currency translation (13,907) — (1,273) — Other intangible assets $ 936,596 $ (395,448) $ 949,230 $ (385,098)

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Schedule of Debt	Long-term debt and notes and overdrafts payable at March 31, 2021 and December 31, 2020 consisted of: March 31, 2021 December 31, 2020 Carrying Fair Carrying Fair Amended Credit Agreement $ 558,526 $ 596,456 $ 593,622 $ 601,936 3.97% Senior Notes 100,000 109,282 100,000 109,151 Borrowings under lines of credit and overdrafts 7,507 7,507 2,115 2,115 Finance leases 7,343 8,508 8,268 8,650 Other foreign bank borrowings 197 199 254 257 673,573 721,952 704,259 722,109 Less current maturities (9,558) (4,391) Long-term debt $ 664,015 $ 699,868

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2021
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 March 31, 2021 Asset derivatives $ 441 $ — $ 441 $ — Liability derivatives (3,091) — (3,091) — Bank acceptances 10,509 — 10,509 — Rabbi trust assets 3,306 3,306 — — Total $ 11,165 $ 3,306 $ 7,859 $ — December 31, 2020 Asset derivatives $ 1,642 $ — $ 1,642 $ — Liability derivatives (1,988) — (1,988) — Bank acceptances 13,267 — 13,267 — Rabbi trust assets 3,233 3,233 — — Total $ 16,154 $ 3,233 $ 12,921 $ —

Pension and Other Postretirem_2

Pension and Other Postretirement Benefits (Tables)	3 Months Ended
	Mar. 31, 2021
Retirement Benefits [Abstract]
Schedule of Net Benefit Costs	Pension and other postretirement benefits expenses consisted of the following: Three Months Ended Pensions 2021 2020 Service cost $ 1,741 $ 1,649 Interest cost 3,172 3,817 Expected return on plan assets (6,972) (7,393) Amortization of prior service cost 85 80 Amortization of actuarial losses 3,926 3,339 Net periodic benefit cost $ 1,952 $ 1,492 Three Months Ended Other Postretirement Benefits 2021 2020 Service cost $ 25 $ 22 Interest cost 206 264 Amortization of prior service cost 7 7 Amortization of actuarial losses 70 23 Net periodic benefit cost $ 308 $ 316

Changes in Accumulated Other _2

Changes in Accumulated Other Comprehensive Income (Loss) by Component (Tables)	3 Months Ended
	Mar. 31, 2021
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 three-month periods ended March 31, 2021 and 2020: Gains and Losses on Cash Flow Hedges Pension and Other Postretirement Benefit Items Foreign Currency Items Total December 31, 2020 $ (757) $ (142,119) $ 20,561 $ (122,315) Other comprehensive (loss) income before reclassifications (888) 498 (47,882) (48,272) Amounts reclassified from accumulated other comprehensive income to the consolidated statements of income 236 3,134 — 3,370 Net current-period other comprehensive (loss) income (652) 3,632 (47,882) (44,902) March 31, 2021 $ (1,409) $ (138,487) $ (27,321) $ (167,217) Gains and Losses on Cash Flow Hedges Pension and Other Postretirement Benefit Items Foreign Currency Items Total December 31, 2019 $ (115) $ (144,047) $ (66,333) $ (210,495) Other comprehensive (loss) income before reclassifications (2,879) 1,842 (36,333) (37,370) Amounts reclassified from accumulated other comprehensive income to the consolidated statements of income 542 2,639 — 3,181 Net current-period other comprehensive (loss) income (2,337) 4,481 (36,333) (34,189) March 31, 2020 $ (2,452) $ (139,566) $ (102,666) $ (244,684)
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 March 31, 2021 and 2020: 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) $ (61) Interest expense Foreign exchange contracts 128 (523) Net sales (321) (584) Total before tax 85 42 Tax benefit (236) (542) Net of tax Pension and other postretirement benefit items Amortization of prior service costs $ (92) $ (87) (A) Amortization of actuarial losses (3,996) (3,362) (A) (4,088) (3,449) Total before tax 954 810 Tax benefit (3,134) (2,639) Net of tax Total reclassifications in the period $ (3,370) $ (3,181) (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)	3 Months Ended
	Mar. 31, 2021
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 2021 2020 Net sales Industrial $ 219,992 $ 199,100 Aerospace 81,642 131,571 Intersegment sales (5) — Total net sales $ 301,629 $ 330,671 Operating profit Industrial $ 21,295 $ 17,924 Aerospace 11,085 31,389 Total operating profit 32,380 49,313 Interest expense 3,942 4,324 Other expense (income), net 1,463 1,594 Income before income taxes $ 26,975 $ 43,395 March 31, 2021 December 31, 2020 Assets Industrial $ 1,841,248 $ 1,908,389 Aerospace 614,029 623,547 Other (A) 144,987 144,290 Total assets $ 2,600,264 $ 2,676,226

Business Reorganization (Tables

Business Reorganization (Tables)	3 Months Ended
	Mar. 31, 2021
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, 2020 $ 13,151 Payments (6,436) March 31, 2021 $ 6,715

Divestiture - Narrative (Detail

Divestiture - Narrative (Details) € in Thousands, $ in Thousands	Feb. 01, 2020USD ($)	Feb. 01, 2020EUR (€)	Mar. 31, 2021USD ($)	Mar. 31, 2020USD ($)	Dec. 20, 2019EUR (€)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from the sale of businesses, net of cash sold			$ 0	$ 36,879
Loss on sale			$ 0	6,620
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
Cash consideration, gross	$ 42,915	€ 38,964
Proceeds from the sale of businesses, net of cash sold	$ 36,062
Loss on sale				4,211
Incremental costs				$ 2,409
Escrow deposits | €		€ 6,000

Revenue - Revenue by Category (

Revenue - Revenue by Category (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Disaggregation of Revenue [Line Items]
Net sales	$ 301,629	$ 330,671
Industrial
Disaggregation of Revenue [Line Items]
Net sales	219,987	199,100
Aerospace
Disaggregation of Revenue [Line Items]
Net sales	81,642	131,571
Americas
Disaggregation of Revenue [Line Items]
Net sales	141,904	173,222
Americas | Industrial
Disaggregation of Revenue [Line Items]
Net sales	82,895	80,644
Americas | Aerospace
Disaggregation of Revenue [Line Items]
Net sales	59,009	92,578
Europe
Disaggregation of Revenue [Line Items]
Net sales	102,825	107,027
Europe | Industrial
Disaggregation of Revenue [Line Items]
Net sales	88,674	81,864
Europe | Aerospace
Disaggregation of Revenue [Line Items]
Net sales	14,151	25,163
Asia
Disaggregation of Revenue [Line Items]
Net sales	54,407	47,189
Asia | Industrial
Disaggregation of Revenue [Line Items]
Net sales	46,760	35,493
Asia | Aerospace
Disaggregation of Revenue [Line Items]
Net sales	7,647	11,696
Rest of World
Disaggregation of Revenue [Line Items]
Net sales	2,493	3,233
Rest of World | Industrial
Disaggregation of Revenue [Line Items]
Net sales	1,658	1,099
Rest of World | Aerospace
Disaggregation of Revenue [Line Items]
Net sales	835	2,134
Engineered Components Products
Disaggregation of Revenue [Line Items]
Net sales	48,286	47,707
Engineered Components Products | Industrial
Disaggregation of Revenue [Line Items]
Net sales	48,286	47,707
Engineered Components Products | Aerospace
Disaggregation of Revenue [Line Items]
Net sales	0	0
Molding Solutions Products
Disaggregation of Revenue [Line Items]
Net sales	108,547	97,406
Molding Solutions Products | Industrial
Disaggregation of Revenue [Line Items]
Net sales	108,547	97,406
Molding Solutions Products | Aerospace
Disaggregation of Revenue [Line Items]
Net sales	0	0
Force & Motion Control Products
Disaggregation of Revenue [Line Items]
Net sales	45,657	39,791
Force & Motion Control Products | Industrial
Disaggregation of Revenue [Line Items]
Net sales	45,657	39,791
Force & Motion Control Products | Aerospace
Disaggregation of Revenue [Line Items]
Net sales	0	0
Automation Products
Disaggregation of Revenue [Line Items]
Net sales	17,497	14,196
Automation Products | Industrial
Disaggregation of Revenue [Line Items]
Net sales	17,497	14,196
Automation Products | Aerospace
Disaggregation of Revenue [Line Items]
Net sales	0	0
Aerospace Original Equipment Manufacturer Products
Disaggregation of Revenue [Line Items]
Net sales	55,528	81,706
Aerospace Original Equipment Manufacturer Products | Industrial
Disaggregation of Revenue [Line Items]
Net sales	0	0
Aerospace Original Equipment Manufacturer Products | Aerospace
Disaggregation of Revenue [Line Items]
Net sales	55,528	81,706
Aerospace Aftermarket Products and Services
Disaggregation of Revenue [Line Items]
Net sales	26,114	49,865
Aerospace Aftermarket Products and Services | Industrial
Disaggregation of Revenue [Line Items]
Net sales	0	0
Aerospace Aftermarket Products and Services | Aerospace
Disaggregation of Revenue [Line Items]
Net sales	$ 26,114	$ 49,865
Transferred at Point in Time
Disaggregation of Revenue [Line Items]
Revenue transferred percent	80.00%	85.00%
Transferred over Time
Disaggregation of Revenue [Line Items]
Revenue transferred percent	20.00%	15.00%

Revenue - Contract Balances (De

Revenue - Contract Balances (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Revenue from Contract with Customer [Abstract]
Unbilled receivables (contract assets)	$ 35,796		$ 33,009
Unbilled receivables (contract assets), $ Change	$ 2,787
Unbilled receivables (contract assets), % Change	8.00%
Contract liabilities	$ (35,046)		(39,865)
Contract liabilities, $ Change	$ 4,819
Contract liabilities, % Change	(12.00%)
Net contract liabilities	$ 750		(6,856)
Net contract liabilities, $ Change	7,606
Customer advances	$ 11,158		$ 12,750
Revenue recognized	40.00%	40.00%

Revenue - Remaining Performance

Revenue - Remaining Performance Obligations (Details) $ in Thousands	Mar. 31, 2021USD ($)
Revenue from Contract with Customer [Abstract]
Remaining performance obligations	$ 178,459
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, expected timing	12 months
Remaining performance obligations, percentage	70.00%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-04-01
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
	Mar. 31, 2021	Mar. 31, 2020
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance	$ 1,382,677	$ 1,270,528
Comprehensive income	(25,520)	(4,456)
Dividends declared	(8,104)	(8,133)
Employee stock plans	2,314	2,571
Balance	$ 1,351,367	$ 1,244,960
Dividends declared (in dollars per share)	$ 0.16	$ 0.16
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance	$ 642	$ 639
Balance (in shares)	64,171	63,873
Employee stock plans		$ 0
Employee stock plans (in shares)	12	17
Balance	$ 642	$ 639
Balance (in shares)	64,183	63,890
Additional Paid-In Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance	$ 501,531	$ 489,282
Employee stock plans	2,406	2,743
Balance	503,937	492,025
Treasury Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance	$ (516,992)	$ (498,074)
Balance (in shares)	13,530	13,051
Employee stock plans	$ (68)	$ (84)
Employee stock plans (in shares)	1	2
Balance	$ (517,060)	$ (513,708)
Balance (in shares)	13,531	13,449
Retained Earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance	$ 1,519,811	$ 1,489,176
Comprehensive income	19,382	29,733
Dividends declared	(8,104)	(8,133)
Employee stock plans	(24)	(88)
Balance	1,531,065	1,510,688
Accumulated Other Non-Owner Changes to Equity
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance	(122,315)	(210,495)
Comprehensive income	(44,902)	(34,189)
Balance	$ (167,217)	$ (244,684)

Net Income Per Common Share (De

Net Income Per Common Share (Details) - shares	1 Months Ended	3 Months Ended
	Feb. 29, 2020	Mar. 31, 2021	Mar. 31, 2020
Net Income Per Common Share [Line Items]
Weighted average number of diluted shares outstanding adjustment (in shares)		154,022	440,725
Share-based Awards
Net Income Per Common Share [Line Items]
Antidilutive securities excluded from computation of EPS		522,117	325,670
Stock Options
Net Income Per Common Share [Line Items]
Options, granted (in shares)	144,000
Restricted Stock Units
Net Income Per Common Share [Line Items]
Other than options, granted (in shares)	104,029
Performance Share Awards
Net Income Per Common Share [Line Items]
Other than options, granted (in shares)	99,155
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	Mar. 31, 2021	Dec. 31, 2020
Inventory Disclosure [Abstract]
Finished goods	$ 78,023	$ 79,833
Work-in-process	75,858	76,542
Raw material and supplies	79,584	81,633
Inventories	$ 233,465	$ 238,008

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Goodwill:
Goodwill, beginning of period	$ 1,011,580
Foreign currency translation	(39,729)
Goodwill, end of period	971,851
Other Intangible Assets:
Gross Amount	894,833	$ 894,833
Accumulated Amortization	(395,448)	(385,098)
Foreign currency translation	(13,907)	(1,273)
Other intangible assets	936,596	949,230
Intangible Assets, Future Amortization Expense
Amortization of intangible assets expected in 2021	32,000
Amortization of intangible assets expected in 2022	42,000
Amortization of intangible assets expected in 2023	44,000
Amortization of intangible assets expected in 2024	44,000
Amortization of intangible assets expected in 2025	44,000
Amortization of intangible assets expected in 2026	43,000
Trade names
Other Intangible Assets:
Unamortized intangible asset	$ 55,670	55,670
Revenue Sharing Programs (RSPs)
Other Intangible Assets:
Range of life	30 years
Gross Amount	$ 299,500	299,500
Accumulated Amortization	$ (144,937)	(143,209)
Component Repair Programs (CRPs)
Other Intangible Assets:
Range of life	30 years
Gross Amount	$ 111,839	111,839
Accumulated Amortization	(31,918)	(30,869)
Customer relationships
Other Intangible Assets:
Gross Amount	338,366	338,366
Accumulated Amortization	(123,806)	(118,752)
Patents and technology
Other Intangible Assets:
Gross Amount	123,433	123,433
Accumulated Amortization	(79,623)	(77,311)
Trademarks/trade names
Other Intangible Assets:
Gross Amount	10,949	10,949
Accumulated Amortization	$ (10,431)	(10,377)
Other
Other Intangible Assets:
Range of life	15 years
Gross Amount	$ 10,746	10,746
Accumulated Amortization	(4,733)	$ (4,580)
Industrial
Goodwill:
Goodwill, beginning of period	980,794
Foreign currency translation	(39,729)
Goodwill, end of period	941,065
Aerospace
Goodwill:
Goodwill, beginning of period	30,786
Foreign currency translation	0
Goodwill, end of period	$ 30,786
Minimum | Customer relationships
Other Intangible Assets:
Range of life	10 years
Minimum | Patents and technology
Other Intangible Assets:
Range of life	4 years
Minimum | Trademarks/trade names
Other Intangible Assets:
Range of life	10 years
Maximum | Customer relationships
Other Intangible Assets:
Range of life	16 years
Maximum | Patents and technology
Other Intangible Assets:
Range of life	11 years
Maximum | Trademarks/trade names
Other Intangible Assets:
Range of life	30 years

Debt (Debt Schedule) (Details)

Debt (Debt Schedule) (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Oct. 31, 2014
Debt Instrument [Line Items]
Carrying amount of debt	$ 7,507	$ 2,115
Carrying amount of finance leases	7,343	8,268
Fair value of finance leases	8,508	8,650
Carrying amount of debt and finance leases	673,573	704,259
Fair value of debt and finance leases	721,952	722,109
Less current maturities	(9,558)	(4,391)
Long-term debt	664,015	699,868
Amended Credit Agreement
Debt Instrument [Line Items]
Carrying amount of debt		593,622
Fair value of debt	596,456	601,936
Senior Notes | 3.97% Senior Notes
Debt Instrument [Line Items]
Carrying amount of debt	100,000	100,000
Fair value of debt	$ 109,282	109,151
Stated interest rate	3.97%		3.97%
Lines of Credit and Overdrafts
Debt Instrument [Line Items]
Carrying amount of debt	$ 7,507	2,115
Fair value of debt	7,507	2,115
Other foreign bank borrowings
Debt Instrument [Line Items]
Carrying amount of debt	197	254
Fair value of debt	$ 199	$ 257

Debt (Narrative) (Details)

Debt (Narrative) (Details) € in Thousands	Feb. 10, 2021USD ($)	Mar. 31, 2021USD ($)	Mar. 31, 2021EUR (€)	Dec. 31, 2020USD ($)	Dec. 31, 2020EUR (€)	Oct. 08, 2020USD ($)	Oct. 07, 2020USD ($)	Oct. 31, 2014USD ($)
Debt Instrument [Line Items]
Carrying amount of debt		$ 7,507,000		$ 2,115,000
Finance lease		$ 7,343,000		8,268,000
Line of Credit
Debt Instrument [Line Items]
Line of credit, interest rate at period end		1.09%	1.09%
Carrying amount of debt		$ 7,500,000		2,100,000
Sixth Amendment Maturity February 2022 and 3.97% Percent Senior Notes
Debt Instrument [Line Items]
Carrying amount of debt				593,622,000
Remaining borrowing capacity				406,378,000
Sixth Amendment Maturity February 2022 and 3.97% Percent Senior Notes | Euro Member Countries, Euro
Debt Instrument [Line Items]
Carrying amount of debt				$ 423,622,000	€ 344,450
Line of credit, interest rate at period end				1.42%	1.42%
Sixth Admendment Maturity February 2026 and 3.97% Senior Notes
Debt Instrument [Line Items]
Carrying amount of debt		558,526,000
Remaining borrowing capacity		441,474,000
Additional borrowings allowed under financial covenants		142,716,000
Sixth Admendment Maturity February 2026 and 3.97% Senior Notes | Euro Member Countries, Euro
Debt Instrument [Line Items]
Carrying amount of debt		$ 388,525,000	€ 331,450
Line of credit, interest rate at period end		1.48%	1.48%
Senior Notes | 3.97% Senior Notes
Debt Instrument [Line Items]
Stated interest rate		3.97%	3.97%					3.97%
Aggregate principal amount								$ 100,000,000
Percent allowed to be prepaid								100.00%
Carrying amount of debt		$ 100,000,000		$ 100,000,000
Senior Notes | Sixth Admendment Maturity February 2026 and 3.97% Senior Notes
Debt Instrument [Line Items]
Additional borrowings allowed under financial covenants		142,716,000
Line of Credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		$ 82,000,000
Carrying amount of debt				$ 593,622,000
Line of credit, interest rate at period end				1.10%	1.10%
Line of Credit | Sixth Amendment Maturity February 2022
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity						$ 1,000,000,000
Line of credit facility, accordion feature						200,000,000
Line of Credit | Sixth Amendment Maturity February 2022 | Euribor
Debt Instrument [Line Items]
Variable basis spread	1.175%
Line of Credit | Sixth Amendment Maturity February 2022 | Base Rate
Debt Instrument [Line Items]
Variable basis spread	0.175%
Line of Credit | Sixth Admendment Maturity February 2026
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 1,000,000,000
Line of credit facility, accordion feature	250,000,000
Debt covenant ratio of senior debt to EBITDA		3.75	3.75
Debt covenant threshold for permitted acquisition	$ 150,000,000
Debt covenant material acquisition, senior debt to EBITDA	3.50
Debt covenant ratio of total debt to EBITDA	3.75
Fees and expenses for executing admendments		$ 4,279,000
Line of credit facility with accordian feature, maximum borrowing capacity	$ 1,250,000,000
Debt covenant material acquisition, debt to EBITDA	4.25
Debt covenant ratio of EBITDA to cash interest expense	4.25
Senior debt to consolidated EBITDA at period end		3.09	3.09
Line of Credit | Sixth Admendment Maturity February 2026 | Minimum
Debt Instrument [Line Items]
Debt covenant ratio of senior debt to EBITDA	3.25
Line of Credit | Sixth Admendment Maturity February 2026 | Maximum
Debt Instrument [Line Items]
Debt covenant ratio of senior debt to EBITDA	3.75
Line of Credit | Sixth Admendment Maturity February 2026 | Euribor
Debt Instrument [Line Items]
Variable basis spread	1.775%
Line of Credit | Sixth Admendment Maturity February 2026 | Base Rate
Debt Instrument [Line Items]
Variable basis spread	0.775%
Line of Credit | Sixth Admendment Maturity February 2026, Multicurrency Borrowings | Euribor
Debt Instrument [Line Items]
Basis for variable basis spread	0.00%
Line of Credit | Sixth Admendment Maturity February 2026, Multicurrency Borrowings | Euribor | Minimum
Debt Instrument [Line Items]
Variable basis spread	1.175%
Line of Credit | Sixth Admendment Maturity February 2026, Multicurrency Borrowings | Euribor | Maximum
Debt Instrument [Line Items]
Variable basis spread	1.775%
Line of Credit and Senior Notes | Fifth Amendment Maturity February 2022 and 3.97% Senior Notes
Debt Instrument [Line Items]
Allowable add-back for consolidated EBITDA							$ 15,000,000
Line of Credit and Senior Notes | Sixth Amendment Maturity February 2022 and 3.97% Percent Senior Notes
Debt Instrument [Line Items]
Debt covenant threshold for permitted acquisition						$ 150,000,000
Debt covenant material acquisition, senior debt to EBITDA						3.50
Debt covenant ratio of total debt to EBITDA						3.75
Allowable add-back for consolidated EBITDA						$ 25,000,000
Debt covenant, fee for exceeding senior leverage ratio						0.0050
Fees and expenses for executing admendments						$ 1,384,000
Line of Credit and Senior Notes | Sixth Amendment Maturity February 2022 and 3.97% Percent Senior Notes | Minimum
Debt Instrument [Line Items]
Debt covenant ratio of senior debt to EBITDA						3.25
Line of Credit and Senior Notes | Sixth Amendment Maturity February 2022 and 3.97% Percent Senior Notes | Maximum
Debt Instrument [Line Items]
Debt covenant ratio of senior debt to EBITDA						3.75
Bank Overdrafts
Debt Instrument [Line Items]
Carrying amount of debt		$ 7,000		$ 15,000
Repayment period		2 days
Other foreign bank borrowings
Debt Instrument [Line Items]
Carrying amount of debt		$ 197,000		$ 254,000

Derivatives - Narrative (Detail

Derivatives - Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)	Mar. 31, 2020USD ($)	Mar. 24, 2021USD ($)	Apr. 28, 2017USD ($)Bank
Derivative [Line Items]
Net cash payments from settlement	$ (5,816)	$ (7,252)
Foreign Exchange Contract
Derivative [Line Items]
Net cash payments from settlement	1,567	7,212
Foreign Exchange Contract | Other Nonoperating Income (Expense)
Derivative [Line Items]
Amount of gain (loss) recognized in income on derivative	$ 3,302	$ 12,195
Derivatives designated as hedging instruments | Interest Rate Contract
Derivative [Line Items]
Number of banks transacted with for interest rate swap agreements (in banks) | Bank				1
Fixed interest rate			1.17%	1.92%
Term of contract	2 years
Derivatives designated as hedging instruments | Interest Rate Contract | LIBOR
Derivative [Line Items]
Derivative amount of hedge			$ 100,000	$ 100,000

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
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	3,306	3,233
Financial assets and financial liabilities, reported at fair value	3,306	3,233
Significant Other Observable Inputs (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Asset derivatives	441	1,642
Liability derivatives	(3,091)	(1,988)
Bank acceptances	10,509	13,267
Rabbi trust assets	0	0
Financial assets and financial liabilities, reported at fair value	7,859	12,921
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	441	1,642
Liability derivatives	(3,091)	(1,988)
Bank acceptances	10,509	13,267
Rabbi trust assets	3,306	3,233
Financial assets and financial liabilities, reported at fair value	$ 11,165	$ 16,154
Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Maturity of bank acceptances	3 months
Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Maturity of bank acceptances	6 months

Pension and Other Postretirem_3

Pension and Other Postretirement Benefits (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Pensions
Pension and other postretirement benefits expenses
Service cost	$ 1,741	$ 1,649
Interest cost	3,172	3,817
Expected return on plan assets	(6,972)	(7,393)
Amortization of prior service cost	85	80
Amortization of actuarial losses	3,926	3,339
Net periodic benefit cost	1,952	1,492
Other Postretirement Benefits
Pension and other postretirement benefits expenses
Service cost	25	22
Interest cost	206	264
Amortization of prior service cost	7	7
Amortization of actuarial losses	70	23
Net periodic benefit cost	$ 308	$ 316

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended		6 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Jun. 30, 2020
Income Tax Disclosure [Abstract]
Effective tax rate	28.10%	31.50%	37.60%

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
	Mar. 31, 2021	Mar. 31, 2020
Changes in Accumulated Other Comprehensive Income by Component [Roll Forward]
Accumulated other comprehensive income (loss)	$ (122,315)	$ (210,495)
Other comprehensive (loss) income before reclassifications	(48,272)	(37,370)
Amounts reclassified from accumulated other comprehensive income to the consolidated statements of income	3,370	3,181
Total other comprehensive loss, net of tax	(44,902)	(34,189)
Accumulated other comprehensive income (loss)	(167,217)	(244,684)
Gains and Losses on Cash Flow Hedges
Changes in Accumulated Other Comprehensive Income by Component [Roll Forward]
Accumulated other comprehensive income (loss)	(757)	(115)
Other comprehensive (loss) income before reclassifications	(888)	(2,879)
Amounts reclassified from accumulated other comprehensive income to the consolidated statements of income	236	542
Total other comprehensive loss, net of tax	(652)	(2,337)
Accumulated other comprehensive income (loss)	(1,409)	(2,452)
Pension and Other Postretirement Benefit Items
Changes in Accumulated Other Comprehensive Income by Component [Roll Forward]
Accumulated other comprehensive income (loss)	(142,119)	(144,047)
Other comprehensive (loss) income before reclassifications	498	1,842
Amounts reclassified from accumulated other comprehensive income to the consolidated statements of income	3,134	2,639
Total other comprehensive loss, net of tax	3,632	4,481
Accumulated other comprehensive income (loss)	(138,487)	(139,566)
Foreign Currency Items
Changes in Accumulated Other Comprehensive Income by Component [Roll Forward]
Accumulated other comprehensive income (loss)	20,561	(66,333)
Other comprehensive (loss) income before reclassifications	(47,882)	(36,333)
Amounts reclassified from accumulated other comprehensive income to the consolidated statements of income	0	0
Total other comprehensive loss, net of tax	(47,882)	(36,333)
Accumulated other comprehensive income (loss)	$ (27,321)	$ (102,666)

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
	Mar. 31, 2021	Mar. 31, 2020
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Interest expense	$ (3,942)	$ (4,324)
Net sales	301,629	330,671
Income before income taxes	26,975	43,395
Tax benefit	(7,593)	(13,662)
Net income	19,382	29,733
Amount Reclassified from Accumulated Other Comprehensive Income (Loss)
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net income	(3,370)	(3,181)
Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | Gains and losses on cash flow hedges
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Interest expense	(449)	(61)
Net sales	128	(523)
Income before income taxes	(321)	(584)
Tax benefit	85	42
Net income	(236)	(542)
Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | Pension and Other Postretirement Benefit Items
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Income before income taxes	(4,088)	(3,449)
Tax benefit	954	810
Net income	(3,134)	(2,639)
Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | Amortization of prior service costs
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Income before income taxes	(92)	(87)
Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | Amortization of actuarial losses
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Income before income taxes	$ (3,996)	$ (3,362)

Information on Business Segme_3

Information on Business Segments (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)Segment	Mar. 31, 2020USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments | Segment	2
Net sales	$ 301,629	$ 330,671
Operating profit	32,380	49,313
Interest expense	3,942	4,324
Other expense (income), net	1,463	1,594
Income before income taxes	26,975	43,395
Industrial
Segment Reporting Information [Line Items]
Net sales	219,987	199,100
Aerospace
Segment Reporting Information [Line Items]
Net sales	81,642	131,571
Operating Segments | Industrial
Segment Reporting Information [Line Items]
Net sales	219,992	199,100
Operating profit	21,295	17,924
Operating Segments | Aerospace
Segment Reporting Information [Line Items]
Net sales	81,642	131,571
Operating profit	11,085	31,389
Intersegment sales
Segment Reporting Information [Line Items]
Net sales	$ (5)	$ 0

Information on Business Segme_4

Information on Business Segments Details 1 (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Assets	$ 2,600,264	$ 2,676,226
Operating Segments | Industrial
Segment Reporting Information [Line Items]
Assets	1,841,248	1,908,389
Operating Segments | Aerospace
Segment Reporting Information [Line Items]
Assets	614,029	623,547
Other
Segment Reporting Information [Line Items]
Assets	$ 144,987	$ 144,290

Business Reorganization - Narra

Business Reorganization - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended
	Jun. 30, 2020	Mar. 31, 2021	Dec. 31, 2020
Restructuring and Related Activities [Abstract]
Charge for business reorganization	$ 19,116
Charge for business reorganization, through operating profit	$ 18,158
Percentage reduction in workforce	8.00%
Liability for business reorganization		$ 6,715	$ 13,151

Business Reorganization - Chang

Business Reorganization - Change in Liability for Business Reorganization (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)
Restructuring Reserve [Roll Forward]
Restructuring reserve	$ 13,151
Payments	(6,436)
Restructuring reserve	$ 6,715