Barnes (B) 10-Q 2 May 22 2022 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2022	Apr. 27, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
Document Transition Report	false
Entity File Number	1-4801
Entity Registrant Name	BARNES GROUP INC
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		50,699,128
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Entity Central Index Key	0000009984
Current Fiscal Year End Date	--12-31

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Statement [Abstract]
Net sales	$ 312,383	$ 301,629
Cost of sales	207,190	194,696
Selling and administrative expenses	74,080	74,553
Total operating costs and expenses	281,270	269,249
Operating income	31,113	32,380
Interest expense	3,567	3,942
Other expense (income), net	1,630	1,463
Income before income taxes	25,916	26,975
Income taxes	5,432	7,593
Net income	$ 20,484	$ 19,382
Per common share:
Basic (in dollars per share)	$ 0.40	$ 0.38
Diluted (in dollars per share)	$ 0.40	$ 0.38
Weighted average common shares outstanding:
Basic (in shares)	51,022,417	50,933,666
Diluted (in shares)	51,168,622	51,087,688

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2022	Mar. 31, 2021
Statement of Comprehensive Income [Abstract]
Net income		$ 20,484	$ 19,382
Other comprehensive loss, net of tax
Unrealized loss on hedging activities, net of tax	[1]	3,518	(652)
Foreign currency translation adjustments, net of tax	[2]	(8,612)	(47,882)
Defined benefit pension and other postretirement benefits, net of tax	[3]	2,504	3,632
Total other comprehensive loss, net of tax		(2,590)	(44,902)
Total comprehensive income (loss)		$ 17,894	$ (25,520)
[1]	Net of tax of $1,101 and $(184) for the three months ended March 31, 2022 and 2021, respectively.
[2]	Net of tax of $0 and $0 for the three months ended March 31, 2022 and 2021, respectively.
[3]	Net of tax of $764 and $1,069 for the three months ended March 31, 2022 and 2021, respectively.

Consolidated Statements of Comm

Consolidated Statements of Commprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Comprehensive Income [Abstract]
Unrealized (loss) income on hedging activities, tax	$ 1,101	$ (184)
Foreign currency translation adjustment, tax	0	0
Defined benefit pension and other postretirement benefits, tax	$ 764	$ 1,069

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current assets
Cash and cash equivalents	$ 75,255	$ 102,860
Accounts receivable, less allowances (2022 - $5,863; 2021 - $5,625)	272,345	262,257
Inventories	255,117	239,655
Prepaid expenses and other current assets	83,795	75,437
Total current assets	686,512	680,209
Deferred income taxes	17,883	21,976
Property, plant and equipment	909,281	904,895
Less accumulated depreciation	(573,995)	(563,433)
Property, plant and equipment, net	335,286	341,462
Goodwill	945,407	955,370
Other intangible assets, net	486,835	500,246
Other assets	83,432	77,557
Total assets	2,555,355	2,576,820
Current liabilities
Notes and overdrafts payable	978	1,900
Accounts payable	134,816	131,076
Accrued liabilities	144,852	175,583
Long-term debt - current	1,702	1,835
Total current liabilities	282,348	310,394
Long-term debt	594,976	599,932
Accrued retirement benefits	75,684	76,784
Deferred income taxes	65,557	66,704
Long-term tax liability	52,114	52,114
Other liabilities	43,646	42,126
Commitments and contingencies (Note 15)
Stockholders' equity
Common stock - par value $0.01 per share Authorized: 150,000,000 shares Issued: at par value (2022 - 64,356,438 shares; 2021 - 64,343,582 shares)	644	643
Additional paid-in capital	519,227	516,562
Treasury stock, at cost (2022 - 13,659,544 shares; 2021 - 13,658,483 shares)	(523,691)	(523,642)
Retained earnings	1,599,278	1,587,041
Accumulated other non-owner changes to equity	(154,428)	(151,838)
Total stockholders' equity	1,441,030	1,428,766
Total liabilities and stockholders' equity	$ 2,555,355	$ 2,576,820

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 5,863	$ 5,625
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)	64,356,438	64,343,582
Treasury stock, at cost (in shares)	13,659,544	13,658,483

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Operating activities:
Net income	$ 20,484	$ 19,382
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	22,301	21,992
Gain on disposition of property, plant and equipment	(1)	(50)
Stock compensation expense	2,534	2,306
Changes in assets and liabilities:
Accounts receivable	(10,961)	(7,590)
Inventories	(15,154)	78
Prepaid expenses and other current assets	(5,809)	(4,882)
Accounts payable	4,163	9,121
Accrued liabilities	(28,197)	(6,456)
Deferred income taxes	2,115	(101)
Long-term retirement benefits	(1,862)	(569)
Other	1,074	2,381
Net cash (used) provided by operating activities	(9,313)	35,612
Investing activities:
Proceeds from disposition of property, plant and equipment	60	83
Capital expenditures	(7,405)	(7,855)
Other	(1,094)	3,758
Net cash used by investing activities	(8,439)	(4,014)
Financing activities:
Net change in other borrowings	(784)	5,354
Payments on long-term debt	(34,918)	(30,933)
Proceeds from the issuance of long-term debt	35,000	15,000
Proceeds from the issuance of common stock	153	125
Dividends paid	(8,111)	(8,104)
Withholding taxes paid on stock issuances	(49)	(68)
Other	(3,665)	(5,816)
Net cash used by financing activities	(12,374)	(24,442)
Effect of exchange rate changes on cash flows	137	(2,331)
(Decrease) increase in cash, cash equivalents and restricted cash	(29,989)	4,825
Cash, cash equivalents and restricted cash at beginning of period	111,909	91,468
Cash, cash equivalents and restricted cash at end of period	81,920	96,293
Cash and cash equivalents at end of period	75,255	84,900
Prepaid Expenses and Other Current Assets
Financing activities:
Restricted cash	(4,434)	(6,198)
Other Noncurrent Assets
Financing activities:
Restricted cash	$ (2,231)	$ (5,195)

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2022
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, 2021 has been derived from the 2021 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, 2021. 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, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022. 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 on its accounting estimates, assumptions and disclosures.

Recent Accounting Standards

Recent Accounting Standards	3 Months Ended
	Mar. 31, 2022
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. generally accepted accounting principles ("US 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 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 The United Kingdom's Financial Conduct Authority, which regulates the London Interbank Offered Rate (“LIBOR”), announced its intent to phase out the use of LIBOR by December 31, 2021. The U.S. Federal Reserve, in conjunction with the Alternative Reference Rates Committee, a steering committee comprised of large U.S. financial institutions, identified the Secured Overnight Financing Rate (“SOFR”) as its preferred benchmark alternative to U.S. dollar LIBOR. Published by the Federal Reserve Bank of New York, SOFR represents a measure of the cost of borrowing cash overnight, collateralized by U.S. Treasury securities, and is calculated based on directly observable U.S. Treasury-backed repurchase transactions. In March 2020, in response to this transition, the FASB issued guidance related to this rate reform, which provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships and other transactions that reference LIBOR or another reference rate expected to be discontinued by reference rate reform, and addresses operational issues likely to arise in modifying contracts to replace discontinued reference rates with new rates. In January 2021, the FASB issued further clarifying guidance regarding derivatives, as it relates to this transition. The guidance is effective through December 31, 2022. The Company’s Amended Credit Agreement (Note 8) and corresponding interest rate Swaps (Note 9) are tied to LIBOR, with each maturing in February 2026. In March 2021, the ICE Benchmark Association announced that it will extend the publication of overnight, 1, 3, 6 and 12 month LIBOR rates until June 30, 2023, while ceasing publication of all other LIBOR rates including 1 week and 2 month rates. The Company's Amended Credit Agreement was further amended in October 2021 and in April 2022 to address the replacement of LIBOR via the LIBOR Transition Agreement and Amendment No. 1, respectively (see Note 8). The Company does not anticipate a material impact on our business, financial condition, results of operations or cash flow as a result of this change. In October 2021, the FASB amended its guidance related to business combinations. The amended guidance requires entities to recognize and measure contract assets and contract liabilities acquired in business combinations on the acquisition date in accordance with Account Standard Codification 606, Revenue from Contracts with Customers

Revenue

Revenue	3 Months Ended
	Mar. 31, 2022
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 in healthcare, automation, packaging, aerospace, mobility and manufacturing. 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 the 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 Product and Services Engineered Components Products $ 46,964 $ — $ 46,964 $ 48,286 $ — $ 48,286 Molding Solutions Products 103,036 — 103,036 108,547 — 108,547 Force & Motion Control Products 46,083 — 46,083 45,657 — 45,657 Automation Products 15,589 — 15,589 17,497 — 17,497 Aerospace Original Equipment Manufacturing Products — 65,629 65,629 — 55,528 55,528 Aerospace Aftermarket Product and Services — 35,082 35,082 — 26,114 26,114 $ 211,672 $ 100,711 $ 312,383 $ 219,987 $ 81,642 $ 301,629 Geographic Regions (A) Americas $ 86,005 $ 72,497 $ 158,502 $ 82,895 $ 59,009 $ 141,904 Europe 82,369 19,821 102,190 88,674 14,151 102,825 Asia 41,819 7,318 49,137 46,760 7,647 54,407 Rest of World 1,479 1,075 2,554 1,658 835 2,493 $ 211,672 $ 100,711 $ 312,383 $ 219,987 $ 81,642 $ 301,629 (A) Sales by geographic region are based on the location to which the product is shipped and services are delivered. Revenue from products and services transferred to customers at a point in time accounted for approximately 80 percent of total revenue for the three month periods ended March 31, 2022 and March 31, 2021. A majority of revenue within the Industrial segment and Aerospace Original Equipment Manufacturing business ("OEM"), along with a portion of revenue within the Aerospace Aftermarket Products and Services business ("Aftermarket"), 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 of total revenue for the three month periods ended March 31, 2022 and March 31, 2021. 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 Aftermarket maintenance repair and overhaul business (within Aftermarket Products and Services) and a portion of the revenue for 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 partially 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 of 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, defense-related manufacturers, and industry 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 month periods ended March 31, 2022 and 2021. 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, 2022 and December 31, 2021. 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 assets (liabilities) consisted of the following: March 31, 2022 December 31, 2021 $ Change % Change Unbilled receivables (contract assets) $ 37,358 $ 33,522 $ 3,836 11 % Contract liabilities (18,108) (25,374) 7,266 (29) % Net contract assets $ 19,250 $ 8,148 $ 11,102 136 % Contract liabilities balances at March 31, 2022 and December 31, 2021 include $8,442 and $9,364, respectively, of customer advances for which the Company has an unconditional right to collect payment. Accounts receivable, as presented on the Consolidated Balance Sheet, includes corresponding balances at March 31, 2022 and December 31, 2021, respectively. Changes in the net contract assets during the three-month period ended March 31, 2022 included a $7,266 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 assets increase was a $3,836 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 60% of the revenue related to the contract liabilities balance as of December 31, 2021 during the three months ended March 31, 2022, respectively, and approximately 40% of the revenue related to the contract liabilities balance as of December 31, 2020 during the three months ended March 31, 2021, respectively, primarily representing revenue from the sale of molds and hot runners within the Molding Solutions business. Remaining Performance Obligations . The Company has elected to disclose remaining performance obligations only for contracts with an original duration of greater than one year. Such remaining performance obligations represent the transaction price of firm orders for which work has not yet been performed and, for Aerospace, excludes projections of components and assemblies that Aerospace OEM customers anticipate purchasing in the future under existing programs, which represent orders that are beyond lead time and do not represent performance obligations pursuant to accounting guidance. As of March 31, 2022, the aggregate amount of the transaction price allocated to remaining performance obligations was $179,534. The Company expects to recognize revenue on approximately 70% of the remaining performance obligations over the next 12 months, with the remainder to be recognized within 24 months.

Stockholders Equity

Stockholders Equity	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
Stockholders Equity	Stockholders' Equity A schedule of consolidated changes in equity for the three months ended March 31, 2022 is as follows (number of shares in thousands): Common Common Additional Treasury Treasury Retained Accumulated Total December 31, 2021 64,344 $ 643 $ 516,562 13,658 $ (523,642) $ 1,587,041 $ (151,838) $ 1,428,766 Comprehensive income — — — — — 20,484 (2,590) 17,894 Dividends declared ($0.16 per share) — — — — — (8,111) — (8,111) Employee stock plans 12 1 2,665 2 (49) (136) — 2,481 March 31, 2022 64,356 $ 644 $ 519,227 13,660 $ (523,691) $ 1,599,278 $ (154,428) $ 1,441,030 A schedule of consolidated changes in equity for the three months ended March 31, 2021 is as follows (number of 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 (loss) — — — — — 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

Net Income Per Common Share

Net Income Per Common Share	3 Months Ended
	Mar. 31, 2022
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 146,205 and 154,022 for the three-month periods ended March 31, 2022 and 2021, 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, 2022 and 2021, the Company excluded 718,844 and 522,117 stock awards, respectively, from the calculation of weighted-average diluted shares outstanding as the stock awards were considered anti-dilutive.

Inventories

Inventories	3 Months Ended
	Mar. 31, 2022
Inventory Disclosure [Abstract]
Inventories	Inventories The components of inventories consisted of: March 31, 2022 December 31, 2021 Finished goods $ 91,070 $ 88,954 Work-in-process 68,690 65,468 Raw material and supplies 95,357 85,233 $ 255,117 $ 239,655

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	3 Months Ended
	Mar. 31, 2022
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, 2022: Industrial Aerospace Total Company December 31, 2021 $ 924,584 $ 30,786 $ 955,370 Foreign currency translation (9,963) — (9,963) March 31, 2022 $ 914,621 $ 30,786 $ 945,407 Other Intangible Assets: Other intangible assets consisted of: March 31, 2022 December 31, 2021 Range of Gross Amount Accumulated Amortization Gross Amount Accumulated Amortization Amortized intangible assets: Revenue Sharing Programs (RSPs) Up to 30 $ 299,500 $ (154,413) $ 299,500 $ (151,961) Component Repair Programs (CRPs) Up to 30 111,839 (36,927) 111,839 (35,632) Customer relationships 10-16 337,189 (142,630) 337,189 (137,856) Patents and technology 4-11 123,433 (87,831) 123,433 (86,002) Trademarks/trade names 10-30 10,949 (10,634) 10,949 (10,587) Other Up to 10 7,777 (2,253) 7,450 (2,072) 890,687 (434,688) 890,360 (424,110) Unamortized intangible assets: Trade names 55,670 — 55,670 — Foreign currency translation (24,834) — (21,674) — Other intangible assets $ 921,523 $ (434,688) $ 924,356 $ (424,110) Estimated amortization of intangible assets for future periods is as follows: 2022 (remainder) - $34,000; 2023 - $46,000; 2024 - $44,000; 2025 - $43,000; 2026 - $43,000 and 2027 - $42,000.

Debt

Debt	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Debt	Debt Long-term debt and notes and overdrafts payable at March 31, 2022 and December 31, 2021 consisted of: March 31, 2022 December 31, 2021 Carrying Fair Carrying Fair Amended Credit Agreement $ 490,743 $ 500,666 $ 495,262 $ 516,380 3.97% Senior Notes 100,000 102,785 100,000 105,541 Borrowings under lines of credit and overdrafts 978 978 224 224 Finance leases 5,935 5,941 6,505 6,827 Other — — 1,676 1,676 597,656 610,370 603,667 630,648 Less current maturities (2,680) (3,735) Long-term debt $ 594,976 $ 599,932 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” and, collectively with the Sixth Amendment, the "Amendments"). The Sixth Amendment maintained the borrowing availability of $1,000,000 along with access to request an additional $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 is consummated. Furthermore, the First NPA Amendment provides for (i) adjustments to the ratio of Consolidated Total Debt to Consolidated EBITDA, as defined, to conform to a more restrictive total leverage ratio that may be required under the Sixth Amendment, (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 into interest expense 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 under 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 Credit Agreement, plus a margin of 0.175% to 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% and 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 3.25 times at the end of each fiscal quarter (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). 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 $4,306 in conjunction with executing the Amended Credit Agreement. Such fees have been deferred within Other Assets on the Consolidated Balance Sheets and are being amortized into interest expense on the Consolidated Statements of Income through their maturity. Cash used to pay these fees was recorded through other financing activities on the Consolidated Statements of Cash Flows. The Company further amended the Amended Credit Agreement on October 11, 2021, defining certain applicable multi-currency borrowing rates that may be used as replacement rates for LIBOR, which is expected to be discontinued by reference rate reform. See Note 2. On April 6, 2022, the Company entered into Amendment No. 1 (“Amendment No. 1”) to the Amended Credit Agreement, which (i) replaced the LIBOR interest rate for U.S. dollar loans to a term Secured Overnight Financing Rate (or "SOFR", as defined in the Amended Credit Agreement), (ii) added a daily SOFR option for U.S. dollar loans and a term SOFR option for U.S. dollar loans, and (iii) added the ability to borrow foreign swing line loans based on the Euro Short Term Rate (as defined) with the same interest spread as the interest spread for SOFR Loans (as defined) and Alternative Currency Loans (defined as loans denominated in Euro, Sterling, Swiss Francs or Yen). In addition, Amendment No. 1 lowered the interest rate spread on (i) SOFR Loans and Alternative Currency Loans to a range from 0.975% to 1.70%, depending on the leverage ratio (the “Leverage Ratio”) of Consolidated Total Debt (as defined) to Consolidated EBITDA (as defined) as of the end of each fiscal quarter, and (ii) loans based on the Base Rate (as defined), to a range from 0.00% to 0.70%, depending on the Company’s Leverage Ratio as of the end of each fiscal quarter. Amendment No. 1 also lowered the facility fee, which is required to be paid by the Company under the Amended Credit Agreement and is calculated on the full amount of the revolving facility, to a range from 0.15% to 0.30%, depending on the Company’s Leverage Ratio at the end of each fiscal quarter. In April 2022, the Company paid fees and expenses of $1,034 in conjunction with executing Amendment No. 1. Such fees will be deferred within Other Assets on the Consolidated Balance Sheet and will be amortized on the Consolidated Statements of Income. Borrowings and availability under the Amended Credit Agreement were $490,743 and $509,257, respectively, at March 31, 2022 and $495,262 and $504,738, respectively, at December 31, 2021, subject to covenants in the Company's revolving debt agreements. At March 31, 2022, additional borrowings of $329,702 of Total Debt (including $206,054 of Senior Debt) would have been allowed under the financial covenants. The average interest rate on these borrowings was 1.38% and 1.48% on March 31, 2022 and December 31, 2021, respectively. Borrowings included Euro-denominated borrowings of 310,000 Euros ($345,743) at March 31, 2022 and 318,450 Euros ($360,262) at December 31, 2021. 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, 2022, the Company was in compliance with all applicable covenants. The Company anticipates continued compliance in each of 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 3.25 times at March 31, 2022. The actual ratio at March 31, 2022 was 2.42 times, as defined. In addition, the Company has approximately $71,000 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.). The Company had no borrowings under the Credit Lines at March 31, 2022 or December 31, 2021. The Company had borrowed $978 and $224 under the overdraft facilities at March 31, 2022 and December 31, 2021, respectively. Repayments under the Credit Lines are due within one month after being borrowed. Repayments of the overdrafts are generally due within two days after being borrowed. The carrying amounts of the Credit Lines and overdrafts approximate fair value due to the short maturities of these financial instruments. The Company also has several finance leases under which $5,935 and $6,505 was outstanding at March 31, 2022 and December 31, 2021, 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, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives	Derivatives The Company has manufacturing, service 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 converted 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 expired 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 commenced on January 31, 2022 and that 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 1.17% plus the borrowing spread. On April 6, 2022, the Company entered into Amendment No. 1 to the Amended Credit Agreement, which replaced the LIBOR interest rate for U.S. dollar loans with the SOFR rate (see Note 8). As a result of the replacement of LIBOR pursuant to Amendment No. 1, the Company plans to subsequently amend the 2021 Swap, effective April 29, 2022, such that the one-month SOFR-based borrowing rate replaces the one-month LIBOR-based borrowing rate. The Company does not anticipate any material impact on our business, financial condition, results of operations or cash flow as a result of this change . The 2021 Swap will expire on January 30, 2026. These interest rate swap agreements (the "Swaps") 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, 2022 or December 31, 2021. 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, 2022 or 2021. The Company recognized losses of $1,251 and $3,302 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, 2022 and 2021, respectively. Such losses were substantially offset by net gains recorded on the underlying hedged asset or liability (the "underlying"). Offsetting net gains 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, 2022 and 2021, as presented on the Consolidated

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The provisions of the accounting standard for fair value define fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. This standard classifies the inputs used to measure fair value into the following hierarchy: Level 1 Unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 Unadjusted quoted prices in active markets for similar assets or liabilities, or unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or inputs other than quoted prices that are observable for the asset or liability. Level 3 Unobservable inputs for the asset or liability. The following table provides the assets and liabilities reported at fair value and measured on a recurring basis as of March 31, 2022 and December 31, 2021: Fair Value Measurements Using Description Total Quoted Prices in Active Markets for Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs March 31, 2022 Asset derivatives $ 7,848 $ — $ 7,848 $ — Liability derivatives (80) — (80) — Bank acceptances 12,347 — 12,347 — Rabbi trust assets 2,855 2,855 — — Total $ 22,970 $ 2,855 $ 20,115 $ — December 31, 2021 Asset derivatives $ 375 $ — $ 375 $ — Liability derivatives (107) — (107) — Bank acceptances 13,240 — 13,240 — Rabbi trust assets 3,001 3,001 — — Total $ 16,509 $ 3,001 $ 13,508 $ —

Pension and Other Postretiremen

Pension and Other Postretirement Benefits	3 Months Ended
	Mar. 31, 2022
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 2022 2021 Service cost $ 1,555 $ 1,741 Interest cost 3,434 3,172 Expected return on plan assets (7,281) (6,972) Amortization of prior service cost 108 85 Amortization of actuarial losses 3,139 3,926 Special termination benefits 136 — Net periodic benefit cost $ 1,091 $ 1,952 Three Months Ended Other Postretirement Benefits 2022 2021 Service cost $ 24 $ 25 Interest cost 206 206 Amortization of prior service cost — 7 Amortization of actuarial losses 9 70 Net periodic benefit cost $ 239 $ 308

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company's effective tax rate for the first quarter of 2022 was 21.0% compared with 28.1% in the first quarter of 2021 and 21.9% for the full year 2021. The decrease in the first quarter of 2022 effective tax rate from the full year 2021 rate is driven by an increase in projected earnings in low tax jurisdictions and higher income in jurisdictions with tax holidays. These items were partially offset by the absence of benefits related to the realignment of tax basis goodwill and intangibles, and the favorable Mutual Aid Process Approval, both recorded in 2021. The Aerospace and Industrial segments have several multi-year tax holidays in Singapore, China and Malaysia. The Company was granted a tax holiday in China that was approved in December 2021. As a result of this tax holiday, the China tax rate was reduced from 25% to 15% and is effective for a three year period commencing January 1, 2021 (retroactively). Aerospace was granted an income tax holiday for operations recently established in Malaysia. This holiday commenced effective November 2020 (retroactively) and remains effective for a period of ten years. The Singapore tax holiday is scheduled to expire in December 2022. These holidays are subject to the Company meeting certain commitments in the respective jurisdictions.

Changes in Accumulated Other Co

Changes in Accumulated Other Comprehensive Income (Loss) by Component	3 Months Ended
	Mar. 31, 2022
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, 2022 and 2021: Gains and Losses on Cash Flow Hedges Pension and Other Postretirement Benefit Items Foreign Currency Items Total December 31, 2021 $ 160 $ (112,307) $ (39,691) $ (151,838) Other comprehensive (loss) income before reclassifications 3,415 12 (8,612) (5,185) Amounts reclassified from accumulated other comprehensive income to the consolidated statements of income 103 2,492 — 2,595 Net current-period other comprehensive (loss) income 3,518 2,504 (8,612) (2,590) March 31, 2022 $ 3,678 $ (109,803) $ (48,303) $ (154,428) 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) The following table sets forth the reclassifications out of accumulated other comprehensive income (loss) by component for the three-month periods ended March 31, 2022 and 2021: 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 (Losses)/gains on cash flow hedges Interest rate contracts $ (166) $ (449) Interest expense Foreign exchange contracts 30 128 Net sales (136) (321) Total before tax 33 85 Tax benefit (103) (236) Net of tax Pension and other postretirement benefit items Amortization of prior service costs $ (108) $ (92) (A) Amortization of actuarial losses (3,148) (3,996) (A) (3,256) (4,088) Total before tax 764 954 Tax benefit (2,492) (3,134) Net of tax Total reclassifications in the period $ (2,595) $ (3,370) (A) These accumulated other comprehensive income (loss) components are included within the computation of net periodic Pension and Other Postretirement Benefits cost. See Note 11.

Information on Business Segment

Information on Business Segments	3 Months Ended
	Mar. 31, 2022
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 mobility, industrial equipment, automation, personal care, packaging, electronics, and medical devices. Focused on innovative custom solutions, Industrial participates in the design phase of components and assemblies whereby customers receive the benefits of application and systems engineering, new product development, testing and evaluation, and the manufacturing of final products. Products are sold primarily through its direct sales force and global distribution channels. Industrial's Molding Solutions business designs and manufactures customized hot runner systems, advanced mold cavity sensors and process control systems, and precision high cavitation mold assemblies - collectively, the enabling technologies for many complex injection molding applications. The Force & Motion Control business provides innovative cost effective force and motion control solutions for a wide range of metal forming and other industrial markets. The Automation business designs and develops robotic grippers, advanced end-of-arm tooling systems, sensors and other automation components for intelligent robotic handling solutions and industrial automation applications. Industrial's Engineered Components business manufactures and supplies precision mechanical products used in mobility 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 activities also include the manufacture and delivery of 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 2022 2021 Net sales Industrial $ 211,672 $ 219,992 Aerospace 100,711 81,642 Intersegment sales — (5) Total net sales $ 312,383 $ 301,629 Operating profit Industrial $ 14,734 $ 21,295 Aerospace 16,379 11,085 Total operating profit 31,113 32,380 Interest expense 3,567 3,942 Other expense (income), net 1,630 1,463 Income before income taxes $ 25,916 $ 26,975 March 31, 2022 December 31, 2021 Assets Industrial $ 1,825,695 $ 1,827,903 Aerospace 590,204 583,043 Other (A) 139,456 165,874 Total assets $ 2,555,355 $ 2,576,820

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2022
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, 2022 and December 31, 2021. In July 2021, a customer asserted breach of contract and contractual warranty claims regarding a part manufactured by the Company. While the Company disputes the asserted claims, the Company and the customer are in discussions seeking to resolve the matter. No litigation or other proceeding has been initiated. While it is currently not possible to determine the ultimate outcome of this matter, the Company intends to vigorously defend its position and believes that the ultimate resolution will not have a material adverse effect on the Company’s consolidated financial position or liquidity, but could be material to the consolidated results of operations of any one period. 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, 2022
Restructuring and Related Activities [Abstract]
Business Reorganization	Business Reorganizations In June 2020, the Company announced restructuring and workforce reduction actions ("Actions") which were 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 $1,105, per below, remained and was included within accrued liabilities as of March 31, 2022. 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, 2021 $ 1,222 Payments (117) March 31, 2022 $ 1,105 In 2021, the Company initiated additional restructuring actions ("Restructurings") at a number of locations. The Restructurings included a transfer of manufacturing capabilities to leverage existing capacity which is expected to reduce labor and infrastructure costs. The Restructurings resulted in pre-tax charges of $2,869, primarily related to employee severance and termination benefits, in 2021 (recorded primarily during the second and fourth quarters of 2021) and $616 in the first quarter of 2022. The Company expects to incur additional charges of approximately $1,200 related to these Restructurings through the remainder of 2022.

Recent Accounting Standards (Po

Recent Accounting Standards (Policies)	3 Months Ended
	Mar. 31, 2022
Accounting Changes and Error Corrections [Abstract]
Recently Adopted and Issued Accounting Standards	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 The United Kingdom's Financial Conduct Authority, which regulates the London Interbank Offered Rate (“LIBOR”), announced its intent to phase out the use of LIBOR by December 31, 2021. The U.S. Federal Reserve, in conjunction with the Alternative Reference Rates Committee, a steering committee comprised of large U.S. financial institutions, identified the Secured Overnight Financing Rate (“SOFR”) as its preferred benchmark alternative to U.S. dollar LIBOR. Published by the Federal Reserve Bank of New York, SOFR represents a measure of the cost of borrowing cash overnight, collateralized by U.S. Treasury securities, and is calculated based on directly observable U.S. Treasury-backed repurchase transactions. In March 2020, in response to this transition, the FASB issued guidance related to this rate reform, which provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships and other transactions that reference LIBOR or another reference rate expected to be discontinued by reference rate reform, and addresses operational issues likely to arise in modifying contracts to replace discontinued reference rates with new rates. In January 2021, the FASB issued further clarifying guidance regarding derivatives, as it relates to this transition. The guidance is effective through December 31, 2022. The Company’s Amended Credit Agreement (Note 8) and corresponding interest rate Swaps (Note 9) are tied to LIBOR, with each maturing in February 2026. In March 2021, the ICE Benchmark Association announced that it will extend the publication of overnight, 1, 3, 6 and 12 month LIBOR rates until June 30, 2023, while ceasing publication of all other LIBOR rates including 1 week and 2 month rates. The Company's Amended Credit Agreement was further amended in October 2021 and in April 2022 to address the replacement of LIBOR via the LIBOR Transition Agreement and Amendment No. 1, respectively (see Note 8). The Company does not anticipate a material impact on our business, financial condition, results of operations or cash flow as a result of this change. In October 2021, the FASB amended its guidance related to business combinations. The amended guidance requires entities to recognize and measure contract assets and contract liabilities acquired in business combinations on the acquisition date in accordance with Account Standard Codification 606, Revenue from Contracts with Customers
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.

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Mar. 31, 2022
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 Product and Services Engineered Components Products $ 46,964 $ — $ 46,964 $ 48,286 $ — $ 48,286 Molding Solutions Products 103,036 — 103,036 108,547 — 108,547 Force & Motion Control Products 46,083 — 46,083 45,657 — 45,657 Automation Products 15,589 — 15,589 17,497 — 17,497 Aerospace Original Equipment Manufacturing Products — 65,629 65,629 — 55,528 55,528 Aerospace Aftermarket Product and Services — 35,082 35,082 — 26,114 26,114 $ 211,672 $ 100,711 $ 312,383 $ 219,987 $ 81,642 $ 301,629 Geographic Regions (A) Americas $ 86,005 $ 72,497 $ 158,502 $ 82,895 $ 59,009 $ 141,904 Europe 82,369 19,821 102,190 88,674 14,151 102,825 Asia 41,819 7,318 49,137 46,760 7,647 54,407 Rest of World 1,479 1,075 2,554 1,658 835 2,493 $ 211,672 $ 100,711 $ 312,383 $ 219,987 $ 81,642 $ 301,629 (A) Sales by geographic region are based on the location to which the product is shipped and services are delivered.
Contract with Customer, Asset and Liability	Net contract assets (liabilities) consisted of the following: March 31, 2022 December 31, 2021 $ Change % Change Unbilled receivables (contract assets) $ 37,358 $ 33,522 $ 3,836 11 % Contract liabilities (18,108) (25,374) 7,266 (29) % Net contract assets $ 19,250 $ 8,148 $ 11,102 136 %

Stockholders Equity (Tables)

Stockholders Equity (Tables)	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
Schedule of changes in equity	A schedule of consolidated changes in equity for the three months ended March 31, 2022 is as follows (number of shares in thousands): Common Common Additional Treasury Treasury Retained Accumulated Total December 31, 2021 64,344 $ 643 $ 516,562 13,658 $ (523,642) $ 1,587,041 $ (151,838) $ 1,428,766 Comprehensive income — — — — — 20,484 (2,590) 17,894 Dividends declared ($0.16 per share) — — — — — (8,111) — (8,111) Employee stock plans 12 1 2,665 2 (49) (136) — 2,481 March 31, 2022 64,356 $ 644 $ 519,227 13,660 $ (523,691) $ 1,599,278 $ (154,428) $ 1,441,030 A schedule of consolidated changes in equity for the three months ended March 31, 2021 is as follows (number of 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 (loss) — — — — — 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

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Mar. 31, 2022
Inventory Disclosure [Abstract]
Schedule of Inventory	The components of inventories consisted of: March 31, 2022 December 31, 2021 Finished goods $ 91,070 $ 88,954 Work-in-process 68,690 65,468 Raw material and supplies 95,357 85,233 $ 255,117 $ 239,655

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2022
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, 2022: Industrial Aerospace Total Company December 31, 2021 $ 924,584 $ 30,786 $ 955,370 Foreign currency translation (9,963) — (9,963) March 31, 2022 $ 914,621 $ 30,786 $ 945,407
Schedule of Intangible Assets	Other intangible assets consisted of: March 31, 2022 December 31, 2021 Range of Gross Amount Accumulated Amortization Gross Amount Accumulated Amortization Amortized intangible assets: Revenue Sharing Programs (RSPs) Up to 30 $ 299,500 $ (154,413) $ 299,500 $ (151,961) Component Repair Programs (CRPs) Up to 30 111,839 (36,927) 111,839 (35,632) Customer relationships 10-16 337,189 (142,630) 337,189 (137,856) Patents and technology 4-11 123,433 (87,831) 123,433 (86,002) Trademarks/trade names 10-30 10,949 (10,634) 10,949 (10,587) Other Up to 10 7,777 (2,253) 7,450 (2,072) 890,687 (434,688) 890,360 (424,110) Unamortized intangible assets: Trade names 55,670 — 55,670 — Foreign currency translation (24,834) — (21,674) — Other intangible assets $ 921,523 $ (434,688) $ 924,356 $ (424,110)

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Schedule of Debt	Long-term debt and notes and overdrafts payable at March 31, 2022 and December 31, 2021 consisted of: March 31, 2022 December 31, 2021 Carrying Fair Carrying Fair Amended Credit Agreement $ 490,743 $ 500,666 $ 495,262 $ 516,380 3.97% Senior Notes 100,000 102,785 100,000 105,541 Borrowings under lines of credit and overdrafts 978 978 224 224 Finance leases 5,935 5,941 6,505 6,827 Other — — 1,676 1,676 597,656 610,370 603,667 630,648 Less current maturities (2,680) (3,735) Long-term debt $ 594,976 $ 599,932

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	The following table provides the assets and liabilities reported at fair value and measured on a recurring basis as of March 31, 2022 and December 31, 2021: Fair Value Measurements Using Description Total Quoted Prices in Active Markets for Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs March 31, 2022 Asset derivatives $ 7,848 $ — $ 7,848 $ — Liability derivatives (80) — (80) — Bank acceptances 12,347 — 12,347 — Rabbi trust assets 2,855 2,855 — — Total $ 22,970 $ 2,855 $ 20,115 $ — December 31, 2021 Asset derivatives $ 375 $ — $ 375 $ — Liability derivatives (107) — (107) — Bank acceptances 13,240 — 13,240 — Rabbi trust assets 3,001 3,001 — — Total $ 16,509 $ 3,001 $ 13,508 $ —

Pension and Other Postretirem_2

Pension and Other Postretirement Benefits (Tables)	3 Months Ended
	Mar. 31, 2022
Retirement Benefits [Abstract]
Schedule of Net Benefit Costs	Pension and other postretirement benefits expenses consisted of the following: Three Months Ended Pensions 2022 2021 Service cost $ 1,555 $ 1,741 Interest cost 3,434 3,172 Expected return on plan assets (7,281) (6,972) Amortization of prior service cost 108 85 Amortization of actuarial losses 3,139 3,926 Special termination benefits 136 — Net periodic benefit cost $ 1,091 $ 1,952 Three Months Ended Other Postretirement Benefits 2022 2021 Service cost $ 24 $ 25 Interest cost 206 206 Amortization of prior service cost — 7 Amortization of actuarial losses 9 70 Net periodic benefit cost $ 239 $ 308

Changes in Accumulated Other _2

Changes in Accumulated Other Comprehensive Income (Loss) by Component (Tables)	3 Months Ended
	Mar. 31, 2022
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, 2022 and 2021: Gains and Losses on Cash Flow Hedges Pension and Other Postretirement Benefit Items Foreign Currency Items Total December 31, 2021 $ 160 $ (112,307) $ (39,691) $ (151,838) Other comprehensive (loss) income before reclassifications 3,415 12 (8,612) (5,185) Amounts reclassified from accumulated other comprehensive income to the consolidated statements of income 103 2,492 — 2,595 Net current-period other comprehensive (loss) income 3,518 2,504 (8,612) (2,590) March 31, 2022 $ 3,678 $ (109,803) $ (48,303) $ (154,428) 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)
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, 2022 and 2021: 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 (Losses)/gains on cash flow hedges Interest rate contracts $ (166) $ (449) Interest expense Foreign exchange contracts 30 128 Net sales (136) (321) Total before tax 33 85 Tax benefit (103) (236) Net of tax Pension and other postretirement benefit items Amortization of prior service costs $ (108) $ (92) (A) Amortization of actuarial losses (3,148) (3,996) (A) (3,256) (4,088) Total before tax 764 954 Tax benefit (2,492) (3,134) Net of tax Total reclassifications in the period $ (2,595) $ (3,370) (A) These accumulated other comprehensive income (loss) components are included within the computation of net periodic Pension and Other Postretirement Benefits cost. See Note 11.

Information on Business Segme_2

Information on Business Segments (Tables)	3 Months Ended
	Mar. 31, 2022
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 2022 2021 Net sales Industrial $ 211,672 $ 219,992 Aerospace 100,711 81,642 Intersegment sales — (5) Total net sales $ 312,383 $ 301,629 Operating profit Industrial $ 14,734 $ 21,295 Aerospace 16,379 11,085 Total operating profit 31,113 32,380 Interest expense 3,567 3,942 Other expense (income), net 1,630 1,463 Income before income taxes $ 25,916 $ 26,975 March 31, 2022 December 31, 2021 Assets Industrial $ 1,825,695 $ 1,827,903 Aerospace 590,204 583,043 Other (A) 139,456 165,874 Total assets $ 2,555,355 $ 2,576,820

Business Reorganization (Tables

Business Reorganization (Tables)	3 Months Ended
	Mar. 31, 2022
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, 2021 $ 1,222 Payments (117) March 31, 2022 $ 1,105

Revenue - Revenue by Category (

Revenue - Revenue by Category (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Disaggregation of Revenue [Line Items]
Net sales	$ 312,383	$ 301,629
Industrial
Disaggregation of Revenue [Line Items]
Net sales	211,672	219,987
Aerospace
Disaggregation of Revenue [Line Items]
Net sales	100,711	81,642
Americas
Disaggregation of Revenue [Line Items]
Net sales	158,502	141,904
Americas | Industrial
Disaggregation of Revenue [Line Items]
Net sales	86,005	82,895
Americas | Aerospace
Disaggregation of Revenue [Line Items]
Net sales	72,497	59,009
Europe
Disaggregation of Revenue [Line Items]
Net sales	102,190	102,825
Europe | Industrial
Disaggregation of Revenue [Line Items]
Net sales	82,369	88,674
Europe | Aerospace
Disaggregation of Revenue [Line Items]
Net sales	19,821	14,151
Asia
Disaggregation of Revenue [Line Items]
Net sales	49,137	54,407
Asia | Industrial
Disaggregation of Revenue [Line Items]
Net sales	41,819	46,760
Asia | Aerospace
Disaggregation of Revenue [Line Items]
Net sales	7,318	7,647
Rest of World
Disaggregation of Revenue [Line Items]
Net sales	2,554	2,493
Rest of World | Industrial
Disaggregation of Revenue [Line Items]
Net sales	1,479	1,658
Rest of World | Aerospace
Disaggregation of Revenue [Line Items]
Net sales	1,075	835
Engineered Components Products
Disaggregation of Revenue [Line Items]
Net sales	46,964	48,286
Engineered Components Products | Industrial
Disaggregation of Revenue [Line Items]
Net sales	46,964	48,286
Engineered Components Products | Aerospace
Disaggregation of Revenue [Line Items]
Net sales	0	0
Molding Solutions Products
Disaggregation of Revenue [Line Items]
Net sales	103,036	108,547
Molding Solutions Products | Industrial
Disaggregation of Revenue [Line Items]
Net sales	103,036	108,547
Molding Solutions Products | Aerospace
Disaggregation of Revenue [Line Items]
Net sales	0	0
Force & Motion Control Products
Disaggregation of Revenue [Line Items]
Net sales	46,083	45,657
Force & Motion Control Products | Industrial
Disaggregation of Revenue [Line Items]
Net sales	46,083	45,657
Force & Motion Control Products | Aerospace
Disaggregation of Revenue [Line Items]
Net sales	0	0
Automation Products
Disaggregation of Revenue [Line Items]
Net sales	15,589	17,497
Automation Products | Industrial
Disaggregation of Revenue [Line Items]
Net sales	15,589	17,497
Automation Products | Aerospace
Disaggregation of Revenue [Line Items]
Net sales	0	0
Aerospace Original Equipment Manufacturing Products
Disaggregation of Revenue [Line Items]
Net sales	65,629	55,528
Aerospace Original Equipment Manufacturing Products | Industrial
Disaggregation of Revenue [Line Items]
Net sales	0	0
Aerospace Original Equipment Manufacturing Products | Aerospace
Disaggregation of Revenue [Line Items]
Net sales	65,629	55,528
Aerospace Aftermarket Product and Services
Disaggregation of Revenue [Line Items]
Net sales	35,082	26,114
Aerospace Aftermarket Product and Services | Industrial
Disaggregation of Revenue [Line Items]
Net sales	0	0
Aerospace Aftermarket Product and Services | Aerospace
Disaggregation of Revenue [Line Items]
Net sales	$ 35,082	$ 26,114
Transferred at Point in Time
Disaggregation of Revenue [Line Items]
Revenue transferred percent	80.00%
Transferred over Time
Disaggregation of Revenue [Line Items]
Revenue transferred percent		20.00%

Revenue - Contract Balances (De

Revenue - Contract Balances (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Unbilled receivables (contract assets)	$ 37,358		$ 33,522
Unbilled receivables (contract assets), $ Change	$ 3,836
Unbilled receivables (contract assets), % Change	11.00%
Contract liabilities	$ (18,108)		(25,374)
Contract liabilities, $ Change	$ 7,266
Contract liabilities, % Change	(29.00%)
Net contract assets	$ 19,250		8,148
Net contract assets, $ Change	$ 11,102
Net contract assets, % change	136.00%
Customer advances	$ 8,442		$ 9,364
Revenue recognized	60.00%	40.00%

Revenue - Remaining Performance

Revenue - Remaining Performance Obligations (Details) $ in Thousands	Mar. 31, 2022USD ($)
Revenue from Contract with Customer [Abstract]
Remaining performance obligations	$ 179,534
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 obligations, percentage	70.00%
Remaining performance obligation, expected timing	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations, percentage	30.00%
Remaining performance obligation, expected timing	24 months

Stockholders Equity (Details)

Stockholders Equity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period	$ 1,428,766	$ 1,382,677
Comprehensive income	17,894	(25,520)
Dividends declared	(8,111)	(8,104)
Employee stock plans	2,481	2,314
Balance at end of period	$ 1,441,030	$ 1,351,367
Dividends declared (in dollars per share)	$ 0.16	$ 0.16
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period (in shares)	64,344	64,171
Balance at beginning of period	$ 643	$ 642
Employee stock plans (in shares)	12	12
Employee stock plans	$ 1	$ 0
Balance at end of period (in shares)	64,356	64,183
Balance at end of period	$ 644	$ 642
Additional Paid-In Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period	516,562	501,531
Employee stock plans	2,665	2,406
Balance at end of period	$ 519,227	$ 503,937
Treasury Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period (in shares)	13,658	13,530
Balance at beginning of period	$ (523,642)	$ (516,992)
Employee stock plans (in shares)	2	1
Employee stock plans	$ (49)	$ (68)
Balance at end of period (in shares)	13,660	13,531
Balance at end of period	$ (523,691)	$ (517,060)
Retained Earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period	1,587,041	1,519,811
Comprehensive income	20,484	19,382
Dividends declared	(8,111)	(8,104)
Employee stock plans	(136)	(24)
Balance at end of period	1,599,278	1,531,065
Accumulated Other Non-Owner Changes to Equity
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period	(151,838)	(122,315)
Comprehensive income	(2,590)	(44,902)
Balance at end of period	$ (154,428)	$ (167,217)

Net Income Per Common Share (De

Net Income Per Common Share (Details) - shares	1 Months Ended	3 Months Ended
	Feb. 28, 2021	Mar. 31, 2022	Mar. 31, 2021
Net Income Per Common Share [Line Items]
Weighted average number of diluted shares outstanding adjustment (in shares)		146,205	154,022
Share-based Awards
Net Income Per Common Share [Line Items]
Antidilutive securities excluded from computation of EPS		718,844	522,117
Stock Options
Net Income Per Common Share [Line Items]
Options, granted (in shares)	115,600
Restricted Stock Units
Net Income Per Common Share [Line Items]
Other than options, granted (in shares)	144,524
Performance Share Awards
Net Income Per Common Share [Line Items]
Other than options, granted (in shares)	121,860
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, 2022	Dec. 31, 2021
Inventory Disclosure [Abstract]
Finished goods	$ 91,070	$ 88,954
Work-in-process	68,690	65,468
Raw material and supplies	95,357	85,233
Inventories	$ 255,117	$ 239,655

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Goodwill:
Goodwill, beginning of period	$ 955,370
Foreign currency translation	(9,963)
Goodwill, end of period	945,407
Other Intangible Assets:
Gross Amount	890,687	$ 890,360
Accumulated Amortization	(434,688)	(424,110)
Foreign currency translation	(24,834)	(21,674)
Other intangible assets	921,523	924,356
Intangible Assets, Future Amortization Expense
Amortization of intangible assets expected in 2022	34,000
Amortization of intangible assets expected in 2023	46,000
Amortization of intangible assets expected in 2024	44,000
Amortization of intangible assets expected in 2025	43,000
Amortization of intangible assets expected in 2026	43,000
Amortization of intangible assets expected in 2027	42,000
Trade names
Other Intangible Assets:
Unamortized intangible asset	55,670	55,670
Revenue Sharing Programs (RSPs)
Other Intangible Assets:
Gross Amount	299,500	299,500
Accumulated Amortization	(154,413)	(151,961)
Component Repair Programs (CRPs)
Other Intangible Assets:
Gross Amount	111,839	111,839
Accumulated Amortization	(36,927)	(35,632)
Customer relationships
Other Intangible Assets:
Gross Amount	337,189	337,189
Accumulated Amortization	(142,630)	(137,856)
Patents and technology
Other Intangible Assets:
Gross Amount	123,433	123,433
Accumulated Amortization	(87,831)	(86,002)
Trademarks/trade names
Other Intangible Assets:
Gross Amount	10,949	10,949
Accumulated Amortization	(10,634)	(10,587)
Other
Other Intangible Assets:
Gross Amount	7,777	7,450
Accumulated Amortization	(2,253)	$ (2,072)
Industrial
Goodwill:
Goodwill, beginning of period	924,584
Foreign currency translation	(9,963)
Goodwill, end of period	914,621
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 | Revenue Sharing Programs (RSPs)
Other Intangible Assets:
Range of life	30 years
Maximum | Component Repair Programs (CRPs)
Other Intangible Assets:
Range of life	30 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
Maximum | Other
Other Intangible Assets:
Range of life	10 years

Debt - Debt Schedule (Details)

Debt - Debt Schedule (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Oct. 31, 2014
Debt Instrument [Line Items]
Carrying amount of debt	$ 978	$ 1,900
Carrying amount of finance leases	5,935	6,505
Fair value of finance leases	5,941	6,827
Carrying amount of debt and finance leases	597,656	603,667
Fair value of debt and finance leases	610,370	630,648
Less current maturities	(2,680)	(3,735)
Long-term debt	594,976	599,932
Amended Credit Agreement
Debt Instrument [Line Items]
Carrying amount of debt		495,262
Fair value of debt	500,666	516,380
Senior Notes | 3.97% Senior Notes
Debt Instrument [Line Items]
Carrying amount of debt	100,000	100,000
Fair value of debt	$ 102,785	105,541
Stated interest rate	3.97%		3.97%
Lines of Credit and Overdrafts
Debt Instrument [Line Items]
Carrying amount of debt	$ 978	224
Fair value of debt	978	224
Other
Debt Instrument [Line Items]
Carrying amount of debt	0	1,676
Fair value of debt	$ 0	$ 1,676

Debt - Narrative (Details)

Debt - Narrative (Details) € in Thousands	Apr. 06, 2022USD ($)	Feb. 10, 2021USD ($)	Mar. 31, 2022USD ($)	Mar. 31, 2022EUR (€)	Dec. 31, 2021USD ($)	Dec. 31, 2021EUR (€)	Oct. 08, 2020USD ($)	Oct. 07, 2020USD ($)	Oct. 31, 2014USD ($)
Debt Instrument [Line Items]
Notes and overdrafts payable			$ 978,000		$ 1,900,000
Finance lease			5,935,000		6,505,000
Bank acceptances executed and outstanding			0		1,676,000
Amended Credit Agreement
Debt Instrument [Line Items]
Notes and overdrafts payable			0
Amended Credit Agreement
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity			71,000,000
Carrying amount of debt					495,262,000
Bank Overdrafts
Debt Instrument [Line Items]
Notes and overdrafts payable			$ 978,000		224,000
Repayment period			2 days
3.97% Senior Notes | Senior Notes
Debt Instrument [Line Items]
Debt instrument, face amount									$ 100,000,000
Stated interest rate			3.97%	3.97%					3.97%
Percent allowed to be prepaid									100.00%
Carrying amount of debt			$ 100,000,000		100,000,000
Sixth Amendment Maturity February 2022 | Amended Credit Agreement
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity							$ 1,000,000
Line of credit facility, accordion feature		$ 200,000					200,000,000
Sixth Amendment Maturity February 2022 | Amended Credit Agreement | Euribor
Debt Instrument [Line Items]
Variable basis spread		1.175%
Sixth Amendment Maturity February 2022 | Amended Credit Agreement | Base Rate
Debt Instrument [Line Items]
Variable basis spread		0.175%
Sixth Amendment Maturity February 2022 and 3.97% Percent Senior Notes
Debt Instrument [Line Items]
Carrying amount of debt					495,262,000
Remaining borrowing capacity					504,738,000
Sixth Amendment Maturity February 2022 and 3.97% Percent Senior Notes | Euro Member Countries, Euro
Debt Instrument [Line Items]
Carrying amount of debt					$ 360,262,000	€ 318,450
Line of credit, interest rate at period end					1.48%	1.48%
Sixth Amendment Maturity February 2022 and 3.97% Percent Senior Notes | Line of Credit and 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
Sixth Amendment Maturity February 2022 and 3.97% Percent Senior Notes | Line of Credit and Senior Notes | Minimum
Debt Instrument [Line Items]
Debt covenant ratio of senior debt to EBITDA							3.25
Sixth Amendment Maturity February 2022 and 3.97% Percent Senior Notes | Line of Credit and Senior Notes | Maximum
Debt Instrument [Line Items]
Debt covenant ratio of senior debt to EBITDA							3.75
Fifth Amendment Maturity February 2022 and 3.97% Senior Notes | Line of Credit and Senior Notes
Debt Instrument [Line Items]
Allowable add-back for consolidated EBITDA								$ 15,000,000
Sixth Admendment Maturity February 2026 | Amended Credit Agreement
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		$ 1,000,000,000
Line of credit facility, accordion feature		250,000
Debt covenant ratio of senior debt to EBITDA			3.25	3.25
Debt covenant threshold for permitted acquisition		$ 150,000
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					$ 4,306,000
Line of credit facility with accordian feature, maximum borrowing capacity		$ 1,250,000
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			2.42	2.42
Sixth Admendment Maturity February 2026 | Amended Credit Agreement | Euribor
Debt Instrument [Line Items]
Variable basis spread		1.775%
Sixth Admendment Maturity February 2026 | Amended Credit Agreement | Base Rate
Debt Instrument [Line Items]
Variable basis spread		0.775%
Sixth Admendment Maturity February 2026 | Amended Credit Agreement | Maximum
Debt Instrument [Line Items]
Debt covenant ratio of senior debt to EBITDA		3.25
Sixth Admendment Maturity February 2026, Multicurrency Borrowings | Amended Credit Agreement | Euribor
Debt Instrument [Line Items]
Basis for variable basis spread		0.00%
Sixth Admendment Maturity February 2026, Multicurrency Borrowings | Amended Credit Agreement | Minimum | Euribor
Debt Instrument [Line Items]
Variable basis spread		1.175%
Sixth Admendment Maturity February 2026, Multicurrency Borrowings | Amended Credit Agreement | Maximum | Euribor
Debt Instrument [Line Items]
Variable basis spread		1.775%
Sixth Admendment Maturity February 2026 and 3.97% Senior Notes
Debt Instrument [Line Items]
Carrying amount of debt			$ 490,743,000
Remaining borrowing capacity			509,257,000
Additional borrowings allowed under financial covenants			329,702,000
Sixth Admendment Maturity February 2026 and 3.97% Senior Notes | Euro Member Countries, Euro
Debt Instrument [Line Items]
Carrying amount of debt			$ 345,743,000	€ 310,000
Line of credit, interest rate at period end			1.38%	1.38%
Sixth Admendment Maturity February 2026 and 3.97% Senior Notes | Senior Notes
Debt Instrument [Line Items]
Additional borrowings allowed under financial covenants			$ 206,054,000
Amendment No. 1 | Amended Credit Agreement | Subsequent Event
Debt Instrument [Line Items]
Commitment fee amount	$ 1,034,000
Amendment No. 1 | Amended Credit Agreement | Minimum | Subsequent Event
Debt Instrument [Line Items]
Commitment fee percentage	0.15%
Amendment No. 1 | Amended Credit Agreement | Minimum | Base Rate | Subsequent Event
Debt Instrument [Line Items]
Variable basis spread	0.00%
Amendment No. 1 | Amended Credit Agreement | Minimum | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Subsequent Event
Debt Instrument [Line Items]
Variable basis spread	0.975%
Amendment No. 1 | Amended Credit Agreement | Maximum | Subsequent Event
Debt Instrument [Line Items]
Commitment fee percentage	0.30%
Amendment No. 1 | Amended Credit Agreement | Maximum | Base Rate | Subsequent Event
Debt Instrument [Line Items]
Variable basis spread	0.70%
Amendment No. 1 | Amended Credit Agreement | Maximum | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Subsequent Event
Debt Instrument [Line Items]
Variable basis spread	1.70%

Derivatives - Narrative (Detail

Derivatives - Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)	Mar. 31, 2021USD ($)	Mar. 24, 2021USD ($)	Apr. 28, 2017USD ($)Bank
Derivative [Line Items]
Net cash payments from settlement	$ (3,665)	$ (5,816)
Foreign Exchange Contract
Derivative [Line Items]
Net cash payments from settlement	3,615	1,567
Foreign Exchange Contract | Other Nonoperating Income (Expense)
Derivative [Line Items]
Amount of gain (loss) recognized in income on derivative	$ (1,251)	$ (3,302)
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, 2022	Dec. 31, 2021
Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Maturity of bank acceptances	1 year
Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Asset derivatives	$ 0	$ 0
Liability derivatives	0	0
Bank acceptances	0	0
Rabbi trust assets	2,855	3,001
Financial assets and financial liabilities, reported at fair value	2,855	3,001
Significant Other Observable Inputs (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Asset derivatives	7,848	375
Liability derivatives	(80)	(107)
Bank acceptances	12,347	13,240
Rabbi trust assets	0	0
Financial assets and financial liabilities, reported at fair value	20,115	13,508
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
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Asset derivatives	7,848	375
Liability derivatives	(80)	(107)
Bank acceptances	12,347	13,240
Rabbi trust assets	2,855	3,001
Financial assets and financial liabilities, reported at fair value	$ 22,970	$ 16,509

Pension and Other Postretirem_3

Pension and Other Postretirement Benefits (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Pensions
Pension and other postretirement benefits expenses
Service cost	$ 1,555	$ 1,741
Interest cost	3,434	3,172
Expected return on plan assets	(7,281)	(6,972)
Amortization of prior service cost	108	85
Amortization of actuarial losses	3,139	3,926
Special termination benefits	136	0
Net periodic benefit cost	1,091	1,952
Other Postretirement Benefits
Pension and other postretirement benefits expenses
Service cost	24	25
Interest cost	206	206
Amortization of prior service cost	0	7
Amortization of actuarial losses	9	70
Net periodic benefit cost	$ 239	$ 308

Income Taxes (Details)

Income Taxes (Details)	Nov. 30, 2021	Jan. 01, 2021	Dec. 31, 2021	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Income Tax Holiday [Line Items]
Effective tax rate				21.00%	28.10%	21.90%
Tax holiday, period		3 years
CHINA
Income Tax Holiday [Line Items]
Effective tax rate	25.00%		15.00%

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, 2022	Mar. 31, 2021
Changes in Accumulated Other Comprehensive Income by Component [Roll Forward]
Balance at beginning of period	$ (151,838)	$ (122,315)
Other comprehensive (loss) income before reclassifications	(5,185)	(48,272)
Amounts reclassified from accumulated other comprehensive income to the consolidated statements of income	2,595	3,370
Total other comprehensive loss, net of tax	(2,590)	(44,902)
Balance at end of period	(154,428)	(167,217)
Gains and Losses on Cash Flow Hedges
Changes in Accumulated Other Comprehensive Income by Component [Roll Forward]
Balance at beginning of period	160	(757)
Other comprehensive (loss) income before reclassifications	3,415	(888)
Amounts reclassified from accumulated other comprehensive income to the consolidated statements of income	103	236
Total other comprehensive loss, net of tax	3,518	(652)
Balance at end of period	3,678	(1,409)
Pension and Other Postretirement Benefit Items
Changes in Accumulated Other Comprehensive Income by Component [Roll Forward]
Balance at beginning of period	(112,307)	(142,119)
Other comprehensive (loss) income before reclassifications	12	498
Amounts reclassified from accumulated other comprehensive income to the consolidated statements of income	2,492	3,134
Total other comprehensive loss, net of tax	2,504	3,632
Balance at end of period	(109,803)	(138,487)
Foreign Currency Items
Changes in Accumulated Other Comprehensive Income by Component [Roll Forward]
Balance at beginning of period	(39,691)	20,561
Other comprehensive (loss) income before reclassifications	(8,612)	(47,882)
Amounts reclassified from accumulated other comprehensive income to the consolidated statements of income	0	0
Total other comprehensive loss, net of tax	(8,612)	(47,882)
Balance at end of period	$ (48,303)	$ (27,321)

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, 2022	Mar. 31, 2021
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Interest expense	$ (3,567)	$ (3,942)
Net sales	312,383	301,629
Tax benefit	(5,432)	(7,593)
Net income	20,484	19,382
Amount Reclassified from Accumulated Other Comprehensive Income (Loss)
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net income	(2,595)	(3,370)
Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | (Losses)/gains on cash flow hedges
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Interest expense	(166)	(449)
Net sales	30	128
Income before income taxes	(136)	(321)
Tax benefit	33	85
Net income	(103)	(236)
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	(108)	(92)
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	(3,148)	(3,996)
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	(3,256)	(4,088)
Tax benefit	764	954
Net income	$ (2,492)	$ (3,134)

Information on Business Segme_3

Information on Business Segments (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)Segment	Mar. 31, 2021USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments | Segment	2
Net sales	$ 312,383	$ 301,629
Operating profit	31,113	32,380
Interest expense	3,567	3,942
Other expense (income), net	1,630	1,463
Income before income taxes	25,916	26,975
Industrial
Segment Reporting Information [Line Items]
Net sales	211,672	219,987
Aerospace
Segment Reporting Information [Line Items]
Net sales	100,711	81,642
Operating Segments | Industrial
Segment Reporting Information [Line Items]
Net sales	211,672	219,992
Operating profit	14,734	21,295
Operating Segments | Aerospace
Segment Reporting Information [Line Items]
Net sales	100,711	81,642
Operating profit	16,379	11,085
Intersegment sales
Segment Reporting Information [Line Items]
Net sales	$ 0	$ (5)

Information on Business Segme_4

Information on Business Segments Details 1 (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Assets	$ 2,555,355	$ 2,576,820
Operating Segments | Industrial
Segment Reporting Information [Line Items]
Assets	1,825,695	1,827,903
Operating Segments | Aerospace
Segment Reporting Information [Line Items]
Assets	590,204	583,043
Other
Segment Reporting Information [Line Items]
Assets	$ 139,456	$ 165,874

Business Reorganization - Narra

Business Reorganization - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Mar. 31, 2022	Dec. 31, 2021
Restructuring and Related Activities [Abstract]
Charge for business reorganization	$ 2,869	$ 19,116	$ 616
Charge for business reorganization, through operating profit		$ 18,158
Percentage reduction in workforce		8.00%
Liability for business reorganization			$ 1,105	$ 1,222
Additional costs for charge for business reorganization				$ 1,200

Business Reorganization - Chang

Business Reorganization - Change in Liability for Business Reorganization (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)
Restructuring Reserve [Roll Forward]
Balance at beginning of period	$ 1,222
Payments	(117)
Balance at end of period	$ 1,105