BARNES GROUP INC, 10-K filed on 2/24/2016
Annual Report
Document and Entity Information (USD $)
12 Months Ended
Dec. 31, 2015
Feb. 18, 2016
Jun. 30, 2015
Document and Entity Information [Abstract]
 
 
 
Document Type
10-K 
 
 
Amendment Flag
false 
 
 
Document Period End Date
Dec. 31, 2015 
 
 
Document Fiscal Year Focus
2015 
 
 
Document Fiscal Period Focus
FY 
 
 
Entity Registrant Name
BARNES GROUP INC 
 
 
Entity Central Index Key
0000009984 
 
 
Current Fiscal Year End Date
--12-31 
 
 
Entity Filer Category
Large Accelerated Filer 
 
 
Entity Common Stock, Shares Outstanding
 
53,900,397 
 
Entity Well-known Seasoned Issuer
Yes 
 
 
Entity Voluntary Filers
No 
 
 
Entity Current Reporting Status
Yes 
 
 
Entity Public Float
 
 
$ 2,009,804,702 
Consolidated Statements of Income (USD $)
In Thousands, except Share data, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Income Statement [Abstract]
 
 
 
Net sales
$ 1,193,975 
$ 1,262,006 
$ 1,091,566 
Cost of sales
782,817 
829,648 
738,170 
Selling and administrative expenses
242,762 
252,384 
230,195 
Total operating costs and expenses
1,025,579 
1,082,032 
968,365 
Operating income
168,396 
179,974 
123,201 
Interest expense
10,698 
11,392 
13,090 
Other (income) expense, net
(248)
2,082 
2,537 
Income from continuing operations before income taxes
157,946 
166,500 
107,574 
Income taxes
36,566 
45,959 
35,253 
Income from continuing operations
121,380 
120,541 
72,321 
(Loss) income from discontinued operations, net of income taxes of $0, $315 and $120,750, respectively (Note 3)
0 
(2,171)
198,206 
Net income
$ 121,380 
$ 118,370 
$ 270,527 
Basic:
 
 
 
Income from continuing operations (in dollars per share)
$ 2.21 
$ 2.20 
$ 1.34 
(Loss) income from discontinued operations, net of income taxes (in dollars per share)
$ 0.00 
$ (0.04)
$ 3.68 
Net income (in dollars per share)
$ 2.21 
$ 2.16 
$ 5.02 
Diluted:
 
 
 
Income from continuing operations (in dollars per share)
$ 2.19 
$ 2.16 
$ 1.31 
(Loss) income from discontinued operations, net of income taxes (in dollars per share)
$ 0.00 
$ (0.04)
$ 3.61 
Net income (in dollars per share)
$ 2.19 
$ 2.12 
$ 4.92 
Dividends
$ 0.48 
$ 0.45 
$ 0.42 
Weighted average common shares outstanding:
 
 
 
Basic (in shares)
55,028,063 
54,791,030 
53,860,308 
Diluted (in shares)
55,513,219 
55,723,267 
54,973,344 
Consolidated Statements of Income (Parentheticals) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Income Statement [Abstract]
 
 
 
Income taxes from discontinued operations
$ 0 
$ 315 
$ 120,750 
Consolidated Statements of Comprehensive Income (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Statement of Comprehensive Income [Abstract]
 
 
 
Net income
$ 121,380 
$ 118,370 
$ 270,527 
Other comprehensive (loss) income, net of tax
 
 
 
Unrealized gain (loss) on hedging activities, net of tax (1)
847 1
(213)1
(87)1
Unrealized (loss) gain on hedging activities, tax
227 
(45)
272 
Foreign currency translation adjustments, net of tax (2)
(54,232)2
(83,168)2
19,615 2
Foreign currency translation adjustment, tax
(1,777)
(3,292)
439 
Defined benefit pension and other postretirement benefits, net of tax (3)
9,586 3
(42,016)3
73,168 3
Defined benefit pension and other postretirement benefits, tax
3,916 
(24,799)
43,109 
Total other comprehensive (loss) income, net of tax
(43,799)
(125,397)
92,696 
Total comprehensive income (loss)
$ 77,581 
$ (7,027)
$ 363,223 
Consolidated Balance Sheets (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2015
Dec. 31, 2014
Current assets
 
 
Cash and cash equivalents
$ 83,926 
$ 46,039 
Accounts receivable, less allowances (2015 – $4,085; 2014 – $3,873)
261,757 
275,890 
Inventories
208,611 
212,044 
Deferred income taxes
24,825 
31,849 
Prepaid expenses and other current assets
32,469 
22,574 
Total current assets
611,588 
588,396 
Deferred income taxes
1,139 
10,061 
Property, plant and equipment, net
308,856 
299,435 
Goodwill
587,992 
594,949 
Other intangible assets, net
528,322 
554,694 
Other assets
23,969 
26,350 
Total assets
2,061,866 
2,073,885 
Current liabilities
 
 
Notes and overdrafts payable
22,680 
8,028 
Accounts payable
97,035 
94,803 
Accrued liabilities
131,320 
161,397 
Long-term debt – current
1,515 
862 
Total current liabilities
252,550 
265,090 
Long-term debt
485,711 
495,844 
Accrued retirement benefits
112,888 
115,057 
Deferred income taxes
62,364 
70,147 
Other liabilities
20,600 
15,954 
Commitments and contingencies (Note 21)
   
   
Stockholders’ equity
 
 
Common stock – par value $0.01 per share Authorized: 150,000,000 shares Issued: at par value (2014 – 61,229,980 shares; 2013 – 60,306,128 shares)
621 
612 
Additional paid-in capital
427,558 
405,525 
Treasury stock, at cost (2015 – 8,206,683 shares; 2014 – 6,729,438 shares)
(226,421)
(169,405)
Retained earnings
1,069,247 
974,514 
Accumulated other non-owner changes to equity
(143,252)
(99,453)
Total stockholders’ equity
1,127,753 
1,111,793 
Total liabilities and stockholders’ equity
$ 2,061,866 
$ 2,073,885 
Consolidated Balance Sheets (Parenthetical) (USD $)
In Thousands, except Share data, unless otherwise specified
Dec. 31, 2015
Dec. 31, 2014
Statement of Financial Position [Abstract]
 
 
Allowance for doubtful accounts
$ 4,085 
$ 873 
Common stock, par value (in dollars per share)
$ 0.01 
$ 0.01 
Common stock, shares authorized (in shares)
150,000,000 
150,000,000 
Common stock, shares issued (in shares)
62,071,144 
61,229,980 
Treasury stock, at cost (in shares)
8,206,683 
6,729,438 
Consolidated Statements of Cash Flows (USD $)
In Thousands, except Share data, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Operating activities:
 
 
 
Net income
$ 121,380 
$ 118,370 
$ 270,527 
Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
Depreciation and amortization
78,242 
81,395 
65,052 
Amortization of convertible debt discount
0 
731 
2,391 
(Gain) loss on disposition of property, plant and equipment
(1,128)
143 
(887)
Stock compensation expense
9,258 
7,603 
18,128 
Withholding taxes paid on stock issuances
(4,913)
(4,367)
(2,090)
Loss (gain) on the sale of businesses
0 
(1,586)
313,708 
Pension lump-sum settlement charge
9,856 
0 
0 
Changes in assets and liabilities, net of the effects of acquisitions/divestitures:
 
 
 
Accounts receivable
14,027 
(21,367)
(23,764)
Inventories
(1,190)
(10,092)
2,079 
Prepaid expenses and other current assets
(2,645)
(7,137)
(2,172)
Accounts payable
(2,936)
8,123 
2,384 
Accrued liabilities
(16,833)
24,402 
(9,891)
Deferred income taxes
3,121 
(9,841)
3,412 
Long-term retirement benefits
1,081 
(7,584)
(642)
Other
2,575 
4,933 
(729)
Net cash provided by operating activities
209,895 
186,898 
10,090 
Investing activities:
 
 
 
Proceeds from disposition of property, plant and equipment
3,442 
849 
1,767 
(Payments for) proceeds from the sale of businesses
0 
(1,181)
538,942 
Change in restricted cash
0 
4,886 
0 
Capital expenditures
(45,982)
(57,365)
(57,304)
Business acquisitions, net of cash acquired
(51,954)
0 
(307,264)
Component Repair Program payments
(21,000)
(70,100)
(16,639)
Other
0 
(1,338)
(2,058)
Net cash (used) provided by investing activities
(115,494)
(124,249)
157,444 
Financing activities:
 
 
 
Net change in other borrowings
14,680 
7,009 
(2,753)
Payments on long-term debt
(171,198)
(332,336)
(555,195)
Proceeds from the issuance of long-term debt
159,264 
293,291 
450,253 
Payment of assumed liability to Otto Männer Holding AG
0 
(19,796)
0 
Premium paid on convertible debt redemption
0 
(14,868)
0 
Proceeds from the issuance of common stock
11,425 
11,460 
13,491 
Common stock repurchases
(52,103)
(8,389)
(68,608)
Dividends paid
(26,176)
(24,464)
(22,422)
Excess tax benefit on stock awards
2,667 
4,888 
3,899 
Other
9,850 
(338)
(1,472)
Net cash used by financing activities
(51,591)
(83,543)
(182,807)
Effect of exchange rate changes on cash flows
(4,923)
(3,923)
(227)
Increase (decrease) in cash and cash equivalents
37,887 
(24,817)
(15,500)
Cash and cash equivalents at beginning of year
46,039 
70,856 
86,356 
Cash and cash equivalents at end of year
83,926 
46,039 
70,856 
Supplemental Disclosure of Cash Flow Information:
 
 
 
Intangible assets acquired
3,200 
19,000 
10,000 
Treasury shares issued (in shares)
 
 
1,032,493 
Treasury shares issued
 
 
$ (36,695)
Consolidated Statements of Changes in Stockholders' Equity (USD $)
In Thousands, except Share data, unless otherwise specified
Total
Common Stock [Member]
Additional Paid-in Capital [Member]
Treasury Stock [Member]
Retained Earnings [Member]
Accumulated Other Non-Owner Changes to Equity [Member]
Balance at Dec. 31, 2012
$ 800,118 
$ 592 
$ 332,588 
$ (99,756)
$ 633,446 
$ (66,752)
Balance (in shares) at Dec. 31, 2012
 
59,202,000 
 
5,000,000 
 
 
Increase (Decrease) in Stockholders' Equity [Roll Forward]
 
 
 
 
 
 
Comprehensive income
363,223 
 
 
 
270,527 
92,696 
Dividends paid
(22,422)
 
 
 
(22,422)
 
Common stock repurchases
(68,608)
 
 
(68,608)
 
 
Common stock repurchases (in shares)
 
 
 
2,350,697 
 
 
Männer Acquisition (in shares)
 
 
 
(1,032,000)
 
 
Männer Acquisition
36,695 
 
22,890 
13,805 
 
 
Employee stock plans
 
11 
 
 
 
 
Employee stock plans (in shares)
 
1,104,099 
 
 
 
 
Employee stock plans, other
 
 
34,869 
 
 
 
Employee stock plans, shares withheld for taxes (in shares)
 
 
 
70,000 
 
 
Employee stock plans, shares withheld for taxes
 
 
 
(2,090)
 
 
Dividends paid to holders of certain restricted stock units
 
 
 
 
(382)
 
Employee stock plans, total
32,408 
 
 
 
 
 
Balance at Dec. 31, 2013
1,141,414 
603 
390,347 
(156,649)
881,169 
25,944 
Balance (in shares) at Dec. 31, 2013
 
60,306,000 
 
6,389,000 
 
 
Increase (Decrease) in Stockholders' Equity [Roll Forward]
 
 
 
 
 
 
Comprehensive income
(7,027)
 
 
 
118,370 
(125,397)
Dividends paid
(24,464)
 
 
 
(24,464)
 
Common stock repurchases
(8,389)
 
 
(8,389)
 
 
Common stock repurchases (in shares)
 
 
 
220,794 
 
 
Convertible debt redemption, net of tax
(8,666)
 
(8,666)
 
 
 
Employee stock plans
 
9 
 
 
 
 
Employee stock plans (in shares)
 
923,852 
 
 
 
 
Employee stock plans, other
 
 
23,844 
 
 
 
Employee stock plans, shares withheld for taxes (in shares)
 
 
 
119,000 
 
 
Employee stock plans, shares withheld for taxes
 
 
 
(4,367)
 
 
Dividends paid to holders of certain restricted stock units
 
 
 
 
(561)
 
Employee stock plans, total
18,925 
 
 
 
 
 
Balance at Dec. 31, 2014
1,111,793 
612 
405,525 
(169,405)
974,514 
(99,453)
Balance (in shares) at Dec. 31, 2014
 
61,230,000 
 
6,729,000 
 
 
Increase (Decrease) in Stockholders' Equity [Roll Forward]
 
 
 
 
 
 
Comprehensive income
77,581 
 
 
 
121,380 
(43,799)
Dividends paid
(26,176)
 
 
 
(26,176)
 
Common stock repurchases
(52,103)
 
 
(52,103)
 
 
Common stock repurchases (in shares)
 
 
 
1,352,596 
 
 
Employee stock plans
 
9 
 
 
 
 
Employee stock plans (in shares)
 
841,164 
 
 
 
 
Employee stock plans, other
 
 
22,033 
 
 
 
Employee stock plans, shares withheld for taxes (in shares)
 
 
 
125,000 
 
 
Employee stock plans, shares withheld for taxes
 
 
 
(4,913)
 
 
Dividends paid to holders of certain restricted stock units
 
 
 
 
(471)
 
Employee stock plans, total
16,658 
 
 
 
 
 
Balance at Dec. 31, 2015
$ 1,127,753 
$ 621 
$ 427,558 
$ (226,421)
$ 1,069,247 
$ (143,252)
Balance (in shares) at Dec. 31, 2015
 
62,071,000 
 
8,207,000 
 
 
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies
 
General: The preparation of consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Consolidation: The accompanying consolidated financial statements include the accounts of the Company and all of its subsidiaries. Intercompany transactions and account balances have been eliminated.

In the second quarter of 2013, the Company completed the sale of its Barnes Distribution North America business (“BDNA”) to MSC Industrial Direct Co., Inc. ("MSC"). The results of these operations are segregated and presented as discontinued operations in the Consolidated Financial Statements. See Note 3 of the Consolidated Financial Statements.
 
Revenue recognition: Sales and related cost of sales are recognized when products are shipped or delivered to customers depending upon when title and risk of loss have passed. Service revenue is recognized when the related services are performed. In the aerospace manufacturing businesses, the Company recognizes revenue based on the units-of-delivery method in accordance with accounting standards related to accounting for performance of construction-type and certain production-type contracts. Management fees related to the aerospace aftermarket Revenue Sharing Programs ("RSPs") are satisfied through an agreed upon reduction from the sales price of each of the related spare parts. These fees recognize our customer's necessary performance of engine program support activities, such as spare parts administration, warehousing and inventory management, and customer support, and are not separable from our sale of products, and accordingly, they are reflected as a reduction to sales, rather than as costs incurred, when revenues are recognized.

Operating expenses: The Company includes manufacturing labor, material, manufacturing overhead and costs of its distribution network within cost of sales. Other costs, including selling personnel costs and commissions, and other general and administrative costs of the Company are included within selling and administrative expenses. Depreciation and amortization expense is allocated between cost of sales and selling and administrative expenses.
 
Cash and cash equivalents: Cash in excess of operating requirements is invested in short-term, highly liquid, income-producing investments. All highly liquid investments purchased with an original maturity of three months or less are considered cash equivalents. Cash equivalents are carried at cost which approximates fair value.
 
Inventories: Inventories are valued at the lower of cost, determined on a first-in, first-out basis, or market. Loss provisions, if any, on aerospace contracts are established when estimable. Loss provisions are based on the projected excess of manufacturing costs over the net revenues of the products or group of related products under contract or purchase order.
 
Property, plant and equipment: Property, plant and equipment is stated at cost. Depreciation is recorded over estimated useful lives, ranging from 20 to 50 years for buildings, three to five years for computer equipment, four to 12 years for
machinery and equipment and 12 to 17 years for furnaces and boilers. The straight-line method of depreciation was adopted for all property, plant and equipment placed in service after March 31, 1999. For property, plant and equipment placed into service prior to April 1, 1999, depreciation is calculated using accelerated methods. The Company assesses the impairment of property, plant and equipment subject to depreciation whenever events or changes in circumstances indicate the carrying value may not be recoverable.

Goodwill: Goodwill represents the excess purchase cost over the fair value of net assets of companies acquired in business combinations. Goodwill is considered an indefinite-lived asset. Goodwill is subject to impairment testing in accordance with accounting standards governing such on an annual basis, in the second quarter, or more frequently if an event or change in circumstances indicates that the fair value of a reporting unit has been reduced below its carrying value. Based on the assessments performed during 2015, there was no goodwill impairment.
 
Aerospace Aftermarket Programs: The Company participates in aftermarket RSPs under which the Company receives an exclusive right to supply designated aftermarket parts over the life of the related aircraft engine program. As consideration, the Company has paid participation fees, which are recorded as long-lived intangible assets. The Company records amortization of the related intangible asset as sales dollars are being earned based on a proportional sales dollar method. Specifically, this method amortizes each asset as a reduction to revenue based on the proportion of sales under a program in a given period to the estimated aggregate sales dollars over the life of that program.

The Company also entered into Component Repair Programs ("CRPs") that provide for, among other items, the right to sell certain aftermarket component repair services for CFM56, CF6, CF34 and LM engines directly to other customers as one of a few GE licensed suppliers. In addition, the CRPs extend certain existing contracts under which the Company currently provides these services directly to GE. The Company has recorded the consideration for these rights as an intangible asset that will be amortized as a reduction to sales over the remaining life of these engine programs. This method reflects the pattern in which the economic benefits of the RSPs and the CRPs are realized.

The recoverability of each asset is subject to significant estimates about future revenues related to the program’s aftermarket parts and services. The Company evaluates these intangible assets for recoverability and updates amortization rates on an agreement by agreement basis for the RSPs and on an individual asset basis for the CRPs. The assets are reviewed for recoverability periodically including whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. Annually, the Company evaluates the remaining useful life of these assets to determine whether events and circumstances warrant a revision to the remaining periods of amortization. Management updates revenue projections, which includes comparing actual experience against projected revenue and industry projections. The potential exists that actual revenues will not meet expectations due to a change in market conditions including, for example, the replacement of older engines with new, more fuel-efficient engines or the Company's ability to capture additional market share within the Aftermarket business. A shortfall in future revenues may indicate a triggering event requiring a write down or further evaluation of the recoverability of the assets or require the Company to accelerate amortization expense prospectively dependent on the level of the shortfall. The Company has not identified any impairment of these assets.

Other Intangible Assets: Other intangible assets consist primarily of the Aerospace Aftermarket Programs, as discussed above, customer relationships, tradenames, patents and proprietary technology. These intangible assets, with the exception of tradenames, have finite lives and are amortized over the periods in which they provide benefit. The Company assesses the impairment of long-lived assets, including identifiable intangible assets subject to amortization, whenever significant events or significant changes in circumstances indicate the carrying value may not be recoverable. Tradenames, intangible assets with indefinite lives, are subject to impairment testing in accordance with accounting standards governing such on an annual basis, in the second quarter, or more frequently if an event or change in circumstances indicates that the fair value of a reporting unit has been reduced below its carrying value. Based on the assessment performed during 2015, there were no impairments of other intangible assets. See Note 6 of the Consolidated Financial Statements.

Derivatives: Accounting standards related to the accounting for derivative instruments and hedging activities require that all derivative instruments be recorded on the balance sheet at fair value. Foreign currency contracts may qualify as fair value hedges of unrecognized firm commitments, cash flow hedges of recognized assets and liabilities or anticipated transactions, or a hedge of a net investment. Changes in the fair market value of derivatives that qualify as fair value hedges or cash flow hedges are recorded directly to earnings or accumulated other non-owner changes to equity, depending on the designation. Amounts recorded to accumulated other non-owner changes to equity are reclassified to earnings in a manner that matches the earnings impact of the hedged transaction. Any ineffective portion, or amounts related to contracts that are not designated as hedges, are recorded directly to earnings. The Company’s policy for classifying cash flows from derivatives is to report the cash flows consistent with the underlying hedged item.
 
Foreign currency: Assets and liabilities of international operations are translated at year-end rates of exchange; revenues and expenses are translated at average rates of exchange. The resulting translation gains or losses are reflected in accumulated other non-owner changes to equity within stockholders’ equity. A net foreign currency transaction gain of $505 in 2015, a loss of $1,466 in 2014 and a gain of $945 in 2013 were included in other (income) expense, net in the Consolidated Statements of Income.

Research and Development: Costs are incurred in connection with efforts aimed at discovering and implementing new knowledge that is critical to developing new products, processes or services, significantly improving existing products or services, and developing new applications for existing products and services. Research and development expenses for the creation of new and improved products and services were $12,688, $15,782 and $14,707, for the years 2015, 2014 and 2013, respectively, and are included in selling, general and administrative expense.
Acquisitions
Acquisition
Acquisitions

The Company has acquired a number of businesses during the past three years. The results of operations of these acquired businesses have been included in the consolidated results from the respective acquisition dates. The purchase prices for these acquisitions have been allocated to tangible and intangible assets and liabilities of the businesses based upon estimates of their respective fair values.

In October 2013, the Company completed the acquisition of the Männer Business, a German company based in Bahlingen, Germany. The Männer Business is a leader in the development and manufacture of high precision molds, valve gate hot runner systems, and system solutions for the medical/pharmaceutical, packaging, and personal care/health care industries. The Männer Business, which has been integrated into the Industrial segment, includes manufacturing locations in Germany, Switzerland and the United States, and sales and service offices in Europe, the United States, Hong Kong/China and Japan. The Company acquired all the shares of capital stock of the Männer Business for an aggregate purchase price of €280,742 ($380,673) which was paid through a combination of €253,242 in cash ($343,978) and 1,032,493 shares of the Company's common stock (valued at €27,500 pursuant to the Share Purchase Agreement and $36,695 based upon market value at close).  The purchase price includes certain adjustments under the terms of the Share Purchase Agreement, including approximately €27,030 related to cash acquired ($36,714).

The Company incurred $3,642 of acquisition-related costs during the year ended December 31, 2013 related to the acquisition of the Männer business. These costs include due diligence costs and transaction costs to complete the acquisition, and have been recognized in the Company's Consolidated Statements of Income as selling and administrative expenses.

The operating results of the Männer Business have been included in the Consolidated Statements of Income for the period ended December 31, 2013, since the October 31, 2013 date of acquisition. The Company reported $18,894 in net sales and an operating loss of $2,817 from the Männer Business, included within the Industrial segment's operating profit, inclusive of $7,279 of short-term purchase accounting adjustments and transaction costs, for the year ended December 31, 2013.
The following table reflects the unaudited pro forma operating results of the Company for the year ended December 31, 2013, which give effect to the acquisition of the Männer Business as if it had occurred on January 1, 2012. The pro forma results are based on assumptions that the Company believes are reasonable under the circumstances. The pro forma results are not necessarily indicative of the operating results that would have occurred had the acquisition been effective on January 1, 2012, nor are they intended to be indicative of results that may occur in the future. The underlying pro forma information includes the historical financial results of the Company and the acquired business adjusted for certain items including depreciation and amortization expense associated with the assets acquired and the Company’s expense related to financing arrangements, with the related tax effects. The pro forma information does not include the effects of any synergies or cost reduction initiatives related to the acquisition.
 
(Unaudited Pro Forma)
 
2013
Net sales
$
1,191,109

Income from continuing operations
92,343

Net income
$
290,549

 
 
Per common share:
 
Basic:
 
     Income from continuing operations
$
1.69

     Net income
$
5.31

Diluted:
 
     Income from continuing operations
$
1.65

     Net income
$
5.20



For the Männer Business, pro forma earnings during the year ended December 31, 2013 were adjusted to exclude non-recurring items including acquisition-related costs and expenses related to fair value adjustments to inventory and acquired
backlog.


In the fourth quarter of 2015, the Company, itself and through two of its subsidiaries, completed the acquisition of privately held Priamus System Technologies AG and two of its subsidiaries (collectively, "Priamus") from Growth Finance AG. Priamus, which has approximately 40 employees, is headquartered in Schaffhausen, Switzerland and has direct sales and service offices in the U.S. and Germany. Priamus is a technology leader in the development of advanced process control systems for the plastic injection molding industry and services many of the world's highest quality plastic injection molders in the medical, automotive, consumer goods, electronics and packaging markets. Priamus is being integrated into our Industrial segment. The Company acquired Priamus for an aggregate cash purchase price of CHF 9,831 ($10,062) which was financed using cash on hand and borrowings under the Company's revolving credit facility. The purchase price includes adjustments under the terms of the Share Purchase Agreement, including CHF 1,556 ($1,592) related to cash acquired, and is subject to post closing adjustments under the terms of the Share Purchase Agreement.

In the third quarter of 2015, the Company, through one of its subsidiaries, completed the acquisition of the Thermoplay business ("Thermoplay") by acquiring all of the capital stock of privately held HPE S.p.A., the parent Company through which Thermoplay operates. Thermoplay’s headquarters and manufacturing facility are located in Pont-Saint-Martin in Aosta, Italy, with technical service capabilities in China, India, France, Germany, United Kingdom, Portugal, and Brazil. Thermoplay, which is being integrated into our Industrial segment, specializes in the design, development, and manufacturing of hot runner solutions for plastic injection molding, primarily in the packaging, automotive, and medical end markets. The Company acquired Thermoplay for an aggregate cash purchase price of €58,066 ($63,690), pursuant to the terms of the Sale and Purchase Agreement ("SPA"). The Company paid €56,700 ($62,191) in cash, using cash on hand and borrowings under the Company's revolving credit facility and recorded a liability of €1,366 ($1,499) related to the estimated post closing adjustments. The purchase price includes adjustments under the terms of the SPA, including €17,054 ($18,706) related to cash acquired.

The Company incurred $2,195 and $574 of acquisition-related costs during the year ended December 31, 2015 related to the Thermoplay and Priamus acquisitions, respectively. These costs include due diligence costs and transaction costs to complete the acquisitions, and have been recognized in the Company's Consolidated Statements of Income as selling and administrative expenses. Pro forma operating results for the 2015 acquisitions are not presented since the results would not be significantly different than historical results.

The operating results of Thermoplay and Priamus have been included in the Consolidated Statements of Income for the period ended December 31, 2015, since the August 7, 2015 and the October 1, 2015 dates of acquisition, respectively. The Company reported $13,593 and $2,028 in net sales for Thermoplay and Priamus, respectively, for the year ended December 31, 2015.
Discontinued Operations
Discontinued Operations
Discontinued Operations
 
In April 2013, the Company completed the sale of BDNA to MSC pursuant to the terms of the Asset Purchase Agreement between the Company and MSC. The total cash consideration received for BDNA was $537,761, net of transaction costs and closing adjustments paid. The net after-tax proceeds were $419,136 after consideration of certain post closing adjustments, transaction costs and income taxes.
The below amounts relate primarily to the sale of BDNA and were derived from historical financial information. The amounts have been segregated from continuing operations and reported as discontinued operations within the consolidated financial statements. In 2014, the Company recorded a net after-tax loss on the sale of businesses of $1,987 resulting primarily from a 2014 reduction to the proceeds related to the sale of the Barnes Distribution Europe business in 2011 (€1,250). In 2013, the Company recorded a net after-tax gain of $195,317 on the sale of BDNA, net of transaction-related costs of $9,749, whereas pre-tax income from the discontinued operations at BDNA was $6,345.
 
2014
2013
Net sales
$
—

$
93,173

(Loss) income before income taxes
(270
)
5,248

Income tax (benefit) expense
(86
)
2,359

(Loss) income from operations of discontinued businesses, net of income taxes
(184
)
2,889

(Loss) gain on transaction
(1,586
)
313,708

Income tax expense on sale
401

118,391

(Loss) gain on the sale of businesses, net of income taxes
(1,987
)
195,317

(Loss) income from discontinued operations, net of income taxes
$
(2,171
)
$
198,206

Inventories
Inventories
Inventories
 
Inventories at December 31 consisted of:
 
 
2015
 
2014
Finished goods
 
$
76,836

 
$
83,905

Work-in-process
 
77,061

 
79,563

Raw materials and supplies
 
54,714

 
48,576

 
 
$
208,611

 
$
212,044

Property, Plant and Equipment
Property, Plant and Equipment
Property, Plant and Equipment
 
Property, plant and equipment at December 31 consisted of:
 
 
 
2015
 
2014
Land
 
$
19,153

 
$
19,422

Buildings
 
156,294

 
145,142

Machinery and equipment
 
539,360

 
507,661

 
 
714,807

 
672,225

Less accumulated depreciation
 
(405,951
)
 
(372,790
)
 
 
$
308,856

 
$
299,435


 
Depreciation expense was $39,654, $41,875 and $34,419 during 2015, 2014 and 2013, respectively.
Goodwill and Other Intangible Assets
Goodwill and Other Intangible Assets
Goodwill and Other Intangible Assets
 
Goodwill: The following table sets forth the change in the carrying amount of goodwill for each reportable segment and the Company:
 
Industrial
 
Aerospace
 
Total
Company
January 1, 2014
$
618,911

 
$
30,786

 
$
649,697

Foreign currency translation
(54,748
)
 
—

 
(54,748
)
December 31, 2014
564,163

 
30,786

 
594,949

Goodwill acquired
22,798

 
—


22,798

Foreign currency translation
(29,755
)
 
—

 
(29,755
)
December 31, 2015
$
557,206

 
$
30,786

 
$
587,992


 
Of the $587,992 of goodwill at December 31, 2015, $43,860 represents the original tax deductible basis.

The goodwill acquired at Industrial includes $20,521 related to the purchase of Thermoplay in August 2015 and $2,277 related to the purchase of Priamus in October 2015 (aggregate of $22,798). The amounts allocated to goodwill reflect the


benefits that the Company expects to realize from geographical expansion, new end-market applications within the plastics market, future enhancements to technology and assembled workforce. None of the recognized goodwill is expected to be deductible for income tax purposes. Final purchase price allocations are subject to post-closing adjustments pursuant to the respective purchase agreements.

Other Intangible Assets: Other intangible assets at December 31 consisted of:
 
 
 
 
 
2015
 
2014
 
 
Range of
Life-Years
 
Gross
Amount
 
Accumulated
Amortization
 
Gross
Amount
 
Accumulated
Amortization
Amortized intangible assets:
 
 
 
 
 
 
 
 
 
 
Revenue Sharing Programs
 
Up to 30
 
$
293,700

 
$
(84,629
)
 
$
293,700

 
$
(72,958
)
Component Repair Program
 
Up to 30
 
111,839

 
(6,054
)
 
106,639

 
(1,941
)
Customer lists/relationships
 
10-16
 
194,566

 
(41,786
)
 
183,406

 
(30,731
)
Patents and technology
 
6-14
 
69,352

 
(29,551
)
 
62,972

 
(22,356
)
Trademarks/trade names
 
10-30
 
11,950

 
(9,412
)
 
11,950

 
(8,552
)
Other
 
Up to 15
 
20,551

 
(15,413
)
 
19,292

 
(14,806
)
 
 
 
 
701,958

 
(186,845
)
 
677,959

 
(151,344
)
Unamortized intangible asset:
 
 
 
 
 
 
 
 
 
 
Trade names
 
 
 
38,370

 
—

 
36,900

 
—

 
 
 
 
 
 
 
 
 
 
 
Foreign currency translation
 
 
 
(25,161
)
 
—

 
(8,821
)
 
—

Other intangible assets
 
 
 
$
715,167

 
$
(186,845
)
 
$
706,038

 
$
(151,344
)

 
The Company entered into Component Repair Programs ("CRPs") with General Electric ("GE") during the fourth quarter of 2013 ("CRP 1"), the second quarter of 2014 ("CRP 2") and the fourth quarter of 2015 ("CRP 3"). The CRPs provide for, among other items, the right to sell certain aftermarket component repair services for CFM56, CF6, CF34 and LM engines directly to other customers as one of a few GE licensed suppliers. In addition, the CRPs extend certain existing contracts under which the Company currently provides these services directly to GE.

The Company agreed to pay $26,639 as consideration for the rights related to CRP 1. Of this balance, the Company paid $16,639 in the fourth quarter of 2013 and $9,100 in the fourth quarter of 2014. The remaining payment of $900 has been included within accrued liabilities in the Consolidated Financial Statements. The Company agreed to pay $80,000 as consideration for the rights related to CRP 2. The Company paid $41,000 in the second quarter of 2014, $20,000 in the fourth quarter of 2014 and $19,000 in the second quarter of 2015. The Company agreed to pay $5,200 as consideration for the rights related to CRP 3. Of this balance, the Company paid $2,000 in the fourth quarter of 2015 and the remaining payment of $3,200 is due by December 31, 2016 and has been included within accrued liabilities. The Company recorded the CRP payments as an intangible asset which is recognized as a reduction of sales over the remaining useful life of these engine programs.

In connection with the acquisition of Thermoplay in August 2015, the Company recorded intangible assets of $14,770, which includes $9,860 of customer relationships, $3,180 of patents and technology, $1,470 of an indefinite life Thermoplay trade name and $260 of customer backlog. The weighted-average useful lives of the acquired assets were 13 years, 6 years and less than one year, respectively.
In connection with the acquisition of Priamus in October 2015, the Company recorded intangible assets of $4,500, which includes $3,200 of patents and technology and $1,300 of customer relationships. The weighted-average useful lives of the acquired assets were 6 years and 14 years, respectively.
Amortization of intangible assets for the years ended December 31, 2015, 2014 and 2013 was $38,502, $37,125 and $27,973, respectively. Estimated amortization of intangible assets for future periods is as follows: 2016 - $35,000; 2017 - $35,000; 2018 - $36,000; 2019 - $35,000 and 2020 - $32,000.




The Company has entered into a number of aftermarket RSP agreements each of which is with General Electric. See Note 1 of the Consolidated Financial Statements for a further discussion of these Revenue Sharing Programs. As of December 31, 2015, the Company has made all required participation fee payments under the aftermarket RSP agreements.
Accrued Liabilities
Accrued Liabilities
Accrued Liabilities
 
Accrued liabilities at December 31 consisted of:
 
 
2015
 
2014
Payroll and other compensation
 
$
27,186

 
$
41,948

Deferred revenue
 
16,453

 
25,344

CRP Accrual
 
4,100

 
19,900

Pension and other postretirement benefits
 
8,444

 
8,233

Accrued income taxes
 
25,682

 
21,755

Other
 
49,455

 
44,217

 
 
$
131,320

 
$
161,397

Debt and Commitments
Debt and Commitments
Debt and Commitments
 
Long-term debt and notes and overdrafts payable at December 31 consisted of:
 
 
2015
 
2014
 
 
Carrying
Amount
 
Fair
Value
 
Carrying
Amount
 
Fair
Value
Revolving credit agreement
 
379,700

 
375,188

 
393,518

 
394,917

3.97% Senior Notes
 
100,000

 
102,484

 
100,000

 
102,859

Borrowings under lines of credit and overdrafts
 
22,680

 
22,680

 
8,028

 
8,028

Capital leases
 
7,105

 
7,503

 
3,188

 
3,479

Other foreign bank borrowings
 
421

 
410

 
—

 
—

 
 
509,906

 
508,265

 
504,734

 
509,283

Less current maturities
 
(24,195
)
 
 
 
(8,890
)
 
 
Long-term debt
 
$
485,711

 
 
 
$
495,844

 
 

 
The Company’s long-term debt portfolio consists of fixed-rate and variable-rate instruments and is managed to reduce the overall cost of borrowing and to mitigate fluctuations in interest rates. Among other things, interest rate fluctuations impact the market value of the Company’s fixed-rate debt.
 
In September 2013, the Company entered into a second amendment to its fifth amended and restated revolving credit agreement (the "Amended Credit Agreement") and retained Bank of America, N.A. as the Administrative Agent for the lenders. The $750,000 Amended Credit Agreement matures in September 2018 with an option to extend the maturity date for an additional year, subject to certain conditions. The Amended Credit Agreement adds a new foreign subsidiary borrower in Germany, Barnes Group Acquisition GmbH, and includes an accordion feature to increase the borrowing availability of the Company to $1,000,000. The Company may exercise the accordion feature upon request to the Administrative Agent as long as an event of default has not occurred or is continuing. The borrowing availability of $750,000, pursuant to the terms of the Amended Credit Agreement, allows for Euro-denominated borrowings equivalent to $500,000. Borrowings under the Amended Credit Agreement bear interest at LIBOR plus a spread ranging from 1.10% to 1.70% depending on the Company's leverage ratio at prior quarter end. The Company paid fees and expenses of $1,261 in conjunction with executing the second amendment in 2013. Such fees were deferred and are being amortized into interest expense on the accompanying Consolidated Statements of Income through September 2018.

Borrowings and availability under the Amended Credit Agreement were $379,700 and $370,300, respectively, at December 31, 2015 and $393,518 and $356,482, respectively, at December 31, 2014. The average interest rate on these borrowings was 1.50% and 1.33% on December 31, 2015 and 2014, respectively. Borrowings included Euro-denominated borrowings of €30,945 ($37,618) at December 31, 2014. There were no Euro-denominated borrowings at December 31, 2015. The fair value of the borrowings is based on observable Level 2 inputs. The borrowings were valued using discounted cash flows based upon the Company's estimated interest costs for similar types of borrowings.
On October 15, 2014, the Company entered into a Note Purchase Agreement (“Note Purchase Agreement”), among the Company and New York Life Insurance Company, New York Life Insurance and Annuity Corporation and New York Life Insurance and Annuity Corporation Institutionally Owned Life Insurance Separate Account (BOLI 30C), as purchasers, for the issuance of $100,000 aggregate principal amount of 3.97% Senior Notes due October 17, 2024 (the “3.97% Senior Notes”). The Company completed funding of the transaction and issued the 3.97% Notes on October 17, 2014.

The 3.97% Senior Notes are senior unsecured obligations of the Company and will pay interest semi-annually on April 17 and October 17 of each year at an annual rate of 3.97%. The 3.97% Senior Notes will mature on October 17, 2024 unless earlier prepaid in accordance with their terms. Subject to certain conditions, the Company may, at its option, prepay all or any part of the 3.97% Senior Notes in an amount equal to 100% of the principal amount of the 3.97% Senior Notes so prepaid, plus any accrued and unpaid interest to the date of prepayment, plus the Make-Whole Amount, as defined in the Note Purchase Agreement, with respect to such principal amount being prepaid. The fair value of the 3.97% Senior Notes was determined using the US Treasury yield and a long-term credit spread for similar types of borrowings, that represent Level 2 observable inputs.
The Company's borrowing capacity remains limited by various debt covenants in the Amended Credit Agreement and the Note Purchase Agreement (the "Agreements"). The Agreements contain customary affirmative and negative covenants, including, among others, limitations on indebtedness, liens, investments, restricted payments, dispositions and business activities. The Agreements require the Company to maintain a ratio of Consolidated Senior Debt, as defined, to Consolidated EBITDA, as defined, of not more than 3.25 times at the end of each fiscal quarter, provided that such ratio may increase to 3.50 times following the consummation of certain acquisitions. In addition, the Agreements require the Company to maintain (i) a ratio of Consolidated Total Debt, as defined, to Consolidated EBITDA of not more than 4.00 times at the end of each fiscal quarter, provided that such ratio may increase to 4.25 times following the consummation of certain acquisitions and (ii) a ratio of Consolidated EBITDA to Consolidated Cash Interest Expense, as defined, of not less than 4.25 times at the end of each fiscal quarter. At December 31, 2015, the Company was in compliance with all covenants under the Agreements and continues to monitor its future compliance based on current and future economic conditions.

In addition, the Company has approximately $56,000 in uncommitted short-term bank credit lines ("Credit Lines") and overdraft facilities. Under the Credit Lines, $22,500 was borrowed at December 31, 2015 at an average interest rate of 1.56% and $7,550 was borrowed at December 31, 2014 at an average interest rate of 1.23%. The Company had also borrowed $180 and $478 under the overdraft facilities at December 31, 2015 and 2014, respectively. Repayments under the Credit Lines are due within one month after being borrowed. Repayments of the overdrafts are generally due within two days after being borrowed. The carrying amounts of the Credit Lines and overdrafts approximate fair value due to the short maturities of these financial instruments.

The Company has capital leases within the Thermoplay Business that was acquired on August 7, 2015 and the Männer Business that was acquired on October 31, 2013. The fair value of the capital leases are based on observable Level 2 inputs. These instruments are valued using discounted cash flows based upon the Company's estimated interest costs for similar types of borrowings.

At December 31, 2015, the Company also had other foreign bank borrowings of $421. The fair value of the foreign bank borrowings was based on observable Level 2 inputs. These instruments were valued using discounted cash flows based upon the Company's estimated interest costs for similar types of borrowings.

Long-term debt and notes payable are payable as follows: $24,195 in 2016, $1,551 in 2017, $380,551 in 2018, $732 in 2019, $465 in 2020 and $102,412 thereafter. The 3.97% Notes are due in 2024 according to their maturity date.
 
In addition, the Company had outstanding letters of credit totaling $8,689 at December 31, 2015.

Interest paid was $10,550, $10,471 and $11,636 in 2015, 2014 and 2013, respectively. Interest capitalized was $422, $359 and $247 in 2015, 2014 and 2013, respectively, and is being depreciated over the lives of the related fixed assets.

During the second quarter of 2014, the 3.375% Senior Subordinated Convertible Notes ("Notes") were eligible for conversion due to meeting the conversion price eligibility requirement and on March 20, 2014, the Company formally notified the note holders that they were entitled to convert the Notes. On June 16, 2014, $224 (par value) of the Notes were surrendered for conversion. On June 24, 2014, the Company exercised its right to redeem the remaining $55,412 principal amount of the Notes, effective July 31, 2014. Of the total $55,412 principal amount, $7 of these Notes were redeemed with accrued interest through the redemption date. The remaining $55,405 of these Notes were surrendered for conversion. The Company elected to pay cash to holders of the Notes surrendered for conversion, including the value of any residual shares of common stock that were payable to the holders electing to convert their notes into an equivalent share value, resulting in a total cash payment of $70,497 including a premium on conversion of $14,868 (reducing the equity component by $9,326, net of tax of $5,542). As a result of this transaction, the Company recaptured $23,565 of previously deducted contingent convertible debt interest which resulted in an $8,784 reduction in short-term deferred tax liabilities and a corresponding increase in current taxes payable included within accrued liabilities. The Company used borrowings under its Amended Credit Facility to finance the conversion of the Notes. The fair value of the Notes was previously determined using quoted market prices that represent Level 2 observable inputs. As of December 31, 2015 and 2014 there were no balances reflected on the balance sheet related to the Company's convertible notes.
 
The following table sets forth the components of interest expense for the Notes for the years ended December 31, 2014 and 2013. The effective interest rate on the liability component of the Notes was 8.00% (life of the Notes).
 
 
2014
 
2013
Interest expense – 3.375% coupon
$
1,046

 
$
1,878

Interest expense – 3.375% debt discount amortization
731

 
2,391

 
$
1,777

 
$
4,269

Business Reorganization
Business Reorganization
Business Reorganization

The Company authorized the closure of production operations ("Saline operations") at its Associated Spring facility located in Saline, Michigan (the "Closure") during the first quarter of 2014.  The Saline operations, which included approximately 50 employees, primarily manufactured certain automotive engine valve springs, a highly commoditized product. Based on changing market dynamics and increased customer demands for commodity pricing, several customers advised the Company of their intent to transition these specific springs to other suppliers, which led to the decision of the Closure. The Closure occurred during the second quarter of 2014, however certain other facility Closure costs, including the transfer of machinery and equipment, continued during the remainder of 2014. The Company recorded restructuring and related costs of $6,020 during 2014. This included $2,182 of employee termination costs, primarily employee severance expense and defined benefit pension and other postretirement plan (the "Plans") costs related to the accelerated recognition of actuarial losses and special termination benefits, and $3,838 of other facility costs, primarily related to asset write-downs and depreciation on assets utilized through the Closure. See Note 12 for costs associated with the Plans that were impacted by the Closure. The Closure was completed as of December 31, 2014. Closure costs were recorded primarily within Cost of Sales in the accompanying Consolidated Statements of Income and are reflected in the results of the Industrial segment.
Derivatives
Derivatives
Derivatives
 
The Company has manufacturing and sales facilities around the world and thus makes investments and conducts business transactions denominated in various currencies. The Company is also exposed to fluctuations in interest rates and commodity price changes. These financial exposures are monitored and managed by the Company as an integral part of its risk management program.
 
Financial instruments have been used by the Company to hedge its exposures to fluctuations in interest rates. In April 2012, the Company entered into five-year interest rate swap agreements transacted with three banks which together convert the interest on the first $100,000 of the Company's one-month LIBOR-based borrowings from a variable rate plus the borrowing spread to a fixed rate of 1.03% plus the borrowing spread. These interest rate swap agreements were accounted for as cash flow hedges and remained in place at December 31, 2015.
 
The Company uses financial instruments to hedge its exposures to fluctuations in foreign currency exchange rates. The Company has various contracts outstanding which primarily hedge recognized assets or liabilities and anticipated transactions in various currencies including the Euro, British pound sterling, U.S. dollar, Canadian dollar, Japanese yen, Chinese renminbi, Singapore dollar, Korean won, Swedish kroner and Swiss franc. Certain foreign currency derivative instruments are treated as cash flow hedges of forecasted transactions. All foreign exchange contracts are due within two years.
 
The Company does not use derivatives for speculative or trading purposes or to manage commodity exposures.
The Company's policy for classifying cash flows from derivatives is to report the cash flows consistent with the underlying hedged item. Other financing cash flows during the year ended December 31, 2015, as presented on the consolidated statements of cash flows, include $10,309 of net cash proceeds from the settlement of foreign currency hedges related to intercompany financing.

The following table sets forth the fair value amounts of derivative instruments held by the Company as of December 31.
 
 
2015
 
2014
 
 
Asset
Derivatives
 
Liability
Derivatives
 
Asset
Derivatives
 
Liability
Derivatives
Derivatives designated as hedging
instruments:
 
 
 
 
 
 
 
 
Interest rate contracts
 
$
—

 
$
(357
)
 
$
—

 
$
(295
)
Foreign exchange contracts
 
484

 
—

 
—

 
(652
)
 
 
484

 
(357
)
 
—

 
(947
)
Derivatives not designated as
hedging instruments:
 
 
 
 
 
 
 
 
Foreign exchange contracts
 
215

 
(101
)
 
460

 
(699
)
Total derivatives
 
$
699

 
$
(458
)
 
$
460

 
$
(1,646
)

 
Asset derivatives are recorded in prepaid expenses and other current assets in the accompanying consolidated balance sheets. Liability derivatives related to interest rate contracts and foreign exchange contracts are recorded in other liabilities and accrued liabilities, respectively, in the accompanying consolidated balance sheets.
 
The following table sets forth the gain (loss) recorded in accumulated other comprehensive income (loss), net of tax, for the years ended December 31, 2015 and 2014 for derivatives held by the Company and designated as hedging instruments.
 
 
2015
 
2014
Cash flow hedges:
 
 
 
 
Interest rate contracts
 
$
(39
)
 
$
48

Foreign exchange contracts
 
886

 
(261
)
 
 
$
847

 
$
(213
)

 
Amounts included within accumulated other comprehensive income (loss) that were reclassified to expense during the year ended December 31, 2015 and 2014 related to the interest rate swaps resulted in a fixed rate of interest of 1.03% plus the borrowing spread for the first $100,000 of one-month LIBOR borrowings. Additionally, there were no amounts recognized in income for hedge ineffectiveness during the years ended December 31, 2015 and 2014.
 
The following table sets forth the net gains (losses) recorded in other (income) expense, net in the consolidated statements of income for the years ended December 31, 2015 and 2014 for non-designated derivatives held by the Company. Such gains (losses) were substantially offset by (losses) gains recorded on the underlying hedged asset or liability.
 
 
2015
 
2014
Foreign exchange contracts
 
$
8,215

 
$
(810
)
Fair Value Measurements
Fair Value Measurements
Fair Value Measurements
 
The provisions of the accounting standard for fair value define fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. This standard classifies the inputs used to measure fair value into the following hierarchy:
 
Level 1
Unadjusted quoted prices in active markets for identical assets or liabilities.
 
Level 2
Unadjusted quoted prices in active markets for similar assets or liabilities, or unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or inputs other than quoted prices that are observable for the asset or liability.
 
Level 3
Unobservable inputs for the asset or liability.
The following table provides the assets and liabilities reported at fair value and measured on a recurring basis as of December 31, 2015 and 2014:
 
 
 
 
Fair Value Measurements Using
  
 
Total
 
Quoted Prices in
Active Markets for
Identical Assets
(Level 1)
 
Significant Other
Observable Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
 
 
 
 
 
 
 
 
 
December 31, 2015
 
 
 
 
 
 
 
 
Asset derivatives
 
$
699

 
$
—

 
$
699

 
$
—

Liability derivatives
 
(458
)
 
—

 
(458
)
 
—

Bank acceptances
 
10,823

 
—

 
10,823

 
—

Rabbi trust assets
 
2,159

 
2,159

 
—

 
—

 
 
$
13,223

 
$
2,159

 
$
11,064

 
$
—

December 31, 2014
 
 
 
 
 
 
 
 
Asset derivatives
 
$
460

 
$
—

 
$
460

 
$
—

Liability derivatives
 
(1,646
)
 
—

 
(1,646
)
 
—

Bank acceptances
 
10,785

 
—

 
10,785

 
—

Rabbi trust assets
 
2,092

 
2,092

 
—

 
—

 
 
$
11,691

 
$
2,092

 
$
9,599

 
$
—


 
The derivative contracts are valued using observable current market information as of the reporting date such as the prevailing LIBOR-based interest rates and foreign currency spot and forward rates. Bank acceptances represent financial instruments accepted from certain Chinese customers in lieu of cash paid on receivables, generally range from 3 to 6 months in maturity and are guaranteed by banks. The carrying amounts of the bank acceptances, which are included within other current assets, approximate fair value due to their short maturities. The fair values of rabbi trust assets are based on quoted market prices from various financial exchanges. For disclosures of the fair values of the Company’s pension plan assets, see Note 12 of the Consolidated Financial Statements.
Pension and Other Postretirement Benefits
Pension and Other Postretirement Benefits
Pension and Other Postretirement Benefits
 
The accounting standards related to employers’ accounting for defined benefit pension and other postretirement plans requires the Company to recognize the funded status of its defined benefit postretirement plans as assets or liabilities in the accompanying consolidated balance sheets and to recognize changes in the funded status of the plans in comprehensive income.

The Company has various defined contribution plans, the largest of which is its Retirement Savings Plan. Most U.S. salaried and non-union hourly employees are eligible to participate in this plan. See Note 17 for further discussion of the Retirement Savings Plan. The Company also maintains various other defined contribution plans which cover certain other employees. Company contributions under these plans are based primarily on the performance of the business units and employee compensation. Contribution expense under these other defined contribution plans was $5,347, $5,213 and $4,780 in 2015, 2014 and 2013, respectively.

Defined benefit pension plans in the U.S. cover a majority of the Company’s U.S. employees at the Associated Spring and Nitrogen Gas Products businesses of Industrial, the Company’s Corporate Office and certain former U.S. employees, including retirees. Plan benefits for salaried and non-union hourly employees are based on years of service and average salary. Plans covering union hourly employees provide benefits based on years of service. In 2012, the Company closed the U.S. salaried defined benefit pension plan (the "U.S. Salaried Plan") to employees hired on or after January 1, 2013, with no impact to the benefits of existing participants. Effective January 1, 2013, the Retirement Savings Plan was amended to provide certain salaried employees hired on or after January 1, 2013 with an additional annual retirement contribution of 4% of eligible earnings, in place of pensionable benefits under the closed U.S. Salaried Plan. The Company funds U.S. pension costs in accordance with the Employee Retirement Income Security Act of 1974, as amended (“ERISA”). Non-U.S. defined benefit pension plans cover certain employees of certain international locations in Europe and Canada.
 
The Company provides other medical, dental and life insurance postretirement benefits for certain of its retired employees in the U.S. and Canada. It is the Company’s practice to fund these benefits as incurred.
 
The accompanying balance sheets reflect the funded status of the Company’s defined benefit pension plans at December 31, 2015 and 2014, respectively. Reconciliations of the obligations and funded status of the plans follow:
 
 
 
2015
 
2014
 
 
U.S.
 
Non-U.S.
 
Total
 
U.S.
 
Non-U.S.
 
Total
Benefit obligation, January 1
 
$
433,079

 
$
80,305

 
$
513,384

 
$
374,740

 
$
78,982

 
$
453,722

Service cost
 
4,160

 
1,348

 
5,508

 
3,549

 
997

 
4,546

Interest cost
 
17,967

 
2,052

 
20,019

 
19,129

 
2,897

 
22,026

Amendments
 
—

 
(463
)
 
(463
)
 
—

 
—

 
—

Actuarial (gain) loss
 
(16,622
)
 
(2,288
)
 
(18,910
)
 
58,906

 
9,728

 
68,634

Benefits paid
 
(52,490
)
 
(4,244
)
 
(56,734
)
 
(23,960
)
 
(3,405
)
 
(27,365
)
Transfers in
 
—

 
3,951

 
3,951

 
—

 
1,929

 
1,929

Plan curtailments
 
(465
)
 
—

 
(465
)
 
—

 
—

 
—

Plan settlements
 
—

 
(375
)
 
(375
)
 
—

 
(4,949
)
 
(4,949
)
Special termination benefit
 
—

 
—

 
—

 
715

 
—

 
715

Participant contributions
 
—

 
368

 
368

 
—

 
906

 
906

Foreign exchange rate changes
 
—

 
(5,248
)
 
(5,248
)
 
—

 
(6,780
)
 
(6,780
)
Benefit obligation, December 31
 
385,629

 
75,406

 
461,035

 
433,079

 
80,305

 
513,384

Fair value of plan assets, January 1
 
380,937

 
71,750

 
452,687

 
379,059

 
74,519

 
453,578

Actual return on plan assets
 
(5,045
)
 
1,264

 
(3,781
)
 
20,436

 
6,349

 
26,785

Company contributions
 
3,427

 
1,100

 
4,527

 
5,402

 
2,219

 
7,621

Participant contributions
 
—

 
368

 
368

 
—

 
906

 
906

Benefits paid
 
(52,490
)
 
(4,244
)
 
(56,734
)
 
(23,960
)
 
(3,405
)
 
(27,365
)
Plan settlements
 
—

 
(376
)
 
(376
)
 
—

 
(4,949
)
 
(4,949
)
Transfers in
 
—

 
3,434

 
3,434

 
—

 
1,929

 
1,929

Foreign exchange rate changes
 
—

 
(4,743
)
 
(4,743
)
 
—

 
(5,818
)
 
(5,818
)
Fair value of plan assets, December 31
 
326,829

 
68,553

 
395,382

 
380,937

 
71,750

 
452,687

Funded/(underfunded) status, December 31
 
$
(58,800
)
 
$
(6,853
)
 
$
(65,653
)
 
$
(52,142
)
 
$
(8,555
)
 
$
(60,697
)

 
In September 2015, the Company announced a limited-time program offering (the "Program") to certain eligible, vested, terminated participants ("eligible participants") for a voluntary lump-sum pension payout or reduced annuity option (the "payout") that, if accepted, would settle the Company's pension obligation to them. The Program provides the eligible participants with a limited time opportunity of electing to receive a lump-sum settlement of their remaining pension benefit, or reduced annuity. The eligible participants notified the Company by November 20, 2015, the required deadline, to confirm whether they would opt for a lump-sum payout or reduced annuity. The scheduled payments of $27,986 were made in December 2015, and are included within the "Benefits Paid" of $52,490 above. The payouts were funded by the assets of the Company's pension plan and therefore the Program did not require significant cash outflows by the Company. The resultant pre-tax settlement charge of $9,856 represents accelerated amortization of actuarial losses and was reflected within costs of sales and selling and administrative expenses within the Consolidated Statements of Income.

Projected benefit obligations related to pension plans with benefit obligations in excess of plan assets follow:
 
 
2015
 
2014
 
 
U.S.
 
Non-U.S.
 
Total
 
U.S.
 
Non-U.S.
 
Total
Projected benefit obligation
 
$
271,459

 
$
31,613

 
$
303,072

 
$
297,067

 
$
29,971

 
$
327,038

Fair value of plan assets
 
204,270

 
20,199

 
224,469

 
234,305

 
17,660

 
251,965


 






Information related to pension plans with accumulated benefit obligations in excess of plan assets follows:
 
 
2015
 
2014
 
 
U.S.
 
Non-U.S.
 
Total
 
U.S.
 
Non-U.S.
 
Total
Projected benefit obligation
 
$
271,459

 
$
30,560

 
$
302,019

 
$
297,067

 
$
23,496

 
$
320,563

Accumulated benefit obligation
 
262,172

 
26,998

 
289,170

 
286,217

 
20,446

 
306,663

Fair value of plan assets
 
204,270

 
19,256

 
223,526

 
234,305

 
12,552

 
246,857


 
The accumulated benefit obligation for all defined benefit pension plans was $447,591 and $497,453 at December 31, 2015 and 2014, respectively.
 
Amounts related to pensions recognized in the accompanying balance sheets consist of:
 
 
2015
 
2014
 
 
U.S.
 
Non-U.S.
 
Total
 
U.S.
 
Non-U.S.
 
Total
Other assets
 
$
8,389

 
$
4,561

 
$
12,950

 
$
10,620

 
$
3,882

 
$
14,502

Accrued liabilities
 
2,806

 
379

 
3,185

 
2,810

 
376

 
3,186

Accrued retirement benefits
 
64,383

 
11,035

 
75,418

 
59,952

 
12,061

 
72,013

Accumulated other non-owner changes to equity, net
 
(83,014
)
 
(16,812
)
 
(99,826
)
 
(86,925
)
 
(20,689
)
 
(107,614
)

 
Amounts related to pensions recognized in accumulated other non-owner changes to equity, net of tax, at December 31, 2015 and 2014, respectively, consist of:
 
 
2015
 
2014
 
 
U.S.
 
Non-U.S.
 
Total
 
U.S.
 
Non-U.S.
 
Total
Net actuarial loss
 
$
(82,643
)
 
$
(16,999
)
 
$
(99,642
)
 
$
(86,399
)
 
$
(20,406
)
 
$
(106,805
)
Prior service costs
 
(371
)
 
187

 
(184
)
 
(526
)
 
(283
)
 
(809
)
 
 
$
(83,014
)
 
$
(16,812
)
 
$
(99,826
)
 
$
(86,925
)
 
$
(20,689
)
 
$
(107,614
)

 
The accompanying balance sheets reflect the underfunded status of the Company’s other postretirement benefit plans at December 31, 2015 and 2014. Reconciliations of the obligations and underfunded status of the plans follow:
 
 
 
2015
 
2014
Benefit obligation, January 1
 
$
46,814

 
$
46,243

Service cost
 
145

 
139

Interest cost
 
1,836

 
2,179

Actuarial (gain) loss
 
(2,521
)
 
3,049

Benefits paid
 
(6,970
)
 
(7,568
)
Curtailment gain
 
—

 
—

Participant contributions
 
2,486

 
2,833

Foreign exchange rate changes
 
(84
)
 
(61
)
Benefit obligation, December 31
 
41,706

 
46,814

Fair value of plan assets, January 1
 
—

 
—

Company contributions
 
4,484

 
4,735

Participant contributions
 
2,486

 
2,833

Benefits paid
 
(6,970
)
 
(7,568
)
Fair value of plan assets, December 31
 
—

 
—

Underfunded status, December 31
 
$
41,706

 
$
46,814


 



Amounts related to other postretirement benefits recognized in the accompanying balance sheets consist of:
 
 
 
2015
 
2014
Accrued liabilities
 
$
5,259

 
$
5,047

Accrued retirement benefits
 
36,447

 
41,767

Accumulated other non-owner changes to equity, net
 
(5,877
)
 
(7,675
)

 
Amounts related to other postretirement benefits recognized in accumulated other non-owner changes to equity, net of tax, at December 31, 2015 and 2014 consist of:
 
 
 
2015
 
2014
Net actuarial loss
 
$
(6,061
)
 
$
(8,212
)
Prior service credits
 
184

 
537

 
 
$
(5,877
)
 
$
(7,675
)

 
The sources of changes in accumulated other non-owner changes to equity, net, during 2015 were: 
 
 
Pension
 
Other
Postretirement
Benefits
Prior service cost
 
$
379

 
$
—

Net (loss) gain
 
(10,493
)
 
1,557

Amortization of prior service costs (credits)
 
213

 
(354
)
Amortization of actuarial loss
 
16,007

 
627

Foreign exchange rate changes
 
1,682

 
(32
)
 
 
$
7,788

 
$
1,798


 
Weighted-average assumptions used to determine benefit obligations at December 31, are:
 
 
2015
 
2014
U.S. plans:
 
 
 
 
Discount rate
 
4.65
%
 
4.25
%
Increase in compensation
 
3.71
%
 
3.73
%
Non-U.S. plans:
 
 
 
 
Discount rate
 
2.80
%
 
2.74
%
Increase in compensation
 
2.71
%
 
2.72
%


The investment strategy of the plans is to generate a consistent total investment return sufficient to pay present and future plan benefits to retirees, while minimizing the long-term cost to the Company. Target allocations for asset categories are used to earn a reasonable rate of return, provide required liquidity and minimize the risk of large losses. Targets may be adjusted, as necessary, to reflect trends and developments within the overall investment environment. The weighted-average target investment allocations by asset category were as follows during 2014: 70% in equity securities, 20% in fixed income securities, 5% in real estate and 5% in other investments, including cash. During the fourth quarter of 2014, the Company approved a strategic shift that resulted in a change in the targeted mix of assets. The revised target mix reflects the following investment allocations by asset category: 65% in equity securities, 30% in fixed income securities and 5% in other investments, including cash.








The fair values of the Company’s pension plan assets at December 31, 2015 and 2014, by asset category are as follows:
 
 
 
 
 
Fair Value Measurements Using
Asset Category
 
Total
 
Quoted Prices in
Active Markets for
Identical Assets
(Level 1)
 
Significant Other
Observable Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
December 31, 2015
 
 
 
 
 
 
 
 
Cash and short-term investments
 
$
18,795

 
$
18,795

 
$
—

 
$
—

Equity securities:
 
 
 
 
 
 
 
 
U.S. large-cap
 
67,274

 
28,190

 
39,084

 
—

U.S. mid-cap
 
38,790

 
38,790

 
—

 
—

U.S. small-cap
 
38,248

 
38,248

 
—

 
—

International equities
 
91,563

 
—

 
91,563

 
—

Global equity
 
17,928

 
17,928

 
—

 
—

Fixed income securities:
 
 
 
 
 
 
 
 
U.S. bond funds
 
84,645

 
—

 
84,645

 
—

International bonds
 
36,282

 
—

 
36,282

 
—

Real estate securities
 
—

 
—

 
—

 
—

Other
 
1,857

 
—

 
—

 
1,857

 
 
$
395,382

 
$
141,951

 
$
251,574

 
$
1,857

December 31, 2014
 
 
 
 
 
 
 
 
Cash and short-term investments
 
10,805

 
10,805

 
—

 
—

Equity securities:
 
 
 
 
 
 
 
 
U.S. large-cap
 
137,051

 
65,484

 
71,567

 
—

U.S. mid-cap
 
48,614

 
48,614

 
—

 
—

U.S. small-cap
 
47,972

 
47,972

 
—

 
—

International equities
 
71,451

 
—

 
71,451

 
—

Fixed income securities:
 
 
 
 
 
 
 
 
U.S. bond funds
 
79,810

 
—

 
79,810

 
—

International bonds
 
35,949

 
—

 
35,949

 
—

Real estate securities
 
18,915

 
—

 
18,915

 
—

Other
 
2,120

 
—

 
—

 
2,120

 
 
$
452,687

 
$
172,875

 
$
277,692

 
$
2,120


 
The fair values of the Level 1 assets are based on quoted market prices from various financial exchanges. The fair values of the Level 2 assets are based primarily on quoted prices in active markets for similar assets or liabilities. The Level 2 assets are comprised primarily of commingled funds and fixed income securities. Commingled equity funds are valued at their net asset values based on quoted market prices of the underlying assets. Fixed income securities are valued using a market approach which considers observable market data for the underlying asset or securities. The Level 3 assets relate to the defined benefit pension plan at the Synventive business. These pension assets are fully insured and have been estimated based on accrued pension rights and actuarial rates. These pension assets are limited to fulfilling the Company's pension obligations.
 
The Company expects to contribute approximately $19,398 to the pension plans in 2016, including $15,000 of discretionary contributions to the U.S. Qualified pension plans.
 







The following are the estimated future net benefit payments, which include future service, over the next 10 years:
 
 
 
Pensions
 
Other
Postretirement
Benefits
2015
 
$
29,147

 
$
4,467

2016
 
29,071

 
3,933

2017
 
28,980

 
3,540

2018
 
29,290

 
3,687

2019
 
29,051

 
3,468

Years 2020-2024
 
145,470

 
14,242

Total
 
$
291,009

 
$
33,337


 
Pension and other postretirement benefit expenses consist of the following:
 
 
 
Pensions
 
Other
Postretirement Benefits
 
 
2015
 
2014
 
2013
 
2015
 
2014
 
2013
Service cost
 
$
5,508

 
$
4,546

 
$
6,181

 
$
145

 
$
139

 
$
233

Interest cost
 
20,019

 
22,026

 
20,112

 
1,836

 
2,179

 
2,061

Expected return on plan assets
 
(32,404
)
 
(34,232
)
 
(33,144
)
 
—

 
—

 
—

Amortization of prior service cost (credit)
 
305

 
648

 
752

 
(564
)
 
(871
)
 
(1,006
)
Recognized losses
 
15,004

 
8,617

 
16,365

 
1,011

 
1,017

 
1,004

Curtailment loss (gain)
 
—

 
219

 
199

 
—

 
4

 
(3,081
)
Settlement loss
 
9,939

 
871

 
637

 
—

 
—

 
—

Special termination benefits
 
—

 
715

 
1,016

 
—

 
—

 
—

Net periodic benefit cost
 
$
18,371

 
$
3,410

 
$
12,118

 
$
2,428

 
$
2,468

 
$
(789
)

 
The estimated net actuarial loss and prior service cost for the defined benefit pension plans that will be amortized from accumulated other non-owner changes to equity into net periodic benefit cost in 2016 are $10,218 and $207, respectively. The estimated net actuarial loss and prior service credit for other defined benefit postretirement plans that will be amortized from accumulated other non-owner changes to equity into net periodic benefit cost in 2016 are $704 and $(373), respectively.
 
Weighted-average assumptions used to determine net benefit expense for years ended December 31, are:
 
 
 
2015
 
2014
 
2013
U.S. plans:
 
 
 
 
 
 
Discount rate
 
4.25
%
 
5.20
%
 
4.25
%
Long-term rate of return
 
8.25
%
 
9.00
%
 
9.00
%
Increase in compensation
 
3.71
%
 
3.72
%
 
3.71
%
Non-U.S. plans:
 
 
 
 
 
 
Discount rate
 
2.74
%
 
3.93
%
 
3.73
%
Long-term rate of return
 
5.00
%
 
5.07
%
 
5.33
%
Increase in compensation
 
2.72
%
 
2.76
%
 
2.69
%

 
The expected long-term rate of return is based on projected rates of return and the historical rates of return of published indices that are used to measure the plans’ target asset allocation. The historical rates are then discounted to consider fluctuations in the historical rates as well as potential changes in the investment environment.

The Company’s accumulated postretirement benefit obligations, exclusive of pensions, take into account certain cost-sharing provisions. The annual rate of increase in the cost of covered benefits (i.e., health care cost trend rate) is assumed to be 6.65% and 6.88% at December 31, 2015 and 2014, respectively, decreasing gradually to a rate of 4.50% by December 31, 2029. A one percentage point change in the assumed health care cost trend rate would have the following effects:
 
 
One Percentage
Point Increase
 
One Percentage
Point Decrease
Effect on postretirement benefit obligation
 
$
391

 
$
(360
)
Effect on postretirement benefit cost
 
17

 
(15
)
 
         
The Company previously contributed to a multi-employer defined benefit pension plan under the terms of a collective bargaining agreement. This multi-employer plan provides pension benefits to certain former union-represented employees of the Edison, New Jersey facility at BDNA. The Company determined that a withdrawal from this multi-employer plan, following its entry into a definitive agreement to sell BDNA in February 2013, was probable. The Company estimated its assessment of a withdrawal liability, on a pre-tax discounted basis, and recorded a liability of $2,788 during the first quarter of 2013. The expense was recorded within discontinued operations. The Company completed the sale of BDNA and ceased making contributions into the multi-employer plan during the second quarter of 2013. The Company settled the withdrawal liability in the fourth quarter of 2013, with the agreed-upon settlement payment being made in January 2014.

The Company actively contributes to a Swedish pension plan that supplements the Swedish social insurance system. The pension plan guarantees employees a pension based on a percentage of their salary and represents a multi-employer pension plan, however the pension plan was not significant in any year presented. This pension plan is not underfunded.

Contributions related to the individually insignificant multi-employer plans, as disclosure is required pursuant to the applicable accounting standards, are as follows:
 
Contributions by the Company
Pension Fund:
2015
 
2014
 
2013
Teamsters Local 641 Pension Fund (Edison, New Jersey)
$
—

 
$
—

 
$
23

Swedish Pension Plan (ITP2)
343

 
379

 
414

Total Contributions
$
343

 
$
379

 
$
437



The Company also contributed to a multi-employer other postretirement benefit plan under the terms of the collective bargaining agreement at the former Edison, New Jersey facility. This postretirement benefit plan was also settled in 2013 in conjunction with the defined benefit pension plan. This health and welfare postretirement plan provides medical, prescription, optical and other benefits to certain former union-represented active employees and retirees. Company contributions to the postretirement plan were $0, $0 and $40 in 2015, 2014 and 2013, respectively, as contributions ceased in 2013. There have been no significant changes that affect the comparability of 2015, 2014 or 2013 contributions, however contributions to the postretirement benefit plan ceased during the second quarter of 2013 following the sale of BDNA.
Stock-based Compensation
Stock-based Compensation
Stock-Based Compensation
 
The Company accounts for the cost of all share-based payments, including stock options, by measuring the payments at fair value on the grant date and recognizing the cost in the results of operations. The fair values of stock options are estimated using the Black-Scholes option-pricing model based on certain assumptions. The fair values of service and performance based stock awards are estimated based on the fair market value of the Company’s stock price on the grant date. The fair value of market based performance share awards are estimated using the Monte Carlo valuation method. Estimated forfeiture rates are applied to outstanding awards. The Company records the cash flows resulting from tax deductions in excess of compensation for those options and other stock awards, if any, as financing cash flows. The Company has elected the shortcut method as described in the related accounting literature for determining the available pool of windfall tax benefits upon adoption. The Company accounts for the utilization of windfall tax benefits using the tax law ordering approach.

Refer to Note 17 for a description of the Company’s stock-based compensation plans and their general terms. As of December 31, 2015, incentives have been awarded in the form of performance share awards and restricted stock unit awards (collectively, “Rights”) and stock options. The Company has elected to use the straight-line method to recognize compensation costs. Stock options and awards vest over a period ranging from six months to five years. The maximum term of stock option awards is 10 years. Upon exercise of a stock option or upon vesting of Rights, shares may be issued from treasury shares held by the Company or from authorized shares.
In February of 2013, the Board of Directors of the Company approved a Transition and Resignation Agreement (the "Agreement") for its former Chief Executive Officer (“Former CEO”) in connection with his resignation from the CEO role and his assumption of a Vice Chairman role. The Agreement provided that, in exchange for the Former CEO's delivery of an effective release of claims, his adherence to certain restrictive covenants, and the successful provision of transition services, including with regard to certain equity grants, the successful sale of the BDNA business, the Former CEO's outstanding equity awards were modified to increase the post-termination exercise period for stock options until the earlier of ten years from the date of grant or five years from the retirement date and made non-forfeitable all outstanding stock options, restricted stock unit awards and performance share unit awards that remained unvested on the day of his agreed to resignation date from the Company.  The original vesting dates of the equity awards serve as the delivery dates and the performance metrics continue to apply to the performance share unit awards. The Company recorded $10,492 of stock compensation expense in the first quarter of 2013 as a result of the modifications.
 
During 2015, 2014 and 2013, the Company recognized $9,258, $7,603, and $18,128 respectively, of stock-based compensation cost and $3,451, $2,834, and $6,757 respectively, of related tax benefits in the accompanying consolidated statements of income. Stock compensation cost in 2013 includes the $10,492 related to the modification of awards for the Former CEO. In addition, the Company has recorded $2,667, $4,888 and $3,899 of excess tax benefits for current year tax deductions in additional paid-in capital in 2015, 2014 and 2013, respectively. The Company has realized all available tax benefits related to deductions from excess stock awards exercised or issued in earlier periods. At December 31, 2015, the Company had $12,875 of unrecognized compensation costs related to unvested awards which are expected to be recognized over a weighted average period of 2.07 years.
 
The following table summarizes information about the Company’s stock option awards during 2015:
 
 
Number of
Shares
 
Weighted-Average
Exercise
Price
Outstanding, January 1, 2015
 
1,013,224

 
$
22.72

Granted
 
131,852

 
36.49

Exercised
 
(491,638
)
 
22.42

Forfeited
 
(9,366
)
 
32.89

Outstanding, December 31, 2015
 
644,072

 
25.63


 
The following table summarizes information about stock options outstanding at December 31, 2015:
 
 
Options Outstanding
 
Options Exercisable
Range of
Exercise
Prices
 
Number
of Shares
 
Average
Remaining
Life (Years)
 
Average
Exercise
Price
 
Number
of Shares
 
Average
Exercise
Price
$11.45 to $20.69
 
241,854

 
4.17
 
$
16.41

 
241,854

 
$
16.41

$22.34 to $26.59
 
191,116

 
4.72
 
25.00

 
143,153

 
25.14

$33.45 to $36.31
 
121,800

 
8.99
 
36.26

 
2,000

 
33.45

$37.13 to $38.96
 
89,302

 
8.28
 
37.43

 
26,726

 
37.26


 
The Company received cash proceeds from the exercise of stock options of $11,022, $11,024 and $13,034 in 2015, 2014 and 2013, respectively. The total intrinsic value (the amount by which the stock price exceeds the exercise price of the option on the date of exercise) of the stock options exercised during 2015, 2014 and 2013 was $8,331, $11,178 and $14,022, respectively.
 
The weighted-average grant date fair value of stock options granted in 2015, 2014 and 2013 was $8.86, $12.14 and $8.77, respectively. The fair value of each stock option grant on the date of grant was estimated using the Black-Scholes option-pricing model based on the following weighted average assumptions:
 
 
2015
 
2014
 
2013
Risk-free interest rate
 
1.58
%
 
1.68
%
 
0.96
%
Expected life (years)
 
5.3

 
5.3

 
5.3

Expected volatility
 
31.1
%
 
42.6
%
 
48.9
%
Expected dividend yield
 
2.06
%
 
2.24
%
 
2.38
%

 
The risk-free interest rate is based on the term structure of interest rates at the time of the option grant. The expected life represents an estimate of the period of time that options are expected to remain outstanding. Assumptions of expected volatility of the Company’s common stock and expected dividend yield are estimates of future volatility and dividend yields based on historical trends.

The following table summarizes information about stock options outstanding that are expected to vest and stock options outstanding that are exercisable at December 31, 2015:
Options Outstanding, Expected to Vest
 
Options Outstanding, Exercisable
Shares
 
Weighted-
Average
Exercise
Price
 
Aggregate
Intrinsic
Value
 
Weighted-
Average
Remaining
Term (Years)
 
Shares
 
Weighted-
Average
Exercise
Price
 
Aggregate
Intrinsic
Value
 
Weighted-
Average
Remaining
Term (Years)
626,523
 
$
25.63

 
$
6,400

 
5.81
 
413,733

 
$
20.86

 
$
6,063

 
4.61

 
The following table summarizes information about the Company’s Rights during 2015:
 
 
Service Based Rights
 
Service and Performance Based Rights
 
Service and Market Based Rights
 
 
Number of Units
 
Weighted-Average Grant Date Fair Value
 
Number of Units
 
Weighted-Average Grant Date Fair Value
 
Number of Units
 
Weighted-Average Grant Date Fair Value
Outstanding, January 1, 2015
 
429,206

 
$
26.76

 
227,064

 
$
28.11

 
113,531

 
$
41.82

Granted
 
186,996

 
36.39

 
61,973

 
36.48

 
30,986

 
54.54

Forfeited
 
(13,526
)
 
30.86

 
(6,342
)
 
39.64

 
(3,171
)
 
49.48

Additional Earned
 
—

 
—

 
36,965

 
25.37

 
(2,057
)
 
32.06

Issued
 
(200,970
)
 
27.96

 
(105,234
)
 
25.37

 
(32,076
)
 
32.06

Outstanding, December 31, 2015
 
401,706

 


 
214,426

 


 
107,213

 




The Company granted 186,996 restricted stock unit awards and 92,959 performance share awards in 2015. All of the restricted stock unit awards vest upon meeting certain service conditions. "Additional Earned" reflects performance share awards earned above target that have been issued. The performance share awards are part of the long-term Performance Share Award Program (the "Awards Program"), which is designed to assess the long-term Company performance relative to the performance of companies included in the Russell 2000 Index or to pre-established goals. The performance goals are independent of each other and based on three equally weighted metrics. Prior to 2015, the metrics included the Company's total shareholder return ("TSR"), basic or diluted earnings per share growth and operating income before depreciation and amortization growth. For awards granted in 2015, return on invested capital (the "ROIC metric") replaced the earnings per share metric. The total shareholder return (“TSR”), operating income before depreciation and amortization growth, and basic or diluted earnings per share growth metrics are designed to assess the long-term Company performance relative to the performance of companies included in the Russell 2000 Index over a three year period. The return on invested capital metrics (the “ROIC metric”), is designed to assess the Company’s performance compared to pre-established goals over a three year performance period. The participants can earn from zero to 250% of the target award and the award includes a forfeitable right to dividend equivalents, which are not included in the aggregate target award numbers. Compensation expense for the awards is recognized over the three year service period based upon the value determined under the intrinsic value method for the basic or diluted earnings per share growth, operating income before depreciation and amortization growth and ROIC portions of the award and the Monte Carlo simulation valuation model for the TSR portion of the award since it contains a market condition. The weighted-average assumptions used to determine the weighted-average fair values of the market based portion of the 2015 awards include a 1.01% risk-free interest rate and a 24.9% expected volatility rate.

Compensation expense for the TSR portion of the awards is fixed at the date of grant and will not be adjusted in future periods based upon the achievement of the TSR performance goal. Compensation expense for the basic or diluted earnings per share growth or the return on invested capital, and the operating income before depreciation and amortization growth portions of the awards is recorded each period based upon a probability assessment of achieving the goals with a final adjustment at the end of the service period based upon the actual achievement of those performance goals.
Income Taxes
Income Taxes
Income Taxes
 
The components of Income from continuing operations before income taxes and Income taxes follow:
 
 
2015
 
2014
 
2013
Income from continuing operations before income taxes:
 
 
 
 
 
 
U.S.
 
$
11,525

 
$
33,070

 
$
10,343

International
 
146,421

 
133,430

 
97,231

Income from continuing operations before income taxes
 
$
157,946

 
$
166,500

 
$
107,574

Income tax provision:
 
 
 
 
 
 
Current:
 
 
 
 
 
 
U.S. – federal
 
$
(210
)
 
$
22,673

 
$
8,356

U.S. – state
 
2,019

 
1,236

 
539

International
 
32,217

 
35,954

 
16,933

 
 
34,026

 
59,863

 
25,828

Deferred:
 
 
 
 
 
 
U.S. – federal
 
7,670

 
(6,737
)
 
13,792

U.S. – state
 
(1,137
)
 
1,279

 
(110
)
International
 
(3,993
)
 
(8,446
)
 
(4,257
)
 
 
2,540

 
(13,904
)
 
9,425

Income taxes
 
$
36,566

 
$
45,959

 
$
35,253


 
Deferred income tax assets and liabilities at December 31 consist of the tax effects of temporary differences related to the following:
 
 
Assets
 
Liabilities
 
 
2015
 
2014
 
2015
 
2014
Allowance for doubtful accounts
 
$
662

 
$
494

 
$
129

 
$
86

Depreciation and amortization
 
(1,610
)
 
(19,338
)
 
78,786

 
59,271

Inventory valuation
 
15,911

 
17,072

 
1,843

 
1,981

Other postretirement/postemployment costs
 
2,978

 
17,549

 
(12,774
)
 
(247
)
Tax loss carryforwards
 
13,412

 
13,977

 
(1,919
)
 
(56
)
Pension
 
1,663

 
21,968

 
(22,946
)
 
(1,005
)
Accrued compensation
 
2,975

 
15,418

 
(7,267
)
 
—

Goodwill
 
—

 
(13,772
)
 
14,545

 
57

Swedish tax incentive
 
—

 
—

 
4,647

 
4,255

Unrealized foreign currency gain
 
—

 
—

 
1,350

 
1,999

Other
 
4,374

 
4,398

 
7,513

 
5,763

 
 
40,365

 
57,766

 
63,907

 
72,104

Valuation allowance
 
(14,401
)
 
(15,856
)
 
—

 
—

 
 
$
25,964

 
$
41,910

 
$
63,907

 
$
72,104

Current deferred income taxes
 
$
24,825

 
$
31,849

 
$
1,543

 
$
1,957

Non-current deferred income taxes
 
1,139

 
10,061

 
62,364

 
70,147

 
 
$
25,964

 
$
41,910

 
$
63,907

 
$
72,104


 
Net current deferred tax liabilities are recorded in accrued liabilities on the consolidated Balance Sheet.

The standards related to accounting for income taxes require that deferred tax assets be reduced by a valuation allowance if, based on all available evidence, it is more likely than not that the deferred tax asset will not be realized. Available evidence includes the reversal of existing taxable temporary differences, future taxable income exclusive of temporary differences, taxable income in carryback years and tax planning strategies.
 
Management believes that sufficient taxable income should be earned in the future to realize the net deferred tax assets principally in the United States. The realization of these assets is dependent in part on the amount and timing of future taxable income in the jurisdictions where deferred tax assets reside. The Company has tax loss carryforwards of $57,560; $1,756 of which relates to state tax loss carryforwards and $145 which relates to federal loss carryforward acquired in the Priamus deal and not limited by Section 382; $47,462 of which relates to international tax loss carryforwards with carryforward periods ranging from one to 15 years; and $8,197 of which relates to international tax loss carryforwards with unlimited carryforward periods. In addition, the Company has tax credit carryforwards of $242 with remaining carryforward periods ranging from one year to 5 years. As the ultimate realization of the remaining net deferred tax assets is dependent upon future taxable income, if such future taxable income is not earned and it becomes necessary to recognize a valuation allowance, it could result in a material increase in the Company’s tax expense which could have a material adverse effect on the Company’s financial condition and results of operations.
 
The Company has not recognized a deferred income liability on $959,857 of undistributed earnings of its international subsidiaries, since such earnings are considered to be reinvested indefinitely as defined per the indefinite reversal criterion within the accounting guidance for income taxes. If the earnings were distributed in the form of dividends, the Company would be subject, in certain cases, to both U.S. income taxes and foreign income and withholding taxes. Determination of the amount of this unrecognized deferred income tax liability is not practicable. During 2015, the Company repatriated a dividend from a portion of current year foreign earnings to the U.S. in the amount of $19,500. As a result of the dividend, tax expense increased by $6,821 and the 2015 annual consolidated effective income tax rate increased by 4.3 percentage points.
 
A reconciliation of the U.S. federal statutory income tax rate to the consolidated effective income tax rate from continuing operations follows:
 
 
 
2015
 
2014
 
2013
U.S. federal statutory income tax rate
 
35.0
 %
 
35.0
 %
 
35.0
 %
State taxes (net of federal benefit)
 
0.2

 
0.5

 
0.3

Foreign losses without tax benefit
 
1.1

 
1.1

 
0.8

U.S. Tax Court Decision
 
—

 
—

 
15.3

Foreign operations taxed at lower rates
 
(12.9
)
 
(9.9
)
 
(14.4
)
Repatriation from current year foreign earnings
 
4.3

 
2.6

 
1.1

Tax withholding refund
 
(1.9
)
 
—

 
—

Tax Holiday's
 
(3.2
)
 
(2.7
)
 
(6.2
)
Other
 
0.6

 
1.0

 
0.9

Consolidated effective income tax rate
 
23.2
 %
 
27.6
 %
 
32.8
 %

 
The Aerospace and Industrial Segments were previously awarded a number of multi-year tax holidays in both Singapore and China. Tax benefits of $5,000 ($0.09 per diluted share), $4,513 ($0.08 per diluted share) and $6,746 ($0.12 per diluted share) were realized in 2015, 2014 and 2013, respectively. These holidays are subject to the Company meeting certain commitments in the respective jurisdictions. The significant tax holidays are due to expire in 2016 and 2017.

Income taxes paid globally, net of refunds, were $31,895, $33,146 and $158,092 in 2015, 2014 and 2013, respectively.
 
As of December 31, 2015, 2014 and 2013, the total amount of unrecognized tax benefits recorded in the consolidated balance sheet was $10,634, $8,560 and $8,027, respectively, which, if recognized, would have reduced the effective tax rate in prior years, with the exception of amounts related to acquisitions. A reconciliation of the unrecognized tax benefits for 2015, 2014 and 2013 follows:
 
 
 
2015
 
2014
 
2013
Balance at January 1
 
$
8,560

 
$
8,027

 
$
9,321

Increase (decrease) in unrecognized tax benefits due to:
 
 
 
 
 
 
Tax positions taken during prior periods
 
1,691

 
533

 
9,944

Tax positions taken during the current period
 
—

 
—

 
3,350

Acquisition
 
598

 
—

 
556

Settlements with taxing authorities
 
—

 
—

 
(15,144
)
Lapse of the applicable statute of limitations
 
(215
)
 
$
—

 
$
—

Balance at December 31
 
$
10,634

 
$
8,560

 
$
8,027


 
The Company recognizes interest and penalties, if any, related to unrecognized tax benefits in income tax expense. The Company recognized interest and penalties as a component of income taxes of $616, $0, and $9,614 in the years 2015, 2014, and 2013 respectively. The liability for unrecognized tax benefits include gross accrued interest and penalties of $1,923, $1,031 and $1,031 at December 31, 2015, 2014 and 2013, respectively.
 
The Company or its subsidiaries file income tax returns in the U.S. federal jurisdiction, and various state and foreign jurisdictions. In the normal course of business, the Company is subject to examination by various taxing authorities, including the IRS in the U.S. and the taxing authorities in other major jurisdictions including China, Germany, Singapore, Sweden and Switzerland. With a few exceptions, tax years remaining open to examination in significant foreign jurisdictions include tax years 2010 and forward and for the U.S. include tax years 2012 and forward. The Company is under audit in the U.S. for tax year 2013 as well as several state audits for the period 2011 through 2013. No other matters are ongoing.
Common Stock
Common Stock
Common Stock
 
In 2013, 1,032,493 shares of common stock were issued from treasury and used to fund the acquisition of the Männer business. There were no shares of common stock issued from treasury in 2015 or 2014.

In 2015, 2014 and 2013, the Company acquired 1,352,596 shares, 220,794 shares and 2,350,697 shares, respectively, of the Company’s common stock at a cost of $52,103, $8,389 and $68,608, respectively. These amounts exclude shares reacquired to pay for the related income tax upon issuance of shares in accordance with the terms of the Company’s stockholder-approved equity compensation plans and the equity rights granted under those plans ("Reacquired Shares"). These Reacquired Shares were placed in treasury.
 
In 2015, 2014 and 2013, 841,164 shares, 923,852 shares and 1,104,099 shares of common stock, respectively, were issued from authorized shares for the exercise of stock options, various other incentive awards and purchases by the Company's Employee Stock Purchase Plan.
Preferred Stock
Preferred Stock
Preferred Stock
 
At December 31, 2015 and 2014, the Company had 3,000,000 shares of preferred stock authorized, none of which were outstanding.
Stock Plans
Stock Plans
Stock Plans
 
Most U.S. salaried and non-union hourly employees are eligible to participate in the Company’s 401(k) plan (the "Retirement Savings Plan"). The Retirement Savings Plan provides for the investment of employer and employee contributions in various investment alternatives including the Company’s common stock, at the employee’s direction. The Company contributes an amount equal to 50% of employee contributions up to 6% of eligible compensation. The Company expenses all contributions made to the Retirement Savings Plan. Effective January 1, 2013, the Retirement Savings Plan was amended to provide certain salaried employees hired on or after January 1, 2013 with an additional annual retirement contribution of 4% of eligible earnings. The Company recognized expense of $3,666, $3,278 and $2,815 in 2015, 2014 and 2013, respectively. As of December 31, 2015, the Retirement Savings Plan held 1,566,536 shares of the Company’s common stock.
 
The Company has an Employee Stock Purchase Plan (“ESPP”) under which eligible employees may elect to have up to the lesser of $25 or 10% of base compensation deducted from their payroll checks for the purchase of the Company’s common stock at 95% of the average market value on the date of purchase. The maximum number of shares which may be purchased under the ESPP is 4,550,000. The number of shares purchased under the ESPP was 11,246, 12,770 and 14,979 in 2015, 2014 and 2013, respectively. The Company received cash proceeds from the purchase of these shares of $403, $436 and $457 in 2015, 2014 and 2013, respectively. As of December 31, 2015, 297,209 additional shares may be purchased.

The 1991 Barnes Group Stock Incentive Plan (the “1991 Plan”) authorized the granting of incentives to executive officers, directors and key employees in the form of stock options, stock appreciation rights, incentive stock rights and performance unit awards. On May 9, 2014, the 1991 Plan was merged into the 2014 Plan (defined below).
 
The Barnes Group Inc. Employee Stock and Ownership Program (the “2000 Plan”) was approved on April 12, 2000, and subsequently amended on April 10, 2002 by the Company’s stockholders. The 2000 Plan permitted the granting of incentive stock options, nonqualified stock options, restricted stock awards, performance share or cash unit awards and stock appreciation rights, or any combination of the foregoing, to eligible employees to purchase up to 6,900,000 shares of the Company’s common stock. Such shares were authorized and reserved. On May 9, 2014, the 2000 Plan was merged into the 2014 Plan (defined below).
 
The Barnes Group Stock and Incentive Award Plan (the “2004 Plan”) was approved on April 14, 2004, and subsequently amended on April 20, 2006 and May 7, 2010 by the Company’s stockholders. The 2004 Plan permits the issuance of incentive awards, stock option grants and stock appreciation rights to eligible participants to purchase up to 5,700,000 shares of common stock. On May 9, 2014, the 2004 Plan was merged into the 2014 Plan (defined below), and the remaining shares available for future grants under the 2004 Plan, as of the merger date, were made available under the 2014 Plan.

The 2014 Barnes Group Stock and Incentive Award Plan (the “2014 Plan”) was approved on May 9, 2014 by the Company's stockholders. The 2014 Plan permits the issuance of incentive awards, stock option grants and stock appreciation rights to eligible participants to purchase up to 6,913,978 shares of common stock. The amount includes shares available for purchase under the 1991, 2000, and 2004 Plans which were merged into the 2014 Plan. The 2014 Plan allows for stock options and stock appreciation rights to be issued at a ratio of 1:1 and other types of incentive awards at a ratio of 2.84:1 from the shares available for future grants. As of December 31, 2015, there were 6,767,432 shares available for future grants under the 2014 Plan, inclusive of Shares Reacquired and shares made available through 2015 forfeitures. As of December 31, 2015, there were 1,401,926 shares of common stock outstanding to be issued upon the exercise of stock options and the vesting of Rights.
 
Rights under the 2014 Plan entitle the holder to receive, without payment, one share of the Company’s common stock after the expiration of the vesting period. Certain of these Rights are also subject to the satisfaction of established performance goals. Additionally, holders of certain Rights are credited with dividend equivalents, which are converted into additional Rights, and holders of certain restricted stock units are paid dividend equivalents in cash when dividends are paid to other stockholders. All Rights have a vesting period of up to five years.
 
Under the Non-Employee Director Deferred Stock Plan, as amended, each non-employee director who joined the Board of Directors prior to December 15, 2005 was granted the right to receive 12,000 shares of the Company’s common stock upon retirement. In 2015, 2014 and 2013, $26, $28 and $30, respectively, of dividend equivalents were paid in cash related to these shares. Compensation cost related to this plan was $16, $16 and $16 in 2015, 2014 and 2013, respectively. There are 52,800 shares reserved for issuance under this plan. Each non-employee director who joined the Board of Directors subsequent to December 15, 2005 received restricted stock units under the respective 2004 or 2014 Plans that have a value of $50 that vest three years after the date of grant.
 
Total maximum shares reserved for issuance under all stock plans aggregated 8,519,367 at December 31, 2015.
Weighted Average Shares Outstanding
Weighted Average Shares Outstanding
Weighted Average Shares Outstanding
 
Income from continuing operations and net income per common share is computed in accordance with accounting standards related to earnings per share. Basic earnings per share is calculated using the weighted-average number of common shares outstanding during the year. Share-based payment awards that entitle their holders to receive nonforfeitable dividends before vesting should be considered participating securities and, as such, should be included in the calculation of basic earnings per share. The Company’s restricted stock unit awards which contain nonforfeitable rights to dividends are considered participating securities. Diluted earnings per share reflects the assumed exercise and conversion of all dilutive securities. Shares held by the Retirement Savings Plan are considered outstanding for both basic and diluted earnings per share. There are no significant adjustments to income from continuing operations and net income for purposes of computing income available to common stockholders for the years ended December 31, 2015, 2014 and 2013. A reconciliation of the weighted-average number of common shares outstanding used in the calculation of basic and diluted earnings per share follows:
 
 
 
Weighted-Average Common Shares Outstanding
 
 
2015
 
2014
 
2013
Basic
 
55,028,063

 
54,791,030

 
53,860,308

Dilutive effect of:
 
 
 
 
 
 
Stock options
 
206,778

 
355,595

 
575,202

Performance share awards
 
278,378

 
319,704

 
280,488

Convertible senior subordinated debt
 
—

 
245,230

 
209,321

Non-Employee Director Deferred Stock Plan
 
—

 
11,708

 
48,025

Diluted
 
55,513,219

 
55,723,267

 
54,973,344


 
The calculation of weighted-average diluted shares outstanding excludes all anti-dilutive shares. During 2015, 2014 and 2013, the Company excluded 214,032, 89,924 and 133,162 stock awards, respectively, from the calculation of diluted weighted-average shares outstanding as the stock awards were considered anti-dilutive.
   
On June 16, 2014, $224 (par value) of the 3.375% Convertible Senior Subordinated Notes due in March 2027 (the "3.375% Convertible Notes") were surrendered for conversion. On June 24, 2014, the Company exercised its right to redeem the remaining $55,412 principal amount of the Notes, effective July 31, 2014, and elected to pay cash to holders of the Notes surrendered for conversion, including the value of any residual shares of common stock that were payable to the holders electing to convert their notes into an equivalent share value. Accordingly, the potential shares issuable for the 3.375% Convertible Notes were included in diluted average common shares outstanding for the period prior to the June 24, 2014 notification date. Under the net share settlement method, there were 245,230 and 209,321 potential shares issuable under the Notes that were considered dilutive in 2014 and 2013, respectively.
Changes in Accumulated Other Comprehensive Income by Component
Changes in Accumulated Other Comprehensive Income by Component
Changes in Accumulated Other Comprehensive Income by Component

The following tables set forth the changes in accumulated other comprehensive income by component for the years ended December 31, 2015 and December 31, 2014:

 
Gains and Losses on Cash Flow Hedges
 
Pension and Other Postretirement Benefit Items
 
Foreign Currency Items
 
Total
January 1, 2015
$
(732
)
 
$
(115,289
)
 
$
16,568

 
$
(99,453
)
Other comprehensive loss before reclassifications to consolidated statements of income
(70
)
 
(6,921
)
 
(54,232
)
 
(61,223
)
Amounts reclassified from accumulated other comprehensive income to the consolidated statements of income
917

 
16,507

 
—

 
17,424

Net current-period other comprehensive income (loss)
847

 
9,586

 
(54,232
)
 
(43,799
)
December 31, 2015
$
115

 
$
(105,703
)
 
$
(37,664
)
 
$
(143,252
)
 
 
 
 
 
 
 
 
 
Gains and Losses on Cash Flow Hedges
 
Pension and Other Postretirement Benefit Items
 
Foreign Currency Items
 
Total
 
 
 
 
 
 
 
 
January 1, 2014
$
(519
)
 
$
(73,273
)
 
$
99,736

 
$
25,944

Other comprehensive loss before reclassifications to consolidated statements of income
(1,074
)
 
(49,144
)
 
(83,168
)
 
(133,386
)
Amounts reclassified from accumulated other comprehensive income to the consolidated statements of income
861

 
7,128

 
—

 
7,989

Net current-period other comprehensive loss
(213
)
 
(42,016
)
 
(83,168
)
 
(125,397
)
December 31, 2014
$
(732
)
 
$
(115,289
)
 
$
16,568

 
$
(99,453
)




The following table sets forth the reclassifications out of accumulated other comprehensive income by component for the years ended December 31, 2015 and December 31, 2014:
Details about Accumulated Other Comprehensive Income Components
 
Amount Reclassified from Accumulated Other Comprehensive Income
 
Affected Line Item in the Consolidated Statements of Income
 
 
2015
 
2014
 
 
Gains and losses on cash flow hedges
 
 
 
 
 
 
     Interest rate contracts
 
$
(853
)
 
$
(886
)
 
Interest expense
     Foreign exchange contracts
 
(490
)
 
(391
)
 
Net sales
 
 
(1,343
)
 
(1,277
)
 
Total before tax
 
 
426

 
416

 
Tax benefit
 
 
(917
)
 
(861
)
 
Net of tax
 
 
 
 
 
 
 
Pension and other postretirement benefit items
 
 
 
 
 
 
     Amortization of prior-service credits, net
 
$
259

 
$
223

 
(A)
Amortization of actuarial losses
 
(16,015
)
 
(9,634
)
 
(A)
Curtailment loss
 
—

 
(223
)
 
(A)
     Settlement loss
 
(9,939
)
 
(871
)
 
(A)
 
 
(25,695
)
 
(10,505
)
 
Total before tax
 
 
9,188

 
3,377

 
Tax benefit
 
 
(16,507
)
 
(7,128
)
 
Net of tax
 
 
 
 
 
 
 
Total reclassifications in the period
 
$
(17,424
)
 
$
(7,989
)
 
 

(A) These accumulated other comprehensive income components are included within the computation of net periodic pension cost. See Note 12.
Information on Business Segments
Information on Business Segments
Information on Business Segments

Industrial is a global manufacturer of highly-engineered, high-quality precision components, products and systems for critical applications serving a diverse customer base in end-markets such as transportation, industrial equipment, consumer products, packaging, electronics, medical devices, and energy. Focused on innovative custom solutions, Industrial participates in the design phase of components and assemblies whereby customers receive the benefits of application and systems engineering, new product development, testing and evaluation, and the manufacturing of final products. Products are sold primarily through its direct sales force and global distribution channels. Industrial’s Molding Solutions businesses design and manufacture customized hot runner systems, advanced mold cavity sensors and process control systems, and precision high cavitation mold assemblies - collectively, the enabling technologies for many complex injection molding applications. Industrial’s Engineered Components businesses manufacture and supply precision mechanical products used in transportation and industrial applications, including mechanical springs, high-precision punched and fine-blanked components, and retention rings that position parts on a shaft or other axis. Engineered Components is equipped to produce virtually every type of precision engineered spring, from fine hairsprings for electronics and instruments to large heavy-duty springs for machinery. Industrial’s Nitrogen Gas Products business manufactures nitrogen gas springs and manifold systems used to precisely control stamping presses.
Industrial has a diverse customer base with products purchased by durable goods manufacturers located around the world in industries including transportation, consumer products, packaging, farm and mining equipment, telecommunications, medical devices, home appliances and electronics.

Industrial competes with a broad base of large and small companies engaged in the manufacture and sale of custom metal components, products and assemblies, precision molds, and hot runner systems. Industrial competes on the basis of quality, service, reliability of supply, engineering and technical capability, geographic reach, product breadth, innovation, design, and price. Industrial has manufacturing, distribution and assembly operations in the United States, Brazil, China, Germany, Italy, Mexico, Singapore, Sweden and Switzerland. Industrial also has sales and service operations in the United States, Brazil, Canada, China/Hong Kong, France, Germany, India, Italy, Japan, Mexico, the Netherlands, Portugal, Singapore, Slovakia, South Korea, Spain, Switzerland, Thailand and the United Kingdom.

Aerospace is a global provider of fabricated and precision-machined components and assemblies for original equipment manufacturer (“OEM”) turbine engine, airframe and industrial gas turbine builders, and the military. The Aerospace aftermarket business provides jet engine component maintenance overhaul and repair (“MRO”) services, including our Component Repair Programs (“CRPs”), for many of the world’s major turbine engine manufacturers, commercial airlines and the military. The Aerospace aftermarket activities also include the manufacture and delivery of aerospace aftermarket spare parts, including the revenue sharing programs (“RSPs”) under which the Company receives an exclusive right to supply designated aftermarket parts over the life of the related aircraft engine program.
Aerospace’s OEM business supplements the leading jet engine OEM capabilities and competes with a large number of fabrication and machining companies. Competition is based mainly on quality, engineering and technical capability, product breadth, new product introduction, timeliness, service and price. Aerospace’s fabrication and machining operations, with facilities in Arizona, Connecticut, Michigan, Ohio, Utah and Singapore, produce critical engine and airframe components through technically advanced manufacturing processes.
The Aerospace aftermarket business supplements jet engine OEMs’ maintenance, repair and overhaul capabilities, and competes with the service centers of major commercial airlines and other independent service companies for the repair and overhaul of turbine engine components. The manufacture and supply of aerospace aftermarket spare parts, including those related to the RSPs, are dependent upon the reliable and timely delivery of high-quality components. Aerospace’s aftermarket facilities, located in Connecticut, Ohio and Singapore, specialize in the repair and refurbishment of highly engineered components and assemblies such as cases, rotating life limited parts, rotating air seals, turbine shrouds, vanes and honeycomb air seals.

The Company evaluates the performance of its reportable segments based on the operating profit of the respective businesses, which includes net sales, cost of sales, selling and administrative expenses and certain components of other (income) expense, net, as well as the allocation of corporate overhead expenses.
 
Sales between the business segments and between the geographic areas in which the businesses operate are accounted for on the same basis as sales to unaffiliated customers. Additionally, revenues are attributed to countries based on the location of facilities.
 
The following tables (dollars shown in millions) set forth information about the Company’s operations by its reportable business segments and by geographic area.
 

 

























Operations by Reportable Business Segment

 
 
Industrial
 
Aerospace
 
Other
 
Total Company
Sales
 
 
 
 
 
 
 
 
2015
 
$
782.3

 
$
411.7

 
$
—

 
$
1,194.0

2014
 
822.1

 
440.0

 
—

 
1,262.0

2013
 
687.6

 
404.0

 
—

 
1,091.6

Operating profit
 
 
 
 
 
 
 
 
2015
 
$
103.0

 
$
65.4

 
$
—

 
$
168.4

2014
 
108.4

 
71.6

 
—

 
180.0

2013
 
71.9

 
51.3

 
—

 
123.2

Assets
 
 
 
 
 
 
 
 
2015
 
$
1,241.2

 
$
654.1

 
$
166.5

 
$
2,061.9

2014
 
1,282.0

 
655.0

 
136.9

 
2,073.9

2013
 
1,410.4

 
567.1

 
146.2

 
2,123.7

Depreciation and amortization
 
 
 
 
 
 
 
 
2015
 
$
46.0

 
$
30.8

 
$
1.3

 
$
78.2

2014
 
54.7

 
24.9

 
1.8

 
81.4

2013
 
38.4

 
23.2

 
3.5

 
65.1

Capital expenditures
 
 
 
 
 
 
 
 
2015
 
$
28.7

 
$
17.2

 
$
0.1

 
$
46.0

2014
 
36.1

 
20.9

 
0.4

 
57.4

2013
 
31.3

 
23.8

 
2.2

 
57.3

_________________________
Notes:
One customer, General Electric, accounted for 18%, 19% and 21% of the Company’s total revenues in 2015, 2014 and 2013, respectively.
“Other” assets include corporate-controlled assets, the majority of which are cash and deferred tax assets.
 
A reconciliation of the total reportable segments’ operating profit to income from continuing operations before income taxes follows:
 
 
 
2015
 
2014
 
2013
Operating profit
 
$
168.4

 
$
180.0

 
$
123.2

Interest expense
 
10.7

 
11.4

 
13.1

Other (income) expense, net
 
(0.2
)
 
2.1

 
2.5

Income from continuing operations before income taxes
 
$
157.9

 
$
166.5

 
$
107.6


 
Operations by Geographic Area
 
 
 
Domestic
 
International
 
Other
 
Total
Company
Sales
 
 
 
 
 
 
 
 
2015

 
$
589.6

 
$
661.7

 
$
(57.3
)
 
$
1,194.0

2014

 
618.9

 
677.6

 
(34.5
)
 
1,262.0

2013

 
593.3

 
524.1

 
(25.9
)
 
1,091.6

Long-lived assets
 
 
 
 
 
 
 
 
2015

 
$
379.2

 
$
1,069.9

 
$
—

 
$
1,449.1

2014

 
380.6

 
1,094.9

 
—

 
1,475.4

2013

 
330.2

 
1,214.0

 
—

 
1,544.2




_________________________
Notes:
Germany, with sales of $210.5 million, $249.9 million and $140.8 million in 2015, 2014 and 2013, respectively, represents the only international country with revenues in excess of 10% of the Company's total revenues.
“Other” revenues represent the elimination of intercompany sales between geographic locations, of which approximately 82% were sales from international locations to domestic locations.
Germany, with long-lived assets of $362.7 million, $410.0 million and $477.3 million in 2015, 2014 and 2013, respectively, Singapore, with long-lived assets of $246.4 million, $255.3 million and $255.3 million in 2015, 2014 and 2013, respectively, Switzerland, with long-lived assets of $167.0 million, $165.7 million and $193.8 million in 2015, 2014 and 2013, respectively and China with long-lived assets of $151.7 million and $156.4 million in 2014 and 2013, respectively, represent the only international countries that exceeded 10% of the Company's total long-lived assets in those years.
Commitments and Contingencies
Commitments and Contingencies
Commitments and Contingencies
 
Leases
 
The Company has various noncancellable operating leases for buildings, office space and equipment. Rent expense was $11,166, $12,745 and $11,398 for 2015, 2014 and 2013, respectively. Minimum rental commitments under noncancellable leases in years 2016 through 2020 are $7,619, $4,445, $3,419, $2,315 and $2,216, respectively, and $9,469 thereafter. The rental expense and minimum rental commitments of leases with step rent provisions are recognized on a straight-line basis over the lease term.
 
Product Warranties

The Company provides product warranties in connection with the sale of certain products. From time to time, the Company is subject to customer claims with respect to product warranties. Product warranty liabilities were not material as of December 31, 2015 or 2014.

Contract Matters

During the third quarter of 2015 the Company recorded a $2,788 charge related to a contract termination dispute following the decision of a customer, Triumph Actuation Systems - Yakima, LLC ("Triumph"), to re-source work. The Company has approximately $8,000 of net assets, in connection with this dispute, recorded on the Consolidated Balance Sheet as of December 31, 2015. The Company has assessed recoverability of costs and damages provided by the relevant contracts and, during the fourth quarter of 2015, filed an arbitration demand before the American Arbitration Association for recovery of these costs and damages for approximately $15,000. Also during the fourth quarter, Triumph responded with a counterclaim of a similar amount, alleging various breaches and seeking damages, which the Company views as unsubstantiated. An arbitrator has been appointed and a hearing is currently scheduled for May 2016. While it is currently not possible to determine the ultimate outcome of this matter, the Company intends to vigorously defend its position and believes that the ultimate resolution will not have a material adverse effect on the Company’s consolidated financial position or liquidity, but could be material to the consolidated results of operations of any one period.
Accounting Changes
Accounting Changes
Accounting Changes

In September 2015, the FASB amended its guidance related to the accounting for measurement period adjustments. The amended guidance eliminates the requirement to restate prior period financial statements for measurement period adjustments resulting from a business combination. The amended guidance is effective prospectively for interim and annual periods beginning after December 15, 2015. Early adoption is permitted. The Company elected to adopt the amended guidance in the third quarter of 2015 and it had no impact on the Consolidated Financial Statements during this period.
Schedule II - Valuation and Qualifying Accounts
Schedule of Valuation and Qualifying Accounts Disclosure
Schedule II—Valuation and Qualifying Accounts
Years Ended December 31, 2015, 2014 and 2013
(In thousands)

 
Allowances for Doubtful Accounts:
 
Balance January 1, 2013
$
2,858

Provision charged to income
1,726

Doubtful accounts written off (net)
(532
)
Other adjustments(1)
(614
)
Balance December 31, 2013
3,438

       Provision charged to income
1,523

Doubtful accounts written off (net)
(493
)
Other adjustments(1)
(595
)
       Balance December 31, 2014
3,873

               Provision charged to income
1,248

        Doubtful accounts written off (net)
(404
)
Other adjustments(1)

(632
)
        Balance December 31, 2015
$
4,085

________________
(1)
These amounts are comprised primarily of foreign currency translation and other reclassifications. The reduction in 2013 includes $0.8 million of reserves recorded at BDNA which was sold in the second quarter of 2013.

 
































Schedule II—Valuation and Qualifying Accounts
Years Ended December 31, 2015, 2014 and 2013
(In thousands)
                     

 
 
Valuation Allowance on Deferred Tax Assets:
 
Balance January 1, 2013
$
24,936

Additions charged to income tax expense
473

Additions charged to other comprehensive income
(547
)
Reductions credited to income tax expense
(1,412
)
Changes due to foreign currency translation
(849
)
       Divestiture(1)
(3,728
)
Balance December 31, 2013
18,873

Additions charged to income tax expense
1,049

Additions charged to other comprehensive income
(30
)
Reductions credited to income tax expense
(2,303
)
Changes due to foreign currency translation
(1,733
)
Balance December 31, 2014
15,856

        Additions charged to income tax expense
1,043

        Reductions charged to other comprehensive income
(59
)
        Reductions credited to income tax expense
(1,216
)
        Changes due to foreign currency translation
(2,204
)
       Acquisition(2)
981

Balance December 31, 2015
$
14,401

________________

(1)
The reduction in 2013 reflects the valuation allowance adjustment to Discontinued Operations as it relates to the sale of BDNA
(2)
The increase in 2015 reflects the valuation allowance recorded at the Thermoplay and Priamus businesses which were acquired in the third and fourth quarters of 2015, respectively.
Summary of Significant Accounting Policies (Policies)
General 
General: The preparation of consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Consolidation 
Consolidation: The accompanying consolidated financial statements include the accounts of the Company and all of its subsidiaries. Intercompany transactions and account balances have been eliminated.

In the second quarter of 2013, the Company completed the sale of its Barnes Distribution North America business (“BDNA”) to MSC Industrial Direct Co., Inc. ("MSC"). The results of these operations are segregated and presented as discontinued operations in the Consolidated Financial Statements. See Note 3 of the Consolidated Financial Statements.
Revenue recognition 
Revenue recognition: Sales and related cost of sales are recognized when products are shipped or delivered to customers depending upon when title and risk of loss have passed. Service revenue is recognized when the related services are performed. In the aerospace manufacturing businesses, the Company recognizes revenue based on the units-of-delivery method in accordance with accounting standards related to accounting for performance of construction-type and certain production-type contracts. Management fees related to the aerospace aftermarket Revenue Sharing Programs ("RSPs") are satisfied through an agreed upon reduction from the sales price of each of the related spare parts. These fees recognize our customer's necessary performance of engine program support activities, such as spare parts administration, warehousing and inventory management, and customer support, and are not separable from our sale of products, and accordingly, they are reflected as a reduction to sales, rather than as costs incurred, when revenues are recognized.

Operating expenses 
Operating expenses: The Company includes manufacturing labor, material, manufacturing overhead and costs of its distribution network within cost of sales. Other costs, including selling personnel costs and commissions, and other general and administrative costs of the Company are included within selling and administrative expenses. Depreciation and amortization expense is allocated between cost of sales and selling and administrative expenses.
Cash and cash equivalents 
Cash and cash equivalents: Cash in excess of operating requirements is invested in short-term, highly liquid, income-producing investments. All highly liquid investments purchased with an original maturity of three months or less are considered cash equivalents. Cash equivalents are carried at cost which approximates fair value.
Inventories 
Inventories: Inventories are valued at the lower of cost, determined on a first-in, first-out basis, or market. Loss provisions, if any, on aerospace contracts are established when estimable. Loss provisions are based on the projected excess of manufacturing costs over the net revenues of the products or group of related products under contract or purchase order.
Property, plant and equipment 
Property, plant and equipment: Property, plant and equipment is stated at cost. Depreciation is recorded over estimated useful lives, ranging from 20 to 50 years for buildings, three to five years for computer equipment, four to 12 years for
machinery and equipment and 12 to 17 years for furnaces and boilers. The straight-line method of depreciation was adopted for all property, plant and equipment placed in service after March 31, 1999. For property, plant and equipment placed into service prior to April 1, 1999, depreciation is calculated using accelerated methods. The Company assesses the impairment of property, plant and equipment subject to depreciation whenever events or changes in circumstances indicate the carrying value may not be recoverable.
Goodwill 
Goodwill: Goodwill represents the excess purchase cost over the fair value of net assets of companies acquired in business combinations. Goodwill is considered an indefinite-lived asset. Goodwill is subject to impairment testing in accordance with accounting standards governing such on an annual basis, in the second quarter, or more frequently if an event or change in circumstances indicates that the fair value of a reporting unit has been reduced below its carrying value. Based on the assessments performed during 2015, there was no goodwill impairment.
Aerospace Aftermarket Programs 
Aerospace Aftermarket Programs: The Company participates in aftermarket RSPs under which the Company receives an exclusive right to supply designated aftermarket parts over the life of the related aircraft engine program. As consideration, the Company has paid participation fees, which are recorded as long-lived intangible assets. The Company records amortization of the related intangible asset as sales dollars are being earned based on a proportional sales dollar method. Specifically, this method amortizes each asset as a reduction to revenue based on the proportion of sales under a program in a given period to the estimated aggregate sales dollars over the life of that program.

The Company also entered into Component Repair Programs ("CRPs") that provide for, among other items, the right to sell certain aftermarket component repair services for CFM56, CF6, CF34 and LM engines directly to other customers as one of a few GE licensed suppliers. In addition, the CRPs extend certain existing contracts under which the Company currently provides these services directly to GE. The Company has recorded the consideration for these rights as an intangible asset that will be amortized as a reduction to sales over the remaining life of these engine programs. This method reflects the pattern in which the economic benefits of the RSPs and the CRPs are realized.

The recoverability of each asset is subject to significant estimates about future revenues related to the program’s aftermarket parts and services. The Company evaluates these intangible assets for recoverability and updates amortization rates on an agreement by agreement basis for the RSPs and on an individual asset basis for the CRPs. The assets are reviewed for recoverability periodically including whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. Annually, the Company evaluates the remaining useful life of these assets to determine whether events and circumstances warrant a revision to the remaining periods of amortization. Management updates revenue projections, which includes comparing actual experience against projected revenue and industry projections. The potential exists that actual revenues will not meet expectations due to a change in market conditions including, for example, the replacement of older engines with new, more fuel-efficient engines or the Company's ability to capture additional market share within the Aftermarket business. A shortfall in future revenues may indicate a triggering event requiring a write down or further evaluation of the recoverability of the assets or require the Company to accelerate amortization expense prospectively dependent on the level of the shortfall. The Company has not identified any impairment of these assets.
Intangible Assets 
Other Intangible Assets: Other intangible assets consist primarily of the Aerospace Aftermarket Programs, as discussed above, customer relationships, tradenames, patents and proprietary technology. These intangible assets, with the exception of tradenames, have finite lives and are amortized over the periods in which they provide benefit. The Company assesses the impairment of long-lived assets, including identifiable intangible assets subject to amortization, whenever significant events or significant changes in circumstances indicate the carrying value may not be recoverable. Tradenames, intangible assets with indefinite lives, are subject to impairment testing in accordance with accounting standards governing such on an annual basis, in the second quarter, or more frequently if an event or change in circumstances indicates that the fair value of a reporting unit has been reduced below its carrying value. Based on the assessment performed during 2015, there were no impairments of other intangible assets. See Note 6 of the Consolidated Financial Statements.
Derivatives 
Derivatives: Accounting standards related to the accounting for derivative instruments and hedging activities require that all derivative instruments be recorded on the balance sheet at fair value. Foreign currency contracts may qualify as fair value hedges of unrecognized firm commitments, cash flow hedges of recognized assets and liabilities or anticipated transactions, or a hedge of a net investment. Changes in the fair market value of derivatives that qualify as fair value hedges or cash flow hedges are recorded directly to earnings or accumulated other non-owner changes to equity, depending on the designation. Amounts recorded to accumulated other non-owner changes to equity are reclassified to earnings in a manner that matches the earnings impact of the hedged transaction. Any ineffective portion, or amounts related to contracts that are not designated as hedges, are recorded directly to earnings. The Company’s policy for classifying cash flows from derivatives is to report the cash flows consistent with the underlying hedged item.
Foreign currency 
Foreign currency: Assets and liabilities of international operations are translated at year-end rates of exchange; revenues and expenses are translated at average rates of exchange. The resulting translation gains or losses are reflected in accumulated other non-owner changes to equity within stockholders’ equity. A net foreign currency transaction gain of $505 in 2015, a loss of $1,466 in 2014 and a gain of $945 in 2013 were included in other (income) expense, net in the Consolidated Statements of Income.
Research and Development 
Research and Development: Costs are incurred in connection with efforts aimed at discovering and implementing new knowledge that is critical to developing new products, processes or services, significantly improving existing products or services, and developing new applications for existing products and services. Research and development expenses for the creation of new and improved products and services were $12,688, $15,782 and $14,707, for the years 2015, 2014 and 2013, respectively, and are included in selling, general and administrative expense.
Stock-Based Compensation 
The Company accounts for the cost of all share-based payments, including stock options, by measuring the payments at fair value on the grant date and recognizing the cost in the results of operations. The fair values of stock options are estimated using the Black-Scholes option-pricing model based on certain assumptions. The fair values of service and performance based stock awards are estimated based on the fair market value of the Company’s stock price on the grant date. The fair value of market based performance share awards are estimated using the Monte Carlo valuation method. Estimated forfeiture rates are applied to outstanding awards. The Company records the cash flows resulting from tax deductions in excess of compensation for those options and other stock awards, if any, as financing cash flows. The Company has elected the shortcut method as described in the related accounting literature for determining the available pool of windfall tax benefits upon adoption. The Company accounts for the utilization of windfall tax benefits using the tax law ordering approach.

Refer to Note 17 for a description of the Company’s stock-based compensation plans and their general terms. As of December 31, 2015, incentives have been awarded in the form of performance share awards and restricted stock unit awards (collectively, “Rights”) and stock options. The Company has elected to use the straight-line method to recognize compensation costs. Stock options and awards vest over a period ranging from six months to five years. The maximum term of stock option awards is 10 years. Upon exercise of a stock option or upon vesting of Rights, shares may be issued from treasury shares held by the Company or from authorized shares.
Acquisitions (Tables)
Schedule of Unaudited Pro Forma Operating Results
The following table reflects the unaudited pro forma operating results of the Company for the year ended December 31, 2013, which give effect to the acquisition of the Männer Business as if it had occurred on January 1, 2012. The pro forma results are based on assumptions that the Company believes are reasonable under the circumstances. The pro forma results are not necessarily indicative of the operating results that would have occurred had the acquisition been effective on January 1, 2012, nor are they intended to be indicative of results that may occur in the future. The underlying pro forma information includes the historical financial results of the Company and the acquired business adjusted for certain items including depreciation and amortization expense associated with the assets acquired and the Company’s expense related to financing arrangements, with the related tax effects. The pro forma information does not include the effects of any synergies or cost reduction initiatives related to the acquisition.
 
(Unaudited Pro Forma)
 
2013
Net sales
$
1,191,109

Income from continuing operations
92,343

Net income
$
290,549

 
 
Per common share:
 
Basic:
 
     Income from continuing operations
$
1.69

     Net income
$
5.31

Diluted:
 
     Income from continuing operations
$
1.65

     Net income
$
5.20

Discontinued Operations (Tables)
Schedule of Discontinued Operations
The below amounts relate primarily to the sale of BDNA and were derived from historical financial information. The amounts have been segregated from continuing operations and reported as discontinued operations within the consolidated financial statements. In 2014, the Company recorded a net after-tax loss on the sale of businesses of $1,987 resulting primarily from a 2014 reduction to the proceeds related to the sale of the Barnes Distribution Europe business in 2011 (€1,250). In 2013, the Company recorded a net after-tax gain of $195,317 on the sale of BDNA, net of transaction-related costs of $9,749, whereas pre-tax income from the discontinued operations at BDNA was $6,345.
 
2014
2013
Net sales
$
—

$
93,173

(Loss) income before income taxes
(270
)
5,248

Income tax (benefit) expense
(86
)
2,359

(Loss) income from operations of discontinued businesses, net of income taxes
(184
)
2,889

(Loss) gain on transaction
(1,586
)
313,708

Income tax expense on sale
401

118,391

(Loss) gain on the sale of businesses, net of income taxes
(1,987
)
195,317

(Loss) income from discontinued operations, net of income taxes
$
(2,171
)
$
198,206

Inventories (Tables)
Schedule of Inventory, Current
Inventories at December 31 consisted of:
 
 
2015
 
2014
Finished goods
 
$
76,836

 
$
83,905

Work-in-process
 
77,061

 
79,563

Raw materials and supplies
 
54,714

 
48,576

 
 
$
208,611

 
$
212,044

Property, Plant and Equipment (Tables)
Property, Plant and Equipment
Property, plant and equipment at December 31 consisted of:
 
 
 
2015
 
2014
Land
 
$
19,153

 
$
19,422

Buildings
 
156,294

 
145,142

Machinery and equipment
 
539,360

 
507,661

 
 
714,807

 
672,225

Less accumulated depreciation
 
(405,951
)
 
(372,790
)
 
 
$
308,856

 
$
299,435

Goodwill and Other Intangible Assets (Tables)
Schedule of Goodwill 
The following table sets forth the change in the carrying amount of goodwill for each reportable segment and the Company:
 
Industrial
 
Aerospace
 
Total
Company
January 1, 2014
$
618,911

 
$
30,786

 
$
649,697

Foreign currency translation
(54,748
)
 
—

 
(54,748
)
December 31, 2014
564,163

 
30,786

 
594,949

Goodwill acquired
22,798

 
—


22,798

Foreign currency translation
(29,755
)
 
—

 
(29,755
)
December 31, 2015
$
557,206

 
$
30,786

 
$
587,992

Schedule of Intangible Assets 
Other intangible assets at December 31 consisted of:
 
 
 
 
 
2015
 
2014
 
 
Range of
Life-Years
 
Gross
Amount
 
Accumulated
Amortization
 
Gross
Amount
 
Accumulated
Amortization
Amortized intangible assets:
 
 
 
 
 
 
 
 
 
 
Revenue Sharing Programs
 
Up to 30
 
$
293,700

 
$
(84,629
)
 
$
293,700

 
$
(72,958
)
Component Repair Program
 
Up to 30
 
111,839

 
(6,054
)
 
106,639

 
(1,941
)
Customer lists/relationships
 
10-16
 
194,566

 
(41,786
)
 
183,406

 
(30,731
)
Patents and technology
 
6-14
 
69,352

 
(29,551
)
 
62,972

 
(22,356
)
Trademarks/trade names
 
10-30
 
11,950

 
(9,412
)
 
11,950

 
(8,552
)
Other
 
Up to 15
 
20,551

 
(15,413
)
 
19,292

 
(14,806
)
 
 
 
 
701,958

 
(186,845
)
 
677,959

 
(151,344
)
Unamortized intangible asset:
 
 
 
 
 
 
 
 
 
 
Trade names
 
 
 
38,370

 
—

 
36,900

 
—

 
 
 
 
 
 
 
 
 
 
 
Foreign currency translation
 
 
 
(25,161
)
 
—

 
(8,821
)
 
—

Other intangible assets
 
 
 
$
715,167

 
$
(186,845
)
 
$
706,038

 
$
(151,344
)
Accrued Liabilities (Tables)
Schedule of Accrued Liabilities
Accrued liabilities at December 31 consisted of:
 
 
2015
 
2014
Payroll and other compensation
 
$
27,186

 
$
41,948

Deferred revenue
 
16,453

 
25,344

CRP Accrual
 
4,100

 
19,900

Pension and other postretirement benefits
 
8,444

 
8,233

Accrued income taxes
 
25,682

 
21,755

Other
 
49,455

 
44,217

 
 
$
131,320

 
$
161,397

Debt and Commitments (Tables)
Schedule of Debt 
Long-term debt and notes and overdrafts payable at December 31 consisted of:
 
 
2015
 
2014
 
 
Carrying
Amount
 
Fair
Value
 
Carrying
Amount
 
Fair
Value
Revolving credit agreement
 
379,700

 
375,188

 
393,518

 
394,917

3.97% Senior Notes
 
100,000

 
102,484

 
100,000

 
102,859

Borrowings under lines of credit and overdrafts
 
22,680

 
22,680

 
8,028

 
8,028

Capital leases
 
7,105

 
7,503

 
3,188

 
3,479

Other foreign bank borrowings
 
421

 
410

 
—

 
—

 
 
509,906

 
508,265

 
504,734

 
509,283

Less current maturities
 
(24,195
)
 
 
 
(8,890
)
 
 
Long-term debt
 
$
485,711

 
 
 
$
495,844

 
 
Schedule of Interest Expense on Convertible Notes 
The following table sets forth the components of interest expense for the Notes for the years ended December 31, 2014 and 2013. The effective interest rate on the liability component of the Notes was 8.00% (life of the Notes).
 
 
2014
 
2013
Interest expense – 3.375% coupon
$
1,046

 
$
1,878

Interest expense – 3.375% debt discount amortization
731

 
2,391

 
$
1,777

 
$
4,269

Derivatives (Tables)
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value 
The following table sets forth the fair value amounts of derivative instruments held by the Company as of December 31.
 
 
2015
 
2014
 
 
Asset
Derivatives
 
Liability
Derivatives
 
Asset
Derivatives
 
Liability
Derivatives
Derivatives designated as hedging
instruments:
 
 
 
 
 
 
 
 
Interest rate contracts
 
$
—

 
$
(357
)
 
$
—

 
$
(295
)
Foreign exchange contracts
 
484

 
—

 
—

 
(652
)
 
 
484

 
(357
)
 
—

 
(947
)
Derivatives not designated as
hedging instruments:
 
 
 
 
 
 
 
 
Foreign exchange contracts
 
215

 
(101
)
 
460

 
(699
)
Total derivatives
 
$
699

 
$
(458
)
 
$
460

 
$
(1,646
)
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) 
The following table sets forth the gain (loss) recorded in accumulated other comprehensive income (loss), net of tax, for the years ended December 31, 2015 and 2014 for derivatives held by the Company and designated as hedging instruments.
 
 
2015
 
2014
Cash flow hedges:
 
 
 
 
Interest rate contracts
 
$
(39
)
 
$
48

Foreign exchange contracts
 
886

 
(261
)
 
 
$
847

 
$
(213
)
(Gain) Loss Recorded in Other (Income) Expense, Net in Consolidated Statements of Income 
The following table sets forth the net gains (losses) recorded in other (income) expense, net in the consolidated statements of income for the years ended December 31, 2015 and 2014 for non-designated derivatives held by the Company. Such gains (losses) were substantially offset by (losses) gains recorded on the underlying hedged asset or liability.
 
 
2015
 
2014
Foreign exchange contracts
 
$
8,215

 
$
(810
)
Fair Value Measurements (Tables)
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The following table provides the assets and liabilities reported at fair value and measured on a recurring basis as of December 31, 2015 and 2014:
 
 
 
 
Fair Value Measurements Using
  
 
Total
 
Quoted Prices in
Active Markets for
Identical Assets
(Level 1)
 
Significant Other
Observable Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
 
 
 
 
 
 
 
 
 
December 31, 2015
 
 
 
 
 
 
 
 
Asset derivatives
 
$
699

 
$
—

 
$
699

 
$
—

Liability derivatives
 
(458
)
 
—

 
(458
)
 
—

Bank acceptances
 
10,823

 
—

 
10,823

 
—

Rabbi trust assets
 
2,159

 
2,159

 
—

 
—

 
 
$
13,223

 
$
2,159

 
$
11,064

 
$
—

December 31, 2014
 
 
 
 
 
 
 
 
Asset derivatives
 
$
460

 
$
—

 
$
460

 
$
—

Liability derivatives
 
(1,646
)
 
—

 
(1,646
)
 
—

Bank acceptances
 
10,785

 
—

 
10,785

 
—

Rabbi trust assets
 
2,092

 
2,092

 
—

 
—

 
 
$
11,691

 
$
2,092

 
$
9,599

 
$
—

Pension and Other Postretirement Benefits (Tables)
Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets 
Projected benefit obligations related to pension plans with benefit obligations in excess of plan assets follow:
 
 
2015
 
2014
 
 
U.S.
 
Non-U.S.
 
Total
 
U.S.
 
Non-U.S.
 
Total
Projected benefit obligation
 
$
271,459

 
$
31,613

 
$
303,072

 
$
297,067

 
$
29,971

 
$
327,038

Fair value of plan assets
 
204,270

 
20,199

 
224,469

 
234,305

 
17,660

 
251,965

Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets 
Information related to pension plans with accumulated benefit obligations in excess of plan assets follows:
 
 
2015
 
2014
 
 
U.S.
 
Non-U.S.
 
Total
 
U.S.
 
Non-U.S.
 
Total
Projected benefit obligation
 
$
271,459

 
$
30,560

 
$
302,019

 
$
297,067

 
$
23,496

 
$
320,563

Accumulated benefit obligation
 
262,172

 
26,998

 
289,170

 
286,217

 
20,446

 
306,663

Fair value of plan assets
 
204,270

 
19,256

 
223,526

 
234,305

 
12,552

 
246,857

Schedule of Amounts Recognized in Other Comprehensive Income (Loss) 
The sources of changes in accumulated other non-owner changes to equity, net, during 2015 were: 
 
 
Pension
 
Other
Postretirement
Benefits
Prior service cost
 
$
379

 
$
—

Net (loss) gain
 
(10,493
)
 
1,557

Amortization of prior service costs (credits)
 
213

 
(354
)
Amortization of actuarial loss
 
16,007

 
627

Foreign exchange rate changes
 
1,682

 
(32
)
 
 
$
7,788

 
$
1,798

Schedule of Assumptions Used, Benefit Obligation 
Weighted-average assumptions used to determine benefit obligations at December 31, are:
 
 
2015
 
2014
U.S. plans:
 
 
 
 
Discount rate
 
4.65
%
 
4.25
%
Increase in compensation
 
3.71
%
 
3.73
%
Non-U.S. plans:
 
 
 
 
Discount rate
 
2.80
%
 
2.74
%
Increase in compensation
 
2.71
%
 
2.72
%
Schedule of Allocation of Plan Assets 
The fair values of the Company’s pension plan assets at December 31, 2015 and 2014, by asset category are as follows:
 
 
 
 
 
Fair Value Measurements Using
Asset Category
 
Total
 
Quoted Prices in
Active Markets for
Identical Assets
(Level 1)
 
Significant Other
Observable Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
December 31, 2015
 
 
 
 
 
 
 
 
Cash and short-term investments
 
$
18,795

 
$
18,795

 
$
—

 
$
—

Equity securities:
 
 
 
 
 
 
 
 
U.S. large-cap
 
67,274

 
28,190

 
39,084

 
—

U.S. mid-cap
 
38,790

 
38,790

 
—

 
—

U.S. small-cap
 
38,248

 
38,248

 
—

 
—

International equities
 
91,563

 
—

 
91,563

 
—

Global equity
 
17,928

 
17,928

 
—

 
—

Fixed income securities:
 
 
 
 
 
 
 
 
U.S. bond funds
 
84,645

 
—

 
84,645

 
—

International bonds
 
36,282

 
—

 
36,282

 
—

Real estate securities
 
—

 
—

 
—

 
—

Other
 
1,857

 
—

 
—

 
1,857

 
 
$
395,382

 
$
141,951

 
$
251,574

 
$
1,857

December 31, 2014
 
 
 
 
 
 
 
 
Cash and short-term investments
 
10,805

 
10,805

 
—

 
—

Equity securities:
 
 
 
 
 
 
 
 
U.S. large-cap
 
137,051

 
65,484

 
71,567

 
—

U.S. mid-cap
 
48,614

 
48,614

 
—

 
—

U.S. small-cap
 
47,972

 
47,972

 
—

 
—

International equities
 
71,451

 
—

 
71,451

 
—

Fixed income securities:
 
 
 
 
 
 
 
 
U.S. bond funds
 
79,810

 
—

 
79,810

 
—

International bonds
 
35,949

 
—

 
35,949

 
—

Real estate securities
 
18,915

 
—

 
18,915

 
—

Other
 
2,120

 
—

 
—

 
2,120

 
 
$
452,687

 
$
172,875

 
$
277,692

 
$
2,120

Schedule of Expected Benefit Payments 
The following are the estimated future net benefit payments, which include future service, over the next 10 years:
 
 
 
Pensions
 
Other
Postretirement
Benefits
2015
 
$
29,147

 
$
4,467

2016
 
29,071

 
3,933

2017
 
28,980

 
3,540

2018
 
29,290

 
3,687

2019
 
29,051

 
3,468

Years 2020-2024
 
145,470

 
14,242

Total
 
$
291,009

 
$
33,337

Schedule of Net Benefit Costs 
Pension and other postretirement benefit expenses consist of the following:
 
 
 
Pensions
 
Other
Postretirement Benefits
 
 
2015
 
2014
 
2013
 
2015
 
2014
 
2013
Service cost
 
$
5,508

 
$
4,546

 
$
6,181

 
$
145

 
$
139

 
$
233

Interest cost
 
20,019

 
22,026

 
20,112

 
1,836

 
2,179

 
2,061

Expected return on plan assets
 
(32,404
)
 
(34,232
)
 
(33,144
)
 
—

 
—

 
—

Amortization of prior service cost (credit)
 
305

 
648

 
752

 
(564
)
 
(871
)
 
(1,006
)
Recognized losses
 
15,004

 
8,617

 
16,365

 
1,011

 
1,017

 
1,004

Curtailment loss (gain)
 
—

 
219

 
199

 
—

 
4

 
(3,081
)
Settlement loss
 
9,939

 
871

 
637

 
—

 
—

 
—

Special termination benefits
 
—

 
715

 
1,016

 
—

 
—

 
—

Net periodic benefit cost
 
$
18,371

 
$
3,410

 
$
12,118

 
$
2,428

 
$
2,468

 
$
(789
)
Schedule of Assumptions Used, Net Benefit Expense 
Weighted-average assumptions used to determine net benefit expense for years ended December 31, are:
 
 
 
2015
 
2014
 
2013
U.S. plans:
 
 
 
 
 
 
Discount rate
 
4.25
%
 
5.20
%
 
4.25
%
Long-term rate of return
 
8.25
%
 
9.00
%
 
9.00
%
Increase in compensation
 
3.71
%
 
3.72
%
 
3.71
%
Non-U.S. plans:
 
 
 
 
 
 
Discount rate
 
2.74
%
 
3.93
%
 
3.73
%
Long-term rate of return
 
5.00
%
 
5.07
%
 
5.33
%
Increase in compensation
 
2.72
%
 
2.76
%
 
2.69
%
Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates 
A one percentage point change in the assumed health care cost trend rate would have the following effects:
 
 
One Percentage
Point Increase
 
One Percentage
Point Decrease
Effect on postretirement benefit obligation
 
$
391

 
$
(360
)
Effect on postretirement benefit cost
 
17

 
(15
)
Schedule of Multiemployer Plans 
Contributions related to the individually insignificant multi-employer plans, as disclosure is required pursuant to the applicable accounting standards, are as follows:
 
Contributions by the Company
Pension Fund:
2015
 
2014
 
2013
Teamsters Local 641 Pension Fund (Edison, New Jersey)
$
—

 
$
—

 
$
23

Swedish Pension Plan (ITP2)
343

 
379

 
414

Total Contributions
$
343

 
$
379

 
$
437



Schedule of Net Funded Status 
The accompanying balance sheets reflect the funded status of the Company’s defined benefit pension plans at December 31, 2015 and 2014, respectively. Reconciliations of the obligations and funded status of the plans follow:
 
 
 
2015
 
2014
 
 
U.S.
 
Non-U.S.
 
Total
 
U.S.
 
Non-U.S.
 
Total
Benefit obligation, January 1
 
$
433,079

 
$
80,305

 
$
513,384

 
$
374,740

 
$
78,982

 
$
453,722

Service cost
 
4,160

 
1,348

 
5,508

 
3,549

 
997

 
4,546

Interest cost
 
17,967

 
2,052

 
20,019

 
19,129

 
2,897

 
22,026

Amendments
 
—

 
(463
)
 
(463
)
 
—

 
—

 
—

Actuarial (gain) loss
 
(16,622
)
 
(2,288
)
 
(18,910
)
 
58,906

 
9,728

 
68,634

Benefits paid
 
(52,490
)
 
(4,244
)
 
(56,734
)
 
(23,960
)
 
(3,405
)
 
(27,365
)
Transfers in
 
—

 
3,951

 
3,951

 
—

 
1,929

 
1,929

Plan curtailments
 
(465
)
 
—

 
(465
)
 
—

 
—

 
—

Plan settlements
 
—

 
(375
)
 
(375
)
 
—

 
(4,949
)
 
(4,949
)
Special termination benefit
 
—

 
—

 
—

 
715

 
—

 
715

Participant contributions
 
—

 
368

 
368

 
—

 
906

 
906

Foreign exchange rate changes
 
—

 
(5,248
)
 
(5,248
)
 
—

 
(6,780
)
 
(6,780
)
Benefit obligation, December 31
 
385,629

 
75,406

 
461,035

 
433,079

 
80,305

 
513,384

Fair value of plan assets, January 1
 
380,937

 
71,750

 
452,687

 
379,059

 
74,519

 
453,578

Actual return on plan assets
 
(5,045
)
 
1,264

 
(3,781
)
 
20,436

 
6,349

 
26,785

Company contributions
 
3,427

 
1,100

 
4,527

 
5,402

 
2,219

 
7,621

Participant contributions
 
—

 
368

 
368

 
—

 
906

 
906

Benefits paid
 
(52,490
)
 
(4,244
)
 
(56,734
)
 
(23,960
)
 
(3,405
)
 
(27,365
)
Plan settlements
 
—

 
(376
)
 
(376
)
 
—

 
(4,949
)
 
(4,949
)
Transfers in
 
—

 
3,434

 
3,434

 
—

 
1,929

 
1,929

Foreign exchange rate changes
 
—

 
(4,743
)
 
(4,743
)
 
—

 
(5,818
)
 
(5,818
)
Fair value of plan assets, December 31
 
326,829

 
68,553

 
395,382

 
380,937

 
71,750

 
452,687

Funded/(underfunded) status, December 31
 
$
(58,800
)
 
$
(6,853
)
 
$
(65,653
)
 
$
(52,142
)
 
$
(8,555
)
 
$
(60,697
)
Schedule of Amounts Recognized in Balance Sheet 
Amounts related to pensions recognized in the accompanying balance sheets consist of:
 
 
2015
 
2014
 
 
U.S.
 
Non-U.S.
 
Total
 
U.S.
 
Non-U.S.
 
Total
Other assets
 
$
8,389

 
$
4,561

 
$
12,950

 
$
10,620

 
$
3,882

 
$
14,502

Accrued liabilities
 
2,806

 
379

 
3,185

 
2,810

 
376

 
3,186

Accrued retirement benefits
 
64,383

 
11,035

 
75,418

 
59,952

 
12,061

 
72,013

Accumulated other non-owner changes to equity, net
 
(83,014
)
 
(16,812
)
 
(99,826
)
 
(86,925
)
 
(20,689
)
 
(107,614
)
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) 
Amounts related to pensions recognized in accumulated other non-owner changes to equity, net of tax, at December 31, 2015 and 2014, respectively, consist of:
 
 
2015
 
2014
 
 
U.S.
 
Non-U.S.
 
Total
 
U.S.
 
Non-U.S.
 
Total
Net actuarial loss
 
$
(82,643
)
 
$
(16,999
)
 
$
(99,642
)
 
$
(86,399
)
 
$
(20,406
)
 
$
(106,805
)
Prior service costs
 
(371
)
 
187

 
(184
)
 
(526
)
 
(283
)
 
(809
)
 
 
$
(83,014
)
 
$
(16,812
)
 
$
(99,826
)
 
$
(86,925
)
 
$
(20,689
)
 
$
(107,614
)
Schedule of Net Funded Status 
The accompanying balance sheets reflect the underfunded status of the Company’s other postretirement benefit plans at December 31, 2015 and 2014. Reconciliations of the obligations and underfunded status of the plans follow:
 
 
 
2015
 
2014
Benefit obligation, January 1
 
$
46,814

 
$
46,243

Service cost
 
145

 
139

Interest cost
 
1,836

 
2,179

Actuarial (gain) loss
 
(2,521
)
 
3,049

Benefits paid
 
(6,970
)
 
(7,568
)
Curtailment gain
 
—

 
—

Participant contributions
 
2,486

 
2,833

Foreign exchange rate changes
 
(84
)
 
(61
)
Benefit obligation, December 31
 
41,706

 
46,814

Fair value of plan assets, January 1
 
—

 
—

Company contributions
 
4,484

 
4,735

Participant contributions
 
2,486

 
2,833

Benefits paid
 
(6,970
)
 
(7,568
)
Fair value of plan assets, December 31
 
—

 
—

Underfunded status, December 31
 
$
41,706

 
$
46,814

Schedule of Amounts Recognized in Balance Sheet 
Amounts related to other postretirement benefits recognized in the accompanying balance sheets consist of:
 
 
 
2015
 
2014
Accrued liabilities
 
$
5,259

 
$
5,047

Accrued retirement benefits
 
36,447

 
41,767

Accumulated other non-owner changes to equity, net
 
(5,877
)
 
(7,675
)
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) 
Amounts related to other postretirement benefits recognized in accumulated other non-owner changes to equity, net of tax, at December 31, 2015 and 2014 consist of:
 
 
 
2015
 
2014
Net actuarial loss
 
$
(6,061
)
 
$
(8,212
)
Prior service credits
 
184

 
537

 
 
$
(5,877
)
 
$
(7,675
)
Stock-based Compensation (Tables)
Schedule of Share-based Compensation, Stock Options, Activity 
The following table summarizes information about the Company’s stock option awards during 2015:
 
 
Number of
Shares
 
Weighted-Average
Exercise
Price
Outstanding, January 1, 2015
 
1,013,224

 
$
22.72

Granted
 
131,852

 
36.49

Exercised
 
(491,638
)
 
22.42

Forfeited
 
(9,366
)
 
32.89

Outstanding, December 31, 2015
 
644,072

 
25.63

Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range 
The following table summarizes information about stock options outstanding at December 31, 2015:
 
 
Options Outstanding
 
Options Exercisable
Range of
Exercise
Prices
 
Number
of Shares
 
Average
Remaining
Life (Years)
 
Average
Exercise
Price
 
Number
of Shares
 
Average
Exercise
Price
$11.45 to $20.69
 
241,854

 
4.17
 
$
16.41

 
241,854

 
$
16.41

$22.34 to $26.59
 
191,116

 
4.72
 
25.00

 
143,153

 
25.14

$33.45 to $36.31
 
121,800

 
8.99
 
36.26

 
2,000

 
33.45

$37.13 to $38.96
 
89,302

 
8.28
 
37.43

 
26,726

 
37.26

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions 
The fair value of each stock option grant on the date of grant was estimated using the Black-Scholes option-pricing model based on the following weighted average assumptions:
 
 
2015
 
2014
 
2013
Risk-free interest rate
 
1.58
%
 
1.68
%
 
0.96
%
Expected life (years)
 
5.3

 
5.3

 
5.3

Expected volatility
 
31.1
%
 
42.6
%
 
48.9
%
Expected dividend yield
 
2.06
%
 
2.24
%
 
2.38
%
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding and Exercisable 
The following table summarizes information about stock options outstanding that are expected to vest and stock options outstanding that are exercisable at December 31, 2015:
Options Outstanding, Expected to Vest
 
Options Outstanding, Exercisable
Shares
 
Weighted-
Average
Exercise
Price
 
Aggregate
Intrinsic
Value
 
Weighted-
Average
Remaining
Term (Years)
 
Shares
 
Weighted-
Average
Exercise
Price
 
Aggregate
Intrinsic
Value
 
Weighted-
Average
Remaining
Term (Years)
626,523
 
$
25.63

 
$
6,400

 
5.81
 
413,733

 
$
20.86

 
$
6,063

 
4.61
Schedule of Share-based Compensation, Restricted Stock Units, Activity 
The following table summarizes information about the Company’s Rights during 2015:
 
 
Service Based Rights
 
Service and Performance Based Rights
 
Service and Market Based Rights
 
 
Number of Units
 
Weighted-Average Grant Date Fair Value
 
Number of Units
 
Weighted-Average Grant Date Fair Value
 
Number of Units
 
Weighted-Average Grant Date Fair Value
Outstanding, January 1, 2015
 
429,206

 
$
26.76

 
227,064

 
$
28.11

 
113,531

 
$
41.82

Granted
 
186,996

 
36.39

 
61,973

 
36.48

 
30,986

 
54.54

Forfeited
 
(13,526
)
 
30.86

 
(6,342
)
 
39.64

 
(3,171
)
 
49.48

Additional Earned
 
—

 
—

 
36,965

 
25.37

 
(2,057
)
 
32.06

Issued
 
(200,970
)
 
27.96

 
(105,234
)
 
25.37

 
(32,076
)
 
32.06

Outstanding, December 31, 2015
 
401,706

 


 
214,426

 


 
107,213

 


Income Taxes (Tables)
Schedule of Effective Income Tax Rate Reconciliation 
A reconciliation of the U.S. federal statutory income tax rate to the consolidated effective income tax rate from continuing operations follows:
 
 
 
2015
 
2014
 
2013
U.S. federal statutory income tax rate
 
35.0
 %
 
35.0
 %
 
35.0
 %
State taxes (net of federal benefit)
 
0.2

 
0.5

 
0.3

Foreign losses without tax benefit
 
1.1

 
1.1

 
0.8

U.S. Tax Court Decision
 
—

 
—

 
15.3

Foreign operations taxed at lower rates
 
(12.9
)
 
(9.9
)
 
(14.4
)
Repatriation from current year foreign earnings
 
4.3

 
2.6

 
1.1

Tax withholding refund
 
(1.9
)
 
—

 
—

Tax Holiday's
 
(3.2
)
 
(2.7
)
 
(6.2
)
Other
 
0.6

 
1.0

 
0.9

Consolidated effective income tax rate
 
23.2
 %
 
27.6
 %
 
32.8
 %
Schedule of Income before Income Tax, Domestic and Foreign and Components of Income Tax Expense 
The components of Income from continuing operations before income taxes and Income taxes follow:
 
 
2015
 
2014
 
2013
Income from continuing operations before income taxes:
 
 
 
 
 
 
U.S.
 
$
11,525

 
$
33,070

 
$
10,343

International
 
146,421

 
133,430

 
97,231

Income from continuing operations before income taxes
 
$
157,946

 
$
166,500

 
$
107,574

Income tax provision:
 
 
 
 
 
 
Current:
 
 
 
 
 
 
U.S. – federal
 
$
(210
)
 
$
22,673

 
$
8,356

U.S. – state
 
2,019

 
1,236

 
539

International
 
32,217

 
35,954

 
16,933

 
 
34,026

 
59,863

 
25,828

Deferred:
 
 
 
 
 
 
U.S. – federal
 
7,670

 
(6,737
)
 
13,792

U.S. – state
 
(1,137
)
 
1,279

 
(110
)
International
 
(3,993
)
 
(8,446
)
 
(4,257
)
 
 
2,540

 
(13,904
)
 
9,425

Income taxes
 
$
36,566

 
$
45,959

 
$
35,253

Schedule of Deferred Tax Assets and Liabilities 
Deferred income tax assets and liabilities at December 31 consist of the tax effects of temporary differences related to the following:
 
 
Assets
 
Liabilities
 
 
2015
 
2014
 
2015
 
2014
Allowance for doubtful accounts
 
$
662

 
$
494

 
$
129

 
$
86

Depreciation and amortization
 
(1,610
)
 
(19,338
)
 
78,786

 
59,271

Inventory valuation
 
15,911

 
17,072

 
1,843

 
1,981

Other postretirement/postemployment costs
 
2,978

 
17,549

 
(12,774
)
 
(247
)
Tax loss carryforwards
 
13,412

 
13,977

 
(1,919
)
 
(56
)
Pension
 
1,663

 
21,968

 
(22,946
)
 
(1,005
)
Accrued compensation
 
2,975

 
15,418

 
(7,267
)
 
—

Goodwill
 
—

 
(13,772
)
 
14,545

 
57

Swedish tax incentive
 
—

 
—

 
4,647

 
4,255

Unrealized foreign currency gain
 
—

 
—

 
1,350

 
1,999

Other
 
4,374

 
4,398

 
7,513

 
5,763

 
 
40,365

 
57,766

 
63,907

 
72,104

Valuation allowance
 
(14,401
)
 
(15,856
)
 
—

 
—

 
 
$
25,964

 
$
41,910

 
$
63,907

 
$
72,104

Current deferred income taxes
 
$
24,825

 
$
31,849

 
$
1,543

 
$
1,957

Non-current deferred income taxes
 
1,139

 
10,061

 
62,364

 
70,147

 
 
$
25,964

 
$
41,910

 
$
63,907

 
$
72,104

Summary of Income Tax Contingencies 
A reconciliation of the unrecognized tax benefits for 2015, 2014 and 2013 follows:
 
 
 
2015
 
2014
 
2013
Balance at January 1
 
$
8,560

 
$
8,027

 
$
9,321

Increase (decrease) in unrecognized tax benefits due to:
 
 
 
 
 
 
Tax positions taken during prior periods
 
1,691

 
533

 
9,944

Tax positions taken during the current period
 
—

 
—

 
3,350

Acquisition
 
598

 
—

 
556

Settlements with taxing authorities
 
—

 
—

 
(15,144
)
Lapse of the applicable statute of limitations
 
(215
)
 
$
—

 
$
—

Balance at December 31
 
$
10,634

 
$
8,560

 
$
8,027

Weighted Average Shares Outstanding (Tables)
Schedule of Weighted Average Number of Shares
A reconciliation of the weighted-average number of common shares outstanding used in the calculation of basic and diluted earnings per share follows:
 
 
 
Weighted-Average Common Shares Outstanding
 
 
2015
 
2014
 
2013
Basic
 
55,028,063

 
54,791,030

 
53,860,308

Dilutive effect of:
 
 
 
 
 
 
Stock options
 
206,778

 
355,595

 
575,202

Performance share awards
 
278,378

 
319,704

 
280,488

Convertible senior subordinated debt
 
—

 
245,230

 
209,321

Non-Employee Director Deferred Stock Plan
 
—

 
11,708

 
48,025

Diluted
 
55,513,219

 
55,723,267

 
54,973,344

Changes in Accumulated Other Comprehensive Income by Component (Tables)
Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) 
The following tables set forth the changes in accumulated other comprehensive income by component for the years ended December 31, 2015 and December 31, 2014:

 
Gains and Losses on Cash Flow Hedges
 
Pension and Other Postretirement Benefit Items
 
Foreign Currency Items
 
Total
January 1, 2015
$
(732
)
 
$
(115,289
)
 
$
16,568

 
$
(99,453
)
Other comprehensive loss before reclassifications to consolidated statements of income
(70
)
 
(6,921
)
 
(54,232
)
 
(61,223
)
Amounts reclassified from accumulated other comprehensive income to the consolidated statements of income
917

 
16,507

 
—

 
17,424

Net current-period other comprehensive income (loss)
847

 
9,586

 
(54,232
)
 
(43,799
)
December 31, 2015
$
115

 
$
(105,703
)
 
$
(37,664
)
 
$
(143,252
)
 
 
 
 
 
 
 
 
 
Gains and Losses on Cash Flow Hedges
 
Pension and Other Postretirement Benefit Items
 
Foreign Currency Items
 
Total
 
 
 
 
 
 
 
 
January 1, 2014
$
(519
)
 
$
(73,273
)
 
$
99,736

 
$
25,944

Other comprehensive loss before reclassifications to consolidated statements of income
(1,074
)
 
(49,144
)
 
(83,168
)
 
(133,386
)
Amounts reclassified from accumulated other comprehensive income to the consolidated statements of income
861

 
7,128

 
—

 
7,989

Net current-period other comprehensive loss
(213
)
 
(42,016
)
 
(83,168
)
 
(125,397
)
December 31, 2014
$
(732
)
 
$
(115,289
)
 
$
16,568

 
$
(99,453
)
Schedule of Amounts Reclassified Out of Accumulated Other Comprehensive Income to the Consolidated Statements of Income 
The following table sets forth the reclassifications out of accumulated other comprehensive income by component for the years ended December 31, 2015 and December 31, 2014:
Details about Accumulated Other Comprehensive Income Components
 
Amount Reclassified from Accumulated Other Comprehensive Income
 
Affected Line Item in the Consolidated Statements of Income
 
 
2015
 
2014
 
 
Gains and losses on cash flow hedges
 
 
 
 
 
 
     Interest rate contracts
 
$
(853
)
 
$
(886
)
 
Interest expense
     Foreign exchange contracts
 
(490
)
 
(391
)
 
Net sales
 
 
(1,343
)
 
(1,277
)
 
Total before tax
 
 
426

 
416

 
Tax benefit
 
 
(917
)
 
(861
)
 
Net of tax
 
 
 
 
 
 
 
Pension and other postretirement benefit items
 
 
 
 
 
 
     Amortization of prior-service credits, net
 
$
259

 
$
223

 
(A)
Amortization of actuarial losses
 
(16,015
)
 
(9,634
)
 
(A)
Curtailment loss
 
—

 
(223
)
 
(A)
     Settlement loss
 
(9,939
)
 
(871
)
 
(A)
 
 
(25,695
)
 
(10,505
)
 
Total before tax
 
 
9,188

 
3,377

 
Tax benefit
 
 
(16,507
)
 
(7,128
)
 
Net of tax
 
 
 
 
 
 
 
Total reclassifications in the period
 
$
(17,424
)
 
$
(7,989
)
 
 

(A) These accumulated other comprehensive income components are included within the computation of net periodic pension cost. See Note 12.

Information on Business Segments (Tables)
Schedule of Segment Reporting Information, by Segment 
The following tables (dollars shown in millions) set forth information about the Company’s operations by its reportable business segments and by geographic area.
 

 

























Operations by Reportable Business Segment

 
 
Industrial
 
Aerospace
 
Other
 
Total Company
Sales
 
 
 
 
 
 
 
 
2015
 
$
782.3

 
$
411.7

 
$
—

 
$
1,194.0

2014
 
822.1

 
440.0

 
—

 
1,262.0

2013
 
687.6

 
404.0

 
—

 
1,091.6

Operating profit
 
 
 
 
 
 
 
 
2015
 
$
103.0

 
$
65.4

 
$
—

 
$
168.4

2014
 
108.4

 
71.6

 
—

 
180.0

2013
 
71.9

 
51.3

 
—

 
123.2

Assets
 
 
 
 
 
 
 
 
2015
 
$
1,241.2

 
$
654.1

 
$
166.5

 
$
2,061.9

2014
 
1,282.0

 
655.0

 
136.9

 
2,073.9

2013
 
1,410.4

 
567.1

 
146.2

 
2,123.7

Depreciation and amortization
 
 
 
 
 
 
 
 
2015
 
$
46.0

 
$
30.8

 
$
1.3

 
$
78.2

2014
 
54.7

 
24.9

 
1.8

 
81.4

2013
 
38.4

 
23.2

 
3.5

 
65.1

Capital expenditures
 
 
 
 
 
 
 
 
2015
 
$
28.7

 
$
17.2

 
$
0.1

 
$
46.0

2014
 
36.1

 
20.9

 
0.4

 
57.4

2013
 
31.3

 
23.8

 
2.2

 
57.3

_________________________
Notes:
One customer, General Electric, accounted for 18%, 19% and 21% of the Company’s total revenues in 2015, 2014 and 2013, respectively.
“Other” assets include corporate-controlled assets, the majority of which are cash and deferred tax assets.
Reconciliation of Operating Profit (Loss) from Segments to Consolidated 
A reconciliation of the total reportable segments’ operating profit to income from continuing operations before income taxes follows:
 
 
 
2015
 
2014
 
2013
Operating profit
 
$
168.4

 
$
180.0

 
$
123.2

Interest expense
 
10.7

 
11.4

 
13.1

Other (income) expense, net
 
(0.2
)
 
2.1

 
2.5

Income from continuing operations before income taxes
 
$
157.9

 
$
166.5

 
$
107.6

Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas 
Operations by Geographic Area
 
 
 
Domestic
 
International
 
Other
 
Total
Company
Sales
 
 
 
 
 
 
 
 
2015

 
$
589.6

 
$
661.7

 
$
(57.3
)
 
$
1,194.0

2014

 
618.9

 
677.6

 
(34.5
)
 
1,262.0

2013

 
593.3

 
524.1

 
(25.9
)
 
1,091.6

Long-lived assets
 
 
 
 
 
 
 
 
2015

 
$
379.2

 
$
1,069.9

 
$
—

 
$
1,449.1

2014

 
380.6

 
1,094.9

 
—

 
1,475.4

2013

 
330.2

 
1,214.0

 
—

 
1,544.2




_________________________
Notes:
Germany, with sales of $210.5 million, $249.9 million and $140.8 million in 2015, 2014 and 2013, respectively, represents the only international country with revenues in excess of 10% of the Company's total revenues.
“Other” revenues represent the elimination of intercompany sales between geographic locations, of which approximately 82% were sales from international locations to domestic locations.
Germany, with long-lived assets of $362.7 million, $410.0 million and $477.3 million in 2015, 2014 and 2013, respectively, Singapore, with long-lived assets of $246.4 million, $255.3 million and $255.3 million in 2015, 2014 and 2013, respectively, Switzerland, with long-lived assets of $167.0 million, $165.7 million and $193.8 million in 2015, 2014 and 2013, respectively and China with long-lived assets of $151.7 million and $156.4 million in 2014 and 2013, respectively, represent the only international countries that exceeded 10% of the Company's total long-lived assets in those years.
Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Details) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Schedule of Useful Lives [Line Items]
 
 
 
Maximum Maturity Term to Be Considered Cash and Cash Equivalents
3 months 
 
 
Impairment of goodwill
$ 0 
 
 
Impairment of other intangible assets
0 
 
 
Foreign Currency Transaction Gain (Loss), before Tax
505 
(1,466)
945 
Research and Development Expense
$ 12,688 
$ 15,782 
$ 14,707 
Buildings [Member] |
Minimum
 
 
 
Schedule of Useful Lives [Line Items]
 
 
 
Property, Plant and Equipment, Useful Life
20 years 
 
 
Buildings [Member] |
Maximum
 
 
 
Schedule of Useful Lives [Line Items]
 
 
 
Property, Plant and Equipment, Useful Life
50 years 
 
 
Computer equipment [Member] |
Minimum
 
 
 
Schedule of Useful Lives [Line Items]
 
 
 
Property, Plant and Equipment, Useful Life
3 years 
 
 
Computer equipment [Member] |
Maximum
 
 
 
Schedule of Useful Lives [Line Items]
 
 
 
Property, Plant and Equipment, Useful Life
5 years 
 
 
Machinery and equipment [Member] |
Minimum
 
 
 
Schedule of Useful Lives [Line Items]
 
 
 
Property, Plant and Equipment, Useful Life
4 years 
 
 
Machinery and equipment [Member] |
Maximum
 
 
 
Schedule of Useful Lives [Line Items]
 
 
 
Property, Plant and Equipment, Useful Life
12 years 
 
 
Furnaces and boilers [Member] |
Minimum
 
 
 
Schedule of Useful Lives [Line Items]
 
 
 
Property, Plant and Equipment, Useful Life
12 years 
 
 
Furnaces and boilers [Member] |
Maximum
 
 
 
Schedule of Useful Lives [Line Items]
 
 
 
Property, Plant and Equipment, Useful Life
17 years 
 
 
Acquisitions (Details)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended 12 Months Ended 0 Months Ended 12 Months Ended 3 Months Ended 12 Months Ended 3 Months Ended 12 Months Ended
Dec. 31, 2015
subsidiary
Sep. 30, 2015
subsidiary
Dec. 31, 2015
USD ($)
Dec. 31, 2014
USD ($)
Dec. 31, 2013
USD ($)
Dec. 31, 2013
Männer Business and Synventive [Member]
USD ($)
Oct. 31, 2013
Männer Business [Member]
USD ($)
Oct. 31, 2013
Männer Business [Member]
EUR (€)
Dec. 31, 2013
Männer Business [Member]
USD ($)
Dec. 31, 2015
Priamus [Member]
USD ($)
employee
Dec. 31, 2015
Priamus [Member]
CHF
employee
Dec. 31, 2015
Priamus [Member]
USD ($)
employee
Dec. 31, 2015
Priamus System Technologies AG [Member]
subsidiary
Dec. 31, 2015
Thermoplay [Member]
USD ($)
Sep. 30, 2015
Thermoplay [Member]
USD ($)
Sep. 30, 2015
Thermoplay [Member]
EUR (€)
Dec. 31, 2015
Thermoplay [Member]
USD ($)
Dec. 31, 2015
Thermoplay [Member]
CHF
Business Acquisition [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period of acquisitions
 
 
3 years 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Aggregate purchase price
 
 
 
 
 
 
$ 380,673 
€ 280,742 
 
$ 10,062 
 9,831 
 
 
 
$ 63,690 
€ 58,066 
 
 
Adjustments under terms of Share Purchase Agreement
 
 
 
 
 
 
 
 
 
 
 
 
 
1,592 
18,706 
17,054 
1,592 
1,556 
Number of subsidiaries included in business acquisition
2 
1 
 
 
 
 
 
 
 
 
 
 
2 
 
 
 
 
 
Business Combination, Number of Employees
 
 
 
 
 
 
 
 
 
40 
40 
40 
 
 
 
 
 
 
Cash paid
 
 
 
 
 
 
343,978 
253,242 
 
 
 
 
 
 
62,191 
56,700 
 
 
Liabilities recorded
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1,499 
1,366 
 
 
Equity interests issued (in shares)
 
 
 
 
 
 
1,032,493 
1,032,493 
 
 
 
 
 
 
 
 
 
 
Equity interests issued
 
 
 
 
 
 
36,695 
27,500 
 
 
 
 
 
 
 
 
 
 
Cash acquired
 
 
 
 
 
 
36,714 
27,030 
 
 
 
 
 
 
 
 
 
 
Acquisition related costs
 
 
 
 
 
 
 
 
3,642 
 
 
574 
 
 
 
 
2,195 
 
Sales since date of acquisition
 
 
 
 
 
 
 
 
18,894 
 
 
 
 
 
 
 
 
 
Operating income
 
 
 
 
 
 
 
 
2,817 
 
 
 
 
 
 
 
 
 
Net sales
 
 
 
 
 
1,191,109 
 
 
 
 
 
 
 
 
 
 
 
 
Income from continuing operations
 
 
 
 
 
92,343 
 
 
 
 
 
 
 
 
 
 
 
 
Net income
 
 
 
 
 
290,549 
 
 
 
 
 
 
 
 
 
 
 
 
Purchase accounting adjustments
 
 
 
 
 
 
 
 
7,279 
 
 
 
 
 
 
 
 
 
Basic:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income from continuing operations (in dollars per share)
 
 
 
 
 
$ 1.69 
 
 
 
 
 
 
 
 
 
 
 
 
Net income (in dollars per share)
 
 
 
 
 
$ 5.31 
 
 
 
 
 
 
 
 
 
 
 
 
Diluted:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income from continuing operations (in dollars per share)
 
 
 
 
 
$ 1.65 
 
 
 
 
 
 
 
 
 
 
 
 
Net income (in dollars per share)
 
 
 
 
 
$ 5.20 
 
 
 
 
 
 
 
 
 
 
 
 
Net sales
 
 
$ 1,193,975 
$ 1,262,006 
$ 1,091,566 
 
 
 
 
$ 2,028 
 
 
 
$ 13,593 
 
 
 
 
Discontinued Operations (Details)
In Thousands, unless otherwise specified
12 Months Ended 1 Months Ended 12 Months Ended 3 Months Ended
Dec. 31, 2015
USD ($)
Dec. 31, 2014
USD ($)
Dec. 31, 2013
USD ($)
Dec. 31, 2014
Barnes Distribution Europe and Barnes Distribution North America [Member]
USD ($)
Dec. 31, 2013
Barnes Distribution Europe and Barnes Distribution North America [Member]
USD ($)
Apr. 30, 2013
Barnes Distribution North America [Member]
USD ($)
Dec. 31, 2013
Barnes Distribution North America [Member]
USD ($)
Sep. 30, 2014
Barnes Distribution Europe [Member]
EUR (€)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
 
 
 
 
 
 
 
 
Proceeds from divestiture of businesses
 
 
 
 
 
$ 537,761 
 
 
After-tax proceeds from divestiture of business
 
 
 
 
 
419,136 
 
 
Change in restricted cash
0 
4,886 
0 
 
 
 
 
1,250 
Transaction costs on sale of business
 
 
 
 
 
 
9,749 
 
Net sales
 
 
 
0 
93,173 
 
 
 
(Loss) income before income taxes
 
 
 
(270)
5,248 
 
6,345 
 
Income tax (benefit) expense
 
 
 
(86)
2,359 
 
 
 
(Loss) income from operations of discontinued businesses, net of income taxes
 
 
 
(184)
2,889 
 
 
 
(Loss) gain on transaction
0 
(1,586)
313,708 
(1,586)
313,708 
 
 
 
Income tax expense on sale
 
 
 
401 
118,391 
 
 
 
(Loss) gain on the sale of businesses, net of income taxes
 
 
 
(1,987)
195,317 
 
 
 
(Loss) income from discontinued operations, net of income taxes
$ 0 
$ (2,171)
$ 198,206 
$ (2,171)
$ 198,206 
 
 
 
Inventories (Details) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2015
Dec. 31, 2014
Inventory Disclosure [Abstract]
 
 
Finished goods
$ 76,836 
$ 83,905 
Work-in-process
77,061 
79,563 
Raw material and supplies
54,714 
48,576 
Inventories
$ 208,611 
$ 212,044 
Property, Plant and Equipment (Details) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Property, Plant and Equipment [Line Items]
 
 
 
Property, plant and equipment, gross
$ 714,807 
$ 672,225 
 
Less accumulated depreciation
(405,951)
(372,790)
 
Property, plant and equipment, net
308,856 
299,435 
 
Depreciation expense
39,654 
41,875 
34,419 
Land [Member]
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
Property, plant and equipment, gross
19,153 
19,422 
 
Buildings [Member]
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
Property, plant and equipment, gross
156,294 
145,142 
 
Machinery and equipment [Member]
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
Property, plant and equipment, gross
$ 539,360 
$ 507,661 
 
Goodwill and Other Intangible Assets (Details) (USD $)
In Thousands, unless otherwise specified
12 Months Ended 1 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended 1 Months Ended 12 Months Ended 12 Months Ended 1 Months Ended 3 Months Ended 3 Months Ended 12 Months Ended 9 Months Ended 12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Oct. 31, 2015
Thermoplay [Member]
Aug. 31, 2015
Thermoplay [Member]
Oct. 31, 2015
Customer Relationships [Member]
Thermoplay [Member]
Aug. 31, 2015
Customer Relationships [Member]
Thermoplay [Member]
Dec. 31, 2015
Revenue sharing programs [Member]
Dec. 31, 2014
Revenue sharing programs [Member]
Dec. 31, 2015
Revenue sharing programs [Member]
Maximum
Dec. 31, 2015
Component Repair Program [Member]
Dec. 31, 2014
Component Repair Program [Member]
Dec. 31, 2015
Component Repair Program [Member]
Maximum
Dec. 31, 2015
Customer lists/relationships [Member]
Dec. 31, 2014
Customer lists/relationships [Member]
Dec. 31, 2015
Customer lists/relationships [Member]
Minimum
Dec. 31, 2015
Customer lists/relationships [Member]
Maximum
Dec. 31, 2015
Patents And Technology [Member]
Dec. 31, 2014
Patents And Technology [Member]
Dec. 31, 2015
Patents And Technology [Member]
Minimum
Dec. 31, 2015
Patents And Technology [Member]
Maximum
Oct. 31, 2015
Patents And Technology [Member]
Thermoplay [Member]
Aug. 31, 2015
Patents And Technology [Member]
Thermoplay [Member]
Dec. 31, 2015
Trademarks, Trade Names [Member]
Dec. 31, 2014
Trademarks, Trade Names [Member]
Dec. 31, 2015
Trademarks, Trade Names [Member]
Minimum
Dec. 31, 2015
Trademarks, Trade Names [Member]
Maximum
Aug. 31, 2015
Unamoritized Trade Name [Member]
Dec. 31, 2014
Unamoritized Trade Name [Member]
Dec. 31, 2015
Unamoritized Trade Name [Member]
Männer Business and Synventive [Member]
Dec. 31, 2015
Other [Member]
Dec. 31, 2014
Other [Member]
Dec. 31, 2015
Other [Member]
Maximum
Aug. 31, 2015
Customer Backlog [Member]
Thermoplay [Member]
Dec. 31, 2014
Component Repair Program One [Member]
Dec. 31, 2013
Component Repair Program One [Member]
Dec. 31, 2015
Component Repair Program One [Member]
Dec. 31, 2015
Component Repair Program One [Member]
Accrued Liabilities [Member]
Dec. 31, 2015
Component Repair Program Two [Member]
Dec. 31, 2014
Component Repair Program Two [Member]
Jun. 30, 2014
Component Repair Program Two [Member]
Jun. 30, 2015
Component Repair Program Two [Member]
Accrued Liabilities [Member]
Dec. 31, 2015
Component Repair Program Three [Member]
Dec. 31, 2015
Component Repair Program Three [Member]
Accrued Liabilities [Member]
Dec. 31, 2015
Industrial [Member]
Dec. 31, 2014
Industrial [Member]
Sep. 30, 2015
Industrial [Member]
Thermoplay [Member]
Sep. 30, 2015
Industrial [Member]
Priamus [Member]
Dec. 31, 2015
Aerospace [Member]
Dec. 31, 2014
Aerospace [Member]
Goodwill [Roll Forward]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Goodwill, beginning of period
$ 594,949 
$ 649,697 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$ 564,163 
$ 618,911 
 
 
$ 30,786 
$ 30,786 
Goodwill acquired
22,798 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
22,798 
 
20,521 
2,277 
0 
 
Foreign currency translation
(29,755)
(54,748)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(29,755)
(54,748)
 
 
0 
0 
Goodwill, end of period
587,992 
594,949 
649,697 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
557,206 
564,163 
 
 
30,786 
30,786 
Other Intangible Assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Range of life (in years)
 
 
 
 
 
 
 
 
 
30 years 
 
 
30 years 
 
 
10 years 
16 years 
 
 
6 years 
14 years 
 
 
 
 
10 years 
30 years 
 
 
 
 
 
15 years 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Finite Lived Intangible Assets Before Foreign Currency Translation Adjustment
701,958 
677,959 
 
 
 
 
 
293,700 
293,700 
 
111,839 
106,639 
 
194,566 
183,406 
 
 
69,352 
62,972 
 
 
 
 
11,950 
11,950 
 
 
1,470 
36,900 
38,370 
20,551 
19,292 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Finite Lived Intangible Assets Foreign Currency Translation Adjustment
(25,161)
(8,821)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Finite-Lived Intangible Assets, Accumulated Amortization
(186,845)
(151,344)
 
 
 
 
 
(84,629)
(72,958)
 
(6,054)
(1,941)
 
(41,786)
(30,731)
 
 
(29,551)
(22,356)
 
 
 
 
(9,412)
(8,552)
 
 
 
 
 
(15,413)
(14,806)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Finite-Lived Intangible Assets, Gross
715,167 
706,038 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Intangible Assets, Future Amortization Expense
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Amortization of intangible assets expected in 2015
35,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Amortization of intangible assets expected in 2016
35,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Amortization of intangible assets expected in 2017
36,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Amortization of intangible assets expected in 2018
35,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Amortization of intangible assets expected in 2019
32,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Component Repair Program Payments Consideration
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
26,639 
 
80,000 
 
 
 
5,200 
 
 
 
 
 
 
 
Component Repair Program Payments
21,000 
70,100 
16,639 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
9,100 
16,639 
 
 
2,000 
20,000 
41,000 
 
 
 
 
 
 
 
 
 
Component Repair Program Payments Expected
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
900 
 
 
 
19,000 
 
3,200 
 
 
 
 
 
 
Other intangible assets
 
 
 
4,500 
14,770 
1,300 
9,860 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
3,200 
3,180 
 
 
 
 
 
 
 
 
 
 
260 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Goodwill expected tax deductible amount
43,860 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Amortization of Intangible Assets
$ 38,502 
$ 37,125 
$ 27,973 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Acquired Finite-lived Intangible Asset, Weighted Average Useful Life
 
 
 
 
 
14 years 
13 years 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
6 years 
6 years 
 
 
 
 
 
 
 
 
 
 
1 year 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Accrued Liabilities (Details) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2015
Dec. 31, 2014
Accrued Liabilities [Abstract]
 
 
Payroll and other compensation
$ 27,186 
$ 41,948 
Deferred revenue
16,453 
25,344 
CRP Accrual
4,100 
19,900 
Pension and other postretirement benefits
8,444 
8,233 
Accrued income taxes
25,682 
21,755 
Other
49,455 
44,217 
Accrued liabilities
$ 131,320 
$ 161,397 
Debt and Commitments (Details Narrative)
In Thousands, unless otherwise specified
12 Months Ended 12 Months Ended 0 Months Ended 12 Months Ended 12 Months Ended 0 Months Ended
Dec. 31, 2015
USD ($)
Dec. 31, 2014
USD ($)
Dec. 31, 2013
USD ($)
Dec. 31, 2013
Interest Expense [Member]
USD ($)
Dec. 31, 2015
Convertible Debt [Member]
USD ($)
Dec. 31, 2014
Convertible Debt [Member]
USD ($)
Dec. 31, 2015
Bank Overdrafts [Member]
USD ($)
Dec. 31, 2014
Bank Overdrafts [Member]
USD ($)
Dec. 31, 2015
Line of Credit [Member]
USD ($)
Dec. 31, 2014
Line of Credit [Member]
USD ($)
Jun. 24, 2014
Convertible Debt [Member]
3.375% Convertible Notes [Member]
USD ($)
Dec. 31, 2015
Convertible Debt [Member]
3.375% Convertible Notes [Member]
Jun. 30, 2014
Convertible Debt [Member]
3.375% Convertible Notes [Member]
Jun. 24, 2014
Convertible Debt [Member]
3.375% Convertible Notes [Member]
USD ($)
Jun. 16, 2014
Convertible Debt [Member]
3.375% Convertible Notes [Member]
USD ($)
Dec. 31, 2015
Revolving Credit Agreement [Member]
USD ($)
Dec. 31, 2014
Revolving Credit Agreement [Member]
USD ($)
Dec. 31, 2015
Bank Overdrafts [Member]
Dec. 31, 2015
Senior Notes [Member]
3.97% Senior Notes [Member]
USD ($)
Dec. 31, 2014
Senior Notes [Member]
3.97% Senior Notes [Member]
USD ($)
Oct. 15, 2014
Senior Notes [Member]
3.97% Senior Notes [Member]
USD ($)
Dec. 31, 2015
Foreign bank borrowings [Member]
USD ($)
Dec. 31, 2014
Foreign bank borrowings [Member]
USD ($)
Dec. 31, 2015
Euro Member Countries, Euro
Revolving Credit Agreement [Member]
USD ($)
Dec. 31, 2014
Euro Member Countries, Euro
Revolving Credit Agreement [Member]
USD ($)
Dec. 31, 2014
Euro Member Countries, Euro
Revolving Credit Agreement [Member]
EUR (€)
Dec. 31, 2015
Minimum
Revolving Credit Agreement [Member]
Dec. 31, 2015
Maximum
Revolving Credit Agreement [Member]
Oct. 15, 2014
Maximum
Senior Notes [Member]
Adjusted for Certain Acquisitons [Member]
Sep. 27, 2013
London Interbank Offered Rate (LIBOR) [Member]
Revolving Credit Agreement [Member]
Debt Instrument [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt instrument, face amount
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$ 100,000 
 
 
 
 
 
 
 
 
 
Convertible notes stated interest rate
 
 
 
 
 
 
 
 
 
 
 
 
3.375% 
 
3.375% 
 
 
 
 
 
3.97% 
 
 
 
 
 
 
 
 
 
Carrying amount of debt
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
379,700 
393,518 
 
100,000 
100,000 
 
421 
0 
 
 
 
 
 
 
 
Repayments of convertible debt, including premium on conversion
 
 
 
 
 
 
 
 
 
 
70,497 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Premium paid on convertible debt redemption
0 
14,868 
0 
 
 
 
 
 
 
 
14,868 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Adjustments to additional paid in capital, premium paid on convertible debt redemption
 
 
 
 
 
 
 
 
 
 
9,326 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Adjustments to additional paid in capital, income tax benefit from premium paid on convertible debt redemption, tax
 
 
 
 
 
 
 
 
 
 
5,542 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Contingent convertible debt interest, amount recaptured for income tax purpose
 
 
 
 
 
 
 
 
 
 
23,565 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Reduction in short-term deferred tax liabilities
 
 
 
 
 
 
 
 
 
 
8,784 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt instrument, convertible, effective interest rate
 
 
 
 
 
 
 
 
 
 
 
8.00% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Line of credit facility maximum borrowing capacity
 
 
 
 
 
 
 
 
56,000 
 
 
 
 
 
 
750,000 
 
 
 
 
 
 
 
500,000 
 
 
 
 
 
 
Line of Credit Facility With Accordian Feature, Maximum Borrowing Capacity
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt Instrument, Description of Variable Rate Basis
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
LIBOR 
Debt Instrument, Prepayment Percentage of Principal Amount
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
100.00% 
 
 
 
 
 
 
 
 
 
Debt Conversion, Converted Instrument, Amount Redeemed with Accrued Interest
 
 
 
 
 
 
 
 
 
 
7 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt Conversion, Converted Instrument, Amount
 
 
 
 
 
 
 
 
 
 
55,405 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt instrument basis spread on LIBOR
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1.10% 
1.70% 
 
 
Fees and expenses paid with amendment
 
 
 
1,261 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Line of credit facility, amount outstanding
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
379,700 
393,518 
 
 
 
 
 
 
 
37,618 
30,945 
 
 
 
 
Line of credit facility remaining borrowing capacity
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
370,300 
356,482 
 
 
 
 
 
 
 
 
 
 
 
 
 
Line of credit facility, interest rate at period end
 
 
 
 
 
 
 
 
1.56% 
1.23% 
 
 
 
 
 
1.50% 
1.33% 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt covenant ratio of senior debt to EBITDA
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
3.25 
3.50 
 
Debt covenant ratio of total debt to EBITDA
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
4.00 
4.25 
 
Debt covenant ratio of EBITDA to cash interest expense
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
4.25 
 
 
 
Notes and overdrafts payable
22,680 
8,028 
 
 
 
 
180 
478 
22,500 
7,550 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Repayment period
 
 
 
 
 
 
 
 
1 month 
 
 
 
 
 
 
 
 
2 days 
 
 
 
 
 
 
 
 
 
 
 
 
Letters of credit outstanding, amount
8,689 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Convertible Note Repurchases, Par Value
 
 
 
 
 
 
 
 
 
 
 
 
 
 
224 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Convertible notes
 
 
 
 
$ 0 
$ 0 
 
 
 
 
 
 
 
$ 55,412 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt and Commitments (Details 1) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2015
Dec. 31, 2014
Debt Instrument [Line Items]
 
 
Fair Value
$ 508,265 
$ 509,283 
Borrowings under lines of credit and overdrafts
22,680 
8,028 
Total debt, net of unamortized discounts
509,906 
504,734 
Less current maturities
(24,195)
(8,890)
Long-term debt
485,711 
495,844 
Revolving Credit Agreement [Member]
 
 
Debt Instrument [Line Items]
 
 
Carrying Amount
379,700 
393,518 
Fair Value
375,188 
394,917 
Senior Notes [Member] |
3.97% Senior Notes [Member]
 
 
Debt Instrument [Line Items]
 
 
Carrying Amount
100,000 
100,000 
Fair Value
102,484 
102,859 
Lines of credit and overdrafts [Member]
 
 
Debt Instrument [Line Items]
 
 
Fair Value
22,680 
8,028 
Borrowings under lines of credit and overdrafts
22,680 
8,028 
Capital Lease Obligations [Member]
 
 
Debt Instrument [Line Items]
 
 
Carrying Amount
7,105 
3,188 
Fair Value
7,503 
3,479 
Foreign bank borrowings [Member]
 
 
Debt Instrument [Line Items]
 
 
Carrying Amount
421 
0 
Fair Value
$ 410 
$ 0 
Debt and Commitments (Details 2) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Debt Instrument [Line Items]
 
 
Interest expense on convertible notes
$ 1,777 
$ 4,269 
Coupon [Member] |
Convertible Debt [Member] |
3.375% Convertible Notes [Member]
 
 
Debt Instrument [Line Items]
 
 
Interest expense on convertible notes
1,046 
1,878 
Debt discount amortization [Member] |
Convertible Debt [Member] |
3.375% Convertible Notes [Member]
 
 
Debt Instrument [Line Items]
 
 
Interest expense on convertible notes
$ 731 
$ 2,391 
Debt and Commitments (Details 3) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2015
Debt Disclosure [Abstract]
 
Long-term Debt, Maturities, Repayments of Principal in 2016
$ 24,195 
Long-term Debt, Maturities, Repayments of Principal in 2017
1,551 
Long-term Debt, Maturities, Repayments of Principal in 2018
380,551 
Long-term Debt, Maturities, Repayments of Principal in 2019
732 
Long-term Debt, Maturities, Repayments of Principal in 2020
465 
Long-term Debt, Maturities, Repayments of Principal, thereafter
$ 102,412 
Debt and Commitments (Details 4) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Debt Disclosure [Abstract]
 
 
 
Interest Paid
$ 10,550 
$ 10,471 
$ 11,636 
Interest Capitalized
$ 422 
$ 359 
$ 247 
Business Reorganization (Details) (USD $)
In Thousands, unless otherwise specified
3 Months Ended 12 Months Ended
Mar. 31, 2014
employee
Dec. 31, 2014
Restructuring Cost and Reserve [Line Items]
 
 
Number of positions eliminated
50 
 
Restructuring and related costs
 
$ 6,020 
One-time Termination Benefits [Member]
 
 
Restructuring Cost and Reserve [Line Items]
 
 
Restructuring and related costs
 
2,182 
Other Restructuring [Member]
 
 
Restructuring Cost and Reserve [Line Items]
 
 
Restructuring and related costs
 
$ 3,838 
Derivatives (Details) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2015
Dec. 31, 2014
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract]
 
 
Derivative Liabilities
$ (458)
$ (1,646)
Designated as Hedging Instrument [Member]
 
 
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract]
 
 
Derivative Liabilities
(357)
(947)
Prepaid Assets and Other Current Assets [Member]
 
 
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract]
 
 
Derivative Assets
699 
460 
Prepaid Assets and Other Current Assets [Member] |
Designated as Hedging Instrument [Member]
 
 
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract]
 
 
Derivative Assets
484 
0 
Prepaid Assets and Other Current Assets [Member] |
Designated as Hedging Instrument [Member] |
Interest Rate Contracts [Member]
 
 
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract]
 
 
Derivative Assets
0 
0 
Prepaid Assets and Other Current Assets [Member] |
Designated as Hedging Instrument [Member] |
Foreign Exchange Contracts [Member]
 
 
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract]
 
 
Derivative Assets
484 
0 
Prepaid Assets and Other Current Assets [Member] |
Not Designated as Hedging Instrument [Member] |
Foreign Exchange Contracts [Member]
 
 
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract]
 
 
Derivative Assets
215 
460 
Accrued Liabilities [Member] |
Designated as Hedging Instrument [Member] |
Foreign Exchange Contracts [Member]
 
 
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract]
 
 
Derivative Liabilities
0 
(652)
Accrued Liabilities [Member] |
Not Designated as Hedging Instrument [Member] |
Foreign Exchange Contracts [Member]
 
 
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract]
 
 
Derivative Liabilities
(101)
(699)
Other Liabilities [Member] |
Designated as Hedging Instrument [Member] |
Interest Rate Contracts [Member]
 
 
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract]
 
 
Derivative Liabilities
$ (357)
$ (295)
Derivatives (Details 1) (USD $)
In Thousands, unless otherwise specified
12 Months Ended 1 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2015
Foreign Exchange Contracts [Member]
Dec. 31, 2015
Designated as Hedging Instrument [Member]
Cash Flow Hedging [Member]
Dec. 31, 2014
Designated as Hedging Instrument [Member]
Cash Flow Hedging [Member]
Dec. 31, 2015
Designated as Hedging Instrument [Member]
Cash Flow Hedging [Member]
Interest Rate Contracts [Member]
Dec. 31, 2014
Designated as Hedging Instrument [Member]
Cash Flow Hedging [Member]
Interest Rate Contracts [Member]
Dec. 31, 2015
Designated as Hedging Instrument [Member]
Cash Flow Hedging [Member]
Foreign Exchange Contracts [Member]
Dec. 31, 2014
Designated as Hedging Instrument [Member]
Cash Flow Hedging [Member]
Foreign Exchange Contracts [Member]
Dec. 31, 2015
Not Designated as Hedging Instrument [Member]
Foreign Exchange Contracts [Member]
Dec. 31, 2014
Not Designated as Hedging Instrument [Member]
Foreign Exchange Contracts [Member]
Apr. 30, 2012
Interest Rate Swap [Member]
Designated as Hedging Instrument [Member]
Cash Flow Hedging [Member]
Bank
Apr. 30, 2012
Interest Rate Swap [Member]
Designated as Hedging Instrument [Member]
Cash Flow Hedging [Member]
Derivative [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Term of Interest Rate Derivatives
 
 
 
 
 
 
 
 
 
 
 
 
5 years 
 
Number of Banks Transacted With for Interest Rate Swap Agreements
 
 
 
 
 
 
 
 
 
 
 
 
3 
 
Derivative, Amount of Hedged Item
 
 
 
 
 
 
 
 
 
 
 
 
$ 100,000 
 
Debt Instrument, Description of Variable Rate Basis
 
 
 
 
 
 
 
 
 
 
 
 
one-month LIBOR 
 
Derivative, Fixed Interest Rate
 
 
 
 
 
 
 
 
 
 
 
 
 
1.03% 
Maximum Remaining Maturity of Foreign Currency Derivatives
2 years 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other
9,850 
(338)
(1,472)
10,309 
 
 
 
 
 
 
 
 
 
 
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net
 
 
 
 
847 
(213)
(39)
48 
886 
(261)
 
 
 
 
Derivative, Net Hedge Ineffectiveness Gain (Loss)
0 
0 
 
 
 
 
 
 
 
 
 
 
 
 
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net
 
 
 
 
 
 
 
 
 
 
$ 8,215 
$ (810)
 
 
Fair Value Measurements (Details) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2015
Minimum
Dec. 31, 2015
Maximum
Dec. 31, 2015
Fair Value, Measurements, Recurring
Estimate of Fair Value Measurement [Member]
Dec. 31, 2014
Fair Value, Measurements, Recurring
Estimate of Fair Value Measurement [Member]
Dec. 31, 2015
Fair Value, Measurements, Recurring
Quoted Prices in Active Markets for Identical Assets (Level 1)
Dec. 31, 2014
Fair Value, Measurements, Recurring
Quoted Prices in Active Markets for Identical Assets (Level 1)
Dec. 31, 2015
Fair Value, Measurements, Recurring
Significant Other Observable Inputs (Level 2)
Dec. 31, 2014
Fair Value, Measurements, Recurring
Significant Other Observable Inputs (Level 2)
Dec. 31, 2015
Fair Value, Measurements, Recurring
Significant Unobservable Inputs (Level 3)
Dec. 31, 2014
Fair Value, Measurements, Recurring
Significant Unobservable Inputs (Level 3)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
Derivative Assets
 
 
 
 
$ 699 
$ 460 
$ 0 
$ 0 
$ 699 
$ 460 
$ 0 
$ 0 
Derivative Liabilities
(458)
(1,646)
 
 
(458)
(1,646)
0 
0 
(458)
(1,646)
0 
0 
Bank acceptances
 
 
 
 
10,823 
10,785 
0 
0 
10,823 
10,785 
0 
0 
Rabbi Trust Asset Fair Value Disclosure
 
 
 
 
2,159 
2,092 
2,159 
2,092 
0 
0 
0 
0 
Fair value net asset (liability)
 
 
 
 
$ 13,223 
$ 11,691 
$ 2,159 
$ 2,092 
$ 11,064 
$ 9,599 
$ 0 
$ 0 
Maturity of Bank Acceptances
 
 
3 months 
6 months 
 
 
 
 
 
 
 
 
Pension and Other Postretirement Benefits (Details 1) (USD $)
In Thousands, unless otherwise specified
12 Months Ended 1 Months Ended 12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2015
Defined benefit pension plans, U.S. [Member]
Dec. 31, 2015
Defined benefit pension plans, U.S. [Member]
Dec. 31, 2014
Defined benefit pension plans, U.S. [Member]
Dec. 31, 2015
Defined benefit pension plans, U.S. [Member]
Selling, General and Administrative Expenses [Member]
Dec. 31, 2015
Retirement Savings Plan [Member]
Dec. 31, 2014
Retirement Savings Plan [Member]
Dec. 31, 2013
Retirement Savings Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
 
 
 
 
 
 
 
 
 
 
Contribution expense
$ 5,347 
$ 5,213 
$ 4,780 
 
 
 
 
$ 3,666 
$ 3,278 
$ 2,815 
Annual Retirement Contribution Percent
 
 
 
 
 
 
 
4.00% 
 
 
Defined Benefit Plan, Benefits Paid
 
 
 
27,986 
52,490 
23,960 
 
 
 
 
Pension lump-sum settlement charge
$ 9,856 
$ 0 
$ 0 
 
$ 0 
$ 0 
$ 9,856 
 
 
 
Pension and Other Postretirement Benefits (Details 2) (USD $)
In Thousands, unless otherwise specified
12 Months Ended 1 Months Ended 12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2015
Defined benefit pension plans [Member]
Dec. 31, 2014
Defined benefit pension plans [Member]
Dec. 31, 2013
Defined benefit pension plans [Member]
Dec. 31, 2015
Defined benefit pension plans, U.S. [Member]
Dec. 31, 2015
Defined benefit pension plans, U.S. [Member]
Dec. 31, 2014
Defined benefit pension plans, U.S. [Member]
Dec. 31, 2015
Defined benefit pension plans, Non-U.S. [Member]
Dec. 31, 2014
Defined benefit pension plans, Non-U.S. [Member]
Dec. 31, 2015
Other postretirement benefit plans [Member]
Dec. 31, 2014
Other postretirement benefit plans [Member]
Dec. 31, 2013
Other postretirement benefit plans [Member]
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Benefit obligation, beginning balance
 
 
 
$ 513,384 
$ 453,722 
 
 
$ 433,079 
$ 374,740 
$ 80,305 
$ 78,982 
$ 46,814 
$ 46,243 
 
Service cost
 
 
 
5,508 
4,546 
6,181 
 
4,160 
3,549 
1,348 
997 
145 
139 
233 
Interest cost
 
 
 
20,019 
22,026 
20,112 
 
17,967 
19,129 
2,052 
2,897 
1,836 
2,179 
2,061 
Amendments
 
 
 
(463)
 
 
 
0 
 
(463)
 
 
 
 
Actuarial loss
 
 
 
(18,910)
68,634 
 
 
(16,622)
58,906 
(2,288)
9,728 
(2,521)
3,049 
 
Benefits paid
 
 
 
(56,734)
(27,365)
 
(27,986)
(52,490)
(23,960)
(4,244)
(3,405)
(6,970)
(7,568)
 
Transfers in
 
 
 
3,951 
1,929 
 
 
0 
0 
3,951 
1,929 
 
 
 
Curtailment gain
 
 
 
(465)
0 
 
 
(465)
0 
0 
0 
0 
0 
 
Plan Settlement
(9,856)
0 
0 
(375)
(4,949)
 
 
0 
0 
(375)
(4,949)
 
 
 
Special termination benefit
 
 
 
0 
715 
1,016 
 
0 
715 
0 
0 
0 
0 
0 
Participant contributions
 
 
 
368 
906 
 
 
0 
0 
368 
906 
2,486 
2,833 
 
Foreign exchange rate changes
 
 
 
(5,248)
(6,780)
 
 
0 
0 
(5,248)
(6,780)
(84)
(61)
 
Benefit obligation, ending balance
 
 
 
461,035 
513,384 
453,722 
385,629 
385,629 
433,079 
75,406 
80,305 
41,706 
46,814 
46,243 
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fair value of plan assets, beginning balance
 
 
 
452,687 
453,578 
 
 
380,937 
379,059 
71,750 
74,519 
0 
0 
 
Actual return on plan assets
 
 
 
(3,781)
26,785 
 
 
(5,045)
20,436 
1,264 
6,349 
 
 
 
Company contributions
 
 
 
4,527 
7,621 
 
 
3,427 
5,402 
1,100 
2,219 
4,484 
4,735 
 
Participant contributions
 
 
 
368 
906 
 
 
0 
0 
368 
906 
2,486 
2,833 
 
Benefits paid
 
 
 
(56,734)
(27,365)
 
(27,986)
(52,490)
(23,960)
(4,244)
(3,405)
(6,970)
(7,568)
 
Plan Settlements
 
 
 
(376)
(4,949)
 
 
0 
0 
(376)
(4,949)
 
 
 
Transfers in
 
 
 
3,434 
1,929 
 
 
0 
0 
3,434 
1,929 
 
 
 
Foreign exchange rate changes
 
 
 
(4,743)
(5,818)
 
 
0 
0 
(4,743)
(5,818)
 
 
 
Fair value of plan assets, ending balance
 
 
 
395,382 
452,687 
453,578 
326,829 
326,829 
380,937 
68,553 
71,750 
0 
0 
0 
Funded/(underfunded) status, December 31
 
 
 
$ (65,653)
$ (60,697)
 
$ (58,800)
$ (58,800)
$ (52,142)
$ (6,853)
$ (8,555)
$ 41,706 
$ 46,814 
 
Pension and Other Postretirement Benefits (Details 3) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2015
Dec. 31, 2014
Defined benefit pension plans [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Projected benefit obligation, related to pension plans with benefit obligations in excess of plan assets
$ 303,072 
$ 327,038 
Fair value of plan assets, related to pension plans with benefit obligations in excess of plan assets
224,469 
251,965 
Defined benefit pension plans, U.S. [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Projected benefit obligation, related to pension plans with benefit obligations in excess of plan assets
271,459 
297,067 
Fair value of plan assets, related to pension plans with benefit obligations in excess of plan assets
204,270 
234,305 
Defined benefit pension plans, Non-U.S. [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Projected benefit obligation, related to pension plans with benefit obligations in excess of plan assets
31,613 
29,971 
Fair value of plan assets, related to pension plans with benefit obligations in excess of plan assets
$ 20,199 
$ 17,660 
Pension and Other Postretirement Benefits (Details 4) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2015
Dec. 31, 2014
Defined benefit pension plans [Member]
 
 
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets [Abstract]
 
 
Projected benefit obligation
$ 302,019 
$ 320,563 
Accumulated benefit obligation
289,170 
306,663 
Fair value of plan assets
223,526 
246,857 
Total accumulated benefit obligation
447,591 
497,453 
Defined benefit pension plans, U.S. [Member]
 
 
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets [Abstract]
 
 
Projected benefit obligation
271,459 
297,067 
Accumulated benefit obligation
262,172 
286,217 
Fair value of plan assets
204,270 
234,305 
Defined benefit pension plans, Non-U.S. [Member]
 
 
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets [Abstract]
 
 
Projected benefit obligation
30,560 
23,496 
Accumulated benefit obligation
26,998 
20,446 
Fair value of plan assets
$ 19,256 
$ 12,552 
Pension and Other Postretirement Benefits (Details 5) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2015
Dec. 31, 2014
Defined Benefit Plan Disclosure [Line Items]
 
 
Accrued liabilities
$ 8,444 
$ 8,233 
Accrued retirement benefits
112,888 
115,057 
Defined benefit pension plans [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Other assets
12,950 
14,502 
Accrued liabilities
3,185 
3,186 
Accrued retirement benefits
75,418 
72,013 
Accumulated other non-owner changes to equity, net
(99,826)
(107,614)
Net actuarial loss
(99,642)
(106,805)
Prior service costs
(184)
(809)
Defined benefit pension plans, U.S. [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Other assets
8,389 
10,620 
Accrued liabilities
2,806 
2,810 
Accrued retirement benefits
64,383 
59,952 
Accumulated other non-owner changes to equity, net
(83,014)
(86,925)
Net actuarial loss
(82,643)
(86,399)
Prior service costs
(371)
(526)
Defined benefit pension plans, Non-U.S. [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Other assets
4,561 
3,882 
Accrued liabilities
379 
376 
Accrued retirement benefits
11,035 
12,061 
Accumulated other non-owner changes to equity, net
(16,812)
(20,689)
Net actuarial loss
(16,999)
(20,406)
Prior service costs
187 
(283)
Other postretirement benefit plans [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Accrued liabilities
5,259 
5,047 
Accrued retirement benefits
36,447 
41,767 
Accumulated other non-owner changes to equity, net
(5,877)
(7,675)
Net actuarial loss
(6,061)
(8,212)
Prior service costs
$ 184 
$ 537 
Pension and Other Postretirement Benefits (Details 6) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax
$ (9,586)1
$ 42,016 1
$ (73,168)1
Defined benefit pension plans [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Prior service cost
379 
 
 
Net loss
(10,493)
 
 
Amortization of prior service costs (credits)
213 
 
 
Amortization of actuarial loss
16,007 
 
 
Foreign exchange rate changes
1,682 
 
 
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax
7,788 
 
 
Other postretirement benefit plans [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Prior service cost
0 
 
 
Net loss
1,557 
 
 
Amortization of prior service costs (credits)
(354)
 
 
Amortization of actuarial loss
627 
 
 
Foreign exchange rate changes
(32)
 
 
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax
$ 1,798 
 
 
Pension and Other Postretirement Benefits (Details 7)
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Defined benefit pension plans, U.S. [Member]
 
 
 
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract]
 
 
 
Discount rate
4.65% 
4.25% 
 
Increase in compensation
3.71% 
3.73% 
 
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract]
 
 
 
Discount rate
4.25% 
5.20% 
4.25% 
Long-term rate of return
8.25% 
9.00% 
9.00% 
Increase in compensation
3.71% 
3.72% 
3.71% 
Defined benefit pension plans, Non-U.S. [Member]
 
 
 
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract]
 
 
 
Discount rate
2.80% 
2.74% 
 
Increase in compensation
2.71% 
2.72% 
 
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract]
 
 
 
Discount rate
2.74% 
3.93% 
3.73% 
Long-term rate of return
5.00% 
5.07% 
5.33% 
Increase in compensation
2.72% 
2.76% 
2.69% 
Pension and Other Postretirement Benefits (Details 8) (Defined benefit pension plans [Member])
3 Months Ended 9 Months Ended
Dec. 31, 2014
Sep. 30, 2014
Equity Securities [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
The weighted-average target investment allocations in equity securities
65.00% 
70.00% 
Fixed Income Securities [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
The weighted-average target investment allocations in equity securities
30.00% 
20.00% 
Real estate securities [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
The weighted-average target investment allocations in equity securities
 
5.00% 
Other Investments [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
The weighted-average target investment allocations in equity securities
5.00% 
5.00% 
Pension and Other Postretirement Benefits (Details 9) (Defined benefit pension plans [Member], USD $)
In Thousands, unless otherwise specified
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Fair Value of Plan Assets
$ 395,382 
$ 452,687 
$ 453,578 
Quoted Prices in Active Markets for Identical Assets (Level 1)
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Fair Value of Plan Assets
141,951 
172,875 
 
Significant Other Observable Inputs (Level 2)
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Fair Value of Plan Assets
251,574 
277,692 
 
Significant Unobservable Inputs (Level 3)
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Fair Value of Plan Assets
1,857 
2,120 
 
Cash and short-term investments [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Fair Value of Plan Assets
18,795 
10,805 
 
Cash and short-term investments [Member] |
Quoted Prices in Active Markets for Identical Assets (Level 1)
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Fair Value of Plan Assets
18,795 
10,805 
 
Cash and short-term investments [Member] |
Significant Other Observable Inputs (Level 2)
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Fair Value of Plan Assets
0 
0 
 
Cash and short-term investments [Member] |
Significant Unobservable Inputs (Level 3)
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Fair Value of Plan Assets
0 
0 
 
Equity Securities, U.S. large-cap [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Fair Value of Plan Assets
67,274 
137,051 
 
Equity Securities, U.S. large-cap [Member] |
Quoted Prices in Active Markets for Identical Assets (Level 1)
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Fair Value of Plan Assets
28,190 
65,484 
 
Equity Securities, U.S. large-cap [Member] |
Significant Other Observable Inputs (Level 2)
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Fair Value of Plan Assets
39,084 
71,567 
 
Equity Securities, U.S. large-cap [Member] |
Significant Unobservable Inputs (Level 3)
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Fair Value of Plan Assets
0 
0 
 
Equity Securities, U.S. mid-cap [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Fair Value of Plan Assets
38,790 
48,614 
 
Equity Securities, U.S. mid-cap [Member] |
Quoted Prices in Active Markets for Identical Assets (Level 1)
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Fair Value of Plan Assets
38,790 
48,614 
 
Equity Securities, U.S. mid-cap [Member] |
Significant Other Observable Inputs (Level 2)
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Fair Value of Plan Assets
0 
0 
 
Equity Securities, U.S. mid-cap [Member] |
Significant Unobservable Inputs (Level 3)
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Fair Value of Plan Assets
0 
0 
 
Equity Securities, U.S. small-cap [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Fair Value of Plan Assets
38,248 
47,972 
 
Equity Securities, U.S. small-cap [Member] |
Quoted Prices in Active Markets for Identical Assets (Level 1)
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Fair Value of Plan Assets
38,248 
47,972 
 
Equity Securities, U.S. small-cap [Member] |
Significant Other Observable Inputs (Level 2)
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Fair Value of Plan Assets
0 
0 
 
Equity Securities, U.S. small-cap [Member] |
Significant Unobservable Inputs (Level 3)
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Fair Value of Plan Assets
0 
0 
 
Equity Securities, International equities [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Fair Value of Plan Assets
91,563 
71,451 
 
Equity Securities, International equities [Member] |
Quoted Prices in Active Markets for Identical Assets (Level 1)
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Fair Value of Plan Assets
0 
0 
 
Equity Securities, International equities [Member] |
Significant Other Observable Inputs (Level 2)
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Fair Value of Plan Assets
91,563 
71,451 
 
Equity Securities, International equities [Member] |
Significant Unobservable Inputs (Level 3)
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Fair Value of Plan Assets
0 
0 
 
Equity Securities, Global Entity [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Fair Value of Plan Assets
17,928 
 
 
Equity Securities, Global Entity [Member] |
Quoted Prices in Active Markets for Identical Assets (Level 1)
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Fair Value of Plan Assets
17,928 
 
 
Equity Securities, Global Entity [Member] |
Significant Other Observable Inputs (Level 2)
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Fair Value of Plan Assets
0 
 
 
Equity Securities, Global Entity [Member] |
Significant Unobservable Inputs (Level 3)
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Fair Value of Plan Assets
0 
 
 
U.S. bond funds [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Fair Value of Plan Assets
84,645 
79,810 
 
U.S. bond funds [Member] |
Quoted Prices in Active Markets for Identical Assets (Level 1)
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Fair Value of Plan Assets
0 
0 
 
U.S. bond funds [Member] |
Significant Other Observable Inputs (Level 2)
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Fair Value of Plan Assets
84,645 
79,810 
 
U.S. bond funds [Member] |
Significant Unobservable Inputs (Level 3)
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Fair Value of Plan Assets
0 
0 
 
International bonds [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Fair Value of Plan Assets
36,282 
35,949 
 
International bonds [Member] |
Quoted Prices in Active Markets for Identical Assets (Level 1)
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Fair Value of Plan Assets
0 
0 
 
International bonds [Member] |
Significant Other Observable Inputs (Level 2)
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Fair Value of Plan Assets
36,282 
35,949 
 
International bonds [Member] |
Significant Unobservable Inputs (Level 3)
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Fair Value of Plan Assets
0 
0 
 
Real estate securities [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Fair Value of Plan Assets
0 
18,915 
 
Real estate securities [Member] |
Quoted Prices in Active Markets for Identical Assets (Level 1)
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Fair Value of Plan Assets
0 
0 
 
Real estate securities [Member] |
Significant Other Observable Inputs (Level 2)
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Fair Value of Plan Assets
0 
18,915 
 
Real estate securities [Member] |
Significant Unobservable Inputs (Level 3)
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Fair Value of Plan Assets
0 
0 
 
Other [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Fair Value of Plan Assets
1,857 
2,120 
 
Other [Member] |
Quoted Prices in Active Markets for Identical Assets (Level 1)
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Fair Value of Plan Assets
0 
0 
 
Other [Member] |
Significant Other Observable Inputs (Level 2)
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Fair Value of Plan Assets
0 
0 
 
Other [Member] |
Significant Unobservable Inputs (Level 3)
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Fair Value of Plan Assets
$ 1,857 
$ 2,120 
 
Pension and Other Postretirement Benefits (Details 10) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Defined benefit pension plans [Member]
 
Defined Benefit Plan Disclosure [Line Items]
 
Estimated future employer contributions in next fiscal year
$ 19,398 
Defined Benefit Plan, Estimated Future Benefit Payments [Abstract]
 
2016
29,147 
2017
29,071 
2018
28,980 
2019
29,290 
2020
29,051 
Years 2020-2024
145,470 
Total
291,009 
Defined benefit pension plans, U.S. [Member]
 
Defined Benefit Plan Disclosure [Line Items]
 
Estimated future employer contributions in next fiscal year
15,000 
Other postretirement benefit plans [Member]
 
Defined Benefit Plan, Estimated Future Benefit Payments [Abstract]
 
2016
4,467 
2017
3,933 
2018
3,540 
2019
3,687 
2020
3,468 
Years 2020-2024
14,242 
Total
$ 33,337 
Pension and Other Postretirement Benefits (Details 11) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Defined benefit pension plans [Member]
 
 
 
Pension and other postretirement benefits expenses
 
 
 
Service cost
$ 5,508 
$ 4,546 
$ 6,181 
Interest cost
20,019 
22,026 
20,112 
Expected return on plan assets
(32,404)
(34,232)
(33,144)
Amortization of prior service cost
305 
648 
752 
Recognized losses
15,004 
8,617 
16,365 
Curtailment loss gain
0 
219 
199 
Settlement loss
9,939 
871 
637 
Special termination benefit
0 
715 
1,016 
Net periodic benefit cost
18,371 
3,410 
12,118 
Estimated net actuarial loss for the defined benefit pension plans that will be amortized from accumulated other non-owner changes to equity into net periodic benefit cost in 2013
10,218 
 
 
Estimated prior service cost for the defined benefit pension plans that will be amortized from accumulated other non-owner changes to equity into net periodic benefit cost (credit) in 2013
207 
 
 
Other postretirement benefit plans [Member]
 
 
 
Pension and other postretirement benefits expenses
 
 
 
Service cost
145 
139 
233 
Interest cost
1,836 
2,179 
2,061 
Expected return on plan assets
0 
0 
0 
Amortization of prior service cost
(564)
(871)
(1,006)
Recognized losses
1,011 
1,017 
1,004 
Curtailment loss gain
0 
4 
(3,081)
Settlement loss
0 
0 
0 
Special termination benefit
0 
0 
0 
Net periodic benefit cost
2,428 
2,468 
(789)
Estimated net actuarial loss for the defined benefit pension plans that will be amortized from accumulated other non-owner changes to equity into net periodic benefit cost in 2013
704 
 
 
Estimated prior service cost for the defined benefit pension plans that will be amortized from accumulated other non-owner changes to equity into net periodic benefit cost (credit) in 2013
$ (373)
 
 
Pension and Other Postretirement Benefits (Details 12) (Other postretirement benefit plans [Member], USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Other postretirement benefit plans [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Ultimate health care cost trend rate
4.50% 
 
Health care cost trend rate assumed
6.65% 
6.88% 
Defined Benefit Plan, Effect of One-Percentage Point Change in Assumed Health Care Cost Trend Rates [Abstract]
 
 
One Percentage Point Increase, Effect on postretirement benefit oblilgation
$ 391 
 
One Percentage Point Decrease, Effect on postretirement benefit oblilgation
(360)
 
One Percentage Point Increase, Effect on postretirement benefit cost
17 
 
One Percentage Point Decrease, Effect on postretirement benefit cost
$ (15)
 
Pension and Other Postretirement Benefits (Details 13) (USD $)
In Thousands, unless otherwise specified
12 Months Ended 3 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2015
Multi-employer pension plan [Member]
Teamsters Local 641 Pension Fund [Member]
Dec. 31, 2014
Multi-employer pension plan [Member]
Teamsters Local 641 Pension Fund [Member]
Dec. 31, 2013
Multi-employer pension plan [Member]
Teamsters Local 641 Pension Fund [Member]
Dec. 31, 2015
Multi-employer pension plan [Member]
Swedish Pension Plan (ITP) (B) [Member]
Dec. 31, 2014
Multi-employer pension plan [Member]
Swedish Pension Plan (ITP) (B) [Member]
Dec. 31, 2013
Multi-employer pension plan [Member]
Swedish Pension Plan (ITP) (B) [Member]
Dec. 31, 2015
Multi-employer post-retirement benefit plan [Member]
Dec. 31, 2014
Multi-employer post-retirement benefit plan [Member]
Dec. 31, 2013
Multi-employer post-retirement benefit plan [Member]
Mar. 31, 2013
Barnes Distribution North America [Member]
Multiemployer Plans [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
Withdrawl from Multi-Employer Post Retirement Benefit Plan Expense
 
 
 
 
 
 
 
 
 
 
 
 
$ 2,788 
Contributions by the Company
$ 343 
$ 379 
$ 437 
$ 0 
$ 0 
$ 23 
$ 343 
$ 379 
$ 414 
$ 0 
$ 0 
$ 40 
 
Stock-based Compensation - Narrative (Details) (USD $)
In Thousands, except Per Share data, unless otherwise specified
12 Months Ended 3 Months Ended 12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2015
Minimum
Dec. 31, 2015
Maximum
Dec. 31, 2015
Employee Stock Option [Member]
Mar. 31, 2013
Equity Award Modification [Member]
Dec. 31, 2013
Equity Award Modification [Member]
Dec. 31, 2015
Performance Share Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
 
 
 
 
 
 
Exercise Period of Stock Options from Date of Grant
 
 
 
 
 
10 years 
 
 
 
Exercise Period of Stock Options from Date of Retirement
 
 
 
 
 
5 years 
 
 
 
Stock compensation expense
$ 9,258 
$ 7,603 
$ 18,128 
 
 
 
$ 10,492 
$ 10,492 
 
Award vesting period
 
 
 
6 months 
5 years 
 
 
 
3 years 
Performance period
 
 
 
 
 
 
 
 
3 years 
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Term
10 years 
 
 
 
 
 
 
 
 
Allocated Share-based Compensation Expense
9,258 
7,603 
18,128 
 
 
 
 
 
 
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense
3,451 
2,834 
6,757 
 
 
 
 
 
 
Adjustments to Additional Paid in Capital, Income Tax Benefit from Share-based Compensation
2,667 
4,888 
3,899 
 
 
 
 
 
 
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized
12,875 
 
 
 
 
 
 
 
 
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition
2 years 0 months 26 days 
 
 
 
 
 
 
 
 
Employee Service Share-based Compensation, Cash Received from Exercise of Stock Options
11,022 
11,024 
13,034 
 
 
 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Total Intrinsic Value
$ 8,331 
$ 11,178 
$ 14,022 
 
 
 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value
$ 8.86 
$ 12.14 
$ 8.77 
 
 
 
 
 
 
Stock-Based Compensation (Details 1) (USD $)
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Share-based Compensation [Abstract]
 
 
Weighted-Average Exercise Price, Options Outstanding
$ 25.63 
$ 22.72 
Weighted-Average Exercise Price, Options Granted
$ 36.49 
 
Weighted-Average Exercise Price, Options Exercised
$ 22.42 
 
Weighted-Average Exercise Price, Options Forfeited
$ 32.89 
 
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
 
 
Options Outstanding
1,013,224 
 
Granted
131,852 
 
Exercised
(491,638)
 
Forfeited
(9,366)
 
Options Outstanding
644,072 
 
Stock-Based Compensation (Details 2) (USD $)
12 Months Ended
Dec. 31, 2015
$11.45 to $20.69
 
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
 
Options Outstanding, Number of Shares
241,854 
Options Outstanding, Average Remaining Life (Years)
4 years 2 months 1 day 
Options Outstanding, Average Exercise Price
$ 16.41 
Options Exercisable, Number of Shares
241,854 
Options Exercisable, Average Exercise Price
$ 16.41 
Range of Exercise Prices, Lower Range Limit
$ 11.45 
Range of Exercise Prices, Upper Range Limit
$ 20.69 
$22.34 to $26.59
 
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
 
Options Outstanding, Number of Shares
191,116 
Options Outstanding, Average Remaining Life (Years)
4 years 8 months 19 days 
Options Outstanding, Average Exercise Price
$ 25.00 
Options Exercisable, Number of Shares
143,153 
Options Exercisable, Average Exercise Price
$ 25.14 
Range of Exercise Prices, Lower Range Limit
$ 22.34 
Range of Exercise Prices, Upper Range Limit
$ 26.59 
$33.45 to $36.31
 
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
 
Options Outstanding, Number of Shares
121,800 
Options Outstanding, Average Remaining Life (Years)
8 years 11 months 27 days 
Options Outstanding, Average Exercise Price
$ 36.26 
Options Exercisable, Number of Shares
2,000 
Options Exercisable, Average Exercise Price
$ 33.45 
Range of Exercise Prices, Lower Range Limit
$ 33.45 
Range of Exercise Prices, Upper Range Limit
$ 36.31 
$37.13 to $38.96
 
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
 
Options Outstanding, Number of Shares
89,302 
Options Outstanding, Average Remaining Life (Years)
8 years 3 months 11 days 
Options Outstanding, Average Exercise Price
$ 37.43 
Options Exercisable, Number of Shares
26,726 
Options Exercisable, Average Exercise Price
$ 37.26 
Range of Exercise Prices, Lower Range Limit
$ 37.13 
Range of Exercise Prices, Upper Range Limit
$ 38.96 
Stock-Based Compensation (Details 3)
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
 
 
 
Risk-free interest rate
1.58% 
1.68% 
0.96% 
Expected life (years)
5 years 3 months 18 days 
5 years 3 months 18 days 
5 years 3 months 18 days 
Expected volatility
31.10% 
42.60% 
48.90% 
Expected dividend yield
2.06% 
2.24% 
2.38% 
Stock-Based Compensation (Details 4) (USD $)
In Thousands, except Share data, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Share-based Compensation [Abstract]
 
Options Outstanding, Expected to Vest, Shares
626,523 
Options Outstanding, Expected to Vest, Weighted-Average Exercise Price
$ 25.63 
Options Outstanding, Expected to Vest, Aggregate Intrinsic Value
$ 6,400 
Options Outstanding, Expected to Vest, Weighted-Average Remaining Term
5 years 9 months 22 days 
Options Outstanding, Exercisable, Shares
413,733 
Options Outstanding, Exercisable, Weighted-Average Exercise Price
$ 20.86 
Options Outstanding, Exercisable, Aggregate Intrinsic Value
$ 6,063 
Options Outstanding, Exercisable, Weighted-Average Remaining Term
4 years 7 months 10 days 
Stock-Based Compensation (Details 5) (USD $)
12 Months Ended
Dec. 31, 2015
metric
Dec. 31, 2014
Dec. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract]
 
 
 
Number Of Metrics Used To Measure Performance Goals
3 
 
 
Risk-free interest rate
1.58% 
1.68% 
0.96% 
Expected volatility
31.10% 
42.60% 
48.90% 
Service And Market Based Rights [Member]
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward]
 
 
 
Awards Outstanding
113,531 
 
 
Granted
30,986 
 
 
Forfeited
(3,171)
 
 
Additional Earned
(2,057)
 
 
Vested/Issued
(32,076)
 
 
Awards Outstanding
107,213 
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract]
 
 
 
Weighted-Average Grant Date Fair Value, Awards Outstanding
$ 41.82 
 
 
Weighted-Average Grant Date Fair Value, Awards Granted
$ 54.54 
 
 
Weighted-Average Grant Date Fair Value, Awards Forfeited
$ 49.48 
 
 
Weighted-Average Grant Date Fair Value, Additional Earned
$ 32.06 
 
 
Weighted-Average Grant Date Fair Value, Awards Vested/Issued
$ 32.06 
 
 
Weighted-Average Grant Date Fair Value, Awards Outstanding
   
 
 
Service And Performance Based Rights [Member]
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward]
 
 
 
Awards Outstanding
227,064 
 
 
Granted
61,973 
 
 
Forfeited
(6,342)
 
 
Additional Earned
36,965 
 
 
Vested/Issued
(105,234)
 
 
Awards Outstanding
214,426 
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract]
 
 
 
Weighted-Average Grant Date Fair Value, Awards Outstanding
$ 28.11 
 
 
Weighted-Average Grant Date Fair Value, Awards Granted
$ 36.48 
 
 
Weighted-Average Grant Date Fair Value, Awards Forfeited
$ 39.64 
 
 
Weighted-Average Grant Date Fair Value, Additional Earned
$ 25.37 
 
 
Weighted-Average Grant Date Fair Value, Awards Vested/Issued
$ 25.37 
 
 
Weighted-Average Grant Date Fair Value, Awards Outstanding
   
 
 
Restricted stock units [Member]
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward]
 
 
 
Awards Outstanding
429,206 
 
 
Granted
186,996 
 
 
Forfeited
(13,526)
 
 
Additional Earned
0 
 
 
Vested/Issued
(200,970)
 
 
Awards Outstanding
401,706 
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract]
 
 
 
Weighted-Average Grant Date Fair Value, Awards Outstanding
$ 26.76 
 
 
Weighted-Average Grant Date Fair Value, Awards Granted
$ 36.39 
 
 
Weighted-Average Grant Date Fair Value, Awards Forfeited
$ 30.86 
 
 
Weighted-Average Grant Date Fair Value, Additional Earned
$ 0.00 
 
 
Weighted-Average Grant Date Fair Value, Awards Vested/Issued
$ 27.96 
 
 
Weighted-Average Grant Date Fair Value, Awards Outstanding
   
 
 
Performance Share Awards [Member]
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward]
 
 
 
Granted
92,959 
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract]
 
 
 
Minimum Range of Target Award of Stock Plan
0.00% 
 
 
Maximum Range of Target Award of Stock Plan
250.00% 
 
 
Award vesting period
3 years 
 
 
Risk-free interest rate
1.01% 
 
 
Expected volatility
24.90% 
 
 
Income Taxes (Details) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Income from continuing operations before income taxes:
 
 
 
U.S.
$ 11,525 
$ 33,070 
$ 10,343 
International
146,421 
133,430 
97,231 
Income from continuing operations before income taxes
157,946 
166,500 
107,574 
Current:
 
 
 
U.S. – federal
(210)
22,673 
8,356 
U.S. – state
2,019 
1,236 
539 
International
32,217 
35,954 
16,933 
Current Income Tax Expense (Benefit)
34,026 
59,863 
25,828 
Deferred:
 
 
 
U.S. – federal
7,670 
(6,737)
13,792 
U.S. – state
(1,137)
1,279 
(110)
International
(3,993)
(8,446)
(4,257)
Deferred Income Tax Expense (Benefit)
2,540 
(13,904)
9,425 
Income taxes
$ 36,566 
$ 45,959 
$ 35,253 
Income Taxes (Details 1) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2015
Dec. 31, 2014
Deferred Tax Assets, Gross [Abstract]
 
 
Deferred Tax Assets, Allowance for doubtful accounts
$ 662 
$ 494 
Deferred Tax Assets, Depreciation and amortization
(1,610)
(19,338)
Deferred Tax Assets, Inventory valuation
15,911 
17,072 
Deferred Tax Assets, Other postretirement/postemployment costs
2,978 
17,549 
Deferred Tax Assets, Tax loss carryforwards
13,412 
13,977 
Deferred Tax Assets, Pension
1,663 
21,968 
Deferred Tax Assets, Accrued compensation
2,975 
15,418 
Deferred Tax Assets, Goodwill
0 
(13,772)
Deferred Tax Assets, Other
4,374 
4,398 
Deferred Tax Assets
40,365 
57,766 
Deferred Tax Assets, Valuation allowance
(14,401)
(15,856)
Deferred Tax Assets, Net
25,964 
41,910 
Deferred Tax Assets, Net, Classification [Abstract]
 
 
Deferred Tax Assets, Net, Current
24,825 
31,849 
Deferred Tax Assets, Net non-current
1,139 
10,061 
Deferred Tax Assets, Net
25,964 
41,910 
Deferred Tax Liabilities [Abstract]
 
 
Deferred Tax Liabilities, Allowance for doubtful accounts
129 
86 
Deferred Tax Liabilities, Depreciation and amortization
78,786 
59,271 
Deferred Tax Liabilities, Inventory valuation
1,843 
1,981 
Deferred Tax Liabilities, Other postretirement/postemployment costs
(12,774)
(247)
Deferred Tax Liabilities, Tax loss carryforwards
(1,919)
(56)
Deferred Tax Liabilities, Pension
(22,946)
(1,005)
Deferred Tax Liabilities, Accrued compensation
(7,267)
0 
Deferred Tax Liabilities, Goodwill
14,545 
57 
Deferred Tax Liabilities, Swedish tax incentive
4,647 
4,255 
Deferred Tax Liabilities, Unrealized foreign currency (loss) gain
1,350 
1,999 
Deferred Tax Liabilities, Other
7,513 
5,763 
Deferred Tax Liabilities
63,907 
72,104 
Deferred Tax Liabilities, Classification [Abstract]
 
 
Deferred Tax Liabilities, Current
1,543 
1,957 
Deferred Tax Liabilities, Non-current
62,364 
70,147 
Deferred Tax Liabilities
$ 63,907 
$ 72,104 
Income Taxes (Details 2) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Operating Loss Carryforwards [Line Items]
 
Tax loss carryforwards
$ 57,560 
Tax credit carryforward
242 
State [Member]
 
Operating Loss Carryforwards [Line Items]
 
Tax loss carryforwards
1,756 
Federal [Member]
 
Operating Loss Carryforwards [Line Items]
 
Tax loss carryforwards
145 
Tax Credit Carryforwards, Carryforward Period, Minimum
1 year 
Tax Credit Carryforwards, Carryforward Period, Maximum
5 years 
International [Member]
 
Operating Loss Carryforwards [Line Items]
 
Tax loss carryforwards
47,462 
Tax Credit Carryforwards, Carryforward Period, Minimum
1 year 
Tax Credit Carryforwards, Carryforward Period, Maximum
15 years 
International with Unlimited Carryforward Periods [Member]
 
Operating Loss Carryforwards [Line Items]
 
Tax loss carryforwards
$ 8,197 
Income Taxes (Details 3) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Income Tax Disclosure [Abstract]
 
 
 
The company has not recognized deferred income taxes of undistributed earnings of its international subsidiaries
$ 959,857 
 
 
The Company repatriated a dividend from a portion of current year foreign earnings to the U.S. in the amount of
19,500 
 
 
Dividend increased tax expense by
$ 6,821 
 
 
Dividend increased tax expense by
4.30% 
2.60% 
1.10% 
Income Taxes (Details 4)
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Income Tax Disclosure [Abstract]
 
 
 
U.S. federal statutory income tax rate
35.00% 
35.00% 
35.00% 
State taxes (net of federal benefit)
0.20% 
0.50% 
0.30% 
Foreign losses without tax benefit
1.10% 
1.10% 
0.80% 
U.S. Tax Court Decision
0.00% 
0.00% 
15.30% 
Foreign operations taxed at lower rates
(12.90%)
(9.90%)
(14.40%)
Repatriation from current year foreign earnings
4.30% 
2.60% 
1.10% 
Tax withholding refund
(1.90%)
0.00% 
0.00% 
Tax Holiday's
(3.20%)
(2.70%)
(6.20%)
Other
0.60% 
1.00% 
0.90% 
Consolidated effective income tax rate
23.20% 
27.60% 
32.80% 
Income Taxes (Details 5) (USD $)
In Thousands, except Per Share data, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Income Tax Holiday [Line Items]
 
 
 
Income taxes paid globally, net of refunds
$ 31,895 
$ 33,146 
$ 158,092 
Singapore and China [Member]
 
 
 
Income Tax Holiday [Line Items]
 
 
 
Tax benefits
$ 5,000 
$ 4,513 
$ 6,746 
Tax benefits (in dollars per share)
$ 0.09 
$ 0.08 
$ 0.12 
Income Taxes (Details 6) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
 
 
 
Balance at January 1
$ 8,560 
$ 8,027 
$ 9,321 
Tax positions taken during prior periods
1,691 
533 
9,944 
Tax positions taken during the current period
0 
0 
3,350 
Acquisition
598 
0 
556 
Settlements
0 
0 
(15,144)
Lapse of the applicable statute of limitations
(215)
0 
0 
Balance at December 31
10,634 
8,560 
8,027 
Interest and penalties
616 
0 
9,614 
The liability for unrecognized tax benefits included accrued interest
$ 1,923 
$ 1,031 
$ 1,031 
Common Stock (Details) (USD $)
In Thousands, except Share data, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Treasury shares issued (in shares)
 
 
1,032,493 
Common stock repurchases, value
$ 52,103 
$ 8,389 
$ 68,608 
Common Stock [Member]
 
 
 
Employee stock plans (in shares)
841,164 
923,852 
1,104,099 
Treasury Stock [Member]
 
 
 
Common stock repurchases (in shares)
1,352,596 
220,794 
2,350,697 
Common stock repurchases, value
$ 52,103 
$ 8,389 
$ 68,608 
Männer Business [Member] |
Common Stock [Member]
 
 
 
Treasury shares issued (in shares)
0 
0 
1,032,493 
Preferred Stock Preferred Stock (Details)
Dec. 31, 2015
Dec. 31, 2014
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract]
 
 
Preferred Stock, Shares Authorized
3,000,000 
3,000,000 
Preferred Stock, Shares Outstanding
0 
0 
Stock Plans (Details) (USD $)
In Thousands, except Share data, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Contribution expense
$ 5,347 
$ 5,213 
$ 4,780 
Retirement Savings Plan [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Employer match of employee contributions to Retirement Savings Plan
50.00% 
 
 
Share-based compensation arrangement by share-based payment award, maximum salary percentage of employer match
6.00% 
 
 
Annual Retirement Contribution Percent
4.00% 
 
 
Contribution expense
$ 3,666 
$ 3,278 
$ 2,815 
Shares held by Retirement Savings Plan
1,566,536 
 
 
Stock Plans (Details 1) (Employee Stock Purchase Plan [Member], USD $)
In Thousands, except Share data, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Employee Stock Purchase Plan [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Maximum employee contribution to ESPP
$ 25 
 
 
Maximum employee contribution to ESPP, percent of base compensation
10.00% 
 
 
Common Stock Discount Purchase Price
95.00% 
 
 
Shares Available Under Employee Stock Purchase Plan
4,550,000 
 
 
Stock Issued During Period, Shares, Employee Stock Purchase Plans
11,246 
12,770 
14,979 
Proceeds from Stock Plans
$ 403 
$ 436 
$ 457 
Number Of Shares Available Under Employee Stock Purchase Plan
297,209 
 
 
Stock Plans (Details 2) (USD $)
In Thousands, except Share data, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Dec. 15, 2005
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
 
Allocated Share-based Compensation Expense
$ 9,258 
$ 7,603 
$ 18,128 
 
Employee Stock Ownership Program [Member]
 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized
6,900,000 
 
 
 
Barnes Group Stock And Incentive Award Plan [Member]
 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
 
Common Stock, Capital Shares Reserved for Future Issuance
6,913,978 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized
5,700,000 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant
6,767,432 
 
 
 
Other Incentive Awards [Member]
 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Issuance Ratio
2.84 
 
 
 
Non Employee Director Deferred Stock Plan [Member]
 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
 
Common Stock, Capital Shares Reserved for Future Issuance
52,800 
 
 
 
Award vesting period
3 years 
 
 
 
Number of Common Shares Awarded, Non Employee Directors
 
 
 
12,000 
Dividend Equivalent Paid To Non Employee Director Deferred Stock Plan
$ 26 
$ 28 
$ 30 
 
Allocated Share-based Compensation Expense
$ 16 
$ 16 
$ 16 
 
Value Of Restricted Stock Units Granted
$ 50 
 
 
 
All Stock Plans [Member]
 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
 
Common Stock, Capital Shares Reserved for Future Issuance
8,519,367 
 
 
 
Stock Options and Rights [Member]
 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Issuance Ratio
1 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant
1,401,926 
 
 
 
Maximum
 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
 
Award vesting period
5 years 
 
 
 
Maximum |
Stock Rights [Member]
 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
 
Award vesting period
5 years 
 
 
 
Weighted Average Shares Outstanding (Details) (USD $)
In Thousands, except Share data, unless otherwise specified
12 Months Ended 12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Jun. 30, 2014
3.375% Convertible Notes [Member]
Convertible Debt [Member]
Jun. 24, 2014
3.375% Convertible Notes [Member]
Convertible Debt [Member]
Jun. 16, 2014
3.375% Convertible Notes [Member]
Convertible Debt [Member]
Dec. 31, 2015
Stock options [Member]
Dec. 31, 2014
Stock options [Member]
Dec. 31, 2013
Stock options [Member]
Dec. 31, 2015
Stock options [Member]
Dec. 31, 2014
Stock options [Member]
Dec. 31, 2013
Stock options [Member]
Dec. 31, 2015
Performance share awards [Member]
Dec. 31, 2014
Performance share awards [Member]
Dec. 31, 2013
Performance share awards [Member]
Dec. 31, 2015
Non Employee Director Deferred Stock Plan [Member]
Dec. 31, 2014
Non Employee Director Deferred Stock Plan [Member]
Dec. 31, 2013
Non Employee Director Deferred Stock Plan [Member]
Weighted Average Shares Outstanding [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Basic (in shares)
55,028,063 
54,791,030 
53,860,308 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Dilutive effect of:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares attributable to share-based payment arrangements (in shares)
 
 
 
 
 
 
 
 
 
206,778 
355,595 
575,202 
278,378 
319,704 
280,488 
0 
11,708 
48,025 
Diluted (in shares)
55,513,219 
55,723,267 
54,973,344 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount
 
 
 
 
 
 
214,032 
89,924 
133,162 
 
 
 
 
 
 
 
 
 
Convertible Note Repurchases, Par Value
 
 
 
 
 
$ 224 
 
 
 
 
 
 
 
 
 
 
 
 
Convertible notes stated interest rate
 
 
 
3.375% 
 
3.375% 
 
 
 
 
 
 
 
 
 
 
 
 
Convertible notes
 
 
 
 
$ 55,412 
 
 
 
 
 
 
 
 
 
 
 
 
 
Incremental Common Shares Attributable to Conversion of Debt Securities
0 
245,230 
209,321 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Changes in Accumulated Other Comprehensive Income by Component (Details) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Changes in Accumulated Other Comprehensive Income by Component [Roll Forward]
 
 
 
Accumulated other comprehensive income (loss)
$ (99,453)
$ 25,944 
 
Other comprehensive income before reclassifications to consolidated statements of income
(61,223)
(133,386)
 
Amounts reclassified from accumulated other comprehensive (loss) income to the consolidated statements of income
17,424 
7,989 
 
Total other comprehensive (loss) income, net of tax
(43,799)
(125,397)
92,696 
Accumulated other comprehensive income (loss)
(143,252)
(99,453)
25,944 
Gains and Losses on Cash Flow Hedges
 
 
 
Changes in Accumulated Other Comprehensive Income by Component [Roll Forward]
 
 
 
Accumulated other comprehensive income (loss)
(732)
(519)
 
Other comprehensive income before reclassifications to consolidated statements of income
(70)
(1,074)
 
Amounts reclassified from accumulated other comprehensive (loss) income to the consolidated statements of income
917 
861 
 
Total other comprehensive (loss) income, net of tax
847 
(213)
 
Accumulated other comprehensive income (loss)
115 
(732)
 
Pension and Other Postretirement Benefit Items
 
 
 
Changes in Accumulated Other Comprehensive Income by Component [Roll Forward]
 
 
 
Accumulated other comprehensive income (loss)
(115,289)
(73,273)
 
Other comprehensive income before reclassifications to consolidated statements of income
(6,921)
(49,144)
 
Amounts reclassified from accumulated other comprehensive (loss) income to the consolidated statements of income
16,507 
7,128 
 
Total other comprehensive (loss) income, net of tax
9,586 
(42,016)
 
Accumulated other comprehensive income (loss)
(105,703)
(115,289)
 
Foreign Currency Items
 
 
 
Changes in Accumulated Other Comprehensive Income by Component [Roll Forward]
 
 
 
Accumulated other comprehensive income (loss)
16,568 
99,736 
 
Other comprehensive income before reclassifications to consolidated statements of income
(54,232)
(83,168)
 
Amounts reclassified from accumulated other comprehensive (loss) income to the consolidated statements of income
0 
0 
 
Total other comprehensive (loss) income, net of tax
(54,232)
(83,168)
 
Accumulated other comprehensive income (loss)
$ (37,664)
$ 16,568 
 
Changes in Accumulated Other Comprehensive Income by Component (Details 2) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
 
 
 
Interest expense
$ (10,698)
$ (11,392)
$ (13,090)
Net sales
1,193,975 
1,262,006 
1,091,566 
Income from continuing operations before income taxes
157,946 
166,500 
107,574 
Tax benefit
(36,566)
(45,959)
(35,253)
Income from continuing operations
121,380 
120,541 
72,321 
Total reclassifications in the period
121,380 
118,370 
270,527 
Reclassification out of Accumulated Other Comprehensive Income [Member]
 
 
 
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
 
 
 
Total reclassifications in the period
(17,424)
(7,989)
 
Reclassification out of Accumulated Other Comprehensive Income [Member] |
Gains and Losses on Cash Flow Hedges
 
 
 
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
 
 
 
Income from continuing operations before income taxes
(1,343)
(1,277)
 
Tax benefit
426 
416 
 
Income from continuing operations
(917)
(861)
 
Reclassification out of Accumulated Other Comprehensive Income [Member] |
Gains and Losses on Cash Flow Hedges |
Interest Rate Contracts [Member]
 
 
 
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
 
 
 
Interest expense
(853)
(886)
 
Reclassification out of Accumulated Other Comprehensive Income [Member] |
Gains and Losses on Cash Flow Hedges |
Foreign Exchange Contracts [Member]
 
 
 
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
 
 
 
Net sales
(490)
(391)
 
Reclassification out of Accumulated Other Comprehensive Income [Member] |
Pension and Other Postretirement Benefit Items
 
 
 
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
 
 
 
Income from continuing operations before income taxes
(25,695)
(10,505)
 
Tax benefit
9,188 
3,377 
 
Income from continuing operations
(16,507)
(7,128)
 
Amortization of prior-service credits, net
259 
223 
 
Amortization of actuarial losses
(16,015)
(9,634)
 
Curtailment gain (net)
0 
(223)
 
Settlement loss
$ (9,939)
$ (871)
 
Information on Business Segments (Details) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Segment Reporting Information [Line Items]
 
 
 
Revenues
$ 1,193,975 
$ 1,262,006 
$ 1,091,566 
Operating profit
168,396 
179,974 
123,201 
Assets
2,061,866 
2,073,885 
2,123,673 
Depreciation and amortization
78,242 
81,395 
65,052 
Capital expenditures
45,982 
57,365 
57,304 
Interest expense
10,698 
11,392 
13,090 
Other (income) expense, net
(248)
2,082 
2,537 
Income from continuing operations before income taxes
157,946 
166,500 
107,574 
General Electric [Member]
 
 
 
Segment Reporting Information [Line Items]
 
 
 
Revenue by major customer
18.00% 
19.00% 
21.00% 
Aerospace [Member]
 
 
 
Segment Reporting Information [Line Items]
 
 
 
Revenues
411,700 
440,000 
404,000 
Operating profit
65,400 
71,600 
51,300 
Assets
654,100 
655,000 
567,100 
Depreciation and amortization
30,800 
24,900 
23,200 
Capital expenditures
17,200 
20,900 
23,800 
Industrial [Member]
 
 
 
Segment Reporting Information [Line Items]
 
 
 
Revenues
782,300 
822,100 
687,600 
Operating profit
103,000 
108,400 
71,900 
Assets
1,241,200 
1,282,000 
1,410,400 
Depreciation and amortization
46,000 
54,700 
38,400 
Capital expenditures
28,700 
36,100 
31,300 
Other [Member]
 
 
 
Segment Reporting Information [Line Items]
 
 
 
Revenues
0 
0 
0 
Operating profit
0 
0 
0 
Assets
166,500 
136,900 
146,200 
Depreciation and amortization
1,300 
1,800 
3,500 
Capital expenditures
$ 100 
$ 400 
$ 2,200 
Information on Business Segments (Details 1) (USD $)
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Revenues from External Customers and Long-Lived Assets [Line Items]
 
 
 
Revenues
$ 1,193,975,000 
$ 1,262,006,000 
$ 1,091,566,000 
Long-lived assets
1,449,100,000 
1,475,400,000 
1,544,200,000 
Aerospace [Member]
 
 
 
Revenues from External Customers and Long-Lived Assets [Line Items]
 
 
 
Revenues
411,700,000 
440,000,000 
404,000,000 
Industrial [Member]
 
 
 
Revenues from External Customers and Long-Lived Assets [Line Items]
 
 
 
Revenues
782,300,000 
822,100,000 
687,600,000 
Domestic [Member]
 
 
 
Revenues from External Customers and Long-Lived Assets [Line Items]
 
 
 
Revenues
589,600,000 
618,900,000 
593,300,000 
Long-lived assets
379,200,000 
380,600,000 
330,200,000 
International [Member]
 
 
 
Revenues from External Customers and Long-Lived Assets [Line Items]
 
 
 
Revenues
661,700,000 
677,600,000 
524,100,000 
Long-lived assets
1,069,900,000 
1,094,900,000 
1,214,000,000 
Other [Member]
 
 
 
Revenues from External Customers and Long-Lived Assets [Line Items]
 
 
 
Revenues
(57,300,000)
(34,500,000)
(25,900,000)
Long-lived assets
0 
0 
0 
Sales from international locations to domestic locations
82.00% 
 
 
Singapore [Member] |
Aerospace [Member] |
Intangible Assets [Member]
 
 
 
Revenues from External Customers and Long-Lived Assets [Line Items]
 
 
 
Long-lived assets
246,400,000 
255,300,000 
255,300,000 
China [Member] |
Industrial [Member] |
Goodwill and Intangible Assets [Member]
 
 
 
Revenues from External Customers and Long-Lived Assets [Line Items]
 
 
 
Long-lived assets
 
151,700,000 
156,400,000 
Germany [Member]
 
 
 
Revenues from External Customers and Long-Lived Assets [Line Items]
 
 
 
Revenues
210,500,000 
249,900,000 
140,800,000 
Germany [Member] |
Industrial [Member] |
Goodwill, Property Plant and Equipment and Intangible Assets [Member]
 
 
 
Revenues from External Customers and Long-Lived Assets [Line Items]
 
 
 
Long-lived assets
362,700,000 
410,000,000 
477,300,000 
Switzerland [Member] |
Industrial [Member] |
Goodwill And Property Plant And Equipment [Member]
 
 
 
Revenues from External Customers and Long-Lived Assets [Line Items]
 
 
 
Long-lived assets
$ 167,000,000 
$ 165,700,000 
$ 193,800,000 
Commitments and Contingencies (Details) (USD $)
In Thousands, unless otherwise specified
12 Months Ended 3 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2015
Contract Matters with Triumph [Member]
Sep. 30, 2015
Contract Matters with Triumph [Member]
Leases [Abstract]
 
 
 
 
 
Operating Leases, Rent Expense
$ 11,166 
$ 12,745 
$ 11,398 
 
 
Operating Leases, Future Minimum Payments, Due 2016
7,619 
 
 
 
 
Operating Leases, Future Minimum Payments, Due 2017
4,445 
 
 
 
 
Operating Leases, Future Minimum Payments, Due 2018
3,419 
 
 
 
 
Operating Leases, Future Minimum Payments, Due 2019
2,315 
 
 
 
 
Operating Leases, Future Minimum Payments, Due 2020
2,216 
 
 
 
 
Operating Leases, Future Minimum Payments, Due Thereafter
9,469 
 
 
 
 
Loss Contingencies [Line Items]
 
 
 
 
 
Loss is period
 
 
 
 
2,788 
Assets
2,061,866 
2,073,885 
2,123,673 
8,000 
 
Damages sought
 
 
 
$ 15,000 
 
Schedule II - Valuation and Qualifying Accounts (Details) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Allowance for Doubtful Accounts [Member]
 
 
 
Movement in Valuation Allowances and Reserves [Roll Forward]
 
 
 
Allowance, Beginning Balance
$ 3,873 
$ 3,438 
$ 2,858 
Provision charged to income
1,248 
1,523 
1,726 
Doubtful accounts written off (net)
(404)
(493)
(532)
Other Adjustments
(632)
(595)
(614)
Allowance, Ending Balance
4,085 
3,873 
3,438 
Barnes Distribution North America [Member]
 
 
 
Movement in Valuation Allowances and Reserves [Roll Forward]
 
 
 
Other Adjustments
 
 
$ (800)
Schedule II - Valuation and Qualifying Accounts (Details 1) (Valuation Allowance of Deferred Tax Assets [Member], USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Valuation Allowance of Deferred Tax Assets [Member]
 
 
 
Movement in Valuation Allowances and Reserves [Roll Forward]
 
 
 
Allowance, Beginning Balance
$ 15,856 
$ 18,873 
$ 24,936 
Additions charged to income tax expense
1,043 
1,049 
473 
Additions (reductions) charged to other comprehensive income
(59)
(30)
(547)
Reductions credited to income tax expense
(1,216)
(2,303)
(1,412)
Changes due to foreign currency translation
(2,204)
(1,733)
(849)
Divestiture
 
 
(3,728)
Acquisition
981 
 
 
Allowance, Ending Balance
$ 14,401 
$ 15,856 
$ 18,873