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Buildings and improvements | 5 to 40 years |
Machinery, equipment, and other | 3 to 15 years |
Standard | Description | Effect on the financial statements |
ASU 2014-09 Revenue from contracts with customers Date of adoption: January 1, 2017 | In May 2014, the FASB issued a comprehensive new revenue recognition standard which will supersede previous existing revenue recognition guidance. The standard creates a five-step model for revenue recognition that requires companies to exercise judgment when considering contract terms and relevant facts and circumstances. The five-step model includes (1) identifying the contract, (2) identifying the separate performance obligations in the contract, (3) determining the transaction price, (4) allocating the transaction price to the separate performance obligations and (5) recognizing revenue when each performance obligation has been satisfied. The standard also requires expanded disclosures surrounding revenue recognition. The standard is effective for fiscal periods beginning after December 15, 2016 and allows for either full retrospective or modified retrospective adoption. | The Corporation is currently evaluating the impact of the adoption of this standard on its Consolidated Financial Statements. |
ASU 2014-08 Reporting Discontinued Operations Date of adoption: December 15, 2014 | In April 2014, new guidance was issued that amends the current discontinued operations guidance. The new guidance limits discontinued operation reporting to situations where the disposal represents a strategic shift that has (or will have) a major effect on an entity's operations and financial results, and requires expanded disclosures for discontinued operations. The adoption of this new guidance will be effective prospectively for annual reporting periods beginning after December 15, 2014 and interim periods within those years, with early adoption permitted in certain instances. | The Corporation plans to adopt the provisions of the new guidance during the first quarter of 2015. The significance of this guidance is dependent on any future divestitures or disposals. |
|
|||
(In thousands) | 2014 | 2013 | 2012 | |||||||||
Net sales | $ | 363,869 | $ | 392,690 | $ | 285,194 | ||||||
Loss from discontinued operations before income taxes (1) | (48,519 | ) | (3,097 | ) | (14,930 | ) | ||||||
Income tax benefit/(expense) | 14,268 | 1,674 | 6,181 | |||||||||
Gain/(loss) on sale of businesses (2) | (22,360 | ) | — | 18,512 | ||||||||
Earnings from discontinued operations | $ | (56,611 | ) | $ | (1,423 | ) | $ | 9,763 | ||||
(In thousands) | December 31, 2014 | ||||||
Assets held for sale: | |||||||
Receivables, net | $ | 60,187 | |||||
Inventories, net | 27,414 | ||||||
Property, plant, and equipment, net | 22,473 | ||||||
Goodwill | 42,395 | ||||||
Other intangible assets, net | 19,151 | ||||||
Other assets | 5,631 | ||||||
Deferred tax assets, net | 11,174 | ||||||
Reserve for assets held for sale | (41,078 | ) | |||||
Total assets held for sale, current | $ | 147,347 | |||||
Liabilities held for sale | |||||||
Accounts payable | $ | 12,579 | |||||
Accrued expenses | 8,320 | ||||||
Other current liabilities | 13,930 | ||||||
Other liabilities | 563 | ||||||
Total liabilities held for sale, current | $ | 35,392 | |||||
Net Sales | Earnings /(loss) before income taxes | |||||||||||||||||||||||
(In thousands) | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||
Commercial/Industrial | ||||||||||||||||||||||||
Surface Technologies - Domestic | $ | 4,395 | $ | 4,672 | $ | 1,767 | $ | (2,264 | ) | $ | (528 | ) | $ | (319 | ) | |||||||||
Defense | ||||||||||||||||||||||||
Engineered Packaging | 19,841 | 19,484 | 17,862 | 1,822 | 858 | 1,165 | ||||||||||||||||||
Aviation Ground Support Equipment | 29,331 | 28,022 | 28,585 | (8,644 | ) | (122 | ) | 27 | ||||||||||||||||
Energy | ||||||||||||||||||||||||
Downstream | 127,594 | 109,270 | 98,341 | (32,284 | ) | (3,175 | ) | (12,388 | ) | |||||||||||||||
Total included in discontinued operations | $ | 181,161 | $ | 161,448 | $ | 146,555 | $ | (41,370 | ) | $ | (2,967 | ) | $ | (11,515 | ) | |||||||||
Net Sales | Earnings /(loss) before income taxes | |||||||||||||||||||||||
(In thousands) | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||
Commercial/Industrial | ||||||||||||||||||||||||
Surface Technologies - International | $ | 4,355 | $ | 4,600 | $ | 4,248 | $ | (6,123 | ) | $ | (805 | ) | $ | (989 | ) | |||||||||
Heat Treat | — | — | 10,785 | — | — | 4,929 | ||||||||||||||||||
Defense | ||||||||||||||||||||||||
Benshaw | 29,029 | 70,741 | 89,183 | (3,061 | ) | 2,173 | 5,972 | |||||||||||||||||
3D Radar | 344 | 5,165 | 7,444 | (1,117 | ) | 215 | 1,492 | |||||||||||||||||
Energy | ||||||||||||||||||||||||
Upstream | 143,182 | 145,609 | 9,335 | 14,267 | 10,898 | (2,090 | ) | |||||||||||||||||
Vessels | 5,798 | 5,127 | 17,644 | (11,115 | ) | (12,611 | ) | (12,729 | ) | |||||||||||||||
Total included in discontinued operations | $ | 182,708 | $ | 231,242 | $ | 138,639 | $ | (7,149 | ) | $ | (130 | ) | $ | (3,415 | ) | |||||||||
|
|||
(In thousands) | 2014 | 2013 | 2012 | |||||||||
Accounts receivable | $ | 2,991 | $ | 25,972 | $ | 53,753 | ||||||
Inventory | 304 | 30,930 | 52,225 | |||||||||
Property, plant, and equipment | 2,802 | 18,066 | 40,915 | |||||||||
Other current assets | 81 | 3,229 | 7,244 | |||||||||
Intangible assets | 13,501 | 102,265 | 182,681 | |||||||||
Current and non-current liabilities | (1,754 | ) | (18,959 | ) | (44,617 | ) | ||||||
Pension and postretirement benefits | — | (6,472 | ) | (8,144 | ) | |||||||
Deferred income taxes | (2,199 | ) | (19,682 | ) | (50,367 | ) | ||||||
Debt assumed | — | — | (13,819 | ) | ||||||||
Due to seller | — | (3,361 | ) | (240 | ) | |||||||
Net tangible and intangible assets | 15,726 | 131,988 | 219,631 | |||||||||
(Gain on Bargain Purchase) | — | — | (910 | ) | ||||||||
Purchase price | 34,364 | 236,135 | 462,416 | |||||||||
Goodwill | $ | 18,638 | $ | 104,147 | $ | 243,695 | ||||||
(In thousands, except per share data) | 2013 | 2012 | ||||||
Net sales | $ | 2,184,715 | $ | 2,157,815 | ||||
Net earnings from continuing operations | 143,960 | 116,768 | ||||||
Diluted earnings per share from continuing operations | 3.04 | 2.46 | ||||||
• | Elimination of historical intangible asset amortization expense (approximately $0.7 million and $1.8 million in 2013 and 2012, respectively). |
• | Additional amortization expense (approximately $3.6 million and $18.5 million in 2013 and 2012, respectively) related to the fair value of identifiable intangible assets acquired. |
• | Additional depreciation expense (approximately $1.2 million and $1.6 million in 2013 and 2012, respectively) related to the fair value adjustment to property, plant, and equipment acquired. |
• | Elimination of the fair value adjustments to acquisition-date inventory that has been sold in 2013 of $3.7 million, and recognition in 2012 of the full value of the fair value adjustment to acquisition date inventory. |
• | Reclassification of $2.1 million of the Corporation’s 2013 acquisition costs directly attributable to the acquisition into 2012. Included in these costs are advisory, investment banking, and legal and regulatory costs incurred by the Corporation. The Corporation records acquisition costs in General and administrative expenses. |
• | Elimination of historical interest expense (approximately $0.6 million and $5.3 million in 2013 and 2012, respectively). |
• | Additional interest expense (approximately $4.2 million and $16.5 million in 2013 and 2012, respectively) associated with the incremental borrowings that would have been incurred to acquire these companies as of January 1, 2012. |
(In thousands) | CCRS | NPSI | ||||||
Accounts receivable | $ | 2,984 | $ | 7 | ||||
Inventory | 64 | 112 | ||||||
Property, plant, and equipment | 1,987 | 790 | ||||||
Other current assets | 71 | 10 | ||||||
Intangible assets | 9,560 | 3,406 | ||||||
Current and non-current liabilities | (1,754 | ) | — | |||||
Deferred income taxes | (2,041 | ) | — | |||||
Net tangible and intangible assets | 10,871 | 4,325 | ||||||
Purchase price | 24,645 | 7,965 | ||||||
Goodwill | $ | 13,774 | $ | 3,640 | ||||
Amount of tax deductible goodwill | $ | — | $ | 3,640 | ||||
(In thousands) | Phönix | Arens | Parvus | Other | Total | |||||||||||||||
Accounts receivable | $ | 12,226 | $ | 9,441 | $ | 3,639 | $ | 666 | $ | 25,972 | ||||||||||
Inventory | 20,358 | 5,349 | 5,122 | 101 | 30,930 | |||||||||||||||
Property, plant, and equipment | 12,575 | 4,787 | 435 | 269 | 18,066 | |||||||||||||||
Other current assets | 2,153 | 972 | 104 | — | 3,229 | |||||||||||||||
Intangible assets | 42,305 | 43,100 | 15,000 | 1,860 | 102,265 | |||||||||||||||
Current and non-current liabilities | (7,497 | ) | (7,991 | ) | (3,854 | ) | 383 | (18,959 | ) | |||||||||||
Pension and postretirement benefits | (6,472 | ) | — | — | — | (6,472 | ) | |||||||||||||
Deferred income taxes | (14,258 | ) | 94 | (5,518 | ) | — | (19,682 | ) | ||||||||||||
Due to seller | (119 | ) | — | (230 | ) | (3,012 | ) | (3,361 | ) | |||||||||||
Net tangible and intangible assets | 61,271 | 55,752 | 14,698 | 267 | 131,988 | |||||||||||||||
Purchase price | 97,886 | 95,612 | 37,059 | 5,578 | 236,135 | |||||||||||||||
Goodwill | $ | 36,615 | $ | 39,860 | $ | 22,361 | $ | 5,311 | $ | 104,147 | ||||||||||
Amount of tax deductible goodwill | $ | — | $ | 39,860 | $ | — | $ | 5,311 | $ | 45,171 | ||||||||||
|
|||
(In thousands) | 2014 | 2013 | ||||||
Billed receivables: | ||||||||
Trade and other receivables | $ | 363,241 | $ | 444,841 | ||||
Less: Allowance for doubtful accounts | (5,619 | ) | (6,857 | ) | ||||
Net billed receivables | 357,622 | 437,984 | ||||||
Unbilled receivables: | ||||||||
Recoverable costs and estimated earnings not billed | 150,526 | 184,120 | ||||||
Less: Progress payments applied | (12,668 | ) | (18,512 | ) | ||||
Net unbilled receivables | 137,858 | 165,608 | ||||||
Receivables, net | $ | 495,480 | $ | 603,592 | ||||
|
|||
(In thousands) | 2014 | 2013 | ||||||
Raw material | $ | 201,998 | $ | 231,219 | ||||
Work-in-process | 89,423 | 114,372 | ||||||
Finished goods | 103,831 | 117,444 | ||||||
Inventoried costs related to U.S. Government and other long-term contracts | 59,070 | 58,796 | ||||||
Gross inventories | 454,322 | 521,831 | ||||||
Less: Inventory reserves | (51,435 | ) | (54,400 | ) | ||||
Progress payments applied, principally related to long-term contracts | (14,217 | ) | (15,344 | ) | ||||
Inventories, net | $ | 388,670 | $ | 452,087 | ||||
|
|||
(In thousands) | 2014 | 2013 | ||||||
Land | $ | 21,762 | $ | 24,250 | ||||
Buildings and improvements | 219,219 | 218,551 | ||||||
Machinery, equipment, and other | 750,006 | 800,573 | ||||||
Property, plant, and equipment, at cost | 990,987 | 1,043,374 | ||||||
Less: Accumulated depreciation | (532,068 | ) | (527,656 | ) | ||||
Property, plant, and equipment, net | $ | 458,919 | $ | 515,718 | ||||
|
|||
(In thousands) | Commercial/Industrial | Defense | Energy | Consolidated | ||||||||||||
December 31, 2012 | $ | 273,247 | $ | 467,917 | $ | 272,136 | $ | 1,013,300 | ||||||||
Acquisitions | 76,108 | 22,615 | 5,311 | 104,034 | ||||||||||||
Goodwill adjustments | (3,164 | ) | — | 429 | (2,735 | ) | ||||||||||
Foreign currency translation adjustment | 1,628 | (5,101 | ) | (697 | ) | (4,170 | ) | |||||||||
December 31, 2013 | $ | 347,819 | $ | 485,431 | $ | 277,179 | $ | 1,110,429 | ||||||||
Acquisitions | $ | 13,773 | $ | — | $ | 4,863 | $ | 18,636 | ||||||||
Assets held for sale | — | (6,525 | ) | (35,870 | ) | (42,395 | ) | |||||||||
Divestitures | — | (11,695 | ) | (43,660 | ) | (55,355 | ) | |||||||||
Goodwill adjustments | (1,096 | ) | (254 | ) | — | (1,350 | ) | |||||||||
Foreign currency translation adjustment | (9,634 | ) | (20,217 | ) | (1,608 | ) | (31,459 | ) | ||||||||
December 31, 2014 | $ | 350,862 | $ | 446,740 | $ | 200,904 | $ | 998,506 | ||||||||
|
|||
2014 | 2013 | |||||||||||
(In thousands, except years data) | Amount | Years | Amount | Years | ||||||||
Technology | $ | 100 | 5.0 | $ | 21,101 | 13.5 | ||||||
Customer related intangibles | 13,200 | 13.6 | 73,146 | 16.9 | ||||||||
Other intangible assets | 200 | 1.0 | 8,504 | 3.3 | ||||||||
Total | $ | 13,500 | 13.3 | $ | 102,751 | 15.1 | ||||||
2014 | 2013 | |||||||||||||||||||||||
(In thousands) | Gross | Accumulated Amortization | Net | Gross | Accumulated Amortization | Net | ||||||||||||||||||
Technology | $ | 178,369 | $ | (84,584 | ) | $ | 93,785 | $ | 213,888 | $ | (88,644 | ) | $ | 125,244 | ||||||||||
Customer related intangibles | 356,844 | (122,920 | ) | 233,924 | 430,604 | (127,194 | ) | 303,410 | ||||||||||||||||
Other intangible assets | 38,460 | (16,942 | ) | 21,518 | 66,436 | (23,711 | ) | 42,725 | ||||||||||||||||
Total | $ | 573,673 | $ | (224,446 | ) | $ | 349,227 | $ | 710,928 | $ | (239,549 | ) | $ | 471,379 | ||||||||||
(In thousands) | ||||
2015 | $ | 34,766 | ||
2016 | 34,264 | |||
2017 | 33,775 | |||
2018 | 32,680 | |||
2019 | 30,848 | |||
|
|||
December 31, | ||||||||
(In thousands) | 2014 | 2013 | ||||||
Assets | ||||||||
Undesignated for hedge accounting | ||||||||
Forward exchange contracts | $ | 605 | $ | 605 | ||||
Total asset derivatives (1) | $ | 605 | $ | 605 | ||||
Liabilities | ||||||||
Designated for hedge accounting | ||||||||
Interest rate swaps | $ | 5,121 | $ | 49,845 | ||||
Undesignated for hedge accounting | ||||||||
Forward exchange contracts | $ | 676 | $ | 277 | ||||
Total liability derivatives (2) | $ | 5,797 | $ | 50,122 | ||||
Gain/(Loss) on Swap | Gain/(Loss) on Borrowings | |||||||||||||||||||||||
(In thousands) | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||
Income statement classification: | ||||||||||||||||||||||||
Other income (loss), net | $ | 44,724 | $ | (49,845 | ) | $ | (742 | ) | $ | (44,724 | ) | $ | 49,845 | $ | 742 | |||||||||
(In thousands) | 2014 | 2013 | 2012 | |||||||||
Forward exchange contracts: | ||||||||||||
General and administrative expenses | $ | (6,880 | ) | $ | (6,198 | ) | $ | 883 | ||||
|
|||
(In thousands) | 2014 | 2013 | ||||||
Accrued compensation | $ | 88,793 | $ | 88,108 | ||||
Accrued commissions | 10,783 | 12,834 | ||||||
Accrued interest | 9,688 | 9,730 | ||||||
Accrued insurance | 6,757 | 4,885 | ||||||
Accrued 401K | 7,050 | — | ||||||
Other | 22,867 | 27,378 | ||||||
Total accrued expenses | $ | 145,938 | $ | 142,935 | ||||
(In thousands) | 2014 | 2013 | ||||||
Warranty reserves | $ | 15,688 | $ | 15,914 | ||||
Additional amounts due to sellers on acquisitions | 1,739 | 5,250 | ||||||
Reserves on loss contracts | 2,979 | 4,067 | ||||||
Deferred tax liability | 2,448 | 3,175 | ||||||
Pension and other postretirement liabilities | 5,120 | 4,280 | ||||||
Other | 10,189 | 5,565 | ||||||
Total other current liabilities | $ | 38,163 | $ | 38,251 | ||||
|
|||
(In thousands) | Commercial/Industrial | Defense | Energy | Consolidated | ||||||||||||
Cost of sales | $ | 7,413 | $ | 3,227 | $ | 138 | $ | 10,778 | ||||||||
Selling expenses | — | 417 | 13 | 430 | ||||||||||||
General and administrative | 5,033 | 2,463 | 497 | 7,993 | ||||||||||||
Total | $ | 12,446 | $ | 6,107 | $ | 648 | $ | 19,201 | ||||||||
(In thousands) | Severance and Benefits | Abandonment of facility costs | Total | |||||||||
December 31, 2012 | $ | 1,020 | $ | 6,106 | $ | 7,126 | ||||||
Provisions | — | — | — | |||||||||
Payments | (774 | ) | (5,519 | ) | (6,293 | ) | ||||||
Adjustments | (246 | ) | (587 | ) | (833 | ) | ||||||
December 31, 2013 | $ | — | $ | — | $ | — | ||||||
|
|||
(In thousands) | 2014 | 2013 | 2012 | |||||||||
Domestic | $ | 120,563 | $ | 105,188 | $ | 80,475 | ||||||
Foreign | 126,381 | 95,862 | 74,746 | |||||||||
$ | 246,944 | $ | 201,050 | $ | 155,221 | |||||||
(In thousands) | 2014 | 2013 | 2012 | |||||||||
Current: | ||||||||||||
Federal | $ | 70,609 | $ | 29,323 | $ | 27,882 | ||||||
State | 9,065 | 5,629 | 5,465 | |||||||||
Foreign | 33,401 | 20,807 | 21,369 | |||||||||
113,075 | 55,759 | 54,716 | ||||||||||
Deferred: | ||||||||||||
Federal | (29,469 | ) | 7,982 | 758 | ||||||||
State | (1,275 | ) | 644 | (1,122 | ) | |||||||
Foreign | (5,070 | ) | (802 | ) | (5,172 | ) | ||||||
(35,814 | ) | 7,824 | (5,536 | ) | ||||||||
Valuation allowance | (266 | ) | (1,937 | ) | 1,960 | |||||||
Provision for income taxes | $ | 76,995 | $ | 61,646 | $ | 51,140 | ||||||
2014 | 2013 | 2012 | |||||||
U.S. federal statutory tax rate | 35.0 | % | 35.0 | % | 35.0 | % | |||
Add (deduct): | |||||||||
State and local taxes, net of federal benefit | 2.4 | 1.6 | 1.7 | ||||||
R&D tax credits | (1.3 | ) | (1.5 | ) | (0.9 | ) | |||
Foreign earnings (1) | (4.4 | ) | (3.7 | ) | (3.0 | ) | |||
All other, net | (0.5 | ) | (0.7 | ) | 0.1 | ||||
Effective tax rate | 31.2 | % | 30.7 | % | 32.9 | % | |||
(In thousands) | 2014 | 2013 | ||||||
Deferred tax assets: | ||||||||
Capital loss carryover | $ | 17,555 | $ | — | ||||
Environmental reserves | 10,123 | 9,913 | ||||||
Inventories | 18,496 | 20,197 | ||||||
Postretirement/postemployment benefits | 13,326 | 12,641 | ||||||
Incentive compensation | 16,140 | 6,727 | ||||||
Accrued vacation pay | 4,968 | 5,745 | ||||||
Warranty reserves | 4,330 | 5,073 | ||||||
Share-based payments | 4,422 | 7,718 | ||||||
Pension plans | 84,493 | 43,684 | ||||||
Net operating loss | 8,909 | 9,826 | ||||||
Other | 12,609 | 14,793 | ||||||
Total deferred tax assets | 195,371 | 136,317 | ||||||
Deferred tax liabilities: | ||||||||
Undistributed earnings | 7,840 | 4,077 | ||||||
Depreciation | 33,117 | 52,242 | ||||||
Goodwill amortization | 74,555 | 65,644 | ||||||
Other intangible amortization | 62,777 | 81,634 | ||||||
Other | 1,612 | 4,119 | ||||||
Total deferred tax liabilities | 179,901 | 207,716 | ||||||
Valuation allowance | 23,478 | 6,321 | ||||||
Net deferred tax assets/(liabilities) | $ | (8,008 | ) | $ | (77,720 | ) | ||
(In thousands) | 2014 | 2013 | ||||||
Net current deferred tax assets | $ | 44,311 | $ | 47,650 | ||||
Net current deferred tax liabilities | 2,448 | 3,175 | ||||||
Net noncurrent deferred tax assets | 1,683 | 1,449 | ||||||
Net noncurrent deferred tax liabilities | 51,554 | 123,644 | ||||||
Net deferred tax assets/(liabilities) | $ | (8,008 | ) | $ | (77,720 | ) | ||
(In thousands) | 2014 | 2013 | 2012 | |||||||||
Balance at January 1, | $ | 10,623 | $ | 11,301 | $ | 5,769 | ||||||
Additions for tax positions of prior periods | 1,421 | 1,511 | 4,591 | |||||||||
Additions for tax positions related to the current year | 1,738 | 1,768 | 1,019 | |||||||||
Settlements | (2,039 | ) | (3,868 | ) | (53 | ) | ||||||
Lapses of statute of limitations | (41 | ) | (140 | ) | (28 | ) | ||||||
Foreign currency translation | (142 | ) | 51 | 3 | ||||||||
Balance at December 31, | $ | 11,560 | $ | 10,623 | $ | 11,301 | ||||||
United States (Federal) | 2011 | - | present |
United States (Various states) | 1998 | - | present |
United Kingdom | 2007 | - | present |
Canada | 2008 | - | present |
|
|||
(In thousands) | 2014 | 2014 | 2013 | 2013 | ||||||||||||
Carrying Value | Estimated Fair Value | Carrying Value | Estimated Fair Value | |||||||||||||
Industrial revenue bond, due 2023 | $ | 8,400 | $ | 8,400 | $ | 8,400 | $ | 8,400 | ||||||||
Revolving credit agreement, due 2019 | — | — | 50,000 | 50,000 | ||||||||||||
5.51% Senior notes due 2017 | 150,000 | 162,617 | 150,000 | 163,059 | ||||||||||||
3.84% Senior notes due 2021 | 99,934 | 99,934 | 98,632 | 98,632 | ||||||||||||
3.70% Senior notes due 2023 | 225,000 | 225,748 | 225,000 | 209,140 | ||||||||||||
3.85% Senior notes due 2025 | 98,360 | 98,360 | 88,555 | 88,555 | ||||||||||||
4.24% Senior notes due 2026 | 197,237 | 197,237 | 173,557 | 173,557 | ||||||||||||
4.05% Senior notes due 2028 | 74,348 | 74,348 | 64,411 | 64,411 | ||||||||||||
4.11% Senior notes due 2028 | 100,000 | 100,801 | 100,000 | 89,252 | ||||||||||||
Other debt | 1,069 | 1,069 | 1,383 | 1,383 | ||||||||||||
Total debt | 954,348 | 968,514 | 959,938 | 946,389 | ||||||||||||
Less: current portion of long-term debt and short-term debt | 1,069 | 1,069 | 1,334 | 1,334 | ||||||||||||
Total long-term debt | $ | 953,279 | $ | 967,445 | $ | 958,604 | $ | 945,055 | ||||||||
(In thousands) | |||
2015 | $ | 1,069 | |
2016 | — | ||
2017 | 150,000 | ||
2018 | — | ||
2019 | — | ||
Thereafter | 803,279 | ||
Total | $ | 954,348 | |
|
|||
(In thousands, except per share data) | Earnings from continuing operations | Weighted- Average Shares Outstanding | Earnings per share from continuing operations | ||||||||
2014 | |||||||||||
Basic earnings per share from continuing operations | $ | 169,949 | 48,019 | $ | 3.54 | ||||||
Dilutive effect of stock options and deferred stock compensation | 1,056 | ||||||||||
Diluted earnings per share from continuing operations | $ | 169,949 | 49,075 | $ | 3.46 | ||||||
2013 | |||||||||||
Basic earnings per share from continuing operations | $ | 139,404 | 46,991 | $ | 2.97 | ||||||
Dilutive effect of stock options and deferred stock compensation | 921 | ||||||||||
Diluted earnings per share from continuing operations | $ | 139,404 | 47,912 | $ | 2.91 | ||||||
2012 | |||||||||||
Basic earnings per share from continuing operations | $ | 104,081 | 46,743 | $ | 2.23 | ||||||
Dilutive effect of stock options and deferred stock compensation | 669 | ||||||||||
Diluted earnings per share from continuing operations | $ | 104,081 | 47,412 | $ | 2.20 | ||||||
|
|||
(In thousands) | 2014 | 2013 | 2012 | |||||||||
Non-qualified stock options | $ | — | $ | 238 | $ | 942 | ||||||
Employee Stock Purchase Plan | 1,350 | 1,260 | 1,303 | |||||||||
Performance Share Units | 3,728 | 3,495 | 3,179 | |||||||||
Restricted Share Units | 2,655 | 1,700 | 3,237 | |||||||||
Other share-based payments | 767 | 657 | 767 | |||||||||
Total share-based compensation expense before income taxes | $ | 8,500 | $ | 7,350 | $ | 9,428 | ||||||
(In thousands) | 2014 | 2013 | 2012 | |||||||||
Cash received from share-based awards | $ | 38,183 | $ | 29,194 | $ | 15,137 | ||||||
Recognized tax benefit on awards | $ | 9,610 | $ | 3,199 | $ | 1,371 | ||||||
Shares (000’s) | Weighted- Average Exercise Price | Weighted- Average Remaining Contractual Term in Years | Aggregate Intrinsic Value (000’s) | ||||||||||
Outstanding at December 31, 2013 | 2,321 | $ | 33.69 | ||||||||||
Granted | — | — | |||||||||||
Exercised | (872 | ) | 33.45 | ||||||||||
Forfeited | (6 | ) | 29.66 | ||||||||||
Outstanding at December 31, 2014 | 1,443 | $ | 33.86 | 4.3 | $ | 53,002 | |||||||
Exercisable at December 31, 2014 | 1,443 | $ | 33.86 | 4.3 | $ | 53,002 | |||||||
Performance Share Units (PSUs) | Restricted Share Units (RSUs) | |||||||||||||
Shares/Units (000’s) | Weighted- Average Fair Value | Shares/Units (000’s) | Weighted- Average Fair Value | |||||||||||
Nonvested at December 31, 2013 | 368 | $ | 35.52 | 319 | $ | 36.53 | ||||||||
Granted | 51 | 82.79 | 38 | 70.28 | ||||||||||
Vested | (89 | ) | 29.88 | (92 | ) | 33.01 | ||||||||
Forfeited | (18 | ) | 46.71 | (19 | ) | 37.02 | ||||||||
Nonvested at December 31, 2014 | 312 | $ | 44.12 | 246 | $ | 43.03 | ||||||||
Expected to vest at December 31, 2014 | 312 | $ | 44.12 | 246 | $ | 43.03 | ||||||||
|
|||
Pension Benefits | Postretirement Benefits | |||||||||||||||||||||||
(In thousands) | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||
Service cost | $ | 25,262 | $ | 40,170 | $ | 40,274 | $ | 246 | $ | 373 | $ | 448 | ||||||||||||
Interest cost | 30,403 | 27,777 | 26,303 | 877 | 839 | 939 | ||||||||||||||||||
Expected return on plan assets | (41,746 | ) | (36,303 | ) | (33,585 | ) | — | — | — | |||||||||||||||
Amortization of prior service cost | 662 | 883 | 1,201 | (657 | ) | (638 | ) | (629 | ) | |||||||||||||||
Recognized net actuarial loss | 6,827 | 15,013 | 11,023 | (811 | ) | (614 | ) | (682 | ) | |||||||||||||||
Cost of settlements/curtailments | 377 | 13 | — | — | — | — | ||||||||||||||||||
Net periodic benefit cost (income) | $ | 21,785 | $ | 47,553 | $ | 45,216 | $ | (345 | ) | $ | (40 | ) | $ | 76 | ||||||||||
Pension Benefits | Postretirement Benefits | |||||||||||||||
(In thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Change in benefit obligation: | ||||||||||||||||
Beginning of year | $ | 674,192 | $ | 705,022 | $ | 20,416 | $ | 23,391 | ||||||||
Service cost | 25,262 | 40,170 | 246 | 373 | ||||||||||||
Interest cost | 30,403 | 27,777 | 877 | 839 | ||||||||||||
Plan participants’ contributions | 1,734 | 2,331 | 364 | 350 | ||||||||||||
Amendments | 178 | — | — | (366 | ) | |||||||||||
Actuarial loss (gain) | 114,763 | (62,534 | ) | 3,276 | (2,752 | ) | ||||||||||
Benefits paid | (40,765 | ) | (34,253 | ) | (1,929 | ) | (1,419 | ) | ||||||||
Business combinations | — | 5,809 | — | — | ||||||||||||
Special termination benefits | — | 533 | — | — | ||||||||||||
Curtailments/ settlements | — | (9,713 | ) | — | — | |||||||||||
Actual expenses | (1,299 | ) | (2,206 | ) | — | — | ||||||||||
Currency translation adjustments | (7,108 | ) | 1,256 | — | — | |||||||||||
End of year | $ | 797,360 | $ | 674,192 | $ | 23,250 | $ | 20,416 | ||||||||
Change in plan assets: | ||||||||||||||||
Beginning of year | $ | 558,567 | $ | 460,202 | $ | — | $ | — | ||||||||
Actual return on plan assets | 37,574 | 82,863 | — | — | ||||||||||||
Employer contribution | 46,306 | 48,074 | 1,565 | 1,069 | ||||||||||||
Plan participants’ contributions | 1,734 | 2,331 | 364 | 350 | ||||||||||||
Business combinations | — | — | — | — | ||||||||||||
Benefits paid | (40,765 | ) | (34,253 | ) | (1,929 | ) | (1,419 | ) | ||||||||
Settlements | (1,299 | ) | (2,206 | ) | — | — | ||||||||||
Currency translation adjustments | (6,288 | ) | 1,556 | — | — | |||||||||||
End of year | $ | 595,829 | $ | 558,567 | $ | — | $ | — | ||||||||
Funded status | $ | (201,531 | ) | $ | (115,625 | ) | $ | (23,250 | ) | $ | (20,416 | ) | ||||
Pension Benefits | Postretirement Benefits | |||||||||||||||
(In thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Amounts recognized on the balance sheet | ||||||||||||||||
Noncurrent assets | $ | 6,041 | $ | 7,142 | $ | — | $ | — | ||||||||
Current liabilities | (3,523 | ) | (2,620 | ) | (1,603 | ) | (1,659 | ) | ||||||||
Noncurrent liabilities | (204,049 | ) | (120,147 | ) | (21,647 | ) | (18,757 | ) | ||||||||
Total | $ | (201,531 | ) | $ | (115,625 | ) | $ | (23,250 | ) | $ | (20,416 | ) | ||||
Amounts recognized in accumulated other comprehensive income (AOCI) | ||||||||||||||||
Net actuarial loss (gain) | $ | 180,640 | $ | 69,355 | $ | (8,264 | ) | $ | (12,350 | ) | ||||||
Prior service cost | 1,990 | 2,537 | (4,686 | ) | (5,343 | ) | ||||||||||
Total | $ | 182,630 | $ | 71,892 | $ | (12,950 | ) | $ | (17,693 | ) | ||||||
Amounts in AOCI expected to be recognized in net periodic cost in the coming year: | ||||||||||||||||
Loss (gain) recognition | $ | 15,470 | $ | 5,933 | $ | (551 | ) | $ | (811 | ) | ||||||
Prior service cost recognition | $ | 619 | $ | 631 | $ | (657 | ) | $ | (657 | ) | ||||||
Accumulated benefit obligation | $ | 753,878 | $ | 641,892 | N/A | N/A | ||||||||||
Information for pension plans with an accumulated benefit obligation in excess of plan assets: | ||||||||||||||||
Projected benefit obligation | $ | 770,241 | $ | 604,515 | N/A | N/A | ||||||||||
Accumulated benefit obligation | 726,760 | 528,148 | N/A | N/A | ||||||||||||
Fair value of plan assets | 562,669 | 473,078 | N/A | N/A | ||||||||||||
Pension Benefits | Postretirement Benefits | |||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||
Weighted-average assumptions in determination of benefit obligation: | ||||||||||||
Discount rate | 3.88 | % | 4.62 | % | 3.75 | % | 4.47 | % | ||||
Rate of compensation increase | 3.37 | % | 3.94 | % | N/A | N/A | ||||||
Health care cost trends: | ||||||||||||
Rate assumed for subsequent year | N/A | N/A | 5.50 | % | 8.00 | % | ||||||
Ultimate rate reached in 2019 and 2015, respectively | N/A | N/A | 4.59 | % | 5.00 | % | ||||||
Weighted-average assumptions in determination of net periodic benefit cost: | ||||||||||||
Discount rate | 4.62 | % | 3.95 | % | 4.47 | % | 3.70 | % | ||||
Expected return on plan assets | 8.01 | % | 7.91 | % | N/A | N/A | ||||||
Rate of compensation increase | 3.36 | % | 3.94 | % | N/A | N/A | ||||||
Health care cost trends: | ||||||||||||
Rate assumed for subsequent year | N/A | N/A | 8.00 | % | 8.00 | % | ||||||
Ultimate rate reached in 2019 and 2015, respectively | N/A | N/A | 5.00 | % | 5.00 | % | ||||||
(In thousands) | 1% Increase | 1% Decrease | ||||||
Total service and interest cost components | $ | 15 | $ | (13 | ) | |||
Postretirement benefit obligation | $ | 364 | $ | (301 | ) | |||
As of December 31, | Target | Expected | ||||||
2014 | 2013 | Exposure | Range | |||||
Asset class | ||||||||
Domestic equities | 53% | 52% | 50% | 40%-60% | ||||
International equities | 14% | 15% | 15% | 10%-20% | ||||
Total equity | 67% | 67% | 65% | 55%-75% | ||||
Fixed income | 33% | 31% | 35% | 25%-45% | ||||
Asset Category | Total | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||
Cash and cash equivalents | $ | 17,951 | $ | 1,638 | $ | 16,313 | $ | — | ||||||||
Equity securities- Mutual funds (1) | 360,691 | 307,220 | 53,471 | — | ||||||||||||
Bond funds (2) | 168,348 | 115,988 | 52,360 | — | ||||||||||||
Insurance Contracts (3) | 10,795 | — | — | 10,795 | ||||||||||||
Other (4) | 782 | — | — | 782 | ||||||||||||
December 31, 2013 | $ | 558,567 | $ | 424,846 | $ | 122,144 | $ | 11,577 | ||||||||
Cash and cash equivalents | $ | 24,354 | $ | 871 | $ | 23,483 | $ | — | ||||||||
Equity securities- Mutual funds (1) | 379,467 | 330,619 | 48,848 | — | ||||||||||||
Bond funds (2) | 183,068 | 122,790 | 60,278 | — | ||||||||||||
Insurance Contracts (3) | 8,169 | — | — | 8,169 | ||||||||||||
Other (4) | 771 | — | — | 771 | ||||||||||||
December 31, 2014 | $ | 595,829 | $ | 454,280 | $ | 132,609 | $ | 8,940 | ||||||||
(In thousands) | Insurance Contracts | Other | Total | |||||||||
December 31, 2012 | $ | 10,917 | $ | 728 | $ | 11,645 | ||||||
Actual return on plan assets: | ||||||||||||
Relating to assets still held at the reporting date | 162 | 35 | 197 | |||||||||
Relating to assets sold during the period | — | — | — | |||||||||
Purchases, sales, and settlements | (542 | ) | — | (542 | ) | |||||||
Transfers in and/or out of Level 3 | — | — | — | |||||||||
Foreign currency translation adjustment | 258 | 19 | 277 | |||||||||
December 31, 2013 | $ | 10,795 | $ | 782 | $ | 11,577 | ||||||
Actual return on plan assets: | ||||||||||||
Relating to assets still held at the reporting date | 158 | 39 | 197 | |||||||||
Relating to assets sold during the period | — | — | — | |||||||||
Purchases, sales, and settlements | (1,818 | ) | 36 | (1,782 | ) | |||||||
Transfers in and/or out of Level 3 | — | — | — | |||||||||
Foreign currency translation adjustment | (966 | ) | (86 | ) | (1,052 | ) | ||||||
December 31, 2014 | $ | 8,169 | $ | 771 | $ | 8,940 | ||||||
(In thousands) | Pension Plans | Postretirement Plans | Total | |||||||||
2015 | $ | 45,126 | $ | 1,603 | $ | 46,729 | ||||||
2016 | 45,914 | 1,564 | 47,478 | |||||||||
2017 | 47,534 | 1,529 | 49,063 | |||||||||
2018 | 49,763 | 1,535 | 51,298 | |||||||||
2019 | 52,630 | 1,506 | 54,136 | |||||||||
2020 — 2024 | 270,769 | 7,342 | 278,111 | |||||||||
|
|||
(In thousands) | Rental Commitments | ||
2015 | $ | 27,615 | |
2016 | 24,039 | ||
2017 | 20,514 | ||
2018 | 16,058 | ||
2019 | 11,899 | ||
Thereafter | 45,683 | ||
Total | $ | 145,808 | |
|
|||
December 31, | ||||||||||||
(In thousands) | 2014 | 2013 | 2012 | |||||||||
Net sales | ||||||||||||
Commercial/Industrial | $ | 1,077,045 | $ | 951,900 | $ | 679,382 | ||||||
Defense | 739,805 | 769,190 | 770,318 | |||||||||
Energy | 433,114 | 403,788 | 381,557 | |||||||||
Less: Intersegment Revenues | (6,838 | ) | (6,797 | ) | (7,950 | ) | ||||||
Total Consolidated | $ | 2,243,126 | $ | 2,118,081 | $ | 1,823,307 | ||||||
(In thousands) | 2014 | 2013 | 2012 | |||||||||
Operating income (expense) | ||||||||||||
Commercial/Industrial | $ | 142,831 | $ | 105,245 | $ | 66,576 | ||||||
Defense | 102,252 | 116,618 | 90,285 | |||||||||
Energy | 67,602 | 57,204 | 55,643 | |||||||||
Corporate and Eliminations (1) | (30,312 | ) | (41,944 | ) | (31,110 | ) | ||||||
Total Consolidated | $ | 282,373 | $ | 237,123 | $ | 181,394 | ||||||
Depreciation and amortization expense | ||||||||||||
Commercial/Industrial | $ | 54,496 | $ | 53,563 | $ | 32,148 | ||||||
Defense | 33,198 | 32,351 | 33,372 | |||||||||
Energy | 13,171 | 11,647 | 11,835 | |||||||||
Corporate | 4,060 | 4,654 | 2,771 | |||||||||
Total Consolidated | $ | 104,925 | $ | 102,215 | $ | 80,126 | ||||||
Segment assets | ||||||||||||
Commercial/Industrial | $ | 1,324,679 | $ | 1,309,232 | $ | 1,027,787 | ||||||
Defense | 1,158,272 | 1,293,679 | 1,266,553 | |||||||||
Energy | 632,009 | 798,330 | 781,837 | |||||||||
Corporate | 284,551 | 57,033 | 38,411 | |||||||||
Total Consolidated | $ | 3,399,511 | $ | 3,458,274 | $ | 3,114,588 | ||||||
Capital expenditures | ||||||||||||
Commercial/Industrial | $ | 33,642 | $ | 38,063 | $ | 43,039 | ||||||
Defense | 18,111 | 11,468 | 20,605 | |||||||||
Energy | 10,474 | 19,435 | 13,421 | |||||||||
Corporate | 4,888 | 3,276 | 5,889 | |||||||||
Total Consolidated (2) | $ | 67,115 | $ | 72,242 | $ | 82,954 | ||||||
December 31, | ||||||||||||
(In thousands) | 2014 | 2013 | 2012 | |||||||||
Earnings before taxes: | ||||||||||||
Total segment operating income | $ | 312,685 | $ | 279,067 | $ | 212,504 | ||||||
Corporate and administrative | (30,312 | ) | (41,944 | ) | (31,110 | ) | ||||||
Interest expense | (35,794 | ) | (37,053 | ) | (26,301 | ) | ||||||
Other income, net | 365 | 980 | 128 | |||||||||
Total consolidated earnings before tax | $ | 246,944 | $ | 201,050 | $ | 155,221 | ||||||
December 31, | ||||||||||||
(In thousands) | 2014 | 2013 | 2012 | |||||||||
Assets: | ||||||||||||
Total assets for reportable segments | $ | 3,114,960 | $ | 3,401,241 | $ | 3,076,177 | ||||||
Non-segment cash | 245,651 | 12,651 | 6,934 | |||||||||
Other assets | 38,900 | 44,382 | 31,477 | |||||||||
Total consolidated assets | $ | 3,399,511 | $ | 3,458,274 | $ | 3,114,588 | ||||||
December 31, | ||||||||||||
(In thousands) | 2014 | 2013 | 2012 | |||||||||
Revenues | ||||||||||||
United States of America | $ | 1,521,034 | $ | 1,444,019 | $ | 1,276,571 | ||||||
United Kingdom | 145,092 | 134,815 | 136,052 | |||||||||
Canada | 72,392 | 66,234 | 61,916 | |||||||||
Other foreign countries | 504,608 | 473,013 | 348,768 | |||||||||
Consolidated total | $ | 2,243,126 | $ | 2,118,081 | $ | 1,823,307 | ||||||
Long-Lived Assets | ||||||||||||
United States of America | $ | 323,937 | $ | 365,691 | $ | 352,615 | ||||||
United Kingdom | 45,625 | 43,434 | 43,341 | |||||||||
Canada | 20,257 | 27,975 | 31,740 | |||||||||
Other foreign countries | 69,100 | 78,618 | 61,897 | |||||||||
Consolidated total | $ | 458,919 | $ | 515,718 | $ | 489,593 | ||||||
|
|||
|
|||
(In thousands) | Foreign currency translation adjustments, net | Total pension and postretirement adjustments, net | Accumulated other comprehensive income (loss) | |||||||||
December 31, 2012 | $ | 65,722 | $ | (121,230 | ) | $ | (55,508 | ) | ||||
Current period other comprehensive income (loss) | (6,619 | ) | 87,386 | 80,767 | ||||||||
December 31, 2013 | $ | 59,103 | $ | (33,844 | ) | $ | 25,259 | |||||
Other comprehensive loss before reclassifications (1) | (79,386 | ) | (78,450 | ) | (157,836 | ) | ||||||
Amounts reclassified from accumulated other comprehensive income (loss) (1) | — | 4,166 | 4,166 | |||||||||
Net current period other comprehensive loss | (79,386 | ) | (74,284 | ) | (153,670 | ) | ||||||
December 31, 2014 | $ | (20,283 | ) | $ | (108,128 | ) | $ | (128,411 | ) | |||
(1) | All amounts are after tax. |
Amount reclassified from Accumulated other comprehensive income (loss) | Affected line item in the statement where net earnings is presented | |||||
Defined benefit pension plan | ||||||
Amortization of prior service costs | (5 | ) | (1) | |||
Amortization of actuarial losses | (6,016 | ) | (1) | |||
Curtailments | (377 | ) | ||||
(6,398 | ) | Total before tax | ||||
2,232 | Income tax benefit | |||||
Total reclassifications | $ | (4,166 | ) | Net of tax | ||
(1) | These items are included in the computation of net periodic pension cost. See Note 16, Pension and Other Postretirement Benefit Plans. |
|
|||
(In thousands, except per share data) | First | Second | Third | Fourth | ||||||||||||
2014 | ||||||||||||||||
Net sales | $ | 542,959 | $ | 569,198 | $ | 558,383 | $ | 572,586 | ||||||||
Gross profit | 184,614 | 198,231 | 193,331 | 200,340 | ||||||||||||
Earnings from continuing operations | 36,430 | 43,009 | 44,378 | 46,132 | ||||||||||||
Loss from discontinued operations | (1,266 | ) | (6,618 | ) | (19,345 | ) | (29,382 | ) | ||||||||
Net earnings | 35,164 | 36,391 | 25,033 | 16,750 | ||||||||||||
Basic earnings per share * | ||||||||||||||||
Earnings from continuing operations | $ | 0.76 | $ | 0.90 | $ | 0.92 | $ | 0.96 | ||||||||
Loss from discontinued operations | (0.03 | ) | (0.14 | ) | (0.40 | ) | (0.61 | ) | ||||||||
Total | $ | 0.73 | $ | 0.76 | $ | 0.52 | $ | 0.35 | ||||||||
Diluted earnings per share * | ||||||||||||||||
Earnings from continuing operations | $ | 0.74 | $ | 0.87 | $ | 0.90 | $ | 0.94 | ||||||||
Loss from discontinued operations | (0.02 | ) | (0.13 | ) | (0.39 | ) | (0.60 | ) | ||||||||
Total | $ | 0.72 | $ | 0.74 | $ | 0.51 | $ | 0.34 | ||||||||
2013 | ||||||||||||||||
Net sales | $ | 494,395 | $ | 524,139 | $ | 511,380 | $ | 588,167 | ||||||||
Gross profit | 165,726 | 182,386 | 178,672 | 209,055 | ||||||||||||
Earnings from continuing operations | 22,590 | 34,035 | 38,079 | 44,700 | ||||||||||||
Earnings/(loss) from discontinued operations | (1,647 | ) | (665 | ) | (1,718 | ) | 2,607 | |||||||||
Net earnings | 20,943 | 33,370 | 36,361 | 47,307 | ||||||||||||
Basic earnings per share * | ||||||||||||||||
Earnings from continuing operations | $ | 0.48 | $ | 0.73 | $ | 0.81 | $ | 0.95 | ||||||||
Earnings/(loss) from discontinued operations | (0.03 | ) | (0.02 | ) | (0.04 | ) | 0.05 | |||||||||
Total | $ | 0.45 | $ | 0.71 | $ | 0.77 | $ | 1.00 | ||||||||
Diluted earnings per share * | ||||||||||||||||
Earnings from continuing operations | $ | 0.48 | $ | 0.72 | $ | 0.79 | $ | 0.92 | ||||||||
Earnings/(loss) from discontinued operations | (0.04 | ) | (0.02 | ) | (0.03 | ) | 0.05 | |||||||||
Total | $ | 0.44 | $ | 0.70 | $ | 0.76 | $ | 0.97 | ||||||||
|
|||
|
|||
Additions | ||||||||||||||||||||||||
Description | Balance at Beginning of Period | Charged to Costs and Expenses | Charged to Other Accounts (Describe) | Deductions (Describe) | Balance at End of Period | |||||||||||||||||||
Deducted from assets to which they apply: | ||||||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||||||
Tax valuation allowance | 6,321 | 18,535 | (263 | ) | (A) | 1,115 | 23,478 | |||||||||||||||||
Total | $ | 6,321 | $ | 18,535 | $ | (263 | ) | $ | 1,115 | $ | 23,478 | |||||||||||||
December 31, 2013 | ||||||||||||||||||||||||
Tax valuation allowance | 8,531 | (1,896 | ) | (314 | ) | (A) | — | 6,321 | ||||||||||||||||
Total | $ | 8,531 | $ | (1,896 | ) | $ | (314 | ) | $ | — | $ | 6,321 | ||||||||||||
December 31, 2012 | ||||||||||||||||||||||||
Tax valuation allowance | 5,518 | 1,665 | 1,348 | (A) | — | 8,531 | ||||||||||||||||||
Total | $ | 5,518 | $ | 1,665 | $ | 1,348 | $ | — | $ | 8,531 | ||||||||||||||
A. | Primarily foreign currency translation adjustments. |
|
|||
Buildings and improvements | 5 to 40 years |
Machinery, equipment, and other | 3 to 15 years |
Standard | Description | Effect on the financial statements |
ASU 2014-09 Revenue from contracts with customers Date of adoption: January 1, 2017 | In May 2014, the FASB issued a comprehensive new revenue recognition standard which will supersede previous existing revenue recognition guidance. The standard creates a five-step model for revenue recognition that requires companies to exercise judgment when considering contract terms and relevant facts and circumstances. The five-step model includes (1) identifying the contract, (2) identifying the separate performance obligations in the contract, (3) determining the transaction price, (4) allocating the transaction price to the separate performance obligations and (5) recognizing revenue when each performance obligation has been satisfied. The standard also requires expanded disclosures surrounding revenue recognition. The standard is effective for fiscal periods beginning after December 15, 2016 and allows for either full retrospective or modified retrospective adoption. | The Corporation is currently evaluating the impact of the adoption of this standard on its Consolidated Financial Statements. |
ASU 2014-08 Reporting Discontinued Operations Date of adoption: December 15, 2014 | In April 2014, new guidance was issued that amends the current discontinued operations guidance. The new guidance limits discontinued operation reporting to situations where the disposal represents a strategic shift that has (or will have) a major effect on an entity's operations and financial results, and requires expanded disclosures for discontinued operations. The adoption of this new guidance will be effective prospectively for annual reporting periods beginning after December 15, 2014 and interim periods within those years, with early adoption permitted in certain instances. | The Corporation plans to adopt the provisions of the new guidance during the first quarter of 2015. The significance of this guidance is dependent on any future divestitures or disposals. |
|
|||
Net Sales | Earnings /(loss) before income taxes | |||||||||||||||||||||||
(In thousands) | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||
Commercial/Industrial | ||||||||||||||||||||||||
Surface Technologies - International | $ | 4,355 | $ | 4,600 | $ | 4,248 | $ | (6,123 | ) | $ | (805 | ) | $ | (989 | ) | |||||||||
Heat Treat | — | — | 10,785 | — | — | 4,929 | ||||||||||||||||||
Defense | ||||||||||||||||||||||||
Benshaw | 29,029 | 70,741 | 89,183 | (3,061 | ) | 2,173 | 5,972 | |||||||||||||||||
3D Radar | 344 | 5,165 | 7,444 | (1,117 | ) | 215 | 1,492 | |||||||||||||||||
Energy | ||||||||||||||||||||||||
Upstream | 143,182 | 145,609 | 9,335 | 14,267 | 10,898 | (2,090 | ) | |||||||||||||||||
Vessels | 5,798 | 5,127 | 17,644 | (11,115 | ) | (12,611 | ) | (12,729 | ) | |||||||||||||||
Total included in discontinued operations | $ | 182,708 | $ | 231,242 | $ | 138,639 | $ | (7,149 | ) | $ | (130 | ) | $ | (3,415 | ) | |||||||||
(In thousands) | 2014 | 2013 | 2012 | |||||||||
Net sales | $ | 363,869 | $ | 392,690 | $ | 285,194 | ||||||
Loss from discontinued operations before income taxes (1) | (48,519 | ) | (3,097 | ) | (14,930 | ) | ||||||
Income tax benefit/(expense) | 14,268 | 1,674 | 6,181 | |||||||||
Gain/(loss) on sale of businesses (2) | (22,360 | ) | — | 18,512 | ||||||||
Earnings from discontinued operations | $ | (56,611 | ) | $ | (1,423 | ) | $ | 9,763 | ||||
(In thousands) | December 31, 2014 | ||||||
Assets held for sale: | |||||||
Receivables, net | $ | 60,187 | |||||
Inventories, net | 27,414 | ||||||
Property, plant, and equipment, net | 22,473 | ||||||
Goodwill | 42,395 | ||||||
Other intangible assets, net | 19,151 | ||||||
Other assets | 5,631 | ||||||
Deferred tax assets, net | 11,174 | ||||||
Reserve for assets held for sale | (41,078 | ) | |||||
Total assets held for sale, current | $ | 147,347 | |||||
Liabilities held for sale | |||||||
Accounts payable | $ | 12,579 | |||||
Accrued expenses | 8,320 | ||||||
Other current liabilities | 13,930 | ||||||
Other liabilities | 563 | ||||||
Total liabilities held for sale, current | $ | 35,392 | |||||
Net Sales | Earnings /(loss) before income taxes | |||||||||||||||||||||||
(In thousands) | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||
Commercial/Industrial | ||||||||||||||||||||||||
Surface Technologies - Domestic | $ | 4,395 | $ | 4,672 | $ | 1,767 | $ | (2,264 | ) | $ | (528 | ) | $ | (319 | ) | |||||||||
Defense | ||||||||||||||||||||||||
Engineered Packaging | 19,841 | 19,484 | 17,862 | 1,822 | 858 | 1,165 | ||||||||||||||||||
Aviation Ground Support Equipment | 29,331 | 28,022 | 28,585 | (8,644 | ) | (122 | ) | 27 | ||||||||||||||||
Energy | ||||||||||||||||||||||||
Downstream | 127,594 | 109,270 | 98,341 | (32,284 | ) | (3,175 | ) | (12,388 | ) | |||||||||||||||
Total included in discontinued operations | $ | 181,161 | $ | 161,448 | $ | 146,555 | $ | (41,370 | ) | $ | (2,967 | ) | $ | (11,515 | ) | |||||||||
|
|||
(In thousands) | 2014 | 2013 | 2012 | |||||||||
Accounts receivable | $ | 2,991 | $ | 25,972 | $ | 53,753 | ||||||
Inventory | 304 | 30,930 | 52,225 | |||||||||
Property, plant, and equipment | 2,802 | 18,066 | 40,915 | |||||||||
Other current assets | 81 | 3,229 | 7,244 | |||||||||
Intangible assets | 13,501 | 102,265 | 182,681 | |||||||||
Current and non-current liabilities | (1,754 | ) | (18,959 | ) | (44,617 | ) | ||||||
Pension and postretirement benefits | — | (6,472 | ) | (8,144 | ) | |||||||
Deferred income taxes | (2,199 | ) | (19,682 | ) | (50,367 | ) | ||||||
Debt assumed | — | — | (13,819 | ) | ||||||||
Due to seller | — | (3,361 | ) | (240 | ) | |||||||
Net tangible and intangible assets | 15,726 | 131,988 | 219,631 | |||||||||
(Gain on Bargain Purchase) | — | — | (910 | ) | ||||||||
Purchase price | 34,364 | 236,135 | 462,416 | |||||||||
Goodwill | $ | 18,638 | $ | 104,147 | $ | 243,695 | ||||||
(In thousands) | Phönix | Arens | Parvus | Other | Total | |||||||||||||||
Accounts receivable | $ | 12,226 | $ | 9,441 | $ | 3,639 | $ | 666 | $ | 25,972 | ||||||||||
Inventory | 20,358 | 5,349 | 5,122 | 101 | 30,930 | |||||||||||||||
Property, plant, and equipment | 12,575 | 4,787 | 435 | 269 | 18,066 | |||||||||||||||
Other current assets | 2,153 | 972 | 104 | — | 3,229 | |||||||||||||||
Intangible assets | 42,305 | 43,100 | 15,000 | 1,860 | 102,265 | |||||||||||||||
Current and non-current liabilities | (7,497 | ) | (7,991 | ) | (3,854 | ) | 383 | (18,959 | ) | |||||||||||
Pension and postretirement benefits | (6,472 | ) | — | — | — | (6,472 | ) | |||||||||||||
Deferred income taxes | (14,258 | ) | 94 | (5,518 | ) | — | (19,682 | ) | ||||||||||||
Due to seller | (119 | ) | — | (230 | ) | (3,012 | ) | (3,361 | ) | |||||||||||
Net tangible and intangible assets | 61,271 | 55,752 | 14,698 | 267 | 131,988 | |||||||||||||||
Purchase price | 97,886 | 95,612 | 37,059 | 5,578 | 236,135 | |||||||||||||||
Goodwill | $ | 36,615 | $ | 39,860 | $ | 22,361 | $ | 5,311 | $ | 104,147 | ||||||||||
Amount of tax deductible goodwill | $ | — | $ | 39,860 | $ | — | $ | 5,311 | $ | 45,171 | ||||||||||
(In thousands) | CCRS | NPSI | ||||||
Accounts receivable | $ | 2,984 | $ | 7 | ||||
Inventory | 64 | 112 | ||||||
Property, plant, and equipment | 1,987 | 790 | ||||||
Other current assets | 71 | 10 | ||||||
Intangible assets | 9,560 | 3,406 | ||||||
Current and non-current liabilities | (1,754 | ) | — | |||||
Deferred income taxes | (2,041 | ) | — | |||||
Net tangible and intangible assets | 10,871 | 4,325 | ||||||
Purchase price | 24,645 | 7,965 | ||||||
Goodwill | $ | 13,774 | $ | 3,640 | ||||
Amount of tax deductible goodwill | $ | — | $ | 3,640 | ||||
(In thousands, except per share data) | 2013 | 2012 | ||||||
Net sales | $ | 2,184,715 | $ | 2,157,815 | ||||
Net earnings from continuing operations | 143,960 | 116,768 | ||||||
Diluted earnings per share from continuing operations | 3.04 | 2.46 | ||||||
|
|||
(In thousands) | 2014 | 2013 | ||||||
Billed receivables: | ||||||||
Trade and other receivables | $ | 363,241 | $ | 444,841 | ||||
Less: Allowance for doubtful accounts | (5,619 | ) | (6,857 | ) | ||||
Net billed receivables | 357,622 | 437,984 | ||||||
Unbilled receivables: | ||||||||
Recoverable costs and estimated earnings not billed | 150,526 | 184,120 | ||||||
Less: Progress payments applied | (12,668 | ) | (18,512 | ) | ||||
Net unbilled receivables | 137,858 | 165,608 | ||||||
Receivables, net | $ | 495,480 | $ | 603,592 | ||||
|
|||
(In thousands) | 2014 | 2013 | ||||||
Raw material | $ | 201,998 | $ | 231,219 | ||||
Work-in-process | 89,423 | 114,372 | ||||||
Finished goods | 103,831 | 117,444 | ||||||
Inventoried costs related to U.S. Government and other long-term contracts | 59,070 | 58,796 | ||||||
Gross inventories | 454,322 | 521,831 | ||||||
Less: Inventory reserves | (51,435 | ) | (54,400 | ) | ||||
Progress payments applied, principally related to long-term contracts | (14,217 | ) | (15,344 | ) | ||||
Inventories, net | $ | 388,670 | $ | 452,087 | ||||
|
|||
(In thousands) | 2014 | 2013 | ||||||
Land | $ | 21,762 | $ | 24,250 | ||||
Buildings and improvements | 219,219 | 218,551 | ||||||
Machinery, equipment, and other | 750,006 | 800,573 | ||||||
Property, plant, and equipment, at cost | 990,987 | 1,043,374 | ||||||
Less: Accumulated depreciation | (532,068 | ) | (527,656 | ) | ||||
Property, plant, and equipment, net | $ | 458,919 | $ | 515,718 | ||||
|
|||
(In thousands) | Commercial/Industrial | Defense | Energy | Consolidated | ||||||||||||
December 31, 2012 | $ | 273,247 | $ | 467,917 | $ | 272,136 | $ | 1,013,300 | ||||||||
Acquisitions | 76,108 | 22,615 | 5,311 | 104,034 | ||||||||||||
Goodwill adjustments | (3,164 | ) | — | 429 | (2,735 | ) | ||||||||||
Foreign currency translation adjustment | 1,628 | (5,101 | ) | (697 | ) | (4,170 | ) | |||||||||
December 31, 2013 | $ | 347,819 | $ | 485,431 | $ | 277,179 | $ | 1,110,429 | ||||||||
Acquisitions | $ | 13,773 | $ | — | $ | 4,863 | $ | 18,636 | ||||||||
Assets held for sale | — | (6,525 | ) | (35,870 | ) | (42,395 | ) | |||||||||
Divestitures | — | (11,695 | ) | (43,660 | ) | (55,355 | ) | |||||||||
Goodwill adjustments | (1,096 | ) | (254 | ) | — | (1,350 | ) | |||||||||
Foreign currency translation adjustment | (9,634 | ) | (20,217 | ) | (1,608 | ) | (31,459 | ) | ||||||||
December 31, 2014 | $ | 350,862 | $ | 446,740 | $ | 200,904 | $ | 998,506 | ||||||||
|
|||
2014 | 2013 | |||||||||||
(In thousands, except years data) | Amount | Years | Amount | Years | ||||||||
Technology | $ | 100 | 5.0 | $ | 21,101 | 13.5 | ||||||
Customer related intangibles | 13,200 | 13.6 | 73,146 | 16.9 | ||||||||
Other intangible assets | 200 | 1.0 | 8,504 | 3.3 | ||||||||
Total | $ | 13,500 | 13.3 | $ | 102,751 | 15.1 | ||||||
2014 | 2013 | |||||||||||||||||||||||
(In thousands) | Gross | Accumulated Amortization | Net | Gross | Accumulated Amortization | Net | ||||||||||||||||||
Technology | $ | 178,369 | $ | (84,584 | ) | $ | 93,785 | $ | 213,888 | $ | (88,644 | ) | $ | 125,244 | ||||||||||
Customer related intangibles | 356,844 | (122,920 | ) | 233,924 | 430,604 | (127,194 | ) | 303,410 | ||||||||||||||||
Other intangible assets | 38,460 | (16,942 | ) | 21,518 | 66,436 | (23,711 | ) | 42,725 | ||||||||||||||||
Total | $ | 573,673 | $ | (224,446 | ) | $ | 349,227 | $ | 710,928 | $ | (239,549 | ) | $ | 471,379 | ||||||||||
(In thousands) | ||||
2015 | $ | 34,766 | ||
2016 | 34,264 | |||
2017 | 33,775 | |||
2018 | 32,680 | |||
2019 | 30,848 | |||
|
|||
December 31, | ||||||||
(In thousands) | 2014 | 2013 | ||||||
Assets | ||||||||
Undesignated for hedge accounting | ||||||||
Forward exchange contracts | $ | 605 | $ | 605 | ||||
Total asset derivatives (1) | $ | 605 | $ | 605 | ||||
Liabilities | ||||||||
Designated for hedge accounting | ||||||||
Interest rate swaps | $ | 5,121 | $ | 49,845 | ||||
Undesignated for hedge accounting | ||||||||
Forward exchange contracts | $ | 676 | $ | 277 | ||||
Total liability derivatives (2) | $ | 5,797 | $ | 50,122 | ||||
Gain/(Loss) on Swap | Gain/(Loss) on Borrowings | |||||||||||||||||||||||
(In thousands) | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||
Income statement classification: | ||||||||||||||||||||||||
Other income (loss), net | $ | 44,724 | $ | (49,845 | ) | $ | (742 | ) | $ | (44,724 | ) | $ | 49,845 | $ | 742 | |||||||||
(In thousands) | 2014 | 2013 | 2012 | |||||||||
Forward exchange contracts: | ||||||||||||
General and administrative expenses | $ | (6,880 | ) | $ | (6,198 | ) | $ | 883 | ||||
|
|||
(In thousands) | 2014 | 2013 | ||||||
Accrued compensation | $ | 88,793 | $ | 88,108 | ||||
Accrued commissions | 10,783 | 12,834 | ||||||
Accrued interest | 9,688 | 9,730 | ||||||
Accrued insurance | 6,757 | 4,885 | ||||||
Accrued 401K | 7,050 | — | ||||||
Other | 22,867 | 27,378 | ||||||
Total accrued expenses | $ | 145,938 | $ | 142,935 | ||||
(In thousands) | 2014 | 2013 | ||||||
Warranty reserves | $ | 15,688 | $ | 15,914 | ||||
Additional amounts due to sellers on acquisitions | 1,739 | 5,250 | ||||||
Reserves on loss contracts | 2,979 | 4,067 | ||||||
Deferred tax liability | 2,448 | 3,175 | ||||||
Pension and other postretirement liabilities | 5,120 | 4,280 | ||||||
Other | 10,189 | 5,565 | ||||||
Total other current liabilities | $ | 38,163 | $ | 38,251 | ||||
|
|||
(In thousands) | Commercial/Industrial | Defense | Energy | Consolidated | ||||||||||||
Cost of sales | $ | 7,413 | $ | 3,227 | $ | 138 | $ | 10,778 | ||||||||
Selling expenses | — | 417 | 13 | 430 | ||||||||||||
General and administrative | 5,033 | 2,463 | 497 | 7,993 | ||||||||||||
Total | $ | 12,446 | $ | 6,107 | $ | 648 | $ | 19,201 | ||||||||
(In thousands) | Severance and Benefits | Abandonment of facility costs | Total | |||||||||
December 31, 2012 | $ | 1,020 | $ | 6,106 | $ | 7,126 | ||||||
Provisions | — | — | — | |||||||||
Payments | (774 | ) | (5,519 | ) | (6,293 | ) | ||||||
Adjustments | (246 | ) | (587 | ) | (833 | ) | ||||||
December 31, 2013 | $ | — | $ | — | $ | — | ||||||
|
|||
(In thousands) | 2014 | 2013 | 2012 | |||||||||
Domestic | $ | 120,563 | $ | 105,188 | $ | 80,475 | ||||||
Foreign | 126,381 | 95,862 | 74,746 | |||||||||
$ | 246,944 | $ | 201,050 | $ | 155,221 | |||||||
(In thousands) | 2014 | 2013 | 2012 | |||||||||
Current: | ||||||||||||
Federal | $ | 70,609 | $ | 29,323 | $ | 27,882 | ||||||
State | 9,065 | 5,629 | 5,465 | |||||||||
Foreign | 33,401 | 20,807 | 21,369 | |||||||||
113,075 | 55,759 | 54,716 | ||||||||||
Deferred: | ||||||||||||
Federal | (29,469 | ) | 7,982 | 758 | ||||||||
State | (1,275 | ) | 644 | (1,122 | ) | |||||||
Foreign | (5,070 | ) | (802 | ) | (5,172 | ) | ||||||
(35,814 | ) | 7,824 | (5,536 | ) | ||||||||
Valuation allowance | (266 | ) | (1,937 | ) | 1,960 | |||||||
Provision for income taxes | $ | 76,995 | $ | 61,646 | $ | 51,140 | ||||||
2014 | 2013 | 2012 | |||||||
U.S. federal statutory tax rate | 35.0 | % | 35.0 | % | 35.0 | % | |||
Add (deduct): | |||||||||
State and local taxes, net of federal benefit | 2.4 | 1.6 | 1.7 | ||||||
R&D tax credits | (1.3 | ) | (1.5 | ) | (0.9 | ) | |||
Foreign earnings (1) | (4.4 | ) | (3.7 | ) | (3.0 | ) | |||
All other, net | (0.5 | ) | (0.7 | ) | 0.1 | ||||
Effective tax rate | 31.2 | % | 30.7 | % | 32.9 | % | |||
(In thousands) | 2014 | 2013 | ||||||
Deferred tax assets: | ||||||||
Capital loss carryover | $ | 17,555 | $ | — | ||||
Environmental reserves | 10,123 | 9,913 | ||||||
Inventories | 18,496 | 20,197 | ||||||
Postretirement/postemployment benefits | 13,326 | 12,641 | ||||||
Incentive compensation | 16,140 | 6,727 | ||||||
Accrued vacation pay | 4,968 | 5,745 | ||||||
Warranty reserves | 4,330 | 5,073 | ||||||
Share-based payments | 4,422 | 7,718 | ||||||
Pension plans | 84,493 | 43,684 | ||||||
Net operating loss | 8,909 | 9,826 | ||||||
Other | 12,609 | 14,793 | ||||||
Total deferred tax assets | 195,371 | 136,317 | ||||||
Deferred tax liabilities: | ||||||||
Undistributed earnings | 7,840 | 4,077 | ||||||
Depreciation | 33,117 | 52,242 | ||||||
Goodwill amortization | 74,555 | 65,644 | ||||||
Other intangible amortization | 62,777 | 81,634 | ||||||
Other | 1,612 | 4,119 | ||||||
Total deferred tax liabilities | 179,901 | 207,716 | ||||||
Valuation allowance | 23,478 | 6,321 | ||||||
Net deferred tax assets/(liabilities) | $ | (8,008 | ) | $ | (77,720 | ) | ||
(In thousands) | 2014 | 2013 | ||||||
Net current deferred tax assets | $ | 44,311 | $ | 47,650 | ||||
Net current deferred tax liabilities | 2,448 | 3,175 | ||||||
Net noncurrent deferred tax assets | 1,683 | 1,449 | ||||||
Net noncurrent deferred tax liabilities | 51,554 | 123,644 | ||||||
Net deferred tax assets/(liabilities) | $ | (8,008 | ) | $ | (77,720 | ) | ||
(In thousands) | 2014 | 2013 | 2012 | |||||||||
Balance at January 1, | $ | 10,623 | $ | 11,301 | $ | 5,769 | ||||||
Additions for tax positions of prior periods | 1,421 | 1,511 | 4,591 | |||||||||
Additions for tax positions related to the current year | 1,738 | 1,768 | 1,019 | |||||||||
Settlements | (2,039 | ) | (3,868 | ) | (53 | ) | ||||||
Lapses of statute of limitations | (41 | ) | (140 | ) | (28 | ) | ||||||
Foreign currency translation | (142 | ) | 51 | 3 | ||||||||
Balance at December 31, | $ | 11,560 | $ | 10,623 | $ | 11,301 | ||||||
United States (Federal) | 2011 | - | present |
United States (Various states) | 1998 | - | present |
United Kingdom | 2007 | - | present |
Canada | 2008 | - | present |
|
|||
(In thousands) | 2014 | 2014 | 2013 | 2013 | ||||||||||||
Carrying Value | Estimated Fair Value | Carrying Value | Estimated Fair Value | |||||||||||||
Industrial revenue bond, due 2023 | $ | 8,400 | $ | 8,400 | $ | 8,400 | $ | 8,400 | ||||||||
Revolving credit agreement, due 2019 | — | — | 50,000 | 50,000 | ||||||||||||
5.51% Senior notes due 2017 | 150,000 | 162,617 | 150,000 | 163,059 | ||||||||||||
3.84% Senior notes due 2021 | 99,934 | 99,934 | 98,632 | 98,632 | ||||||||||||
3.70% Senior notes due 2023 | 225,000 | 225,748 | 225,000 | 209,140 | ||||||||||||
3.85% Senior notes due 2025 | 98,360 | 98,360 | 88,555 | 88,555 | ||||||||||||
4.24% Senior notes due 2026 | 197,237 | 197,237 | 173,557 | 173,557 | ||||||||||||
4.05% Senior notes due 2028 | 74,348 | 74,348 | 64,411 | 64,411 | ||||||||||||
4.11% Senior notes due 2028 | 100,000 | 100,801 | 100,000 | 89,252 | ||||||||||||
Other debt | 1,069 | 1,069 | 1,383 | 1,383 | ||||||||||||
Total debt | 954,348 | 968,514 | 959,938 | 946,389 | ||||||||||||
Less: current portion of long-term debt and short-term debt | 1,069 | 1,069 | 1,334 | 1,334 | ||||||||||||
Total long-term debt | $ | 953,279 | $ | 967,445 | $ | 958,604 | $ | 945,055 | ||||||||
(In thousands) | |||
2015 | $ | 1,069 | |
2016 | — | ||
2017 | 150,000 | ||
2018 | — | ||
2019 | — | ||
Thereafter | 803,279 | ||
Total | $ | 954,348 | |
|
|||
(In thousands, except per share data) | Earnings from continuing operations | Weighted- Average Shares Outstanding | Earnings per share from continuing operations | ||||||||
2014 | |||||||||||
Basic earnings per share from continuing operations | $ | 169,949 | 48,019 | $ | 3.54 | ||||||
Dilutive effect of stock options and deferred stock compensation | 1,056 | ||||||||||
Diluted earnings per share from continuing operations | $ | 169,949 | 49,075 | $ | 3.46 | ||||||
2013 | |||||||||||
Basic earnings per share from continuing operations | $ | 139,404 | 46,991 | $ | 2.97 | ||||||
Dilutive effect of stock options and deferred stock compensation | 921 | ||||||||||
Diluted earnings per share from continuing operations | $ | 139,404 | 47,912 | $ | 2.91 | ||||||
2012 | |||||||||||
Basic earnings per share from continuing operations | $ | 104,081 | 46,743 | $ | 2.23 | ||||||
Dilutive effect of stock options and deferred stock compensation | 669 | ||||||||||
Diluted earnings per share from continuing operations | $ | 104,081 | 47,412 | $ | 2.20 | ||||||
|
|||
(In thousands) | 2014 | 2013 | 2012 | |||||||||
Non-qualified stock options | $ | — | $ | 238 | $ | 942 | ||||||
Employee Stock Purchase Plan | 1,350 | 1,260 | 1,303 | |||||||||
Performance Share Units | 3,728 | 3,495 | 3,179 | |||||||||
Restricted Share Units | 2,655 | 1,700 | 3,237 | |||||||||
Other share-based payments | 767 | 657 | 767 | |||||||||
Total share-based compensation expense before income taxes | $ | 8,500 | $ | 7,350 | $ | 9,428 | ||||||
(In thousands) | 2014 | 2013 | 2012 | |||||||||
Cash received from share-based awards | $ | 38,183 | $ | 29,194 | $ | 15,137 | ||||||
Recognized tax benefit on awards | $ | 9,610 | $ | 3,199 | $ | 1,371 | ||||||
Shares (000’s) | Weighted- Average Exercise Price | Weighted- Average Remaining Contractual Term in Years | Aggregate Intrinsic Value (000’s) | ||||||||||
Outstanding at December 31, 2013 | 2,321 | $ | 33.69 | ||||||||||
Granted | — | — | |||||||||||
Exercised | (872 | ) | 33.45 | ||||||||||
Forfeited | (6 | ) | 29.66 | ||||||||||
Outstanding at December 31, 2014 | 1,443 | $ | 33.86 | 4.3 | $ | 53,002 | |||||||
Exercisable at December 31, 2014 | 1,443 | $ | 33.86 | 4.3 | $ | 53,002 | |||||||
Performance Share Units (PSUs) | Restricted Share Units (RSUs) | |||||||||||||
Shares/Units (000’s) | Weighted- Average Fair Value | Shares/Units (000’s) | Weighted- Average Fair Value | |||||||||||
Nonvested at December 31, 2013 | 368 | $ | 35.52 | 319 | $ | 36.53 | ||||||||
Granted | 51 | 82.79 | 38 | 70.28 | ||||||||||
Vested | (89 | ) | 29.88 | (92 | ) | 33.01 | ||||||||
Forfeited | (18 | ) | 46.71 | (19 | ) | 37.02 | ||||||||
Nonvested at December 31, 2014 | 312 | $ | 44.12 | 246 | $ | 43.03 | ||||||||
Expected to vest at December 31, 2014 | 312 | $ | 44.12 | 246 | $ | 43.03 | ||||||||
|
|||
Asset Category | Total | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||
Cash and cash equivalents | $ | 17,951 | $ | 1,638 | $ | 16,313 | $ | — | ||||||||
Equity securities- Mutual funds (1) | 360,691 | 307,220 | 53,471 | — | ||||||||||||
Bond funds (2) | 168,348 | 115,988 | 52,360 | — | ||||||||||||
Insurance Contracts (3) | 10,795 | — | — | 10,795 | ||||||||||||
Other (4) | 782 | — | — | 782 | ||||||||||||
December 31, 2013 | $ | 558,567 | $ | 424,846 | $ | 122,144 | $ | 11,577 | ||||||||
Cash and cash equivalents | $ | 24,354 | $ | 871 | $ | 23,483 | $ | — | ||||||||
Equity securities- Mutual funds (1) | 379,467 | 330,619 | 48,848 | — | ||||||||||||
Bond funds (2) | 183,068 | 122,790 | 60,278 | — | ||||||||||||
Insurance Contracts (3) | 8,169 | — | — | 8,169 | ||||||||||||
Other (4) | 771 | — | — | 771 | ||||||||||||
December 31, 2014 | $ | 595,829 | $ | 454,280 | $ | 132,609 | $ | 8,940 | ||||||||
Pension Benefits | Postretirement Benefits | |||||||||||||||||||||||
(In thousands) | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||
Service cost | $ | 25,262 | $ | 40,170 | $ | 40,274 | $ | 246 | $ | 373 | $ | 448 | ||||||||||||
Interest cost | 30,403 | 27,777 | 26,303 | 877 | 839 | 939 | ||||||||||||||||||
Expected return on plan assets | (41,746 | ) | (36,303 | ) | (33,585 | ) | — | — | — | |||||||||||||||
Amortization of prior service cost | 662 | 883 | 1,201 | (657 | ) | (638 | ) | (629 | ) | |||||||||||||||
Recognized net actuarial loss | 6,827 | 15,013 | 11,023 | (811 | ) | (614 | ) | (682 | ) | |||||||||||||||
Cost of settlements/curtailments | 377 | 13 | — | — | — | — | ||||||||||||||||||
Net periodic benefit cost (income) | $ | 21,785 | $ | 47,553 | $ | 45,216 | $ | (345 | ) | $ | (40 | ) | $ | 76 | ||||||||||
Pension Benefits | Postretirement Benefits | |||||||||||||||
(In thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Change in benefit obligation: | ||||||||||||||||
Beginning of year | $ | 674,192 | $ | 705,022 | $ | 20,416 | $ | 23,391 | ||||||||
Service cost | 25,262 | 40,170 | 246 | 373 | ||||||||||||
Interest cost | 30,403 | 27,777 | 877 | 839 | ||||||||||||
Plan participants’ contributions | 1,734 | 2,331 | 364 | 350 | ||||||||||||
Amendments | 178 | — | — | (366 | ) | |||||||||||
Actuarial loss (gain) | 114,763 | (62,534 | ) | 3,276 | (2,752 | ) | ||||||||||
Benefits paid | (40,765 | ) | (34,253 | ) | (1,929 | ) | (1,419 | ) | ||||||||
Business combinations | — | 5,809 | — | — | ||||||||||||
Special termination benefits | — | 533 | — | — | ||||||||||||
Curtailments/ settlements | — | (9,713 | ) | — | — | |||||||||||
Actual expenses | (1,299 | ) | (2,206 | ) | — | — | ||||||||||
Currency translation adjustments | (7,108 | ) | 1,256 | — | — | |||||||||||
End of year | $ | 797,360 | $ | 674,192 | $ | 23,250 | $ | 20,416 | ||||||||
Change in plan assets: | ||||||||||||||||
Beginning of year | $ | 558,567 | $ | 460,202 | $ | — | $ | — | ||||||||
Actual return on plan assets | 37,574 | 82,863 | — | — | ||||||||||||
Employer contribution | 46,306 | 48,074 | 1,565 | 1,069 | ||||||||||||
Plan participants’ contributions | 1,734 | 2,331 | 364 | 350 | ||||||||||||
Business combinations | — | — | — | — | ||||||||||||
Benefits paid | (40,765 | ) | (34,253 | ) | (1,929 | ) | (1,419 | ) | ||||||||
Settlements | (1,299 | ) | (2,206 | ) | — | — | ||||||||||
Currency translation adjustments | (6,288 | ) | 1,556 | — | — | |||||||||||
End of year | $ | 595,829 | $ | 558,567 | $ | — | $ | — | ||||||||
Funded status | $ | (201,531 | ) | $ | (115,625 | ) | $ | (23,250 | ) | $ | (20,416 | ) | ||||
Pension Benefits | Postretirement Benefits | |||||||||||||||
(In thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Amounts recognized on the balance sheet | ||||||||||||||||
Noncurrent assets | $ | 6,041 | $ | 7,142 | $ | — | $ | — | ||||||||
Current liabilities | (3,523 | ) | (2,620 | ) | (1,603 | ) | (1,659 | ) | ||||||||
Noncurrent liabilities | (204,049 | ) | (120,147 | ) | (21,647 | ) | (18,757 | ) | ||||||||
Total | $ | (201,531 | ) | $ | (115,625 | ) | $ | (23,250 | ) | $ | (20,416 | ) | ||||
Amounts recognized in accumulated other comprehensive income (AOCI) | ||||||||||||||||
Net actuarial loss (gain) | $ | 180,640 | $ | 69,355 | $ | (8,264 | ) | $ | (12,350 | ) | ||||||
Prior service cost | 1,990 | 2,537 | (4,686 | ) | (5,343 | ) | ||||||||||
Total | $ | 182,630 | $ | 71,892 | $ | (12,950 | ) | $ | (17,693 | ) | ||||||
Amounts in AOCI expected to be recognized in net periodic cost in the coming year: | ||||||||||||||||
Loss (gain) recognition | $ | 15,470 | $ | 5,933 | $ | (551 | ) | $ | (811 | ) | ||||||
Prior service cost recognition | $ | 619 | $ | 631 | $ | (657 | ) | $ | (657 | ) | ||||||
Accumulated benefit obligation | $ | 753,878 | $ | 641,892 | N/A | N/A | ||||||||||
Information for pension plans with an accumulated benefit obligation in excess of plan assets: | ||||||||||||||||
Projected benefit obligation | $ | 770,241 | $ | 604,515 | N/A | N/A | ||||||||||
Accumulated benefit obligation | 726,760 | 528,148 | N/A | N/A | ||||||||||||
Fair value of plan assets | 562,669 | 473,078 | N/A | N/A | ||||||||||||
Pension Benefits | Postretirement Benefits | |||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||
Weighted-average assumptions in determination of benefit obligation: | ||||||||||||
Discount rate | 3.88 | % | 4.62 | % | 3.75 | % | 4.47 | % | ||||
Rate of compensation increase | 3.37 | % | 3.94 | % | N/A | N/A | ||||||
Health care cost trends: | ||||||||||||
Rate assumed for subsequent year | N/A | N/A | 5.50 | % | 8.00 | % | ||||||
Ultimate rate reached in 2019 and 2015, respectively | N/A | N/A | 4.59 | % | 5.00 | % | ||||||
Weighted-average assumptions in determination of net periodic benefit cost: | ||||||||||||
Discount rate | 4.62 | % | 3.95 | % | 4.47 | % | 3.70 | % | ||||
Expected return on plan assets | 8.01 | % | 7.91 | % | N/A | N/A | ||||||
Rate of compensation increase | 3.36 | % | 3.94 | % | N/A | N/A | ||||||
Health care cost trends: | ||||||||||||
Rate assumed for subsequent year | N/A | N/A | 8.00 | % | 8.00 | % | ||||||
Ultimate rate reached in 2019 and 2015, respectively | N/A | N/A | 5.00 | % | 5.00 | % | ||||||
(In thousands) | 1% Increase | 1% Decrease | ||||||
Total service and interest cost components | $ | 15 | $ | (13 | ) | |||
Postretirement benefit obligation | $ | 364 | $ | (301 | ) | |||
As of December 31, | Target | Expected | ||||||
2014 | 2013 | Exposure | Range | |||||
Asset class | ||||||||
Domestic equities | 53% | 52% | 50% | 40%-60% | ||||
International equities | 14% | 15% | 15% | 10%-20% | ||||
Total equity | 67% | 67% | 65% | 55%-75% | ||||
Fixed income | 33% | 31% | 35% | 25%-45% | ||||
(In thousands) | Pension Plans | Postretirement Plans | Total | |||||||||
2015 | $ | 45,126 | $ | 1,603 | $ | 46,729 | ||||||
2016 | 45,914 | 1,564 | 47,478 | |||||||||
2017 | 47,534 | 1,529 | 49,063 | |||||||||
2018 | 49,763 | 1,535 | 51,298 | |||||||||
2019 | 52,630 | 1,506 | 54,136 | |||||||||
2020 — 2024 | 270,769 | 7,342 | 278,111 | |||||||||
(In thousands) | Insurance Contracts | Other | Total | |||||||||
December 31, 2012 | $ | 10,917 | $ | 728 | $ | 11,645 | ||||||
Actual return on plan assets: | ||||||||||||
Relating to assets still held at the reporting date | 162 | 35 | 197 | |||||||||
Relating to assets sold during the period | — | — | — | |||||||||
Purchases, sales, and settlements | (542 | ) | — | (542 | ) | |||||||
Transfers in and/or out of Level 3 | — | — | — | |||||||||
Foreign currency translation adjustment | 258 | 19 | 277 | |||||||||
December 31, 2013 | $ | 10,795 | $ | 782 | $ | 11,577 | ||||||
Actual return on plan assets: | ||||||||||||
Relating to assets still held at the reporting date | 158 | 39 | 197 | |||||||||
Relating to assets sold during the period | — | — | — | |||||||||
Purchases, sales, and settlements | (1,818 | ) | 36 | (1,782 | ) | |||||||
Transfers in and/or out of Level 3 | — | — | — | |||||||||
Foreign currency translation adjustment | (966 | ) | (86 | ) | (1,052 | ) | ||||||
December 31, 2014 | $ | 8,169 | $ | 771 | $ | 8,940 | ||||||
|
|||
(In thousands) | Rental Commitments | ||
2015 | $ | 27,615 | |
2016 | 24,039 | ||
2017 | 20,514 | ||
2018 | 16,058 | ||
2019 | 11,899 | ||
Thereafter | 45,683 | ||
Total | $ | 145,808 | |
|
|||
Depreciation and amortization expense | ||||||||||||
Commercial/Industrial | $ | 54,496 | $ | 53,563 | $ | 32,148 | ||||||
Defense | 33,198 | 32,351 | 33,372 | |||||||||
Energy | 13,171 | 11,647 | 11,835 | |||||||||
Corporate | 4,060 | 4,654 | 2,771 | |||||||||
Total Consolidated | $ | 104,925 | $ | 102,215 | $ | 80,126 | ||||||
December 31, | ||||||||||||
(In thousands) | 2014 | 2013 | 2012 | |||||||||
Earnings before taxes: | ||||||||||||
Total segment operating income | $ | 312,685 | $ | 279,067 | $ | 212,504 | ||||||
Corporate and administrative | (30,312 | ) | (41,944 | ) | (31,110 | ) | ||||||
Interest expense | (35,794 | ) | (37,053 | ) | (26,301 | ) | ||||||
Other income, net | 365 | 980 | 128 | |||||||||
Total consolidated earnings before tax | $ | 246,944 | $ | 201,050 | $ | 155,221 | ||||||
Capital expenditures | ||||||||||||
Commercial/Industrial | $ | 33,642 | $ | 38,063 | $ | 43,039 | ||||||
Defense | 18,111 | 11,468 | 20,605 | |||||||||
Energy | 10,474 | 19,435 | 13,421 | |||||||||
Corporate | 4,888 | 3,276 | 5,889 | |||||||||
Total Consolidated (2) | $ | 67,115 | $ | 72,242 | $ | 82,954 | ||||||
December 31, | ||||||||||||
(In thousands) | 2014 | 2013 | 2012 | |||||||||
Net sales | ||||||||||||
Commercial/Industrial | $ | 1,077,045 | $ | 951,900 | $ | 679,382 | ||||||
Defense | 739,805 | 769,190 | 770,318 | |||||||||
Energy | 433,114 | 403,788 | 381,557 | |||||||||
Less: Intersegment Revenues | (6,838 | ) | (6,797 | ) | (7,950 | ) | ||||||
Total Consolidated | $ | 2,243,126 | $ | 2,118,081 | $ | 1,823,307 | ||||||
(In thousands) | 2014 | 2013 | 2012 | |||||||||
Operating income (expense) | ||||||||||||
Commercial/Industrial | $ | 142,831 | $ | 105,245 | $ | 66,576 | ||||||
Defense | 102,252 | 116,618 | 90,285 | |||||||||
Energy | 67,602 | 57,204 | 55,643 | |||||||||
Corporate and Eliminations (1) | (30,312 | ) | (41,944 | ) | (31,110 | ) | ||||||
Total Consolidated | $ | 282,373 | $ | 237,123 | $ | 181,394 | ||||||
Segment assets | ||||||||||||
Commercial/Industrial | $ | 1,324,679 | $ | 1,309,232 | $ | 1,027,787 | ||||||
Defense | 1,158,272 | 1,293,679 | 1,266,553 | |||||||||
Energy | 632,009 | 798,330 | 781,837 | |||||||||
Corporate | 284,551 | 57,033 | 38,411 | |||||||||
Total Consolidated | $ | 3,399,511 | $ | 3,458,274 | $ | 3,114,588 | ||||||
December 31, | ||||||||||||
(In thousands) | 2014 | 2013 | 2012 | |||||||||
Assets: | ||||||||||||
Total assets for reportable segments | $ | 3,114,960 | $ | 3,401,241 | $ | 3,076,177 | ||||||
Non-segment cash | 245,651 | 12,651 | 6,934 | |||||||||
Other assets | 38,900 | 44,382 | 31,477 | |||||||||
Total consolidated assets | $ | 3,399,511 | $ | 3,458,274 | $ | 3,114,588 | ||||||
December 31, | ||||||||||||
(In thousands) | 2014 | 2013 | 2012 | |||||||||
Revenues | ||||||||||||
United States of America | $ | 1,521,034 | $ | 1,444,019 | $ | 1,276,571 | ||||||
United Kingdom | 145,092 | 134,815 | 136,052 | |||||||||
Canada | 72,392 | 66,234 | 61,916 | |||||||||
Other foreign countries | 504,608 | 473,013 | 348,768 | |||||||||
Consolidated total | $ | 2,243,126 | $ | 2,118,081 | $ | 1,823,307 | ||||||
Long-Lived Assets | ||||||||||||
United States of America | $ | 323,937 | $ | 365,691 | $ | 352,615 | ||||||
United Kingdom | 45,625 | 43,434 | 43,341 | |||||||||
Canada | 20,257 | 27,975 | 31,740 | |||||||||
Other foreign countries | 69,100 | 78,618 | 61,897 | |||||||||
Consolidated total | $ | 458,919 | $ | 515,718 | $ | 489,593 | ||||||
|
|||
(In thousands) | Foreign currency translation adjustments, net | Total pension and postretirement adjustments, net | Accumulated other comprehensive income (loss) | |||||||||
December 31, 2012 | $ | 65,722 | $ | (121,230 | ) | $ | (55,508 | ) | ||||
Current period other comprehensive income (loss) | (6,619 | ) | 87,386 | 80,767 | ||||||||
December 31, 2013 | $ | 59,103 | $ | (33,844 | ) | $ | 25,259 | |||||
Other comprehensive loss before reclassifications (1) | (79,386 | ) | (78,450 | ) | (157,836 | ) | ||||||
Amounts reclassified from accumulated other comprehensive income (loss) (1) | — | 4,166 | 4,166 | |||||||||
Net current period other comprehensive loss | (79,386 | ) | (74,284 | ) | (153,670 | ) | ||||||
December 31, 2014 | $ | (20,283 | ) | $ | (108,128 | ) | $ | (128,411 | ) | |||
Amount reclassified from Accumulated other comprehensive income (loss) | Affected line item in the statement where net earnings is presented | |||||
Defined benefit pension plan | ||||||
Amortization of prior service costs | (5 | ) | (1) | |||
Amortization of actuarial losses | (6,016 | ) | (1) | |||
Curtailments | (377 | ) | ||||
(6,398 | ) | Total before tax | ||||
2,232 | Income tax benefit | |||||
Total reclassifications | $ | (4,166 | ) | Net of tax | ||
|
|||
(In thousands, except per share data) | First | Second | Third | Fourth | ||||||||||||
2014 | ||||||||||||||||
Net sales | $ | 542,959 | $ | 569,198 | $ | 558,383 | $ | 572,586 | ||||||||
Gross profit | 184,614 | 198,231 | 193,331 | 200,340 | ||||||||||||
Earnings from continuing operations | 36,430 | 43,009 | 44,378 | 46,132 | ||||||||||||
Loss from discontinued operations | (1,266 | ) | (6,618 | ) | (19,345 | ) | (29,382 | ) | ||||||||
Net earnings | 35,164 | 36,391 | 25,033 | 16,750 | ||||||||||||
Basic earnings per share * | ||||||||||||||||
Earnings from continuing operations | $ | 0.76 | $ | 0.90 | $ | 0.92 | $ | 0.96 | ||||||||
Loss from discontinued operations | (0.03 | ) | (0.14 | ) | (0.40 | ) | (0.61 | ) | ||||||||
Total | $ | 0.73 | $ | 0.76 | $ | 0.52 | $ | 0.35 | ||||||||
Diluted earnings per share * | ||||||||||||||||
Earnings from continuing operations | $ | 0.74 | $ | 0.87 | $ | 0.90 | $ | 0.94 | ||||||||
Loss from discontinued operations | (0.02 | ) | (0.13 | ) | (0.39 | ) | (0.60 | ) | ||||||||
Total | $ | 0.72 | $ | 0.74 | $ | 0.51 | $ | 0.34 | ||||||||
2013 | ||||||||||||||||
Net sales | $ | 494,395 | $ | 524,139 | $ | 511,380 | $ | 588,167 | ||||||||
Gross profit | 165,726 | 182,386 | 178,672 | 209,055 | ||||||||||||
Earnings from continuing operations | 22,590 | 34,035 | 38,079 | 44,700 | ||||||||||||
Earnings/(loss) from discontinued operations | (1,647 | ) | (665 | ) | (1,718 | ) | 2,607 | |||||||||
Net earnings | 20,943 | 33,370 | 36,361 | 47,307 | ||||||||||||
Basic earnings per share * | ||||||||||||||||
Earnings from continuing operations | $ | 0.48 | $ | 0.73 | $ | 0.81 | $ | 0.95 | ||||||||
Earnings/(loss) from discontinued operations | (0.03 | ) | (0.02 | ) | (0.04 | ) | 0.05 | |||||||||
Total | $ | 0.45 | $ | 0.71 | $ | 0.77 | $ | 1.00 | ||||||||
Diluted earnings per share * | ||||||||||||||||
Earnings from continuing operations | $ | 0.48 | $ | 0.72 | $ | 0.79 | $ | 0.92 | ||||||||
Earnings/(loss) from discontinued operations | (0.04 | ) | (0.02 | ) | (0.03 | ) | 0.05 | |||||||||
Total | $ | 0.44 | $ | 0.70 | $ | 0.76 | $ | 0.97 | ||||||||
|
|||
Additions | ||||||||||||||||||||||||
Description | Balance at Beginning of Period | Charged to Costs and Expenses | Charged to Other Accounts (Describe) | Deductions (Describe) | Balance at End of Period | |||||||||||||||||||
Deducted from assets to which they apply: | ||||||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||||||
Tax valuation allowance | 6,321 | 18,535 | (263 | ) | (A) | 1,115 | 23,478 | |||||||||||||||||
Total | $ | 6,321 | $ | 18,535 | $ | (263 | ) | $ | 1,115 | $ | 23,478 | |||||||||||||
December 31, 2013 | ||||||||||||||||||||||||
Tax valuation allowance | 8,531 | (1,896 | ) | (314 | ) | (A) | — | 6,321 | ||||||||||||||||
Total | $ | 8,531 | $ | (1,896 | ) | $ | (314 | ) | $ | — | $ | 6,321 | ||||||||||||
December 31, 2012 | ||||||||||||||||||||||||
Tax valuation allowance | 5,518 | 1,665 | 1,348 | (A) | — | 8,531 | ||||||||||||||||||
Total | $ | 5,518 | $ | 1,665 | $ | 1,348 | $ | — | $ | 8,531 | ||||||||||||||
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