CURTISS WRIGHT CORP, 10-K filed on 2/25/2016
Annual Report
Document and Entity Information (USD $)
12 Months Ended
Dec. 31, 2015
Jan. 1, 2016
Jun. 30, 2014
Document And Entity Information [Abstract]
 
 
 
Document Type
10-K 
 
 
Document Period End Date
Dec. 31, 2015 
 
 
Amendment Flag
false 
 
 
Entity Registrant Name
Curtiss Wright Corporation 
 
 
Entity Central Index Key
0000026324 
 
 
Entity Current Reporting Status
Yes 
 
 
Entity Voluntary Filers
No 
 
 
Current Fiscal Year End Date
--12-31 
 
 
Entity Filer Category
Large Accelerated Filer 
 
 
Entity Well-known Seasoned Issuer
Yes 
 
 
Entity Common Stock, Shares Outstanding
 
44,528,398 
 
Entity Public Float
 
 
$ 3,400,000,000 
Document Fiscal Year Focus
2015 
 
 
Document Fiscal Period Focus
FY 
 
 
Trading Symbol
cw 
 
 
CONSOLIDATED STATEMENTS OF EARNINGS (USD $)
In Thousands, except Per Share data, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Revenue, Net [Abstract]
 
 
 
Product sales
$ 1,796,802 
$ 1,815,028 
$ 1,719,591 
Service sales
408,881 
428,098 
398,490 
Net sales
2,205,683 
2,243,126 
2,118,081 
Cost of Revenue [Abstract]
 
 
 
Cost of product sales
1,156,596 
1,190,714 
1,123,291 
Cost of service sales
265,832 
275,896 
258,951 
Total cost of sales
1,422,428 
1,466,610 
1,382,242 
Gross profit
783,255 
776,516 
735,839 
Research and development expenses
(60,837)
(67,842)
(63,580)
Selling expenses
(121,482)
(128,005)
(128,473)
General and administrative expenses
(290,319)
(298,296)
(306,663)
Operating income
310,617 
282,373 
237,123 
Interest expense
(36,038)
(35,794)
(37,053)
Other income, net
615 
365 
980 
Earnings before income taxes
275,194 
246,944 
201,050 
Provision for income taxes
(82,946)
(76,995)
(61,646)
Earnings from continuing operations
192,248 
169,949 
139,404 
Discontinued operations, net of taxes
 
 
 
Loss from discontinued operations, net of taxes
(46,787)
(56,611)
(1,423)
Net earnings
$ 145,461 
$ 113,338 
$ 137,981 
Basic earnings per share
 
 
 
Earnings from continuing operations
$ 4.12 
$ 3.54 
$ 2.97 
Earnings from discontinued operations
$ (1.00)
$ (1.18)
$ (0.03)
Total
$ 3.12 
$ 2.36 
$ 2.94 
Diluted earnings per share
 
 
 
Earnings from continuing operations
$ 4.04 
$ 3.46 
$ 2.91 
Earnings from discontinued operations
$ (0.99)
$ (1.15)
$ (0.03)
Total
$ 3.05 
$ 2.31 
$ 2.88 
Dividends per share
$ 0.52 
$ 0.52 
$ 0.39 
Weighted average shares outstanding:
 
 
 
Basic
46,624 
48,019 
46,991 
Diluted
47,616 
49,075 
47,912 
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 earnings
$ 145,461 
$ 113,338 
$ 137,981 
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent [Abstract]
 
 
 
Foreign currency translation, net of tax
(87,527)1
(79,386)1
(6,619)1
Pension and postretirement adjustments, net of tax
(9,990)2
(74,284)2
87,386 2
Other Comprehensive Income (Loss), Net of Tax
(97,517)
(153,670)
80,767 
Comprehensive Income
$ 47,944 
$ (40,332)
$ 218,748 
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME Statement (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Statement of Comprehensive Income [Abstract]
 
 
 
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax
$ 2.7 
$ 2.1 
$ (0.9)
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Tax
$ 9.5 
$ 41.3 
$ (49.4)
CONSOLIDATED BALANCE SHEET (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2015
Dec. 31, 2014
Current Assets:
 
 
Cash and cash equivalents
$ 288,697 
$ 450,116 
Receivables, net
566,289 
495,480 
Inventories, net
379,591 
388,670 
Deferred tax assets, net
41,737 
44,311 
Assets held for sale
0 
147,347 
Other current assets
40,306 
45,151 
Total current assets
1,316,620 
1,571,075 
Property, plant, and equipment, net
413,644 
458,919 
Goodwill
972,606 
998,506 
Other intangible assets, net
310,763 
349,227 
Other assets
15,745 
21,784 
Total assets
3,029,378 
3,399,511 
Current liabilities:
 
 
Current portion of long-term debt and short-term debt
1,259 
1,069 
Accounts payable
163,286 
152,266 
Accrued expenses
131,863 
145,938 
Income taxes payable
7,956 
22,472 
Deferred revenue
181,671 
176,693 
Liabilities held for sale
0 
35,392 
Other current liabilities
39,152 
38,163 
Total current liabilities
525,187 
571,993 
Long-term debt
953,083 
953,279 
Deferred tax liabilities, net
91,115 
51,554 
Accrued pension and other postretirement benefit costs
103,723 
226,687 
Long-term portion of environmental reserves
14,017 
14,911 
Other liabilities
86,830 
102,654 
Total liabilities
1,773,955 
1,921,078 
Stockholders' Equity
 
 
Common stock, $1 par value,100,000,000 shares authorized at December 31, 2015 and 2014; 49,189,702 shares issued at December 31, 2015 and 2014; outstanding shares were 44,621,348 at December 31,2015 and 47,904,518 at December 31, 2014.
49,190 
49,190 
Additional paid in capital
144,923 
158,043 
Retained earnings
1,590,645 
1,469,306 
Accumulated other comprehensive loss
(225,928)
(128,411)
Common treasury stock, at cost (4,568,354 shares at December 31, 2015 and 1,285,184 shares at December 31, 2014)
(303,407)
(69,695)
Total stockholders' equity
1,255,423 
1,478,433 
Total liabilities and stockholders' equity
$ 3,029,378 
$ 3,399,511 
CONSOLIDATED BALANCE SHEETS PARENTHETICAL (USD $)
Dec. 31, 2015
Dec. 31, 2014
Statement of Financial Position [Abstract]
 
 
Common Stock Par Value
$ 1 
$ 1 
Common stock authorized
100,000,000 
100,000,000 
CommonStockSharesIssued
49,189,702 
49,189,702 
CommonStockSharesOutstanding
44,621,348 
47,904,518 
TreasuryStockShares
4,568,354 
1,285,184 
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Statement of Cash Flows [Abstract]
 
 
 
Net earnings
$ 145,461 
$ 113,338 
$ 137,981 
Adjustments to reconcile net earnings to net cash provided by operating activities:
 
 
 
Depreciation and amortization
100,810 
118,931 
121,497 
Loss on sale of businesses
16,991 
29,184 
0 
(Gain) loss on fixed asset disposals
(945)
632 
77 
Deferred income taxes
63,535 
(27,241)
5,928 
Share-based compensation
9,473 
8,500 
7,349 
Impairment of assets
0 
3,202 
887 
Impairment of assets held for sale
41,000 
41,400 
0 
Change in operating assets and liabilities, net of businesses acquired and divested:
 
 
 
Accounts receivable, net
(77,106)
12,845 
6,599 
Inventories, net
(4,039)
(19,375)
(25,499)
Progress payments
3,680 
(6,971)
(6,131)
Accounts payable and accrued expenses
(447)
16,147 
8,567 
Deferred revenue
4,839 
24,471 
(7,281)
Income taxes
(7,436)
38,946 
(16,811)
Net pension and postretirement liabilities
(139,610)
(26,431)
(1,630)
Other current and long-term assets and liabilities
6,460 
4,219 
6,294 
Net cash provided by operating activities
162,479 
331,766 
237,827 
Cash flows from investing activities:
 
 
 
Proceeds from sales and disposals of long-lived assets
2,277 
594 
1,348 
Proceeds from divestiture
31,344 
152,965 
0 
Proceeds from insurance
0 
2,357 
0 
Additions to property, plant, and equipment
(35,512)
(67,115)
(72,242)
Acquisition of businesses, net of cash acquired
(13,228)
(34,364)
(236,135)
Additional consideration of prior period acquisitions
(457)
(989)
(6,663)
Net cash provided by (used for) investing activities
(15,576)
53,448 
(313,692)
Cash flows from financing activities:
 
 
 
Borrowings under revolving credit facility
70,324 
364,557 
983,109 
Borrowings of debt
0 
0 
500,000 
Payment of revolving credit facility
(70,134)
(414,770)
(1,229,148)
Principal payments on debt
(8,400)
(80)
(125,033)
Repurchases of common stock
(294,130)
(65,220)
0 
Proceeds from share-based compensation
28,706 
38,182 
27,450 
Dividends paid
(24,122)
(25,013)
(18,377)
Proceeds from (Payments for) Other Financing Activities
(581)
296 
0 
Excess tax benefits from share-based compensation
9,119 
9,610 
2,137 
Net cash provided by financing activities
(289,218)
(92,438)
140,138 
Effect of exchange-rate changes on cash
(19,104)
(17,954)
(1,002)
Net increase (decrease) in cash and cash equivalents
(161,419)
274,822 
63,271 
Cash and cash equivalents at beginning of period
450,116 
175,294 
112,023 
Cash and cash equivalents at end of period
288,697 
450,116 
175,294 
Supplemental disclosure of non-cash investing activities:
 
 
 
Capital Expenditures Incurred but Not yet Paid
2,108 
2,891 
4,546 
Property and equipment under build to suit transaction
$ 0 
$ 14,735 
$ 6,225 
STATEMENT OF STOCKHOLDERS' EQUITY (USD $)
In Thousands
Total
Common Stock Member
Additional Paid In Capital Member
Retained Earnings Member
Accumulated Other Comprehensive Income Member
Treasury Stock Member
Beginning Balance at Dec. 31, 2012
 
$ 49,190 
$ 151,883 
$ 1,261,377 
$ (55,508)
$ (94,350)
Net earnings
137,981 
 
 
137,981 
 
 
Other Comprehensive Income (Loss), Net of Tax
80,767 
 
 
 
80,767 
 
Dividends paid
 
 
 
(18,377)
 
 
Restricted Stock
 
 
(2,127)
 
 
5,796 
Stock options exercised, net
 
0 
(5,728)
 
 
34,451 
Other
 
 
(330)
 
 
330 
Share-based compensation
 
 
6,920 
 
 
430 
Ending Balance at Dec. 31, 2013
 
49,190 
150,618 
1,380,981 
25,259 
(53,343)
Net earnings
113,338 
 
 
113,338 
 
 
Other Comprehensive Income (Loss), Net of Tax
(153,670)
 
 
 
(153,670)
 
Dividends paid
 
 
 
(25,013)
 
 
Restricted Stock
 
 
(722)
 
 
3,155 
Stock options exercised, net
 
 
311 
 
 
45,049 
Other
 
 
(430)
 
 
430 
Share-based compensation
 
 
8,266 
 
 
234 
Repurchase of common stock
 
 
 
 
 
(65,220)
Ending Balance at Dec. 31, 2014
1,478,433 
49,190 
158,043 
1,469,306 
(128,411)
(69,695)
Net earnings
145,461 
 
 
145,461 
 
 
Other Comprehensive Income (Loss), Net of Tax
(97,517)
 
 
 
(97,517)
 
Dividends paid
 
 
 
(24,122)
 
 
Restricted Stock
 
 
(10,303)
 
 
13,734 
Stock options exercised, net
 
 
(11,349)
 
 
45,743 
Other
 
 
(647)
 
 
647 
Share-based compensation
 
 
9,179 
 
 
294 
Repurchase of common stock
 
 
 
 
 
(294,130)
Ending Balance at Dec. 31, 2015
$ 1,255,423 
$ 49,190 
$ 144,923 
$ 1,590,645 
$ (225,928)
$ (303,407)
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Significant Accounting Policies
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 
Nature of Operations

Curtiss-Wright Corporation and its subsidiaries (the Corporation or the Company) is a diversified multinational manufacturing and service company that designs, manufactures, and overhauls precision components and provides highly engineered products and services to the aerospace, defense, power generation, and general industrial markets.

Principles of Consolidation

The consolidated financial statements include the accounts of the Corporation and its majority-owned subsidiaries. All intercompany transactions and accounts have been eliminated.

Use of Estimates

The financial statements of the Corporation have been prepared in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP), which requires management to make estimates and judgments that affect the reported amount of assets, liabilities, revenue, and expenses and disclosure of contingent assets and liabilities in the accompanying financial statements. The most significant of these estimates includes the estimate of costs to complete long-term contracts under the percentage-of-completion accounting methods, the estimate of useful lives for property, plant, and equipment, cash flow estimates used for testing the recoverability of assets, pension plan and postretirement obligation assumptions, estimates for inventory obsolescence, estimates for the valuation and useful lives of intangible assets and legal reserves. Actual results may differ from these estimates.

Revenue Recognition

The realization of revenue refers to the timing of its recognition in the accounts of the Corporation and is generally considered realized or realizable and earned when the earnings process is substantially complete and all of the following criteria are met: 1) persuasive evidence of an arrangement exists; 2) delivery has occurred or services have been rendered; 3) the Corporation’s price to its customer is fixed or determinable; and 4) collectability is reasonably assured.

We determine the appropriate method by which we recognize revenue by analyzing the terms and conditions of each contract or arrangement entered into with our customers. Revenue is recognized on product sales as production units are shipped and title and risk of loss have transferred. Revenue is recognized on service type contracts as services are rendered. The significant estimates we make in recognizing revenue are primarily for long-term contracts generally accounted for using the cost-to-cost method of percentage of completion accounting that are associated with the design, development and manufacture of highly engineered industrial products used in commercial and defense applications. Under the cost-to-cost percentage-of-completion method of accounting, profits are recorded pro rata, based upon current estimates of direct and indirect costs to complete such contracts. Changes in estimates of contract sales, costs, and profits are recognized using the cumulative catch-up method of accounting. This method recognizes in the current period the cumulative effect of the changes on current and prior periods. The effect of the changes on future periods of contract performance is recognized as if the revised estimate had been the original estimate. A significant change in an estimate on one or more contracts could have a material effect on the Corporation’s consolidated financial position, results of operations, or cash flows. In 2015, the Corporation recorded additional costs of $11.5 million related to its long-term contract with Westinghouse to deliver reactor coolant pumps (RCPs) for the AP1000 nuclear power plants in China. The increase in costs is due to a change in estimate related to production modifications that are the result of engineering and endurance testing. In 2014 and 2013, there were no individual significant changes in estimated contract costs at completion.

Losses on contracts are provided for in the period in which the losses become determinable and the excess of billings over cost and estimated earnings on long-term contracts is included in deferred revenue.

From time to time, we may enter into multiple-element arrangements in which a customer may purchase a combination of goods, services, or rights to intellectual property. We follow the multiple element accounting guidance within ASC 605-25 for such arrangements which require: (1) determining the separate units of accounting; (2) determining whether the separate units of accounting have stand-alone value (3) measuring and allocating the arrangement consideration. We allocate the arrangement consideration in accordance with the selling price hierarchy which requires: (1) the use of vendor-specific objective evidence (VSOE), if available (2) if VSOE is not available, the use of third-party evidence (TPE), and if TPE is not available (3) our best-estimate of selling price (BESP). Approximately 1% of the Company's 2015 net sales were the result of the sale of certain intellectual property licensing rights within a multiple-element arrangement with China for AP1000 reactor coolant pumps (the new China order). The Company had no further performance obligations with regards to the sale of these perpetual rights. The remainder of the contract, related to the production of sixteen RCPs, will be recognized using percentage-of-completion accounting through 2021.

Cash and Cash Equivalents

Cash equivalents consist of money market funds and commercial paper that are readily convertible into cash, all with original maturity dates of three months or less.

Inventory
Inventories are stated at lower of cost or market. Production costs are comprised of direct material and labor and applicable manufacturing overhead.

Progress Payments

Certain long-term contracts provide for interim billings as costs are incurred on the respective contracts. Pursuant to contract provisions, agencies of the U.S. Government and other customers are granted title or a secured interest for materials and work-in-process included in inventory to the extent progress payments are received. Accordingly, these receipts have been reported as a reduction of unbilled receivables and inventories, as presented in Notes 4 and 5 to the Consolidated Financial Statements.

Property, Plant, and Equipment

Property, plant, and equipment are carried at cost less accumulated depreciation. Major renewals and betterments are capitalized, while maintenance and repairs that do not improve or extend the life of the asset are expensed in the period they are incurred. Depreciation is computed using the straight-line method based over the estimated useful lives of the respective assets.

Average useful lives for property, plant, and equipment are as follows:
Buildings and improvements
5 to 40 years
Machinery, equipment, and other
3 to 15 years


Intangible Assets

Intangible assets are generally the result of acquisitions and consist primarily of purchased technology, customer related intangibles, trademarks, and technology licenses. Intangible assets are amortized on a straight-line basis over their estimated useful lives, which range from 1 to 20 years. See Note 8 Other Intangible Assets, Net. for further information on other intangible assets.

Impairment of Long-Lived Assets

The Corporation reviews the recoverability of all long-lived assets, including the related useful lives, whenever events or changes in circumstances indicate that the carrying amount of a long-lived asset might not be recoverable. If required, the Corporation compares the estimated fair value determined by either the undiscounted future net cash flows or appraised value to the related asset’s carrying value to determine whether there has been an impairment. If an asset is considered impaired, the asset is written down to fair value in the period in which the impairment becomes known. The Corporation recognized no significant impairment charges on assets held in use during the years ended December 31, 2015, 2014 and 2013. For impairment charges on assets held for sale, see to Note 2 Discontinued Operations and Assets Held for Sale.

Goodwill

Goodwill results from business acquisitions. The Corporation accounts for business acquisitions by allocating the purchase price to the tangible and intangible assets acquired and liabilities assumed. Assets acquired and liabilities assumed are recorded at their fair values, and the excess of the purchase price over the amounts allocated is recorded as goodwill. The recoverability of goodwill is subject to an annual impairment test or whenever an event occurs or circumstances change that would more likely than not result in an impairment. The impairment test is based on the estimated fair value of the underlying businesses. The Corporation’s goodwill impairment test is performed as of October 31 of each year. See Note 7 to the Consolidated Financial Statements for further information on goodwill.

Fair Value of Financial Instruments

Accounting guidance requires certain disclosures regarding the fair value of financial instruments. Due to the short maturities of cash and cash equivalents, accounts receivable, accounts payable, and accrued expenses, the net book value of these financial instruments is deemed to approximate fair value. See Notes 9 and 12 to the Consolidated Financial Statements for further information on the Corporation's financial instruments.

Research and Development

The Corporation funds research and development programs for commercial products and independent research and development and bid and proposal work related to government contracts. Development costs include engineering and field support for new customer requirements. Corporation-sponsored research and development costs are expensed as incurred.

Research and development costs associated with customer-sponsored programs are capitalized to inventory and are recorded in cost of sales when products are delivered or services performed. Funds received under shared development contracts are a reduction of the total development expenditures under the shared contract and are shown net as research and development costs.

Accounting for Share-Based Payments

The Corporation follows the fair value based method of accounting for share-based employee compensation, which requires the Corporation to expense all share-based employee compensation. Share-based employee compensation is a non-cash expense since the Corporation settles these obligations by issuing the shares of Curtiss-Wright Corporation instead of settling such obligations with cash payments.

Compensation expense for non-qualified share options, performance shares, and time-based restricted stock is recognized over the requisite service period for the entire award based on the grant date fair value.

Income Taxes

The Corporation accounts for income taxes using the asset and liability method. Under the asset and liability method, deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. The effect on deferred tax assets and liabilities of a change in tax laws is recognized in the results of operations in the period the new laws are enacted. A valuation allowance is recorded to reduce the carrying amounts of deferred tax assets unless it is more likely than not that such assets will be realized.

The Corporation records amounts related to uncertain income tax positions by 1) prescribing a minimum recognition threshold a tax position is required to meet before being recognized in the financial statements and 2) the measurement of the income tax benefits recognized from such positions. The Corporation’s accounting policy is to classify uncertain income tax positions that are not expected to be resolved in one year as a non-current income tax liability and to classify interest and penalties as a component of Interest expense and General and administrative expenses, respectively. See Note 11 to the Consolidated Financial Statements for further information.

Foreign Currency

For operations outside the United States of America that prepare financial statements in currencies other than the U.S. dollar, the Corporation translates assets and liabilities at period-end exchange rates and income statement amounts using weighted-average exchange rates for the period. The cumulative effect of translation adjustments is presented as a component of accumulated other comprehensive income (loss) within stockholders’ equity. This balance is affected by foreign currency exchange rate fluctuations and by the acquisition of foreign entities. Gains and (losses) from foreign currency transactions are included in General and administrative expenses within the results of operations, which amounted to $8.3 million, $2.9 million, and $2.6 million for the years ended December 31, 2015, 2014, and 2013, respectively.

Derivatives

Forward Foreign Exchange and Currency Option Contracts

The Corporation uses financial instruments, such as forward exchange and currency option contracts, to hedge a portion of existing and anticipated foreign currency denominated transactions. The purpose of the Corporation’s foreign currency risk management program is to reduce volatility in earnings caused by exchange rate fluctuations. All of the derivative financial instruments are recorded at fair value based upon quoted market prices for comparable instruments, with the gain or loss on these transactions recorded into earnings in the period in which they occur. These gains and (losses) are classified as General and administrative expenses in the Consolidated Statements of Earnings and amounted to ($11.0) million, ($6.9) million, and $(6.2) million for the years ended December 31, 2015, 2014, and 2013, respectively. The Corporation does not use derivative financial instruments for trading or speculative purposes.

Interest Rate Risks and Related Strategies

The Corporation’s primary interest rate exposure results from changes in U.S. dollar interest rates. The Corporation’s policy is to manage interest cost using a mix of fixed and variable rate debt. The Corporation periodically uses interest rate swaps to manage such exposures. Under these interest rate swaps, the Corporation exchanges, at specified intervals, the difference between fixed and floating interest amounts calculated by reference to an agreed-upon notional principal amount.

For interest rate swaps designated as fair value hedges (i.e., hedges against the exposure to changes in the fair value of an asset or a liability or an identified portion thereof that is attributable to a particular risk), changes in the fair value of the interest rate swaps offset changes in the fair value of the fixed rate debt due to changes in market interest rates.

Recently Issued Accounting Standards

Standards Issued Not Yet Adopted

Standard
Description
Effect on the financial statements
ASU 2015-03
Simplifying the Presentation of Debt
Issuance Costs



Date of adoption:
January 1, 2016
In April 2015, the FASB issued guidance which changes the
presentation of debt issuance costs in financial statements. An entity
presents such costs in the balance sheet as a direct deduction from the
related debt liability rather than as an asset. Amortization of the costs
is reported as interest expense.

The impact on the Corporation’s financial statements will be an approximate $2 million reclass between Other assets and Debt.

ASU 2014-09 Revenue from contracts with customers









Date of adoption: January 1, 2018
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, 2017 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 2015-17 Balance Sheet Classification of Deferred Taxes


Date of adoption: January 1, 2018
In November 2015, the FASB issued ASU 2015-17, Balance Sheet Classification of Deferred Taxes, which amends existing guidance on income taxes to require the classification of all deferred tax assets and liabilities as non-current on the balance sheet. 

The Corporation does not expect this ASU to have a material impact on its consolidated financial statements.

DISCONTINUED OPERATIONS
Discontinued Operations and Assets Held for Sale
2. DISCONTINUED OPERATIONS AND ASSETS HELD FOR SALE

As part of a strategic portfolio review conducted in 2014, the Corporation identified certain businesses it considered non-core.
The Corporation considers businesses non-core when the business’ products or services do not complement its existing businesses and where the long-term growth and profitability prospects are below the Corporation’s expectations. As part of this initiative, during 2015, the Corporation has divested all five businesses that were classified as held for sale as of December 31, 2014. The results of operations of these businesses are reported as discontinued operations within our Condensed Consolidated Statements of Earnings and prior year amounts have been restated to conform to the current year presentation.

The aggregate financial results of all discontinued operations were as follows:
(In thousands)
 
2015
 
2014
 
2013
Net sales
 
$
57,992

 
$
363,869

 
$
392,690

Loss from discontinued operations before income taxes (1)
 
(40,984
)
 
(48,519
)
 
(3,097
)
Income tax benefit
 
7,926

 
14,268

 
1,674

Loss on sale of businesses (2)
 
(13,729
)
 
(22,360
)
 
—

Loss from discontinued operations
 
$
(46,787
)
 
$
(56,611
)
 
$
(1,423
)


(1) Loss from discontinued operations before income taxes includes approximately $40.8 million and $41.4 million of held for sale impairment expense in the year ended December 31, 2015 and December 31, 2014, respectively.

(2) In the year ended December 31, 2015, the Corporation recognized aggregate after tax losses of $13.7 million on the sale of the Aviation Ground, Downstream Oil & Gas, Engineered Packaging and two surface technology businesses. In 2014, the Corporation recognized aggregate after tax losses of $22.4 million on the sale of the Benshaw, 3D, Upstream Oil & Gas and Vessels business. No businesses were sold in 2013.

2015 Divestitures

Surface Technologies - Domestic

In October 2015 and July 2015, the Corporation sold the assets and liabilities of two surface technology treatment facilities for an immaterial amount. The businesses were previously classified within assets held for sale and reported within the Commercial/Industrial segment.

Engineered Packaging

In July 2015, the Corporation sold the assets and liabilities of its Engineered Packaging business for approximately $14 million
and recognized a pre-tax gain of $2.3 million. The businesses were previously classified as assets held for sale and reported within the Defense segment.

Downstream

In May 2015, the Corporation completed the divestiture of its Downstream oil and gas business for $19 million, net of
transaction costs. During the fourth quarter of 2015, the Company paid a $4.8 million working capital adjustment. The business was previously classified within assets held for sale and was formerly reported in the Company's former Energy segment. During 2015, the Corporation recognized a pre-tax loss on divestiture, including impairment charges, of $59.5 million. During 2014, including impairment charges, the Corporation recognized a $33.1 million pre-tax loss on divestiture. The impairment charges were a result of the declining and volatile oil market.

Aviation Ground

In January 2015, the Corporation sold the assets of its Aviation Ground support business for £3 million ($4 million). The businesses were previously classified within assets held for sale and reported within the Defense segment.

2014 Divestitures and facility closures

Surface Technologies - International

During the fourth quarter of 2014, the Corporation closed certain of its international surface technology manufacturing facilities located in Canada, Italy, and Austria. As a result of the facility closures, the Company incurred $5.3 million of pre-tax closure costs, including a $3.2 million impairment on fixed assets. The businesses were previously reported within the Commercial/Industrial segment.

Benshaw

On June 30, 2014, the Corporation sold the assets of its Benshaw business, to Regal-Beloit Corporation for $49.7 million in cash, net of cash sold, and final working capital adjustments. The Corporation recognized a pre-tax loss on divestiture of $7.3 million. The Corporation recognized a tax benefit of $2.9 million in connection with the sale. The business was previously reported within the Defense segment.

3D Radar

On April 30, 2014, the Corporation sold the assets of the 3D Radar business, to Chemring Group PLC for $2.4 million in cash, net of final working capital adjustments. The disposal resulted in a $0.6 million pre-tax gain. The business was previously reported within the Defense segment.

Upstream

On December 17, 2014, the Corporation completed the sale of its upstream oil and gas business, for $98 million in cash, net of cash sold, and final working capital adjustments. The Corporation recognized a pre-tax loss on divestiture of $13.7 million. The Corporation recognized a tax benefit of $0.6 million in connection with the sale. The business was previously reported within the former Energy segment.

Vessels

During the third quarter of 2014, the Corporation completed the sale of its Vessels business, for $2 million in cash, net of transaction costs. The Corporation recognized a pre-tax loss on divestiture of $8.6 million. The Corporation recognized a tax benefit of $3.2 million in connection with the sale. The business was previously reported within the former Energy segment.
ACQUISITIONS
ACQUISITIONS
3. ACQUISITIONS

The Corporation continually evaluates potential acquisitions that either strategically fit within the Corporation’s existing portfolio or expand the Corporation’s portfolio into new product lines or adjacent markets.  The Corporation has completed a number of acquisitions that have been accounted for as business combinations and have resulted in the recognition of goodwill in the Corporation's financial statements.  This goodwill arises because the purchase prices for these businesses reflect the future earnings and cash flow potential in excess of the earnings and cash flows attributable to the current product and customer set at the time of acquisition.  Thus, goodwill inherently includes the know-how of the assembled workforce, the ability of the workforce to further improve the technology and product offerings, and the expected cash flows resulting from these efforts. Goodwill may also include expected synergies resulting from the complementary strategic fit these businesses bring to existing operations.

The Corporation allocates the purchase price at the date of acquisition based upon its understanding of the fair value of the acquired assets and assumed liabilities. In the months after closing, as the Corporation obtains additional information about these assets and liabilities, including through tangible and intangible asset appraisals, and as the Corporation learns more about the newly acquired business, it is able to refine the estimates of fair value and more accurately allocate the purchase price. Only items identified as of the acquisition date are considered for subsequent adjustment.  The Corporation will make appropriate adjustments to the purchase price allocation prior to completion of the measurement period, as required.

In 2015, the Corporation acquired one business for an aggregate purchase price of $13.2 million, which is described in more detail below. In 2014, the Corporation acquired three businesses for an aggregate purchase price of $34.4 million, net of cash acquired, all of which are described in more detail below. In 2013, the Corporation acquired five businesses for an aggregate purchase price of $236.1 million, net of cash acquired.

The Corporation’s Consolidated Statement of Earnings include $4.8 million of net sales and $1.5 million of net earnings from the Corporation’s 2015 acquisition.

The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the date of acquisition for all acquisitions consummated during 2015, 2014, and 2013:


(In thousands)
 
2015
 
2014
 
2013
Accounts receivable
 
$
996

 
$
2,991

 
$
25,972

Inventory
 
152

 
304

 
30,930

Property, plant, and equipment
 
1,463

 
2,802

 
18,066

Other current assets
 
155

 
81

 
3,229

Intangible assets
 
7,700

 
13,501

 
102,265

Current and non-current liabilities
 
(6
)
 
(1,754
)
 
(18,959
)
Pension and postretirement benefits
 
—

 
—

 
(6,472
)
Deferred income taxes
 
—

 
(2,199
)
 
(19,682
)
Due to seller
 
(1,470
)
 
—

 
(3,361
)
Net tangible and intangible assets
 
8,990

 
15,726

 
131,988

Purchase price
 
13,228

 
34,364

 
236,135

Goodwill
 
$
4,238

 
$
18,638

 
$
104,147



2015 Acquisitions

COMMERCIAL/INDUSTRIAL

Bolt’s Metallizing, Inc.

On March 16, 2015, the Corporation acquired certain assets and assumed certain liabilities of Bolt’s Metallizing, Inc. for $13.2 million in cash. The Asset Purchase Agreement contains a purchase price adjustment mechanism and representations and warranties customary for a transaction of this type, including a portion of the purchase price held back as security for potential indemnification claims against the seller. Bolt’s Metallizing is a provider of thermal spray coatings for critical aerospace applications, including high velocity oxygen fuel (HVOF) and plasma spray coating capabilities. 

2014 Acquisitions

COMMERCIAL/INDUSTRIAL

Component Coating and Repair Services Limited

On January 10, 2014, the Corporation acquired 100% of the issued and outstanding capital stock of Component Coating and Repair Services Limited (CCRS) for approximately £15 million ($25 million) in cash, net of cash acquired. The Share Purchase Agreement contains a purchase price adjustment mechanism and representations and warranties customary for a transaction of this type, including a portion of the purchase price deposited into escrow as security for potential indemnification claims against the sellers. Since there were no indemnification claims made against the sellers during the escrow period, the escrow amount was distributed to the sellers. CCRS operates out of two locations in Glasgow and Alfreton in the United Kingdom and will operate within the Corporation's Commercial/Industrial segment. CCRS is a provider of corrosion resistant coatings and precision airfoil repair services for aerospace and industrial turbine applications. Revenues were approximately £6.4 million in the latest fiscal year ended May 31, 2013.

Engemasa Pressure Relief Valves

On June 4, 2014, the Corporation acquired the valve division of Engemasa Engenharia E Materiais LTDA of Sao Carlos, Brazil
for approximately $1.8 million in cash.

POWER

Nuclear Power Services Inc.

On February 18, 2014, the Corporation acquired certain assets and assumed certain liabilities of Nuclear Power Services Inc. (NPSI) for approximately CAD 9 million (approximately $8.0 million) in cash. The Asset Purchase Agreement contains representations and warranties customary for a transaction of this type, including a portion of the purchase price held back as security for potential indemnification claims against the seller. Since there were no indemnification claims made against NPSI during the holdback period, the holdback amount was distributed to NPSI. NPSI is based in Ontario, Canada and will operate within the Corporation's Power segment. NPSI provides qualified nuclear component sourcing, Equipment Qualification, Commercial Grade Dedication (CGD) services, and Instrumentation and Control component manufacturing primarily to the Canadian and International CANDU nuclear industry. NPSI generated revenues of approximately CAD 5 million for the year ended December 31, 2013.
RECEIVABLES
RECEIVABLES
4. RECEIVABLES
Receivables include current notes, amounts billed to customers, claims, other receivables, and unbilled revenue on long-term contracts, which consists of amounts recognized as sales but not billed. Substantially all amounts of unbilled receivables are expected to be billed and collected in the subsequent year. An immaterial amount of unbilled receivables are subject to retainage provisions. The amount of claims and unapproved change orders within our receivables balances are immaterial.
Credit risk is diversified due to the large number of entities comprising the Corporation’s customer base and their geographic dispersion. The Corporation is either a prime contractor or subcontractor to various agencies of the U.S. Government. Revenues derived directly and indirectly from government sources (primarily the U.S. Government) were 36% and 34% of consolidated revenues in 2015 and 2014, respectively. Total receivables due primarily from the U.S Government were $165.6 million and $157.9 million at December 31, 2015 and 2014, respectively. Government (primarily the U.S. Government) unbilled receivables, net of progress payments, were $70.6 million and $72.9 million at December 31, 2015 and 2014, respectively.
The composition of receivables is as follows as of December 31:
(In thousands)
 
2015
 
2014
Billed receivables:
 
 
 
 
Trade and other receivables
 
$
435,172

 
$
363,241

Less: Allowance for doubtful accounts
 
(5,664
)
 
(5,619
)
Net billed receivables
 
429,508

 
357,622

Unbilled receivables:
 
 
 
 
Recoverable costs and estimated earnings not billed
 
153,045

 
150,526

Less: Progress payments applied
 
(16,264
)
 
(12,668
)
Net unbilled receivables
 
136,781

 
137,858

Receivables, net
 
$
566,289

 
$
495,480

INVENTORIES
INVENTORIES
5. INVENTORIES
Inventoried costs contain amounts relating to long-term contracts and programs with long production cycles, a portion of which will not be realized within one year. Long term contract inventory includes an immaterial amount of claims or other similar items subject to uncertainty concerning their determination or realization. Inventories are valued at the lower of cost or market. The composition of inventories as of December 31 is as follows:
(In thousands)
 
2015
 
2014
Raw material
 
$
196,684

 
$
201,998

Work-in-process
 
79,406

 
89,423

Finished goods
 
114,931

 
103,831

Inventoried costs related to U.S. Government and other long-term contracts
 
51,774

 
59,070

Gross inventories
 
442,795

 
454,322

Less: Inventory reserves
 
(48,904
)
 
(51,435
)
Progress payments applied, principally related to long-term contracts
 
(14,300
)
 
(14,217
)
Inventories, net
 
$
379,591

 
$
388,670


As of December 31, 2015 and 2014, inventory also includes capitalized contract development costs of $29.7 million and $33.9 million, respectively, related to certain aerospace and defense programs. These capitalized costs will be liquidated as production units are delivered to the customer. As of December 31, 2015 and 2014, $2.5 million and $7.2 million, respectively, are scheduled to be liquidated under existing firm orders.
PROPERTY, PLANT, AND EQUIPMENT
PROPERTY, PLANT, AND EQUIPMENT
6. PROPERTY, PLANT, AND EQUIPMENT
The composition of property, plant, and equipment is as follows as of December 31.
(In thousands)
 
2015
 
2014
Land
 
$
19,933

 
$
21,762

Buildings and improvements
 
218,016

 
219,219

Machinery, equipment, and other
 
739,965

 
750,006

Property, plant, and equipment, at cost
 
977,914

 
990,987

Less: Accumulated depreciation
 
(564,270
)
 
(532,068
)
Property, plant, and equipment, net
 
$
413,644

 
$
458,919


Depreciation expense from continuing operations for the years ended December 31, 2015, 2014, and 2013 was $64.7 million, $66.6 million, and $63.2 million, respectively.
GOODWILL
GOODWILL
7. GOODWILL

The changes in the carrying amount of goodwill, revised to reflect the Corporation’s new segment structure as discussed in Note 17. Segment Information for the twelve months ended December 31, 2015 and 2014 are as follows:

(In thousands)
 
Commercial/Industrial
 
Defense
 
Power
 
Assets Held for Sale
 
Consolidated
December 31, 2013
 
$
448,496

 
$
379,872

 
$
184,311

 
$
97,750

 
$
1,110,429

Acquisitions
 
14,996

 
—

 
3,640

 
—

 
18,636

Divestitures
 
—

 
—

 
—

 
(55,355
)
 
(55,355
)
Goodwill adjustments
 
(1,096
)
 
(254
)
 
—

 
—

 
(1,350
)
Foreign currency translation adjustment
 
(8,304
)
 
(22,929
)
 
(226
)
 
—

 
(31,459
)
December 31, 2014
 
$
454,092

 
$
356,689

 
$
187,725

 
$
42,395

 
$
1,040,901

Acquisitions
 
$
4,238

 
$
—

 
$
—

 
$
—

 
$
4,238

Divestitures
 
—

 
—

 
—

 
(41,264
)
 
(41,264
)
Goodwill adjustments
 
21

 
1,131

 
—

 
(1,131
)
 
21

Foreign currency translation adjustment
 
(10,523
)
 
(20,217
)
 
(550
)
 
—

 
(31,290
)
December 31, 2015
 
$
447,828

 
$
337,603

 
$
187,175

 
$
—

 
$
972,606



The purchase price allocations relating to the businesses acquired are initially based on estimates. The Corporation adjusts these estimates based upon final analysis including input from third party appraisals, when deemed appropriate. The determination of fair value is finalized no later than twelve months from acquisition. Goodwill adjustments represent subsequent adjustments to the purchase price allocation for acquisitions.

During 2015, the Corporation finalized the allocation of the purchase price for all businesses acquired prior to 2015. The adjustments to the Corporation's purchase price allocation were not material.

The Corporation completed its annual goodwill impairment testing as of October 31, 2015, 2014, and 2013 and concluded that there was no impairment of value. The estimated fair value of the reporting units substantially exceeded the recorded book value.
OTHER INTANGIBLE ASSETS, NET
OTHER INTANGIBLE ASSETS, NET
8. OTHER INTANGIBLE ASSETS, NET
Intangible assets are generally the result of acquisitions and consist primarily of purchased technology, customer related intangibles, and trademarks. Intangible assets are amortized over useful lives that generally range between 1 and 20 years.
The following tables present the cumulative composition of the Corporation’s intangible assets as of December 31, 2015 and December 31, 2014, respectively.
 
 
2015
 
2014
(In thousands)
 
Gross
 
Accumulated Amortization
 
Net
 
Gross
 
Accumulated
Amortization
 
Net
Technology
 
$
171,382

 
$
(91,430
)
 
$
79,952

 
$
178,369

 
$
(84,584
)
 
$
93,785

Customer related intangibles
 
357,538

 
(140,816
)
 
216,722

 
356,844

 
(122,920
)
 
233,924

Other intangible assets
 
37,200

 
(23,111
)
 
14,089

 
38,460

 
(16,942
)
 
21,518

Total
 
$
566,120

 
$
(255,357
)
 
$
310,763

 
$
573,673

 
$
(224,446
)
 
$
349,227


Amortization expense from continuing operations for the years ended December 31, 2015, 2014, and 2013 were $34.8 million, $38.3 million, and $39.0 million, respectively. The estimated future amortization expense of intangible assets over the next five years is as follows:
(In thousands)
 
 
2016
 
$
33,535

2017
 
33,051

2018
 
31,965

2019
 
30,167

2020
 
28,175

FAIR VALUE OF FINANCIAL INSTRUMENTS
FAIR VALUE OF FINANCIAL INSTRUMENTS
9. FAIR VALUE OF FINANCIAL INSTRUMENTS
Forward Foreign Exchange and Currency Option Contracts
The Corporation has foreign currency exposure primarily in the United Kingdom, Europe, and Canada.  The Corporation uses financial instruments, such as forward and option contracts, to hedge a portion of existing and anticipated foreign currency denominated transactions.  The purpose of the Corporation’s foreign currency risk management program is to reduce volatility in earnings caused by exchange rate fluctuations.  Guidance on accounting for derivative instruments and hedging activities requires companies to recognize all of the derivative financial instruments as either assets or liabilities at fair value in the Consolidated Balance Sheets.
Interest Rate Risks and Related Strategies
The Corporation’s primary interest rate exposure results from changes in U.S. dollar interest rates. The Corporation’s policy is to manage interest cost using a mix of fixed and variable rate debt. The Corporation periodically uses interest rate swaps to manage such exposures. Under these interest rate swaps, the Corporation exchanges, at specified intervals, the difference between fixed and floating interest amounts calculated by reference to an agreed-upon notional principal amount.
For interest rate swaps designated as fair value hedges (i.e., hedges against the exposure to changes in the fair value of an asset or a liability or an identified portion thereof that is attributable to a particular risk), changes in the fair value of the interest rate swaps offset changes in the fair value of the fixed rate debt due to changes in market interest rates.
In March 2013, the Corporation entered into fixed-to-floating interest rate swap agreements to convert the interest payments of (i) the $100 million, 3.85% notes, due February 26, 2025, from a fixed rate to a floating interest rate based on 1-Month LIBOR plus a 1.77% spread, and (ii) the $75 million, 4.05% notes, due February 26, 2028, from a fixed rate to a floating interest rate based on 1-Month LIBOR plus a 1.73% spread.
In January 2012, the Corporation entered into fixed-to-floating interest rate swap agreements to convert the interest payments of (i) the $200 million, 4.24% notes, due December 1, 2026, from a fixed rate to a floating interest rate based on 1-Month LIBOR plus a 2.02% spread, and (ii) $25 million of the $100 million, 3.84% notes, due December 1, 2021, from a fixed rate to a floating interest rate based on 1-Month LIBOR plus a 1.90% spread.
The notional amounts of the Corporation’s outstanding interest rate swaps designated as fair value hedges were $400 million at December 31, 2015 and December 31, 2014.
The fair value accounting guidance requires that assets and liabilities carried at fair value be classified and disclosed in one of the following three categories:
Level 1: Quoted market prices in active markets for identical assets or liabilities that the company has the ability to access.
Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data such as quoted prices, interest rates, and yield curves.
Level 3: Inputs are unobservable data points that are not corroborated by market data.
Based upon the fair value hierarchy, all of the forward foreign exchange contracts and interest rate swaps are based on Level 2 inputs.
Effects on Consolidated Balance Sheets
The location and amounts of derivative instrument fair values in the consolidated balance sheet are below.
 
 
December 31,
(In thousands)
 
2015
 
2014
Assets
 
 
 
 
Designated for hedge accounting
 
 
 
 
Interest rate swaps
 
$
3,083

 
$
—

Undesignated for hedge accounting
 
 
 
 
Forward exchange contracts
 
$
223

 
$
605

Total asset derivatives (1)
 
$
3,306

 
$
605

Liabilities
 
 
 
 
Designated for hedge accounting
 
 
 
 
Interest rate swaps
 
$
—

 
$
5,121

Undesignated for hedge accounting
 
 
 
 
Forward exchange contracts
 
$
673

 
$
676

Total liability derivatives (2)
 
$
673

 
$
5,797


(1) Forward exchange derivatives are included in Other current assets and interest rate swap assets are included in Other assets.
(2) Forward exchange derivatives are included in Other current liabilities and interest rate swap liabilities are included in Other liabilities.
Effects on Consolidated Statements of Earnings
Fair value hedge
The location and amount of gains or losses on the hedged fixed rate debt attributable to changes in the market interest rates and the offsetting gain (loss) on the related interest rate swaps for the years ended December 31, were as follows:
 
 
Gain/(Loss) on Swap
(In thousands)
 
2015
 
2014
 
2013
Other income, net
 
 
 
 
 
 
Gain/(Loss) on interest rate swaps
 
$
8,204

 
$
44,724

 
$
(49,845
)
Gain/(Loss) on hedged fixed rate debt
 
$
(8,204
)
 
$
(44,724
)
 
$
49,845

Total
 
$
—

 
$
—

 
$
—


Undesignated hedges
The location and amount of gains and (losses) recognized in income on forward exchange derivative contracts not designated for hedge accounting for the years ended December 31, were as follows:
(In thousands)
 
2015
 
2014
 
2013
Forward exchange contracts:
 
 
 
 
 
 
General and administrative expenses
 
$
(11,042
)
 
$
(6,880
)
 
$
(6,198
)

Debt
The estimated fair value amounts were determined by the Corporation using available market information, which is primarily based on quoted market prices for the same or similar issues as of December 31, 2015. The fair value of our debt instruments are characterized as a Level 2 measurement in accordance with the fair value hierarchy. The estimated fair values of the Corporation’s fixed rate debt instruments at December 31, 2015, aggregated $960 million compared to a carrying value of $953 million. The estimated fair values of the Corporation’s fixed rate debt instruments at December 31, 2014, aggregated $959 million compared to a carrying value of $945 million.
The fair values described above may not be indicative of net realizable value or reflective of future fair values. Furthermore, the use of different methodologies to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date.
Nonrecurring measurements
As discussed in Note 2. Discontinued Operations and Assets Held For Sale, the Corporation classified certain businesses as held for sale during 2014. In accordance with the provisions of the Impairment or Disposal of Long-Lived Assets guidance of FASB Codification Subtopic 360–10, the carrying amount of the disposal groups were written down to their estimated fair value, less costs to sell, resulting in an impairment charge of $40.8 million, which was included in the loss from discontinued operations before income taxes for the year ended December 31, 2015. For the year ended December 31, 2014, an impairment charge of $41.4 million was recorded in the loss from discontinued operations before income taxes. The fair value of the disposal groups were determined primarily by using non-binding quotes. In accordance with the fair value hierarchy, the impairment charge is classified as a Level 3 measurement as it is based on significant other unobservable inputs.
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES
Accrued Expenses And Other Current Liabilities
10. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

Accrued expenses consist of the following as of December 31:

(In thousands)
 
2015
 
2014
Accrued compensation
 
$
86,497

 
$
95,843

Accrued commissions
 
7,250

 
10,783

Accrued interest
 
9,900

 
9,688

Accrued insurance
 
5,261

 
6,757

Other
 
22,955

 
22,867

Total accrued expenses
 
$
131,863

 
$
145,938



Other current liabilities consist of the following as of December 31:

(In thousands)
 
2015
 
2014
Warranty reserves
 
$
15,053

 
$
15,688

Additional amounts due to sellers on acquisitions
 
2,883

 
1,739

Reserves on loss contracts
 
2,711

 
2,979

Deferred tax liability
 
1,962

 
2,448

Pension and other postretirement liabilities
 
4,560

 
5,120

Other
 
11,983

 
10,189

Total other current liabilities
 
$
39,152

 
$
38,163

INCOME TAXES
INCOME TAXES
11. INCOME TAXES
Earnings before income taxes for the years ended December 31 consist of:
(In thousands)
 
2015
 
2014
 
2013
Domestic
 
$
135,112

 
$
120,563

 
$
105,188

Foreign
 
140,082

 
126,381

 
95,862

 
 
$
275,194

 
$
246,944

 
$
201,050


The provision for income taxes for the years ended December 31 consists of:
(In thousands)
 
2015
 
2014
 
2013
Current:
 
 
 
 
 
 
Federal
 
$
(6,741
)
 
$
70,609

 
$
29,323

State
 
6,175

 
9,065

 
5,629

Foreign
 
27,134

 
33,401

 
20,807

Total current

 
26,568

 
113,075

 
55,759

 
 
 
 
 
 
 
Deferred:
 
 
 
 
 
 
Federal
 
49,060

 
(29,683
)
 
7,002

State
 
7,390

 
(1,247
)
 
667

Foreign
 
(72
)
 
(5,150
)
 
(1,782
)
Total deferred
 
56,378

 
(36,080
)
 
5,887

Provision for income taxes
 
$
82,946

 
$
76,995

 
$
61,646


The effective tax rate varies from the U.S. federal statutory tax rate for the years ended December 31, principally:
 
 
2015
 
2014
 
2013
U.S. federal statutory tax rate
 
35.0
 %
 
35.0
 %
 
35.0
 %
Add (deduct):
 
 
 
 
 
 
State and local taxes, net of federal benefit
 
4.3

 
2.4

 
1.6

R&D tax credits
 
(1.3
)
 
(1.3
)
 
(1.5
)
Foreign earnings (1)
 
(6.2
)
 
(4.4
)
 
(3.7
)
All other, net
 
(1.7
)
 
(0.5
)
 
(0.7
)
Effective tax rate
 
30.1
 %
 
31.2
 %
 
30.7
 %

(1) Foreign earnings primarily include the net impact of differences between local statutory rates and the U.S. Federal statutory rate, the cost of repatriating foreign earnings, and the impact of changes to foreign valuation allowances.
The components of the Corporation’s deferred tax assets and liabilities at December 31 are as follows:
(In thousands)
 
2015
 
2014
Deferred tax assets:
 
 
 
 
Pension plans
 
$
40,102

 
$
84,493

Environmental reserves
 
9,561

 
10,123

Inventories
 
20,041

 
18,496

Postretirement/postemployment benefits
 
13,272

 
13,326

Incentive compensation
 
12,369

 
16,140

Net operating loss
 
9,043

 
8,909

Capital loss carryover
 
10,141

 
17,555

Other
 
38,226

 
26,329

Total deferred tax assets
 
152,755

 
195,371

Deferred tax liabilities:
 
 
 
 
Depreciation
 
29,771

 
33,117

Goodwill amortization
 
89,276

 
74,555

Other intangible amortization
 
54,017

 
62,777

Other
 
12,280

 
9,452

Total deferred tax liabilities
 
185,344

 
179,901

Valuation allowance
 
17,895

 
23,478

Net deferred tax liabilities
 
$
(50,484
)
 
$
(8,008
)

Deferred tax assets and liabilities are reflected on the Corporation’s consolidated balance sheet at December 31 as follows:
(In thousands)
 
2015
 
2014
Net current deferred tax assets
 
$
41,737

 
$
44,311

Net current deferred tax liabilities
 
1,962

 
2,448

Net noncurrent deferred tax assets
 
856

 
1,683

Net noncurrent deferred tax liabilities
 
91,115

 
51,554

Net deferred tax liabilities
 
$
(50,484
)
 
$
(8,008
)

The Corporation has income tax net operating loss carryforwards related to international operations of approximately $20.3 million of which $9.2 million have an indefinite life and $11.1 million expire through 2023. The Corporation has federal and state income tax net loss carryforwards of approximately $91.4 million, of which $63.2 million are net operating losses which expire through 2035 and $28.2 million are capital loss carryforwards which expire in 2020. The Corporation has recorded a deferred tax asset of $19.2 million reflecting the benefit of the loss carryforwards.
Management assesses the available positive and negative evidence to estimate if sufficient future taxable income will be generated to utilize the existing deferred tax assets. A significant piece of objective negative evidence evaluated was the cumulative loss incurred over the three-year period ended December 31, 2015 in certain of the Corporation’s foreign locations. Such objective evidence limits the ability to consider other subjective evidence such as projections for future growth. The Corporation decreased its valuation allowance by $5.6 million to $17.9 million, as of December 31, 2015, in order to measure only the portion of the deferred tax asset that more likely than not will be realized. This was principally as a result of the reduced benefit associated with the capital loss carryforward incurred from the sale of its discontinued operations offset by various state activities. The amount of the deferred tax asset considered realizable, however, could be adjusted if estimates of future taxable income during the carryforward period are reduced or if objective negative evidence in the form of cumulative losses is no longer present and additional weight may be given to subjective evidence such as projections for growth.
Income tax payments, net of refunds, of $4.9 million, $35.0 million, and $69.4 million were made in 2015, 2014, and 2013, respectively. We expect income tax payments, net of refunds, to be approximately $45 million to $55 million in 2016.
The amount of undistributed foreign subsidiaries earnings considered to be permanently reinvested for which no provision has been made for U.S. federal or foreign taxes at December 31, 2015 was $338.0 million. It is not practicable to estimate the amount of tax that would be payable if these amounts were repatriated to the United States; however, foreign tax credits may partiality offset any tax liability.
The Corporation has recognized a liability in Other liabilities for interest of $1.9 million and penalties of $1.2 million as of December 31, 2015.
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
(In thousands)
 
2015
 
2014
 
2013
Balance at January 1,
 
$
11,560

 
$
10,623

 
$
11,301

Additions for tax positions of prior periods
 
359

 
1,421

 
1,511

Additions for tax positions related to the current year
 
2,026

 
1,738

 
1,768

Settlements
 
(1,414
)
 
(2,039
)
 
(3,868
)
Lapses of statute of limitations
 
—

 
(41
)
 
(140
)
Foreign currency translation
 
(117
)
 
(142
)
 
51

Balance at December 31,
 
$
12,414

 
$
11,560

 
$
10,623


In many cases the Corporation’s uncertain tax positions are related to tax years that remain subject to examination by tax authorities.
The following describes the open tax years, by major tax jurisdiction, as of December 31, 2015:
United States (Federal)
2012
-
present
United States (Various states)
1998
-
present
United Kingdom
2008
-
present
Canada
2009
-
present

The Corporation does not expect any significant changes to the estimated amount of liability associated with its uncertain tax positions through the next twelve months. Included in the total unrecognized tax benefits at December 31, 2015, 2014, and 2013 is $8.3 million, $8.0 million, and $7.6 million, respectively, which if recognized, would favorably affect the effective income tax rate.
DEBT
DEBT
12. DEBT
Debt consists of the following as of December 31:
(In thousands)
 
2015
 
2015
 
2014
 
2014
 
 
Carrying Value
 
Estimated Fair Value
 
Carrying Value
 
Estimated Fair Value
Industrial revenue bond, due 2023
 
$
—

 
$
—

 
$
8,400

 
$
8,400

5.51% Senior notes due 2017
 
150,000

 
158,024

 
150,000

 
162,617

3.84% Senior notes due 2021
 
100,307

 
100,307

 
99,934

 
99,934

3.70% Senior notes due 2023
 
225,000

 
224,322

 
225,000

 
225,748

3.85% Senior notes due 2025
 
100,450

 
100,450

 
98,360

 
98,360

4.24% Senior notes due 2026
 
201,422

 
201,422

 
197,237

 
197,237

4.05% Senior notes due 2028
 
75,904

 
75,904

 
74,348

 
74,348

4.11% Senior notes due 2028
 
100,000

 
99,720

 
100,000

 
100,801

Other debt
 
1,259

 
1,259

 
1,069

 
1,069

Total debt
 
954,342

 
961,408

 
954,348

 
968,514

Less: current portion of long-term debt and short-term debt
 
1,259

 
1,259

 
1,069

 
1,069

Total long-term debt
 
$
953,083

 
$
960,149

 
$
953,279

 
$
967,445


The weighted-average interest rate of the Corporation’s Revolving Credit Agreement was 3.2% and 1.7% in 2015 and 2014, respectively.
The debt outstanding had fixed and variable interest rates averaging 3.3% and 3.0% in 2015 and 2014, respectively.
Aggregate maturities of debt are as follows:
(In thousands)
 
2016
$
1,259

2017
150,000

2018
—

2019
—

2020
—

Thereafter
803,083

Total
$
954,342


Interest payments of $33 million, $33 million, and $31 million were made in 2015, 2014, and 2013, respectively.
Industrial Revenue Bonds
During the third quarter of 2015, the Corporation repaid its $8.4 million industrial revenue bond.
Revolving Credit Agreement
In August 2012, the Corporation refinanced its existing credit facility by entering into a Third Amended and Restated Credit Agreement (Credit Agreement) with a syndicate of financial institutions, led by Bank of America N.A., Wells Fargo, N.A, and JP Morgan Chase Bank, N.A. The proceeds available under the Credit Agreement are to be used for working capital, internal growth initiatives, funding of future acquisitions, and general corporate purposes. Under the terms of the Credit Agreement, the Corporation has borrowing capacity of $500 million. In addition, the Credit Agreement provides an accordion feature which allows the Corporation to borrow an additional $100 million. As of December 31, 2015, the Corporation had $37 million in letters of credit supported by the credit facility and no borrowings outstanding under the credit facility. As of December 31, 2015, letters of credit outstanding related to discontinuing operations were $3 million. The unused credit available under the credit facility at December 31, 2015 was $463 million, which we had the ability to borrow in full without violating our debt to capitalization covenant.
In December 2014, the Corporation amended its existing credit facility by entering into a Second Amendment to the Third Amended and Restated Credit Agreement (Credit Agreement) with a syndicate of financial institutions, led by Bank of America N.A., Wells Fargo, N.A, and JP Morgan Chase Bank, N.A. The amendment extends the maturity date of the agreement to November 2019. No other material modifications were made to the 2012 Credit Agreement.
The Credit Agreement contains covenants that the Corporation considers usual and customary for an agreement of this type for comparable commercial borrowers, including a maximum consolidated debt to capitalization ratio of 60%. The Credit Agreement has customary events of default, such as non-payment of principal when due; nonpayment of interest, fees, or other amounts; cross-payment default and cross-acceleration.
Borrowings under the credit agreement will accrue interest based on (i) Libor or (ii) a base rate of the highest of (a) the federal funds rate plus 0.5%, (b) BofA’s announced prime rate, or (c) the Eurocurrency rate plus 1%, plus a margin. The interest rate and level of facility fees are dependent on certain financial ratios, as defined in the Credit Agreement. The Credit Agreement also provides customary fees, including administrative agent and commitment fees. In connection with the Credit Agreement, we paid customary transaction fees that have been deferred and are being amortized over the term of the Credit Agreement.
Senior Notes
On February 26, 2013, the Corporation issued $500 million of Senior Notes (the “2013 Notes”).  The 2013 Notes consist of $225 million of 3.70% Senior Notes that mature on February 26, 2023, $100 million of 3.85% Senior Notes that mature on February 26, 2025, and $75 million of 4.05% Senior Notes that mature on February 26, 2028. $100 million of additional 4.11% Senior Notes were deferred and subsequently issued on September 26, 2013 that mature on September 26, 2028. The 2013 Notes are senior unsecured obligations, equal in right of payment to the Corporation’s existing senior indebtedness. The Corporation, at its option, can prepay at any time all or any part of the 2013 Notes, subject to a make-whole payment in accordance with the terms of the Note Purchase Agreement.  In connection with the issuance of the 2013 Notes, the Corporation paid customary fees that have been deferred and are being amortized over the term of the 2013 Notes.  Under the terms of the Note Purchase Agreement, the Corporation is required to maintain certain financial ratios, the most restrictive of which is a debt to capitalization limit of 60%. The debt to capitalization ratio (as defined per the Notes Purchase Agreement and Credit Agreement) is calculated using the same formula for all of the Corporation’s debt agreements and is a measure of the Corporation’s indebtedness to capitalization, where capitalization equals debt plus equity. As of December 31, 2015, the Corporation had the ability to borrow additional debt of $0.8 billion without violating our debt to capitalization covenant. The 2013 Notes also contain a cross default provision with respect to the Corporation’s other senior indebtedness.  
On December 8, 2011, the Corporation issued $300 million of Senior Notes (the “2011 Notes”). The 2011 Notes consist of $100 million of 3.84% Senior Notes that mature on December 1, 2021 and $200 million of 4.24% Senior Series Notes that mature on December 1, 2026. The 2011 Notes are senior unsecured obligations, equal in right of payment to our existing senior indebtedness. The Corporation, at its option, can prepay at any time all or any part of our 2011 Notes, subject to a make-whole payment in accordance with the terms of the Note Purchase Agreement. In connection with our 2011 Notes, the Corporation paid customary fees that have been deferred and are being amortized over the term of our 2011 Notes. Under the Note Purchase Agreement, the Corporation is required to maintain certain financial ratios, the most restrictive of which is a debt to capitalization limit of 60%. The 2011 Notes also contain a cross default provision with our other senior indebtedness.
On December 1, 2005, the Corporation issued $150 million of 5.51% Senior Notes (the “2005 Notes”). The 2005 Notes mature on December 1, 2017. The Notes are senior unsecured obligations and are equal in right of payment to the Corporation’s existing senior indebtedness. The Corporation, at its option, can prepay at any time all or any part of the 2005 Notes, subject to a make-whole amount in accordance with the terms of the Note Purchase Agreement. In connection with the Notes, the Corporation paid customary fees that have been deferred and are being amortized over the terms of the Notes. The Corporation is required under the Note Purchase Agreement to maintain certain financial ratios, the most restrictive of which is a debt to capitalization limit of 60%. The 2005 Notes also contain a cross default provision with the Corporation’s other senior indebtedness.
EARNINGS PER SHARE
EARNINGS PER SHARE
13. EARNINGS PER SHARE
The Corporation is required to report both basic earnings per share (EPS), based on the weighted-average number of Common shares outstanding, and diluted earnings per share, based on the basic EPS adjusted for all potentially dilutive shares issuable.
As of December 31, 2015 and 2014, there were no options outstanding that were considered anti-dilutive. In December 31, 2013, there were 297,000 stock options outstanding that were excluded from the computation of diluted earnings per share as the exercise price of these options was greater than their average market value, which would result in an anti-dilutive effect on diluted earnings per share.
Earnings per share calculations for the years ended December 31, 2015, 2014, and 2013, are as follows:
(In thousands, except per share data)
 
Earnings from
continuing
operations
 
Weighted-
Average Shares
Outstanding
 
Earnings per share
from continuing
operations
2015
 
 
 
 
 
 
Basic earnings per share from continuing operations
 
$
192,248

 
46,624

 
$
4.12

Dilutive effect of stock options and deferred stock compensation
 
 
 
992

 
 
Diluted earnings per share from continuing operations
 
$
192,248

 
47,616

 
$
4.04

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

SHARE-BASED COMPENSATION PLANS
SHARE-BASED COMPENSATION PLANS
14. SHARE-BASED COMPENSATION PLANS

In May 2014, the Corporation adopted the Curtiss Wright 2014 Omnibus Incentive Plan (the “2014 Omnibus Plan”). The plan replaced the Corporation's existing 2005 Long Term Incentive Plan and the 2005 Stock Plan for Non-Employee Directors (collectively the “2005 Stock Plans”). Beginning May 2014, all awards were granted under the 2014 Omnibus Plan. The maximum aggregate number of shares of common stock that may be issued under the 2014 Omnibus Plan will be 2,400,000 less one share of common stock for every one share of common stock granted under any Prior Plan after December 31, 2013 and prior to the effective date of the 2014 Omnibus Plan. In addition, any awards that were previously granted under any Prior Plan that terminate without issuance of shares, shall be eligible for issuance under the 2014 Omnibus Plan. Awards under the 2014 Omnibus Plan may be in the form of stock options, stock appreciation rights, restricted stock, restricted stock units (RSU), other stock-based awards, and performance share units (PSU) or cash based performance units (PU).

During 2015, the Corporation granted awards in the form of RSUs, PSUs, PUs, and restricted stock. Previous grants under the 2005 Stock Plans included non-qualified stock options. Under our employee benefit program, the Corporation also provides an Employee Stock Purchase Plan (ESPP) available to most active employees. Certain awards provide for accelerated vesting if there is a change in control.

The compensation cost for employee and non-employee director share-based compensation programs during 2015, 2014, and 2013 is as follows:
(In thousands)
 
2015
 
2014
 
2013
Non-qualified stock options
 
$
—

 
$
—

 
$
238

Employee Stock Purchase Plan
 
1,279

 
1,350

 
1,260

Performance Share Units
 
4,349

 
3,728

 
3,495

Restricted Share Units
 
3,015

 
2,655

 
1,700

Other share-based payments
 
830

 
767

 
657

Total share-based compensation expense before income taxes
 
$
9,473

 
$
8,500

 
$
7,350



Other share-based grants include service based restricted stock awards to non-employee directors, who are treated as employees as prescribed by the accounting guidance on share-based payments. The compensation cost recognized follows the cost of the employee, which is primarily reflected as General and administrative expenses in the Consolidated Statements of Earnings. No share-based compensation costs were capitalized during 2015, 2014, or 2013.

The following table summarizes the cash received from share-based awards and the Corporation's tax benefit recognized on share-based compensation:

(In thousands)
 
2015
 
2014
 
2013
Cash received from share-based awards
 
$
28,706

 
$
38,183

 
$
29,194

Recognized tax benefit on awards
 
$
9,119

 
$
9,610

 
$
3,199



A summary of employee stock option activity is as follows:
 
 
Shares
(000’s)
 
Weighted-
Average
Exercise
Price
 
Weighted-
Average
Remaining
Contractual
Term in
Years
 
Aggregate
Intrinsic
Value
(000’s)
Outstanding at December 31, 2014
 
1,443

 
$
33.86

 
 
 
 
Granted
 
—

 
—

 
 
 
 
Exercised
 
(589
)
 
34.29

 
 
 
 
Adjustment
 
(2
)
 
41.53

 
 
 
 
Outstanding at December 31, 2015
852

 
$
33.54

 
3.5
 
$
29,772

Exercisable at December 31, 2015
852

 
$
33.54

 
3.5
 
$
29,772



The total intrinsic value of stock options exercised during 2015, 2014, and 2013 was $36.8 million, $28.3 million, and $11.4 million, respectively.

Performance Share Units

The Corporation has granted performance share units to certain employees, whose 3 year cliff vesting is contingent upon how the Corporation's total shareholder return over the three-year term of the awards compares to that of a self-constructed peer group.  The non-vested shares are subject to forfeiture if established performance goals are not met or employment is terminated other than due to death, disability, or retirement. Share plans are denominated in share-based units based on the fair market value of the Corporation’s Common stock on the date of grant. The performance share unit’s compensation cost is amortized to expense on a straight-line basis over the three-year requisite service period. As forfeiture assumptions change, compensation cost will be adjusted on a cumulative basis in the period of the assumption change.

Restricted Share Units

Restricted share units cliff vest at the end of the awards’ vesting period. The restricted share units are service based and thus compensation cost is amortized to expense on a straight-line basis over the requisite service period, which is typically three years. The non-vested restricted units are subject to forfeiture if employment is terminated other than due to death, disability, or retirement.

A summary of the Corporation’s 2015 activity related to performance share units and restricted share units are as follows:
 
 
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, 2014
312

 
$
44.12

 
246

 
$
43.03

Granted
 
57

 
86.34

 
83

 
71.02

Vested
 
(80
)
 
42.82

 
(84
)
 
32.95

Forfeited
 
(2
)
 
62.91

 
—

 
—

Nonvested at December 31, 2015
286

 
$
52.70

 
245

 
$
55.98

Expected to vest at December 31, 2015
286

 
$
52.70

 
245

 
$
55.98



Nonvested PSUs had an intrinsic value of $19.6 million and unrecognized compensation costs of $9.1 million as of December 31, 2015. Nonvested RSUs had an intrinsic value of $16.8 million and unrecognized compensation costs of $8.8 million. Unrecognized compensation costs related to PSUs and RSUs are expected to be recognized over periods of 2.3-2.7 years.

Employee Stock Purchase Plan

The Corporation’s ESPP enables eligible employees to purchase the Corporation’s common stock at a price per share equal to 85% of the fair market value at the end of each offering period. Each offering period of the ESPP lasts six months, commencing on January 1st and July 1st of each year. Compensation cost is recognized on a straight-line basis over the six-month vesting period during which employees perform related services.
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS
15. PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS
The Corporation maintains twelve separate and distinct pension and other post-retirement defined benefit plans, consisting of three domestic plans and nine separate foreign pension plans. Effective December 31, 2014, the Corporation executed the following plan mergers: the two Williams Controls defined benefit pension plans were merged with the CW Pension Plan, resulting in one surviving domestic qualified plan, and the three domestic post-retirement health-benefits plans (CW, EMD, and Williams Controls) were merged into one. Post-merger, the Corporation maintains the following domestic plans: a qualified pension plan, a non-qualified pension plan, and a postretirement health-benefits plan. The foreign plans consist of three defined benefit pension plans in the United Kingdom, two in Germany, two in Mexico, and one plan each in Canada and Switzerland.
Domestic Plans
Qualified Pension Plan
The Corporation maintains a defined benefit pension plan (the “CW Pension Plan”) covering all employees under six benefit formulas: a non-contributory non-union and union formula for certain Curtiss-Wright (CW) employees, a contributory union and non-union benefit formula for employees at the EMD business unit, and two benefit formulas providing annuity benefits for participants in the former Williams Controls salaried and union plans.
CW non-union employees hired prior to February 1, 2010 receive a “traditional” benefit based on years of credited service, using the five highest consecutive years’ compensation during the last ten years of service. These employees became participants under the CW Pension Plan after one year of service and were vested after three years of service. CW non-union employees hired on or after the effective date were eligible for a cash balance benefit through December 31, 2013, and were transitioned to the new defined contribution plan, further described below. CW union employees who have negotiated a benefit under the CW Pension Plan are entitled to a benefit based on years of service multiplied by a monthly pension rate.
The formula for EMD employees covers both union and non-union employees and is designed to satisfy the requirements of relevant collective bargaining agreements. Employee contributions are withheld each pay period and are equal to 1.5% of salary. The benefits for the EMD employees are based on years of service and compensation. On December 31, 2012, the Corporation amended the CW Pension Plan to close the benefit to EMD employees hired after January 1, 2014.
Participants of the former Williams Controls Retirement Income Plan for salaried employees are either deferred vested participants or currently receiving benefits, as benefit accruals under the plan were frozen to future accruals effective January 1, 2003. Benefits in the salaried plan are based on average compensation and years of service.
Participants of the former Williams Controls UAW Local 492 Plan for union employees are entitled to a benefit based on years of service multiplied by a monthly pension rate, and may be eligible for supplemental benefits based upon attainment of certain age and service requirements.
In May 2013, the Company’s Board of Directors approved an amendment to the CW Pension Plan. Effective January 1, 2014, all active non-union employees participating in the final and career average pay formulas in the defined benefit plan will cease accruals 15 years from the effective date of the amendment.  In addition to the sunset provision, the “cash balance” benefit for non-union participants will be eliminated as of the effective date.  Non-Union employees who are not currently receiving final or career average pay benefits become eligible to participate in a new defined contribution plan which provides both employer match and non-elective contribution components, up to a maximum employer contribution of 6%.  The amendment does not affect CW employees that are subject to collective bargaining agreements.
At December 31, 2015 and 2014, the Corporation had a noncurrent pension liability of $38.1 million and $152.5 million, respectively. This decrease was primarily driven by a voluntary pension contribution of $145 million in January 2015, a 25 basis point increase in the discount rate to 4.25% as of December 31, 2015, and the adoption of an updated mortality projection scale reflecting a lower rate of projected mortality improvements. The liability decreases were partially offset by lower than expected asset returns which reduced the funded status of the plan.
Due to the large contribution in January 2015, the Corporation does not expect to make any further contributions through 2020, but expects to make annual contributions to the new defined contribution plan, as further described below.
Nonqualified Pension Plan
The Corporation also maintains a non-qualified restoration plan (the “CW Restoration Plan”) covering those employees of CW and EMD whose compensation or benefits exceed the IRS limitation for pension benefits. Benefits under the CW Restoration Plan are not funded, and, as such, the Corporation had an accrued pension liability of $39.4 million and $43.7 million as of December 31, 2015 and 2014, respectively. The Corporation’s contributions to the CW Restoration Plan are expected to be $2.7 million in 2016.
Other Post-Employment Benefits (OPEB) Plan
Under the plan merger effective December 31, 2014, the Corporation provides post-employment benefits consisting of retiree health and life insurance to three distinct groups of employees/retirees: the CW Grandfathered plan, and plans assumed in the acquisition of EMD and Williams Controls.
In 2002, the Corporation restructured the postemployment medical benefits for then-active CW employees, effectively freezing the plan. The plan continues to be maintained for certain retired CW employees.
The Corporation also provides retiree health and life insurance benefits for substantially all of the Curtiss-Wright EMD employees. The plan provides basic health and welfare coverage for pre-65 participants based on years of service and are subject to certain caps. Effective January 1, 2011, the Corporation modified the benefit design for post-65 retirees by introducing Retiree Reimbursement Accounts (RRA’s) to participants in lieu of the traditional benefit delivery. Participant accounts are funded a set amount annually that can be used to purchase supplemental coverage on the open market, effectively capping the benefit.
The plan also provides retiree health and life insurance benefits for certain retirees of the Williams Controls salaried and union pension plans. Benefits are available to those employees who retired prior to December 31, 1993 in the salaried plan, and prior to October 1, 2003 in the union plan. Effective August 31, 2013, the Corporation modified the benefit design for post-65 retirees by introducing Retiree Reimbursement Accounts (RRA’s) to align with the EMD delivery model.
The Corporation had an accrued postretirement benefit liability at December 31, 2015 and 2014 of $22.0 million and $23.2 million, respectively. Pursuant to the EMD purchase agreement, the Corporation has a discounted receivable from Washington Group International to reimburse the Corporation for a portion of these post-retirement benefit costs. At December 31, 2015 and 2014, the discounted receivable included in other assets was $1.0 million and $1.4 million, respectively. The Corporation expects to contribute $1.6 million to the plan during 2016.
Foreign Plans
The foreign plans consist of three defined benefit pension plans in the United Kingdom, two in Germany, two in Mexico, and one plan each in Canada and Switzerland. As of December 31, 2015 and 2014, the total projected benefit obligation related to all foreign plans is $87.8 million and $90.1 million, respectively. As of December 31, 2015 and 2014, the Corporation had a net accrued pension liability of $5.1 million and $5.3 million, respectively. The Corporation's contributions to the foreign plans are expected to be $2.6 million in 2016.
In September 2013, the Corporation amended the Metal Improvement Company - Salaried Staff pension Scheme (U.K.) and the Penny & Giles Pension Plan (U.K.) to cease the accrual of future benefits effective December 31, 2013. The amendments to the plans resulted in a $7 million reduction to the projected benefit obligations and a curtailment gain of $2.8 million.
Components of net periodic benefit expense
The net pension and net postretirement benefit costs (income) consisted of the following:
 
 
Pension Benefits
 
Postretirement Benefits
(In thousands)
 
2015
 
2014
 
2013
 
2015
 
2014
 
2013
Service cost
 
$
26,873

 
$
25,262

 
$
40,170

 
$
286

 
$
246

 
$
373

Interest cost
 
30,050

 
30,403

 
27,777

 
842

 
877

 
839

Expected return on plan assets
 
(54,629
)
 
(41,746
)
 
(36,303
)
 
—

 
—

 
—

Amortization of prior service cost
 
618

 
662

 
883

 
(657
)
 
(657
)
 
(638
)
Recognized net actuarial loss/(gain)
 
16,890

 
6,827

 
15,013

 
(551
)
 
(811
)
 
(614
)
Cost of settlements/curtailments
 
7,461

 
377

 
13

 
—

 
—

 
—

Net periodic benefit cost (income)
 
$
27,263

 
$
21,785

 
$
47,553

 
$
(80
)
 
$
(345
)
 
$
(40
)

Net periodic benefit cost (excluding settlements/curtailments) has declined over the reported periods, mainly due to the reduction in service cost and increase in the expected return on plan assets. The plan redesign reduced service cost by eliminating the cash balance benefit earned in the plan for all participants, with those not participating in the traditional benefit being moved to a new defined contribution plan. Expected returns increased due to the incremental return generated from higher required cash contributions in 2013 and 2014, and the large voluntary contribution in January 2015. The higher expected returns in 2015 are partially offset by higher actuarial loss amortization, due to the lower discount rate utilized for 2015 expense.
The Cost of settlements/curtailments indicated above represents events that are accounted for under guidance on employers’ accounting for settlements and curtailments of defined benefit pension plans. In 2015, the settlement charge is primarily a result of the retirement of the Corporation’s former Chairman and his election to receive the nonqualified portion of his pension benefit as a single lump sum payout. In 2014, the charge was due to a settlement in the CWAT plan in Switzerland. In 2013, the CW Pension Plan curtailment charge of $2.2 million and special termination benefits in the CW Restoration Plan were largely offset by the curtailment gain in the Penny & Giles Pension Plan.
The following table outlines the Corporation's consolidated disclosure of the pension benefits and postretirement benefits information described previously. The Corporation had no foreign postretirement plans. All plans were valued using a December 31, 2015 measurement date.
 
 
Pension Benefits
 
Postretirement Benefits
(In thousands)
 
2015
 
2014
 
2015
 
2014
Change in benefit obligation:
 
 
 
 
 
 
 
 
Beginning of year
 
$
797,360

 
$
674,192

 
$
23,250

 
$
20,416

Service cost
 
26,873

 
25,262

 
286

 
246

Interest cost
 
30,050

 
30,403

 
842

 
877

Plan participants’ contributions
 
1,825

 
1,734

 
345

 
364

Amendments
 
(2,951
)
 
178

 
—

 
—

Actuarial loss (gain)
 
(10,803
)
 
114,763

 
(1,133
)
 
3,276

Benefits paid
 
(60,662
)
 
(40,765
)
 
(1,610
)
 
(1,929
)
Actual expenses
 
(1,787
)
 
(1,299
)
 
—

 
—

Currency translation adjustments
 
(5,195
)
 
(7,108
)
 
—

 
—

End of year
 
$
774,710

 
$
797,360

 
$
21,980

 
$
23,250

Change in plan assets:
 
 
 
 
 
 
 
 
Beginning of year
 
$
595,829

 
$
558,567

 
$
—

 
$
—

Actual return on plan assets
 
(4,092
)
 
37,574

 
—

 
—

Employer contribution
 
165,575

 
46,306

 
1,265

 
1,565

Plan participants’ contributions
 
1,825

 
1,734

 
345

 
364

Benefits paid
 
(60,662
)
 
(40,765
)
 
(1,610
)
 
(1,929
)
Actual Expenses
 
(1,787
)
 
(1,299
)
 
—

 
—

Currency translation adjustments
 
(4,614
)
 
(6,288
)
 
—

 
—

End of year
 
$
692,074

 
$
595,829

 
$
—

 
$
—

 
 
 
 
 
 
 
 
 
Funded status
 
$
(82,636
)
 
$
(201,531
)
 
$
(21,980
)
 
$
(23,250
)
 
 
Pension Benefits
 
Postretirement Benefits
(In thousands)
 
2015
 
2014
 
2015
 
2014
Amounts recognized on the balance sheet
 
 
 
 
 
 
 
 
Noncurrent assets
 
$
3,667

 
$
6,041

 
$
—

 
$
—

Current liabilities
 
(2,998
)
 
(3,523
)
 
(1,562
)
 
(1,603
)
Noncurrent liabilities
 
(83,305
)
 
(204,049
)
 
(20,418
)
 
(21,647
)
Total
 
$
(82,636
)
 
$
(201,531
)
 
$
(21,980
)
 
$
(23,250
)
Amounts recognized in accumulated other comprehensive income (AOCI)
 
 
 
 
 
 
 
 
Net actuarial loss (gain)
 
$
203,729

 
$
180,640

 
$
(8,846
)
 
$
(8,264
)
Prior service cost
 
(1,635
)
 
1,990

 
(4,030
)
 
(4,686
)
Total
 
$
202,094

 
$
182,630

 
$
(12,876
)
 
$
(12,950
)
Amounts in AOCI expected to be recognized in net periodic cost in the coming year:
 
 
 
 
 
 
 
 
Loss (gain) recognition
 
$
12,373

 
$
15,470

 
$
(571
)
 
$
(551
)
Prior service cost recognition
 
$
(50
)
 
$
619

 
$
(657
)
 
$
(657
)
Accumulated benefit obligation
 
$
736,688

 
$
753,878

 
N/A

 
N/A

Information for pension plans with an accumulated benefit obligation in excess of plan assets:
 
 
 
 
 
 
 
 
Projected benefit obligation
 
$
721,626

 
$
770,241

 
N/A

 
N/A

Accumulated benefit obligation
 
683,605

 
726,760

 
N/A

 
N/A

Fair value of plan assets
 
635,323

 
562,669

 
N/A

 
N/A


Plan Assumptions
 
 
Pension Benefits
 
Postretirement Benefits
 
 
2015
 
2014
 
2015
 
2014
Weighted-average assumptions in determination of benefit obligation:
 
 
 
 
 
 
 
 
Discount rate
 
4.11
%
 
3.88
%
 
4.25
%
 
3.75
%
Rate of compensation increase
 
3.36
%
 
3.37
%
 
N/A

 
N/A

Health care cost trends:
 
 
 
 
 
 
 
 
Rate assumed for subsequent year
 
N/A

 
N/A

 
5.70
%
 
5.50
%
Ultimate rate reached in 2026
 
N/A

 
N/A

 
5.40
%
 
4.59
%
Weighted-average assumptions in determination of net periodic benefit cost:
 
 
 
 
 
 
 
 
Discount rate
 
3.88
%
 
4.62
%
 
3.75
%
 
4.47
%
Expected return on plan assets
 
7.93
%
 
8.01
%
 
N/A

 
N/A

Rate of compensation increase
 
3.37
%
 
3.36
%
 
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 2026
 
N/A

 
N/A

 
4.59
%
 
5.00
%

The discount rate for each plan is determined by discounting the plan’s expected future benefit payments using a yield curve developed from high quality bonds that are rated Aa or better by Moody’s as of the measurement date. The yield curve calculation matches the notional cash inflows of the hypothetical bond portfolio with the expected benefit payments to arrive at one effective rate for each plan.
The overall expected return on assets assumption is based on a combination of historical performance of the pension fund and expectations of future performance. Expected future performance is determined by weighting the expected returns for each asset class by the plan’s asset allocation. The expected returns are based on long-term capital market assumptions utilizing a ten-year time horizon through consultation with investment advisors. While consideration is given to recent performance and historical returns, the assumption represents a long-term prospective return.
The effect on the Other Post-Employment Benefits plan of a 1% change in the health care cost trend is as follows:
(In thousands)
 
1% Increase

 
1% Decrease

Total service and interest cost components
 
$
15

 
$
(12
)
Postretirement benefit obligation
 
$
375

 
$
(309
)

Pension Plan Assets
The overall objective for plan assets is to earn a rate of return over time to meet anticipated benefit payments in accordance with plan provisions. The long-term investment objective of the domestic retirement plans is to achieve a total rate of return, net of fees, which exceeds the actuarial overall expected return on asset assumptions used for funding purposes and which provides an appropriate premium over inflation. The intermediate-term objective of the domestic retirement plans, defined as three to five years, is to outperform each of the capital markets in which assets are invested, net of fees. During periods of extreme market volatility, preservation of capital takes a higher precedence than outperforming the capital markets.
The Finance Committee of the Corporation’s Board of Directors is responsible for formulating investment policies, developing investment manager guidelines and objectives, and approving and managing qualified advisors and investment managers. The guidelines established define permitted investments within each asset class and apply certain restrictions such as limits on concentrated holdings, and prohibits selling securities short, buying on margin, and the purchase of any securities issued by the Corporation.
The Corporation maintains the funds of the CW Pension Plan under a trust that is diversified across investment classes and among investment managers to achieve an optimal balance between risk and return. As a part of its diversification strategy, the Corporation has established target allocations for each of the following assets classes: domestic equity securities, international equity securities, and debt securities. Below are the Corporation’s actual and established target allocations for the CW Pension Plan, representing 88% of consolidated assets:
 
 
As of December 31,
 
Target
 
Expected
 
 
2015
 
2014
 
Exposure
 
Range
Asset class
 
 
 
 
 
 
 
 
Domestic equities
 
51%
 
53%
 
50%
 
40%-60%
International equities
 
14%
 
14%
 
15%
 
10%-20%
Total equity
 
65%
 
67%
 
65%
 
55%-75%
Fixed income
 
35%
 
33%
 
35%
 
25%-45%

As of December 31, 2015 and 2014, cash funds in the CW Pension Plan represented approximately 3% of portfolio assets.
Foreign plan assets represent 12% of consolidated plan assets, with the majority of the assets supporting the U.K. plans. The U.K. foreign plans follow a similar asset allocation strategy, while other foreign plans are more heavily weighted in fixed income resulting in a weighted expected return on assets assumption of 4.46% for all foreign plans.
The Corporation may from time to time require the reallocation of assets in order to bring the retirement plans into conformity with these ranges. The Corporation may also authorize alterations or deviations from these ranges where appropriate for achieving the objectives of the retirement plans.
Fair Value Measurements
The following table presents consolidated plan assets using the fair value hierarchy as of December 31, 2015:
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
 
$
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

Cash and cash equivalents
 
$
26,251

 
$
253

 
$
25,998

 
$
—

Equity securities- Mutual funds (1)
 
435,931

 
395,549

 
40,382

 
—

Bond funds (2)
 
219,417

 
162,470

 
56,947

 
—

Insurance Contracts (3)
 
9,720

 
—

 
—

 
9,720

Other (4)
 
755

 
—

 
—

 
755

December 31, 2015
 
$
692,074

 
$
558,272

 
$
123,327

 
$
10,475


(1)This category consists of domestic and international equity securities. It is comprised of U.S. securities benchmarked against the S&P 500 index and Russell 2000 index, international mutual funds benchmarked against the MSCI EAFE index, global equity index mutual funds associated with our U.K. based pension plans and balanced funds associated with the U.K. and Canadian based pension plans.
(2)This category consists of domestic and international bonds. The domestic fixed income securities are benchmarked against the Barclays Capital Aggregate Bond index, actively-managed bond mutual funds comprised of domestic investment grade debt, fixed income derivatives, and below investment-grade issues, U.S. mortgage backed securities, asset backed securities, municipal bonds, and convertible debt. International bonds consist of bond mutual funds for institutional investors associated with the CW Pension Plan, Switzerland, and U.K. based pension plans.
(3)This category consists of a guaranteed investment contract (GIC) in Switzerland. Amounts contributed to the plan are guaranteed by a foundation for occupational benefits that in turn entered into a group insurance contract and the foundation pays a guaranteed rate of interest that is reset annually.
(4)This category consists primarily of real estate investment trusts in Switzerland.
Valuation
Equity securities and exchange-traded equity and bond mutual funds are valued using a market approach based on the quoted market prices of identical instruments. Pooled institutional funds are valued at their net asset values and are calculated by the sponsor of the fund.
Fixed income securities are primarily valued using a market approach utilizing various underlying pricing sources and methodologies. Real estate investment trusts are priced at net asset value based on valuations of the underlying real estate holdings using inputs such as discounted cash flows, independent appraisals, and market-based comparable data.
Cash balances in the United States are held in a pooled fund and classified as a Level 2 asset. Non-U.S. cash is valued using a market approach based on quoted market prices of identical instruments.
The following table presents a reconciliation of Level 3 assets held during the year ended December 31, 2015 and 2014:
(In thousands)
 
Insurance
Contracts
 
Other
 
Total
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

Actual return on plan assets:
 
 
 
 
 
 
Relating to assets still held at the reporting date
 
127

 
37

 
164

Relating to assets sold during the period
 
—

 
2

 
2

Purchases, sales, and settlements
 
1,554

 
(49
)
 
1,505

Transfers in and/or out of Level 3
 
—

 
—

 
—

Foreign currency translation adjustment
 
(130
)
 
(6
)
 
(136
)
December 31, 2015
 
$
9,720

 
$
755

 
$
10,475


Benefit Payments
The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid from the plans:
(In thousands)
 
Pension
Plans
 
Postretirement
Plans
 
Total
2016
 
$
49,175

 
$
1,562

 
$
50,737

2017
 
47,785

 
1,536

 
49,321

2018
 
49,218

 
1,536

 
50,754

2019
 
53,081

 
1,509

 
54,590

2020
 
52,443

 
1,499

 
53,942

2021 — 2025
 
269,212

 
7,249

 
276,461



Defined Contribution Retirement Plans
The Corporation offers all of its domestic employees the opportunity to participate in a defined contribution plan. Costs incurred by the Corporation in the administration and record keeping of the defined contribution plan are paid for by the Corporation and are not considered material.
Effective January 1, 2014, all non-union employees who were not currently receiving final or career average pay benefits became eligible to receive employer contributions in the Corporation's sponsored 401(k) plan. The employer contributions include both employer match and non-elective contribution components, up to a maximum employer contribution of 6% of eligible compensation.  During the year ended December 31, 2015, the expense relating to the plan was $12.8 million,  consisting of $5.7 million in matching contributions to the plan in 2015, and $7.1 million in non-elective contributions paid in January 2016. Cumulative contributions of approximately $67.0 million are expected to be made from 2016 through 2020.
In addition, the Corporation had foreign pension costs under various defined contribution plans of $4.8 million, $5.7 million, and $5.1 million in 2015, 2014, and 2013, respectively.
LEASES
LEASES
16. LEASES
The Corporation conducts a portion of its operations from leased facilities, which include manufacturing and service facilities, administrative offices, and warehouses. In addition, the Corporation leases vehicles, machinery, and office equipment under operating leases. The leases expire at various dates and may include renewals and escalations. Rental expenses for all operating leases amounted to $37.0 million, $38.0 million, and $35.3 million in 2015, 2014, and 2013, respectively.
At December 31, 2015, the approximate future minimum rental commitments under operating leases that have initial or remaining non-cancelable lease terms in excess of one year are as follows:
(In thousands)
Rental
Commitments
2016
$
26,676

2017
21,657

2018
18,319

2019
14,320

2020
10,736

Thereafter
41,805

Total
$
133,513

SEGMENT INFORMATION
SEGMENT INFORMATION
17. SEGMENT INFORMATION

Prior to the first quarter of 2015, the Corporation reported its results of operations through three segments: Commercial/Industrial, Defense, and Energy. Beginning in the first quarter of 2015, the Corporation realigned its reportable segments as a result of its previously announced discontinued operations. The Energy segment was renamed Power. The new Power segment includes businesses serving the nuclear naval defense and new build (AP1000) power generation markets, which had previously operated within the Defense segment. The remaining oil and gas businesses that had operated within the Energy segment have joined the Commercial/Industrial segment. As result of this realignment, the Corporation’s new reportable segments are: Commercial/Industrial, Defense, and Power, as described in Item 1. Business.

The Commercial/Industrial reportable segment is comprised of businesses that provide a diversified offering of highly engineered products and services supporting critical applications primarily across the commercial aerospace and general industrial markets. The products offered include electronic throttle control devices and transmission shifters, electro-mechanical actuation control components, valves, and surface technology services such as shot peening, laser peening, coatings, and advanced testing.

The Defense reportable segment is comprised of businesses that primarily provide products to the defense markets and to a lesser extent the commercial aerospace market. The products offered include commercial off-the-shelf (COTS) embedded computing board level modules, integrated subsystems, turret aiming and stabilization products, weapons handling systems, avionics and electronics, flight test equipment, and aircraft data management solutions.

The Power segment is comprised of businesses that primarily provide products to the power generation markets and to a lesser extent the naval defense market. The products offered include main coolant pumps, power-dense compact motors, generators, secondary propulsion systems, pumps, pump seals, control rod drive mechanisms, fastening systems, specialized containment doors, airlock hatches, spent fuel management products, and fluid sealing products.

The Corporation’ s measure of segment profit or loss is operating income. Interest expense and income taxes are not reported on an operating segment basis as they are not considered in the segments’ performance evaluation by the Corporation’s chief operating decision-maker, its Chief Executive Officer.

Net sales and operating income by reportable segment are as follows:

 
 
December 31,
(In thousands)
 
2015
 
2014
 
2013
Net sales
 
 
 
 
 
 
Commercial/Industrial
 
$
1,189,120

 
$
1,232,696

 
$
1,079,826

Defense
 
479,528

 
492,094

 
481,850

Power
 
545,013

 
527,034

 
563,405

Less: Intersegment Revenues
 
(7,978
)
 
(8,698
)
 
(7,000
)
Total Consolidated
 
$
2,205,683

 
$
2,243,126

 
$
2,118,081


(In thousands)
 
2015
 
2014
 
2013
Operating income (expense)
 
 
 
 
 
 
Commercial/Industrial
 
$
171,525

 
$
178,684

 
$
131,305

Defense
 
98,895

 
82,552

 
74,360

Power
 
74,987

 
51,449

 
73,402

Corporate and Eliminations (1)
 
(34,790
)
 
(30,312
)
 
(41,944
)
Total Consolidated
 
$
310,617

 
$
282,373

 
$
237,123


Depreciation and amortization expense
 
 
 
 
 
 
Commercial/Industrial
 
$
55,799

 
$
58,276

 
$
56,841

Defense
 
15,965

 
19,530

 
19,235

Power
 
23,419

 
23,060

 
21,484

Corporate
 
4,292

 
4,059

 
4,655

Total Consolidated
 
$
99,475

 
$
104,925

 
$
102,215


Segment assets
 
 
 
 
 
 
Commercial/Industrial
 
$
1,500,931

 
$
1,543,795

 
$
1,509,011

Defense
 
808,197

 
845,193

 
888,689

Power
 
642,655

 
579,736

 
581,323

Corporate
 
77,595

 
283,441

 
57,691

Assets held for sale
 
—

 
147,346

 
421,560

Total Consolidated
 
$
3,029,378

 
$
3,399,511

 
$
3,458,274


Capital expenditures
 
 
 
 
 
 
Commercial/Industrial
 
$
21,990

 
$
37,329

 
$
48,696

Defense
 
3,834

 
5,175

 
3,443

Power
 
6,163

 
16,057

 
12,144

Corporate
 
3,525

 
8,554

 
7,959

Total Consolidated (2)
 
$
35,512

 
$
67,115

 
$
72,242


(1) Corporate and Eliminations includes pension expense, environmental remediation and administrative expenses, legal, foreign currency transactional gains and losses, and other expenses.
(2) Total capital expenditures included $0.2 million, $4.9 million, and $7.0 million of expenditures related to discontinued operations for the years ended 2015, 2014, and 2013, respectively.

Reconciliations
 
 
December 31,
(In thousands)
 
2015
 
2014
 
2013
Earnings before taxes:
 
 
 
 
 
 
Total segment operating income
 
$
345,407

 
$
312,685

 
$
279,067

Corporate and administrative
 
(34,790
)
 
(30,312
)
 
(41,944
)
Interest expense
 
(36,038
)
 
(35,794
)
 
(37,053
)
Other income, net
 
615

 
365

 
980

Total consolidated earnings before tax
 
$
275,194

 
$
246,944

 
$
201,050


 
 
December 31,
(In thousands)
 
2015
 
2014
 
2013
Assets:
 
 
 
 
 
 
Total assets for reportable segments
 
$
2,951,783

 
$
2,968,724

 
$
2,979,023

Assets held for sale
 
—

 
147,346

 
421,560

Non-segment cash
 
42,164

 
247,249

 
13,308

Other assets
 
35,431

 
36,192

 
44,383

Total consolidated assets
 
$
3,029,378

 
$
3,399,511

 
$
3,458,274


Geographic Information
 
 
December 31,
(In thousands)
 
2015
 
2014
 
2013
Revenues
 
 
 
 
 
 
United States of America
 
$
1,502,363

 
$
1,521,034

 
$
1,444,019

United Kingdom
 
135,673

 
145,092

 
134,815

Other foreign countries
 
567,647

 
577,000

 
539,247

Consolidated total
 
$
2,205,683

 
$
2,243,126

 
$
2,118,081


 
 
December 31,
(In thousands)
 
2015
 
2014
 
2013
Long-Lived Assets
 
 
 
 
 
 
United States of America
 
$
293,612

 
$
323,937

 
$
365,691

United Kingdom
 
36,061

 
45,625

 
43,434

Other foreign countries
 
83,971

 
89,357

 
106,593

Consolidated total
 
$
413,644

 
$
458,919

 
$
515,718


Net sales by product line
 
 
December 31,
(In thousands)
 
2015
 
2014
 
2013
Net sales
 
 
 
 
 
 
Flow Control
 
$
949,657

 
$
959,907

 
$
940,910

Motion Control
 
947,758

 
953,667

 
873,519

Surface Technologies
 
308,268

 
329,552

 
303,652

Consolidated total
 
$
2,205,683

 
$
2,243,126

 
$
2,118,081


The Flow Control products include valves, pumps, motors, generators, and instrumentation that manage the flow of liquids and gases, generate power and monitor or provide critical functions. Motion Controls products include turret aiming and stabilization products, embedded computing board level modules, electronic throttle control devices, transmission shifters, and electro-mechanical actuation control components. Surface Technologies include shot peening, laser peening, and coatings services that enhance the durability, extend the life, and prevent premature fatigue and failure on customer-supplied metal components.
CONTINGENCIES AND COMMITMENTS
CONTINGENCIES AND COMMITMENTS
18. CONTINGENCIES AND COMMITMENTS

Legal Proceedings

The Corporation has been named in a number of lawsuits that allege injury from exposure to asbestos. To date, the Corporation has not been found liable for or paid any material sum of money in settlement in any case. The Corporation believes its minimal use of asbestos in its past and current operations and the relatively non-friable condition of asbestos in its products makes it unlikely that it will face material liability in any asbestos litigation, whether individually or in the aggregate. The Corporation maintains insurance coverage for these potential liabilities and believes adequate coverage exists to cover any unanticipated asbestos liability.

In December 2013, the Corporation, along with other unaffiliated parties, received a claim, from Canadian Natural Resources Limited (CNRL) filed in the Court of Queen's Bench of Alberta, Judicial District of Calgary. The claim pertains to a January 2011 fire and explosion at a delayed coker unit at its Fort McMurray refinery that resulted in the injury of five CNRL employees, damage to property and equipment, and various forms of consequential loss such as loss of profit, lost opportunities, and business interruption. The fire and explosion occurred when a CNRL employee bypassed certain safety controls and opened an operating coker unit. The total quantum of alleged damages arising from the incident has not been finalized, but is estimated to meet or exceed $1 billion.  The Corporation maintains various forms of commercial, property and casualty, product liability, and other forms of insurance; however, such insurance may not be adequate to cover the costs associated with a judgment against us. The Corporation is currently unable to estimate an amount or range of potential losses, if any, from this matter. The Corporation believes it has adequate legal defenses and intends to defend this matter vigorously. The Corporation's financial condition, results of operations, and cash flows, could be materially affected during a future fiscal quarter or fiscal year by unfavorable developments or outcome regarding this claim.

The Corporation is party to a number of legal actions and claims, none of which individually or in the aggregate, in the opinion of management, are expected to have a material effect on the Corporation’s results of operations or financial position.

Letters of Credit and Other Arrangements

The Corporation enters into standby letters of credit agreements and guarantees with financial institutions and customers primarily relating to guarantees of repayment, future performance on certain contracts to provide products and services, and to secure advance payments from certain international customers. At December 31, 2015 and 2014, there were $37.3 million and $54.3 million of stand-by letters of credit outstanding, respectively, and $14.7 million and $20.7 million of bank guarantees outstanding, respectively.  
The Corporation, through its Electro-Mechanical Division (EMD) business unit, has three Pennsylvania Department of Environmental Protection (PADEP) radioactive materials licenses that are utilized in the continued operation of the EMD business. In connection with these licenses, the Corporation has known conditional asset retirement obligations related to asset decommissioning activities to be performed in the future, when the Corporation terminates these licenses. For two of the three licenses, the Corporation has recorded an asset retirement obligation of approximately $6.8 million. For its third license, the Corporation has not recorded an asset retirement obligation as it is not reasonably estimable due to insufficient information about the timing and method of settlement of the obligation. Accordingly, this obligation has not been recorded in the Consolidated Financial Statements. A liability for this obligation will be recorded in the period when sufficient information regarding timing and method of settlement becomes available to make a reasonable estimate of the liability’s fair value. The Corporation is required to provide the Nuclear Regulatory Commission financial assurance demonstrating its ability to cover the cost of decommissioning its Cheswick, Pennsylvania facility upon closure, though the Corporation does not intend to close this facility.  The Corporation has provided this financial assurance in the form of a $52.9 million surety bond.

AP1000 Program

Within the Corporation’s Power segment, our Electro-Mechanical Division is the RCP supplier for the Westinghouse AP1000 nuclear power plants under construction in China and the United States.  The terms of the AP1000 China and United States contracts include liquidated damage provisions for failure to meet contractual delivery dates if the Corporation caused the delay and the delay was not excusable. The Corporation would be liable for liquidated damages if the Corporation was deemed responsible for not meeting the delivery dates. On October 10, 2013, the Corporation received a letter from Westinghouse stating entitlements to the maximum amount of liquidated damages allowable under the AP1000 China contract from Westinghouse of approximately $25 million.  As of December 31, 2015, the Corporation has not met certain contractual delivery dates under its AP 1000 China and US contracts; however, there are significant counterclaims and uncertainties as to which parties are responsible for the delays.  Given the uncertainties surrounding the parties responsible for the delays, no accrual has been made for this matter.  As of December 31, 2015, the range of possible loss for liquidated damages is $0 to $48 million.
ACCUMULATED OTHER COMPREHENSIVE INCOME LOSS
ACCUMULATED OTHER COMPREHENSIVE INCOME LOSS
19. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
The total cumulative balance of each component of accumulated other comprehensive income (loss), net of tax, is as follows:
 
 
 
(In thousands)
 
Foreign currency translation adjustments, net
 
Total pension and postretirement adjustments, net
 
Accumulated other comprehensive income (loss)
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
)
Other comprehensive loss before reclassifications (1)
 
(87,527
)
 
(24,823
)
 
(112,350
)
Amounts reclassified from accumulated other comprehensive income (loss) (1)
 
—

 
14,833

 
14,833

Net current period other comprehensive loss
 
(87,527
)
 
(9,990
)
 
(97,517
)
December 31, 2015
 
$
(107,810
)
 
$
(118,118
)
 
$
(225,928
)

(1) 
All amounts are after tax.
Details of amounts reclassified from accumulated other comprehensive income (loss) are below:
 
 
Amount reclassified from Accumulated other comprehensive income (loss)
 
Affected line item in the statement where net earnings is presented
(In thousands)
 
2015
 
2014
 
 
Defined benefit pension and postretirement plans
 
 
 
 
 
 
Amortization of prior service costs
 
39

 
(5
)
 
(1)
Amortization of net actuarial losses
 
(16,339
)
 
(6,016
)
 
(1)
Settlements
 
(7,461
)
 
(377
)
 
(1)
 
 
(23,761
)
 
(6,398
)
 
 Total before tax
 
 
8,928

 
2,232

 
 Income tax effect
Total reclassifications
 
$
(14,833
)
 
$
(4,166
)
 
 Net of tax

(1) 
These items are included in the computation of net periodic pension cost. See Note 15, Pension and Other Postretirement Benefit Plans.
QUARTERLY RESULTS OF OPERATIONS
QUARTERLY RESULTS OF OPERATIONS
20. QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)
The following tables set forth selected unaudited quarterly Consolidated Statements of Earnings information for the fiscal years ended December 31, 2015 and 2014. The fourth quarter of 2015 included a one-time $20 million operating income benefit as a result of the receipt of a $468 million direct order with China for AP1000 reactor coolant pumps, which included the sale of certain intellectual property rights.

(In thousands, except per share data)
 
First
 
Second
 
Third
 
Fourth
2015
 
 
 
 
 
 
 
 
Net sales
 
$
546,199

 
$
545,194

 
$
525,535

 
$
588,755

Gross profit
 
191,096

 
182,351

 
185,494

 
224,314

Earnings from continuing operations
 
43,223

 
40,121

 
38,142

 
70,762

Loss from discontinued operations
 
(27,232
)
 
(14,384
)
 
(4,258
)
 
(913
)
Net earnings
 
15,991

 
25,737

 
33,884

 
69,849

Basic earnings per share *
 
 
 
 
 
 
 
 
Earnings from continuing operations
 
$
0.91

 
$
0.85

 
$
0.82

 
$
1.56

Loss from discontinued operations
 
(0.57
)
 
(0.31
)
 
(0.09
)
 
(0.02
)
Total
 
$
0.34

 
$
0.54

 
$
0.73

 
$
1.54

Diluted earnings per share *
 
 
 
 
 
 
 
 
Earnings from continuing operations
 
$
0.89

 
$
0.83

 
$
0.80

 
$
1.53

Loss from discontinued operations
 
(0.56
)
 
(0.30
)
 
(0.09
)
 
(0.02
)
Total
 
$
0.33

 
$
0.53

 
$
0.71

 
$
1.51

 
 
 
 
 
 
 
 
 
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


* May not add due to rounding
SUBSEQUENT EVENTS SUBSEQUENT EVENTS
Subsequent Events [Text Block]
21. SUBSEQUENT EVENTS
On February 5, 2016 the Corporation terminated its March 2013 and January 2012 interest rate swap agreements. As a result of the termination, the Corporation received a cash payment of approximately $21 million, representing the fair value of the interest rate swaps on the date of termination. In connection with the termination, we and the counterparties released each other from all obligations under the interest rate swap agreement, including, without limitation, the obligation to make periodic payments thereunder. The Senior Notes are interest-bearing financial liabilities, accordingly, the hedge accounting adjustment will be reflected as a bond premium to our Senior Notes' carrying value and amortized prospectively into interest expense over the remaining terms of the Senior Notes on an effective-yield basis.
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
SCHEDULE II – VALUATION and QUALIFYING ACCOUNTS
for the years ended December 31, 2015, 2014, and 2013
(In thousands)
 
 
 
 
Additions
 
 
 
 
 
 
 
 
Description
 
Balance at
Beginning of
Period
 
Charged to
Costs and
Expenses
 
Charged to Other
Accounts
 
 
 
Deductions
 
 
 
Balance at
End of Period
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deducted from assets to which they apply:
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Tax valuation allowance
 
23,478

 
2,605

 
(299
)
 
(1) 
 
7,889

 
(2) 
 
17,895

Total
 
$
23,478

 
$
2,605

 
$
(299
)
 
 
 
$
7,889

 
 
 
$
17,895

December 31, 2014
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Tax valuation allowance
 
6,321

 
18,535

 
(263
)
 
(1) 
 
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
)
 
(1) 
 
—

 
 
 
6,321

Total
 
$
8,531

 
$
(1,896
)
 
$
(314
)
 
 
 
$
—

 
 
 
$
6,321



(1) Primarily foreign currency translation adjustments.
(2) Capital loss on sale of upstream oil and gas business.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
ConsolidationPolicy 
Principles of Consolidation

The consolidated financial statements include the accounts of the Corporation and its majority-owned subsidiaries. All intercompany transactions and accounts have been eliminated.
UseOfEstimates 
Use of Estimates

The financial statements of the Corporation have been prepared in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP), which requires management to make estimates and judgments that affect the reported amount of assets, liabilities, revenue, and expenses and disclosure of contingent assets and liabilities in the accompanying financial statements. The most significant of these estimates includes the estimate of costs to complete long-term contracts under the percentage-of-completion accounting methods, the estimate of useful lives for property, plant, and equipment, cash flow estimates used for testing the recoverability of assets, pension plan and postretirement obligation assumptions, estimates for inventory obsolescence, estimates for the valuation and useful lives of intangible assets and legal reserves. Actual results may differ from these estimates.
RevenueRecognitionPolicyTextBlock 
Revenue Recognition

The realization of revenue refers to the timing of its recognition in the accounts of the Corporation and is generally considered realized or realizable and earned when the earnings process is substantially complete and all of the following criteria are met: 1) persuasive evidence of an arrangement exists; 2) delivery has occurred or services have been rendered; 3) the Corporation’s price to its customer is fixed or determinable; and 4) collectability is reasonably assured.

We determine the appropriate method by which we recognize revenue by analyzing the terms and conditions of each contract or arrangement entered into with our customers. Revenue is recognized on product sales as production units are shipped and title and risk of loss have transferred. Revenue is recognized on service type contracts as services are rendered. The significant estimates we make in recognizing revenue are primarily for long-term contracts generally accounted for using the cost-to-cost method of percentage of completion accounting that are associated with the design, development and manufacture of highly engineered industrial products used in commercial and defense applications. Under the cost-to-cost percentage-of-completion method of accounting, profits are recorded pro rata, based upon current estimates of direct and indirect costs to complete such contracts. Changes in estimates of contract sales, costs, and profits are recognized using the cumulative catch-up method of accounting. This method recognizes in the current period the cumulative effect of the changes on current and prior periods. The effect of the changes on future periods of contract performance is recognized as if the revised estimate had been the original estimate. A significant change in an estimate on one or more contracts could have a material effect on the Corporation’s consolidated financial position, results of operations, or cash flows. In 2015, the Corporation recorded additional costs of $11.5 million related to its long-term contract with Westinghouse to deliver reactor coolant pumps (RCPs) for the AP1000 nuclear power plants in China. The increase in costs is due to a change in estimate related to production modifications that are the result of engineering and endurance testing. In 2014 and 2013, there were no individual significant changes in estimated contract costs at completion.

Losses on contracts are provided for in the period in which the losses become determinable and the excess of billings over cost and estimated earnings on long-term contracts is included in deferred revenue.

From time to time, we may enter into multiple-element arrangements in which a customer may purchase a combination of goods, services, or rights to intellectual property. We follow the multiple element accounting guidance within ASC 605-25 for such arrangements which require: (1) determining the separate units of accounting; (2) determining whether the separate units of accounting have stand-alone value (3) measuring and allocating the arrangement consideration. We allocate the arrangement consideration in accordance with the selling price hierarchy which requires: (1) the use of vendor-specific objective evidence (VSOE), if available (2) if VSOE is not available, the use of third-party evidence (TPE), and if TPE is not available (3) our best-estimate of selling price (BESP). Approximately 1% of the Company's 2015 net sales were the result of the sale of certain intellectual property licensing rights within a multiple-element arrangement with China for AP1000 reactor coolant pumps (the new China order). The Company had no further performance obligations with regards to the sale of these perpetual rights. The remainder of the contract, related to the production of sixteen RCPs, will be recognized using percentage-of-completion accounting through 2021.

CashAndCashEquivalentsPolicyTextBlock 
Cash and Cash Equivalents

Cash equivalents consist of money market funds and commercial paper that are readily convertible into cash, all with original maturity dates of three months or less.
InventoryPolicyTextBlock 
Inventory
Inventories are stated at lower of cost or market. Production costs are comprised of direct material and labor and applicable manufacturing overhead.
GovernmentContractorsContractsInProgressPolicyPolicyTextBlock 
Progress Payments

Certain long-term contracts provide for interim billings as costs are incurred on the respective contracts. Pursuant to contract provisions, agencies of the U.S. Government and other customers are granted title or a secured interest for materials and work-in-process included in inventory to the extent progress payments are received. Accordingly, these receipts have been reported as a reduction of unbilled receivables and inventories, as presented in Notes 4 and 5 to the Consolidated Financial Statements.
PropertyPlantAndEquipmentPolicyTextBlock 
Property, Plant, and Equipment

Property, plant, and equipment are carried at cost less accumulated depreciation. Major renewals and betterments are capitalized, while maintenance and repairs that do not improve or extend the life of the asset are expensed in the period they are incurred. Depreciation is computed using the straight-line method based over the estimated useful lives of the respective assets.

Average useful lives for property, plant, and equipment are as follows:
Buildings and improvements
5 to 40 years
Machinery, equipment, and other
3 to 15 years
GoodwillAndIntangibleAssetsIntangibleAssetsPolicy 
Intangible Assets

Intangible assets are generally the result of acquisitions and consist primarily of purchased technology, customer related intangibles, trademarks, and technology licenses. Intangible assets are amortized on a straight-line basis over their estimated useful lives, which range from 1 to 20 years. See Note 8 Other Intangible Assets, Net. for further information on other intangible assets.
ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock 
Impairment of Long-Lived Assets

The Corporation reviews the recoverability of all long-lived assets, including the related useful lives, whenever events or changes in circumstances indicate that the carrying amount of a long-lived asset might not be recoverable. If required, the Corporation compares the estimated fair value determined by either the undiscounted future net cash flows or appraised value to the related asset’s carrying value to determine whether there has been an impairment. If an asset is considered impaired, the asset is written down to fair value in the period in which the impairment becomes known. The Corporation recognized no significant impairment charges on assets held in use during the years ended December 31, 2015, 2014 and 2013. For impairment charges on assets held for sale, see to Note 2 Discontinued Operations and Assets Held for Sale.
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] 
Goodwill

Goodwill results from business acquisitions. The Corporation accounts for business acquisitions by allocating the purchase price to the tangible and intangible assets acquired and liabilities assumed. Assets acquired and liabilities assumed are recorded at their fair values, and the excess of the purchase price over the amounts allocated is recorded as goodwill. The recoverability of goodwill is subject to an annual impairment test or whenever an event occurs or circumstances change that would more likely than not result in an impairment. The impairment test is based on the estimated fair value of the underlying businesses. The Corporation’s goodwill impairment test is performed as of October 31 of each year. See Note 7 to the Consolidated Financial Statements for further information on goodwill.
PrecontractCostsPolicyTextBlock 

FairValueOfFinancialInstrumentsPolicy 
Fair Value of Financial Instruments

Accounting guidance requires certain disclosures regarding the fair value of financial instruments. Due to the short maturities of cash and cash equivalents, accounts receivable, accounts payable, and accrued expenses, the net book value of these financial instruments is deemed to approximate fair value. See Notes 9 and 12 to the Consolidated Financial Statements for further information on the Corporation's financial instruments.

ResearchAndDevelopmentExpensePolicy 
Research and Development

The Corporation funds research and development programs for commercial products and independent research and development and bid and proposal work related to government contracts. Development costs include engineering and field support for new customer requirements. Corporation-sponsored research and development costs are expensed as incurred.

Research and development costs associated with customer-sponsored programs are capitalized to inventory and are recorded in cost of sales when products are delivered or services performed. Funds received under shared development contracts are a reduction of the total development expenditures under the shared contract and are shown net as research and development costs.
ShareBasedCompensationOptionAndIncentivePlansPolicy 
Accounting for Share-Based Payments

The Corporation follows the fair value based method of accounting for share-based employee compensation, which requires the Corporation to expense all share-based employee compensation. Share-based employee compensation is a non-cash expense since the Corporation settles these obligations by issuing the shares of Curtiss-Wright Corporation instead of settling such obligations with cash payments.

Compensation expense for non-qualified share options, performance shares, and time-based restricted stock is recognized over the requisite service period for the entire award based on the grant date fair value.
IncomeTaxPolicyTextBlock 
Income Taxes

The Corporation accounts for income taxes using the asset and liability method. Under the asset and liability method, deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. The effect on deferred tax assets and liabilities of a change in tax laws is recognized in the results of operations in the period the new laws are enacted. A valuation allowance is recorded to reduce the carrying amounts of deferred tax assets unless it is more likely than not that such assets will be realized.

The Corporation records amounts related to uncertain income tax positions by 1) prescribing a minimum recognition threshold a tax position is required to meet before being recognized in the financial statements and 2) the measurement of the income tax benefits recognized from such positions. The Corporation’s accounting policy is to classify uncertain income tax positions that are not expected to be resolved in one year as a non-current income tax liability and to classify interest and penalties as a component of Interest expense and General and administrative expenses, respectively. See Note 11 to the Consolidated Financial Statements for further information.
ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock 
Foreign Currency

For operations outside the United States of America that prepare financial statements in currencies other than the U.S. dollar, the Corporation translates assets and liabilities at period-end exchange rates and income statement amounts using weighted-average exchange rates for the period. The cumulative effect of translation adjustments is presented as a component of accumulated other comprehensive income (loss) within stockholders’ equity. This balance is affected by foreign currency exchange rate fluctuations and by the acquisition of foreign entities. Gains and (losses) from foreign currency transactions are included in General and administrative expenses within the results of operations, which amounted to $8.3 million, $2.9 million, and $2.6 million for the years ended December 31, 2015, 2014, and 2013, respectively.
DerivativesPolicyTextBlock 
Derivatives

Forward Foreign Exchange and Currency Option Contracts

The Corporation uses financial instruments, such as forward exchange and currency option contracts, to hedge a portion of existing and anticipated foreign currency denominated transactions. The purpose of the Corporation’s foreign currency risk management program is to reduce volatility in earnings caused by exchange rate fluctuations. All of the derivative financial instruments are recorded at fair value based upon quoted market prices for comparable instruments, with the gain or loss on these transactions recorded into earnings in the period in which they occur. These gains and (losses) are classified as General and administrative expenses in the Consolidated Statements of Earnings and amounted to ($11.0) million, ($6.9) million, and $(6.2) million for the years ended December 31, 2015, 2014, and 2013, respectively. The Corporation does not use derivative financial instruments for trading or speculative purposes.

Interest Rate Risks and Related Strategies

The Corporation’s primary interest rate exposure results from changes in U.S. dollar interest rates. The Corporation’s policy is to manage interest cost using a mix of fixed and variable rate debt. The Corporation periodically uses interest rate swaps to manage such exposures. Under these interest rate swaps, the Corporation exchanges, at specified intervals, the difference between fixed and floating interest amounts calculated by reference to an agreed-upon notional principal amount.

For interest rate swaps designated as fair value hedges (i.e., hedges against the exposure to changes in the fair value of an asset or a liability or an identified portion thereof that is attributable to a particular risk), changes in the fair value of the interest rate swaps offset changes in the fair value of the fixed rate debt due to changes in market interest rates.
New Accounting Pronouncements, Policy [Policy Text Block] 
Recently Issued Accounting Standards

Standards Issued Not Yet Adopted

Standard
Description
Effect on the financial statements
ASU 2015-03
Simplifying the Presentation of Debt
Issuance Costs



Date of adoption:
January 1, 2016
In April 2015, the FASB issued guidance which changes the
presentation of debt issuance costs in financial statements. An entity
presents such costs in the balance sheet as a direct deduction from the
related debt liability rather than as an asset. Amortization of the costs
is reported as interest expense.

The impact on the Corporation’s financial statements will be an approximate $2 million reclass between Other assets and Debt.

ASU 2014-09 Revenue from contracts with customers









Date of adoption: January 1, 2018
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, 2017 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 2015-17 Balance Sheet Classification of Deferred Taxes


Date of adoption: January 1, 2018
In November 2015, the FASB issued ASU 2015-17, Balance Sheet Classification of Deferred Taxes, which amends existing guidance on income taxes to require the classification of all deferred tax assets and liabilities as non-current on the balance sheet. 

The Corporation does not expect this ASU to have a material impact on its consolidated financial statements.

DISCONTINUED OPERATIONS (Table)
Summary of Aggregate Financial Results of Discontinued Operations
The aggregate financial results of all discontinued operations were as follows:
(In thousands)
 
2015
 
2014
 
2013
Net sales
 
$
57,992

 
$
363,869

 
$
392,690

Loss from discontinued operations before income taxes (1)
 
(40,984
)
 
(48,519
)
 
(3,097
)
Income tax benefit
 
7,926

 
14,268

 
1,674

Loss on sale of businesses (2)
 
(13,729
)
 
(22,360
)
 
—

Loss from discontinued operations
 
$
(46,787
)
 
$
(56,611
)
 
$
(1,423
)


(1) Loss from discontinued operations before income taxes includes approximately $40.8 million and $41.4 million of held for sale impairment expense in the year ended December 31, 2015 and December 31, 2014, respectively.

(2) In the year ended December 31, 2015, the Corporation recognized aggregate after tax losses of $13.7 million on the sale of the Aviation Ground, Downstream Oil & Gas, Engineered Packaging and two surface technology businesses. In 2014, the Corporation recognized aggregate after tax losses of $22.4 million on the sale of the Benshaw, 3D, Upstream Oil & Gas and Vessels business. No businesses were sold in 2013.
ACQUISITIONS (Table)
ScheduleOfBusinessAcquisitionsByAcquisitionTextBlock
(In thousands)
 
2015
 
2014
 
2013
Accounts receivable
 
$
996

 
$
2,991

 
$
25,972

Inventory
 
152

 
304

 
30,930

Property, plant, and equipment
 
1,463

 
2,802

 
18,066

Other current assets
 
155

 
81

 
3,229

Intangible assets
 
7,700

 
13,501

 
102,265

Current and non-current liabilities
 
(6
)
 
(1,754
)
 
(18,959
)
Pension and postretirement benefits
 
—

 
—

 
(6,472
)
Deferred income taxes
 
—

 
(2,199
)
 
(19,682
)
Due to seller
 
(1,470
)
 
—

 
(3,361
)
Net tangible and intangible assets
 
8,990

 
15,726

 
131,988

Purchase price
 
13,228

 
34,364

 
236,135

Goodwill
 
$
4,238

 
$
18,638

 
$
104,147

RECEIVABLES (Table)
Schedule Of Accounts Notes Loans And Financing Receivable [Text Block]
(In thousands)
 
2015
 
2014
Billed receivables:
 
 
 
 
Trade and other receivables
 
$
435,172

 
$
363,241

Less: Allowance for doubtful accounts
 
(5,664
)
 
(5,619
)
Net billed receivables
 
429,508

 
357,622

Unbilled receivables:
 
 
 
 
Recoverable costs and estimated earnings not billed
 
153,045

 
150,526

Less: Progress payments applied
 
(16,264
)
 
(12,668
)
Net unbilled receivables
 
136,781

 
137,858

Receivables, net
 
$
566,289

 
$
495,480

INVENTORIES (Table)
Schedule Of Inventory [Text Block]
(In thousands)
 
2015
 
2014
Raw material
 
$
196,684

 
$
201,998

Work-in-process
 
79,406

 
89,423

Finished goods
 
114,931

 
103,831

Inventoried costs related to U.S. Government and other long-term contracts
 
51,774

 
59,070

Gross inventories
 
442,795

 
454,322

Less: Inventory reserves
 
(48,904
)
 
(51,435
)
Progress payments applied, principally related to long-term contracts
 
(14,300
)
 
(14,217
)
Inventories, net
 
$
379,591

 
$
388,670

PROPERTY, PLANT, AND EQUIPMENT (Table)
Property, Plant and Equipment [Table Text Block]
(In thousands)
 
2015
 
2014
Land
 
$
19,933

 
$
21,762

Buildings and improvements
 
218,016

 
219,219

Machinery, equipment, and other
 
739,965

 
750,006

Property, plant, and equipment, at cost
 
977,914

 
990,987

Less: Accumulated depreciation
 
(564,270
)
 
(532,068
)
Property, plant, and equipment, net
 
$
413,644

 
$
458,919

GOODWILL (Table)
Schedule Of Goodwill [Text Block]
(In thousands)
 
Commercial/Industrial
 
Defense
 
Power
 
Assets Held for Sale
 
Consolidated
December 31, 2013
 
$
448,496

 
$
379,872

 
$
184,311

 
$
97,750

 
$
1,110,429

Acquisitions
 
14,996

 
—

 
3,640

 
—

 
18,636

Divestitures
 
—

 
—

 
—

 
(55,355
)
 
(55,355
)
Goodwill adjustments
 
(1,096
)
 
(254
)
 
—

 
—

 
(1,350
)
Foreign currency translation adjustment
 
(8,304
)
 
(22,929
)
 
(226
)
 
—

 
(31,459
)
December 31, 2014
 
$
454,092

 
$
356,689

 
$
187,725

 
$
42,395

 
$
1,040,901

Acquisitions
 
$
4,238

 
$
—

 
$
—

 
$
—

 
$
4,238

Divestitures
 
—

 
—

 
—

 
(41,264
)
 
(41,264
)
Goodwill adjustments
 
21

 
1,131

 
—

 
(1,131
)
 
21

Foreign currency translation adjustment
 
(10,523
)
 
(20,217
)
 
(550
)
 
—

 
(31,290
)
December 31, 2015
 
$
447,828

 
$
337,603

 
$
187,175

 
$
—

 
$
972,606

OTHER INTANGIBLE ASSETS, NET (Table)
Schedule of Finite-Lived Intangible Assets [Table Text Block] 
 
 
2015
 
2014
(In thousands)
 
Gross
 
Accumulated Amortization
 
Net
 
Gross
 
Accumulated
Amortization
 
Net
Technology
 
$
171,382

 
$
(91,430
)
 
$
79,952

 
$
178,369

 
$
(84,584
)
 
$
93,785

Customer related intangibles
 
357,538

 
(140,816
)
 
216,722

 
356,844

 
(122,920
)
 
233,924

Other intangible assets
 
37,200

 
(23,111
)
 
14,089

 
38,460

 
(16,942
)
 
21,518

Total
 
$
566,120

 
$
(255,357
)
 
$
310,763

 
$
573,673

 
$
(224,446
)
 
$
349,227

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] 
(In thousands)
 
 
2016
 
$
33,535

2017
 
33,051

2018
 
31,965

2019
 
30,167

2020
 
28,175

FAIR VALUE OF FINANCIAL INSTRUMENTS (Table)
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] 
 
 
December 31,
(In thousands)
 
2015
 
2014
Assets
 
 
 
 
Designated for hedge accounting
 
 
 
 
Interest rate swaps
 
$
3,083

 
$
—

Undesignated for hedge accounting
 
 
 
 
Forward exchange contracts
 
$
223

 
$
605

Total asset derivatives (1)
 
$
3,306

 
$
605

Liabilities
 
 
 
 
Designated for hedge accounting
 
 
 
 
Interest rate swaps
 
$
—

 
$
5,121

Undesignated for hedge accounting
 
 
 
 
Forward exchange contracts
 
$
673

 
$
676

Total liability derivatives (2)
 
$
673

 
$
5,797

Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block] 
 
 
Gain/(Loss) on Swap
(In thousands)
 
2015
 
2014
 
2013
Other income, net
 
 
 
 
 
 
Gain/(Loss) on interest rate swaps
 
$
8,204

 
$
44,724

 
$
(49,845
)
Gain/(Loss) on hedged fixed rate debt
 
$
(8,204
)
 
$
(44,724
)
 
$
49,845

Total
 
$
—

 
$
—

 
$
—

Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block] 
(In thousands)
 
2015
 
2014
 
2013
Forward exchange contracts:
 
 
 
 
 
 
General and administrative expenses
 
$
(11,042
)
 
$
(6,880
)
 
$
(6,198
)
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Table)
ScheduleOfAccruedLiabilitiesTableTextBlock 
(In thousands)
 
2015
 
2014
Accrued compensation
 
$
86,497

 
$
95,843

Accrued commissions
 
7,250

 
10,783

Accrued interest
 
9,900

 
9,688

Accrued insurance
 
5,261

 
6,757

Other
 
22,955

 
22,867

Total accrued expenses
 
$
131,863

 
$
145,938

Schedule Of Other Liabilities [Table Text Block] 
(In thousands)
 
2015
 
2014
Warranty reserves
 
$
15,053

 
$
15,688

Additional amounts due to sellers on acquisitions
 
2,883

 
1,739

Reserves on loss contracts
 
2,711

 
2,979

Deferred tax liability
 
1,962

 
2,448

Pension and other postretirement liabilities
 
4,560

 
5,120

Other
 
11,983

 
10,189

Total other current liabilities
 
$
39,152

 
$
38,163

INCOME TAXES (Table)
Schedule Of Income Before Income Tax, Domestic and Foreign [Table Text Block] 
(In thousands)
 
2015
 
2014
 
2013
Domestic
 
$
135,112

 
$
120,563

 
$
105,188

Foreign
 
140,082

 
126,381

 
95,862

 
 
$
275,194

 
$
246,944

 
$
201,050

Schedule Of Provision For Income Taxes [Table Text Block] 
(In thousands)
 
2015
 
2014
 
2013
Current:
 
 
 
 
 
 
Federal
 
$
(6,741
)
 
$
70,609

 
$
29,323

State
 
6,175

 
9,065

 
5,629

Foreign
 
27,134

 
33,401

 
20,807

Total current

 
26,568

 
113,075

 
55,759

 
 
 
 
 
 
 
Deferred:
 
 
 
 
 
 
Federal
 
49,060

 
(29,683
)
 
7,002

State
 
7,390

 
(1,247
)
 
667

Foreign
 
(72
)
 
(5,150
)
 
(1,782
)
Total deferred
 
56,378

 
(36,080
)
 
5,887

Provision for income taxes
 
$
82,946

 
$
76,995

 
$
61,646

Schedule Of Effective Income Tax Rate Reconciliation [Table Text Block] 
 
 
2015
 
2014
 
2013
U.S. federal statutory tax rate
 
35.0
 %
 
35.0
 %
 
35.0
 %
Add (deduct):
 
 
 
 
 
 
State and local taxes, net of federal benefit
 
4.3

 
2.4

 
1.6

R&D tax credits
 
(1.3
)
 
(1.3
)
 
(1.5
)
Foreign earnings (1)
 
(6.2
)
 
(4.4
)
 
(3.7
)
All other, net
 
(1.7
)
 
(0.5
)
 
(0.7
)
Effective tax rate
 
30.1
 %
 
31.2
 %
 
30.7
 %

(1) Foreign earnings primarily include the net impact of differences between local statutory rates and the U.S. Federal statutory rate, the cost of repatriating foreign earnings, and the impact of changes to foreign valuation allowances.
Schedule Of Deferred Tax Assets And Liabilities [Table Text Block] 
The components of the Corporation’s deferred tax assets and liabilities at December 31 are as follows:
(In thousands)
 
2015
 
2014
Deferred tax assets:
 
 
 
 
Pension plans
 
$
40,102

 
$
84,493

Environmental reserves
 
9,561

 
10,123

Inventories
 
20,041

 
18,496

Postretirement/postemployment benefits
 
13,272

 
13,326

Incentive compensation
 
12,369

 
16,140

Net operating loss
 
9,043

 
8,909

Capital loss carryover
 
10,141

 
17,555

Other
 
38,226

 
26,329

Total deferred tax assets
 
152,755

 
195,371

Deferred tax liabilities:
 
 
 
 
Depreciation
 
29,771

 
33,117

Goodwill amortization
 
89,276

 
74,555

Other intangible amortization
 
54,017

 
62,777

Other
 
12,280

 
9,452

Total deferred tax liabilities
 
185,344

 
179,901

Valuation allowance
 
17,895

 
23,478

Net deferred tax liabilities
 
$
(50,484
)
 
$
(8,008
)

Deferred tax assets and liabilities are reflected on the Corporation’s consolidated balance sheet at December 31 as follows:
(In thousands)
 
2015
 
2014
Net current deferred tax assets
 
$
41,737

 
$
44,311

Net current deferred tax liabilities
 
1,962

 
2,448

Net noncurrent deferred tax assets
 
856

 
1,683

Net noncurrent deferred tax liabilities
 
91,115

 
51,554

Net deferred tax liabilities
 
$
(50,484
)
 
$
(8,008
)
Summary Of Unrecognized Tax Benefits [Table Text Block] 
(In thousands)
 
2015
 
2014
 
2013
Balance at January 1,
 
$
11,560

 
$
10,623

 
$
11,301

Additions for tax positions of prior periods
 
359

 
1,421

 
1,511

Additions for tax positions related to the current year
 
2,026

 
1,738

 
1,768

Settlements
 
(1,414
)
 
(2,039
)
 
(3,868
)
Lapses of statute of limitations
 
—

 
(41
)
 
(140
)
Foreign currency translation
 
(117
)
 
(142
)
 
51

Balance at December 31,
 
$
12,414

 
$
11,560

 
$
10,623

Summary Of Open Tax Years [Table Text Block] 
United States (Federal)
2012
-
present
United States (Various states)
1998
-
present
United Kingdom
2008
-
present
Canada
2009
-
present
DEBT (Table)
ScheduleOfDebtTableTextBlock 
(In thousands)
 
2015
 
2015
 
2014
 
2014
 
 
Carrying Value
 
Estimated Fair Value
 
Carrying Value
 
Estimated Fair Value
Industrial revenue bond, due 2023
 
$
—

 
$
—

 
$
8,400

 
$
8,400

5.51% Senior notes due 2017
 
150,000

 
158,024

 
150,000

 
162,617

3.84% Senior notes due 2021
 
100,307

 
100,307

 
99,934

 
99,934

3.70% Senior notes due 2023
 
225,000

 
224,322

 
225,000

 
225,748

3.85% Senior notes due 2025
 
100,450

 
100,450

 
98,360

 
98,360

4.24% Senior notes due 2026
 
201,422

 
201,422

 
197,237

 
197,237

4.05% Senior notes due 2028
 
75,904

 
75,904

 
74,348

 
74,348

4.11% Senior notes due 2028
 
100,000

 
99,720

 
100,000

 
100,801

Other debt
 
1,259

 
1,259

 
1,069

 
1,069

Total debt
 
954,342

 
961,408

 
954,348

 
968,514

Less: current portion of long-term debt and short-term debt
 
1,259

 
1,259

 
1,069

 
1,069

Total long-term debt
 
$
953,083

 
$
960,149

 
$
953,279

 
$
967,445

ScheduleOfMaturitiesOfLongTermDebtTableTextBlock 
(In thousands)
 
2016
$
1,259

2017
150,000

2018
—

2019
—

2020
—

Thereafter
803,083

Total
$
954,342

EARNINGS PER SHARE (Table)
Schedule of Earnings Per Share Reconciliation [Table Text Block]
(In thousands, except per share data)
 
Earnings from
continuing
operations
 
Weighted-
Average Shares
Outstanding
 
Earnings per share
from continuing
operations
2015
 
 
 
 
 
 
Basic earnings per share from continuing operations
 
$
192,248

 
46,624

 
$
4.12

Dilutive effect of stock options and deferred stock compensation
 
 
 
992

 
 
Diluted earnings per share from continuing operations
 
$
192,248

 
47,616

 
$
4.04

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

SHARE-BASED COMPENSATION PLANS (Table)
Schedule Of Compensation Cost For Share Based Payment Arrangements Allocation Of Share Based Compensation Costs By Plan [Table Text Block] 
(In thousands)
 
2015
 
2014
 
2013
Non-qualified stock options
 
$
—

 
$
—

 
$
238

Employee Stock Purchase Plan
 
1,279

 
1,350

 
1,260

Performance Share Units
 
4,349

 
3,728

 
3,495

Restricted Share Units
 
3,015

 
2,655

 
1,700

Other share-based payments
 
830

 
767

 
657

Total share-based compensation expense before income taxes
 
$
9,473

 
$
8,500

 
$
7,350

Schedule of Cash Proceeds Received from Share-based Payment Awards [Table Text Block] 
(In thousands)
 
2015
 
2014
 
2013
Cash received from share-based awards
 
$
28,706

 
$
38,183

 
$
29,194

Recognized tax benefit on awards
 
$
9,119

 
$
9,610

 
$
3,199

Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] 
 
 
Shares
(000’s)
 
Weighted-
Average
Exercise
Price
 
Weighted-
Average
Remaining
Contractual
Term in
Years
 
Aggregate
Intrinsic
Value
(000’s)
Outstanding at December 31, 2014
 
1,443

 
$
33.86

 
 
 
 
Granted
 
—

 
—

 
 
 
 
Exercised
 
(589
)
 
34.29

 
 
 
 
Adjustment
 
(2
)
 
41.53

 
 
 
 
Outstanding at December 31, 2015
852

 
$
33.54

 
3.5
 
$
29,772

Exercisable at December 31, 2015
852

 
$
33.54

 
3.5
 
$
29,772

Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block] 
 
 
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, 2014
312

 
$
44.12

 
246

 
$
43.03

Granted
 
57

 
86.34

 
83

 
71.02

Vested
 
(80
)
 
42.82

 
(84
)
 
32.95

Forfeited
 
(2
)
 
62.91

 
—

 
—

Nonvested at December 31, 2015
286

 
$
52.70

 
245

 
$
55.98

Expected to vest at December 31, 2015
286

 
$
52.70

 
245

 
$
55.98

PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Table)
ScheduleOfChangesInFairValueOfPlanAssetsTableTextBlock 
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
 
$
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

Cash and cash equivalents
 
$
26,251

 
$
253

 
$
25,998

 
$
—

Equity securities- Mutual funds (1)
 
435,931

 
395,549

 
40,382

 
—

Bond funds (2)
 
219,417

 
162,470

 
56,947

 
—

Insurance Contracts (3)
 
9,720

 
—

 
—

 
9,720

Other (4)
 
755

 
—

 
—

 
755

December 31, 2015
 
$
692,074

 
$
558,272

 
$
123,327

 
$
10,475

Schedule of Net Benefit Costs [Table Text Block] 
 
 
Pension Benefits
 
Postretirement Benefits
(In thousands)
 
2015
 
2014
 
2013
 
2015
 
2014
 
2013
Service cost
 
$
26,873

 
$
25,262

 
$
40,170

 
$
286

 
$
246

 
$
373

Interest cost
 
30,050

 
30,403

 
27,777

 
842

 
877

 
839

Expected return on plan assets
 
(54,629
)
 
(41,746
)
 
(36,303
)
 
—

 
—

 
—

Amortization of prior service cost
 
618

 
662

 
883

 
(657
)
 
(657
)
 
(638
)
Recognized net actuarial loss/(gain)
 
16,890

 
6,827

 
15,013

 
(551
)
 
(811
)
 
(614
)
Cost of settlements/curtailments
 
7,461

 
377

 
13

 
—

 
—

 
—

Net periodic benefit cost (income)
 
$
27,263

 
$
21,785

 
$
47,553

 
$
(80
)
 
$
(345
)
 
$
(40
)
ScheduleOfChangesInProjectedBenefitObligationsTableTextBlock 
 
 
Pension Benefits
 
Postretirement Benefits
(In thousands)
 
2015
 
2014
 
2015
 
2014
Change in benefit obligation:
 
 
 
 
 
 
 
 
Beginning of year
 
$
797,360

 
$
674,192

 
$
23,250

 
$
20,416

Service cost
 
26,873

 
25,262

 
286

 
246

Interest cost
 
30,050

 
30,403

 
842

 
877

Plan participants’ contributions
 
1,825

 
1,734

 
345

 
364

Amendments
 
(2,951
)
 
178

 
—

 
—

Actuarial loss (gain)
 
(10,803
)
 
114,763

 
(1,133
)
 
3,276

Benefits paid
 
(60,662
)
 
(40,765
)
 
(1,610
)
 
(1,929
)
Actual expenses
 
(1,787
)
 
(1,299
)
 
—

 
—

Currency translation adjustments
 
(5,195
)
 
(7,108
)
 
—

 
—

End of year
 
$
774,710

 
$
797,360

 
$
21,980

 
$
23,250

Change in plan assets:
 
 
 
 
 
 
 
 
Beginning of year
 
$
595,829

 
$
558,567

 
$
—

 
$
—

Actual return on plan assets
 
(4,092
)
 
37,574

 
—

 
—

Employer contribution
 
165,575

 
46,306

 
1,265

 
1,565

Plan participants’ contributions
 
1,825

 
1,734

 
345

 
364

Benefits paid
 
(60,662
)
 
(40,765
)
 
(1,610
)
 
(1,929
)
Actual Expenses
 
(1,787
)
 
(1,299
)
 
—

 
—

Currency translation adjustments
 
(4,614
)
 
(6,288
)
 
—

 
—

End of year
 
$
692,074

 
$
595,829

 
$
—

 
$
—

 
 
 
 
 
 
 
 
 
Funded status
 
$
(82,636
)
 
$
(201,531
)
 
$
(21,980
)
 
$
(23,250
)
 
 
Pension Benefits
 
Postretirement Benefits
(In thousands)
 
2015
 
2014
 
2015
 
2014
Amounts recognized on the balance sheet
 
 
 
 
 
 
 
 
Noncurrent assets
 
$
3,667

 
$
6,041

 
$
—

 
$
—

Current liabilities
 
(2,998
)
 
(3,523
)
 
(1,562
)
 
(1,603
)
Noncurrent liabilities
 
(83,305
)
 
(204,049
)
 
(20,418
)
 
(21,647
)
Total
 
$
(82,636
)
 
$
(201,531
)
 
$
(21,980
)
 
$
(23,250
)
Amounts recognized in accumulated other comprehensive income (AOCI)
 
 
 
 
 
 
 
 
Net actuarial loss (gain)
 
$
203,729

 
$
180,640

 
$
(8,846
)
 
$
(8,264
)
Prior service cost
 
(1,635
)
 
1,990

 
(4,030
)
 
(4,686
)
Total
 
$
202,094

 
$
182,630

 
$
(12,876
)
 
$
(12,950
)
Amounts in AOCI expected to be recognized in net periodic cost in the coming year:
 
 
 
 
 
 
 
 
Loss (gain) recognition
 
$
12,373

 
$
15,470

 
$
(571
)
 
$
(551
)
Prior service cost recognition
 
$
(50
)
 
$
619

 
$
(657
)
 
$
(657
)
Accumulated benefit obligation
 
$
736,688

 
$
753,878

 
N/A

 
N/A

Information for pension plans with an accumulated benefit obligation in excess of plan assets:
 
 
 
 
 
 
 
 
Projected benefit obligation
 
$
721,626

 
$
770,241

 
N/A

 
N/A

Accumulated benefit obligation
 
683,605

 
726,760

 
N/A

 
N/A

Fair value of plan assets
 
635,323

 
562,669

 
N/A

 
N/A

ScheduleOfAssumptionsUsedTableTextBlock 
 
 
Pension Benefits
 
Postretirement Benefits
 
 
2015
 
2014
 
2015
 
2014
Weighted-average assumptions in determination of benefit obligation:
 
 
 
 
 
 
 
 
Discount rate
 
4.11
%
 
3.88
%
 
4.25
%
 
3.75
%
Rate of compensation increase
 
3.36
%
 
3.37
%
 
N/A

 
N/A

Health care cost trends:
 
 
 
 
 
 
 
 
Rate assumed for subsequent year
 
N/A

 
N/A

 
5.70
%
 
5.50
%
Ultimate rate reached in 2026
 
N/A

 
N/A

 
5.40
%
 
4.59
%
Weighted-average assumptions in determination of net periodic benefit cost:
 
 
 
 
 
 
 
 
Discount rate
 
3.88
%
 
4.62
%
 
3.75
%
 
4.47
%
Expected return on plan assets
 
7.93
%
 
8.01
%
 
N/A

 
N/A

Rate of compensation increase
 
3.37
%
 
3.36
%
 
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 2026
 
N/A

 
N/A

 
4.59
%
 
5.00
%
ScheduleOfEffectOfOnePercentagePointChangeInAssumedHealthCareCostTrendRatesTableTextBlock 
(In thousands)
 
1% Increase

 
1% Decrease

Total service and interest cost components
 
$
15

 
$
(12
)
Postretirement benefit obligation
 
$
375

 
$
(309
)
ScheduleOfAllocationOfPlanAssetsTableTextBlock 
 
 
As of December 31,
 
Target
 
Expected
 
 
2015
 
2014
 
Exposure
 
Range
Asset class
 
 
 
 
 
 
 
 
Domestic equities
 
51%
 
53%
 
50%
 
40%-60%
International equities
 
14%
 
14%
 
15%
 
10%-20%
Total equity
 
65%
 
67%
 
65%
 
55%-75%
Fixed income
 
35%
 
33%
 
35%
 
25%-45%
ScheduleOfExpectedBenefitPaymentsTableTextBlock 
(In thousands)
 
Pension
Plans
 
Postretirement
Plans
 
Total
2016
 
$
49,175

 
$
1,562

 
$
50,737

2017
 
47,785

 
1,536

 
49,321

2018
 
49,218

 
1,536

 
50,754

2019
 
53,081

 
1,509

 
54,590

2020
 
52,443

 
1,499

 
53,942

2021 — 2025
 
269,212

 
7,249

 
276,461

ScheduleOfChangesInFairValueOfPlanAssetsTableTextBlock 
(In thousands)
 
Insurance
Contracts
 
Other
 
Total
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

Actual return on plan assets:
 
 
 
 
 
 
Relating to assets still held at the reporting date
 
127

 
37

 
164

Relating to assets sold during the period
 
—

 
2

 
2

Purchases, sales, and settlements
 
1,554

 
(49
)
 
1,505

Transfers in and/or out of Level 3
 
—

 
—

 
—

Foreign currency translation adjustment
 
(130
)
 
(6
)
 
(136
)
December 31, 2015
 
$
9,720

 
$
755

 
$
10,475

LEASES (Table)
ScheduleOfFutureMinimumRentalPaymentsForOperatingLeasesTableTextBlock
(In thousands)
Rental
Commitments
2016
$
26,676

2017
21,657

2018
18,319

2019
14,320

2020
10,736

Thereafter
41,805

Total
$
133,513

SEGMENT INFORMATION (Table)
Schedule Of Segment Reporting Information By Segment [Text Block] 
Depreciation and amortization expense
 
 
 
 
 
 
Commercial/Industrial
 
$
55,799

 
$
58,276

 
$
56,841

Defense
 
15,965

 
19,530

 
19,235

Power
 
23,419

 
23,060

 
21,484

Corporate
 
4,292

 
4,059

 
4,655

Total Consolidated
 
$
99,475

 
$
104,925

 
$
102,215

Capital expenditures
 
 
 
 
 
 
Commercial/Industrial
 
$
21,990

 
$
37,329

 
$
48,696

Defense
 
3,834

 
5,175

 
3,443

Power
 
6,163

 
16,057

 
12,144

Corporate
 
3,525

 
8,554

 
7,959

Total Consolidated (2)
 
$
35,512

 
$
67,115

 
$
72,242

 
 
December 31,
(In thousands)
 
2015
 
2014
 
2013
Net sales
 
 
 
 
 
 
Commercial/Industrial
 
$
1,189,120

 
$
1,232,696

 
$
1,079,826

Defense
 
479,528

 
492,094

 
481,850

Power
 
545,013

 
527,034

 
563,405

Less: Intersegment Revenues
 
(7,978
)
 
(8,698
)
 
(7,000
)
Total Consolidated
 
$
2,205,683

 
$
2,243,126

 
$
2,118,081

 
 
December 31,
(In thousands)
 
2015
 
2014
 
2013
Earnings before taxes:
 
 
 
 
 
 
Total segment operating income
 
$
345,407

 
$
312,685

 
$
279,067

Corporate and administrative
 
(34,790
)
 
(30,312
)
 
(41,944
)
Interest expense
 
(36,038
)
 
(35,794
)
 
(37,053
)
Other income, net
 
615

 
365

 
980

Total consolidated earnings before tax
 
$
275,194

 
$
246,944

 
$
201,050

Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] 
(In thousands)
 
2015
 
2014
 
2013
Operating income (expense)
 
 
 
 
 
 
Commercial/Industrial
 
$
171,525

 
$
178,684

 
$
131,305

Defense
 
98,895

 
82,552

 
74,360

Power
 
74,987

 
51,449

 
73,402

Corporate and Eliminations (1)
 
(34,790
)
 
(30,312
)
 
(41,944
)
Total Consolidated
 
$
310,617

 
$
282,373

 
$
237,123

Reconciliation Of Assets From Segment To Consolidated [Text Block] 
 
 
December 31,
(In thousands)
 
2015
 
2014
 
2013
Assets:
 
 
 
 
 
 
Total assets for reportable segments
 
$
2,951,783

 
$
2,968,724

 
$
2,979,023

Assets held for sale
 
—

 
147,346

 
421,560

Non-segment cash
 
42,164

 
247,249

 
13,308

Other assets
 
35,431

 
36,192

 
44,383

Total consolidated assets
 
$
3,029,378

 
$
3,399,511

 
$
3,458,274

Segment assets
 
 
 
 
 
 
Commercial/Industrial
 
$
1,500,931

 
$
1,543,795

 
$
1,509,011

Defense
 
808,197

 
845,193

 
888,689

Power
 
642,655

 
579,736

 
581,323

Corporate
 
77,595

 
283,441

 
57,691

Assets held for sale
 
—

 
147,346

 
421,560

Total Consolidated
 
$
3,029,378

 
$
3,399,511

 
$
3,458,274

ScheduleOfRevenueFromExternalCustomersAttributedToForeignCountriesByGeographicAreaTextBlock 
 
 
December 31,
(In thousands)
 
2015
 
2014
 
2013
Revenues
 
 
 
 
 
 
United States of America
 
$
1,502,363

 
$
1,521,034

 
$
1,444,019

United Kingdom
 
135,673

 
145,092

 
134,815

Other foreign countries
 
567,647

 
577,000

 
539,247

Consolidated total
 
$
2,205,683

 
$
2,243,126

 
$
2,118,081

ScheduleOfEntityWideDisclosureOnGeographicAreasLongLivedAssetsInIndividualForeignCountriesByCountryTextBlock 
 
 
December 31,
(In thousands)
 
2015
 
2014
 
2013
Long-Lived Assets
 
 
 
 
 
 
United States of America
 
$
293,612

 
$
323,937

 
$
365,691

United Kingdom
 
36,061

 
45,625

 
43,434

Other foreign countries
 
83,971

 
89,357

 
106,593

Consolidated total
 
$
413,644

 
$
458,919

 
$
515,718

Revenue from External Customers by Products and Services [Table Text Block] 
 
 
December 31,
(In thousands)
 
2015
 
2014
 
2013
Net sales
 
 
 
 
 
 
Flow Control
 
$
949,657

 
$
959,907

 
$
940,910

Motion Control
 
947,758

 
953,667

 
873,519

Surface Technologies
 
308,268

 
329,552

 
303,652

Consolidated total
 
$
2,205,683

 
$
2,243,126

 
$
2,118,081

ACCUMULATED OTHER COMPREHENSIVE INCOME LOSS (Table)
Schedule of Comprehensive Income (Loss) [Table Text Block]
 
 
 
(In thousands)
 
Foreign currency translation adjustments, net
 
Total pension and postretirement adjustments, net
 
Accumulated other comprehensive income (loss)
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
)
Other comprehensive loss before reclassifications (1)
 
(87,527
)
 
(24,823
)
 
(112,350
)
Amounts reclassified from accumulated other comprehensive income (loss) (1)
 
—

 
14,833

 
14,833

Net current period other comprehensive loss
 
(87,527
)
 
(9,990
)
 
(97,517
)
December 31, 2015
 
$
(107,810
)
 
$
(118,118
)
 
$
(225,928
)
 
 
Amount reclassified from Accumulated other comprehensive income (loss)
 
Affected line item in the statement where net earnings is presented
(In thousands)
 
2015
 
2014
 
 
Defined benefit pension and postretirement plans
 
 
 
 
 
 
Amortization of prior service costs
 
39

 
(5
)
 
(1)
Amortization of net actuarial losses
 
(16,339
)
 
(6,016
)
 
(1)
Settlements
 
(7,461
)
 
(377
)
 
(1)
 
 
(23,761
)
 
(6,398
)
 
 Total before tax
 
 
8,928

 
2,232

 
 Income tax effect
Total reclassifications
 
$
(14,833
)
 
$
(4,166
)
 
 Net of tax
QUARTERLY RESULTS OF OPERATIONS (Table)
ScheduleOfQuarterlyFinancialInformationTableTextBlock
(In thousands, except per share data)
 
First
 
Second
 
Third
 
Fourth
2015
 
 
 
 
 
 
 
 
Net sales
 
$
546,199

 
$
545,194

 
$
525,535

 
$
588,755

Gross profit
 
191,096

 
182,351

 
185,494

 
224,314

Earnings from continuing operations
 
43,223

 
40,121

 
38,142

 
70,762

Loss from discontinued operations
 
(27,232
)
 
(14,384
)
 
(4,258
)
 
(913
)
Net earnings
 
15,991

 
25,737

 
33,884

 
69,849

Basic earnings per share *
 
 
 
 
 
 
 
 
Earnings from continuing operations
 
$
0.91

 
$
0.85

 
$
0.82

 
$
1.56

Loss from discontinued operations
 
(0.57
)
 
(0.31
)
 
(0.09
)
 
(0.02
)
Total
 
$
0.34

 
$
0.54

 
$
0.73

 
$
1.54

Diluted earnings per share *
 
 
 
 
 
 
 
 
Earnings from continuing operations
 
$
0.89

 
$
0.83

 
$
0.80

 
$
1.53

Loss from discontinued operations
 
(0.56
)
 
(0.30
)
 
(0.09
)
 
(0.02
)
Total
 
$
0.33

 
$
0.53

 
$
0.71

 
$
1.51

 
 
 
 
 
 
 
 
 
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

SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS (Table)
SummaryOfValuationAllowanceTextBlock
 
 
 
 
Additions
 
 
 
 
 
 
 
 
Description
 
Balance at
Beginning of
Period
 
Charged to
Costs and
Expenses
 
Charged to Other
Accounts
 
 
 
Deductions
 
 
 
Balance at
End of Period
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deducted from assets to which they apply:
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Tax valuation allowance
 
23,478

 
2,605

 
(299
)
 
(1) 
 
7,889

 
(2) 
 
17,895

Total
 
$
23,478

 
$
2,605

 
$
(299
)
 
 
 
$
7,889

 
 
 
$
17,895

December 31, 2014
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Tax valuation allowance
 
6,321

 
18,535

 
(263
)
 
(1) 
 
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
)
 
(1) 
 
—

 
 
 
6,321

Total
 
$
8,531

 
$
(1,896
)
 
$
(314
)
 
 
 
$
—

 
 
 
$
6,321



(1) Primarily foreign currency translation adjustments.
(2) Capital loss on sale of upstream oil and gas business.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Revenue Recognition) (Details) (USD $)
Dec. 31, 2014
Dec. 31, 2015
AP1000 [Member]
Revenue Recognition [Line Items]
 
 
Changes In Contract Estimates Leading Decrease In Earnings From Continuing Operations
$ 0 
$ 11.5 
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Property Plant And Equipment) (Details)
12 Months Ended
Dec. 31, 2015
Building [Member] |
Minimum [Member]
 
Property, Plant and Equipment [Line Items]
 
Property, Plant and Equipment, Useful Life
5 years 
Building [Member] |
Maximum [Member]
 
Property, Plant and Equipment [Line Items]
 
Property, Plant and Equipment, Useful Life
40 years 
Equipment [Member] |
Minimum [Member]
 
Property, Plant and Equipment [Line Items]
 
Property, Plant and Equipment, Useful Life
3 years 
Equipment [Member] |
Maximum [Member]
 
Property, Plant and Equipment [Line Items]
 
Property, Plant and Equipment, Useful Life
15 years 
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Intangible Assets) (Details)
12 Months Ended
Dec. 31, 2015
Minimum [Member]
 
Finite-Lived Intangible Assets [Line Items]
 
Finite-Lived Intangible Asset, Useful Life
1 year 
Maximum [Member]
 
Finite-Lived Intangible Assets [Line Items]
 
Finite-Lived Intangible Asset, Useful Life
20 years 
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Impairment of Long-Lived Assets) (Details) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Impaired Long-Lived Assets Held and Used [Line Items]
 
 
 
Impairment of assets
$ 0 
$ 3,202 
$ 887 
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Foreign Currency) (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Foreign Currency [Abstract]
 
 
 
Foreign Currency Transaction Gain (Loss), Realized
$ 8.3 
$ 2.9 
$ 2.6 
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Derivatives) (Details) (General and Administrative Expense [Member], USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
General and Administrative Expense [Member]
 
 
 
Derivatives, Fair Value [Line Items]
 
 
 
Gain (Loss) on Foreign Currency Derivative Instruments Not Designated as Hedging Instruments
$ (11,042)
$ (6,880)
$ (6,198)
DISCONTINUED OPERATIONS - Aggregate Financial Results (Detail) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Discontinued Operations and Disposal Groups [Abstract]
 
 
 
Net sales
$ 57,992 
$ 363,869 
$ 392,690 
Loss from discontinued operations before income taxes
(40,984)
(48,519)
(3,097)
Income tax benefit
(7,926)
(14,268)
(1,674)
Loss on sale of businesses
(13,729)
(22,360)
0 
Loss from discontinued operations
(46,787)
(56,611)
(1,423)
Impairment of assets held for sale
$ 41,000 
$ 41,400 
$ 0 
DISCONTINUED OPERATIONS - Narrative (Detail)
12 Months Ended 1 Months Ended 12 Months Ended 1 Months Ended 3 Months Ended 12 Months Ended 1 Months Ended 3 Months Ended 0 Months Ended 3 Months Ended
Dec. 31, 2015
USD ($)
Dec. 31, 2014
USD ($)
Dec. 31, 2013
USD ($)
Dec. 31, 2015
Held-for-sale [Member]
facility
Oct. 31, 2015
Surface Technologies [Member]
Commercial Industrial [Member]
Jul. 31, 2015
Surface Technologies [Member]
Commercial Industrial [Member]
Dec. 31, 2015
Surface Technologies [Member]
Commercial Industrial [Member]
facility
Jul. 31, 2015
Engineered Packaging [Member]
Defense [Member]
USD ($)
May 31, 2015
Downstream [Member]
Previously reported within Energy segment [Member]
USD ($)
Dec. 31, 2015
Downstream [Member]
Previously reported within Energy segment [Member]
USD ($)
Dec. 31, 2015
Downstream [Member]
Previously reported within Energy segment [Member]
USD ($)
Dec. 31, 2014
Downstream [Member]
Previously reported within Energy segment [Member]
USD ($)
Jan. 31, 2015
Aviation Ground Support [Member]
Defense [Member]
USD ($)
Jan. 31, 2015
Aviation Ground Support [Member]
Defense [Member]
GBP (£)
Dec. 31, 2014
Surface Technologies International [Member]
Discontinued Operations, Disposed of by Means Other than Sale, Abandonment [Member]
USD ($)
Dec. 31, 2014
Surface Technologies International [Member]
Discontinued Operations, Disposed of by Means Other than Sale, Abandonment [Member]
Machinery and Equipment [Member]
USD ($)
Jun. 30, 2014
Benshaw [Member]
Previously reported within Defense segment [Member]
USD ($)
Apr. 30, 2014
3D Radar [Member]
Defense [Member]
USD ($)
Dec. 17, 2014
Upstream [Member]
Previously reported within Energy segment [Member]
USD ($)
Sep. 30, 2015
Vessels [Member]
Previously reported within Energy segment [Member]
USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Number of Facilities Sold
 
 
 
 
 
 
2 
 
 
 
 
 
 
 
 
 
 
 
 
 
Number of Operating Segments
 
 
 
5 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Proceeds from divestiture
$ 31,344,000 
$ 152,965,000 
$ 0 
 
 
 
 
$ 14,000,000 
$ 19,000,000 
 
 
 
$ 4,000,000 
£ 3,000,000 
 
 
 
 
$ 98,000,000 
$ 2,000,000 
Discontinued Operation, Amount of Adjustment to Prior Period Gain (Loss) on Disposal, before Income Tax
 
 
 
 
 
 
 
 
 
4,800,000 
 
 
 
 
 
 
 
 
 
 
Gain (loss) on divestiture
(16,991,000)
(29,184,000)
0 
 
 
 
 
2,300,000 
 
 
(59,500,000)
(33,100,000)
 
 
 
 
7,300,000 
600,000 
(13,700,000)
(8,600,000)
Disposal Date
 
 
 
 
Oct. 31, 2015 
Jul. 31, 2015 
 
Jul. 31, 2015 
 
 
 
May 31, 2015 
Jan. 31, 2015 
Jan. 31, 2015 
 
 
Jun. 30, 2014 
Apr. 30, 2014 
Dec. 17, 2014 
 
Pre-tax closure costs
 
 
 
 
 
 
 
 
 
 
 
 
 
 
5,300,000 
 
 
 
 
 
Impairment of assets
0 
3,202,000 
887,000 
 
 
 
 
 
 
 
 
 
 
 
 
3,200,000 
 
 
 
 
Sale of assets of businesses
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
49,700,000 
2,400,000 
 
 
Income tax benefit
$ (7,926,000)
$ (14,268,000)
$ (1,674,000)
 
 
 
 
 
 
 
 
 
 
 
 
 
$ (2,900,000)
 
$ (600,000)
$ (3,200,000)
ACQUISITIONS (Detail)
In Thousands, unless otherwise specified
12 Months Ended 0 Months Ended
Dec. 31, 2015
USD ($)
Dec. 31, 2014
USD ($)
Dec. 31, 2015
Commercial Industrial [Member]
USD ($)
Dec. 31, 2014
Commercial Industrial [Member]
USD ($)
Dec. 31, 2013
Commercial Industrial [Member]
USD ($)
Dec. 31, 2015
2015 acquisitions [Member]
USD ($)
Dec. 31, 2014
2014 acquisitions [Member]
USD ($)
Dec. 31, 2013
2013 Acquisitions [Member]
USD ($)
Mar. 16, 2015
Bolts Metallizing Inc [Member]
Commercial Industrial [Member]
USD ($)
Jan. 10, 2014
Component Coating and Repair Services [Member]
Commercial Industrial [Member]
USD ($)
Jan. 10, 2014
Component Coating and Repair Services [Member]
Commercial Industrial [Member]
GBP (£)
Jun. 4, 2014
Engemasa Pressure Relief Valve [Member]
Commercial Industrial [Member]
USD ($)
Business Acquisition [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
Accounts receivable
 
 
 
 
 
$ 996 
$ 2,991 
$ 25,972 
 
 
 
 
Inventory
 
 
 
 
 
152 
304 
30,930 
 
 
 
 
Property, plant, and equipment
 
 
 
 
 
1,463 
2,802 
18,066 
 
 
 
 
Other current assets
 
 
 
 
 
155 
81 
3,229 
 
 
 
 
Intangible assets
 
 
 
 
 
7,700 
13,501 
102,265 
 
 
 
 
Current and non-current liabilities
 
 
 
 
 
(6)
(1,754)
(18,959)
 
 
 
 
Pension and postretirement benefits
 
 
 
 
 
0 
0 
(6,472)
 
 
 
 
Deferred income taxes
 
 
 
 
 
0 
(2,199)
(19,682)
 
 
 
 
Due to seller
 
 
 
 
 
(1,470)
0 
(3,361)
 
 
 
 
Assets Acquired and Liabilities Assumed, Net
 
 
 
 
 
8,990 
15,726 
131,988 
 
 
 
 
Purchase price
 
 
 
 
 
13,228 
34,364 
236,135 
13,000 
25,000 
15,000 
2,000 
Goodwill
$ 972,606 
$ 998,506 
$ 447,828 
$ 454,092 
$ 448,496 
$ 4,238 
$ 18,638 
$ 104,147 
 
 
 
 
ACQUISITIONS (Narrative) (Detail)
12 Months Ended 12 Months Ended 0 Months Ended 12 Months Ended 0 Months Ended 12 Months Ended
Dec. 31, 2015
USD ($)
NumberAcquisitions
Dec. 31, 2014
USD ($)
NumberAcquisitions
Dec. 31, 2013
NumberAcquisitions
Dec. 31, 2015
Commercial Industrial [Member]
USD ($)
Dec. 31, 2014
Commercial Industrial [Member]
USD ($)
Dec. 31, 2013
Commercial Industrial [Member]
USD ($)
Dec. 31, 2015
Power [Member]
USD ($)
Dec. 31, 2014
Power [Member]
USD ($)
Dec. 31, 2013
Power [Member]
USD ($)
Dec. 31, 2015
2015 acquisitions [Member]
USD ($)
Dec. 31, 2014
2014 acquisitions [Member]
USD ($)
Dec. 31, 2013
2013 Acquisitions [Member]
USD ($)
Mar. 16, 2015
Bolts Metallizing Inc [Member]
Commercial Industrial [Member]
USD ($)
Jan. 10, 2014
Component Coating and Repair Services [Member]
Commercial Industrial [Member]
USD ($)
Jan. 10, 2014
Component Coating and Repair Services [Member]
Commercial Industrial [Member]
GBP (£)
May 31, 2013
Component Coating and Repair Services [Member]
Commercial Industrial [Member]
GBP (£)
Jun. 4, 2014
Engemasa Pressure Relief Valve [Member]
Commercial Industrial [Member]
USD ($)
Feb. 18, 2014
NPSI [Member]
Power [Member]
USD ($)
Feb. 18, 2014
NPSI [Member]
Power [Member]
CAD ($)
Dec. 31, 2014
NPSI [Member]
Power [Member]
CAD ($)
Business Acquisition [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Accounts receivable
 
 
 
 
 
 
 
 
 
$ 996,000 
$ 2,991,000 
$ 25,972,000 
 
 
 
 
 
 
 
 
Payments to acquire business
 
 
 
 
 
 
 
 
 
13,228,000 
34,364,000 
236,135,000 
13,000,000 
25,000,000 
15,000,000 
 
2,000,000 
8,000,000 
9,000,000 
 
Number of Businesses Acquired
1 
3 
5 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Effective date of acquisition
 
 
 
 
 
 
 
 
 
 
 
 
Mar. 16, 2015 
Jan. 10, 2014 
Jan. 10, 2014 
 
Jun. 04, 2014 
Feb. 18, 2014 
Feb. 18, 2014 
 
Revenue Reported by Acquired Entity for Last Annual Period
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
6,400,000 
 
 
 
5,000,000 
Inventory
 
 
 
 
 
 
 
 
 
152,000 
304,000 
30,930,000 
 
 
 
 
 
 
 
 
Property, plant, and equipment
 
 
 
 
 
 
 
 
 
1,463,000 
2,802,000 
18,066,000 
 
 
 
 
 
 
 
 
Other current assets
 
 
 
 
 
 
 
 
 
155,000 
81,000 
3,229,000 
 
 
 
 
 
 
 
 
Intangible assets
 
 
 
 
 
 
 
 
 
7,700,000 
13,501,000 
102,265,000 
 
 
 
 
 
 
 
 
Current And non-current Liabilities
 
 
 
 
 
 
 
 
 
6,000 
1,754,000 
18,959,000 
 
 
 
 
 
 
 
 
Pension and postretirement benefits
 
 
 
 
 
 
 
 
 
0 
0 
6,472,000 
 
 
 
 
 
 
 
 
Deferred income taxes
 
 
 
 
 
 
 
 
 
0 
2,199,000 
19,682,000 
 
 
 
 
 
 
 
 
Due to seller
 
 
 
 
 
 
 
 
 
1,470,000 
0 
3,361,000 
 
 
 
 
 
 
 
 
Assets Acquired and Liabilities Assumed, Net
 
 
 
 
 
 
 
 
 
8,990,000 
15,726,000 
131,988,000 
 
 
 
 
 
 
 
 
Goodwill
972,606,000 
998,506,000 
 
447,828,000 
454,092,000 
448,496,000 
187,175,000 
187,725,000 
184,311,000 
4,238,000 
18,638,000 
104,147,000 
 
 
 
 
 
 
 
 
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual
4,800,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual
$ 1,500,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
RECEIVABLES (Detail) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2015
Dec. 31, 2014
Billed receivables:
 
 
Trade and other receivables
$ 435,172 
$ 363,241 
Less: Allowance for doubtful accounts
(5,664)
(5,619)
Net billed receivables
429,508 
357,622 
Unbilled receivables:
 
 
Recoverable costs and estimated earnings not billed
153,045 
150,526 
Less: Progress payments applied
(16,264)
(12,668)
Net unbilled receivables
136,781 
137,858 
Receivables, net
$ 566,289 
$ 495,480 
RECEIVABLES (Narrative) (Detail) (USD $)
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
ConcentrationRiskLineItems
 
 
Unbilled Receivables, Not Billable
$ 136,781,000 
$ 137,858,000 
GovernmentContractsConcentrationRiskMember
 
 
ConcentrationRiskLineItems
 
 
Accounts Receivable, Gross
165,600,000 
157,900,000 
ConcentrationRiskPercentage
36.00% 
34.00% 
Unbilled Receivables, Not Billable
$ 70,600,000 
$ 72,900,000 
INVENTORIES (Detail) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2015
Dec. 31, 2014
Inventory, Net [Abstract]
 
 
Raw material
$ 196,684 
$ 201,998 
Work-in-process
79,406 
89,423 
Finished goods and component parts
114,931 
103,831 
Inventory costs related to U.S. Government and other long-term contracts
51,774 
59,070 
Gross inventories
442,795 
454,322 
Less: Inventory reserves
(48,904)
(51,435)
Progress payments applied, principally related to long-term contracts
(14,300)
(14,217)
Inventories, net
$ 379,591 
$ 388,670 
INVENTORIES (Narrative) (Detail) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2015
Dec. 31, 2014
Inventory, Net [Abstract]
 
 
Other Inventory, Capitalized Costs
$ 29.7 
$ 33.9 
Other Inventory Capitalized Costs To Be Liquidated Under Firm Orders
$ 2.5 
$ 7.2 
PROPERTY, PLANT, AND EQUIPMENT (Detail) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Property, Plant and Equipment [Abstract]
 
 
 
land
$ 19,933 
$ 21,762 
 
BuildingsAndImprovementsGross
218,016 
219,219 
 
MachineryAndEquipmentGross
739,965 
750,006 
 
Property, Plant and Equipment, Gross, Total
977,914 
990,987 
 
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
(564,270)
(532,068)
 
Property, plant, and equipment, net
$ 413,644 
$ 458,919 
$ 515,718 
PROPERTY, PLANT, AND EQUIPMENT (Narrative) (Detail) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Property, Plant and Equipment [Abstract]
 
 
 
Depreciation
$ 64.7 
$ 66.6 
$ 63.2 
GOODWILL (Detail) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Goodwill [Line Items]
 
 
Goodwill
$ 972,606 
$ 998,506 
Commercial Industrial [Member]
 
 
Goodwill [Line Items]
 
 
Goodwill
454,092 
448,496 
Acquisitions
4,238 
14,996 
Divestitures
0 
0 
Goodwill adjustments
21 
(1,096)
Goodwill, Translation Adjustments
(10,523)
(8,304)
Goodwill
447,828 
454,092 
Defense [Member]
 
 
Goodwill [Line Items]
 
 
Goodwill
356,689 
379,872 
Acquisitions
0 
0 
Divestitures
0 
0 
Goodwill adjustments
1,131 
(254)
Goodwill, Translation Adjustments
(20,217)
(22,929)
Goodwill
337,603 
356,689 
Power [Member]
 
 
Goodwill [Line Items]
 
 
Goodwill
187,725 
184,311 
Acquisitions
0 
3,640 
Divestitures
0 
0 
Goodwill adjustments
0 
0 
Goodwill, Translation Adjustments
(550)
(226)
Goodwill
187,175 
187,725 
Held-for-sale [Member]
 
 
Goodwill [Line Items]
 
 
Goodwill
42,395 
97,750 
Acquisitions
0 
0 
Divestitures
(41,264)
(55,355)
Goodwill adjustments
(1,131)
0 
Goodwill, Translation Adjustments
0 
0 
Goodwill
0 
42,395 
Curtiss-Wright [Member]
 
 
Goodwill [Line Items]
 
 
Goodwill
1,040,901 
1,110,429 
Acquisitions
4,238 
18,636 
Divestitures
(41,264)
(55,355)
Goodwill adjustments
21 
(1,350)
Goodwill, Translation Adjustments
(31,290)
(31,459)
Goodwill
$ 972,606 
$ 1,040,901 
OTHER INTANGIBLE ASSETS, NET (Detail) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2015
Dec. 31, 2014
Finite-Lived Intangible Assets [Line Items]
 
 
Finite Lived Intangible Assets Gross
$ 566,120 
$ 573,673 
Finite Lived Intangible Assets Accumulated Amortization
(255,357)
(224,446)
Other intangible assets, net
310,763 
349,227 
Technology [Member]
 
 
Finite-Lived Intangible Assets [Line Items]
 
 
Finite Lived Intangible Assets Gross
171,382 
178,369 
Finite Lived Intangible Assets Accumulated Amortization
(91,430)
(84,584)
Other intangible assets, net
79,952 
93,785 
Customer Related Intangibles [Member]
 
 
Finite-Lived Intangible Assets [Line Items]
 
 
Finite Lived Intangible Assets Gross
357,538 
356,844 
Finite Lived Intangible Assets Accumulated Amortization
(140,816)
(122,920)
Other intangible assets, net
216,722 
233,924 
Other Intangible Assets [Member]
 
 
Finite-Lived Intangible Assets [Line Items]
 
 
Finite Lived Intangible Assets Gross
37,200 
38,460 
Finite Lived Intangible Assets Accumulated Amortization
(23,111)
(16,942)
Other intangible assets, net
$ 14,089 
$ 21,518 
OTHER INTANGIBLE ASSETS, NET (Amort) (Detail) (USD $)
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Intangible Assets, Net (Excluding Goodwill) [Abstract]
 
 
 
Amortization of Intangible Assets
$ 34,800,000 
$ 38,300,000 
$ 39,000,000 
Future Amortization Expense Year One
33,535,000 
 
 
Future Amortization Expense Year Two
33,051,000 
 
 
Future Amortization Expense Year Three
31,965,000 
 
 
Future Amortization Expense Year Four
30,167,000 
 
 
Future Amortization Expense Year Five
$ 28,175,000 
 
 
OTHER INTANGIBLE ASSETS, NET OTHER INTANGIBLE ASSETS, NET (Narrative) (Detail)
12 Months Ended
Dec. 31, 2015
Minimum [Member]
 
Finite-Lived Intangible Assets [Line Items]
 
Finite-Lived Intangible Asset, Useful Life
1 year 
Maximum [Member]
 
Finite-Lived Intangible Assets [Line Items]
 
Finite-Lived Intangible Asset, Useful Life
20 years 
FAIR VALUE (Detail) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2015
Dec. 31, 2014
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
 
 
Derivative Asset, Fair Value, Gross Asset
$ 3,306 1
$ 605 1
Derivative Liability, Fair Value, Gross Liability
673 2
5,797 2
Designated as Hedging Instrument [Member] |
Interest Rate Swap [Member]
 
 
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
 
 
Derivative Asset, Fair Value, Gross Asset
3,083 
0 
Derivative Liability, Fair Value, Gross Liability
0 
5,121 
Not Designated as Hedging Instrument [Member] |
Foreign Exchange Forward [Member]
 
 
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
 
 
Derivative Asset, Fair Value, Gross Asset
223 
605 
Derivative Liability, Fair Value, Gross Liability
$ 673 
$ 676 
FAIR VALUE OF FINANCIAL INSTRUMENTS (Income Loss) (Detail) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
General and Administrative Expense [Member]
 
 
 
Derivative Instruments Gain Loss [Line Items]
 
 
 
Gain (Loss) on Foreign Currency Derivative Instruments Not Designated as Hedging Instruments
$ (11,042)
$ (6,880)
$ (6,198)
Swap [Member] |
Other Income [Member]
 
 
 
Derivative Instruments Gain Loss [Line Items]
 
 
 
Increase (Decrease) in Fair Value of Hedged Item in Interest Rate Fair Value Hedge
8,204 
44,724 
(49,845)
Borrowings [Member] |
Other Income [Member]
 
 
 
Derivative Instruments Gain Loss [Line Items]
 
 
 
Increase (Decrease) in Fair Value of Hedged Item in Interest Rate Fair Value Hedge
$ (8,204)
$ (44,724)
$ 49,845 
FAIR VALUE OF FINANCIAL INSTRUMENTS (Narrative) (Detail) (USD $)
In Millions, unless otherwise specified
12 Months Ended 1 Months Ended 12 Months Ended 1 Months Ended 12 Months Ended 1 Months Ended 12 Months Ended 1 Months Ended 12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2015
Two Thousand Eleven Notes [Member]
Dec. 31, 2015
Two Thousand Thirteen Senior Notes [Member]
Mar. 31, 2013
Senior Notes Three Eighty Five [Member]
Dec. 31, 2015
Senior Notes Three Eighty Five [Member]
Mar. 31, 2013
Senior Notes Four Zero Five [Member]
Dec. 31, 2015
Senior Notes Four Zero Five [Member]
Jan. 31, 2012
Senior Notes Four Twenty Four [Member]
Dec. 31, 2015
Senior Notes Four Twenty Four [Member]
Dec. 31, 2014
Senior Notes Four Twenty Four [Member]
Jan. 31, 2012
Senior Notes Three Eighty Four [Member]
Dec. 31, 2015
Senior Notes Three Eighty Four [Member]
Dec. 31, 2014
Senior Notes Three Eighty Four [Member]
Derivative [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt Instrument, Face Amount
 
 
 
 
 
 
 
 
$ 200 
 
 
$ 100 
 
 
Debt Instrument, Interest Rate, Stated Percentage
 
 
 
 
3.85% 
 
4.05% 
 
4.24% 
 
 
3.84% 
 
 
Derivative, Inception Date
 
 
Jan. 01, 2012 
Mar. 01, 2013 
 
 
 
 
 
 
 
 
 
 
Derivative, Number of Instruments Held
 
3 
 
 
 
 
 
 
 
 
 
 
 
 
Derivative, Basis Spread on Variable Rate
 
 
 
 
1.77% 
 
1.73% 
 
2.02% 
 
 
1.90% 
 
 
Debt Instrument, Description of Variable Rate Basis
 
 
 
 
LIBOR 
 
LIBOR 
 
LIBOR 
 
 
LIBOR 
 
 
Debt Instrument, Maturity Date
 
 
 
 
 
Feb. 26, 2025 
 
Feb. 26, 2028 
 
Dec. 01, 2026 
Dec. 01, 2026 
 
Dec. 01, 2021 
Dec. 01, 2021 
Derivative, Notional Amount
$ 400 
 
 
 
$ 100 
 
$ 75 
 
$ 200 
 
 
$ 25 
 
 
FAIR VALUE OF FINANCIAL INSTRUMENTS (Debt Narrative) (Detail) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2015
Dec. 31, 2014
Estimate Of Fair Value Fair Value Disclosure [Member]
 
 
DebtInstrumentLineItems
 
 
Long-term Debt, Percentage Bearing Fixed Interest, Amount
$ 960 
$ 959 
Carrying Reported Amount Fair Value Disclosure [Member]
 
 
DebtInstrumentLineItems
 
 
Long-term Debt, Percentage Bearing Fixed Interest, Amount
$ 953 
$ 945 
FAIR VALUE OF FINANCIAL INSTRUMENTS (Nonrecurring) (Detail) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Fair Value, Adjustment Disclosure [Abstract]
 
 
 
Impairment of Long-Lived Assets to be Disposed of
$ 41,000 
$ 41,400 
$ 0 
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Accrued Expenses) (Detail) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2015
Dec. 31, 2014
Accrued Liabilities, Current [Abstract]
 
 
Accrued compensation
$ 86,497 
$ 95,843 
Accrued commissions
7,250 
10,783 
Accrued interest
9,900 
9,688 
Accrued insurance
5,261 
6,757 
Other Accrued Liabilities, Current
22,955 
22,867 
Accrued expenses
$ 131,863 
$ 145,938 
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Other Current Liabilities) (Detail) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2015
Dec. 31, 2014
Accrued Liabilities, Current [Abstract]
 
 
Warranty
$ 15,053 
$ 15,688 
Additional amounts due to sellers on acquisitions
2,883 
1,739 
Reserves on loss contracts
2,711 
2,979 
Deferred tax liability
1,962 
2,448 
Pension and other postretirement liabilities
4,560 
5,120 
Other Sundry Liabilities, Current
11,983 
10,189 
Other current liabilities
$ 39,152 
$ 38,163 
INCOME TAXES (Income Before Income Tax) (Detail) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Income Tax Disclosure [Abstract]
 
 
 
Domestic
$ 135,112 
$ 120,563 
$ 105,188 
Foreign
140,082 
126,381 
95,862 
Earnings before income taxes
$ 275,194 
$ 246,944 
$ 201,050 
INCOME TAXES (Provision for Income Taxes) (Detail) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Income Tax Disclosure [Abstract]
 
 
 
Federal
$ (6,741)
$ 70,609 
$ 29,323 
State
6,175 
9,065 
5,629 
Foreign
27,134 
33,401 
20,807 
Current Income Tax Expense (Benefit), Total
26,568 
113,075 
55,759 
Federal
49,060 
(29,683)
7,002 
State
7,390 
(1,247)
667 
Foreign
(72)
(5,150)
(1,782)
Deferred Income Tax Expense (Benefit), Total
56,378 
(36,080)
5,887 
Provision for income taxes
$ 82,946 
$ 76,995 
$ 61,646 
INCOME TAXES (Effective Income Tax Rate Reconciliation) (Detail)
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Income Tax Disclosure [Abstract]
 
 
 
U.S. federal statutory tax rate
35.00% 
35.00% 
35.00% 
State and local taxes, net of federal benefit
4.30% 
2.40% 
1.60% 
R&D tax credits
(1.30%)
(1.30%)
(1.50%)
Foreign rate differential
(6.20%)
(4.40%)
(3.70%)
All other, net
(1.70%)
(0.50%)
(0.70%)
Effective tax rate
30.10% 
31.20% 
30.70% 
INCOME TAXES (Deferred Tax Assets and Liabilties) (Detail) (USD $)
Dec. 31, 2015
Dec. 31, 2014
Deferred tax assets:
 
 
Pension plans
$ 40,102,000 
$ 84,493,000 
Environmental reserves
9,561,000 
10,123,000 
Inventory
20,041,000 
18,496,000 
Postretirement/postemployment benefits
13,272,000 
13,326,000 
Incentive compensation
12,369,000 
16,140,000 
Net operating loss
9,043,000 
8,909,000 
Capital Loss Carryforwards
10,141,000 
17,555,000 
Other
38,226,000 
26,329,000 
Total deferred tax assets
152,755,000 
195,371,000 
Deferred tax liabilities:
 
 
Undistributed foreign subsidiaries earnings
338,000,000 
 
Depreciation
29,771,000 
33,117,000 
Goodwill amortization
89,276,000 
74,555,000 
Other intangible amortization
54,017,000 
62,777,000 
Other
12,280,000 
9,452,000 
Total deferred tax liabilities
185,344,000 
179,901,000 
Valuation allowance
17,895,000 
23,478,000 
Deferred Tax Liabilities, Net
$ 50,484,000 
$ 8,008,000 
INCOME TAXES (Net Deferred Tax Assets and Liabilities) (Detail) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2015
Dec. 31, 2014
Income Tax Disclosure [Abstract]
 
 
Net current deferred tax assets
$ 41,737 
$ 44,311 
Net current deferred tax liabilities
1,962 
2,448 
Net noncurrent deferred tax assets
856 
1,683 
Net noncurrent deferred tax liabilities
91,115 
51,554 
Deferred Tax Liabilities, Net
$ 50,484 
$ 8,008 
INCOME TAXES (Unrecognized Tax Benefits) (Detail) (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]
 
 
 
Unrecognized tax benefits (beginning balance)
$ 11,560 
$ 10,623 
$ 11,301 
Additions for tax positions of prior periods
359 
1,421 
1,511 
Additions for tax positions related to the current year
2,026 
1,738 
1,768 
Settlements
(1,414)
(2,039)
(3,868)
Lapses of statute of limitations
0 
(41)
(140)
Foreign currency translation
117 
142 
51 
Unrecognized tax benefits (ending balance)
$ 12,414 
$ 11,560 
$ 10,623 
INCOME TAXES (Open Tax Years) (Detail)
12 Months Ended
Dec. 31, 2015
United States (Various states)
 
IncomeTaxContingencyLineItems
 
Open Tax Year
1998 
Internal Revenue Service (IRS) |
United States (Federal)
 
IncomeTaxContingencyLineItems
 
Open Tax Year
2012 
United Kingdom |
Foreign Tax Authority
 
IncomeTaxContingencyLineItems
 
Open Tax Year
2008 
Canada |
Foreign Tax Authority
 
IncomeTaxContingencyLineItems
 
Open Tax Year
2009 
INCOME TAXES (Narrative) (Detail) (USD $)
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
OperatingLossCarryforwardsLineItems
 
 
 
Operating loss carryforward
$ 19,200,000 
 
 
Valuation allowance increase
5,600,000 
 
 
Valuation allowance
17,895,000 
23,478,000 
 
Income tax payments
4,900,000 
35,000,000 
69,400,000 
Undistributed foreign subsidiaries earnings
338,000,000 
 
 
Unrecognized tax benefits that would affect the effective income tax rate
8,300,000 
8,000,000 
7,600,000 
Foreign Tax Authority
 
 
 
OperatingLossCarryforwardsLineItems
 
 
 
Operating loss carryforwards related to international operations
20,300,000 
 
 
Indefinite lived operating loss carryforwards,
9,200,000 
 
 
Operating loss carryforwards subject to expiration
11,100,000 
 
 
Operating loss carryforward, expiration date
Dec. 31, 2023 
 
 
State And Local Jurisdiction [Member]
 
 
 
OperatingLossCarryforwardsLineItems
 
 
 
Operating loss carryforwards subject to expiration
63,200,000 
 
 
Operating loss carryforward, expiration date
Dec. 31, 2035 
 
 
Operating loss carryforwards state and local
91,400,000 
 
 
Capital Loss Carryforward [Member]
 
 
 
OperatingLossCarryforwardsLineItems
 
 
 
Tax credit carryforward amount
28,200,000 
 
 
Capital loss carryforwards expiration date
Dec. 31, 2020 
 
 
Valuation allowance increase
0 
 
 
Other Liabilities [Member]
 
 
 
OperatingLossCarryforwardsLineItems
 
 
 
Interest on income taxes accrued
1,900,000 
 
 
Income tax penalties accrued
$ 1,200,000 
 
 
DEBT (Detail) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2015
Dec. 31, 2014
DebtInstrumentLineItems
 
 
Current portion of long-term debt and short-term debt
$ 1,259 
$ 1,069 
Long-term debt
953,083 
953,279 
Carrying Reported Amount Fair Value Disclosure [Member]
 
 
DebtInstrumentLineItems
 
 
Long-term Debt
954,342 
954,348 
Current portion of long-term debt and short-term debt
1,259 
1,069 
Long-term debt
953,083 
953,279 
Carrying Reported Amount Fair Value Disclosure [Member] |
Industrial Revenue Bond [Member]
 
 
DebtInstrumentLineItems
 
 
Long-term Debt
0 
8,400 
Carrying Reported Amount Fair Value Disclosure [Member] |
Senior Notes Five Fifty One [Member]
 
 
DebtInstrumentLineItems
 
 
Long-term Debt
150,000 
150,000 
Carrying Reported Amount Fair Value Disclosure [Member] |
Senior Notes Three Eighty Four [Member]
 
 
DebtInstrumentLineItems
 
 
Long-term Debt
100,307 
99,934 
Carrying Reported Amount Fair Value Disclosure [Member] |
Senior Notes Three Seventy [Member]
 
 
DebtInstrumentLineItems
 
 
Long-term Debt
225,000 
225,000 
Carrying Reported Amount Fair Value Disclosure [Member] |
Senior Notes Three Eighty Five [Member]
 
 
DebtInstrumentLineItems
 
 
Long-term Debt
100,450 
98,360 
Carrying Reported Amount Fair Value Disclosure [Member] |
Senior Notes Four Twenty Four [Member]
 
 
DebtInstrumentLineItems
 
 
Long-term Debt
201,422 
197,237 
Carrying Reported Amount Fair Value Disclosure [Member] |
Senior Notes Four Zero Five [Member]
 
 
DebtInstrumentLineItems
 
 
Long-term Debt
75,904 
74,348 
Carrying Reported Amount Fair Value Disclosure [Member] |
Senior Notes Four Eleven [Member]
 
 
DebtInstrumentLineItems
 
 
Long-term Debt
100,000 
100,000 
Carrying Reported Amount Fair Value Disclosure [Member] |
Other Debt Obligations [Member]
 
 
DebtInstrumentLineItems
 
 
Long-term Debt
 
1,069 
Estimate Of Fair Value Fair Value Disclosure [Member]
 
 
DebtInstrumentLineItems
 
 
Long Term Debt Fair Value
961,408 
968,514 
Current portion of long-term debt and short-term debt
1,259 
1,069 
Long-term debt
960,149 
967,445 
Estimate Of Fair Value Fair Value Disclosure [Member] |
Industrial Revenue Bond [Member]
 
 
DebtInstrumentLineItems
 
 
Long Term Debt Fair Value
0 
8,400 
Estimate Of Fair Value Fair Value Disclosure [Member] |
Senior Notes Five Fifty One [Member]
 
 
DebtInstrumentLineItems
 
 
Long Term Debt Fair Value
158,024 
162,617 
Estimate Of Fair Value Fair Value Disclosure [Member] |
Senior Notes Three Eighty Four [Member]
 
 
DebtInstrumentLineItems
 
 
Long Term Debt Fair Value
100,307 
99,934 
Estimate Of Fair Value Fair Value Disclosure [Member] |
Senior Notes Three Seventy [Member]
 
 
DebtInstrumentLineItems
 
 
Long Term Debt Fair Value
224,322 
225,748 
Estimate Of Fair Value Fair Value Disclosure [Member] |
Senior Notes Three Eighty Five [Member]
 
 
DebtInstrumentLineItems
 
 
Long Term Debt Fair Value
100,450 
98,360 
Estimate Of Fair Value Fair Value Disclosure [Member] |
Senior Notes Four Twenty Four [Member]
 
 
DebtInstrumentLineItems
 
 
Long Term Debt Fair Value
201,422 
197,237 
Estimate Of Fair Value Fair Value Disclosure [Member] |
Senior Notes Four Zero Five [Member]
 
 
DebtInstrumentLineItems
 
 
Long Term Debt Fair Value
75,904 
74,348 
Estimate Of Fair Value Fair Value Disclosure [Member] |
Senior Notes Four Eleven [Member]
 
 
DebtInstrumentLineItems
 
 
Long Term Debt Fair Value
99,720 
100,801 
Estimate Of Fair Value Fair Value Disclosure [Member] |
Other Debt Obligations [Member]
 
 
DebtInstrumentLineItems
 
 
Long Term Debt Fair Value
$ 1,259 
$ 1,069 
DEBT (Maturity) (Detail) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2015
Debt Instruments [Abstract]
 
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
$ 1,259 
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
150,000 
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
0 
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
0 
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
0 
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive
803,083 
Long Term Debt Maturities Total
$ 954,342 
DEBT (Narrative) (Detail) (USD $)
9 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended
Sep. 30, 2015
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2015
Revolving Credit Facility [Member]
Dec. 31, 2014
Revolving Credit Facility [Member]
Dec. 31, 2015
Long-term Debt [Member]
Dec. 31, 2014
Long-term Debt [Member]
Dec. 31, 2015
Senior Notes Four Twenty Four [Member]
Dec. 8, 2011
Senior Notes Four Twenty Four [Member]
Dec. 31, 2015
Senior Notes Four Zero Five [Member]
Feb. 26, 2013
Senior Notes Four Zero Five [Member]
Dec. 31, 2015
Senior Notes Four Eleven [Member]
Sep. 26, 2013
Senior Notes Four Eleven [Member]
Dec. 31, 2015
Senior Notes Three Eighty Four [Member]
Dec. 8, 2011
Senior Notes Three Eighty Four [Member]
Dec. 31, 2015
Senior Notes Three Seventy [Member]
Feb. 26, 2013
Senior Notes Three Seventy [Member]
Dec. 31, 2015
Senior Notes Three Eighty Five [Member]
Feb. 26, 2013
Senior Notes Three Eighty Five [Member]
Dec. 31, 2015
Two Thousand Thirteen Senior Notes [Member]
Feb. 26, 2013
Two Thousand Thirteen Senior Notes [Member]
Dec. 31, 2015
Two Thousand Eleven Notes [Member]
Dec. 8, 2011
Two Thousand Eleven Notes [Member]
Dec. 31, 2015
Two Thousand Five [Member]
Dec. 1, 2005
Two Thousand Five [Member]
Dec. 31, 2015
Revolving Credit Facility [Member]
Dec. 31, 2015
Discontinued Operations [Member]
Revolving Credit Facility [Member]
DebtInstrumentLineItems
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
DebtWeightedAverageInterestRate
 
 
 
 
3.20% 
1.70% 
3.30% 
3.00% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
DebtInstrumentIssuanceDate
 
 
 
 
 
 
 
 
 
 
 
 
Sep. 26, 2013 
 
 
 
 
 
 
 
Feb. 26, 2013 
 
Dec. 08, 2011 
 
Dec. 01, 2005 
 
 
 
Debt Instrument, Maturity Date
 
 
 
 
 
 
 
 
Dec. 01, 2026 
 
Feb. 26, 2028 
 
Sep. 26, 2028 
 
Dec. 01, 2021 
 
Feb. 26, 2023 
 
Feb. 26, 2025 
 
 
 
 
 
Dec. 01, 2017 
 
 
 
Repayments of Long-term Debt
 
$ 8,400,000 
$ 80,000 
$ 125,033,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt Instrument, Face Amount
 
 
 
 
 
 
 
 
 
200,000,000 
 
75,000,000 
 
100,000,000 
 
100,000,000 
 
225,000,000 
 
100,000,000 
 
500,000,000 
 
300,000,000 
 
150,000,000 
 
 
Debt Instrument, Interest Rate, Stated Percentage
 
 
 
 
 
 
 
 
 
4.24% 
 
4.05% 
 
4.11% 
 
3.84% 
 
3.70% 
 
3.85% 
 
 
 
 
 
5.51% 
 
 
LineOfCreditFacilityMaximumBorrowingCapacity
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
500,000,000 
 
Line Of Credit Facility Additional Borrowing Capacity
 
 
 
 
100,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Letters of Credit Supported by Credit Facility
 
 
 
 
37,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Letters of Credit Outstanding, Amount
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
3,000,000 
DebtInstrumentCovenantDescription
 
0.6 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
LineOfCreditFacilityInterestRateDescription
 
Borrowings under the credit agreement will accrue interest based on (i) Libor or (ii) a base rate of the highest of (a) the federal funds rate plus 0.5%, (b) BofA’s announced prime rate, or (c) the Eurocurrency rate plus 1%, plus a margin. The interest rate and level of facility fees are dependent on certain financial ratios, as defined in the Credit Agreement. The Credit Agreement also provides customary fees, including administrative agent and commitment fees. In connection with the Credit Agreement, we paid customary transaction fees that have been deferred and are being amortized over the term of the Credit Agreement. 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt Instrument, Covenant Ratio, Debt To Capitalization Limit
 
60.00% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt Covenant, Amount of Borrowing Available
 
 
 
 
463,000,000 
 
800,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Line of Credit Facility, Initiation Date
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Aug. 31, 2012 
 
InterestPaid
 
33,000,000 
33,000,000 
31,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Repayments of Unsecured Tax Exempt Debt
$ 8,400,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
EARNINGS PER SHARE (Detail) (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended 12 Months Ended
Dec. 31, 2015
Sep. 30, 2015
Jun. 30, 2015
Mar. 31, 2015
Dec. 31, 2014
Sep. 30, 2014
Jun. 30, 2014
Mar. 31, 2014
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Earnings Per Share Reconciliation [Abstract]
 
 
 
 
 
 
 
 
 
 
 
Basic
 
 
 
 
 
 
 
 
46,624 
48,019 
46,991 
Dilutive effect of stock options and deferred stock compensation
 
 
 
 
 
 
 
 
992 
1,056 
921 
Diluted
 
 
 
 
 
 
 
 
47,616 
49,075 
47,912 
Earnings from continuing operations
$ 1.56 
$ 0.82 
$ 0.85 
$ 0.91 
$ 0.96 
$ 0.92 
$ 0.90 
$ 0.76 
$ 4.12 
$ 3.54 
$ 2.97 
Earnings from continuing operations
$ 1.53 
$ 0.80 
$ 0.83 
$ 0.89 
$ 0.94 
$ 0.90 
$ 0.87 
$ 0.74 
$ 4.04 
$ 3.46 
$ 2.91 
Earnings from continuing operations
$ 70,762 
$ 38,142 
$ 40,121 
$ 43,223 
$ 46,132 
$ 44,378 
$ 43,009 
$ 36,430 
$ 192,248 
$ 169,949 
$ 139,404 
EARNINGS PER SHARE (AntiDilutive) (Detail)
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Earnings Per Share [Abstract]
 
 
 
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
0 
0 
297,000 
SHARE-BASED COMPENSATION PLANS (Detail) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Share-based Compensation [Abstract]
 
 
 
Non-qualified stock options
$ 0 
$ 0 
$ 238 
Employee Stock Purchase Plan
1,279 
1,350 
1,260 
Performance Share Units
4,349 
3,728 
3,495 
Restricted Share Units
3,015 
2,655 
1,700 
Other share-based payments
830 
767 
657 
Total share-based compensation expense before income taxes
$ 9,473 
$ 8,500 
$ 7,350 
SHARE-BASED COMPENSATION PLANS (Cash Proceeds and Tax Benefit) (Details) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Share-based Compensation [Abstract]
 
 
 
Cash received from share-based awards
$ 28,706 
$ 38,183 
$ 29,194 
Recognized tax benefit on awards
$ 9,119 
$ 9,610 
$ 3,199 
SHARE-BASED COMPENSATION PLANS (LTI) (Detail) (USD $)
In Thousands, except Share data, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
 
Outstanding (in shares)
1,443,000 
Granted (in shares)
0 
Exercised (in shares)
(589,000)
Other Share Increase (Decrease)
2,000 
Outstanding (in shares)
852,000 
Exercisable (in shares)
852,000 
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
 
Outstanding (in dollars per share)
$ 33.86 
Granted (in dollars per share)
$ 0.00 
Exercised (in dollars per share)
$ 34.29 
Outstanding (in dollars per share)
$ 33.54 
Exercisable (in dollars per share)
$ 33.54 
Outstanding, weighted-average remaining contractual term in years
3 years 6 months 1 day 
Exercisable. weighted-average remaining contractual term in years
3 years 6 months 1 day 
Other Share Increase (Decrease) in Period, Weighted Average Exercise Price
$ 41.53 
Outstanding, aggregate intrinsic value
$ 29,772 
Exercisable, aggregate intrinsic value
$ 29,772 
SHARE-BASED COMPENSATION PLANS (Restricted Units) (Detail) (USD $)
In Thousands, except Per Share data, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Restricted Stock Units (RSUs) [Member]
 
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
 
Outstanding (in shares)
246 
Granted (in shares)
83 
Vested (in shares)
(84)
Forfeited (in shares)
0 
Outstanding (in shares)
245 
Expected to vest (in shares)
245 
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
 
Outstanding (in dollars per share)
$ 43.03 
Granted (in dollars per share)
$ 71.02 
Vested (in dollars per share)
$ 32.95 
Forfeited (in dollars per share)
$ 0.00 
Outstanding (in dollars per share)
$ 55.98 
Expected to vest (in dollars per share)
$ 55.98 
Performance Shares [Member]
 
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
 
Outstanding (in shares)
312 
Granted (in shares)
57 
Vested (in shares)
(80)
Forfeited (in shares)
(2)
Outstanding (in shares)
286 
Expected to vest (in shares)
286 
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
 
Outstanding (in dollars per share)
$ 44.12 
Granted (in dollars per share)
$ 86.34 
Vested (in dollars per share)
$ 42.82 
Forfeited (in dollars per share)
$ 62.91 
Outstanding (in dollars per share)
$ 52.70 
Expected to vest (in dollars per share)
$ 52.70 
SHARE-BASED COMPENSATION PLANS (Narrative) (Detail) (USD $)
In Millions, except Share data, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
Common stock authorized
100,000,000 
100,000,000 
 
2014 Omnibus Plan [Member]
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
Common stock authorized
 
2,400,000 
 
Non Qualfied Stock Options [Member]
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
Total intrinsic value of stock options exercised
$ 36.8 
$ 28.3 
$ 11.4 
Performance Shares [Member]
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
Nonvested intrinsic value
19.6 
 
 
Unrecognized compensation cost
9.1 
 
 
Unrecognized compensation expense, period of recognition
2 years 3 months 18 days 
 
 
Restricted Stock Units (RSUs) [Member]
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
Requisite service period
3 years 
 
 
Nonvested intrinsic value
16.8 
 
 
Unrecognized compensation cost
$ 8.8 
 
 
Unrecognized compensation expense, period of recognition
2 years 8 months 1 day 
 
 
Employee Stock [Member]
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
Purchase price percentage of fair market value
85.00% 
 
 
PENSION PLANS (Detail) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Pension Plans Defined Benefit [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Service cost
$ 26,873 
$ 25,262 
$ 40,170 
Interest cost
30,050 
30,403 
27,777 
Expected return on plan assets
(54,629)
(41,746)
(36,303)
Prior service cost
618 
662 
883 
Recognized net actuarial loss
16,890 
6,827 
15,013 
Curtailment charge
7,461 
377 
13 
Defined Benefit Plan, Net Periodic Benefit Cost
27,263 
21,785 
47,553 
Other Postretirement Benefit Plans, Defined Benefit [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Service cost
286 
246 
373 
Interest cost
842 
877 
839 
Expected return on plan assets
0 
0 
0 
Prior service cost
(657)
(657)
(638)
Recognized net actuarial loss
(551)
(811)
(614)
Curtailment charge
0 
0 
0 
Defined Benefit Plan, Net Periodic Benefit Cost
$ (80)
$ (345)
$ (40)
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Detail) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Pension Plans Defined Benefit [Member]
 
 
 
DefinedBenefitPlanChangeInBenefitObligationRollForward
 
 
 
Defined Benefit Plan, Benefit Obligation, Beginning Balance
$ 797,360 
$ 674,192 
 
Service cost
26,873 
25,262 
40,170 
Interest cost
30,050 
30,403 
27,777 
DefinedBenefitPlanContributionsByPlanParticipants
1,825 
1,734 
 
DefinedBenefitPlanPlanAmendments
(2,951)
178 
 
DefinedBenefitPlanActuarialGainLoss
(10,803)
114,763 
 
DefinedBenefitPlanBenefitsPaid
(60,662)
(40,765)
 
Defined Benefit Plan, Actual Expense
(1,787)
(1,299)
 
DefinedBenefitPlanForeignCurrencyExchangeRateChangesBenefitObligation
(5,195)
(7,108)
 
Defined Benefit Plan, Benefit Obligation, Ending Balance
774,710 
797,360 
674,192 
Other Postretirement Benefit Plans, Defined Benefit [Member]
 
 
 
DefinedBenefitPlanChangeInBenefitObligationRollForward
 
 
 
Defined Benefit Plan, Benefit Obligation, Beginning Balance
23,250 
20,416 
 
Service cost
286 
246 
373 
Interest cost
842 
877 
839 
DefinedBenefitPlanContributionsByPlanParticipants
345 
364 
 
DefinedBenefitPlanPlanAmendments
0 
0 
 
DefinedBenefitPlanActuarialGainLoss
(1,133)
3,276 
 
DefinedBenefitPlanBenefitsPaid
(1,610)
(1,929)
 
Defined Benefit Plan, Actual Expense
0 
0 
 
DefinedBenefitPlanForeignCurrencyExchangeRateChangesBenefitObligation
0 
0 
 
Defined Benefit Plan, Benefit Obligation, Ending Balance
$ 21,980 
$ 23,250 
$ 20,416 
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Plan Asset) (Detail) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
DefinedBenefitPlanChangeInFairValueOfPlanAssetsRollForward
 
 
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance
$ 692,074 
$ 595,829 
DefinedBenefitPlanAmountsRecognizedInBalanceSheetAbstract
 
 
Pension and other postretirement liabilities
(4,560)
(5,120)
Accrued pension and other postretirement benefit costs
(103,723)
(226,687)
Pension Plans Defined Benefit [Member]
 
 
DefinedBenefitPlanChangeInFairValueOfPlanAssetsRollForward
 
 
Defined Benefit Plan, Fair Value of Plan Assets, Beginning Balance
(595,829)
(558,567)
Defined Benefit Plan, Actual Return on Plan Assets
(4,092)
37,574 
Contributions made by employer
165,575 
46,306 
DefinedBenefitPlanContributionsByPlanParticipants
1,825 
1,734 
DefinedBenefitPlanBenefitsPaid
(60,662)
(40,765)
DefinedBenefitPlanSettlementsPlanAssets
(1,787)
(1,299)
DefinedBenefitPlanForeignCurrencyExchangeRateChangesPlanAssets
(4,614)
(6,288)
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance
692,074 
595,829 
DefinedBenefitPlanFundedStatusOfPlan
(82,636)
(201,531)
DefinedBenefitPlanAmountsRecognizedInBalanceSheetAbstract
 
 
Defined Benefit Plan, Assets for Plan Benefits, Noncurrent
3,667 
6,041 
Pension and other postretirement liabilities
(2,998)
(3,523)
Accrued pension and other postretirement benefit costs
(83,305)
(204,049)
DefinedBenefitPlanAmountsRecognizedInBalanceSheet
(82,636)
(201,531)
DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeBeforeTaxAbstract
 
 
DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeNetGainsLossesBeforeTax
203,729 
180,640 
DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeNetPriorServiceCostCreditBeforeTax
(1,635)
1,990 
DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeBeforeTax
202,094 
182,630 
DefinedBenefitPlanAmountsThatWillBeAmortizedFromAccumulatedOtherComprehensiveIncomeLossInNextFiscalYearAbstract
 
 
DefinedBenefitPlanAmortizationOfNetGainsLosses
12,373 
15,470 
DefinedBenefitPlanAmortizationOfNetPriorServiceCostCredit
(50)
619 
DefinedBenefitPlanAccumulatedBenefitObligation
736,688 
753,878 
DefinedBenefitPlanPensionPlansWithAccumulatedBenefitObligationsInExcessOfPlanAssetsAbstract
 
 
DefinedBenefitPlanPensionPlansWithAccumulatedBenefitObligationsInExcessOfPlanAssetsAggregateProjectedBenefitObligation
721,626 
770,241 
DefinedBenefitPlanPensionPlansWithAccumulatedBenefitObligationsInExcessOfPlanAssetsAggregateAccumulatedBenefitObligation
683,605 
726,760 
DefinedBenefitPlanPensionPlansWithAccumulatedBenefitObligationsInExcessOfPlanAssetsAggregateFairValueOfPlanAssets
635,323 
562,669 
Defined Benefit Plan, Assets for Plan Benefits, Noncurrent
3,667 
6,041 
Domestic Other Post-Employment Benefits Plan
 
 
DefinedBenefitPlanChangeInFairValueOfPlanAssetsRollForward
 
 
Defined Benefit Plan, Fair Value of Plan Assets, Beginning Balance
0 
0 
Defined Benefit Plan, Actual Return on Plan Assets
0 
0 
Contributions made by employer
1,265 
1,565 
DefinedBenefitPlanContributionsByPlanParticipants
345 
364 
DefinedBenefitPlanBenefitsPaid
(1,610)
(1,929)
DefinedBenefitPlanSettlementsPlanAssets
0 
0 
DefinedBenefitPlanForeignCurrencyExchangeRateChangesPlanAssets
0 
0 
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance
0 
0 
DefinedBenefitPlanFundedStatusOfPlan
(21,980)
(23,250)
DefinedBenefitPlanAmountsRecognizedInBalanceSheetAbstract
 
 
Defined Benefit Plan, Assets for Plan Benefits, Noncurrent
0 
0 
Pension and other postretirement liabilities
(1,562)
(1,603)
Accrued pension and other postretirement benefit costs
(20,418)
(21,647)
DefinedBenefitPlanAmountsRecognizedInBalanceSheet
(21,980)
(23,250)
DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeBeforeTaxAbstract
 
 
DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeNetGainsLossesBeforeTax
(8,846)
(8,264)
DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeNetPriorServiceCostCreditBeforeTax
(4,030)
(4,686)
DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeBeforeTax
(12,876)
(12,950)
DefinedBenefitPlanAmountsThatWillBeAmortizedFromAccumulatedOtherComprehensiveIncomeLossInNextFiscalYearAbstract
 
 
DefinedBenefitPlanAmortizationOfNetGainsLosses
(571)
(551)
DefinedBenefitPlanAmortizationOfNetPriorServiceCostCredit
(657)
(657)
DefinedBenefitPlanPensionPlansWithAccumulatedBenefitObligationsInExcessOfPlanAssetsAbstract
 
 
Defined Benefit Plan, Assets for Plan Benefits, Noncurrent
$ 0 
$ 0 
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Plan Assumptions) (Detail)
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Pension Plans Defined Benefit [Member]
 
 
DefinedBenefitPlanWeightedAverageAssumptionsUsedInCalculatingBenefitObligationAbstract
 
 
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate
4.11% 
3.88% 
DefinedBenefitPlanAssumptionsUsedCalculatingBenefitObligationRateOfCompensationIncrease
3.36% 
3.37% 
DefinedBenefitPlanWeightedAverageAssumptionsUsedInCalculatingNetPeriodicBenefitCostAbstract
 
 
DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostDiscountRate
3.88% 
4.62% 
DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostExpectedLongTermReturnOnAssets
7.93% 
8.01% 
DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostRateOfCompensationIncrease
3.37% 
3.36% 
Other Postretirement Benefit Plans, Defined Benefit [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Defined Benefit Plan Year That Rate Reaches Ultimate Trend Rate Net Periodic
2019 
2015 
DefinedBenefitPlanWeightedAverageAssumptionsUsedInCalculatingBenefitObligationAbstract
 
 
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate
4.25% 
3.75% 
DefinedBenefitPlanAssumedHealthCareCostTrendRatesAbstract
 
 
DefinedBenefitPlanHealthCareCostTrendRateAssumedForNextFiscalYear
5.70% 
5.50% 
DefinedBenefitPlanUltimateHealthCareCostTrendRate
5.40% 
4.59% 
DefinedBenefitPlanWeightedAverageAssumptionsUsedInCalculatingNetPeriodicBenefitCostAbstract
 
 
DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostDiscountRate
3.75% 
4.47% 
Defined Benefit Plan Assumed Health Care Cost Trend Rates Net Periodic [Abstract]
 
 
Defined Benefit Plan Health Care Cost Trend Rate Assumed for Next Fiscal Year Net Periodic
5.50% 
8.00% 
Defined Benefit Plan Ultimate Health Care Cost Trend Rate Net Periodic
4.59% 
5.00% 
PENSION (Percentage) (Detail) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Defined Benefit Plan, Effect of One-Percentage Point Change in Assumed Health Care Cost Trend Rates [Abstract]
 
DefinedBenefitPlanEffectOfOnePercentagePointIncreaseOnServiceAndInterestCostComponents
$ 15 
DefinedBenefitPlanEffectOfOnePercentagePointDecreaseOnServiceAndInterestCostComponents
(12)
DefinedBenefitPlanEffectOfOnePercentagePointIncreaseOnAccumulatedPostretirementBenefitObligation
375 
DefinedBenefitPlanEffectOfOnePercentagePointDecreaseOnAccumulatedPostretirementBenefitObligation
$ (309)
PENSION (Asset Class) (Detail)
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Domestic Equities [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
DefinedBenefitPlanWeightedAverageAssetAllocations
51.00% 
53.00% 
DefinedBenefitPlanTargetPlanAssetAllocations
50.00% 
 
DefinedBenefitPlanTargetPlanAssetAllocationsRangeMinimum
 
40.00% 
DefinedBenefitPlanTargetPlanAssetAllocationsRangeMaximum
 
60.00% 
International Equities [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
DefinedBenefitPlanWeightedAverageAssetAllocations
14.00% 
14.00% 
DefinedBenefitPlanTargetPlanAssetAllocations
15.00% 
 
DefinedBenefitPlanTargetPlanAssetAllocationsRangeMinimum
 
10.00% 
DefinedBenefitPlanTargetPlanAssetAllocationsRangeMaximum
 
20.00% 
EquitySecuritiesMember
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
DefinedBenefitPlanWeightedAverageAssetAllocations
65.00% 
67.00% 
DefinedBenefitPlanTargetPlanAssetAllocations
65.00% 
 
DefinedBenefitPlanTargetPlanAssetAllocationsRangeMinimum
 
55.00% 
DefinedBenefitPlanTargetPlanAssetAllocationsRangeMaximum
 
75.00% 
FixedIncomeFundsMember
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
DefinedBenefitPlanWeightedAverageAssetAllocations
35.00% 
33.00% 
DefinedBenefitPlanTargetPlanAssetAllocations
35.00% 
 
DefinedBenefitPlanTargetPlanAssetAllocationsRangeMinimum
 
25.00% 
DefinedBenefitPlanTargetPlanAssetAllocationsRangeMaximum
 
45.00% 
PENSION (Fair Value) (Detail) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Defined Benefit Plan Fair Value Disclosure [Line Items]
 
 
 
DefinedBenefitPlanFairValueOfPlanAssets
$ 692,074 
$ 595,829 
 
CashAndCashEquivalentsMember
 
 
 
Defined Benefit Plan Fair Value Disclosure [Line Items]
 
 
 
DefinedBenefitPlanFairValueOfPlanAssets
26,251 
24,354 
 
EquitySecuritiesMember
 
 
 
Defined Benefit Plan Fair Value Disclosure [Line Items]
 
 
 
DefinedBenefitPlanFairValueOfPlanAssets
435,931 1
379,467 1
 
DebtSecuritiesMember
 
 
 
Defined Benefit Plan Fair Value Disclosure [Line Items]
 
 
 
DefinedBenefitPlanFairValueOfPlanAssets
219,417 2
183,068 2
 
Alternative Investments [Member]
 
 
 
Defined Benefit Plan Fair Value Disclosure [Line Items]
 
 
 
DefinedBenefitPlanFairValueOfPlanAssets
9,720 3
8,169 3
 
Other Assets [Member]
 
 
 
Defined Benefit Plan Fair Value Disclosure [Line Items]
 
 
 
DefinedBenefitPlanFairValueOfPlanAssets
755 4
771 4
 
FairValueInputsLevel1Member
 
 
 
Defined Benefit Plan Fair Value Disclosure [Line Items]
 
 
 
DefinedBenefitPlanFairValueOfPlanAssets
558,272 
454,280 
 
FairValueInputsLevel1Member |
CashAndCashEquivalentsMember
 
 
 
Defined Benefit Plan Fair Value Disclosure [Line Items]
 
 
 
DefinedBenefitPlanFairValueOfPlanAssets
253 
871 
 
FairValueInputsLevel1Member |
EquitySecuritiesMember
 
 
 
Defined Benefit Plan Fair Value Disclosure [Line Items]
 
 
 
DefinedBenefitPlanFairValueOfPlanAssets
395,549 1
330,619 1
 
FairValueInputsLevel1Member |
DebtSecuritiesMember
 
 
 
Defined Benefit Plan Fair Value Disclosure [Line Items]
 
 
 
DefinedBenefitPlanFairValueOfPlanAssets
162,470 2
122,790 2
 
FairValueInputsLevel1Member |
Alternative Investments [Member]
 
 
 
Defined Benefit Plan Fair Value Disclosure [Line Items]
 
 
 
DefinedBenefitPlanFairValueOfPlanAssets
0 3
0 3
 
FairValueInputsLevel1Member |
Other Assets [Member]
 
 
 
Defined Benefit Plan Fair Value Disclosure [Line Items]
 
 
 
DefinedBenefitPlanFairValueOfPlanAssets
0 4
0 4
 
FairValueInputsLevel2Member
 
 
 
Defined Benefit Plan Fair Value Disclosure [Line Items]
 
 
 
DefinedBenefitPlanFairValueOfPlanAssets
123,327 
132,609 
 
FairValueInputsLevel2Member |
CashAndCashEquivalentsMember
 
 
 
Defined Benefit Plan Fair Value Disclosure [Line Items]
 
 
 
DefinedBenefitPlanFairValueOfPlanAssets
25,998 
23,483 
 
FairValueInputsLevel2Member |
EquitySecuritiesMember
 
 
 
Defined Benefit Plan Fair Value Disclosure [Line Items]
 
 
 
DefinedBenefitPlanFairValueOfPlanAssets
40,382 1
48,848 1
 
FairValueInputsLevel2Member |
DebtSecuritiesMember
 
 
 
Defined Benefit Plan Fair Value Disclosure [Line Items]
 
 
 
DefinedBenefitPlanFairValueOfPlanAssets
56,947 2
60,278 2
 
FairValueInputsLevel2Member |
Alternative Investments [Member]
 
 
 
Defined Benefit Plan Fair Value Disclosure [Line Items]
 
 
 
DefinedBenefitPlanFairValueOfPlanAssets
0 3
0 3
 
FairValueInputsLevel2Member |
Other Assets [Member]
 
 
 
Defined Benefit Plan Fair Value Disclosure [Line Items]
 
 
 
DefinedBenefitPlanFairValueOfPlanAssets
0 4
0 4
 
FairValueInputsLevel3Member
 
 
 
Defined Benefit Plan Fair Value Disclosure [Line Items]
 
 
 
DefinedBenefitPlanFairValueOfPlanAssets
10,475 
8,940 
11,577 
FairValueInputsLevel3Member |
CashAndCashEquivalentsMember
 
 
 
Defined Benefit Plan Fair Value Disclosure [Line Items]
 
 
 
DefinedBenefitPlanFairValueOfPlanAssets
0 
0 
 
FairValueInputsLevel3Member |
EquitySecuritiesMember
 
 
 
Defined Benefit Plan Fair Value Disclosure [Line Items]
 
 
 
DefinedBenefitPlanFairValueOfPlanAssets
0 1
0 1
 
FairValueInputsLevel3Member |
DebtSecuritiesMember
 
 
 
Defined Benefit Plan Fair Value Disclosure [Line Items]
 
 
 
DefinedBenefitPlanFairValueOfPlanAssets
0 2
0 2
 
FairValueInputsLevel3Member |
Alternative Investments [Member]
 
 
 
Defined Benefit Plan Fair Value Disclosure [Line Items]
 
 
 
DefinedBenefitPlanFairValueOfPlanAssets
9,720 3
8,169 3
 
FairValueInputsLevel3Member |
Other Assets [Member]
 
 
 
Defined Benefit Plan Fair Value Disclosure [Line Items]
 
 
 
DefinedBenefitPlanFairValueOfPlanAssets
$ 755 4
$ 771 4
$ 782 
PENSION (Plan Assets) (Detail) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationLineItems
 
 
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance
$ 692,074 
$ 595,829 
FairValueInputsLevel3Member
 
 
FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationLineItems
 
 
Defined Benefit Plan, Fair Value of Plan Assets, Beginning Balance
(8,940)
(11,577)
DefinedBenefitPlanActualReturnOnPlanAssetsStillHeld
164 
197 
DefinedBenefitPlanActualReturnOnPlanAssetsSoldDuringPeriod
2 
0 
DefinedBenefitPlanPurchasesSalesAndSettlements
1,505 
(1,782)
DefinedBenefitPlanTransfersBetweenMeasurementLevels
0 
0 
DefinedBenefitPlanForeignCurrencyExchangeRateChangesPlanAssets
(136)
(1,052)
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance
10,475 
8,940 
Insurance Contracts [Member] |
FairValueInputsLevel3Member
 
 
FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationLineItems
 
 
Defined Benefit Plan, Fair Value of Plan Assets, Beginning Balance
(8,169)
(10,795)
DefinedBenefitPlanActualReturnOnPlanAssetsStillHeld
127 
158 
DefinedBenefitPlanActualReturnOnPlanAssetsSoldDuringPeriod
0 
0 
DefinedBenefitPlanPurchasesSalesAndSettlements
1,554 
(1,818)
DefinedBenefitPlanTransfersBetweenMeasurementLevels
0 
0 
DefinedBenefitPlanForeignCurrencyExchangeRateChangesPlanAssets
(130)
(966)
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance
9,720 
8,169 
Other Assets [Member]
 
 
FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationLineItems
 
 
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance
755 1
771 1
Other Assets [Member] |
FairValueInputsLevel3Member
 
 
FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationLineItems
 
 
Defined Benefit Plan, Fair Value of Plan Assets, Beginning Balance
(771)1
(782)
DefinedBenefitPlanActualReturnOnPlanAssetsStillHeld
37 
39 
DefinedBenefitPlanActualReturnOnPlanAssetsSoldDuringPeriod
2 
0 
DefinedBenefitPlanPurchasesSalesAndSettlements
(49)
36 
DefinedBenefitPlanTransfersBetweenMeasurementLevels
0 
0 
DefinedBenefitPlanForeignCurrencyExchangeRateChangesPlanAssets
(6)
(86)
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance
$ 755 1
$ 771 1
PENSION (Future Service) (Detail) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2015
Defined Benefit Plan Disclosure [Line Items]
 
Defined Benefit Plan, Expected Future Benefit Payments, Next Twelve Months
$ 50,737 
Defined Benefit Plan, Expected Future Benefit Payments, Year Two
49,321 
Defined Benefit Plan, Expected Future Benefit Payments, Year Three
50,754 
Defined Benefit Plan, Expected Future Benefit Payments, Year Four
54,590 
Defined Benefit Plan, Expected Future Benefit Payments, Year Five
53,942 
Defined Benefit Plan, Expected Future Benefit Payments, Five Fiscal Years Thereafter
276,461 
Pension Plans Defined Benefit [Member]
 
Defined Benefit Plan Disclosure [Line Items]
 
Defined Benefit Plan, Expected Future Benefit Payments, Next Twelve Months
49,175 
Defined Benefit Plan, Expected Future Benefit Payments, Year Two
47,785 
Defined Benefit Plan, Expected Future Benefit Payments, Year Three
49,218 
Defined Benefit Plan, Expected Future Benefit Payments, Year Four
53,081 
Defined Benefit Plan, Expected Future Benefit Payments, Year Five
52,443 
Defined Benefit Plan, Expected Future Benefit Payments, Five Fiscal Years Thereafter
269,212 
Domestic Other Post-Employment Benefits Plan
 
Defined Benefit Plan Disclosure [Line Items]
 
Defined Benefit Plan, Expected Future Benefit Payments, Next Twelve Months
1,562 
Defined Benefit Plan, Expected Future Benefit Payments, Year Two
1,536 
Defined Benefit Plan, Expected Future Benefit Payments, Year Three
1,536 
Defined Benefit Plan, Expected Future Benefit Payments, Year Four
1,509 
Defined Benefit Plan, Expected Future Benefit Payments, Year Five
1,499 
Defined Benefit Plan, Expected Future Benefit Payments, Five Fiscal Years Thereafter
$ 7,249 
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Defined Contribution Retirement Plan) (Narrative) (Details) (Curtiss-Wright [Member], USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Defined Contribution Retirement Plan [Member] |
UNITED STATES
 
 
 
Defined Contribution Plan Disclosure [Line Items]
 
 
 
Expense relating to the defined contribution plan
$ 12.8 
 
 
Employer contributions made to the defined contribution plan
5.7 
 
 
Non-elective estimated employer contribution to the defined contribution plan
7.1 
 
 
Expected cumulative employer contributions to the defined contribution plan
67.0 
 
 
Defined Contribution Retirement Plan [Member] |
Non-US [Member]
 
 
 
Defined Contribution Plan Disclosure [Line Items]
 
 
 
Pension expense
$ 4.8 
$ 5.7 
$ 5.1 
Maximum [Member]
 
 
 
Defined Contribution Plan Disclosure [Line Items]
 
 
 
Maximum employer contribution match percentage
6.00% 
 
 
Maximum [Member] |
Defined Contribution Retirement Plan [Member] |
UNITED STATES
 
 
 
Defined Contribution Plan Disclosure [Line Items]
 
 
 
Maximum employer contribution match percentage
6.00% 
 
 
PENSION AND POSTRETIREMENT BENEFITS (Defined Benefit Plans) (Narrative) (Detail) (USD $)
12 Months Ended 12 Months Ended 1 Months Ended 12 Months Ended 12 Months Ended
Dec. 31, 2015
pension_plan
Dec. 31, 2014
Domestic Qualified Pension Plan
Dec. 31, 2015
Domestic Qualified Pension Plan
CashAndCashEquivalentsMember
Dec. 31, 2014
Domestic Qualified Pension Plan
CashAndCashEquivalentsMember
Dec. 31, 2015
Domestic Other Post-Employment Benefits Plan
pension_plan
Dec. 31, 2014
Domestic Other Post-Employment Benefits Plan
Dec. 31, 2015
Domestic Non-Qualified Pension Plan
pension_plan
Dec. 31, 2015
Foreign Pension Plan [Member]
Dec. 31, 2015
SWITZERLAND
Foreign Pension Plan [Member]
pension_plan
Dec. 31, 2015
United Kingdom [Member]
Foreign Pension Plan [Member]
pension_plan
Dec. 31, 2015
GERMANY
Foreign Pension Plan [Member]
pension_plan
Dec. 31, 2015
MEXICO
Foreign Pension Plan [Member]
pension_plan
Dec. 31, 2015
Canada [Member]
Foreign Pension Plan [Member]
pension_plan
Dec. 31, 2015
Curtiss-Wright [Member]
Dec. 31, 2015
Curtiss-Wright [Member]
Domestic Qualified Pension Plan
pension_plan
Dec. 31, 2014
Curtiss-Wright [Member]
Domestic Qualified Pension Plan
Dec. 31, 2015
Curtiss-Wright [Member]
Domestic Other Post-Employment Benefits Plan
pension_plan
Dec. 31, 2014
Curtiss-Wright [Member]
Domestic Other Post-Employment Benefits Plan
Dec. 31, 2015
Curtiss-Wright [Member]
Domestic Non-Qualified Pension Plan
Dec. 31, 2014
Curtiss-Wright [Member]
Domestic Non-Qualified Pension Plan
Sep. 30, 2013
Curtiss-Wright [Member]
Foreign Pension Plan [Member]
Dec. 31, 2015
Curtiss-Wright [Member]
Foreign Pension Plan [Member]
Dec. 31, 2014
Curtiss-Wright [Member]
Foreign Pension Plan [Member]
Dec. 31, 2015
EMD [Member]
Dec. 31, 2015
Willams Controls [Member]
Domestic Qualified Pension Plan
pension_plan
Dec. 31, 2015
Other Assets [Member]
Curtiss-Wright [Member]
Domestic Other Post-Employment Benefits Plan
Dec. 31, 2014
Other Assets [Member]
Curtiss-Wright [Member]
Domestic Other Post-Employment Benefits Plan
Defined Benefit Plan Disclosure [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Contributions made by employer
 
 
 
 
$ 1,265,000 
$ 1,565,000 
 
 
 
 
 
 
 
 
$ 145,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
Number of pension and other post retirement defined benefit plans
12 
 
 
 
 
 
1 
 
1 
3 
2 
2 
1 
 
1 
 
1 
 
 
 
 
 
 
 
 
 
 
DomesticPensionandOtherPostretirementDefinedBenefitPlansNumberPensionPlans
3 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
ForeignPensionandOtherPostretirementDefinedBenefitPlansNumberPensionPlans
9 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Number of pension and other post retirement defined benefit plans merged into parent plan
 
 
 
 
3 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2 
 
 
Number of years of service
 
 
 
 
 
 
 
 
 
 
 
 
 
1 year 
 
 
 
 
 
 
 
 
 
 
 
 
 
Vesting period
 
 
 
 
 
 
 
 
 
 
 
 
 
3 years 
 
 
 
 
 
 
 
 
 
 
 
 
 
Percent of employees' gross pay withheld
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1.50% 
 
 
 
Period after which accruals will cease
 
 
 
 
 
 
 
 
 
 
 
 
 
15 years 
 
 
 
 
 
 
 
 
 
 
 
 
 
Noncurrent pension liability
 
 
 
 
 
 
 
 
 
 
 
 
 
 
38,100,000 
152,500,000 
 
 
39,400,000 
43,700,000 
 
5,100,000 
5,300,000 
 
 
 
 
Discount rate decrease
 
 
 
 
 
 
 
 
 
 
 
 
 
 
0.75% 
 
 
 
 
 
 
 
 
 
 
 
 
Discount rate
 
 
 
 
 
 
 
 
 
 
 
 
 
 
4.25% 
 
 
 
 
 
 
 
 
 
 
 
 
Expected employer contributions
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1,600,000 
 
2,700,000 
 
 
2,600,000 
 
 
 
 
 
Postretirement benefit liability
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
22,000,000 
23,200,000 
 
 
 
 
 
 
 
 
 
Discounted receivable
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1,000,000 
1,400,000 
Total projected benefit obligation
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
87,800,000 
90,100,000 
 
 
 
 
Plan amendment reducing projected benefit obligation
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
7,000,000 
 
 
 
 
 
 
Plan amendment gain due to curtailment
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2,800,000 
 
 
 
 
 
 
Curtailment charge
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$ 2,200,000 
 
 
 
 
 
 
 
 
 
 
 
Plan assets as a percentage of consolidated assets
 
88.00% 
3.00% 
3.00% 
 
 
 
12.00% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Expected return on assets assumption
 
 
 
 
 
 
 
4.46% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
LEASES (Detail) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2015
Leases [Abstract]
 
OperatingLeasesFutureMinimumPaymentsDueCurrent
$ 26,676 
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
21,657 
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
18,319 
OperatingLeasesFutureMinimumPaymentsDueInFourYears
14,320 
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
10,736 
OperatingLeasesFutureMinimumPaymentsDueThereafter
41,805 
OperatingLeasesFutureMinimumPaymentsDue
$ 133,513 
LEASES (Narrative) (Detail) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Leases [Abstract]
 
 
 
OperatingLeasesRentExpenseNet
$ 37.0 
$ 38.0 
$ 35.3 
SEGMENT INFORMATION (Detail) (USD $)
3 Months Ended 12 Months Ended
Dec. 31, 2015
Sep. 30, 2015
Jun. 30, 2015
Mar. 31, 2015
Dec. 31, 2014
Sep. 30, 2014
Jun. 30, 2014
Mar. 31, 2014
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Segment Reporting Information [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Assets held for sale
$ 0 
 
 
 
$ 147,347,000 
 
 
 
$ 0 
$ 147,347,000 
 
Net sales
588,755,000 
525,535,000 
545,194,000 
546,199,000 
572,586,000 
558,383,000 
569,198,000 
542,959,000 
2,205,683,000 
2,243,126,000 
2,118,081,000 
Operating income
 
 
 
 
 
 
 
 
310,617,000 
282,373,000 
237,123,000 
Depreciation and amortization
 
 
 
 
 
 
 
 
100,810,000 
118,931,000 
121,497,000 
Total assets
3,029,378,000 
 
 
 
3,399,511,000 
 
 
 
3,029,378,000 
3,399,511,000 
3,458,274,000 
Capital expenditures related to discontinued operations
 
 
 
 
 
 
 
 
200,000 
4,900,000 
7,000,000 
Corporate And Other [Member]
 
 
 
 
 
 
 
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Operating income
 
 
 
 
 
 
 
 
(34,790,000)
(30,312,000)
(41,944,000)
Operating Segments [Member]
 
 
 
 
 
 
 
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Net sales
 
 
 
 
 
 
 
 
2,205,683,000 
2,243,126,000 
2,118,081,000 
Operating income
 
 
 
 
 
 
 
 
310,617,000 
282,373,000 
237,123,000 
Depreciation and amortization
 
 
 
 
 
 
 
 
99,475,000 
104,925,000 
102,215,000 
Total assets
3,029,378,000 
 
 
 
3,399,511,000 
 
 
 
3,029,378,000 
3,399,511,000 
3,458,274,000 
PropertyPlantAndEquipmentAdditions
 
 
 
 
 
 
 
 
35,512,000 
67,115,000 
72,242,000 
Operating Segments [Member] |
Commercial Industrial [Member]
 
 
 
 
 
 
 
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Segment Reporting Information, Revenue for Reportable Segment
 
 
 
 
 
 
 
 
1,189,120,000 
1,232,696,000 
1,079,826,000 
Operating income
 
 
 
 
 
 
 
 
171,525,000 
178,684,000 
131,305,000 
Depreciation and amortization
 
 
 
 
 
 
 
 
55,799,000 
58,276,000 
56,841,000 
Total assets
1,500,931,000 
 
 
 
1,543,795,000 
 
 
 
1,500,931,000 
1,543,795,000 
1,509,011,000 
PropertyPlantAndEquipmentAdditions
 
 
 
 
 
 
 
 
21,990,000 
37,329,000 
48,696,000 
Operating Segments [Member] |
Defense [Member]
 
 
 
 
 
 
 
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Segment Reporting Information, Revenue for Reportable Segment
 
 
 
 
 
 
 
 
479,528,000 
492,094,000 
481,850,000 
Operating income
 
 
 
 
 
 
 
 
98,895,000 
82,552,000 
74,360,000 
Depreciation and amortization
 
 
 
 
 
 
 
 
15,965,000 
19,530,000 
19,235,000 
Total assets
808,197,000 
 
 
 
845,193,000 
 
 
 
808,197,000 
845,193,000 
888,689,000 
PropertyPlantAndEquipmentAdditions
 
 
 
 
 
 
 
 
3,834,000 
5,175,000 
3,443,000 
Operating Segments [Member] |
Power [Member]
 
 
 
 
 
 
 
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Segment Reporting Information, Revenue for Reportable Segment
 
 
 
 
 
 
 
 
545,013,000 
527,034,000 
563,405,000 
Operating income
 
 
 
 
 
 
 
 
74,987,000 
51,449,000 
73,402,000 
Depreciation and amortization
 
 
 
 
 
 
 
 
23,419,000 
23,060,000 
21,484,000 
Total assets
642,655,000 
 
 
 
579,736,000 
 
 
 
642,655,000 
579,736,000 
581,323,000 
PropertyPlantAndEquipmentAdditions
 
 
 
 
 
 
 
 
6,163,000 
16,057,000 
12,144,000 
Operating Segments [Member] |
Corporate And Other [Member]
 
 
 
 
 
 
 
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Operating income
 
 
 
 
 
 
 
 
(34,790,000)
(30,312,000)
(41,944,000)
Depreciation and amortization
 
 
 
 
 
 
 
 
4,292,000 
4,059,000 
4,655,000 
Total assets
77,595,000 
 
 
 
283,441,000 
 
 
 
77,595,000 
283,441,000 
57,691,000 
PropertyPlantAndEquipmentAdditions
 
 
 
 
 
 
 
 
3,525,000 
8,554,000 
7,959,000 
Operating Segments [Member] |
Intersegment Eliminations [Member]
 
 
 
 
 
 
 
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Segment Reporting Information, Revenue for Reportable Segment
 
 
 
 
 
 
 
 
(7,978,000)
(8,698,000)
(7,000,000)
Operating Segments [Member] |
Held-for-sale [Member]
 
 
 
 
 
 
 
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Total assets
$ 0 
 
 
 
$ 147,346,000 
 
 
 
$ 0 
$ 147,346,000 
$ 421,560,000 
SEGMENT INFORMATION (Reconciliation) (Detail) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Segment Reporting Information [Line Items]
 
 
 
Operating income
$ 310,617 
$ 282,373 
$ 237,123 
Interest expense
(36,038)
(35,794)
(37,053)
Other income, net
615 
365 
980 
Earnings before income taxes
275,194 
246,944 
201,050 
Assets
 
 
 
Total assets
3,029,378 
3,399,511 
3,458,274 
Non Segment Cash [Member]
 
 
 
Assets
 
 
 
Total assets
42,164 
247,249 
13,308 
Non Segment Other Assets [Member]
 
 
 
Assets
 
 
 
Total assets
35,431 
36,192 
44,383 
Corporate And Other [Member]
 
 
 
Segment Reporting Information [Line Items]
 
 
 
Operating income
(34,790)
(30,312)
(41,944)
Operating Segments [Member]
 
 
 
Segment Reporting Information [Line Items]
 
 
 
Operating income
345,407 
312,685 
279,067 
Assets
 
 
 
Total assets
2,951,783 
2,968,724 
2,979,023 
Operating Segments [Member]
 
 
 
Segment Reporting Information [Line Items]
 
 
 
Operating income
310,617 
282,373 
237,123 
Assets
 
 
 
Total assets
3,029,378 
3,399,511 
3,458,274 
Operating Segments [Member] |
Corporate And Other [Member]
 
 
 
Segment Reporting Information [Line Items]
 
 
 
Operating income
(34,790)
(30,312)
(41,944)
Assets
 
 
 
Total assets
77,595 
283,441 
57,691 
Operating Segments [Member] |
Held-for-sale [Member]
 
 
 
Assets
 
 
 
Total assets
$ 0 
$ 147,346 
$ 421,560 
SEGMENT INFORMATION (Geographic) (Detail) (USD $)
In Thousands, unless otherwise specified
3 Months Ended 12 Months Ended
Dec. 31, 2015
Sep. 30, 2015
Jun. 30, 2015
Mar. 31, 2015
Dec. 31, 2014
Sep. 30, 2014
Jun. 30, 2014
Mar. 31, 2014
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
RevenuesFromExternalCustomersAndLongLivedAssetsLineItems
 
 
 
 
 
 
 
 
 
 
 
Net sales
$ 588,755 
$ 525,535 
$ 545,194 
$ 546,199 
$ 572,586 
$ 558,383 
$ 569,198 
$ 542,959 
$ 2,205,683 
$ 2,243,126 
$ 2,118,081 
Property, plant, and equipment, net
413,644 
 
 
 
458,919 
 
 
 
413,644 
458,919 
515,718 
UNITED STATES
 
 
 
 
 
 
 
 
 
 
 
RevenuesFromExternalCustomersAndLongLivedAssetsLineItems
 
 
 
 
 
 
 
 
 
 
 
Net sales
 
 
 
 
 
 
 
 
1,502,363 
1,521,034 
1,444,019 
Property, plant, and equipment, net
293,612 
 
 
 
323,937 
 
 
 
293,612 
323,937 
365,691 
United Kingdom [Member]
 
 
 
 
 
 
 
 
 
 
 
RevenuesFromExternalCustomersAndLongLivedAssetsLineItems
 
 
 
 
 
 
 
 
 
 
 
Net sales
 
 
 
 
 
 
 
 
135,673 
145,092 
134,815 
Property, plant, and equipment, net
36,061 
 
 
 
45,625 
 
 
 
36,061 
45,625 
43,434 
Other Foreign Countries [Member]
 
 
 
 
 
 
 
 
 
 
 
RevenuesFromExternalCustomersAndLongLivedAssetsLineItems
 
 
 
 
 
 
 
 
 
 
 
Net sales
 
 
 
 
 
 
 
 
567,647 
577,000 
539,247 
Property, plant, and equipment, net
$ 83,971 
 
 
 
$ 89,357 
 
 
 
$ 83,971 
$ 89,357 
$ 106,593 
SEGMENT INFORMATION SEGMENT INFORMATION (Product Line) (Details) (USD $)
In Thousands, unless otherwise specified
3 Months Ended 12 Months Ended
Dec. 31, 2015
Sep. 30, 2015
Jun. 30, 2015
Mar. 31, 2015
Dec. 31, 2014
Sep. 30, 2014
Jun. 30, 2014
Mar. 31, 2014
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Segment Reporting Information [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Net sales
$ 588,755 
$ 525,535 
$ 545,194 
$ 546,199 
$ 572,586 
$ 558,383 
$ 569,198 
$ 542,959 
$ 2,205,683 
$ 2,243,126 
$ 2,118,081 
Flow Control [Member]
 
 
 
 
 
 
 
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Net sales
 
 
 
 
 
 
 
 
949,657 
959,907 
940,910 
Controls [Member]
 
 
 
 
 
 
 
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Net sales
 
 
 
 
 
 
 
 
947,758 
953,667 
873,519 
Surface Technologies [Member]
 
 
 
 
 
 
 
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Net sales
 
 
 
 
 
 
 
 
$ 308,268 
$ 329,552 
$ 303,652 
CONTINGENCIES AND COMMITMENTS (Detail) (USD $)
12 Months Ended 12 Months Ended
Dec. 31, 2014
Dec. 31, 2015
Dec. 31, 2015
Standby Letters Of Credit [Member]
Dec. 31, 2014
Standby Letters Of Credit [Member]
Dec. 31, 2015
Financial Standby Letter of Credit [Member]
Dec. 31, 2014
Financial Standby Letter of Credit [Member]
Dec. 31, 2015
Failure to Meet Contractual Obligations [Member]
Loss Contingencies [Line Items]
 
 
 
 
 
 
 
Letters of Credit Outstanding, Amount
 
 
$ 37,300,000 
$ 54,300,000 
$ 14,700,000 
$ 20,700,000 
 
Asset Retirement Obligation
 
7,000,000 
 
 
 
 
 
Surety Bond Outstanding
 
52,900,000 
 
 
 
 
 
Loss Contingency, Damages Sought, Value
1,000,000,000 
 
 
 
 
 
25,000,000 
Loss Contingency, Range of Possible Loss, Minimum
 
 
 
 
 
 
0 
Loss Contingency, Range of Possible Loss, Maximum
 
 
 
 
 
 
$ 48,000,000 
ACCUMULATED OTHER COMPREHENSIVE INCOME LOSS (Detail) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
 
 
 
Accumulated Other Comprehensive Income (Loss), Net of Tax
$ (128,411)
$ 25,259 
 
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax
(112,350)
 
 
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax
14,833 
 
 
Other Comprehensive Income (Loss), Net of Tax
(97,517)
(153,670)
80,767 
Accumulated Other Comprehensive Income (Loss), Net of Tax
(225,928)
(128,411)
25,259 
Accumulated Translation Adjustment [Member]
 
 
 
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
 
 
 
Accumulated Other Comprehensive Income (Loss), Net of Tax
(20,283)
59,103 
 
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax
(87,527)
 
 
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax
0 
 
 
Other Comprehensive Income (Loss), Net of Tax
(87,527)
(79,386)
 
Accumulated Other Comprehensive Income (Loss), Net of Tax
(107,810)
(20,283)
 
Accumulated Defined Benefit Plans Adjustment [Member]
 
 
 
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
 
 
 
Accumulated Other Comprehensive Income (Loss), Net of Tax
(108,128)
(33,844)
 
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax
(24,823)
 
 
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax
14,833 
 
 
Other Comprehensive Income (Loss), Net of Tax
(9,990)
(74,284)
 
Accumulated Other Comprehensive Income (Loss), Net of Tax
$ (118,118)
$ (108,128)
 
ACCUMULATED OTHER COMPREHENSIVE INCOME LOSS ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Reclass) (Details) (USD $)
In Thousands, unless otherwise specified
3 Months Ended 12 Months Ended
Dec. 31, 2015
Sep. 30, 2015
Jun. 30, 2015
Mar. 31, 2015
Dec. 31, 2014
Sep. 30, 2014
Jun. 30, 2014
Mar. 31, 2014
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Accumulated Other Comprehensive Income (Loss) [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Earnings before income taxes
 
 
 
 
 
 
 
 
$ 275,194 
$ 246,944 
$ 201,050 
Provision for income taxes
 
 
 
 
 
 
 
 
(82,946)
(76,995)
(61,646)
Net earnings
69,849 
33,884 
25,737 
15,991 
16,750 
25,033 
36,391 
35,164 
145,461 
113,338 
137,981 
Reclassification out of Accumulated Other Comprehensive Income [Member] |
Accumulated Defined Benefit Plans Adjustment [Member]
 
 
 
 
 
 
 
 
 
 
 
Accumulated Other Comprehensive Income (Loss) [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Other Comprehensive (Income) Loss, Amortization Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Prior Service Cost (Credit), before Tax
 
 
 
 
 
 
 
 
39 1
(5)1
 
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Gain (Loss), before Tax
 
 
 
 
 
 
 
 
(16,339)1
(6,016)1
 
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, Curtailments, before Tax
 
 
 
 
 
 
 
 
(7,461)
(377)
 
Earnings before income taxes
 
 
 
 
 
 
 
 
(23,761)
(6,398)
 
Provision for income taxes
 
 
 
 
 
 
 
 
8,928 
2,232 
 
Net earnings
 
 
 
 
 
 
 
 
$ (14,833)
$ (4,166)
 
QUARTERLY RESULTS OF OPERATIONS (Detail) (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended 12 Months Ended
Dec. 31, 2015
Sep. 30, 2015
Jun. 30, 2015
Mar. 31, 2015
Dec. 31, 2014
Sep. 30, 2014
Jun. 30, 2014
Mar. 31, 2014
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Quarterly Financial Information Disclosure [Abstract]
 
 
 
 
 
 
 
 
 
 
 
Net sales
$ 588,755 
$ 525,535 
$ 545,194 
$ 546,199 
$ 572,586 
$ 558,383 
$ 569,198 
$ 542,959 
$ 2,205,683 
$ 2,243,126 
$ 2,118,081 
Gross Profit
224,314 
185,494 
182,351 
191,096 
200,340 
193,331 
198,231 
184,614 
783,255 
776,516 
735,839 
Earnings from continuing operations
70,762 
38,142 
40,121 
43,223 
46,132 
44,378 
43,009 
36,430 
192,248 
169,949 
139,404 
Earnings from discontinued operations
(913)
(4,258)
(14,384)
(27,232)
(29,382)
(19,345)
(6,618)
(1,266)
(46,787)
(56,611)
(1,423)
Net earnings
$ 69,849 
$ 33,884 
$ 25,737 
$ 15,991 
$ 16,750 
$ 25,033 
$ 36,391 
$ 35,164 
$ 145,461 
$ 113,338 
$ 137,981 
Basic earnings per share
 
 
 
 
 
 
 
 
 
 
 
Earnings from continuing operations
$ 1.56 
$ 0.82 
$ 0.85 
$ 0.91 
$ 0.96 
$ 0.92 
$ 0.90 
$ 0.76 
$ 4.12 
$ 3.54 
$ 2.97 
Earnings from discontinued operations
$ (0.02)
$ (0.09)
$ (0.31)
$ (0.57)
$ (0.61)
$ (0.40)
$ (0.14)
$ (0.03)
$ (1.00)
$ (1.18)
$ (0.03)
Total
$ 1.54 
$ 0.73 
$ 0.54 
$ 0.34 
$ 0.35 
$ 0.52 
$ 0.76 
$ 0.73 
$ 3.12 
$ 2.36 
$ 2.94 
Diluted earnings per share
 
 
 
 
 
 
 
 
 
 
 
Earnings from continuing operations
$ 1.53 
$ 0.80 
$ 0.83 
$ 0.89 
$ 0.94 
$ 0.90 
$ 0.87 
$ 0.74 
$ 4.04 
$ 3.46 
$ 2.91 
Earnings from discontinued operations
$ (0.02)
$ (0.09)
$ (0.30)
$ (0.56)
$ (0.60)
$ (0.39)
$ (0.13)
$ (0.02)
$ (0.99)
$ (1.15)
$ (0.03)
Total
$ 1.51 
$ 0.71 
$ 0.53 
$ 0.33 
$ 0.34 
$ 0.51 
$ 0.74 
$ 0.72 
$ 3.05 
$ 2.31 
$ 2.88 
SUBSEQUENT EVENTS SUBSEQUENT EVENTS (Details) (Subsequent Event [Member], USD $)
In Millions, unless otherwise specified
Feb. 5, 2016
Subsequent Event [Member]
 
Subsequent Event [Line Items]
 
Deferred Gain (Loss) on Discontinuation of Interest Rate Fair Value Hedge
$ 21 
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS (Detail) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
ValuationAndQualifyingAccountsDisclosureLineItems
 
 
 
Valuation Allowances and Reserves, Balance, Beginning Balance
$ 23,478 
$ 6,321 
$ 8,531 
ValuationAllowancesAndReservesChargedToCostAndExpense
2,605 
18,535 
(1,896)
ValuationAllowancesAndReservesChargedToOtherAccounts
(299)
(263)
(314)
ValuationAllowancesAndReservesDeductions
7,889 
1,115 
0 
Valuation Allowances and Reserves, Balance, Ending Balance
17,895 
23,478 
6,321 
ValuationAllowanceOfDeferredTaxAssetsMember
 
 
 
ValuationAndQualifyingAccountsDisclosureLineItems
 
 
 
Valuation Allowances and Reserves, Balance, Beginning Balance
23,478 
6,321 
8,531 
ValuationAllowancesAndReservesChargedToCostAndExpense
2,605 
18,535 
(1,896)
ValuationAllowancesAndReservesChargedToOtherAccounts
(299)
(263)
(314)
ValuationAllowancesAndReservesDeductions
7,889 
1,115 
0 
Valuation Allowances and Reserves, Balance, Ending Balance
$ 17,895 
$ 23,478 
$ 6,321