Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2018	Feb. 20, 2019	Jun. 29, 2018
Document and Entity Information [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2018
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	FY
Entity Registrant Name	BARNES GROUP INC
Entity Central Index Key	0000009984
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		51,354,856
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Public Float			$ 2,798,420,456

Consolidated Statements of Income - USD ($) $ in Thousands	12 Months Ended
Consolidated Statements of Income - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Income Statement [Abstract]
Net sales	$ 1,495,889	$ 1,436,499	$ 1,230,754
Cost of sales	963,524	943,779	788,727
Selling and administrative expenses	300,601	286,269	247,731
Total operating costs and expenses	1,264,125	1,230,048	1,036,458
Operating income	231,764	206,451	194,296
Interest expense	16,841	14,571	11,883
Other expense (income), net	7,428	(3,819)	(208)
Income before income taxes	207,495	195,699	182,621
Income taxes	41,309	136,284	47,020
Net income	$ 166,186	$ 59,415	$ 135,601
Per common share:
Basic (in dollars per share)	$ 3.18	$ 1.10	$ 2.50
Diluted (in dollars per share)	3.15	$ 1.09	2.48
Dividends (in dollars per share)	$ 0.62		$ 0.51
Weighted average common shares outstanding:
Basic (in shares)	52,304,190	54,073,407	54,191,013
Diluted (in shares)	52,831,606	54,605,298	54,631,313

Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2018

Dec. 31, 2017

Dec. 31, 2016

Statement of Comprehensive Income [Abstract]

Net income

$ 166,186

$ 59,415

$ 135,601

Other comprehensive (loss) income, net of tax

Unrealized gain (loss) hedging activities, net of tax (1)

^[1]

673

299

(342)

Unrealized (loss) gain on hedging activities, tax

207

232

(42)

Foreign currency translation adjustments, net of tax (2)

^[2]

(50,017)

83,404

(48,367)

Foreign currency translation adjustment, tax

(210)

610

(833)

Defined benefit pension and other postretirement benefits, net of tax (3)

^[3]

(15,426)

10,726

(8,867)

Defined benefit pension and other postretirement benefits, tax

(4,606)

4,469

(4,687)

Total other comprehensive (loss) income, net of tax

(64,770)

94,429

(57,576)

Total comprehensive income

$ 101,416

$ 153,844

$ 78,025

[1]	Net of tax of $207, $232 and $(42) for the years ended December 31, 2018, 2017 and 2016, respectively.
[2]	Net of tax of $(210), $610 and $(833) for the years ended December 31, 2018, 2017 and 2016, respectively.
[3]	Net of tax of $(4,606), $4,469 and $(4,687) for the years ended December 31, 2018, 2017 and 2016, respectively.

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Current assets
Cash and cash equivalents	$ 100,719	$ 145,290
Accounts receivable, less allowances (2018 – $5,010; 2017 – $5,143)	382,253	348,943
Inventories	265,990	241,962
Prepaid expenses and other current assets	57,184	32,526
Total current assets	806,146	768,721
Deferred income taxes	20,474	12,161
Property, plant and equipment, net	370,531	359,298
Goodwill	955,524	690,223
Other intangible assets, net	636,538	507,042
Other assets	19,757	28,271
Total assets	2,808,970	2,365,716
Current liabilities
Notes and overdrafts payable	2,137	5,669
Accounts payable	143,419	127,521
Accrued liabilities	206,782	181,241
Long-term debt – current	5,522	1,330
Total current liabilities	357,860	315,761
Long-term debt	936,357	525,597
Accrued retirement benefits	104,302	89,000
Deferred income taxes	106,559	73,505
Long-term tax liability	72,961	79,770
Other liabilities	27,875	21,762
Commitments and contingencies (Note 21)
Stockholders’ equity
Common stock – par value $0.01 per share Authorized: 150,000,000 shares, Issued: at par value (2018 – 63,367,133 shares; 2017 – 63,034,240 shares)	634	630
Additional paid-in capital	470,818	457,365
Treasury stock, at cost (2018 – 12,033,580 shares; 2017 – 9,656,369 shares)	(441,668)	(297,998)
Retained earnings	1,363,772	1,206,723
Accumulated other non-owner changes to equity	(190,500)	(106,399)
Total stockholders’ equity	1,203,056	1,260,321
Total liabilities and stockholders’ equity	$ 2,808,970	$ 2,365,716

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 5,010	$ 5,143
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	150,000,000	150,000,000
Common stock, shares issued (in shares)	63,367,133	63,034,240
Treasury stock, at cost (in shares)	12,033,580	9,656,369

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Operating activities:
Net income	$ 166,186	$ 59,415	$ 135,601
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	94,238	90,150	80,154
Loss (gain) on disposition of property, plant and equipment	71	(246)	(349)
Stock compensation expense	12,158	12,279	11,493
Effect of U.S. Tax Reform on deferred tax assets	0	4,152	0
Changes in assets and liabilities, net of the effects of acquisitions:
Accounts receivable	(10,960)	(50,082)	(23,057)
Inventories	(12,369)	(173)	1,989
Prepaid expenses and other current assets	(2,890)	(4,241)	569
Accounts payable	12,489	12,018	11,778
Accrued liabilities	(580)	14,439	15,825
Deferred income taxes	(18,876)	3,589	(2,210)
Long-term retirement benefits	1,632	(16,349)	(15,492)
Long-term tax liability	(6,809)	79,770	0
Other	2,909	(801)	1,345
Net cash provided by operating activities	237,199	203,920	217,646
Investing activities:
Proceeds from disposition of property, plant and equipment	1,374	2,594	780
Capital expenditures	(57,273)	(58,712)	(47,577)
Business acquisitions, net of cash acquired	(430,487)	(8,922)	(128,613)
Component Repair Program payments	0	0	(4,100)
Revenue Sharing Program payments	(5,800)	0	0
Other	(1,000)	(3,000)	0
Net cash used in investing activities	(493,186)	(68,040)	(179,510)
Financing activities:
Net change in other borrowings	(5,145)	(25,304)	8,375
Payments on long-term debt	(433,904)	(73,161)	(321,506)
Proceeds from the issuance of long-term debt	841,036	129,118	303,277
Proceeds from the issuance of common stock	1,131	2,408	4,611
Common stock repurchases	(138,275)	(40,791)	(20,520)
Dividends paid	(32,206)	(29,551)	(27,435)
Withholding taxes paid on stock issuances	(5,395)	(5,380)	(4,885)
Other	(11,678)	(21,090)	4,771
Net cash provided (used) by financing activities	215,564	(63,751)	(53,312)
Effect of exchange rate changes on cash flows	(4,148)	6,714	(2,303)
(Decrease) increase in cash and cash equivalents	(44,571)	78,843	(17,479)
Cash and cash equivalents at beginning of year	145,290	66,447	83,926
Cash and cash equivalents at end of year	$ 100,719	$ 145,290	$ 66,447

Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Treasury Stock	Retained Earnings	Accumulated Other Non-Owner Changes to Equity
Balance at Dec. 31, 2015	$ 1,127,753	$ 621	$ 427,558	$ (226,421)	$ 1,069,247	$ (143,252)
Balance (in shares) at Dec. 31, 2015		62,071,000		8,207,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive income	78,025				135,601	(57,576)
Dividends paid	(27,435)				(27,435)
Common stock repurchases	(20,520)			$ (20,520)
Cumulative effect of change in accounting guidance (Note 12)	198				198
Common stock repurchases (in shares)				550,994
Employee stock plans	10,337	$ 6	15,677	$ (4,886)	(460)
Employee stock plans (in shares)		621,259		132,000
Balance at Dec. 31, 2016	1,168,358	$ 627	443,235	$ (251,827)	1,177,151	(200,828)
Balance (in shares) at Dec. 31, 2016		62,692,000		8,890,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive income	153,844				59,415	94,429
Dividends paid	(29,551)				(29,551)
Common stock repurchases	(40,791)			$ (40,791)
Common stock repurchases (in shares)				677,100
Employee stock plans	8,461	$ 3	14,130	$ (5,380)	(292)
Employee stock plans (in shares)		341,837		89,000
Balance at Dec. 31, 2017	1,260,321	$ 630	457,365	$ (297,998)	1,206,723	(106,399)
Balance (in shares) at Dec. 31, 2017		63,034,000		9,656,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive income	101,416				166,186	(64,770)
Dividends paid	(32,206)				(32,206)
Common stock repurchases	(138,275)			$ (138,275)
Reclassification pursuant to accounting guidance related to U.S. Tax Reform (Note 1)	0				19,331	(19,331)
Cumulative effect of change in accounting guidance (Note 12)	4,295				4,295
Common stock repurchases (in shares)				2,292,100
Employee stock plans	7,505	$ 4	13,453	$ (5,395)	(557)
Employee stock plans (in shares)		332,893		86,000
Balance at Dec. 31, 2018	$ 1,203,056	$ 634	$ 470,818	$ (441,668)	$ 1,363,772	$ (190,500)
Balance (in shares) at Dec. 31, 2018		63,367,000		12,034,000

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2018

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

General: The preparation of consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Certain reclassifications have been made to prior year amounts to conform to current year presentation. See "Recently Adopted Accounting Standards" below, which discusses the Company's application of the amended guidance related to the classification of pension and other postretirement benefit costs.

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

Revenue recognition: The Company accounts for revenue in accordance with Accounting Standard Codification 606, Revenue from Contracts with Customers, which it adopted on January 1, 2018. Revenue is recognized by the Company when control of the product or solution is transferred to the customer. Control is generally transferred when products are shipped or delivered to customers, title is transferred, the significant risks and rewards of ownership have transferred, the Company has rights to payment and rewards of ownership pass to the customer. Customer acceptance may also be a factor in determining whether control of the product has transferred. Although revenue is generally transferred at a point in time, a certain portion of businesses with customized products or contracts in which the Company performs work on customer-owned assets requires the use of an over time recognition model as certain contracts meet one or more of the established criteria pursuant to the accounting standards governing revenue recognition. Also, service revenue is recognized as control transfers, which is concurrent with the services being performed. See Note 3. Management fees related to the Aerospace Aftermarket Revenue Sharing Programs ("RSPs") are satisfied through an agreed upon reduction from the sales price of each of the related spare parts. These fees recognize our customer's necessary performance of engine program support activities, such as spare parts administration, warehousing and inventory management, and customer support, and are not separable from our sale of products, and accordingly, they are reflected as a reduction to sales, rather than as costs incurred, when revenues are recognized.

Cash and cash equivalents: Cash in excess of operating requirements is invested in short-term, highly liquid, income-producing investments. All highly liquid investments purchased with an original maturity of three months or less are considered cash equivalents. Cash equivalents are carried at cost which approximates fair value.

Inventories: Inventories are valued at the lower of cost, determined on a first-in, first-out basis, or net realizable value. The primary components of cost included in inventories are raw material, labor and overhead. Provisions are made to reduce excess or obsolete inventories to their estimated net realizable value. The process for evaluating the value of excess and obsolete inventory often requires the Company to make subjective judgments and estimates concerning future sales levels, quantities and prices at which such inventory will be sold in the normal course of business and estimated costs. Accelerating the disposal process or changes in estimates based on future sales potential or estimated costs may necessitate future adjustments to these provisions.

Property, plant and equipment: Property, plant and equipment is stated at cost. Depreciation is recorded over estimated useful lives, generally ranging from 20 to 50 years for buildings and four to 12 years for machinery and equipment. The straight-line method of depreciation was adopted for all property, plant and equipment placed in service after March 31, 1999. For property, plant and equipment placed into service prior to April 1, 1999, depreciation is calculated using accelerated methods. The Company assesses the impairment of property, plant and equipment subject to depreciation whenever events or changes in circumstances indicate the carrying value may not be recoverable.

Goodwill: Goodwill represents the excess purchase cost over the fair value of net assets of companies acquired in business combinations. Goodwill is considered an indefinite-lived asset. Goodwill is subject to impairment testing in accordance with accounting standards governing such on an annual basis, in the second quarter, or more frequently if an event or change in circumstances indicates that the fair value of a reporting unit has been reduced below its carrying value. Based on the assessments performed during 2018, there was no goodwill impairment.

Aerospace Aftermarket Programs: The Company participates in aftermarket RSPs under which the Company receives an exclusive right to supply designated aftermarket parts over the life of the related aircraft engine program. As consideration, the Company has paid participation fees, which are recorded as long-lived intangible assets. The Company records amortization of the related intangible asset as sales dollars are being earned based on a proportional sales dollar method. Specifically, this method amortizes each asset as a reduction to revenue based on the proportion of sales under a program in a given period to the estimated aggregate sales dollars over the life of that program. This method reflects the pattern in which the economic benefits of the RSPs are realized.

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

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

Other Intangible Assets: Other intangible assets consist primarily of the Aerospace Aftermarket Programs, as discussed above, customer relationships, tradenames, patents and proprietary technology. These intangible assets, with the exception of certain tradenames, have finite lives and are amortized over the periods in which they provide benefit. The Company assesses the impairment of long-lived assets, including identifiable intangible assets subject to amortization, whenever significant events or significant changes in circumstances indicate the carrying value may not be recoverable. Tradenames with indefinite lives are subject to impairment testing in accordance with accounting standards governing such on an annual basis, in the second quarter, or more frequently if an event or change in circumstances indicates that the fair value of the asset has been reduced below its carrying value. Based on the assessments performed during 2018, there were no impairments of other intangible assets. See Note 6 of the Consolidated Financial Statements.

Derivatives: Accounting standards related to the accounting for derivative instruments and hedging activities require that all derivative instruments be recorded on the balance sheet at fair value. Foreign currency contracts may qualify as fair value hedges of unrecognized firm commitments, cash flow hedges of recognized assets and liabilities or anticipated transactions, or a hedge of a net investment. Changes in the fair market value of derivatives that qualify as fair value hedges or cash flow hedges are recorded directly to earnings or accumulated other non-owner changes to equity, depending on the designation. Amounts recorded to accumulated other non-owner changes to equity are reclassified to earnings in a manner that matches the earnings impact of the hedged transaction. Any ineffective portion, or amounts related to contracts that are not designated as hedges, are recorded directly to earnings. The Company’s policy for classifying cash flows from derivatives is to report the cash flows consistent with the underlying hedged item.

Foreign currency: Assets and liabilities are translated at year-end rates of exchange; revenues and expenses are translated at average rates of exchange. The resulting translation gains or losses are reflected in accumulated other non-owner changes to equity within stockholders’ equity. A net foreign currency transaction loss of $3,879 in 2018, and net foreign currency transaction gains of $756 and $1,873 in 2017 and 2016, respectively, were included in other expense (income), net in the Consolidated Statements of Income.

Research and Development: Costs are incurred in connection with efforts aimed at discovering and implementing new knowledge that is critical to developing new products, processes or services, significantly improving existing products or services, and developing new applications for existing products and services. Research and development expenses for the creation of new and improved products and services were $16,193, $14,765 and $12,913, for the years 2018, 2017 and 2016, respectively, and are included in selling and administrative expense.

Pension and Other Postretirement Benefits: The Company accounts for its defined benefit pension plans and other postretirement plans by recognizing the overfunded or underfunded status of the plans, calculated as the difference between plan assets and the projected benefit obligation related to each plan, as an asset or liability on the Consolidated Balance Sheets. Benefit costs associated with the plans primarily include current service costs, interest costs and the amortization of actuarial losses, partially offset by expected returns on plan assets, which are determined based upon actuarial valuations. Settlement and curtailment losses (gains) may also impact benefit costs. The Company regularly reviews actuarial assumptions, including discount rates and the expected return on plan assets, which are updated at the measurement date, December 31st. The impact of differences between actual results and the assumptions are generally accumulated within Other Comprehensive Income and amortized over future periods, which will affect benefit costs recognized in such periods. See Note 12 to the Consolidated Financial Statements.

Stock-Based Compensation: Stock-based employee compensation plans are accounted for based on their fair value on the grant date and the related cost is recognized in the Consolidated Statements of Income in accordance with accounting standards related to share-based payments. The fair values of stock options are estimated using the Black-Scholes option-pricing model based on certain assumptions. The fair values of service and performance based share awards are estimated based on the fair market value of the Company’s stock price on the grant date. The fair values of market based performance share awards are estimated using the Monte Carlo valuation method. See Note 13 of the Consolidated Financial Statements.

Income Taxes: Deferred tax assets and liabilities are recognized for future tax effects attributable to temporary differences, operating loss carryforwards and tax credits. The measurement of deferred tax assets and liabilities is determined using tax rates from enacted tax law of the period in which the temporary differences, operating loss carryforwards and tax credits are expected to be realized. The effect of the change in income tax rates is recognized in the period of the enactment date. The guidance related to accounting for income taxes requires that deferred tax assets be reduced by a valuation allowance if, based on all available evidence, it is more likely than not that the deferred tax asset will not be realized. The Company is exposed to certain tax contingencies in the ordinary course of business and records those tax liabilities in accordance with the guidance for accounting for uncertain tax positions. See Note 14 of the Consolidated Financial Statements.

Recent Accounting Standards

The Financial Accounting Standards Board ("FASB") establishes changes to accounting principles under U.S. GAAP through the use of Accounting Standards Updates ("ASUs") to the FASB's Accounting Standards Codification. The Company evaluates the applicability and potential impacts of recent ASUs on its Consolidated Financial Statements and related disclosures.

Recently Adopted Accounting Standards

In May 2014, the FASB amended its guidance related to revenue recognition. The amended guidance establishes a single comprehensive model for companies to use in accounting for revenue arising from contracts with customers and supersedes most of the existing revenue recognition guidance, including industry-specific guidance. The amended guidance clarifies that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In applying the amended guidance, an entity (1) identifies the contract(s) with a customer; (2) identifies the performance obligations in the contract; (3) determines the transaction price; (4) allocates the transaction price to the contract’s performance obligations; and (5) recognizes revenue when (or as) the entity satisfies a performance obligation. The amended guidance applies to all contracts with customers except those that are within the scope of other topics in the FASB Accounting Standards Codification. Entities had the option of using either a full retrospective or modified retrospective approach to the amended guidance.

The Company adopted the amended guidance, Accounting Standard Codification 606, Revenue from Contracts with Customers (“ASC 606”), and related amendments, using the modified retrospective approach on January 1, 2018, at which time it became effective for the Company. The Company recognized the cumulative effect of initially applying the new revenue standard to all contracts that were not completed on the date of adoption as an adjustment to the opening balance of retained earnings. The comparative information has not been restated and continues to be reported under the accounting standards in effect during those periods.

A majority of revenue continues to be recognized when products are shipped. Under the amended guidance, however, a certain portion of our businesses with customized products or contracts in which we perform work on customer-owned assets require the use of an "over time" recognition model as certain of these contracts meet one or more of the criteria established in the amended guidance. Revenue recognition on contracts requiring over time accounting recognition created unbilled receivables (contract assets) and reduced inventory on the Company’s Consolidated Balance Sheet. Adoption of the amended guidance also resulted in the recognition of customer advances for which the Company has received an unconditional right to payment. Since the related performance obligations have not been satisfied, however, the Company will recognize these customer advances as trade receivables, with a corresponding contract liability of equal amount. Under the previous guidance, the Company recognized customer advances when payment was received.

The cumulative effect of the changes made to the Consolidated Balance Sheet as of January 1, 2018 for the adoption of ASC 606 were as follows:



	Balance at December 31, 2017		Adjustments Due to ASC 606			Balance at January 1, 2018
Assets
Accounts receivable, less allowances	$	348,943	$	13,536		$	362,479
Inventories	241,962		(8,908		)	233,054
Prepaid expenses and other current assets	32,526		14,579			47,105
Deferred income taxes	12,161		(990		)	11,171

Liabilities
Accrued liabilities	181,241		13,536			194,777
Deferred income taxes	73,505		386			73,891

Stockholders' equity
Retained earnings	1,206,723		4,295			1,211,018

The impact of adoption on the Consolidated Statements of Income and Balance Sheets was as follows:



	Twelve Months Ended December 31, 2018
	As Reported		Balances Without Adoption of ASC 606		Effect of Change Higher/(Lower)
Consolidated Statement of Income
Net sales	$	1,495,889	$	1,498,662	$	(2,773	)
Cost of sales	963,524		964,657		(1,133		)
Operating income	231,764		233,404		(1,640		)
Income before income taxes	207,495		209,135		(1,640		)
Income taxes	41,309		41,699		(390		)
Net income	166,186		167,436		(1,250		)



	December 31, 2018
	As Reported			Balances Without Adoption of ASC 606			Effect of Change Higher/(Lower)
Consolidated Balance Sheet
Assets
Accounts receivable, less allowances	$	382,253		$	366,870		$	15,383
Inventories	265,990			273,712			(7,722		)
Prepaid expenses and other current assets	57,184			45,340			11,844
Deferred income taxes	20,474			21,056			(582		)
				—
Liabilities				—
Accrued liabilities	206,782			191,292			15,490
Deferred income taxes	106,559			106,163			396
				—
Stockholders' equity				—
Retained earnings	1,363,772			1,360,727			3,045
Accumulated other changes to equity	(190,500		)	(190,161		)	(339		)

In July 2015, the FASB amended its guidance related to the measurement of inventory. The amended guidance requires inventory to be measured at the lower of cost and net realizable value and thereby simplifies the prior guidance of measuring inventory at the lower of cost or market. The amended guidance is effective prospectively for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. The Company adopted the guidance during the first quarter of 2017 and it did not have a material impact on its Consolidated Financial Statements.

In August 2016, the FASB amended its guidance related to the Statement of Cash Flows. The amended guidance clarifies how certain cash receipts and cash payments should be presented on the statement of cash flows. The guidance is effective for annual periods beginning after December 15, 2017 and interim periods within those fiscal years. The Company adopted the guidance during the first quarter of 2018 and the adoption did not have an impact on its Statement of Cash Flows.

In January 2017, the FASB amended its guidance related to goodwill impairment testing. The amended guidance simplifies the subsequent measurement of goodwill, eliminating Step 2 from the goodwill impairment test. Under the amended guidance, companies should perform their annual goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. Companies would recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit's fair value, assuming the loss recognized does not exceed the total amount of goodwill for the reporting unit. The amended guidance is effective for fiscal years beginning after December 15, 2019. Early adoption is permitted. The Company elected to early adopt this amended guidance during the second quarter of 2018 in connection with its annual goodwill impairment testing and it did not have an impact on the Company's Consolidated Financial Statements.

In March 2017, the FASB amended its guidance related to the presentation of pension and other postretirement benefit costs. The amended guidance requires the bifurcation of net periodic benefit cost for pension and other postretirement plans. The service cost component of expense will be presented with other employee compensation costs in operating income, consistent with the current guidance. The other components of expense, however, will be reported separately outside of operating income. The amended guidance also allows only the service cost component of net benefit cost to be eligible for capitalization. The guidance is effective for annual periods beginning after December 15, 2017 and interim periods within that reporting period. The Company adopted the amended guidance during the first quarter of 2018. The amended guidance was applied retrospectively for the presentation of the service cost component and the other components of net periodic benefit cost in the Statements of Income. Additionally, the amended guidance was applied prospectively for the capitalization of the service cost component of net periodic benefit cost. The amended guidance allows for a practical expedient that permits the use of amounts previously disclosed in the pension and other postretirement benefit plan Note within the prior comparative periods as the estimation basis for applying the retrospective presentation requirements. The Company elected this practical expedient for prior period presentation. During the twelve month period ended December 31, 2017, the adoption of this amended guidance resulted in the reclassification of $(3,827) of net periodic benefit cost from compensation costs (included in Cost of Sales and Selling and Administrative expenses) to other expense (income), net on the Statements of Income. This reclassification included all components of net periodic benefit cost other than the service cost component, with the primary drivers relating to the pension curtailment and settlement gains of ($7,217) and ($230), respectively, resulting from the June 2017 closure of the FOBOHA facility located in Muri, Switzerland. See Note 12 of the Consolidated Financial Statements for additional detail related to the curtailment and settlements gains and Note 9 for additional details related to the restructure of the Muri, Switzerland facility.

In February 2018, the FASB issued guidance related to the impacts of the tax legislation commonly referred to as the Tax Cuts and Jobs Act (the “Act”). The guidance permits the reclassification of certain income tax effects of the Act from Accumulated Other Comprehensive Income to Retained Earnings (stranded tax effects). The stranded tax effects resulted from the December 31, 2017 remeasurement of deferred income taxes that was recorded through the Consolidated Statements of Income, with no corresponding adjustment to Accumulated Other Comprehensive Income having been initially recognized. The guidance is effective for annual periods beginning after December 15, 2018, and interim periods within that reporting period. Early adoption is permitted. The Company elected to early adopt this amended guidance during the first quarter of 2018 using specific identification and as a result reclassified $19,331 from Accumulated Other Comprehensive Income to Retained Earnings on the Consolidated Balance Sheets. This reclassification relates only to the change in the U.S. Corporate income tax rate.

In August 2018, the FASB issued new guidance related to a customer's accounting for implementation, set-up, and other upfront costs incurred in a cloud computing arrangement that is hosted by a vendor (for example, a service contract). Pursuant to the new guidance, customers will apply the same criteria for capitalizing implementation costs in a hosting arrangement as they would for an arrangement that has a software license. The new guidance is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted, including adoption in any interim period for which financial statements have not been issued. The FASB provided the option of applying the guidance retrospectively or prospectively to all implementation costs incurred after the date of adoption. The Company elected to early adopt this guidance, prospectively, during the third quarter of 2018, and it did not have a material impact on the Consolidated Financial Statements.

Recently Issued Accounting Standards

In February 2016, the FASB amended its guidance related to lease accounting. The amended guidance requires lessees to

recognize a majority of their leases on the balance sheet as a right-of-use ("ROU") asset and a lease liability. Lessees are permitted to make an accounting policy election to not recognize an asset and liability for leases with a term of twelve months or less. Lease expense will be recorded in a manner similar to current accounting, with leases being classified as either finance or operating in nature. The guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Early adoption is permitted.

The Company will adopt the new standard using the modified retrospective approach on January 1, 2019 at which time it becomes effective for the Company. The Company will elect an available transition method that uses the effective date of the amended guidance as the date of initial application. The Company has completed its review of its lease agreements and processed the data required to measure the Company's ROU assets and lease liabilities. The Company implemented a lease accounting software to support its assessment and analysis of leases. The Company has also implemented changes to existing process, policies and systems to accommodate financial and disclosure requirements. The Company is continuing to implement design changes to such business processes, controls and systems to ensure that changes are effective.

The FASB has made available several practical expedients in adopting the amended lease accounting guidance. The Company will elect the package of practical expedients permitted under the transition guidance within the amended guidance, which among other things, allows registrants to carry forward historical lease classification. The Company will elect the practical expedient that allows the combination of both lease and non-lease components as a single component and account for it as a lease for all classes of underlying assets. The Company will elect to not apply the amended guidance to short term leases with an initial term of 12 months or less. The Company will recognize those lease payments in the Consolidated Statements of Income on a straight-line basis over the lease term. The Company will elect to use a single discount rate for a portfolio of leases with reasonably similar characteristics. Lastly, the Company will elect the practical expedient related to land easements, allowing the carry forward of accounting treatment for land easements on existing agreements.

The Company estimates that adoption of the standard will result in the recognition of ROU assets and related lease liabilities on the Consolidated Balance Sheet of approximately $30,000 related to operating lease commitments, as of January 1, 2019, with no impact to retained earnings. The Company does not expect the amended guidance to have a material impact on its cash flows or results of operations.

In August 2017, the FASB amended its guidance related to hedge accounting. The amended guidance makes more financial and nonfinancial hedging strategies eligible for hedge accounting, amends presentation and disclosure requirements and changes the assessment of effectiveness. The guidance also more closely aligns hedge accounting with management strategies, simplifies application and increases the transparency of hedging. The amended guidance is effective January 1, 2019, with early adoption permitted in any interim period. The Company will adopt the amended guidance on January 1, 2019 and does not expect the impact on its Consolidated Financial Statements to be material.

In August 2018, the FASB amended its guidance related to disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. The amended requirements serve to remove, add and otherwise clarify certain existing disclosures. The amended guidance is effective for fiscal years ending after December 15, 2020. The guidance requires application on a retrospective basis to all periods presented. The Company is currently evaluating the impact that the guidance may have on the disclosures within its Consolidated Financial Statements.

Acquisitions

12 Months Ended

Dec. 31, 2018

Business Combinations [Abstract]

Acquisition

Acquisitions

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

In the third quarter of 2018, the Company acquired Industrial Gas Springs Group Holdings Limited (“IGS”), a recognized designer, manufacturer and supplier of customized gas springs. IGS is headquartered in the United Kingdom, with distribution and assembly capabilities in the United States. Its diversified end markets include general industrial, transportation, aerospace, and medical, among others. The Company acquired IGS for an aggregate purchase price of 29,138 British pound sterling ($38,016) which includes post closing adjustments under the terms of the Share Purchase Agreement, including 2,820 British pound sterling ($3,679) related to cash acquired. The acquisition was financed using cash on hand and borrowings under the Company's revolving credit facility. In connection with the acquisition, the Company recorded $14,098 of goodwill and $15,300 of intangible assets. See Note 6 to the Consolidated Financial Statements.

In the fourth quarter of 2018, the Company completed its acquisition of Gimatic S.r.l. (“Gimatic”). Gimatic designs and develops robotic grippers, advanced end-of-arm tooling systems, sensors and other automation components. Headquartered in Brescia, Italy, Gimatic has a sales network extending across Europe, North America and Asia. Its diversified end markets include automotive, packaging, health care, and food and beverage, among others. The Company acquired Gimatic for an aggregate purchase price of 362,352 Euro ($409,893), which includes preliminary adjustments under the terms of the Sale and Purchase Agreement, including approximately 7,790 Euro ($8,812) related to cash acquired, and is subject to post closing adjustments under the terms of the Sale and Purchase Agreement. The Company paid 357,994 Euro ($404,962) in cash, using cash on hand and additional borrowings under the Company's existing revolving credit facility, including the utilization of funds made available through the accordion feature provided by the facility, and recorded liabilities of 4,358 Euro ($4,931) for estimated payments to the seller under the terms of the Sale and Purchase Agreement. These liabilities are recorded within accrued liabilities within the Consolidated Balance Sheet as of December 31, 2018. In connection with the acquisition, the Company recorded $271,257 of goodwill and $158,800 of intangible assets. See Note 6 to the Consolidated Financial Statements.

The Company incurred $5,420 of acquisition-related costs during the year ended December 31, 2018 related to the IGS and Gimatic acquisitions. These costs include due diligence costs and transaction costs to complete the acquisition and have been recognized in the Consolidated Statements of Income as selling and administrative expenses.

The operating results of IGS and Gimatic have been included in the Consolidated Statements of Income since the dates of acquisition. For the year ended December 31, 2018, the Company reported $6,360 in net sales and an operating loss of $1,726 at IGS, inclusive of $2,887 of short-term purchase accounting adjustments, and $8,793 in net sales and an operating loss of $2,109 at Gimatic, inclusive of $2,707 of short-term purchase accounting adjustments. IGS and Gimatic results have been included within the Industrial segment's operating profit.

The following table summarizes the fair values of the assets acquired, net of cash acquired, and liabilities assumed at the October 31, 2018 date of acquisition for Gimatic and the July 23, 2018 acquisition date for IGS. Fair values are inclusive of purchase price adjustments that were made subsequent to the respective acquisition dates:



	IGS			Gimatic
Accounts receivable	$	3,300		$	11,552
Inventories	5,706			21,112
Prepaid expenses and other current assets	198			7,743
Deferred income taxes	—			917
Property, plant and equipment, net	1,557			7,167
Goodwill (Note 6)	14,098			271,257
Other intangible assets, net (Note 6)	15,300			158,800
Other assets	—			144
Total assets acquired	40,159			478,692

Accounts payable	(927		)	(3,825		)
Accrued liabilities	(603		)	(14,096		)
Debt assumed	—			(5,990		)
Other liabilities	(678		)	(7,126		)
Deferred income taxes	(3,614		)	(46,574		)
Total liabilities assumed	(5,822		)	(77,611		)
Net assets acquired	$	34,337		$	401,081

The final purchase price allocation related to IGS reflects post-closing adjustments pursuant to the terms of the Share Purchase Agreement. The final purchase price allocation related to Gimatic remains subject to post-closing adjustments pursuant to the terms of the Sale and Purchase Agreement.

The following table reflects the unaudited pro forma operating results of the Company for the years ended December 31, 2018 and 2017, which give effect to the acquisitions of Gimatic and IGS as if they had occurred on January 1, 2017. The pro forma results are based on assumptions that the Company believes are reasonable under the circumstances. The pro forma results are not necessarily indicative of the operating results that would have occurred had the acquisitions been effective January 1, 2017, nor are they intended to be indicative of results that may occur in the future. The underlying pro forma information includes the historical financial results of the Company, Gimatic and IGS adjusted for certain items including amortization expense associated with the assets acquired and the Company’s expense related to financing arrangements, with the related tax effects. The pro forma information does not include the effects of any synergies or cost reduction initiatives related to the acquisitions.



	(Unaudited Pro Forma)
	2018		2017
Net Sales	$	1,555,481	$	1,501,515
Net Income	171,422		44,029
Per common share:
Basic:
Net Income	$	3.28	$	0.81
Diluted:
Net Income	$	3.24	$	0.81

Pro forma earnings during the year ended December 31, 2018 were adjusted to exclude non-recurring items including acquisition-related costs and amortization related to the fair value adjustment to inventory. Pro forma earnings in 2017 were adjusted to include acquisition-related costs of $5,420 and amortization of $10,905 related to the fair value adjustments to inventory.

In the second quarter of 2017, the Company completed its acquisition of the assets of the privately held Gammaflux L.P. business ("Gammaflux"), a leading supplier of hot runner temperature and sequential valve gate control systems to the plastics industry. Gammaflux, which is headquartered in Sterling, Virginia and has offices in Illinois and Germany, provides temperature control solutions for injection molding, extrusion, blow molding, thermoforming, and other applications. Its end markets include packaging, electronics, automotive, household products, medical, and tool building. The Company acquired the assets of Gammaflux for an aggregate purchase price of $8,866, which was financed using cash on hand and borrowings under the Company's revolving credit facility. The purchase price includes adjustments under the terms of the Asset Purchase Agreement, including $2 related to cash acquired. In connection with the acquisition, the Company recorded $1,535 of goodwill and $3,700 of intangible assets. See Note 6 to the Consolidated Financial Statements.

The Company incurred $210 of acquisition-related costs during the year ended December 31, 2017 related to the Gammaflux acquisition. These costs include due diligence costs and transaction costs to complete the acquisition and have been recognized in the Consolidated Statements of Income as selling and administrative expenses.

The operating results of Gammaflux since the date of acquisition have been included in the Consolidated Statements of Income for the period ended December 31, 2017. The Company reported $9,081 in net sales for Gammaflux for the year ended December 31, 2017. Gammaflux results have been included within the Industrial segment's operating profit.

In the third quarter of 2016, the Company, through three of its subsidiaries (collectively, the “Purchaser”), completed its acquisition of the molds business of Adval Tech Holding AG and Adval Tech Holdings (Asia) Pte. Ltd. ("FOBOHA"). FOBOHA is headquartered in Haslach, Germany and currently operates out of manufacturing facilities located in Germany and China. When acquired, FOBOHA also operated out of a third manufacturing facility located in Switzerland; however, this operation was consolidated and closed during 2017. See Note 9 to the Consolidated Financial Statements. The Company completed its purchase of the Germany and Switzerland businesses on August 31, 2016. The purchase of the China business required government approval which was granted on September 30, 2016. On October 7, 2016, shares of the China operations were subsequently transferred to the Company upon payment, per the terms of the Share Purchase Agreement for these respective operations ("China SPA"). The Company, pursuant to the terms and conditions within the Share Purchase Agreement ("FOBOHA SPA"), assumed economic control of the China business effective August 31, 2016. Having both economic control and the benefits and risks of ownership during the period from August 31, 2016 through September 30, 2016, the Company included the results of the China business within the consolidated results of operations of the Company during this period.

FOBOHA specializes in the development and manufacture of complex plastic injection molds for packaging, medical, consumer and automotive applications. The Company acquired FOBOHA for an aggregate cash purchase price of CHF 137,918 ($140,203) which was financed using cash on hand and borrowings under the Company's revolving credit facility. The purchase price includes adjustments under the terms of the FOBOHA SPA, including approximately CHF 11,342 ($11,530) related to cash acquired. In connection with the acquisition, the Company recorded $39,800 of intangible assets and $75,574 of goodwill. See Note 6 to the Consolidated Financial Statements.

The Company incurred $2,193 of acquisition-related costs during the year ended December 31, 2016 related to the FOBOHA acquisition. These costs include due diligence costs and transaction costs to complete the acquisition and have been recognized in the Company's Consolidated Statements of Income as selling and administrative expenses.

The operating results of FOBOHA since the date of acquisition have been included in the Consolidated Statements of Income for the period ended December 31, 2016. The Company reported $18,348 in net sales for FOBOHA for the year ended December 31, 2016. FOBOHA results have been included within the Industrial segment's operating profit.

Revenue

12 Months Ended

Dec. 31, 2018

Revenue from Contract with Customer [Abstract]

Revenue

The Company is a global provider of highly engineered products, differentiated industrial technologies, and innovative solutions, serving a wide range of end markets and customers. Its specialized products and services are used in far-reaching applications including aerospace, transportation, manufacturing, automation, healthcare, and packaging. The Company accounts for revenue in accordance with ASC 606, which it adopted on January 1, 2018, using the modified retrospective approach. Note 1 of the Consolidated Financial Statements further discusses this adoption.

Revenue is recognized by the Company when control of product or solution is transferred to the customer. Control is generally transferred when products are shipped or delivered to customers, title is transferred, the significant risks and rewards of ownership have transferred, the Company has rights to payment and rewards of ownership pass to the customer. Customer acceptance may also be a factor in determining whether control of the product has transferred. Although revenue is generally transferred at a point in time, a certain portion of businesses with customized products or contracts in which the Company performs work on customer-owned assets requires the use of an over time recognition model as certain contracts meet one or more of the established criteria pursuant to ASC 606. Also, service revenue is recognized as control transfers, which is concurrent with the services being performed.

The following table presents the Company's revenue disaggregated by products and services, geographic regions and end markets, by segment.



	2018
	Industrial		Aerospace		Total Company
Product and Services
Engineered Components Products	$	285,929	$	—	$	285,929
Molding Solutions Products	503,793		—		503,793
Force & Motion Control Products	196,212		—		196,212
Automation Products	8,793		—		8,793
Aerospace Original Equipment Manufacturer Products	—		336,987		336,987
Aerospace Aftermarket Product and Services	—		164,175		164,175
	$	994,727	$	501,162	$	1,495,889

Geographic Regions ^(A)
Americas	$	394,361	$	358,183	$	752,544
Europe	368,159		94,561		462,720
Asia	228,663		44,298		272,961
Other	3,544		4,120		7,664
	$	994,727	$	501,162	$	1,495,889

End Markets
Aerospace OEM	$	10,191	$	336,987	$	347,178
Aerospace Aftermarket	—		164,175		164,175
Medical, Personal Care & Packaging	220,269		—		220,269
Tool and Die	115,635		—		115,635
General Industrial	244,007		—		244,007
Auto Molding Solutions	208,767		—		208,767
Auto Production	187,065		—		187,065
Automation	8,793		—		8,793
	$	994,727	$	501,162	$	1,495,889

(A) Sales by geographic market are based on the location to which the product is shipped.

Revenue from goods and services transferred to customers at a point in time accounted for approximately 90 percent of revenue for year ended December 31, 2018. A majority of revenue within the Industrial segment and Aerospace OEM business, along with a portion of revenue within the Aerospace Aftermarket business, is recognized at a point in time, primarily when the product or solution is shipped to the customer.

Revenue from products and services transferred to customers over time accounted for approximately 10 percent of revenue for year ended December 31, 2018. The Company recognizes revenue over time in instances where a contract supports a continual transfer of control to the customer. Substantially all of our revenue in the Aerospace maintenance repair and overhaul business and a portion of the Engineered Components products, Molding Solutions products and Aerospace OEM products is recognized over time. Within the Molding Solution businesses and Aerospace Aftermarket business, this continual transfer of control to the customer results from repair and refurbishment work performed on customer controlled assets. With other contracts, this continual transfer of control to the customer is supported by clauses in the contract where we deliver products that do not have an alternative use and requires an enforceable right to payment of costs incurred (plus a reasonable profit) or the Company has a contractual right to complete any work in process and receive full contract price.

Performance Obligations. A performance obligation represents a promise within a contract to provide a distinct good or service to the customer and is the unit of accounting pursuant to ASC 606. The Company accounts for a contract when it has approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectibility of consideration is probable. Transaction price reflects the amount of consideration which the Company expects to be entitled in exchange for transferred goods or services. A contract’s transaction price is allocated to each distinct performance obligation and revenue is recognized as the performance obligation is satisfied. For many of our contracts, the Company may provide distinct products or services in which case we separate the contract into more than one performance obligation (i.e. a product or service is individually listed in a contract or sold individually to a customer). In certain contracts, a product or service may be part of a fully integrated solution, in which case it is bundled into a single performance obligation. If a contract is separated into more than one performance obligation, the Company allocates the total transaction price to each performance obligation in an amount based on the estimated relative standalone selling prices of the promised goods or services underlying each performance obligation. The Company generally sells both standard and customized products with observable standalone selling prices.

The majority of our revenues are from contracts, as defined by ASC 606, that are less than one year, however certain Aerospace OEM and Industrial Molding Solutions business contracts extend beyond one year. In the Industrial segment, customers are typically OEMs or suppliers to OEMs and in some businesses, with distributors. In the Aerospace segment, customers include commercial airlines, OEMs and other aircraft and military parts providers.

To determine the proper revenue recognition method for contracts, the Company uses judgment to evaluate whether two or more contracts with the same customer should be combined and accounted for as one single contract and whether the combined or single contract should be accounted for as more than one performance obligation. Contracts within the Aerospace OEM and Engineered Components businesses typically have contracts that are combined as the customer may issue multiple purchase orders at or near the same point in time under the terms of a long term agreement. The decision to combine a group of contracts or separate the combined or single contract into multiple performance obligations involves judgment but does not typically impact the amount of revenue and profit recorded in a given period since our contract prices generally represent standalone selling prices. For many of our contracts, particularly within our Molding Solutions and Force & Motion Control businesses, the Company may incorporate a set of tasks and components into a fully integrated system or solution.

Contracts may be modified to account for changes in specifications and requirements. The Company considers contractual modifications to exist when the modification either creates new rights or changes the existing enforceable rights and obligations. Contract modifications within certain businesses typically relate to goods or services that are distinct from the existing contract and are accounted for as a new contract. Pricing changes, if included within a contract modification, are generally prospective. Contract modifications within the Molding Solutions businesses and a portion of the Force & Motion Control business may impact the existing contract. Contract revenue at these businesses is generally recorded on a point in time basis, however, and therefore no cumulative sales adjustment is typically required.

Revenue is recognized in an over time model based on the extent of progress towards completion of the performance obligation. The selection of the method to measure progress towards completion requires judgment and is based on the nature of the products or services to be provided. The Company utilizes the cost-to-cost measure of progress for over time contracts as we believe this measure best depicts the transfer of control to the customer, which occurs as we incur costs on contracts. Under the cost-to-cost measure of progress, the extent of progress towards completion is measured based on the ratio of costs incurred to date to the total estimated costs at completion of the performance obligation. Revenues, including profits, are recorded proportionally as costs are incurred. Costs to fulfill include labor, materials, subcontractors’ costs, and other direct and indirect costs.

Contract Estimates. Due to the nature of the work performed in completing certain performance obligations, the estimation of both total revenue and cost at completion (the process described above) includes a number of variables and requires significant judgment.

Estimating total contract revenue may require judgment as certain contracts contain pricing discount structures, rebates, early payment discounts, or other provisions that can impact transaction price. The Company generally estimates variable consideration utilizing the expected value methodology as multiple inputs are considered and weighed, such as customer history, customer forecast communications, economic outlooks, and industry data. In certain circumstances where a particular outcome is probable, we utilize the most likely amount to which we expect to be entitled. The Company includes estimated amounts in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. The Company has opted not to adjust the promised amount of consideration for the effects of a financing component when the period between when we transfer a promised product or service to a customer and when the customer pays for that product or service is one year or less.

Certain customers are eligible to earn rebates from product purchases. For certain of these rebates, the customer can earn prospectively higher rebates upon reaching predetermined sales volumes and in other cases, the customer can receive product by achieving predetermined sales volumes. These rebates are considered to be material rights as the customer, as part of their current contract, are purchasing an option that they would not have received without the contract to either purchase future product at a lower price or receive free product. When a contract contains a material right, a portion of the transaction price is allocated to the material right for which revenue recognition is deferred until the customer exercises its option. The standalone selling price for a material right used to allocate the transaction price is determined at contract inception by calculating the portion of the option purchased relative to the estimated total amount of incremental value the customer will likely earn, based on historical data, customer forecast communications, current economic information, and industry trends. The standalone selling price of a material right is not adjusted prior to customer exercise or option expiration.

Estimating the total expected costs related to contracts also requires significant judgment. The Aerospace OEM business has an Estimate at Completion (EAC) process in which management reviews the progress and execution of our performance obligations for significant contracts with revenue recognized under an over time model. As part of this process, management reviews information including, but not limited to, performance under the contract, progress towards completion, identified risks and opportunities, sourcing determinations and related changes in estimates of costs to be incurred. These considerations include management's judgment about the ability and cost to achieve technical requirements and other contract requirements. Management makes assumptions and estimates using the best information available regarding labor efficiency, the complexity of the work to be performed, the availability of materials, the length of time to complete the performance obligation (e.g., to estimate increases in wages and prices for materials and related support cost allocations), execution by our subcontractors and overhead cost rates, among other variables.

The Company generally utilizes the portfolio approach, a practical expedient, to estimate the amount of revenue to recognize for certain other contracts which require over time revenue recognition. Such contracts are grouped together either by revenue stream, customer or product. Each portfolio of contracts is grouped together based on having similar characteristics. The portfolio approach is utilized only when the result of the accounting is not expected to be materially different than if applied to individual contracts. For each portfolio of contracts, the respective work in process and/or finished goods inventory balances are identified and the portfolio-specific margin is applied to estimate the pro-rata portion of revenue earned in relation to the costs incurred.

Adjustments to net sales, cost of sales and the related impact to operating income are recognized as necessary in the period they become known. The resultant impacts from these changes in estimates are recognized on a cumulative catch-up basis, which recognizes in the current period the cumulative effect of the changes on both current and prior periods. Revenue recognized from performance obligations satisfied in previous periods was not material in 2018.

Contract Balances. The timing of revenue recognition, invoicing and cash collections affect accounts receivable, unbilled receivables (contract assets) and customer advances and deposits (contract liabilities) on the Consolidated Balance Sheets.

Unbilled Receivables (Contract Assets) - Pursuant to the over time revenue recognition model, revenue may be recognized prior to the customer being invoiced. An unbilled receivable is recorded to reflect revenue that is recognized when 1) the cost-to-cost method is applied and 2) such revenue exceeds the amount invoiced to the customer. Unbilled receivables are included within prepaid expenses and other current assets on the Consolidated Balance Sheet as of December 31, 2018.

Customer Advances and Deposits (Contract Liabilities) - The Company may receive a customer advance or deposit, or have an unconditional right to receive a customer advance, prior to revenue being recognized. Certain contracts within the Molding Solutions businesses, for example, may require such advances. Since the performance obligations related to such advances may not have been satisfied, a contract liability is established. An offsetting asset of equal amount is recorded as an account receivable until the advance is collected. Advances and deposits are included within accrued liabilities on the Consolidated Balance Sheets until the respective revenue is recognized. Advance payments are not considered a significant financing component as they are generally received less than one year before the customer solution is completed.

These assets and liabilities are reported on the Consolidated Balance Sheet on an individual contract basis at the end of each reporting period.

Net contract assets (liabilities) consisted of the following:



	December 31, 2018			January 1, 2018			$ Change			% Change
Unbilled receivables (contract assets)	$	11,844		$	14,579		$	(2,735	)	(19	)%
Contract liabilities	(57,522		)	(54,007		)	(3,515		)	7	%
Net contract liabilities	$	(45,678	)	$	(39,428	)	$	(6,250	)	16	%

Contract liabilities balances at December 31, 2018 and January 1, 2018 include $15,438 and $13,536, respectively, of customer advances for which the Company has an unconditional right to collect payment. Accounts receivable, as presented on the Consolidated Balance Sheet and within Note 1, includes corresponding balances at December 31, 2018 and January 1, 2018, respectively.

Changes in the net contract asset (liability) balance during the year ended December 31, 2018 were impacted by a $3,515 increase in contract liabilities, driven primarily by new customer advances and deposits, partially offset by revenue recognized in the current period. Adding to this contract liability increase was a $2,735 decrease in contract assets, driven primarily by earlier contract progress being invoiced to the customer, partially offset by contract progress (i.e.unbilled receivable).

The Company recognized approximately 90% of the revenue related to the contract liability balance as of January 1, 2018 during the year ended December 31, 2018, primarily representing revenue from the sale of molds and hot runners within the Molding Solutions business.

Contract Costs. The Company may incur costs to fulfill a contract. Costs are incurred to develop, design and manufacture tooling to produce a customer’s customized product in conjunction with certain of its contracts, primarily in the Aerospace OEM business. For certain contracts, control related to this tooling remains with the Company. The tooling may be deemed recoverable over the life of the related customer contract (oftentimes a long-term agreement). The Company therefore capitalizes these tooling costs and amortizes them over the shorter of the tooling life or the duration of the long-term agreement. The Company may also incur costs related to the development of product designs (molds or hot runner systems) within its Molding Solutions businesses. Control of the design may be retained by the Company and deemed recoverable over the contract to build the systems or mold, therefore this design work cost is capitalized and amortized to cost of sales when the related revenue is recognized. Amortization related to these capitalized costs to fulfill a contract were $14,988 in the year ended December 31, 2018.

Capitalized costs, net of amortization, to fulfill contract balances were as follows:



	December 31, 2018
Tooling	$	6,155
Design costs	2,285
Other	5
	$	8,445

In certain contracts, the Company facilitates shipping and handling activities after control has transferred to the customer. The Company has elected to record all shipping and handling activities as costs to fulfill a contract. In situations where the shipping and handling costs have not been incurred at the time revenue is recognized, the respective estimated shipping and handling costs are accrued.

Remaining Performance Obligations. The Company has elected the practical expedient which allows disclosure of remaining performance obligations only for contracts with an original duration of greater than one year. Such remaining performance obligations represent the transaction price of firm orders for which work has not been performed and, for Aerospace, excludes projections of components and assemblies that Aerospace OEM customers anticipate purchasing in the future under existing programs, which represent orders that are beyond lead time and do not represent performance obligations pursuant to ASC 606. As of December 31, 2018, the aggregate amount of the transaction price allocated to remaining performance obligations was $219,269. The Company expects to recognize revenue on approximately 80% of the remaining performance obligations over the next 12 months, with the remainder being recognized within 24 months.

Inventories

12 Months Ended

Dec. 31, 2018

Inventory Disclosure [Abstract]

Inventories

Inventories at December 31 consisted of:



	2018		2017
Finished goods	$	87,779	$	79,649
Work-in-process	98,426		97,276
Raw materials and supplies	79,785		65,037
	$	265,990	$	241,962

Property, Plant and Equipment

12 Months Ended

Dec. 31, 2018

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

Property, plant and equipment at December 31 consisted of:



	2018			2017
Land	$	23,239		$	21,723
Buildings	183,544			182,226
Machinery and equipment	646,714			631,392
	853,497			835,341
Less accumulated depreciation	(482,966		)	(476,043		)
	$	370,531		$	359,298

Depreciation expense was $48,914, $48,693 and $43,165 during 2018, 2017 and 2016, respectively.

Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2018

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

Goodwill: The following table sets forth the change in the carrying amount of goodwill for each reportable segment and the Company:



	Industrial			Aerospace		Total Company
January 1, 2017	$	602,650		$	30,786	$	633,436
Acquisition-related	3,330			—		3,330
Foreign currency translation	53,457			—		53,457
December 31, 2017	659,437			30,786		690,223
Acquisition-related	285,355			—		285,355
Foreign currency translation	(20,054		)	—		(20,054		)
December 31, 2018	$	924,738		$	30,786	$	955,524

Of the $955,524 of goodwill at December 31, 2018, $43,860 represents the original tax deductible basis.

The changes recorded at Industrial include $285,355 of goodwill in 2018 resulting from the acquisitions of Gimatic and IGS in October and July 2018, respectively, both of which are included in the Industrial segment. See Note 2 to the Consolidated Financial Statements. The amounts allocated to goodwill reflect the benefits that the Company expects to realize from future enhancements to technology, an increase in global market access and Gimatic's and IGS's assembled workforce. The Company is permitted to make an election with Italian tax authorities that allows for an income tax deduction on a portion of Gimatic goodwill. The Company plans to complete its analysis that determines this deduction in 2019. None of the recognized goodwill recognized at IGS is expected to be deductible for income tax purposes. The purchase price for the Gimatic acquisition is subject to post-closing adjustments, therefore goodwill may require adjustment accordingly.

Other Intangible Assets: Other intangible assets at December 31 consisted of:



		2018						2017
	Range of Life-Years	Gross Amount			Accumulated Amortization			Gross Amount			Accumulated Amortization
Amortized intangible assets:
Revenue Sharing Programs	Up to 30	$	299,500		$	(121,957	)	$	293,700		$	(108,075	)
Component Repair Programs	Up to 30	111,839			(21,895		)	111,839			(16,508		)
Customer relationships	10-16	338,366			(79,439		)	215,966			(65,385		)
Patents and technology	4-14	125,852			(59,205		)	87,052			(48,083		)
Trademarks/trade names	10-30	11,950			(10,731		)	11,950			(10,349		)
Other	Up to 15	7,296			(3,551		)	7,296			(3,159		)
		894,803			(296,778		)	727,803			(251,559		)
Unamortized intangible asset:
Trade names		55,670			—			42,770			—

Foreign currency translation		(17,157		)	—			(11,972		)	—
Other intangible assets		$	933,316		$	(296,778	)	$	758,601		$	(251,559	)

The Company has entered into a number of aftermarket RSP and CRP agreements each of which is with our customer, General Electric ("GE"). See Note 1 of the Consolidated Financial Statements for a further discussion of these Revenue Sharing and Component Repair Programs. As of December 31, 2018, the Company has made all required payments under the aftermarket RSP and CRP agreements. In the second quarter of 2018, management executed an aftermarket agreement with GE. This agreement involved a participation fee related to extending the scope of the existing Revenue Sharing Programs (“RSPs”) between the Company and GE and entitling the Company to manufacture and supply existing RSP parts on a sole source basis that have a dual end-use, meaning usage in engines that have both a civil and military end use. The Company paid $5,800 as consideration for such rights and recorded a long-lived intangible asset, which will be amortized as a reduction to sales over the life of the programs, consistent with the treatment of similar arrangements that were executed in the past.

In connection with the acquisition of Gimatic in October 2018, the Company recorded intangible assets of $158,800, which includes $107,900 of customer relationships, $38,800 of patents and technology and $12,100 of an indefinite-life trade name. The weighted-average useful lives of the customer relationships and the patents and technology were 16 and 11 years, respectively.

In connection with the acquisition of IGS in July 2018, the Company recorded intangible assets of $15,300, which includes $14,500 of customer relationships and $800 of an indefinite-life trade name. The weighted-average useful life of the customer relationship is 16 years.

Amortization of intangible assets for the years ended December 31, 2018, 2017 and 2016 was $45,220, $41,216 and $36,753, respectively. Estimated amortization of intangible assets for future periods is as follows: 2019 - $53,000; 2020- $50,000; 2021 - $49,000; 2022 - $49,000 and 2023 - $48,000.

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

+ References + Details

Accrued Liabilities

12 Months Ended

Dec. 31, 2018

Accrued Liabilities [Abstract]

Accrued Liabilities

Accrued liabilities at December 31 consisted of:



	2018		2017
Payroll and other compensation	$	46,850	$	53,857
Contract liabilities	57,522		44,600
Pension and other postretirement benefits	8,618		8,294
Accrued income taxes	30,391		26,340
Other	63,401		48,150
	$	206,782	$	181,241

Debt and Commitments

12 Months Ended

Dec. 31, 2018

Debt Disclosure [Abstract]

Debt and Commitments

Long-term debt and notes and overdrafts payable at December 31 consisted of:



	2018					2017
	Carrying Amount			Fair Value		Carrying Amount			Fair Value
Revolving credit agreement	$	831,016		$	828,800	$	421,500		$	424,818
3.97% Senior Notes	100,000			100,185		100,000			101,348
Borrowings under lines of credit and overdrafts	2,137			2,137		5,669			5,669
Capital leases	10,216			10,503		4,541			4,964
Other foreign bank borrowings	647			651		886			897
	944,016			942,276		532,596			537,696
Less current maturities	(7,659		)			(6,999		)
Long-term debt	$	936,357				$	525,597

The Company’s long-term debt portfolio consists of fixed-rate and variable-rate instruments and is managed to reduce the overall cost of borrowing and to mitigate fluctuations in interest rates. Among other things, interest rate fluctuations impact the market value of the Company’s fixed-rate debt.

In February 2017, the Company and certain of its subsidiaries entered into the fourth amendment of its fifth amended and restated revolving credit agreement (the “Amended Credit Agreement”) and retained Bank of America, N.A as the Administrative Agent for the lenders. The Amended Credit Agreement increases the facility from $750,000 to $850,000 and extends the maturity date from September 2018 to February 2022. The Amended Credit Agreement also increases the existing accordion feature from $250,000, allowing the Company to now request additional borrowings of up to $350,000. The Company may exercise the accordion feature upon request to the Administrative Agent as long as an event of default has not occurred or is not continuing. The borrowing availability of $850,000, pursuant to the terms of the Amended Credit Agreement, allows for multi-currency borrowing which includes euro, British pound sterling or Swiss franc borrowing, up to $600,000. In September 2018, the Company and one of its wholly owned subsidiaries entered into a Sale and Purchase Agreement to acquire Gimatic S.r.l. See Note 2 of the Consolidated Financial Statements. In conjunction with the Acquisition, the Company requested additional borrowings of $150,000 that was provided for under the existing accordion feature. The Administrative Agent for the lenders approved the Company's access to the accordion feature and on October 19, 2018 the lenders formally committed the capital to fund such feature, resulting in the execution of the fifth amendment to the Amended Credit Agreement (the "Fifth Amendment"). The Fifth Amendment, effective October 19, 2018, thereby increased the borrowing availability of the existing facility to $1,000,000. The Company may also request access to the residual $200,000 of the accordion feature. Depending on the Company’s consolidated leverage ratio, and at the election of the Company, borrowings under the Amended Credit Agreement will bear interest at either LIBOR plus a margin of between 1.10% and 1.70% or the base rate, as defined in the Amended Credit Agreement, plus a margin of 0.10% to 0.70%. Multi-currency borrowings, pursuant to the Amended Credit Agreement, bear interest at their respective interbank offered rate (i.e. Euribor) or 0.00% (higher of the two rates) plus a margin of between 1.10% and 1.70%. The Company paid fees and expenses of $529 and $2,542 in 2018 and 2017, respectively, in conjunction with executing amendments to the Amended Credit Agreement; such fees have been deferred within Other Assets on the accompanying Consolidated Balance Sheets and are being amortized into interest expense on the accompanying Consolidated Statements of Income through its maturity. Cash used to pay these fees has been recorded through other financing activities on the Consolidated Statements of Cash Flows.

Borrowings and availability under the Amended Credit Agreement were $831,016 and $168,984, respectively, at December 31, 2018 and $421,500 and $428,500, respectively, at December 31, 2017. The average interest rate on these borrowings was 1.99% and 2.65% on December 31, 2018 and 2017, respectively. Borrowings included Euro-denominated borrowings of 470,350 ($538,316) at December 31, 2018. There were no Euro-denominated borrowings at December 31, 2017. The fair value of the borrowings is based on observable Level 2 inputs. The borrowings were valued using discounted cash flows based upon the Company's estimated interest costs for similar types of borrowings. In 2018, the Company borrowed 179,000 Euros ($208,589) under the Amended Credit Facility through an international subsidiary. The proceeds were distributed to the Parent Company and subsequently used to pay down U.S. borrowings under the Amended Credit Agreement.

In October 2014, the Company entered into a Note Purchase Agreement (“Note Purchase Agreement”), among the Company and New York Life Insurance Company, New York Life Insurance and Annuity Corporation and New York Life Insurance and Annuity Corporation Institutionally Owned Life Insurance Separate Account, as purchasers, for the issuance of $100,000 aggregate principal amount of 3.97% Senior Notes due October 17, 2024 (the “3.97% Senior Notes”).

The 3.97% Senior Notes are senior unsecured obligations of the Company and pay interest semi-annually on April 17 and October 17 of each year at an annual rate of 3.97%. The 3.97% Senior Notes will mature on October 17, 2024 unless earlier prepaid in accordance with their terms. Subject to certain conditions, the Company may, at its option, prepay all or any part of the 3.97% Senior Notes in an amount equal to 100% of the principal amount of the 3.97% Senior Notes so prepaid, plus any accrued and unpaid interest to the date of prepayment, plus the Make-Whole Amount, as defined in the Note Purchase Agreement, with respect to such principal amount being prepaid. The fair value of the 3.97% Senior Notes was determined using the US Treasury yield and a long-term credit spread for similar types of borrowings, which represent Level 2 observable inputs.

The Company's borrowing capacity remains limited by various debt covenants in the Amended Credit Agreement and the Note Purchase Agreement (the "Agreements"). The Agreements require the Company to maintain a ratio of Consolidated Senior Debt, as defined, to Consolidated EBITDA, as defined, of not more than 3.25 times ("Senior Debt Ratio"), a ratio of Consolidated Total Debt, as defined, to Consolidated EBITDA of not more than 3.75 times ("Total Debt Ratio") and a ratio of Consolidated EBITDA to Consolidated Cash Interest Expense, as defined, of not less than 4.25, in each case at the end of each fiscal quarter; provided that the debt to EBITDA ratios are permitted to increase for a period of four fiscal quarters after the closing of certain permitted acquisitions. A permitted acquisition is defined as an acquisition exceeding $150,000, for which the acquisition of Gimatic qualifies. With the completion of a permitted acquisition, the Senior Debt Ratio cannot exceed 3.50 times and the Total Debt Ratio cannot exceed 4.25 times. The increased ratios are allowed for a period of four fiscal quarters subsequent to the close of the permitted acquisition. At December 31, 2018, the Company was in compliance with all covenants under the Agreements and continues to monitor its future compliance based on current and future economic conditions.

In addition, the Company has approximately $87,000 in uncommitted short-term bank credit lines ("Credit Lines") and overdraft facilities. The Credit Lines are accessed locally and are available primarily within the U.S., Europe and Asia. The Credit Lines are subject to the applicable borrowing rates within each respective country and vary between jurisdictions (i.e. LIBOR, Euribor, etc.). Under the Credit Lines, $2,041 was borrowed at December 31, 2018 at an average interest rate of 0.17% and $5,300 was borrowed at December 31, 2017 at an average interest rate of 2.33%. The Company had also borrowed $96 and $369 under the overdraft facilities at December 31, 2018 and 2017, respectively. Repayments under the Credit Lines are due within three months after being borrowed. Repayments of the overdrafts are generally due within two days after being borrowed. The carrying amounts of the Credit Lines and overdrafts approximate fair value due to the short maturities of these financial instruments.

The Company also has several capital leases under which $10,216 and $4,541 was outstanding at December 31, 2018 and December 31, 2017, respectively. The fair value of the capital leases are based on observable Level 2 inputs. These instruments were valued using discounted cash flows based upon the Company's estimated interest costs for similar types of borrowings.

At December 31, 2018 and 2017, the Company also had other foreign bank borrowings of $647 and $886, respectively. The fair value of the foreign bank borrowings was based on observable Level 2 inputs. These instruments were valued using discounted cash flows based upon the Company's estimated interest costs for similar types of borrowings.

Long-term debt and notes payable as of December 31, 2018 are payable as follows: $7,659 in 2019, $1,862 in 2020, $1,160 in 2021, $831,854 in 2022, $492 in 2023 and $100,989 thereafter. The 3.97% Senior Notes are due in 2024 according to their maturity date.

In addition, the Company had outstanding letters of credit totaling $9,129 at December 31, 2018.

Interest paid was $16,678, $13,962 and $11,471 in 2018, 2017 and 2016, respectively. Interest capitalized was $544, $415 and $324 in 2018, 2017 and 2016, respectively, and is being depreciated over the lives of the related fixed assets.

Business Reorganizations	12 Months Ended
Business Reorganizations	Dec. 31, 2018
Restructuring and Related Activities [Abstract]
Business Reorganizations	Business Reorganizations In 2017, the Company authorized the closure and consolidation of two production facilities (the "Closures") including a FOBOHA facility located in Muri, Switzerland and an Associated Spring facility into other facilities included within the Industrial segment to leverage capacity, infrastructure and critical resources. During 2017, the Closures resulted in employee severance charges of $3,796, other Closure costs of $3,664, primarily related to asset write-downs, and pension curtailment and settlement gains of $7,217 and $230, respectively. The employee severance charges and other Closure costs were recorded primarily within Cost of Sales and the pension curtailment and settlement gains were recorded within Other Expense (Income) in the accompanying Consolidated Statements of Income. All charges are reflected in the results of the Industrial segment. The Muri Closure was completed as of December 31, 2017, whereas the Closure at the Associated Spring facility was completed as of June 30, 2018.

Derivatives

12 Months Ended

Dec. 31, 2018

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives

The Company has manufacturing and sales facilities around the world and thus makes investments and conducts business transactions denominated in various currencies. The Company is also exposed to fluctuations in interest rates and commodity price changes. These financial exposures are monitored and managed by the Company as an integral part of its risk management program.

Financial instruments have been used by the Company to hedge its exposures to fluctuations in interest rates. In 2012, the Company entered into five-year interest rate swap agreements (the "Swaps") transacted with three banks which together converted the interest on the first $100,000 of the Company's one-month LIBOR-based borrowings from a variable rate plus the borrowing spread to a fixed rate of 1.03% plus the borrowing spread. The Swaps expired on April 28, 2017. The Company entered into a new interest rate swap agreement (the "Swap") that commenced on April 28, 2017, with one bank, and converts the interest on the first $100,000 of the Company's one-month LIBOR-based borrowings from a variable rate plus the borrowing spread to a fixed rate of 1.92% plus the borrowing spread. The Swap expires on January 31, 2022. These interest rate swap agreements were accounted for as cash flow hedges. The Swap remained in place at December 31, 2018.

The Company also uses financial instruments to hedge its exposures to fluctuations in foreign currency exchange rates. The Company has various contracts outstanding which primarily hedge recognized assets or liabilities and anticipated transactions in various currencies including the Euro, British pound sterling, U.S. dollar, Canadian dollar, Japanese yen, Singapore dollar, Korean won, Swedish kroner, Chinese renminbi, Mexican peso, Hong Kong dollar and Swiss franc. Certain foreign currency derivative instruments are treated as cash flow hedges of forecasted transactions. All foreign exchange contracts are due within two years.

The Company does not use derivatives for speculative or trading purposes or to manage commodity exposures. Changes in the fair market value of derivatives that qualify as fair value hedges or cash flow hedges are recorded directly to earnings or accumulated other non-owner changes to equity, depending on the designation. Amounts recorded to accumulated other non-owner changes to equity are reclassified to earnings in a manner that matches the earnings impact of the hedged transaction. Any ineffective portion, or amounts related to contracts that are not designated as hedges, are recorded directly to earnings.

The Company's policy for classifying cash flows from derivatives is to report the cash flows consistent with the underlying hedged item. Other financing cash flows during the years ended December 31, 2018 and 2017, as presented on the consolidated statements of cash flows, include $10,813 and $18,256 of net cash payments, respectively, related to the settlement of foreign currency hedges related to intercompany financing.

The following table sets forth the fair value amounts of derivative instruments held by the Company as of December 31.



	2018					2017
	Asset Derivatives		Liability Derivatives			Asset Derivatives		Liability Derivatives
Derivatives designated as hedging instruments:
Interest rate contracts	$	1,412	$	—		$	654	$	—
Foreign exchange contracts	—		(258		)	—		(379		)
	1,412		(258		)	654		(379		)
Derivatives not designated as hedging instruments:
Foreign exchange contracts	1,105		(90		)	58		(29		)
Total derivatives	$	2,517	$	(348	)	$	712	$	(408	)

Asset derivatives related to interest rate contracts and foreign exchange contracts are recorded in other assets and prepaid expenses and other current assets, respectively, in the accompanying consolidated balance sheets. Liability derivatives related to interest rate contracts and foreign exchange contracts are recorded in other liabilities and accrued liabilities, respectively, in the accompanying consolidated balance sheets.

The following table sets forth the gain recorded in accumulated other comprehensive income (loss), net of tax, for the years ended December 31, 2018 and 2017 for derivatives held by the Company and designated as hedging instruments.



	2018		2017
Cash flow hedges:
Interest rate contracts	$	578	$	460
Foreign exchange contracts	95		(161		)
	$	673	$	299

Amounts related to the interest rate swaps included within accumulated other comprehensive income (loss) that were reclassified to expense during the years ended December 31, 2018 and 2017 resulted in a fixed rate of interest plus the borrowing spread for the first $100,000 of one-month LIBOR borrowings. The fixed rate of interest was 1.92% for the period covered by the Swap, which matures in January 2022, and 1.03% for the Swaps, which matured in April 2017. Additionally, there were no amounts recognized in income for hedge ineffectiveness during the years ended December 31, 2018 and 2017.

The following table sets forth the net (loss) recorded in other expense (income), net in the consolidated statements of income for the years ended December 31, 2018 and 2017 for non-designated derivatives held by the Company. Such amounts were substantially offset by the net (gain) loss recorded on the underlying hedged asset or liability, also recorded in other expense (income), net.



	2018			2017
Foreign exchange contracts	$	(12,162	)	$	(16,813	)

Fair Value Measurements

12 Months Ended

Dec. 31, 2018

Fair Value Disclosures [Abstract]

Fair Value Measurements

The provisions of the accounting standard for fair value define fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. This standard classifies the inputs used to measure fair value into the following hierarchy:



	Level 1	Unadjusted quoted prices in active markets for identical assets or liabilities.



	Level 2	Unadjusted quoted prices in active markets for similar assets or liabilities, or unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or inputs other than quoted prices that are observable for the asset or liability.



	Level 3	Unobservable inputs for the asset or liability.

The following table provides the assets and liabilities reported at fair value and measured on a recurring basis as of December 31, 2018 and 2017:



				Fair Value Measurements Using
	Total			Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)

December 31, 2018
Asset derivatives	$	2,517		$	—	$	2,517		$	—
Liability derivatives	(348		)	—		(348		)	—
Bank acceptances	17,698			—		17,698			—
Rabbi trust assets	2,457			2,457		—			—
	$	22,324		$	2,457	$	19,867		$	—
December 31, 2017
Asset derivatives	$	712		$	—	$	712		$	—
Liability derivatives	(408		)	—		(408		)	—
Bank acceptances	16,092			—		16,092			—
Rabbi trust assets	2,554			2,554		—			—
	$	18,950		$	2,554	$	16,396		$	—

The derivative contracts are valued using observable current market information as of the reporting date such as the prevailing LIBOR-based interest rates and foreign currency spot and forward rates. Bank acceptances represent financial instruments accepted from certain Chinese customers in lieu of cash paid on receivables, generally range from 3 to 6 months in maturity and are guaranteed by banks. The carrying amounts of the bank acceptances, which are included within prepaid expenses and other current assets, approximate fair value due to their short maturities. The fair values of rabbi trust assets are based on quoted market prices from various financial exchanges. For disclosures of the fair values of the Company’s pension plan assets, see Note 12 of the Consolidated Financial Statements.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Pension and Other Postretirement Benefits

12 Months Ended

Dec. 31, 2018

Retirement Benefits [Abstract]

Pension and Other Postretirement Benefits

The accounting standards related to employers’ accounting for defined benefit pension and other postretirement plans requires the Company to recognize the funded status of its defined benefit postretirement plans as assets or liabilities in the accompanying consolidated balance sheets and to recognize changes in the funded status of the plans in comprehensive income.

The Company has various defined contribution plans, the largest of which is its Retirement Savings Plan. Most U.S. salaried and non-union hourly employees are eligible to participate in this plan. See Note 17 for further discussion of the Retirement Savings Plan. The Company also maintains various other defined contribution plans which cover certain other employees. Company contributions under these plans are based primarily on the performance of the business units and employee compensation. Contribution expense under these other defined contribution plans was $6,921, $6,644 and $5,907 in 2018, 2017 and 2016, respectively.

Defined benefit pension plans in the U.S. cover a majority of the Company’s U.S. employees at the Associated Spring and Force & Motion Control (formerly "Nitrogen Gas Products") businesses of Industrial, the Company’s Corporate Office and certain former U.S. employees, including retirees. Plan benefits for salaried and non-union hourly employees are based on years of service and average salary. Plans covering union hourly employees provide benefits based on years of service. In 2012, the Company closed the U.S. salaried defined benefit pension plan (the "U.S. Salaried Plan") to employees hired on or after January 1, 2013, with no impact to the benefits of existing participants. Effective January 1, 2013, the Retirement Savings Plan was amended to provide certain salaried employees hired on or after January 1, 2013 with an additional annual retirement contribution of 4% of eligible earnings, in place of pensionable benefits under the closed U.S. Salaried Plan. The Company funds U.S. pension costs in accordance with the Employee Retirement Income Security Act of 1974, as amended (“ERISA”). Non-U.S. defined benefit pension plans cover certain employees of certain international locations in Europe and Canada.

The Company provides other medical, dental and life insurance postretirement benefits for certain of its retired employees in the U.S. and Canada. It is the Company’s practice to fund these benefits as incurred.

The accompanying balance sheets reflect the funded status of the Company’s defined benefit pension plans at December 31, 2018 and 2017, respectively. Reconciliations of the obligations and funded status of the plans follow:



	2018									2017
	U.S.			Non-U.S.			Total			U.S.			Non-U.S.			Total
Benefit obligation, January 1	$	415,369		$	82,741		$	498,110		$	389,613		$	104,339		$	493,952
Service cost	4,290			1,671			5,961			3,931			2,124			6,055
Interest cost	15,875			1,508			17,383			17,151			1,668			18,819
Amendments	—			826			826			1,233			27			1,260
Actuarial (gain) loss	(22,193		)	(2,256		)	(24,449		)	28,350			(4,397		)	23,953
Benefits paid	(25,007		)	(6,607		)	(31,614		)	(24,909		)	(4,240		)	(29,149		)
Transfers in	—			3,462			3,462			—			2,743			2,743
Plan curtailments	—			—			—			—			(7,030		)	(7,030		)
Plan settlements	—			—			—			—			(21,074		)	(21,074		)
Participant contributions	—			1,120			1,120			—			1,355			1,355
Foreign exchange rate changes	—			(3,158		)	(3,158		)	—			7,226			7,226
Benefit obligation, December 31	388,334			79,307			467,641			415,369			82,741			498,110
Fair value of plan assets, January 1	375,378			79,060			454,438			331,260			85,652			416,912
Actual return on plan assets	(30,681		)	(1,928		)	(32,609		)	56,131			6,150			62,281
Company contributions	2,925			1,807			4,732			12,896			2,027			14,923
Participant contributions	—			1,120			1,120			—			1,355			1,355
Benefits paid	(25,007		)	(6,607		)	(31,614		)	(24,909		)	(4,240		)	(29,149		)
Plan settlements	—			—			—			—			(20,857		)	(20,857		)
Transfers in	—			3,462			3,462			—			2,743			2,743
Foreign exchange rate changes	—			(3,307		)	(3,307		)	—			6,230			6,230
Fair value of plan assets, December 31	322,615			73,607			396,222			375,378			79,060			454,438
Underfunded status, December 31	$	(65,719	)	$	(5,700	)	$	(71,419	)	$	(39,991	)	$	(3,681	)	$	(43,672	)

In 2017, the Company authorized the closure of it's FOBOHA facility located in Muri, Switzerland, resulting in the pension curtailments and settlements noted above. See Note 9 of the Consolidated Financial Statements for additional information related to this Closure.

Projected benefit obligations related to pension plans with benefit obligations in excess of plan assets follow:



	2018						2017
	U.S.		Non-U.S.		Total		U.S.		Non-U.S.		Total
Projected benefit obligation	$	388,334	$	42,000	$	430,334	$	311,320	$	40,931	$	352,251
Fair value of plan assets	322,615		28,595		351,210		267,087		26,205		293,292

Information related to pension plans with accumulated benefit obligations in excess of plan assets follows:



	2018						2017
	U.S.		Non-U.S.		Total		U.S.		Non-U.S.		Total
Projected benefit obligation	$	388,334	$	42,000	$	430,334	$	40,572	$	40,931	$	81,503
Accumulated benefit obligation	378,285		41,946		420,231		40,090		40,877		80,967
Fair value of plan assets	322,615		28,595		351,210		4,797		26,205		31,002

The accumulated benefit obligation for all defined benefit pension plans was $457,539 and $485,777 at December 31, 2018 and 2017, respectively.

Amounts related to pensions recognized in the accompanying balance sheets consist of:



	2018									2017
	U.S.			Non-U.S.			Total			U.S.			Non-U.S.			Total
Other assets	$	—		$	7,705		$	7,705		$	4,242		$	11,045		$	15,287
Accrued liabilities	2,826			378			3,204			2,823			407			3,230
Accrued retirement benefits	62,893			13,027			75,920			41,410			14,319			55,729
Accumulated other non-owner changes to equity, net	(121,927		)	(14,047		)	(135,974		)	(84,990		)	(13,016		)	(98,006		)

Amounts related to pensions recognized in accumulated other non-owner changes to equity, net of tax, at December 31, 2018 and 2017, respectively, consist of:



	2018									2017
	U.S.			Non-U.S.			Total			U.S.			Non-U.S.			Total
Net actuarial loss	$	(119,601	)	$	(13,637	)	$	(133,238	)	$	(82,736	)	$	(13,237	)	$	(95,973	)
Prior service costs	(2,326		)	(410		)	(2,736		)	(2,254		)	221			(2,033		)
	$	(121,927	)	$	(14,047	)	$	(135,974	)	$	(84,990	)	$	(13,016	)	$	(98,006	)

The accompanying balance sheets reflect the underfunded status of the Company’s other postretirement benefit plans at December 31, 2018 and 2017. Reconciliations of the obligations and underfunded status of the plans follow:



	2018			2017
Benefit obligation, January 1	$	37,570		$	36,853
Service cost	85			83
Interest cost	1,358			1,561
Actuarial (gain) loss	(3,791		)	3,806
Benefits paid	(3,435		)	(7,251		)
Participant contributions	1,280			2,209
Foreign exchange rate changes	9			309
Benefit obligation, December 31	33,076			37,570
Fair value of plan assets, January 1	—			—
Company contributions	2,155			5,042
Participant contributions	1,280			2,209
Benefits paid	(3,435		)	(7,251		)
Fair value of plan assets, December 31	—			—
Underfunded status, December 31	$	33,076		$	37,570

Amounts related to other postretirement benefits recognized in the accompanying balance sheets consist of:



	2018			2017
Accrued liabilities	$	5,414		$	5,064
Accrued retirement benefits	27,662			32,506
Accumulated other non-owner changes to equity, net	(2,716		)	(5,838		)

Amounts related to other postretirement benefits recognized in accumulated other non-owner changes to equity, net of tax, at December 31, 2018 and 2017 consist of:



	2018			2017
Net actuarial loss	$	(2,618	)	$	(5,746	)
Prior service loss	(98		)	(92		)
	$	(2,716	)	$	(5,838	)

The sources of changes in accumulated other non-owner changes to equity, net, during 2018 were:



	Pension			Other Postretirement Benefits
Prior service cost	$	(669	)	$	—
Net (loss) gain	(29,108		)	3,800
Amortization of prior service costs	423			15
Amortization of actuarial loss	8,878			428
Foreign exchange rate changes	821			(14		)
Amounts reclassified from accumulated other comprehensive income to retained earnings^(A)	(18,313		)	(1,107		)
	$	(37,968	)	$	3,122

(A) This amount represents the reclassification of stranded tax effects resulting from the Act, as permitted by amended guidance issued by the FASB in February 2018. See Note 1.

Weighted-average assumptions used to determine benefit obligations as of December 31, are:



	2018		2017
U.S. plans:
Discount rate	4.40	%	3.90	%
Increase in compensation	2.56	%	2.56	%
Non-U.S. plans:
Discount rate	2.07	%	1.90	%
Increase in compensation	2.72	%	2.17	%

The investment strategy of the plans is to generate a consistent total investment return sufficient to pay present and future plan benefits to retirees, while minimizing the long-term cost to the Company. Target allocations for asset categories are used to earn a reasonable rate of return, provide required liquidity and minimize the risk of large losses. Targets may be adjusted, as necessary, to reflect trends and developments within the overall investment environment. The weighted-average target investment allocations by asset category were as follows during 2018: 65% in equity securities and 35% in fixed income securities, including cash.

The fair values of the Company’s pension plan assets at December 31, 2018 and 2017, by asset category are as follows:



			Fair Value Measurements Using
Asset Category	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
December 31, 2018
Cash and short-term investments	$	3,750	$	3,750	$	—	$	—
Equity securities:
U.S. large-cap	36,821		—		36,821		—
U.S. mid-cap	13,337		13,337		—		—
U.S. small-cap	13,244		13,244		—		—
International equities	123,084		—		123,084		—
Global equity	43,337		43,337		—		—
Fixed income securities:
U.S. bond funds	117,249		—		117,249		—
International bonds	42,920		—		42,920		—
Other	2,480		—		—		2,480
	$	396,222	$	73,668	$	320,074	$	2,480
December 31, 2017
Cash and short-term investments	10,731		10,731		—		—
Equity securities:
U.S. large-cap	46,786		—		46,786		—
U.S. mid-cap	15,576		15,576		—		—
U.S. small-cap	16,157		16,157		—		—
International equities	159,803		—		159,803		—
Global equity	51,945		51,945		—		—
Fixed income securities:
U.S. bond funds	109,033		—		109,033		—
International bonds	41,742		—		41,742		—
Other	2,665		—		—		2,665
	$	454,438	$	94,409	$	357,364	$	2,665

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

The Company expects to contribute approximately $4,706 to the pension plans in 2019. No contributions to the U.S. Qualified pension plans, specifically, are required, and the Company does not currently plan to make any discretionary contributions to such plans in 2019.

The following are the estimated future net benefit payments, which include future service, over the next 10 years:



	Pensions		Other Postretirement Benefits
2019	$	29,550	$	3,515
2020	29,414		3,332
2021	29,573		3,065
2022	29,224		2,892
2023	29,042		2,688
Years 2024-2028	144,754		11,093
Total	$	291,557	$	26,585

Pension and other postretirement benefit costs consist of the following:



	Pensions									Other Postretirement Benefits
	2018			2017			2016			2018		2017			2016
Service cost	$	5,961		$	6,055		$	5,395		$	85	$	83		$	122
Interest cost	17,383			18,819			19,494			1,358		1,561			1,766
Expected return on plan assets	(29,900		)	(28,082		)	(30,302		)	—		—			—
Amortization of prior service cost (credit)	560			446			210			20		(68		)	(373		)
Recognized losses	11,628			10,557			10,791			561		276			535
Curtailment gain	—			(7,217		)	—			—		—			—
Settlement gain	—			(119		)	—			—		—			—
Net periodic benefit cost	$	5,632		$	459		$	5,588		$	2,024	$	1,852		$	2,050

The Closure of the Company's FOBOHA facility located in Muri, Switzerland, as discussed above, resulted in a pre-tax curtailment gain of $7,217 during the 2017 period. See Note 9 of the Consolidated Financial Statements.

The components of net periodic benefit cost other than the service cost component are included in Other Expense (Income) on the Consolidated Statements of Income. The amended guidance related to the presentation of net periodic pension and other postretirement benefit cost (see Note 1) provides for a practical expedient that allows use of amounts disclosed in prior year filings for the prior year comparable periods as an estimation basis for applying the retrospective presentation requirements. The Company has elected to use this practical expedient.

The estimated net actuarial loss and prior service cost for the defined benefit pension plans that will be amortized from accumulated other non-owner changes to equity into net periodic benefit cost in 2019 are $8,618 and $404, respectively. The estimated net actuarial loss and prior service cost for other defined benefit postretirement plans that will be amortized from accumulated other non-owner changes to equity into net periodic benefit cost in 2019 are $40 and $25, respectively.

Weighted-average assumptions used to determine net periodic benefit cost for years ended December 31, are:



	2018		2017		2016
U.S. plans:
Discount rate	3.90	%	4.50	%	4.65	%
Long-term rate of return	7.75	%	7.75	%	8.25	%
Increase in compensation	2.56	%	2.56	%	3.71	%
Non-U.S. plans:
Discount rate	1.90	%	1.60	%	2.80	%
Long-term rate of return	4.09	%	3.59	%	4.73	%
Increase in compensation	2.17	%	2.29	%	2.71	%

The expected long-term rate of return is based on consideration of projected rates of return and the historical rates of return of published indices that reflect the plans’ target asset allocation.

The Company’s accumulated postretirement benefit obligations, exclusive of pensions, take into account certain cost-sharing provisions. The annual rate of increase in the cost of covered benefits (i.e., health care cost trend rate) is assumed to be 7.30% and 6.86% at December 31, 2018 and 2017, respectively, decreasing gradually to a rate of 4.50% by December 31, 2038. A one percentage point change in the assumed health care cost trend rate would have the following effects:



	One Percentage Point Increase		One Percentage Point Decrease
Effect on postretirement benefit obligation	$	215	$	(200	)
Effect on postretirement benefit cost	9		(8		)

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

Contributions related to the individually insignificant multi-employer plans, as disclosure is required pursuant to the applicable accounting standards, are as follows:



	Contributions by the Company
Pension Fund:	2018		2017		2016
Swedish Pension Plan	792		$	739	$	673
Total Contributions	$	792	$	739	$	673

Stock-based Compensation

12 Months Ended

Dec. 31, 2018

Share-based Compensation [Abstract]

Stock-based Compensation

Stock-Based Compensation

The Company accounts for the cost of all share-based payments, including stock options, by measuring the payments at fair value on the grant date and recognizing the cost in the results of operations. The fair values of stock options are estimated using the Black-Scholes option-pricing model based on certain assumptions. The fair values of service and performance based stock awards are estimated based on the fair market value of the Company’s stock price on the grant date. The fair value of market based performance share awards are estimated using the Monte Carlo valuation method. Estimated forfeiture rates are applied to outstanding awards.

Refer to Note 17 for a description of the Company’s stock-based compensation plans and their general terms. As of December 31, 2018, incentives have been awarded in the form of performance share awards and restricted stock unit awards (collectively, “Rights”) and stock options. The Company has elected to use the straight-line method to recognize compensation costs. Stock options and awards typically vest over a period ranging from six months to five years. The maximum term of stock option awards is 10 years. Upon exercise of a stock option or upon vesting of Rights, shares may be issued from treasury shares held by the Company or from authorized shares.

In March 2016, the FASB amended its guidance related to the accounting for certain aspects of share-based payments to employees. The amended guidance requires that all tax effects related to share-based payments are recorded at settlement (or expiration) through the income statement, rather than through equity. Cash flows related to excess tax benefits will no longer be separately classified as a financing activity apart from other income tax cash flows. The amended guidance also allows for an employer to repurchase additional employee shares for tax withholding purposes without requiring liability accounting and clarifies that all cash payments made to tax authorities on an employee’s behalf for withheld shares should be presented as a financing activity on the Consolidated Statements of Cash Flows. The guidance also allows for a policy election to account for forfeitures as they occur, rather than accounting for them on an estimated basis. The guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. Early adoption is permitted.

The Company elected to early adopt this guidance in the third quarter of 2016. This adoption requires the Company to reflect any adjustments as of January 1, 2016, the beginning of the annual period that includes the interim period of adoption. The most significant impact of adoption was the recognition of excess tax benefits in the provision for income taxes rather than through equity for all periods in fiscal year 2016. This resulted in the recognition of excess tax benefits in the provision for income taxes of $2,229 for the year ended December 31, 2016. In connection with the additional amendments within the amended guidance, the Company recognized state tax loss carryforwards in the amount of $198, which impacted retained earnings as of January 1, 2016. The cumulative effect of this change is required to be recorded in retained earnings. The Company elected to continue to estimate forfeitures expected to occur to determine the amount of compensation cost to be recognized in each period.

The presentation requirements for cash flows related to excess tax benefits and employee taxes paid for withheld shares were applied retrospectively to all periods presented. This resulted in an increase in both net cash provided by operating activities and net cash used by financing activities of $413 and $524 for the three and six month periods ended March 31 and June 30, 2016, respectively.

During 2018, 2017 and 2016, the Company recognized $12,175, $12,285, and $11,493 respectively, of stock-based compensation cost and $2,613, $4,579, and $4,284 respectively, of related tax benefits in the accompanying consolidated statements of income. Additionally, the Company recognized excess tax benefits in the tax provision of $1,687, $2,463 and $2,229 in 2018, 2017 and 2016, respectively. The Company has realized all available tax benefits related to deductions from excess stock awards exercised or restricted stock unit awards and performance share awards vested. At December 31, 2018, the Company had $15,084 of unrecognized compensation costs related to unvested awards which are expected to be recognized over a weighted average period of 2.20 years.

The following table summarizes information about the Company’s stock option awards during 2018:



	Number of Shares		Weighted-Average Exercise Price
Outstanding, January 1, 2018	618,780		$	33.15
Granted	102,400		59.28
Exercised	(37,031	)	18.18
Forfeited	—		—
Outstanding, December 31, 2018	684,149		37.87

The following table summarizes information about stock options outstanding at December 31, 2018:



	Options Outstanding				Options Exercisable
Range of Exercise Prices	Number of Shares	Average Remaining Life (Years)	Average Exercise Price		Number of Shares	Average Exercise Price
$11.45 to $15.83	44,760	0.76	$	14.19	44,760	$	14.19
$20.69 to $26.32	73,460	3.39	23.73		73,460	23.73
$26.59 to $34.92	164,117	6.88	31.11		111,425	30.98
$36.31 to $38.93	171,247	5.75	36.64		169,900	36.62
$38.93 to $63.38	230,565	8.50	52.71		43,861	45.98

The Company received cash proceeds from the exercise of stock options of $673, $1,964 and $4,184 in 2018, 2017 and 2016, respectively. The total intrinsic value (the amount by which the stock price exceeds the exercise price of the option on the date of exercise) of the stock options exercised during 2018, 2017 and 2016 was $1,589, $2,887 and $4,464, respectively.

The weighted-average grant date fair value of stock options granted in 2018, 2017 and 2016 was $12.80, $10.31 and $7.01, respectively. The fair value of each stock option grant on the date of grant was estimated using the Black-Scholes option-pricing model based on the following weighted average assumptions:



	2018		2017		2016
Risk-free interest rate	2.60	%	1.90	%	1.20	%
Expected life (years)	5.3		5.3		5.3
Expected volatility	24.1	%	26.1	%	29.1	%
Expected dividend yield	1.74	%	1.82	%	1.94	%

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

The following table summarizes information about stock options outstanding that are expected to vest and stock options outstanding that are exercisable at December 31, 2018:



Options Outstanding, Expected to Vest						Options Outstanding, Exercisable
Shares	Weighted- Average Exercise Price		Aggregate Intrinsic Value		Weighted- Average Remaining Term (Years)	Shares	Weighted- Average Exercise Price		Aggregate Intrinsic Value		Weighted- Average Remaining Term (Years)
666,162	$	37.87	$	11,113	6.37	443,406	$	31.73	$	9,707	5.31

The following table summarizes information about the Company’s Rights during 2018:



	Service Based Rights				Service and Performance Based Rights				Service and Market Based Rights
	Number of Units		Weighted-Average Grant Date Fair Value		Number of Units		Weighted-Average Grant Date Fair Value		Number of Units		Weighted-Average Grant Date Fair Value
Outstanding, January 1, 2018	310,524		$	36.90	155,894		$	37.41	128,392		$	58.19
Granted	128,295		59.06		46,670		59.28		23,335		88.98
Forfeited	(15,653	)	46.28		(492	)	68.08		(408	)	68.10
Additional Earned	—		—		15,826		36.28		30,614		54.53
Issued	(159,185	)	65.85		(70,847	)	36.28		(57,995	)	54.53
Outstanding, December 31, 2018	263,981				147,051				123,938

The Company granted 128,295 restricted stock unit awards and 70,005 performance share awards in 2018. All of the restricted stock unit awards vest upon meeting certain service conditions. "Additional Earned" reflects performance share awards earned above target that have been issued. The performance share awards are part of the long-term Performance Share Award Program (the "Awards Program"), which is designed to assess the long-term Company performance relative to the performance of companies included in the Russell 2000 Index or to pre-established goals. The performance goals are independent of each other and based on equally weighted metrics. For awards granted in 2018, the metrics included the Company's total shareholder return ("TSR"), operating income before depreciation and amortization growth ("EBITDA growth") and return on invested capital ("ROIC"). For awards granted in 2017 and 2016, the metrics included TSR and ROIC. The TSR and EBITDA growth metrics are designed to assess the long-term Company performance relative to the performance of companies included in the Russell 2000 Index over a three year period. ROIC is designed to assess the Company’s performance compared to pre-established goals over a three year performance period. The participants can earn from zero to 250% of the target award and the award includes a forfeitable right to dividend equivalents, which are not included in the aggregate target award numbers. Compensation expense for the awards is recognized over the three year service period based upon the value determined under the intrinsic value method for EBITDA growth and ROIC portions of the award and the Monte Carlo simulation valuation model for the TSR portion of the award since it contains a market condition. The assumptions used to determine the weighted-average fair values of the market based portion of the 2018 awards include a 2.29% risk-free interest rate and a 23.96% expected volatility rate.

Compensation expense for the TSR portion of the awards is fixed at the date of grant and will not be adjusted in future periods based upon the achievement of the TSR performance goal. Compensation expense for the EBITDA growth and the ROIC portions of the awards is recorded each period based upon a probability assessment of achieving the goals with a final adjustment at the end of the service period based upon the actual achievement of those performance goals.

Income Taxes

12 Months Ended

Dec. 31, 2018

Income Tax Disclosure [Abstract]

Income Taxes

The components of Income from continuing operations before income taxes and Income taxes follow:



	2018			2017			2016
Income from continuing operations before income taxes:
U.S.	$	(10,719	)	$	3,082		$	34,129
International	218,214			192,617			148,492
Income from continuing operations before income taxes	$	207,495		$	195,699		$	182,621
Income tax provision:
Current:
U.S. – federal	$	3,110		$	77,799		$	7,215
U.S. – state	(623		)	1,762			755
International	57,871			48,032			41,516
	60,358			127,593			49,486
Deferred:
U.S. – federal	$	(2,206	)	$	9,596		$	6,091
U.S. – state	(826		)	819			1,060
International	(16,017		)	(1,724		)	(9,617		)
	(19,049		)	8,691			(2,466		)
Income taxes	$	41,309		$	136,284		$	47,020

On December 22, 2017 the U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act (the “Act”). The Act reduced the U.S. Corporate income tax rate from 35% to 21%, effective January 1, 2018. As required, the Company re-measured its U.S. deferred tax assets and liabilities as of December 31, 2017, applying the reduced U.S. Corporate income tax rate. As a result, the Company recorded a provisional adjustment of $4,152 to net expense, with a corresponding reduction to the U.S. net deferred asset. The Company filed the 2017 Federal Corporate Tax Return in October 2018 and claimed additional tax deductions subject to the 35% tax rate, which reduced the related tax expense to $3,399.

The Act taxed certain unrepatriated earnings and profits (“E&P”) of our foreign subsidiaries. In order to determine the Transition Tax we were required to determine, along with other information, the amount of our accumulated post 1986 E&P for our foreign subsidiaries, as well as the non U.S. income tax paid by those subsidiaries on such E&P. We were capable of reasonably estimating the Transition Tax and recorded a provisional Transition Tax expense of $86,707 in 2017. The U.S. Treasury issued certain Notices and proposed regulations ("interpretative guidance") in 2018. The interpretative guidance provided additional guidance to assist companies in calculating the one-time Transition Tax. The Company has completed the accounting and recorded a final Transition Tax of $86,858. The U.S. Treasury issued Final Regulations addressing the Transition Tax in January 2019. The Final Regulations did not impact the computation of final income tax expense. The Company was able to make a reasonable estimate of the state taxation of these earnings and recorded a provisional expense of $1,423 in 2017. In 2018, various states issued guidance related to calculating the tax impacts of the Act, as well as clarifications describing how States would tax income arising from the application of provisions within the Act. As a result of the recent guidance, the Company has reduced the tax expense related to the impact of the Act to $597 in 2018.

U.S. Tax Reform required the mandatory deemed repatriation of the undistributed earnings of the Company’s international subsidiaries as of December 31, 2017. If the earnings were distributed in the form of cash dividends, the Company would not be subject to additional U.S. income taxes but could be subject to foreign income and withholding taxes. Under accounting standards (ASC 740) a deferred tax liability is not recorded for the excess of the tax basis over the financial reporting (book) basis of an investment in a foreign subsidiary if the indefinite reinvestment criteria is met. On December 31, 2018, the Company's unremitted foreign earnings were approximately $1,397,056. For amounts currently expected to be repatriated, the Company recorded a provisional expense of $6,932 during 2017. In 2018 the Company repatriated $62,383 between certain foreign entities, thereby reducing the previously recorded deferred tax liability by $5,245 and repatriated $228,750 to the U.S. In 2018, the Company revised its estimates and no longer expects to repatriate foreign earnings relating to $1,185 of taxes for which a deferred tax liability was previously recorded and as such, a benefit resulted.

The Company has recognized a deferred tax liability for U.S. taxes of $502 on $10,166 of undistributed earnings of its international subsidiaries, earned before 2017 and the application of the Transition Tax implemented by the Act. All remaining earnings are considered indefinitely reinvested as defined per the indefinite reversal criterion within the accounting guidance for income taxes. If the earnings were distributed in the form of dividends, the Company would not be subject to U.S. Tax but could be subject to foreign income and withholding taxes. Determination of the amount of this unrecognized deferred income tax liability is not practicable. The Company repatriated dividends of $228,750, as noted above, and $7,250 to the U.S. from accumulated foreign earnings in 2018 and 2017, respectively. Pursuant to the Act, neither dividend was subject to tax.

Deferred income tax assets and liabilities at December 31 consist of the tax effects of temporary differences related to the following:



	2018			2017
Deferred tax assets:
Pension	$	19,025		$	13,255
Tax loss carryforwards	11,516			16,078
Inventory valuation	11,576			10,568
Other postretirement/postemployment costs	8,372			9,440
Accrued Compensation	9,384			5,743
Other	3,349			4,018
Valuation allowance	(4,366		)	(10,223		)
Total deferred tax assets	58,856			48,879
Deferred tax liabilities:
Depreciation and amortization	(122,636		)	(82,422		)
Goodwill	(9,597		)	(9,440		)
Other	(12,708		)	(18,361		)
Total deferred tax liabilities	(144,941		)	(110,223		)
Net deferred tax liabilities	$	(86,085	)	$	(61,344	)

In the first quarter of 2016, the Company prospectively adopted the amended guidance related to the balance sheet classification of deferred income taxes. The amended guidance removed the requirement to separate and classify deferred income tax liabilities and assets into current and non-current amounts and required an entity to now classify all deferred tax liabilities and assets as non-current. The provisions of the amended guidance were adopted on a prospective basis during the first quarter of 2016. Amounts related to deferred taxes in the balance sheets as of December 31, 2018 and 2017 are presented as follows:



	2018			2017
Non-current deferred tax assets	$	20,474		$	12,161
Non-current deferred tax liabilities	(106,559		)	(73,505		)
Net deferred tax liabilities	$	(86,085	)	$	(61,344	)

The standards related to accounting for income taxes require that deferred tax assets be reduced by a valuation allowance if, based on all available evidence, it is more likely than not that the deferred tax asset will not be realized. Available evidence includes the reversal of existing taxable temporary differences, future taxable income exclusive of temporary differences, taxable income in carryback years and tax planning strategies.

Management believes that sufficient taxable income should be earned in the future to realize the net deferred tax assets principally in the United States. The realization of these assets is dependent in part on the amount and timing of future taxable income in the jurisdictions where deferred tax assets reside. The Company has tax loss carryforwards of $42,175; $3,294 which relates to U.S tax loss carryforwards which have carryforward periods up to 20 years for federal purposes and ranging from one to 20 years for state purposes; $28,458 of which relates to international tax loss carryforwards with carryforward periods ranging from one to 20 years; and $10,963 of which relates to international tax loss carryforwards with unlimited carryforward periods. In addition, the Company has tax credit carryforwards of $228 with remaining carryforward periods ranging from one year to 5 years. As the ultimate realization of the remaining net deferred tax assets is dependent upon future taxable income, if such future taxable income is not earned and it becomes necessary to recognize a valuation allowance, it could result in a material increase in the Company’s tax expense which could have a material adverse effect on the Company’s financial condition and results of operations.

Management is required to assess whether its valuation allowance analysis is affected by various components of the Act including the deemed mandatory repatriation of foreign income for the Transition Tax, future GILTI inclusions, changes to the deductibility of executive compensation and interest expense and changes to the NOL and FTC rules. The Company has determined that a valuation allowance of $206 is appropriate relating to deferred taxes recognized for stock compensation granted to executives which the Company believes will not be deductible in future years.

A reconciliation of the U.S. federal statutory income tax rate to the consolidated effective income tax rate from continuing operations follows:



	2018		2017		2016
U.S. federal statutory income tax rate	21.0	%	35.0	%	35.0	%
State taxes (net of federal benefit)	—		0.1		0.4
Transition Tax	(0.3	)	45.0		—
U.S. Corporate Tax Rate change	(0.4	)	2.1		—
Indefinite Reinvestment Assertion	(0.6	)	3.5		—
Foreign operations taxed at different rates	1.3		(11.5	)	(10.9	)
Foreign losses without tax benefit	1.5		1.5		0.7
Repatriation from current year foreign earnings	—		—		1.6
GILTI	1.2		—		—
Tax Holidays	(1.7	)	(0.8	)	(1.2	)
Stock awards excess tax benefit	(0.8	)	(1.2	)	(1.2	)
Swiss Legal Entity Reduction	—		(3.4	)	—
Reduction of Valuation Allowances	(2.5	)	—		—
Audit Settlements	—		(2.7	)	—
Other	1.2		2.0		1.3
Consolidated effective income tax rate	19.9	%	69.6	%	25.7	%

Payment of the Transition Tax assessed is required over an eight-year period. The short-term portion of the Transition Tax payable, $416, has been included within Accrued Liabilities on the Consolidated Balance Sheet as of December 31, 2018. The long-term portion of the assessment, $72,961, is included as a Long-term tax liability on the Consolidated Balance Sheet and is payable as follows: $6,949 annually in 2020 through 2022; $13,029 in 2023; $17,371 in 2024 and $21,714 in 2025.

The Aerospace and Industrial Segments were previously awarded a number of multi-year tax holidays in both Singapore and China. Tax benefits of $3,627 ($0.07 per diluted share), $1,540 ($0.03 per diluted share) and $2,245 ($0.04 per diluted share) were realized in 2018, 2017 and 2016, respectively. These holidays are subject to the Company meeting certain commitments in the respective jurisdictions. Most tax holidays expired in 2017.

Income taxes paid globally, net of refunds, were $60,576, $51,548 and $40,842 in 2018, 2017 and 2016, respectively.

As of December 31, 2018, 2017 and 2016, the total amount of unrecognized tax benefits recorded in the consolidated balance sheet was $11,594, $9,209 and $13,320, respectively, which, if recognized, would have reduced the effective tax rate in prior years, with the exception of amounts related to acquisitions. A reconciliation of the unrecognized tax benefits for 2018, 2017 and 2016 follows:



	2018			2017			2016
Balance at January 1	$	9,209		$	13,320		$	10,634
Increase (decrease) in unrecognized tax benefits due to:
Tax positions taken during prior periods	649			1,141			—
Tax positions taken during the current period	367			778			117
Acquisition	2,516			—			2,569
Settlements	—			(4,162		)	—
Lapse of the applicable statute of limitations	(1,290		)	(1,868		)	—
Foreign Currency Translation	143			—			—
Balance at December 31	$	11,594		$	9,209		$	13,320

The Company recognizes interest and penalties, if any, related to unrecognized tax benefits in income tax expense. The Company recognized interest and penalties as a component of income taxes of $370, $(257), and $(337) in the years 2018, 2017 and 2016 respectively. The liability for unrecognized tax benefits includes gross accrued interest and penalties of $4,169, $1,576 and $1,838 at December 31, 2018, 2017 and 2016, respectively.

The Company or its subsidiaries file income tax returns in the U.S. federal jurisdiction, and various state and foreign jurisdictions. In the normal course of business, the Company is subject to examination by various taxing authorities, including the IRS in the U.S. and the taxing authorities in other major jurisdictions including China, Germany, Singapore, Sweden and Switzerland. With a few exceptions, tax years remaining open to examination in significant foreign jurisdictions include tax years 2011 and forward and for the U.S. include tax years 2015 and forward. The Company was notified that the IRS will be auditing the 2016 tax year. The Company has received the final assessment in Germany for tax years 2011 through 2015 and remains under audit for certain subsidiaries in 2015 and 2016.

Common Stock	12 Months Ended
Common Stock	Dec. 31, 2018
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract]
Common Stock	Common Stock There were no shares of common stock issued from treasury in 2018, 2017 or 2016. In 2018, 2017 and 2016, the Company acquired 2,292,100 shares, 677,100 shares and 550,994 shares, respectively, of the Company’s common stock at a cost of $138,275, $40,791 and $20,520, respectively. These amounts exclude shares reacquired to pay for the related income tax upon issuance of shares in accordance with the terms of the Company’s stockholder-approved equity compensation plans and the equity rights granted under those plans ("Reacquired Shares"). These Reacquired Shares were placed in treasury. In 2018, 2017 and 2016, 332,893 shares, 341,837 shares and 621,259 shares of common stock, respectively, were issued from authorized shares for the exercise of stock options, various other incentive awards and purchases by the Company's Employee Stock Purchase Plan.

Preferred Stock	12 Months Ended
Preferred Stock	Dec. 31, 2018
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract]
Preferred Stock	Preferred Stock At December 31, 2018 and 2017, the Company had 3,000,000 shares of preferred stock authorized, none of which were outstanding.

Stock Plans	12 Months Ended
Stock Plans	Dec. 31, 2018
Stock Plans [Abstract]
Stock Plans	Stock Plans Most U.S. salaried and non-union hourly employees are eligible to participate in the Company’s 401(k) plan (the "Retirement Savings Plan"). The Retirement Savings Plan provides for the investment of employer and employee contributions in various investment alternatives including the Company’s common stock, at the employee’s direction. The Company contributes an amount equal to 50% of employee contributions up to 6% of eligible compensation. The Company expenses all contributions made to the Retirement Savings Plan. Effective January 1, 2013, the Retirement Savings Plan was amended to provide certain salaried employees hired on or after January 1, 2013 with an additional annual retirement contribution of 4% of eligible earnings. The Company recognized expense of $4,333, $4,088 and $3,660 in 2018, 2017 and 2016, respectively. As of December 31, 2018, the Retirement Savings Plan held 1,075,692 shares of the Company’s common stock. The Company has an Employee Stock Purchase Plan (“ESPP”) under which eligible employees may elect to have up to the lesser of $25 or 10% of base compensation deducted from their payroll checks for the purchase of the Company’s common stock at 95% of the average market value on the date of purchase. The maximum number of shares which may be purchased under the ESPP is 4,550,000. The number of shares purchased under the ESPP was 8,006, 7,734 and 11,804 in 2018, 2017 and 2016, respectively. The Company received cash proceeds from the purchase of these shares of $457, $444 and $427 in 2018, 2017 and 2016, respectively. As of December 31, 2018, 269,665 additional shares may be purchased. The 1991 Barnes Group Stock Incentive Plan (the “1991 Plan”) authorized the granting of incentives to executive officers, directors and key employees in the form of stock options, stock appreciation rights, incentive stock rights and performance unit awards. On May 9, 2014, the 1991 Plan was merged into the 2014 Plan (defined below). The Barnes Group Inc. Employee Stock and Ownership Program (the “2000 Plan”) was approved on April 12, 2000, and subsequently amended on April 10, 2002 by the Company’s stockholders. The 2000 Plan permitted the granting of incentive stock options, nonqualified stock options, restricted stock awards, performance share or cash unit awards and stock appreciation rights, or any combination of the foregoing, to eligible employees to purchase up to 6,900,000 shares of the Company’s common stock. Such shares were authorized and reserved. On May 9, 2014, the 2000 Plan was merged into the 2014 Plan (defined below). The Barnes Group Stock and Incentive Award Plan (the “2004 Plan”) was approved on April 14, 2004, and subsequently amended on April 20, 2006 and May 7, 2010 by the Company’s stockholders. The 2004 Plan permits the issuance of incentive awards, stock option grants and stock appreciation rights to eligible participants to purchase up to 5,700,000 shares of common stock. On May 9, 2014, the 2004 Plan was merged into the 2014 Plan (defined below), and the remaining shares available for future grants under the 2004 Plan, as of the merger date, were made available under the 2014 Plan. The 2014 Barnes Group Stock and Incentive Award Plan (the “2014 Plan”) was approved on May 9, 2014 by the Company's stockholders. The 2014 Plan permits the issuance of incentive awards, stock option grants and stock appreciation rights to eligible participants to purchase up to 6,913,978 shares of common stock. The amount includes shares available for purchase under the 1991, 2000, and 2004 Plans which were merged into the 2014 Plan. The 2014 Plan allows for stock options and stock appreciation rights to be issued at a ratio of 1:1 and other types of incentive awards at a ratio of 2.84:1 from the shares available for future grants. As of December 31, 2018, there were 4,600,596 shares available for future grants under the 2014 Plan, inclusive of Shares Reacquired and shares made available through 2018 forfeitures. As of December 31, 2018, there were 1,281,844 shares of common stock outstanding to be issued upon the exercise of stock options and the vesting of Rights. Rights under the 2014 Plan entitle the holder to receive, without payment, one share of the Company’s common stock after the expiration of the vesting period. Certain of these Rights are also subject to the satisfaction of established performance goals. Additionally, holders of certain Rights are credited with dividend equivalents, which are converted into additional Rights, and holders of certain restricted stock units are paid dividend equivalents in cash when dividends are paid to other stockholders. All Rights have a vesting period of up to five years. Under the Non-Employee Director Deferred Stock Plan, as amended, each non-employee director who joined the Board of Directors prior to December 15, 2005 was granted the right to receive 12,000 shares of the Company’s common stock upon retirement. In 2018, 2017 and 2016, $22, $20 and $21, respectively, of dividend equivalents were paid in cash related to these shares. Compensation cost related to this plan was $8, $9 and $28 in 2018, 2017 and 2016, respectively. There are 36,000 shares reserved for issuance under this plan. Each non-employee director who joined the Board of Directors subsequent to December 15, 2005 received restricted stock units under the respective 2004 or 2014 Plans. Total maximum shares reserved for issuance under all stock plans aggregated 6,188,105 at December 31, 2018.

Weighted Average Shares Outstanding

12 Months Ended

Dec. 31, 2018

Weighted Average Shares Outstanding [Abstract]

Weighted Average Shares Outstanding

Net income per common share is computed in accordance with accounting standards related to earnings per share. Basic earnings per share is calculated using the weighted-average number of common shares outstanding during the year. Share-based payment awards that entitle their holders to receive nonforfeitable dividends before vesting should be considered participating securities and, as such, should be included in the calculation of basic earnings per share. The Company’s restricted stock unit awards which contain nonforfeitable rights to dividends are considered participating securities. Diluted earnings per share reflects the assumed exercise and conversion of all dilutive securities. Shares held by the Retirement Savings Plan are considered outstanding for both basic and diluted earnings per share. There are no adjustments to net income for purposes of computing income available to common stockholders for the years ended December 31, 2018, 2017 and 2016. A reconciliation of the weighted-average number of common shares outstanding used in the calculation of basic and diluted earnings per share follows:



	Weighted-Average Common Shares Outstanding
	2018	2017	2016
Basic	52,304,190	54,073,407	54,191,013
Dilutive effect of:
Stock options	260,240	258,052	166,986
Performance share awards	267,176	273,839	273,314
Diluted	52,831,606	54,605,298	54,631,313

The calculation of weighted-average diluted shares outstanding excludes all anti-dilutive shares. During 2018, 2017 and 2016, the Company excluded 127,562, 46,450 and 262,336 stock awards, respectively, from the calculation of diluted weighted-average shares outstanding as the stock awards were considered anti-dilutive.

Changes in Accumulated Other Comprehensive Income by Component

12 Months Ended

Dec. 31, 2018

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Changes in Accumulated Other Comprehensive Income by Component

The following tables set forth the changes in accumulated other comprehensive income by component for the years ended December 31, 2018 and December 31, 2017:



	Gains and Losses on Cash Flow Hedges			Pension and Other Postretirement Benefit Items			Foreign Currency Items			Total
January 1, 2018	$	72		$	(103,844	)	$	(2,627	)	$	(106,399	)
Other comprehensive (loss) income before reclassifications to consolidated statements of income	(410		)	(25,170		)	(50,017		)	(75,597		)
Amounts reclassified from accumulated other comprehensive income to the consolidated statements of income	1,083			9,744			—			10,827
Net current-period other comprehensive income (loss)	673			(15,426		)	(50,017		)	(64,770		)
Amounts reclassified from accumulated other comprehensive income to retained earnings^(A)	89			(19,420		)	—			(19,331		)
December 31, 2018	$	834		$	(138,690	)	$	(52,644	)	$	(190,500	)

(A) This amount represents the reclassification of stranded tax effects resulting from the Act, as permitted by amended guidance issued by the FASB in February 2018. See Note 1.

	Gains and Losses on Cash Flow Hedges			Pension and Other Postretirement Benefit Items			Foreign Currency Items			Total

January 1, 2017	$	(227	)	$	(114,570	)	$	(86,031	)	$	(200,828	)
Other comprehensive (loss) income before reclassifications to consolidated statements of income	(231		)	3,342			83,404			86,515
Amounts reclassified from accumulated other comprehensive income to the consolidated statements of income	530			7,384			—			7,914
Net current-period other comprehensive income	299			10,726			83,404			94,429
December 31, 2017	$	72		$	(103,844	)	$	(2,627	)	$	(106,399	)

The following table sets forth the reclassifications out of accumulated other comprehensive income by component for the years ended December 31, 2018 and December 31, 2017:



Details about Accumulated Other Comprehensive Income Components	Amount Reclassified from Accumulated Other Comprehensive Income						Affected Line Item in the Consolidated Statements of Income
	2018			2017
Gains and losses on cash flow hedges
Interest rate contracts	$	(277	)	$	(545	)	Interest expense
Foreign exchange contracts	(1,116		)	(242		)	Net sales
	(1,393		)	(787		)	Total before tax
	310			257			Tax benefit
	(1,083		)	(530		)	Net of tax

Pension and other postretirement benefit items
Amortization of prior-service costs, net	$	(580	)	$	(378	)	(A)
Amortization of actuarial losses	(12,189		)	(10,833		)	(A)
Curtailment gain	—			187			(A)
Settlement loss	—			(142		)	(A)
	(12,769		)	(11,166		)	Total before tax
	3,025			3,782			Tax benefit
	(9,744		)	(7,384		)	Net of tax

Total reclassifications in the period	$	(10,827	)	$	(7,914	)

(A) These accumulated other comprehensive income components are included within the computation of net periodic Pension and Other Postretirement Benefits cost. See Note 12.

Information on Business Segments

12 Months Ended

Dec. 31, 2018

Segment Reporting [Abstract]

Information on Business Segments

The Company is organized based upon the nature of its products and services and reports under two global business segments: Industrial and Aerospace. Segment information is consistent with how management reviews the businesses, makes investing and resource allocation decisions and assesses operating performance. The Company has not aggregated operating segments for purposes of identifying these two reportable segments.

Industrial is a global provider of highly-engineered, high-quality precision components, products and systems for critical applications serving a diverse customer base in end-markets such as transportation, industrial equipment, automation, personal care, packaging, electronics, and medical devices. Focused on innovative custom solutions, Industrial participates in the design phase of components and assemblies whereby customers receive the benefits of application and systems engineering, new product development, testing and evaluation, and the manufacturing of final products. Products are sold primarily through its direct sales force and global distribution channels. Industrial's Molding Solutions business designs and manufactures customized hot runner systems, advanced mold cavity sensors and process control systems, and precision high cavitation mold assemblies - collectively, the enabling technologies for many complex injection molding applications. The Force & Motion Control business provides innovative cost effective force and motion control solutions for a wide range of metal forming and other industrial markets. The Automation business designs and develops robotic grippers, advanced end-of-arm tooling systems, sensors and other automation components for intelligent robotic handling solutions and industrial automation applications. Industrial's Engineered Components business manufactures and supplies precision mechanical products used in transportation and industrial applications, including mechanical springs, high-precision punched and fine-blanked components and retention rings.

Industrial competes with a broad base of large and small companies engaged in the manufacture and sale of engineered products, precision molds, hot runner systems, robotic handling solutions and precision components. Industrial competes on the basis of quality, service, reliability of supply, engineering and technical capability, geographic reach, product breadth, innovation, design and price. Industrial has a global presence in multiple countries, with manufacturing, distribution and assembly operations in the United States, China, Germany, Italy, Sweden and Switzerland, among others. Industrial also has sales and service operations in the United States, China/Hong Kong, Germany, Italy and Switzerland, among others.

Aerospace is a global manufacturer of complex fabricated and precision machined components and assemblies for turbine engines, nacelles and structures for both commercial and military aircraft. The Aerospace aftermarket business provides aircraft engine component MRO services, including services performed under our Component Repair Programs (“CRPs”), for many of the world’s major turbine engine manufacturers, commercial airlines and the military. The Aerospace aftermarket activities also include the manufacture and delivery of aerospace aftermarket spare parts, including revenue sharing programs (“RSPs”) under which the Company receives an exclusive right to supply designated aftermarket parts over the life of specific aircraft engine programs.

Aerospace’s OEM business supplements the leading aircraft engine OEM, nacelles, and structure capabilities and competes with a large number of fabrication and machining companies. Competition is based mainly on value derived from intellectual property and trade secrets, quality, concurrent engineering and technical capability, product breadth, solutions providing new product introduction, timeliness, service and price. Aerospace’s fabrication and machining operations, with facilities in Arizona, Connecticut, Mexico, Michigan, Ohio, Utah and Singapore, produce critical engine, nacelle and airframe components through technologically advanced manufacturing processes.

The Aerospace aftermarket business supplements jet engine OEMs’ maintenance, repair and overhaul capabilities, and competes with the service centers of major commercial airlines and other independent service companies for the repair and overhaul of turbine engine components. The manufacture and supply of aerospace aftermarket spare parts, including those related to the RSPs, are dependent upon the reliable and timely delivery of high-quality components. Aerospace’s aftermarket facilities, located in Connecticut, Ohio, Singapore and Malaysia, specialize in the repair and refurbishment of highly engineered components and assemblies such as cases, rotating life limited parts, rotating air seals, turbine shrouds, vanes and honeycomb air seals.

The Company evaluates the performance of its reportable segments based on the operating profit of the respective businesses, which includes net sales, cost of sales, selling and administrative expenses and certain components of other expense (income), net, as well as the allocation of corporate overhead expenses.

Sales between the business segments and between the geographic areas in which the businesses operate are accounted for on the same basis as sales to unaffiliated customers. Additionally, revenues are attributed to countries based on the location of facilities.

The following table (in millions) sets forth summarized financial information by reportable business segment



	Industrial		Aerospace		Other		Total Company
Sales
2018	$	994.7	$	501.2	$	—	$	1,495.9
2017	973.9		462.6		—		1,436.5
2016	824.2		406.5		—		1,230.8
Operating profit
2018	$	130.4	$	101.4	$	—	$	231.8
2017	122.8		83.6		—		206.5
2016	131.8		62.5		—		194.3
Assets
2018	$	1,962.4	$	692.6	$	154.0	$	2,809.0
2017	1,505.4		667.1		193.3		2,365.7
2016	1,356.1		647.8		133.7		2,137.5
Depreciation and amortization
2018	$	57.6	$	35.9	$	0.8	$	94.2
2017	54.8		33.6		1.7		90.2
2016	49.5		30.0		0.7		80.2
Capital expenditures
2018	$	33.4	$	23.6	$	0.3	$	57.3
2017	31.0		27.5		0.2		58.7
2016	25.9		21.1		0.5		47.6

_________________________

Notes:

One customer, General Electric, accounted for 18%, 18% and 17% of the Company’s total revenues in 2018, 2017 and 2016, respectively.

“Other” assets include corporate-controlled assets, the majority of which are cash and cash equivalents.

A reconciliation of the total reportable segments’ operating profit to income before income taxes follows (in millions):



	2018		2017			2016
Operating profit	$	231.8	$	206.5		$	194.3
Interest expense	16.8		14.6			11.9
Other expense (income), net	7.4		(3.8		)	(0.2		)
Income before income taxes	$	207.5	$	195.7		$	182.6

The following table (in millions) summarizes total net sales of the Company by products and services:



	2018		2017		2016
Engineered Components Products	$	285.9	$	292.2	$	283.4
Molding Solutions Products	503.8		487.3		376.6
Force & Motion Control Products	196.2		194.4		164.2
Automation Products	8.8		—		—
Aerospace Original Equipment Manufacturer Products	337.0		323.4		288.4
Aerospace Aftermarket Products and Services	164.2		139.2		118.2
Total net sales	$	1,495.9	$	1,436.5	$	1,230.8

The following table (in millions) summarizes total net sales and long-lived assets of the Company by geographic area:



	Domestic		International		Other			Total Company
Sales
2018	$	624.3	$	958.7	$	(87.1	)	$	1,495.9
2017	638.6		868.3		(70.4		)	1,436.5
2016	562.6		727.4		(59.2		)	1,230.8
Long-lived assets
2018	$	366.1	$	1,616.2	$	—		$	1,982.4
2017	366.7		1,218.1		—			1,584.8
2016	368.2		1,135.5		—			1,503.6

_________________________

Notes:

Germany, with sales of $331.4 million million, $301.7 million and $238.3 million in 2018, 2017 and 2016, respectively, and Singapore, with sales of $193.6 million in 2018 represent the only international countries with revenues in excess of 10% of the Company's total revenues in those years.

“Other” revenues represent the elimination of intercompany sales between geographic locations, of which approximately 72%, 78% and 82% were sales from international locations to domestic locations in 2018, 2017 and 2016, respectively.

Germany, with long-lived assets of $494.0 million, $514.0 million and $449.9 million as of December 31, 2018, 2017 and 2016, respectively, Singapore, with long-lived assets of $233.3 million, $237.6 million and $238.3 million as of December 31, 2018, 2017 and 2016, respectively, Italy, with long-lived assets of $412.0 million as of December 31, 2018, and Switzerland, with long-lived assets of $160.0 million and $169.3 million as of December 31, 2017 and 2016, respectively, represent the international countries with long-lived assets that exceeded 10% of the Company's total long-lived assets in those years.

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Leases The Company has various noncancellable operating leases for buildings, office space and equipment. Rent expense was $15,839, $15,325 and $12,939 for 2018, 2017 and 2016, respectively. Minimum rental commitments under noncancellable leases in years 2019 through 2023 are $11,931, $8,322, $5,888, $2,898 and $2,064, respectively, and $7,659 thereafter. The rental expense and minimum rental commitments of leases with step rent provisions are recognized on a straight-line basis over the lease term. Product Warranties The Company provides product warranties in connection with the sale of certain products. From time to time, the Company is subject to customer claims with respect to product warranties. The Company accrues its estimated exposure for warranty claims at the time of sale based upon the length of the warranty period, historical experience and other related information known to the Company. Liabilities related to product warranties and extended warranties were not material as of December 31, 2018 or 2017. Litigation The Company is subject to litigation from time to time in the ordinary course of business and various other suits, proceedings and claims are pending involving the Company and its subsidiaries. The Company records a loss contingency liability when a loss is considered probable and the amount can be reasonably estimated. While it is not possible to determine the ultimate disposition of each of these proceedings and whether they will be resolved consistent with the Company's beliefs, the Company expects that the outcome of such proceedings, individually or in the aggregate, will not have a material adverse effect on financial condition or results of operations.

Schedule II - Valuation and Qualifying Accounts

12 Months Ended

Dec. 31, 2018

Valuation and Qualifying Accounts [Abstract]

Schedule of Valuation and Qualifying Accounts Disclosure

Schedule II—Valuation and Qualifying Accounts

Years Ended December 31, 2018, 2017 and 2016

(In thousands)



Allowances for Doubtful Accounts:
Balance January 1, 2016	$	4,085
Provision charged to income	863
Doubtful accounts written off	(910		)
Other adjustments⁽¹⁾	(46		)
Balance December 31, 2016	3,992
Provision charged to income	1,512
Doubtful accounts written off	(297		)
Other adjustments⁽¹⁾	(64		)
Balance December 31, 2017	5,143
Provision charged to income	363
Doubtful accounts written off	(416		)
Other adjustments⁽¹⁾	(80		)
Balance December 31, 2018	$	5,010

________________


(1)	These amounts are comprised primarily of foreign currency translation and other reclassifications.

Schedule II—Valuation and Qualifying Accounts

Years Ended December 31, 2018, 2017 and 2016

(In thousands)




Valuation Allowance on Deferred Tax Assets:
Balance January 1, 2016	$	14,401
Additions charged to income tax expense	759
Reductions charged to other comprehensive income	(17		)
Reductions credited to income tax expense ⁽¹⁾	(5,638		)
Changes due to foreign currency translation	(133		)
Acquisitions⁽²⁾	5,585
Balance December 31, 2016	14,957
Additions charged to income tax expense	1,161
Reductions charged to other comprehensive income	(123		)
Reductions credited to income tax expense⁽³⁾	(6,773		)
Changes due to foreign currency translation	1,001
Balance December 31, 2017	10,223
Additions charged to income tax expense	546
Reductions charged to other comprehensive income	(15		)
Reductions credited to income tax expense⁽⁴⁾	(6,064		)
Changes due to foreign currency translation	(324		)
Balance December 31, 2018	$	4,366

________________


(1)	The reductions in 2016 relate primarily to net operating losses that were fully valued. These net operating losses have subsequently expired during 2016 (lapse of applicable carry forward periods) and the corresponding valuation allowance was reduced accordingly.


(2)	The increase in 2016 reflects the valuation allowance recorded at the FOBOHA business, which was acquired in the third quarter of 2016.


(3)	The reductions in 2017 relate to the release of valuation allowances associated with net operating losses as a result of the Swiss legal entity reduction.


(4)	The reductions in 2018 relate primarily to the release of valuation allowances associated with net operating losses in certain foreign subsidiaries.

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2018

Accounting Policies [Abstract]

General

General: The preparation of consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Certain reclassifications have been made to prior year amounts to conform to current year presentation. See "Recently Adopted Accounting Standards" below, which discusses the Company's application of the amended guidance related to the classification of pension and other postretirement benefit costs.

Consolidation

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

Revenue recognition

Revenue recognition: The Company accounts for revenue in accordance with Accounting Standard Codification 606, Revenue from Contracts with Customers, which it adopted on January 1, 2018. Revenue is recognized by the Company when control of the product or solution is transferred to the customer. Control is generally transferred when products are shipped or delivered to customers, title is transferred, the significant risks and rewards of ownership have transferred, the Company has rights to payment and rewards of ownership pass to the customer. Customer acceptance may also be a factor in determining whether control of the product has transferred. Although revenue is generally transferred at a point in time, a certain portion of businesses with customized products or contracts in which the Company performs work on customer-owned assets requires the use of an over time recognition model as certain contracts meet one or more of the established criteria pursuant to the accounting standards governing revenue recognition. Also, service revenue is recognized as control transfers, which is concurrent with the services being performed. See Note 3. Management fees related to the Aerospace Aftermarket Revenue Sharing Programs ("RSPs") are satisfied through an agreed upon reduction from the sales price of each of the related spare parts. These fees recognize our customer's necessary performance of engine program support activities, such as spare parts administration, warehousing and inventory management, and customer support, and are not separable from our sale of products, and accordingly, they are reflected as a reduction to sales, rather than as costs incurred, when revenues are recognized.

Cash and cash equivalents

Cash and cash equivalents: Cash in excess of operating requirements is invested in short-term, highly liquid, income-producing investments. All highly liquid investments purchased with an original maturity of three months or less are considered cash equivalents. Cash equivalents are carried at cost which approximates fair value.

Inventories

Inventories: Inventories are valued at the lower of cost, determined on a first-in, first-out basis, or net realizable value. The primary components of cost included in inventories are raw material, labor and overhead. Provisions are made to reduce excess or obsolete inventories to their estimated net realizable value. The process for evaluating the value of excess and obsolete inventory often requires the Company to make subjective judgments and estimates concerning future sales levels, quantities and prices at which such inventory will be sold in the normal course of business and estimated costs. Accelerating the disposal process or changes in estimates based on future sales potential or estimated costs may necessitate future adjustments to these provisions.

Property, plant and equipment

Property, plant and equipment: Property, plant and equipment is stated at cost. Depreciation is recorded over estimated useful lives, generally ranging from 20 to 50 years for buildings and four to 12 years for machinery and equipment. The straight-line method of depreciation was adopted for all property, plant and equipment placed in service after March 31, 1999. For property, plant and equipment placed into service prior to April 1, 1999, depreciation is calculated using accelerated methods. The Company assesses the impairment of property, plant and equipment subject to depreciation whenever events or changes in circumstances indicate the carrying value may not be recoverable.

Goodwill

Goodwill: Goodwill represents the excess purchase cost over the fair value of net assets of companies acquired in business combinations. Goodwill is considered an indefinite-lived asset. Goodwill is subject to impairment testing in accordance with accounting standards governing such on an annual basis, in the second quarter, or more frequently if an event or change in circumstances indicates that the fair value of a reporting unit has been reduced below its carrying value. Based on the assessments performed during 2018, there was no goodwill impairment.

Aerospace Aftermarket Programs

Aerospace Aftermarket Programs: The Company participates in aftermarket RSPs under which the Company receives an exclusive right to supply designated aftermarket parts over the life of the related aircraft engine program. As consideration, the Company has paid participation fees, which are recorded as long-lived intangible assets. The Company records amortization of the related intangible asset as sales dollars are being earned based on a proportional sales dollar method. Specifically, this method amortizes each asset as a reduction to revenue based on the proportion of sales under a program in a given period to the estimated aggregate sales dollars over the life of that program. This method reflects the pattern in which the economic benefits of the RSPs are realized.

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

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

Intangible Assets

Other Intangible Assets: Other intangible assets consist primarily of the Aerospace Aftermarket Programs, as discussed above, customer relationships, tradenames, patents and proprietary technology. These intangible assets, with the exception of certain tradenames, have finite lives and are amortized over the periods in which they provide benefit. The Company assesses the impairment of long-lived assets, including identifiable intangible assets subject to amortization, whenever significant events or significant changes in circumstances indicate the carrying value may not be recoverable. Tradenames with indefinite lives are subject to impairment testing in accordance with accounting standards governing such on an annual basis, in the second quarter, or more frequently if an event or change in circumstances indicates that the fair value of the asset has been reduced below its carrying value. Based on the assessments performed during 2018, there were no impairments of other intangible assets. See Note 6 of the Consolidated Financial Statements.

Derivatives

Derivatives: Accounting standards related to the accounting for derivative instruments and hedging activities require that all derivative instruments be recorded on the balance sheet at fair value. Foreign currency contracts may qualify as fair value hedges of unrecognized firm commitments, cash flow hedges of recognized assets and liabilities or anticipated transactions, or a hedge of a net investment. Changes in the fair market value of derivatives that qualify as fair value hedges or cash flow hedges are recorded directly to earnings or accumulated other non-owner changes to equity, depending on the designation. Amounts recorded to accumulated other non-owner changes to equity are reclassified to earnings in a manner that matches the earnings impact of the hedged transaction. Any ineffective portion, or amounts related to contracts that are not designated as hedges, are recorded directly to earnings. The Company’s policy for classifying cash flows from derivatives is to report the cash flows consistent with the underlying hedged item.

Foreign currency

Foreign currency: Assets and liabilities are translated at year-end rates of exchange; revenues and expenses are translated at average rates of exchange. The resulting translation gains or losses are reflected in accumulated other non-owner changes to equity within stockholders’ equity. A net foreign currency transaction loss of $3,879 in 2018, and net foreign currency transaction gains of $756 and $1,873 in 2017 and 2016, respectively, were included in other expense (income), net in the Consolidated Statements of Income.

Research and Development

Research and Development: Costs are incurred in connection with efforts aimed at discovering and implementing new knowledge that is critical to developing new products, processes or services, significantly improving existing products or services, and developing new applications for existing products and services. Research and development expenses for the creation of new and improved products and services were $16,193, $14,765 and $12,913, for the years 2018, 2017 and 2016, respectively, and are included in selling and administrative expense.

Pension and Other Postretirement Benefits

Pension and Other Postretirement Benefits: The Company accounts for its defined benefit pension plans and other postretirement plans by recognizing the overfunded or underfunded status of the plans, calculated as the difference between plan assets and the projected benefit obligation related to each plan, as an asset or liability on the Consolidated Balance Sheets. Benefit costs associated with the plans primarily include current service costs, interest costs and the amortization of actuarial losses, partially offset by expected returns on plan assets, which are determined based upon actuarial valuations. Settlement and curtailment losses (gains) may also impact benefit costs. The Company regularly reviews actuarial assumptions, including discount rates and the expected return on plan assets, which are updated at the measurement date, December 31st. The impact of differences between actual results and the assumptions are generally accumulated within Other Comprehensive Income and amortized over future periods, which will affect benefit costs recognized in such periods. See Note 12 to the Consolidated Financial Statements.

Stock-Based Compensation

Stock-Based Compensation: Stock-based employee compensation plans are accounted for based on their fair value on the grant date and the related cost is recognized in the Consolidated Statements of Income in accordance with accounting standards related to share-based payments. The fair values of stock options are estimated using the Black-Scholes option-pricing model based on certain assumptions. The fair values of service and performance based share awards are estimated based on the fair market value of the Company’s stock price on the grant date. The fair values of market based performance share awards are estimated using the Monte Carlo valuation method. See Note 13 of the Consolidated Financial Statements.

The Company accounts for the cost of all share-based payments, including stock options, by measuring the payments at fair value on the grant date and recognizing the cost in the results of operations. The fair values of stock options are estimated using the Black-Scholes option-pricing model based on certain assumptions. The fair values of service and performance based stock awards are estimated based on the fair market value of the Company’s stock price on the grant date. The fair value of market based performance share awards are estimated using the Monte Carlo valuation method. Estimated forfeiture rates are applied to outstanding awards.

Refer to Note 17 for a description of the Company’s stock-based compensation plans and their general terms. As of December 31, 2018, incentives have been awarded in the form of performance share awards and restricted stock unit awards (collectively, “Rights”) and stock options. The Company has elected to use the straight-line method to recognize compensation costs. Stock options and awards typically vest over a period ranging from six months to five years. The maximum term of stock option awards is 10 years. Upon exercise of a stock option or upon vesting of Rights, shares may be issued from treasury shares held by the Company or from authorized shares.

In March 2016, the FASB amended its guidance related to the accounting for certain aspects of share-based payments to employees. The amended guidance requires that all tax effects related to share-based payments are recorded at settlement (or expiration) through the income statement, rather than through equity. Cash flows related to excess tax benefits will no longer be separately classified as a financing activity apart from other income tax cash flows. The amended guidance also allows for an employer to repurchase additional employee shares for tax withholding purposes without requiring liability accounting and clarifies that all cash payments made to tax authorities on an employee’s behalf for withheld shares should be presented as a financing activity on the Consolidated Statements of Cash Flows. The guidance also allows for a policy election to account for forfeitures as they occur, rather than accounting for them on an estimated basis. The guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. Early adoption is permitted.

The Company elected to early adopt this guidance in the third quarter of 2016. This adoption requires the Company to reflect any adjustments as of January 1, 2016, the beginning of the annual period that includes the interim period of adoption. The most significant impact of adoption was the recognition of excess tax benefits in the provision for income taxes rather than through equity for all periods in fiscal year 2016. This resulted in the recognition of excess tax benefits in the provision for income taxes of $2,229 for the year ended December 31, 2016. In connection with the additional amendments within the amended guidance, the Company recognized state tax loss carryforwards in the amount of $198, which impacted retained earnings as of January 1, 2016. The cumulative effect of this change is required to be recorded in retained earnings. The Company elected to continue to estimate forfeitures expected to occur to determine the amount of compensation cost to be recognized in each period.

Income Taxes

Income Taxes: Deferred tax assets and liabilities are recognized for future tax effects attributable to temporary differences, operating loss carryforwards and tax credits. The measurement of deferred tax assets and liabilities is determined using tax rates from enacted tax law of the period in which the temporary differences, operating loss carryforwards and tax credits are expected to be realized. The effect of the change in income tax rates is recognized in the period of the enactment date. The guidance related to accounting for income taxes requires that deferred tax assets be reduced by a valuation allowance if, based on all available evidence, it is more likely than not that the deferred tax asset will not be realized. The Company is exposed to certain tax contingencies in the ordinary course of business and records those tax liabilities in accordance with the guidance for accounting for uncertain tax positions. See Note 14 of the Consolidated Financial Statements.

Recently Adopted / Issued Accounting Standards

Recent Accounting Standards

The Financial Accounting Standards Board ("FASB") establishes changes to accounting principles under U.S. GAAP through the use of Accounting Standards Updates ("ASUs") to the FASB's Accounting Standards Codification. The Company evaluates the applicability and potential impacts of recent ASUs on its Consolidated Financial Statements and related disclosures.

Recently Adopted Accounting Standards

In May 2014, the FASB amended its guidance related to revenue recognition. The amended guidance establishes a single comprehensive model for companies to use in accounting for revenue arising from contracts with customers and supersedes most of the existing revenue recognition guidance, including industry-specific guidance. The amended guidance clarifies that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In applying the amended guidance, an entity (1) identifies the contract(s) with a customer; (2) identifies the performance obligations in the contract; (3) determines the transaction price; (4) allocates the transaction price to the contract’s performance obligations; and (5) recognizes revenue when (or as) the entity satisfies a performance obligation. The amended guidance applies to all contracts with customers except those that are within the scope of other topics in the FASB Accounting Standards Codification. Entities had the option of using either a full retrospective or modified retrospective approach to the amended guidance.

The Company adopted the amended guidance, Accounting Standard Codification 606, Revenue from Contracts with Customers (“ASC 606”), and related amendments, using the modified retrospective approach on January 1, 2018, at which time it became effective for the Company. The Company recognized the cumulative effect of initially applying the new revenue standard to all contracts that were not completed on the date of adoption as an adjustment to the opening balance of retained earnings. The comparative information has not been restated and continues to be reported under the accounting standards in effect during those periods.

A majority of revenue continues to be recognized when products are shipped. Under the amended guidance, however, a certain portion of our businesses with customized products or contracts in which we perform work on customer-owned assets require the use of an "over time" recognition model as certain of these contracts meet one or more of the criteria established in the amended guidance. Revenue recognition on contracts requiring over time accounting recognition created unbilled receivables (contract assets) and reduced inventory on the Company’s Consolidated Balance Sheet. Adoption of the amended guidance also resulted in the recognition of customer advances for which the Company has received an unconditional right to payment. Since the related performance obligations have not been satisfied, however, the Company will recognize these customer advances as trade receivables, with a corresponding contract liability of equal amount. Under the previous guidance, the Company recognized customer advances when payment was received.

The cumulative effect of the changes made to the Consolidated Balance Sheet as of January 1, 2018 for the adoption of ASC 606 were as follows:



	Balance at December 31, 2017		Adjustments Due to ASC 606			Balance at January 1, 2018
Assets
Accounts receivable, less allowances	$	348,943	$	13,536		$	362,479
Inventories	241,962		(8,908		)	233,054
Prepaid expenses and other current assets	32,526		14,579			47,105
Deferred income taxes	12,161		(990		)	11,171

Liabilities
Accrued liabilities	181,241		13,536			194,777
Deferred income taxes	73,505		386			73,891

Stockholders' equity
Retained earnings	1,206,723		4,295			1,211,018

The impact of adoption on the Consolidated Statements of Income and Balance Sheets was as follows:



	Twelve Months Ended December 31, 2018
	As Reported		Balances Without Adoption of ASC 606		Effect of Change Higher/(Lower)
Consolidated Statement of Income
Net sales	$	1,495,889	$	1,498,662	$	(2,773	)
Cost of sales	963,524		964,657		(1,133		)
Operating income	231,764		233,404		(1,640		)
Income before income taxes	207,495		209,135		(1,640		)
Income taxes	41,309		41,699		(390		)
Net income	166,186		167,436		(1,250		)



	December 31, 2018
	As Reported			Balances Without Adoption of ASC 606			Effect of Change Higher/(Lower)
Consolidated Balance Sheet
Assets
Accounts receivable, less allowances	$	382,253		$	366,870		$	15,383
Inventories	265,990			273,712			(7,722		)
Prepaid expenses and other current assets	57,184			45,340			11,844
Deferred income taxes	20,474			21,056			(582		)
				—
Liabilities				—
Accrued liabilities	206,782			191,292			15,490
Deferred income taxes	106,559			106,163			396
				—
Stockholders' equity				—
Retained earnings	1,363,772			1,360,727			3,045
Accumulated other changes to equity	(190,500		)	(190,161		)	(339		)

In July 2015, the FASB amended its guidance related to the measurement of inventory. The amended guidance requires inventory to be measured at the lower of cost and net realizable value and thereby simplifies the prior guidance of measuring inventory at the lower of cost or market. The amended guidance is effective prospectively for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. The Company adopted the guidance during the first quarter of 2017 and it did not have a material impact on its Consolidated Financial Statements.

In August 2016, the FASB amended its guidance related to the Statement of Cash Flows. The amended guidance clarifies how certain cash receipts and cash payments should be presented on the statement of cash flows. The guidance is effective for annual periods beginning after December 15, 2017 and interim periods within those fiscal years. The Company adopted the guidance during the first quarter of 2018 and the adoption did not have an impact on its Statement of Cash Flows.

In January 2017, the FASB amended its guidance related to goodwill impairment testing. The amended guidance simplifies the subsequent measurement of goodwill, eliminating Step 2 from the goodwill impairment test. Under the amended guidance, companies should perform their annual goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. Companies would recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit's fair value, assuming the loss recognized does not exceed the total amount of goodwill for the reporting unit. The amended guidance is effective for fiscal years beginning after December 15, 2019. Early adoption is permitted. The Company elected to early adopt this amended guidance during the second quarter of 2018 in connection with its annual goodwill impairment testing and it did not have an impact on the Company's Consolidated Financial Statements.

In March 2017, the FASB amended its guidance related to the presentation of pension and other postretirement benefit costs. The amended guidance requires the bifurcation of net periodic benefit cost for pension and other postretirement plans. The service cost component of expense will be presented with other employee compensation costs in operating income, consistent with the current guidance. The other components of expense, however, will be reported separately outside of operating income. The amended guidance also allows only the service cost component of net benefit cost to be eligible for capitalization. The guidance is effective for annual periods beginning after December 15, 2017 and interim periods within that reporting period. The Company adopted the amended guidance during the first quarter of 2018. The amended guidance was applied retrospectively for the presentation of the service cost component and the other components of net periodic benefit cost in the Statements of Income. Additionally, the amended guidance was applied prospectively for the capitalization of the service cost component of net periodic benefit cost. The amended guidance allows for a practical expedient that permits the use of amounts previously disclosed in the pension and other postretirement benefit plan Note within the prior comparative periods as the estimation basis for applying the retrospective presentation requirements. The Company elected this practical expedient for prior period presentation. During the twelve month period ended December 31, 2017, the adoption of this amended guidance resulted in the reclassification of $(3,827) of net periodic benefit cost from compensation costs (included in Cost of Sales and Selling and Administrative expenses) to other expense (income), net on the Statements of Income. This reclassification included all components of net periodic benefit cost other than the service cost component, with the primary drivers relating to the pension curtailment and settlement gains of ($7,217) and ($230), respectively, resulting from the June 2017 closure of the FOBOHA facility located in Muri, Switzerland. See Note 12 of the Consolidated Financial Statements for additional detail related to the curtailment and settlements gains and Note 9 for additional details related to the restructure of the Muri, Switzerland facility.

In February 2018, the FASB issued guidance related to the impacts of the tax legislation commonly referred to as the Tax Cuts and Jobs Act (the “Act”). The guidance permits the reclassification of certain income tax effects of the Act from Accumulated Other Comprehensive Income to Retained Earnings (stranded tax effects). The stranded tax effects resulted from the December 31, 2017 remeasurement of deferred income taxes that was recorded through the Consolidated Statements of Income, with no corresponding adjustment to Accumulated Other Comprehensive Income having been initially recognized. The guidance is effective for annual periods beginning after December 15, 2018, and interim periods within that reporting period. Early adoption is permitted. The Company elected to early adopt this amended guidance during the first quarter of 2018 using specific identification and as a result reclassified $19,331 from Accumulated Other Comprehensive Income to Retained Earnings on the Consolidated Balance Sheets. This reclassification relates only to the change in the U.S. Corporate income tax rate.

In August 2018, the FASB issued new guidance related to a customer's accounting for implementation, set-up, and other upfront costs incurred in a cloud computing arrangement that is hosted by a vendor (for example, a service contract). Pursuant to the new guidance, customers will apply the same criteria for capitalizing implementation costs in a hosting arrangement as they would for an arrangement that has a software license. The new guidance is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted, including adoption in any interim period for which financial statements have not been issued. The FASB provided the option of applying the guidance retrospectively or prospectively to all implementation costs incurred after the date of adoption. The Company elected to early adopt this guidance, prospectively, during the third quarter of 2018, and it did not have a material impact on the Consolidated Financial Statements.

Recently Issued Accounting Standards

In February 2016, the FASB amended its guidance related to lease accounting. The amended guidance requires lessees to

recognize a majority of their leases on the balance sheet as a right-of-use ("ROU") asset and a lease liability. Lessees are permitted to make an accounting policy election to not recognize an asset and liability for leases with a term of twelve months or less. Lease expense will be recorded in a manner similar to current accounting, with leases being classified as either finance or operating in nature. The guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Early adoption is permitted.

The Company will adopt the new standard using the modified retrospective approach on January 1, 2019 at which time it becomes effective for the Company. The Company will elect an available transition method that uses the effective date of the amended guidance as the date of initial application. The Company has completed its review of its lease agreements and processed the data required to measure the Company's ROU assets and lease liabilities. The Company implemented a lease accounting software to support its assessment and analysis of leases. The Company has also implemented changes to existing process, policies and systems to accommodate financial and disclosure requirements. The Company is continuing to implement design changes to such business processes, controls and systems to ensure that changes are effective.

The FASB has made available several practical expedients in adopting the amended lease accounting guidance. The Company will elect the package of practical expedients permitted under the transition guidance within the amended guidance, which among other things, allows registrants to carry forward historical lease classification. The Company will elect the practical expedient that allows the combination of both lease and non-lease components as a single component and account for it as a lease for all classes of underlying assets. The Company will elect to not apply the amended guidance to short term leases with an initial term of 12 months or less. The Company will recognize those lease payments in the Consolidated Statements of Income on a straight-line basis over the lease term. The Company will elect to use a single discount rate for a portfolio of leases with reasonably similar characteristics. Lastly, the Company will elect the practical expedient related to land easements, allowing the carry forward of accounting treatment for land easements on existing agreements.

The Company estimates that adoption of the standard will result in the recognition of ROU assets and related lease liabilities on the Consolidated Balance Sheet of approximately $30,000 related to operating lease commitments, as of January 1, 2019, with no impact to retained earnings. The Company does not expect the amended guidance to have a material impact on its cash flows or results of operations.

In August 2017, the FASB amended its guidance related to hedge accounting. The amended guidance makes more financial and nonfinancial hedging strategies eligible for hedge accounting, amends presentation and disclosure requirements and changes the assessment of effectiveness. The guidance also more closely aligns hedge accounting with management strategies, simplifies application and increases the transparency of hedging. The amended guidance is effective January 1, 2019, with early adoption permitted in any interim period. The Company will adopt the amended guidance on January 1, 2019 and does not expect the impact on its Consolidated Financial Statements to be material.

In August 2018, the FASB amended its guidance related to disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. The amended requirements serve to remove, add and otherwise clarify certain existing disclosures. The amended guidance is effective for fiscal years ending after December 15, 2020. The guidance requires application on a retrospective basis to all periods presented. The Company is currently evaluating the impact that the guidance may have on the disclosures within its Consolidated Financial Statements.

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2018

Accounting Policies [Abstract]

Schedule of New Accounting Pronouncements and Changes in Accounting Principles

The cumulative effect of the changes made to the Consolidated Balance Sheet as of January 1, 2018 for the adoption of ASC 606 were as follows:



	Balance at December 31, 2017		Adjustments Due to ASC 606			Balance at January 1, 2018
Assets
Accounts receivable, less allowances	$	348,943	$	13,536		$	362,479
Inventories	241,962		(8,908		)	233,054
Prepaid expenses and other current assets	32,526		14,579			47,105
Deferred income taxes	12,161		(990		)	11,171

Liabilities
Accrued liabilities	181,241		13,536			194,777
Deferred income taxes	73,505		386			73,891

Stockholders' equity
Retained earnings	1,206,723		4,295			1,211,018

The impact of adoption on the Consolidated Statements of Income and Balance Sheets was as follows:



	Twelve Months Ended December 31, 2018
	As Reported		Balances Without Adoption of ASC 606		Effect of Change Higher/(Lower)
Consolidated Statement of Income
Net sales	$	1,495,889	$	1,498,662	$	(2,773	)
Cost of sales	963,524		964,657		(1,133		)
Operating income	231,764		233,404		(1,640		)
Income before income taxes	207,495		209,135		(1,640		)
Income taxes	41,309		41,699		(390		)
Net income	166,186		167,436		(1,250		)



	December 31, 2018
	As Reported			Balances Without Adoption of ASC 606			Effect of Change Higher/(Lower)
Consolidated Balance Sheet
Assets
Accounts receivable, less allowances	$	382,253		$	366,870		$	15,383
Inventories	265,990			273,712			(7,722		)
Prepaid expenses and other current assets	57,184			45,340			11,844
Deferred income taxes	20,474			21,056			(582		)
				—
Liabilities				—
Accrued liabilities	206,782			191,292			15,490
Deferred income taxes	106,559			106,163			396
				—
Stockholders' equity				—
Retained earnings	1,363,772			1,360,727			3,045
Accumulated other changes to equity	(190,500		)	(190,161		)	(339		)

Acquisitions (Tables)

12 Months Ended

Dec. 31, 2018

Business Combinations [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table summarizes the fair values of the assets acquired, net of cash acquired, and liabilities assumed at the October 31, 2018 date of acquisition for Gimatic and the July 23, 2018 acquisition date for IGS. Fair values are inclusive of purchase price adjustments that were made subsequent to the respective acquisition dates:



	IGS			Gimatic
Accounts receivable	$	3,300		$	11,552
Inventories	5,706			21,112
Prepaid expenses and other current assets	198			7,743
Deferred income taxes	—			917
Property, plant and equipment, net	1,557			7,167
Goodwill (Note 6)	14,098			271,257
Other intangible assets, net (Note 6)	15,300			158,800
Other assets	—			144
Total assets acquired	40,159			478,692

Accounts payable	(927		)	(3,825		)
Accrued liabilities	(603		)	(14,096		)
Debt assumed	—			(5,990		)
Other liabilities	(678		)	(7,126		)
Deferred income taxes	(3,614		)	(46,574		)
Total liabilities assumed	(5,822		)	(77,611		)
Net assets acquired	$	34,337		$	401,081

Business Acquisition, Pro Forma Information

The pro forma information does not include the effects of any synergies or cost reduction initiatives related to the acquisitions.



	(Unaudited Pro Forma)
	2018		2017
Net Sales	$	1,555,481	$	1,501,515
Net Income	171,422		44,029
Per common share:
Basic:
Net Income	$	3.28	$	0.81
Diluted:
Net Income	$	3.24	$	0.81

Revenue (Tables)

12 Months Ended

Dec. 31, 2018

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

The following table presents the Company's revenue disaggregated by products and services, geographic regions and end markets, by segment.



	2018
	Industrial		Aerospace		Total Company
Product and Services
Engineered Components Products	$	285,929	$	—	$	285,929
Molding Solutions Products	503,793		—		503,793
Force & Motion Control Products	196,212		—		196,212
Automation Products	8,793		—		8,793
Aerospace Original Equipment Manufacturer Products	—		336,987		336,987
Aerospace Aftermarket Product and Services	—		164,175		164,175
	$	994,727	$	501,162	$	1,495,889

Geographic Regions ^(A)
Americas	$	394,361	$	358,183	$	752,544
Europe	368,159		94,561		462,720
Asia	228,663		44,298		272,961
Other	3,544		4,120		7,664
	$	994,727	$	501,162	$	1,495,889

End Markets
Aerospace OEM	$	10,191	$	336,987	$	347,178
Aerospace Aftermarket	—		164,175		164,175
Medical, Personal Care & Packaging	220,269		—		220,269
Tool and Die	115,635		—		115,635
General Industrial	244,007		—		244,007
Auto Molding Solutions	208,767		—		208,767
Auto Production	187,065		—		187,065
Automation	8,793		—		8,793
	$	994,727	$	501,162	$	1,495,889

(A) Sales by geographic market are based on the location to which the product is shipped.

Contract with Customer, Asset and Liability

Net contract assets (liabilities) consisted of the following:



	December 31, 2018			January 1, 2018			$ Change			% Change
Unbilled receivables (contract assets)	$	11,844		$	14,579		$	(2,735	)	(19	)%
Contract liabilities	(57,522		)	(54,007		)	(3,515		)	7	%
Net contract liabilities	$	(45,678	)	$	(39,428	)	$	(6,250	)	16	%

Capitalized Contract Cost

Capitalized costs, net of amortization, to fulfill contract balances were as follows:



	December 31, 2018
Tooling	$	6,155
Design costs	2,285
Other	5
	$	8,445

Inventories (Tables)

12 Months Ended

Dec. 31, 2018

Inventory Disclosure [Abstract]

Schedule of Inventory, Current

Inventories at December 31 consisted of:



	2018		2017
Finished goods	$	87,779	$	79,649
Work-in-process	98,426		97,276
Raw materials and supplies	79,785		65,037
	$	265,990	$	241,962

Property, Plant and Equipment (Tables)

12 Months Ended

Dec. 31, 2018

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

Property, plant and equipment at December 31 consisted of:



	2018			2017
Land	$	23,239		$	21,723
Buildings	183,544			182,226
Machinery and equipment	646,714			631,392
	853,497			835,341
Less accumulated depreciation	(482,966		)	(476,043		)
	$	370,531		$	359,298

Goodwill and Other Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2018

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

The following table sets forth the change in the carrying amount of goodwill for each reportable segment and the Company:



	Industrial			Aerospace		Total Company
January 1, 2017	$	602,650		$	30,786	$	633,436
Acquisition-related	3,330			—		3,330
Foreign currency translation	53,457			—		53,457
December 31, 2017	659,437			30,786		690,223
Acquisition-related	285,355			—		285,355
Foreign currency translation	(20,054		)	—		(20,054		)
December 31, 2018	$	924,738		$	30,786	$	955,524

Schedule of Intangible Assets

Other intangible assets at December 31 consisted of:



		2018						2017
	Range of Life-Years	Gross Amount			Accumulated Amortization			Gross Amount			Accumulated Amortization
Amortized intangible assets:
Revenue Sharing Programs	Up to 30	$	299,500		$	(121,957	)	$	293,700		$	(108,075	)
Component Repair Programs	Up to 30	111,839			(21,895		)	111,839			(16,508		)
Customer relationships	10-16	338,366			(79,439		)	215,966			(65,385		)
Patents and technology	4-14	125,852			(59,205		)	87,052			(48,083		)
Trademarks/trade names	10-30	11,950			(10,731		)	11,950			(10,349		)
Other	Up to 15	7,296			(3,551		)	7,296			(3,159		)
		894,803			(296,778		)	727,803			(251,559		)
Unamortized intangible asset:
Trade names		55,670			—			42,770			—

Foreign currency translation		(17,157		)	—			(11,972		)	—
Other intangible assets		$	933,316		$	(296,778	)	$	758,601		$	(251,559	)

Accrued Liabilities (Tables)

12 Months Ended

Dec. 31, 2018

Accrued Liabilities [Abstract]

Schedule of Accrued Liabilities

Accrued liabilities at December 31 consisted of:



	2018		2017
Payroll and other compensation	$	46,850	$	53,857
Contract liabilities	57,522		44,600
Pension and other postretirement benefits	8,618		8,294
Accrued income taxes	30,391		26,340
Other	63,401		48,150
	$	206,782	$	181,241

Debt and Commitments (Tables)

12 Months Ended

Dec. 31, 2018

Debt Disclosure [Abstract]

Schedule of Debt

Long-term debt and notes and overdrafts payable at December 31 consisted of:



	2018					2017
	Carrying Amount			Fair Value		Carrying Amount			Fair Value
Revolving credit agreement	$	831,016		$	828,800	$	421,500		$	424,818
3.97% Senior Notes	100,000			100,185		100,000			101,348
Borrowings under lines of credit and overdrafts	2,137			2,137		5,669			5,669
Capital leases	10,216			10,503		4,541			4,964
Other foreign bank borrowings	647			651		886			897
	944,016			942,276		532,596			537,696
Less current maturities	(7,659		)			(6,999		)
Long-term debt	$	936,357				$	525,597

Derivatives (Tables)

12 Months Ended

Dec. 31, 2018

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

The following table sets forth the fair value amounts of derivative instruments held by the Company as of December 31.



	2018					2017
	Asset Derivatives		Liability Derivatives			Asset Derivatives		Liability Derivatives
Derivatives designated as hedging instruments:
Interest rate contracts	$	1,412	$	—		$	654	$	—
Foreign exchange contracts	—		(258		)	—		(379		)
	1,412		(258		)	654		(379		)
Derivatives not designated as hedging instruments:
Foreign exchange contracts	1,105		(90		)	58		(29		)
Total derivatives	$	2,517	$	(348	)	$	712	$	(408	)

Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)

The following table sets forth the gain recorded in accumulated other comprehensive income (loss), net of tax, for the years ended December 31, 2018 and 2017 for derivatives held by the Company and designated as hedging instruments.



	2018		2017
Cash flow hedges:
Interest rate contracts	$	578	$	460
Foreign exchange contracts	95		(161		)
	$	673	$	299

(Gain) Loss Recorded in Other (Income) Expense, Net in Consolidated Statements of Income

The following table sets forth the net (loss) recorded in other expense (income), net in the consolidated statements of income for the years ended December 31, 2018 and 2017 for non-designated derivatives held by the Company. Such amounts were substantially offset by the net (gain) loss recorded on the underlying hedged asset or liability, also recorded in other expense (income), net.



	2018			2017
Foreign exchange contracts	$	(12,162	)	$	(16,813	)

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2018

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following table provides the assets and liabilities reported at fair value and measured on a recurring basis as of December 31, 2018 and 2017:



				Fair Value Measurements Using
	Total			Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)

December 31, 2018
Asset derivatives	$	2,517		$	—	$	2,517		$	—
Liability derivatives	(348		)	—		(348		)	—
Bank acceptances	17,698			—		17,698			—
Rabbi trust assets	2,457			2,457		—			—
	$	22,324		$	2,457	$	19,867		$	—
December 31, 2017
Asset derivatives	$	712		$	—	$	712		$	—
Liability derivatives	(408		)	—		(408		)	—
Bank acceptances	16,092			—		16,092			—
Rabbi trust assets	2,554			2,554		—			—
	$	18,950		$	2,554	$	16,396		$	—

Pension and Other Postretirement Benefits (Tables)

12 Months Ended

Dec. 31, 2018

Retirement Benefits [Abstract]

Schedule of Net Funded Status

The accompanying balance sheets reflect the funded status of the Company’s defined benefit pension plans at December 31, 2018 and 2017, respectively. Reconciliations of the obligations and funded status of the plans follow:



	2018									2017
	U.S.			Non-U.S.			Total			U.S.			Non-U.S.			Total
Benefit obligation, January 1	$	415,369		$	82,741		$	498,110		$	389,613		$	104,339		$	493,952
Service cost	4,290			1,671			5,961			3,931			2,124			6,055
Interest cost	15,875			1,508			17,383			17,151			1,668			18,819
Amendments	—			826			826			1,233			27			1,260
Actuarial (gain) loss	(22,193		)	(2,256		)	(24,449		)	28,350			(4,397		)	23,953
Benefits paid	(25,007		)	(6,607		)	(31,614		)	(24,909		)	(4,240		)	(29,149		)
Transfers in	—			3,462			3,462			—			2,743			2,743
Plan curtailments	—			—			—			—			(7,030		)	(7,030		)
Plan settlements	—			—			—			—			(21,074		)	(21,074		)
Participant contributions	—			1,120			1,120			—			1,355			1,355
Foreign exchange rate changes	—			(3,158		)	(3,158		)	—			7,226			7,226
Benefit obligation, December 31	388,334			79,307			467,641			415,369			82,741			498,110
Fair value of plan assets, January 1	375,378			79,060			454,438			331,260			85,652			416,912
Actual return on plan assets	(30,681		)	(1,928		)	(32,609		)	56,131			6,150			62,281
Company contributions	2,925			1,807			4,732			12,896			2,027			14,923
Participant contributions	—			1,120			1,120			—			1,355			1,355
Benefits paid	(25,007		)	(6,607		)	(31,614		)	(24,909		)	(4,240		)	(29,149		)
Plan settlements	—			—			—			—			(20,857		)	(20,857		)
Transfers in	—			3,462			3,462			—			2,743			2,743
Foreign exchange rate changes	—			(3,307		)	(3,307		)	—			6,230			6,230
Fair value of plan assets, December 31	322,615			73,607			396,222			375,378			79,060			454,438
Underfunded status, December 31	$	(65,719	)	$	(5,700	)	$	(71,419	)	$	(39,991	)	$	(3,681	)	$	(43,672	)

The accompanying balance sheets reflect the underfunded status of the Company’s other postretirement benefit plans at December 31, 2018 and 2017. Reconciliations of the obligations and underfunded status of the plans follow:



	2018			2017
Benefit obligation, January 1	$	37,570		$	36,853
Service cost	85			83
Interest cost	1,358			1,561
Actuarial (gain) loss	(3,791		)	3,806
Benefits paid	(3,435		)	(7,251		)
Participant contributions	1,280			2,209
Foreign exchange rate changes	9			309
Benefit obligation, December 31	33,076			37,570
Fair value of plan assets, January 1	—			—
Company contributions	2,155			5,042
Participant contributions	1,280			2,209
Benefits paid	(3,435		)	(7,251		)
Fair value of plan assets, December 31	—			—
Underfunded status, December 31	$	33,076		$	37,570

Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets

Projected benefit obligations related to pension plans with benefit obligations in excess of plan assets follow:



	2018						2017
	U.S.		Non-U.S.		Total		U.S.		Non-U.S.		Total
Projected benefit obligation	$	388,334	$	42,000	$	430,334	$	311,320	$	40,931	$	352,251
Fair value of plan assets	322,615		28,595		351,210		267,087		26,205		293,292

Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets

Information related to pension plans with accumulated benefit obligations in excess of plan assets follows:



	2018						2017
	U.S.		Non-U.S.		Total		U.S.		Non-U.S.		Total
Projected benefit obligation	$	388,334	$	42,000	$	430,334	$	40,572	$	40,931	$	81,503
Accumulated benefit obligation	378,285		41,946		420,231		40,090		40,877		80,967
Fair value of plan assets	322,615		28,595		351,210		4,797		26,205		31,002

Schedule of Amounts Recognized in Balance Sheet

Amounts related to other postretirement benefits recognized in the accompanying balance sheets consist of:



	2018			2017
Accrued liabilities	$	5,414		$	5,064
Accrued retirement benefits	27,662			32,506
Accumulated other non-owner changes to equity, net	(2,716		)	(5,838		)

Amounts related to pensions recognized in the accompanying balance sheets consist of:



	2018									2017
	U.S.			Non-U.S.			Total			U.S.			Non-U.S.			Total
Other assets	$	—		$	7,705		$	7,705		$	4,242		$	11,045		$	15,287
Accrued liabilities	2,826			378			3,204			2,823			407			3,230
Accrued retirement benefits	62,893			13,027			75,920			41,410			14,319			55,729
Accumulated other non-owner changes to equity, net	(121,927		)	(14,047		)	(135,974		)	(84,990		)	(13,016		)	(98,006		)

Schedule of Amounts Recognized in Other Comprehensive Income (Loss)

Amounts related to pensions recognized in accumulated other non-owner changes to equity, net of tax, at December 31, 2018 and 2017, respectively, consist of:



	2018									2017
	U.S.			Non-U.S.			Total			U.S.			Non-U.S.			Total
Net actuarial loss	$	(119,601	)	$	(13,637	)	$	(133,238	)	$	(82,736	)	$	(13,237	)	$	(95,973	)
Prior service costs	(2,326		)	(410		)	(2,736		)	(2,254		)	221			(2,033		)
	$	(121,927	)	$	(14,047	)	$	(135,974	)	$	(84,990	)	$	(13,016	)	$	(98,006	)

The sources of changes in accumulated other non-owner changes to equity, net, during 2018 were:



	Pension			Other Postretirement Benefits
Prior service cost	$	(669	)	$	—
Net (loss) gain	(29,108		)	3,800
Amortization of prior service costs	423			15
Amortization of actuarial loss	8,878			428
Foreign exchange rate changes	821			(14		)
Amounts reclassified from accumulated other comprehensive income to retained earnings^(A)	(18,313		)	(1,107		)
	$	(37,968	)	$	3,122

(A) This amount represents the reclassification of stranded tax effects resulting from the Act, as permitted by amended guidance issued by the FASB in February 2018. See Note 1.

Amounts related to other postretirement benefits recognized in accumulated other non-owner changes to equity, net of tax, at December 31, 2018 and 2017 consist of:



	2018			2017
Net actuarial loss	$	(2,618	)	$	(5,746	)
Prior service loss	(98		)	(92		)
	$	(2,716	)	$	(5,838	)

Schedule of Assumptions Used, Benefit Obligation

Weighted-average assumptions used to determine benefit obligations as of December 31, are:



	2018		2017
U.S. plans:
Discount rate	4.40	%	3.90	%
Increase in compensation	2.56	%	2.56	%
Non-U.S. plans:
Discount rate	2.07	%	1.90	%
Increase in compensation	2.72	%	2.17	%

Schedule of Allocation of Plan Assets

The fair values of the Company’s pension plan assets at December 31, 2018 and 2017, by asset category are as follows:



			Fair Value Measurements Using
Asset Category	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
December 31, 2018
Cash and short-term investments	$	3,750	$	3,750	$	—	$	—
Equity securities:
U.S. large-cap	36,821		—		36,821		—
U.S. mid-cap	13,337		13,337		—		—
U.S. small-cap	13,244		13,244		—		—
International equities	123,084		—		123,084		—
Global equity	43,337		43,337		—		—
Fixed income securities:
U.S. bond funds	117,249		—		117,249		—
International bonds	42,920		—		42,920		—
Other	2,480		—		—		2,480
	$	396,222	$	73,668	$	320,074	$	2,480
December 31, 2017
Cash and short-term investments	10,731		10,731		—		—
Equity securities:
U.S. large-cap	46,786		—		46,786		—
U.S. mid-cap	15,576		15,576		—		—
U.S. small-cap	16,157		16,157		—		—
International equities	159,803		—		159,803		—
Global equity	51,945		51,945		—		—
Fixed income securities:
U.S. bond funds	109,033		—		109,033		—
International bonds	41,742		—		41,742		—
Other	2,665		—		—		2,665
	$	454,438	$	94,409	$	357,364	$	2,665

Schedule of Expected Benefit Payments

The following are the estimated future net benefit payments, which include future service, over the next 10 years:



	Pensions		Other Postretirement Benefits
2019	$	29,550	$	3,515
2020	29,414		3,332
2021	29,573		3,065
2022	29,224		2,892
2023	29,042		2,688
Years 2024-2028	144,754		11,093
Total	$	291,557	$	26,585

Schedule of Net Benefit Costs

Pension and other postretirement benefit costs consist of the following:



	Pensions									Other Postretirement Benefits
	2018			2017			2016			2018		2017			2016
Service cost	$	5,961		$	6,055		$	5,395		$	85	$	83		$	122
Interest cost	17,383			18,819			19,494			1,358		1,561			1,766
Expected return on plan assets	(29,900		)	(28,082		)	(30,302		)	—		—			—
Amortization of prior service cost (credit)	560			446			210			20		(68		)	(373		)
Recognized losses	11,628			10,557			10,791			561		276			535
Curtailment gain	—			(7,217		)	—			—		—			—
Settlement gain	—			(119		)	—			—		—			—
Net periodic benefit cost	$	5,632		$	459		$	5,588		$	2,024	$	1,852		$	2,050

Schedule of Assumptions Used, Net Benefit Expense

Weighted-average assumptions used to determine net periodic benefit cost for years ended December 31, are:



	2018		2017		2016
U.S. plans:
Discount rate	3.90	%	4.50	%	4.65	%
Long-term rate of return	7.75	%	7.75	%	8.25	%
Increase in compensation	2.56	%	2.56	%	3.71	%
Non-U.S. plans:
Discount rate	1.90	%	1.60	%	2.80	%
Long-term rate of return	4.09	%	3.59	%	4.73	%
Increase in compensation	2.17	%	2.29	%	2.71	%

Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates

A one percentage point change in the assumed health care cost trend rate would have the following effects:



	One Percentage Point Increase		One Percentage Point Decrease
Effect on postretirement benefit obligation	$	215	$	(200	)
Effect on postretirement benefit cost	9		(8		)

Schedule of Multiemployer Plans

Contributions related to the individually insignificant multi-employer plans, as disclosure is required pursuant to the applicable accounting standards, are as follows:



	Contributions by the Company
Pension Fund:	2018		2017		2016
Swedish Pension Plan	792		$	739	$	673
Total Contributions	$	792	$	739	$	673

Stock-based Compensation (Tables)

12 Months Ended

Dec. 31, 2018

Share-based Compensation [Abstract]

Schedule of Share-based Compensation, Stock Options, Activity

The following table summarizes information about the Company’s stock option awards during 2018:



	Number of Shares		Weighted-Average Exercise Price
Outstanding, January 1, 2018	618,780		$	33.15
Granted	102,400		59.28
Exercised	(37,031	)	18.18
Forfeited	—		—
Outstanding, December 31, 2018	684,149		37.87

Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range

The following table summarizes information about stock options outstanding at December 31, 2018:



	Options Outstanding				Options Exercisable
Range of Exercise Prices	Number of Shares	Average Remaining Life (Years)	Average Exercise Price		Number of Shares	Average Exercise Price
$11.45 to $15.83	44,760	0.76	$	14.19	44,760	$	14.19
$20.69 to $26.32	73,460	3.39	23.73		73,460	23.73
$26.59 to $34.92	164,117	6.88	31.11		111,425	30.98
$36.31 to $38.93	171,247	5.75	36.64		169,900	36.62
$38.93 to $63.38	230,565	8.50	52.71		43,861	45.98

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

The fair value of each stock option grant on the date of grant was estimated using the Black-Scholes option-pricing model based on the following weighted average assumptions:



	2018		2017		2016
Risk-free interest rate	2.60	%	1.90	%	1.20	%
Expected life (years)	5.3		5.3		5.3
Expected volatility	24.1	%	26.1	%	29.1	%
Expected dividend yield	1.74	%	1.82	%	1.94	%

Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding and Exercisable

The following table summarizes information about stock options outstanding that are expected to vest and stock options outstanding that are exercisable at December 31, 2018:



Options Outstanding, Expected to Vest						Options Outstanding, Exercisable
Shares	Weighted- Average Exercise Price		Aggregate Intrinsic Value		Weighted- Average Remaining Term (Years)	Shares	Weighted- Average Exercise Price		Aggregate Intrinsic Value		Weighted- Average Remaining Term (Years)
666,162	$	37.87	$	11,113	6.37	443,406	$	31.73	$	9,707	5.31

Schedule of Share-based Compensation, Restricted Stock Units, Activity

The following table summarizes information about the Company’s Rights during 2018:



	Service Based Rights				Service and Performance Based Rights				Service and Market Based Rights
	Number of Units		Weighted-Average Grant Date Fair Value		Number of Units		Weighted-Average Grant Date Fair Value		Number of Units		Weighted-Average Grant Date Fair Value
Outstanding, January 1, 2018	310,524		$	36.90	155,894		$	37.41	128,392		$	58.19
Granted	128,295		59.06		46,670		59.28		23,335		88.98
Forfeited	(15,653	)	46.28		(492	)	68.08		(408	)	68.10
Additional Earned	—		—		15,826		36.28		30,614		54.53
Issued	(159,185	)	65.85		(70,847	)	36.28		(57,995	)	54.53
Outstanding, December 31, 2018	263,981				147,051				123,938

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2018

Income Tax Disclosure [Abstract]

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the U.S. federal statutory income tax rate to the consolidated effective income tax rate from continuing operations follows:



	2018		2017		2016
U.S. federal statutory income tax rate	21.0	%	35.0	%	35.0	%
State taxes (net of federal benefit)	—		0.1		0.4
Transition Tax	(0.3	)	45.0		—
U.S. Corporate Tax Rate change	(0.4	)	2.1		—
Indefinite Reinvestment Assertion	(0.6	)	3.5		—
Foreign operations taxed at different rates	1.3		(11.5	)	(10.9	)
Foreign losses without tax benefit	1.5		1.5		0.7
Repatriation from current year foreign earnings	—		—		1.6
GILTI	1.2		—		—
Tax Holidays	(1.7	)	(0.8	)	(1.2	)
Stock awards excess tax benefit	(0.8	)	(1.2	)	(1.2	)
Swiss Legal Entity Reduction	—		(3.4	)	—
Reduction of Valuation Allowances	(2.5	)	—		—
Audit Settlements	—		(2.7	)	—
Other	1.2		2.0		1.3
Consolidated effective income tax rate	19.9	%	69.6	%	25.7	%

Schedule of Income before Income Tax, Domestic and Foreign and Components of Income Tax Expense

The components of Income from continuing operations before income taxes and Income taxes follow:



	2018			2017			2016
Income from continuing operations before income taxes:
U.S.	$	(10,719	)	$	3,082		$	34,129
International	218,214			192,617			148,492
Income from continuing operations before income taxes	$	207,495		$	195,699		$	182,621
Income tax provision:
Current:
U.S. – federal	$	3,110		$	77,799		$	7,215
U.S. – state	(623		)	1,762			755
International	57,871			48,032			41,516
	60,358			127,593			49,486
Deferred:
U.S. – federal	$	(2,206	)	$	9,596		$	6,091
U.S. – state	(826		)	819			1,060
International	(16,017		)	(1,724		)	(9,617		)
	(19,049		)	8,691			(2,466		)
Income taxes	$	41,309		$	136,284		$	47,020

Schedule of Deferred Tax Assets and Liabilities

Deferred income tax assets and liabilities at December 31 consist of the tax effects of temporary differences related to the following:



	2018			2017
Deferred tax assets:
Pension	$	19,025		$	13,255
Tax loss carryforwards	11,516			16,078
Inventory valuation	11,576			10,568
Other postretirement/postemployment costs	8,372			9,440
Accrued Compensation	9,384			5,743
Other	3,349			4,018
Valuation allowance	(4,366		)	(10,223		)
Total deferred tax assets	58,856			48,879
Deferred tax liabilities:
Depreciation and amortization	(122,636		)	(82,422		)
Goodwill	(9,597		)	(9,440		)
Other	(12,708		)	(18,361		)
Total deferred tax liabilities	(144,941		)	(110,223		)
Net deferred tax liabilities	$	(86,085	)	$	(61,344	)

In the first quarter of 2016, the Company prospectively adopted the amended guidance related to the balance sheet classification of deferred income taxes. The amended guidance removed the requirement to separate and classify deferred income tax liabilities and assets into current and non-current amounts and required an entity to now classify all deferred tax liabilities and assets as non-current. The provisions of the amended guidance were adopted on a prospective basis during the first quarter of 2016. Amounts related to deferred taxes in the balance sheets as of December 31, 2018 and 2017 are presented as follows:



	2018			2017
Non-current deferred tax assets	$	20,474		$	12,161
Non-current deferred tax liabilities	(106,559		)	(73,505		)
Net deferred tax liabilities	$	(86,085	)	$	(61,344	)

Summary of Income Tax Contingencies

A reconciliation of the unrecognized tax benefits for 2018, 2017 and 2016 follows:



	2018			2017			2016
Balance at January 1	$	9,209		$	13,320		$	10,634
Increase (decrease) in unrecognized tax benefits due to:
Tax positions taken during prior periods	649			1,141			—
Tax positions taken during the current period	367			778			117
Acquisition	2,516			—			2,569
Settlements	—			(4,162		)	—
Lapse of the applicable statute of limitations	(1,290		)	(1,868		)	—
Foreign Currency Translation	143			—			—
Balance at December 31	$	11,594		$	9,209		$	13,320

Weighted Average Shares Outstanding (Tables)

12 Months Ended

Dec. 31, 2018

Weighted Average Shares Outstanding [Abstract]

Schedule of Weighted Average Number of Shares

A reconciliation of the weighted-average number of common shares outstanding used in the calculation of basic and diluted earnings per share follows:



	Weighted-Average Common Shares Outstanding
	2018	2017	2016
Basic	52,304,190	54,073,407	54,191,013
Dilutive effect of:
Stock options	260,240	258,052	166,986
Performance share awards	267,176	273,839	273,314
Diluted	52,831,606	54,605,298	54,631,313

Changes in Accumulated Other Comprehensive Income by Component (Tables)

12 Months Ended

Dec. 31, 2018

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Schedule of Amounts in Accumulated Other Comprehensive Income (Loss)

The following tables set forth the changes in accumulated other comprehensive income by component for the years ended December 31, 2018 and December 31, 2017:



	Gains and Losses on Cash Flow Hedges			Pension and Other Postretirement Benefit Items			Foreign Currency Items			Total
January 1, 2018	$	72		$	(103,844	)	$	(2,627	)	$	(106,399	)
Other comprehensive (loss) income before reclassifications to consolidated statements of income	(410		)	(25,170		)	(50,017		)	(75,597		)
Amounts reclassified from accumulated other comprehensive income to the consolidated statements of income	1,083			9,744			—			10,827
Net current-period other comprehensive income (loss)	673			(15,426		)	(50,017		)	(64,770		)
Amounts reclassified from accumulated other comprehensive income to retained earnings^(A)	89			(19,420		)	—			(19,331		)
December 31, 2018	$	834		$	(138,690	)	$	(52,644	)	$	(190,500	)

(A) This amount represents the reclassification of stranded tax effects resulting from the Act, as permitted by amended guidance issued by the FASB in February 2018. See Note 1.

	Gains and Losses on Cash Flow Hedges			Pension and Other Postretirement Benefit Items			Foreign Currency Items			Total

January 1, 2017	$	(227	)	$	(114,570	)	$	(86,031	)	$	(200,828	)
Other comprehensive (loss) income before reclassifications to consolidated statements of income	(231		)	3,342			83,404			86,515
Amounts reclassified from accumulated other comprehensive income to the consolidated statements of income	530			7,384			—			7,914
Net current-period other comprehensive income	299			10,726			83,404			94,429
December 31, 2017	$	72		$	(103,844	)	$	(2,627	)	$	(106,399	)

Schedule of Amounts Reclassified Out of Accumulated Other Comprehensive Income to the Consolidated Statements of Income

The following table sets forth the reclassifications out of accumulated other comprehensive income by component for the years ended December 31, 2018 and December 31, 2017:



Details about Accumulated Other Comprehensive Income Components	Amount Reclassified from Accumulated Other Comprehensive Income						Affected Line Item in the Consolidated Statements of Income
	2018			2017
Gains and losses on cash flow hedges
Interest rate contracts	$	(277	)	$	(545	)	Interest expense
Foreign exchange contracts	(1,116		)	(242		)	Net sales
	(1,393		)	(787		)	Total before tax
	310			257			Tax benefit
	(1,083		)	(530		)	Net of tax

Pension and other postretirement benefit items
Amortization of prior-service costs, net	$	(580	)	$	(378	)	(A)
Amortization of actuarial losses	(12,189		)	(10,833		)	(A)
Curtailment gain	—			187			(A)
Settlement loss	—			(142		)	(A)
	(12,769		)	(11,166		)	Total before tax
	3,025			3,782			Tax benefit
	(9,744		)	(7,384		)	Net of tax

Total reclassifications in the period	$	(10,827	)	$	(7,914	)

(A) These accumulated other comprehensive income components are included within the computation of net periodic Pension and Other Postretirement Benefits cost. See Note 12.

Information on Business Segments (Tables)

12 Months Ended

Dec. 31, 2018

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

The following table (in millions) sets forth summarized financial information by reportable business segment



	Industrial		Aerospace		Other		Total Company
Sales
2018	$	994.7	$	501.2	$	—	$	1,495.9
2017	973.9		462.6		—		1,436.5
2016	824.2		406.5		—		1,230.8
Operating profit
2018	$	130.4	$	101.4	$	—	$	231.8
2017	122.8		83.6		—		206.5
2016	131.8		62.5		—		194.3
Assets
2018	$	1,962.4	$	692.6	$	154.0	$	2,809.0
2017	1,505.4		667.1		193.3		2,365.7
2016	1,356.1		647.8		133.7		2,137.5
Depreciation and amortization
2018	$	57.6	$	35.9	$	0.8	$	94.2
2017	54.8		33.6		1.7		90.2
2016	49.5		30.0		0.7		80.2
Capital expenditures
2018	$	33.4	$	23.6	$	0.3	$	57.3
2017	31.0		27.5		0.2		58.7
2016	25.9		21.1		0.5		47.6

_________________________

Notes:

One customer, General Electric, accounted for 18%, 18% and 17% of the Company’s total revenues in 2018, 2017 and 2016, respectively.

“Other” assets include corporate-controlled assets, the majority of which are cash and cash equivalents.

Reconciliation of Operating Profit (Loss) from Segments to Consolidated

A reconciliation of the total reportable segments’ operating profit to income before income taxes follows (in millions):



	2018		2017			2016
Operating profit	$	231.8	$	206.5		$	194.3
Interest expense	16.8		14.6			11.9
Other expense (income), net	7.4		(3.8		)	(0.2		)
Income before income taxes	$	207.5	$	195.7		$	182.6

Revenue from External Customers by Products and Services

The following table (in millions) summarizes total net sales of the Company by products and services:



	2018		2017		2016
Engineered Components Products	$	285.9	$	292.2	$	283.4
Molding Solutions Products	503.8		487.3		376.6
Force & Motion Control Products	196.2		194.4		164.2
Automation Products	8.8		—		—
Aerospace Original Equipment Manufacturer Products	337.0		323.4		288.4
Aerospace Aftermarket Products and Services	164.2		139.2		118.2
Total net sales	$	1,495.9	$	1,436.5	$	1,230.8

Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas

The following table (in millions) summarizes total net sales and long-lived assets of the Company by geographic area:



	Domestic		International		Other			Total Company
Sales
2018	$	624.3	$	958.7	$	(87.1	)	$	1,495.9
2017	638.6		868.3		(70.4		)	1,436.5
2016	562.6		727.4		(59.2		)	1,230.8
Long-lived assets
2018	$	366.1	$	1,616.2	$	—		$	1,982.4
2017	366.7		1,218.1		—			1,584.8
2016	368.2		1,135.5		—			1,503.6

_________________________

Notes:

Germany, with sales of $331.4 million million, $301.7 million and $238.3 million in 2018, 2017 and 2016, respectively, and Singapore, with sales of $193.6 million in 2018 represent the only international countries with revenues in excess of 10% of the Company's total revenues in those years.

“Other” revenues represent the elimination of intercompany sales between geographic locations, of which approximately 72%, 78% and 82% were sales from international locations to domestic locations in 2018, 2017 and 2016, respectively.

Germany, with long-lived assets of $494.0 million, $514.0 million and $449.9 million as of December 31, 2018, 2017 and 2016, respectively, Singapore, with long-lived assets of $233.3 million, $237.6 million and $238.3 million as of December 31, 2018, 2017 and 2016, respectively, Italy, with long-lived assets of $412.0 million as of December 31, 2018, and Switzerland, with long-lived assets of $160.0 million and $169.3 million as of December 31, 2017 and 2016, respectively, represent the international countries with long-lived assets that exceeded 10% of the Company's total long-lived assets in those years.

Summary of Significant Accounting Policies - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Schedule of Useful Lives [Line Items]
Maximum Maturity Term to Be Considered Cash and Cash Equivalents	3 months
Impairment of goodwill	$ 0
Impairment of other intangible assets	0
Foreign Currency Transaction Gain (Loss), before Tax	3,879,000	$ 756,000	$ 1,873,000
Research and Development Expense	$ 16,193,000	$ 14,765,000	$ 12,913,000
Buildings [Member] \| Minimum [Member]
Schedule of Useful Lives [Line Items]
Property, Plant and Equipment, Useful Life	20 years
Buildings [Member] \| Maximum [Member]
Schedule of Useful Lives [Line Items]
Property, Plant and Equipment, Useful Life	50 years
Machinery and equipment [Member] \| Minimum [Member]
Schedule of Useful Lives [Line Items]
Property, Plant and Equipment, Useful Life	4 years
Machinery and equipment [Member] \| Maximum [Member]
Schedule of Useful Lives [Line Items]
Property, Plant and Equipment, Useful Life	12 years

Summary of Significant Accounting Policies - Recent Accounting Standards (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Jan. 01, 2019	Mar. 31, 2018	Jan. 01, 2018
Assets
Accounts receivable, less allowances	$ 382,253	$ 348,943				$ 362,479
Inventories	265,990	241,962				233,054
Prepaid expenses and other current assets	57,184	32,526				47,105
Deferred income taxes	20,474	12,161				11,171
Liabilities
Accrued liabilities	206,782	181,241				194,777
Deferred income taxes	106,559	73,505				73,891
Stockholders’ equity
Retained earnings	1,363,772	1,206,723				1,211,018
Accumulated other non-owner changes to equity	(190,500)	(106,399)	$ (200,828)
Consolidated Statement of Income
Net sales	1,495,889	1,436,499	1,230,754
Cost of sales	963,524	943,779	788,727
Operating profit	231,764	206,451	194,296
Income before income taxes	207,495	195,699	182,621
Income taxes	41,309	136,284	47,020
Net income	166,186	59,415	135,601
Other expense (income), net	7,428	(3,819)	(208)
Facility Closing [Member]
Consolidated Statement of Income
Curtailment gain		(7,217)
Settlement gain (loss)		(230)
Pension Plan [Member]
Consolidated Statement of Income
Curtailment gain	0	(7,217)	0
Settlement gain (loss)	0	(119)	$ 0
Pension Plan [Member] \| Facility Closing [Member]
Consolidated Statement of Income
Curtailment gain	(7,217)
Settlement gain (loss)	(230)
Accounting Standards Update 2017-07 [Member]
Consolidated Statement of Income
Other expense (income), net		(3,827)
Accounting Standards Update 2018-02 [Member] \| New Accounting Pronouncement, Early Adoption, Effect [Member]
Stockholders’ equity
Retained earnings					$ 19,331
Calculated under Revenue Guidance in Effect before Topic 606 [Member]
Assets
Accounts receivable, less allowances	366,870	348,943
Inventories	273,712	241,962
Prepaid expenses and other current assets	45,340
Deferred income taxes	21,056	12,161
Liabilities
Accrued liabilities	191,292	181,241
Deferred income taxes	106,163	73,505
Stockholders’ equity
Retained earnings	1,360,727	$ 1,206,723
Accumulated other non-owner changes to equity	(190,161)
Consolidated Statement of Income
Net sales	1,498,662
Cost of sales	964,657
Operating profit	233,404
Income before income taxes	209,135
Income taxes	41,699
Net income	167,436
Difference between Revenue Guidance in Effect before and after Topic 606 [Member] \| Accounting Standards Update 2014-09 [Member]
Assets
Accounts receivable, less allowances	15,383					13,536
Inventories	(7,722)					(8,908)
Prepaid expenses and other current assets	11,844					14,579
Deferred income taxes	(582)					(990)
Liabilities
Accrued liabilities	15,490					13,536
Deferred income taxes	396					386
Stockholders’ equity
Retained earnings	3,045					$ 4,295
Accumulated other non-owner changes to equity	(339)
Consolidated Statement of Income
Net sales	(2,773)
Cost of sales	(1,133)
Operating profit	(1,640)
Income before income taxes	(1,640)
Income taxes	(390)
Net income	$ (1,250)
Scenario, Forecast [Member] \| Accounting Standards Update 2016-02 [Member]
Consolidated Statement of Income
Lease liabilities				$ 30,000

Acquisitions - Narrative (Details) € in Thousands, £ in Thousands, SFr in Thousands, $ in Thousands				1 Months Ended	3 Months Ended					9 Months Ended	12 Months Ended
	Apr. 03, 2017 USD ($)	Aug. 31, 2016 CHF (SFr)	Aug. 31, 2016 USD ($)	Jul. 31, 2018 USD ($)	Dec. 31, 2018 EUR (€)	Dec. 31, 2018 USD ($)	Sep. 30, 2018 GBP (£)	Sep. 30, 2018 USD ($)	Sep. 30, 2016 subsidiary	Dec. 31, 2017 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2018 USD ($)	Oct. 31, 2018 USD ($)	Sep. 30, 2018 USD ($)	Jul. 23, 2018 USD ($)	Dec. 31, 2016 USD ($)	Aug. 31, 2016 USD ($)
Business Acquisition [Line Items]
Period of acquisitions											3 years
Number of subsidiaries included in business acquisition \| subsidiary									3
Acquisition related costs											$ 5,420
Goodwill										$ 690,223		$ 690,223	$ 955,524				$ 633,436
Acquisition-related goodwill											285,355	3,330
Gimatic and IGS [Member]
Business Acquisition [Line Items]
Acquisition-related costs adjustment												5,420
Inventory adjustment												10,905
IGS
Business Acquisition [Line Items]
Aggregate purchase price							£ 29,138	$ 38,016
Adjustments under terms of Share Purchase Agreement							£ 2,820								$ 3,679
Sales since date of acquisition											6,360
Loss since date of acquisition											1,726
Short-term purchase accounting adjustments											2,887
Other intangible assets																$ 15,300
Goodwill																$ 14,098
Acquisition-related goodwill								14,098
Intangible assets acquired				$ 15,300				$ 15,300
Gimatic
Business Acquisition [Line Items]
Aggregate purchase price					€ 362,352	$ 409,893
Adjustments under terms of Share Purchase Agreement					7,790								$ 8,812
Cash paid					357,994	404,962
Liabilities incurred					€ 4,358	4,931
Sales since date of acquisition											8,793
Loss since date of acquisition											2,109
Short-term purchase accounting adjustments											2,707
Other intangible assets														$ 158,800
Goodwill														$ 271,257
Acquisition-related goodwill						271,257
Intangible assets acquired						$ 158,800
Gammaflux L.P. [Member]
Business Acquisition [Line Items]
Aggregate purchase price	$ 8,866
Adjustments under terms of Share Purchase Agreement	2
Acquisition related costs											$ 210
Sales since date of acquisition										$ 9,081
Other intangible assets	3,700
Goodwill	$ 1,535
FOBOHA Business [Member]
Business Acquisition [Line Items]
Adjustments under terms of Share Purchase Agreement		SFr 11,342																$ 11,530
Cash paid		SFr 137,918	$ 140,203
Acquisition related costs												2,193
Sales since date of acquisition												$ 18,348
Other intangible assets																		39,800
Goodwill																		$ 75,574

Acquisitions - Schedules (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Oct. 31, 2018	Jul. 23, 2018	Dec. 31, 2016
Business Acquisition [Line Items]
Goodwill	$ 955,524	$ 690,223			$ 633,436
Gimatic and IGS [Member]
Business Acquisition [Line Items]
Net Sales	1,555,481	1,501,515
Net Income	$ 171,422	$ 44,029
Basic net income (in dollars per share)	$ 3.28	$ 0.81
Diluted net income (in dollars per share)	$ 3.24	$ 0.81
IGS
Business Acquisition [Line Items]
Accounts receivable				$ 3,300
Inventories				5,706
Prepaid expenses and other current assets				198
Deferred income taxes				0
Property, plant and equipment, net				1,557
Goodwill				14,098
Other intangible assets, net				15,300
Other assets				0
Total assets acquired				40,159
Accounts payable				(927)
Accrued liabilities				(603)
Debt assumed				0
Other liabilities				(678)
Deferred income taxes				(3,614)
Total liabilities assumed				(5,822)
Net assets acquired				$ 34,337
Gimatic
Business Acquisition [Line Items]
Accounts receivable			$ 11,552
Inventories			21,112
Prepaid expenses and other current assets			7,743
Deferred income taxes			917
Property, plant and equipment, net			7,167
Goodwill			271,257
Other intangible assets, net			158,800
Other assets			144
Total assets acquired			478,692
Accounts payable			(3,825)
Accrued liabilities			(14,096)
Debt assumed			(5,990)
Other liabilities			(7,126)
Deferred income taxes			(46,574)
Total liabilities assumed			(77,611)
Net assets acquired			$ 401,081

Revenue - Revenue by Category (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Disaggregation of Revenue [Line Items]
Net sales	$ 1,495,889	$ 1,436,499	$ 1,230,754
Aerospace OEM [Member]
Disaggregation of Revenue [Line Items]
Net sales	347,178
Aerospace Aftermarket [Member]
Disaggregation of Revenue [Line Items]
Net sales	164,175
Medical, Personal Care & Packaging [Member]
Disaggregation of Revenue [Line Items]
Net sales	220,269
Tool and Die [Member]
Disaggregation of Revenue [Line Items]
Net sales	115,635
General Industrial [Member]
Disaggregation of Revenue [Line Items]
Net sales	244,007
Auto Molding Solutions [Member]
Disaggregation of Revenue [Line Items]
Net sales	208,767
Auto Production [Member]
Disaggregation of Revenue [Line Items]
Net sales	187,065
Automation [Member]
Disaggregation of Revenue [Line Items]
Net sales	8,793
Americas [Member]
Disaggregation of Revenue [Line Items]
Net sales	752,544
Europe [Member]
Disaggregation of Revenue [Line Items]
Net sales	462,720
Asia [Member]
Disaggregation of Revenue [Line Items]
Net sales	272,961
Other Geographic Market [Member]
Disaggregation of Revenue [Line Items]
Net sales	7,664
Engineered Components Products [Member]
Disaggregation of Revenue [Line Items]
Net sales	285,929
Molding Solutions Products [Member]
Disaggregation of Revenue [Line Items]
Net sales	503,793
Force & Motion Control Products [Member]
Disaggregation of Revenue [Line Items]
Net sales	196,212
Automation Products [Member]
Disaggregation of Revenue [Line Items]
Net sales	8,793
Aerospace Original Equipment Manufacturing Products [Member]
Disaggregation of Revenue [Line Items]
Net sales	336,987
Aerospace Aftermarket Products and Services [Member]
Disaggregation of Revenue [Line Items]
Net sales	164,175
Industrial [Member]
Disaggregation of Revenue [Line Items]
Net sales	994,727	973,900	824,200
Industrial [Member] \| Aerospace OEM [Member]
Disaggregation of Revenue [Line Items]
Net sales	10,191
Industrial [Member] \| Aerospace Aftermarket [Member]
Disaggregation of Revenue [Line Items]
Net sales	0
Industrial [Member] \| Medical, Personal Care & Packaging [Member]
Disaggregation of Revenue [Line Items]
Net sales	220,269
Industrial [Member] \| Tool and Die [Member]
Disaggregation of Revenue [Line Items]
Net sales	115,635
Industrial [Member] \| General Industrial [Member]
Disaggregation of Revenue [Line Items]
Net sales	244,007
Industrial [Member] \| Auto Molding Solutions [Member]
Disaggregation of Revenue [Line Items]
Net sales	208,767
Industrial [Member] \| Auto Production [Member]
Disaggregation of Revenue [Line Items]
Net sales	187,065
Industrial [Member] \| Automation [Member]
Disaggregation of Revenue [Line Items]
Net sales	8,793
Industrial [Member] \| Americas [Member]
Disaggregation of Revenue [Line Items]
Net sales	394,361
Industrial [Member] \| Europe [Member]
Disaggregation of Revenue [Line Items]
Net sales	368,159
Industrial [Member] \| Asia [Member]
Disaggregation of Revenue [Line Items]
Net sales	228,663
Industrial [Member] \| Other Geographic Market [Member]
Disaggregation of Revenue [Line Items]
Net sales	3,544
Industrial [Member] \| Engineered Components Products [Member]
Disaggregation of Revenue [Line Items]
Net sales	285,929	292,200	283,400
Industrial [Member] \| Molding Solutions Products [Member]
Disaggregation of Revenue [Line Items]
Net sales	503,793	487,300	376,600
Industrial [Member] \| Force & Motion Control Products [Member]
Disaggregation of Revenue [Line Items]
Net sales	196,212	194,400	164,200
Industrial [Member] \| Automation Products [Member]
Disaggregation of Revenue [Line Items]
Net sales	8,793	0	0
Industrial [Member] \| Aerospace Original Equipment Manufacturing Products [Member]
Disaggregation of Revenue [Line Items]
Net sales	0
Industrial [Member] \| Aerospace Aftermarket Products and Services [Member]
Disaggregation of Revenue [Line Items]
Net sales	0
Aerospace [Member]
Disaggregation of Revenue [Line Items]
Net sales	501,162	462,600	406,500
Aerospace [Member] \| Aerospace OEM [Member]
Disaggregation of Revenue [Line Items]
Net sales	336,987
Aerospace [Member] \| Aerospace Aftermarket [Member]
Disaggregation of Revenue [Line Items]
Net sales	164,175
Aerospace [Member] \| Medical, Personal Care & Packaging [Member]
Disaggregation of Revenue [Line Items]
Net sales	0
Aerospace [Member] \| Tool and Die [Member]
Disaggregation of Revenue [Line Items]
Net sales	0
Aerospace [Member] \| General Industrial [Member]
Disaggregation of Revenue [Line Items]
Net sales	0
Aerospace [Member] \| Auto Molding Solutions [Member]
Disaggregation of Revenue [Line Items]
Net sales	0
Aerospace [Member] \| Auto Production [Member]
Disaggregation of Revenue [Line Items]
Net sales	0
Aerospace [Member] \| Automation [Member]
Disaggregation of Revenue [Line Items]
Net sales	0
Aerospace [Member] \| Americas [Member]
Disaggregation of Revenue [Line Items]
Net sales	358,183
Aerospace [Member] \| Europe [Member]
Disaggregation of Revenue [Line Items]
Net sales	94,561
Aerospace [Member] \| Asia [Member]
Disaggregation of Revenue [Line Items]
Net sales	44,298
Aerospace [Member] \| Other Geographic Market [Member]
Disaggregation of Revenue [Line Items]
Net sales	4,120
Aerospace [Member] \| Engineered Components Products [Member]
Disaggregation of Revenue [Line Items]
Net sales	0
Aerospace [Member] \| Molding Solutions Products [Member]
Disaggregation of Revenue [Line Items]
Net sales	0
Aerospace [Member] \| Force & Motion Control Products [Member]
Disaggregation of Revenue [Line Items]
Net sales	0
Aerospace [Member] \| Automation Products [Member]
Disaggregation of Revenue [Line Items]
Net sales	0
Aerospace [Member] \| Aerospace Original Equipment Manufacturing Products [Member]
Disaggregation of Revenue [Line Items]
Net sales	336,987	323,400	288,400
Aerospace [Member] \| Aerospace Aftermarket Products and Services [Member]
Disaggregation of Revenue [Line Items]
Net sales	$ 164,175	$ 139,200	$ 118,200
Transferred at Point in Time [Member]
Disaggregation of Revenue [Line Items]
Revenue transfered percent	90.00%
Transferred over Time [Member]
Disaggregation of Revenue [Line Items]
Revenue transfered percent	10.00%

Revenue - Contract Balances (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Jan. 01, 2018
Revenue from Contract with Customer [Abstract]
Unbilled receivables (contract assets)	$ 11,844	$ 14,579
Unbilled receivables (contract assets), $ Change	$ (2,735)
Unbilled receivables (contract assets), % Change	(19.00%)
Contract liabilities	$ (57,522)	(54,007)
Contract liabilities, $ Change	$ (3,515)
Contract liabilities, % Change	7.00%
Net contract liabilities	$ (45,678)	(39,428)
Net contract liabilities, $ Change	$ (6,250)
Net contract liabilities, % Change	16.00%
Customer advances	$ 15,438	$ 13,536
Revenue recognized	90.00%

Revenue - Contract Costs (Details) $ in Thousands	12 Months Ended
Revenue - Contract Costs (Details) $ in Thousands	Dec. 31, 2018 USD ($)
Capitalized Contract Cost [Line Items]
Amortization of capitalized costs	$ 14,988
Capitalized costs, net	8,445
Tooling [Member]
Capitalized Contract Cost [Line Items]
Capitalized costs, net	6,155
Design Costs [Member]
Capitalized Contract Cost [Line Items]
Capitalized costs, net	2,285
Other Capitalized Contract Cost [Member]
Capitalized Contract Cost [Line Items]
Capitalized costs, net	$ 5

Revenue - Remaining Performance Obligations (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018 USD ($)
Revenue from Contract with Customer [Abstract]
Remaining performance obligations	$ 219,269
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, expected timing	1 year
Remaining performance obligations, percentage	80.00%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, expected timing	2 years
Remaining performance obligations, percentage	20.00%

Inventories (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Jan. 01, 2018	Dec. 31, 2017
Inventory Disclosure [Abstract]
Finished goods	$ 87,779		$ 79,649
Work-in-process	98,426		97,276
Raw material and supplies	79,785		65,037
Inventories	$ 265,990	$ 233,054	$ 241,962

Property, Plant and Equipment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 853,497	$ 835,341
Less accumulated depreciation	(482,966)	(476,043)
Property, plant and equipment, net	370,531	359,298
Depreciation expense	48,914	48,693	$ 43,165
Land [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	23,239	21,723
Buildings [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	183,544	182,226
Machinery and equipment [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 646,714	$ 631,392

Goodwill and Other Intangible Assets (Details) - USD ($)	1 Months Ended		3 Months Ended		12 Months Ended
	Oct. 31, 2018	Jul. 31, 2018	Dec. 31, 2018	Sep. 30, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Aug. 31, 2016
Goodwill [Roll Forward]
Goodwill, beginning of period					$ 690,223,000	$ 633,436,000
Acquisition-related					285,355,000	3,330,000
Foreign currency translation					(20,054,000)	53,457,000
Goodwill, end of period			$ 955,524,000		955,524,000	690,223,000	$ 633,436,000
Goodwill expected tax deductible amount			43,860,000		43,860,000
Other Intangible Assets:
Finite Lived Intangible Assets Before Foreign Currency Translation Adjustment			894,803,000		894,803,000	727,803,000
Finite Lived Intangible Assets Foreign Currency Translation Adjustment			(17,157,000)		(17,157,000)	(11,972,000)
Finite-Lived Intangible Assets, Accumulated Amortization			(296,778,000)		(296,778,000)	(251,559,000)
Finite-Lived Intangible Assets, Gross			933,316,000		933,316,000	758,601,000
Revenue Sharing Program payments					5,800,000	0	0
Amortization of Intangible Assets					45,220,000	41,216,000	36,753,000
Intangible Assets, Future Amortization Expense
Estimated amortization of intangible assets, year 1			53,000,000		53,000,000
Estimated amortization of intangible assets, year 2			50,000,000		50,000,000
Estimated amortization of intangible assets, year 3			49,000,000		49,000,000
Estimated amortization of intangible assets, year 4			49,000,000		49,000,000
Estimated amortization of intangible assets, year 5			48,000,000		48,000,000
Gimatic
Goodwill [Roll Forward]
Acquisition-related			271,257,000
Goodwill, end of period	$ 271,257,000
Other Intangible Assets:
Intangible assets acquired			158,800,000
IGS
Goodwill [Roll Forward]
Acquisition-related				$ 14,098,000
Other Intangible Assets:
Intangible assets acquired		$ 15,300,000		$ 15,300,000
Customer Relationships [Member] \| Gimatic
Other Intangible Assets:
Range of life (in years)	16 years
Intangible assets acquired	$ 107,900,000
Customer Relationships [Member] \| IGS
Other Intangible Assets:
Range of life (in years)		16 years
Intangible assets acquired		$ 14,500,000
Revenue sharing programs [Member]
Other Intangible Assets:
Finite Lived Intangible Assets Before Foreign Currency Translation Adjustment			299,500,000		299,500,000	293,700,000
Finite-Lived Intangible Assets, Accumulated Amortization			(121,957,000)		$ (121,957,000)	(108,075,000)
Revenue sharing programs [Member] \| Maximum [Member]
Other Intangible Assets:
Range of life (in years)					30 years
Component Repair Program [Member]
Other Intangible Assets:
Finite Lived Intangible Assets Before Foreign Currency Translation Adjustment			111,839,000		$ 111,839,000	111,839,000
Finite-Lived Intangible Assets, Accumulated Amortization			(21,895,000)		$ (21,895,000)	(16,508,000)
Component Repair Program [Member] \| Maximum [Member]
Other Intangible Assets:
Range of life (in years)					30 years
Customer lists/relationships [Member]
Other Intangible Assets:
Finite Lived Intangible Assets Before Foreign Currency Translation Adjustment			338,366,000		$ 338,366,000	215,966,000
Finite-Lived Intangible Assets, Accumulated Amortization			(79,439,000)		$ (79,439,000)	(65,385,000)
Customer lists/relationships [Member] \| Minimum [Member]
Other Intangible Assets:
Range of life (in years)					10 years
Customer lists/relationships [Member] \| Maximum [Member]
Other Intangible Assets:
Range of life (in years)					16 years
Patents And Technology [Member]
Other Intangible Assets:
Finite Lived Intangible Assets Before Foreign Currency Translation Adjustment			125,852,000		$ 125,852,000	87,052,000
Finite-Lived Intangible Assets, Accumulated Amortization			(59,205,000)		$ (59,205,000)	(48,083,000)
Patents And Technology [Member] \| Minimum [Member]
Other Intangible Assets:
Range of life (in years)					4 years
Patents And Technology [Member] \| Maximum [Member]
Other Intangible Assets:
Range of life (in years)					14 years
Patents And Technology [Member] \| Gimatic
Other Intangible Assets:
Range of life (in years)	11 years
Intangible assets acquired	$ 38,800,000
Trademarks, Trade Names [Member]
Other Intangible Assets:
Finite Lived Intangible Assets Before Foreign Currency Translation Adjustment			11,950,000		$ 11,950,000	11,950,000
Finite-Lived Intangible Assets, Accumulated Amortization			(10,731,000)		$ (10,731,000)	(10,349,000)
Trademarks, Trade Names [Member] \| Minimum [Member]
Other Intangible Assets:
Range of life (in years)					10 years
Trademarks, Trade Names [Member] \| Maximum [Member]
Other Intangible Assets:
Range of life (in years)					30 years
Unamoritized Trade Name [Member]
Other Intangible Assets:
Finite Lived Intangible Assets Before Foreign Currency Translation Adjustment			55,670,000		$ 55,670,000	42,770,000
Other [Member]
Other Intangible Assets:
Finite Lived Intangible Assets Before Foreign Currency Translation Adjustment			7,296,000		7,296,000	7,296,000
Finite-Lived Intangible Assets, Accumulated Amortization			(3,551,000)		$ (3,551,000)	(3,159,000)
Other [Member] \| Maximum [Member]
Other Intangible Assets:
Range of life (in years)					15 years
Industrial [Member]
Goodwill [Roll Forward]
Goodwill, beginning of period					$ 659,437,000	602,650,000
Acquisition-related					285,355,000	3,330,000
Foreign currency translation					(20,054,000)	53,457,000
Goodwill, end of period			924,738,000		924,738,000	659,437,000	602,650,000
Industrial [Member] \| FOBOHA Business [Member]
Goodwill [Roll Forward]
Goodwill expected tax deductible amount								$ 0
Aerospace [Member]
Goodwill [Roll Forward]
Goodwill, beginning of period					30,786,000	30,786,000
Acquisition-related					0	0
Foreign currency translation					0	0
Goodwill, end of period			$ 30,786,000		$ 30,786,000	$ 30,786,000	$ 30,786,000
Trade Names [Member] \| Gimatic
Other Intangible Assets:
Intangible assets acquired	$ 12,100,000
Trade Names [Member] \| IGS
Other Intangible Assets:
Intangible assets acquired		$ 800,000

Accrued Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Jan. 01, 2018	Dec. 31, 2017
Accrued Liabilities [Abstract]
Payroll and other compensation	$ 46,850		$ 53,857
Contract liabilities	57,522		44,600
Pension and other postretirement benefits	8,618		8,294
Accrued income taxes	30,391		26,340
Other	63,401		48,150
Accrued liabilities	$ 206,782	$ 194,777	$ 181,241

- Definition

The carrying amount of consideration received or receivable as of the balance sheet date on potential earnings that were not recognized as revenue in conformity with GAAP, and which are expected to be recognized as such within one year or the normal operating cycle, if longer, including sales, license fees, and royalties, but excluding interest income.

+ References + Details

Debt and Commitments (Details 1) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Fair Value	$ 942,276	$ 537,696
Borrowings under lines of credit and overdrafts	2,137	5,669
Total debt, net of unamortized discounts	944,016	532,596
Less current maturities	(7,659)	(6,999)
Long-term debt	936,357	525,597
Revolving Credit Agreement [Member]
Debt Instrument [Line Items]
Carrying Amount	831,016	421,500
Fair Value	828,800	424,818
Senior Notes [Member] \| 3.97% Senior Notes [Member]
Debt Instrument [Line Items]
Carrying Amount	100,000	100,000
Fair Value	100,185	101,348
Lines of credit and overdrafts [Member]
Debt Instrument [Line Items]
Fair Value	2,137	5,669
Borrowings under lines of credit and overdrafts	2,137	5,669
Capital Lease Obligations [Member]
Debt Instrument [Line Items]
Carrying Amount	10,216	4,541
Fair Value	10,503	4,964
Foreign bank borrowings [Member]
Debt Instrument [Line Items]
Carrying Amount	647	886
Fair Value	$ 651	$ 897

Debt and Commitments (Details Narrative) € in Thousands		1 Months Ended	12 Months Ended
Debt and Commitments (Details Narrative) € in Thousands	Sep. 19, 2018 USD ($)	Oct. 31, 2018	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Dec. 31, 2018 EUR (€)	Dec. 31, 2018 USD ($)	Oct. 19, 2018 USD ($)	Feb. 28, 2017 USD ($)	Oct. 15, 2014 USD ($)
Debt Instrument [Line Items]
Notes and overdrafts payable				$ 5,669,000			$ 2,137,000
Letters of credit outstanding, amount							9,129,000
Debt maturities, year 1							7,659,000
Debt maturities, year 2							1,862,000
Debt maturities, year 3							1,160,000
Debt maturities, year 4							831,854,000
Debt maturities, year 5							492,000
Long-term Debt, Maturities, Repayments of Principal, thereafter							100,989,000
Interest paid			$ 16,678,000	13,962,000	$ 11,471,000
Interest capitalized			$ 544,000	415,000	$ 324,000
Bank Overdrafts [Member]
Debt Instrument [Line Items]
Notes and overdrafts payable				$ 369,000			96,000
Line of Credit [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity							$ 87,000,000
Line of credit facility, interest rate at period end				2.33%		0.17%	0.17%
Notes and overdrafts payable				$ 5,300,000			$ 2,041,000
Repayment period			3 months
Capital Lease Obligations [Member]
Debt Instrument [Line Items]
Carrying amount of debt				4,541,000			10,216,000
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity				750,000,000
Accordion feature amount				250,000,000
Revolving Credit Facility [Member] \| International Subsidiary Borrowings [Member]
Debt Instrument [Line Items]
Carrying amount of debt						€ 179,000	208,589,000
Revolving Credit Agreement [Member]
Debt Instrument [Line Items]
Carrying amount of debt				421,500,000			831,016,000
Line of credit facility, amount outstanding				421,500,000			831,016,000
Line of credit facility remaining borrowing capacity				$ 428,500,000			$ 168,984,000
Line of credit facility, interest rate at period end				2.65%		1.99%	1.99%
Bank Overdrafts [Member]
Debt Instrument [Line Items]
Repayment period			2 days
Senior Notes [Member] \| 3.97% Senior Notes [Member]
Debt Instrument [Line Items]
Debt instrument, face amount										$ 100,000,000
Convertible notes stated interest rate										3.97%
Carrying amount of debt				$ 100,000,000			$ 100,000,000
Prepayment percentage of principal										100.00%
Foreign bank borrowings [Member]
Debt Instrument [Line Items]
Carrying amount of debt				886,000			647,000
Euro [Member] \| Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Carrying amount of debt				0		€ 470,350	$ 538,316,000
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Debt covenant, senior debt ratio (not more than)						3.25	3.25
Debt covenant, senior debt ratio (not more than)						3.75	3.75
Debt covenant, EBITDA to interest expense (not less than)						4.25	4.25
Debt covenant, threshold for permitted acquisition							$ 150,000,000
Debt covenant acquisitions, senior debt ratio (not more than)						3.50	3.50
Debt covenant acquisitions, total debt ratio (not more than)						4.25	4.25
Revolving Credit Facility [Member] \| Fourth Amendment, Maturity February 2022 [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity									$ 850,000,000
Revolving Credit Facility [Member] \| Fifth Amendment, Maturity February 2022 [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity								$ 1,000,000,000
Accordion feature amount								$ 200,000,000
Fees and expenses paid with amendment			$ 529,000	$ 2,542,000
Revolving Credit Facility [Member] \| Fourth Amendment, Maturity February 2022, Accordion Feature [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity									350,000,000
Revolving Credit Facility [Member] \| Euro [Member] \| Fourth Amendment, Maturity February 2022 [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity									$ 600,000,000
Revolving Credit Facility [Member] \| London Interbank Offered Rate (LIBOR) [Member] \| Minimum [Member] \| Fifth Amendment, Maturity February 2022 [Member]
Debt Instrument [Line Items]
Basis spread on variable rate		1.10%
Revolving Credit Facility [Member] \| London Interbank Offered Rate (LIBOR) [Member] \| Maximum [Member] \| Fifth Amendment, Maturity February 2022 [Member]
Debt Instrument [Line Items]
Basis spread on variable rate		1.70%
Revolving Credit Facility [Member] \| Base Rate [Member] \| Minimum [Member] \| Fifth Amendment, Maturity February 2022 [Member]
Debt Instrument [Line Items]
Basis spread on variable rate		0.10%
Revolving Credit Facility [Member] \| Base Rate [Member] \| Maximum [Member] \| Fifth Amendment, Maturity February 2022 [Member]
Debt Instrument [Line Items]
Basis spread on variable rate		0.70%
Revolving Credit Facility [Member] \| Euribor [Member] \| Fourth Amendment, Maturity February 2022 [Member]
Debt Instrument [Line Items]
Convertible notes stated interest rate		0.00%
Revolving Credit Facility [Member] \| Euribor [Member] \| Minimum [Member] \| Fifth Amendment, Maturity February 2022 [Member]
Debt Instrument [Line Items]
Basis spread on variable rate		1.10%
Revolving Credit Facility [Member] \| Euribor [Member] \| Maximum [Member] \| Fifth Amendment, Maturity February 2022 [Member]
Debt Instrument [Line Items]
Basis spread on variable rate		1.70%
SPA with Gimatic [Member]
Debt Instrument [Line Items]
Liabilities incurred	$ 150,000,000

Business Reorganizations (Details) $ in Thousands	12 Months Ended
Business Reorganizations (Details) $ in Thousands	Dec. 31, 2017 USD ($) facility
Facility Closing [Member]
Restructuring Cost and Reserve [Line Items]
Number of facilities eliminated \| facility	2
Curtailment gain	$ 7,217
Settlement gain (loss)	230
Employee Severance
Restructuring Cost and Reserve [Line Items]
Restructuring charges	3,796
Other Restructuring
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 3,664

Derivatives (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract]
Derivative Liabilities	$ (348)	$ (408)
Designated as Hedging Instrument [Member]
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract]
Derivative Liabilities	(258)	(379)
Prepaid Assets and Other Current Assets [Member]
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract]
Derivative Assets	2,517	712
Prepaid Assets and Other Current Assets [Member] \| Designated as Hedging Instrument [Member]
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract]
Derivative Assets	1,412	654
Prepaid Assets and Other Current Assets [Member] \| Designated as Hedging Instrument [Member] \| Interest Rate Contracts [Member]
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract]
Derivative Assets	1,412	654
Prepaid Assets and Other Current Assets [Member] \| Designated as Hedging Instrument [Member] \| Foreign Exchange Contracts [Member]
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract]
Derivative Assets	0	0
Prepaid Assets and Other Current Assets [Member] \| Not Designated as Hedging Instrument [Member] \| Foreign Exchange Contracts [Member]
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract]
Derivative Assets	1,105	58
Accrued Liabilities [Member] \| Designated as Hedging Instrument [Member] \| Foreign Exchange Contracts [Member]
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract]
Derivative Liabilities	(258)	(379)
Accrued Liabilities [Member] \| Not Designated as Hedging Instrument [Member] \| Foreign Exchange Contracts [Member]
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract]
Derivative Liabilities	(90)	(29)
Other Liabilities [Member] \| Designated as Hedging Instrument [Member] \| Interest Rate Contracts [Member]
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract]
Derivative Liabilities	$ 0	$ 0

Derivatives (Details 1)	1 Months Ended	12 Months Ended
Derivatives (Details 1)	Apr. 30, 2012 USD ($) Bank	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Apr. 28, 2017 USD ($) Bank
Derivative [Line Items]
Maximum Remaining Maturity of Foreign Currency Derivatives		2 years
Other		$ (11,678,000)	$ (21,090,000)	$ 4,771,000
Derivative, Net Hedge Ineffectiveness Gain (Loss)		0	0
Foreign Exchange Contracts [Member]
Derivative [Line Items]
Other		10,813,000	18,256,000
Designated as Hedging Instrument [Member] \| Cash Flow Hedging [Member]
Derivative [Line Items]
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net		673,000	299,000
Designated as Hedging Instrument [Member] \| Cash Flow Hedging [Member] \| Interest Rate Contracts [Member]
Derivative [Line Items]
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net		578,000	460,000
Designated as Hedging Instrument [Member] \| Cash Flow Hedging [Member] \| Foreign Exchange Contracts [Member]
Derivative [Line Items]
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net		95,000	(161,000)
Not Designated as Hedging Instrument [Member] \| Foreign Exchange Contracts [Member]
Derivative [Line Items]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net		$ (12,162,000)	$ (16,813,000)
Interest Rate Swap [Member] \| Designated as Hedging Instrument [Member] \| Cash Flow Hedging [Member]
Derivative [Line Items]
Term of Interest Rate Derivatives	5 years
Number of Banks Transacted With for Interest Rate Swap Agreements \| Bank	3				1
Derivative, Amount of Hedged Item	$ 100,000,000
Derivative, Fixed Interest Rate					1.92%
London Interbank Offered Rate (LIBOR) [Member] \| Interest Rate Swap [Member] \| Designated as Hedging Instrument [Member] \| Cash Flow Hedging [Member]
Derivative [Line Items]
Derivative, Amount of Hedged Item					$ 100,000,000
London Interbank Offered Rate (LIBOR) [Member] \| Interest Rate Swap [Member] \| Designated as Hedging Instrument [Member] \| Cash Flow Hedging [Member]
Derivative [Line Items]
Derivative, Fixed Interest Rate	1.03%

Fair Value Measurements (Details) - USD ($) $ in Thousands	12 Months Ended
Fair Value Measurements (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative Liabilities	$ (348)	$ (408)
Minimum [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Maturity of Bank Acceptances	3 months
Maximum [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Maturity of Bank Acceptances	6 months
Fair Value, Measurements, Recurring \| Estimate of Fair Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative Assets	$ 2,517	712
Derivative Liabilities	(348)	(408)
Bank acceptances	17,698	16,092
Rabbi trust assets	2,457	2,554
Fair value net asset (liability)	22,324	18,950
Fair Value, Measurements, Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative Assets	0	0
Derivative Liabilities	0	0
Bank acceptances	0	0
Rabbi trust assets	2,457	2,554
Fair value net asset (liability)	2,457	2,554
Fair Value, Measurements, Recurring \| Significant Other Observable Inputs (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative Assets	2,517	712
Derivative Liabilities	(348)	(408)
Bank acceptances	17,698	16,092
Rabbi trust assets	0	0
Fair value net asset (liability)	19,867	16,396
Fair Value, Measurements, Recurring \| Significant Unobservable Inputs (Level 3)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative Assets	0	0
Derivative Liabilities	0	0
Bank acceptances	0	0
Rabbi trust assets	0	0
Fair value net asset (liability)	$ 0	$ 0

Pension and Other Postretirement Benefits (Details 1) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Defined Benefit Plan Disclosure [Line Items]
Contribution expense	$ 6,921	$ 6,644	$ 5,907
Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Pension lump-sum settlement charge	0	21,074
Curtailment gain	$ 0	7,217	$ 0
Retirement Savings Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Annual retirement contribution percent	4.00%
Facility Closing [Member]
Defined Benefit Plan Disclosure [Line Items]
Curtailment gain		$ 7,217
Facility Closing [Member] \| Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Curtailment gain	$ 7,217

Pension and Other Postretirement Benefits (Details 2) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Pension Plan [Member]
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Benefit obligation, beginning balance	$ 498,110	$ 493,952
Service cost	5,961	6,055	$ 5,395
Interest cost	17,383	18,819	19,494
Amendments	826	1,260
Actuarial (gain) loss	(24,449)	23,953
Benefits paid	(31,614)	(29,149)
Transfers in	3,462	2,743
Curtailment gain	0	(7,030)
Plan Settlement	0	(21,074)
Participant contributions	1,120	1,355
Foreign exchange rate changes	(3,158)	7,226
Benefit obligation, ending balance	467,641	498,110	493,952
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets, beginning balance	454,438	416,912
Actual return on plan assets	(32,609)	62,281
Company contributions	4,732	14,923
Participant contributions	1,120	1,355
Benefits paid	(31,614)	(29,149)
Plan Settlements	0	(20,857)
Transfers in	3,462	2,743
Foreign exchange rate changes	(3,307)	6,230
Fair value of plan assets, ending balance	396,222	454,438	416,912
Funded/(underfunded) status, December 31	(71,419)	(43,672)
Pension Plan [Member] \| Domestic Plan [Member]
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Benefit obligation, beginning balance	415,369	389,613
Service cost	4,290	3,931
Interest cost	15,875	17,151
Amendments	0	1,233
Actuarial (gain) loss	(22,193)	28,350
Benefits paid	(25,007)	(24,909)
Transfers in	0	0
Curtailment gain	0	0
Plan Settlement	0	0
Participant contributions	0	0
Foreign exchange rate changes	0	0
Benefit obligation, ending balance	388,334	415,369	389,613
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets, beginning balance	375,378	331,260
Actual return on plan assets	(30,681)	56,131
Company contributions	2,925	12,896
Participant contributions	0	0
Benefits paid	(25,007)	(24,909)
Plan Settlements	0	0
Transfers in	0	0
Foreign exchange rate changes	0	0
Fair value of plan assets, ending balance	322,615	375,378	331,260
Funded/(underfunded) status, December 31	(65,719)	(39,991)
Pension Plan [Member] \| Foreign Plan [Member]
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Benefit obligation, beginning balance	82,741	104,339
Service cost	1,671	2,124
Interest cost	1,508	1,668
Amendments	826	27
Actuarial (gain) loss	(2,256)	(4,397)
Benefits paid	(6,607)	(4,240)
Transfers in	3,462	2,743
Curtailment gain	0	(7,030)
Plan Settlement	0	(21,074)
Participant contributions	1,120	1,355
Foreign exchange rate changes	(3,158)	7,226
Benefit obligation, ending balance	79,307	82,741	104,339
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets, beginning balance	79,060	85,652
Actual return on plan assets	(1,928)	6,150
Company contributions	1,807	2,027
Participant contributions	1,120	1,355
Benefits paid	(6,607)	(4,240)
Plan Settlements	0	(20,857)
Transfers in	3,462	2,743
Foreign exchange rate changes	(3,307)	6,230
Fair value of plan assets, ending balance	73,607	79,060	85,652
Funded/(underfunded) status, December 31	(5,700)	(3,681)
Other postretirement benefit plans [Member]
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Benefit obligation, beginning balance	37,570	36,853
Service cost	85	83	122
Interest cost	1,358	1,561	1,766
Actuarial (gain) loss	(3,791)	3,806
Benefits paid	(3,435)	(7,251)
Participant contributions	1,280	2,209
Foreign exchange rate changes	9	309
Benefit obligation, ending balance	33,076	37,570	36,853
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets, beginning balance	0	0
Company contributions	2,155	5,042
Participant contributions	1,280	2,209
Benefits paid	(3,435)	(7,251)
Fair value of plan assets, ending balance	0	0	$ 0
Funded/(underfunded) status, December 31	$ 33,076	$ 37,570

Pension and Other Postretirement Benefits (Details 3) - Pension Plan [Member] - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Defined Benefit Plan Disclosure [Line Items]
Projected benefit obligation, related to pension plans with benefit obligations in excess of plan assets	$ 430,334	$ 352,251
Fair value of plan assets, related to pension plans with benefit obligations in excess of plan assets	351,210	293,292
Domestic Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Projected benefit obligation, related to pension plans with benefit obligations in excess of plan assets	388,334	311,320
Fair value of plan assets, related to pension plans with benefit obligations in excess of plan assets	322,615	267,087
Foreign Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Projected benefit obligation, related to pension plans with benefit obligations in excess of plan assets	42,000	40,931
Fair value of plan assets, related to pension plans with benefit obligations in excess of plan assets	$ 28,595	$ 26,205

Pension and Other Postretirement Benefits (Details 4) - Pension Plan [Member] - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Defined Benefit Plan, Pension Plan with Accumulated Benefit Obligation in Excess of Plan Assets [Abstract]
Projected benefit obligation	$ 430,334	$ 81,503
Accumulated benefit obligation	420,231	80,967
Fair value of plan assets	351,210	31,002
Total accumulated benefit obligation	457,539	485,777
Domestic Plan [Member]
Defined Benefit Plan, Pension Plan with Accumulated Benefit Obligation in Excess of Plan Assets [Abstract]
Projected benefit obligation	388,334	40,572
Accumulated benefit obligation	378,285	40,090
Fair value of plan assets	322,615	4,797
Foreign Plan [Member]
Defined Benefit Plan, Pension Plan with Accumulated Benefit Obligation in Excess of Plan Assets [Abstract]
Projected benefit obligation	42,000	40,931
Accumulated benefit obligation	41,946	40,877
Fair value of plan assets	$ 28,595	$ 26,205

Pension and Other Postretirement Benefits (Details 5) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Defined Benefit Plan Disclosure [Line Items]
Accrued liabilities	$ 8,618	$ 8,294
Accrued retirement benefits	104,302	89,000
Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Other assets	7,705	15,287
Accrued liabilities	3,204	3,230
Accrued retirement benefits	75,920	55,729
Accumulated other non-owner changes to equity, net	(135,974)	(98,006)
Net actuarial loss	(133,238)	(95,973)
Prior service costs	(2,736)	(2,033)
Pension Plan [Member] \| Domestic Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Other assets	0	4,242
Accrued liabilities	2,826	2,823
Accrued retirement benefits	62,893	41,410
Accumulated other non-owner changes to equity, net	(121,927)	(84,990)
Net actuarial loss	(119,601)	(82,736)
Prior service costs	(2,326)	(2,254)
Pension Plan [Member] \| Foreign Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Other assets	7,705	11,045
Accrued liabilities	378	407
Accrued retirement benefits	13,027	14,319
Accumulated other non-owner changes to equity, net	(14,047)	(13,016)
Net actuarial loss	(13,637)	(13,237)
Prior service costs	(410)	221
Other postretirement benefit plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Accrued liabilities	5,414	5,064
Accrued retirement benefits	27,662	32,506
Accumulated other non-owner changes to equity, net	(2,716)	(5,838)
Net actuarial loss	(2,618)	(5,746)
Prior service costs	$ (98)	$ (92)

Pension and Other Postretirement Benefits (Details 6) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2018

Dec. 31, 2017

Dec. 31, 2016

Defined Benefit Plan Disclosure [Line Items]

Total

^[1]

$ 15,426

$ (10,726)

$ 8,867

Pension Plan [Member]

Defined Benefit Plan Disclosure [Line Items]

Prior service cost

(669)

Net loss

(29,108)

Amortization of prior service costs (credits)

423

Amortization of actuarial loss

8,878

Foreign exchange rate changes

821

Amounts reclassified from accumulated other comprehensive income to retained earnings

(18,313)

Total

(37,968)

Other postretirement benefit plans [Member]

Defined Benefit Plan Disclosure [Line Items]

Prior service cost

0

Net loss

3,800

Amortization of prior service costs (credits)

15

Amortization of actuarial loss

428

Foreign exchange rate changes

(14)

Amounts reclassified from accumulated other comprehensive income to retained earnings

(1,107)

Total

$ 3,122

[1]	Net of tax of $(4,606), $4,469 and $(4,687) for the years ended December 31, 2018, 2017 and 2016, respectively.

Pension and Other Postretirement Benefits (Details 7) - Pension Plan [Member]	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Domestic Plan [Member]
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract]
Discount rate	4.40%	3.90%
Increase in compensation	2.56%	2.56%
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract]
Discount rate	3.90%	4.50%	4.65%
Long-term rate of return	7.75%	7.75%	8.25%
Increase in compensation	2.56%	2.56%	3.71%
Foreign Plan [Member]
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract]
Discount rate	2.07%	1.90%
Increase in compensation	2.72%	2.17%
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract]
Discount rate	1.90%	1.60%	2.80%
Long-term rate of return	4.09%	3.59%	4.73%
Increase in compensation	2.17%	2.29%	2.71%

Pension and Other Postretirement Benefits (Details 8) - Pension Plan [Member]	Dec. 31, 2018
Equity Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
The weighted-average target investment allocations in equity securities	65.00%
Fixed Income Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
The weighted-average target investment allocations in equity securities	35.00%

Pension and Other Postretirement Benefits (Details 9) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Equity Securities, Global Entity [Member] \| Significant Other Observable Inputs (Level 2)
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets		$ 0
Equity Securities, Global Entity [Member] \| Significant Unobservable Inputs (Level 3)
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets		0
Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets	$ 396,222	454,438	$ 416,912
Pension Plan [Member] \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets	73,668	94,409
Pension Plan [Member] \| Significant Other Observable Inputs (Level 2)
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets	320,074	357,364
Pension Plan [Member] \| Significant Unobservable Inputs (Level 3)
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets	2,480	2,665
Pension Plan [Member] \| Cash and short-term investments [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets	3,750	10,731
Pension Plan [Member] \| Cash and short-term investments [Member] \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets	3,750	10,731
Pension Plan [Member] \| Cash and short-term investments [Member] \| Significant Other Observable Inputs (Level 2)
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets	0	0
Pension Plan [Member] \| Cash and short-term investments [Member] \| Significant Unobservable Inputs (Level 3)
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets	0	0
Pension Plan [Member] \| Equity Securities, U.S. large-cap [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets	36,821	46,786
Pension Plan [Member] \| Equity Securities, U.S. large-cap [Member] \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets	0	0
Pension Plan [Member] \| Equity Securities, U.S. large-cap [Member] \| Significant Other Observable Inputs (Level 2)
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets	36,821	46,786
Pension Plan [Member] \| Equity Securities, U.S. large-cap [Member] \| Significant Unobservable Inputs (Level 3)
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets	0	0
Pension Plan [Member] \| Equity Securities, U.S. mid-cap [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets	13,337	15,576
Pension Plan [Member] \| Equity Securities, U.S. mid-cap [Member] \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets	13,337	15,576
Pension Plan [Member] \| Equity Securities, U.S. mid-cap [Member] \| Significant Other Observable Inputs (Level 2)
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets	0	0
Pension Plan [Member] \| Equity Securities, U.S. mid-cap [Member] \| Significant Unobservable Inputs (Level 3)
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets	0	0
Pension Plan [Member] \| Equity Securities, U.S. small-cap [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets	13,244	16,157
Pension Plan [Member] \| Equity Securities, U.S. small-cap [Member] \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets	13,244	16,157
Pension Plan [Member] \| Equity Securities, U.S. small-cap [Member] \| Significant Other Observable Inputs (Level 2)
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets	0	0
Pension Plan [Member] \| Equity Securities, U.S. small-cap [Member] \| Significant Unobservable Inputs (Level 3)
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets	0	0
Pension Plan [Member] \| Equity Securities, International equities [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets	123,084	159,803
Pension Plan [Member] \| Equity Securities, International equities [Member] \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets	0	0
Pension Plan [Member] \| Equity Securities, International equities [Member] \| Significant Other Observable Inputs (Level 2)
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets	123,084	159,803
Pension Plan [Member] \| Equity Securities, International equities [Member] \| Significant Unobservable Inputs (Level 3)
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets	0	0
Pension Plan [Member] \| Equity Securities, Global Entity [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets	43,337	51,945
Pension Plan [Member] \| Equity Securities, Global Entity [Member] \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets	43,337	51,945
Pension Plan [Member] \| Equity Securities, Global Entity [Member] \| Significant Other Observable Inputs (Level 2)
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets	0
Pension Plan [Member] \| Equity Securities, Global Entity [Member] \| Significant Unobservable Inputs (Level 3)
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets	0
Pension Plan [Member] \| U.S. bond funds [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets	117,249	109,033
Pension Plan [Member] \| U.S. bond funds [Member] \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets	0	0
Pension Plan [Member] \| U.S. bond funds [Member] \| Significant Other Observable Inputs (Level 2)
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets	117,249	109,033
Pension Plan [Member] \| U.S. bond funds [Member] \| Significant Unobservable Inputs (Level 3)
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets	0	0
Pension Plan [Member] \| International bonds [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets	42,920	41,742
Pension Plan [Member] \| International bonds [Member] \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets	0	0
Pension Plan [Member] \| International bonds [Member] \| Significant Other Observable Inputs (Level 2)
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets	42,920	41,742
Pension Plan [Member] \| International bonds [Member] \| Significant Unobservable Inputs (Level 3)
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets	0	0
Pension Plan [Member] \| Other [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets	2,480	2,665
Pension Plan [Member] \| Other [Member] \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets	0	0
Pension Plan [Member] \| Other [Member] \| Significant Other Observable Inputs (Level 2)
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets	0	0
Pension Plan [Member] \| Other [Member] \| Significant Unobservable Inputs (Level 3)
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets	$ 2,480	$ 2,665

Pension and Other Postretirement Benefits (Details 10) $ in Thousands	Dec. 31, 2018 USD ($)
Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Estimated future employer contributions in next fiscal year	$ 4,706
Defined Benefit Plan, Estimated Future Benefit Payments [Abstract]
2019	29,550
2020	29,414
2021	29,573
2022	29,224
2023	29,042
Years 2024-2028	144,754
Total	291,557
Other postretirement benefit plans [Member]
Defined Benefit Plan, Estimated Future Benefit Payments [Abstract]
2019	3,515
2020	3,332
2021	3,065
2022	2,892
2023	2,688
Years 2024-2028	11,093
Total	$ 26,585

Pension and Other Postretirement Benefits (Details 11) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Pension Plan [Member]
Pension and other postretirement benefits expenses
Service cost	$ 5,961	$ 6,055	$ 5,395
Interest cost	17,383	18,819	19,494
Expected return on plan assets	(29,900)	(28,082)	(30,302)
Amortization of prior service cost	560	446	210
Recognized losses	11,628	10,557	10,791
Curtailment loss gain	0	(7,217)	0
Settlement loss	0	(119)	0
Net periodic benefit cost	5,632	459	5,588
Estimated net actuarial loss for the defined benefit pension plans that will be amortized from accumulated other non-owner changes to equity into net periodic benefit cost in 2017	8,618
Estimated prior service cost for the defined benefit pension plans that will be amortized from accumulated other non-owner changes to equity into net periodic benefit cost (credit) in 2017	404
Other postretirement benefit plans [Member]
Pension and other postretirement benefits expenses
Service cost	85	83	122
Interest cost	1,358	1,561	1,766
Expected return on plan assets	0	0	0
Amortization of prior service cost	20	(68)	(373)
Recognized losses	561	276	535
Curtailment loss gain	0	0	0
Settlement loss	0	0	0
Net periodic benefit cost	2,024	$ 1,852	$ 2,050
Estimated net actuarial loss for the defined benefit pension plans that will be amortized from accumulated other non-owner changes to equity into net periodic benefit cost in 2017	40
Estimated prior service cost for the defined benefit pension plans that will be amortized from accumulated other non-owner changes to equity into net periodic benefit cost (credit) in 2017	$ 25

Pension and Other Postretirement Benefits (Details 12) - Other postretirement benefit plans [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Defined Benefit Plan Disclosure [Line Items]
Ultimate health care cost trend rate	4.50%
Health care cost trend rate assumed	7.30%	6.86%
Defined Benefit Plan, Effect of One-Percentage Point Change in Assumed Health Care Cost Trend Rate [Abstract]
One Percentage Point Increase, Effect on postretirement benefit oblilgation	$ 215
One Percentage Point Decrease, Effect on postretirement benefit oblilgation	(200)
One Percentage Point Increase, Effect on postretirement benefit cost	9
One Percentage Point Decrease, Effect on postretirement benefit cost	$ (8)

Pension and Other Postretirement Benefits (Details 13) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Multiemployer Plans [Line Items]
Contributions by the Company	$ 792	$ 739	$ 673
Multi-employer pension plan [Member] \| Swedish Pension Plan (ITP2) [Member]
Multiemployer Plans [Line Items]
Contributions by the Company	$ 792	$ 739	$ 673

Stock-based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	6 Months Ended	12 Months Ended
	Mar. 31, 2016	Jun. 30, 2016	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Term			10 years
Excess Tax Benefit from Share-based Compensation			$ 1,687	$ 2,463	$ 2,229
Allocated Share-based Compensation Expense			12,175	12,285	11,493
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense			2,613	4,579	4,284
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized			$ 15,084
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition			2 years 2 months 12 days
Proceeds from Stock Options Exercised			$ 673	1,964	4,184
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Total Intrinsic Value			$ 1,589	$ 2,887	$ 4,464
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value			$ 12.80	$ 10.31	$ 7.01
State [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Excess Tax Benefit from Share-based Compensation					$ 198
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period			6 months
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period			5 years
Performance Share Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period			3 years
Performance period			3 years
New Accounting Pronouncement, Early Adoption, Effect [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Excess Tax Benefit from Share-based Compensation	$ 413	$ 524

Stock-Based Compensation (Details 1) - $ / shares	12 Months Ended
Stock-Based Compensation (Details 1) - $ / shares	Dec. 31, 2018	Dec. 31, 2017
Share-based Compensation [Abstract]
Weighted-Average Exercise Price, Options Outstanding	$ 37.87	$ 33.15
Weighted-Average Exercise Price, Options Granted	59.28
Weighted-Average Exercise Price, Options Exercised	18.18
Weighted-Average Exercise Price, Options Forfeited	$ 0.00
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Options Outstanding	618,780
Granted	102,400
Exercised	(37,031)
Forfeited	0
Options Outstanding	684,149

Stock-Based Compensation (Details 2)	12 Months Ended
Stock-Based Compensation (Details 2)	Dec. 31, 2018 $ / shares shares
$11.45 to $15.83
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Options Outstanding, Number of Shares \| shares	44,760
Options Outstanding, Average Remaining Life (Years)	9 months 4 days
Options Outstanding, Average Exercise Price	$ 14.19
Options Exercisable, Number of Shares \| shares	44,760
Options Exercisable, Average Exercise Price	$ 14.19
Range of Exercise Prices, Lower Range Limit	11.45
Range of Exercise Prices, Upper Range Limit	$ 15.83
$20.69 to $26.32
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Options Outstanding, Number of Shares \| shares	73,460
Options Outstanding, Average Remaining Life (Years)	3 years 4 months 21 days
Options Outstanding, Average Exercise Price	$ 23.73
Options Exercisable, Number of Shares \| shares	73,460
Options Exercisable, Average Exercise Price	$ 23.73
Range of Exercise Prices, Lower Range Limit	20.69
Range of Exercise Prices, Upper Range Limit	$ 26.32
$26.59 to $34.92
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Options Outstanding, Number of Shares \| shares	164,117
Options Outstanding, Average Remaining Life (Years)	6 years 10 months 17 days
Options Outstanding, Average Exercise Price	$ 31.11
Options Exercisable, Number of Shares \| shares	111,425
Options Exercisable, Average Exercise Price	$ 30.98
Range of Exercise Prices, Lower Range Limit	26.59
Range of Exercise Prices, Upper Range Limit	$ 34.92
$36.31 to $38.93
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Options Outstanding, Number of Shares \| shares	171,247
Options Outstanding, Average Remaining Life (Years)	5 years 9 months
Options Outstanding, Average Exercise Price	$ 36.64
Options Exercisable, Number of Shares \| shares	169,900
Options Exercisable, Average Exercise Price	$ 36.62
Range of Exercise Prices, Lower Range Limit	36.31
Range of Exercise Prices, Upper Range Limit	$ 38.93
$38.93 to $63.38
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Options Outstanding, Number of Shares \| shares	230,565
Options Outstanding, Average Remaining Life (Years)	8 years 6 months
Options Outstanding, Average Exercise Price	$ 52.71
Options Exercisable, Number of Shares \| shares	43,861
Options Exercisable, Average Exercise Price	$ 45.98
Range of Exercise Prices, Lower Range Limit	38.93
Range of Exercise Prices, Upper Range Limit	$ 63.38

Stock-Based Compensation (Details 3)	12 Months Ended
Stock-Based Compensation (Details 3)	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Risk-free interest rate	2.60%	1.90%	1.20%
Expected life (years)	5 years 3 months 18 days	5 years 3 months 18 days	5 years 3 months 18 days
Expected volatility	24.10%	26.10%	29.10%
Expected dividend yield	1.74%	1.82%	1.94%

Stock-Based Compensation (Details 4) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2018 USD ($) $ / shares shares
Share-based Compensation [Abstract]
Options Outstanding, Expected to Vest, Shares \| shares	666,162
Options Outstanding, Expected to Vest, Weighted-Average Exercise Price \| $ / shares	$ 37.87
Options Outstanding, Expected to Vest, Aggregate Intrinsic Value \| $	$ 11,113
Options Outstanding, Expected to Vest, Weighted-Average Remaining Term	6 years 4 months 13 days
Options Outstanding, Exercisable, Shares \| shares	443,406
Options Outstanding, Exercisable, Weighted-Average Exercise Price \| $ / shares	$ 31.73
Options Outstanding, Exercisable, Aggregate Intrinsic Value \| $	$ 9,707
Options Outstanding, Exercisable, Weighted-Average Remaining Term	5 years 3 months 22 days

Stock-Based Compensation (Details 5) - $ / shares	12 Months Ended
Stock-Based Compensation (Details 5) - $ / shares	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract]
Risk-free interest rate	2.60%	1.90%	1.20%
Expected volatility	24.10%	26.10%	29.10%
Service And Market Based Rights [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward]
Awards Outstanding	128,392
Granted	23,335
Forfeited	(408)
Additional Earned	30,614
Vested/Issued	(57,995)
Awards Outstanding	123,938	128,392
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract]
Weighted-Average Grant Date Fair Value, Awards Outstanding	$ 58.19
Weighted-Average Grant Date Fair Value, Awards Granted	88.98
Weighted-Average Grant Date Fair Value, Awards Forfeited	68.10
Weighted-Average Grant Date Fair Value, Additional Earned	54.53
Weighted-Average Grant Date Fair Value, Awards Vested/Issued	54.53
Weighted-Average Grant Date Fair Value, Awards Outstanding		$ 58.19
Service And Performance Based Rights [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward]
Awards Outstanding	155,894
Granted	46,670
Forfeited	(492)
Additional Earned	15,826
Vested/Issued	(70,847)
Awards Outstanding	147,051	155,894
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract]
Weighted-Average Grant Date Fair Value, Awards Outstanding	$ 37.41
Weighted-Average Grant Date Fair Value, Awards Granted	59.28
Weighted-Average Grant Date Fair Value, Awards Forfeited	68.08
Weighted-Average Grant Date Fair Value, Additional Earned	36.28
Weighted-Average Grant Date Fair Value, Awards Vested/Issued	36.28
Weighted-Average Grant Date Fair Value, Awards Outstanding		$ 37.41
Restricted stock units [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward]
Awards Outstanding	310,524
Granted	128,295
Forfeited	(15,653)
Additional Earned	0
Vested/Issued	(159,185)
Awards Outstanding	263,981	310,524
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract]
Weighted-Average Grant Date Fair Value, Awards Outstanding	$ 36.90
Weighted-Average Grant Date Fair Value, Awards Granted	59.06
Weighted-Average Grant Date Fair Value, Awards Forfeited	46.28
Weighted-Average Grant Date Fair Value, Additional Earned	0.00
Weighted-Average Grant Date Fair Value, Awards Vested/Issued	65.85
Weighted-Average Grant Date Fair Value, Awards Outstanding		$ 36.90
Performance Share Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward]
Granted	70,005
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract]
Minimum Range of Target Award of Stock Plan	0.00%
Maximum Range of Target Award of Stock Plan	250.00%
Award vesting period	3 years
Risk-free interest rate	2.29%
Expected volatility	23.96%

Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Income from continuing operations before income taxes:
U.S.	$ (10,719)	$ 3,082	$ 34,129
International	218,214	192,617	148,492
Income before income taxes	207,495	195,699	182,621
Current:
U.S. – federal	3,110	77,799	7,215
U.S. – state	(623)	1,762	755
International	57,871	48,032	41,516
Current Income Tax Expense (Benefit)	60,358	127,593	49,486
Deferred:
U.S. – federal	(2,206)	9,596	6,091
U.S. – state	(826)	819	1,060
International	(16,017)	(1,724)	(9,617)
Deferred Income Tax Expense (Benefit)	(19,049)	8,691	(2,466)
Income taxes	$ 41,309	$ 136,284	$ 47,020

Income Taxes (Details 1) - USD ($) $ in Thousands	Dec. 31, 2018	Jan. 01, 2018	Dec. 31, 2017
Deferred tax assets:
Pension	$ 19,025		$ 13,255
Tax loss carryforwards	11,516		16,078
Inventory valuation	11,576		10,568
Other postretirement/postemployment costs	8,372		9,440
Accrued Compensation	9,384		5,743
Other	3,349		4,018
Valuation allowance	(4,366)		(10,223)
Total deferred tax assets	58,856		48,879
Deferred tax liabilities:
Depreciation and amortization	(122,636)		(82,422)
Goodwill	(9,597)		(9,440)
Other	(12,708)		(18,361)
Total deferred tax liabilities	144,941		110,223
Non-current deferred tax assets	20,474	$ 11,171	12,161
Non-current deferred tax liabilities	(106,559)	$ (73,891)	(73,505)
Net deferred tax liabilities	$ (86,085)		$ (61,344)

Income Taxes (Details 2) $ in Thousands	12 Months Ended
Income Taxes (Details 2) $ in Thousands	Dec. 31, 2018 USD ($)
Operating Loss Carryforwards [Line Items]
Tax loss carryforwards	$ 42,175
Carryforward period, min	1 year
Carryforward period, maximum	5 years
Tax credit carryforward (1-5 years)	$ 228
Valuation allowance not deductible in future years	206
U.S. Federal
Operating Loss Carryforwards [Line Items]
Tax loss carryforwards	$ 3,294
Carryforward period, maximum	20 years
State [Member]
Operating Loss Carryforwards [Line Items]
Carryforward period, min	1 year
Carryforward period, maximum	20 years
International [Member]
Operating Loss Carryforwards [Line Items]
Tax loss carryforwards	$ 28,458
Carryforward period, min	1 year
Carryforward period, maximum	20 years
International with Unlimited Carryforward Periods [Member]
Operating Loss Carryforwards [Line Items]
Tax loss carryforwards	$ 10,963

Income Taxes (Details 3) - USD ($) $ in Thousands	12 Months Ended
Income Taxes (Details 3) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Income Tax Contingency [Line Items]
TCJA, provisional income tax expense (benefit)	$ 3,399	$ 4,152
TCJA, provisional expense for transition tax	86,858	86,707
TCJA, provisional expense for state transition tax	597	1,423
Unremitted foreign earnings		1,397,056	$ 10,166
TCJA, expense for undistributed accumulated foreign earnings	5,245	6,932
TCJA, benefit for undistributed accumulated foreign earnings	1,185
Deferred tax liabilities recognized on foreign earnings			$ 502
Foreign earnings repatriated		7,250
TCJA, provisional expense for transition tax, liability, current	416
Long-term tax liability	72,961	$ 79,770
TCJA, provisional expense for transition tax, liability, year 2,3,4,5	6,949
TCJA, provisional expense for transition tax, liability, year 6	13,029
TCJA, provisional expense for transition tax, liability, year 7	17,371
TCJA, provisional expense for transition tax, liability year 8	21,714
International [Member]
Income Tax Contingency [Line Items]
Foreign earnings repatriated	62,383
U.S. Federal
Income Tax Contingency [Line Items]
Foreign earnings repatriated	$ 228,750

Income Taxes (Details 4)	12 Months Ended
Income Taxes (Details 4)	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Income Tax Disclosure [Abstract]
U.S. federal statutory income tax rate	21.00%	35.00%	35.00%
State taxes (net of federal benefit)	0.00%	0.10%	0.40%
Transition Tax	(0.30%)	45.00%	0.00%
U.S. Corporate Tax Rate change	(0.40%)	2.10%	0.00%
Indefinite Reinvestment Assertion	(0.60%)	3.50%	0.00%
Foreign losses without tax benefit	1.50%	1.50%	0.70%
Foreign operations taxed at different rates	1.30%	(11.50%)	(10.90%)
Repatriation from current year foreign earnings	0.00%	0.00%	1.60%
GILTI	1.20%	0.00%	0.00%
Tax Holidays	(1.70%)	(0.80%)	(1.20%)
Stock awards excess tax benefit	(0.80%)	(1.20%)	(1.20%)
Swiss Legal Entity Reduction	(0.00%)	(3.40%)	(0.00%)
Reduction of Valuation Allowances	(2.50%)	(0.00%)	(0.00%)
Audit Settlements	(0.00%)	(2.70%)	(0.00%)
Other	1.20%	2.00%	1.30%
Consolidated effective income tax rate	19.90%	69.60%	25.70%

Income Taxes (Details 5) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Income Tax Holiday [Line Items]
Income taxes paid globally, net of refunds	$ 60,576	$ 51,548	$ 40,842
Singapore and China [Member]
Income Tax Holiday [Line Items]
Tax benefits	$ 3,627	$ 1,540	$ 2,245
Tax benefits (in dollars per share)	$ 0.07	$ 0.03	$ 0.04

Income Taxes (Details 6) - USD ($) $ in Thousands	12 Months Ended
Income Taxes (Details 6) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Increase (decrease) in unrecognized tax benefits due to:
Balance at January 1	$ 9,209	$ 13,320	$ 10,634
Tax positions taken during prior periods	649	1,141	0
Tax positions taken during the current period	367	778	117
Acquisition	2,516	0	2,569
Settlements	0	(4,162)	0
Lapse of the applicable statute of limitations	(1,290)	(1,868)	0
Foreign Currency Translation	143	0	0
Balance at December 31	11,594	9,209	13,320
Interest and penalties	370	(257)	(337)
The liability for unrecognized tax benefits included accrued interest	$ 4,169	$ 1,576	$ 1,838

Common Stock (Details) - USD ($) $ in Thousands	12 Months Ended
Common Stock (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Class of Stock [Line Items]
Common stock repurchases, value	$ 138,275	$ 40,791	$ 20,520
Common Stock
Class of Stock [Line Items]
Treasury shares issued (in shares)	0	0	0
Employee stock plans (in shares)	332,893	341,837	621,259
Treasury Stock
Class of Stock [Line Items]
Common stock repurchases (in shares)	2,292,100	677,100	550,994
Common stock repurchases, value	$ 138,275	$ 40,791	$ 20,520
Employee stock plans (in shares)	86,000	89,000	132,000

Preferred Stock Preferred Stock (Details) - shares	Dec. 31, 2018	Dec. 31, 2017
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract]
Preferred Stock, Shares Authorized	3,000,000	3,000,000
Preferred Stock, Shares Outstanding	0	0

Stock Plans (Details) - USD ($) $ in Thousands	12 Months Ended
Stock Plans (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Defined Benefit Plan Disclosure [Line Items]
Contribution expense	$ 6,921	$ 6,644	$ 5,907
Retirement Savings Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Employer match of employee contributions to Retirement Savings Plan	50.00%
Share-based compensation arrangement by share-based payment award, maximum salary percentage of employer match	6.00%
Contribution expense	$ 4,333	$ 4,088	$ 3,660
Shares held by Retirement Savings Plan	1,075,692

Stock Plans (Details 1) - Employee Stock Purchase Plan [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Defined Benefit Plan Disclosure [Line Items]
Maximum employee contribution to ESPP	$ 25
Maximum employee contribution to ESPP, percent of base compensation	10.00%
Common Stock Discount Purchase Price	95.00%
Shares Available Under Employee Stock Purchase Plan	4,550,000
Stock Issued During Period, Shares, Employee Stock Purchase Plans	8,006	7,734	11,804
Proceeds from Stock Plans	$ 457	$ 444	$ 427
Number Of Shares Available Under Employee Stock Purchase Plan	269,665

Stock Plans (Details 2) $ in Thousands	12 Months Ended
Stock Plans (Details 2) $ in Thousands	Dec. 31, 2018 USD ($) shares	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Dec. 15, 2005 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated Share-based Compensation Expense \| $	$ 12,175	$ 12,285	$ 11,493
Employee Stock Ownership Program [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized	6,900,000
Barnes Group Stock And Incentive Award Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common Stock, Capital Shares Reserved for Future Issuance	6,913,978.000
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized	5,700,000
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant	4,600,596
Other Incentive Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Issuance Ratio	2.84
Non Employee Director Deferred Stock Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common Stock, Capital Shares Reserved for Future Issuance	36,000
Number of Common Shares Awarded, Non Employee Directors				12,000
Dividend Equivalent Paid To Non Employee Director Deferred Stock Plan \| $	$ 22	20	21
Allocated Share-based Compensation Expense \| $	$ 8	$ 9	$ 28
All Stock Plans [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common Stock, Capital Shares Reserved for Future Issuance	6,188,105
Stock Options and Rights [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Issuance Ratio	1
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant	1,281,844
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	5 years
Maximum [Member] \| Stock Rights [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	5 years

Weighted Average Shares Outstanding (Details) - shares	12 Months Ended
Weighted Average Shares Outstanding (Details) - shares	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Weighted Average Shares Outstanding [Line Items]
Basic (in shares)	52,304,190	54,073,407	54,191,013
Dilutive effect of:
Diluted (in shares)	52,831,606	54,605,298	54,631,313
Stock options [Member]
Dilutive effect of:
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	127,562	46,450	262,336
Stock options [Member]
Dilutive effect of:
Shares attributable to share-based payment arrangements (in shares)	260,240	258,052	166,986
Performance share awards [Member]
Dilutive effect of:
Shares attributable to share-based payment arrangements (in shares)	267,176	273,839	273,314

Changes in Accumulated Other Comprehensive Income by Component (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Feb. 28, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Accumulated other comprehensive income (loss)		$ (106,399)	$ (200,828)
Other comprehensive income before reclassifications to consolidated statements of income		(75,597)	86,515
Amounts reclassified from accumulated other comprehensive (loss) income to the consolidated statements of income	$ (19,331)	10,827	7,914
Total other comprehensive (loss) income, net of tax		(64,770)	94,429	$ (57,576)
Accumulated other comprehensive income (loss)		(190,500)	(106,399)	(200,828)
Gains and Losses on Cash Flow Hedges
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Accumulated other comprehensive income (loss)		72	(227)
Other comprehensive income before reclassifications to consolidated statements of income		(410)	(231)
Amounts reclassified from accumulated other comprehensive (loss) income to the consolidated statements of income	89	1,083	530
Total other comprehensive (loss) income, net of tax		673	299
Accumulated other comprehensive income (loss)		834	72	(227)
Pension and Other Postretirement Benefit Items
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Accumulated other comprehensive income (loss)		(103,844)	(114,570)
Other comprehensive income before reclassifications to consolidated statements of income		(25,170)	3,342
Amounts reclassified from accumulated other comprehensive (loss) income to the consolidated statements of income	(19,420)	9,744	7,384
Total other comprehensive (loss) income, net of tax		(15,426)	10,726
Accumulated other comprehensive income (loss)		(138,690)	(103,844)	(114,570)
Foreign Currency Items
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Accumulated other comprehensive income (loss)		(2,627)	(86,031)
Other comprehensive income before reclassifications to consolidated statements of income		(50,017)	83,404
Amounts reclassified from accumulated other comprehensive (loss) income to the consolidated statements of income	$ 0	0	0
Total other comprehensive (loss) income, net of tax		(50,017)	83,404
Accumulated other comprehensive income (loss)		$ (52,644)	$ (2,627)	$ (86,031)

Changes in Accumulated Other Comprehensive Income by Component (Details 2) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Interest expense	$ (16,841)	$ (14,571)	$ (11,883)
Net sales	1,495,889	1,436,499	1,230,754
Income before income taxes	207,495	195,699	182,621
Tax benefit	(41,309)	(136,284)	(47,020)
Total reclassifications in the period	166,186	59,415	$ 135,601
Reclassification out of Accumulated Other Comprehensive Income [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total reclassifications in the period	(10,827)	(7,914)
Reclassification out of Accumulated Other Comprehensive Income [Member] \| Gains and Losses on Cash Flow Hedges
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Income before income taxes	(1,393)	(787)
Tax benefit	310	257
Income from continuing operations	(1,083)	(530)
Reclassification out of Accumulated Other Comprehensive Income [Member] \| Gains and Losses on Cash Flow Hedges \| Interest Rate Contracts [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Interest expense	(277)	(545)
Reclassification out of Accumulated Other Comprehensive Income [Member] \| Gains and Losses on Cash Flow Hedges \| Foreign Exchange Contracts [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net sales	(1,116)	(242)
Reclassification out of Accumulated Other Comprehensive Income [Member] \| Pension and Other Postretirement Benefit Items
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Income before income taxes	(12,769)	(11,166)
Tax benefit	3,025	3,782
Income from continuing operations	(9,744)	(7,384)
Amortization of prior-service credits, net	(580)	(378)
Amortization of actuarial losses	(12,189)	(10,833)
Curtailment gain	0	187
Settlement loss	$ 0	$ (142)

Information on Business Segments (Details) $ in Thousands	12 Months Ended
Information on Business Segments (Details) $ in Thousands	Dec. 31, 2018 USD ($) Segment	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments \| Segment	2
Revenues	$ 1,495,889	$ 1,436,499	$ 1,230,754
Operating profit	231,764	206,451	194,296
Assets	2,808,970	2,365,716	2,137,500
Depreciation and amortization	94,238	90,150	80,154
Capital expenditures	57,273	58,712	47,577
Interest expense	16,841	14,571	11,883
Other expense (income), net	7,428	(3,819)	(208)
Income before income taxes	$ 207,495	$ 195,699	$ 182,621
General Electric [Member]
Segment Reporting Information [Line Items]
Revenue by major customer	18.00%	18.00%	17.00%
Aerospace [Member]
Segment Reporting Information [Line Items]
Revenues	$ 501,162	$ 462,600	$ 406,500
Operating profit	101,400	83,600	62,500
Assets	692,600	667,100	647,800
Depreciation and amortization	35,900	33,600	30,000
Capital expenditures	23,600	27,500	21,100
Industrial [Member]
Segment Reporting Information [Line Items]
Revenues	994,727	973,900	824,200
Operating profit	130,400	122,800	131,800
Assets	1,962,400	1,505,400	1,356,100
Depreciation and amortization	57,600	54,800	49,500
Capital expenditures	33,400	31,000	25,900
Other [Member]
Segment Reporting Information [Line Items]
Revenues	0	0	0
Operating profit	0	0	0
Assets	154,000	193,300	133,700
Depreciation and amortization	800	1,700	700
Capital expenditures	$ 300	$ 200	$ 500

Information on Business Segments (Details 1) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	$ 1,495,889	$ 1,436,499	$ 1,230,754
Long-lived assets	$ 1,982,400	$ 1,584,800	$ 1,503,600
Sales from international locations to domestic locations	72.00%	78.00%	82.00%
Domestic [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	$ 624,300	$ 638,600	$ 562,600
Long-lived assets	366,100	366,700	368,200
International [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	958,700	868,300	727,400
Long-lived assets	1,616,200	1,218,100	1,135,500
Other [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	(87,100)	(70,400)	(59,200)
Long-lived assets	0	0	0
Singapore [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	193,600
Long-lived assets	233,300	237,600	238,300
Italy [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	412,000
Germany [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	331,400	301,700	238,300
Long-lived assets	494,000	514,000	449,900
Switzerland [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets		160,000	169,300
Engineered Components Products [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	285,929
Molding Solutions Products [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	503,793
Force & Motion Control Products [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	196,212
Automation Products [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	8,793
Aerospace Original Equipment Manufacturing Products [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	336,987
Aerospace Aftermarket Products and Services [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	164,175
Industrial [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	994,727	973,900	824,200
Industrial [Member] \| Engineered Components Products [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	285,929	292,200	283,400
Industrial [Member] \| Molding Solutions Products [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	503,793	487,300	376,600
Industrial [Member] \| Force & Motion Control Products [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	196,212	194,400	164,200
Industrial [Member] \| Automation Products [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	8,793	0	0
Industrial [Member] \| Aerospace Original Equipment Manufacturing Products [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	0
Industrial [Member] \| Aerospace Aftermarket Products and Services [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	0
Aerospace [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	501,162	462,600	406,500
Aerospace [Member] \| Engineered Components Products [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	0
Aerospace [Member] \| Molding Solutions Products [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	0
Aerospace [Member] \| Force & Motion Control Products [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	0
Aerospace [Member] \| Automation Products [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	0
Aerospace [Member] \| Aerospace Original Equipment Manufacturing Products [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	336,987	323,400	288,400
Aerospace [Member] \| Aerospace Aftermarket Products and Services [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	$ 164,175	$ 139,200	$ 118,200

Commitments and Contingencies (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Leases [Abstract]
Rent expense	$ 15,839	$ 15,325	$ 12,939
Minimum rental commitments, year 1	11,931
Minimum rental commitments, year 2	8,322
Minimum rental commitments, year 3	5,888
Minimum rental commitments, year 4	2,898
Minimum rental commitments, year 5	2,064
Minimum rental commitments, thereafter	$ 7,659

Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Movement in Valuation Allowances and Reserves [Roll Forward]
Doubtful accounts written off (net)	$ (206)
Allowance for Doubtful Accounts [Member]
Movement in Valuation Allowances and Reserves [Roll Forward]
Allowance, Beginning Balance	5,143	$ 3,992	$ 4,085
Provision charged to income	363	1,512	863
Doubtful accounts written off (net)	(416)	(297)	(910)
Other adjustments	(80)	(64)	(46)
Allowance, Ending Balance	$ 5,010	$ 5,143	$ 3,992

Schedule II - Valuation and Qualifying Accounts (Details 1) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Movement in Valuation Allowances and Reserves [Roll Forward]
Reductions credited to income tax expense	$ (206)
Valuation Allowance of Deferred Tax Assets [Member]
Movement in Valuation Allowances and Reserves [Roll Forward]
Allowance, Beginning Balance	10,223	$ 14,957	$ 14,401
Additions charged to income tax expense	546	1,161	759
Additions (reductions) charged to other comprehensive income	(15)	(123)	(17)
Reductions credited to income tax expense	(6,064)	(6,773)	(5,638)
Changes due to foreign currency translation	(324)	1,001	(133)
Acquisition			5,585
Allowance, Ending Balance	$ 4,366	$ 10,223	$ 14,957