BARNES GROUP INC, 10-K filed on 2/21/2017
Annual Report
Document and Entity Information (USD $)
12 Months Ended
Dec. 31, 2016
Feb. 16, 2017
Jun. 30, 2016
Document and Entity Information [Abstract]
 
 
 
Document Type
10-K 
 
 
Amendment Flag
false 
 
 
Document Period End Date
Dec. 31, 2016 
 
 
Document Fiscal Year Focus
2016 
 
 
Document Fiscal Period Focus
FY 
 
 
Entity Registrant Name
BARNES GROUP INC 
 
 
Entity Central Index Key
0000009984 
 
 
Current Fiscal Year End Date
--12-31 
 
 
Entity Filer Category
Large Accelerated Filer 
 
 
Entity Common Stock, Shares Outstanding
 
53,823,313 
 
Entity Well-known Seasoned Issuer
Yes 
 
 
Entity Voluntary Filers
No 
 
 
Entity Current Reporting Status
Yes 
 
 
Entity Public Float
 
 
$ 1,661,081,242 
Consolidated Statements of Income (USD $)
In Thousands, except Share data, unless otherwise specified
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Income Statement [Abstract]
 
 
 
Net sales
$ 1,230,754 
$ 1,193,975 
$ 1,262,006 
Cost of sales
790,299 
782,817 
829,648 
Selling and administrative expenses
248,277 
242,762 
252,384 
Total operating costs and expenses
1,038,576 
1,025,579 
1,082,032 
Operating income
192,178 
168,396 
180,000 
Interest expense
11,883 
10,698 
11,392 
Other expense (income), net
(2,326)
(248)
2,082 
Income from continuing operations before income taxes
182,621 
157,900 
166,500 
Income taxes
47,020 
36,566 
45,959 
Income from continuing operations
135,601 
121,380 
120,541 
Loss from discontinued operations, net of income taxes of $0, $0 and $315, respectively
(2,171)
Net income
$ 135,601 
$ 121,380 
$ 118,370 
Basic:
 
 
 
Income from continuing operations (in dollars per share)
$ 2.50 
$ 2.21 
$ 2.20 
Loss from discontinued operations, net of income taxes (in dollars per share)
$ 0.00 
$ 0.00 
$ (0.04)
Net income (in dollars per share)
$ 2.50 
$ 2.21 
$ 2.16 
Diluted:
 
 
 
Income from continuing operations (in dollars per share)
$ 2.48 
$ 2.19 
$ 2.16 
Loss from discontinued operations, net of income taxes (in dollars per share)
$ 0.00 
$ 0.00 
$ (0.04)
Net income (in dollars per share)
$ 2.48 
$ 2.19 
$ 2.12 
Dividends
$ 0.51 
$ 0.48 
$ 0.45 
Weighted average common shares outstanding:
 
 
 
Basic (in shares)
54,191,013 
55,028,063 
54,791,030 
Diluted (in shares)
54,631,313 
55,513,219 
55,723,267 
Consolidated Statements of Income (Parentheticals) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Income Statement [Abstract]
 
 
 
Income taxes from discontinued operations
$ 0 
$ 0 
$ 315 
Consolidated Statements of Comprehensive Income (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Statement of Comprehensive Income [Abstract]
 
 
 
Net income
$ 135,601 
$ 121,380 
$ 118,370 
Other comprehensive loss, net of tax
 
 
 
Unrealized (loss) gain on hedging activities, net of tax (1)
(342)1
847 1
(213)1
Unrealized (loss) gain on hedging activities, tax
(42)
227 
(45)
Foreign currency translation adjustments, net of tax (2)
(48,367)2
(54,232)2
(83,168)2
Foreign currency translation adjustment, tax
(833)
(1,777)
(3,292)
Defined benefit pension and other postretirement benefits, net of tax (3)
(8,867)3
9,586 3
(42,016)3
Defined benefit pension and other postretirement benefits, tax
(4,687)
3,916 
(24,799)
Total other comprehensive loss, net of tax
(57,576)
(43,799)
(125,397)
Total comprehensive income (loss)
$ 78,025 
$ 77,581 
$ (7,027)
Consolidated Balance Sheets (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2016
Dec. 31, 2015
Current assets
 
 
Cash and cash equivalents
$ 66,447 
$ 83,926 
Accounts receivable, less allowances (2016 – $3,992; 2015 – $4,085)
287,123 
261,757 
Inventories
227,759 
208,611 
Deferred income taxes
24,825 
Prepaid expenses and other current assets
27,163 
32,469 
Total current assets
608,492 
611,588 
Deferred income taxes
25,433 
1,139 
Property, plant and equipment, net
334,489 
308,856 
Goodwill
633,436 
587,992 
Other intangible assets, net
522,258 
528,322 
Other assets
13,431 
23,969 
Total assets
2,137,539 
2,061,900 
Current liabilities
 
 
Notes and overdrafts payable
30,825 
22,680 
Accounts payable
112,024 
97,035 
Accrued liabilities
156,967 
131,320 
Long-term debt – current
2,067 
1,515 
Total current liabilities
301,883 
252,550 
Long-term debt
468,062 
485,711 
Accrued retirement benefits
109,350 
112,888 
Deferred income taxes
66,446 
62,364 
Other liabilities
23,440 
20,600 
Commitments and contingencies (Note 20)
   
   
Stockholders’ equity
 
 
Common stock – par value $0.01 per share Authorized: 150,000,000 shares, Issued: at par value (2016 – 62,692,403 shares; 2015 – 62,071,144 shares)
627 
621 
Additional paid-in capital
443,235 
427,558 
Treasury stock, at cost (2016 – 8,889,947 shares; 2015 – 8,206,683 shares)
(251,827)
(226,421)
Retained earnings
1,177,151 
1,069,247 
Accumulated other non-owner changes to equity
(200,828)
(143,252)
Total stockholders’ equity
1,168,358 
1,127,753 
Total liabilities and stockholders’ equity
$ 2,137,539 
$ 2,061,866 
Consolidated Balance Sheets (Parenthetical) (USD $)
In Thousands, except Share data, unless otherwise specified
Dec. 31, 2016
Dec. 31, 2015
Statement of Financial Position [Abstract]
 
 
Allowance for doubtful accounts
$ 3,992 
$ 4,085 
Common stock, par value (in dollars per share)
$ 0.01 
$ 0.01 
Common stock, shares authorized (in shares)
150,000,000 
150,000,000 
Common stock, shares issued (in shares)
62,692,403 
62,071,144 
Treasury stock, at cost (in shares)
8,889,947 
8,206,683 
Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Operating activities:
 
 
 
Net income
$ 135,601 
$ 121,380 
$ 118,370 
Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
Depreciation and amortization
80,154 
78,242 
81,395 
Amortization of convertible debt discount
731 
(Gain) loss on disposition of property, plant and equipment
(349)
(1,128)
143 
Stock compensation expense
11,493 
9,258 
7,603 
Loss on the sale of businesses
(1,586)
Pension lump-sum settlement charge
9,856 
Changes in assets and liabilities, net of the effects of acquisitions:
 
 
 
Accounts receivable
(23,057)
14,027 
(21,367)
Inventories
1,989 
(1,190)
(10,092)
Prepaid expenses and other current assets
569 
(2,645)
(7,137)
Accounts payable
11,778 
(2,936)
8,123 
Accrued liabilities
15,825 
(14,166)
29,290 
Deferred income taxes
(2,210)
3,121 
(9,841)
Long-term retirement benefits
(15,492)
1,081 
(7,584)
Other
1,345 
2,575 
4,933 
Net cash provided by operating activities
217,646 
217,475 
196,153 
Investing activities:
 
 
 
Proceeds from disposition of property, plant and equipment
780 
3,442 
849 
Payments for the sale of businesses
(1,181)
Change in restricted cash
4,886 
Capital expenditures
(47,600)
(45,982)
(57,365)
Business acquisitions, net of cash acquired
(128,613)
(51,954)
Component Repair Program payments
(4,100)
(21,000)
(70,100)
Other
(1,338)
Net cash used in investing activities
(179,510)
(115,494)
(124,249)
Financing activities:
 
 
 
Net change in other borrowings
8,375 
14,680 
7,009 
Payments on long-term debt
(321,506)
(171,198)
(332,336)
Proceeds from the issuance of long-term debt
303,277 
159,264 
293,291 
Payment of assumed liability to Otto Männer Holding AG
(19,796)
Premium paid on convertible debt redemption
(14,868)
Proceeds from the issuance of common stock
4,611 
11,425 
11,460 
Common stock repurchases
(20,520)
(52,103)
(8,389)
Dividends paid
(27,435)
(26,176)
(24,464)
Withholding taxes paid on stock issuances
(4,885)
(4,913)
(4,367)
Other
4,771 
9,850 
(338)
Net cash used by financing activities
(53,312)
(59,171)
(92,798)
Effect of exchange rate changes on cash flows
(2,303)
(4,923)
(3,923)
(Decrease) increase in cash and cash equivalents
(17,479)
37,887 
(24,817)
Cash and cash equivalents at beginning of year
83,926 
46,039 
70,856 
Cash and cash equivalents at end of year
66,447 
83,926 
46,039 
Supplemental Disclosure of Cash Flow Information:
 
 
 
Intangible assets acquired
 
$ 3,200 
$ 19,000 
Consolidated Statements of Changes in Stockholders' Equity (USD $)
In Thousands, except Share data, unless otherwise specified
Total
Common Stock [Member]
Additional Paid-in Capital [Member]
Treasury Stock [Member]
Retained Earnings [Member]
Accumulated Other Non-Owner Changes to Equity [Member]
Balance at Dec. 31, 2013
$ 1,141,414 
$ 603 
$ 390,347 
$ (156,649)
$ 881,169 
$ 25,944 
Balance (in shares) at Dec. 31, 2013
 
60,306,000 
 
6,389,000 
 
 
Increase (Decrease) in Stockholders' Equity [Roll Forward]
 
 
 
 
 
 
Comprehensive income
(7,027)
 
 
 
118,370 
(125,397)
Dividends paid
(24,464)
 
 
 
(24,464)
 
Common stock repurchases
(8,389)
 
 
(8,389)
 
 
Common stock repurchases (in shares)
 
 
 
220,794 
 
 
Convertible debt redemption, net of tax
(8,666)
 
(8,666)
 
 
Employee stock plans
 
 
 
 
 
Employee stock plans (in shares)
 
923,852 
 
 
 
 
Employee stock plans, other
 
 
23,844 
 
 
 
Employee stock plans, shares withheld for taxes (in shares)
 
 
 
119,000 
 
 
Employee stock plans, shares withheld for taxes
 
 
 
(4,367)
 
 
Dividends paid to holders of certain restricted stock units
 
 
 
 
(561)
 
Employee stock plans, total
18,925 
 
 
 
 
 
Balance at Dec. 31, 2014
1,111,793 
612 
405,525 
(169,405)
974,514 
(99,453)
Balance (in shares) at Dec. 31, 2014
 
61,230,000 
 
6,729,000 
 
 
Increase (Decrease) in Stockholders' Equity [Roll Forward]
 
 
 
 
 
 
Comprehensive income
77,581 
 
 
 
121,380 
(43,799)
Dividends paid
(26,176)
 
 
 
(26,176)
 
Common stock repurchases
(52,103)
 
 
(52,103)
 
 
Common stock repurchases (in shares)
 
 
 
1,352,596 
 
 
Employee stock plans
 
 
 
 
 
Employee stock plans (in shares)
 
841,164 
 
 
 
 
Employee stock plans, other
 
 
22,033 
 
 
 
Employee stock plans, shares withheld for taxes (in shares)
 
 
 
125,000 
 
 
Employee stock plans, shares withheld for taxes
 
 
 
(4,913)
 
 
Dividends paid to holders of certain restricted stock units
 
 
 
 
(471)
 
Employee stock plans, total
16,658 
 
 
 
 
 
Balance at Dec. 31, 2015
1,127,753 
621 
427,558 
(226,421)
1,069,247 
(143,252)
Balance (in shares) at Dec. 31, 2015
 
62,071,000 
 
8,207,000 
 
 
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
 
 
 
 
 
Employee stock plans (in shares)
 
621,259 
 
 
 
 
Employee stock plans, other
 
 
15,677 
 
 
 
Employee stock plans, shares withheld for taxes (in shares)
 
 
 
132,000 
 
 
Employee stock plans, shares withheld for taxes
 
 
 
(4,886)
 
 
Dividends paid to holders of certain restricted stock units
 
 
 
 
(460)
 
Employee stock plans, total
10,337 
 
 
 
 
 
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 
 
8,889,994 
 
 
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies
 
General: The preparation of consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Certain reclassifications have been made to prior year amounts.

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: Sales and related cost of sales are recognized when products are shipped or delivered to customers depending upon when title and risk of loss have passed. Service revenue is recognized when the related services are performed. In the aerospace manufacturing businesses, the Company recognizes revenue based on the units-of-delivery method in accordance with accounting standards related to accounting for performance of construction-type and certain production-type contracts. Management fees related to the aerospace aftermarket Revenue Sharing Programs ("RSPs") are satisfied through an agreed upon reduction from the sales price of each of the related spare parts. These fees recognize our customer's necessary performance of engine program support activities, such as spare parts administration, warehousing and inventory management, and customer support, and are not separable from our sale of products, and accordingly, they are reflected as a reduction to sales, rather than as costs incurred, when revenues are recognized.

Operating expenses: The Company includes manufacturing labor, material, manufacturing overhead and costs of its distribution network within cost of sales. Other costs, including selling personnel costs and commissions, and other general and administrative costs of the Company are included within selling and administrative expenses. Depreciation and amortization expense is allocated between cost of sales and selling and administrative expenses.
 
Cash and cash equivalents: Cash in excess of operating requirements is invested in short-term, highly liquid, income-producing investments. All highly liquid investments purchased with an original maturity of three months or less are considered cash equivalents. Cash equivalents are carried at cost which approximates fair value.
 
Inventories: Inventories are valued at the lower of cost, determined on a first-in, first-out basis, or market. Loss provisions, if any, on aerospace contracts are established when estimable. Loss provisions are based on the projected excess of manufacturing costs over the net revenues of the products or group of related products under contract or purchase order.
 
Property, plant and equipment: Property, plant and equipment is stated at cost. Depreciation is recorded over estimated useful lives, generally ranging from 20 to 50 years for buildings, three to five years for computer equipment 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 2016, there was no goodwill impairment.
 
Aerospace Aftermarket Programs: The Company participates in aftermarket RSPs under which the Company receives an exclusive right to supply designated aftermarket parts over the life of the related aircraft engine program. As consideration, the Company has paid participation fees, which are recorded as long-lived intangible assets. The Company records amortization of the related intangible asset as sales dollars are being earned based on a proportional sales dollar method. Specifically, this method amortizes each asset as a reduction to revenue based on the proportion of sales under a program in a given period to the estimated aggregate sales dollars over the life of that program.

The Company also entered into Component Repair Programs ("CRPs") that provide for, among other items, the right to sell certain aftermarket component repair services for CFM56, CF6, CF34 and LM engines directly to other customers as one of a few GE licensed suppliers. In addition, the CRPs 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. This method reflects the pattern in which the economic benefits of the RSPs and the CRPs are realized.

The recoverability of each asset is subject to significant estimates about future revenues related to the program’s aftermarket parts and services. The Company evaluates these intangible assets for recoverability and updates amortization rates on an agreement by agreement basis for the RSPs and on an individual asset 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 assessment performed during 2016, there were no impairments of other intangible assets. See Note 5 of the Consolidated Financial Statements.

Derivatives: Accounting standards related to the accounting for derivative instruments and hedging activities require that all derivative instruments be recorded on the balance sheet at fair value. Foreign currency contracts may qualify as fair value hedges of unrecognized firm commitments, cash flow hedges of recognized assets and liabilities or anticipated transactions, or a hedge of a net investment. Changes in the fair market value of derivatives that qualify as fair value hedges or cash flow hedges are recorded directly to earnings or accumulated other non-owner changes to equity, depending on the designation. Amounts recorded to accumulated other non-owner changes to equity are reclassified to earnings in a manner that matches the earnings impact of the hedged transaction. Any ineffective portion, or amounts related to contracts that are not designated as hedges, are recorded directly to earnings. The Company’s policy for classifying cash flows from derivatives is to report the cash flows consistent with the underlying hedged item.
 
Foreign currency: Assets and liabilities of international operations are translated at year-end rates of exchange; revenues and expenses are translated at average rates of exchange. The resulting translation gains or losses are reflected in accumulated other non-owner changes to equity within stockholders’ equity. Net foreign currency transaction gains of $1,873 and $505 in 2016 and 2015 , respectively, and a loss of $1,466 in 2014, 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 $12,913, $12,688 and $15,782, for the years 2016, 2015 and 2014, respectively, and are included in selling and administrative expense.
Acquisitions
Acquisition
Acquisitions

The Company has acquired a number of businesses during the past two 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 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 operates out of three manufacturing facilities located in Germany, Switzerland and China. 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 136,337 ($138,596) which was financed using cash on hand and borrowings under the Company's revolving credit facility. The purchase price includes preliminary adjustments under the terms of the FOBOHA SPA, including approximately CHF 11,342 ($11,530) related to cash acquired and is subject to post closing adjustments under the terms of the FOBOHA SPA. In connection with the acquisition, the Company recorded $39,800 of intangible assets and $73,688 of goodwill. See Note 5 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. Pro forma operating results for the FOBOHA acquisition are not presented as the results would not be significantly different than historical results.

The operating results of FOBOHA have been included in the Consolidated Statements of Income for the period ended December 31, 2016 since the date of acquisition. 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.

In the fourth quarter of 2015, the Company, itself and through two of its subsidiaries, completed the acquisition of privately held Priamus System Technologies AG and two of its subsidiaries (collectively, "Priamus") from Growth Finance AG. Priamus, which has approximately 40 employees, is headquartered in Schaffhausen, Switzerland and has direct sales and service offices in the U.S. and Germany. Priamus is a technology leader in the development of advanced process control systems for the plastic injection molding industry and services many of the world's highest quality plastic injection molders in the medical, automotive, consumer goods, electronics and packaging markets. Priamus is being integrated into our Industrial segment. The Company acquired Priamus for an aggregate cash purchase price of CHF 9,879 ($10,111) which was financed using cash on hand and borrowings under the Company's revolving credit facility. The purchase price includes adjustments under the terms of the Share Purchase Agreement, including CHF 1,556 ($1,592) related to cash acquired.

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

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

The operating results of Thermoplay and Priamus have been included in the Consolidated Statements of Income for the period ended December 31, 2015, since the August 7, 2015 and the October 1, 2015 dates of acquisition, respectively. The Company reported $13,593 and $2,028 in net sales for Thermoplay and Priamus, respectively, for the year ended December 31, 2015.
Inventories
Inventories
Inventories
 
Inventories at December 31 consisted of:
 
 
2016
 
2015
Finished goods
 
$
71,100

 
$
76,836

Work-in-process
 
98,246

 
77,061

Raw materials and supplies
 
58,413

 
54,714

 
 
$
227,759

 
$
208,611

Property, Plant and Equipment
Property, Plant and Equipment
Property, Plant and Equipment
 
Property, plant and equipment at December 31 consisted of:
 
 
 
2016
 
2015
Land
 
$
19,952

 
$
19,153

Buildings
 
169,695

 
156,294

Machinery and equipment
 
572,540

 
539,360

 
 
762,187

 
714,807

Less accumulated depreciation
 
(427,698
)
 
(405,951
)
 
 
$
334,489

 
$
308,856


 
Depreciation expense was $43,165, $39,654 and $41,875 during 2016, 2015 and 2014, respectively.
Goodwill and Other Intangible Assets
Goodwill and Other Intangible Assets
Goodwill and Other Intangible Assets
 
Goodwill: The following table sets forth the change in the carrying amount of goodwill for each reportable segment and the Company:
 
Industrial
 
Aerospace
 
Total
Company
January 1, 2015
$
564,163

 
$
30,786

 
$
594,949

Acquisition-related
22,798

 

 
22,798

Foreign currency translation
(29,755
)
 

 
(29,755
)
December 31, 2015
557,206

 
30,786

 
587,992

Acquisition-related
73,688

 


73,688

Foreign currency translation
(28,244
)
 

 
(28,244
)
December 31, 2016
$
602,650

 
$
30,786

 
$
633,436


 
Of the $633,436 of goodwill at December 31, 2016, $43,860 represents the original tax deductible basis.

The increase in goodwill of $73,688 during 2016 is due to the acquisition of FOBOHA on August 31, 2016, which is included in the Industrial segment. The amount allocated to goodwill reflects the benefits that the Company expects to realize from synergies created by combining the operations of FOBOHA, future enhancements to technology, geographical expansion and FOBOHA's assembled workforce. None of the recognized goodwill is expected to be deductible for income tax purposes. The final purchase price is subject to post-closing adjustments, therefore goodwill acquired may require adjustment accordingly.

Other Intangible Assets: Other intangible assets at December 31 consisted of:
 
 
 
 
 
2016
 
2015
 
 
Range of
Life-Years
 
Gross
Amount
 
Accumulated
Amortization
 
Gross
Amount
 
Accumulated
Amortization
Amortized intangible assets:
 
 
 
 
 
 
 
 
 
 
Revenue Sharing Programs
 
Up to 30
 
$
293,700

 
$
(95,701
)
 
$
293,700

 
$
(84,629
)
Component Repair Program
 
Up to 30
 
111,839

 
(10,497
)
 
111,839

 
(6,054
)
Customer lists/relationships
 
10-16
 
215,266

 
(53,198
)
 
194,566

 
(41,786
)
Patents and technology
 
4-14
 
84,052

 
(37,897
)
 
69,352

 
(29,551
)
Trademarks/trade names
 
10-30
 
11,950

 
(9,967
)
 
11,950

 
(9,412
)
Other
 
Up to 15
 
20,551

 
(16,338
)
 
20,551

 
(15,413
)
 
 
 
 
737,358

 
(223,598
)
 
701,958

 
(186,845
)
Unamortized intangible asset:
 
 
 
 
 
 
 
 
 
 
Trade names
 
 
 
42,770

 

 
38,370

 

 
 
 
 
 
 
 
 
 
 
 
Foreign currency translation
 
 
 
(34,272
)
 

 
(25,161
)
 

Other intangible assets
 
 
 
$
745,856

 
$
(223,598
)
 
$
715,167

 
$
(186,845
)

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

The Company agreed to pay $26,639 as consideration for the rights related to CRP 1. Of this balance, the Company paid $16,639 in the fourth quarter of 2013, $9,100 in the fourth quarter of 2014 and $900 in the first quarter of 2016. The Company agreed to pay $80,000 as consideration for the rights related to CRP 2. The Company paid $41,000 in the second quarter of 2014, $20,000 in the fourth quarter of 2014 and $19,000 in the second quarter of 2015. The Company agreed to pay $5,200 as consideration for the rights related to CRP 3. The Company paid $2,000 in the fourth quarter of 2015 and $3,200 in the fourth quarter of 2016. The Company recorded the CRP consideration as an intangible asset which is recognized as a reduction of sales over the remaining useful life of these engine programs.

In connection with the acquisition of FOBOHA in August 2016, the Company recorded intangible assets of $39,800, which includes $20,700 of customer relationships, $14,700 of patents and technology and $4,400 of an indefinite life trade name. The weighted-average useful lives of the acquired assets were 16 years and 7 years, respectively.
Amortization of intangible assets for the years ended December 31, 2016, 2015 and 2014 was $36,753, $38,502 and $37,125, respectively. Estimated amortization of intangible assets for future periods is as follows: 2017 - $39,000; 2018 - $40,000; 2019 - $39,000; 2020 - $36,000 and 2021 - $36,000.

The Company has entered into a number of aftermarket RSP agreements each of which is with GE. See Note 1 of the Consolidated Financial Statements for a further discussion of these Revenue Sharing Programs. As of December 31, 2016, the Company has made all required participation fee payments under the aftermarket RSP agreements.
Accrued Liabilities
Accrued Liabilities
Accrued Liabilities
 
Accrued liabilities at December 31 consisted of:
 
 
2016
 
2015
Payroll and other compensation
 
$
37,560

 
$
27,186

Deferred revenue and customer advances
 
34,812

 
16,453

CRP Accrual
 

 
4,100

Pension and other postretirement benefits
 
8,261

 
8,444

Accrued income taxes
 
26,477

 
25,682

Other
 
49,857

 
49,455

 
 
$
156,967

 
$
131,320

Debt and Commitments
Debt and Commitments
Debt and Commitments
 
Long-term debt and notes and overdrafts payable at December 31 consisted of:
 
 
2016
 
2015
 
 
Carrying
Amount
 
Fair
Value
 
Carrying
Amount
 
Fair
Value
Revolving credit agreement
 
363,300

 
364,775

 
379,700

 
375,188

3.97% Senior Notes
 
100,000

 
101,598

 
100,000

 
102,484

Borrowings under lines of credit and overdrafts
 
30,825

 
30,825

 
22,680

 
22,680

Capital leases
 
5,413

 
5,902

 
7,105

 
7,503

Other foreign bank borrowings
 
1,416

 
1,428

 
421

 
410

 
 
500,954

 
504,528

 
509,906

 
508,265

Less current maturities
 
(32,892
)
 
 
 
(24,195
)
 
 
Long-term debt
 
$
468,062

 
 
 
$
485,711

 
 

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

Borrowings and availability under the Amended Credit Agreement were $363,300 and $386,700, respectively, at December 31, 2016 and $379,700 and $370,300, respectively, at December 31, 2015. The average interest rate on these borrowings was 1.86% and 1.50% on December 31, 2016 and 2015, respectively. 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 2016, the Company borrowed $100,000 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.

On October 15, 2014, the Company entered into a Note Purchase Agreement (“Note Purchase Agreement”), among the Company and New York Life Insurance Company, New York Life Insurance and Annuity Corporation and New York Life Insurance and Annuity Corporation Institutionally Owned Life Insurance Separate Account, as purchasers, for the issuance of $100,000 aggregate principal amount of 3.97% Senior Notes due October 17, 2024 (the “3.97% Senior Notes”). The Company completed funding of the transaction and issued the 3.97% Notes on October 17, 2014. The Company also entered into a third amendment to its fifth amended and restated revolving credit agreement during October 2014, which allowed for the issuance of the Note Purchase Agreement.

The 3.97% Senior Notes are senior unsecured obligations of the Company and will pay interest semi-annually on April 17 and October 17 of each year at an annual rate of 3.97%. The 3.97% Senior Notes will mature on October 17, 2024 unless earlier prepaid in accordance with their terms. Subject to certain conditions, the Company may, at its option, prepay all or any part of the 3.97% Senior Notes in an amount equal to 100% of the principal amount of the 3.97% Senior Notes so prepaid, plus any accrued and unpaid interest to the date of prepayment, plus the Make-Whole Amount, as defined in the Note Purchase Agreement, with respect to such principal amount being prepaid. The fair value of the 3.97% Senior Notes was determined using the US Treasury yield and a long-term credit spread for similar types of borrowings, that represent Level 2 observable inputs.
The Company's borrowing capacity remains limited by various debt covenants in the Amended Credit Agreement and the Note Purchase Agreement (the "Agreements"). The Agreements contain customary affirmative and negative covenants, including, among others, limitations on indebtedness, liens, investments, restricted payments, dispositions and business activities. The Agreements require the Company to maintain a ratio of Consolidated Senior Debt, as defined, to Consolidated EBITDA, as defined, of not more than 3.25 times at the end of each fiscal quarter, provided that such ratio may increase to 3.50 times following the consummation of certain acquisitions. In addition, the Agreements require the Company to maintain (i) a ratio of Consolidated Total Debt, as defined, to Consolidated EBITDA of not more than 4.00 times at the end of each fiscal quarter, provided that such ratio may increase to 4.25 times following the consummation of certain acquisitions and (ii) a ratio of Consolidated EBITDA to Consolidated Cash Interest Expense, as defined, of not less than 4.25 times at the end of each fiscal quarter. At December 31, 2016, 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 February 2017, the Company entered into the fourth amendment of its fifth amended and restated revolving credit agreement (the “the Fourth Amendment”) and retained Bank of America, N.A as the Administrative Agent for the lenders. The Fourth Amendment increases the facility to $850,000 and extends the maturity date to February 2022. The Fourth Amendment also increases the existing accordion feature, allowing the Company to 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 Fourth Amendment, allow for multi- currency borrowing which includes euro, sterling or Swiss franc borrowing, up to $600,000. Depending on the Company’s consolidated leverage ratio, and at the election of the Company, borrowings under the Fourth Amendment will bear interest at either LIBOR plus a margin of between 1.10% and 1.70% or the base rate plus a margin of 0.10% to 0.70%. The Fourth Amendment generally requires the Company to maintain a ratio of Consolidated Senior Debt, as defined, to Consolidated EBITDA of not more than 3.25 times, a ratio of Consolidated Total Debt, as defined, to Consolidated EBITDA, as defined, of not more than 3.75 times, and a ratio of Consolidated EBITDA to Consolidated Cash Interest Expense, as defined, of not less than 4.25 times, in each case at the end of each fiscal quarter; provided that these debt to EBITDA ratios are permitted to increase for a period of four fiscal quarters after the closing of certain permitted acquisitions.

In addition, the Company has approximately $55,000 in uncommitted short-term bank credit lines ("Credit Lines") and overdraft facilities. Under the Credit Lines, $30,700 was borrowed at December 31, 2016 at an average interest rate of 1.96% and $22,500 was borrowed at December 31, 2015 at an average interest rate of 1.56%. The Company had also borrowed $125 and $180 under the overdraft facilities at December 31, 2016 and 2015, respectively. Repayments under the Credit Lines are due within one month after being borrowed. Repayments of the overdrafts are generally due within two days after being borrowed. The carrying amounts of the Credit Lines and overdrafts approximate fair value due to the short maturities of these financial instruments.

The Company has capital leases at the Thermoplay and Männer businesses. The fair value of the capital leases are based on observable Level 2 inputs. These instruments are valued using discounted cash flows based upon the Company's estimated interest costs for similar types of borrowings.

At December 31, 2016 and 2015, the Company also had other foreign bank borrowings of $1,416 and $421, 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, 2016 are payable, based on the then current Agreement, as follows: $32,892 in 2017, $364,467 in 2018, $838 in 2019, $445 in 2020, $528 in 2021 and $101,784 thereafter. The 3.97% Senior Notes are due in 2024 according to their maturity date. Based on the execution of the Fourth Amendment, $363,300 of the $364,467 due in 2018 will require payment in 2022, consistent with the extension of the maturity date of this Amendment.
 
In addition, the Company had outstanding letters of credit totaling $7,320 at December 31, 2016.

Interest paid was $11,471, $10,550 and $10,471 in 2016, 2015 and 2014, respectively. Interest capitalized was $324, $422 and $359 in 2016, 2015 and 2014, respectively, and is being depreciated over the lives of the related fixed assets.

During the second quarter of 2014, the 3.375% Senior Subordinated Convertible Notes ("Notes") were eligible for conversion due to meeting the conversion price eligibility requirement and on March 20, 2014, the Company formally notified the note holders that they were entitled to convert the Notes. On June 16, 2014, $224 (par value) of the Notes were surrendered for conversion. On June 24, 2014, the Company exercised its right to redeem the remaining $55,412 principal amount of the Notes, effective July 31, 2014. Of the total $55,412 principal amount, $7 of these Notes were redeemed with accrued interest through the redemption date. The remaining $55,405 of these Notes were surrendered for conversion. The Company elected to pay cash to holders of the Notes surrendered for conversion, including the value of any residual shares of common stock that were payable to the holders electing to convert their notes into an equivalent share value, resulting in a total cash payment of $70,497 including a premium on conversion of $14,868 (reducing the equity component by $9,326, net of tax of $5,542). As a result of this transaction, the Company recaptured $23,565 of previously deducted contingent convertible debt interest which resulted in an $8,784 reduction in short-term deferred tax liabilities and a corresponding increase in current taxes payable included within accrued liabilities. The Company used borrowings under its Amended Credit Facility to finance the conversion of the Notes. The fair value of the Notes was previously determined using quoted market prices that represent Level 2 observable inputs. As of December 31, 2016 and 2015 there were no balances reflected on the balance sheet related to the Company's convertible notes.
 
The following table sets forth the components of interest expense for the Notes for the year ended December 31, 2014. The effective interest rate on the liability component of the Notes was 8.00% (life of the Notes).
 
 
2014
Interest expense – 3.375% coupon
$
1,046

Interest expense – 3.375% debt discount amortization
731

 
$
1,777

Business Reorganization
Business Reorganization
Business Reorganization

In 2014, the Company authorized the closure of production operations ("Saline operations") at its Associated Spring facility located in Saline, Michigan (the "Closure").  The Saline operations, which included approximately 50 employees, primarily manufactured certain automotive engine valve springs, a highly commoditized product. Based on changing market dynamics and increased customer demands for commodity pricing, several customers advised the Company of their intent to transition these specific springs to other suppliers, which led to the decision of the Closure. The Company recorded restructuring and related costs of $6,020 during 2014. This included $2,182 of employee termination costs, primarily employee severance expense and defined benefit pension and other postretirement plan (the "Plans") costs related to the accelerated recognition of actuarial losses and special termination benefits, and $3,838 of other facility costs, primarily related to asset write-downs and depreciation on assets utilized through the Closure. See Note 11 for costs associated with the Plans that were impacted by the Closure. The Closure was completed as of December 31, 2014. Closure costs were recorded primarily within Cost of Sales in the accompanying Consolidated Statements of Income and are reflected in the results of the Industrial segment.
Derivatives
Derivatives
Derivatives
 
The Company has manufacturing and sales facilities around the world and thus makes investments and conducts business transactions denominated in various currencies. The Company is also exposed to fluctuations in interest rates and commodity price changes. These financial exposures are monitored and managed by the Company as an integral part of its risk management program.
 
Financial instruments have been used by the Company to hedge its exposures to fluctuations in interest rates. In 2012, the Company entered into five-year interest rate swap agreements transacted with three banks which together convert the interest on the first $100,000 of the Company's one-month LIBOR-based borrowings from a variable rate plus the borrowing spread to a fixed rate of 1.03% plus the borrowing spread. These interest rate swap agreements were accounted for as cash flow hedges and remained in place at December 31, 2016.
 
The Company uses financial instruments to hedge its exposures to fluctuations in foreign currency exchange rates. The Company has various contracts outstanding which primarily hedge recognized assets or liabilities and anticipated transactions in various currencies including the Euro, British pound sterling, U.S. dollar, Canadian dollar, Japanese yen, Chinese renminbi, Singapore dollar, Korean won, Swedish kroner, Mexican peso 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, 2016 and 2015, as presented on the consolidated statements of cash flows, include $5,221 and $10,309, respectively, of net cash proceeds from the settlement of foreign currency hedges related to intercompany financing.

The following table sets forth the fair value amounts of derivative instruments held by the Company as of December 31.
 
 
2016
 
2015
 
 
Asset
Derivatives
 
Liability
Derivatives
 
Asset
Derivatives
 
Liability
Derivatives
Derivatives designated as hedging
instruments:
 
 
 
 
 
 
 
 
Interest rate contracts
 
$

 
$
(78
)
 
$

 
$
(357
)
Foreign exchange contracts
 

 
(177
)
 
484

 

 
 

 
(255
)
 
484

 
(357
)
Derivatives not designated as
hedging instruments:
 
 
 
 
 
 
 
 
Foreign exchange contracts
 
397

 
(1,499
)
 
215

 
(101
)
Total derivatives
 
$
397

 
$
(1,754
)
 
$
699

 
$
(458
)

 
Asset derivatives are recorded in prepaid expenses and other current assets in the accompanying consolidated balance sheets. Liability derivatives related to interest rate contracts and foreign exchange contracts are recorded in other liabilities and accrued liabilities, respectively, in the accompanying consolidated balance sheets.
 
The following table sets forth the (loss) gain recorded in accumulated other comprehensive income (loss), net of tax, for the years ended December 31, 2016 and 2015 for derivatives held by the Company and designated as hedging instruments.
 
 
2016
 
2015
Cash flow hedges:
 
 
 
 
Interest rate contracts
 
$
174

 
$
(39
)
Foreign exchange contracts
 
(516
)
 
886

 
 
$
(342
)
 
$
847


 
Amounts included within accumulated other comprehensive income (loss) that were reclassified to expense during the year ended December 31, 2016 and 2015 related to the interest rate swaps resulted in a fixed rate of interest of 1.03% plus the borrowing spread for the first $100,000 of one-month LIBOR borrowings. Additionally, there were no amounts recognized in income for hedge ineffectiveness during the years ended December 31, 2016 and 2015.
 
The following table sets forth the net gains recorded in other expense (income), net in the consolidated statements of income for the years ended December 31, 2016 and 2015 for non-designated derivatives held by the Company. Such gains were substantially offset by losses recorded on the underlying hedged asset or liability.
 
 
2016
 
2015
Foreign exchange contracts
 
$
2,297

 
$
8,215

Fair Value Measurements
Fair Value Measurements
Fair Value Measurements
 
The provisions of the accounting standard for fair value define fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. This standard classifies the inputs used to measure fair value into the following hierarchy:
 
Level 1
Unadjusted quoted prices in active markets for identical assets or liabilities.
 
Level 2
Unadjusted quoted prices in active markets for similar assets or liabilities, or unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or inputs other than quoted prices that are observable for the asset or liability.
 
Level 3
Unobservable inputs for the asset or liability.
The following table provides the assets and liabilities reported at fair value and measured on a recurring basis as of December 31, 2016 and 2015:
 
 
 
 
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, 2016
 
 
 
 
 
 
 
 
Asset derivatives
 
$
397

 
$

 
$
397

 
$

Liability derivatives
 
(1,754
)
 

 
(1,754
)
 

Bank acceptances
 
9,690

 

 
9,690

 

Rabbi trust assets
 
2,216

 
2,216

 

 

 
 
$
10,549

 
$
2,216

 
$
8,333

 
$

December 31, 2015
 
 
 
 
 
 
 
 
Asset derivatives
 
$
699

 
$

 
$
699

 
$

Liability derivatives
 
(458
)
 

 
(458
)
 

Bank acceptances
 
10,823

 

 
10,823

 

Rabbi trust assets
 
2,159

 
2,159

 

 

 
 
$
13,223

 
$
2,159

 
$
11,064

 
$


 
The derivative contracts are valued using observable current market information as of the reporting date such as the prevailing LIBOR-based interest rates and foreign currency spot and forward rates. Bank acceptances represent financial instruments accepted from certain Chinese customers in lieu of cash paid on receivables, generally range from 3 to 6 months in maturity and are guaranteed by banks. The carrying amounts of the bank acceptances, which are included within other current assets, approximate fair value due to their short maturities. The fair values of rabbi trust assets are based on quoted market prices from various financial exchanges. For disclosures of the fair values of the Company’s pension plan assets, see Note 11 of the Consolidated Financial Statements.
Pension and Other Postretirement Benefits
Pension and Other Postretirement Benefits
Pension and Other Postretirement Benefits
 
The accounting standards related to employers’ accounting for defined benefit pension and other postretirement plans requires the Company to recognize the funded status of its defined benefit postretirement plans as assets or liabilities in the accompanying consolidated balance sheets and to recognize changes in the funded status of the plans in comprehensive income.

The Company has various defined contribution plans, the largest of which is its Retirement Savings Plan. Most U.S. salaried and non-union hourly employees are eligible to participate in this plan. See Note 16 for further discussion of the Retirement Savings Plan. The Company also maintains various other defined contribution plans which cover certain other employees. Company contributions under these plans are based primarily on the performance of the business units and employee compensation. Contribution expense under these other defined contribution plans was $5,907, $5,347 and $5,213 in 2016, 2015 and 2014, respectively.

Defined benefit pension plans in the U.S. cover a majority of the Company’s U.S. employees at the Associated Spring and Nitrogen Gas Products businesses of Industrial, the Company’s Corporate Office and certain former U.S. employees, including retirees. Plan benefits for salaried and non-union hourly employees are based on years of service and average salary. Plans covering union hourly employees provide benefits based on years of service. In 2012, the Company closed the U.S. salaried defined benefit pension plan (the "U.S. Salaried Plan") to employees hired on or after January 1, 2013, with no impact to the benefits of existing participants. Effective January 1, 2013, the Retirement Savings Plan was amended to provide certain salaried employees hired on or after January 1, 2013 with an additional annual retirement contribution of 4% of eligible earnings, in place of pensionable benefits under the closed U.S. Salaried Plan. The Company funds U.S. pension costs in accordance with the Employee Retirement Income Security Act of 1974, as amended (“ERISA”). Non-U.S. defined benefit pension plans cover certain employees of certain international locations in Europe and Canada.
 
The Company provides other medical, dental and life insurance postretirement benefits for certain of its retired employees in the U.S. and Canada. It is the Company’s practice to fund these benefits as incurred.
 
The accompanying balance sheets reflect the funded status of the Company’s defined benefit pension plans at December 31, 2016 and 2015, respectively. Reconciliations of the obligations and funded status of the plans follow:
 
 
 
2016
 
2015
 
 
U.S.
 
Non-U.S.
 
Total
 
U.S.
 
Non-U.S.
 
Total
Benefit obligation, January 1
 
$
385,629

 
$
75,406

 
$
461,035

 
$
433,079

 
$
80,305

 
$
513,384

Service cost
 
3,892

 
1,503

 
5,395

 
4,160

 
1,348

 
5,508

Interest cost
 
17,523

 
1,971

 
19,494

 
17,967

 
2,052

 
20,019

Amendments
 
2,405

 
(174
)
 
2,231

 

 
(463
)
 
(463
)
Actuarial loss (gain)
 
6,661

 
10,814

 
17,475

 
(16,622
)
 
(2,288
)
 
(18,910
)
Benefits paid
 
(26,497
)
 
(4,691
)
 
(31,188
)
 
(52,490
)
 
(4,244
)
 
(56,734
)
Transfers in
 

 
25,968

 
25,968

 

 
3,951

 
3,951

Plan curtailments
 

 

 

 
(465
)
 

 
(465
)
Plan settlements
 

 

 

 

 
(375
)
 
(375
)
Participant contributions
 

 
1,444

 
1,444

 

 
368

 
368

Foreign exchange rate changes
 

 
(7,902
)
 
(7,902
)
 

 
(5,248
)
 
(5,248
)
Benefit obligation, December 31
 
389,613

 
104,339

 
493,952

 
385,629

 
75,406

 
461,035

Fair value of plan assets, January 1
 
326,829

 
68,553

 
395,382

 
380,937

 
71,750

 
452,687

Actual return on plan assets
 
13,051

 
7,276

 
20,327

 
(5,045
)
 
1,264

 
(3,781
)
Company contributions
 
17,877

 
2,224

 
20,101

 
3,427

 
1,100

 
4,527

Participant contributions
 

 
1,444

 
1,444

 

 
368

 
368

Benefits paid
 
(26,497
)
 
(4,691
)
 
(31,188
)
 
(52,490
)
 
(4,244
)
 
(56,734
)
Plan settlements
 

 

 

 

 
(376
)
 
(376
)
Transfers in
 

 
18,320

 
18,320

 

 
3,434

 
3,434

Foreign exchange rate changes
 

 
(7,474
)
 
(7,474
)
 

 
(4,743
)
 
(4,743
)
Fair value of plan assets, December 31
 
331,260

 
85,652

 
416,912

 
326,829

 
68,553

 
395,382

Underfunded status, December 31
 
$
(58,353
)
 
$
(18,687
)
 
$
(77,040
)
 
$
(58,800
)
 
$
(6,853
)
 
$
(65,653
)

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

Projected benefit obligations related to pension plans with benefit obligations in excess of plan assets follow:
 
 
2016
 
2015
 
 
U.S.
 
Non-U.S.
 
Total
 
U.S.
 
Non-U.S.
 
Total
Projected benefit obligation
 
$
389,613

 
$
61,060

 
$
450,673

 
$
271,459

 
$
31,613

 
$
303,072

Fair value of plan assets
 
331,260

 
39,356

 
370,616

 
204,270

 
20,199

 
224,469


 
Information related to pension plans with accumulated benefit obligations in excess of plan assets follows:
 
 
2016
 
2015
 
 
U.S.
 
Non-U.S.
 
Total
 
U.S.
 
Non-U.S.
 
Total
Projected benefit obligation
 
$
389,613

 
$
61,014

 
$
450,627

 
$
271,459

 
$
30,560

 
$
302,019

Accumulated benefit obligation
 
378,431

 
59,568

 
437,999

 
262,172

 
26,998

 
289,170

Fair value of plan assets
 
331,260

 
39,356

 
370,616

 
204,270

 
19,256

 
223,526


 
The accumulated benefit obligation for all defined benefit pension plans was $481,241 and $447,591 at December 31, 2016 and 2015, respectively.
 
Amounts related to pensions recognized in the accompanying balance sheets consist of:
 
 
2016
 
2015
 
 
U.S.
 
Non-U.S.
 
Total
 
U.S.
 
Non-U.S.
 
Total
Other assets
 
$

 
$
3,017

 
$
3,017

 
$
8,389

 
$
4,561

 
$
12,950

Accrued liabilities
 
2,813

 
367

 
3,180

 
2,806

 
379

 
3,185

Accrued retirement benefits
 
55,540

 
21,337

 
76,877

 
64,383

 
11,035

 
75,418

Accumulated other non-owner changes to equity, net
 
(91,530
)
 
(19,458
)
 
(110,988
)
 
(83,014
)
 
(16,812
)
 
(99,826
)

 
Amounts related to pensions recognized in accumulated other non-owner changes to equity, net of tax, at December 31, 2016 and 2015, respectively, consist of:
 
 
2016
 
2015
 
 
U.S.
 
Non-U.S.
 
Total
 
U.S.
 
Non-U.S.
 
Total
Net actuarial loss
 
$
(89,772
)
 
$
(19,822
)
 
$
(109,594
)
 
$
(82,643
)
 
$
(16,999
)
 
$
(99,642
)
Prior service costs
 
(1,758
)
 
364

 
(1,394
)
 
(371
)
 
187

 
(184
)
 
 
$
(91,530
)
 
$
(19,458
)
 
$
(110,988
)
 
$
(83,014
)
 
$
(16,812
)
 
$
(99,826
)

 
The accompanying balance sheets reflect the underfunded status of the Company’s other postretirement benefit plans at December 31, 2016 and 2015. Reconciliations of the obligations and underfunded status of the plans follow:
 
 
 
2016
 
2015
Benefit obligation, January 1
 
$
41,706

 
$
46,814

Service cost
 
122

 
145

Interest cost
 
1,766

 
1,836

Actuarial gain
 
(3,495
)
 
(2,521
)
Benefits paid
 
(5,621
)
 
(6,970
)
Participant contributions
 
2,281

 
2,486

Foreign exchange rate changes
 
94

 
(84
)
Benefit obligation, December 31
 
36,853

 
41,706

Fair value of plan assets, January 1
 

 

Company contributions
 
3,340

 
4,484

Participant contributions
 
2,281

 
2,486

Benefits paid
 
(5,621
)
 
(6,970
)
Fair value of plan assets, December 31
 

 

Underfunded status, December 31
 
$
36,853

 
$
41,706


 
Amounts related to other postretirement benefits recognized in the accompanying balance sheets consist of:
 
 
 
2016
 
2015
Accrued liabilities
 
$
5,081

 
$
5,259

Accrued retirement benefits
 
31,772

 
36,447

Accumulated other non-owner changes to equity, net
 
(3,582
)
 
(5,877
)

 
Amounts related to other postretirement benefits recognized in accumulated other non-owner changes to equity, net of tax, at December 31, 2016 and 2015 consist of:
 
 
 
2016
 
2015
Net actuarial loss
 
$
(3,532
)
 
$
(6,061
)
Prior service credits
 
(50
)
 
184

 
 
$
(3,582
)
 
$
(5,877
)

 
The sources of changes in accumulated other non-owner changes to equity, net, during 2016 were: 
 
 
Pension
 
Other
Postretirement
Benefits
Prior service cost
 
$
(1,334
)
 
$

Net (loss) gain
 
(18,378
)
 
2,194

Amortization of prior service costs (credits)
 
142

 
(234
)
Amortization of actuarial loss
 
7,030

 
332

Foreign exchange rate changes
 
1,378

 
3

 
 
$
(11,162
)
 
$
2,295



Weighted-average assumptions used to determine benefit obligations at December 31, are:
 
 
2016
 
2015
U.S. plans:
 
 
 
 
Discount rate
 
4.50
%
 
4.65
%
Increase in compensation
 
2.56
%
 
3.71
%
Non-U.S. plans:
 
 
 
 
Discount rate
 
1.60
%
 
2.80
%
Increase in compensation
 
2.29
%
 
2.71
%


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 2016: 65% in equity securities, 30% in fixed income securities and 5% in other investments, including cash.

The fair values of the Company’s pension plan assets at December 31, 2016 and 2015, 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, 2016
 
 
 
 
 
 
 
 
Cash and short-term investments
 
$
3,207

 
$
3,207

 
$

 
$

Equity securities:
 
 
 
 
 
 
 
 
U.S. large-cap
 
39,162

 

 
39,162

 

U.S. mid-cap
 
12,724

 
12,724

 

 

U.S. small-cap
 
19,551

 
19,551

 

 

International equities
 
135,514

 

 
135,514

 

Global equity
 
47,445

 
47,445

 

 

Fixed income securities:
 
 
 
 
 
 
 
 
U.S. bond funds
 
103,399

 

 
103,399

 

International bonds
 
53,783

 

 
53,783

 

Other
 
2,127

 

 

 
2,127

 
 
$
416,912

 
$
82,927

 
$
331,858

 
$
2,127

December 31, 2015
 
 
 
 
 
 
 
 
Cash and short-term investments
 
18,795

 
18,795

 

 

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

 
28,190

 
39,084

 

U.S. mid-cap
 
38,790

 
38,790

 

 

U.S. small-cap
 
38,248

 
38,248

 

 

International equities
 
91,563

 

 
91,563

 

Global equity
 
17,928

 
17,928

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

 

 
84,645

 

International bonds
 
36,282

 

 
36,282

 

Other
 
1,857

 

 

 
1,857

 
 
$
395,382

 
$
141,951

 
$
251,574

 
$
1,857


 
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 $4,935 to the pension plans in 2017.

The following are the estimated future net benefit payments, which include future service, over the next 10 years:
 
 
 
Pensions
 
Other
Postretirement
Benefits
2017
 
$
28,703

 
$
3,983

2018
 
28,577

 
3,352

2019
 
28,878

 
3,176

2020
 
28,810

 
3,294

2021
 
28,994

 
3,095

Years 2022-2026
 
144,566

 
12,906

Total
 
$
288,528

 
$
29,806


 
Pension and other postretirement benefit expenses consist of the following:
 
 
 
Pensions
 
Other
Postretirement Benefits
 
 
2016
 
2015
 
2014
 
2016
 
2015
 
2014
Service cost
 
$
5,395

 
$
5,508

 
$
4,546

 
$
122

 
$
145

 
$
139

Interest cost
 
19,494

 
20,019

 
22,026

 
1,766

 
1,836

 
2,179

Expected return on plan assets
 
(30,302
)
 
(32,404
)
 
(34,232
)
 

 

 

Amortization of prior service cost (credit)
 
210

 
305

 
648

 
(373
)
 
(564
)
 
(871
)
Recognized losses
 
10,791

 
15,004

 
8,617

 
535

 
1,011

 
1,017

Curtailment loss (gain)
 

 

 
219

 

 

 
4

Settlement loss
 

 
9,939

 
871

 

 

 

Special termination benefits
 

 

 
715

 

 

 

Net periodic benefit cost
 
$
5,588

 
$
18,371

 
$
3,410

 
$
2,050

 
$
2,428

 
$
2,468


 
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 2017 are $9,997 and $441, respectively. The estimated net actuarial loss and prior service credit for other defined benefit postretirement plans that will be amortized from accumulated other non-owner changes to equity into net periodic benefit cost in 2017 are $276 and $(68), respectively.
 
Weighted-average assumptions used to determine net benefit expense for years ended December 31, are:
 
 
 
2016
 
2015
 
2014
U.S. plans:
 
 
 
 
 
 
Discount rate
 
4.65
%
 
4.25
%
 
5.20
%
Long-term rate of return
 
8.25
%
 
8.25
%
 
9.00
%
Increase in compensation
 
3.71
%
 
3.71
%
 
3.72
%
Non-U.S. plans:
 
 
 
 
 
 
Discount rate
 
2.80
%
 
2.74
%
 
3.93
%
Long-term rate of return
 
4.73
%
 
5.00
%
 
5.07
%
Increase in compensation
 
2.71
%
 
2.72
%
 
2.76
%

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

The Company’s accumulated postretirement benefit obligations, exclusive of pensions, take into account certain cost-sharing provisions. The annual rate of increase in the cost of covered benefits (i.e., health care cost trend rate) is assumed to be 6.44% and 6.65% at December 31, 2016 and 2015, respectively, decreasing gradually to a rate of 4.50% by December 31, 2029. A one percentage point change in the assumed health care cost trend rate would have the following effects:
 
 
One Percentage
Point Increase
 
One Percentage
Point Decrease
Effect on postretirement benefit obligation
 
$
319

 
$
(295
)
Effect on postretirement benefit cost
 
14

 
(13
)
 
         
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:
2016
 
2015
 
2014
Swedish Pension Plan (ITP2)
673

 
$
343

 
$
379

Total Contributions
$
673

 
$
343

 
$
379

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

Refer to Note 16 for a description of the Company’s stock-based compensation plans and their general terms. As of December 31, 2016, 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 2015 and 2014, the Company recorded $2,667 and $4,888, respectively, of excess tax benefits for current year tax deductions in additional paid-in capital, as was required pursuant to the earlier accounting guidance. 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 $1,402, $2,320, $7,519 and $7,580 for the three, six, nine and twelve month periods ended March 31, June 30, September 30 and December 31, 2015, respectively, and $413 and $524 for the three and six month periods ended March 31 and June 30, 2016, respectively.   

During 2016, 2015 and 2014, the Company recognized $11,493, $9,258, and $7,603 respectively, of stock-based compensation cost and $4,284, $3,451, and $2,834 respectively, of related tax benefits in the accompanying consolidated statements of income. The Company has realized all available tax benefits related to deductions from excess stock awards exercised or issued in earlier periods. At December 31, 2016, the Company had $12,519 of unrecognized compensation costs related to unvested awards which are expected to be recognized over a weighted average period of 2.01 years.
 
The following table summarizes information about the Company’s stock option awards during 2016:
 
 
Number of
Shares
 
Weighted-Average
Exercise
Price
Outstanding, January 1, 2016
 
644,072

 
$
25.63

Granted
 
167,105

 
31.34

Exercised
 
(203,517
)
 
20.56

Forfeited
 
(18,500
)
 
36.22

Outstanding, December 31, 2016
 
589,160

 
28.67


 
The following table summarizes information about stock options outstanding at December 31, 2016:
 
 
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
 
87,690

 
2.58
 
$
13.48

 
87,690

 
$
13.48

$20.69 to $24.24
 
76,584

 
5.10
 
22.65

 
76,584

 
22.65

$26.32 to $30.71
 
214,312

 
7.49
 
29.27

 
72,312

 
26.43

$33.45 to $38.96
 
210,574

 
7.91
 
36.57

 
82,350

 
36.83


 
The Company received cash proceeds from the exercise of stock options of $4,184, $11,022 and $11,024 in 2016, 2015 and 2014, 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 2016, 2015 and 2014 was $4,464, $8,331 and $11,178, respectively.
 
The weighted-average grant date fair value of stock options granted in 2016, 2015 and 2014 was $7.01, $8.86 and $12.14, 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:
 
 
2016
 
2015
 
2014
Risk-free interest rate
 
1.20
%
 
1.58
%
 
1.68
%
Expected life (years)
 
5.3

 
5.3

 
5.3

Expected volatility
 
29.1
%
 
31.1
%
 
42.6
%
Expected dividend yield
 
1.94
%
 
2.06
%
 
2.24
%

 
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, 2016:
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)
568,820
 
$
28.67

 
$
10,667

 
6.60
 
318,936

 
$
24.65

 
$
7,263

 
4.85

 
The following table summarizes information about the Company’s Rights during 2016:
 
 
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, 2016
 
401,706

 
$
30.51

 
214,426

 
$
31.29

 
107,213

 
$
48.37

Granted
 
154,903

 
32.22

 
62,070

 
31.32

 
62,069

 
48.84

Forfeited
 
(16,138
)
 
34.23

 
(6,333
)
 
37.61

 
(3,476
)
 
31.46

Additional Earned
 

 

 
35,653

 
24.55

 
29,937

 
24.18

Issued
 
(193,167
)
 
34.53

 
(133,774
)
 
24.55

 
(78,997
)
 
24.18

Outstanding, December 31, 2016
 
347,304

 


 
172,042

 


 
116,746

 




The Company granted 154,903 restricted stock unit awards and 124,139 performance share awards in 2016. All of the restricted stock unit awards vest upon meeting certain service conditions. "Additional Earned" reflects performance share awards earned above target that have been issued. The performance share awards are part of the long-term Performance Share Award Program (the "Awards Program"), which is designed to assess the long-term Company performance relative to the performance of companies included in the Russell 2000 Index or to pre-established goals. The performance goals are independent of each other and based on three equally weighted metrics through 2015 and two equally weighted metrics in 2016. Prior to 2015, the metrics included the Company's total shareholder return ("TSR"), basic or diluted earnings per share growth ("EPS Growth") and operating income before depreciation and amortization growth. For awards granted in 2015, the metrics included TSR, operating income before depreciation and amortization growth and return on invested capital ("ROIC"). For awards granted in 2016, the metrics included only TSR and ROIC. The TSR, operating income before depreciation and amortization growth, and EPS 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 the basic or diluted earnings per share growth, operating income before depreciation and amortization growth and ROIC portions of the award and the Monte Carlo simulation valuation model for the TSR portion of the award since it contains a market condition. The weighted-average assumptions used to determine the weighted-average fair values of the market based portion of the 2016 awards include a 0.83% risk-free interest rate and a 22.9% expected volatility rate.

Compensation expense for the TSR portion of the awards is fixed at the date of grant and will not be adjusted in future periods based upon the achievement of the TSR performance goal. Compensation expense for the basic or diluted earnings per share growth or the return on invested capital, and the operating income before depreciation and amortization growth portions of the awards is recorded each period based upon a probability assessment of achieving the goals with a final adjustment at the end of the service period based upon the actual achievement of those performance goals.
Income Taxes
Income Taxes
Income Taxes
 
The components of Income from continuing operations before income taxes and Income taxes follow:
 
 
2016
 
2015
 
2014
Income from continuing operations before income taxes:
 
 
 
 
 
 
U.S.
 
$
34,129

 
$
11,525

 
$
33,070

International
 
148,492

 
146,421

 
133,430

Income from continuing operations before income taxes
 
$
182,621

 
$
157,946

 
$
166,500

Income tax provision:
 
 
 
 
 
 
Current:
 
 
 
 
 
 
U.S. – federal
 
$
7,215

 
$
(210
)
 
$
22,673

U.S. – state
 
755

 
2,019

 
1,236

International
 
41,516

 
32,217

 
35,954

 
 
49,486

 
34,026

 
59,863

Deferred:
 
 
 
 
 
 
U.S. – federal
 
$
6,091

 
$
7,670

 
$
(6,737
)
U.S. – state
 
1,060

 
(1,137
)
 
1,279

International
 
(9,617
)
 
(3,993
)
 
(8,446
)
 
 
(2,466
)
 
2,540

 
(13,904
)
Income taxes
 
$
47,020

 
$
36,566

 
$
45,959


 
Deferred income tax assets and liabilities at December 31 consist of the tax effects of temporary differences related to the following:
 
 
2016
 
2015
Deferred tax assets:
 
 
 
 
Pension
 
$
27,410

 
$
25,331

Tax loss carryforwards
 
16,686

 
15,330

Inventory valuation
 
15,518

 
15,938

Other postretirement/postemployment costs
 
14,071

 
15,753

Accrued Compensation
 
10,121

 
10,242

Other
 
6,489

 
5,880

Valuation allowance
 
(14,957
)
 
(14,401
)
Total deferred tax assets
 
75,338


74,073

Deferred tax liabilities:
 





Depreciation and amortization
 
(89,198
)
 
(81,158
)
Goodwill
 
(14,871
)
 
(14,545
)
Other
 
(12,282
)
 
(16,313
)
Total deferred tax liabilities
 
(116,351
)
 
(112,016
)
Net deferred tax liabilities
 
$
(41,013
)
 
$
(37,943
)

 
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, 2016 and 2015 are presented as follows:
 
 
2016
 
2015
Current deferred tax assets

 
$

 
$
24,825

Non-current deferred tax assets
 
25,433

 
1,139

Current deferred tax liabilities (included in accrued liabilities)
 

 
(1,543
)
Non-current deferred tax liabilities
 
(66,446
)
 
(62,364
)
Net deferred tax liabilities
 
$
(41,013
)
 
$
(37,943
)


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 $68,752; $2,757 which relates to U.S tax loss carryforwards which have carryforward periods up to 18 years for federal purposes and ranging from one to 20 years for state purposes; $55,882 of which relates to international tax loss carryforwards with carryforward periods ranging from one to 20 years; and $10,113 of which relates to international tax loss carryforwards with unlimited carryforward periods. In addition, the Company has tax credit carryforwards of $154 with remaining carryforward periods ranging from one year to 5 years. As the ultimate realization of the remaining net deferred tax assets is dependent upon future taxable income, if such future taxable income is not earned and it becomes necessary to recognize a valuation allowance, it could result in a material increase in the Company’s tax expense which could have a material adverse effect on the Company’s financial condition and results of operations.
 
The Company has not recognized a deferred income liability for U.S. taxes on $1,081,352 of undistributed earnings of its international subsidiaries, since such earnings are considered to be reinvested indefinitely as defined per the indefinite reversal criterion within the accounting guidance for income taxes. If the earnings were distributed in the form of dividends, the Company would be subject, in certain cases, to both U.S. income taxes and foreign income and withholding taxes. Determination of the amount of this unrecognized deferred income tax liability is not practicable. During 2016, the Company repatriated a dividend from a portion of current year foreign earnings to the U.S. in the amount of $8,328. As a result of the dividend, tax expense increased by $2,890 and the 2016 annual consolidated effective income tax rate increased by 1.6 percentage points.
 
A reconciliation of the U.S. federal statutory income tax rate to the consolidated effective income tax rate from continuing operations follows:
 
 
 
2016
 
2015
 
2014
U.S. federal statutory income tax rate
 
35.0
 %
 
35.0
 %
 
35.0
 %
State taxes (net of federal benefit)
 
0.4

 
0.2

 
0.5

Foreign losses without tax benefit
 
0.7

 
1.1

 
1.1

Foreign operations taxed at lower rates
 
(10.9
)
 
(12.9
)
 
(9.9
)
Repatriation from current year foreign earnings
 
1.6

 
4.3

 
2.6

Tax withholding refund
 

 
(1.9
)
 

Tax Holidays
 
(1.2
)
 
(3.2
)
 
(2.7
)
Stock awards excess tax benefit
 
(1.2
)
 

 

Other
 
1.3

 
0.6

 
1.0

Consolidated effective income tax rate
 
25.7
 %
 
23.2
 %
 
27.6
 %

 
The Aerospace and Industrial Segments were previously awarded a number of multi-year tax holidays in both Singapore and China. Tax benefits of $2,245 ($0.04 per diluted share), $5,000 ($0.09 per diluted share) and $4,513 ($0.08 per diluted share) were realized in 2016, 2015 and 2014, respectively. These holidays are subject to the Company meeting certain commitments in the respective jurisdictions. The significant tax holidays are due to expire in 2017.

Income taxes paid globally, net of refunds, were $40,842, $31,895 and $33,146 in 2016, 2015 and 2014, respectively.
 
As of December 31, 2016, 2015 and 2014, the total amount of unrecognized tax benefits recorded in the consolidated balance sheet was $13,320, $10,634 and $8,560, 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 2016, 2015 and 2014 follows:
 
 
 
2016
 
2015
 
2014
Balance at January 1
 
$
10,634

 
$
8,560

 
$
8,027

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

 
1,691

 
533

Tax positions taken during the current period
 
117

 

 

Acquisition
 
2,569

 
598

 

Lapse of the applicable statute of limitations
 

 
(215
)
 

Balance at December 31
 
$
13,320

 
$
10,634

 
$
8,560



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 $(337), $616, and $0 in the years 2016, 2015, and 2014 respectively. The liability for unrecognized tax benefits include gross accrued interest and penalties of $1,838, $1,923 and $1,031 at December 31, 2016, 2015 and 2014, respectively.
 
The Company or its subsidiaries file income tax returns in the U.S. federal jurisdiction, and various state and foreign jurisdictions. In the normal course of business, the Company is subject to examination by various taxing authorities, including the IRS in the U.S. and the taxing authorities in other major jurisdictions including China, Germany, Singapore, Sweden and Switzerland. With a few exceptions, tax years remaining open to examination in significant foreign jurisdictions include tax years 2010 and forward and for the U.S. include tax years 2014 and forward. The Company is under audit in Germany for tax years 2010 to 2014 and is also under audit in several U.S. states for the period 2011 through 2013.
Common Stock
Common Stock
Common Stock
 
There were no shares of common stock issued from treasury in 2016, 2015 or 2014.

In 2016, 2015 and 2014, the Company acquired 550,994 shares, 1,352,596 shares and 220,794 shares, respectively, of the Company’s common stock at a cost of $20,520, $52,103 and $8,389, 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 2016, 2015 and 2014, 621,259 shares, 841,164 shares and 923,852 shares of common stock, respectively, were issued from authorized shares for the exercise of stock options, various other incentive awards and purchases by the Company's Employee Stock Purchase Plan.
Preferred Stock
Preferred Stock
Preferred Stock
 
At December 31, 2016 and 2015, the Company had 3,000,000 shares of preferred stock authorized, none of which were outstanding.
Stock Plans
Stock Plans
Stock Plans
 
Most U.S. salaried and non-union hourly employees are eligible to participate in the Company’s 401(k) plan (the "Retirement Savings Plan"). The Retirement Savings Plan provides for the investment of employer and employee contributions in various investment alternatives including the Company’s common stock, at the employee’s direction. The Company contributes an amount equal to 50% of employee contributions up to 6% of eligible compensation. The Company expenses all contributions made to the Retirement Savings Plan. Effective January 1, 2013, the Retirement Savings Plan was amended to provide certain salaried employees hired on or after January 1, 2013 with an additional annual retirement contribution of 4% of eligible earnings. The Company recognized expense of $3,660, $3,666 and $3,278 in 2016, 2015 and 2014, respectively. As of December 31, 2016, the Retirement Savings Plan held 1,226,034 shares of the Company’s common stock.
 
The Company has an Employee Stock Purchase Plan (“ESPP”) under which eligible employees may elect to have up to the lesser of $25 or 10% of base compensation deducted from their payroll checks for the purchase of the Company’s common stock at 95% of the average market value on the date of purchase. The maximum number of shares which may be purchased under the ESPP is 4,550,000. The number of shares purchased under the ESPP was 11,804, 11,246 and 12,770 in 2016, 2015 and 2014, respectively. The Company received cash proceeds from the purchase of these shares of $427, $403 and $436 in 2016, 2015 and 2014, respectively. As of December 31, 2016, 285,399 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, 2016, there were 6,108,925 shares available for future grants under the 2014 Plan, inclusive of Shares Reacquired and shares made available through 2016 forfeitures. As of December 31, 2016, there were 1,256,599 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 2016, 2015 and 2014, $21, $26 and $28, respectively, of dividend equivalents were paid in cash related to these shares. Compensation cost related to this plan was $28, $16 and $16 in 2016, 2015 and 2014, respectively. There are 38,400 shares reserved for issuance under this plan. Each non-employee director who joined the Board of Directors subsequent to December 15, 2005 received restricted stock units under the respective 2004 or 2014 Plans that have a value of $50 that vest three years after the date of grant.
 
Total maximum shares reserved for issuance under all stock plans aggregated 7,689,323 at December 31, 2016.
Weighted Average Shares Outstanding
Weighted Average Shares Outstanding
Weighted Average Shares Outstanding
 
Income from continuing operations and net income per common share is computed in accordance with accounting standards related to earnings per share. Basic earnings per share is calculated using the weighted-average number of common shares outstanding during the year. Share-based payment awards that entitle their holders to receive nonforfeitable dividends before vesting should be considered participating securities and, as such, should be included in the calculation of basic earnings per share. The Company’s restricted stock unit awards which contain nonforfeitable rights to dividends are considered participating securities. Diluted earnings per share reflects the assumed exercise and conversion of all dilutive securities. Shares held by the Retirement Savings Plan are considered outstanding for both basic and diluted earnings per share. There are no significant adjustments to income from continuing operations and net income for purposes of computing income available to common stockholders for the years ended December 31, 2016, 2015 and 2014. 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
 
 
2016
 
2015
 
2014
Basic
 
54,191,013

 
55,028,063

 
54,791,030

Dilutive effect of:
 
 
 
 
 
 
Stock options
 
166,986

 
206,778

 
355,595

Performance share awards
 
273,314

 
278,378

 
319,704

Convertible senior subordinated debt
 

 

 
245,230

Non-Employee Director Deferred Stock Plan
 

 

 
11,708

Diluted
 
54,631,313

 
55,513,219

 
55,723,267



The calculation of weighted-average diluted shares outstanding excludes all anti-dilutive shares. During 2016, 2015 and 2014, the Company excluded 262,336, 214,032 and 89,924 stock awards, respectively, from the calculation of diluted weighted-average shares outstanding as the stock awards were considered anti-dilutive.
   
On June 16, 2014, $224 (par value) of the 3.375% Convertible Senior Subordinated Notes due in March 2027 (the "3.375% Convertible Notes") were surrendered for conversion. On June 24, 2014, the Company exercised its right to redeem the remaining $55,412 principal amount of the Notes, effective July 31, 2014, and elected to pay cash to holders of the Notes surrendered for conversion, including the value of any residual shares of common stock that were payable to the holders electing to convert their notes into an equivalent share value. Accordingly, the potential shares issuable for the 3.375% Convertible Notes were included in diluted average common shares outstanding for the period prior to the June 24, 2014 notification date. Under the net share settlement method, there were 245,230 potential shares issuable under the Notes that were considered dilutive in 2014, respectively.
Changes in Accumulated Other Comprehensive Income by Component
Changes in Accumulated Other Comprehensive Income by Component
Changes in Accumulated Other Comprehensive Income by Component

The following tables set forth the changes in accumulated other comprehensive income by component for the years ended December 31, 2016 and December 31, 2015:

 
Gains and Losses on Cash Flow Hedges
 
Pension and Other Postretirement Benefit Items
 
Foreign Currency Items
 
Total
January 1, 2016
$
115

 
$
(105,703
)
 
$
(37,664
)
 
$
(143,252
)
Other comprehensive loss before reclassifications to consolidated statements of income
(739
)
 
(16,137
)
 
(48,367
)
 
(65,243
)
Amounts reclassified from accumulated other comprehensive income to the consolidated statements of income
397

 
7,270

 

 
7,667

Net current-period other comprehensive loss
(342
)
 
(8,867
)
 
(48,367
)
 
(57,576
)
December 31, 2016
$
(227
)
 
$
(114,570
)
 
$
(86,031
)
 
$
(200,828
)
 
 
 
 
 
 
 
 
 
Gains and Losses on Cash Flow Hedges
 
Pension and Other Postretirement Benefit Items
 
Foreign Currency Items
 
Total
 
 
 
 
 
 
 
 
January 1, 2015
$
(732
)
 
$
(115,289
)
 
$
16,568

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

 
16,507

 

 
17,424

Net current-period other comprehensive income (loss)
847

 
9,586

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

 
$
(105,703
)
 
$
(37,664
)
 
$
(143,252
)


The following table sets forth the reclassifications out of accumulated other comprehensive income by component for the years ended December 31, 2016 and December 31, 2015:
Details about Accumulated Other Comprehensive Income Components
 
Amount Reclassified from Accumulated Other Comprehensive Income
 
Affected Line Item in the Consolidated Statements of Income
 
 
2016
 
2015
 
 
Gains and losses on cash flow hedges
 
 
 
 
 
 
     Interest rate contracts
 
$
(557
)
 
$
(853
)
 
Interest expense
     Foreign exchange contracts
 
(61
)
 
(490
)
 
Net sales
 
 
(618
)
 
(1,343
)
 
Total before tax
 
 
221

 
426

 
Tax benefit
 
 
(397
)
 
(917
)
 
Net of tax
 
 
 
 
 
 
 
Pension and other postretirement benefit items
 
 
 
 
 
 
     Amortization of prior-service credits, net
 
$
163

 
$
259

 
(A)
Amortization of actuarial losses
 
(11,326
)
 
(16,015
)
 
(A)
     Settlement loss
 

 
(9,939
)
 
(A)
 
 
(11,163
)
 
(25,695
)
 
Total before tax
 
 
3,893

 
9,188

 
Tax benefit
 
 
(7,270
)
 
(16,507
)
 
Net of tax
 
 
 
 
 
 
 
Total reclassifications in the period
 
$
(7,667
)
 
$
(17,424
)
 
 

(A) These accumulated other comprehensive income components are included within the computation of net periodic pension cost. See Note 11.
Information on Business Segments
Information on Business Segments
Information on Business Segments

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

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

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

The Company evaluates the performance of its reportable segments based on the operating profit of the respective businesses, which includes net sales, cost of sales, selling and administrative expenses and certain components of other 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
 
 
 
 
 
 
 
 
2016
 
$
824.2

 
$
406.5

 
$

 
$
1,230.8

2015
 
782.3

 
411.7

 

 
1,194.0

2014
 
822.1

 
440.0

 

 
1,262.0

Operating profit
 
 
 
 
 
 
 
 
2016
 
$
129.7

 
$
62.5

 
$

 
$
192.2

2015
 
103.0

 
65.4

 

 
168.4

2014
 
108.4

 
71.6

 

 
180.0

Assets
 
 
 
 
 
 
 
 
2016
 
$
1,356.1

 
$
647.8

 
$
133.7

 
$
2,137.5

2015
 
1,241.2

 
654.1

 
166.5

 
2,061.9

2014
 
1,282.0

 
655.0

 
136.9

 
2,073.9

Depreciation and amortization
 
 
 
 
 
 
 
 
2016
 
$
49.5

 
$
30.0

 
$
0.7

 
$
80.2

2015
 
46.0

 
30.8

 
1.3

 
78.2

2014
 
54.7

 
24.9

 
1.8

 
81.4

Capital expenditures
 
 
 
 
 
 
 
 
2016
 
$
25.9

 
$
21.1

 
$
0.5

 
$
47.6

2015
 
28.7

 
17.2

 
0.1

 
46.0

2014
 
36.1

 
20.9

 
0.4

 
57.4

_________________________
Notes:
One customer, General Electric, accounted for 17%, 18% and 19% of the Company’s total revenues in 2016, 2015 and 2014, respectively.
“Other” assets include corporate-controlled assets, the majority of which are cash and deferred tax assets.
 
A reconciliation of the total reportable segments’ operating profit to income from continuing operations before income taxes follows (in millions):

 
 
2016
 
2015
 
2014
Operating profit
 
$
192.2

 
$
168.4

 
$
180.0

Interest expense
 
11.9

 
10.7

 
11.4

Other expense (income), net
 
(2.3
)
 
(0.2
)
 
2.1

Income from continuing operations before income taxes
 
$
182.6

 
$
157.9

 
$
166.5



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

 
 
2016
 
2015
 
2014
Engineered Components Products
 
$
332.6

 
$
342.2

 
$
373.1

Molding Solutions Products
 
376.6

 
324.6

 
322.7

Nitrogen Gas Products
 
115.0

 
115.5

 
126.2

Aerospace Original Equipment Manufacturing Products
 
288.4

 
295.7

 
329.6

Aerospace Aftermarket Products and Services
 
118.2

 
116.0

 
110.4

Total net sales
 
$
1,230.8

 
$
1,194.0

 
$
1,262.0


The following table (in millions) summarizes total net sales of the Company by geographic area: 
 
 
Domestic
 
International
 
Other
 
Total
Company
Sales
 
 
 
 
 
 
 
 
2016

 
$
562.6

 
$
727.4

 
$
(59.2
)
 
$
1,230.8

2015

 
589.6

 
661.7

 
(57.3
)
 
1,194.0

2014

 
618.9

 
677.6

 
(34.5
)
 
1,262.0

Long-lived assets
 
 
 
 
 
 
 
 
2016

 
$
368.2

 
$
1,135.5

 
$

 
$
1,503.6

2015

 
379.2

 
1,069.9

 

 
1,449.1

2014

 
380.6

 
1,094.9

 

 
1,475.4

_________________________
Notes:
Germany, with sales of $238.3 million, $210.5 million and $249.9 million in 2016, 2015 and 2014, respectively, represents the only international country with revenues in excess of 10% of the Company's total revenues.
“Other” revenues represent the elimination of intercompany sales between geographic locations, of which approximately 82% were sales from international locations to domestic locations.
Germany, with long-lived assets of $449.9 million, $362.7 million and $410.0 million in 2016, 2015 and 2014, respectively, Singapore, with long-lived assets of $238.3 million, $246.4 million and $255.3 million in 2016, 2015 and 2014, respectively, Switzerland, with long-lived assets of $169.3 million, $167.0 million and $165.7 million in 2016, 2015 and 2014, respectively and China with long-lived assets of $151.7 million in 2014, represent the only international countries that exceeded 10% of the Company's total long-lived assets in those years.
Commitments and Contingencies
Commitments and Contingencies
Commitments and Contingencies
 
Leases
 
The Company has various noncancellable operating leases for buildings, office space and equipment. Rent expense was $12,939, $11,166 and $12,745 for 2016, 2015 and 2014, respectively. Minimum rental commitments under noncancellable leases in years 2017 through 2021 are $7,882, $6,321, $4,271, $3,740 and $3,430, respectively, and $7,811 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. Liabilities related to product warranties and extended warranties were not material as as of December 31, 2016 or 2015.

Contract Matters

In November 2016, the Company’s previously disclosed arbitration with Triumph Actuation Systems - Yakima, LLC ("Triumph") was concluded.  The Company was awarded $9,212, plus interest on the judgment of $1,415, which amounts were received on January 3, 2017. The outcome did not have a material impact on the Company's consolidated financial position, liquidity or consolidated results of operations.
Accounting Changes
Accounting Changes
Accounting Changes

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 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. Early adoption is permitted, and the Company elected to early adopt in the third quarter of 2016. See Note 12 of the Consolidated Financial Statements for additional details related to the Company's adoption of this amended guidance.

In November 2015, the FASB amended its guidance related to the balance sheet classification of deferred income taxes. The amended guidance removes the requirement to separate and classify deferred income tax liabilities and assets into current
and non-current amounts and requires an entity to now classify all deferred tax liabilities and assets as non-current. The
amended guidance can be adopted either on a prospective or retrospective basis and is effective for interim and annual periods
beginning after December 15, 2016. Early adoption is permitted. The provisions of the amended guidance were adopted on a prospective basis during the first quarter of 2016. The provisions resulted in the classification of $26,639 and $1,290 of current deferred income tax assets and liabilities, respectively, into non-current deferred income tax assets and liabilities on the Consolidated Balance Sheet as of December 31, 2016.

In April 2015, the FASB amended its guidance related to the presentation of debt issuance costs. The amended guidance specifies that debt issuance costs related to notes shall be reported in the balance sheet as a direct deduction from the face amount of that note and that amortization of debt issuance costs shall be reported as interest expense. The amended guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015 and should be applied retrospectively. The Company adopted the guidance during the first quarter of 2016 and it did not have a material impact on its Consolidated Financial Statements.
Schedule II - Valuation and Qualifying Accounts
Schedule of Valuation and Qualifying Accounts Disclosure
Schedule II—Valuation and Qualifying Accounts
Years Ended December 31, 2016, 2015 and 2014
(In thousands)

 
Allowances for Doubtful Accounts:
 
Balance January 1, 2014
$
3,438

Provision charged to income
1,523

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

       Provision charged to income
1,248

Doubtful accounts written off
(404
)
Other adjustments(1)
(632
)
       Balance December 31, 2015
4,085

               Provision charged to income
863

        Doubtful accounts written off
(910
)
Other adjustments(1)
(46
)
        Balance December 31, 2016
$
3,992

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

 





























Schedule II—Valuation and Qualifying Accounts
Years Ended December 31, 2016, 2015 and 2014
(In thousands)
                     

 
 
Valuation Allowance on Deferred Tax Assets:
 
Balance January 1, 2014
$
18,873

Additions charged to income tax expense
1,049

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

Additions charged to income tax expense
1,043

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

981

Balance December 31, 2015
14,401

        Additions charged to income tax expense
759

        Reductions charged to other comprehensive income
(17
)
        Reductions credited to income tax expense(2)
(5,638
)
        Changes due to foreign currency translation
(133
)
       Acquisition(3)
5,585

Balance December 31, 2016
$
14,957

________________

(1)
The increase in 2015 reflects the valuation allowances recorded at the Thermoplay and Priamus businesses which were acquired in the third and fourth quarters of 2015, respectively.
(2)
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.
(3)
The increase in 2016 reflects the valuation allowance recorded at the FOBOHA business, which was acquired in the third quarter of 2016.
Subsequent Event
Subsequent Events [Text Block]
Subsequent Event
        
On February 2, 2017, the Company entered into the fourth amendment of its fifth amended and restated revolving credit agreement (the “the Fourth Amendment”) and retained Bank of America, N.A as the Administrative Agent for the lenders. The Fourth Amendment increases the facility to $850,000 and extends the maturity date to February 2022. The Fourth Amendment also increases the existing accordion feature, allowing the Company to 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 Fourth Amendment, allow for multi- currency borrowing which includes euro, sterling or Swiss franc borrowing, up to $600,000. Depending on the Company’s consolidated leverage ratio, and at the election of the Company, borrowings under the Fourth Amendment will bear interest at either LIBOR plus a margin of between 1.10% and 1.70% or the base rate plus a margin of 0.10% to 0.70%. See Footnote 7 of the Consolidated Financial Statements.
Summary of Significant Accounting Policies (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.
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: Sales and related cost of sales are recognized when products are shipped or delivered to customers depending upon when title and risk of loss have passed. Service revenue is recognized when the related services are performed. In the aerospace manufacturing businesses, the Company recognizes revenue based on the units-of-delivery method in accordance with accounting standards related to accounting for performance of construction-type and certain production-type contracts. Management fees related to the aerospace aftermarket Revenue Sharing Programs ("RSPs") are satisfied through an agreed upon reduction from the sales price of each of the related spare parts. These fees recognize our customer's necessary performance of engine program support activities, such as spare parts administration, warehousing and inventory management, and customer support, and are not separable from our sale of products, and accordingly, they are reflected as a reduction to sales, rather than as costs incurred, when revenues are recognized.

Operating expenses: The Company includes manufacturing labor, material, manufacturing overhead and costs of its distribution network within cost of sales. Other costs, including selling personnel costs and commissions, and other general and administrative costs of the Company are included within selling and administrative expenses. Depreciation and amortization expense is allocated between cost of sales and selling and administrative expenses.
Cash and cash equivalents: Cash in excess of operating requirements is invested in short-term, highly liquid, income-producing investments. All highly liquid investments purchased with an original maturity of three months or less are considered cash equivalents. Cash equivalents are carried at cost which approximates fair value.
Inventories: Inventories are valued at the lower of cost, determined on a first-in, first-out basis, or market. Loss provisions, if any, on aerospace contracts are established when estimable. Loss provisions are based on the projected excess of manufacturing costs over the net revenues of the products or group of related products under contract or purchase order.
Property, plant and equipment: Property, plant and equipment is stated at cost. Depreciation is recorded over estimated useful lives, generally ranging from 20 to 50 years for buildings, three to five years for computer equipment 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 2016, there was no goodwill impairment.
Aerospace Aftermarket Programs: The Company participates in aftermarket RSPs under which the Company receives an exclusive right to supply designated aftermarket parts over the life of the related aircraft engine program. As consideration, the Company has paid participation fees, which are recorded as long-lived intangible assets. The Company records amortization of the related intangible asset as sales dollars are being earned based on a proportional sales dollar method. Specifically, this method amortizes each asset as a reduction to revenue based on the proportion of sales under a program in a given period to the estimated aggregate sales dollars over the life of that program.

The Company also entered into Component Repair Programs ("CRPs") that provide for, among other items, the right to sell certain aftermarket component repair services for CFM56, CF6, CF34 and LM engines directly to other customers as one of a few GE licensed suppliers. In addition, the CRPs 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. This method reflects the pattern in which the economic benefits of the RSPs and the CRPs are realized.

The recoverability of each asset is subject to significant estimates about future revenues related to the program’s aftermarket parts and services. The Company evaluates these intangible assets for recoverability and updates amortization rates on an agreement by agreement basis for the RSPs and on an individual asset 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 assessment performed during 2016, there were no impairments of other intangible assets. See Note 5 of the Consolidated Financial Statements.
Derivatives: Accounting standards related to the accounting for derivative instruments and hedging activities require that all derivative instruments be recorded on the balance sheet at fair value. Foreign currency contracts may qualify as fair value hedges of unrecognized firm commitments, cash flow hedges of recognized assets and liabilities or anticipated transactions, or a hedge of a net investment. Changes in the fair market value of derivatives that qualify as fair value hedges or cash flow hedges are recorded directly to earnings or accumulated other non-owner changes to equity, depending on the designation. Amounts recorded to accumulated other non-owner changes to equity are reclassified to earnings in a manner that matches the earnings impact of the hedged transaction. Any ineffective portion, or amounts related to contracts that are not designated as hedges, are recorded directly to earnings. The Company’s policy for classifying cash flows from derivatives is to report the cash flows consistent with the underlying hedged item.
Foreign currency: Assets and liabilities of international operations are translated at year-end rates of exchange; revenues and expenses are translated at average rates of exchange. The resulting translation gains or losses are reflected in accumulated other non-owner changes to equity within stockholders’ equity. Net foreign currency transaction gains of $1,873 and $505 in 2016 and 2015 , respectively, and a loss of $1,466 in 2014, 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 $12,913, $12,688 and $15,782, for the years 2016, 2015 and 2014, respectively, and are included in selling and administrative expense.
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 16 for a description of the Company’s stock-based compensation plans and their general terms. As of December 31, 2016, 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.
Inventories (Tables)
Schedule of Inventory, Current
Inventories at December 31 consisted of:
 
 
2016
 
2015
Finished goods
 
$
71,100

 
$
76,836

Work-in-process
 
98,246

 
77,061

Raw materials and supplies
 
58,413

 
54,714

 
 
$
227,759

 
$
208,611

Property, Plant and Equipment (Tables)
Property, Plant and Equipment
Property, plant and equipment at December 31 consisted of:
 
 
 
2016
 
2015
Land
 
$
19,952

 
$
19,153

Buildings
 
169,695

 
156,294

Machinery and equipment
 
572,540

 
539,360

 
 
762,187

 
714,807

Less accumulated depreciation
 
(427,698
)
 
(405,951
)
 
 
$
334,489

 
$
308,856

Goodwill and Other Intangible Assets (Tables)
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, 2015
$
564,163

 
$
30,786

 
$
594,949

Acquisition-related
22,798

 

 
22,798

Foreign currency translation
(29,755
)
 

 
(29,755
)
December 31, 2015
557,206

 
30,786

 
587,992

Acquisition-related
73,688

 


73,688

Foreign currency translation
(28,244
)
 

 
(28,244
)
December 31, 2016
$
602,650

 
$
30,786

 
$
633,436

Other intangible assets at December 31 consisted of:
 
 
 
 
 
2016
 
2015
 
 
Range of
Life-Years
 
Gross
Amount
 
Accumulated
Amortization
 
Gross
Amount
 
Accumulated
Amortization
Amortized intangible assets:
 
 
 
 
 
 
 
 
 
 
Revenue Sharing Programs
 
Up to 30
 
$
293,700

 
$
(95,701
)
 
$
293,700

 
$
(84,629
)
Component Repair Program
 
Up to 30
 
111,839

 
(10,497
)
 
111,839

 
(6,054
)
Customer lists/relationships
 
10-16
 
215,266

 
(53,198
)
 
194,566

 
(41,786
)
Patents and technology
 
4-14
 
84,052

 
(37,897
)
 
69,352

 
(29,551
)
Trademarks/trade names
 
10-30
 
11,950

 
(9,967
)
 
11,950

 
(9,412
)
Other
 
Up to 15
 
20,551

 
(16,338
)
 
20,551

 
(15,413
)
 
 
 
 
737,358

 
(223,598
)
 
701,958

 
(186,845
)
Unamortized intangible asset:
 
 
 
 
 
 
 
 
 
 
Trade names
 
 
 
42,770

 

 
38,370

 

 
 
 
 
 
 
 
 
 
 
 
Foreign currency translation
 
 
 
(34,272
)
 

 
(25,161
)
 

Other intangible assets
 
 
 
$
745,856

 
$
(223,598
)
 
$
715,167

 
$
(186,845
)
Accrued Liabilities (Tables)
Schedule of Accrued Liabilities
Accrued liabilities at December 31 consisted of:
 
 
2016
 
2015
Payroll and other compensation
 
$
37,560

 
$
27,186

Deferred revenue and customer advances
 
34,812

 
16,453

CRP Accrual
 

 
4,100

Pension and other postretirement benefits
 
8,261

 
8,444

Accrued income taxes
 
26,477

 
25,682

Other
 
49,857

 
49,455

 
 
$
156,967

 
$
131,320

Debt and Commitments (Tables)
Long-term debt and notes and overdrafts payable at December 31 consisted of:
 
 
2016
 
2015
 
 
Carrying
Amount
 
Fair
Value
 
Carrying
Amount
 
Fair
Value
Revolving credit agreement
 
363,300

 
364,775

 
379,700

 
375,188

3.97% Senior Notes
 
100,000

 
101,598

 
100,000

 
102,484

Borrowings under lines of credit and overdrafts
 
30,825

 
30,825

 
22,680

 
22,680

Capital leases
 
5,413

 
5,902

 
7,105

 
7,503

Other foreign bank borrowings
 
1,416

 
1,428

 
421

 
410

 
 
500,954

 
504,528

 
509,906

 
508,265

Less current maturities
 
(32,892
)
 
 
 
(24,195
)
 
 
Long-term debt
 
$
468,062

 
 
 
$
485,711

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

Interest expense – 3.375% debt discount amortization
731

 
$
1,777

Derivatives (Tables)
The following table sets forth the fair value amounts of derivative instruments held by the Company as of December 31.
 
 
2016
 
2015
 
 
Asset
Derivatives
 
Liability
Derivatives
 
Asset
Derivatives
 
Liability
Derivatives
Derivatives designated as hedging
instruments:
 
 
 
 
 
 
 
 
Interest rate contracts
 
$

 
$
(78
)
 
$

 
$
(357
)
Foreign exchange contracts
 

 
(177
)
 
484

 

 
 

 
(255
)
 
484

 
(357
)
Derivatives not designated as
hedging instruments:
 
 
 
 
 
 
 
 
Foreign exchange contracts
 
397

 
(1,499
)
 
215

 
(101
)
Total derivatives
 
$
397

 
$
(1,754
)
 
$
699

 
$
(458
)
The following table sets forth the (loss) gain recorded in accumulated other comprehensive income (loss), net of tax, for the years ended December 31, 2016 and 2015 for derivatives held by the Company and designated as hedging instruments.
 
 
2016
 
2015
Cash flow hedges:
 
 
 
 
Interest rate contracts
 
$
174

 
$
(39
)
Foreign exchange contracts
 
(516
)
 
886

 
 
$
(342
)
 
$
847

The following table sets forth the net gains recorded in other expense (income), net in the consolidated statements of income for the years ended December 31, 2016 and 2015 for non-designated derivatives held by the Company. Such gains were substantially offset by losses recorded on the underlying hedged asset or liability.
 
 
2016
 
2015
Foreign exchange contracts
 
$
2,297

 
$
8,215

Fair Value Measurements (Tables)
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The following table provides the assets and liabilities reported at fair value and measured on a recurring basis as of December 31, 2016 and 2015:
 
 
 
 
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, 2016
 
 
 
 
 
 
 
 
Asset derivatives
 
$
397

 
$

 
$
397

 
$

Liability derivatives
 
(1,754
)
 

 
(1,754
)
 

Bank acceptances
 
9,690

 

 
9,690

 

Rabbi trust assets
 
2,216

 
2,216

 

 

 
 
$
10,549

 
$
2,216

 
$
8,333

 
$

December 31, 2015
 
 
 
 
 
 
 
 
Asset derivatives
 
$
699

 
$

 
$
699

 
$

Liability derivatives
 
(458
)
 

 
(458
)
 

Bank acceptances
 
10,823

 

 
10,823

 

Rabbi trust assets
 
2,159

 
2,159

 

 

 
 
$
13,223

 
$
2,159

 
$
11,064

 
$

Pension and Other Postretirement Benefits (Tables)
Projected benefit obligations related to pension plans with benefit obligations in excess of plan assets follow:
 
 
2016
 
2015
 
 
U.S.
 
Non-U.S.
 
Total
 
U.S.
 
Non-U.S.
 
Total
Projected benefit obligation
 
$
389,613

 
$
61,060

 
$
450,673

 
$
271,459

 
$
31,613

 
$
303,072

Fair value of plan assets
 
331,260

 
39,356

 
370,616

 
204,270

 
20,199

 
224,469

Information related to pension plans with accumulated benefit obligations in excess of plan assets follows:
 
 
2016
 
2015
 
 
U.S.
 
Non-U.S.
 
Total
 
U.S.
 
Non-U.S.
 
Total
Projected benefit obligation
 
$
389,613

 
$
61,014

 
$
450,627

 
$
271,459

 
$
30,560

 
$
302,019

Accumulated benefit obligation
 
378,431

 
59,568

 
437,999

 
262,172

 
26,998

 
289,170

Fair value of plan assets
 
331,260

 
39,356

 
370,616

 
204,270

 
19,256

 
223,526

The sources of changes in accumulated other non-owner changes to equity, net, during 2016 were: 
 
 
Pension
 
Other
Postretirement
Benefits
Prior service cost
 
$
(1,334
)
 
$

Net (loss) gain
 
(18,378
)
 
2,194

Amortization of prior service costs (credits)
 
142

 
(234
)
Amortization of actuarial loss
 
7,030

 
332

Foreign exchange rate changes
 
1,378

 
3

 
 
$
(11,162
)
 
$
2,295

Weighted-average assumptions used to determine benefit obligations at December 31, are:
 
 
2016
 
2015
U.S. plans:
 
 
 
 
Discount rate
 
4.50
%
 
4.65
%
Increase in compensation
 
2.56
%
 
3.71
%
Non-U.S. plans:
 
 
 
 
Discount rate
 
1.60
%
 
2.80
%
Increase in compensation
 
2.29
%
 
2.71
%
The fair values of the Company’s pension plan assets at December 31, 2016 and 2015, 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, 2016
 
 
 
 
 
 
 
 
Cash and short-term investments
 
$
3,207

 
$
3,207

 
$

 
$

Equity securities:
 
 
 
 
 
 
 
 
U.S. large-cap
 
39,162

 

 
39,162

 

U.S. mid-cap
 
12,724

 
12,724

 

 

U.S. small-cap
 
19,551

 
19,551

 

 

International equities
 
135,514

 

 
135,514

 

Global equity
 
47,445

 
47,445

 

 

Fixed income securities:
 
 
 
 
 
 
 
 
U.S. bond funds
 
103,399

 

 
103,399

 

International bonds
 
53,783

 

 
53,783

 

Other
 
2,127

 

 

 
2,127

 
 
$
416,912

 
$
82,927

 
$
331,858

 
$
2,127

December 31, 2015
 
 
 
 
 
 
 
 
Cash and short-term investments
 
18,795

 
18,795

 

 

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

 
28,190

 
39,084

 

U.S. mid-cap
 
38,790

 
38,790

 

 

U.S. small-cap
 
38,248

 
38,248

 

 

International equities
 
91,563

 

 
91,563

 

Global equity
 
17,928

 
17,928

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

 

 
84,645

 

International bonds
 
36,282

 

 
36,282

 

Other
 
1,857

 

 

 
1,857

 
 
$
395,382

 
$
141,951

 
$
251,574

 
$
1,857

The following are the estimated future net benefit payments, which include future service, over the next 10 years:
 
 
 
Pensions
 
Other
Postretirement
Benefits
2017
 
$
28,703

 
$
3,983

2018
 
28,577

 
3,352

2019
 
28,878

 
3,176

2020
 
28,810

 
3,294

2021
 
28,994

 
3,095

Years 2022-2026
 
144,566

 
12,906

Total
 
$
288,528

 
$
29,806

Pension and other postretirement benefit expenses consist of the following:
 
 
 
Pensions
 
Other
Postretirement Benefits
 
 
2016
 
2015
 
2014
 
2016
 
2015
 
2014
Service cost
 
$
5,395

 
$
5,508

 
$
4,546

 
$
122

 
$
145

 
$
139

Interest cost
 
19,494

 
20,019

 
22,026

 
1,766

 
1,836

 
2,179

Expected return on plan assets
 
(30,302
)
 
(32,404
)
 
(34,232
)
 

 

 

Amortization of prior service cost (credit)
 
210

 
305

 
648

 
(373
)
 
(564
)
 
(871
)
Recognized losses
 
10,791

 
15,004

 
8,617

 
535

 
1,011

 
1,017

Curtailment loss (gain)
 

 

 
219

 

 

 
4

Settlement loss
 

 
9,939

 
871

 

 

 

Special termination benefits
 

 

 
715

 

 

 

Net periodic benefit cost
 
$
5,588

 
$
18,371

 
$
3,410

 
$
2,050

 
$
2,428

 
$
2,468

Weighted-average assumptions used to determine net benefit expense for years ended December 31, are:
 
 
 
2016
 
2015
 
2014
U.S. plans:
 
 
 
 
 
 
Discount rate
 
4.65
%
 
4.25
%
 
5.20
%
Long-term rate of return
 
8.25
%
 
8.25
%
 
9.00
%
Increase in compensation
 
3.71
%
 
3.71
%
 
3.72
%
Non-U.S. plans:
 
 
 
 
 
 
Discount rate
 
2.80
%
 
2.74
%
 
3.93
%
Long-term rate of return
 
4.73
%
 
5.00
%
 
5.07
%
Increase in compensation
 
2.71
%
 
2.72
%
 
2.76
%
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
 
$
319

 
$
(295
)
Effect on postretirement benefit cost
 
14

 
(13
)
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:
2016
 
2015
 
2014
Swedish Pension Plan (ITP2)
673

 
$
343

 
$
379

Total Contributions
$
673

 
$
343

 
$
379

The accompanying balance sheets reflect the funded status of the Company’s defined benefit pension plans at December 31, 2016 and 2015, respectively. Reconciliations of the obligations and funded status of the plans follow:
 
 
 
2016
 
2015
 
 
U.S.
 
Non-U.S.
 
Total
 
U.S.
 
Non-U.S.
 
Total
Benefit obligation, January 1
 
$
385,629

 
$
75,406

 
$
461,035

 
$
433,079

 
$
80,305

 
$
513,384

Service cost
 
3,892

 
1,503

 
5,395

 
4,160

 
1,348

 
5,508

Interest cost
 
17,523

 
1,971

 
19,494

 
17,967

 
2,052

 
20,019

Amendments
 
2,405

 
(174
)
 
2,231

 

 
(463
)
 
(463
)
Actuarial loss (gain)
 
6,661

 
10,814

 
17,475

 
(16,622
)
 
(2,288
)
 
(18,910
)
Benefits paid
 
(26,497
)
 
(4,691
)
 
(31,188
)
 
(52,490
)
 
(4,244
)
 
(56,734
)
Transfers in
 

 
25,968

 
25,968

 

 
3,951

 
3,951

Plan curtailments
 

 

 

 
(465
)
 

 
(465
)
Plan settlements
 

 

 

 

 
(375
)
 
(375
)
Participant contributions
 

 
1,444

 
1,444

 

 
368

 
368

Foreign exchange rate changes
 

 
(7,902
)
 
(7,902
)
 

 
(5,248
)
 
(5,248
)
Benefit obligation, December 31
 
389,613

 
104,339

 
493,952

 
385,629

 
75,406

 
461,035

Fair value of plan assets, January 1
 
326,829

 
68,553

 
395,382

 
380,937

 
71,750

 
452,687

Actual return on plan assets
 
13,051

 
7,276

 
20,327

 
(5,045
)
 
1,264

 
(3,781
)
Company contributions
 
17,877

 
2,224

 
20,101

 
3,427

 
1,100

 
4,527

Participant contributions
 

 
1,444

 
1,444

 

 
368

 
368

Benefits paid
 
(26,497
)
 
(4,691
)
 
(31,188
)
 
(52,490
)
 
(4,244
)
 
(56,734
)
Plan settlements
 

 

 

 

 
(376
)
 
(376
)
Transfers in
 

 
18,320

 
18,320

 

 
3,434

 
3,434

Foreign exchange rate changes
 

 
(7,474
)
 
(7,474
)
 

 
(4,743
)
 
(4,743
)
Fair value of plan assets, December 31
 
331,260

 
85,652

 
416,912

 
326,829

 
68,553

 
395,382

Underfunded status, December 31
 
$
(58,353
)
 
$
(18,687
)
 
$
(77,040
)
 
$
(58,800
)
 
$
(6,853
)
 
$
(65,653
)
Amounts related to pensions recognized in the accompanying balance sheets consist of:
 
 
2016
 
2015
 
 
U.S.
 
Non-U.S.
 
Total
 
U.S.
 
Non-U.S.
 
Total
Other assets
 
$

 
$
3,017

 
$
3,017

 
$
8,389

 
$
4,561

 
$
12,950

Accrued liabilities
 
2,813

 
367

 
3,180

 
2,806

 
379

 
3,185

Accrued retirement benefits
 
55,540

 
21,337

 
76,877

 
64,383

 
11,035

 
75,418

Accumulated other non-owner changes to equity, net
 
(91,530
)
 
(19,458
)
 
(110,988
)
 
(83,014
)
 
(16,812
)
 
(99,826
)
Amounts related to pensions recognized in accumulated other non-owner changes to equity, net of tax, at December 31, 2016 and 2015, respectively, consist of:
 
 
2016
 
2015
 
 
U.S.
 
Non-U.S.
 
Total
 
U.S.
 
Non-U.S.
 
Total
Net actuarial loss
 
$
(89,772
)
 
$
(19,822
)
 
$
(109,594
)
 
$
(82,643
)
 
$
(16,999
)
 
$
(99,642
)
Prior service costs
 
(1,758
)
 
364

 
(1,394
)
 
(371
)
 
187

 
(184
)
 
 
$
(91,530
)
 
$
(19,458
)
 
$
(110,988
)
 
$
(83,014
)
 
$
(16,812
)
 
$
(99,826
)
The accompanying balance sheets reflect the underfunded status of the Company’s other postretirement benefit plans at December 31, 2016 and 2015. Reconciliations of the obligations and underfunded status of the plans follow:
 
 
 
2016
 
2015
Benefit obligation, January 1
 
$
41,706

 
$
46,814

Service cost
 
122

 
145

Interest cost
 
1,766

 
1,836

Actuarial gain
 
(3,495
)
 
(2,521
)
Benefits paid
 
(5,621
)
 
(6,970
)
Participant contributions
 
2,281

 
2,486

Foreign exchange rate changes
 
94

 
(84
)
Benefit obligation, December 31
 
36,853

 
41,706

Fair value of plan assets, January 1
 

 

Company contributions
 
3,340

 
4,484

Participant contributions
 
2,281

 
2,486

Benefits paid
 
(5,621
)
 
(6,970
)
Fair value of plan assets, December 31
 

 

Underfunded status, December 31
 
$
36,853

 
$
41,706

Amounts related to other postretirement benefits recognized in the accompanying balance sheets consist of:
 
 
 
2016
 
2015
Accrued liabilities
 
$
5,081

 
$
5,259

Accrued retirement benefits
 
31,772

 
36,447

Accumulated other non-owner changes to equity, net
 
(3,582
)
 
(5,877
)
Amounts related to other postretirement benefits recognized in accumulated other non-owner changes to equity, net of tax, at December 31, 2016 and 2015 consist of:
 
 
 
2016
 
2015
Net actuarial loss
 
$
(3,532
)
 
$
(6,061
)
Prior service credits
 
(50
)
 
184

 
 
$
(3,582
)
 
$
(5,877
)
Stock-based Compensation (Tables)
The following table summarizes information about the Company’s stock option awards during 2016:
 
 
Number of
Shares
 
Weighted-Average
Exercise
Price
Outstanding, January 1, 2016
 
644,072

 
$
25.63

Granted
 
167,105

 
31.34

Exercised
 
(203,517
)
 
20.56

Forfeited
 
(18,500
)
 
36.22

Outstanding, December 31, 2016
 
589,160

 
28.67

The following table summarizes information about stock options outstanding at December 31, 2016:
 
 
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
 
87,690

 
2.58
 
$
13.48

 
87,690

 
$
13.48

$20.69 to $24.24
 
76,584

 
5.10
 
22.65

 
76,584

 
22.65

$26.32 to $30.71
 
214,312

 
7.49
 
29.27

 
72,312

 
26.43

$33.45 to $38.96
 
210,574

 
7.91
 
36.57

 
82,350

 
36.83

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:
 
 
2016
 
2015
 
2014
Risk-free interest rate
 
1.20
%
 
1.58
%
 
1.68
%
Expected life (years)
 
5.3

 
5.3

 
5.3

Expected volatility
 
29.1
%
 
31.1
%
 
42.6
%
Expected dividend yield
 
1.94
%
 
2.06
%
 
2.24
%
The following table summarizes information about stock options outstanding that are expected to vest and stock options outstanding that are exercisable at December 31, 2016:
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)
568,820
 
$
28.67

 
$
10,667

 
6.60
 
318,936

 
$
24.65

 
$
7,263

 
4.85
The following table summarizes information about the Company’s Rights during 2016:
 
 
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, 2016
 
401,706

 
$
30.51

 
214,426

 
$
31.29

 
107,213

 
$
48.37

Granted
 
154,903

 
32.22

 
62,070

 
31.32

 
62,069

 
48.84

Forfeited
 
(16,138
)
 
34.23

 
(6,333
)
 
37.61

 
(3,476
)
 
31.46

Additional Earned
 

 

 
35,653

 
24.55

 
29,937

 
24.18

Issued
 
(193,167
)
 
34.53

 
(133,774
)
 
24.55

 
(78,997
)
 
24.18

Outstanding, December 31, 2016
 
347,304

 


 
172,042

 


 
116,746

 


Income Taxes (Tables)
A reconciliation of the U.S. federal statutory income tax rate to the consolidated effective income tax rate from continuing operations follows:
 
 
 
2016
 
2015
 
2014
U.S. federal statutory income tax rate
 
35.0
 %
 
35.0
 %
 
35.0
 %
State taxes (net of federal benefit)
 
0.4

 
0.2

 
0.5

Foreign losses without tax benefit
 
0.7

 
1.1

 
1.1

Foreign operations taxed at lower rates
 
(10.9
)
 
(12.9
)
 
(9.9
)
Repatriation from current year foreign earnings
 
1.6

 
4.3

 
2.6

Tax withholding refund
 

 
(1.9
)
 

Tax Holidays
 
(1.2
)
 
(3.2
)
 
(2.7
)
Stock awards excess tax benefit
 
(1.2
)
 

 

Other
 
1.3

 
0.6

 
1.0

Consolidated effective income tax rate
 
25.7
 %
 
23.2
 %
 
27.6
 %
The components of Income from continuing operations before income taxes and Income taxes follow:
 
 
2016
 
2015
 
2014
Income from continuing operations before income taxes:
 
 
 
 
 
 
U.S.
 
$
34,129

 
$
11,525

 
$
33,070

International
 
148,492

 
146,421

 
133,430

Income from continuing operations before income taxes
 
$
182,621

 
$
157,946

 
$
166,500

Income tax provision:
 
 
 
 
 
 
Current:
 
 
 
 
 
 
U.S. – federal
 
$
7,215

 
$
(210
)
 
$
22,673

U.S. – state
 
755

 
2,019

 
1,236

International
 
41,516

 
32,217

 
35,954

 
 
49,486

 
34,026

 
59,863

Deferred:
 
 
 
 
 
 
U.S. – federal
 
$
6,091

 
$
7,670

 
$
(6,737
)
U.S. – state
 
1,060

 
(1,137
)
 
1,279

International
 
(9,617
)
 
(3,993
)
 
(8,446
)
 
 
(2,466
)
 
2,540

 
(13,904
)
Income taxes
 
$
47,020

 
$
36,566

 
$
45,959

Deferred income tax assets and liabilities at December 31 consist of the tax effects of temporary differences related to the following:
 
 
2016
 
2015
Deferred tax assets:
 
 
 
 
Pension
 
$
27,410

 
$
25,331

Tax loss carryforwards
 
16,686

 
15,330

Inventory valuation
 
15,518

 
15,938

Other postretirement/postemployment costs
 
14,071

 
15,753

Accrued Compensation
 
10,121

 
10,242

Other
 
6,489

 
5,880

Valuation allowance
 
(14,957
)
 
(14,401
)
Total deferred tax assets
 
75,338


74,073

Deferred tax liabilities:
 





Depreciation and amortization
 
(89,198
)
 
(81,158
)
Goodwill
 
(14,871
)
 
(14,545
)
Other
 
(12,282
)
 
(16,313
)
Total deferred tax liabilities
 
(116,351
)
 
(112,016
)
Net deferred tax liabilities
 
$
(41,013
)
 
$
(37,943
)

 
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, 2016 and 2015 are presented as follows:
 
 
2016
 
2015
Current deferred tax assets

 
$

 
$
24,825

Non-current deferred tax assets
 
25,433

 
1,139

Current deferred tax liabilities (included in accrued liabilities)
 

 
(1,543
)
Non-current deferred tax liabilities
 
(66,446
)
 
(62,364
)
Net deferred tax liabilities
 
$
(41,013
)
 
$
(37,943
)
A reconciliation of the unrecognized tax benefits for 2016, 2015 and 2014 follows:
 
 
 
2016
 
2015
 
2014
Balance at January 1
 
$
10,634

 
$
8,560

 
$
8,027

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

 
1,691

 
533

Tax positions taken during the current period
 
117

 

 

Acquisition
 
2,569

 
598

 

Lapse of the applicable statute of limitations
 

 
(215
)
 

Balance at December 31
 
$
13,320

 
$
10,634

 
$
8,560

Weighted Average Shares Outstanding (Tables)
Schedule of Weighted Average Number of Shares
A reconciliation of the weighted-average number of common shares outstanding used in the calculation of basic and diluted earnings per share follows:
 
 
 
Weighted-Average Common Shares Outstanding
 
 
2016
 
2015
 
2014
Basic
 
54,191,013

 
55,028,063

 
54,791,030

Dilutive effect of:
 
 
 
 
 
 
Stock options
 
166,986

 
206,778

 
355,595

Performance share awards
 
273,314

 
278,378

 
319,704

Convertible senior subordinated debt
 

 

 
245,230

Non-Employee Director Deferred Stock Plan
 

 

 
11,708

Diluted
 
54,631,313

 
55,513,219

 
55,723,267

Changes in Accumulated Other Comprehensive Income by Component (Tables)
The following tables set forth the changes in accumulated other comprehensive income by component for the years ended December 31, 2016 and December 31, 2015:

 
Gains and Losses on Cash Flow Hedges
 
Pension and Other Postretirement Benefit Items
 
Foreign Currency Items
 
Total
January 1, 2016
$
115

 
$
(105,703
)
 
$
(37,664
)
 
$
(143,252
)
Other comprehensive loss before reclassifications to consolidated statements of income
(739
)
 
(16,137
)
 
(48,367
)
 
(65,243
)
Amounts reclassified from accumulated other comprehensive income to the consolidated statements of income
397

 
7,270

 

 
7,667

Net current-period other comprehensive loss
(342
)
 
(8,867
)
 
(48,367
)
 
(57,576
)
December 31, 2016
$
(227
)
 
$
(114,570
)
 
$
(86,031
)
 
$
(200,828
)
 
 
 
 
 
 
 
 
 
Gains and Losses on Cash Flow Hedges
 
Pension and Other Postretirement Benefit Items
 
Foreign Currency Items
 
Total
 
 
 
 
 
 
 
 
January 1, 2015
$
(732
)
 
$
(115,289
)
 
$
16,568

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

 
16,507

 

 
17,424

Net current-period other comprehensive income (loss)
847

 
9,586

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

 
$
(105,703
)
 
$
(37,664
)
 
$
(143,252
)
The following table sets forth the reclassifications out of accumulated other comprehensive income by component for the years ended December 31, 2016 and December 31, 2015:
Details about Accumulated Other Comprehensive Income Components
 
Amount Reclassified from Accumulated Other Comprehensive Income
 
Affected Line Item in the Consolidated Statements of Income
 
 
2016
 
2015
 
 
Gains and losses on cash flow hedges
 
 
 
 
 
 
     Interest rate contracts
 
$
(557
)
 
$
(853
)
 
Interest expense
     Foreign exchange contracts
 
(61
)
 
(490
)
 
Net sales
 
 
(618
)
 
(1,343
)
 
Total before tax
 
 
221

 
426

 
Tax benefit
 
 
(397
)
 
(917
)
 
Net of tax
 
 
 
 
 
 
 
Pension and other postretirement benefit items
 
 
 
 
 
 
     Amortization of prior-service credits, net
 
$
163

 
$
259

 
(A)
Amortization of actuarial losses
 
(11,326
)
 
(16,015
)
 
(A)
     Settlement loss
 

 
(9,939
)
 
(A)
 
 
(11,163
)
 
(25,695
)
 
Total before tax
 
 
3,893

 
9,188

 
Tax benefit
 
 
(7,270
)
 
(16,507
)
 
Net of tax
 
 
 
 
 
 
 
Total reclassifications in the period
 
$
(7,667
)
 
$
(17,424
)
 
 

(A) These accumulated other comprehensive income components are included within the computation of net periodic pension cost. See Note 11.

Information on Business Segments (Tables)
The following table (in millions) sets forth summarized financial information by reportable business segment:
 
 
Industrial
 
Aerospace
 
Other
 
Total Company
Sales
 
 
 
 
 
 
 
 
2016
 
$
824.2

 
$
406.5

 
$

 
$
1,230.8

2015
 
782.3

 
411.7

 

 
1,194.0

2014
 
822.1

 
440.0

 

 
1,262.0

Operating profit
 
 
 
 
 
 
 
 
2016
 
$
129.7

 
$
62.5

 
$

 
$
192.2

2015
 
103.0

 
65.4

 

 
168.4

2014
 
108.4

 
71.6

 

 
180.0

Assets
 
 
 
 
 
 
 
 
2016
 
$
1,356.1

 
$
647.8

 
$
133.7

 
$
2,137.5

2015
 
1,241.2

 
654.1

 
166.5

 
2,061.9

2014
 
1,282.0

 
655.0

 
136.9

 
2,073.9

Depreciation and amortization
 
 
 
 
 
 
 
 
2016
 
$
49.5

 
$
30.0

 
$
0.7

 
$
80.2

2015
 
46.0

 
30.8

 
1.3

 
78.2

2014
 
54.7

 
24.9

 
1.8

 
81.4

Capital expenditures
 
 
 
 
 
 
 
 
2016
 
$
25.9

 
$
21.1

 
$
0.5

 
$
47.6

2015
 
28.7

 
17.2

 
0.1

 
46.0

2014
 
36.1

 
20.9

 
0.4

 
57.4

_________________________
Notes:
One customer, General Electric, accounted for 17%, 18% and 19% of the Company’s total revenues in 2016, 2015 and 2014, respectively.
“Other” assets include corporate-controlled assets, the majority of which are cash and deferred tax assets.
A reconciliation of the total reportable segments’ operating profit to income from continuing operations before income taxes follows (in millions):

 
 
2016
 
2015
 
2014
Operating profit
 
$
192.2

 
$
168.4

 
$
180.0

Interest expense
 
11.9

 
10.7

 
11.4

Other expense (income), net
 
(2.3
)
 
(0.2
)
 
2.1

Income from continuing operations before income taxes
 
$
182.6

 
$
157.9

 
$
166.5

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

 
 
2016
 
2015
 
2014
Engineered Components Products
 
$
332.6

 
$
342.2

 
$
373.1

Molding Solutions Products
 
376.6

 
324.6

 
322.7

Nitrogen Gas Products
 
115.0

 
115.5

 
126.2

Aerospace Original Equipment Manufacturing Products
 
288.4

 
295.7

 
329.6

Aerospace Aftermarket Products and Services
 
118.2

 
116.0

 
110.4

Total net sales
 
$
1,230.8

 
$
1,194.0

 
$
1,262.0

The following table (in millions) summarizes total net sales of the Company by geographic area: 
 
 
Domestic
 
International
 
Other
 
Total
Company
Sales
 
 
 
 
 
 
 
 
2016

 
$
562.6

 
$
727.4

 
$
(59.2
)
 
$
1,230.8

2015

 
589.6

 
661.7

 
(57.3
)
 
1,194.0

2014

 
618.9

 
677.6

 
(34.5
)
 
1,262.0

Long-lived assets
 
 
 
 
 
 
 
 
2016

 
$
368.2

 
$
1,135.5

 
$

 
$
1,503.6

2015

 
379.2

 
1,069.9

 

 
1,449.1

2014

 
380.6

 
1,094.9

 

 
1,475.4

_________________________
Notes:
Germany, with sales of $238.3 million, $210.5 million and $249.9 million in 2016, 2015 and 2014, respectively, represents the only international country with revenues in excess of 10% of the Company's total revenues.
“Other” revenues represent the elimination of intercompany sales between geographic locations, of which approximately 82% were sales from international locations to domestic locations.
Germany, with long-lived assets of $449.9 million, $362.7 million and $410.0 million in 2016, 2015 and 2014, respectively, Singapore, with long-lived assets of $238.3 million, $246.4 million and $255.3 million in 2016, 2015 and 2014, respectively, Switzerland, with long-lived assets of $169.3 million, $167.0 million and $165.7 million in 2016, 2015 and 2014, respectively and China with long-lived assets of $151.7 million in 2014, represent the only international countries that exceeded 10% of the Company's total long-lived assets in those years.
Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Details) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
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
 
 
Foreign Currency Transaction Gain (Loss), before Tax
1,873 
(505)
1,466 
Research and Development Expense
$ 12,913 
$ 12,688 
$ 15,782 
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 
 
 
Computer equipment [Member] |
Minimum [Member]
 
 
 
Schedule of Useful Lives [Line Items]
 
 
 
Property, Plant and Equipment, Useful Life
3 years 
 
 
Computer equipment [Member] |
Maximum [Member]
 
 
 
Schedule of Useful Lives [Line Items]
 
 
 
Property, Plant and Equipment, Useful Life
5 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 
 
 
Acquisitions (Details)
In Thousands, unless otherwise specified
3 Months Ended 12 Months Ended 0 Months Ended 12 Months Ended 3 Months Ended 12 Months Ended 3 Months Ended 5 Months Ended 12 Months Ended
Sep. 30, 2016
subsidiary
Dec. 31, 2015
USD ($)
subsidiary
Sep. 30, 2015
subsidiary
Dec. 31, 2016
USD ($)
Dec. 31, 2014
USD ($)
Aug. 31, 2016
FOBOHA Business [Member]
USD ($)
Aug. 31, 2016
FOBOHA Business [Member]
CHF
Dec. 31, 2016
FOBOHA Business [Member]
USD ($)
Aug. 31, 2016
FOBOHA Business [Member]
USD ($)
Aug. 31, 2016
FOBOHA Business [Member]
CHF
Dec. 31, 2015
Priamus [Member]
USD ($)
employee
Dec. 31, 2015
Priamus [Member]
CHF
employee
Dec. 31, 2016
Priamus [Member]
USD ($)
Dec. 31, 2015
Priamus System Technologies AG [Member]
subsidiary
Sep. 30, 2015
Thermoplay [Member]
USD ($)
Sep. 30, 2015
Thermoplay [Member]
EUR (€)
Dec. 31, 2015
Thermoplay [Member]
USD ($)
Dec. 31, 2016
Thermoplay [Member]
USD ($)
Dec. 31, 2015
Thermoplay [Member]
CHF
Business Acquisition [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period of acquisitions
 
 
 
2 years 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Aggregate purchase price
 
 
 
 
 
 
 
 
 
 
$ 10,111 
 9,879 
 
 
$ 63,690 
€ 58,066 
 
 
 
Adjustments under terms of Share Purchase Agreement
 
 
 
 
 
 
 
 
11,530 
11,342 
 
 
 
 
18,706 
17,054 
1,592 
 
1,556 
Number of subsidiaries included in business acquisition
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Number of employees
 
 
 
 
 
 
 
 
 
 
40 
40 
 
 
 
 
 
 
 
Cash paid
 
 
 
 
 
138,596 
136,337 
 
 
 
 
 
 
 
 
 
 
 
 
Acquisition related costs
 
 
 
 
 
 
 
2,193 
 
 
 
 
574 
 
 
 
 
2,195 
 
Sales since date of acquisition
 
 
 
 
 
 
 
18,348 
 
 
2,028 
 
 
 
 
 
13,593 
 
 
Other intangible assets
 
 
 
 
 
 
 
 
39,800 
 
 
 
 
 
 
 
 
 
 
Goodwill
 
$ 587,992 
 
$ 633,436 
$ 594,949 
 
 
 
$ 73,688 
 
 
 
 
 
 
 
 
 
 
Inventories (Details) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2016
Dec. 31, 2015
Inventory Disclosure [Abstract]
 
 
Finished goods
$ 71,100 
$ 76,836 
Work-in-process
98,246 
77,061 
Raw material and supplies
58,413 
54,714 
Inventories
$ 227,759 
$ 208,611 
Property, Plant and Equipment (Details) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Property, Plant and Equipment [Line Items]
 
 
 
Property, plant and equipment, gross
$ 762,187 
$ 714,807 
 
Less accumulated depreciation
(427,698)
(405,951)
 
Property, plant and equipment, net
334,489 
308,856 
 
Depreciation expense
43,165 
39,654 
41,875 
Land [Member]
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
Property, plant and equipment, gross
19,952 
19,153 
 
Buildings [Member]
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
Property, plant and equipment, gross
169,695 
156,294 
 
Machinery and equipment [Member]
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
Property, plant and equipment, gross
$ 572,540 
$ 539,360 
 
Goodwill and Other Intangible Assets (Details) (USD $)
12 Months Ended 1 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended 1 Months Ended 12 Months Ended 12 Months Ended 3 Months Ended 3 Months Ended 3 Months Ended 12 Months Ended 9 Months Ended 12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Aug. 31, 2016
FOBOHA Business [Member]
Aug. 31, 2016
Customer Relationships [Member]
FOBOHA Business [Member]
Dec. 31, 2016
Revenue sharing programs [Member]
Dec. 31, 2015
Revenue sharing programs [Member]
Dec. 31, 2016
Revenue sharing programs [Member]
Maximum [Member]
Dec. 31, 2016
Component Repair Program [Member]
Dec. 31, 2015
Component Repair Program [Member]
Dec. 31, 2016
Component Repair Program [Member]
Maximum [Member]
Dec. 31, 2016
Customer lists/relationships [Member]
Dec. 31, 2015
Customer lists/relationships [Member]
Dec. 31, 2016
Customer lists/relationships [Member]
Minimum [Member]
Dec. 31, 2016
Customer lists/relationships [Member]
Maximum [Member]
Dec. 31, 2016
Patents And Technology [Member]
Dec. 31, 2015
Patents And Technology [Member]
Dec. 31, 2016
Patents And Technology [Member]
Minimum [Member]
Dec. 31, 2016
Patents And Technology [Member]
Maximum [Member]
Aug. 31, 2016
Patents And Technology [Member]
FOBOHA Business [Member]
Dec. 31, 2016
Trademarks, Trade Names [Member]
Dec. 31, 2015
Trademarks, Trade Names [Member]
Dec. 31, 2016
Trademarks, Trade Names [Member]
Minimum [Member]
Dec. 31, 2016
Trademarks, Trade Names [Member]
Maximum [Member]
Dec. 31, 2016
Unamoritized Trade Name [Member]
Dec. 31, 2015
Unamoritized Trade Name [Member]
Aug. 31, 2016
Unamoritized Trade Name [Member]
FOBOHA Business [Member]
Dec. 31, 2016
Other [Member]
Dec. 31, 2015
Other [Member]
Dec. 31, 2016
Other [Member]
Maximum [Member]
Mar. 31, 2016
Component Repair Program One [Member]
Dec. 31, 2014
Component Repair Program One [Member]
Dec. 31, 2013
Component Repair Program One [Member]
Dec. 31, 2016
Component Repair Program One [Member]
Jun. 30, 2015
Component Repair Program Two [Member]
Dec. 31, 2014
Component Repair Program Two [Member]
Jun. 30, 2014
Component Repair Program Two [Member]
Dec. 31, 2016
Component Repair Program Two [Member]
Dec. 31, 2016
Component Repair Program Three [Member]
Dec. 31, 2015
Component Repair Program Three [Member]
Dec. 31, 2016
Industrial [Member]
Dec. 31, 2015
Industrial [Member]
Sep. 30, 2015
Industrial [Member]
FOBOHA Business [Member]
Aug. 31, 2016
Industrial [Member]
FOBOHA Business [Member]
Dec. 31, 2016
Aerospace [Member]
Dec. 31, 2015
Aerospace [Member]
Goodwill [Roll Forward]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Goodwill, beginning of period
$ 587,992,000 
$ 594,949,000 
 
$ 73,688,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$ 557,206,000 
$ 564,163,000 
 
 
$ 30,786,000 
$ 30,786,000 
Acquisition-related
73,688,000 
22,798,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
73,688,000 
22,798,000 
73,688,000 
 
Foreign currency translation
(28,244,000)
(29,755,000)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(28,244,000)
(29,755,000)
 
 
Goodwill, end of period
633,436,000 
587,992,000 
594,949,000 
73,688,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
602,650,000 
557,206,000 
 
 
30,786,000 
30,786,000 
Other Intangible Assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Range of life (in years)
 
 
 
 
 
 
 
30 years 
 
 
30 years 
 
 
10 years 
16 years 
 
 
4 years 
14 years 
 
 
 
10 years 
30 years 
 
 
 
 
 
15 years 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Finite Lived Intangible Assets Before Foreign Currency Translation Adjustment
737,358,000 
701,958,000 
 
 
 
293,700,000 
293,700,000 
 
111,839,000 
111,839,000 
 
215,266,000 
194,566,000 
 
 
84,052,000 
69,352,000 
 
 
 
11,950,000 
11,950,000 
 
 
42,770,000 
38,370,000 
4,400,000 
20,551,000 
20,551,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Finite Lived Intangible Assets Foreign Currency Translation Adjustment
(34,272,000)
(25,161,000)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Finite-Lived Intangible Assets, Accumulated Amortization
(223,598,000)
(186,845,000)
 
 
 
(95,701,000)
(84,629,000)
 
(10,497,000)
(6,054,000)
 
(53,198,000)
(41,786,000)
 
 
(37,897,000)
(29,551,000)
 
 
 
(9,967,000)
(9,412,000)
 
 
 
 
 
(16,338,000)
(15,413,000)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Finite-Lived Intangible Assets, Gross
745,856,000 
715,167,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Intangible Assets, Future Amortization Expense
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Amortization of intangible assets expected in 2017
39,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Amortization of intangible assets expected in 2018
40,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Amortization of intangible assets expected in 2019
39,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Amortization of intangible assets expected in 2020
36,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Amortization of intangible assets expected in 2021
36,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Component Repair Program Payments Consideration
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
26,639,000 
 
 
 
80,000,000 
5,200,000 
 
 
 
 
 
 
 
Component Repair Program Payments
4,100,000 
21,000,000 
70,100,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
900,000 
9,100,000 
16,639,000 
 
19,000,000 
20,000,000 
41,000,000 
 
3,200,000 
2,000,000 
 
 
 
 
 
 
Other intangible assets
 
 
 
39,800,000 
20,700,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
14,700,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Goodwill expected tax deductible amount
43,860,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Amortization of Intangible Assets
$ 36,753,000 
$ 38,502,000 
$ 37,125,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Acquired Finite-lived Intangible Asset, Weighted Average Useful Life
 
 
 
 
16 years 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
7 years 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Accrued Liabilities (Details) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2016
Dec. 31, 2015
Accrued Liabilities [Abstract]
 
 
Payroll and other compensation
$ 37,560 
$ 27,186 
Deferred revenue and customer advances
34,812 
16,453 
CRP Accrual
4,100 
Pension and other postretirement benefits
8,261 
8,444 
Accrued income taxes
26,477 
25,682 
Other
49,857 
49,455 
Accrued liabilities
$ 156,967 
$ 131,320 
Debt and Commitments (Details Narrative) (USD $)
12 Months Ended 12 Months Ended 0 Months Ended 12 Months Ended 12 Months Ended 0 Months Ended 1 Months Ended 0 Months Ended 1 Months Ended 0 Months Ended 1 Months Ended 0 Months Ended 1 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Interest Expense [Member]
Dec. 31, 2016
Convertible Debt [Member]
Dec. 31, 2015
Convertible Debt [Member]
Dec. 31, 2016
Bank Overdrafts [Member]
Dec. 31, 2015
Bank Overdrafts [Member]
Dec. 31, 2016
Line of Credit [Member]
Dec. 31, 2015
Line of Credit [Member]
Jun. 24, 2014
Convertible Debt [Member]
3.375% Convertible Notes [Member]
Dec. 31, 2016
Convertible Debt [Member]
3.375% Convertible Notes [Member]
Jun. 30, 2014
Convertible Debt [Member]
3.375% Convertible Notes [Member]
Jun. 24, 2014
Convertible Debt [Member]
3.375% Convertible Notes [Member]
Jun. 16, 2014
Convertible Debt [Member]
3.375% Convertible Notes [Member]
Dec. 31, 2016
Revolving Credit Agreement [Member]
Dec. 31, 2015
Revolving Credit Agreement [Member]
Dec. 31, 2016
Revolving Credit Agreement [Member]
Subsidiaries [Member]
Dec. 31, 2016
Bank Overdrafts [Member]
Dec. 31, 2016
Senior Notes [Member]
3.97% Senior Notes [Member]
Dec. 31, 2015
Senior Notes [Member]
3.97% Senior Notes [Member]
Oct. 15, 2014
Senior Notes [Member]
3.97% Senior Notes [Member]
Dec. 31, 2016
Foreign bank borrowings [Member]
Dec. 31, 2015
Foreign bank borrowings [Member]
Dec. 31, 2016
Euro [Member]
Revolving Credit Agreement [Member]
Dec. 31, 2016
London Interbank Offered Rate (LIBOR) [Member]
Minimum [Member]
Revolving Credit Agreement [Member]
Dec. 31, 2016
London Interbank Offered Rate (LIBOR) [Member]
Maximum [Member]
Revolving Credit Agreement [Member]
Dec. 31, 2016
Revolving Credit Facility [Member]
Dec. 31, 2016
Revolving Credit Facility [Member]
Fourth Amendment, Maturity February 2022 [Member]
Feb. 24, 2017
Subsequent Event [Member]
Revolving Credit Facility [Member]
Fourth Amendment, Maturity February 2022 [Member]
Feb. 2, 2017
Subsequent Event [Member]
Revolving Credit Facility [Member]
Fourth Amendment, Maturity February 2022 [Member]
Feb. 2, 2017
Subsequent Event [Member]
Revolving Credit Facility [Member]
Fourth Amendment, Maturity February 2022, Accordion Feature [Member]
Feb. 24, 2017
Subsequent Event [Member]
Revolving Credit Facility [Member]
Euro [Member]
Fourth Amendment, Maturity February 2022 [Member]
Feb. 2, 2017
Subsequent Event [Member]
Revolving Credit Facility [Member]
Euro [Member]
Fourth Amendment, Maturity February 2022 [Member]
Feb. 24, 2017
Subsequent Event [Member]
Revolving Credit Facility [Member]
Sterling [Member]
Fourth Amendment, Maturity February 2022 [Member]
Feb. 24, 2017
Subsequent Event [Member]
Revolving Credit Facility [Member]
Swiss Franc [Member]
Fourth Amendment, Maturity February 2022 [Member]
Feb. 2, 2017
Subsequent Event [Member]
Revolving Credit Facility [Member]
London Interbank Offered Rate (LIBOR) [Member]
Minimum [Member]
Fourth Amendment, Maturity February 2022 [Member]
Feb. 24, 2017
Subsequent Event [Member]
Revolving Credit Facility [Member]
London Interbank Offered Rate (LIBOR) [Member]
Minimum [Member]
Fourth Amendment, Maturity February 2022 [Member]
Feb. 2, 2017
Subsequent Event [Member]
Revolving Credit Facility [Member]
London Interbank Offered Rate (LIBOR) [Member]
Maximum [Member]
Fourth Amendment, Maturity February 2022 [Member]
Feb. 24, 2017
Subsequent Event [Member]
Revolving Credit Facility [Member]
London Interbank Offered Rate (LIBOR) [Member]
Maximum [Member]
Fourth Amendment, Maturity February 2022 [Member]
Feb. 2, 2017
Subsequent Event [Member]
Revolving Credit Facility [Member]
Base Rate [Member]
Minimum [Member]
Fourth Amendment, Maturity February 2022 [Member]
Feb. 24, 2017
Subsequent Event [Member]
Revolving Credit Facility [Member]
Base Rate [Member]
Minimum [Member]
Fourth Amendment, Maturity February 2022 [Member]
Feb. 2, 2017
Subsequent Event [Member]
Revolving Credit Facility [Member]
Base Rate [Member]
Maximum [Member]
Fourth Amendment, Maturity February 2022 [Member]
Feb. 24, 2017
Subsequent Event [Member]
Revolving Credit Facility [Member]
Base Rate [Member]
Maximum [Member]
Fourth Amendment, Maturity February 2022 [Member]
Debt Instrument [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt instrument, face amount
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$ 100,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Convertible notes stated interest rate
 
 
 
 
 
 
 
 
 
 
 
 
3.375% 
 
3.375% 
 
 
 
 
 
 
3.97% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Carrying amount of debt
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
363,300,000 
379,700,000 
 
 
100,000,000 
100,000,000 
 
1,416,000 
421,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Repayments of convertible debt, including premium on conversion
 
 
 
 
 
 
 
 
 
 
70,497,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Premium paid on convertible debt redemption
14,868,000 
 
 
 
 
 
 
 
14,868,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Adjustments to additional paid in capital, premium paid on convertible debt redemption
 
 
 
 
 
 
 
 
 
 
9,326,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Adjustments to additional paid in capital, income tax benefit from premium paid on convertible debt redemption, tax
 
 
 
 
 
 
 
 
 
 
5,542,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Contingent convertible debt interest, amount recaptured for income tax purpose
 
 
 
 
 
 
 
 
 
 
23,565,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Reduction in short-term deferred tax liabilities
 
 
 
 
 
 
 
 
 
 
8,784,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt instrument, convertible, effective interest rate
 
 
 
 
 
 
 
 
 
 
 
8.00% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Maximum borrowing capacity
 
 
 
 
 
 
 
 
55,000,000 
 
 
 
 
 
 
750,000,000 
 
 
 
 
 
 
 
 
500,000,000 
 
 
 
 
850,000,000 
850,000,000 
350,000,000 
600,000,000 
600,000,000 
600,000,000 
600,000,000 
 
 
 
 
 
 
 
 
Line of Credit Facility With Accordian Feature, Maximum Borrowing Capacity
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1,000,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt Instrument, Prepayment Percentage of Principal Amount
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
100.00% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt Conversion, Converted Instrument, Amount Redeemed with Accrued Interest
 
 
 
 
 
 
 
 
 
 
7,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt Conversion, Converted Instrument, Amount
 
 
 
 
 
 
 
 
 
 
55,405,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Basis spread on variable rate
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1.10% 
1.70% 
 
 
 
 
 
 
 
 
 
1.10% 
1.10% 
1.70% 
1.70% 
0.10% 
0.10% 
0.70% 
0.70% 
Fees and expenses paid with amendment
 
 
 
1,261,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Line of credit facility, amount outstanding
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
363,300,000 
379,700,000 
100,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Line of credit facility remaining borrowing capacity
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
386,700,000 
370,300,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Line of credit facility, interest rate at period end
 
 
 
 
 
 
 
 
1.96% 
1.56% 
 
 
 
 
 
1.86% 
1.50% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt Instrument, Covenant, Consolidated Senior Credit to Consolidated EBITDA (not more than)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
3.25 
 
3.25 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt Instrument, Covenant, Total Consolidated Debt to Consolidated EBITDA (not more than)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
4.00 
 
3.75 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt Instrument, Covenant, Consolidated EBITDA to Consolidated Cash Interest Expense (not less than)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
4.25 
 
4.25 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt Instrument, Covenant, Material Acquisition, Consolidated Senior Credit to Consolidated EBITDA (not more than)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
3.50 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt Instrument, Covenant, Material Acquisition, Total Consolidated Debt to Consolidated EBITDA (not more than)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
4.25 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes and overdrafts payable
30,825,000 
22,680,000 
 
 
 
 
125,000 
180,000 
30,700,000 
22,500,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Repayment period
 
 
 
 
 
 
 
 
1 month 
 
 
 
 
 
 
 
 
 
2 days 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Letters of credit outstanding, amount
7,320,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Convertible Note Repurchases, Par Value
 
 
 
 
 
 
 
 
 
 
 
 
 
 
224,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Convertible notes
 
 
 
 
 
 
 
 
 
 
 
55,412,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Long-term Debt, Maturities, Repayments of Principal, thereafter
101,784,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
363,300,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Long-term Debt, Maturities, Repayments of Principal in 2018
$ 364,467,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt and Commitments (Details 1) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2016
Dec. 31, 2015
Debt Instrument [Line Items]
 
 
Fair Value
$ 504,528 
$ 508,265 
Borrowings under lines of credit and overdrafts
30,825 
22,680 
Total debt, net of unamortized discounts
500,954 
509,906 
Less current maturities
(32,892)
(24,195)
Long-term debt
468,062 
485,711 
Revolving Credit Agreement [Member]
 
 
Debt Instrument [Line Items]
 
 
Carrying Amount
363,300 
379,700 
Fair Value
364,775 
375,188 
Senior Notes [Member] |
3.97% Senior Notes [Member]
 
 
Debt Instrument [Line Items]
 
 
Carrying Amount
100,000 
100,000 
Fair Value
101,598 
102,484 
Lines of credit and overdrafts [Member]
 
 
Debt Instrument [Line Items]
 
 
Fair Value
30,825 
22,680 
Borrowings under lines of credit and overdrafts
30,825 
22,680 
Capital Lease Obligations [Member]
 
 
Debt Instrument [Line Items]
 
 
Carrying Amount
5,413 
7,105 
Fair Value
5,902 
7,503 
Foreign bank borrowings [Member]
 
 
Debt Instrument [Line Items]
 
 
Carrying Amount
1,416 
421 
Fair Value
$ 1,428 
$ 410 
Debt and Commitments (Details 2) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2014
Debt Instrument [Line Items]
 
Interest expense on convertible notes
$ 1,777 
Coupon [Member] |
Convertible Debt [Member] |
3.375% Convertible Notes [Member]
 
Debt Instrument [Line Items]
 
Interest expense on convertible notes
1,046 
Debt discount amortization [Member] |
Convertible Debt [Member] |
3.375% Convertible Notes [Member]
 
Debt Instrument [Line Items]
 
Interest expense on convertible notes
$ 731 
Debt and Commitments (Details 3) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2016
Debt Disclosure [Abstract]
 
Long-term Debt, Maturities, Repayments of Principal in 2017
$ 32,892 
Long-term Debt, Maturities, Repayments of Principal in 2018
364,467 
Long-term Debt, Maturities, Repayments of Principal in 2019
838 
Long-term Debt, Maturities, Repayments of Principal in 2020
445 
Long-term Debt, Maturities, Repayments of Principal in 2021
528 
Long-term Debt, Maturities, Repayments of Principal, thereafter
$ 101,784 
Debt and Commitments (Details 4) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Debt Disclosure [Abstract]
 
 
 
Interest Paid
$ 11,471 
$ 10,550 
$ 10,471 
Interest Capitalized
$ 324 
$ 422 
$ 359 
Business Reorganization (Details) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2014
employee
Restructuring Cost and Reserve [Line Items]
 
Number of positions eliminated
50 
Restructuring and related costs
$ 6,020 
One-time Termination Benefits [Member]
 
Restructuring Cost and Reserve [Line Items]
 
Restructuring and related costs
2,182 
Other Restructuring [Member]
 
Restructuring Cost and Reserve [Line Items]
 
Restructuring and related costs
$ 3,838 
Derivatives (Details) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2016
Dec. 31, 2015
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract]
 
 
Derivative Liabilities
$ (1,754)
$ (458)
Designated as Hedging Instrument [Member]
 
 
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract]
 
 
Derivative Liabilities
(255)
(357)
Prepaid Assets and Other Current Assets [Member]
 
 
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract]
 
 
Derivative Assets
397 
699 
Prepaid Assets and Other Current Assets [Member] |
Designated as Hedging Instrument [Member]
 
 
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract]
 
 
Derivative Assets
484 
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
Prepaid Assets and Other Current Assets [Member] |
Designated as Hedging Instrument [Member] |
Foreign Exchange Contracts [Member]
 
 
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract]
 
 
Derivative Assets
484 
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
397 
215 
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
(177)
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
(1,499)
(101)
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
$ (78)
$ (357)
Derivatives (Details 1) (USD $)
In Thousands, unless otherwise specified
12 Months Ended 1 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2016
Foreign Exchange Contracts [Member]
Dec. 31, 2015
Foreign Exchange Contracts [Member]
Dec. 31, 2016
Designated as Hedging Instrument [Member]
Cash Flow Hedging [Member]
Dec. 31, 2015
Designated as Hedging Instrument [Member]
Cash Flow Hedging [Member]
Dec. 31, 2016
Designated as Hedging Instrument [Member]
Cash Flow Hedging [Member]
Interest Rate Contracts [Member]
Dec. 31, 2015
Designated as Hedging Instrument [Member]
Cash Flow Hedging [Member]
Interest Rate Contracts [Member]
Dec. 31, 2016
Designated as Hedging Instrument [Member]
Cash Flow Hedging [Member]
Foreign Exchange Contracts [Member]
Dec. 31, 2015
Designated as Hedging Instrument [Member]
Cash Flow Hedging [Member]
Foreign Exchange Contracts [Member]
Dec. 31, 2016
Not Designated as Hedging Instrument [Member]
Foreign Exchange Contracts [Member]
Dec. 31, 2015
Not Designated as Hedging Instrument [Member]
Foreign Exchange Contracts [Member]
Apr. 30, 2012
Interest Rate Swap [Member]
Designated as Hedging Instrument [Member]
Cash Flow Hedging [Member]
Bank
Apr. 30, 2012
London Interbank Offered Rate (LIBOR) [Member]
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
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Derivative, Amount of Hedged Item
 
 
 
 
 
 
 
 
 
 
 
 
 
$ 100,000 
 
Derivative, Fixed Interest Rate
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1.03% 
Maximum Remaining Maturity of Foreign Currency Derivatives
2 years 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other
4,771 
9,850 
(338)
5,221 
10,309 
 
 
 
 
 
 
 
 
 
 
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net
 
 
 
 
 
(342)
847 
174 
(39)
(516)
886 
 
 
 
 
Derivative, Net Hedge Ineffectiveness Gain (Loss)
 
 
 
 
 
 
 
 
 
 
 
 
 
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net
 
 
 
 
 
 
 
 
 
 
 
$ 2,297 
$ 8,215 
 
 
Fair Value Measurements (Details) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2016
Minimum [Member]
Dec. 31, 2016
Maximum [Member]
Dec. 31, 2016
Fair Value, Measurements, Recurring
Estimate of Fair Value Measurement [Member]
Dec. 31, 2015
Fair Value, Measurements, Recurring
Estimate of Fair Value Measurement [Member]
Dec. 31, 2016
Fair Value, Measurements, Recurring
Quoted Prices in Active Markets for Identical Assets (Level 1)
Dec. 31, 2015
Fair Value, Measurements, Recurring
Quoted Prices in Active Markets for Identical Assets (Level 1)
Dec. 31, 2016
Fair Value, Measurements, Recurring
Significant Other Observable Inputs (Level 2)
Dec. 31, 2015
Fair Value, Measurements, Recurring
Significant Other Observable Inputs (Level 2)
Dec. 31, 2016
Fair Value, Measurements, Recurring
Significant Unobservable Inputs (Level 3)
Dec. 31, 2015
Fair Value, Measurements, Recurring
Significant Unobservable Inputs (Level 3)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
Derivative Assets
 
 
 
 
$ 397 
$ 699 
$ 0 
$ 0 
$ 397 
$ 699 
$ 0 
$ 0 
Derivative Liabilities
(1,754)
(458)
 
 
(1,754)
(458)
(1,754)
(458)
Bank acceptances
 
 
 
 
9,690 
10,823 
9,690 
10,823 
Rabbi Trust Asset Fair Value Disclosure
 
 
 
 
2,216 
2,159 
2,216 
2,159 
Fair value net asset (liability)
 
 
 
 
$ 10,549 
$ 13,223 
$ 2,216 
$ 2,159 
$ 8,333 
$ 11,064 
$ 0 
$ 0 
Maturity of Bank Acceptances
 
 
3 months 
6 months 
 
 
 
 
 
 
 
 
Pension and Other Postretirement Benefits (Details 1) (USD $)
In Thousands, unless otherwise specified
12 Months Ended 1 Months Ended 12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2015
Defined benefit pension plans, U.S. [Member]
Dec. 31, 2016
Defined benefit pension plans, U.S. [Member]
Dec. 31, 2015
Defined benefit pension plans, U.S. [Member]
Dec. 31, 2015
Defined benefit pension plans, U.S. [Member]
Selling, General and Administrative Expenses [Member]
Dec. 31, 2016
Retirement Savings Plan [Member]
Dec. 31, 2015
Retirement Savings Plan [Member]
Dec. 31, 2014
Retirement Savings Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
 
 
 
 
 
 
 
 
 
 
Contribution expense
$ 5,907 
$ 5,347 
$ 5,213 
 
 
 
 
$ 3,660 
$ 3,666 
$ 3,278 
Annual Retirement Contribution Percent
 
 
 
 
 
 
 
4.00% 
 
 
Defined Benefit Plan, Benefits Paid
 
 
 
27,986 
26,497 
52,490 
 
 
 
 
Pension lump-sum settlement charge
$ 0 
$ 9,856 
$ 0 
 
$ 0 
$ 0 
$ 9,856 
 
 
 
Pension and Other Postretirement Benefits (Details 2) (USD $)
In Thousands, unless otherwise specified
12 Months Ended 1 Months Ended 12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2016
Defined benefit pension plans [Member]
Dec. 31, 2015
Defined benefit pension plans [Member]
Dec. 31, 2014
Defined benefit pension plans [Member]
Dec. 31, 2015
Defined benefit pension plans, U.S. [Member]
Dec. 31, 2016
Defined benefit pension plans, U.S. [Member]
Dec. 31, 2015
Defined benefit pension plans, U.S. [Member]
Dec. 31, 2016
Defined benefit pension plans, Non-U.S. [Member]
Dec. 31, 2015
Defined benefit pension plans, Non-U.S. [Member]
Dec. 31, 2016
Other postretirement benefit plans [Member]
Dec. 31, 2015
Other postretirement benefit plans [Member]
Dec. 31, 2014
Other postretirement benefit plans [Member]
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Benefit obligation, beginning balance
 
 
 
$ 461,035 
$ 513,384 
 
 
$ 385,629 
$ 433,079 
$ 75,406 
$ 80,305 
$ 41,706 
$ 46,814 
 
Service cost
 
 
 
5,395 
5,508 
4,546 
 
3,892 
4,160 
1,503 
1,348 
122 
145 
139 
Interest cost
 
 
 
19,494 
20,019 
22,026 
 
17,523 
17,967 
1,971 
2,052 
1,766 
1,836 
2,179 
Amendments
 
 
 
2,231 
(463)
 
 
2,405 
(174)
(463)
 
 
 
Actuarial loss
 
 
 
17,475 
(18,910)
 
 
6,661 
(16,622)
10,814 
(2,288)
(3,495)
(2,521)
 
Benefits paid
 
 
 
(31,188)
(56,734)
 
(27,986)
(26,497)
(52,490)
(4,691)
(4,244)
(5,621)
(6,970)
 
Transfers in
 
 
 
25,968 
3,951 
 
 
25,968 
3,951 
 
 
 
Curtailment gain
 
 
 
(465)
 
 
(465)
 
 
 
Plan Settlement
(9,856)
(375)
 
 
(375)
 
 
 
Participant contributions
 
 
 
1,444 
368 
 
 
1,444 
368 
2,281 
2,486 
 
Foreign exchange rate changes
 
 
 
(7,902)
(5,248)
 
 
(7,902)
(5,248)
94 
(84)
 
Benefit obligation, ending balance
 
 
 
493,952 
461,035 
513,384 
385,629 
389,613 
385,629 
104,339 
75,406 
36,853 
41,706 
46,814 
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fair value of plan assets, beginning balance
 
 
 
395,382 
452,687 
 
 
326,829 
380,937 
68,553 
71,750 
 
Actual return on plan assets
 
 
 
20,327 
(3,781)
 
 
13,051 
(5,045)
7,276 
1,264 
 
 
 
Company contributions
 
 
 
20,101 
4,527 
 
 
17,877 
3,427 
2,224 
1,100 
3,340 
4,484 
 
Participant contributions
 
 
 
1,444 
368 
 
 
1,444 
368 
2,281 
2,486 
 
Benefits paid
 
 
 
(31,188)
(56,734)
 
(27,986)
(26,497)
(52,490)
(4,691)
(4,244)
(5,621)
(6,970)
 
Plan Settlements
 
 
 
(376)
 
 
(376)
 
 
 
Transfers in
 
 
 
18,320 
3,434 
 
 
18,320 
3,434 
 
 
 
Foreign exchange rate changes
 
 
 
(7,474)
(4,743)
 
 
(7,474)
(4,743)
 
 
 
Fair value of plan assets, ending balance
 
 
 
416,912 
395,382 
452,687 
326,829 
331,260 
326,829 
85,652 
68,553 
Funded/(underfunded) status, December 31
 
 
 
$ (77,040)
$ (65,653)
 
$ (58,800)
$ (58,353)
$ (58,800)
$ (18,687)
$ (6,853)
$ 36,853 
$ 41,706 
 
Pension and Other Postretirement Benefits (Details 3) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2016
Dec. 31, 2015
Defined benefit pension plans [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Projected benefit obligation, related to pension plans with benefit obligations in excess of plan assets
$ 450,673 
$ 303,072 
Fair value of plan assets, related to pension plans with benefit obligations in excess of plan assets
370,616 
224,469 
Defined benefit pension plans, U.S. [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Projected benefit obligation, related to pension plans with benefit obligations in excess of plan assets
389,613 
271,459 
Fair value of plan assets, related to pension plans with benefit obligations in excess of plan assets
331,260 
204,270 
Defined benefit pension plans, Non-U.S. [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Projected benefit obligation, related to pension plans with benefit obligations in excess of plan assets
61,060 
31,613 
Fair value of plan assets, related to pension plans with benefit obligations in excess of plan assets
$ 39,356 
$ 20,199 
Pension and Other Postretirement Benefits (Details 4) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2016
Dec. 31, 2015
Defined benefit pension plans [Member]
 
 
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets [Abstract]
 
 
Projected benefit obligation
$ 450,627 
$ 302,019 
Accumulated benefit obligation
437,999 
289,170 
Fair value of plan assets
370,616 
223,526 
Total accumulated benefit obligation
481,241 
447,591 
Defined benefit pension plans, U.S. [Member]
 
 
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets [Abstract]
 
 
Projected benefit obligation
389,613 
271,459 
Accumulated benefit obligation
378,431 
262,172 
Fair value of plan assets
331,260 
204,270 
Defined benefit pension plans, Non-U.S. [Member]
 
 
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets [Abstract]
 
 
Projected benefit obligation
61,014 
30,560 
Accumulated benefit obligation
59,568 
26,998 
Fair value of plan assets
$ 39,356 
$ 19,256 
Pension and Other Postretirement Benefits (Details 5) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2016
Dec. 31, 2015
Defined Benefit Plan Disclosure [Line Items]
 
 
Accrued liabilities
$ 8,261 
$ 8,444 
Accrued retirement benefits
109,350 
112,888 
Defined benefit pension plans [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Other assets
3,017 
12,950 
Accrued liabilities
3,180 
3,185 
Accrued retirement benefits
76,877 
75,418 
Accumulated other non-owner changes to equity, net
(110,988)
(99,826)
Net actuarial loss
(109,594)
(99,642)
Prior service costs
(1,394)
(184)
Defined benefit pension plans, U.S. [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Other assets
8,389 
Accrued liabilities
2,813 
2,806 
Accrued retirement benefits
55,540 
64,383 
Accumulated other non-owner changes to equity, net
(91,530)
(83,014)
Net actuarial loss
(89,772)
(82,643)
Prior service costs
(1,758)
(371)
Defined benefit pension plans, Non-U.S. [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Other assets
3,017 
4,561 
Accrued liabilities
367 
379 
Accrued retirement benefits
21,337 
11,035 
Accumulated other non-owner changes to equity, net
(19,458)
(16,812)
Net actuarial loss
(19,822)
(16,999)
Prior service costs
364 
187 
Other postretirement benefit plans [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Accrued liabilities
5,081 
5,259 
Accrued retirement benefits
31,772 
36,447 
Accumulated other non-owner changes to equity, net
(3,582)
(5,877)
Net actuarial loss
(3,532)
(6,061)
Prior service costs
$ (50)
$ 184 
Pension and Other Postretirement Benefits (Details 6) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax
$ 8,867 1
$ (9,586)1
$ 42,016 1
Defined benefit pension plans [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Prior service cost
(1,334)
 
 
Net loss
(18,378)
 
 
Amortization of prior service costs (credits)
142 
 
 
Amortization of actuarial loss
7,030 
 
 
Foreign exchange rate changes
1,378 
 
 
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax
(11,162)
 
 
Other postretirement benefit plans [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Prior service cost
 
 
Net loss
2,194 
 
 
Amortization of prior service costs (credits)
(234)
 
 
Amortization of actuarial loss
332 
 
 
Foreign exchange rate changes
 
 
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax
$ 2,295 
 
 
Pension and Other Postretirement Benefits (Details 7)
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Defined benefit pension plans, U.S. [Member]
 
 
 
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract]
 
 
 
Discount rate
4.50% 
4.65% 
 
Increase in compensation
2.56% 
3.71% 
 
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract]
 
 
 
Discount rate
4.65% 
4.25% 
5.20% 
Long-term rate of return
8.25% 
8.25% 
9.00% 
Increase in compensation
3.71% 
3.71% 
3.72% 
Defined benefit pension plans, Non-U.S. [Member]
 
 
 
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract]
 
 
 
Discount rate
1.60% 
2.80% 
 
Increase in compensation
2.29% 
2.71% 
 
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract]
 
 
 
Discount rate
2.80% 
2.74% 
3.93% 
Long-term rate of return
4.73% 
5.00% 
5.07% 
Increase in compensation
2.71% 
2.72% 
2.76% 
Pension and Other Postretirement Benefits (Details 8) (Defined benefit pension plans [Member])
12 Months Ended
Dec. 31, 2016
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
30.00% 
Other Investments [Member]
 
Defined Benefit Plan Disclosure [Line Items]
 
The weighted-average target investment allocations in equity securities
5.00% 
Pension and Other Postretirement Benefits (Details 9) (Defined benefit pension plans [Member], USD $)
In Thousands, unless otherwise specified
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Fair Value of Plan Assets
$ 416,912 
$ 395,382 
$ 452,687 
Quoted Prices in Active Markets for Identical Assets (Level 1)
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Fair Value of Plan Assets
82,927 
141,951 
 
Significant Other Observable Inputs (Level 2)
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Fair Value of Plan Assets
331,858 
251,574 
 
Significant Unobservable Inputs (Level 3)
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Fair Value of Plan Assets
2,127 
1,857 
 
Cash and short-term investments [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Fair Value of Plan Assets
3,207 
18,795 
 
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
3,207 
18,795 
 
Cash and short-term investments [Member] |
Significant Other Observable Inputs (Level 2)
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Fair Value of Plan Assets
 
Cash and short-term investments [Member] |
Significant Unobservable Inputs (Level 3)
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Fair Value of Plan Assets
 
Equity Securities, U.S. large-cap [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Fair Value of Plan Assets
39,162 
67,274 
 
Equity Securities, U.S. large-cap [Member] |
Quoted Prices in Active Markets for Identical Assets (Level 1)
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Fair Value of Plan Assets
28,190 
 
Equity Securities, U.S. large-cap [Member] |
Significant Other Observable Inputs (Level 2)
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Fair Value of Plan Assets
39,162 
39,084 
 
Equity Securities, U.S. large-cap [Member] |
Significant Unobservable Inputs (Level 3)
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Fair Value of Plan Assets
 
Equity Securities, U.S. mid-cap [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Fair Value of Plan Assets
12,724 
38,790 
 
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
12,724 
38,790 
 
Equity Securities, U.S. mid-cap [Member] |
Significant Other Observable Inputs (Level 2)
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Fair Value of Plan Assets
 
Equity Securities, U.S. mid-cap [Member] |
Significant Unobservable Inputs (Level 3)
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Fair Value of Plan Assets
 
Equity Securities, U.S. small-cap [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Fair Value of Plan Assets
19,551 
38,248 
 
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
19,551 
38,248 
 
Equity Securities, U.S. small-cap [Member] |
Significant Other Observable Inputs (Level 2)
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Fair Value of Plan Assets
 
Equity Securities, U.S. small-cap [Member] |
Significant Unobservable Inputs (Level 3)
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Fair Value of Plan Assets
 
Equity Securities, International equities [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Fair Value of Plan Assets
135,514 
91,563 
 
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
 
Equity Securities, International equities [Member] |
Significant Other Observable Inputs (Level 2)
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Fair Value of Plan Assets
135,514 
91,563 
 
Equity Securities, International equities [Member] |
Significant Unobservable Inputs (Level 3)
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Fair Value of Plan Assets
 
Equity Securities, Global Entity [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Fair Value of Plan Assets
47,445 
17,928 
 
Equity Securities, Global Entity [Member] |
Quoted Prices in Active Markets for Identical Assets (Level 1)
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Fair Value of Plan Assets
47,445 
17,928 
 
Equity Securities, Global Entity [Member] |
Significant Other Observable Inputs (Level 2)
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Fair Value of Plan Assets
 
 
Equity Securities, Global Entity [Member] |
Significant Unobservable Inputs (Level 3)
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Fair Value of Plan Assets
 
 
U.S. bond funds [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Fair Value of Plan Assets
103,399 
84,645 
 
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
 
U.S. bond funds [Member] |
Significant Other Observable Inputs (Level 2)
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Fair Value of Plan Assets
103,399 
84,645 
 
U.S. bond funds [Member] |
Significant Unobservable Inputs (Level 3)
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Fair Value of Plan Assets
 
International bonds [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Fair Value of Plan Assets
53,783 
36,282 
 
International bonds [Member] |
Quoted Prices in Active Markets for Identical Assets (Level 1)
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Fair Value of Plan Assets
 
International bonds [Member] |
Significant Other Observable Inputs (Level 2)
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Fair Value of Plan Assets
53,783 
36,282 
 
International bonds [Member] |
Significant Unobservable Inputs (Level 3)
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Fair Value of Plan Assets
 
Other [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Fair Value of Plan Assets
2,127 
1,857 
 
Other [Member] |
Quoted Prices in Active Markets for Identical Assets (Level 1)
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Fair Value of Plan Assets
 
Other [Member] |
Significant Other Observable Inputs (Level 2)
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Fair Value of Plan Assets
 
Other [Member] |
Significant Unobservable Inputs (Level 3)
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Fair Value of Plan Assets
$ 2,127 
$ 1,857 
 
Pension and Other Postretirement Benefits (Details 10) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2016
Defined benefit pension plans [Member]
 
Defined Benefit Plan Disclosure [Line Items]
 
Estimated future employer contributions in next fiscal year
$ 4,935 
Defined Benefit Plan, Estimated Future Benefit Payments [Abstract]
 
2017
28,703 
2018
28,577 
2019
28,878 
2020
28,810 
2021
28,994 
Years 2022-2026
144,566 
Total
288,528 
Other postretirement benefit plans [Member]
 
Defined Benefit Plan, Estimated Future Benefit Payments [Abstract]
 
2017
3,983 
2018
3,352 
2019
3,176 
2020
3,294 
2021
3,095 
Years 2022-2026
12,906 
Total
$ 29,806 
Pension and Other Postretirement Benefits (Details 11) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Defined benefit pension plans [Member]
 
 
 
Pension and other postretirement benefits expenses
 
 
 
Service cost
$ 5,395 
$ 5,508 
$ 4,546 
Interest cost
19,494 
20,019 
22,026 
Expected return on plan assets
(30,302)
(32,404)
(34,232)
Amortization of prior service cost
210 
305 
648 
Recognized losses
10,791 
15,004 
8,617 
Curtailment loss gain
219 
Settlement loss
9,939 
871 
Special termination benefit
715 
Net periodic benefit cost
5,588 
18,371 
3,410 
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
9,997 
 
 
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
441 
 
 
Other postretirement benefit plans [Member]
 
 
 
Pension and other postretirement benefits expenses
 
 
 
Service cost
122 
145 
139 
Interest cost
1,766 
1,836 
2,179 
Expected return on plan assets
Amortization of prior service cost
(373)
(564)
(871)
Recognized losses
535 
1,011 
1,017 
Curtailment loss gain
Settlement loss
Special termination benefit
Net periodic benefit cost
2,050 
2,428 
2,468 
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
276 
 
 
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
$ (68)
 
 
Pension and Other Postretirement Benefits (Details 12) (Other postretirement benefit plans [Member], USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Other postretirement benefit plans [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Ultimate health care cost trend rate
4.50% 
 
Health care cost trend rate assumed
6.44% 
6.65% 
Defined Benefit Plan, Effect of One-Percentage Point Change in Assumed Health Care Cost Trend Rates [Abstract]
 
 
One Percentage Point Increase, Effect on postretirement benefit oblilgation
$ 319 
 
One Percentage Point Decrease, Effect on postretirement benefit oblilgation
(295)
 
One Percentage Point Increase, Effect on postretirement benefit cost
14 
 
One Percentage Point Decrease, Effect on postretirement benefit cost
$ (13)
 
Pension and Other Postretirement Benefits (Details 13) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Multiemployer Plans [Line Items]
 
 
 
Contributions by the Company
$ 673 
$ 343 
$ 379 
Multi-employer pension plan [Member] |
Swedish Pension Plan (ITP) (B) [Member]
 
 
 
Multiemployer Plans [Line Items]
 
 
 
Contributions by the Company
$ 673 
$ 343 
$ 379 
Stock-based Compensation - Narrative (Details) (USD $)
In Thousands, except Per Share data, unless otherwise specified
12 Months Ended 3 Months Ended 6 Months Ended 9 Months Ended 12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2016
State [Member]
Dec. 31, 2016
Minimum [Member]
Dec. 31, 2016
Maximum [Member]
Dec. 31, 2016
Performance Share Awards [Member]
Mar. 31, 2016
New Accounting Pronouncement, Early Adoption, Effect [Member]
Mar. 31, 2015
New Accounting Pronouncement, Early Adoption, Effect [Member]
Jun. 30, 2016
New Accounting Pronouncement, Early Adoption, Effect [Member]
Jun. 30, 2015
New Accounting Pronouncement, Early Adoption, Effect [Member]
Sep. 30, 2015
New Accounting Pronouncement, Early Adoption, Effect [Member]
Dec. 31, 2015
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
$ 2,229 
 
 
$ 198 
 
 
 
$ 413 
$ 1,402 
$ 524 
$ 2,320 
$ 7,519 
$ 7,580 
Award vesting period
 
 
 
 
6 months 
5 years 
3 years 
 
 
 
 
 
 
Performance period
 
 
 
 
 
 
3 years 
 
 
 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Term
10 years 
 
 
 
 
 
 
 
 
 
 
 
 
Allocated Share-based Compensation Expense
11,493 
9,258 
7,603 
 
 
 
 
 
 
 
 
 
 
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense
4,284 
3,451 
2,834 
 
 
 
 
 
 
 
 
 
 
Adjustments to Additional Paid in Capital, Income Tax Benefit from Share-based Compensation
 
2,667 
4,888 
 
 
 
 
 
 
 
 
 
 
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized
12,519 
 
 
 
 
 
 
 
 
 
 
 
 
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition
2 years 0 months 4 days 
 
 
 
 
 
 
 
 
 
 
 
 
Employee Service Share-based Compensation, Cash Received from Exercise of Stock Options
4,184 
11,022 
11,024 
 
 
 
 
 
 
 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Total Intrinsic Value
$ 4,464 
$ 8,331 
$ 11,178 
 
 
 
 
 
 
 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value
$ 7.01 
$ 8.86 
$ 12.14 
 
 
 
 
 
 
 
 
 
 
Stock-Based Compensation (Details 1) (USD $)
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Share-based Compensation [Abstract]
 
 
Weighted-Average Exercise Price, Options Outstanding
$ 28.67 
$ 25.63 
Weighted-Average Exercise Price, Options Granted
$ 31.34 
 
Weighted-Average Exercise Price, Options Exercised
$ 20.56 
 
Weighted-Average Exercise Price, Options Forfeited
$ 36.22 
 
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
 
 
Options Outstanding
644,072 
 
Granted
167,105 
 
Exercised
(203,517)
 
Forfeited
(18,500)
 
Options Outstanding
589,160 
 
Stock-Based Compensation (Details 2) (USD $)
12 Months Ended
Dec. 31, 2016
$11.45 to $15.83
 
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
 
Options Outstanding, Number of Shares
87,690 
Options Outstanding, Average Remaining Life (Years)
2 years 6 months 29 days 
Options Outstanding, Average Exercise Price
$ 13.48 
Options Exercisable, Number of Shares
87,690 
Options Exercisable, Average Exercise Price
$ 13.48 
Range of Exercise Prices, Lower Range Limit
$ 11.45 
Range of Exercise Prices, Upper Range Limit
$ 15.83 
$20.69 to $24.24
 
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
 
Options Outstanding, Number of Shares
76,584 
Options Outstanding, Average Remaining Life (Years)
5 years 1 month 6 days 
Options Outstanding, Average Exercise Price
$ 22.65 
Options Exercisable, Number of Shares
76,584 
Options Exercisable, Average Exercise Price
$ 22.65 
Range of Exercise Prices, Lower Range Limit
$ 20.69 
Range of Exercise Prices, Upper Range Limit
$ 24.24 
$26.32 to $30.71
 
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
 
Options Outstanding, Number of Shares
214,312 
Options Outstanding, Average Remaining Life (Years)
7 years 5 months 27 days 
Options Outstanding, Average Exercise Price
$ 29.27 
Options Exercisable, Number of Shares
72,312 
Options Exercisable, Average Exercise Price
$ 26.43 
Range of Exercise Prices, Lower Range Limit
$ 26.32 
Range of Exercise Prices, Upper Range Limit
$ 30.71 
$33.45 to $38.96
 
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
 
Options Outstanding, Number of Shares
210,574 
Options Outstanding, Average Remaining Life (Years)
7 years 10 months 28 days 
Options Outstanding, Average Exercise Price
$ 36.57 
Options Exercisable, Number of Shares
82,350 
Options Exercisable, Average Exercise Price
$ 36.83 
Range of Exercise Prices, Lower Range Limit
$ 33.45 
Range of Exercise Prices, Upper Range Limit
$ 38.96 
Stock-Based Compensation (Details 3)
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
 
 
 
Risk-free interest rate
1.20% 
1.58% 
1.68% 
Expected life (years)
5 years 3 months 18 days 
5 years 3 months 18 days 
5 years 3 months 18 days 
Expected volatility
29.10% 
31.10% 
42.60% 
Expected dividend yield
1.94% 
2.06% 
2.24% 
Stock-Based Compensation (Details 4) (USD $)
In Thousands, except Share data, unless otherwise specified
12 Months Ended
Dec. 31, 2016
Share-based Compensation [Abstract]
 
Options Outstanding, Expected to Vest, Shares
568,820 
Options Outstanding, Expected to Vest, Weighted-Average Exercise Price
$ 28.67 
Options Outstanding, Expected to Vest, Aggregate Intrinsic Value
$ 10,667 
Options Outstanding, Expected to Vest, Weighted-Average Remaining Term
6 years 7 months 6 days 
Options Outstanding, Exercisable, Shares
318,936 
Options Outstanding, Exercisable, Weighted-Average Exercise Price
$ 24.65 
Options Outstanding, Exercisable, Aggregate Intrinsic Value
$ 7,263 
Options Outstanding, Exercisable, Weighted-Average Remaining Term
4 years 10 months 6 days 
Stock-Based Compensation (Details 5) (USD $)
12 Months Ended
Dec. 31, 2016
metric
Dec. 31, 2015
Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract]
 
 
 
Number Of Metrics Used To Measure Performance Goals
 
 
Risk-free interest rate
1.20% 
1.58% 
1.68% 
Expected volatility
29.10% 
31.10% 
42.60% 
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
107,213 
 
 
Granted
62,069 
 
 
Forfeited
(3,476)
 
 
Additional Earned
29,937 
 
 
Vested/Issued
(78,997)
 
 
Awards Outstanding
116,746 
 
 
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
$ 48.37 
 
 
Weighted-Average Grant Date Fair Value, Awards Granted
$ 48.84 
 
 
Weighted-Average Grant Date Fair Value, Awards Forfeited
$ 31.46 
 
 
Weighted-Average Grant Date Fair Value, Additional Earned
$ 24.18 
 
 
Weighted-Average Grant Date Fair Value, Awards Vested/Issued
$ 24.18 
 
 
Weighted-Average Grant Date Fair Value, Awards Outstanding
   
 
 
Service And Performance Based Rights [Member]
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward]
 
 
 
Awards Outstanding
214,426 
 
 
Granted
62,070 
 
 
Forfeited
(6,333)
 
 
Additional Earned
35,653 
 
 
Vested/Issued
(133,774)
 
 
Awards Outstanding
172,042 
 
 
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
$ 31.29 
 
 
Weighted-Average Grant Date Fair Value, Awards Granted
$ 31.32 
 
 
Weighted-Average Grant Date Fair Value, Awards Forfeited
$ 37.61 
 
 
Weighted-Average Grant Date Fair Value, Additional Earned
$ 24.55 
 
 
Weighted-Average Grant Date Fair Value, Awards Vested/Issued
$ 24.55 
 
 
Weighted-Average Grant Date Fair Value, Awards Outstanding
   
 
 
Restricted stock units [Member]
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward]
 
 
 
Awards Outstanding
401,706 
 
 
Granted
154,903 
 
 
Forfeited
(16,138)
 
 
Additional Earned
 
 
Vested/Issued
(193,167)
 
 
Awards Outstanding
347,304 
 
 
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
$ 30.51 
 
 
Weighted-Average Grant Date Fair Value, Awards Granted
$ 32.22 
 
 
Weighted-Average Grant Date Fair Value, Awards Forfeited
$ 34.23 
 
 
Weighted-Average Grant Date Fair Value, Additional Earned
$ 0.00 
 
 
Weighted-Average Grant Date Fair Value, Awards Vested/Issued
$ 34.53 
 
 
Weighted-Average Grant Date Fair Value, Awards Outstanding
   
 
 
Performance Share Awards [Member]
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward]
 
 
 
Granted
124,139 
 
 
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
0.83% 
 
 
Expected volatility
22.90% 
 
 
Income Taxes (Details) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Income from continuing operations before income taxes:
 
 
 
U.S.
$ 34,129 
$ 11,525 
$ 33,070 
International
148,492 
146,421 
133,430 
Income from continuing operations before income taxes
182,621 
157,900 
166,500 
Current:
 
 
 
U.S. – federal
7,215 
(210)
22,673 
U.S. – state
755 
2,019 
1,236 
International
41,516 
32,217 
35,954 
Current Income Tax Expense (Benefit)
49,486 
34,026 
59,863 
Deferred:
 
 
 
U.S. – federal
6,091 
7,670 
(6,737)
U.S. – state
1,060 
(1,137)
1,279 
International
(9,617)
(3,993)
(8,446)
Deferred Income Tax Expense (Benefit)
(2,466)
2,540 
(13,904)
Income taxes
$ 47,020 
$ 36,566 
$ 45,959 
Income Taxes (Details 1) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2016
Dec. 31, 2015
Deferred tax assets:
 
 
Pension
$ 27,410 
$ 25,331 
Tax loss carryforwards
16,686 
15,330 
Inventory valuation
15,518 
15,938 
Other postretirement/postemployment costs
14,071 
15,753 
Accrued Compensation
10,121 
10,242 
Other
6,489 
5,880 
Valuation allowance
(14,957)
(14,401)
Total deferred tax assets
75,338 
74,073 
Current deferred tax assets
24,825 
Non-current deferred tax assets
25,433 
1,139 
Deferred tax liabilities:
 
 
Depreciation and amortization
89,198 
81,158 
Goodwill
(14,871)
(14,545)
Other
(12,282)
(16,313)
Total deferred tax liabilities
116,351 
112,016 
Net deferred tax liabilities
(41,013)
(37,943)
Current deferred tax liabilities (included in accrued liabilities)
(1,543)
Non-current deferred tax liabilities
$ (66,446)
$ (62,364)
Income Taxes (Details 2) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2016
Operating Loss Carryforwards [Line Items]
 
Tax loss carryforwards
$ 68,752 
Tax Credit Carryforwards, Carryforward Period, Minimum
1 year 
Tax Credit Carryforwards, Carryforward Period, Maximum
5 years 
Tax credit carryforward (1-5 years)
154 
U.S. Federal
 
Operating Loss Carryforwards [Line Items]
 
Tax loss carryforwards
2,757 
Tax Credit Carryforwards, Carryforward Period, Maximum
18 years 
State [Member]
 
Operating Loss Carryforwards [Line Items]
 
Tax Credit Carryforwards, Carryforward Period, Minimum
1 year 
Tax Credit Carryforwards, Carryforward Period, Maximum
20 years 
International [Member]
 
Operating Loss Carryforwards [Line Items]
 
Tax loss carryforwards
55,882 
Tax Credit Carryforwards, Carryforward Period, Minimum
1 year 
Tax Credit Carryforwards, Carryforward Period, Maximum
20 years 
International with Unlimited Carryforward Periods [Member]
 
Operating Loss Carryforwards [Line Items]
 
Tax loss carryforwards
$ 10,113 
Income Taxes (Details 3) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Income Tax Disclosure [Abstract]
 
 
 
The company has not recognized deferred income taxes of undistributed earnings of its international subsidiaries
$ 1,081,352 
 
 
The Company repatriated a dividend from a portion of current year foreign earnings to the U.S. in the amount of
8,328 
 
 
Dividend increased tax expense by
$ 2,890 
 
 
Dividend increased tax expense by
1.60% 
4.30% 
2.60% 
Income Taxes (Details 4)
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Income Tax Disclosure [Abstract]
 
 
 
U.S. federal statutory income tax rate
35.00% 
35.00% 
35.00% 
State taxes (net of federal benefit)
0.40% 
0.20% 
0.50% 
Foreign losses without tax benefit
0.70% 
1.10% 
1.10% 
Foreign operations taxed at lower rates
(10.90%)
(12.90%)
(9.90%)
Repatriation from current year foreign earnings
1.60% 
4.30% 
2.60% 
Tax withholding refund
0.00% 
(1.90%)
0.00% 
Tax Holidays
(1.20%)
(3.20%)
(2.70%)
Stock awards excess tax benefit
(1.20%)
0.00% 
0.00% 
Other
1.30% 
0.60% 
1.00% 
Consolidated effective income tax rate
25.70% 
23.20% 
27.60% 
Income Taxes (Details 5) (USD $)
In Thousands, except Per Share data, unless otherwise specified
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Income Tax Holiday [Line Items]
 
 
 
Income taxes paid globally, net of refunds
$ 40,842 
$ 31,895 
$ 33,146 
Singapore and China [Member]
 
 
 
Income Tax Holiday [Line Items]
 
 
 
Tax benefits
$ 2,245 
$ 5,000 
$ 4,513 
Tax benefits (in dollars per share)
$ 0.04 
$ 0.09 
$ 0.08 
Income Taxes (Details 6) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
 
 
 
Balance at January 1
$ 10,634 
$ 8,560 
$ 8,027 
Tax positions taken during prior periods
1,691 
533 
Tax positions taken during the current period
117 
Acquisition
2,569 
598 
Lapse of the applicable statute of limitations
(215)
Balance at December 31
13,320 
10,634 
8,560 
Interest and penalties
(337)
616 
The liability for unrecognized tax benefits included accrued interest
$ 1,838 
$ 1,923 
$ 1,031 
Common Stock (Details) (USD $)
In Thousands, except Share data, unless otherwise specified
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Class of Stock [Line Items]
 
 
 
Common stock repurchases, value
$ 20,520 
$ 52,103 
$ 8,389 
Common Stock [Member]
 
 
 
Class of Stock [Line Items]
 
 
 
Treasury shares issued (in shares)
Employee stock plans (in shares)
621,259 
841,164 
923,852 
Treasury Stock [Member]
 
 
 
Class of Stock [Line Items]
 
 
 
Common stock repurchases (in shares)
550,994 
1,352,596 
220,794 
Common stock repurchases, value
$ 20,520 
$ 52,103 
$ 8,389 
Preferred Stock Preferred Stock (Details)
Dec. 31, 2016
Dec. 31, 2015
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
Stock Plans (Details) (USD $)
In Thousands, except Share data, unless otherwise specified
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Contribution expense
$ 5,907 
$ 5,347 
$ 5,213 
Retirement Savings Plan [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Employer match of employee contributions to Retirement Savings Plan
50.00% 
 
 
Share-based compensation arrangement by share-based payment award, maximum salary percentage of employer match
6.00% 
 
 
Annual Retirement Contribution Percent
4.00% 
 
 
Contribution expense
$ 3,660 
$ 3,666 
$ 3,278 
Shares held by Retirement Savings Plan
1,226,034 
 
 
Stock Plans (Details 1) (Employee Stock Purchase Plan [Member], USD $)
In Thousands, except Share data, unless otherwise specified
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Employee Stock Purchase Plan [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Maximum employee contribution to ESPP
$ 25 
 
 
Maximum employee contribution to ESPP, percent of base compensation
10.00% 
 
 
Common Stock Discount Purchase Price
95.00% 
 
 
Shares Available Under Employee Stock Purchase Plan
4,550,000 
 
 
Stock Issued During Period, Shares, Employee Stock Purchase Plans
11,804 
11,246 
12,770 
Proceeds from Stock Plans
$ 427 
$ 403 
$ 436 
Number Of Shares Available Under Employee Stock Purchase Plan
285,399 
 
 
Stock Plans (Details 2) (USD $)
In Thousands, except Share data, unless otherwise specified
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Dec. 15, 2005
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
 
Allocated Share-based Compensation Expense
$ 11,493 
$ 9,258 
$ 7,603 
 
Employee Stock Ownership Program [Member]
 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized
6,900,000 
 
 
 
Barnes Group Stock And Incentive Award Plan [Member]
 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
 
Common Stock, Capital Shares Reserved for Future Issuance
6,913,978 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized
5,700,000 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant
6,108,925 
 
 
 
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
38,400 
 
 
 
Award vesting period
3 years 
 
 
 
Number of Common Shares Awarded, Non Employee Directors
 
 
 
12,000 
Dividend Equivalent Paid To Non Employee Director Deferred Stock Plan
$ 21 
$ 26 
$ 28 
 
Allocated Share-based Compensation Expense
$ 28 
$ 16 
$ 16 
 
Value Of Restricted Stock Units Granted
$ 50 
 
 
 
All Stock Plans [Member]
 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
 
Common Stock, Capital Shares Reserved for Future Issuance
7,689,323 
 
 
 
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
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant
1,256,599 
 
 
 
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) (USD $)
In Thousands, except Share data, unless otherwise specified
12 Months Ended 12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Jun. 30, 2014
3.375% Convertible Notes [Member]
Convertible Debt [Member]
Jun. 24, 2014
3.375% Convertible Notes [Member]
Convertible Debt [Member]
Jun. 16, 2014
3.375% Convertible Notes [Member]
Convertible Debt [Member]
Dec. 31, 2016
Stock options [Member]
Dec. 31, 2015
Stock options [Member]
Dec. 31, 2014
Stock options [Member]
Dec. 31, 2016
Stock options [Member]
Dec. 31, 2015
Stock options [Member]
Dec. 31, 2014
Stock options [Member]
Dec. 31, 2016
Performance share awards [Member]
Dec. 31, 2015
Performance share awards [Member]
Dec. 31, 2014
Performance share awards [Member]
Dec. 31, 2016
Non Employee Director Deferred Stock Plan [Member]
Dec. 31, 2015
Non Employee Director Deferred Stock Plan [Member]
Dec. 31, 2014
Non Employee Director Deferred Stock Plan [Member]
Weighted Average Shares Outstanding [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Basic (in shares)
54,191,013 
55,028,063 
54,791,030 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Dilutive effect of:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares attributable to share-based payment arrangements (in shares)
 
 
 
 
 
 
 
 
 
166,986 
206,778 
355,595 
273,314 
278,378 
319,704 
11,708 
Diluted (in shares)
54,631,313 
55,513,219 
55,723,267 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount
 
 
 
 
 
 
262,336 
214,032 
89,924 
 
 
 
 
 
 
 
 
 
Convertible Note Repurchases, Par Value
 
 
 
 
 
$ 224 
 
 
 
 
 
 
 
 
 
 
 
 
Convertible notes stated interest rate
 
 
 
3.375% 
 
3.375% 
 
 
 
 
 
 
 
 
 
 
 
 
Convertible notes
 
 
 
 
$ 55,412 
 
 
 
 
 
 
 
 
 
 
 
 
 
Incremental Common Shares Attributable to Conversion of Debt Securities
245,230 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Changes in Accumulated Other Comprehensive Income by Component (Details) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Changes in Accumulated Other Comprehensive Income by Component [Roll Forward]
 
 
 
Accumulated other comprehensive income (loss)
$ (143,252)
$ (99,453)
 
Other comprehensive income before reclassifications to consolidated statements of income
(65,243)
(61,223)
 
Amounts reclassified from accumulated other comprehensive (loss) income to the consolidated statements of income
7,667 
17,424 
 
Total other comprehensive loss, net of tax
(57,576)
(43,799)
(125,397)
Accumulated other comprehensive income (loss)
(200,828)
(143,252)
(99,453)
Gains and Losses on Cash Flow Hedges
 
 
 
Changes in Accumulated Other Comprehensive Income by Component [Roll Forward]
 
 
 
Accumulated other comprehensive income (loss)
115 
(732)
 
Other comprehensive income before reclassifications to consolidated statements of income
(739)
(70)
 
Amounts reclassified from accumulated other comprehensive (loss) income to the consolidated statements of income
397 
917 
 
Total other comprehensive loss, net of tax
(342)
847 
 
Accumulated other comprehensive income (loss)
(227)
115 
 
Pension and Other Postretirement Benefit Items
 
 
 
Changes in Accumulated Other Comprehensive Income by Component [Roll Forward]
 
 
 
Accumulated other comprehensive income (loss)
(105,703)
(115,289)
 
Other comprehensive income before reclassifications to consolidated statements of income
(16,137)
(6,921)
 
Amounts reclassified from accumulated other comprehensive (loss) income to the consolidated statements of income
7,270 
16,507 
 
Total other comprehensive loss, net of tax
(8,867)
9,586 
 
Accumulated other comprehensive income (loss)
(114,570)
(105,703)
 
Foreign Currency Items
 
 
 
Changes in Accumulated Other Comprehensive Income by Component [Roll Forward]
 
 
 
Accumulated other comprehensive income (loss)
(37,664)
16,568 
 
Other comprehensive income before reclassifications to consolidated statements of income
(48,367)
(54,232)
 
Amounts reclassified from accumulated other comprehensive (loss) income to the consolidated statements of income
 
Total other comprehensive loss, net of tax
(48,367)
(54,232)
 
Accumulated other comprehensive income (loss)
$ (86,031)
$ (37,664)
 
Changes in Accumulated Other Comprehensive Income by Component (Details 2) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
 
 
 
Interest expense
$ (11,883)
$ (10,698)
$ (11,392)
Net sales
1,230,754 
1,193,975 
1,262,006 
Income from continuing operations before income taxes
182,621 
157,900 
166,500 
Tax benefit
(47,020)
(36,566)
(45,959)
Income from continuing operations
135,601 
121,380 
120,541 
Total reclassifications in the period
135,601 
121,380 
118,370 
Reclassification out of Accumulated Other Comprehensive Income [Member]
 
 
 
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
 
 
 
Total reclassifications in the period
(7,667)
(17,424)
 
Reclassification out of Accumulated Other Comprehensive Income [Member] |
Gains and Losses on Cash Flow Hedges
 
 
 
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
 
 
 
Income from continuing operations before income taxes
(618)
(1,343)
 
Tax benefit
221 
426 
 
Income from continuing operations
(397)
(917)
 
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
(557)
(853)
 
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
(61)
(490)
 
Reclassification out of Accumulated Other Comprehensive Income [Member] |
Pension and Other Postretirement Benefit Items
 
 
 
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
 
 
 
Income from continuing operations before income taxes
(11,163)
(25,695)
 
Tax benefit
3,893 
9,188 
 
Income from continuing operations
(7,270)
(16,507)
 
Amortization of prior-service credits, net
163 
259 
 
Amortization of actuarial losses
(11,326)
(16,015)
 
Settlement loss
$ 0 
$ (9,939)
 
Information on Business Segments (Details) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Segment Reporting Information [Line Items]
 
 
 
Revenues
$ 1,230,754 
$ 1,193,975 
$ 1,262,006 
Operating profit
192,178 
168,396 
180,000 
Assets
2,137,539 
2,061,900 
2,073,900 
Depreciation and amortization
80,154 
78,242 
81,395 
Capital expenditures
47,600 
45,982 
57,365 
Interest expense
11,883 
10,698 
11,392 
Other expense (income), net
(2,326)
(248)
2,082 
Income from continuing operations before income taxes
182,621 
157,900 
166,500 
General Electric [Member]
 
 
 
Segment Reporting Information [Line Items]
 
 
 
Revenue by major customer
17.00% 
18.00% 
19.00% 
Aerospace [Member]
 
 
 
Segment Reporting Information [Line Items]
 
 
 
Revenues
406,500 
411,700 
440,000 
Operating profit
62,500 
65,400 
71,600 
Assets
647,800 
654,100 
655,000 
Depreciation and amortization
30,000 
30,800 
24,900 
Capital expenditures
21,100 
17,200 
20,900 
Industrial [Member]
 
 
 
Segment Reporting Information [Line Items]
 
 
 
Revenues
824,200 
782,300 
822,100 
Operating profit
129,700 
103,000 
108,400 
Assets
1,356,100 
1,241,200 
1,282,000 
Depreciation and amortization
49,500 
46,000 
54,700 
Capital expenditures
25,900 
28,700 
36,100 
Other [Member]
 
 
 
Segment Reporting Information [Line Items]
 
 
 
Revenues
Operating profit
Assets
133,700 
166,500 
136,900 
Depreciation and amortization
700 
1,300 
1,800 
Capital expenditures
$ 500 
$ 100 
$ 400 
Information on Business Segments (Details 1) (USD $)
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Revenues from External Customers and Long-Lived Assets [Line Items]
 
 
 
Revenues
$ 1,230,754,000 
$ 1,193,975,000 
$ 1,262,006,000 
Long-lived assets
1,503,600,000 
1,449,100,000 
1,475,400,000 
Sales from international locations to domestic locations
82.00% 
 
 
Domestic [Member]
 
 
 
Revenues from External Customers and Long-Lived Assets [Line Items]
 
 
 
Revenues
562,600,000 
589,600,000 
618,900,000 
Long-lived assets
368,200,000 
379,200,000 
380,600,000 
International [Member]
 
 
 
Revenues from External Customers and Long-Lived Assets [Line Items]
 
 
 
Revenues
727,400,000 
661,700,000 
677,600,000 
Long-lived assets
1,135,500,000 
1,069,900,000 
1,094,900,000 
Other [Member]
 
 
 
Revenues from External Customers and Long-Lived Assets [Line Items]
 
 
 
Revenues
(59,200,000)
(57,300,000)
(34,500,000)
Long-lived assets
Singapore [Member]
 
 
 
Revenues from External Customers and Long-Lived Assets [Line Items]
 
 
 
Long-lived assets
238,300,000 
246,400,000 
255,300,000 
China [Member]
 
 
 
Revenues from External Customers and Long-Lived Assets [Line Items]
 
 
 
Long-lived assets
 
 
151,700,000 
Germany [Member]
 
 
 
Revenues from External Customers and Long-Lived Assets [Line Items]
 
 
 
Revenues
238,300,000 
210,500,000 
249,900,000 
Long-lived assets
449,900,000 
362,700,000 
410,000,000 
Switzerland [Member]
 
 
 
Revenues from External Customers and Long-Lived Assets [Line Items]
 
 
 
Long-lived assets
169,300,000 
167,000,000 
165,700,000 
Engineered Components Products [Member]
 
 
 
Revenues from External Customers and Long-Lived Assets [Line Items]
 
 
 
Revenues
332,600,000 
342,200,000 
373,100,000 
Molding Solutions Products [Member]
 
 
 
Revenues from External Customers and Long-Lived Assets [Line Items]
 
 
 
Revenues
376,600,000 
324,600,000 
322,700,000 
Nitrogen Gas Products [Member]
 
 
 
Revenues from External Customers and Long-Lived Assets [Line Items]
 
 
 
Revenues
115,000,000 
115,500,000 
126,200,000 
Aerospace Original Equipment Manufacturing Products [Member]
 
 
 
Revenues from External Customers and Long-Lived Assets [Line Items]
 
 
 
Revenues
288,400,000 
295,700,000 
329,600,000 
Aerospace Aftermarket Products and Services [Member]
 
 
 
Revenues from External Customers and Long-Lived Assets [Line Items]
 
 
 
Revenues
$ 118,200,000 
$ 116,000,000 
$ 110,400,000 
Commitments and Contingencies (Details) (USD $)
In Thousands, unless otherwise specified
12 Months Ended 0 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Jan. 3, 2017
Subsequent Event [Member]
Contract Matters with Triumph [Member]
Leases [Abstract]
 
 
 
 
Operating Leases, Rent Expense
$ 12,939 
$ 11,166 
$ 12,745 
 
Operating Leases, Future Minimum Payments, Due 2017
7,882 
 
 
 
Operating Leases, Future Minimum Payments, Due 2018
6,321 
 
 
 
Operating Leases, Future Minimum Payments, Due 2019
4,271 
 
 
 
Operating Leases, Future Minimum Payments, Due 2020
3,740 
 
 
 
Operating Leases, Future Minimum Payments, Due 2021
3,430 
 
 
 
Operating Leases, Future Minimum Payments, Due Thereafter
7,811 
 
 
 
Loss Contingencies [Line Items]
 
 
 
 
Damages awarded
 
 
 
9,212 
Interest on judgment
 
 
 
$ 1,415 
Accounting Changes (Details) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2016
Dec. 31, 2015
Sep. 30, 2016
Accounting Standards Update 2015-07 [Member]
New Accounting Pronouncement, Early Adoption, Effect [Member]
New Accounting Pronouncement, Early Adoption [Line Items]
 
 
 
Current deferred income tax assets
 
 
$ (26,639)
Current deferred tax liabilities
$ 0 
$ 1,543 
$ (1,290)
Schedule II - Valuation and Qualifying Accounts (Details) (Allowance for Doubtful Accounts [Member], USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Allowance for Doubtful Accounts [Member]
 
 
 
Movement in Valuation Allowances and Reserves [Roll Forward]
 
 
 
Allowance, Beginning Balance
$ 4,085 
$ 3,873 
$ 3,438 
Provision charged to income
863 
1,248 
1,523 
Doubtful accounts written off (net)
(910)
(404)
(493)
Other adjustments
(46)
(632)
(595)
Allowance, Ending Balance
$ 3,992 
$ 4,085 
$ 3,873 
Schedule II - Valuation and Qualifying Accounts (Details 1) (Valuation Allowance of Deferred Tax Assets [Member], USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Valuation Allowance of Deferred Tax Assets [Member]
 
 
 
Movement in Valuation Allowances and Reserves [Roll Forward]
 
 
 
Allowance, Beginning Balance
$ 14,401 
$ 15,856 
$ 18,873 
Additions charged to income tax expense
759 
1,043 
1,049 
Additions (reductions) charged to other comprehensive income
(17)
(59)
(30)
Reductions credited to income tax expense
(5,638)
(1,216)
(2,303)
Changes due to foreign currency translation
(133)
(2,204)
(1,733)
Acquisition
5,585 
981 
 
Allowance, Ending Balance
$ 14,957 
$ 14,401 
$ 15,856 
Subsequent Event (Details) (Subsequent Event [Member], Revolving Credit Facility [Member], USD $)
0 Months Ended 1 Months Ended
Feb. 2, 2017
Feb. 24, 2017
Fourth Amendment, Maturity February 2022 [Member]
 
 
Subsequent Event [Line Items]
 
 
Maximum borrowing capacity
$ 850,000,000 
$ 850,000,000 
Fourth Amendment, Maturity February 2022 [Member] |
Minimum [Member] |
London Interbank Offered Rate (LIBOR) [Member]
 
 
Subsequent Event [Line Items]
 
 
Basis spread on variable rate
1.10% 
1.10% 
Fourth Amendment, Maturity February 2022 [Member] |
Minimum [Member] |
Base Rate [Member]
 
 
Subsequent Event [Line Items]
 
 
Basis spread on variable rate
0.10% 
0.10% 
Fourth Amendment, Maturity February 2022 [Member] |
Maximum [Member] |
London Interbank Offered Rate (LIBOR) [Member]
 
 
Subsequent Event [Line Items]
 
 
Basis spread on variable rate
1.70% 
1.70% 
Fourth Amendment, Maturity February 2022 [Member] |
Maximum [Member] |
Base Rate [Member]
 
 
Subsequent Event [Line Items]
 
 
Basis spread on variable rate
0.70% 
0.70% 
Fourth Amendment, Maturity February 2022 [Member] |
Euro [Member]
 
 
Subsequent Event [Line Items]
 
 
Maximum borrowing capacity
600,000,000 
600,000,000 
Fourth Amendment, Maturity February 2022 [Member] |
Sterling [Member]
 
 
Subsequent Event [Line Items]
 
 
Maximum borrowing capacity
 
600,000,000 
Fourth Amendment, Maturity February 2022 [Member] |
Swiss Franc [Member]
 
 
Subsequent Event [Line Items]
 
 
Maximum borrowing capacity
 
600,000,000 
Fourth Amendment, Maturity February 2022, Accordion Feature [Member]
 
 
Subsequent Event [Line Items]
 
 
Maximum borrowing capacity
$ 350,000,000