BARNES GROUP INC, 10-Q filed on 7/27/2018
Quarterly Report
v3.10.0.1
Document and Entity Information - shares
6 Months Ended
Jun. 30, 2018
Jul. 25, 2018
Document and Entity Information [Abstract]    
Document Type 10-Q  
Amendment Flag false  
Document Period End Date Jun. 30, 2018  
Document Fiscal Year Focus 2018  
Document Fiscal Period Focus Q2  
Entity Registrant Name BARNES GROUP INC  
Entity Central Index Key 0000009984  
Current Fiscal Year End Date --12-31  
Entity Filer Category Large Accelerated Filer  
Entity Common Stock, Shares Outstanding   51,193,260
v3.10.0.1
Consolidated Statements of Income - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Income Statement [Abstract]        
Net sales $ 375,315 $ 364,493 $ 741,975 $ 706,295
Cost of sales 237,608 242,538 474,742 462,087
Selling and administrative expenses 73,828 71,196 146,721 137,171
Total operating costs and expenses 311,436 313,734 621,463 599,258
Operating income 63,879 50,759 120,512 107,037
Interest expense 4,133 3,541 8,025 6,890
Other expense (income), net 947 (5,987) 2,710 (5,434)
Income before income taxes 58,799 53,205 109,777 105,581
Income taxes 9,370 8,178 21,530 22,251
Net income $ 49,429 $ 45,027 $ 88,247 $ 83,330
Per common share:        
Basic (in dollars per share) $ 0.94 $ 0.83 $ 1.66 $ 1.54
Diluted (in dollars per share) 0.93 0.82 1.65 1.52
Dividends (in dollars per share) $ 0.16 $ 0.14 $ 0.30 $ 0.27
Weighted average common shares outstanding:        
Basic (in shares) 52,581,804 54,177,251 53,055,980 54,178,185
Diluted (in shares) 53,135,742 54,722,211 53,608,447 54,686,172
v3.10.0.1
Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Statement of Comprehensive Income [Abstract]        
Net income $ 49,429 $ 45,027 $ 88,247 $ 83,330
Other comprehensive (loss) income, net of tax        
Unrealized gain (loss) on hedging activities, net of tax (1) [1] 415 (544) 811 (461)
Foreign currency translation adjustments, net of tax (2) [2] (65,360) 41,562 (38,407) 60,172
Defined benefit pension and other postretirement benefits, net of tax (3) [3] 3,025 671 6,189 1,936
Total other comprehensive (loss) income, net of tax (61,920) 41,689 (31,407) 61,647
Total comprehensive (loss) income (12,491) 86,716 56,840 144,977
Unrealized (loss) income on hedging activities, tax 131 (250) 279 (212)
Foreign currency translation adjustment, tax (324) 314 (162) 380
Defined benefit pension and other postretirement benefits, tax $ 806 $ 989 $ 2,063 $ 1,890
[1] Net of tax of $131 and $(250) for the three months ended June 30, 2018 and 2017, respectively, and $279 and $(212) for the six months ended June 30, 2018 and 2017, respectively.
[2] Net of tax of $(324) and $314 for the three months ended June 30, 2018 and 2017, respectively, and $(162) and $380 for the six months ended June 30, 2018 and 2017, respectively.
[3] Net of tax of $806 and $989 for the three months ended June 30, 2018 and 2017, respectively, and $2,063 and $1,890 for the six months ended June 30, 2018 and 2017, respectively.
v3.10.0.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2018
Dec. 31, 2017
Current assets    
Cash and cash equivalents $ 120,462 $ 145,290
Accounts receivable, less allowances (2018 - $5,449; 2017 - $5,143) 378,790 348,943
Inventories 251,047 241,962
Prepaid expenses and other current assets 55,943 32,526
Total current assets 806,242 768,721
Deferred income taxes 14,857 12,161
Property, plant and equipment 822,056 835,341
Less accumulated depreciation (468,754) (476,043)
Property, plant and equipment, net 353,302 359,298
Goodwill 671,926 690,223
Other intangible assets, net 485,528 507,042
Other assets 31,045 28,271
Total assets 2,362,900 2,365,716
Current liabilities    
Notes and overdrafts payable 22,400 5,669
Accounts payable 130,849 127,521
Accrued liabilities 202,209 181,241
Long-term debt - current 2,662 1,330
Total current liabilities 358,120 315,761
Long-term debt 565,193 525,597
Accrued retirement benefits 84,652 89,000
Deferred income taxes 70,296 73,505
Long-term tax liability 72,305 79,770
Other liabilities 19,171 21,762
Commitments and contingencies (Note 14)
Stockholders' equity    
Common stock - par value $0.01 per share Authorized: 150,000,000 shares Issued: at par value (2018 - 63,067,123 shares; 2017 - 63,034,240 shares) 631 630
Additional paid-in capital 463,317 457,365
Treasury stock, at cost (2018 - 11,614,337 shares; 2017 - 9,656,369 shares) (416,288) (297,998)
Retained earnings 1,302,640 1,206,723
Accumulated other non-owner changes to equity (157,137) (106,399)
Total stockholders' equity 1,193,163 1,260,321
Total liabilities and stockholders' equity $ 2,362,900 $ 2,365,716
v3.10.0.1
Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands
Jun. 30, 2018
Dec. 31, 2017
Statement of Financial Position [Abstract]    
Allowance for doubtful accounts $ 5,449 $ 5,143
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 150,000,000 150,000,000
Common stock, shares issued (in shares) 63,067,123 63,034,240
Treasury stock, at cost (in shares) 11,614,337 9,656,369
v3.10.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Operating activities:    
Net income $ 88,247 $ 83,330
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 47,070 45,488
Loss (gain) on disposition of property, plant and equipment 52 (24)
Stock compensation expense 5,469 5,494
Changes in assets and liabilities, net of the effects of acquisitions:    
Accounts receivable (22,623) (18,304)
Inventories (23,057) (10,743)
Prepaid expenses and other current assets (9,905) (642)
Accounts payable 5,282 15,717
Accrued liabilities 12,595 8,517
Deferred income taxes (6,492) (14,569)
Long-term retirement benefits (725) (12,533)
Long-term tax liability (7,465) 0
Other 133 663
Net cash provided by operating activities 88,581 102,394
Investing activities:    
Proceeds from disposition of property, plant and equipment 478 205
Capital expenditures (24,335) (27,325)
Business acquisitions, net of cash acquired 0 (8,811)
Revenue sharing program payments (5,800) 0
Other (1,000) (3,000)
Net cash used by investing activities (30,657) (38,931)
Financing activities:    
Net change in other borrowings 16,795 (20,925)
Payments on long-term debt (313,512) (49,311)
Proceeds from the issuance of long-term debt 353,089 74,716
Proceeds from the issuance of common stock 435 1,148
Common stock repurchases (118,115) (5,383)
Dividends paid (15,795) (14,524)
Withholding taxes paid on stock issuances (175) (240)
Other (2,550) (14,451)
Net cash used by financing activities (79,828) (28,970)
Effect of exchange rate changes on cash flows (2,924) 3,865
(Decrease) increase in cash and cash equivalents (24,828) 38,358
Cash and cash equivalents at beginning of period 145,290 66,447
Cash and cash equivalents at end of period $ 120,462 $ 104,805
v3.10.0.1
Basis of Presentation
6 Months Ended
Jun. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation
Basis of Presentation

The accompanying unaudited consolidated balance sheet and the related unaudited consolidated statements of income, comprehensive income and cash flows have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. The consolidated financial statements do not include all information and notes required by accounting principles generally accepted in the United States of America for complete financial statements. The balance sheet as of December 31, 2017 has been derived from the 2017 financial statements of Barnes Group Inc. (the “Company”). For additional information, please refer to the consolidated financial statements and notes included in the Company's Annual Report on Form 10-K for the year ended December 31, 2017. In the opinion of management, all adjustments, including normal recurring accruals considered necessary for a fair statement of the results, have been included. Operating results for the six month period ended June 30, 2018 are not necessarily indicative of the results that may be expected for the year ending December 31, 2018. Certain reclassifications have been made to prior year amounts to conform to current year presentation. See Note 2 which discusses the Company's application of the amended guidance related to the classification of pension and other postretirement benefit costs.
v3.10.0.1
Recent Accounting Standards
6 Months Ended
Jun. 30, 2018
Accounting Changes and Error Corrections [Abstract]  
Recent Accounting Standards
Recent Accounting Standards

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

Recently Adopted Accounting Standards

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

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

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



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

 
Balance at December 31, 2017
 
Adjustments Due to ASC 606
 
Balance at January 1, 2018
Assets
 
 
 
 
 
Accounts receivable, less allowances
$
348,943

 
$
13,536

 
$
362,479

Inventories
241,962

 
(8,908
)
 
233,054

Prepaid expenses and other current assets
32,526

 
14,579

 
47,105

Deferred income taxes
12,161

 
(990
)
 
11,171

 
 
 
 
 
 
Liabilities
 
 
 
 
 
Accrued liabilities
181,241

 
13,536

 
194,777

Deferred income taxes
73,505

 
386

 
73,891

 
 
 
 
 
 
Stockholders' equity
 
 
 
 
 
Retained earnings
1,206,723

 
4,295

 
1,211,018


The impact of adoption on the Consolidated Statements of Income and Balance Sheets was as follows:
 
Three months ended
June 30, 2018
 
Six months ended
June 30, 2018
 
As Reported
 
Balances Without Adoption of ASC 606
 
Effect of Change Higher/(Lower)
 
As Reported
 
Balances Without Adoption of ASC 606
 
Effect of Change Higher/(Lower)
Consolidated Statement of Income
 
 
 
 
 
 
 
 
 
 
 
Net sales
$
375,315

 
$
375,662

 
$
(347
)
 
$
741,975

 
$
742,294

 
$
(319
)
Cost of sales
237,608

 
237,651

 
(43
)
 
474,742

 
475,468

 
(726
)
Operating income
63,879

 
64,183

 
(304
)
 
120,512

 
120,105

 
407

Income before income taxes
58,799

 
59,103

 
(304
)
 
109,777

 
109,370

 
407

Income taxes
9,370

 
9,445

 
(75
)
 
21,530

 
21,427

 
103

Net income
49,429

 
49,658

 
(229
)
 
88,247

 
87,943

 
304



 
June 30, 2018
 
As Reported
 
Balances Without Adoption of ASC 606
 
Effect of Change Higher/(Lower)
Consolidated Balance Sheet
 
 
 
 
 
Assets
 
 
 
 
 
Accounts receivable, less allowances
$
378,790

 
$
357,243

 
$
21,547

Inventories
251,047

 
259,177

 
(8,130
)
Prepaid expenses and other current assets
55,943

 
41,624

 
14,319

Deferred income taxes
14,857

 
16,063

 
(1,206
)
 
 
 
 
 
 
Liabilities
 
 
 
 
 
Accrued liabilities
202,209

 
180,531

 
21,678

Deferred income taxes
70,296

 
70,045

 
251

 
 
 
 
 
 
Stockholders' equity
 
 
 
 
 
Retained earnings
1,302,640

 
1,298,044

 
4,596

Accumulated other changes to equity
(157,137
)
 
(157,148
)
 
11



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

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

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

In March 2017, the FASB amended its guidance related to the presentation of pension and other postretirement benefit costs. The amended guidance requires the bifurcation of net periodic benefit cost for pension and other postretirement plans. The service cost component of expense will be presented with other employee compensation costs in operating income, consistent with the current guidance. The other components of expense, however, will be reported separately outside of operating income. The amended guidance also allows only the service cost component of net benefit cost to be eligible for capitalization. The guidance is effective for annual periods beginning after December 15, 2017 and interim periods within that reporting period. The Company adopted the amended guidance during the first quarter of 2018. The amended guidance was applied retrospectively for the presentation of the service cost component and the other components of net periodic benefit cost in the Statements of Income. Additionally, the amended guidance was applied prospectively for the capitalization of the service cost component of net periodic benefit cost. The amended guidance allows for a practical expedient that permits the use of amounts previously disclosed in the pension and other postretirement benefit plan Note within the prior comparative periods as the estimation basis for applying the retrospective presentation requirements. The Company elected this practical expedient for prior period presentation. During the three and six month periods ended June 30, 2017, the adoption of this amended guidance resulted in the reclassification of $(6,378) and $(5,848), respectively of net periodic benefit cost from compensation costs (included in Cost of Sales and Selling and Administrative expenses) to other expense (income), net on the Statements of Income. This reclassification included all components of net periodic benefit cost other than the service cost component, with the primary drivers relating to the pension curtailment and settlement gains of ($7,217) and ($230), respectively, resulting from the June 2017 closure of the FOBOHA facility located in Muri, Switzerland. See Note 10 of the Consolidated Financial Statements for additional detail related to the curtailment and settlements gains and see Note 15 for additional details related to the restructure of the Muri, Switzerland facility.

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

Recently Issued Accounting Standards

In February 2016, the FASB amended its guidance related to lease accounting. The amended guidance requires lessees to recognize a majority of their leases on the balance sheet as a right-to-use asset. Lessees are permitted to make an accounting policy election to not recognize an asset and liability for leases with a term of twelve months or less. Lease expense will be recorded in a manner similar to current accounting. The guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Early adoption is permitted. The guidance requires application on a modified retrospective basis based on the earliest period presented within the Consolidated Financial Statements. During March 2018, the FASB approved amendments that made available a transition method that will provide an option to use the effective date of the amended guidance as the date of initial application. The Company plans to elect this option. Based on the effective date, this amended guidance will apply to the Company, and it plans to adopt this guidance, beginning on January 1, 2019. The Company is currently evaluating the impact that the amended guidance will have on its Consolidated Financial Statements. The Company is assessing its leases and anticipates making certain changes to existing processes, policies and systems during implementation. During the second quarter of 2018, the Company began to implement lease accounting software that will be used to support its assessment and analysis of leases. The Company anticipates the amended guidance will have a material impact on its assets and liabilities due to the addition of right-of-use assets and lease liabilities to the balance sheet; however, it does not expect the amended guidance to have a material impact on its cash flows or results of operations.

In August 2017, the FASB amended its guidance related to hedge accounting. The amended guidance makes more financial and nonfinancial hedging strategies eligible for hedge accounting, amends presentation and disclosure requirements and changes the assessment of effectiveness. The guidance also more closely aligns hedge accounting with management strategies, simplifies application and increases the transparency of hedging. The amended guidance is effective January 1, 2019, with early adoption permitted in any interim period. The Company is currently evaluating the impact that the guidance may have on its Consolidated Financial Statements, however the impact is not expected to be material.
v3.10.0.1
Revenue
6 Months Ended
Jun. 30, 2018
Revenue from Contract with Customer [Abstract]  
Revenue
Revenue

The Company is a global provider of highly engineered products and systems, differentiated industrial technologies, and innovative solutions, serving a wide range of end markets and customers. Its specialized products and services are used in far-reaching applications including aerospace, transportation, manufacturing, healthcare, and packaging. The Company accounts for revenue in accordance with ASC 606, which it adopted on January 1, 2018, using the modified retrospective approach. Note 2 of the Consolidated Financial Statements further discusses this adoption.

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

The following table presents the Company's revenue disaggregated by products and services, and geographic regions, by segment.
 
Three months ended
June 30, 2018
 
Industrial
 
Aerospace
 
Total Company
Product and Services
 
 
 
 
 
Engineered Components Products
$
89,170

 
$

 
$
89,170

Molding Solutions Products
125,938

 

 
125,938

Nitrogen Gas Products
34,469

 

 
34,469

Aerospace Original Equipment Manufacturer Products

 
84,527

 
84,527

Aerospace Aftermarket Product and Services

 
41,211

 
41,211

 
$
249,577

 
$
125,738

 
$
375,315

 
 
 
 
 
 
Geographic Regions (A)
 
 
 
 
 
Americas
$
93,326

 
$
92,449

 
$
185,775

Europe
92,414

 
22,740

 
115,154

Asia
63,043

 
9,850

 
72,893

Other
794

 
699

 
1,493

 
$
249,577

 
$
125,738

 
$
375,315


 
Six months ended
June 30, 2018
 
Industrial
 
Aerospace
 
Total Company
Product and Services
 
 
 
 
 
Engineered Components Products
$
181,183

 
$

 
$
181,183

Molding Solutions Products
245,036

 

 
245,036

Nitrogen Gas Products
69,319

 

 
69,319

Aerospace Original Equipment Manufacturer Products

 
165,223

 
165,223

Aerospace Aftermarket Product and Services

 
81,214

 
81,214

 
$
495,538

 
$
246,437

 
$
741,975

 
 
 
 
 
 
Geographic Regions (A)
 
 
 
 
 
Americas
$
189,320

 
$
178,426

 
$
367,746

Europe
187,127

 
47,407

 
234,534

Asia
117,382

 
18,765

 
136,147

Other
1,709

 
1,839

 
3,548

 
$
495,538

 
$
246,437

 
$
741,975


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

Revenue from goods and services transferred to customers at a point in time accounted for approximately 90 percent of revenue for both the three and six month periods ended June 30, 2018. A majority of revenue within the Industrial segment and Aerospace OEM business, along with a portion of revenue within the Aerospace Aftermarket business, are recognized at a point in time, primarily when the product or solution is shipped to the customer.

Revenue from products and services transferred to customers over time accounted for approximately 10 percent of revenue for both the three and six month periods ended June 30, 2018. The Company recognizes revenue over time in instances where a contract supports a continual transfer of control to the customer. Substantially all of our revenue in the Aerospace maintenance repair and overhaul business and a portion of the Engineered Components products, Molding Solutions products and Aerospace OEM products is recognized over time. Within the Molding Solution businesses and Aerospace Aftermarket business, this continual transfer of control to the customer results from repair and refurbishment work performed on customer controlled assets. With other contracts, this continual transfer of control to the customer is supported by clauses in the contract where we deliver products that do not have an alternative use and requires an enforceable right to payment of costs incurred (plus a reasonable profit) or the Company has a contractual right to complete any work in process and receive full contract price.

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

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

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

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

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

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

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

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

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

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

Adjustments to net sales, cost of sales and the related impact to operating income are recognized as necessary in the period they become known. The resultant impacts from these changes in estimates are recognized on a cumulative catch-up basis, which recognizes in the current period the cumulative effect of the changes on both current and prior periods. Revenue recognized from performance obligations satisfied in previous periods was not material in the three and six months ended June 30, 2018.

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

Unbilled Receivables (Contract Assets) - Pursuant to the over time revenue recognition model, revenue may be recognized prior to the customer being invoiced. An unbilled receivable is recorded to reflect revenue that is recognized when 1) the cost-to-cost method is applied and 2) such revenue exceeds the amount invoiced to the customer. Unbilled receivables are included within prepaid expenses and other current assets on the Consolidated Balance Sheet as of June 30, 2018.

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

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

Net contract assets (liabilities) consisted of the following:
 
June 30, 2018
 
January 1, 2018
 
$ Change
 
% Change
Unbilled receivables (contract assets)
$
14,319

 
$
14,579

 
$
(260
)
 
(2
)%
Contract liabilities
(73,035
)
 
(54,007
)
 
(19,028
)
 
35
 %
Net contract liabilities
$
(58,716
)
 
$
(39,428
)
 
$
(19,288
)
 
49
 %

Contract liabilities balances at June 30, 2018 and January 1, 2018 include $21,608 and $13,536, respectively, of customer advances for which the Company has an unconditional right to collect payment. Accounts receivable, as presented on the Consolidated Balance Sheet and within Note 2, includes corresponding balances at June 30, 2018 and January 1, 2018, respectively.

Changes in the net contract asset (liability) balance during the six month period ended June 30, 2018 were impacted by a $19,028 increase in contract liabilities, driven primarily by new customer advances and deposits, partially offset by revenue recognized in the current period. Adding to this contract liability increase was a $260 decrease in contract assets, driven primarily by earlier contract progress being invoiced to the customer, partially offset by contract progress (i.e.unbilled receivable).

The Company recognized approximately 25% and 50% of the revenue related to the contract liability balance as of January 1, 2018 during the three and six months ended June 30, 2018, respectively, primarily representing revenue from the sale of molds and hot runners within the Molding Solutions business.

Contract Costs. The Company may incur costs to fulfill a contract. Costs are incurred to develop, design and manufacture tooling to produce a customer’s customized product in conjunction with certain of its contracts, primarily in the Aerospace OEM business. For certain contracts, control related to this tooling remains with the Company. The tooling may be deemed recoverable over the life of the related customer contract (oftentimes a long-term agreement). The Company therefore capitalizes these tooling costs and amortizes them over the shorter of the tooling life or the duration of the long-term agreement. The Company may also incur costs related to the development of product designs (molds or hot runner systems) within its Molding Solutions businesses. Control of the design may be retained by the Company and deemed recoverable over the contract to build the systems or mold, therefore this design work cost is capitalized and amortized to cost of sales when the related revenue is recognized. Amortization related to these capitalized costs to fulfill a contract were $3,956 and $7,942 in the three and six month periods ended June 30, 2018, respectively.

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

 
June 30, 2018
Tooling
$
2,933

Design costs
2,914

Other
66

 
$
5,913



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

Remaining Performance Obligations. The Company has elected the practical expedient which allows disclosure of remaining performance obligations only for contracts with an original duration of greater than one year. Such remaining performance obligations represent the transaction price of firm orders for which work has not been performed and excludes projections of components and assemblies that Aerospace OEM customers anticipate purchasing in the future under existing programs, which represent orders that are beyond lead time and do not represent performance obligations pursuant to ASC 606. As of June 30, 2018, the aggregate amount of the transaction price allocated to remaining performance obligations was $154,497. The Company expects to recognize revenue on approximately 80% of the remaining performance obligations over the next 12 months, with the remainder being recognized within 24 months.
v3.10.0.1
Net Income Per Common Share
6 Months Ended
Jun. 30, 2018
Earnings Per Share [Abstract]  
Net Income Per Common Share
Net Income Per Common Share

For the purpose of computing diluted net income per common share, the weighted-average number of common shares outstanding is increased for the potential dilutive effects of stock-based incentive plans. For the purpose of computing diluted net income per common share, the weighted-average number of common shares outstanding was increased by 553,938 and 544,960 for the three month periods ended June 30, 2018 and 2017, respectively, and by 552,467 and 507,987 for the six month periods ended June 30, 2018 and 2017, respectively, to account for the potential dilutive effect of stock-based incentive plans. There were no adjustments to net income for the purposes of computing income available to common stockholders for the periods.

The calculation of weighted-average diluted shares outstanding excludes all shares that would have been anti-dilutive. During the three month periods ended June 30, 2018 and 2017, the Company excluded 139,307 and 0 stock awards, respectively, from the calculation of weighted-average diluted shares outstanding as the stock awards were considered anti-dilutive. During the six month periods ended June 30, 2018 and 2017, the Company excluded 146,607 and 88,891 stock awards, respectively, from the calculation of weighted-average diluted shares outstanding as the stock awards were considered anti-dilutive.
  
The Company granted 102,400 stock options, 88,543 restricted stock unit awards and 70,005 performance share awards ("PSAs") in February 2018 as part of its annual grant awards. All of the stock options and the restricted stock unit awards vest upon meeting certain service conditions. The restricted stock unit awards are included in basic weighted-average common shares outstanding as they contain nonforfeitable rights to dividend payments. The PSAs are part of the long-term Performance Share Award Program (the "Awards Program") and are based on performance goals that are driven by a combination of independently measured metrics (depending on the grant year) with each metric being weighted equally. The metrics for awards granted in 2018 include the Company’s total shareholder return (“TSR”), return on invested capital (“ROIC”) and operating income before depreciation and amortization growth ("EBITDA growth"). The TSR and EBITDA growth metrics are designed to assess the long-term Company performance relative to the performance of companies included in the Russell 2000 Index over a three-year performance period. ROIC is designed to assess the Company's performance compared to pre-established Company targets 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. The fair value of the TSR portion of the PSA was determined using a Monte Carlo valuation method as the award contains a market condition.
v3.10.0.1
Inventories
6 Months Ended
Jun. 30, 2018
Inventory Disclosure [Abstract]  
Inventories
Inventories

The components of inventories consisted of:
 
June 30, 2018
 
December 31, 2017
Finished goods
$
77,144


$
79,649

Work-in-process
103,909

 
97,276

Raw material and supplies
69,994

 
65,037

 
$
251,047


$
241,962

v3.10.0.1
Goodwill and Other Intangible Assets
6 Months Ended
Jun. 30, 2018
Goodwill and Intangible Assets Disclosure [Abstract]  
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 for the Company as of and for the period ended June 30, 2018:
 
Industrial
 
Aerospace
 
Total Company
January 1, 2018
$
659,437

 
$
30,786

 
$
690,223

Foreign currency translation
(18,297
)
 

 
(18,297
)
June 30, 2018
$
641,140

 
$
30,786

 
$
671,926



In the second quarter of 2018, management performed its annual impairment testing of goodwill and determined that there was no goodwill impairment.

Other Intangible Assets:
Other intangible assets consisted of:
 
 
 
June 30, 2018
 
December 31, 2017
 
Range of
Life -Years
 
Gross Amount
 
Accumulated Amortization
 
Gross Amount
 
Accumulated Amortization
Amortized intangible assets:
 
 
 
 
 
 
 
 
 
Revenue sharing programs (RSPs)
Up to 30
 
$
299,500

 
$
(115,122
)
 
$
293,700

 
$
(108,075
)
Component repair programs (CRPs)
Up to 30
 
111,839

 
(19,350
)
 
111,839

 
(16,508
)
Customer lists/relationships
10-16
 
215,966

 
(71,769
)
 
215,966

 
(65,385
)
Patents and technology
4-10
 
87,052

 
(53,484
)
 
87,052

 
(48,083
)
Trademarks/trade names
10-30
 
11,950

 
(10,541
)
 
11,950

 
(10,349
)
Other
Up to 15
 
20,551

 
(16,627
)
 
20,551

 
(16,414
)
 
 
 
746,858

 
(286,893
)
 
741,058

 
(264,814
)
Unamortized intangible assets:
 
 
 
 
 
 
 
 
 
Trade names
 
 
42,770

 

 
42,770

 

Foreign currency translation
 
 
(17,207
)
 

 
(11,972
)
 

Other intangible assets
 
 
$
772,421

 
$
(286,893
)
 
$
771,856

 
$
(264,814
)


Estimated amortization of intangible assets for future periods is as follows: 2018 - $43,000; 2019 - $42,000; 2020 - $38,000; 2021 - $38,000 and 2022 - $38,000.

In the second quarter of 2018, management executed an aftermarket agreement with our customer, General Electric ("GE").  This agreement involved a participation fee related to extending the scope of the existing Revenue Sharing Programs (“RSPs”) between the Company and GE and entitling the Company to manufacture and supply existing RSP parts on a sole source basis that have a dual end-use, meaning usage in engines that have both a civil and military end use. The Company paid $5,800 as consideration for such rights and recorded a long-lived intangible asset, which will be amortized as a reduction to sales over the life of the programs, consistent with the treatment of similar arrangements that were executed in the past.

In the second quarter of 2018, management performed its annual impairment testing of its trade names, indefinite-lived intangible assets. Based on this assessment, there were no impairments.
v3.10.0.1
Debt
6 Months Ended
Jun. 30, 2018
Debt Disclosure [Abstract]  
Debt
Debt

The Company's debt agreements contain financial covenants that require the maintenance of interest coverage and leverage ratios. The Company is in compliance with its financial covenants as of June 30, 2018, and continues to monitor its future compliance based on current and anticipated future economic conditions.

Long-term debt and notes and overdrafts payable at June 30, 2018 and December 31, 2017 consisted of:
 
June 30, 2018
 
December 31, 2017
 
Carrying
Amount
 
Fair
Value
 
Carrying
Amount
 
Fair
Value
Revolving credit agreement
$
460,052

 
$
467,993

 
$
421,500

 
$
424,818

3.97% Senior Notes
100,000

 
98,779

 
100,000

 
101,348

Borrowings under lines of credit and overdrafts
22,400

 
22,400

 
5,669

 
5,669

Capital leases
7,196

 
7,584

 
4,541

 
4,964

Other foreign bank borrowings
607

 
614

 
886

 
897

 
590,255

 
597,370

 
532,596

 
537,696

Less current maturities
(25,062
)
 
 
 
(6,999
)
 
 
Long-term debt
$
565,193

 
 
 
$
525,597

 
 

In February 2017, the Company and certain of its subsidiaries entered into the fourth amendment of its fifth amended and restated revolving credit agreement (the “Amended Credit Agreement”) and retained Bank of America, N.A as the Administrative Agent for the lenders. The Amended Credit Agreement increased the facility from $750,000 to $850,000 and extended the maturity date from September 2018 to February 2022. The Amended Credit Agreement also increased the existing accordion feature from $250,000, allowing the Company to now request additional borrowings of up to $350,000. The Company may exercise the accordion feature upon request to the Administrative Agent as long as an event of default has not occurred or is not continuing. The borrowing availability of $850,000, pursuant to the terms of the Amended Credit Agreement, allows for multi-currency borrowing which includes euro, 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 Amended Credit Agreement will bear interest at either LIBOR plus a margin of between 1.10% and 1.70% or the base rate, as defined in the Amended Credit Agreement, plus a margin of 0.10% to 0.70%. Multi-currency borrowings, pursuant to the Amended Credit Agreement, bear interest at their respective interbank offered rate (i.e. Euribor) or 0.00% (higher of the two rates) plus a margin of between 1.10% and 1.70%. The Company paid fees and expenses of $2,542 in conjunction with executing the Amended Credit Agreement; such fees have been deferred within Other Assets on the accompanying Consolidated Balance Sheets and are being amortized into interest expense on the accompanying Consolidated Statements of Income through its maturity. Cash used to pay these fees have been recorded through financing activities on the Consolidated Statements of Cash Flows for the six month period ended June 30, 2017.

Borrowings and availability under the Amended Credit Agreement were $460,052 and $389,948, respectively, at June 30, 2018 and $421,500 and $428,500, respectively, at December 31, 2017. The average interest rate on these borrowings was 2.25% and 2.65% on June 30, 2018 and December 31, 2017, respectively. Borrowings included Euro-denominated borrowings of 178,300 Euros ($206,052) at June 30, 2018. There were no Euro-denominated borrowings at December 31, 2017. The fair value of the borrowings is based on observable Level 2 inputs. The borrowings were valued using discounted cash flows based upon the Company's estimated interest costs for similar types of borrowings. In 2018, the Company borrowed 179,000 Euros ($208,589) under the Amended Credit Facility through an international subsidiary. The proceeds were distributed to the Parent Company and subsequently used to pay down U.S. borrowings under the Amended Credit Agreement.

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

The 3.97% Senior Notes are senior unsecured obligations of the Company and pay interest semi-annually on April 17 and October 17 of each year at an annual rate of 3.97%. The 3.97% Senior Notes will mature on October 17, 2024 unless earlier prepaid in accordance with their terms. Subject to certain conditions, the Company may, at its option, prepay all or any part of the 3.97% Senior Notes in an amount equal to 100% of the principal amount of the 3.97% Senior Notes so prepaid, plus any accrued and unpaid interest to the date of prepayment, plus the Make-Whole Amount, as defined in the Note Purchase Agreement, with respect to such principal amount being prepaid. The fair value of the 3.97% Senior Notes was determined using the US Treasury yield and a long-term credit spread for similar types of borrowings, which represent Level 2 observable inputs.
The Company's borrowing capacity remains limited by various debt covenants in the Amended Credit Agreement and the Note Purchase Agreement (the "Agreements"). The Agreements require the Company to maintain a ratio of Consolidated Senior Debt, as defined, to Consolidated EBITDA, as defined, of not more than 3.25 times ("Senior Debt Ratio"), a ratio of Consolidated Total Debt, as defined, to Consolidated EBITDA of not more than 3.75 times and a ratio of Consolidated EBITDA to Consolidated Cash Interest Expense, as defined, of not less than 4.25 at the end of each fiscal quarter; provided that the debt to EBITDA ratios are permitted to increase for a period of four fiscal quarters after the closing of certain permitted acquisitions.

In addition, the Company has available approximately $58,000 in uncommitted short-term bank credit lines ("Credit Lines") and overdraft facilities. Under the Credit Lines, $22,400 was borrowed at June 30, 2018 at an interest rate of 2.83% and $5,300 was borrowed at December 31, 2017 at an average interest rate of 2.33%. The Company had also borrowed $0 and $369 under the overdraft facilities at June 30, 2018 and December 31, 2017, 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 several capital leases under which $7,196 and $4,541 was outstanding at June 30, 2018 and December 31, 2017, respectively. The fair value of the capital leases are based on observable Level 2 inputs. These instruments were valued using discounted cash flows based upon the Company's estimated interest costs for similar types of borrowings.

At June 30, 2018 and December 31, 2017, the Company also had other foreign bank borrowings of $607 and $886, respectively. The fair value of the other foreign bank borrowings is 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.
v3.10.0.1
Derivatives
6 Months Ended
Jun. 30, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
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 exposure to fluctuations in interest rates. In 2012, the Company entered into five-year interest rate swap agreements (the "Swaps") transacted with three banks which together converted the interest on the first $100,000 of the Company's one-month LIBOR-based borrowings from a variable rate plus the borrowing spread to a fixed rate of 1.03% plus the borrowing spread. The Swaps expired on April 28, 2017. The Company entered into a new interest rate swap agreement (the "Swap") that commenced on April 28, 2017, with one bank, and converts the interest on the first $100,000 of the Company's one-month LIBOR-based borrowings from a variable rate plus the borrowing spread to a fixed rate of 1.92% plus the borrowing spread. The Swap expires on January 31, 2022. These interest rate swap agreements were accounted for as cash flow hedges. The Swap remained in place at June 30, 2018.

The Company also uses financial instruments to hedge its exposures to fluctuations in foreign currency exchange rates. The Company has various contracts outstanding which primarily hedge recognized assets or liabilities and anticipated transactions in various currencies including the Euro, British pound sterling, U.S. dollar, Canadian dollar, Japanese yen, Singapore dollar, Korean won, Swedish kroner, Chinese renminbi, Swiss franc, Hong Kong dollar and Mexican peso. 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 first half of 2018 and 2017, as presented on the Consolidated Statements of Cash Flows, include $2,464 and $11,822, respectively, of net cash payments related to the settlement of foreign currency hedges related to intercompany financing.

The following table sets forth the fair value amounts of derivative instruments held by the Company.
 
June 30, 2018
 
December 31, 2017
 
Asset Derivatives
 
Liability Derivatives
 
Asset Derivatives
 
Liability Derivatives
Derivatives designated as hedging instruments:
 
 
 
 
 
 
 
Interest rate contracts
$
2,867

 
$

 
$
654

 
$

Foreign exchange contracts

 
(1,502
)
 

 
(379
)
 
 
 
 
 
 
 
 
Derivatives not designated as hedging instruments:
 
 
 
 
 
 
 
Foreign exchange contracts
38

 
(2,748
)
 
58

 
(29
)
Total derivatives
$
2,905

 
$
(4,250
)
 
$
712

 
$
(408
)


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

The following table sets forth the gain (loss) recorded in accumulated other comprehensive income (loss), net of tax, for the three and six month periods ended June 30, 2018 and 2017 for derivatives held by the Company and designated as hedging instruments.
 
Three months ended June 30,
 
Six months ended June 30,
 
2018
 
2017
 
2018
 
2017
Cash flow hedges:
 
 
 
 
 
 
 
Interest rate contracts
$
452

 
$
(311
)
 
$
1,686

 
$
(264
)
Foreign exchange contracts
(37
)
 
(233
)
 
(875
)
 
(197
)
 
$
415

 
$
(544
)
 
$
811

 
$
(461
)


Amounts related to the interest rate swaps included within accumulated other comprehensive income (loss) that were reclassified to expense during the first half of 2018 and 2017 resulted in a fixed rate of interest plus the borrowing spread for the first $100,000 of one-month LIBOR borrowings. The fixed rate of interest was 1.92% for the period covered by the Swap, which matures in January 2022, and 1.03% for the Swaps, which matured in April 2017.

The following table sets forth the net (loss) gains recorded in other expense (income), net in the Consolidated Statements of Income for the three and six month periods ended June 30, 2018 and 2017 for non-designated derivatives held by the Company. Such amounts were substantially offset by the net (gain) loss recorded on the underlying hedged asset or liability, also recorded in other expense (income), net.
 
Three months ended June 30,
 
Six months ended June 30,
 
2018
 
2017
 
2018
 
2017
Foreign exchange contracts
$
(1,506
)
 
$
(9,508
)
 
$
(7,598
)
 
$
(10,404
)
v3.10.0.1
Fair Value Measurements
6 Months Ended
Jun. 30, 2018
Fair Value Disclosures [Abstract]  
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:
 
 
 
 
Fair Value Measurements Using
Description
 
Total
 
Quoted Prices in Active Markets for
Identical Assets
(Level 1)
 
Significant Other Observable Inputs
(Level 2)
 
Significant Unobservable Inputs
(Level 3)
June 30, 2018
 
 
 
 
 
 
 
 
Asset derivatives
 
$
2,905

 
$

 
$
2,905

 
$

Liability derivatives
 
(4,250
)
 

 
(4,250
)
 

Bank acceptances
 
19,844

 

 
19,844

 

Rabbi trust assets
 
2,541

 
2,541

 

 

Total
 
$
21,040

 
$
2,541

 
$
18,499

 
$

 
 
 
 
 
 
 
 
 
December 31, 2017
 
 
 
 
 
 
 
 
Asset derivatives
 
$
712

 
$

 
$
712

 
$

Liability derivatives
 
(408
)
 

 
(408
)
 

Bank acceptances
 
16,092

 

 
16,092

 

Rabbi trust assets
 
2,554

 
2,554

 

 

Total
 
$
18,950


$
2,554

 
$
16,396

 
$



The derivative contracts are valued using observable current market information as of the reporting date such as the prevailing LIBOR-based interest rates and foreign currency spot and forward rates. Bank acceptances represent financial instruments accepted from certain Chinese customers in lieu of cash paid on receivables, generally range from three to six months in maturity and are guaranteed by banks. The carrying amounts of the bank acceptances, which are included within prepaid expenses and other current assets, approximate fair value due to their short maturities. The fair values of rabbi trust assets are based on quoted market prices from various financial exchanges.
v3.10.0.1
Pension and Other Postretirement Benefits
6 Months Ended
Jun. 30, 2018
Retirement Benefits [Abstract]  
Pension and Other Postretirement Benefits
Pension and Other Postretirement Benefits

Pension and other postretirement benefits expenses consisted of the following:
 
Three months ended June 30,
 
Six months ended June 30,
Pensions
2018
 
2017
 
2018
 
2017
Service cost
$
1,398

 
$
1,459

 
$
2,988

 
$
3,102

Interest cost
4,383

 
4,666

 
8,692

 
9,287

Expected return on plan assets
(7,383
)
 
(6,816
)
 
(14,777
)
 
(13,676
)
Amortization of prior service cost
140

 
111

 
281

 
220

Amortization of actuarial losses
3,029

 
2,663

 
5,840

 
5,143

Curtailment gain

 
(7,217
)
 

 
(7,217
)
Settlement gain

 
(230
)
 

 
(491
)
Net periodic benefit cost
$
1,567

 
$
(5,364
)
 
$
3,024

 
$
(3,632
)

 
Three months ended June 30,
 
Six months ended June 30,
Other Postretirement Benefits
2018
 
2017
 
2018
 
2017
Service cost
$
18

 
$
20

 
$
42

 
$
42

Interest cost
337

 
392

 
681

 
781

Amortization of prior service cost (credit)
5

 
(17
)
 
10

 
(34
)
Amortization of actuarial losses
126

 
70

 
286

 
139

Net periodic benefit cost
$
486

 
$
465

 
$
1,019

 
$
928



In June 2017, the Company authorized the closure of its FOBOHA facility located in Muri, Switzerland which resulted in pension curtailment and settlement gains of $7,217 and $230, respectively. See Note 15 of the Consolidated Financial Statements for additional information related to the Closure.
The components of net periodic benefit cost other than the service cost component are included in Other Expense (Income) on the Consolidated Statements of Income. The amended guidance related to the presentation of net periodic pension and other postretirement benefit cost (see Note 2) provides for a practical expedient that allows use of amounts disclosed in prior year filings for the prior year comparable periods as an estimation basis for applying the retrospective presentation requirements. The Company has elected to use this practical expedient.
The Company currently expects to contribute approximately $4,600 to certain of its defined benefit pension plans in 2018. No contributions to the U.S. qualified pension plans, specifically, are required, and the Company does not currently plan to make any discretionary contributions to such plans in 2018.
v3.10.0.1
Income Taxes
6 Months Ended
Jun. 30, 2018
Income Tax Disclosure [Abstract]  
Income Taxes
Income Taxes

The Company's effective tax rate in the first half of 2018 was 19.6% compared with 21.1% in the first half of 2017 and 69.6% for the full year 2017. The effective tax rate in 2017 was impacted by the U.S. government's enacted comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act (the "Act"). Excluding the impact of a one-time $99,214 of discrete tax expense related to the Act, partially offset by a benefit of $2,514 on the prior year repatriation, the effective tax rate would have been 20.2% for the full year 2017. The decrease in the first half of 2018 effective tax rate from the full year 2017 adjusted rate is primarily due to the application of the provisions within recent guidance issued by the U.S. Department of Treasury and the resulting tax impact (see discussion below), an adjustment to certain international valuation reserves and an increase in the projected change in the mix of earnings attributable to lower-taxing jurisdictions. The decrease is partially offset by a new provision within the Act that is designed to tax global intangible low-taxed income ("GILTI"), the absence of the adjustment of the Swiss valuation reserves, the absence of the settlement of tax audits and closure of tax years for various tax jurisdictions, the expiration of certain tax holidays and the decrease in the excess tax benefit on stock awards.

The U.S. Department of Treasury released Notice 2018-26 in April 2018 (the "Notice"). The Notice provides additional guidance to assist companies in calculating the one-time Transition Tax. Various states have also issued guidance related to calculating the tax impacts of the Act, as well as clarifications describing how States will tax income arising from the application of provisions within the Act. As a result of the recent guidance, the Company has reduced the tax expense related to the impact of the Act recorded as of December 31, 2017 by $1,522 in the three month period ended June 30, 2018. Additional guidance related to Transition Tax, both from a federal and state standpoint, is anticipated by the end of 2018.

The Company has determined that foreign earnings for the period beginning January 1, 2018 will be indefinitely reinvested. Accordingly, a deferred tax liability has not been recorded for the excess of the tax basis over the financial statement (book) basis arising since January 1, 2018. For the period ended December 31, 2017, the Company recorded a deferred tax liability of $6,932 on the portion of earnings it expects to repatriate. The Company continues to analyze its position in regards to the excess of the tax basis over the financial statement (book) basis arising for the period prior to January 1, 2018. As of June 30, 2018, the Company has not completed the accounting related to the income tax effects for certain sections of the Act and therefore the amount remains provisional.

The Aerospace and Industrial segments were previously awarded international tax holidays. All significant tax holidays for which the Company received benefit have expired.
v3.10.0.1
Changes in Accumulated Other Comprehensive Income (Loss) by Component
6 Months Ended
Jun. 30, 2018
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Changes in Accumulated Other Comprehensive Income (Loss) by Component
Changes in Accumulated Other Comprehensive Income (Loss) by Component

The following tables sets forth the changes in accumulated other comprehensive income (loss), net of tax, by component for the six month periods ended June 30, 2018 and 2017:
 
Gains and Losses on Cash Flow Hedges
 
Pension and Other Postretirement Benefit Items
 
Foreign Currency Items
 
Total
January 1, 2018
$
72

 
$
(103,844
)
 
$
(2,627
)
 
$
(106,399
)
Other comprehensive income (loss) before reclassifications
79

 
1,293

 
(38,407
)
 
(37,035
)
Amounts reclassified from accumulated other comprehensive income to the consolidated statements of income
732

 
4,896

 

 
5,628

Net current-period other comprehensive income (loss)
811

 
6,189

 
(38,407
)
 
(31,407
)
Amounts reclassified from accumulated other comprehensive income to retained earnings (A)

 
(19,331
)
 

 
(19,331
)
June 30, 2018
$
883

 
$
(116,986
)
 
$
(41,034
)
 
$
(157,137
)


(A) This amount represents the reclassification of stranded tax effects resulting from the Act, as permitted by amended guidance issued by the FASB in February 2018. See Note 2.
 
Gains and Losses on Cash Flow Hedges
 
Pension and Other Postretirement Benefit Items
 
Foreign Currency Items
 
Total
January 1, 2017
$
(227
)
 
$
(114,570
)
 
$
(86,031
)
 
$
(200,828
)
Other comprehensive income (loss) before reclassifications
(711
)
 
(1,225
)
 
60,172

 
58,236

Amounts reclassified from accumulated other comprehensive income to the consolidated statements of income
250

 
3,161

 

 
3,411

Net current-period other comprehensive income
(461
)
 
1,936

 
60,172

 
61,647

June 30, 2017
$
(688
)
 
$
(112,634
)
 
$
(25,859
)
 
$
(139,181
)


The following table sets forth the reclassifications out of accumulated other comprehensive income (loss) by component for the three and six month periods ended June 30, 2018 and 2017:

Details about Accumulated Other Comprehensive Income (Loss) Components
 
Amount Reclassified from Accumulated Other Comprehensive Income (Loss)
Affected Line Item in the Consolidated Statements of Income
 
 
Three months ended June 30, 2018
 
Three months ended June 30, 2017
 
 
Gains and losses on cash flow hedges
 
 
 
 
 
 
Interest rate contracts
 
$
(332
)
 
$
(164
)
 
Interest expense
Foreign exchange contracts
 
(306
)
 
(108
)
 
Net sales
 
 
(638
)
 
(272
)
 
Total before tax
 
 
146

 
85

 
Tax benefit
 
 
(492
)
 
(187
)
 
Net of tax
 
 
 
 
 
 
 
Pension and other postretirement benefit items
 
 
 
 
 
 
Amortization of prior-service costs, net
 
$
(145
)
 
$
(94
)
 
(A)
Amortization of actuarial losses
 
(3,155
)
 
(2,733
)
 
(A)
Curtailment gain
 

 
187

 
(A)
Settlement gain
 

 
230

 
(A)
 
 
(3,300
)
 
(2,410
)
 
Total before tax
 
 
806

 
989

 
Tax benefit
 
 
(2,494
)
 
(1,421
)
 
Net of tax
 
 
 
 
 
 
 
Total reclassifications in the period
 
$
(2,986
)
 
$
(1,608
)
 
 

(A) These accumulated other comprehensive income (loss) components are included within the computation of net periodic Pension and Other Postretirement Benefits cost. See Note 10.

Details about Accumulated Other Comprehensive Income (Loss) Components
 
Amount Reclassified from Accumulated Other Comprehensive Income (Loss)
Affected Line Item in the Consolidated Statements of Income
 
 
Six months ended June 30, 2018
 
Six months ended June 30, 2017
 
 
Gains and losses on cash flow hedges
 
 
 
 
 
 
Interest rate contracts
 
$
(414
)
 
$
(227
)
 
Interest expense
Foreign exchange contracts
 
(533
)
 
(138
)
 
Net sales
 
 
(947
)
 
(365
)
 
Total before tax
 
 
215

 
115

 
Tax benefit
 
 
(732
)
 
(250
)
 
Net of tax
 
 
 
 
 
 
 
Pension and other postretirement benefit items
 
 
 
 
 
 
Amortization of prior-service costs, net
 
$
(291
)
 
$
(186
)
 
(A)
Amortization of actuarial losses
 
(6,126
)
 
(5,282
)
 
(A)
Curtailment gain
 

 
187

 
(A)
Settlement gain
 

 
230

 
(A)
 
 
(6,417
)
 
(5,051
)
 
Total before tax
 
 
1,521

 
1,890

 
Tax benefit
 
 
(4,896
)
 
(3,161
)
 
Net of tax
 
 
 
 
 
 
 
Total reclassifications in the period
 
$
(5,628
)
 
$
(3,411
)
 
 

(A) These accumulated other comprehensive income (loss) components are included within the computation of net periodic Pension and Other Postretirement Benefits cost. See Note 10.
v3.10.0.1
Information on Business Segments
6 Months Ended
Jun. 30, 2018
Segment Reporting [Abstract]  
Information on Business Segments
Information on Business Segments

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

Industrial is a global manufacturer of highly-engineered, high-quality precision components, products and systems for critical applications serving a diverse customer base in end-markets such as transportation, industrial equipment, consumer products, packaging, electronics, medical devices, and energy. Focused on innovative custom solutions, Industrial participates in the design phase of components and assemblies whereby customers receive the benefits of application and systems engineering, new product development, testing and evaluation, and the manufacturing of final products. Products are sold primarily through its direct sales force and global distribution channels. Industrial's Molding Solutions businesses design and manufacture customized hot runner systems, advanced mold cavity sensors and process control systems, and precision high cavitation mold assemblies - collectively, the enabling technologies for many complex injection molding applications. Industrial's Nitrogen Gas Products business provides innovative cost effective force and motion solutions for sheet metal forming, heavy duty suspension and other selective niche markets for customers worldwide. 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.
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. Aerospace Aftermarket includes the jet engine component maintenance repair and overhaul business ("MRO") and the spare parts business. MRO includes our Component Repair Programs ("CRPs") and services many of the world's major turbine engine manufacturers, commercial airlines and the military. The spare parts business includes our 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.
The following tables set forth information about the Company's operations by its two reportable segments:
 
Three months ended June 30,
 
Six months ended June 30,
 
2018
 
2017
 
2018
 
2017
Net sales
 
 
 
 
 
 
 
Industrial
$
249,577

 
$
251,845

 
$
495,544

 
$
479,185

Aerospace
125,739

 
112,662

 
246,437

 
227,132

Intersegment sales
(1
)
 
(14
)
 
(6
)
 
(22
)
Total net sales
$
375,315

 
$
364,493

 
$
741,975

 
$
706,295

 
 
 
 
 
 
 
 
Operating profit
 
 
 
 
 
 
 
Industrial
$
38,316

 
$
30,883

 
$
70,694


$
64,785

Aerospace
25,563

 
19,876

 
49,818

 
42,252

Total operating profit
63,879

 
50,759

 
120,512

 
107,037

Interest expense
4,133

 
3,541

 
8,025

 
6,890

Other expense (income), net
947

 
(5,987
)
 
2,710

 
(5,434
)
Income before income taxes
$
58,799

 
$
53,205

 
$
109,777

 
$
105,581


 
June 30, 2018
 
December 31, 2017
Assets
 
 
 
Industrial
$
1,493,998

 
$
1,505,355

Aerospace
689,830

 
667,085

Other (A)
179,072

 
193,276

Total assets
$
2,362,900

 
$
2,365,716


(A) "Other" assets include corporate-controlled assets, the majority of which are cash and cash equivalents.
v3.10.0.1
Commitments and Contingencies
6 Months Ended
Jun. 30, 2018
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies
Commitments and Contingencies

Product Warranties

The Company provides product warranties in connection with the sale of certain products. From time to time, the Company is subject to customer claims with respect to product warranties. The Company accrues its estimated exposure for warranty claims at the time of sale based upon the length of the warranty period, historical experience and other related information known to the Company. Liabilities related to product warranties and extended warranties were not material as of June 30, 2018 and December 31, 2017.
v3.10.0.1
Business Reorganizations
6 Months Ended
Jun. 30, 2018
Restructuring and Related Activities [Abstract]  
Business Reorganizations
Business Reorganizations

In 2017, the Company authorized the closure and consolidation of two production facilities (the "Closures") including a FOBOHA facility located in Muri, Switzerland and an Associated Spring facility into other facilities included within the Industrial segment to leverage capacity, infrastructure and critical resources. The Muri Closure was completed as of December 31, 2017, whereas the Closure at the Associated Spring facility was completed as of June 30, 2018. The remaining severance liability is included within accrued liabilities and is expected to be paid in 2018.
The following table sets forth the change in the liability for the 2017 employee termination actions:
 
January 1, 2018
$
649

Payments
(351
)
Foreign currency translation
7

June 30, 2018
$
305

v3.10.0.1
Subsequent Event
6 Months Ended
Jun. 30, 2018
Subsequent Events [Abstract]  
Subsequent Event
Subsequent Event

On July 23, 2018, the Company acquired Industrial Gas Springs Group Holdings Limited (“IGS”), a recognized designer, manufacturer and supplier of customized gas springs. The Company acquired IGS for a purchase price of 26,000 British pound sterling ($34,067), subject to adjustments under the terms of the Share Purchase Agreement. IGS is headquartered in the United Kingdom, with distribution and assembly capabilities in the United States. Its diversified end markets include general industrial, transportation, aerospace, and medical, among others. IGS will be included within the Industrial segment.
v3.10.0.1
Recent Accounting Standards (Tables)
6 Months Ended
Jun. 30, 2018
Accounting Changes and Error Corrections [Abstract]  
Schedule of New Accounting Pronouncements and Changes in Accounting Principles
The cumulative effect of the changes made to the Consolidated Balance Sheet as of January 1, 2018 for the adoption of ASC 606 were as follows:

 
Balance at December 31, 2017
 
Adjustments Due to ASC 606
 
Balance at January 1, 2018
Assets
 
 
 
 
 
Accounts receivable, less allowances
$
348,943

 
$
13,536

 
$
362,479

Inventories
241,962

 
(8,908
)
 
233,054

Prepaid expenses and other current assets
32,526

 
14,579

 
47,105

Deferred income taxes
12,161

 
(990
)
 
11,171

 
 
 
 
 
 
Liabilities
 
 
 
 
 
Accrued liabilities
181,241

 
13,536

 
194,777

Deferred income taxes
73,505

 
386

 
73,891

 
 
 
 
 
 
Stockholders' equity
 
 
 
 
 
Retained earnings
1,206,723

 
4,295

 
1,211,018


The impact of adoption on the Consolidated Statements of Income and Balance Sheets was as follows:
 
Three months ended
June 30, 2018
 
Six months ended
June 30, 2018
 
As Reported
 
Balances Without Adoption of ASC 606
 
Effect of Change Higher/(Lower)
 
As Reported
 
Balances Without Adoption of ASC 606
 
Effect of Change Higher/(Lower)
Consolidated Statement of Income
 
 
 
 
 
 
 
 
 
 
 
Net sales
$
375,315

 
$
375,662

 
$
(347
)
 
$
741,975

 
$
742,294

 
$
(319
)
Cost of sales
237,608

 
237,651

 
(43
)
 
474,742

 
475,468

 
(726
)
Operating income
63,879

 
64,183

 
(304
)
 
120,512

 
120,105

 
407

Income before income taxes
58,799

 
59,103

 
(304
)
 
109,777

 
109,370

 
407

Income taxes
9,370

 
9,445

 
(75
)
 
21,530

 
21,427

 
103

Net income
49,429

 
49,658

 
(229
)
 
88,247

 
87,943

 
304



 
June 30, 2018
 
As Reported
 
Balances Without Adoption of ASC 606
 
Effect of Change Higher/(Lower)
Consolidated Balance Sheet
 
 
 
 
 
Assets
 
 
 
 
 
Accounts receivable, less allowances
$
378,790

 
$
357,243

 
$
21,547

Inventories
251,047

 
259,177

 
(8,130
)
Prepaid expenses and other current assets
55,943

 
41,624

 
14,319

Deferred income taxes
14,857

 
16,063

 
(1,206
)
 
 
 
 
 
 
Liabilities
 
 
 
 
 
Accrued liabilities
202,209

 
180,531

 
21,678

Deferred income taxes
70,296

 
70,045

 
251

 
 
 
 
 
 
Stockholders' equity
 
 
 
 
 
Retained earnings
1,302,640

 
1,298,044

 
4,596

Accumulated other changes to equity
(157,137
)
 
(157,148
)
 
11

v3.10.0.1
Revenue (Tables)
6 Months Ended
Jun. 30, 2018
Revenue from Contract with Customer [Abstract]  
Capitalized Contract Cost
Capitalized costs, net of amortization, to fulfill contract balances were as follows:

 
June 30, 2018
Tooling
$
2,933

Design costs
2,914

Other
66

 
$
5,913

Disaggregation of Revenue
The following table presents the Company's revenue disaggregated by products and services, and geographic regions, by segment.
 
Three months ended
June 30, 2018
 
Industrial
 
Aerospace
 
Total Company
Product and Services
 
 
 
 
 
Engineered Components Products
$
89,170

 
$

 
$
89,170

Molding Solutions Products
125,938

 

 
125,938

Nitrogen Gas Products
34,469

 

 
34,469

Aerospace Original Equipment Manufacturer Products

 
84,527

 
84,527

Aerospace Aftermarket Product and Services

 
41,211

 
41,211

 
$
249,577

 
$
125,738

 
$
375,315

 
 
 
 
 
 
Geographic Regions (A)
 
 
 
 
 
Americas
$
93,326

 
$
92,449

 
$
185,775

Europe
92,414

 
22,740

 
115,154

Asia
63,043

 
9,850

 
72,893

Other
794

 
699

 
1,493

 
$
249,577

 
$
125,738

 
$
375,315


 
Six months ended
June 30, 2018
 
Industrial
 
Aerospace
 
Total Company
Product and Services
 
 
 
 
 
Engineered Components Products
$
181,183

 
$

 
$
181,183

Molding Solutions Products
245,036

 

 
245,036

Nitrogen Gas Products
69,319

 

 
69,319

Aerospace Original Equipment Manufacturer Products

 
165,223

 
165,223

Aerospace Aftermarket Product and Services

 
81,214

 
81,214

 
$
495,538

 
$
246,437

 
$
741,975

 
 
 
 
 
 
Geographic Regions (A)
 
 
 
 
 
Americas
$
189,320

 
$
178,426

 
$
367,746

Europe
187,127

 
47,407

 
234,534

Asia
117,382

 
18,765

 
136,147

Other
1,709

 
1,839

 
3,548

 
$
495,538

 
$
246,437

 
$
741,975


(A) Sales by geographic market are based on the location to which the product is shipped.
Contract with Customer, Asset and Liability
Net contract assets (liabilities) consisted of the following:
 
June 30, 2018
 
January 1, 2018
 
$ Change
 
% Change
Unbilled receivables (contract assets)
$
14,319

 
$
14,579

 
$
(260
)
 
(2
)%
Contract liabilities
(73,035
)
 
(54,007
)
 
(19,028
)
 
35
 %
Net contract liabilities
$
(58,716
)
 
$
(39,428
)
 
$
(19,288
)
 
49
 %

Contract liabilities balances at June 30, 2018 and January 1, 2018 include $21,608 and $13,536, respectively, of customer advances for which the Company has an unconditional right to collect payment. Accounts receivable, as presented on the Consolidated Balance Sheet and within Note 2, includes corresponding balances at June 30, 2018 and January 1, 2018, respectively
v3.10.0.1
Inventories (Tables)
6 Months Ended
Jun. 30, 2018
Inventory Disclosure [Abstract]  
Schedule of Inventory
The components of inventories consisted of:
 
June 30, 2018
 
December 31, 2017
Finished goods
$
77,144


$
79,649

Work-in-process
103,909

 
97,276

Raw material and supplies
69,994

 
65,037

 
$
251,047


$
241,962

v3.10.0.1
Goodwill and Other Intangible Assets (Tables)
6 Months Ended
Jun. 30, 2018
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill
The following table sets forth the change in the carrying amount of goodwill for each reportable segment and for the Company as of and for the period ended June 30, 2018:
 
Industrial
 
Aerospace
 
Total Company
January 1, 2018
$
659,437

 
$
30,786

 
$
690,223

Foreign currency translation
(18,297
)
 

 
(18,297
)
June 30, 2018
$
641,140

 
$
30,786

 
$
671,926

Schedule of Intangible Assets
Other intangible assets consisted of:
 
 
 
June 30, 2018
 
December 31, 2017
 
Range of
Life -Years
 
Gross Amount
 
Accumulated Amortization
 
Gross Amount
 
Accumulated Amortization
Amortized intangible assets:
 
 
 
 
 
 
 
 
 
Revenue sharing programs (RSPs)
Up to 30
 
$
299,500

 
$
(115,122
)
 
$
293,700

 
$
(108,075
)
Component repair programs (CRPs)
Up to 30
 
111,839

 
(19,350
)
 
111,839

 
(16,508
)
Customer lists/relationships
10-16
 
215,966

 
(71,769
)
 
215,966

 
(65,385
)
Patents and technology
4-10
 
87,052

 
(53,484
)
 
87,052

 
(48,083
)
Trademarks/trade names
10-30
 
11,950

 
(10,541
)
 
11,950

 
(10,349
)
Other
Up to 15
 
20,551

 
(16,627
)
 
20,551

 
(16,414
)
 
 
 
746,858

 
(286,893
)
 
741,058

 
(264,814
)
Unamortized intangible assets:
 
 
 
 
 
 
 
 
 
Trade names
 
 
42,770

 

 
42,770

 

Foreign currency translation
 
 
(17,207
)
 

 
(11,972
)
 

Other intangible assets
 
 
$
772,421

 
$
(286,893
)
 
$
771,856

 
$
(264,814
)
v3.10.0.1
Debt (Tables)
6 Months Ended
Jun. 30, 2018
Debt Disclosure [Abstract]  
Schedule of Debt
Long-term debt and notes and overdrafts payable at June 30, 2018 and December 31, 2017 consisted of:
 
June 30, 2018
 
December 31, 2017
 
Carrying
Amount
 
Fair
Value
 
Carrying
Amount
 
Fair
Value
Revolving credit agreement
$
460,052

 
$
467,993

 
$
421,500

 
$
424,818

3.97% Senior Notes
100,000

 
98,779

 
100,000

 
101,348

Borrowings under lines of credit and overdrafts
22,400

 
22,400

 
5,669

 
5,669

Capital leases
7,196

 
7,584

 
4,541

 
4,964

Other foreign bank borrowings
607

 
614

 
886

 
897

 
590,255

 
597,370

 
532,596

 
537,696

Less current maturities
(25,062
)
 
 
 
(6,999
)
 
 
Long-term debt
$
565,193

 
 
 
$
525,597

 
 
v3.10.0.1
Derivatives (Tables)
6 Months Ended
Jun. 30, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Gain (Loss) Recorded in Other Expense (Income), Net in Consolidated Statements of Income
The following table sets forth the net (loss) gains recorded in other expense (income), net in the Consolidated Statements of Income for the three and six month periods ended June 30, 2018 and 2017 for non-designated derivatives held by the Company. Such amounts were substantially offset by the net (gain) loss recorded on the underlying hedged asset or liability, also recorded in other expense (income), net.
 
Three months ended June 30,
 
Six months ended June 30,
 
2018
 
2017
 
2018
 
2017
Foreign exchange contracts
$
(1,506
)
 
$
(9,508
)
 
$
(7,598
)
 
$
(10,404
)
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)
The following table sets forth the gain (loss) recorded in accumulated other comprehensive income (loss), net of tax, for the three and six month periods ended June 30, 2018 and 2017 for derivatives held by the Company and designated as hedging instruments.
 
Three months ended June 30,
 
Six months ended June 30,
 
2018
 
2017
 
2018
 
2017
Cash flow hedges:
 
 
 
 
 
 
 
Interest rate contracts
$
452

 
$
(311
)
 
$
1,686

 
$
(264
)
Foreign exchange contracts
(37
)
 
(233
)
 
(875
)
 
(197
)
 
$
415

 
$
(544
)
 
$
811

 
$
(461
)
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value
The following table sets forth the fair value amounts of derivative instruments held by the Company.
 
June 30, 2018
 
December 31, 2017
 
Asset Derivatives
 
Liability Derivatives
 
Asset Derivatives
 
Liability Derivatives
Derivatives designated as hedging instruments:
 
 
 
 
 
 
 
Interest rate contracts
$
2,867

 
$

 
$
654

 
$

Foreign exchange contracts

 
(1,502
)
 

 
(379
)
 
 
 
 
 
 
 
 
Derivatives not designated as hedging instruments:
 
 
 
 
 
 
 
Foreign exchange contracts
38

 
(2,748
)
 
58

 
(29
)
Total derivatives
$
2,905

 
$
(4,250
)
 
$
712

 
$
(408
)
v3.10.0.1
Fair Value Measurements (Tables)
6 Months Ended
Jun. 30, 2018
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The following table provides the assets and liabilities reported at fair value and measured on a recurring basis:
 
 
 
 
Fair Value Measurements Using
Description
 
Total
 
Quoted Prices in Active Markets for
Identical Assets
(Level 1)
 
Significant Other Observable Inputs
(Level 2)
 
Significant Unobservable Inputs
(Level 3)
June 30, 2018
 
 
 
 
 
 
 
 
Asset derivatives
 
$
2,905

 
$

 
$
2,905

 
$

Liability derivatives
 
(4,250
)
 

 
(4,250
)
 

Bank acceptances
 
19,844

 

 
19,844

 

Rabbi trust assets
 
2,541

 
2,541

 

 

Total
 
$
21,040

 
$
2,541

 
$
18,499

 
$

 
 
 
 
 
 
 
 
 
December 31, 2017
 
 
 
 
 
 
 
 
Asset derivatives
 
$
712

 
$

 
$
712

 
$

Liability derivatives
 
(408
)
 

 
(408
)
 

Bank acceptances
 
16,092

 

 
16,092

 

Rabbi trust assets
 
2,554

 
2,554

 

 

Total
 
$
18,950


$
2,554

 
$
16,396

 
$

v3.10.0.1
Pension and Other Postretirement Benefits (Tables)
6 Months Ended
Jun. 30, 2018
Retirement Benefits [Abstract]  
Schedule of Net Benefit Costs
Pension and other postretirement benefits expenses consisted of the following:
 
Three months ended June 30,
 
Six months ended June 30,
Pensions
2018
 
2017
 
2018
 
2017
Service cost
$
1,398

 
$
1,459

 
$
2,988

 
$
3,102

Interest cost
4,383

 
4,666

 
8,692

 
9,287

Expected return on plan assets
(7,383
)
 
(6,816
)
 
(14,777
)
 
(13,676
)
Amortization of prior service cost
140

 
111

 
281

 
220

Amortization of actuarial losses
3,029

 
2,663

 
5,840

 
5,143

Curtailment gain

 
(7,217
)
 

 
(7,217
)
Settlement gain

 
(230
)
 

 
(491
)
Net periodic benefit cost
$
1,567

 
$
(5,364
)
 
$
3,024

 
$
(3,632
)

 
Three months ended June 30,
 
Six months ended June 30,
Other Postretirement Benefits
2018
 
2017
 
2018
 
2017
Service cost
$
18

 
$
20

 
$
42

 
$
42

Interest cost
337

 
392

 
681

 
781

Amortization of prior service cost (credit)
5

 
(17
)
 
10

 
(34
)
Amortization of actuarial losses
126

 
70

 
286

 
139

Net periodic benefit cost
$
486

 
$
465

 
$
1,019

 
$
928

v3.10.0.1
Changes in Accumulated Other Comprehensive Income (Loss) by Component (Tables)
6 Months Ended
Jun. 30, 2018
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Schedule of Changes in Accumulated Other Comprehensive Income (Loss) By Component
The following tables sets forth the changes in accumulated other comprehensive income (loss), net of tax, by component for the six month periods ended June 30, 2018 and 2017:
 
Gains and Losses on Cash Flow Hedges
 
Pension and Other Postretirement Benefit Items
 
Foreign Currency Items
 
Total
January 1, 2018
$
72

 
$
(103,844
)
 
$
(2,627
)
 
$
(106,399
)
Other comprehensive income (loss) before reclassifications
79

 
1,293

 
(38,407
)
 
(37,035
)
Amounts reclassified from accumulated other comprehensive income to the consolidated statements of income
732

 
4,896

 

 
5,628

Net current-period other comprehensive income (loss)
811

 
6,189

 
(38,407
)
 
(31,407
)
Amounts reclassified from accumulated other comprehensive income to retained earnings (A)

 
(19,331
)
 

 
(19,331
)
June 30, 2018
$
883

 
$
(116,986
)
 
$
(41,034
)
 
$
(157,137
)


(A) This amount represents the reclassification of stranded tax effects resulting from the Act, as permitted by amended guidance issued by the FASB in February 2018. See Note 2.
 
Gains and Losses on Cash Flow Hedges
 
Pension and Other Postretirement Benefit Items
 
Foreign Currency Items
 
Total
January 1, 2017
$
(227
)
 
$
(114,570
)
 
$
(86,031
)
 
$
(200,828
)
Other comprehensive income (loss) before reclassifications
(711
)
 
(1,225
)
 
60,172

 
58,236

Amounts reclassified from accumulated other comprehensive income to the consolidated statements of income
250

 
3,161

 

 
3,411

Net current-period other comprehensive income
(461
)
 
1,936

 
60,172

 
61,647

June 30, 2017
$
(688
)
 
$
(112,634
)
 
$
(25,859
)
 
$
(139,181
)
Schedule of Amounts Reclassified Out of Accumulated Other Comprehensive Income (Loss) to the Consolidated Statements of Income
The following table sets forth the reclassifications out of accumulated other comprehensive income (loss) by component for the three and six month periods ended June 30, 2018 and 2017:

Details about Accumulated Other Comprehensive Income (Loss) Components
 
Amount Reclassified from Accumulated Other Comprehensive Income (Loss)
Affected Line Item in the Consolidated Statements of Income
 
 
Three months ended June 30, 2018
 
Three months ended June 30, 2017
 
 
Gains and losses on cash flow hedges
 
 
 
 
 
 
Interest rate contracts
 
$
(332
)
 
$
(164
)
 
Interest expense
Foreign exchange contracts
 
(306
)
 
(108
)
 
Net sales
 
 
(638
)
 
(272
)
 
Total before tax
 
 
146

 
85

 
Tax benefit
 
 
(492
)
 
(187
)
 
Net of tax
 
 
 
 
 
 
 
Pension and other postretirement benefit items
 
 
 
 
 
 
Amortization of prior-service costs, net
 
$
(145
)
 
$
(94
)
 
(A)
Amortization of actuarial losses
 
(3,155
)
 
(2,733
)
 
(A)
Curtailment gain
 

 
187

 
(A)
Settlement gain
 

 
230

 
(A)
 
 
(3,300
)
 
(2,410
)
 
Total before tax
 
 
806

 
989

 
Tax benefit
 
 
(2,494
)
 
(1,421
)
 
Net of tax
 
 
 
 
 
 
 
Total reclassifications in the period
 
$
(2,986
)
 
$
(1,608
)
 
 

(A) These accumulated other comprehensive income (loss) components are included within the computation of net periodic Pension and Other Postretirement Benefits cost. See Note 10.

Details about Accumulated Other Comprehensive Income (Loss) Components
 
Amount Reclassified from Accumulated Other Comprehensive Income (Loss)
Affected Line Item in the Consolidated Statements of Income
 
 
Six months ended June 30, 2018
 
Six months ended June 30, 2017
 
 
Gains and losses on cash flow hedges
 
 
 
 
 
 
Interest rate contracts
 
$
(414
)
 
$
(227
)
 
Interest expense
Foreign exchange contracts
 
(533
)
 
(138
)
 
Net sales
 
 
(947
)
 
(365
)
 
Total before tax
 
 
215

 
115

 
Tax benefit
 
 
(732
)
 
(250
)
 
Net of tax
 
 
 
 
 
 
 
Pension and other postretirement benefit items
 
 
 
 
 
 
Amortization of prior-service costs, net
 
$
(291
)
 
$
(186
)
 
(A)
Amortization of actuarial losses
 
(6,126
)
 
(5,282
)
 
(A)
Curtailment gain
 

 
187

 
(A)
Settlement gain
 

 
230

 
(A)
 
 
(6,417
)
 
(5,051
)
 
Total before tax
 
 
1,521

 
1,890

 
Tax benefit
 
 
(4,896
)
 
(3,161
)
 
Net of tax
 
 
 
 
 
 
 
Total reclassifications in the period
 
$
(5,628
)
 
$
(3,411
)
 
 

(A) These accumulated other comprehensive income (loss) components are included within the computation of net periodic Pension and Other Postretirement Benefits cost. See Note 10.
v3.10.0.1
Information on Business Segments (Tables)
6 Months Ended
Jun. 30, 2018
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment
The following tables set forth information about the Company's operations by its two reportable segments:
 
Three months ended June 30,
 
Six months ended June 30,
 
2018
 
2017
 
2018
 
2017
Net sales
 
 
 
 
 
 
 
Industrial
$
249,577

 
$
251,845

 
$
495,544

 
$
479,185

Aerospace
125,739

 
112,662

 
246,437

 
227,132

Intersegment sales
(1
)
 
(14
)
 
(6
)
 
(22
)
Total net sales
$
375,315

 
$
364,493

 
$
741,975

 
$
706,295

 
 
 
 
 
 
 
 
Operating profit
 
 
 
 
 
 
 
Industrial
$
38,316

 
$
30,883

 
$
70,694


$
64,785

Aerospace
25,563

 
19,876

 
49,818

 
42,252

Total operating profit
63,879

 
50,759

 
120,512

 
107,037

Interest expense
4,133

 
3,541

 
8,025

 
6,890

Other expense (income), net
947

 
(5,987
)
 
2,710

 
(5,434
)
Income before income taxes
$
58,799

 
$
53,205

 
$
109,777

 
$
105,581


 
June 30, 2018
 
December 31, 2017
Assets
 
 
 
Industrial
$
1,493,998

 
$
1,505,355

Aerospace
689,830

 
667,085

Other (A)
179,072

 
193,276

Total assets
$
2,362,900

 
$
2,365,716


(A) "Other" assets include corporate-controlled assets, the majority of which are cash and cash equivalents.
v3.10.0.1
Business Reorganization (Tables)
6 Months Ended
Jun. 30, 2018
Restructuring and Related Activities [Abstract]  
Schedule of Liability for 2017 employee termination actions
The following table sets forth the change in the liability for the 2017 employee termination actions:
 
January 1, 2018
$
649

Payments
(351
)
Foreign currency translation
7

June 30, 2018
$
305

v3.10.0.1
Recent Accounting Standards (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Jan. 01, 2018
Dec. 31, 2017
Dec. 31, 2016
Assets              
Accounts receivable, less allowances $ 378,790   $ 378,790   $ 362,479 $ 348,943  
Inventories 251,047   251,047   233,054 241,962  
Prepaid expenses and other current assets 55,943   55,943   47,105 32,526  
Deferred income taxes 14,857   14,857   11,171 12,161  
Liabilities              
Accrued liabilities 202,209   202,209   194,777 181,241  
Deferred income taxes 70,296   70,296   73,891 73,505  
Stockholders' equity              
Retained earnings 1,302,640   1,302,640   1,211,018 1,206,723  
Accumulated other non-owner changes to equity (157,137) $ (139,181) (157,137) $ (139,181)   (106,399) $ (200,828)
Consolidated Statement of Income              
Net sales 375,315 364,493 741,975 706,295      
Cost of sales 237,608 242,538 474,742 462,087      
Operating profit 63,879 50,759 120,512 107,037      
Income before income taxes 58,799 53,205 109,777 105,581      
Income taxes 9,370 8,178 21,530 22,251      
Net income 49,429 45,027 88,247 83,330      
Other expense (income), net 947 (5,987) 2,710 (5,434)      
Pensions [Member]              
Consolidated Statement of Income              
Curtailment gain 0 (7,217) 0 (7,217)      
Settlement gain 0 (230) 0 (491)      
Accounting Standards Update 2017-07 [Member]              
Consolidated Statement of Income              
Other expense (income), net   $ (6,378)   $ (5,848)      
Accounting Standards Update 2018-02 [Member] | New Accounting Pronouncement, Early Adoption, Effect [Member]              
Stockholders' equity              
Retained earnings 19,331   19,331        
Calculated under Revenue Guidance in Effect before Topic 606 [Member]              
Assets              
Accounts receivable, less allowances 357,243   357,243     348,943  
Inventories 259,177   259,177     241,962  
Prepaid expenses and other current assets 41,624   41,624        
Deferred income taxes 16,063   16,063     12,161  
Liabilities              
Accrued liabilities 180,531   180,531     181,241  
Deferred income taxes 70,045   70,045     73,505  
Stockholders' equity              
Retained earnings 1,298,044   1,298,044     $ 1,206,723  
Accumulated other non-owner changes to equity (157,148)   (157,148)        
Consolidated Statement of Income              
Net sales 375,662   742,294        
Cost of sales 237,651   475,468        
Operating profit 64,183   120,105        
Income before income taxes 59,103   109,370        
Income taxes 9,445   21,427        
Net income 49,658   87,943        
Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | Accounting Standards Update 2014-09 [Member]              
Assets              
Accounts receivable, less allowances 21,547   21,547   13,536    
Inventories (8,130)   (8,130)   (8,908)    
Prepaid expenses and other current assets 14,319   14,319   14,579    
Deferred income taxes (1,206)   (1,206)   (990)    
Liabilities              
Accrued liabilities 21,678   21,678   13,536    
Deferred income taxes 251   251   386    
Stockholders' equity              
Retained earnings 4,596   4,596   $ 4,295    
Accumulated other non-owner changes to equity 11   11        
Consolidated Statement of Income              
Net sales (347)   (319)        
Cost of sales (43)   (726)        
Operating profit (304)   407        
Income before income taxes (304)   407        
Income taxes (75)   103        
Net income $ (229)   $ 304        
v3.10.0.1
Revenue - Revenue by Category (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2018
Disaggregation of Revenue [Line Items]    
Revenue from contract with customer $ 375,315 $ 741,975
Industrial [Member]    
Disaggregation of Revenue [Line Items]    
Revenue from contract with customer 249,577 495,538
Aerospace [Member]    
Disaggregation of Revenue [Line Items]    
Revenue from contract with customer 125,738 246,437
Americas [Member]    
Disaggregation of Revenue [Line Items]    
Revenue from contract with customer 185,775 367,746
Americas [Member] | Industrial [Member]    
Disaggregation of Revenue [Line Items]    
Revenue from contract with customer 93,326 189,320
Americas [Member] | Aerospace [Member]    
Disaggregation of Revenue [Line Items]    
Revenue from contract with customer 92,449 178,426
Europe [Member]    
Disaggregation of Revenue [Line Items]    
Revenue from contract with customer 115,154 234,534
Europe [Member] | Industrial [Member]    
Disaggregation of Revenue [Line Items]    
Revenue from contract with customer 92,414 187,127
Europe [Member] | Aerospace [Member]    
Disaggregation of Revenue [Line Items]    
Revenue from contract with customer 22,740 47,407
Asia [Member]    
Disaggregation of Revenue [Line Items]    
Revenue from contract with customer 72,893 136,147
Asia [Member] | Industrial [Member]    
Disaggregation of Revenue [Line Items]    
Revenue from contract with customer 63,043 117,382
Asia [Member] | Aerospace [Member]    
Disaggregation of Revenue [Line Items]    
Revenue from contract with customer 9,850 18,765
Other Geographic Market [Member]    
Disaggregation of Revenue [Line Items]    
Revenue from contract with customer 1,493 3,548
Other Geographic Market [Member] | Industrial [Member]    
Disaggregation of Revenue [Line Items]    
Revenue from contract with customer 794 1,709
Other Geographic Market [Member] | Aerospace [Member]    
Disaggregation of Revenue [Line Items]    
Revenue from contract with customer 699 1,839
Engineered Components Products [Member]    
Disaggregation of Revenue [Line Items]    
Revenue from contract with customer 89,170 181,183
Engineered Components Products [Member] | Industrial [Member]    
Disaggregation of Revenue [Line Items]    
Revenue from contract with customer 89,170 181,183
Engineered Components Products [Member] | Aerospace [Member]    
Disaggregation of Revenue [Line Items]    
Revenue from contract with customer 0 0
Molding Solutions Products [Member]    
Disaggregation of Revenue [Line Items]    
Revenue from contract with customer 125,938 245,036
Molding Solutions Products [Member] | Industrial [Member]    
Disaggregation of Revenue [Line Items]    
Revenue from contract with customer 125,938 245,036
Molding Solutions Products [Member] | Aerospace [Member]    
Disaggregation of Revenue [Line Items]    
Revenue from contract with customer 0 0
Nitrogen Gas Products [Member]    
Disaggregation of Revenue [Line Items]    
Revenue from contract with customer 34,469 69,319
Nitrogen Gas Products [Member] | Industrial [Member]    
Disaggregation of Revenue [Line Items]    
Revenue from contract with customer 34,469 69,319
Nitrogen Gas Products [Member] | Aerospace [Member]    
Disaggregation of Revenue [Line Items]    
Revenue from contract with customer 0 0
Aerospace Original Equipment Manufacturing Products [Member]    
Disaggregation of Revenue [Line Items]    
Revenue from contract with customer 84,527 165,223
Aerospace Original Equipment Manufacturing Products [Member] | Industrial [Member]    
Disaggregation of Revenue [Line Items]    
Revenue from contract with customer 0 0
Aerospace Original Equipment Manufacturing Products [Member] | Aerospace [Member]    
Disaggregation of Revenue [Line Items]    
Revenue from contract with customer 84,527 165,223
Aerospace Aftermarket Products and Services [Member]    
Disaggregation of Revenue [Line Items]    
Revenue from contract with customer 41,211 81,214
Aerospace Aftermarket Products and Services [Member] | Industrial [Member]    
Disaggregation of Revenue [Line Items]    
Revenue from contract with customer 0 0
Aerospace Aftermarket Products and Services [Member] | Aerospace [Member]    
Disaggregation of Revenue [Line Items]    
Revenue from contract with customer $ 41,211 $ 81,214
Transferred at Point in Time [Member]    
Disaggregation of Revenue [Line Items]    
Revenue transfered percent 90.00% 90.00%
Transferred over Time [Member]    
Disaggregation of Revenue [Line Items]    
Revenue transfered percent 10.00% 10.00%
v3.10.0.1
Revenue - Contract Balances (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2018
Jan. 01, 2018
Revenue from Contract with Customer [Abstract]      
Unbilled receivables (contract assets) $ 14,319 $ 14,319 $ 14,579
Unbilled receivables (contract assets), $ Change 260 $ (260)  
Unbilled receivables (contract assets), % Change   (2.00%)  
Contract liabilities (73,035) $ (73,035) (54,007)
Contract liabilities, $ Change (19,028) $ (19,028)  
Contract liabilities, % Change   35.00%  
Net contract liabilities (58,716) $ (58,716) (39,428)
Net contract liabilities, $ Change   $ (19,288)  
Net contract liabilities, % Change   49.00%  
Customer advances $ 21,608 $ 21,608 $ 13,536
Revenue recognized 25.00% 50.00%  
v3.10.0.1
Revenue - Contract Costs (Details)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2018
USD ($)
Jun. 30, 2018
USD ($)
Capitalized Contract Cost [Line Items]    
Amortization of capitalized costs $ 3,956 $ 7,942
Capitalized costs, net 5,913 5,913
Tooling [Member]    
Capitalized Contract Cost [Line Items]    
Capitalized costs, net 2,933 2,933
Design Costs [Member]    
Capitalized Contract Cost [Line Items]    
Capitalized costs, net 2,914 2,914
Other Capitalized Contract Cost [Member]    
Capitalized Contract Cost [Line Items]    
Capitalized costs, net $ 66 $ 66
v3.10.0.1
Revenue - Remaining Performance Obligations (Details)
$ in Thousands
6 Months Ended
Jun. 30, 2018
USD ($)
Revenue from Contract with Customer [Abstract]  
Remaining performance obligations $ 154,497
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2018-07-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Remaining performance obligation, expected timing 1 year
Remaining performance obligations, percentage 80.00%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-07-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Remaining performance obligation, expected timing 2 years
Remaining performance obligations, percentage 20.00%
v3.10.0.1
Net Income Per Common Share (Details) - shares
1 Months Ended 3 Months Ended 6 Months Ended
Feb. 28, 2018
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Net Income Per Common Share [Line Items]          
Weighted average number of diluted shares outstanding adjustment (in shares)   553,938 544,960 552,467 507,987
Stock Options [Member]          
Net Income Per Common Share [Line Items]          
Antidilutive securities excluded from computation of EPS   139,307 0 146,607 88,891
Options, granted (in shares) 102,400        
Restricted Stock Units (RSUs) [Member]          
Net Income Per Common Share [Line Items]          
Other than options, granted (in shares) 88,543        
Performance Share Awards [Member]          
Net Income Per Common Share [Line Items]          
Other than options, granted (in shares) 70,005        
Performance period       3 years  
Minimum range of target award of stock plan       0.00%  
Maximum range of target award of stock plan       250.00%  
v3.10.0.1
Inventories (Details) - USD ($)
$ in Thousands
Jun. 30, 2018
Jan. 01, 2018
Dec. 31, 2017
Inventory Disclosure [Abstract]      
Finished goods $ 77,144   $ 79,649
Work-in-process 103,909   97,276
Raw material and supplies 69,994   65,037
Inventories $ 251,047 $ 233,054 $ 241,962
v3.10.0.1
Goodwill and Other Intangible Assets (Details) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2018
Jun. 30, 2017
Dec. 31, 2017
Goodwill:        
Goodwill, beginning of period   $ 690,223,000    
Foreign currency translation   (18,297,000)    
Goodwill, end of period $ 671,926,000 671,926,000    
Goodwill impairment   0    
Other Intangible Assets:        
Gross Amount 746,858,000 746,858,000   $ 741,058,000
Accumulated Amortization (286,893,000) (286,893,000)   (264,814,000)
Foreign currency translation (17,207,000) (17,207,000)   (11,972,000)
Other intangible assets 772,421,000 772,421,000   771,856,000
Intangible Assets, Future Amortization Expense        
Amortization of intangible assets expected in 2018 43,000,000 43,000,000    
Amortization of intangible assets expected in 2019 42,000,000 42,000,000    
Amortization of intangible assets expected in 2020 38,000,000 38,000,000    
Amortization of intangible assets expected in 2021 38,000,000 38,000,000    
Amortization of intangible assets expected in 2022 38,000,000 38,000,000    
Revenue sharing program payments 5,800,000 5,800,000 $ 0  
Impairment of trade names, indefinite-lived intangible assets   0    
Trade name [Member]        
Other Intangible Assets:        
Unamortized intangible asset 42,770,000 42,770,000   42,770,000
Revenue sharing programs (RSPs) [Member]        
Other Intangible Assets:        
Gross Amount 299,500,000 299,500,000   293,700,000
Accumulated Amortization (115,122,000) (115,122,000)   (108,075,000)
Component repair programs (CRPs) [Member]        
Other Intangible Assets:        
Gross Amount 111,839,000 111,839,000   111,839,000
Accumulated Amortization (19,350,000) (19,350,000)   (16,508,000)
Customer lists/relationships [Member]        
Other Intangible Assets:        
Gross Amount 215,966,000 215,966,000   215,966,000
Accumulated Amortization (71,769,000) (71,769,000)   (65,385,000)
Patents and technology [Member]        
Other Intangible Assets:        
Gross Amount 87,052,000 87,052,000   87,052,000
Accumulated Amortization (53,484,000) (53,484,000)   (48,083,000)
Trademarks/trade names [Member]        
Other Intangible Assets:        
Gross Amount 11,950,000 11,950,000   11,950,000
Accumulated Amortization (10,541,000) (10,541,000)   (10,349,000)
Other [Member]        
Other Intangible Assets:        
Gross Amount 20,551,000 20,551,000   20,551,000
Accumulated Amortization (16,627,000) (16,627,000)   $ (16,414,000)
Industrial [Member]        
Goodwill:        
Goodwill, beginning of period   659,437,000    
Foreign currency translation   (18,297,000)    
Goodwill, end of period 641,140,000 641,140,000    
Aerospace [Member]        
Goodwill:        
Goodwill, beginning of period   30,786,000    
Foreign currency translation   0    
Goodwill, end of period $ 30,786,000 $ 30,786,000    
Minimum [Member] | Customer lists/relationships [Member]        
Other Intangible Assets:        
Range of life   10 years    
Minimum [Member] | Patents and technology [Member]        
Other Intangible Assets:        
Range of life   4 years    
Minimum [Member] | Trademarks/trade names [Member]        
Other Intangible Assets:        
Range of life   10 years    
Maximum [Member] | Revenue sharing programs (RSPs) [Member]        
Other Intangible Assets:        
Range of life   30 years    
Maximum [Member] | Component repair programs (CRPs) [Member]        
Other Intangible Assets:        
Range of life   30 years    
Maximum [Member] | Customer lists/relationships [Member]        
Other Intangible Assets:        
Range of life   16 years    
Maximum [Member] | Patents and technology [Member]        
Other Intangible Assets:        
Range of life   10 years    
Maximum [Member] | Trademarks/trade names [Member]        
Other Intangible Assets:        
Range of life   30 years    
Maximum [Member] | Other [Member]        
Other Intangible Assets:        
Range of life   15 years    
v3.10.0.1
Debt (Debt Schedule) (Details) - USD ($)
$ in Thousands
Jun. 30, 2018
Dec. 31, 2017
Debt Instrument [Line Items]    
Fair value of debt $ 597,370 $ 537,696
Total debt, net of unamortized discounts 590,255 532,596
Borrowings under lines of credit and overdrafts 22,400 5,669
Less current maturities (25,062) (6,999)
Long-term debt 565,193 525,597
Revolving Credit Agreement [Member]    
Debt Instrument [Line Items]    
Carrying amount of debt 460,052 421,500
Fair value of debt 467,993 424,818
Senior Notes [Member] | 3.97% Senior Notes [Member]    
Debt Instrument [Line Items]    
Carrying amount of debt 100,000 100,000
Fair value of debt 98,779 101,348
Lines of Credit and Overdrafts [Member]    
Debt Instrument [Line Items]    
Fair value of debt 22,400 5,669
Borrowings under lines of credit and overdrafts 22,400 5,669
Capital Lease Obligations [Member]    
Debt Instrument [Line Items]    
Carrying amount of debt 7,196 4,541
Fair value of debt 7,584 4,964
Foreign Bank Borrowings [Member]    
Debt Instrument [Line Items]    
Carrying amount of debt 607 886
Fair value of debt $ 614 $ 897
v3.10.0.1
Debt (Narrative) (Details)
€ in Thousands
1 Months Ended 6 Months Ended
Feb. 28, 2017
USD ($)
Jun. 30, 2018
EUR (€)
Jun. 30, 2018
USD ($)
Dec. 31, 2017
USD ($)
Dec. 31, 2016
USD ($)
Oct. 31, 2014
USD ($)
Debt Instrument [Line Items]            
Borrowings under lines of credit and overdrafts     $ 22,400,000 $ 5,669,000    
Debt covenant ratio of senior debt to EBITDA   3.25 3.25      
Debt covenant ratio of total debt to EBITDA   3.75 3.75      
Debt covenant ratio of EBITDA to cash interest expense   4.25 4.25      
Revolving Credit Agreement [Member]            
Debt Instrument [Line Items]            
Carrying amount of debt     $ 460,052,000 421,500,000    
Line of credit facility, maximum borrowing capacity         $ 750,000,000  
Line of credit facility with accordian feature, maximum borrowing capacity         $ 250,000,000  
Remaining borrowing capacity     389,948,000 428,500,000    
Revolving Credit Agreement [Member] | Euro Member Countries, Euro            
Debt Instrument [Line Items]            
Carrying amount of debt   € 178,300 $ 206,052,000 $ 0    
Stated interest rate   2.25% 2.25% 2.65%    
Revolving Credit Agreement [Member] | International Subsidiary Borrowings [Member]            
Debt Instrument [Line Items]            
Carrying amount of debt   € 179,000 $ 208,589,000      
Senior Notes [Member] | 3.97% Senior Notes [Member]            
Debt Instrument [Line Items]            
Carrying amount of debt     100,000,000 $ 100,000,000    
Stated interest rate           3.97%
Converted amount with accrued interest           $ 100,000,000
Percent allowed to be prepaid           100.00%
Lines of Credit [Member]            
Debt Instrument [Line Items]            
Borrowings under lines of credit and overdrafts     22,400,000 $ 5,300,000    
Line of credit facility, maximum borrowing capacity     $ 58,000,000      
Line of credit, interest rate at period end   2.83% 2.83% 2.33%    
Bank Overdrafts [Member]            
Debt Instrument [Line Items]            
Borrowings under lines of credit and overdrafts     $ 0 $ 369,000    
Repayment period   2 days        
Capital Lease Obligations [Member]            
Debt Instrument [Line Items]            
Carrying amount of debt     7,196,000 4,541,000    
Foreign Bank Borrowings [Member]            
Debt Instrument [Line Items]            
Carrying amount of debt     $ 607,000 $ 886,000    
Revolving Credit Agreement [Member] | Fourth Amendment, Maturity February 2022 [Member]            
Debt Instrument [Line Items]            
Line of credit facility, maximum borrowing capacity $ 850,000,000          
Debt fees and expenses 2,542,000          
Revolving Credit Agreement [Member] | Fourth Amendment, Maturity February 2022 [Member] | United Kingdom, Pounds            
Debt Instrument [Line Items]            
Line of credit facility, maximum borrowing capacity 600,000,000          
Revolving Credit Agreement [Member] | Fourth Amendment, Maturity February 2022 [Member] | Euro Member Countries, Euro            
Debt Instrument [Line Items]            
Line of credit facility, maximum borrowing capacity 600,000,000          
Revolving Credit Agreement [Member] | Fourth Amendment, Maturity February 2022 [Member] | Switzerland, Francs            
Debt Instrument [Line Items]            
Line of credit facility, maximum borrowing capacity $ 600,000,000          
Revolving Credit Agreement [Member] | Fourth Amendment, Maturity February 2022 [Member] | one-month LIBOR [Member] | Minimum [Member]            
Debt Instrument [Line Items]            
Variable basis spread 1.10%          
Revolving Credit Agreement [Member] | Fourth Amendment, Maturity February 2022 [Member] | one-month LIBOR [Member] | Maximum [Member]            
Debt Instrument [Line Items]            
Variable basis spread 1.70%          
Revolving Credit Agreement [Member] | Fourth Amendment, Maturity February 2022 [Member] | Base Rate [Member] | Minimum [Member]            
Debt Instrument [Line Items]            
Variable basis spread 0.10%          
Revolving Credit Agreement [Member] | Fourth Amendment, Maturity February 2022 [Member] | Base Rate [Member] | Maximum [Member]            
Debt Instrument [Line Items]            
Variable basis spread 0.70%          
Revolving Credit Agreement [Member] | Fourth Amendment, Maturity February 2022 [Member] | Euribor [Member]            
Debt Instrument [Line Items]            
Stated interest rate 0.00%          
Revolving Credit Agreement [Member] | Fourth Amendment, Maturity February 2022 [Member] | Euribor [Member] | Minimum [Member]            
Debt Instrument [Line Items]            
Variable basis spread 1.10%          
Revolving Credit Agreement [Member] | Fourth Amendment, Maturity February 2022 [Member] | Euribor [Member] | Maximum [Member]            
Debt Instrument [Line Items]            
Variable basis spread 1.70%          
Revolving Credit Agreement [Member] | Fourth Amendment, Maturity February 2022, Accordion Feature [Member]            
Debt Instrument [Line Items]            
Line of credit facility, maximum borrowing capacity $ 350,000,000          
v3.10.0.1
Derivatives (Details) - USD ($)
$ in Thousands
Jun. 30, 2018
Dec. 31, 2017
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract]    
Derivative Assets $ 2,905 $ 712
Derivative Liabilities (4,250) (408)
Designated as Hedging Instrument [Member] | Interest Rate Contract [Member]    
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract]    
Derivative Assets 2,867 654
Derivative Liabilities 0 0
Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member]    
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract]    
Derivative Assets 0 0
Derivative Liabilities (1,502) (379)
Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member]    
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract]    
Derivative Assets 38 58
Derivative Liabilities $ (2,748) $ (29)
v3.10.0.1
Derivatives (Details 1)
$ in Thousands
3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2018
USD ($)
Jun. 30, 2017
USD ($)
Jun. 30, 2018
USD ($)
Jun. 30, 2017
USD ($)
Dec. 31, 2012
USD ($)
Bank
Apr. 28, 2017
USD ($)
Bank
Derivative [Line Items]            
Maximum remaining maturity of foreign currency derivatives     2 years      
Net cash payments from settlement     $ (2,550) $ (14,451)    
Foreign Exchange Contract [Member]            
Derivative [Line Items]            
Net cash payments from settlement     2,464 11,822    
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member]            
Derivative [Line Items]            
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net $ 415 $ (544) 811 (461)    
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Interest Rate Contract [Member]            
Derivative [Line Items]            
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net 452 (311) 1,686 (264)    
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Foreign Exchange Contract [Member]            
Derivative [Line Items]            
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net (37) (233) (875) (197)    
Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member]            
Derivative [Line Items]            
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net $ (1,506) $ (9,508) $ (7,598) $ (10,404)    
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 (in banks) | Bank         3 1
Fixed interest rate         1.03% 1.92%
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | one-month LIBOR [Member]            
Derivative [Line Items]            
Derivative amount of hedge         $ 100,000 $ 100,000
v3.10.0.1
Fair Value Measurements (Details) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2018
Dec. 31, 2017
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Asset derivatives $ 2,905 $ 712
Liability derivatives (4,250) (408)
Quoted Prices in Active Markets for Identical Assets (Level 1)    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Asset derivatives 0 0
Liability derivatives 0 0
Bank acceptances 0 0
Rabbi trust assets 2,541 2,554
Financial assets and financial liabilities, reported at fair value 2,541 2,554
Significant Other Observable Inputs (Level 2)    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Asset derivatives 2,905 712
Liability derivatives (4,250) (408)
Bank acceptances 19,844 16,092
Rabbi trust assets 0 0
Financial assets and financial liabilities, reported at fair value 18,499 16,396
Significant Unobservable Inputs (Level 3)    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Asset derivatives 0 0
Liability derivatives 0 0
Bank acceptances 0 0
Rabbi trust assets 0 0
Financial assets and financial liabilities, reported at fair value 0 0
Estimate of Fair Value, Fair Value Disclosure [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Asset derivatives 2,905 712
Liability derivatives (4,250) (408)
Bank acceptances 19,844 16,092
Rabbi trust assets 2,541 2,554
Financial assets and financial liabilities, reported at fair value $ 21,040 $ 18,950
Minimum [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Maturity of bank acceptances 3 months  
Maximum [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Maturity of bank acceptances 6 months  
v3.10.0.1
Pension and Other Postretirement Benefits (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Pensions [Member]        
Pension and other postretirement benefits expenses        
Service cost $ 1,398 $ 1,459 $ 2,988 $ 3,102
Interest cost 4,383 4,666 8,692 9,287
Expected return on plan assets (7,383) (6,816) (14,777) (13,676)
Amortization of prior service cost (credit) 140 111 281 220
Amortization of actuarial losses 3,029 2,663 5,840 5,143
Curtailment gain 0 (7,217) 0 (7,217)
Settlement gain 0 (230) 0 (491)
Net periodic benefit cost 1,567 (5,364) 3,024 (3,632)
Expected company contributions in 2018 4,600   4,600  
Pensions [Member] | Qualified Plan [Member]        
Pension and other postretirement benefits expenses        
Expected company contributions in 2018 0   0  
Other Postretirement Benefits [Member]        
Pension and other postretirement benefits expenses        
Service cost 18 20 42 42
Interest cost 337 392 681 781
Amortization of prior service cost (credit) 5 (17) 10 (34)
Amortization of actuarial losses 126 70 286 139
Net periodic benefit cost $ 486 $ 465 $ 1,019 $ 928
v3.10.0.1
Income Taxes (Details) - USD ($)
3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2018
Jun. 30, 2018
Jun. 30, 2017
Dec. 31, 2017
Income Tax Disclosure [Abstract]        
Reduction to tax expense $ 1,522,000      
Effective tax rate   19.60% 21.10% 69.60%
Effective tax rate scenario without TCJA       20.20%
TCJA one-time expense       $ 99,214,000
TCJA, benefit on current year repatriation       2,514,000
TCJA liability recorded for earnings expected to repatriate       $ 6,932
v3.10.0.1
Changes in Accumulated Other Comprehensive Income (Loss) by Component (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Changes in Accumulated Other Comprehensive Income by Component [Roll Forward]        
Accumulated other comprehensive income (loss)     $ (106,399) $ (200,828)
Other comprehensive income (loss) before reclassifications     (37,035) 58,236
Amounts reclassified from accumulated other comprehensive income to the consolidated statements of income     5,628 3,411
Net current-period other comprehensive income (loss) $ (61,920) $ 41,689 (31,407) 61,647
Accumulated other comprehensive income (loss) (157,137) (139,181) (157,137) (139,181)
Accounting Standards Update 2018-02 [Member]        
Changes in Accumulated Other Comprehensive Income by Component [Roll Forward]        
Amounts reclassified from accumulated other comprehensive income to the consolidated statements of income     (19,331)  
Gains and Losses on Cash Flow Hedges        
Changes in Accumulated Other Comprehensive Income by Component [Roll Forward]        
Accumulated other comprehensive income (loss)     72 (227)
Other comprehensive income (loss) before reclassifications     79 (711)
Amounts reclassified from accumulated other comprehensive income to the consolidated statements of income     732 250
Net current-period other comprehensive income (loss)     811 (461)
Accumulated other comprehensive income (loss) 883 (688) 883 (688)
Gains and Losses on Cash Flow Hedges | Accounting Standards Update 2018-02 [Member]        
Changes in Accumulated Other Comprehensive Income by Component [Roll Forward]        
Amounts reclassified from accumulated other comprehensive income to the consolidated statements of income     0  
Pension and Other Postretirement Benefit Items        
Changes in Accumulated Other Comprehensive Income by Component [Roll Forward]        
Accumulated other comprehensive income (loss)     (103,844) (114,570)
Other comprehensive income (loss) before reclassifications     1,293 (1,225)
Amounts reclassified from accumulated other comprehensive income to the consolidated statements of income     4,896 3,161
Net current-period other comprehensive income (loss)     6,189 1,936
Accumulated other comprehensive income (loss) (116,986) (112,634) (116,986) (112,634)
Pension and Other Postretirement Benefit Items | Accounting Standards Update 2018-02 [Member]        
Changes in Accumulated Other Comprehensive Income by Component [Roll Forward]        
Amounts reclassified from accumulated other comprehensive income to the consolidated statements of income     (19,331)  
Foreign Currency Items        
Changes in Accumulated Other Comprehensive Income by Component [Roll Forward]        
Accumulated other comprehensive income (loss)     (2,627) (86,031)
Other comprehensive income (loss) before reclassifications     (38,407) 60,172
Amounts reclassified from accumulated other comprehensive income to the consolidated statements of income     0 0
Net current-period other comprehensive income (loss)     (38,407) 60,172
Accumulated other comprehensive income (loss) $ (41,034) $ (25,859) (41,034) $ (25,859)
Foreign Currency Items | Accounting Standards Update 2018-02 [Member]        
Changes in Accumulated Other Comprehensive Income by Component [Roll Forward]        
Amounts reclassified from accumulated other comprehensive income to the consolidated statements of income     $ 0  
v3.10.0.1
Changes in Accumulated Other Comprehensive Income (Loss) by Component (Details 2) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Interest expense $ (4,133) $ (3,541) $ (8,025) $ (6,890)
Net sales 375,315 364,493 741,975 706,295
Income before income taxes 58,799 53,205 109,777 105,581
Tax benefit (9,370) (8,178) (21,530) (22,251)
Total reclassifications in the period 49,429 45,027 88,247 83,330
Reclassification out of Accumulated Other Comprehensive Income [Member]        
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Total reclassifications in the period (2,986) (1,608) (5,628) (3,411)
Reclassification out of Accumulated Other Comprehensive Income [Member] | Gains and Losses on Cash Flow Hedges        
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Income before income taxes (638) (272) (947) (365)
Tax benefit 146 85 215 115
Income from continuing operations (492) (187) (732) (250)
Reclassification out of Accumulated Other Comprehensive Income [Member] | Gains and Losses on Cash Flow Hedges | Interest Rate Contract [Member]        
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Interest expense (332) (164) 414 227
Reclassification out of Accumulated Other Comprehensive Income [Member] | Gains and Losses on Cash Flow Hedges | Foreign Exchange Contract [Member]        
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Net sales (306) (108) (533) (138)
Reclassification out of Accumulated Other Comprehensive Income [Member] | Pension and Other Postretirement Benefit Items        
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Income before income taxes (3,300) (2,410) (6,417) (5,051)
Tax benefit 806 989 1,521 1,890
Income from continuing operations (2,494) (1,421) (4,896) (3,161)
Amortization of prior-service credits, net (145) (94) (291) (186)
Amortization of actuarial losses (3,155) (2,733) (6,126) (5,282)
Curtailment gain 0 187 0 187
Settlement gain $ 0 $ 230 $ 0 $ 230
v3.10.0.1
Information on Business Segments (Details)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2018
USD ($)
Jun. 30, 2017
USD ($)
Jun. 30, 2018
USD ($)
Segment
Jun. 30, 2017
USD ($)
Segment Reporting Information [Line Items]        
Number of reportable segments | Segment     2  
Net sales $ 375,315 $ 364,493 $ 741,975 $ 706,295
Operating profit 63,879 50,759 120,512 107,037
Interest expense 4,133 3,541 8,025 6,890
Other expense (income), net 947 (5,987) 2,710 (5,434)
Income before income taxes 58,799 53,205 109,777 105,581
Aerospace [Member]        
Segment Reporting Information [Line Items]        
Net sales 125,739 112,662 246,437 227,132
Operating profit 25,563 19,876 49,818 42,252
Industrial [Member]        
Segment Reporting Information [Line Items]        
Net sales 249,577 251,845 495,544 479,185
Operating profit 38,316 30,883 70,694 64,785
Intersegment sales [Member]        
Segment Reporting Information [Line Items]        
Net sales $ (1) $ (14) $ (6) $ (22)
v3.10.0.1
Information on Business Segments Details 1 (Details) - USD ($)
$ in Thousands
Jun. 30, 2018
Dec. 31, 2017
Segment Reporting Information [Line Items]    
Assets $ 2,362,900 $ 2,365,716
Aerospace [Member]    
Segment Reporting Information [Line Items]    
Assets 689,830 667,085
Industrial [Member]    
Segment Reporting Information [Line Items]    
Assets 1,493,998 1,505,355
Other [Member]    
Segment Reporting Information [Line Items]    
Assets $ 179,072 $ 193,276
v3.10.0.1
Business Reorganization (Details)
$ in Thousands
6 Months Ended 12 Months Ended
Jun. 30, 2018
USD ($)
Dec. 31, 2017
USD ($)
facility
Restructuring and Related Activities [Abstract]    
Number of facilities eliminated | facility   2
Restructuring Reserve [Roll Forward]    
Restructuring reserve $ 649  
Payments (351)  
Foreign currency translation 7  
Restructuring reserve $ 305 $ 649
v3.10.0.1
Subsequent Event (Details) - Jul. 23, 2018
£ in Thousands, $ in Thousands
USD ($)
GBP (£)
Subsequent Event [Member] | Industrial Gas Springs Group Holdings Limited (“IGS”) [Member]    
Subsequent Event [Line Items]    
Purchase price $ 34,067 £ 26,000