CURTISS WRIGHT CORP, 10-K filed on 2/21/2017
Annual Report
Document and Entity Information (USD $)
12 Months Ended
Dec. 31, 2016
Jan. 1, 2017
Jun. 30, 2016
Document And Entity Information [Abstract]
 
 
 
Document Type
10-K 
 
 
Document Period End Date
Dec. 31, 2016 
 
 
Amendment Flag
false 
 
 
Entity Registrant Name
Curtiss Wright Corporation 
 
 
Entity Central Index Key
0000026324 
 
 
Entity Current Reporting Status
Yes 
 
 
Entity Voluntary Filers
No 
 
 
Current Fiscal Year End Date
--12-31 
 
 
Entity Filer Category
Large Accelerated Filer 
 
 
Entity Well-known Seasoned Issuer
Yes 
 
 
Entity Common Stock, Shares Outstanding
 
44,528,398 
 
Entity Public Float
 
 
$ 3,300,000,000 
Document Fiscal Year Focus
2016 
 
 
Document Fiscal Period Focus
FY 
 
 
Trading Symbol
cw 
 
 
CONSOLIDATED STATEMENTS OF EARNINGS (USD $)
In Thousands, except Per Share data, unless otherwise specified
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Revenue, Net [Abstract]
 
 
 
Product sales
$ 1,714,358 
$ 1,796,802 
$ 1,815,028 
Service sales
394,573 
408,881 
428,098 
Net sales
2,108,931 
2,205,683 
2,243,126 
Cost of Revenue [Abstract]
 
 
 
Cost of product sales
1,100,287 
1,156,596 
1,190,714 
Cost of service sales
258,161 
265,832 
275,896 
Total cost of sales
1,358,448 
1,422,428 
1,466,610 
Gross profit
750,483 
783,255 
776,516 
Research and development expenses
(58,592)
(60,837)
(67,842)
Selling expenses
(111,228)
(121,482)
(128,005)
General and administrative expenses
(272,565)
(290,319)
(298,296)
Operating income
308,098 
310,617 
282,373 
Interest expense
(41,248)
(36,038)
(35,794)
Other income, net
1,111 
615 
365 
Earnings before income taxes
267,961 
275,194 
246,944 
Provision for income taxes
(78,579)
(82,946)
(76,995)
Earnings from continuing operations
189,382 
192,248 
169,949 
Discontinued operations, net of taxes
 
 
 
Loss from discontinued operations, net of taxes
2,053 
46,787 
56,611 
Net earnings
$ 187,329 
$ 145,461 
$ 113,338 
Basic earnings per share
 
 
 
Earnings from continuing operations
$ 4.27 
$ 4.12 
$ 3.54 
Earnings from discontinued operations
$ (0.05)
$ (1.00)
$ (1.18)
Total
$ 4.22 
$ 3.12 
$ 2.36 
Diluted earnings per share
 
 
 
Earnings from continuing operations
$ 4.20 
$ 4.04 
$ 3.46 
Earnings from discontinued operations
$ (0.05)
$ (0.99)
$ (1.15)
Total
$ 4.15 
$ 3.05 
$ 2.31 
Dividends per share
$ 0.52 
$ 0.52 
$ 0.52 
Weighted average shares outstanding:
 
 
 
Basic
44,389 
46,624 
48,019 
Diluted
45,045 
47,616 
49,075 
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Statement of Comprehensive Income [Abstract]
 
 
 
Net earnings
$ 187,329 
$ 145,461 
$ 113,338 
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent [Abstract]
 
 
 
Foreign currency translation, net of tax
(64,840)1
(87,527)1
(79,386)1
Pension and postretirement adjustments, net of tax
(988)2
(9,990)2
(74,284)2
Other Comprehensive Income (Loss), Net of Tax
(65,828)
(97,517)
(153,670)
Comprehensive Income
$ 121,501 
$ 47,944 
$ (40,332)
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME Statement (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Statement of Comprehensive Income [Abstract]
 
 
 
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax
$ 1.7 
$ 2.7 
$ 2.1 
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Tax
$ (1.7)
$ 9.5 
$ 41.3 
CONSOLIDATED BALANCE SHEET (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2016
Dec. 31, 2015
Current Assets:
 
 
Cash and cash equivalents
$ 553,848 
$ 288,697 
Receivables, net
463,062 
566,289 
Inventories, net
366,974 
379,591 
Other current assets
30,927 
40,306 
Total current assets
1,414,811 
1,274,883 
Property, plant, and equipment, net
388,903 
413,644 
Goodwill
951,057 
972,606 
Other intangible assets, net
271,461 
310,763 
Other assets
11,549 
17,715 
Total assets
3,037,781 
2,989,611 
Current liabilities:
 
 
Current portion of long-term debt and short-term debt
150,668 
1,259 
Accounts payable
177,911 
163,286 
Accrued expenses
130,239 
131,863 
Income taxes payable
18,274 
7,956 
Deferred revenue
170,143 
181,671 
Other current liabilities
28,027 
37,190 
Total current liabilities
675,262 
523,225 
Long-term debt
815,630 
951,946 
Deferred tax liabilities, net
49,722 
54,447 
Accrued pension and other postretirement benefit costs
107,151 
103,723 
Long-term portion of environmental reserves
14,024 
14,017 
Other liabilities
84,801 
86,830 
Total liabilities
1,746,590 
1,734,188 
Stockholders' Equity
 
 
Common stock, $1 par value,100,000,000 shares authorized at December 31, 2016 and 2015; 49,187,378 shares issued at December 31, 2016 and 49,189,702 at December 31, 2015; outstanding shares were 44,181,050 at December 31, 2016 and 44,621,348 at December 31, 2015.
49,187 
49,190 
Additional paid in capital
129,483 
144,923 
Retained earnings
1,754,907 
1,590,645 
Accumulated other comprehensive loss
(291,756)
(225,928)
Common treasury stock, at cost (5,006,328 shares at December 31, 2016 and 4,568,354 shares at December 31, 2015)
(350,630)
(303,407)
Total stockholders' equity
1,291,191 
1,255,423 
Total liabilities and stockholders' equity
$ 3,037,781 
$ 2,989,611 
CONSOLIDATED BALANCE SHEETS PARENTHETICAL (USD $)
Dec. 31, 2016
Dec. 31, 2015
Statement of Financial Position [Abstract]
 
 
Common Stock Par Value
$ 1 
$ 1 
Common stock authorized
100,000,000 
100,000,000 
CommonStockSharesIssued
49,187,378 
49,189,702 
CommonStockSharesOutstanding
44,181,050 
44,621,348 
TreasuryStockShares
5,006,328 
4,568,354 
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Statement of Cash Flows [Abstract]
 
 
 
Net earnings
$ 187,329 
$ 145,461 
$ 113,338 
Adjustments to reconcile net earnings to net cash provided by operating activities:
 
 
 
Depreciation and amortization
96,008 
100,810 
118,931 
(Gain) loss on sale of businesses
(845)
16,991 
29,184 
(Gain) loss on fixed asset disposals
(2,069)
(945)
632 
Deferred income taxes
1,224 
63,535 
(27,241)
Share-based compensation
9,478 
9,473 
8,500 
Impairment of assets
0 
0 
3,202 
Impairment of assets held for sale
0 
40,813 
41,369 
Change in operating assets and liabilities, net of businesses acquired and divested:
 
 
 
Accounts receivable, net
91,692 
(77,106)
12,845 
Inventories, net
4,391 
(4,039)
(19,375)
Progress payments
2,583 
3,680 
(6,971)
Accounts payable and accrued expenses
4,125 
(447)
16,147 
Deferred revenue
(11,084)
4,839 
24,471 
Income taxes
11,797 
(7,436)
38,946 
Net pension and postretirement liabilities
3,405 
(139,610)
(26,431)
Other Operating Activities, Cash Flow Statement
20,405 
 
 
Other current and long-term assets and liabilities
4,758 
6,460 
4,219 
Net cash provided by operating activities
423,197 
162,479 
331,766 
Cash flows from investing activities:
 
 
 
Proceeds from sales and disposals of long-lived assets
3,674 
2,277 
594 
Proceeds from divestiture
1,027 
31,344 
152,965 
Proceeds from insurance
0 
0 
2,357 
Additions to property, plant, and equipment
(46,776)
(35,512)
(67,115)
Acquisition of businesses, net of cash acquired
(295)
(13,228)
(34,364)
Additional consideration of prior period acquisitions
(564)
(457)
(989)
Net cash provided by (used for) investing activities
(42,934)
(15,576)
53,448 
Cash flows from financing activities:
 
 
 
Borrowings under revolving credit facility
7,839 
70,324 
364,557 
Payment of revolving credit facilities
(8,430)
(70,134)
(414,770)
Principal payments on debt
0 
(8,400)
(80)
Repurchases of common stock
(105,249)
(294,130)
(65,220)
Proceeds from share-based compensation
22,300 
28,706 
38,182 
Dividends paid
(23,067)
(24,122)
(25,013)
Proceeds from (Payments for) Other Financing Activities
(635)
(581)
296 
Excess tax benefits from share-based compensation
11,101 
9,119 
9,610 
Net cash provided by financing activities
(96,141)
(289,218)
(92,438)
Effect of exchange-rate changes on cash
(18,971)
(19,104)
(17,954)
Net increase (decrease) in cash and cash equivalents
265,151 
(161,419)
274,822 
Cash and cash equivalents at beginning of period
288,697 
450,116 
175,294 
Cash and cash equivalents at end of period
553,848 
288,697 
450,116 
Supplemental disclosure of non-cash investing activities:
 
 
 
Capital Expenditures Incurred but Not yet Paid
2,512 
2,108 
2,891 
Property and equipment under build to suit transaction
$ 0 
$ 0 
$ 14,735 
STATEMENT OF STOCKHOLDERS' EQUITY (USD $)
In Thousands
Total
Common Stock Member
Additional Paid In Capital Member
Retained Earnings Member
Accumulated Other Comprehensive Income Member
Treasury Stock Member
Beginning Balance at Dec. 31, 2013
 
$ 49,190 
$ 150,618 
$ 1,380,981 
$ 25,259 
$ (53,343)
Net earnings
113,338 
 
 
113,338 
 
 
Other Comprehensive Income (Loss), Net of Tax
(153,670)
 
 
 
(153,670)
 
Dividends paid
 
 
 
(25,013)
 
 
Restricted Stock
 
 
(722)
 
 
3,155 
Stock options exercised, net
 
0 
311 
 
 
45,049 
Other
 
 
(430)
 
 
430 
Share-based compensation
 
 
8,266 
 
 
234 
Repurchase of common stock
 
 
 
 
 
(65,220)
Ending Balance at Dec. 31, 2014
 
49,190 
158,043 
1,469,306 
(128,411)
(69,695)
Net earnings
145,461 
 
 
145,461 
 
 
Other Comprehensive Income (Loss), Net of Tax
(97,517)
 
 
 
(97,517)
 
Dividends paid
 
 
 
(24,122)
 
 
Restricted Stock
 
 
(10,303)
 
 
13,734 
Stock options exercised, net
 
 
(11,349)
 
 
45,743 
Other
 
 
(647)
 
 
647 
Share-based compensation
 
 
9,179 
 
 
294 
Repurchase of common stock
 
 
 
 
 
(294,130)
Ending Balance at Dec. 31, 2015
1,255,423 
49,190 
144,923 
1,590,645 
(225,928)
(303,407)
Net earnings
187,329 
 
 
 
 
 
Other Comprehensive Income (Loss), Net of Tax
(65,828)
 
 
 
(65,828)
 
Dividends paid
 
 
 
(23,067)
 
 
Restricted Stock
 
 
(12,086)
 
 
17,275 
Stock options exercised, net
 
 
(11,271)
 
 
39,483 
Other
 
(3)
(1,104)
 
 
811 
Share-based compensation
 
 
9,021 
 
 
457 
Repurchase of common stock
 
 
 
 
 
(105,249)
Ending Balance at Dec. 31, 2016
$ 1,291,191 
$ 49,187 
$ 129,483 
$ 1,754,907 
$ (291,756)
$ (350,630)
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Significant Accounting Policies
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 
Nature of Operations

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

Principles of Consolidation

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

Use of Estimates

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

Revenue Recognition

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

We determine the appropriate method by which we recognize revenue by analyzing the terms and conditions of each contract or arrangement entered into with our customers. Revenue is recognized on product sales as production units are shipped and title and risk of loss have transferred. Revenue is recognized on service type contracts as services are rendered. The significant estimates we make in recognizing revenue are primarily for long-term contracts generally accounted for using the cost-to-cost method of percentage of completion accounting that are associated with the design, development and manufacture of highly engineered industrial products used in commercial and defense applications. Under the cost-to-cost percentage-of-completion method of accounting, profits are recorded pro rata, based upon current estimates of direct and indirect costs to complete such contracts. Changes in estimates of contract sales, costs, and profits are recognized using the cumulative catch-up method of accounting. This method recognizes in the current period the cumulative effect of the changes on current and prior periods. The effect of the changes on future periods of contract performance is recognized as if the revised estimate had been the original estimate. A significant change in an estimate on one or more contracts could have a material effect on the Corporation’s consolidated financial position, results of operations, or cash flows. In 2015, the Corporation recorded additional costs of $11.5 million related to its long-term contract with Westinghouse to deliver reactor coolant pumps (RCPs) for the AP1000 nuclear power plants in China. The increase in costs is due to a change in estimate related to production modifications that are the result of engineering and endurance testing. There were no other individual significant changes in estimated contract costs at completion during 2016, 2015, or 2014.

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

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

Cash and Cash Equivalents

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

Inventory

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

Progress Payments

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

Property, Plant, and Equipment

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

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


Intangible Assets

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

Impairment of Long-Lived Assets

The Corporation reviews the recoverability of all long-lived assets, including the related useful lives, whenever events or changes in circumstances indicate that the carrying amount of a long-lived asset might not be recoverable. If required, the Corporation compares the estimated fair value determined by either the undiscounted future net cash flows or appraised value to the related asset’s carrying value to determine whether there has been an impairment. If an asset is considered impaired, the asset is written down to fair value in the period in which the impairment becomes known. The Corporation recognized no significant impairment charges on assets held in use during the years ended December 31, 2016, 2015, and 2014. For impairment charges on assets held for sale, see Note 2 to the Consolidated Financial Statements.

Goodwill

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

Fair Value of Financial Instruments

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

Research and Development

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

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

Accounting for Share-Based Payments

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

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

Income Taxes

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

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

Foreign Currency

For operations outside the United States of America that prepare financial statements in currencies other than the U.S. dollar, the Corporation translates assets and liabilities at period-end exchange rates and income statement amounts using weighted-average exchange rates for the period. The cumulative effect of translation adjustments is presented as a component of accumulated other comprehensive income (loss) within stockholders’ equity. This balance is affected by foreign currency exchange rate fluctuations and by the acquisition of foreign entities. Gains from foreign currency transactions are included in General and administrative expenses within the results of operations, which amounted to $8.9 million, $8.3 million, and $2.9 million for the years ended December 31, 2016, 2015, and 2014, respectively.

Derivatives

Forward Foreign Exchange and Currency Option Contracts

The Corporation uses financial instruments, such as forward exchange and currency option contracts, to hedge a portion of existing and anticipated foreign currency denominated transactions. The purpose of the Corporation’s foreign currency risk management program is to reduce volatility in earnings caused by exchange rate fluctuations. All of the derivative financial instruments are recorded at fair value based upon quoted market prices for comparable instruments, with the gain or loss on these transactions recorded into earnings in the period in which they occur. These losses are classified as General and administrative expenses in the Consolidated Statements of Earnings and amounted to $11.5 million, $11.0 million, and $6.9 million for the years ended December 31, 2016, 2015, and 2014, respectively. The Corporation does not use derivative financial instruments for trading or speculative purposes.

Interest Rate Risks and Related Strategies

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

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

Recently Issued Accounting Standards

Recent accounting pronouncements adopted
Accounting pronouncement ASU 2015-17 - Balance Sheet Classification of Deferred Taxes was early adopted effective January 1, 2016 and accounting pronouncement ASU 2015-03 - Simplifying the Presentation of Debt Issuance Costs was adopted effective January 1, 2016. Both pronouncements were retrospectively adopted and, accordingly, certain amounts reported in the previous periods have been reclassified to conform to the current year presentation.

A summary of the impact of the reclassifications as of December 31, 2015 is shown in the below table.
 
 
 
Reclassifications
 
 
 
December 31, 2015
as reported
 
Deferred Taxes
 
Debt Issuance Costs 
 
December 31, 2015
as reclassified
Deferred tax assets. net
$
41,737

 
$
(41,737
)
 
$
—

 
$
—

Total current assets
$
1,316,620

 
$
(41,737
)
 
$
—

 
$
1,274,883

Other assets
$
15,745

 
$
3,107

 
$
(1,137
)
 
$
17,715

Total assets
$
3,029,378

 
$
(38,630
)
 
$
(1,137
)
 
$
2,989,611

Other current liabilities
$
39,152

 
$
(1,962
)
 
$
—

 
$
37,190

Total current liabilities
$
525,187

 
$
(1,962
)
 
$
—

 
$
523,225

Long-term debt
$
953,083

 
$
—

 
$
(1,137
)
 
$
951,946

Deferred tax liabilities, net
$
91,115

 
$
(36,668
)
 
$
—

 
$
54,447

Total liabilities
$
1,773,955

 
$
(38,630
)
 
$
(1,137
)
 
$
1,734,188

Total liabilities and stockholders' equity
$
3,029,378

 
$
(38,630
)
 
$
(1,137
)
 
$
2,989,611



Standards Issued Not Yet Adopted
Standard
Description
Effect on the financial statements
ASU 2014-09 Revenue from Contracts with Customers
In May 2014, the FASB issued a comprehensive new revenue recognition standard which will supersede previous existing revenue recognition guidance. The standard creates a five-step model for revenue recognition that requires companies to exercise judgment when considering contract terms and relevant facts and circumstances. The five-step model includes (1) identifying the contract, (2) identifying the separate performance obligations in the contract, (3) determining the transaction price, (4) allocating the transaction price to the separate performance obligations and (5) recognizing revenue when each performance obligation has been satisfied. The standard also requires expanded disclosures surrounding revenue recognition. The standard is effective for fiscal periods beginning after December 15, 2017 and allows for either full retrospective or modified retrospective adoption.
The Corporation is currently evaluating the impact of the adoption of this standard on its Consolidated Financial Statements, including the method of adoption as of January 1, 2018. Based on a preliminary review of our customer contracts, we do not believe that the standard will have a material impact on our Consolidated Financial Statements. Our assessment is still ongoing and not complete. While we anticipate some changes to revenue recognition, we do not currently believe that the standard will have a material impact on our Consolidated Financial Statements. The FASB, however, has issued, and may issue in the future, interpretive guidance which may cause our evaluation to change.


Date of adoption: January 1, 2018
ASU 2016-02 Leases
In February 2016, the FASB issued final guidance that will require lessees to put most leases on their balance sheets but recognize expenses on their income statements in a manner similar to today’s accounting. The guidance requires the use of a modified retrospective approach.
The Corporation is currently evaluating the impact of the adoption of this standard on its Consolidated Financial Statements.
Date of adoption: January 1, 2019
ASU 2016-09 Improvements to Employee Share-Based Payment Accounting
In March 2016, the FASB issued ASU 2016-09, which simplifies several aspects of the accounting for employee share-based payment transactions for both public and nonpublic entities, including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification in the statement of cash flows.
Upon adoption in 2017, the Corporation expects to record a tax benefit which is contingent on the number of stock options, restricted share units, and performance share units exercised or vested during the period as well as the price of the Corporation’s common stock.
Date of adoption: January 1, 2017
ASU 2017-04 Simplifying the Test for Goodwill Impairment
In January 2017, the FASB issued ASU 2017-04, which eliminates the requirement to calculate the implied fair value of goodwill to measure a goodwill impairment charge. Instead, entities will record an impairment charge based on the excess of a reporting unit’s carrying amount over its fair value. The standard is effective for fiscal periods beginning after December 15, 2019. Early adoption is permitted for interim and annual goodwill impairment testing dates after January 1, 2017.


The Corporation plans to early adopt this standard effective January 1, 2017. The standard would only impact the Corporation in the event of a goodwill impairment.  Accordingly, we do not expect the adoption to have an impact on our Consolidated Financial Statements.
Date of adoption: January 1, 2017
DISCONTINUED OPERATIONS
Discontinued Operations and Assets Held for Sale
. DISCONTINUED OPERATIONS AND ASSETS HELD FOR SALE

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

The aggregate financial results of all discontinued operations for the years ended December 31 were as follows:
(In thousands)
 
2016
 
2015
 
2014
Net sales
 
$
—

 
$
57,992

 
$
363,869

Loss from discontinued operations before income taxes (1)
 
—

 
(40,984
)
 
(48,519
)
Income tax benefit / (expense)
 
(2,053
)
(3) 
7,926

 
14,268

Loss on sale of businesses (2)
 
—

 
(13,729
)
 
(22,360
)
Loss from discontinued operations
 
$
(2,053
)
 
$
(46,787
)
 
$
(56,611
)


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

(2) In the year ended December 31, 2015, the Corporation recognized aggregate after tax losses of $13.7 million on the sale of the Aviation Ground, Downstream Oil & Gas, Engineered Packaging and two surface technology businesses. In 2014, the Corporation recognized aggregate after tax losses of $22.4 million on the sale of the Benshaw, 3D, Upstream Oil & Gas and Vessels business.

(3) Amount represents finalization of income tax provision related to discontinued operations for the year ended December 31, 2015.

2015 Divestitures

Surface Technologies - Domestic

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

Engineered Packaging

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

Downstream

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

Aviation Ground

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

2014 Divestitures and facility closures

Surface Technologies - International

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

Benshaw

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

3D Radar

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

Upstream

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

Vessels

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

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

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

During 2016, no acquisitions were made. In 2015, the Corporation acquired one business for an aggregate purchase price of $13.2 million, net of cash acquired, which is described in more detail below.

The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the date of acquisition for all acquisitions consummated during 2015:
(In thousands)
 
2016
 
2015
Accounts receivable
 
$
—

 
$
996

Inventory
 
—

 
152

Property, plant, and equipment
 
—

 
1,463

Other current assets
 
—

 
155

Intangible assets
 
—

 
7,700

Current and non-current liabilities
 
—

 
(6
)
Due to seller
 
—

 
(1,470
)
Net tangible and intangible assets
 
—

 
8,990

Purchase price
 
—

 
13,228

Goodwill
 
$
—

 
$
4,238



2015 Acquisitions

COMMERCIAL/INDUSTRIAL

Bolt’s Metallizing, Inc.

On March 16, 2015, the Corporation acquired certain assets and assumed certain liabilities of Bolt’s Metallizing, Inc. for $13.2 million in cash. The Asset Purchase Agreement contains a purchase price adjustment mechanism and representations and warranties customary for a transaction of this type, including a portion of the purchase price held back as security for potential indemnification claims against the seller. Bolt’s Metallizing is a provider of thermal spray coatings for critical aerospace applications, including high velocity oxygen fuel (HVOF) and plasma spray coating capabilities.
RECEIVABLES
RECEIVABLES
. RECEIVABLES
Receivables include current notes, amounts billed to customers, claims, other receivables, and unbilled revenue on long-term contracts, which consists of amounts recognized as sales but not billed. Substantially all amounts of unbilled receivables are expected to be billed and collected in the subsequent year. An immaterial amount of unbilled receivables are subject to retainage provisions. The amount of claims and unapproved change orders within our receivables balances are immaterial.
Credit risk is diversified due to the large number of entities comprising the Corporation’s customer base and their geographic dispersion. The Corporation is either a prime contractor or subcontractor to various agencies of the U.S. Government. Revenues derived directly and indirectly from government sources (primarily the U.S. Government) were 38% and 36% of consolidated revenues in 2016 and 2015, respectively. Total receivables due primarily from the U.S Government were $183.6 million and $165.6 million at December 31, 2016 and 2015, respectively. Government (primarily the U.S. Government) unbilled receivables, net of progress payments, were $83.2 million and $70.6 million at December 31, 2016 and 2015, respectively.
The composition of receivables as of December 31 is as follows:
(In thousands)
 
2016
 
2015
Billed receivables:
 
 
 
 
Trade and other receivables
 
$
340,091

 
$
435,172

Less: Allowance for doubtful accounts
 
(4,832
)
 
(5,664
)
Net billed receivables
 
335,259

 
429,508

Unbilled receivables:
 
 
 
 
Recoverable costs and estimated earnings not billed
 
149,847

 
153,045

Less: Progress payments applied
 
(22,044
)
 
(16,264
)
Net unbilled receivables
 
127,803

 
136,781

Receivables, net
 
$
463,062

 
$
566,289

INVENTORIES
INVENTORIES
. INVENTORIES
Inventoried costs contain amounts relating to long-term contracts and programs with long production cycles, a portion of which will not be realized within one year.  Long term contract inventory includes an immaterial amount of claims or other similar items subject to uncertainty concerning their determination or realization. Inventories are valued at the lower of cost or market.
The composition of inventories as of December 31 is as follows:
(In thousands)
 
2016
 
2015
Raw material
 
$
189,228

 
$
196,684

Work-in-process
 
73,843

 
79,406

Finished goods
 
112,478

 
114,931

Inventoried costs related to U.S. Government and other long-term contracts
 
57,516

 
51,774

Gross inventories
 
433,065

 
442,795

Less: Inventory reserves
 
(54,988
)
 
(48,904
)
Progress payments applied, principally related to long-term contracts
 
(11,103
)
 
(14,300
)
Inventories, net
 
$
366,974

 
$
379,591


As of December 31, 2016 and 2015, inventory also includes capitalized contract development costs of $28.8 million and $29.7 million, respectively, related to certain aerospace and defense programs. These capitalized costs will be liquidated as production units are delivered to the customer. As of December 31, 2016 and 2015, $3.9 million and $2.5 million, respectively, are scheduled to be liquidated under existing firm orders.
PROPERTY, PLANT, AND EQUIPMENT
PROPERTY, PLANT, AND EQUIPMENT
. PROPERTY, PLANT, AND EQUIPMENT
The composition of property, plant, and equipment as of December 31 is as follows:
(In thousands)
 
2016
 
2015
Land
 
$
19,511

 
$
19,933

Buildings and improvements
 
215,221

 
218,016

Machinery, equipment, and other
 
752,356

 
739,965

Property, plant, and equipment, at cost
 
987,088

 
977,914

Less: Accumulated depreciation
 
(598,185
)
 
(564,270
)
Property, plant, and equipment, net
 
$
388,903

 
$
413,644


Depreciation expense from continuing operations for the years ended December 31, 2016, 2015, and 2014 was $62.6 million, $64.7 million, and $66.6 million, respectively.
GOODWILL
GOODWILL
. GOODWILL

The changes in the carrying amount of goodwill for 2016 and 2015 are as follows:

(In thousands)
 
Commercial/Industrial
 
Defense
 
Power
 
Assets Held for Sale
 
Consolidated
December 31, 2014
 
$
454,092

 
$
356,689

 
$
187,725

 
$
42,395

 
$
1,040,901

Acquisitions
 
4,238

 
—

 
—

 
—

 
4,238

Divestitures
 
—

 
—

 
—

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

 
1,131

 
—

 
(1,131
)
 
21

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

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

 
$
337,603

 
$
187,175

 
$
—

 
$
972,606

Divestitures
 
—

 
(452
)
 
—

 
—

 
(452
)
Foreign currency translation adjustment
 
(11,687
)
 
(9,496
)
 
86

 
—

 
(21,097
)
December 31, 2016
 
$
436,141

 
$
327,655

 
$
187,261

 
$
—

 
$
951,057



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

The Corporation completed its annual goodwill impairment testing as of October 31, 2016, 2015, and 2014 and concluded that there was no impairment of value. The estimated fair value of the reporting units substantially exceeded the recorded book value.
OTHER INTANGIBLE ASSETS, NET
OTHER INTANGIBLE ASSETS, NET
. OTHER INTANGIBLE ASSETS, NET
Intangible assets are generally the result of acquisitions and consist primarily of purchased technology, customer related intangibles, and trademarks. Intangible assets are amortized over useful lives that generally range between 1 and 20 years.
The following tables present the cumulative composition of the Corporation’s intangible assets as of December 31, 2016 and December 31, 2015, respectively.
 
 
2016
 
2015
(In thousands)
 
Gross
 
Accumulated Amortization
 
Net
 
Gross
 
Accumulated
Amortization
 
Net
Technology
 
$
166,859

 
$
(98,266
)
 
$
68,593

 
$
171,382

 
$
(91,430
)
 
$
79,952

Customer related intangibles
 
349,742

 
(157,154
)
 
192,588

 
357,538

 
(140,816
)
 
216,722

Other intangible assets
 
36,709

 
(26,429
)
 
10,280

 
37,200

 
(23,111
)
 
14,089

Total
 
$
553,310

 
$
(281,849
)
 
$
271,461

 
$
566,120

 
$
(255,357
)
 
$
310,763


Amortization expense from continuing operations for the years ended December 31, 2016, 2015, and 2014 was $33.4 million, $34.8 million, and $38.3 million, respectively. The estimated future amortization expense of intangible assets over the next five years is as follows:
(In thousands)
 
 
2017
 
$
32,178

2018
 
31,100

2019
 
29,340

2020
 
27,470

2021
 
25,759

FAIR VALUE OF FINANCIAL INSTRUMENTS
FAIR VALUE OF FINANCIAL INSTRUMENTS
. FAIR VALUE OF FINANCIAL INSTRUMENTS
Forward Foreign Exchange and Currency Option Contracts
The Corporation has foreign currency exposure primarily in the United Kingdom, Europe, and Canada.  The Corporation uses financial instruments, such as forward and option contracts, to hedge a portion of existing and anticipated foreign currency denominated transactions.  The purpose of the Corporation’s foreign currency risk management program is to reduce volatility in earnings caused by exchange rate fluctuations.  Guidance on accounting for derivative instruments and hedging activities requires companies to recognize all of the derivative financial instruments as either assets or liabilities at fair value in the Consolidated Balance Sheets.
Interest Rate Risks and Related Strategies
The Corporation’s primary interest rate exposure results from changes in U.S. dollar interest rates. The Corporation’s policy is to manage interest cost using a mix of fixed and variable rate debt. The Corporation periodically uses interest rate swaps to manage such exposures. Under these interest rate swaps, the Corporation exchanges, at specified intervals, the difference between fixed and floating interest amounts calculated by reference to an agreed-upon notional principal amount.
For interest rate swaps designated as fair value hedges (i.e., hedges against the exposure to changes in the fair value of an asset or a liability or an identified portion thereof that is attributable to a particular risk), changes in the fair value of the interest rate swaps offset changes in the fair value of the fixed rate debt due to changes in market interest rates.
In March 2013, the Corporation entered into fixed-to-floating interest rate swap agreements to convert the interest payments of (i) the $100 million, 3.85% notes, due February 26, 2025, from a fixed rate to a floating interest rate based on 1-Month LIBOR plus a 1.77% spread, and (ii) the $75 million, 4.05% notes, due February 26, 2028, from a fixed rate to a floating interest rate based on 1-Month LIBOR plus a 1.73% spread.
In January 2012, the Corporation entered into fixed-to-floating interest rate swap agreements to convert the interest payments of (i) the $200 million, 4.24% notes, due December 1, 2026, from a fixed rate to a floating interest rate based on 1-Month LIBOR plus a 2.02% spread, and (ii) $25 million of the $100 million, 3.84% notes, due December 1, 2021, from a fixed rate to a floating interest rate based on 1-Month LIBOR plus a 1.90% spread.
On February 5, 2016, the Corporation terminated its March 2013 and January 2012 interest rate swap agreements. As a result of the termination, the Corporation received a cash payment of $20.4 million, representing the fair value of the interest rate swaps on the date of termination. In connection with the termination, the Corporation and the counterparties released each other from all obligations under the interest rate swaps agreement, including, without limitation, the obligation to make periodic payments under such agreements. The gain on termination is reflected as a bond premium to our notes' carrying value and will be amortized into interest expense over the remaining terms of the Senior Notes.
The fair value accounting guidance requires that assets and liabilities carried at fair value be classified and disclosed in one of the following three categories:
Level 1: Quoted market prices in active markets for identical assets or liabilities that the company has the ability to access.
Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data such as quoted prices, interest rates, and yield curves.
Level 3: Inputs are unobservable data points that are not corroborated by market data.
Based upon the fair value hierarchy, all of the forward foreign exchange contracts and interest rate swaps are based on Level 2 inputs.
Effects on Consolidated Balance Sheets
The location and amounts of derivative instrument fair values in the consolidated balance sheet are below.
 
 
December 31,
(In thousands)
 
2016
 
2015
Assets
 
 
 
 
Designated for hedge accounting
 
 
 
 
Interest rate swaps
 
$
—

 
$
3,083

Undesignated for hedge accounting
 
 
 
 
Forward exchange contracts
 
$
142

 
$
223

Total asset derivatives (1)
 
$
142

 
$
3,306

Liabilities
 
 
 
 
Undesignated for hedge accounting
 
 
 
 
Forward exchange contracts
 
$
419

 
$
673

Total liability derivatives (2)
 
$
419

 
$
673


(1) Forward exchange derivatives are included in Other current assets and interest rate swap assets are included in Other assets.
(2) Forward exchange derivatives are included in Other current liabilities.
Effects on Consolidated Statements of Earnings
Fair value hedge
The location and amount of gains or (losses) on the hedged fixed rate debt attributable to changes in the market interest rates and the offsetting gain (loss) on the related interest rate swaps for the years ended December 31, were as follows:
 
 
Gain/(Loss) on Swap
(In thousands)
 
2016
 
2015
 
2014
Other income, net
 
 
 
 
 
 
Interest rate swaps
 
$
—

 
$
8,204

 
$
44,724

Hedged fixed rate debt
 
$
—

 
$
(8,204
)
 
$
(44,724
)
Total
 
$
—

 
$
—

 
$
—


Undesignated hedges
The location and amount of losses recognized in income on forward exchange derivative contracts not designated for hedge accounting for the years ended December 31, were as follows:
(In thousands)
 
2016
 
2015
 
2014
Forward exchange contracts:
 
 
 
 
 
 
General and administrative expenses
 
$
11,510

 
$
11,042

 
$
6,880


Debt
The estimated fair value amounts were determined by the Corporation using available market information, which is primarily based on quoted market prices for the same or similar issues as of December 31, 2016. The fair value of our debt instruments are characterized as a Level 2 measurement in accordance with the fair value hierarchy. The estimated fair values of the Corporation’s fixed rate debt instruments at December 31, 2016, net of debt issuance costs, aggregated $961 million compared to a carrying value, net of debt issuance costs, of $949 million. The estimated fair values of the Corporation’s fixed rate debt instruments at December 31, 2015, net of debt issuance costs, aggregated $959 million compared to a carrying value, net of debt issuance costs, of $952 million.
The fair values described above may not be indicative of net realizable value or reflective of future fair values. Furthermore, the use of different methodologies to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date.
Nonrecurring measurements
As discussed in Note 2 to the Consolidated Financial Statements, the Corporation classified certain businesses as held for sale during 2014. In accordance with the provisions of the Impairment or Disposal of Long-Lived Assets guidance of FASB Codification Subtopic 360–10, the carrying amounts of the disposal groups were written down to their estimated fair value, less costs to sell, resulting in an impairment charge of $40.8 million, which was included in the loss from discontinued operations before income taxes for the year ended December 31, 2015. For the year ended December 31, 2014, an impairment charge of $41.4 million was recorded in the loss from discontinued operations before income taxes. The fair value of the disposal groups were determined primarily by using non-binding quotes. In accordance with the fair value hierarchy, the impairment charge is classified as a Level 3 measurement as it is based on significant other unobservable inputs.
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES
Accrued Expenses And Other Current Liabilities
. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

Accrued expenses consist of the following as of December 31:
(In thousands)
 
2016
 
2015
Accrued compensation
 
$
85,970

 
$
86,497

Accrued commissions
 
5,189

 
7,250

Accrued interest
 
9,817

 
9,900

Accrued insurance
 
7,521

 
5,261

Other
 
21,742

 
22,955

Total accrued expenses
 
$
130,239

 
$
131,863



Other current liabilities consist of the following as of December 31:
(In thousands)
 
2016
 
2015
Warranty reserves
 
$
11,768

 
$
15,053

Additional amounts due to sellers on acquisitions
 
1,985

 
2,883

Reserves on loss contracts
 
1,662

 
2,711

Pension and other postretirement liabilities
 
5,331

 
4,560

Other
 
7,281

 
11,983

Total other current liabilities
 
$
28,027

 
$
37,190

INCOME TAXES
INCOME TAXES
. INCOME TAXES
Earnings before income taxes for the years ended December 31 consist of:
(In thousands)
 
2016
 
2015
 
2014
Domestic
 
$
154,571

 
$
135,112

 
$
120,563

Foreign
 
113,390

 
140,082

 
126,381

 
 
$
267,961

 
$
275,194

 
$
246,944


The provision for income taxes for the years ended December 31 consists of:
(In thousands)
 
2016
 
2015
 
2014
Current:
 
 
 
 
 
 
Federal
 
$
45,523

 
$
(6,741
)
 
$
70,609

State
 
8,002

 
6,175

 
9,065

Foreign
 
20,861

 
27,134

 
33,401

Total current
 
74,386

 
26,568

 
113,075

 
 
 
 
 
 
 
Deferred:
 
 
 
 
 
 
Federal
 
4,267

 
49,060

 
(29,683
)
State
 
73

 
7,390

 
(1,247
)
Foreign
 
(147
)
 
(72
)
 
(5,150
)
Total deferred
 
4,193

 
56,378

 
(36,080
)
Provision for income taxes
 
$
78,579

 
$
82,946

 
$
76,995


The effective tax rate varies from the U.S. federal statutory tax rate for the years ended December 31, principally:
 
 
2016
 
2015
 
2014
U.S. federal statutory tax rate
 
35.0
 %
 
35.0
 %
 
35.0
 %
Add (deduct):
 
 
 
 
 
 
State and local taxes, net of federal benefit
 
1.1

 
4.3

 
2.4

R&D tax credits
 
(0.9
)
 
(1.3
)
 
(1.3
)
Foreign earnings (1)
 
(5.8
)
 
(6.2
)
 
(4.4
)
All other, net
 
(0.1
)
 
(1.7
)
 
(0.5
)
Effective tax rate
 
29.3
 %
 
30.1
 %
 
31.2
 %

(1) Foreign earnings primarily include the net impact of differences between local statutory rates and the U.S. Federal statutory rate, the cost of repatriating foreign earnings, and the impact of changes to foreign valuation allowances.
The components of the Corporation’s deferred tax assets and liabilities at December 31 are as follows:
(In thousands)
 
2016
 
2015
Deferred tax assets:
 
 
 
 
Pension plans
 
$
45,568

 
$
40,102

Environmental reserves
 
9,871

 
9,561

Inventories
 
21,758

 
20,041

Postretirement/postemployment benefits
 
13,542

 
13,272

Incentive compensation
 
9,425

 
12,369

Net operating loss
 
10,345

 
9,043

Capital loss carryover
 
11,352

 
10,141

Other
 
39,977

 
38,226

Total deferred tax assets
 
161,838

 
152,755

Deferred tax liabilities:
 
 
 
 
Depreciation
 
25,963

 
29,771

Goodwill amortization
 
97,667

 
89,276

Other intangible amortization
 
51,712

 
54,017

Other
 
16,225

 
12,280

Total deferred tax liabilities
 
191,567

 
185,344

Valuation allowance
 
17,776

 
17,895

Net deferred tax liabilities
 
$
47,505

 
$
50,484


Deferred tax assets and liabilities are reflected on the Corporation’s consolidated balance sheet at December 31 as follows:
(In thousands)
 
2016
 
2015
Net noncurrent deferred tax assets
 
2,217

 
3,963

Net noncurrent deferred tax liabilities
 
49,722

 
54,447

Net deferred tax liabilities
 
$
47,505

 
$
50,484


The Corporation has income tax net operating loss carryforwards related to international operations of approximately $24.0 million of which $13.0 million have an indefinite life and $11.0 million expire through 2023. The Corporation has federal and state income tax net loss carryforwards of approximately $97.6 million, of which $66.5 million are net operating losses which expire through 2036 and $31.1 million are capital loss carryforwards which expire in 2020. The Corporation has recorded a deferred tax asset of $21.7 million reflecting the benefit of the loss carryforwards.
Management assesses the available positive and negative evidence to estimate if sufficient future taxable income will be generated to utilize the existing deferred tax assets. A significant piece of objective negative evidence evaluated was the cumulative loss incurred over the three-year period ended December 31, 2016 in certain of the Corporation’s foreign locations. Such objective evidence limits the ability to consider other subjective evidence such as projections for future growth. The Corporation decreased its valuation allowance by $0.1 million to $17.8 million, as of December 31, 2016, in order to measure only the portion of the deferred tax asset that more likely than not will be realized. The amount of the deferred tax asset considered realizable, however, could be adjusted if estimates of future taxable income during the carryforward period are reduced or if objective negative evidence in the form of cumulative losses is no longer present and additional weight may be given to subjective evidence such as projections for growth.
Income tax payments, net of refunds, of $54.5 million, $4.9 million, and $35.0 million were made in 2016, 2015, and 2014, respectively.
The amount of undistributed foreign subsidiaries earnings considered to be permanently reinvested for which no provision has been made for U.S. federal or foreign taxes at December 31, 2016 was $283.5 million. It is not practicable to estimate the amount of tax that would be payable if these amounts were repatriated to the United States; however, foreign tax credits may partiality offset any tax liability.
The Corporation has recognized a liability in Other liabilities for interest of $1.8 million and penalties of $1.4 million as of December 31, 2016.
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
(In thousands)
 
2016
 
2015
 
2014
Balance at January 1,
 
$
12,414

 
$
11,560

 
$
10,623

Additions for tax positions of prior periods
 
32

 
359

 
1,421

Reductions for tax positions of prior periods
 
(1,679
)
 
—

 
—

Additions for tax positions related to the current year
 
789

 
2,026

 
1,738

Settlements
 
(102
)
 
(1,414
)
 
(2,039
)
Lapses of statute of limitations
 
—

 
—

 
(41
)
Foreign currency translation
 
—

 
(117
)
 
(142
)
Balance at December 31,
 
$
11,454

 
$
12,414

 
$
11,560


In many cases the Corporation’s uncertain tax positions are related to tax years that remain subject to examination by tax authorities.
The following describes the open tax years, by major tax jurisdiction, as of December 31, 2016:
United States (Federal)
2013
-
present
United States (Various states)
2005
-
present
United Kingdom
2009
-
present
Canada
2010
-
present

The Corporation does not expect any significant changes to the estimated amount of liability associated with its uncertain tax positions through the next twelve months. Included in the total unrecognized tax benefits at December 31, 2016, 2015, and 2014 is $7.7 million, $8.3 million, and $8.0 million, respectively, which if recognized, would favorably affect the effective income tax rate.
DEBT
DEBT
. DEBT
Debt consists of the following as of December 31:
(In thousands)
 
2016
 
2016
 
2015
 
2015
 
 
Carrying Value
 
Estimated Fair Value
 
Carrying Value
 
Estimated Fair Value
5.51% Senior notes due 2017
 
150,000
 
154,509
 
150,000
 
158,024
3.84% Senior notes due 2021
 
100,000
 
102,463
 
100,307
 
100,307
3.70% Senior notes due 2023
 
225,000
 
226,946
 
225,000
 
224,322
3.85% Senior notes due 2025
 
100,000
 
100,338
 
100,450
 
100,450
4.24% Senior notes due 2026
 
200,000
 
203,592
 
201,422
 
201,422
4.05% Senior notes due 2028
 
75,000
 
74,630
 
75,904
 
75,904
4.11% Senior notes due 2028
 
100,000
 
99,876
 
100,000
 
99,720
Other debt
 
668
 
668
 
1,259
 
1,259
Total debt
 
950,668
 
963,022
 
954,342
 
961,408
Debt issuance costs, net
 
(984)
 
(984)
 
(1,137)
 
(1,137)
Unamortized interest rate swap proceeds
 
16,614
 
16,614
 
—
 
—
Total debt, net
 
966,298
 
978,652
 
953,205
 
960,271
Less: current portion of long-term debt and short-term debt
 
150,668
 
150,668
 
1,259
 
1,259
Total long-term debt
 
$815,630
 
$827,984
 
$951,946
 
$959,012

The Corporation did not have any borrowings against the Revolving Credit Agreement in 2016. The weighted-average interest rate of the Corporation’s Revolving Credit Agreement was 3.2% in 2015.
The debt outstanding had fixed and variable interest rates averaging 3.9% and 3.3% in 2016 and 2015, respectively.
Aggregate maturities of debt are as follows:
(In thousands)
 
2017
$
150,668

2018
—

2019
—

2020
—

2021
100,000

Thereafter
700,000

Total
$
950,668


Interest payments of $38 million, $33 million, and $33 million were made in 2016, 2015, and 2014, respectively.
Revolving Credit Agreement
In August 2012, the Corporation refinanced its existing credit facility by entering into a Third Amended and Restated Credit Agreement (Credit Agreement) with a syndicate of financial institutions, led by Bank of America N.A., Wells Fargo, N.A, and JP Morgan Chase Bank, N.A. The proceeds available under the Credit Agreement are to be used for working capital, internal growth initiatives, funding of future acquisitions, and general corporate purposes. Under the terms of the Credit Agreement, the Corporation has borrowing capacity of $500 million. In addition, the Credit Agreement provides an accordion feature which allows the Corporation to borrow an additional $100 million. As of December 31, 2016, the Corporation had $47 million in letters of credit supported by the credit facility and no borrowings outstanding under the credit facility. The unused credit available under the credit facility at December 31, 2016 was $453 million, which we had the ability to borrow in full without violating our debt to capitalization covenant.
In December 2014, the Corporation amended its existing credit facility by entering into a Second Amendment to the Third Amended and Restated Credit Agreement (Credit Agreement) with a syndicate of financial institutions, led by Bank of America N.A., Wells Fargo, N.A, and JP Morgan Chase Bank, N.A. The amendment extends the maturity date of the agreement to November 2019. No other material modifications were made to the 2012 Credit Agreement.
The Credit Agreement contains covenants that the Corporation considers usual and customary for an agreement of this type for comparable commercial borrowers, including a maximum consolidated debt to capitalization ratio of 60%. The Credit Agreement has customary events of default, such as non-payment of principal when due; nonpayment of interest, fees, or other amounts; cross-payment default and cross-acceleration.
Borrowings under the credit agreement will accrue interest based on (i) Libor or (ii) a base rate of the highest of (a) the federal funds rate plus 0.5%, (b) BofA’s announced prime rate, or (c) the Eurocurrency rate plus 1%, plus a margin. The interest rate and level of facility fees are dependent on certain financial ratios, as defined in the Credit Agreement. The Credit Agreement also provides customary fees, including administrative agent and commitment fees. In connection with the Credit Agreement, we paid customary transaction fees that have been deferred and are being amortized over the term of the Credit Agreement.
Senior Notes
On February 26, 2013, the Corporation issued $500 million of Senior Notes (the “2013 Notes”).  The 2013 Notes consist of $225 million of 3.70% Senior Notes that mature on February 26, 2023, $100 million of 3.85% Senior Notes that mature on February 26, 2025, and $75 million of 4.05% Senior Notes that mature on February 26, 2028. $100 million of additional 4.11% Senior Notes were deferred and subsequently issued on September 26, 2013 that mature on September 26, 2028. The 2013 Notes are senior unsecured obligations, equal in right of payment to the Corporation’s existing senior indebtedness. The Corporation, at its option, can prepay at any time all or any part of the 2013 Notes, subject to a make-whole payment in accordance with the terms of the Note Purchase Agreement.  In connection with the issuance of the 2013 Notes, the Corporation paid customary fees that have been deferred and are being amortized over the term of the 2013 Notes.  Under the terms of the Note Purchase Agreement, the Corporation is required to maintain certain financial ratios, the most restrictive of which is a debt to capitalization limit of 60%. The debt to capitalization ratio (as defined per the Notes Purchase Agreement and Credit Agreement) is calculated using the same formula for all of the Corporation’s debt agreements and is a measure of the Corporation’s indebtedness to capitalization, where capitalization equals debt plus equity. As of December 31, 2016, the Corporation had the ability to borrow additional debt of $0.8 billion without violating our debt to capitalization covenant. The 2013 Notes also contain a cross default provision with respect to the Corporation’s other senior indebtedness.  
On December 8, 2011, the Corporation issued $300 million of Senior Notes (the “2011 Notes”). The 2011 Notes consist of $100 million of 3.84% Senior Notes that mature on December 1, 2021 and $200 million of 4.24% Senior Series Notes that mature on December 1, 2026. The 2011 Notes are senior unsecured obligations, equal in right of payment to our existing senior indebtedness. The Corporation, at its option, can prepay at any time all or any part of our 2011 Notes, subject to a make-whole payment in accordance with the terms of the Note Purchase Agreement. In connection with our 2011 Notes, the Corporation paid customary fees that have been deferred and are being amortized over the term of our 2011 Notes. Under the Note Purchase Agreement, the Corporation is required to maintain certain financial ratios, the most restrictive of which is a debt to capitalization limit of 60%. The 2011 Notes also contain a cross default provision with our other senior indebtedness.
On December 1, 2005, the Corporation issued $150 million of 5.51% Senior Notes (the “2005 Notes”). The 2005 Notes mature on December 1, 2017. The Notes are senior unsecured obligations and are equal in right of payment to the Corporation’s existing senior indebtedness. The Corporation, at its option, can prepay at any time all or any part of the 2005 Notes, subject to a make-whole amount in accordance with the terms of the Note Purchase Agreement. In connection with the Notes, the Corporation paid customary fees that have been deferred and are being amortized over the terms of the Notes. The Corporation is required under the Note Purchase Agreement to maintain certain financial ratios, the most restrictive of which is a debt to capitalization limit of 60%. The 2005 Notes also contain a cross default provision with the Corporation’s other senior indebtedness.
EARNINGS PER SHARE
EARNINGS PER SHARE
. EARNINGS PER SHARE
The Corporation is required to report both basic earnings per share (EPS), based on the weighted-average number of common shares outstanding, and diluted earnings per share, based on the basic EPS adjusted for all potentially dilutive shares issuable.
As of December 31, 2016, 2015, and 2014, there were no options outstanding that were considered anti-dilutive.
Earnings per share calculations for the years ended December 31, 2016, 2015, and 2014, are as follows:
(In thousands, except per share data)
 
Earnings from
continuing
operations
 
Weighted-
Average Shares
Outstanding
 
Earnings per share
from continuing
operations
2016
 
 
 
 
 
 
Basic earnings per share from continuing operations
 
$
189,382

 
44,389

 
$
4.27

Dilutive effect of stock options and deferred stock compensation
 
 
 
656

 
 
Diluted earnings per share from continuing operations
 
$
189,382

 
45,045

 
$
4.20

2015
 
 
 
 
 
 
Basic earnings per share from continuing operations
 
$
192,248

 
46,624

 
$
4.12

Dilutive effect of stock options and deferred stock compensation
 
 
 
992

 
 
Diluted earnings per share from continuing operations
 
$
192,248

 
47,616

 
$
4.04

2014
 
 
 
 
 
 
Basic earnings per share from continuing operations
 
$
169,949

 
48,019

 
$
3.54

Dilutive effect of stock options and deferred stock compensation
 
 
 
1,056

 
 
Diluted earnings per share from continuing operations
 
$
169,949

 
49,075

 
$
3.46

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

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

During 2016, the Corporation granted awards in the form of RSUs, PSUs, PUs, and restricted stock. Previous grants under the 2005 Stock Plans included non-qualified stock options. Under our employee benefit program, the Corporation also provides an Employee Stock Purchase Plan (ESPP) available to most active employees. Certain awards provide for accelerated vesting if there is a change in control.

The compensation cost for employee and non-employee director share-based compensation programs during 2016, 2015, and 2014 is as follows:
(In thousands)
 
2016
 
2015
 
2014
Employee Stock Purchase Plan
 
1,184

 
1,279

 
1,350

Performance Share Units
 
3,910

 
4,349

 
3,728

Restricted Share Units
 
3,426

 
3,015

 
2,655

Other share-based payments
 
958

 
830

 
767

Total share-based compensation expense before income taxes
 
$
9,478

 
$
9,473

 
$
8,500



Other share-based grants include service based restricted stock awards to non-employee directors, who are treated as employees as prescribed by the accounting guidance on share-based payments. The compensation cost recognized follows the cost of the employee, which is primarily reflected as General and administrative expenses in the Consolidated Statements of Earnings. No share-based compensation costs were capitalized during 2016, 2015, or 2014.

The following table summarizes the cash received from share-based awards and the Corporation's tax benefit recognized on share-based compensation:
(In thousands)
 
2016
 
2015
 
2014
Cash received from share-based awards
 
$
22,300

 
$
28,706

 
$
38,183

Recognized tax benefit on awards
 
$
11,101

 
$
9,119

 
$
9,610



A summary of employee stock option activity is as follows:
 
 
Shares
(000’s)
 
Weighted-
Average
Exercise
Price
 
Weighted-
Average
Remaining
Contractual
Term in
Years
 
Aggregate
Intrinsic
Value
(000’s)
Outstanding at December 31, 2015
 
852

 
$
33.54

 
 
 
 
Exercised
 
(408
)
 
35.30

 
 
 
 
Forfeited
 
(1
)
 
36.73

 
 
 
 
Outstanding at December 31, 2016
443

 
$
31.91

 
2.9
 
$
29,421

Exercisable at December 31, 2016
443

 
$
31.91

 
2.9
 
$
29,421



The total intrinsic value of stock options exercised during 2016, 2015, and 2014 was $43.2 million, $36.8 million, and $28.3 million, respectively.

Performance Share Units

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

Restricted Share Units

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

A summary of the Corporation’s 2016 activity related to performance share units and restricted share units are as follows:
 
 
Performance Share Units (PSUs)
 
Restricted Share Units (RSUs)
 
 
Shares/Units
(000’s)
 
Weighted-
Average
Fair Value
 
Shares/Units
(000’s)
 
Weighted-
Average
Fair Value
Nonvested at December 31, 2015
286

 
$
52.70

 
245

 
$
55.98

Granted
 
38

 
124.83

 
63

 
98.64

Vested
 
(108
)
 
40.30

 
(93
)
 
43.42

Forfeited
 
(12
)
 
77.27

 
(11
)
 
66.48

Nonvested at December 31, 2016
204

 
$
71.28

 
204

 
$
74.38

Expected to vest at December 31, 2016
204

 
$
71.28

 
204

 
$
74.38



Nonvested PSUs had an intrinsic value of $20.0 million and unrecognized compensation costs of $8.9 million as of December 31, 2016. Nonvested RSUs had an intrinsic value of $20.0 million and unrecognized compensation costs of $10.6 million as of December 31, 2016. Unrecognized compensation costs related to PSUs and RSUs are expected to be recognized over periods of 2.4-2.5 years.

Employee Stock Purchase Plan

The Corporation’s ESPP enables eligible employees to purchase the Corporation’s common stock at a price per share equal to 85% of the fair market value at the end of each offering period. Each offering period of the ESPP lasts six months, commencing on January 1st and July 1st of each year. Compensation cost is recognized on a straight-line basis over the six-month vesting period during which employees perform related services.
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS
. PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS
The Corporation maintains ten separate and distinct pension and other post-retirement defined benefit plans, consisting of three domestic plans and seven separate foreign pension plans. Effective May 1, 2016, the Corporation completed the merger of three frozen UK defined benefit pension schemes by merging the Metal Improvement Company Salaried Staff Pension Scheme and the Mechetronics Limited Retirement Benefits Scheme into the Curtiss-Wright Penny & Giles Pension Plan. The Penny & Giles Plan was then renamed the Curtiss-Wright UK Pension Plan.
Effective December 31, 2014, the Corporation executed the following plan mergers: the two Williams Controls defined benefit pension plans were merged with the CW Pension Plan, resulting in one surviving domestic qualified plan, and the three domestic post-retirement health-benefits plans (CW, EMD, and Williams Controls) were merged into one. Post-merger, the Corporation maintains the following domestic plans: a qualified pension plan, a non-qualified pension plan, and a postretirement health-benefits plan. The foreign plans consist of one defined benefit pension plan each in the United Kingdom, Canada and Switzerland, two in Germany, and two in Mexico.
Domestic Plans
Qualified Pension Plan
The Corporation maintains a defined benefit pension plan (the “CW Pension Plan”) covering certain employee populations under six benefit formulas: a non-contributory non-union and union formula for certain Curtiss-Wright (CW) employees, a contributory union and non-union benefit formula for employees at the EMD business unit, and two benefit formulas providing annuity benefits for participants in the former Williams Controls salaried and union plans.
CW non-union employees hired prior to February 1, 2010 receive a “traditional” benefit based on years of credited service, using the five highest consecutive years’ compensation during the last ten years of service. These employees became participants under the CW Pension Plan after one year of service and were vested after three years of service. CW non-union employees hired on or after the effective date were eligible for a cash balance benefit through December 31, 2013, and were transitioned to the new defined contribution plan, further described below. CW union employees who have negotiated a benefit under the CW Pension Plan are entitled to a benefit based on years of service multiplied by a monthly pension rate.
The formula for EMD employees covers both union and non-union employees and is designed to satisfy the requirements of relevant collective bargaining agreements. Employee contributions are withheld each pay period and are equal to 1.5% of salary. The benefits for the EMD employees are based on years of service and compensation. On December 31, 2012, the Corporation amended the CW Pension Plan to close the benefit to EMD employees hired after January 1, 2014.
Participants of the former Williams Controls Retirement Income Plan for salaried employees are either deferred vested participants or currently receiving benefits, as benefit accruals under the plan were frozen to future accruals effective January 1, 2003. Benefits in the salaried plan are based on average compensation and years of service.
Participants of the former Williams Controls UAW Local 492 Plan for union employees are entitled to a benefit based on years of service multiplied by a monthly pension rate, and may be eligible for supplemental benefits based upon attainment of certain age and service requirements.
In May 2013, the Company’s Board of Directors approved an amendment to the CW Pension Plan. Effective January 1, 2014, all active non-union employees participating in the final and career average pay formulas in the defined benefit plan will cease accruals 15 years from the effective date of the amendment.  In addition to the sunset provision, the “cash balance” benefit for non-union participants ceased as of January 1, 2014.  Non-Union employees who are not currently receiving final or career average pay benefits became eligible to participate in a new defined contribution plan which provides both employer match and non-elective contribution components, up to a maximum employer contribution of 6%.  The amendment does not affect CW employees that are subject to collective bargaining agreements.
At December 31, 2016 and 2015, the Corporation had a noncurrent pension liability of $40.4 million and $38.1 million, respectively. This increase was primarily driven by a decrease in market interest rates as of December 31, 2016, partially offset by favorable changes to assumed mortality and favorable liability and asset experience during 2016.
Due to the large cash contribution in January 2015, the Corporation does not expect to make any further contributions through 2021, but expects to make annual contributions to the defined contribution plan, as further described below.
Nonqualified Pension Plan
The Corporation also maintains a non-qualified restoration plan (the “CW Restoration Plan”) covering those employees of CW and EMD whose compensation or benefits exceed the IRS limitation for pension benefits. Benefits under the CW Restoration Plan are not funded, and, as such, the Corporation had an accrued pension liability of $40.4 million and $39.4 million as of December 31, 2016 and 2015, respectively. The Corporation’s contributions to the CW Restoration Plan are expected to be $3.2 million in 2017.
Other Post-Employment Benefits (OPEB) Plan
Under the plan merger effective December 31, 2014, the Corporation provides post-employment benefits consisting of retiree health and life insurance to three distinct groups of employees/retirees: the CW Grandfathered plan, and plans assumed in the acquisitions of EMD and Williams Controls.
In 2002, the Corporation restructured the postemployment medical benefits for then-active CW employees, effectively freezing the plan. The plan continues to be maintained for certain retired CW employees.
The Corporation also provides retiree health and life insurance benefits for substantially all of the Curtiss-Wright EMD employees. The plan provides basic health and welfare coverage for pre-65 participants based on years of service and are subject to certain caps. Effective January 1, 2011, the Corporation modified the benefit design for post-65 retirees by introducing Retiree Reimbursement Accounts (RRA’s) to participants in lieu of the traditional benefit delivery. Participant accounts are funded a set amount annually that can be used to purchase supplemental coverage on the open market, effectively capping the benefit.
The plan also provides retiree health and life insurance benefits for certain retirees of the Williams Controls salaried and union pension plans. Benefits are available to those employees who retired prior to December 31, 1993 in the salaried plan, and prior to October 1, 2003 in the union plan. Effective August 31, 2013, the Corporation modified the benefit design for post-65 retirees by introducing Retiree Reimbursement Accounts (RRA’s) to align with the EMD delivery model.
The Corporation had an accrued postretirement benefit liability at December 31, 2016 and 2015 of $24.4 million and $22.0 million, respectively. Pursuant to the EMD purchase agreement, the Corporation has a discounted receivable from Washington Group International to reimburse the Corporation for a portion of these post-retirement benefit costs. At December 31, 2016 and 2015, the discounted receivable included in other assets was $0.4 million and $1.0 million, respectively. The Corporation expects to contribute $1.8 million to the plan during 2017.
Foreign Plans
The foreign plans consist of one defined benefit pension plan each in the United Kingdom, Canada, and Switzerland, two in Germany, and two in Mexico. As of December 31, 2016 and 2015, the total projected benefit obligation related to all foreign plans is $91.0 million and $87.8 million, respectively. As of December 31, 2016 and 2015, the Corporation had a net accrued pension liability of $3.3 million and $5.1 million, respectively. The Corporation's contributions to the foreign plans are expected to be $2.6 million in 2017.
Components of net periodic benefit expense
The net pension and net postretirement benefit costs (income) consisted of the following:
 
 
Pension Benefits
 
Postretirement Benefits
(In thousands)
 
2016
 
2015
 
2014
 
2016
 
2015
 
2014
Service cost
 
$
25,100

 
$
26,873

 
$
25,262

 
$
338

 
$
286

 
$
246

Interest cost
 
30,495

 
30,050

 
30,403

 
996

 
842

 
877

Expected return on plan assets
 
(54,101
)
 
(54,629
)
 
(41,746
)
 
—

 
—

 
—

Amortization of prior service cost
 
(46
)
 
618

 
662

 
(657
)
 
(657
)
 
(657
)
Recognized net actuarial loss/(gain)
 
12,029

 
16,890

 
6,827

 
(296
)
 
(551
)
 
(811
)
Cost of settlements/curtailments
 
—

 
7,461

 
377

 
—

 
—

 
—

Net periodic benefit cost (income)
 
$
13,477

 
$
27,263

 
$
21,785

 
$
381

 
$
(80
)
 
$
(345
)

The cost of settlements/curtailments indicated above represents events that are accounted for under guidance on employers’ accounting for settlements and curtailments of defined benefit pension plans. In 2015, the settlement charge is primarily a result of the retirement of the Corporation’s former Chairman and his election to receive the nonqualified portion of his pension benefit as a single lump sum payout. In 2014, the charge was due to a settlement in the CWAT plan in Switzerland.
The following table outlines the Corporation's consolidated disclosure of the pension benefits and postretirement benefits information described previously. The Corporation had no foreign postretirement plans. All plans were valued using a December 31, 2016 measurement date.
 
 
Pension Benefits
 
Postretirement Benefits
(In thousands)
 
2016
 
2015
 
2016
 
2015
Change in benefit obligation:
 
 
 
 
 
 
 
 
Beginning of year
 
$
774,710

 
$
797,360

 
$
21,980

 
$
23,250

Service cost
 
25,100

 
26,873

 
338

 
286

Interest cost
 
30,495

 
30,050

 
996

 
842

Plan participants’ contributions
 
1,897

 
1,825

 
266

 
345

Amendments
 
—

 
(2,951
)
 
—

 
—

Actuarial loss (gain)
 
19,640

 
(10,803
)
 
3,372

 
(1,133
)
Benefits paid
 
(41,115
)
 
(60,662
)
 
(2,516
)
 
(1,610
)
Actual expenses
 
(1,206
)
 
(1,787
)
 
—

 
—

Currency translation adjustments
 
(10,916
)
 
(5,195
)
 
—

 
—

End of year
 
$
798,605

 
$
774,710

 
$
24,436

 
$
21,980

Change in plan assets:
 
 
 
 
 
 
 
 
Beginning of year
 
$
692,074

 
$
595,829

 
$
—

 
$
—

Actual return on plan assets
 
65,872

 
(4,092
)
 
—

 
—

Employer contribution
 
8,210

 
165,575

 
2,250

 
1,265

Plan participants’ contributions
 
1,897

 
1,825

 
266

 
345

Benefits paid
 
(41,115
)
 
(60,662
)
 
(2,516
)
 
(1,610
)
Actual Expenses
 
(1,206
)
 
(1,787
)
 
—

 
—

Currency translation adjustments
 
(11,124
)
 
(4,614
)
 
—

 
—

End of year
 
$
714,608

 
$
692,074

 
$
—

 
$
—

 
 
 
 
 
 
 
 
 
Funded status
 
$
(83,997
)
 
$
(82,636
)
 
$
(24,436
)
 
$
(21,980
)
 
 
Pension Benefits
 
Postretirement Benefits
(In thousands)
 
2016
 
2015
 
2016
 
2015
Amounts recognized on the balance sheet
 
 
 
 
 
 
 
 
Noncurrent assets
 
$
4,049

 
$
3,667

 
$
—

 
$
—

Current liabilities
 
(3,498
)
 
(2,998
)
 
(1,833
)
 
(1,562
)
Noncurrent liabilities
 
(84,548
)
 
(83,305
)
 
(22,603
)
 
(20,418
)
Total
 
$
(83,997
)
 
$
(82,636
)
 
$
(24,436
)
 
$
(21,980
)
Amounts recognized in accumulated other comprehensive income (AOCI)
 
 
 
 
 
 
 
 
Net actuarial loss (gain)
 
$
198,630

 
$
203,729

 
$
(5,178
)
 
$
(8,846
)
Prior service cost
 
(1,580
)
 
(1,635
)
 
(3,373
)
 
(4,030
)
Total
 
$
197,050

 
$
202,094

 
$
(8,551
)
 
$
(12,876
)
Amounts in AOCI expected to be recognized in net periodic cost in the coming year:
 
 
 
 
 
 
 
 
Loss (gain) recognition
 
$
11,793

 
$
12,373

 
$
(203
)
 
$
(571
)
Prior service cost recognition
 
$
(105
)
 
$
(50
)
 
$
(657
)
 
$
(657
)
Accumulated benefit obligation
 
$
767,461

 
$
736,688

 
N/A

 
N/A

Information for pension plans with an accumulated benefit obligation in excess of plan assets:
 
 
 
 
 
 
 
 
Projected benefit obligation
 
$
733,426

 
$
721,626

 
N/A

 
N/A

Accumulated benefit obligation
 
702,282

 
683,605

 
N/A

 
N/A

Fair value of plan assets
 
645,380

 
635,323

 
N/A

 
N/A


Plan Assumptions
 
 
Pension Benefits
 
Postretirement Benefits
 
 
2016
 
2015
 
2016
 
2015
Weighted-average assumptions in determination of benefit obligation:
 
 
 
 
 
 
 
 
Discount rate
 
3.88
%
 
4.11
%
 
4.00
%
 
4.25
%
Rate of compensation increase
 
3.35
%
 
3.36
%
 
N/A

 
N/A

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

 
N/A

 
8.25
%
 
5.70
%
Ultimate rate reached in 2026
 
N/A

 
N/A

 
4.50
%
 
5.40
%
Weighted-average assumptions in determination of net periodic benefit cost:
 
 
 
 
 
 
 
 
Discount rate
 
4.12
%
 
3.88
%
 
4.25
%
 
3.75
%
Expected return on plan assets
 
7.81
%
 
7.93
%
 
N/A

 
N/A

Rate of compensation increase
 
3.35
%
 
3.37
%
 
N/A

 
N/A

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

 
N/A

 
8.75
%
 
5.50
%
Ultimate rate reached in 2026
 
N/A

 
N/A

 
4.50
%
 
4.59
%

Effective December 31, 2016, the Corporation has adopted the spot rate, or full yield curve, approach for developing discount rates. The discount rate for each plan's past service liabilities and service cost is determined by discounting the plan’s expected future benefit payments using a yield curve developed from high quality bonds that are rated Aa or better by Moody’s as of the measurement date. The yield curve calculation matches the notional cash inflows of the hypothetical bond portfolio with the expected benefit payments to arrive at one effective rate for these components. Interest cost is determined by applying the spot rate from the full yield curve to each anticipated benefit payment, based on the anticipated optional form elections.
The overall expected return on assets assumption is based on a combination of historical performance of the pension fund and expectations of future performance. Expected future performance is determined by weighting the expected returns for each asset class by the plan’s asset allocation. The expected returns are based on long-term capital market assumptions utilizing a ten-year time horizon through consultation with investment advisors. While consideration is given to recent performance and historical returns, the assumption represents a long-term prospective return.
The effect on the Other Post-Employment Benefits plan of a 1% change in the health care cost trend is as follows:
(In thousands)
 
1% Increase

 
1% Decrease

Total service and interest cost components
 
$
30

 
$
(24
)
Postretirement benefit obligation
 
$
444

 
$
(371
)

Pension Plan Assets
The overall objective for plan assets is to earn a rate of return over time to meet anticipated benefit payments in accordance with plan provisions. The long-term investment objective of the domestic retirement plans is to achieve a total rate of return, net of fees, which exceeds the actuarial overall expected return on asset assumptions used for funding purposes and which provides an appropriate premium over inflation. The intermediate-term objective of the domestic retirement plans, defined as three to five years, is to outperform each of the capital markets in which assets are invested, net of fees. During periods of extreme market volatility, preservation of capital takes a higher precedence than outperforming the capital markets.
The Finance Committee of the Corporation’s Board of Directors is responsible for formulating investment policies, developing investment manager guidelines and objectives, and approving and managing qualified advisors and investment managers. The guidelines established define permitted investments within each asset class and apply certain restrictions such as limits on concentrated holdings, and prohibits selling securities short, buying on margin, and the purchase of any securities issued by the Corporation.
The Corporation maintains the funds of the CW Pension Plan under a trust that is diversified across investment classes and among investment managers to achieve an optimal balance between risk and return. As a part of its diversification strategy, the Corporation has established target allocations for each of the following assets classes: domestic equity securities, international equity securities, and debt securities. Below are the Corporation’s actual and established target allocations for the CW Pension Plan, representing 88% of consolidated assets:
 
 
As of December 31,
 
Target
 
Expected
 
 
2016
 
2015
 
Exposure
 
Range
Asset class
 
 
 
 
 
 
 
 
Domestic equities
 
54%
 
51%
 
50%
 
40%-60%
International equities
 
13%
 
14%
 
15%
 
10%-20%
Total equity
 
67%
 
65%
 
65%
 
55%-75%
Fixed income
 
33%
 
35%
 
35%
 
25%-45%

As of December 31, 2016 and 2015, cash funds in the CW Pension Plan represented approximately 3% of portfolio assets.
Foreign plan assets represent 12% of consolidated plan assets, with the majority of the assets supporting the U.K. plans. Generally, the foreign plans follow a similar asset allocation strategy and are more heavily weighted in fixed income resulting in a weighted expected return on assets assumption of 3.70% for all foreign plans.
The Corporation may from time to time require the reallocation of assets in order to bring the retirement plans into conformity with these ranges. The Corporation may also authorize alterations or deviations from these ranges where appropriate for achieving the objectives of the retirement plans.
Fair Value Measurements
The following table presents consolidated plan assets as of December 31, 2016 using the fair value hierarchy, as described in Note 9 to the Consolidated Financial Statements.
Asset Category
 
Total
 
Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)
 
Significant
Observable
Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
Cash and cash equivalents
 
$
26,251

 
$
253

 
$
25,998

 
$
—

Equity securities- Mutual funds (1)
 
435,931

 
395,549

 
40,382

 
—

Bond funds (2)
 
219,417

 
162,470

 
56,947

 
—

Insurance Contracts (3)
 
9,720

 
—

 
—

 
9,720

Other (4)
 
755

 
—

 
—

 
755

December 31, 2015
 
$
692,074

 
$
558,272

 
$
123,327

 
$
10,475

Cash and cash equivalents
 
$
23,979

 
$
4,893

 
$
19,086

 
$
—

Equity securities- Mutual funds (1)
 
459,002

 
418,390

 
40,612

 
—

Bond funds (2)
 
219,249

 
155,120

 
64,129

 
—

Insurance Contracts (3)
 
10,760

 
—

 
—

 
10,760

Other (4)
 
1,618

 
—

 
—

 
1,618

December 31, 2016
 
$
714,608

 
$
578,403

 
$
123,827

 
$
12,378


(1)This category consists of domestic and international equity securities. It is comprised of U.S. securities benchmarked against the S&P 500 index and Russell 2000 index, international mutual funds benchmarked against the MSCI EAFE index, global equity index mutual funds associated with our U.K. based pension plans and balanced funds associated with the U.K. and Canadian based pension plans.
(2)This category consists of domestic and international bonds. The domestic fixed income securities are benchmarked against the Barclays Capital Aggregate Bond index, actively-managed bond mutual funds comprised of domestic investment grade debt, fixed income derivatives, and below investment-grade issues, U.S. mortgage backed securities, asset backed securities, municipal bonds, and convertible debt. International bonds consist of bond mutual funds for institutional investors associated with the CW Pension Plan, Switzerland, and U.K. based pension plans.
(3)This category consists of a guaranteed investment contract (GIC) in Switzerland. Amounts contributed to the plan are guaranteed by a foundation for occupational benefits that in turn entered into a group insurance contract and the foundation pays a guaranteed rate of interest that is reset annually.
(4)This category consists primarily of real estate investment trusts in Switzerland.
Valuation
Equity securities and exchange-traded equity and bond mutual funds are valued using a market approach based on the quoted market prices of identical instruments. Pooled institutional funds are valued at their net asset values and are calculated by the sponsor of the fund.
Fixed income securities are primarily valued using a market approach utilizing various underlying pricing sources and methodologies. Real estate investment trusts are priced at net asset value based on valuations of the underlying real estate holdings using inputs such as discounted cash flows, independent appraisals, and market-based comparable data.
Cash balances in the United States are held in a pooled fund and classified as a Level 2 asset. Non-U.S. cash is valued using a market approach based on quoted market prices of identical instruments.
The following table presents a reconciliation of Level 3 assets held during the year ended December 31, 2016 and 2015:
(In thousands)
 
Insurance
Contracts
 
Other
 
Total
December 31, 2014
 
$
8,169

 
$
771

 
$
8,940

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

 
37

 
164

Relating to assets sold during the period
 
—

 
2

 
2

Purchases, sales, and settlements
 
1,554

 
(49
)
 
1,505

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

 
$
755

 
$
10,475

Actual return on plan assets:
 
 
 
 
 
 
Relating to assets still held at the reporting date
 
148

 
35

 
183

Purchases, sales, and settlements
 
1,095

 
871

 
1,966

Foreign currency translation adjustment
 
(203
)
 
(43
)
 
(246
)
December 31, 2016
 
$
10,760

 
$
1,618

 
$
12,378


Benefit Payments
The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid from the plans:
(In thousands)
 
Pension
Plans
 
Postretirement
Plans
 
Total
2017
 
$
49,513

 
$
1,833

 
$
51,346

2018
 
50,665

 
1,762

 
52,427

2019
 
54,154

 
1,733

 
55,887

2020
 
53,516

 
1,720

 
55,236

2021
 
52,950

 
1,711

 
54,661

2022 — 2026
 
273,753

 
8,211

 
281,964


Defined Contribution Retirement Plans
The Corporation offers all of its domestic employees the opportunity to participate in a defined contribution plan. Costs incurred by the Corporation in the administration and record keeping of the defined contribution plan are paid for by the Corporation and are not considered material.
Effective January 1, 2014, all non-union employees who were not currently receiving final or career average pay benefits became eligible to receive employer contributions in the Corporation's sponsored 401(k) plan. The employer contributions include both employer match and non-elective contribution components, up to a maximum employer contribution of 6% of eligible compensation.  During the year ended December 31, 2016, the expense relating to the plan was $11.3 million, consisting of $4.8 million in matching contributions to the plan in 2016, and $6.5 million in non-elective contributions paid in January 2017. Cumulative contributions of approximately $64.0 million are expected to be made from 2017 through 2021.
In addition, the Corporation had foreign pension costs under various defined contribution plans of $4.2 million, $4.8 million, and $5.7 million in 2016, 2015, and 2014, respectively.
LEASES
LEASES
. LEASES
The Corporation conducts a portion of its operations from leased facilities, which include manufacturing and service facilities, administrative offices, and warehouses. In addition, the Corporation leases vehicles, machinery, and office equipment under operating leases. The leases expire at various dates and may include renewals and escalations. Rental expenses for all operating leases amounted to $35.3 million, $37.0 million, and $38.0 million in 2016, 2015, and 2014, respectively.
At December 31, 2016, the approximate future minimum rental commitments under operating leases that have initial or remaining non-cancelable lease terms in excess of one year are as follows:
(In thousands)
Rental
Commitments
2017
$
27,585

2018
23,587

2019
19,578

2020
16,202

2021
13,094

Thereafter
69,400

Total
$
169,446

SEGMENT INFORMATION
SEGMENT INFORMATION
. SEGMENT INFORMATION

The Corporation’s segments are composed of similar product groupings that serve the same or similar end markets. Based on this approach, the Corporation has three reportable segments: Commercial/Industrial, Defense, and Power, as described below in further detail.

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

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

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

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

Net sales and operating income by reportable segment are as follows:
 
 
December 31,
(In thousands)
 
2016
 
2015
 
2014
Net sales
 
 
 
 
 
 
Commercial/Industrial
 
$
1,120,326

 
$
1,189,120

 
$
1,232,696

Defense
 
469,796

 
479,528

 
492,094

Power
 
524,967

 
545,013

 
527,034

Less: Intersegment Revenues
 
(6,158
)
 
(7,978
)
 
(8,698
)
Total Consolidated
 
$
2,108,931

 
$
2,205,683

 
$
2,243,126


(In thousands)
 
2016
 
2015
 
2014
Operating income (expense)
 
 
 
 
 
 
Commercial/Industrial
 
$
156,550

 
$
171,525

 
$
178,684

Defense
 
98,291

 
98,895

 
82,552

Power
 
76,472

 
74,987

 
51,449

Corporate and Eliminations (1)
 
(23,215
)
 
(34,790
)
 
(30,312
)
Total Consolidated
 
$
308,098

 
$
310,617

 
$
282,373


Depreciation and amortization expense
 
 
 
 
 
 
Commercial/Industrial
 
$
53,970

 
$
55,799

 
$
58,276

Defense
 
14,488

 
15,965

 
19,530

Power
 
23,032

 
23,419

 
23,060

Corporate
 
4,518

 
4,292

 
4,059

Total Consolidated
 
$
96,008

 
$
99,475

 
$
104,925


Segment assets
 
 
 
 
 
 
Commercial/Industrial
 
$
1,391,040

 
$
1,480,052

 
$
1,543,795

Defense
 
751,859

 
800,613

 
845,193

Power
 
516,321

 
629,612

 
579,736

Corporate
 
378,561

 
79,334

 
266,377

Assets held for sale
 
—

 
—

 
147,347

Total Consolidated
 
$
3,037,781

 
$
2,989,611

 
$
3,382,448


Capital expenditures
 
 
 
 
 
 
Commercial/Industrial
 
$
30,145

 
$
21,990

 
$
37,329

Defense
 
5,870

 
3,834

 
5,175

Power
 
6,653

 
6,163

 
16,057

Corporate
 
4,108

 
3,525

 
8,554

Total Consolidated (2)
 
$
46,776

 
$
35,512

 
$
67,115


(1) Corporate and Eliminations includes pension expense, environmental remediation and administrative expenses, legal, foreign currency transactional gains and losses, and other expenses.
(2) Total capital expenditures included $0.2 million and $4.9 million of expenditures related to discontinued operations for the years ended 2015 and 2014, respectively.
Reconciliations
 
 
December 31,
(In thousands)
 
2016
 
2015
 
2014
Earnings before taxes:
 
 
 
 
 
 
Total segment operating income
 
$
331,313

 
$
345,407

 
$
312,685

Corporate and administrative
 
(23,215
)
 
(34,790
)
 
(30,312
)
Interest expense
 
41,248

 
36,038

 
35,794

Other income, net
 
1,111

 
615

 
365

Total consolidated earnings before tax
 
$
267,961

 
$
275,194

 
$
246,944


 
 
December 31,
(In thousands)
 
2016
 
2015
 
2014
Assets:
 
 
 
 
 
 
Total assets for reportable segments
 
$
2,659,220

 
$
2,910,277

 
$
2,968,724

Assets held for sale
 
—

 
—

 
147,347

Non-segment cash
 
357,021

 
42,164

 
247,249

Other assets
 
21,540

 
37,170

 
19,128

Total consolidated assets
 
$
3,037,781

 
$
2,989,611

 
$
3,382,448


Geographic Information
 
 
December 31,
(In thousands)
 
2016
 
2015
 
2014
Revenues
 
 
 
 
 
 
United States of America
 
$
1,472,241

 
$
1,502,363

 
$
1,521,034

United Kingdom
 
114,752

 
135,673

 
145,092

Other foreign countries
 
521,938

 
567,647

 
577,000

Consolidated total
 
$
2,108,931

 
$
2,205,683

 
$
2,243,126

 
 
December 31,
(In thousands)
 
2016
 
2015
 
2014
Long-Lived Assets
 
 
 
 
 
 
United States of America
 
$
272,826

 
$
293,612

 
$
323,937

United Kingdom
 
39,014

 
36,061

 
45,625

Other foreign countries
 
77,063

 
83,971

 
89,357

Consolidated total
 
$
388,903

 
$
413,644

 
$
458,919


Net sales by product line
 
 
December 31,
(In thousands)
 
2016
 
2015
 
2014
Net sales
 
 
 
 
 
 
Flow Control
 
$
883,735

 
$
949,657

 
$
959,907

Motion Control
 
940,162

 
947,758

 
953,667

Surface Technologies
 
285,034

 
308,268

 
329,552

Consolidated total
 
$
2,108,931

 
$
2,205,683

 
$
2,243,126


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

Legal Proceedings

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

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

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

Letters of Credit and Other Arrangements

The Corporation enters into standby letters of credit agreements and guarantees with financial institutions and customers primarily relating to guarantees of repayment, future performance on certain contracts to provide products and services, and to secure advance payments from certain international customers. At December 31, 2016 and 2015, there were $47.2 million and $37.3 million of stand-by letters of credit outstanding, respectively, and $12.8 million and $14.7 million of bank guarantees outstanding, respectively.  

The Corporation, through its Electro-Mechanical Division (EMD) business unit, has three Pennsylvania Department of Environmental Protection (PADEP) radioactive materials licenses that are utilized in the continued operation of the EMD business. In connection with these licenses, the Corporation has known conditional asset retirement obligations related to asset decommissioning activities to be performed in the future, when the Corporation terminates these licenses. For two of the three licenses, the Corporation has recorded an asset retirement obligation of approximately $7.1 million. For its third license, the Corporation has not recorded an asset retirement obligation as it is not reasonably estimable due to insufficient information about the timing and method of settlement of the obligation. Accordingly, this obligation has not been recorded in the Consolidated Financial Statements. A liability for this obligation will be recorded in the period when sufficient information regarding timing and method of settlement becomes available to make a reasonable estimate of the liability’s fair value. The Corporation is required to provide the Nuclear Regulatory Commission financial assurance demonstrating its ability to cover the cost of decommissioning its Cheswick, Pennsylvania facility upon closure, though the Corporation does not intend to close this facility.  The Corporation has provided this financial assurance in the form of a $56.0 million surety bond.

AP1000 Program

Within the Corporation’s Power segment, our Electro-Mechanical Division is the RCP supplier for the Westinghouse AP1000 nuclear power plants under construction in China and the United States.  The terms of the AP1000 China and United States contracts include liquidated damage provisions for failure to meet contractual delivery dates if the Corporation caused the delay and the delay was not excusable. The Corporation would be liable for liquidated damages if the Corporation was deemed responsible for not meeting the delivery dates. On October 10, 2013, the Corporation received a letter from Westinghouse stating entitlements to the maximum amount of liquidated damages allowable under the AP1000 China contract from Westinghouse of approximately $25 million.  As of December 31, 2016, the Corporation has not met certain contractual delivery dates under its AP1000 domestic and China contracts; however, there are significant counterclaims and uncertainties as to which parties are responsible for the delays.  Given the uncertainties surrounding the parties responsible for the delays, no accrual has been made for this matter.  As of December 31, 2016, the range of possible loss for liquidated damages is $0 to $55.5 million.
ACCUMULATED OTHER COMPREHENSIVE INCOME LOSS
ACCUMULATED OTHER COMPREHENSIVE INCOME LOSS
. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
The total cumulative balance of each component of accumulated other comprehensive income (loss), net of tax, is as follows:
(In thousands)
 
Foreign currency translation adjustments, net
 
Total pension and postretirement adjustments, net
 
Accumulated other comprehensive income (loss)
December 31, 2014
 
$
(20,283
)
 
$
(108,128
)
 
$
(128,411
)
Other comprehensive loss before reclassifications (1)
 
(87,527
)
 
(24,823
)
 
(112,350
)
Amounts reclassified from accumulated other comprehensive income (1)
 
—

 
14,833

 
14,833

Net current period other comprehensive loss
 
(87,527
)
 
(9,990
)
 
(97,517
)
December 31, 2015
 
$
(107,810
)
 
$
(118,118
)
 
$
(225,928
)
Other comprehensive loss before reclassifications (1)
 
(64,840
)
 
(7,892
)
 
(72,732
)
Amounts reclassified from accumulated other comprehensive income (1)
 
—

 
6,904

 
6,904

Net current period other comprehensive loss
 
(64,840
)
 
(988
)
 
(65,828
)
December 31, 2016
 
$
(172,650
)
 
$
(119,106
)
 
$
(291,756
)

(1) 
All amounts are after tax.
Details of amounts reclassified from accumulated other comprehensive income (loss) are below:
 
 
Amount reclassified from Accumulated other comprehensive income (loss)
 
Affected line item in the statement where net earnings is presented
(In thousands)
 
2016
 
2015
 
 
Defined benefit pension and postretirement plans
 
 
 
 
 
 
Amortization of prior service costs
 
703

 
39

 
(1)
Amortization of net actuarial losses
 
(11,733
)
 
(16,339
)
 
(1)
Settlements
 
—

 
(7,461
)
 
(1)
 
 
(11,030
)
 
(23,761
)
 
 Total before tax
 
 
4,126

 
8,928

 
 Income tax effect
Total reclassifications
 
$
(6,904
)
 
$
(14,833
)
 
 Net of tax

(1) 
These items are included in the computation of net periodic pension cost. See Note 15, Pension and Other Postretirement Benefit Plans.
QUARTERLY RESULTS OF OPERATIONS
QUARTERLY RESULTS OF OPERATIONS
. QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)
The following tables set forth selected unaudited quarterly Consolidated Statements of Earnings information for the fiscal years ended December 31, 2016 and 2015.
(In thousands, except per share data)
 
First
 
Second
 
Third
 
Fourth
2016
 
 
 
 
 
 
 
 
Net sales
 
$
503,507

 
$
532,766

 
$
507,092

 
$
565,566

Gross profit
 
171,903

 
185,379

 
184,476

 
208,725

Earnings from continuing operations
 
32,819

 
39,963

 
45,932

 
70,668

Loss from discontinued operations
 
—

 
—

 
—

 
(2,053
)
Net earnings
 
32,819

 
39,963

 
45,932

 
68,615

Basic earnings per share
 
 
 
 
 
 
 
 
Earnings from continuing operations
 
$
0.74

 
$
0.90

 
$
1.04

 
$
1.60

Loss from discontinued operations
 
$
—

 
$
—

 
$
—

 
$
(0.05
)
Total
 
$
0.74

 
$
0.90

 
$
1.04

 
$
1.55

Diluted earnings per share
 
 
 
 
 
 
 
 
Earnings from continuing operations
 
$
0.73

 
$
0.88

 
$
1.02

 
$
1.58

Loss from discontinued operations
 
$
—

 
$
—

 
$
—

 
$
(0.05
)
Total
 
$
0.73

 
$
0.88

 
$
1.02

 
$
1.53

 
 
 
 
 
 
 
 
 
2015
 
 
 
 
 
 
 
 
Net sales
 
$
546,199

 
$
545,194

 
$
525,535

 
$
588,755

Gross profit
 
191,096

 
182,351

 
185,494

 
224,314

Earnings from continuing operations
 
43,223

 
40,121

 
38,142

 
70,762

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

 
25,737

 
33,884

 
69,849

Basic earnings per share
 
 
 
 
 
 
 
 
Earnings from continuing operations
 
$
0.91

 
$
0.85

 
$
0.82

 
$
1.56

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

 
$
0.54

 
$
0.73

 
$
1.54

Diluted earnings per share
 
 
 
 
 
 
 
 
Earnings from continuing operations
 
$
0.89

 
$
0.83

 
$
0.80

 
$
1.53

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

 
$
0.53

 
$
0.71

 
$
1.51

Note: Certain amounts may not add due to rounding.
SUBSEQUENT EVENTS SUBSEQUENT EVENTS
Subsequent Events
. SUBSEQUENT EVENTS
On January 4, 2017, the Corporation completed the acquisition of Teletronics Technology Corporation (TTC) for $233 million in cash. TTC is a leading designer and manufacturer of high-technology data acquisition and comprehensive flight test instrumentation systems for critical aerospace and defense applications. For the year ended December 31, 2015, TTC generated sales of $58 million. The acquired business will operate within the Defense segment.
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
SCHEDULE II – VALUATION and QUALIFYING ACCOUNTS
for the years ended December 31, 2016, 2015, and 2014
(In thousands)
 
 
 
 
Additions
 
 
 
 
 
 
 
 
Description
 
Balance at
Beginning of
Period
 
Charged to
Costs and
Expenses
 
Charged to Other
Accounts
 
 
 
Deductions
 
 
 
Balance at
End of Period
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deducted from assets to which they apply:
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2016
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Tax valuation allowance
 
17,895

 
1,951

 
(181
)
 
(1) 
 
1,889

 
 
 
17,776

Total
 
$
17,895

 
$
1,951

 
$
(181
)
 
 
 
$
1,889

 
 
 
$
17,776

December 31, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Tax valuation allowance
 
23,478

 
2,605

 
(299
)
 
(1) 
 
7,889

 
(2) 
 
17,895

Total
 
$
23,478

 
$
2,605

 
$
(299
)
 
 
 
$
7,889

 
 
 
$
17,895

December 31, 2014
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Tax valuation allowance
 
6,321

 
18,535

 
(263
)
 
(1) 
 
1,115

 
 
 
23,478

Total
 
$
6,321

 
$
18,535

 
$
(263
)
 
 
 
$
1,115

 
 
 
$
23,478



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

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

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

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

We determine the appropriate method by which we recognize revenue by analyzing the terms and conditions of each contract or arrangement entered into with our customers. Revenue is recognized on product sales as production units are shipped and title and risk of loss have transferred. Revenue is recognized on service type contracts as services are rendered. The significant estimates we make in recognizing revenue are primarily for long-term contracts generally accounted for using the cost-to-cost method of percentage of completion accounting that are associated with the design, development and manufacture of highly engineered industrial products used in commercial and defense applications. Under the cost-to-cost percentage-of-completion method of accounting, profits are recorded pro rata, based upon current estimates of direct and indirect costs to complete such contracts. Changes in estimates of contract sales, costs, and profits are recognized using the cumulative catch-up method of accounting. This method recognizes in the current period the cumulative effect of the changes on current and prior periods. The effect of the changes on future periods of contract performance is recognized as if the revised estimate had been the original estimate. A significant change in an estimate on one or more contracts could have a material effect on the Corporation’s consolidated financial position, results of operations, or cash flows. In 2015, the Corporation recorded additional costs of $11.5 million related to its long-term contract with Westinghouse to deliver reactor coolant pumps (RCPs) for the AP1000 nuclear power plants in China. The increase in costs is due to a change in estimate related to production modifications that are the result of engineering and endurance testing. There were no other individual significant changes in estimated contract costs at completion during 2016, 2015, or 2014.

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

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

CashAndCashEquivalentsPolicyTextBlock 
Cash and Cash Equivalents

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

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

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

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

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

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

The Corporation reviews the recoverability of all long-lived assets, including the related useful lives, whenever events or changes in circumstances indicate that the carrying amount of a long-lived asset might not be recoverable. If required, the Corporation compares the estimated fair value determined by either the undiscounted future net cash flows or appraised value to the related asset’s carrying value to determine whether there has been an impairment. If an asset is considered impaired, the asset is written down to fair value in the period in which the impairment becomes known. The Corporation recognized no significant impairment charges on assets held in use during the years ended December 31, 2016, 2015, and 2014. For impairment charges on assets held for sale, see Note 2 to the Consolidated Financial Statements.
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] 
Goodwill

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

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

ResearchAndDevelopmentExpensePolicy 
Research and Development

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

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

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

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

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

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

For operations outside the United States of America that prepare financial statements in currencies other than the U.S. dollar, the Corporation translates assets and liabilities at period-end exchange rates and income statement amounts using weighted-average exchange rates for the period. The cumulative effect of translation adjustments is presented as a component of accumulated other comprehensive income (loss) within stockholders’ equity. This balance is affected by foreign currency exchange rate fluctuations and by the acquisition of foreign entities. Gains from foreign currency transactions are included in General and administrative expenses within the results of operations, which amounted to $8.9 million, $8.3 million, and $2.9 million for the years ended December 31, 2016, 2015, and 2014, respectively.
DerivativesPolicyTextBlock 
Derivatives

Forward Foreign Exchange and Currency Option Contracts

The Corporation uses financial instruments, such as forward exchange and currency option contracts, to hedge a portion of existing and anticipated foreign currency denominated transactions. The purpose of the Corporation’s foreign currency risk management program is to reduce volatility in earnings caused by exchange rate fluctuations. All of the derivative financial instruments are recorded at fair value based upon quoted market prices for comparable instruments, with the gain or loss on these transactions recorded into earnings in the period in which they occur. These losses are classified as General and administrative expenses in the Consolidated Statements of Earnings and amounted to $11.5 million, $11.0 million, and $6.9 million for the years ended December 31, 2016, 2015, and 2014, respectively. The Corporation does not use derivative financial instruments for trading or speculative purposes.

Interest Rate Risks and Related Strategies

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

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

Recent accounting pronouncements adopted
Accounting pronouncement ASU 2015-17 - Balance Sheet Classification of Deferred Taxes was early adopted effective January 1, 2016 and accounting pronouncement ASU 2015-03 - Simplifying the Presentation of Debt Issuance Costs was adopted effective January 1, 2016. Both pronouncements were retrospectively adopted and, accordingly, certain amounts reported in the previous periods have been reclassified to conform to the current year presentation.

A summary of the impact of the reclassifications as of December 31, 2015 is shown in the below table.
 
 
 
Reclassifications
 
 
 
December 31, 2015
as reported
 
Deferred Taxes
 
Debt Issuance Costs 
 
December 31, 2015
as reclassified
Deferred tax assets. net
$
41,737

 
$
(41,737
)
 
$
—

 
$
—

Total current assets
$
1,316,620

 
$
(41,737
)
 
$
—

 
$
1,274,883

Other assets
$
15,745

 
$
3,107

 
$
(1,137
)
 
$
17,715

Total assets
$
3,029,378

 
$
(38,630
)
 
$
(1,137
)
 
$
2,989,611

Other current liabilities
$
39,152

 
$
(1,962
)
 
$
—

 
$
37,190

Total current liabilities
$
525,187

 
$
(1,962
)
 
$
—

 
$
523,225

Long-term debt
$
953,083

 
$
—

 
$
(1,137
)
 
$
951,946

Deferred tax liabilities, net
$
91,115

 
$
(36,668
)
 
$
—

 
$
54,447

Total liabilities
$
1,773,955

 
$
(38,630
)
 
$
(1,137
)
 
$
1,734,188

Total liabilities and stockholders' equity
$
3,029,378

 
$
(38,630
)
 
$
(1,137
)
 
$
2,989,611



Standards Issued Not Yet Adopted
Standard
Description
Effect on the financial statements
ASU 2014-09 Revenue from Contracts with Customers
In May 2014, the FASB issued a comprehensive new revenue recognition standard which will supersede previous existing revenue recognition guidance. The standard creates a five-step model for revenue recognition that requires companies to exercise judgment when considering contract terms and relevant facts and circumstances. The five-step model includes (1) identifying the contract, (2) identifying the separate performance obligations in the contract, (3) determining the transaction price, (4) allocating the transaction price to the separate performance obligations and (5) recognizing revenue when each performance obligation has been satisfied. The standard also requires expanded disclosures surrounding revenue recognition. The standard is effective for fiscal periods beginning after December 15, 2017 and allows for either full retrospective or modified retrospective adoption.
The Corporation is currently evaluating the impact of the adoption of this standard on its Consolidated Financial Statements, including the method of adoption as of January 1, 2018. Based on a preliminary review of our customer contracts, we do not believe that the standard will have a material impact on our Consolidated Financial Statements. Our assessment is still ongoing and not complete. While we anticipate some changes to revenue recognition, we do not currently believe that the standard will have a material impact on our Consolidated Financial Statements. The FASB, however, has issued, and may issue in the future, interpretive guidance which may cause our evaluation to change.


Date of adoption: January 1, 2018
ASU 2016-02 Leases
In February 2016, the FASB issued final guidance that will require lessees to put most leases on their balance sheets but recognize expenses on their income statements in a manner similar to today’s accounting. The guidance requires the use of a modified retrospective approach.
The Corporation is currently evaluating the impact of the adoption of this standard on its Consolidated Financial Statements.
Date of adoption: January 1, 2019
ASU 2016-09 Improvements to Employee Share-Based Payment Accounting
In March 2016, the FASB issued ASU 2016-09, which simplifies several aspects of the accounting for employee share-based payment transactions for both public and nonpublic entities, including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification in the statement of cash flows.
Upon adoption in 2017, the Corporation expects to record a tax benefit which is contingent on the number of stock options, restricted share units, and performance share units exercised or vested during the period as well as the price of the Corporation’s common stock.
Date of adoption: January 1, 2017
ASU 2017-04 Simplifying the Test for Goodwill Impairment
In January 2017, the FASB issued ASU 2017-04, which eliminates the requirement to calculate the implied fair value of goodwill to measure a goodwill impairment charge. Instead, entities will record an impairment charge based on the excess of a reporting unit’s carrying amount over its fair value. The standard is effective for fiscal periods beginning after December 15, 2019. Early adoption is permitted for interim and annual goodwill impairment testing dates after January 1, 2017.


The Corporation plans to early adopt this standard effective January 1, 2017. The standard would only impact the Corporation in the event of a goodwill impairment.  Accordingly, we do not expect the adoption to have an impact on our Consolidated Financial Statements.
Date of adoption: January 1, 2017
DISCONTINUED OPERATIONS (Table)
Summary of Aggregate Financial Results of Discontinued Operations
The aggregate financial results of all discontinued operations for the years ended December 31 were as follows:
(In thousands)
 
2016
 
2015
 
2014
Net sales
 
$
—

 
$
57,992

 
$
363,869

Loss from discontinued operations before income taxes (1)
 
—

 
(40,984
)
 
(48,519
)
Income tax benefit / (expense)
 
(2,053
)
(3) 
7,926

 
14,268

Loss on sale of businesses (2)
 
—

 
(13,729
)
 
(22,360
)
Loss from discontinued operations
 
$
(2,053
)
 
$
(46,787
)
 
$
(56,611
)


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

(2) In the year ended December 31, 2015, the Corporation recognized aggregate after tax losses of $13.7 million on the sale of the Aviation Ground, Downstream Oil & Gas, Engineered Packaging and two surface technology businesses. In 2014, the Corporation recognized aggregate after tax losses of $22.4 million on the sale of the Benshaw, 3D, Upstream Oil & Gas and Vessels business.
ACQUISITIONS (Table)
ScheduleOfBusinessAcquisitionsByAcquisitionTextBlock
(In thousands)
 
2016
 
2015
Accounts receivable
 
$
—

 
$
996

Inventory
 
—

 
152

Property, plant, and equipment
 
—

 
1,463

Other current assets
 
—

 
155

Intangible assets
 
—

 
7,700

Current and non-current liabilities
 
—

 
(6
)
Due to seller
 
—

 
(1,470
)
Net tangible and intangible assets
 
—

 
8,990

Purchase price
 
—

 
13,228

Goodwill
 
$
—

 
$
4,238

RECEIVABLES (Table)
Schedule Of Accounts Notes Loans And Financing Receivable [Text Block]
(In thousands)
 
2016
 
2015
Billed receivables:
 
 
 
 
Trade and other receivables
 
$
340,091

 
$
435,172

Less: Allowance for doubtful accounts
 
(4,832
)
 
(5,664
)
Net billed receivables
 
335,259

 
429,508

Unbilled receivables:
 
 
 
 
Recoverable costs and estimated earnings not billed
 
149,847

 
153,045

Less: Progress payments applied
 
(22,044
)
 
(16,264
)
Net unbilled receivables
 
127,803

 
136,781

Receivables, net
 
$
463,062

 
$
566,289

INVENTORIES (Table)
Schedule Of Inventory [Text Block]
(In thousands)
 
2016
 
2015
Raw material
 
$
189,228

 
$
196,684

Work-in-process
 
73,843

 
79,406

Finished goods
 
112,478

 
114,931

Inventoried costs related to U.S. Government and other long-term contracts
 
57,516

 
51,774

Gross inventories
 
433,065

 
442,795

Less: Inventory reserves
 
(54,988
)
 
(48,904
)
Progress payments applied, principally related to long-term contracts
 
(11,103
)
 
(14,300
)
Inventories, net
 
$
366,974

 
$
379,591

PROPERTY, PLANT, AND EQUIPMENT (Table)
Property, Plant and Equipment [Table Text Block]
(In thousands)
 
2016
 
2015
Land
 
$
19,511

 
$
19,933

Buildings and improvements
 
215,221

 
218,016

Machinery, equipment, and other
 
752,356

 
739,965

Property, plant, and equipment, at cost
 
987,088

 
977,914

Less: Accumulated depreciation
 
(598,185
)
 
(564,270
)
Property, plant, and equipment, net
 
$
388,903

 
$
413,644

GOODWILL (Table)
Schedule Of Goodwill [Text Block]
(In thousands)
 
Commercial/Industrial
 
Defense
 
Power
 
Assets Held for Sale
 
Consolidated
December 31, 2014
 
$
454,092

 
$
356,689

 
$
187,725

 
$
42,395

 
$
1,040,901

Acquisitions
 
4,238

 
—

 
—

 
—

 
4,238

Divestitures
 
—

 
—

 
—

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

 
1,131

 
—

 
(1,131
)
 
21

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

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

 
$
337,603

 
$
187,175

 
$
—

 
$
972,606

Divestitures
 
—

 
(452
)
 
—

 
—

 
(452
)
Foreign currency translation adjustment
 
(11,687
)
 
(9,496
)
 
86

 
—

 
(21,097
)
December 31, 2016
 
$
436,141

 
$
327,655

 
$
187,261

 
$
—

 
$
951,057

OTHER INTANGIBLE ASSETS, NET (Table)
Schedule of Finite-Lived Intangible Assets [Table Text Block] 
 
 
2016
 
2015
(In thousands)
 
Gross
 
Accumulated Amortization
 
Net
 
Gross
 
Accumulated
Amortization
 
Net
Technology
 
$
166,859

 
$
(98,266
)
 
$
68,593

 
$
171,382

 
$
(91,430
)
 
$
79,952

Customer related intangibles
 
349,742

 
(157,154
)
 
192,588

 
357,538

 
(140,816
)
 
216,722

Other intangible assets
 
36,709

 
(26,429
)
 
10,280

 
37,200

 
(23,111
)
 
14,089

Total
 
$
553,310

 
$
(281,849
)
 
$
271,461

 
$
566,120

 
$
(255,357
)
 
$
310,763

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] 
(In thousands)
 
 
2017
 
$
32,178

2018
 
31,100

2019
 
29,340

2020
 
27,470

2021
 
25,759

FAIR VALUE OF FINANCIAL INSTRUMENTS (Table)
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] 
 
 
December 31,
(In thousands)
 
2016
 
2015
Assets
 
 
 
 
Designated for hedge accounting
 
 
 
 
Interest rate swaps
 
$
—

 
$
3,083

Undesignated for hedge accounting
 
 
 
 
Forward exchange contracts
 
$
142

 
$
223

Total asset derivatives (1)
 
$
142

 
$
3,306

Liabilities
 
 
 
 
Undesignated for hedge accounting
 
 
 
 
Forward exchange contracts
 
$
419

 
$
673

Total liability derivatives (2)
 
$
419

 
$
673

Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block] 
 
 
Gain/(Loss) on Swap
(In thousands)
 
2016
 
2015
 
2014
Other income, net
 
 
 
 
 
 
Interest rate swaps
 
$
—

 
$
8,204

 
$
44,724

Hedged fixed rate debt
 
$
—

 
$
(8,204
)
 
$
(44,724
)
Total
 
$
—

 
$
—

 
$
—

Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block] 
(In thousands)
 
2016
 
2015
 
2014
Forward exchange contracts:
 
 
 
 
 
 
General and administrative expenses
 
$
11,510

 
$
11,042

 
$
6,880

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Table)
ScheduleOfAccruedLiabilitiesTableTextBlock 
(In thousands)
 
2016
 
2015
Accrued compensation
 
$
85,970

 
$
86,497

Accrued commissions
 
5,189

 
7,250

Accrued interest
 
9,817

 
9,900

Accrued insurance
 
7,521

 
5,261

Other
 
21,742

 
22,955

Total accrued expenses
 
$
130,239

 
$
131,863

Schedule Of Other Liabilities [Table Text Block] 
(In thousands)
 
2016
 
2015
Warranty reserves
 
$
11,768

 
$
15,053

Additional amounts due to sellers on acquisitions
 
1,985

 
2,883

Reserves on loss contracts
 
1,662

 
2,711

Pension and other postretirement liabilities
 
5,331

 
4,560

Other
 
7,281

 
11,983

Total other current liabilities
 
$
28,027

 
$
37,190

INCOME TAXES (Table)
Schedule Of Income Before Income Tax, Domestic and Foreign [Table Text Block] 
(In thousands)
 
2016
 
2015
 
2014
Domestic
 
$
154,571

 
$
135,112

 
$
120,563

Foreign
 
113,390

 
140,082

 
126,381

 
 
$
267,961

 
$
275,194

 
$
246,944

Schedule Of Provision For Income Taxes [Table Text Block] 
(In thousands)
 
2016
 
2015
 
2014
Current:
 
 
 
 
 
 
Federal
 
$
45,523

 
$
(6,741
)
 
$
70,609

State
 
8,002

 
6,175

 
9,065

Foreign
 
20,861

 
27,134

 
33,401

Total current
 
74,386

 
26,568

 
113,075

 
 
 
 
 
 
 
Deferred:
 
 
 
 
 
 
Federal
 
4,267

 
49,060

 
(29,683
)
State
 
73

 
7,390

 
(1,247
)
Foreign
 
(147
)
 
(72
)
 
(5,150
)
Total deferred
 
4,193

 
56,378

 
(36,080
)
Provision for income taxes
 
$
78,579

 
$
82,946

 
$
76,995

Schedule Of Effective Income Tax Rate Reconciliation [Table Text Block] 
 
 
2016
 
2015
 
2014
U.S. federal statutory tax rate
 
35.0
 %
 
35.0
 %
 
35.0
 %
Add (deduct):
 
 
 
 
 
 
State and local taxes, net of federal benefit
 
1.1

 
4.3

 
2.4

R&D tax credits
 
(0.9
)
 
(1.3
)
 
(1.3
)
Foreign earnings (1)
 
(5.8
)
 
(6.2
)
 
(4.4
)
All other, net
 
(0.1
)
 
(1.7
)
 
(0.5
)
Effective tax rate
 
29.3
 %
 
30.1
 %
 
31.2
 %

(1) Foreign earnings primarily include the net impact of differences between local statutory rates and the U.S. Federal statutory rate, the cost of repatriating foreign earnings, and the impact of changes to foreign valuation allowances.
Schedule Of Deferred Tax Assets And Liabilities [Table Text Block] 
The components of the Corporation’s deferred tax assets and liabilities at December 31 are as follows:
(In thousands)
 
2016
 
2015
Deferred tax assets:
 
 
 
 
Pension plans
 
$
45,568

 
$
40,102

Environmental reserves
 
9,871

 
9,561

Inventories
 
21,758

 
20,041

Postretirement/postemployment benefits
 
13,542

 
13,272

Incentive compensation
 
9,425

 
12,369

Net operating loss
 
10,345

 
9,043

Capital loss carryover
 
11,352

 
10,141

Other
 
39,977

 
38,226

Total deferred tax assets
 
161,838

 
152,755

Deferred tax liabilities:
 
 
 
 
Depreciation
 
25,963

 
29,771

Goodwill amortization
 
97,667

 
89,276

Other intangible amortization
 
51,712

 
54,017

Other
 
16,225

 
12,280

Total deferred tax liabilities
 
191,567

 
185,344

Valuation allowance
 
17,776

 
17,895

Net deferred tax liabilities
 
$
47,505

 
$
50,484


Deferred tax assets and liabilities are reflected on the Corporation’s consolidated balance sheet at December 31 as follows:
(In thousands)
 
2016
 
2015
Net noncurrent deferred tax assets
 
2,217

 
3,963

Net noncurrent deferred tax liabilities
 
49,722

 
54,447

Net deferred tax liabilities
 
$
47,505

 
$
50,484

Summary Of Unrecognized Tax Benefits [Table Text Block] 
(In thousands)
 
2016
 
2015
 
2014
Balance at January 1,
 
$
12,414

 
$
11,560

 
$
10,623

Additions for tax positions of prior periods
 
32

 
359

 
1,421

Reductions for tax positions of prior periods
 
(1,679
)
 
—

 
—

Additions for tax positions related to the current year
 
789

 
2,026

 
1,738

Settlements
 
(102
)
 
(1,414
)
 
(2,039
)
Lapses of statute of limitations
 
—

 
—

 
(41
)
Foreign currency translation
 
—

 
(117
)
 
(142
)
Balance at December 31,
 
$
11,454

 
$
12,414

 
$
11,560

Summary Of Open Tax Years [Table Text Block] 
United States (Federal)
2013
-
present
United States (Various states)
2005
-
present
United Kingdom
2009
-
present
Canada
2010
-
present
DEBT (Table)
Summary of Debt 
Debt consists of the following as of December 31:
(In thousands)
 
2016
 
2016
 
2015
 
2015
 
 
Carrying Value
 
Estimated Fair Value
 
Carrying Value
 
Estimated Fair Value
5.51% Senior notes due 2017
 
150,000
 
154,509
 
150,000
 
158,024
3.84% Senior notes due 2021
 
100,000
 
102,463
 
100,307
 
100,307
3.70% Senior notes due 2023
 
225,000
 
226,946
 
225,000
 
224,322
3.85% Senior notes due 2025
 
100,000
 
100,338
 
100,450
 
100,450
4.24% Senior notes due 2026
 
200,000
 
203,592
 
201,422
 
201,422
4.05% Senior notes due 2028
 
75,000
 
74,630
 
75,904
 
75,904
4.11% Senior notes due 2028
 
100,000
 
99,876
 
100,000
 
99,720
Other debt
 
668
 
668
 
1,259
 
1,259
Total debt
 
950,668
 
963,022
 
954,342
 
961,408
Debt issuance costs, net
 
(984)
 
(984)
 
(1,137)
 
(1,137)
Unamortized interest rate swap proceeds
 
16,614
 
16,614
 
—
 
—
Total debt, net
 
966,298
 
978,652
 
953,205
 
960,271
Less: current portion of long-term debt and short-term debt
 
150,668
 
150,668
 
1,259
 
1,259
Total long-term debt
 
$815,630
 
$827,984
 
$951,946
 
$959,012
Aggregate Maturities of Debt 
Aggregate maturities of debt are as follows:
(In thousands)
 
2017
$
150,668

2018
—

2019
—

2020
—

2021
100,000

Thereafter
700,000

Total
$
950,668

EARNINGS PER SHARE (Table)
Schedule of Earnings Per Share Reconciliation [Table Text Block]
(In thousands, except per share data)
 
Earnings from
continuing
operations
 
Weighted-
Average Shares
Outstanding
 
Earnings per share
from continuing
operations
2016
 
 
 
 
 
 
Basic earnings per share from continuing operations
 
$
189,382

 
44,389

 
$
4.27

Dilutive effect of stock options and deferred stock compensation
 
 
 
656

 
 
Diluted earnings per share from continuing operations
 
$
189,382

 
45,045

 
$
4.20

2015
 
 
 
 
 
 
Basic earnings per share from continuing operations
 
$
192,248

 
46,624

 
$
4.12

Dilutive effect of stock options and deferred stock compensation
 
 
 
992

 
 
Diluted earnings per share from continuing operations
 
$
192,248

 
47,616

 
$
4.04

2014
 
 
 
 
 
 
Basic earnings per share from continuing operations
 
$
169,949

 
48,019

 
$
3.54

Dilutive effect of stock options and deferred stock compensation
 
 
 
1,056

 
 
Diluted earnings per share from continuing operations
 
$
169,949

 
49,075

 
$
3.46

SHARE-BASED COMPENSATION PLANS (Table)
Schedule Of Compensation Cost For Share Based Payment Arrangements Allocation Of Share Based Compensation Costs By Plan [Table Text Block] 
(In thousands)
 
2016
 
2015
 
2014
Employee Stock Purchase Plan
 
1,184

 
1,279

 
1,350

Performance Share Units
 
3,910

 
4,349

 
3,728

Restricted Share Units
 
3,426

 
3,015

 
2,655

Other share-based payments
 
958

 
830

 
767

Total share-based compensation expense before income taxes
 
$
9,478

 
$
9,473

 
$
8,500

Schedule of Cash Proceeds Received from Share-based Payment Awards [Table Text Block] 
(In thousands)
 
2016
 
2015
 
2014
Cash received from share-based awards
 
$
22,300

 
$
28,706

 
$
38,183

Recognized tax benefit on awards
 
$
11,101

 
$
9,119

 
$
9,610

Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] 
 
 
Shares
(000’s)
 
Weighted-
Average
Exercise
Price
 
Weighted-
Average
Remaining
Contractual
Term in
Years
 
Aggregate
Intrinsic
Value
(000’s)
Outstanding at December 31, 2015
 
852

 
$
33.54

 
 
 
 
Exercised
 
(408
)
 
35.30

 
 
 
 
Forfeited
 
(1
)
 
36.73

 
 
 
 
Outstanding at December 31, 2016
443

 
$
31.91

 
2.9
 
$
29,421

Exercisable at December 31, 2016
443

 
$
31.91

 
2.9
 
$
29,421

Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block] 
 
 
Performance Share Units (PSUs)
 
Restricted Share Units (RSUs)
 
 
Shares/Units
(000’s)
 
Weighted-
Average
Fair Value
 
Shares/Units
(000’s)
 
Weighted-
Average
Fair Value
Nonvested at December 31, 2015
286

 
$
52.70

 
245

 
$
55.98

Granted
 
38

 
124.83

 
63

 
98.64

Vested
 
(108
)
 
40.30

 
(93
)
 
43.42

Forfeited
 
(12
)
 
77.27

 
(11
)
 
66.48

Nonvested at December 31, 2016
204

 
$
71.28

 
204

 
$
74.38

Expected to vest at December 31, 2016
204

 
$
71.28

 
204

 
$
74.38

PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Table)
ScheduleOfChangesInFairValueOfPlanAssetsTableTextBlock 
Asset Category
 
Total
 
Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)
 
Significant
Observable
Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
Cash and cash equivalents
 
$
26,251

 
$
253

 
$
25,998

 
$
—

Equity securities- Mutual funds (1)
 
435,931

 
395,549

 
40,382

 
—

Bond funds (2)
 
219,417

 
162,470

 
56,947

 
—

Insurance Contracts (3)
 
9,720

 
—

 
—

 
9,720

Other (4)
 
755

 
—

 
—

 
755

December 31, 2015
 
$
692,074

 
$
558,272

 
$
123,327

 
$
10,475

Cash and cash equivalents
 
$
23,979

 
$
4,893

 
$
19,086

 
$
—

Equity securities- Mutual funds (1)
 
459,002

 
418,390

 
40,612

 
—

Bond funds (2)
 
219,249

 
155,120

 
64,129

 
—

Insurance Contracts (3)
 
10,760

 
—

 
—

 
10,760

Other (4)
 
1,618

 
—

 
—

 
1,618

December 31, 2016
 
$
714,608

 
$
578,403

 
$
123,827

 
$
12,378

Schedule of Net Benefit Costs [Table Text Block] 
 
 
Pension Benefits
 
Postretirement Benefits
(In thousands)
 
2016
 
2015
 
2014
 
2016
 
2015
 
2014
Service cost
 
$
25,100

 
$
26,873

 
$
25,262

 
$
338

 
$
286

 
$
246

Interest cost
 
30,495

 
30,050

 
30,403

 
996

 
842

 
877

Expected return on plan assets
 
(54,101
)
 
(54,629
)
 
(41,746
)
 
—

 
—

 
—

Amortization of prior service cost
 
(46
)
 
618

 
662

 
(657
)
 
(657
)
 
(657
)
Recognized net actuarial loss/(gain)
 
12,029

 
16,890

 
6,827

 
(296
)
 
(551
)
 
(811
)
Cost of settlements/curtailments
 
—

 
7,461

 
377

 
—

 
—

 
—

Net periodic benefit cost (income)
 
$
13,477

 
$
27,263

 
$
21,785

 
$
381

 
$
(80
)
 
$
(345
)
ScheduleOfChangesInProjectedBenefitObligationsTableTextBlock 
 
 
Pension Benefits
 
Postretirement Benefits
(In thousands)
 
2016
 
2015
 
2016
 
2015
Change in benefit obligation:
 
 
 
 
 
 
 
 
Beginning of year
 
$
774,710

 
$
797,360

 
$
21,980

 
$
23,250

Service cost
 
25,100

 
26,873

 
338

 
286

Interest cost
 
30,495

 
30,050

 
996

 
842

Plan participants’ contributions
 
1,897

 
1,825

 
266

 
345

Amendments
 
—

 
(2,951
)
 
—

 
—

Actuarial loss (gain)
 
19,640

 
(10,803
)
 
3,372

 
(1,133
)
Benefits paid
 
(41,115
)
 
(60,662
)
 
(2,516
)
 
(1,610
)
Actual expenses
 
(1,206
)
 
(1,787
)
 
—

 
—

Currency translation adjustments
 
(10,916
)
 
(5,195
)
 
—

 
—

End of year
 
$
798,605

 
$
774,710

 
$
24,436

 
$
21,980

Change in plan assets:
 
 
 
 
 
 
 
 
Beginning of year
 
$
692,074

 
$
595,829

 
$
—

 
$
—

Actual return on plan assets
 
65,872

 
(4,092
)
 
—

 
—

Employer contribution
 
8,210

 
165,575

 
2,250

 
1,265

Plan participants’ contributions
 
1,897

 
1,825

 
266

 
345

Benefits paid
 
(41,115
)
 
(60,662
)
 
(2,516
)
 
(1,610
)
Actual Expenses
 
(1,206
)
 
(1,787
)
 
—

 
—

Currency translation adjustments
 
(11,124
)
 
(4,614
)
 
—

 
—

End of year
 
$
714,608

 
$
692,074

 
$
—

 
$
—

 
 
 
 
 
 
 
 
 
Funded status
 
$
(83,997
)
 
$
(82,636
)
 
$
(24,436
)
 
$
(21,980
)
 
 
Pension Benefits
 
Postretirement Benefits
(In thousands)
 
2016
 
2015
 
2016
 
2015
Amounts recognized on the balance sheet
 
 
 
 
 
 
 
 
Noncurrent assets
 
$
4,049

 
$
3,667

 
$
—

 
$
—

Current liabilities
 
(3,498
)
 
(2,998
)
 
(1,833
)
 
(1,562
)
Noncurrent liabilities
 
(84,548
)
 
(83,305
)
 
(22,603
)
 
(20,418
)
Total
 
$
(83,997
)
 
$
(82,636
)
 
$
(24,436
)
 
$
(21,980
)
Amounts recognized in accumulated other comprehensive income (AOCI)
 
 
 
 
 
 
 
 
Net actuarial loss (gain)
 
$
198,630

 
$
203,729

 
$
(5,178
)
 
$
(8,846
)
Prior service cost
 
(1,580
)
 
(1,635
)
 
(3,373
)
 
(4,030
)
Total
 
$
197,050

 
$
202,094

 
$
(8,551
)
 
$
(12,876
)
Amounts in AOCI expected to be recognized in net periodic cost in the coming year:
 
 
 
 
 
 
 
 
Loss (gain) recognition
 
$
11,793

 
$
12,373

 
$
(203
)
 
$
(571
)
Prior service cost recognition
 
$
(105
)
 
$
(50
)
 
$
(657
)
 
$
(657
)
Accumulated benefit obligation
 
$
767,461

 
$
736,688

 
N/A

 
N/A

Information for pension plans with an accumulated benefit obligation in excess of plan assets:
 
 
 
 
 
 
 
 
Projected benefit obligation
 
$
733,426

 
$
721,626

 
N/A

 
N/A

Accumulated benefit obligation
 
702,282

 
683,605

 
N/A

 
N/A

Fair value of plan assets
 
645,380

 
635,323

 
N/A

 
N/A

ScheduleOfAssumptionsUsedTableTextBlock 
 
 
Pension Benefits
 
Postretirement Benefits
 
 
2016
 
2015
 
2016
 
2015
Weighted-average assumptions in determination of benefit obligation:
 
 
 
 
 
 
 
 
Discount rate
 
3.88
%
 
4.11
%
 
4.00
%
 
4.25
%
Rate of compensation increase
 
3.35
%
 
3.36
%
 
N/A

 
N/A

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

 
N/A

 
8.25
%
 
5.70
%
Ultimate rate reached in 2026
 
N/A

 
N/A

 
4.50
%
 
5.40
%
Weighted-average assumptions in determination of net periodic benefit cost:
 
 
 
 
 
 
 
 
Discount rate
 
4.12
%
 
3.88
%
 
4.25
%
 
3.75
%
Expected return on plan assets
 
7.81
%
 
7.93
%
 
N/A

 
N/A

Rate of compensation increase
 
3.35
%
 
3.37
%
 
N/A

 
N/A

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

 
N/A

 
8.75
%
 
5.50
%
Ultimate rate reached in 2026
 
N/A

 
N/A

 
4.50
%
 
4.59
%
ScheduleOfEffectOfOnePercentagePointChangeInAssumedHealthCareCostTrendRatesTableTextBlock 
(In thousands)
 
1% Increase

 
1% Decrease

Total service and interest cost components
 
$
30

 
$
(24
)
Postretirement benefit obligation
 
$
444

 
$
(371
)
ScheduleOfAllocationOfPlanAssetsTableTextBlock 
 
 
As of December 31,
 
Target
 
Expected
 
 
2016
 
2015
 
Exposure
 
Range
Asset class
 
 
 
 
 
 
 
 
Domestic equities
 
54%
 
51%
 
50%
 
40%-60%
International equities
 
13%
 
14%
 
15%
 
10%-20%
Total equity
 
67%
 
65%
 
65%
 
55%-75%
Fixed income
 
33%
 
35%
 
35%
 
25%-45%
ScheduleOfExpectedBenefitPaymentsTableTextBlock 
(In thousands)
 
Pension
Plans
 
Postretirement
Plans
 
Total
2017
 
$
49,513

 
$
1,833

 
$
51,346

2018
 
50,665

 
1,762

 
52,427

2019
 
54,154

 
1,733

 
55,887

2020
 
53,516

 
1,720

 
55,236

2021
 
52,950

 
1,711

 
54,661

2022 — 2026
 
273,753

 
8,211

 
281,964

ScheduleOfChangesInFairValueOfPlanAssetsTableTextBlock 
(In thousands)
 
Insurance
Contracts
 
Other
 
Total
December 31, 2014
 
$
8,169

 
$
771

 
$
8,940

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

 
37

 
164

Relating to assets sold during the period
 
—

 
2

 
2

Purchases, sales, and settlements
 
1,554

 
(49
)
 
1,505

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

 
$
755

 
$
10,475

Actual return on plan assets:
 
 
 
 
 
 
Relating to assets still held at the reporting date
 
148

 
35

 
183

Purchases, sales, and settlements
 
1,095

 
871

 
1,966

Foreign currency translation adjustment
 
(203
)
 
(43
)
 
(246
)
December 31, 2016
 
$
10,760

 
$
1,618

 
$
12,378

LEASES (Table)
ScheduleOfFutureMinimumRentalPaymentsForOperatingLeasesTableTextBlock
(In thousands)
Rental
Commitments
2017
$
27,585

2018
23,587

2019
19,578

2020
16,202

2021
13,094

Thereafter
69,400

Total
$
169,446

SEGMENT INFORMATION (Table)
Schedule Of Segment Reporting Information By Segment [Text Block] 
Capital expenditures
 
 
 
 
 
 
Commercial/Industrial
 
$
30,145

 
$
21,990

 
$
37,329

Defense
 
5,870

 
3,834

 
5,175

Power
 
6,653

 
6,163

 
16,057

Corporate
 
4,108

 
3,525

 
8,554

Total Consolidated (2)
 
$
46,776

 
$
35,512

 
$
67,115

Depreciation and amortization expense
 
 
 
 
 
 
Commercial/Industrial
 
$
53,970

 
$
55,799

 
$
58,276

Defense
 
14,488

 
15,965

 
19,530

Power
 
23,032

 
23,419

 
23,060

Corporate
 
4,518

 
4,292

 
4,059

Total Consolidated
 
$
96,008

 
$
99,475

 
$
104,925

 
 
December 31,
(In thousands)
 
2016
 
2015
 
2014
Net sales
 
 
 
 
 
 
Commercial/Industrial
 
$
1,120,326

 
$
1,189,120

 
$
1,232,696

Defense
 
469,796

 
479,528

 
492,094

Power
 
524,967

 
545,013

 
527,034

Less: Intersegment Revenues
 
(6,158
)
 
(7,978
)
 
(8,698
)
Total Consolidated
 
$
2,108,931

 
$
2,205,683

 
$
2,243,126

 
 
December 31,
(In thousands)
 
2016
 
2015
 
2014
Earnings before taxes:
 
 
 
 
 
 
Total segment operating income
 
$
331,313

 
$
345,407

 
$
312,685

Corporate and administrative
 
(23,215
)
 
(34,790
)
 
(30,312
)
Interest expense
 
41,248

 
36,038

 
35,794

Other income, net
 
1,111

 
615

 
365

Total consolidated earnings before tax
 
$
267,961

 
$
275,194

 
$
246,944

Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] 
(In thousands)
 
2016
 
2015
 
2014
Operating income (expense)
 
 
 
 
 
 
Commercial/Industrial
 
$
156,550

 
$
171,525

 
$
178,684

Defense
 
98,291

 
98,895

 
82,552

Power
 
76,472

 
74,987

 
51,449

Corporate and Eliminations (1)
 
(23,215
)
 
(34,790
)
 
(30,312
)
Total Consolidated
 
$
308,098

 
$
310,617

 
$
282,373

Reconciliation Of Assets From Segment To Consolidated [Text Block] 
Segment assets
 
 
 
 
 
 
Commercial/Industrial
 
$
1,391,040

 
$
1,480,052

 
$
1,543,795

Defense
 
751,859

 
800,613

 
845,193

Power
 
516,321

 
629,612

 
579,736

Corporate
 
378,561

 
79,334

 
266,377

Assets held for sale
 
—

 
—

 
147,347

Total Consolidated
 
$
3,037,781

 
$
2,989,611

 
$
3,382,448

 
 
December 31,
(In thousands)
 
2016
 
2015
 
2014
Assets:
 
 
 
 
 
 
Total assets for reportable segments
 
$
2,659,220

 
$
2,910,277

 
$
2,968,724

Assets held for sale
 
—

 
—

 
147,347

Non-segment cash
 
357,021

 
42,164

 
247,249

Other assets
 
21,540

 
37,170

 
19,128

Total consolidated assets
 
$
3,037,781

 
$
2,989,611

 
$
3,382,448

ScheduleOfRevenueFromExternalCustomersAttributedToForeignCountriesByGeographicAreaTextBlock 
 
 
December 31,
(In thousands)
 
2016
 
2015
 
2014
Revenues
 
 
 
 
 
 
United States of America
 
$
1,472,241

 
$
1,502,363

 
$
1,521,034

United Kingdom
 
114,752

 
135,673

 
145,092

Other foreign countries
 
521,938

 
567,647

 
577,000

Consolidated total
 
$
2,108,931

 
$
2,205,683

 
$
2,243,126

ScheduleOfEntityWideDisclosureOnGeographicAreasLongLivedAssetsInIndividualForeignCountriesByCountryTextBlock 
 
 
December 31,
(In thousands)
 
2016
 
2015
 
2014
Long-Lived Assets
 
 
 
 
 
 
United States of America
 
$
272,826

 
$
293,612

 
$
323,937

United Kingdom
 
39,014

 
36,061

 
45,625

Other foreign countries
 
77,063

 
83,971

 
89,357

Consolidated total
 
$
388,903

 
$
413,644

 
$
458,919

Revenue from External Customers by Products and Services [Table Text Block] 
 
 
December 31,
(In thousands)
 
2016
 
2015
 
2014
Net sales
 
 
 
 
 
 
Flow Control
 
$
883,735

 
$
949,657

 
$
959,907

Motion Control
 
940,162

 
947,758

 
953,667

Surface Technologies
 
285,034

 
308,268

 
329,552

Consolidated total
 
$
2,108,931

 
$
2,205,683

 
$
2,243,126

ACCUMULATED OTHER COMPREHENSIVE INCOME LOSS (Table)
Schedule of Comprehensive Income (Loss) [Table Text Block]
(In thousands)
 
Foreign currency translation adjustments, net
 
Total pension and postretirement adjustments, net
 
Accumulated other comprehensive income (loss)
December 31, 2014
 
$
(20,283
)
 
$
(108,128
)
 
$
(128,411
)
Other comprehensive loss before reclassifications (1)
 
(87,527
)
 
(24,823
)
 
(112,350
)
Amounts reclassified from accumulated other comprehensive income (1)
 
—

 
14,833

 
14,833

Net current period other comprehensive loss
 
(87,527
)
 
(9,990
)
 
(97,517
)
December 31, 2015
 
$
(107,810
)
 
$
(118,118
)
 
$
(225,928
)
Other comprehensive loss before reclassifications (1)
 
(64,840
)
 
(7,892
)
 
(72,732
)
Amounts reclassified from accumulated other comprehensive income (1)
 
—

 
6,904

 
6,904

Net current period other comprehensive loss
 
(64,840
)
 
(988
)
 
(65,828
)
December 31, 2016
 
$
(172,650
)
 
$
(119,106
)
 
$
(291,756
)
 
 
Amount reclassified from Accumulated other comprehensive income (loss)
 
Affected line item in the statement where net earnings is presented
(In thousands)
 
2016
 
2015
 
 
Defined benefit pension and postretirement plans
 
 
 
 
 
 
Amortization of prior service costs
 
703

 
39

 
(1)
Amortization of net actuarial losses
 
(11,733
)
 
(16,339
)
 
(1)
Settlements
 
—

 
(7,461
)
 
(1)
 
 
(11,030
)
 
(23,761
)
 
 Total before tax
 
 
4,126

 
8,928

 
 Income tax effect
Total reclassifications
 
$
(6,904
)
 
$
(14,833
)
 
 Net of tax
QUARTERLY RESULTS OF OPERATIONS (Table)
ScheduleOfQuarterlyFinancialInformationTableTextBlock
T
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS (Table)
SummaryOfValuationAllowanceTextBlock
 
 
 
 
Additions
 
 
 
 
 
 
 
 
Description
 
Balance at
Beginning of
Period
 
Charged to
Costs and
Expenses
 
Charged to Other
Accounts
 
 
 
Deductions
 
 
 
Balance at
End of Period
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deducted from assets to which they apply:
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2016
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Tax valuation allowance
 
17,895

 
1,951

 
(181
)
 
(1) 
 
1,889

 
 
 
17,776

Total
 
$
17,895

 
$
1,951

 
$
(181
)
 
 
 
$
1,889

 
 
 
$
17,776

December 31, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Tax valuation allowance
 
23,478

 
2,605

 
(299
)
 
(1) 
 
7,889

 
(2) 
 
17,895

Total
 
$
23,478

 
$
2,605

 
$
(299
)
 
 
 
$
7,889

 
 
 
$
17,895

December 31, 2014
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Tax valuation allowance
 
6,321

 
18,535

 
(263
)
 
(1) 
 
1,115

 
 
 
23,478

Total
 
$
6,321

 
$
18,535

 
$
(263
)
 
 
 
$
1,115

 
 
 
$
23,478



(1) Primarily foreign currency translation adjustments.
(2) Capital loss on sale of upstream oil and gas business.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Revenue Recognition) (Details) (AP1000 [Member], USD $)
In Millions, unless otherwise specified
Dec. 31, 2015
AP1000 [Member]
 
Revenue Recognition [Line Items]
 
Changes In Contract Estimates Leading Decrease In Earnings From Continuing Operations
$ 11.5 
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Property Plant And Equipment) (Details)
12 Months Ended
Dec. 31, 2016
Building [Member] |
Minimum [Member]
 
Property, Plant and Equipment [Line Items]
 
Property, Plant and Equipment, Useful Life
5 years 
Building [Member] |
Maximum [Member]
 
Property, Plant and Equipment [Line Items]
 
Property, Plant and Equipment, Useful Life
40 years 
Equipment [Member] |
Minimum [Member]
 
Property, Plant and Equipment [Line Items]
 
Property, Plant and Equipment, Useful Life
3 years 
Equipment [Member] |
Maximum [Member]
 
Property, Plant and Equipment [Line Items]
 
Property, Plant and Equipment, Useful Life
15 years 
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Intangible Assets) (Details)
12 Months Ended
Dec. 31, 2016
Minimum [Member]
 
Finite-Lived Intangible Assets [Line Items]
 
Finite-Lived Intangible Asset, Useful Life
1 year 
Maximum [Member]
 
Finite-Lived Intangible Assets [Line Items]
 
Finite-Lived Intangible Asset, Useful Life
20 years 
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Impairment of Long-Lived Assets) (Details) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Impaired Long-Lived Assets Held and Used [Line Items]
 
 
 
Impairment of assets
$ 0 
$ 0 
$ 3,202 
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Foreign Currency) (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Foreign Currency [Abstract]
 
 
 
Foreign Currency Transaction Gain (Loss), Realized
$ 8.9 
$ 8.3 
$ 2.9 
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Derivatives) (Details) (General and Administrative Expense [Member], USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
General and Administrative Expense [Member]
 
 
 
Derivatives, Fair Value [Line Items]
 
 
 
Gain (Loss) on Foreign Currency Derivative Instruments Not Designated as Hedging Instruments
$ (11,510)
$ (11,042)
$ (6,880)
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Reclassifications for Accounting Pronouncements (Details) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
 
 
 
Assets, Current
$ 1,414,811 
$ 1,274,883 
 
Other assets
11,549 
17,715 
 
Total assets
3,037,781 
2,989,611 
3,382,448 
Other current liabilities
28,027 
37,190 
 
Liabilities, Current
675,262 
523,225 
 
Long-term debt
815,630 
951,946 
 
Deferred tax liabilities, net
49,722 
54,447 
 
Liabilities
1,746,590 
1,734,188 
 
Liabilities and Equity
3,037,781 
2,989,611 
 
Accounting Standards Update 2015-17 [Member]
 
 
 
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
 
 
 
Deferred Tax Assets, Net, Current
 
(41,737)
 
Assets, Current
 
(41,737)
 
Other assets
 
3,107 
 
Total assets
 
(38,630)
 
Other current liabilities
 
(1,962)
 
Liabilities, Current
 
(1,962)
 
Deferred tax liabilities, net
 
(36,668)
 
Liabilities
 
(38,630)
 
Liabilities and Equity
 
(38,630)
 
Accounting Standards Update 2015-03 [Member]
 
 
 
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
 
 
 
Other assets
 
(1,137)
 
Total assets
 
(1,137)
 
Long-term debt
 
(1,137)
 
Liabilities
 
(1,137)
 
Liabilities and Equity
 
(1,137)
 
Scenario, Previously Reported [Member]
 
 
 
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
 
 
 
Deferred Tax Assets, Net, Current
 
41,737 
 
Assets, Current
 
1,316,620 
 
Other assets
 
15,745 
 
Total assets
 
3,029,378 
 
Other current liabilities
 
39,152 
 
Liabilities, Current
 
525,187 
 
Long-term debt
 
953,083 
 
Deferred tax liabilities, net
 
91,115 
 
Liabilities
 
1,773,955 
 
Liabilities and Equity
 
$ 3,029,378 
 
DISCONTINUED OPERATIONS - Aggregate Financial Results (Detail) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Discontinued Operations and Disposal Groups [Abstract]
 
 
 
Net sales
 
$ 57,992 
$ 363,869 
Loss from discontinued operations before income taxes
 
(40,984)
(48,519)
Income tax benefit / (expense)
(2,053)
7,926 
14,268 
Loss on sale of businesses
 
(13,729)
(22,360)
Loss from discontinued operations
(2,053)
(46,787)
(56,611)
Impairment of assets held for sale
$ 0 
$ 40,813 
$ 41,369 
DISCONTINUED OPERATIONS - Narrative (Detail)
12 Months Ended 1 Months Ended 12 Months Ended 1 Months Ended 3 Months Ended 12 Months Ended 1 Months Ended 3 Months Ended 0 Months Ended 3 Months Ended
Dec. 31, 2016
USD ($)
Dec. 31, 2015
USD ($)
Dec. 31, 2014
USD ($)
Dec. 31, 2016
Held-for-sale [Member]
facility
Oct. 31, 2015
Surface Technologies [Member]
Commercial/Industrial
Jul. 31, 2015
Surface Technologies [Member]
Commercial/Industrial
Dec. 31, 2015
Surface Technologies [Member]
Commercial/Industrial
facility
Jul. 31, 2015
Engineered Packaging [Member]
Defense
USD ($)
May 31, 2015
Downstream [Member]
Previously reported within Energy segment [Member]
USD ($)
Dec. 31, 2015
Downstream [Member]
Previously reported within Energy segment [Member]
USD ($)
Dec. 31, 2015
Downstream [Member]
Previously reported within Energy segment [Member]
USD ($)
Dec. 31, 2014
Downstream [Member]
Previously reported within Energy segment [Member]
USD ($)
Jan. 31, 2015
Aviation Ground Support [Member]
Defense
USD ($)
Jan. 31, 2015
Aviation Ground Support [Member]
Defense
GBP (£)
Dec. 31, 2014
Surface Technologies International [Member]
Discontinued Operations, Disposed of by Means Other than Sale, Abandonment [Member]
USD ($)
Dec. 31, 2014
Surface Technologies International [Member]
Discontinued Operations, Disposed of by Means Other than Sale, Abandonment [Member]
Machinery and Equipment [Member]
USD ($)
Jun. 30, 2014
Benshaw [Member]
Previously reported within Defense segment [Member]
USD ($)
Apr. 30, 2014
3D Radar [Member]
Defense
USD ($)
Dec. 17, 2014
Upstream [Member]
Previously reported within Energy segment [Member]
USD ($)
Sep. 30, 2014
Vessels [Member]
Previously reported within Energy segment [Member]
USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Number of Facilities Sold
 
 
 
 
 
 
2 
 
 
 
 
 
 
 
 
 
 
 
 
 
Number of Operating Segments
 
 
 
5 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Proceeds from divestiture
$ 1,027,000 
$ 31,344,000 
$ 152,965,000 
 
 
 
 
$ 14,000,000 
$ 19,000,000 
 
 
 
$ 4,000,000 
£ 3,000,000 
 
 
 
 
$ 98,000,000 
$ 2,000,000 
Discontinued Operation, Amount of Adjustment to Prior Period Gain (Loss) on Disposal, before Income Tax
 
 
 
 
 
 
 
 
 
4,800,000 
 
 
 
 
 
 
 
 
 
 
Gain (loss) on divestiture
845,000 
(16,991,000)
(29,184,000)
 
 
 
 
2,300,000 
 
 
(59,500,000)
(33,100,000)
 
 
 
 
7,300,000 
600,000 
(13,700,000)
(8,600,000)
Disposal Date
 
 
 
 
Oct. 31, 2015 
Jul. 31, 2015 
 
Jul. 31, 2015 
 
 
May 31, 2015 
 
Jan. 31, 2015 
Jan. 31, 2015 
 
 
Jun. 30, 2014 
Apr. 30, 2014 
Dec. 17, 2014 
 
Pre-tax closure costs
 
 
 
 
 
 
 
 
 
 
 
 
 
 
5,300,000 
 
 
 
 
 
Impairment of assets
0 
0 
3,202,000 
 
 
 
 
 
 
 
 
 
 
 
 
3,200,000 
 
 
 
 
Sale of assets of businesses
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
49,700,000 
2,400,000 
 
 
Income tax benefit / (expense)
$ 2,053,000 
$ (7,926,000)
$ (14,268,000)
 
 
 
 
 
 
 
 
 
 
 
 
 
$ (2,900,000)
 
$ (600,000)
$ (3,200,000)
ACQUISITIONS (Detail) (USD $)
In Thousands, unless otherwise specified
12 Months Ended 0 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2016
Commercial/Industrial
Dec. 31, 2015
Commercial/Industrial
Dec. 31, 2014
Commercial/Industrial
Dec. 31, 2015
2015 acquisitions [Member]
Mar. 16, 2015
Bolts Metallizing Inc [Member]
Commercial/Industrial
Business Acquisition [Line Items]
 
 
 
 
 
 
 
 
Accounts receivable
 
 
 
 
 
 
$ 996 
 
Inventory
 
 
 
 
 
 
152 
 
Property, plant, and equipment
 
 
 
 
 
 
1,463 
 
Other current assets
 
 
 
 
 
 
155 
 
Intangible assets
 
 
 
 
 
 
7,700 
 
Current and non-current liabilities
 
 
 
 
 
 
(6)
 
Due to seller
 
 
 
 
 
 
(1,470)
 
Assets Acquired and Liabilities Assumed, Net
 
 
 
 
 
 
8,990 
 
Purchase price
 
 
 
 
 
 
13,228 
13,000 
Goodwill
$ 951,057 
$ 972,606 
$ 1,040,901 
$ 436,141 
$ 447,828 
$ 454,092 
$ 4,238 
 
ACQUISITIONS (Narrative) (Detail) (USD $)
In Thousands, unless otherwise specified
12 Months Ended 12 Months Ended 0 Months Ended
Dec. 31, 2015
NumberAcquisitions
Dec. 31, 2016
Dec. 31, 2014
Dec. 31, 2016
Commercial/Industrial
Dec. 31, 2015
Commercial/Industrial
Dec. 31, 2014
Commercial/Industrial
Dec. 31, 2016
Power
Dec. 31, 2015
Power
Dec. 31, 2014
Power
Dec. 31, 2015
2015 acquisitions [Member]
Mar. 16, 2015
Bolts Metallizing Inc [Member]
Commercial/Industrial
Business Acquisition [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Accounts receivable
 
 
 
 
 
 
 
 
 
$ 996 
 
Payments to acquire business
 
 
 
 
 
 
 
 
 
13,228 
13,000 
Number of Businesses Acquired
1 
 
 
 
 
 
 
 
 
 
 
Effective date of acquisition
 
 
 
 
 
 
 
 
 
 
Mar. 16, 2015 
Inventory
 
 
 
 
 
 
 
 
 
152 
 
Property, plant, and equipment
 
 
 
 
 
 
 
 
 
1,463 
 
Other current assets
 
 
 
 
 
 
 
 
 
155 
 
Intangible assets
 
 
 
 
 
 
 
 
 
7,700 
 
Current And non-current Liabilities
 
 
 
 
 
 
 
 
 
6 
 
Due to seller
 
 
 
 
 
 
 
 
 
1,470 
 
Assets Acquired and Liabilities Assumed, Net
 
 
 
 
 
 
 
 
 
8,990 
 
Goodwill
$ 972,606 
$ 951,057 
$ 1,040,901 
$ 436,141 
$ 447,828 
$ 454,092 
$ 187,261 
$ 187,175 
$ 187,725 
$ 4,238 
 
RECEIVABLES (Detail) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2016
Dec. 31, 2015
Billed receivables:
 
 
Trade and other receivables
$ 340,091 
$ 435,172 
Less: Allowance for doubtful accounts
(4,832)
(5,664)
Net billed receivables
335,259 
429,508 
Unbilled receivables:
 
 
Recoverable costs and estimated earnings not billed
149,847 
153,045 
Less: Progress payments applied
(22,044)
(16,264)
Net unbilled receivables
127,803 
136,781 
Receivables, net
$ 463,062 
$ 566,289 
RECEIVABLES (Narrative) (Detail) (USD $)
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
ConcentrationRiskLineItems
 
 
Unbilled Receivables, Not Billable
$ 127,803,000 
$ 136,781,000 
GovernmentContractsConcentrationRiskMember
 
 
ConcentrationRiskLineItems
 
 
Accounts Receivable, Gross
183,600,000 
165,600,000 
ConcentrationRiskPercentage
38.00% 
36.00% 
Unbilled Receivables, Not Billable
$ 83,200,000 
$ 70,600,000 
INVENTORIES (Detail) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2016
Dec. 31, 2015
Inventory, Net [Abstract]
 
 
Raw material
$ 189,228 
$ 196,684 
Work-in-process
73,843 
79,406 
Finished goods and component parts
112,478 
114,931 
Inventory costs related to U.S. Government and other long-term contracts
57,516 
51,774 
Gross inventories
433,065 
442,795 
Less: Inventory reserves
(54,988)
(48,904)
Progress payments applied, principally related to long-term contracts
(11,103)
(14,300)
Inventories, net
$ 366,974 
$ 379,591 
INVENTORIES (Narrative) (Detail) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2016
Dec. 31, 2015
Inventory, Net [Abstract]
 
 
Other Inventory, Capitalized Costs
$ 28.8 
$ 29.7 
Other Inventory Capitalized Costs To Be Liquidated Under Firm Orders
$ 3.9 
$ 2.5 
PROPERTY, PLANT, AND EQUIPMENT (Detail) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Property, Plant and Equipment [Abstract]
 
 
 
land
$ 19,511 
$ 19,933 
 
BuildingsAndImprovementsGross
215,221 
218,016 
 
MachineryAndEquipmentGross
752,356 
739,965 
 
Property, Plant and Equipment, Gross, Total
987,088 
977,914 
 
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
(598,185)
(564,270)
 
Property, plant, and equipment, net
$ 388,903 
$ 413,644 
$ 458,919 
PROPERTY, PLANT, AND EQUIPMENT (Narrative) (Detail) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Property, Plant and Equipment [Abstract]
 
 
 
Depreciation
$ 62.6 
$ 64.7 
$ 66.6 
GOODWILL (Detail) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Goodwill [Line Items]
 
 
Goodwill
$ 972,606 
$ 1,040,901 
Acquisitions
 
4,238 
Divestitures
(452)
(41,264)
Goodwill adjustments
 
21 
Goodwill, Translation Adjustments
(21,097)
(31,290)
Goodwill
951,057 
972,606 
Commercial/Industrial
 
 
Goodwill [Line Items]
 
 
Goodwill
447,828 
454,092 
Acquisitions
 
4,238 
Goodwill adjustments
 
21 
Goodwill, Translation Adjustments
(11,687)
(10,523)
Goodwill
436,141 
447,828 
Defense
 
 
Goodwill [Line Items]
 
 
Goodwill
337,603 
356,689 
Divestitures
(452)
 
Goodwill adjustments
 
1,131 
Goodwill, Translation Adjustments
(9,496)
(20,217)
Goodwill
327,655 
337,603 
Power
 
 
Goodwill [Line Items]
 
 
Goodwill
187,175 
187,725 
Goodwill, Translation Adjustments
86 
(550)
Goodwill
187,261 
187,175 
Assets Held for Sale
 
 
Goodwill [Line Items]
 
 
Goodwill
 
42,395 
Divestitures
 
(41,264)
Goodwill adjustments
 
(1,131)
Goodwill
 
$ 0 
OTHER INTANGIBLE ASSETS, NET (Detail) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2016
Dec. 31, 2015
Finite-Lived Intangible Assets [Line Items]
 
 
Finite Lived Intangible Assets Gross
$ 553,310 
$ 566,120 
Finite Lived Intangible Assets Accumulated Amortization
(281,849)
(255,357)
Other intangible assets, net
271,461 
310,763 
Technology [Member]
 
 
Finite-Lived Intangible Assets [Line Items]
 
 
Finite Lived Intangible Assets Gross
166,859 
171,382 
Finite Lived Intangible Assets Accumulated Amortization
(98,266)
(91,430)
Other intangible assets, net
68,593 
79,952 
Customer Related Intangibles [Member]
 
 
Finite-Lived Intangible Assets [Line Items]
 
 
Finite Lived Intangible Assets Gross
349,742 
357,538 
Finite Lived Intangible Assets Accumulated Amortization
(157,154)
(140,816)
Other intangible assets, net
192,588 
216,722 
Other Intangible Assets [Member]
 
 
Finite-Lived Intangible Assets [Line Items]
 
 
Finite Lived Intangible Assets Gross
36,709 
37,200 
Finite Lived Intangible Assets Accumulated Amortization
(26,429)
(23,111)
Other intangible assets, net
$ 10,280 
$ 14,089 
OTHER INTANGIBLE ASSETS, NET (Amort) (Detail) (USD $)
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Intangible Assets, Net (Excluding Goodwill) [Abstract]
 
 
 
Amortization of Intangible Assets
$ 33,400,000 
$ 34,800,000 
$ 38,300,000 
Future Amortization Expense Year One
32,178,000 
 
 
Future Amortization Expense Year Two
31,100,000 
 
 
Future Amortization Expense Year Three
29,340,000 
 
 
Future Amortization Expense Year Four
27,470,000 
 
 
Future Amortization Expense Year Five
$ 25,759,000 
 
 
OTHER INTANGIBLE ASSETS, NET OTHER INTANGIBLE ASSETS, NET (Narrative) (Detail)
12 Months Ended
Dec. 31, 2016
Minimum [Member]
 
Finite-Lived Intangible Assets [Line Items]
 
Finite-Lived Intangible Asset, Useful Life
1 year 
Maximum [Member]
 
Finite-Lived Intangible Assets [Line Items]
 
Finite-Lived Intangible Asset, Useful Life
20 years 
FAIR VALUE (Detail) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2016
Dec. 31, 2015
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
 
 
Derivative Asset, Fair Value, Gross Asset
$ 142 
$ 3,306 
Derivative Liability, Fair Value, Gross Liability
419 
673 
Designated as Hedging Instrument [Member] |
Interest Rate Swap [Member]
 
 
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
 
 
Derivative Asset, Fair Value, Gross Asset
 
3,083 
Not Designated as Hedging Instrument [Member] |
Foreign Exchange Forward [Member]
 
 
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
 
 
Derivative Asset, Fair Value, Gross Asset
142 
223 
Derivative Liability, Fair Value, Gross Liability
$ 419 
$ 673 
FAIR VALUE OF FINANCIAL INSTRUMENTS (Income Loss) (Detail) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
General and Administrative Expense [Member]
 
 
 
Derivative Instruments Gain Loss [Line Items]
 
 
 
Gain (Loss) on Foreign Currency Derivative Instruments Not Designated as Hedging Instruments
$ 11,510 
$ 11,042 
$ 6,880 
Swap [Member] |
Other Income [Member]
 
 
 
Derivative Instruments Gain Loss [Line Items]
 
 
 
Increase (Decrease) in Fair Value of Hedged Item in Interest Rate Fair Value Hedge
 
8,204 
44,724 
Borrowings [Member] |
Other Income [Member]
 
 
 
Derivative Instruments Gain Loss [Line Items]
 
 
 
Increase (Decrease) in Fair Value of Hedged Item in Interest Rate Fair Value Hedge
 
$ (8,204)
$ (44,724)
FAIR VALUE OF FINANCIAL INSTRUMENTS (Narrative) (Detail) (USD $)
12 Months Ended 1 Months Ended 12 Months Ended 1 Months Ended 12 Months Ended 1 Months Ended 12 Months Ended 1 Months Ended 12 Months Ended
Dec. 31, 2016
Mar. 31, 2013
3.85% Senior notes due 2025
Dec. 31, 2016
3.85% Senior notes due 2025
Mar. 31, 2013
4.05% Senior notes due 2028
Dec. 31, 2016
4.05% Senior notes due 2028
Jan. 31, 2012
4.24% Senior notes due 2026
Dec. 31, 2016
4.24% Senior notes due 2026
Jan. 31, 2012
3.84% Senior notes due 2021
Dec. 31, 2016
3.84% Senior notes due 2021
Fair Value Disclosures [Abstract]
 
 
 
 
 
 
 
 
 
Cash payment received
$ 20,405,000 
 
 
 
 
 
 
 
 
Derivative [Line Items]
 
 
 
 
 
 
 
 
 
Notional amount
 
100,000,000 
 
75,000,000 
 
200,000,000 
 
25,000,000 
 
Stated interest rate
 
3.85% 
 
4.05% 
 
4.24% 
 
3.84% 
 
Date of maturity
 
 
Feb. 26, 2025 
 
Feb. 26, 2028 
 
Dec. 01, 2026 
 
Dec. 01, 2021 
Description of variable rate basis
 
LIBOR 
 
LIBOR 
 
LIBOR 
 
LIBOR 
 
Basis spread
 
1.77% 
 
1.73% 
 
2.02% 
 
1.90% 
 
Issued amount of debt
 
 
 
 
 
$ 200,000,000 
 
$ 100,000,000 
 
FAIR VALUE OF FINANCIAL INSTRUMENTS (Debt Narrative) (Detail) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2016
Dec. 31, 2015
Estimated Fair Value
 
 
Debt Instrument [Line Items]
 
 
Long-term Debt, Percentage Bearing Fixed Interest, Amount
$ 961 
$ 959 
Carrying Value
 
 
Debt Instrument [Line Items]
 
 
Long-term Debt, Percentage Bearing Fixed Interest, Amount
$ 949 
$ 952 
FAIR VALUE OF FINANCIAL INSTRUMENTS (Nonrecurring) (Detail) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Fair Value, Adjustment Disclosure [Abstract]
 
 
 
Impairment of Long-Lived Assets to be Disposed of
$ 0 
$ 40,813 
$ 41,369 
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Accrued Expenses) (Detail) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2016
Dec. 31, 2015
Accrued Liabilities, Current [Abstract]
 
 
Accrued compensation
$ 85,970 
$ 86,497 
Accrued commissions
5,189 
7,250 
Accrued interest
9,817 
9,900 
Accrued insurance
7,521 
5,261 
Other Accrued Liabilities, Current
21,742 
22,955 
Accrued expenses
$ 130,239 
$ 131,863 
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Other Current Liabilities) (Detail) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2016
Dec. 31, 2015
Accrued Liabilities, Current [Abstract]
 
 
Warranty
$ 11,768 
$ 15,053 
Additional amounts due to sellers on acquisitions
1,985 
2,883 
Reserves on loss contracts
1,662 
2,711 
Pension and other postretirement liabilities
5,331 
4,560 
Other Sundry Liabilities, Current
7,281 
11,983 
Other current liabilities
$ 28,027 
$ 37,190 
INCOME TAXES (Income Before Income Tax) (Detail) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Income Tax Disclosure [Abstract]
 
 
 
Domestic
$ 154,571 
$ 135,112 
$ 120,563 
Foreign
113,390 
140,082 
126,381 
Earnings before income taxes
$ 267,961 
$ 275,194 
$ 246,944 
INCOME TAXES (Provision for Income Taxes) (Detail) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Income Tax Disclosure [Abstract]
 
 
 
Federal
$ 45,523 
$ (6,741)
$ 70,609 
State
8,002 
6,175 
9,065 
Foreign
20,861 
27,134 
33,401 
Current Income Tax Expense (Benefit), Total
74,386 
26,568 
113,075 
Federal
4,267 
49,060 
(29,683)
State
73 
7,390 
(1,247)
Foreign
(147)
(72)
(5,150)
Deferred Income Tax Expense (Benefit), Total
4,193 
56,378 
(36,080)
Provision for income taxes
$ 78,579 
$ 82,946 
$ 76,995 
INCOME TAXES (Effective Income Tax Rate Reconciliation) (Detail)
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Income Tax Disclosure [Abstract]
 
 
 
U.S. federal statutory tax rate
35.00% 
35.00% 
35.00% 
State and local taxes, net of federal benefit
1.10% 
4.30% 
2.40% 
R&D tax credits
(0.90%)
(1.30%)
(1.30%)
Foreign rate differential
(5.80%)
(6.20%)
(4.40%)
All other, net
(0.10%)
(1.70%)
(0.50%)
Effective tax rate
29.30% 
30.10% 
31.20% 
INCOME TAXES (Deferred Tax Assets and Liabilties) (Detail) (USD $)
Dec. 31, 2016
Dec. 31, 2015
Deferred tax assets:
 
 
Pension plans
$ 45,568,000 
$ 40,102,000 
Environmental reserves
9,871,000 
9,561,000 
Inventory
21,758,000 
20,041,000 
Postretirement/postemployment benefits
13,542,000 
13,272,000 
Incentive compensation
9,425,000 
12,369,000 
Net operating loss
10,345,000 
9,043,000 
Capital Loss Carryforwards
11,352,000 
10,141,000 
Other
39,977,000 
38,226,000 
Total deferred tax assets
161,838,000 
152,755,000 
Deferred tax liabilities:
 
 
Undistributed foreign subsidiaries earnings
283,500,000 
 
Depreciation
25,963,000 
29,771,000 
Goodwill amortization
97,667,000 
89,276,000 
Other intangible amortization
51,712,000 
54,017,000 
Other
16,225,000 
12,280,000 
Total deferred tax liabilities
191,567,000 
185,344,000 
Valuation allowance
17,776,000 
17,895,000 
Deferred Tax Liabilities, Net
$ 47,505,000 
$ 50,484,000 
INCOME TAXES (Net Deferred Tax Assets and Liabilities) (Detail) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2016
Dec. 31, 2015
Income Tax Disclosure [Abstract]
 
 
Net noncurrent deferred tax assets
$ 2,217 
$ 3,963 
Net noncurrent deferred tax liabilities
49,722 
54,447 
Deferred Tax Liabilities, Net
$ 47,505 
$ 50,484 
INCOME TAXES (Unrecognized Tax Benefits) (Detail) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
 
 
 
Unrecognized tax benefits (beginning balance)
$ 12,414 
$ 11,560 
$ 10,623 
Additions for tax positions of prior periods
32 
359 
1,421 
Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions
(1,679)
 
 
Additions for tax positions related to the current year
789 
2,026 
1,738 
Settlements
(102)
(1,414)
(2,039)
Lapses of statute of limitations
 
 
(41)
Unrecognized tax benefits (ending balance)
11,454 
12,414 
11,560 
Unrecognized Tax Benefits, Decrease Resulting from Foreign Currency Translation
 
$ (117)
$ (142)
INCOME TAXES (Open Tax Years) (Detail)
12 Months Ended
Dec. 31, 2016
United States (Various states)
 
IncomeTaxContingencyLineItems
 
Open Tax Year
2005 
Internal Revenue Service (IRS) |
United States (Federal)
 
IncomeTaxContingencyLineItems
 
Open Tax Year
2013 
United Kingdom |
Foreign Tax Authority
 
IncomeTaxContingencyLineItems
 
Open Tax Year
2009 
Canada |
Foreign Tax Authority
 
IncomeTaxContingencyLineItems
 
Open Tax Year
2010 
INCOME TAXES (Narrative) (Detail) (USD $)
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
OperatingLossCarryforwardsLineItems
 
 
 
Operating loss carryforward
$ 21,700,000 
 
 
Valuation allowance increase
(100,000)
 
 
Valuation allowance
17,776,000 
17,895,000 
 
Income tax payments
54,500,000 
4,900,000 
35,000,000 
Undistributed foreign subsidiaries earnings
283,500,000 
 
 
Unrecognized tax benefits that would affect the effective income tax rate
7,700,000 
8,300,000 
8,000,000 
Foreign Tax Authority
 
 
 
OperatingLossCarryforwardsLineItems
 
 
 
Operating loss carryforwards related to international operations
24,000,000 
 
 
Indefinite lived operating loss carryforwards,
13,000,000 
 
 
Operating loss carryforwards subject to expiration
11,000,000 
 
 
Operating loss carryforward, expiration date
Dec. 31, 2023 
 
 
State And Local Jurisdiction [Member]
 
 
 
OperatingLossCarryforwardsLineItems
 
 
 
Operating loss carryforwards subject to expiration
66,500,000 
 
 
Operating loss carryforward, expiration date
Dec. 31, 2036 
 
 
Operating loss carryforwards state and local
97,600,000 
 
 
Capital Loss Carryforward [Member]
 
 
 
OperatingLossCarryforwardsLineItems
 
 
 
Tax credit carryforward amount
31,100,000 
 
 
Capital loss carryforwards expiration date
Dec. 31, 2020 
 
 
Other Liabilities [Member]
 
 
 
OperatingLossCarryforwardsLineItems
 
 
 
Interest on income taxes accrued
1,800,000 
 
 
Income tax penalties accrued
$ 1,400,000 
 
 
DEBT (Detail) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2016
Dec. 31, 2015
Debt Instrument [Line Items]
 
 
Long-term Debt
$ 966,298 
$ 953,205 
Long Term Debt Fair Value
978,652 
960,271 
Long-term Debt, Gross
950,668 
954,342 
Debt issuance costs, net
(984)
(1,137)
Unamortized interest rate swap proceeds
16,614 
 
Less: current portion of long-term debt and short-term debt
150,668 
1,259 
Total long-term debt
815,630 
951,946 
Long-term Debt, gross [Member]
 
 
Debt Instrument [Line Items]
 
 
Long Term Debt Fair Value
963,022 
961,408 
Carrying Value
 
 
Debt Instrument [Line Items]
 
 
Less: current portion of long-term debt and short-term debt
150,668 
1,259 
Total long-term debt
815,630 
951,946 
Carrying Value |
5.51% Senior notes due 2017
 
 
Debt Instrument [Line Items]
 
 
Long-term Debt
150,000 
150,000 
Carrying Value |
3.84% Senior notes due 2021
 
 
Debt Instrument [Line Items]
 
 
Long-term Debt
100,000 
100,307 
Carrying Value |
3.70% Senior notes due 2023
 
 
Debt Instrument [Line Items]
 
 
Long-term Debt
225,000 
225,000 
Carrying Value |
3.85% Senior notes due 2025
 
 
Debt Instrument [Line Items]
 
 
Long-term Debt
100,000 
100,450 
Carrying Value |
4.24% Senior notes due 2026
 
 
Debt Instrument [Line Items]
 
 
Long-term Debt
200,000 
201,422 
Carrying Value |
4.05% Senior notes due 2028
 
 
Debt Instrument [Line Items]
 
 
Long-term Debt
75,000 
75,904 
Carrying Value |
4.11% Senior notes due 2028
 
 
Debt Instrument [Line Items]
 
 
Long-term Debt
100,000 
100,000 
Carrying Value |
Other debt
 
 
Debt Instrument [Line Items]
 
 
Long-term Debt
668 
1,259 
Estimated Fair Value
 
 
Debt Instrument [Line Items]
 
 
Less: current portion of long-term debt and short-term debt
150,668 
1,259 
Total long-term debt
827,984 
959,012 
Estimated Fair Value |
5.51% Senior notes due 2017
 
 
Debt Instrument [Line Items]
 
 
Long Term Debt Fair Value
154,509 
158,024 
Estimated Fair Value |
3.84% Senior notes due 2021
 
 
Debt Instrument [Line Items]
 
 
Long Term Debt Fair Value
102,463 
100,307 
Estimated Fair Value |
3.70% Senior notes due 2023
 
 
Debt Instrument [Line Items]
 
 
Long Term Debt Fair Value
226,946 
224,322 
Estimated Fair Value |
3.85% Senior notes due 2025
 
 
Debt Instrument [Line Items]
 
 
Long Term Debt Fair Value
100,338 
100,450 
Estimated Fair Value |
4.24% Senior notes due 2026
 
 
Debt Instrument [Line Items]
 
 
Long Term Debt Fair Value
203,592 
201,422 
Estimated Fair Value |
4.05% Senior notes due 2028
 
 
Debt Instrument [Line Items]
 
 
Long Term Debt Fair Value
74,630 
75,904 
Estimated Fair Value |
4.11% Senior notes due 2028
 
 
Debt Instrument [Line Items]
 
 
Long Term Debt Fair Value
99,876 
99,720 
Estimated Fair Value |
Other debt
 
 
Debt Instrument [Line Items]
 
 
Long Term Debt Fair Value
$ 668 
$ 1,259 
DEBT (Maturity) (Detail) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2016
Debt Instruments [Abstract]
 
2017
$ 150,668 
2018
0 
2019
0 
2020
0 
2021
100,000 
Thereafter
700,000 
Total
$ 950,668 
DEBT (Narrative) (Detail) (USD $)
In Millions, unless otherwise specified
12 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2016
2013 Senior Notes
Feb. 26, 2013
2013 Senior Notes
Dec. 31, 2016
3.70% Senior notes due 2023
Feb. 26, 2013
3.70% Senior notes due 2023
Dec. 31, 2016
3.85% Senior notes due 2025
Feb. 26, 2013
3.85% Senior notes due 2025
Dec. 31, 2016
4.05% Senior notes due 2028
Feb. 26, 2013
4.05% Senior notes due 2028
Dec. 31, 2016
4.11% Senior notes due 2028
Sep. 26, 2013
4.11% Senior notes due 2028
Dec. 31, 2016
2011 Notes
Dec. 8, 2011
2011 Notes
Dec. 31, 2016
3.84% Senior notes due 2021
Dec. 8, 2011
3.84% Senior notes due 2021
Dec. 31, 2016
4.24% Senior notes due 2026
Dec. 8, 2011
4.24% Senior notes due 2026
Dec. 31, 2016
2005
Dec. 1, 2005
2005
Dec. 31, 2016
Revolving credit facility
Dec. 31, 2016
Standby letters of credit
Dec. 31, 2015
Standby letters of credit
Dec. 31, 2016
Revolving credit facility
Dec. 31, 2015
Revolving credit facility
Dec. 31, 2016
Long-term debt
Dec. 31, 2015
Long-term debt
Debt Instrument [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Weighted-average interest rate
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
3.20% 
3.90% 
3.30% 
Interest payments made
$ 38 
$ 33 
$ 33 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Date of refinance
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Aug. 31, 2012 
 
 
 
 
 
 
Borrowing capacity
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
500 
 
 
 
 
 
 
Additional borrowing capacity allowed
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
100 
 
 
 
Letters of credit
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
47.2 
37.3 
 
 
 
 
Unused credit available under the credit facility
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
453 
 
800 
 
Interest rate description
Borrowings under the credit agreement will accrue interest based on (i) Libor or (ii) a base rate of the highest of (a) the federal funds rate plus 0.5%, (b) BofA’s announced prime rate, or (c) the Eurocurrency rate plus 1%, plus a margin. The interest rate and level of facility fees are dependent on certain financial ratios, as defined in the Credit Agreement. The Credit Agreement also provides customary fees, including administrative agent and commitment fees. In connection with the Credit Agreement, we paid customary transaction fees that have been deferred and are being amortized over the term of the Credit Agreement. 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Date of issuance
 
 
 
Feb. 26, 2013 
 
 
 
 
 
 
 
Sep. 26, 2013 
 
Dec. 08, 2011 
 
 
 
 
 
Dec. 01, 2005 
 
 
 
 
 
 
 
 
Issued amount of debt
 
 
 
 
$ 500 
 
$ 225 
 
$ 100 
 
$ 75 
 
$ 100 
 
$ 300 
 
$ 100 
 
$ 200 
 
$ 150 
 
 
 
 
 
 
 
Date of maturity
 
 
 
 
 
Feb. 26, 2023 
 
Feb. 26, 2025 
 
Feb. 26, 2028 
 
Sep. 26, 2028 
 
 
 
Dec. 01, 2021 
 
Dec. 01, 2026 
 
Dec. 01, 2017 
 
 
 
 
 
 
 
 
Stated interest rate
 
 
 
 
 
 
3.70% 
 
3.85% 
 
4.05% 
 
4.11% 
 
 
 
3.84% 
 
4.24% 
 
5.51% 
 
 
 
 
 
 
 
Debt to capitalization limit
60.00% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Description of debt to capitalization limit
0.6 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
EARNINGS PER SHARE (Detail) (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended 12 Months Ended
Dec. 31, 2016
Sep. 30, 2016
Jun. 30, 2016
Mar. 31, 2016
Dec. 31, 2015
Sep. 30, 2015
Jun. 30, 2015
Mar. 31, 2015
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Earnings Per Share Reconciliation [Abstract]
 
 
 
 
 
 
 
 
 
 
 
Basic
 
 
 
 
 
 
 
 
44,389 
46,624 
48,019 
Dilutive effect of stock options and deferred stock compensation
 
 
 
 
 
 
 
 
656 
992 
1,056 
Diluted
 
 
 
 
 
 
 
 
45,045 
47,616 
49,075 
Earnings from continuing operations
$ 1.60 
$ 1.04 
$ 0.90 
$ 0.74 
$ 1.56 
$ 0.82 
$ 0.85 
$ 0.91 
$ 4.27 
$ 4.12 
$ 3.54 
Earnings from continuing operations
$ 1.58 
$ 1.02 
$ 0.88 
$ 0.73 
$ 1.53 
$ 0.80 
$ 0.83 
$ 0.89 
$ 4.20 
$ 4.04 
$ 3.46 
Earnings from continuing operations
$ 70,668 
$ 45,932 
$ 39,963 
$ 32,819 
$ 70,762 
$ 38,142 
$ 40,121 
$ 43,223 
$ 189,382 
$ 192,248 
$ 169,949 
EARNINGS PER SHARE (AntiDilutive) (Detail)
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Earnings Per Share [Abstract]
 
 
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
0 
0 
SHARE-BASED COMPENSATION PLANS (Detail) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Share-based Compensation [Abstract]
 
 
 
Employee Stock Purchase Plan
$ 1,184 
$ 1,279 
$ 1,350 
Performance Share Units
3,910 
4,349 
3,728 
Restricted Share Units
3,426 
3,015 
2,655 
Other share-based payments
958 
830 
767 
Total share-based compensation expense before income taxes
$ 9,478 
$ 9,473 
$ 8,500 
SHARE-BASED COMPENSATION PLANS (Cash Proceeds and Tax Benefit) (Details) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Share-based Compensation [Abstract]
 
 
 
Cash received from share-based awards
$ 22,300 
$ 28,706 
$ 38,183 
Recognized tax benefit on awards
$ 11,101 
$ 9,119 
$ 9,610 
SHARE-BASED COMPENSATION PLANS (LTI) (Detail) (USD $)
In Thousands, except Per Share data, unless otherwise specified
12 Months Ended
Dec. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
 
Outstanding (in shares)
852 
Exercised (in shares)
(408)
Forfeited (in shares)
1 
Outstanding (in shares)
443 
Exercisable (in shares)
443 
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
 
Outstanding (in dollars per share)
$ 33.54 
Exercised (in dollars per share)
$ 35.30 
Forfeited (in dollars per share)
$ 36.73 
Outstanding (in dollars per share)
$ 31.91 
Exercisable (in dollars per share)
$ 31.91 
Outstanding, weighted-average remaining contractual term in years
2 years 11 months 2 days 
Exercisable. weighted-average remaining contractual term in years
2 years 11 months 2 days 
Outstanding, aggregate intrinsic value
$ 29,421 
Exercisable, aggregate intrinsic value
$ 29,421 
SHARE-BASED COMPENSATION PLANS (Restricted Units) (Detail) (USD $)
In Thousands, except Per Share data, unless otherwise specified
12 Months Ended
Dec. 31, 2016
Restricted Stock Units (RSUs) [Member]
 
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
 
Outstanding (in shares)
245 
Granted (in shares)
63 
Vested (in shares)
(93)
Forfeited (in shares)
(11)
Outstanding (in shares)
204 
Expected to vest (in shares)
204 
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
 
Outstanding (in dollars per share)
$ 55.98 
Granted (in dollars per share)
$ 98.64 
Vested (in dollars per share)
$ 43.42 
Forfeited (in dollars per share)
$ 66.48 
Outstanding (in dollars per share)
$ 74.38 
Expected to vest (in dollars per share)
$ 74.38 
Performance Shares [Member]
 
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
 
Outstanding (in shares)
286 
Granted (in shares)
38 
Vested (in shares)
(108)
Forfeited (in shares)
(12)
Outstanding (in shares)
204 
Expected to vest (in shares)
204 
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
 
Outstanding (in dollars per share)
$ 52.70 
Granted (in dollars per share)
$ 124.83 
Vested (in dollars per share)
$ 40.30 
Forfeited (in dollars per share)
$ 77.27 
Outstanding (in dollars per share)
$ 71.28 
Expected to vest (in dollars per share)
$ 71.28 
SHARE-BASED COMPENSATION PLANS (Narrative) (Detail) (USD $)
In Millions, except Share data, unless otherwise specified
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
Common stock authorized
100,000,000 
100,000,000 
 
2014 Omnibus Plan [Member]
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
Common stock authorized
 
2,400,000 
 
Non Qualfied Stock Options [Member]
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
Total intrinsic value of stock options exercised
$ 43.2 
$ 36.8 
$ 28.3 
Performance Shares [Member]
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
Nonvested intrinsic value
20.0 
 
 
Unrecognized compensation cost
8.9 
 
 
Unrecognized compensation expense, period of recognition
2 years 5 months 1 day 
 
 
Restricted Stock Units (RSUs) [Member]
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
Requisite service period
3 years 
 
 
Nonvested intrinsic value
20.0 
 
 
Unrecognized compensation cost
$ 10.6 
 
 
Unrecognized compensation expense, period of recognition
2 years 6 months 1 day 
 
 
Employee Stock [Member]
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
Purchase price percentage of fair market value
85.00% 
 
 
PENSION PLANS (Detail) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Pension Plans Defined Benefit [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Service cost
$ 25,100 
$ 26,873 
$ 25,262 
Interest cost
30,495 
30,050 
30,403 
Expected return on plan assets
(54,101)
(54,629)
(41,746)
Prior service cost
(46)
618 
662 
Recognized net actuarial loss
12,029 
16,890 
6,827 
Curtailment charge
 
7,461 
377 
Defined Benefit Plan, Net Periodic Benefit Cost
13,477 
27,263 
21,785 
Other Postretirement Benefit Plans, Defined Benefit [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Service cost
338 
286 
246 
Interest cost
996 
842 
877 
Prior service cost
(657)
(657)
(657)
Recognized net actuarial loss
(296)
(551)
(811)
Defined Benefit Plan, Net Periodic Benefit Cost
$ 381 
$ (80)
$ (345)
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Detail) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Pension Plans Defined Benefit [Member]
 
 
 
DefinedBenefitPlanChangeInBenefitObligationRollForward
 
 
 
Defined Benefit Plan, Benefit Obligation, Beginning Balance
$ 774,710 
$ 797,360 
 
Service cost
25,100 
26,873 
25,262 
Interest cost
30,495 
30,050 
30,403 
DefinedBenefitPlanContributionsByPlanParticipants
1,897 
1,825 
 
DefinedBenefitPlanPlanAmendments
 
(2,951)
 
DefinedBenefitPlanActuarialGainLoss
19,640 
(10,803)
 
DefinedBenefitPlanBenefitsPaid
(41,115)
(60,662)
 
Defined Benefit Plan, Actual Expense
(1,206)
(1,787)
 
DefinedBenefitPlanForeignCurrencyExchangeRateChangesBenefitObligation
(10,916)
(5,195)
 
Defined Benefit Plan, Benefit Obligation, Ending Balance
798,605 
774,710 
797,360 
Other Postretirement Benefit Plans, Defined Benefit [Member]
 
 
 
DefinedBenefitPlanChangeInBenefitObligationRollForward
 
 
 
Defined Benefit Plan, Benefit Obligation, Beginning Balance
21,980 
23,250 
 
Service cost
338 
286 
246 
Interest cost
996 
842 
877 
DefinedBenefitPlanContributionsByPlanParticipants
266 
345 
 
DefinedBenefitPlanActuarialGainLoss
3,372 
(1,133)
 
DefinedBenefitPlanBenefitsPaid
(2,516)
(1,610)
 
Defined Benefit Plan, Benefit Obligation, Ending Balance
$ 24,436 
$ 21,980 
$ 23,250 
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Plan Asset) (Detail) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
DefinedBenefitPlanChangeInFairValueOfPlanAssetsRollForward
 
 
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance
$ 714,608 
$ 692,074 
DefinedBenefitPlanAmountsRecognizedInBalanceSheetAbstract
 
 
Pension and other postretirement liabilities
(5,331)
(4,560)
Accrued pension and other postretirement benefit costs
(107,151)
(103,723)
Pension Plans Defined Benefit [Member]
 
 
DefinedBenefitPlanChangeInFairValueOfPlanAssetsRollForward
 
 
Defined Benefit Plan, Fair Value of Plan Assets, Beginning Balance
(692,074)
(595,829)
Defined Benefit Plan, Actual Return on Plan Assets
65,872 
(4,092)
Contributions made by employer
8,210 
165,575 
DefinedBenefitPlanContributionsByPlanParticipants
1,897 
1,825 
DefinedBenefitPlanBenefitsPaid
(41,115)
(60,662)
DefinedBenefitPlanSettlementsPlanAssets
(1,206)
(1,787)
DefinedBenefitPlanForeignCurrencyExchangeRateChangesPlanAssets
(11,124)
(4,614)
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance
714,608 
692,074 
DefinedBenefitPlanFundedStatusOfPlan
(83,997)
(82,636)
DefinedBenefitPlanAmountsRecognizedInBalanceSheetAbstract
 
 
Defined Benefit Plan, Assets for Plan Benefits, Noncurrent
4,049 
3,667 
Pension and other postretirement liabilities
(3,498)
(2,998)
Accrued pension and other postretirement benefit costs
(84,548)
(83,305)
DefinedBenefitPlanAmountsRecognizedInBalanceSheet
(83,997)
(82,636)
DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeBeforeTaxAbstract
 
 
DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeNetGainsLossesBeforeTax
198,630 
203,729 
DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeNetPriorServiceCostCreditBeforeTax
(1,580)
(1,635)
DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeBeforeTax
197,050 
202,094 
DefinedBenefitPlanAmountsThatWillBeAmortizedFromAccumulatedOtherComprehensiveIncomeLossInNextFiscalYearAbstract
 
 
DefinedBenefitPlanAmortizationOfNetGainsLosses
11,793 
12,373 
DefinedBenefitPlanAmortizationOfNetPriorServiceCostCredit
(105)
(50)
DefinedBenefitPlanAccumulatedBenefitObligation
767,461 
736,688 
DefinedBenefitPlanPensionPlansWithAccumulatedBenefitObligationsInExcessOfPlanAssetsAbstract
 
 
DefinedBenefitPlanPensionPlansWithAccumulatedBenefitObligationsInExcessOfPlanAssetsAggregateProjectedBenefitObligation
733,426 
721,626 
DefinedBenefitPlanPensionPlansWithAccumulatedBenefitObligationsInExcessOfPlanAssetsAggregateAccumulatedBenefitObligation
702,282 
683,605 
DefinedBenefitPlanPensionPlansWithAccumulatedBenefitObligationsInExcessOfPlanAssetsAggregateFairValueOfPlanAssets
645,380 
635,323 
Defined Benefit Plan, Assets for Plan Benefits, Noncurrent
4,049 
3,667 
Domestic Other Post-Employment Benefits Plan
 
 
DefinedBenefitPlanChangeInFairValueOfPlanAssetsRollForward
 
 
Defined Benefit Plan, Fair Value of Plan Assets, Beginning Balance
0 
0 
Contributions made by employer
2,250 
1,265 
DefinedBenefitPlanContributionsByPlanParticipants
266 
345 
DefinedBenefitPlanBenefitsPaid
(2,516)
(1,610)
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance
0 
0 
DefinedBenefitPlanFundedStatusOfPlan
(24,436)
(21,980)
DefinedBenefitPlanAmountsRecognizedInBalanceSheetAbstract
 
 
Defined Benefit Plan, Assets for Plan Benefits, Noncurrent
0 
0 
Pension and other postretirement liabilities
(1,833)
(1,562)
Accrued pension and other postretirement benefit costs
(22,603)
(20,418)
DefinedBenefitPlanAmountsRecognizedInBalanceSheet
(24,436)
(21,980)
DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeBeforeTaxAbstract
 
 
DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeNetGainsLossesBeforeTax
(5,178)
(8,846)
DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeNetPriorServiceCostCreditBeforeTax
(3,373)
(4,030)
DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeBeforeTax
(8,551)
(12,876)
DefinedBenefitPlanAmountsThatWillBeAmortizedFromAccumulatedOtherComprehensiveIncomeLossInNextFiscalYearAbstract
 
 
DefinedBenefitPlanAmortizationOfNetGainsLosses
(203)
(571)
DefinedBenefitPlanAmortizationOfNetPriorServiceCostCredit
(657)
(657)
DefinedBenefitPlanPensionPlansWithAccumulatedBenefitObligationsInExcessOfPlanAssetsAbstract
 
 
Defined Benefit Plan, Assets for Plan Benefits, Noncurrent
$ 0 
$ 0 
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Plan Assumptions) (Detail)
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Pension Plans Defined Benefit [Member]
 
 
DefinedBenefitPlanWeightedAverageAssumptionsUsedInCalculatingBenefitObligationAbstract
 
 
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate
3.88% 
4.11% 
DefinedBenefitPlanAssumptionsUsedCalculatingBenefitObligationRateOfCompensationIncrease
3.35% 
3.36% 
DefinedBenefitPlanWeightedAverageAssumptionsUsedInCalculatingNetPeriodicBenefitCostAbstract
 
 
DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostDiscountRate
4.12% 
3.88% 
DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostExpectedLongTermReturnOnAssets
7.81% 
7.93% 
DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostRateOfCompensationIncrease
3.35% 
3.37% 
Other Postretirement Benefit Plans, Defined Benefit [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Defined Benefit Plan Year That Rate Reaches Ultimate Trend Rate Net Periodic
2019 
2015 
DefinedBenefitPlanWeightedAverageAssumptionsUsedInCalculatingBenefitObligationAbstract
 
 
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate
4.00% 
4.25% 
DefinedBenefitPlanAssumedHealthCareCostTrendRatesAbstract
 
 
DefinedBenefitPlanHealthCareCostTrendRateAssumedForNextFiscalYear
8.25% 
5.70% 
DefinedBenefitPlanUltimateHealthCareCostTrendRate
4.50% 
5.40% 
DefinedBenefitPlanWeightedAverageAssumptionsUsedInCalculatingNetPeriodicBenefitCostAbstract
 
 
DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostDiscountRate
4.25% 
3.75% 
Defined Benefit Plan Assumed Health Care Cost Trend Rates Net Periodic [Abstract]
 
 
Defined Benefit Plan Health Care Cost Trend Rate Assumed for Next Fiscal Year Net Periodic
8.75% 
5.50% 
Defined Benefit Plan Ultimate Health Care Cost Trend Rate Net Periodic
4.50% 
4.59% 
PENSION (Percentage) (Detail) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2016
Defined Benefit Plan, Effect of One-Percentage Point Change in Assumed Health Care Cost Trend Rates [Abstract]
 
DefinedBenefitPlanEffectOfOnePercentagePointIncreaseOnServiceAndInterestCostComponents
$ 30 
DefinedBenefitPlanEffectOfOnePercentagePointDecreaseOnServiceAndInterestCostComponents
(24)
DefinedBenefitPlanEffectOfOnePercentagePointIncreaseOnAccumulatedPostretirementBenefitObligation
444 
DefinedBenefitPlanEffectOfOnePercentagePointDecreaseOnAccumulatedPostretirementBenefitObligation
$ (371)
PENSION (Asset Class) (Detail)
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Domestic Equities [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
DefinedBenefitPlanWeightedAverageAssetAllocations
54.00% 
51.00% 
DefinedBenefitPlanTargetPlanAssetAllocations
50.00% 
 
DefinedBenefitPlanTargetPlanAssetAllocationsRangeMinimum
 
40.00% 
DefinedBenefitPlanTargetPlanAssetAllocationsRangeMaximum
 
60.00% 
International Equities [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
DefinedBenefitPlanWeightedAverageAssetAllocations
13.00% 
14.00% 
DefinedBenefitPlanTargetPlanAssetAllocations
15.00% 
 
DefinedBenefitPlanTargetPlanAssetAllocationsRangeMinimum
 
10.00% 
DefinedBenefitPlanTargetPlanAssetAllocationsRangeMaximum
 
20.00% 
EquitySecuritiesMember
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
DefinedBenefitPlanWeightedAverageAssetAllocations
67.00% 
65.00% 
DefinedBenefitPlanTargetPlanAssetAllocations
65.00% 
 
DefinedBenefitPlanTargetPlanAssetAllocationsRangeMinimum
 
55.00% 
DefinedBenefitPlanTargetPlanAssetAllocationsRangeMaximum
 
75.00% 
FixedIncomeFundsMember
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
DefinedBenefitPlanWeightedAverageAssetAllocations
33.00% 
35.00% 
DefinedBenefitPlanTargetPlanAssetAllocations
35.00% 
 
DefinedBenefitPlanTargetPlanAssetAllocationsRangeMinimum
 
25.00% 
DefinedBenefitPlanTargetPlanAssetAllocationsRangeMaximum
 
45.00% 
PENSION (Fair Value) (Detail) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Defined Benefit Plan Fair Value Disclosure [Line Items]
 
 
 
DefinedBenefitPlanFairValueOfPlanAssets
$ 714,608 
$ 692,074 
 
CashAndCashEquivalentsMember
 
 
 
Defined Benefit Plan Fair Value Disclosure [Line Items]
 
 
 
DefinedBenefitPlanFairValueOfPlanAssets
23,979 
26,251 
 
EquitySecuritiesMember
 
 
 
Defined Benefit Plan Fair Value Disclosure [Line Items]
 
 
 
DefinedBenefitPlanFairValueOfPlanAssets
459,002 1
435,931 1
 
DebtSecuritiesMember
 
 
 
Defined Benefit Plan Fair Value Disclosure [Line Items]
 
 
 
DefinedBenefitPlanFairValueOfPlanAssets
219,249 2
219,417 2
 
Alternative Investments [Member]
 
 
 
Defined Benefit Plan Fair Value Disclosure [Line Items]
 
 
 
DefinedBenefitPlanFairValueOfPlanAssets
10,760 3
9,720 3
 
Other Assets [Member]
 
 
 
Defined Benefit Plan Fair Value Disclosure [Line Items]
 
 
 
DefinedBenefitPlanFairValueOfPlanAssets
1,618 4
755 4
 
FairValueInputsLevel1Member
 
 
 
Defined Benefit Plan Fair Value Disclosure [Line Items]
 
 
 
DefinedBenefitPlanFairValueOfPlanAssets
578,403 
558,272 
 
FairValueInputsLevel1Member |
CashAndCashEquivalentsMember
 
 
 
Defined Benefit Plan Fair Value Disclosure [Line Items]
 
 
 
DefinedBenefitPlanFairValueOfPlanAssets
4,893 
253 
 
FairValueInputsLevel1Member |
EquitySecuritiesMember
 
 
 
Defined Benefit Plan Fair Value Disclosure [Line Items]
 
 
 
DefinedBenefitPlanFairValueOfPlanAssets
418,390 1
395,549 1
 
FairValueInputsLevel1Member |
DebtSecuritiesMember
 
 
 
Defined Benefit Plan Fair Value Disclosure [Line Items]
 
 
 
DefinedBenefitPlanFairValueOfPlanAssets
155,120 2
162,470 2
 
FairValueInputsLevel2Member
 
 
 
Defined Benefit Plan Fair Value Disclosure [Line Items]
 
 
 
DefinedBenefitPlanFairValueOfPlanAssets
123,827 
123,327 
 
FairValueInputsLevel2Member |
CashAndCashEquivalentsMember
 
 
 
Defined Benefit Plan Fair Value Disclosure [Line Items]
 
 
 
DefinedBenefitPlanFairValueOfPlanAssets
19,086 
25,998 
 
FairValueInputsLevel2Member |
EquitySecuritiesMember
 
 
 
Defined Benefit Plan Fair Value Disclosure [Line Items]
 
 
 
DefinedBenefitPlanFairValueOfPlanAssets
40,612 1
40,382 1
 
FairValueInputsLevel2Member |
DebtSecuritiesMember
 
 
 
Defined Benefit Plan Fair Value Disclosure [Line Items]
 
 
 
DefinedBenefitPlanFairValueOfPlanAssets
64,129 2
56,947 2
 
FairValueInputsLevel3Member
 
 
 
Defined Benefit Plan Fair Value Disclosure [Line Items]
 
 
 
DefinedBenefitPlanFairValueOfPlanAssets
12,378 
10,475 
8,940 
FairValueInputsLevel3Member |
Alternative Investments [Member]
 
 
 
Defined Benefit Plan Fair Value Disclosure [Line Items]
 
 
 
DefinedBenefitPlanFairValueOfPlanAssets
10,760 3
9,720 3
 
FairValueInputsLevel3Member |
Other Assets [Member]
 
 
 
Defined Benefit Plan Fair Value Disclosure [Line Items]
 
 
 
DefinedBenefitPlanFairValueOfPlanAssets
$ 1,618 4
$ 755 4
$ 771 
PENSION (Plan Assets) (Detail) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationLineItems
 
 
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance
$ 714,608 
$ 692,074 
FairValueInputsLevel3Member
 
 
FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationLineItems
 
 
Defined Benefit Plan, Fair Value of Plan Assets, Beginning Balance
(10,475)
(8,940)
DefinedBenefitPlanActualReturnOnPlanAssetsStillHeld
183 
164 
DefinedBenefitPlanActualReturnOnPlanAssetsSoldDuringPeriod
 
2 
DefinedBenefitPlanPurchasesSalesAndSettlements
1,966 
1,505 
DefinedBenefitPlanForeignCurrencyExchangeRateChangesPlanAssets
(246)
(136)
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance
12,378 
10,475 
Insurance Contracts [Member] |
FairValueInputsLevel3Member
 
 
FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationLineItems
 
 
Defined Benefit Plan, Fair Value of Plan Assets, Beginning Balance
(9,720)
(8,169)
DefinedBenefitPlanActualReturnOnPlanAssetsStillHeld
148 
127 
DefinedBenefitPlanPurchasesSalesAndSettlements
1,095 
1,554 
DefinedBenefitPlanForeignCurrencyExchangeRateChangesPlanAssets
(203)
(130)
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance
10,760 
9,720 
Other Assets [Member]
 
 
FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationLineItems
 
 
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance
1,618 1
755 1
Other Assets [Member] |
FairValueInputsLevel3Member
 
 
FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationLineItems
 
 
Defined Benefit Plan, Fair Value of Plan Assets, Beginning Balance
(755)1
(771)
DefinedBenefitPlanActualReturnOnPlanAssetsStillHeld
35 
37 
DefinedBenefitPlanActualReturnOnPlanAssetsSoldDuringPeriod
 
2 
DefinedBenefitPlanPurchasesSalesAndSettlements
871 
(49)
DefinedBenefitPlanForeignCurrencyExchangeRateChangesPlanAssets
(43)
(6)
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance
$ 1,618 1
$ 755 1
PENSION (Future Service) (Detail) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2016
Defined Benefit Plan Disclosure [Line Items]
 
Defined Benefit Plan, Expected Future Benefit Payments, Next Twelve Months
$ 51,346 
Defined Benefit Plan, Expected Future Benefit Payments, Year Two
52,427 
Defined Benefit Plan, Expected Future Benefit Payments, Year Three
55,887 
Defined Benefit Plan, Expected Future Benefit Payments, Year Four
55,236 
Defined Benefit Plan, Expected Future Benefit Payments, Year Five
54,661 
Defined Benefit Plan, Expected Future Benefit Payments, Five Fiscal Years Thereafter
281,964 
Pension Plans Defined Benefit [Member]
 
Defined Benefit Plan Disclosure [Line Items]
 
Defined Benefit Plan, Expected Future Benefit Payments, Next Twelve Months
49,513 
Defined Benefit Plan, Expected Future Benefit Payments, Year Two
50,665 
Defined Benefit Plan, Expected Future Benefit Payments, Year Three
54,154 
Defined Benefit Plan, Expected Future Benefit Payments, Year Four
53,516 
Defined Benefit Plan, Expected Future Benefit Payments, Year Five
52,950 
Defined Benefit Plan, Expected Future Benefit Payments, Five Fiscal Years Thereafter
273,753 
Domestic Other Post-Employment Benefits Plan
 
Defined Benefit Plan Disclosure [Line Items]
 
Defined Benefit Plan, Expected Future Benefit Payments, Next Twelve Months
1,833 
Defined Benefit Plan, Expected Future Benefit Payments, Year Two
1,762 
Defined Benefit Plan, Expected Future Benefit Payments, Year Three
1,733 
Defined Benefit Plan, Expected Future Benefit Payments, Year Four
1,720 
Defined Benefit Plan, Expected Future Benefit Payments, Year Five
1,711 
Defined Benefit Plan, Expected Future Benefit Payments, Five Fiscal Years Thereafter
$ 8,211 
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Defined Contribution Retirement Plan) (Narrative) (Details) (Curtiss-Wright [Member], USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Defined Contribution Retirement Plan [Member] |
UNITED STATES
 
 
 
Defined Contribution Plan Disclosure [Line Items]
 
 
 
Expense relating to the defined contribution plan
$ 11.3 
 
 
Employer contributions made to the defined contribution plan
4.8 
 
 
Non-elective estimated employer contribution to the defined contribution plan
6.5 
 
 
Expected cumulative employer contributions to the defined contribution plan
64.0 
 
 
Defined Contribution Retirement Plan [Member] |
Non-US [Member]
 
 
 
Defined Contribution Plan Disclosure [Line Items]
 
 
 
Pension expense
$ 4.2 
$ 4.8 
$ 5.7 
Maximum [Member]
 
 
 
Defined Contribution Plan Disclosure [Line Items]
 
 
 
Maximum employer contribution match percentage
6.00% 
 
 
Maximum [Member] |
Defined Contribution Retirement Plan [Member] |
UNITED STATES
 
 
 
Defined Contribution Plan Disclosure [Line Items]
 
 
 
Maximum employer contribution match percentage
6.00% 
 
 
PENSION AND POSTRETIREMENT BENEFITS (Defined Benefit Plans) (Narrative) (Detail) (USD $)
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Defined Benefit Plan Disclosure [Line Items]
 
 
Number of pension and other post retirement defined benefit plans
10 
 
DomesticPensionandOtherPostretirementDefinedBenefitPlansNumberPensionPlans
3 
 
ForeignPensionandOtherPostretirementDefinedBenefitPlansNumberPensionPlans
7 
 
Domestic Qualified Pension Plan
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Plan assets as a percentage of consolidated assets
88.00% 
88.00% 
Domestic Qualified Pension Plan |
CashAndCashEquivalentsMember
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Plan assets as a percentage of consolidated assets
3.00% 
3.00% 
Domestic Other Post-Employment Benefits Plan
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Contributions made by employer
$ 2,250,000 
$ 1,265,000 
Number of pension and other post retirement defined benefit plans merged into parent plan
3 
 
Domestic Non-Qualified Pension Plan
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Number of pension and other post retirement defined benefit plans
1 
 
Foreign Pension Plan [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Plan assets as a percentage of consolidated assets
12.00% 
 
Expected return on assets assumption
3.70% 
 
SWITZERLAND |
Foreign Pension Plan [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Number of pension and other post retirement defined benefit plans
1 
 
United Kingdom [Member] |
Foreign Pension Plan [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Number of pension and other post retirement defined benefit plans
1 
 
GERMANY |
Foreign Pension Plan [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Number of pension and other post retirement defined benefit plans
2 
 
MEXICO |
Foreign Pension Plan [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Number of pension and other post retirement defined benefit plans
2 
 
Canada [Member] |
Foreign Pension Plan [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Number of pension and other post retirement defined benefit plans
1 
 
Curtiss-Wright [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Number of years of service
1 year 
 
Vesting period
3 years 
 
Period after which accruals will cease
15 years 
 
Curtiss-Wright [Member] |
Domestic Qualified Pension Plan
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Number of pension and other post retirement defined benefit plans
1 
 
Noncurrent pension liability
40,400,000 
38,100,000 
Discount rate decrease
0.75% 
 
Curtiss-Wright [Member] |
Domestic Other Post-Employment Benefits Plan
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Number of pension and other post retirement defined benefit plans
1 
 
Expected employer contributions
1,800,000 
 
Postretirement benefit liability
24,400,000 
22,000,000 
Curtiss-Wright [Member] |
Domestic Non-Qualified Pension Plan
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Noncurrent pension liability
40,400,000 
39,400,000 
Expected employer contributions
3,200,000 
 
Curtiss-Wright [Member] |
Foreign Pension Plan [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Noncurrent pension liability
3,300,000 
5,100,000 
Expected employer contributions
2,600,000 
 
Total projected benefit obligation
91,000,000 
87,800,000 
EMD [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Percent of employees' gross pay withheld
1.50% 
 
Willams Controls [Member] |
Domestic Qualified Pension Plan
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Number of pension and other post retirement defined benefit plans merged into parent plan
2 
 
Other Assets [Member] |
Curtiss-Wright [Member] |
Domestic Other Post-Employment Benefits Plan
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Discounted receivable
$ 400,000 
$ 1,000,000 
LEASES (Detail) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2016
Leases [Abstract]
 
OperatingLeasesFutureMinimumPaymentsDueCurrent
$ 27,585 
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
23,587 
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
19,578 
OperatingLeasesFutureMinimumPaymentsDueInFourYears
16,202 
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
13,094 
OperatingLeasesFutureMinimumPaymentsDueThereafter
69,400 
OperatingLeasesFutureMinimumPaymentsDue
$ 169,446 
LEASES (Narrative) (Detail) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Leases [Abstract]
 
 
 
OperatingLeasesRentExpenseNet
$ 35.3 
$ 37.0 
$ 38.0 
SEGMENT INFORMATION (Detail) (USD $)
3 Months Ended 12 Months Ended
Dec. 31, 2016
Sep. 30, 2016
Jun. 30, 2016
Mar. 31, 2016
Dec. 31, 2015
Sep. 30, 2015
Jun. 30, 2015
Mar. 31, 2015
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Segment Reporting Information [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Net sales
$ 565,566,000 
$ 507,092,000 
$ 532,766,000 
$ 503,507,000 
$ 588,755,000 
$ 525,535,000 
$ 545,194,000 
$ 546,199,000 
$ 2,108,931,000 
$ 2,205,683,000 
$ 2,243,126,000 
Operating income
 
 
 
 
 
 
 
 
308,098,000 
310,617,000 
282,373,000 
Depreciation and amortization
 
 
 
 
 
 
 
 
96,008,000 
100,810,000 
118,931,000 
Total assets
3,037,781,000 
 
 
 
2,989,611,000 
 
 
 
3,037,781,000 
2,989,611,000 
3,382,448,000 
Capital expenditures related to discontinued operations
 
 
 
 
 
 
 
 
 
200,000 
4,900,000 
Corporate And Other [Member]
 
 
 
 
 
 
 
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Operating income
 
 
 
 
 
 
 
 
(23,215,000)
(34,790,000)
(30,312,000)
Operating Segments [Member]
 
 
 
 
 
 
 
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Net sales
 
 
 
 
 
 
 
 
2,108,931,000 
2,205,683,000 
2,243,126,000 
Operating income
 
 
 
 
 
 
 
 
308,098,000 
310,617,000 
282,373,000 
Depreciation and amortization
 
 
 
 
 
 
 
 
96,008,000 
99,475,000 
104,925,000 
Total assets
3,037,781,000 
 
 
 
2,989,611,000 
 
 
 
3,037,781,000 
2,989,611,000 
3,382,448,000 
PropertyPlantAndEquipmentAdditions
 
 
 
 
 
 
 
 
46,776,000 
35,512,000 
67,115,000 
Operating Segments [Member] |
Commercial/Industrial
 
 
 
 
 
 
 
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Segment Reporting Information, Revenue for Reportable Segment
 
 
 
 
 
 
 
 
1,120,326,000 
1,189,120,000 
1,232,696,000 
Operating income
 
 
 
 
 
 
 
 
156,550,000 
171,525,000 
178,684,000 
Depreciation and amortization
 
 
 
 
 
 
 
 
53,970,000 
55,799,000 
58,276,000 
Total assets
1,391,040,000 
 
 
 
1,480,052,000 
 
 
 
1,391,040,000 
1,480,052,000 
1,543,795,000 
PropertyPlantAndEquipmentAdditions
 
 
 
 
 
 
 
 
30,145,000 
21,990,000 
37,329,000 
Operating Segments [Member] |
Defense
 
 
 
 
 
 
 
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Segment Reporting Information, Revenue for Reportable Segment
 
 
 
 
 
 
 
 
469,796,000 
479,528,000 
492,094,000 
Operating income
 
 
 
 
 
 
 
 
98,291,000 
98,895,000 
82,552,000 
Depreciation and amortization
 
 
 
 
 
 
 
 
14,488,000 
15,965,000 
19,530,000 
Total assets
751,859,000 
 
 
 
800,613,000 
 
 
 
751,859,000 
800,613,000 
845,193,000 
PropertyPlantAndEquipmentAdditions
 
 
 
 
 
 
 
 
5,870,000 
3,834,000 
5,175,000 
Operating Segments [Member] |
Power
 
 
 
 
 
 
 
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Segment Reporting Information, Revenue for Reportable Segment
 
 
 
 
 
 
 
 
524,967,000 
545,013,000 
527,034,000 
Operating income
 
 
 
 
 
 
 
 
76,472,000 
74,987,000 
51,449,000 
Depreciation and amortization
 
 
 
 
 
 
 
 
23,032,000 
23,419,000 
23,060,000 
Total assets
516,321,000 
 
 
 
629,612,000 
 
 
 
516,321,000 
629,612,000 
579,736,000 
PropertyPlantAndEquipmentAdditions
 
 
 
 
 
 
 
 
6,653,000 
6,163,000 
16,057,000 
Operating Segments [Member] |
Corporate And Other [Member]
 
 
 
 
 
 
 
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Operating income
 
 
 
 
 
 
 
 
(23,215,000)
(34,790,000)
(30,312,000)
Depreciation and amortization
 
 
 
 
 
 
 
 
4,518,000 
4,292,000 
4,059,000 
Total assets
378,561,000 
 
 
 
79,334,000 
 
 
 
378,561,000 
79,334,000 
266,377,000 
PropertyPlantAndEquipmentAdditions
 
 
 
 
 
 
 
 
4,108,000 
3,525,000 
8,554,000 
Operating Segments [Member] |
Intersegment Eliminations [Member]
 
 
 
 
 
 
 
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Segment Reporting Information, Revenue for Reportable Segment
 
 
 
 
 
 
 
 
(6,158,000)
(7,978,000)
(8,698,000)
Operating Segments [Member] |
Held-for-sale [Member]
 
 
 
 
 
 
 
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Total assets
 
 
 
 
 
 
 
 
 
 
$ 147,347,000 
SEGMENT INFORMATION (Reconciliation) (Detail) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Segment Reporting Information [Line Items]
 
 
 
Operating income
$ 308,098 
$ 310,617 
$ 282,373 
Interest expense
(41,248)
(36,038)
(35,794)
Other income, net
1,111 
615 
365 
Earnings before income taxes
267,961 
275,194 
246,944 
Assets
 
 
 
Total assets
3,037,781 
2,989,611 
3,382,448 
Non Segment Cash [Member]
 
 
 
Assets
 
 
 
Total assets
357,021 
42,164 
247,249 
Non Segment Other Assets [Member]
 
 
 
Assets
 
 
 
Total assets
21,540 
37,170 
19,128 
Corporate And Other [Member]
 
 
 
Segment Reporting Information [Line Items]
 
 
 
Operating income
(23,215)
(34,790)
(30,312)
Operating Segments [Member]
 
 
 
Segment Reporting Information [Line Items]
 
 
 
Operating income
331,313 
345,407 
312,685 
Assets
 
 
 
Total assets
2,659,220 
2,910,277 
2,968,724 
Operating Segments [Member]
 
 
 
Segment Reporting Information [Line Items]
 
 
 
Operating income
308,098 
310,617 
282,373 
Assets
 
 
 
Total assets
3,037,781 
2,989,611 
3,382,448 
Operating Segments [Member] |
Corporate And Other [Member]
 
 
 
Segment Reporting Information [Line Items]
 
 
 
Operating income
(23,215)
(34,790)
(30,312)
Assets
 
 
 
Total assets
378,561 
79,334 
266,377 
Operating Segments [Member] |
Held-for-sale [Member]
 
 
 
Assets
 
 
 
Total assets
 
 
$ 147,347 
SEGMENT INFORMATION (Geographic) (Detail) (USD $)
In Thousands, unless otherwise specified
3 Months Ended 12 Months Ended
Dec. 31, 2016
Sep. 30, 2016
Jun. 30, 2016
Mar. 31, 2016
Dec. 31, 2015
Sep. 30, 2015
Jun. 30, 2015
Mar. 31, 2015
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
RevenuesFromExternalCustomersAndLongLivedAssetsLineItems
 
 
 
 
 
 
 
 
 
 
 
Net sales
$ 565,566 
$ 507,092 
$ 532,766 
$ 503,507 
$ 588,755 
$ 525,535 
$ 545,194 
$ 546,199 
$ 2,108,931 
$ 2,205,683 
$ 2,243,126 
Property, plant, and equipment, net
388,903 
 
 
 
413,644 
 
 
 
388,903 
413,644 
458,919 
UNITED STATES
 
 
 
 
 
 
 
 
 
 
 
RevenuesFromExternalCustomersAndLongLivedAssetsLineItems
 
 
 
 
 
 
 
 
 
 
 
Net sales
 
 
 
 
 
 
 
 
1,472,241 
1,502,363 
1,521,034 
Property, plant, and equipment, net
272,826 
 
 
 
293,612 
 
 
 
272,826 
293,612 
323,937 
United Kingdom [Member]
 
 
 
 
 
 
 
 
 
 
 
RevenuesFromExternalCustomersAndLongLivedAssetsLineItems
 
 
 
 
 
 
 
 
 
 
 
Net sales
 
 
 
 
 
 
 
 
114,752 
135,673 
145,092 
Property, plant, and equipment, net
39,014 
 
 
 
36,061 
 
 
 
39,014 
36,061 
45,625 
Other Foreign Countries [Member]
 
 
 
 
 
 
 
 
 
 
 
RevenuesFromExternalCustomersAndLongLivedAssetsLineItems
 
 
 
 
 
 
 
 
 
 
 
Net sales
 
 
 
 
 
 
 
 
521,938 
567,647 
577,000 
Property, plant, and equipment, net
$ 77,063 
 
 
 
$ 83,971 
 
 
 
$ 77,063 
$ 83,971 
$ 89,357 
SEGMENT INFORMATION SEGMENT INFORMATION (Product Line) (Details) (USD $)
In Thousands, unless otherwise specified
3 Months Ended 12 Months Ended
Dec. 31, 2016
Sep. 30, 2016
Jun. 30, 2016
Mar. 31, 2016
Dec. 31, 2015
Sep. 30, 2015
Jun. 30, 2015
Mar. 31, 2015
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Segment Reporting Information [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Net sales
$ 565,566 
$ 507,092 
$ 532,766 
$ 503,507 
$ 588,755 
$ 525,535 
$ 545,194 
$ 546,199 
$ 2,108,931 
$ 2,205,683 
$ 2,243,126 
Flow Control [Member]
 
 
 
 
 
 
 
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Net sales
 
 
 
 
 
 
 
 
883,735 
949,657 
959,907 
Controls [Member]
 
 
 
 
 
 
 
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Net sales
 
 
 
 
 
 
 
 
940,162 
947,758 
953,667 
Surface Technologies [Member]
 
 
 
 
 
 
 
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Net sales
 
 
 
 
 
 
 
 
$ 285,034 
$ 308,268 
$ 329,552 
CONTINGENCIES AND COMMITMENTS (Detail) (USD $)
12 Months Ended 12 Months Ended
Dec. 31, 2016
Dec. 31, 2016
Standby letters of credit
Dec. 31, 2015
Standby letters of credit
Dec. 31, 2016
Financial Standby Letter of Credit [Member]
Dec. 31, 2015
Financial Standby Letter of Credit [Member]
Dec. 31, 2016
Failure to Meet Contractual Obligations [Member]
Dec. 31, 2016
Minimum [Member]
Failure to Meet Contractual Obligations [Member]
Dec. 31, 2016
Maximum [Member]
Failure to Meet Contractual Obligations [Member]
Loss Contingencies [Line Items]
 
 
 
 
 
 
 
 
Letters of credit
 
$ 47,200,000 
$ 37,300,000 
$ 12,800,000 
$ 14,700,000 
 
 
 
Asset Retirement Obligation
7,000,000 
 
 
 
 
 
 
 
Surety Bond Outstanding
56,000,000 
 
 
 
 
 
 
 
Loss Contingency, Damages Sought, Value
1,000,000,000 
 
 
 
 
25,000,000 
 
 
Loss Contingency, Range of Possible Loss, Minimum
 
 
 
 
 
 
$ 0 
$ 55,500,000 
ACCUMULATED OTHER COMPREHENSIVE INCOME LOSS (Detail) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
 
 
 
Accumulated Other Comprehensive Income (Loss), Net of Tax
$ (225,928)
$ (128,411)
 
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax
(72,732)
(112,350)
 
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax
6,904 
14,833 
 
Other Comprehensive Income (Loss), Net of Tax
(65,828)
(97,517)
(153,670)
Accumulated Other Comprehensive Income (Loss), Net of Tax
(291,756)
(225,928)
(128,411)
Accumulated Translation Adjustment [Member]
 
 
 
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
 
 
 
Accumulated Other Comprehensive Income (Loss), Net of Tax
(107,810)
(20,283)
 
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax
(64,840)
(87,527)
 
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax
0 
0 
 
Other Comprehensive Income (Loss), Net of Tax
(64,840)
(87,527)
 
Accumulated Other Comprehensive Income (Loss), Net of Tax
(172,650)
(107,810)
 
Accumulated Defined Benefit Plans Adjustment [Member]
 
 
 
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
 
 
 
Accumulated Other Comprehensive Income (Loss), Net of Tax
(118,118)
(108,128)
 
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax
(7,892)
(24,823)
 
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax
6,904 
14,833 
 
Other Comprehensive Income (Loss), Net of Tax
(988)
(9,990)
 
Accumulated Other Comprehensive Income (Loss), Net of Tax
$ (119,106)
$ (118,118)
 
ACCUMULATED OTHER COMPREHENSIVE INCOME LOSS ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Reclass) (Details) (USD $)
In Thousands, unless otherwise specified
3 Months Ended 12 Months Ended
Dec. 31, 2016
Sep. 30, 2016
Jun. 30, 2016
Mar. 31, 2016
Dec. 31, 2015
Sep. 30, 2015
Jun. 30, 2015
Mar. 31, 2015
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Accumulated Other Comprehensive Income (Loss) [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Earnings before income taxes
 
 
 
 
 
 
 
 
$ 267,961 
$ 275,194 
$ 246,944 
Provision for income taxes
 
 
 
 
 
 
 
 
(78,579)
(82,946)
(76,995)
Net earnings
68,615 
45,932 
39,963 
32,819 
69,849 
33,884 
25,737 
15,991 
187,329 
145,461 
113,338 
Reclassification out of Accumulated Other Comprehensive Income [Member] |
Accumulated Defined Benefit Plans Adjustment [Member]
 
 
 
 
 
 
 
 
 
 
 
Accumulated Other Comprehensive Income (Loss) [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Other Comprehensive (Income) Loss, Amortization Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Prior Service Cost (Credit), before Tax
 
 
 
 
 
 
 
 
703 1
39 1
 
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Gain (Loss), before Tax
 
 
 
 
 
 
 
 
(11,733)1
(16,339)1
 
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, Curtailments, before Tax
 
 
 
 
 
 
 
 
0 
(7,461)
 
Earnings before income taxes
 
 
 
 
 
 
 
 
(11,030)
(23,761)
 
Provision for income taxes
 
 
 
 
 
 
 
 
4,126 
8,928 
 
Net earnings
 
 
 
 
 
 
 
 
$ (6,904)
$ (14,833)
 
QUARTERLY RESULTS OF OPERATIONS (Detail) (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended 12 Months Ended
Dec. 31, 2016
Sep. 30, 2016
Jun. 30, 2016
Mar. 31, 2016
Dec. 31, 2015
Sep. 30, 2015
Jun. 30, 2015
Mar. 31, 2015
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Quarterly Financial Information Disclosure [Abstract]
 
 
 
 
 
 
 
 
 
 
 
Net sales
$ 565,566 
$ 507,092 
$ 532,766 
$ 503,507 
$ 588,755 
$ 525,535 
$ 545,194 
$ 546,199 
$ 2,108,931 
$ 2,205,683 
$ 2,243,126 
Gross Profit
208,725 
184,476 
185,379 
171,903 
224,314 
185,494 
182,351 
191,096 
750,483 
783,255 
776,516 
Earnings from continuing operations
70,668 
45,932 
39,963 
32,819 
70,762 
38,142 
40,121 
43,223 
189,382 
192,248 
169,949 
Earnings from discontinued operations
(2,053)
0 
0 
0 
(913)
(4,258)
(14,384)
(27,232)
(2,053)
(46,787)
(56,611)
Net earnings
$ 68,615 
$ 45,932 
$ 39,963 
$ 32,819 
$ 69,849 
$ 33,884 
$ 25,737 
$ 15,991 
$ 187,329 
$ 145,461 
$ 113,338 
Basic earnings per share
 
 
 
 
 
 
 
 
 
 
 
Earnings from continuing operations
$ 1.60 
$ 1.04 
$ 0.90 
$ 0.74 
$ 1.56 
$ 0.82 
$ 0.85 
$ 0.91 
$ 4.27 
$ 4.12 
$ 3.54 
Earnings from discontinued operations
$ (0.05)
$ 0.00 
$ 0.00 
$ 0.00 
$ (0.02)
$ (0.09)
$ (0.31)
$ (0.57)
$ (0.05)
$ (1.00)
$ (1.18)
Total
$ 1.55 
$ 1.04 
$ 0.90 
$ 0.74 
$ 1.54 
$ 0.73 
$ 0.54 
$ 0.34 
$ 4.22 
$ 3.12 
$ 2.36 
Diluted earnings per share
 
 
 
 
 
 
 
 
 
 
 
Earnings from continuing operations
$ 1.58 
$ 1.02 
$ 0.88 
$ 0.73 
$ 1.53 
$ 0.80 
$ 0.83 
$ 0.89 
$ 4.20 
$ 4.04 
$ 3.46 
Earnings from discontinued operations
$ (0.05)
$ 0.00 
$ 0.00 
$ 0.00 
$ (0.02)
$ (0.09)
$ (0.30)
$ (0.56)
$ (0.05)
$ (0.99)
$ (1.15)
Total
$ 1.53 
$ 1.02 
$ 0.88 
$ 0.73 
$ 1.51 
$ 0.71 
$ 0.53 
$ 0.33 
$ 4.15 
$ 3.05 
$ 2.31 
SUBSEQUENT EVENTS SUBSEQUENT EVENTS (Details) (USD $)
In Thousands, unless otherwise specified
12 Months Ended 0 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Jan. 4, 2017
Subsequent Event [Member]
Subsequent Event [Line Items]
 
 
 
 
Payments to acquire business
$ 295 
$ 13,228 
$ 34,364 
$ 233,000 
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS (Detail) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
ValuationAndQualifyingAccountsDisclosureLineItems
 
 
 
Valuation Allowances and Reserves, Balance, Beginning Balance
$ 17,895 
$ 23,478 
$ 6,321 
ValuationAllowancesAndReservesChargedToCostAndExpense
1,951 
2,605 
18,535 
ValuationAllowancesAndReservesChargedToOtherAccounts
(181)
(299)
(263)
ValuationAllowancesAndReservesDeductions
1,889 
7,889 
1,115 
Valuation Allowances and Reserves, Balance, Ending Balance
17,776 
17,895 
23,478 
ValuationAllowanceOfDeferredTaxAssetsMember
 
 
 
ValuationAndQualifyingAccountsDisclosureLineItems
 
 
 
Valuation Allowances and Reserves, Balance, Beginning Balance
17,895 
23,478 
6,321 
ValuationAllowancesAndReservesChargedToCostAndExpense
1,951 
2,605 
18,535 
ValuationAllowancesAndReservesChargedToOtherAccounts
(181)
(299)
(263)
ValuationAllowancesAndReservesDeductions
1,889 
7,889 
1,115 
Valuation Allowances and Reserves, Balance, Ending Balance
$ 17,776 
$ 17,895 
$ 23,478