Delaware
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13-0612970
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(State or other jurisdiction of incorporation or organization)
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(I.R.S. Employer Identification No.)
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10 Waterview Boulevard
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||
Parsippany, New Jersey
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07054
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(Address of principal executive offices)
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(Zip Code)
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Large accelerated filer x
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Accelerated filer o
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Non-accelerated filer o
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(Do not check if a smaller reporting company)
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Smaller reporting company o
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PAGE
|
|||
PART I – FINANCIAL INFORMATION
|
|||
Item 1.
|
Financial Statements (Unaudited):
|
||
Condensed Consolidated Statements of Earnings
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3
|
||
Condensed Consolidated Balance Sheets
|
4
|
||
Condensed Consolidated Statements of Cash Flows
|
5
|
||
Condensed Consolidated Statements of Stockholders’ Equity
|
6
|
||
Notes to Condensed Consolidated Financial Statements
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7 - 20
|
||
Item 2.
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations
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21 -30
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|
Item 3.
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Quantitative and Qualitative Disclosures about Market Risk
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31
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|
Item 4.
|
Controls and Procedures
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31
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PART II – OTHER INFORMATION
|
|||
Item 1.
|
Legal Proceedings
|
32
|
|
Item 1A.
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Risk Factors
|
32
|
|
Item 5.
|
Other Information
|
32
|
|
Item 6.
|
Exhibits
|
33
|
|
Signatures
|
34
|
|
Three Months Ended
|
Nine Months Ended
|
||||||||||||||
|
September 30,
|
September 30,
|
||||||||||||||
|
2011
|
2010
|
2011
|
2010
|
||||||||||||
|
|
|
|
|
||||||||||||
Net sales
|
$ | 515,996 | $ | 465,813 | $ | 1,492,751 | $ | 1,369,753 | ||||||||
Cost of sales
|
345,359 | 310,096 | 1,004,188 | 921,669 | ||||||||||||
Gross profit
|
170,637 | 155,717 | 488,563 | 448,084 | ||||||||||||
|
||||||||||||||||
Research and development expenses
|
17,705 | 13,218 | 46,431 | 40,894 | ||||||||||||
Selling expenses
|
30,918 | 27,560 | 90,077 | 83,900 | ||||||||||||
General and administrative expenses
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71,868 | 66,853 | 208,537 | 200,692 | ||||||||||||
Operating income
|
50,146 | 48,086 | 143,518 | 122,598 | ||||||||||||
|
||||||||||||||||
Interest expense
|
(5,033 | ) | (5,815 | ) | (15,121 | ) | (17,182 | ) | ||||||||
Other (expense) income, net
|
(35 | ) | 86 | 50 | 622 | |||||||||||
|
||||||||||||||||
Earnings before income taxes
|
45,078 | 42,357 | 128,447 | 106,038 | ||||||||||||
Provision for income taxes
|
10,718 | 14,573 | 37,775 | 36,021 | ||||||||||||
|
||||||||||||||||
Net earnings
|
$ | 34,360 | $ | 27,784 | $ | 90,672 | $ | 70,017 | ||||||||
|
||||||||||||||||
Basic earnings per share
|
$ | 0.74 | $ | 0.61 | $ | 1.96 | $ | 1.53 | ||||||||
Diluted earnings per share
|
$ | 0.73 | $ | 0.60 | $ | 1.93 | $ | 1.51 | ||||||||
|
||||||||||||||||
Dividends per share
|
$ | 0.08 | $ | 0.08 | $ | 0.24 | $ | 0.24 | ||||||||
|
||||||||||||||||
Weighted average shares outstanding:
|
||||||||||||||||
Basic
|
46,466 | 45,898 | 46,328 | 45,765 | ||||||||||||
Diluted
|
46,936 | 46,276 | 46,978 | 46,253 | ||||||||||||
|
||||||||||||||||
See notes to condensed consolidated financial statements
|
|
September 30,
|
December 31,
|
||||||
|
2011
|
2010
|
||||||
Assets
|
|
|
||||||
Current assets:
|
|
|
||||||
Cash and cash equivalents
|
$ | 54,982 | $ | 68,119 | ||||
Receivables, net
|
550,997 | 461,632 | ||||||
Inventories, net
|
328,954 | 281,103 | ||||||
Deferred tax assets, net
|
54,222 | 48,568 | ||||||
Other current assets
|
30,269 | 40,605 | ||||||
Total current assets
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1,019,424 | 900,027 | ||||||
Property, plant, and equipment, net
|
430,283 | 397,280 | ||||||
Goodwill
|
742,086 | 693,572 | ||||||
Other intangible assets, net
|
248,278 | 240,197 | ||||||
Deferred tax assets, net
|
1,147 | 1,033 | ||||||
Other assets
|
10,174 | 9,909 | ||||||
Total assets
|
$ | 2,451,392 | $ | 2,242,018 | ||||
|
||||||||
Liabilities
|
||||||||
Current liabilities:
|
||||||||
Current portion of long-term and short-term debt
|
$ | 227,240 | $ | 2,602 | ||||
Accounts payable
|
112,502 | 133,180 | ||||||
Dividends payable
|
3,735 | - | ||||||
Accrued expenses
|
102,465 | 99,966 | ||||||
Income taxes payable
|
2,339 | 3,111 | ||||||
Deferred revenue
|
168,357 | 146,770 | ||||||
Other current liabilities
|
49,855 | 42,310 | ||||||
Total current liabilities
|
666,493 | 427,939 | ||||||
Long-term debt
|
283,957 | 394,042 | ||||||
Deferred tax liabilities, net
|
35,795 | 26,815 | ||||||
Accrued pension and other postretirement benefit costs
|
151,309 | 166,591 | ||||||
Long-term portion of environmental reserves
|
18,319 | 19,091 | ||||||
Other liabilities
|
53,682 | 47,437 | ||||||
Total liabilities
|
1,209,555 | 1,081,915 | ||||||
Contingencies and commitments (Note 14)
|
||||||||
|
||||||||
Stockholders' Equity
|
||||||||
Common stock, $1 par value
|
48,879 | 48,558 | ||||||
Additional paid in capital
|
142,980 | 130,093 | ||||||
Retained earnings
|
1,151,957 | 1,072,459 | ||||||
Accumulated other comprehensive loss
|
(19,670 | ) | (2,813 | ) | ||||
|
1,324,146 | 1,248,297 | ||||||
Less: Treasury stock, at cost
|
(82,309 | ) | (88,194 | ) | ||||
Total stockholders' equity
|
1,241,837 | 1,160,103 | ||||||
Total liabilities and stockholders' equity
|
$ | 2,451,392 | $ | 2,242,018 | ||||
|
||||||||
See notes to condensed consolidated financial statements
|
|
Nine Months Ended
|
|||||||||
|
|
September 30,
|
||||||||
|
2011
|
2010
|
||||||||
Cash flows from operating activities:
|
|
|
||||||||
Net earnings
|
$ | 90,672 | $ | 70,017 | ||||||
Adjustments to reconcile net earnings to net cash used for operating activities:
|
||||||||||
Depreciation and amortization
|
65,196 | 58,873 | ||||||||
Net (gain) loss on sale of assets
|
(397 | ) | 979 | |||||||
Gain on disposition of businesses
|
(1,195 | ) | - | |||||||
Deferred income taxes
|
(1,090 | ) | 3,194 | |||||||
Share-based compensation
|
7,545 | 7,920 | ||||||||
Change in operating assets and liabilities, net of businesses acquired:
|
||||||||||
Accounts receivable, net
|
(80,416 | ) | (75,263 | ) | ||||||
Inventories, net
|
(31,482 | ) | (9,096 | ) | ||||||
Progress payments
|
(1,075 | ) | 6,847 | |||||||
Accounts payable and accrued expenses
|
(20,956 | ) | (12,263 | ) | ||||||
Deferred revenue
|
21,587 | (24,901 | ) | |||||||
Income taxes payable
|
7,786 | (4,431 | ) | |||||||
Net pension and postretirement liabilities
|
(11,329 | ) | 19,024 | |||||||
Other current and long-term assets
|
3,220 | (1,084 | ) | |||||||
Other current and long-term liabilities
|
5,692 | (2,124 | ) | |||||||
Total adjustments
|
(36,914 | ) | (32,325 | ) | ||||||
Net cash provided by operating activities
|
53,758 | 37,692 | ||||||||
Cash flows from investing activities:
|
||||||||||
Proceeds from sales and disposals of long-lived assets
|
1,583 | 744 | ||||||||
Acquisitions of intangible assets
|
(22 | ) | (1,511 | ) | ||||||
Additions to property, plant, and equipment
|
(61,232 | ) | (38,802 | ) | ||||||
Acquisition of businesses, net of cash acquired
|
(132,344 | ) | (42,200 | ) | ||||||
Disposition of businesses
|
8,100 | - | ||||||||
Net cash used for investing activities
|
(183,915 | ) | (81,769 | ) | ||||||
Cash flows from financing activities:
|
||||||||||
Borrowings on debt
|
701,800 | 386,600 | ||||||||
Principal payments on debt
|
(587,296 | ) | (325,247 | ) | ||||||
Proceeds from exercise of stock options
|
10,669 | 9,731 | ||||||||
Dividends paid
|
(7,439 | ) | (7,352 | ) | ||||||
Excess tax benefits from share-based compensation
|
868 | 222 | ||||||||
Net cash provided by financing activities
|
118,602 | 63,954 | ||||||||
Effect of exchange-rate changes on cash
|
(1,582 | ) | (974 | ) | ||||||
Net (decrease) increase in cash and cash equivalents
|
(13,137 | ) | 18,903 | |||||||
Cash and cash equivalents at beginning of period
|
68,119 | 65,010 | ||||||||
Cash and cash equivalents at end of period
|
$ | 54,982 | $ | 83,913 | ||||||
Supplemental disclosure of investing activities:
|
||||||||||
Fair value of assets acquired in current year acquisitions
|
$ | 157,575 | $ | 49,766 | ||||||
Additional consideration paid on prior year acquisitions
|
- | 1,153 | ||||||||
Liabilities assumed from current year acquisitions
|
(20,199 | ) | (8,033 | ) | ||||||
Cash acquired
|
(5,032 | ) | (686 | ) | ||||||
Acquisition of businesses
|
$ | 132,344 | $ | 42,200 | ||||||
|
||||||||||
See notes to condensed consolidated financial statements
|
|
Common Stock
|
Additional Paid in Capital
|
Retained Earnings
|
Accumulated Other Comprehensive (Loss) Income
|
Treasury Stock
|
|||||||||||||||
|
|
|
|
|
|
|||||||||||||||
December 31, 2009
|
$ | 48,214 | $ | 111,707 | $ | 980,590 | $ | (19,605 | ) | $ | (94,149 | ) | ||||||||
Net earnings
|
- | - | 106,598 | - | - | |||||||||||||||
Pension and postretirement adjustment, net
|
- | - | - | (14,791 | ) | - | ||||||||||||||
Foreign currency translation adjustments, net
|
- | - | - | 31,583 | - | |||||||||||||||
Dividends paid
|
- | - | (14,729 | ) | - | - | ||||||||||||||
Stock options exercised, net
|
344 | 6,937 | - | - | 4,026 | |||||||||||||||
Share-based compensation
|
- | 11,768 | - | - | 1,610 | |||||||||||||||
Other
|
- | (319 | ) | - | - | 319 | ||||||||||||||
December 31, 2010
|
$ | 48,558 | $ | 130,093 | $ | 1,072,459 | $ | (2,813 | ) | $ | (88,194 | ) | ||||||||
Net earnings
|
- | - | 90,672 | - | - | |||||||||||||||
Pension and postretirement adjustment, net
|
- | - | - | 2,510 | - | |||||||||||||||
Foreign currency translation adjustments, net
|
- | - | - | (19,367 | ) | - | ||||||||||||||
Dividends declared
|
- | - | (11,174 | ) | - | - | ||||||||||||||
Stock options exercised, net
|
321 | 7,162 | - | - | 4,065 | |||||||||||||||
Share-based compensation
|
- | 5,984 | - | - | 1,561 | |||||||||||||||
Other
|
- | (259 | ) | - | - | 259 | ||||||||||||||
September 30, 2011
|
$ | 48,879 | $ | 142,980 | $ | 1,151,957 | $ | (19,670 | ) | $ | (82,309 | ) | ||||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
See notes to condensed consolidated financial statements
|
(US dollars, in thousands)
|
Douglas
|
|||
Accounts receivable
|
$ | 852 | ||
Inventory
|
11,831 | |||
Property, plant, and equipment
|
672 | |||
Other current assets
|
402 | |||
Intangible assets
|
6,697 | |||
Current liabilities
|
(6,159 | ) | ||
Net tangible and intangible assets
|
14,295 | |||
Purchase price
|
20,095 | |||
Goodwill
|
$ | 5,800 | ||
|
||||
Goodwill tax deductible
|
Yes
|
(US dollars, in thousands)
|
ACRA
|
PSI
|
Total
|
|||||||||
Accounts receivable
|
$ | 8,451 | 862 | $ | 9,313 | |||||||
Inventory
|
6,545 | 1,856 | 8,401 | |||||||||
Property, plant, and equipment
|
1,601 | 2,100 | 3,701 | |||||||||
Other current assets
|
456 | 67 | 523 | |||||||||
Intangible assets
|
17,069 | 4,700 | 21,769 | |||||||||
Current liabilities
|
(6,831 | ) | (190 | ) | (7,021 | ) | ||||||
Deferred income taxes
|
(2,281 | ) | - | (2,281 | ) | |||||||
Net tangible and intangible assets
|
25,010 | 9,395 | 34,405 | |||||||||
Purchase price
|
60,245 | 13,503 | 73,748 | |||||||||
Goodwill
|
$ | 35,235 | 4,108 | $ | 39,343 | |||||||
|
||||||||||||
Goodwill tax deductible
|
No
|
Yes
|
(In thousands)
|
BASF
|
IMR
|
Total
|
|||||||||
Accounts receivable
|
$ | - | 2,050 | $ | 2,050 | |||||||
Inventory
|
1,514 | - | 1,514 | |||||||||
Property, plant, and equipment
|
12,774 | 3,125 | 15,899 | |||||||||
Other current assets
|
- | 134 | 134 | |||||||||
Intangible assets
|
3,000 | 3,830 | 6,830 | |||||||||
Current liabilities
|
(263 | ) | (519 | ) | (782 | ) | ||||||
Other liabilities
|
- | (1,956 | ) | (1,956 | ) | |||||||
Holdback
|
- | (2,000 | ) | (2,000 | ) | |||||||
Net tangible and intangible assets
|
17,025 | 4,664 | 21,689 | |||||||||
Purchase price
|
20,501 | 18,000 | 38,501 | |||||||||
Goodwill
|
$ | 3,476 | 13,336 | $ | 16,812 | |||||||
|
||||||||||||
Goodwill tax deductible
|
Yes
|
Yes
|
|
(In thousands)
|
|||||||
|
September 30,
|
December 31,
|
||||||
|
2011
|
2010
|
||||||
Billed receivables:
|
|
|
||||||
Trade and other receivables
|
$ | 354,543 | $ | 282,483 | ||||
Less: Allowance for doubtful accounts
|
(6,822 | ) | (3,972 | ) | ||||
Net billed receivables
|
347,721 | 278,511 | ||||||
Unbilled receivables:
|
||||||||
Recoverable costs and estimated earnings not billed
|
228,563 | 210,766 | ||||||
Less: Progress payments applied
|
(25,287 | ) | (27,645 | ) | ||||
Net unbilled receivables
|
203,276 | 183,121 | ||||||
Receivables, net
|
$ | 550,997 | $ | 461,632 | ||||
|
|
(In thousands)
|
|||||||
|
September 30,
|
December 31,
|
||||||
|
2011
|
2010
|
||||||
Raw material
|
$ | 161,157 | $ | 147,950 | ||||
Work-in-process
|
103,595 | 69,302 | ||||||
Finished goods and component parts
|
78,998 | 73,419 | ||||||
Inventoried costs related to U.S. Government and other long-term contracts
|
39,622 | 41,029 | ||||||
Gross inventories
|
383,372 | 331,700 | ||||||
Less: Inventory reserves
|
(44,134 | ) | (41,596 | ) | ||||
Progress payments applied, principally related to long-term contracts
|
(10,284 | ) | (9,001 | ) | ||||
Inventories, net
|
$ | 328,954 | $ | 281,103 |
|
(In thousands)
|
|||||||||||||||
|
Flow Control
|
Motion Control
|
Metal Treatment
|
Consolidated
|
||||||||||||
December 31, 2010
|
$ | 310,047 | $ | 354,607 | $ | 28,918 | $ | 693,572 | ||||||||
Acquisitions
|
5,800 | 39,343 | 16,812 | 61,955 | ||||||||||||
Divestitures
|
(540 | ) | (1,170 | ) | - | (1,710 | ) | |||||||||
Foreign currency translation adjustment
|
(2,438 | ) | (5,186 | ) | (68 | ) | (7,692 | ) | ||||||||
Goodwill adjustments
|
- | (4,039 | ) | - | (4,039 | ) | ||||||||||
September 30, 2011
|
$ | 312,869 | $ | 383,555 | $ | 45,662 | $ | 742,086 |
|
(In thousands)
|
|||||||||||
September 30, 2011
|
Gross
|
Accumulated Amortization
|
Net
|
|||||||||
Technology
|
$ | 151,737 | $ | (62,298 | ) | $ | 89,439 | |||||
Customer related intangibles
|
203,790 | (73,989 | ) | 129,801 | ||||||||
Other intangible assets
|
43,019 | (13,981 | ) | 29,038 | ||||||||
Total
|
$ | 398,546 | $ | (150,268 | ) | $ | 248,278 | |||||
|
||||||||||||
|
(In thousands)
|
|||||||||||
December 31, 2010
|
Gross
|
Accumulated Amortization
|
Net
|
|||||||||
Technology
|
$ | 148,820 | $ | (54,994 | ) | $ | 93,826 | |||||
Customer related intangibles
|
189,567 | (68,663 | ) | 120,904 | ||||||||
Other intangible assets
|
37,005 | (11,538 | ) | 25,467 | ||||||||
Total
|
$ | 375,392 | $ | (135,195 | ) | $ | 240,197 | |||||
|
|
|
|
||||||
|
(In thousands)
|
|||||||
|
September 30,
|
December 31,
|
||||||
|
2011
|
2010
|
||||||
Foreign exchange contracts:
|
|
|
||||||
Other current assets
|
$ | 89 | $ | 532 | ||||
Other current liabilities
|
$ | 1,048 | $ | 309 |
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
Nine Months Ended
|
||||||||
|
September 30,
|
September 30,
|
||||||||
|
2011
|
|
2010
|
2011
|
|
2010
|
||||
Foreign exchange contracts:
|
|
|
|
|
|
|
|
|
|
|
General and administrative expenses (loss) gain
|
$(2,995) |
|
$(1,485) | $(2,052) |
|
$299 |
|
(In thousands)
|
|||||||
|
2011
|
2010
|
||||||
Warranty reserves at January 1,
|
$ | 14,841 | $ | 13,479 | ||||
Provision for current year sales
|
6,629 | 5,138 | ||||||
Current year claims
|
(3,059 | ) | (4,203 | ) | ||||
Change in estimates to pre-existing warranties
|
(1,589 | ) | (1,177 | ) | ||||
Increase due to acquisitions
|
- | 25 | ||||||
Foreign currency translation adjustment
|
(110 | ) | 44 | |||||
Warranty reserves at September 30,
|
$ | 16,712 | $ | 13,306 |
|
(In thousands)
|
|||||||||||||||
|
Three Months Ended
|
Nine Months Ended
|
||||||||||||||
|
September 30,
|
September 30,
|
||||||||||||||
|
2011
|
2010
|
2011
|
2010
|
||||||||||||
Service cost
|
$ | 9,346 | $ | 7,281 | $ | 28,002 | $ | 21,356 | ||||||||
Interest cost
|
6,563 | 7,112 | 19,671 | 19,669 | ||||||||||||
Expected return on plan assets
|
(7,994 | ) | (7,744 | ) | (23,956 | ) | (21,651 | ) | ||||||||
Amortization of:
|
||||||||||||||||
Prior service cost
|
303 | 276 | 903 | 833 | ||||||||||||
Unrecognized actuarial loss
|
1,243 | 1,029 | 3,732 | 2,561 | ||||||||||||
Net periodic benefit cost
|
$ | 9,461 | $ | 7,954 | $ | 28,352 | $ | 22,768 | ||||||||
Curtailment loss
|
- | 106 | 53 | 75 | ||||||||||||
Total periodic benefit cost
|
$ | 9,461 | $ | 8,060 | $ | 28,405 | $ | 22,843 |
|
(In thousands)
|
|||||||||||||||
|
Three Months Ended
|
Nine Months Ended
|
||||||||||||||
|
September 30,
|
September 30,
|
||||||||||||||
|
2011
|
2010
|
2011
|
2010
|
||||||||||||
Service cost
|
$ | 93 | $ | 82 | $ | 281 | $ | 460 | ||||||||
Interest cost
|
250 | 188 | 751 | 1,056 | ||||||||||||
Amortization of:
|
||||||||||||||||
Prior service cost
|
(158 | ) | - | (472 | ) | - | ||||||||||
Unrecognized actuarial gain
|
(231 | ) | (564 | ) | (694 | ) | (876 | ) | ||||||||
Net periodic postretirement (cost) benefit
|
$ | (46 | ) | $ | (294 | ) | $ | (134 | ) | $ | 640 |
|
(In thousands, except stock options outstanding)
|
|||||||||||||||
|
Three Months Ended
|
Nine Months Ended
|
||||||||||||||
|
September 30,
|
September 30,
|
||||||||||||||
|
2011
|
2010
|
2011
|
2010
|
||||||||||||
Basic weighted average shares outstanding
|
46,466 | 45,898 | 46,328 | 45,765 | ||||||||||||
Dilutive effect of stock options and deferred stock compensation
|
470 | 378 | 650 | 488 | ||||||||||||
Diluted weighted average shares outstanding
|
46,936 | 46,276 | 46,978 | 46,253 |
|
(In thousands)
|
|||||||||||||||
|
Three Months Ended
|
Nine Months Ended
|
||||||||||||||
|
September 30,
|
September 30,
|
||||||||||||||
|
2011
|
2010
|
2011
|
2010
|
||||||||||||
Net sales
|
|
|
|
|
||||||||||||
Flow Control
|
$ | 265,249 | $ | 249,255 | $ | 771,005 | $ | 741,842 | ||||||||
Motion Control
|
178,668 | 162,719 | 515,831 | 470,455 | ||||||||||||
Metal Treatment
|
74,158 | 54,437 | 209,478 | 163,266 | ||||||||||||
Less: Intersegment revenues
|
(2,079 | ) | (598 | ) | (3,563 | ) | (5,810 | ) | ||||||||
Total consolidated
|
$ | 515,996 | $ | 465,813 | $ | 1,492,751 | $ | 1,369,753 | ||||||||
|
||||||||||||||||
Operating income (expense)
|
||||||||||||||||
Flow Control
|
$ | 24,836 | $ | 26,030 | $ | 70,000 | $ | 67,554 | ||||||||
Motion Control
|
18,896 | 21,730 | 53,986 | 54,026 | ||||||||||||
Metal Treatment
|
12,398 | 5,639 | 32,862 | 18,136 | ||||||||||||
Corporate and eliminations (1)
|
(5,984 | ) | (5,313 | ) | (13,330 | ) | (17,118 | ) | ||||||||
Total consolidated
|
$ | 50,146 | $ | 48,086 | $ | 143,518 | $ | 122,598 |
Adjustments to reconcile operating income to earnings before income taxes:
|
||||||||||||||||
|
|
|
|
|
||||||||||||
|
(In thousands)
|
|||||||||||||||
|
Three Months Ended
|
Nine Months Ended
|
||||||||||||||
|
September 30,
|
September 30,
|
||||||||||||||
|
2011
|
2010
|
2011
|
2010
|
||||||||||||
Total operating income
|
$ | 50,146 | $ | 48,086 | $ | 143,518 | $ | 122,598 | ||||||||
Interest expense
|
(5,033 | ) | (5,815 | ) | (15,121 | ) | (17,182 | ) | ||||||||
Other (expense) income, net
|
(35 | ) | 86 | 50 | 622 | |||||||||||
Earnings before income taxes
|
$ | 45,078 | $ | 42,357 | $ | 128,447 | $ | 106,038 |
|
(In thousands)
|
|||||||
|
September 30,
|
December 31,
|
||||||
|
2011
|
2010
|
||||||
Identifiable assets
|
|
|
||||||
Flow Control
|
$ | 1,171,222 | $ | 1,102,417 | ||||
Motion Control
|
969,801 | 873,074 | ||||||
Metal Treatment
|
283,980 | 233,356 | ||||||
Corporate and other
|
26,389 | 33,171 | ||||||
Total consolidated
|
$ | 2,451,392 | $ | 2,242,018 |
|
(In thousands)
|
|||||||||||||||
|
Three Months Ended
|
Nine Months Ended
|
||||||||||||||
|
September 30,
|
September 30,
|
||||||||||||||
|
2011
|
2010
|
2011
|
2010
|
||||||||||||
Net earnings
|
$ | 34,360 | $ | 27,784 | $ | 90,672 | $ | 70,017 | ||||||||
Foreign currency translation adjustments, net
|
(44,577 | ) | 27,300 | (19,367 | ) | 22,061 | ||||||||||
Defined benefit pension and post retirement plans
|
1,488 | 300 | 2,510 | 1,562 | ||||||||||||
Total comprehensive (loss) income
|
$ | (8,729 | ) | $ | 55,384 | $ | 73,815 | $ | 93,640 |
|
(In thousands)
|
|||||||||||||||||||||||
|
Three Months Ended
|
Nine Months Ended
|
||||||||||||||||||||||
|
September 30,
|
September 30,
|
||||||||||||||||||||||
|
2011
|
2010
|
% of change
|
2011
|
2010
|
% of change
|
||||||||||||||||||
|
|
|
|
|
|
|
||||||||||||||||||
Sales
|
|
|
|
|
|
|
||||||||||||||||||
Flow Control
|
$ | 265,248 | $ | 249,255 | 6.4 | % | $ | 770,996 | $ | 741,841 | 3.9 | % | ||||||||||||
Motion Control
|
176,855 | 162,305 | 9.0 | % | 513,147 | 465,302 | 10.3 | % | ||||||||||||||||
Metal Treatment
|
73,893 | 54,253 | 36.2 | % | 208,608 | 162,610 | 28.3 | % | ||||||||||||||||
Total sales
|
$ | 515,996 | $ | 465,813 | 10.8 | % | $ | 1,492,751 | $ | 1,369,753 | 9.0 | % | ||||||||||||
|
||||||||||||||||||||||||
Operating income
|
||||||||||||||||||||||||
Flow Control
|
$ | 24,836 | $ | 26,030 | (4.6 | %) | $ | 70,000 | $ | 67,554 | 3.6 | % | ||||||||||||
Motion Control
|
18,896 | 21,730 | (13.0 | %) | 53,986 | 54,026 | (0.1 | %) | ||||||||||||||||
Metal Treatment
|
12,398 | 5,639 | 119.9 | % | 32,862 | 18,136 | 81.2 | % | ||||||||||||||||
Corporate and eliminations
|
(5,984 | ) | (5,313 | ) | 12.6 | % | (13,330 | ) | (17,118 | ) | (22.1 | %) | ||||||||||||
Total operating income
|
$ | 50,146 | $ | 48,086 | 4.3 | % | $ | 143,518 | $ | 122,598 | 17.1 | % | ||||||||||||
|
||||||||||||||||||||||||
Interest expense
|
(5,033 | ) | (5,815 | ) | (13.4 | %) | (15,121 | ) | (17,182 | ) | (12.0 | %) | ||||||||||||
Other (loss) income, net
|
(35 | ) | 86 | (140.7 | %) | 50 | 622 | (92.0 | %) | |||||||||||||||
|
||||||||||||||||||||||||
Earnings before income taxes
|
45,078 | 42,357 | 6.4 | % | 128,447 | 106,038 | 21.1 | % | ||||||||||||||||
Provision for income taxes
|
10,718 | 14,573 | (26.5 | %) | 37,775 | 36,021 | 4.9 | % | ||||||||||||||||
|
||||||||||||||||||||||||
Net earnings
|
$ | 34,360 | $ | 27,784 | 23.7 | % | $ | 90,672 | $ | 70,017 | 29.5 | % | ||||||||||||
|
||||||||||||||||||||||||
New orders
|
$ | 579,498 | $ | 464,976 | $ | 1,559,670 | $ | 1,358,883 |
|
(In thousands)
|
|||||||||||||||||||||||
|
Three Months Ended
|
Nine Months Ended
|
||||||||||||||||||||||
|
September 30,
|
September 30,
|
||||||||||||||||||||||
|
2011
|
2010
|
% change
|
2011
|
2010
|
% change
|
||||||||||||||||||
|
|
|
|
|
|
|
||||||||||||||||||
Defense markets:
|
|
|
|
|
|
|
||||||||||||||||||
Aerospace
|
$ | 76,383 | $ | 71,018 | 7.6 | % | $ | 214,142 | $ | 194,328 | 10.2 | % | ||||||||||||
Ground
|
25,566 | 27,023 | (5.4 | %) | 84,633 | 87,047 | (2.8 | %) | ||||||||||||||||
Naval
|
85,836 | 93,960 | (8.6 | %) | 262,145 | 255,269 | 2.7 | % | ||||||||||||||||
Other
|
7,018 | 5,063 | 38.6 | % | 21,070 | 19,224 | 9.6 | % | ||||||||||||||||
Total Defense
|
$ | 194,803 | $ | 197,064 | (1.1 | %) | $ | 581,990 | $ | 555,868 | 4.7 | % | ||||||||||||
|
||||||||||||||||||||||||
Commercial markets:
|
||||||||||||||||||||||||
Commercial Aerospace
|
$ | 90,630 | $ | 63,553 | 42.6 | % | $ | 236,142 | $ | 183,622 | 28.6 | % | ||||||||||||
Oil and Gas
|
61,813 | 59,690 | 3.6 | % | 177,827 | 190,468 | (6.6 | %) | ||||||||||||||||
Power Generation
|
97,591 | 82,609 | 18.1 | % | 284,394 | 258,747 | 9.9 | % | ||||||||||||||||
General Industrial
|
71,159 | 62,897 | 13.1 | % | 212,398 | 181,048 | 17.3 | % | ||||||||||||||||
Total Commercial
|
$ | 321,193 | $ | 268,749 | 19.5 | % | $ | 910,761 | $ | 813,885 | 11.9 | % | ||||||||||||
|
||||||||||||||||||||||||
Total Curtiss-Wright
|
$ | 515,996 | $ | 465,813 | 10.8 | % | $ | 1,492,751 | $ | 1,369,753 | 9.0 | % |
|
(In thousands)
|
|||||||||||||||||||||||
|
Three Months Ended
|
Nine Months Ended
|
||||||||||||||||||||||
|
September 30,
|
September 30,
|
||||||||||||||||||||||
|
2011
|
2010
|
% change
|
2011
|
2010
|
% change
|
||||||||||||||||||
Sales
|
$ | 265,248 | $ | 249,255 | 6.4 | % | $ | 770,996 | $ | 741,841 | 3.9 | % | ||||||||||||
Operating income
|
24,836 | 26,030 | (4.6 | %) | 70,000 | 67,554 | 3.6 | % | ||||||||||||||||
Operating margin
|
9.4 | % | 10.4 | % |
-100 bps
|
9.1 | % | 9.1 | % |
0 bps
|
||||||||||||||
New orders
|
$ | 308,246 | $ | 207,228 | 48.7 | % | $ | 836,159 | $ | 684,768 | 22.1 | % |
|
(In thousands)
|
|||||||||||||||||||||||
|
Three Months Ended
|
Nine Months Ended
|
||||||||||||||||||||||
|
September 30,
|
September 30,
|
||||||||||||||||||||||
|
2011
|
2010
|
% change
|
2011
|
2010
|
% change
|
||||||||||||||||||
Sales
|
$ | 176,855 | $ | 162,305 | 9.0 | % | $ | 513,147 | $ | 465,302 | 10.3 | % | ||||||||||||
Operating income
|
18,896 | 21,730 | (13.0 | %) | 53,986 | 54,026 | (0.1 | %) | ||||||||||||||||
Operating margin
|
10.7 | % | 13.4 | % |
-270 bps
|
10.5 | % | 11.6 | % |
-110 bps
|
||||||||||||||
New orders
|
$ | 197,190 | $ | 203,477 | (3.1 | %) | $ | 513,885 | $ | 511,062 | 0.6 | % |
|
(In thousands)
|
|||||||||||||||||||||||
|
Three Months Ended
|
Nine Months Ended
|
||||||||||||||||||||||
|
September 30,
|
September 30,
|
||||||||||||||||||||||
|
2011
|
2010
|
% change
|
2011
|
2010
|
% change
|
||||||||||||||||||
Sales
|
$ | 73,893 | $ | 54,253 | 36.2 | % | $ | 208,608 | $ | 162,610 | 28.3 | % | ||||||||||||
Operating income
|
12,398 | 5,639 | 119.9 | % | 32,862 | 18,136 | 81.2 | % | ||||||||||||||||
Operating margin
|
16.8 | % | 10.4 | % |
640 bps
|
15.8 | % | 11.2 | % |
460 bps
|
||||||||||||||
New orders
|
$ | 74,062 | $ | 54,271 | 36.5 | % | $ | 209,626 | $ | 163,053 | 28.6 | % |
Operating Activities
|
|
|
||||||
|
September 30, 2011
|
December 31, 2010
|
||||||
Working Capital
|
$ | 352,931 | $ | 472,088 | ||||
Ratio of Current Assets to Current Liabilities
|
1.5 to 1
|
2.1 to 1
|
||||||
Cash and Cash Equivalents
|
$ | 54,982 | $ | 68,119 | ||||
Days Sales Outstanding
|
56 days
|
49 days
|
||||||
Inventory Turns
|
4.3 | 4.5 |
Incorporated by Reference
|
Filed
|
||||
Exhibit No.
|
Exhibit Description
|
Form
|
Filing Date
|
Herewith
|
|
3.1
|
Amended and Restated Certificate of Incorporation of the Registrant
|
8-A/A
|
May 24, 2005
|
||
3.2
|
Amended and Restated Bylaws of the Registrant
|
8-K
|
May 13, 2011
|
||
31.1
|
Certification of Martin R. Benante, Chairman and CEO, Pursuant to Rules 13a – 14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as amended
|
X
|
|||
31.2
|
Certification of Glenn E. Tynan, Chief Financial Officer, Pursuant to Rules 13a – 14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as amended
|
X
|
|||
32
|
Certification of Martin R. Benante, Chairman and CEO, and Glenn E. Tynan, Chief Financial Officer, Pursuant to 18 U.S.C. Section 1350
|
X
|
|||
101.INS
|
XBRL Instance Document (1)
|
||||
101.SCH
|
XBRL Taxonomy Extension Schema Document (1)
|
||||
101.CAL
|
XBRL Taxonomy Extension Calculation Linkbase Document (1)
|
||||
101.LAB
|
XBRL Taxonomy Extension Label Linkbase Document (1)
|
||||
101.PRE
|
XBRL Taxonomy Extension Presentation Linkbase Document (1)
|
||||
(1) In accordance with Rule 406T of Regulation S-T, the XBRL related information in Exhibit 101 to this Quarterly Report on Form 10-Q shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to liability of that section and shall not be incorporated by reference into any filing or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing or document.
|
1.
|
I have reviewed this quarterly report on Form 10-Q of Curtiss-Wright Corporation;
|
2.
|
Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this quarterly report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this quarterly report;
|
4.
|
The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a – 15(e) and 15d – 15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and we have:
|
a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this quarterly report is being prepared;
|
b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
1.
|
I have reviewed this quarterly report on Form 10-Q of Curtiss-Wright Corporation;
|
2.
|
Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this quarterly report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this quarterly report;
|
4.
|
The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a – 15(e) and 15d – 15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and we have:
|
a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this quarterly report is being prepared;
|
b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
OTHER POSTRETIREMENT BENEFIT PLANS (Detail) (United States Postretirement Benefit Plans Of US Entity Defined Benefit [Member], USD $) In Thousands | 3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2011 | Sep. 30, 2010 | Sep. 30, 2011 | Sep. 30, 2010 | |
United States Postretirement Benefit Plans Of US Entity Defined Benefit [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service Cost | $ 93 | $ 82 | $ 281 | $ 460 |
Interest Cost | 250 | 188 | 751 | 1,056 |
Prior Service Cost | (158) | 0 | (472) | 0 |
Unrecognized actuarial gain | 231 | 564 | 694 | 876 |
Net periodic postretirement benefit cost | $ (46) | $ (294) | $ (134) | $ 640 |
CONDENSED CONSOLIDATED BALANCE SHEETS PARENTHETICAL (USD $) | Sep. 30, 2011 | Dec. 31, 2010 |
---|---|---|
Condensed Consolidated Balance Sheets Parenthetical [Abstract] | ||
Common Stock Par Value | $ 1 | $ 1 |
EARNINGS PER SHARE (Details AntiDilutive) | 9 Months Ended | |
---|---|---|
Sep. 30, 2011 | Sep. 30, 2010 | |
Earnings Per Share [Abstract] | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount | 2,779,000 | 2,064,000 |
ACQUISITIONS (Table) | 9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2011 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Business Acquisitions By Acquisition [Text Block] |
|
Document and Entity Information | 9 Months Ended | |
---|---|---|
Sep. 30, 2011 | Oct. 31, 2011 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2011 | |
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 | 46,684,271 | |
Document Fiscal Year Focus | 2011 | |
Document Fiscal Period Focus | Q3 |
FACILITIES RELOCATION AND RESTRUCTURING (Detail) (USD $) In Millions | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | |
---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2010
Prior Years Restructuring Plans [Member] | Dec. 31, 2010
Prior Years Restructuring Plans [Member] | Sep. 30, 2010
Prior Years Restructuring Plans [Member]
General And Administrative Expense [Member] | Dec. 31, 2010
Prior Years Restructuring Plans [Member]
General And Administrative Expense [Member] | Sep. 30, 2010
Prior Years Restructuring Plans [Member]
Cost Of Sales [Member] | Dec. 31, 2010
Prior Years Restructuring Plans [Member]
Cost Of Sales [Member] | Sep. 30, 2010
Prior Years Restructuring Plans [Member]
Selling Expense [Member] | Dec. 31, 2010
Prior Years Restructuring Plans [Member]
Selling Expense [Member] | Sep. 30, 2010
Prior Years Restructuring Plans [Member]
Research and Development Expense [Member] | Sep. 30, 2011
Oil And Gas Restructuring Initiative [Member] | Dec. 31, 2010
Oil And Gas Restructuring Initiative [Member] | |
Restructuring Cost And Reserve [Line Items] | |||||||||||
Restructuring And Related Cost Cost Incurred To Date | $ 2.9 | $ 3.0 | $ 1.6 | $ 1.7 | $ 1.1 | $ 1.2 | $ 0.1 | $ 0.1 | $ 0.1 | $ 0.2 | $ 0.5 |
Restructuring Reserve Settled With Cash | $ 0.5 |
GOODWILL (Table) | 9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Schedule Of Goodwill [Text Block] |
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WARRANTY RESERVES (Detail) (USD $) In Thousands | 9 Months Ended | |
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Sep. 30, 2011 | Sep. 30, 2010 | |
Warranty Reserves [Abstract] | ||
Warranty | $ 14,841 | $ 13,479 |
Provision for current year sales | 6,629 | 5,138 |
Current year claims | (3,059) | (4,203) |
Change in estimates to pre-existing warranties | (1,589) | (1,177) |
Product Warranty Accrual Additions From Business Acquisition | 0 | 25 |
Foreign currency translation adjustment | (110) | 44 |
Warranty | $ 16,712 | $ 13,306 |
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OTHER INTANGIBLE ASSETS, NET | 9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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OTHER INTANGIBLE ASSETS, NET | 6. OTHER INTANGIBLE ASSETS, NET Intangible assets are generally the result of acquisitions and consist primarily of purchased technology and customer related intangibles. Intangible assets are amortized over useful lives that range between 1 to 20 years. The following tables present the cumulative composition of the Corporation's intangible assets and include $9.9 million of indefinite lived intangible assets within Other intangible assets for both periods presented.
Intangible assets acquired from the Corporation's current year acquisitions include Technology of $10.2 million, Customer related intangibles of $21.4 million, and Other intangible assets of $3.7 million. Total intangible amortization expense for the nine months ended September 30, 2011 was $21.5 million. The estimated amortization expense for the five years ending December 31, 2011 through 2015 is $27.5 million, $26.0 million, $24.3 million, $23.0 million, and $21.7 million, respectively. |
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Schedule Of Intangible Assets By Major Class [Table Text Block] |
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OTHER INTANGIBLE ASSETS, NET (Detail Amort) (USD $) In Millions | 9 Months Ended |
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Other Intangible Assets, Net [Abstract] | |
Finite Lived Intangible Assets Amortization Expense | $ 21.5 |
Future Amortization Expense Year One | 27.5 |
Future Amortization Expense Year Two | 26.0 |
Future Amortization Expense Year Three | 24.3 |
Future Amortization Expense Year Four | 23.0 |
Future Amortization Expense Year Five | $ 21.7 |
INVENTORIES (Details) (USD $) In Thousands | Sep. 30, 2011 | Dec. 31, 2010 |
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Inventories [Abstract] | ||
Raw material | $ 161,157 | $ 147,950 |
Work-in-process | 103,595 | 69,302 |
Finished goods and component parts | 78,998 | 73,419 |
Inventory costs related to U.S. Government and other long-term contracts | 39,622 | 41,029 |
Gross inventories | 383,372 | 331,700 |
Less: Inventory reserves | (44,134) | (41,596) |
Progress payments applied, principally related to long-term contracts | (10,284) | (9,001) |
Inventories, net | $ 328,954 | $ 281,103 |
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EARNINGS PER SHARE | 9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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EARNINGS PER SHARE | 11. EARNINGS PER SHARE Diluted earnings per share were computed based on the weighted average number of shares outstanding plus all potentially dilutive common shares. A reconciliation of basic to diluted shares used in the earnings per share calculation is as follows:
As of September 30, 2011 and 2010 there were 2,779,000 and 2,064,000 stock options outstanding, respectively, that could potentially dilute earnings per share in the future, which were excluded from the computation of diluted earnings per share as they would be considered anti-dilutive. |
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Acquisitions [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ACQUISITIONS | 2. ACQUISITIONS/DIVESTITURES The Corporation acquired five businesses and sold the assets of two businesses during the nine months ended September 30, 2011, described in more detail below. The acquisitions have been accounted for as purchases under the guidance for business combinations, where the excess of the purchase price over the estimated fair value of the tangible and intangible assets acquired is generally recorded as goodwill. The Corporation allocates the purchase price, including the value of identifiable intangibles with a finite life, based upon analysis and input from third party appraisals. The purchase price allocation will be finalized no later than twelve months from acquisition. The results of the acquired businesses have been included in the consolidated financial results of the Corporation from the date of acquisition in the segment indicated. Flow Control Segment Legacy Distribution Business On July 29, 2011, the Corporation sold the assets of the legacy distribution business within in its oil and gas division to McJunkin Red Man Corporation for $4.6 million in cash, subject to adjustment based on closing inventory values. Working capital, exclusive of inventory, was retained by the Corporation. The determination was made to divest the business as it was not considered a core business of the Corporation. The disposal resulted in a loss of less than $0.2 million and was not reported as discontinued operations as the amounts are not considered significant. This business contributed $13.7 million in sales and a pretax loss of $0.3 million for the year ended December 31, 2010. Douglas Equipment Ltd. On April 6, 2011, the Corporation acquired the assets of Douglas Equipment Ltd. (“Douglas”) for £12.3 million ($20.1 million) in cash. The Business Transfer Agreement contains customary representations and warranties, including a portion of the purchase price deposited into escrow as security for potential indemnification claims against the seller. Management funded the purchase from the Corporation's revolving credit facility. Douglas designs and manufactures aircraft handling systems for the defense and commercial aerospace markets and will operate within the Marine & Power Products division of the Corporation's Flow Control segment. Douglas has approximately 135 employees and is headquartered in Cheltenham, U.K. Revenues of the acquired business were approximately $28 million for the year ended 2010. The purchase price of the acquisition has been allocated to the tangible and intangible assets and liabilities assumed with the remainder recorded as goodwill on the basis of estimated fair values, as follows:
Motion Control Segment Hydro-pneumatic (“Hydrop”) product line On September 29, 2011, the Corporation sold the assets of the Hydrop suspension business, a product line of Curtiss-Wright Antriebstechnik GmbH (CWAT) in Switzerland, to Stromsholmen AB, a subsidiary of the Barnes Group for CHF 3.14 million ($3.5 million) in cash. Trade accounts receivable and payable were retained by the Corporation. The determination was made to divest the business as it was not considered a core business of the Corporation. The disposal resulted in a $1.3 million pre-tax gain and was not reported as discontinued operations as the amounts are not considered significant. This business contributed $0.8 million in sales for the year ended December 31, 2010. ACRA Control Ltd. On July 28, 2011, the Corporation acquired the stock of ACRA Control Ltd. (“ACRA”) for €42.0 million (approximately $60.2 million) in cash, net of cash acquired. The Share Purchase Agreement contains customary representations and warranties, including a portion of the purchase price deposited into escrow as security for potential indemnification claims against the seller. Management funded the purchase primarily from the Corporation's revolving credit facility and cash generated from foreign operations. ACRA is a supplier of data acquisition systems and networks, data recorders, and telemetry ground stations for both defense and commercial aerospace markets and will operate within the Integrated Sensing division of the Corporation's Motion Control segment. ACRA had 128 employees on the date of acquisition, and operates from a leased facility in Dublin, Ireland. ACRA had revenues of approximately €20.5 million ($27.1 million) for its fiscal year ended March 31, 2011. Predator Systems, Inc. On January 7, 2011, the Corporation acquired all the issued and outstanding stock of Predator Systems, Inc. (“PSI”), for $13.5 million in cash. The Stock Purchase Agreement contains customary representations and warranties, including a portion of the purchase price deposited into escrow as security for potential indemnification claims against the seller. Management funded the purchase from the Corporation's revolving credit facility. PSI designs and manufactures motion control components and subsystems for ground defense, ordnance guidance, and aerospace applications, and will operate within the Flight Systems division of the Corporation's Motion Control segment. PSI had 45 employees as of the date of the acquisition and is headquartered in Boca Raton, FL. Revenues of the acquired business were approximately $8 million for the year ended December 31, 2010. The purchase price of the acquisitions have been allocated to the tangible and intangible assets and liabilities assumed with the remainder recorded as goodwill on the basis of estimated fair values, as follows:
Metal Treatment Segment IMR Test Labs On July 22, 2011, the Corporation acquired the assets of IMR Test Labs (“IMR”) for approximately $20.0 million in cash, with $18.0 million paid at closing and the remaining $2.0 million held back as security for potential indemnification claims against the seller. The Asset Purchase Agreement contains customary representations and warranties, and provides for contingent consideration of $1.6 million, based on achievement of certain sales targets over a two-year period. Management funded the purchase primarily from the Corporation's revolving credit facility, and excess cash on hand. IMR is a provider of mechanical and metallurgical testing services for the aerospace, power generation, and general industrial markets and diversifies the Metal Treatment segment with new, synergistic offerings. The business has approximately 115 employees at three operating facilities located in Ithaca, NY, Portland, OR and Louisville, KY. Revenues of the acquired business were approximately $14 million for the year ended December 31, 2010. Surface Technologies Division of BASF Corporation On April 8, 2011, the Corporation acquired certain assets of BASF Corporation's Surface Technologies (“BASF”) business for $20.5 million in cash. The Asset Purchase Agreement contains customary representations and warranties and provides for a purchase price adjustment based on the value of the closing day inventory. The purchase price adjustment is reflected in the disclosed purchase price. Management funded the purchase from the Corporation's revolving credit facility. The Surface Technologies business is a supplier of metallic and ceramic thermal spray coatings primarily for the aerospace and power generation markets and expands the coatings capabilities within the Corporation's Metal Treatment segment. The business has approximately 150 employees at three operating facilities located in East Windsor, CT, Wilmington, MA and Duncan, SC. Revenues of the acquired business were approximately $29 million for the year ended December 31, 2010. The purchase price of the acquisitions have been allocated to the tangible and intangible assets and liabilities assumed with the remainder recorded as goodwill on the basis of estimated fair values, as follows:
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WARRANTY RESERVES | 9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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WARRANTY RESERVES | 8. WARRANTY RESERVES The Corporation provides its customers with warranties on certain commercial and governmental products. Estimated warranty costs are charged to expense in the period the related revenue is recognized based on quantitative historical experience. Estimated warranty costs are reduced as these costs are incurred and as the warranty period expires or may be otherwise modified as specific product performance issues are identified and resolved. Warranty reserves are included within Other current liabilities in the Condensed Consolidated Balance Sheets. The following table presents the changes in the Corporation's warranty reserves:
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COMPREHENSIVE INCOME | 9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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COMPREHENSIVE INCOME | 13. COMPREHENSIVE (LOSS) INCOME Total comprehensive (loss) income for the three and nine months ended September 30, 2011 and 2010 are as follows:
The equity adjustment from foreign currency translation represents the effect of translating the assets and liabilities of the Corporation's non-U.S. entities. This amount is impacted year-over-year by foreign currency fluctuations and by the acquisitions of foreign entities. |
FACILITIES RELOCATION AND RESTRUCTURING | 9 Months Ended |
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Sep. 30, 2011 | |
Facilities Relocation And Restructuring [Abstract] | |
FACILITIES RELOCATION AND RESTRUCTURING | 9. FACILITIES RELOCATION AND RESTRUCTURING 2009 and 2010 Restructuring Plans In 2009 and 2010, the Corporation completed a plan to restructure existing operations through a reduction in workforce and consolidation of operating locations both domestically and internationally. During the nine months ended September 30, 2010, the Corporation incurred costs of $2.9 million consisting of severance costs to involuntarily terminate certain employees, relocation costs, exit activities of certain facilities, including lease cancellation costs and external legal and consulting fees. These costs were recorded in the Condensed Consolidated Statement of Earnings within General and administrative expenses, Costs of sales, Selling expenses, and Research and development expenses for $1.6 million, $1.1 million, $0.1 million, and $0.1 million, respectively. During 2010, the Corporation incurred total costs of $3.0 million related to this initiative in the Condensed Consolidated Statement of Earnings within General and administrative expenses, Cost of sales, and Selling expenses for $1.7 million, $1.2 million, and $0.1 million, respectively. Oil and Gas Restructuring Initiative During the fourth quarter of 2010, the Corporation initiated a restructuring plan within its Oil and Gas division, of the Flow Control segment. The objective of this initiative is to streamline the division's workflow and consolidate existing facilities. In the fourth quarter of 2010 and during the nine months ended September 30, 2011, the Corporation recorded charges of $0.5 million and $0.2 million, respectively, related to severance and benefit costs as part of this initiative. These costs are recorded within General and administrative expenses in the Condensed Consolidated Statement of Earnings. As of September 30, 2011, approximately $0.5 million in payments have been made with the remaining payments expected to be made by December 31, 2011. The Corporation does not anticipate incurring any additional significant costs associated with this plan. However, the Corporation is currently evaluating additional restructuring activities within the Oil and Gas division. |
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Schedule Of Segment Reporting Information By Segment [Text Block] |
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Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] |
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Fair Value Of Financial Instruments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FAIR VALUE OF FINANCIAL INSTRUMENTS | 7. FAIR VALUE OF FINANCIAL INSTRUMENTS The Corporation uses financial instruments, such as forward foreign 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. The Corporation does not elect to receive hedge accounting treatment, and thus records forward foreign exchange and currency option contracts at fair value, with the gain or loss on these transactions recorded into earnings in the period in which they occur. The Corporation does not use derivative financial instruments for trading or speculative purposes. All derivative assets are required to be recognized as either assets or liabilities at fair value in the Condensed Consolidated Balance Sheets based upon quoted market prices for comparable instruments. These instruments are classified as Other current liabilities and Other current assets. The Corporation utilizes the bid ask pricing that is common in the dealer markets. The dealers are ready to transact at these prices which use the mid-market pricing convention and are considered to be at fair market value. Based upon the fair value hierarchy, all of the foreign exchange derivative forwards are valued at a Level 2 measurement (observable market based inputs or unobservable inputs that are corroborated by market data). The derivative gains and losses are classified within General and administrative expenses in the Condensed Consolidated Statement of Earnings.
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 September 30, 2011. The estimated fair values of the Corporation's fixed rate debt instruments at September 30, 2011 aggregated to $308 million compared to a carrying value of $275 million. The carrying amount of the variable interest rate debt approximates fair value because the interest rates are reset periodically to reflect current market conditions. 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. |
EARNINGS PER SHARE (Detail) In Thousands | 3 Months Ended | 9 Months Ended | ||
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Sep. 30, 2011 | Sep. 30, 2010 | Sep. 30, 2011 | Sep. 30, 2010 | |
Earnings Per Share Reconciliation [Abstract] | ||||
Basic weighted-average shares outstanding | 46,466 | 45,898 | 46,328 | 45,765 |
Dilutive effect of stock options and deferred stock compensation | 470 | 378 | 650 | 488 |
Diluted weighted-average shares outstanding | 46,936 | 46,276 | 46,978 | 46,253 |
STATEMENT OF STOCKHOLDERS' EQUITY (Unaudited) (USD $) In Thousands | Total | Common Stock Member | Additional Paid In Capital Member | Retained Earnings Member | Accumulated Other Comprehensive Income Member | Treasury Stock Member |
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Beginning Balance at Dec. 31, 2009 | $ 48,214 | $ 111,707 | $ 980,590 | $ (19,605) | $ (94,149) | |
Net earnings | 106,598 | |||||
Pension and postretirement adjustment, net | (14,791) | |||||
Foreign currency translation adjustments, net | 31,583 | |||||
Dividends paid | (14,729) | |||||
Stock options exercised, net | 344 | 6,937 | 4,026 | |||
Share-based compensation | 11,768 | 1,610 | ||||
Other | (319) | 319 | ||||
Ending Balance at Dec. 31, 2010 | 1,160,103 | 48,558 | 130,093 | 1,072,459 | (2,813) | (88,194) |
Net earnings | 90,672 | 90,672 | ||||
Pension and postretirement adjustment, net | 2,510 | 2,510 | ||||
Foreign currency translation adjustments, net | (19,367) | (19,367) | ||||
Dividends paid | (11,174) | |||||
Stock options exercised, net | 321 | 7,162 | 4,065 | |||
Share-based compensation | 5,984 | 1,561 | ||||
Other | (259) | 259 | ||||
Ending Balance at Sep. 30, 2011 | $ 1,241,837 | $ 48,879 | $ 142,980 | $ 1,151,957 | $ (19,670) | $ (82,309) |
RECEIVABLES | 9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
RECEIVABLES | 3. RECEIVABLES Receivables at September 30, 2011 and December 31, 2010 include amounts billed to customers, claims, other receivables, and unbilled charges on long-term contracts consisting of amounts recognized as sales but not billed. Substantially all amounts of unbilled receivables are expected to be billed and collected within one year. The composition of receivables is as follows:
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EARNINGS PER SHARE (Table) | 9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings Per Share Reconciliation [Table Text Block] |
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SUBSEQUENT EVENTS (Details) (South Bend Controls [Member], USD $) | 9 Months Ended | 12 Months Ended |
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Sep. 30, 2011 | Dec. 31, 2010 | |
South Bend Controls [Member] | ||
Subsequent Event [Line Items] | ||
Subsequent Events Date | Oct. 11, 2011 | |
Purchase price | $ 10,000,000 | |
Business Acquisition Revenue Reported By Acquired Entity For Last Annual Period | $ 8,000,000 |
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Additional Details) (USD $) In Millions | 9 Months Ended |
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Sep. 30, 2011 | |
Domestic Defined Benefit Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan Contributions By Employer | $ 34.0 |
Defined Benefit Plan, Estimated Future Employer Contributions in Next Fiscal Year | 45-50 |
Foreign Defined Benefit [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan Contributions By Employer | 4.0 |
Defined Benefit Plan Estimated Future Employer Contributions in Current Fiscal Year | 4.5 |
United States Postretirement Benefit Plans Of US Entity Defined Benefit [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan Contributions By Employer | 0.9 |
Defined Benefit Plan Estimated Future Employer Contributions in Current Fiscal Year | 1.6 |
Other Postretirement Benefit Plans Effect Of Plan Amendment On Accumulated Benefit Obligation | $ 7.0 |
INVENTORIES | 9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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INVENTORIES | 4. 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. Inventories are valued at the lower of cost (principally average cost) or market. The composition of inventories is as follows:
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OTHER INTANGIBLE ASSETS NET (Details Acquisition) (USD $) In Millions | Sep. 30, 2011 |
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Technology [Member] | |
Acquired Finite Lived Intangible Assets [Line Items] | |
Intangible assets | $ 10.2 |
Customer Related Intangibles [Member] | |
Acquired Finite Lived Intangible Assets [Line Items] | |
Intangible assets | 21.4 |
Other Intangible Assets [Member] | |
Acquired Finite Lived Intangible Assets [Line Items] | |
Intangible assets | $ 3.7 |
FAIR VALUE OF FINANCIAL INSTRUMENTS (Table) | 9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Fair Value Of Financial Instruments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block] |
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Schedule Of Derivative Instruments Gain Loss In Statement Of Financial Performance [Text Block] |
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COMPREHENSIVE INCOME (Table) | 9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Schedule of Comprehensive Income (Loss) [Table Text Block] |
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OTHER INTANGIBLE ASSETS NET (Details Narrative) (USD $) In Millions, unless otherwise specified | 9 Months Ended |
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Sep. 30, 2011
wholenumber | |
Other Intangible Assets, Net [Abstract] | |
Finite Lived Intangible Assets Useful Life Minimum | 1 |
Finite Lived Intangible Assets Useful Life Maximum | 20 |
Indefinite Lived Intangible Assets | $ 9.9 |
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Schedule Of Defined Benefit Plans Disclosures [Text Block] |
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SEGMENT INFORMATION | 9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Segment Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SEGMENT INFORMATION | 12. SEGMENT INFORMATION The Corporation manages and evaluates its operations based on the products and services it offers and the different markets it serves. Based on this approach, the Corporation has three reportable segments: Flow Control, Motion Control, and Metal Treatment.
(1) Corporate and eliminations includes pension expense, environmental remediation and administrative expenses, legal, foreign currency transactional gains and losses, and other expenses.
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COMPREHENSIVE INCOME (Detail) (USD $) In Thousands | 3 Months Ended | 9 Months Ended | ||
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Sep. 30, 2011 | Sep. 30, 2010 | Sep. 30, 2011 | Sep. 30, 2010 | |
Statement Of Income And Comprehensive Income Abstract | ||||
Net earnings | $ 34,360 | $ 27,784 | $ 90,672 | $ 70,017 |
Foreign currency translation adjustments, net | (44,577) | 27,300 | (19,367) | 22,061 |
Pension and postretirement adjustment, net | 1,488 | 300 | 2,510 | 1,562 |
Total comprehensive income | $ (8,729) | $ 55,384 | $ 73,815 | $ 93,640 |
GOODWILL | 9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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GOODWILL | 5. GOODWILL The Corporation accounts for acquisitions by assigning the purchase price to acquired tangible and intangible assets and liabilities assumed. Assets acquired and liabilities assumed are recorded at their fair values, and the excess of the purchase price over the amounts assigned is recorded as goodwill. The changes in the carrying amount of goodwill for the nine months ended September 30, 2011 are as follows:
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 as determined by the respective accounting guidance requirements based on the date of acquisition. |
SUBSEQUENT EVENTS | 9 Months Ended |
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Sep. 30, 2011 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | 15. SUBSEQUENT EVENTS South Bend Controls On October 11, 2011, the Corporation acquired the assets of South Bend Controls for $10 million in cash. South Bend Controls is a leading designer and manufacturer of highly engineered, solenoid-based components used in critical applications serving the aerospace, defense, industrial and medical markets. Revenues of the acquired business were approximately $8 million in 2010. The business will operate within the Corporation's Motion Control segment. |
WARRANTY RESERVES (Table) | 9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Schedule of Product Warranty Liability [Table Text Block] |
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BASIS OF PRESENTATION (Policies) | 9 Months Ended |
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Sep. 30, 2011 | |
Basis Of Presentation [Abstract] | |
Basis Of Accounting [Policy Text Block] | 1. BASIS OF PRESENTATION
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 systems and provides highly engineered products and services to the aerospace, defense, automotive, shipbuilding, processing, oil, petrochemical, agricultural equipment, railroad, power generation, security, and metalworking industries. Operations are conducted through 59 manufacturing facilities and 64 metal treatment service facilities. The unaudited condensed consolidated financial statements include the accounts of Curtiss-Wright and its majority-owned subsidiaries. All intercompany transactions and accounts have been eliminated. The unaudited condensed consolidated financial statements of the Corporation have been prepared in conformity with the United States of America generally accepted accounting principles (“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, warranty reserves, legal reserves, and the estimate of future environmental costs. Actual results may differ from these estimates. In the opinion of management, all adjustments considered necessary for a fair presentation have been reflected in these financial statements. The unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Corporation's 2010 Annual Report on Form 10-K, as amended. The results of operations for interim periods are not necessarily indicative of trends or of the operating results for a full year. |
Accounting Standards Update 201017 [Policy Text Block] | Revenue Recognition – Milestone Method In April 2010, new guidance was issued that provides the criteria that should be met for determining whether the milestone method of revenue recognition is appropriate, as well as the associated disclosure requirements. The new guidance clarifies that a vendor can recognize consideration that is contingent on achieving a milestone as revenue in the period in which the milestone is achieved only if the milestone meets all criteria to be considered substantive. The new guidance is effective for fiscal years beginning after June 15, 2010. The adoption of this guidance did not have a material impact on the Corporation's results of operations or financial condition.
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Accounting Standards Update 200913 [Policy Text Block] | Revenue Arrangements with Multiple Deliverables In September 2009, new guidance was issued on revenue arrangements with multiple deliverables. The new guidance modifies the requirements for determining whether a deliverable can be treated as a separate unit of accounting by removing the criteria that verifiable and objective evidence of fair value exists for undelivered items, establishes a selling price hierarchy to help entities allocate arrangement consideration to separate units of account, requires the relative selling price allocation method for all arrangements, and expands required disclosures. The new guidance is effective for fiscal years beginning after June 15, 2010. The adoption of this guidance did not have a material impact on the Corporation's results of operations or financial condition.
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Accounting Standards Update 200914 [Policy Text Block] | Certain Revenue Arrangements That Include Software Elements In September 2009, new guidance was issued on certain revenue arrangements that include software elements. The new guidance amended past guidance on software revenue recognition to exclude from scope all tangible products containing both software and non-software elements that function together to interdependently deliver the product's essential functionality. The new guidance is effective for fiscal years beginning after June 15, 2010. The adoption of this guidance did not have a material impact on the Corporation's results of operations or financial condition.
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Fair Value Of Financial Measurements [Policy Text Block] | Fair Value Measurement: Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and International Financial Reporting Standards (“IFRS”)
In May 2011, new guidance was issued that amends the current fair value measurement and disclosure guidance to increase transparency around valuation inputs and investment categorization. The new guidance does not extend the use of fair value accounting, but provides guidance on how it should be applied where its use is already required or permitted by other standards within U.S. GAAP or IFRS. The new guidance is effective for annual and interim reporting periods beginning on or after December 15, 2011 and is to be adopted prospectively as early adoption is not permitted. The adoption of this guidance is not expected to have a material impact on the Corporation's results of operations or financial condition.
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Other Comprehensive Income [Policy Text Block] | Other Comprehensive Income: Presentation of Comprehensive Income
In June 2011, new guidance was issued that amends the current comprehensive income guidance. The amendment allows the option to present the total of comprehensive income, the components of net income, and the components of other comprehensive income either in a single or continuous statement of comprehensive income or in two separate but consecutive statements. The amendments in this update do not change the items that must be reported in other comprehensive income or when an item of other comprehensive income must be reclassified to net income. The new guidance is to be applied retrospectively and is effective for fiscal years, and interim periods, beginning after December 15, 2011. The adoption of this new guidance will not have an impact on the Corporation's consolidated financial position, results of operations or cash flows as it only requires a change in the format of the current presentation of other comprehensive income.
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Goodwill Testing For Impairment | Intangibles—Goodwill and Other: Testing Goodwill for Impairment
In September 2011, an accounting standard update regarding testing of goodwill for impairment was issued. This standard update gives companies the option to perform a qualitative assessment to first assess whether the fair value of a reporting unit is less than its carrying amount. If an entity determines it is not more likely than not that the fair value of the reporting unit is less than its carrying amount, then performing the two-step impairment test is unnecessary. The new guidance is to be applied prospectively effective for annual and interim goodwill impairment tests beginning after December 15, 2011, with early adoption permitted. The adoption of this standard is not expected to have a material impact on the Corporation's results of operations or financial condition.
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FAIR VALUE (Detail) (USD $) In Thousands | Sep. 30, 2011 | Dec. 31, 2010 |
---|---|---|
Other Current Assets [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Foreign Currency Contract Asset Fair Value Disclosure | $ 89 | $ 532 |
Other Current Liabilities [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Foreign Currency Contracts Liability Fair Value Disclosure | $ (1,048) | $ (309) |
RECEIVABLES (Table) | 9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Accounts Notes Loans And Financing Receivable [Text Block] |
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BASIS OF PRESENTATION | 9 Months Ended |
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Sep. 30, 2011 | |
Basis Of Presentation [Abstract] | |
BASIS OF PRESENTATION | 1. BASIS OF PRESENTATION
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 systems and provides highly engineered products and services to the aerospace, defense, automotive, shipbuilding, processing, oil, petrochemical, agricultural equipment, railroad, power generation, security, and metalworking industries. Operations are conducted through 59 manufacturing facilities and 64 metal treatment service facilities. The unaudited condensed consolidated financial statements include the accounts of Curtiss-Wright and its majority-owned subsidiaries. All intercompany transactions and accounts have been eliminated. The unaudited condensed consolidated financial statements of the Corporation have been prepared in conformity with the United States of America generally accepted accounting principles (“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, warranty reserves, legal reserves, and the estimate of future environmental costs. Actual results may differ from these estimates. In the opinion of management, all adjustments considered necessary for a fair presentation have been reflected in these financial statements. The unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Corporation's 2010 Annual Report on Form 10-K, as amended. The results of operations for interim periods are not necessarily indicative of trends or of the operating results for a full year. RECENTLY ISSUED ACCOUNTING STANDARDS ADOPTION OF NEW STANDARDS Revenue Recognition – Milestone Method In April 2010, new guidance was issued that provides the criteria that should be met for determining whether the milestone method of revenue recognition is appropriate, as well as the associated disclosure requirements. The new guidance clarifies that a vendor can recognize consideration that is contingent on achieving a milestone as revenue in the period in which the milestone is achieved only if the milestone meets all criteria to be considered substantive. The new guidance is effective for fiscal years beginning after June 15, 2010. The adoption of this guidance did not have a material impact on the Corporation's results of operations or financial condition. Revenue Arrangements with Multiple Deliverables In September 2009, new guidance was issued on revenue arrangements with multiple deliverables. The new guidance modifies the requirements for determining whether a deliverable can be treated as a separate unit of accounting by removing the criteria that verifiable and objective evidence of fair value exists for undelivered items, establishes a selling price hierarchy to help entities allocate arrangement consideration to separate units of account, requires the relative selling price allocation method for all arrangements, and expands required disclosures. The new guidance is effective for fiscal years beginning after June 15, 2010. The adoption of this guidance did not have a material impact on the Corporation's results of operations or financial condition. Certain Revenue Arrangements That Include Software Elements In September 2009, new guidance was issued on certain revenue arrangements that include software elements. The new guidance amended past guidance on software revenue recognition to exclude from scope all tangible products containing both software and non-software elements that function together to interdependently deliver the product's essential functionality. The new guidance is effective for fiscal years beginning after June 15, 2010. The adoption of this guidance did not have a material impact on the Corporation's results of operations or financial condition. STANDARDS ISSUED BUT NOT YET EFFECTIVE
Fair Value Measurement: Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and International Financial Reporting Standards (“IFRS”)
In May 2011, new guidance was issued that amends the current fair value measurement and disclosure guidance to increase transparency around valuation inputs and investment categorization. The new guidance does not extend the use of fair value accounting, but provides guidance on how it should be applied where its use is already required or permitted by other standards within U.S. GAAP or IFRS. The new guidance is effective for annual and interim reporting periods beginning on or after December 15, 2011 and is to be adopted prospectively as early adoption is not permitted. The adoption of this guidance is not expected to have a material impact on the Corporation's results of operations or financial condition. Other Comprehensive Income: Presentation of Comprehensive Income
In June 2011, new guidance was issued that amends the current comprehensive income guidance. The amendment allows the option to present the total of comprehensive income, the components of net income, and the components of other comprehensive income either in a single or continuous statement of comprehensive income or in two separate but consecutive statements. The amendments in this update do not change the items that must be reported in other comprehensive income or when an item of other comprehensive income must be reclassified to net income. The new guidance is to be applied retrospectively and is effective for fiscal years, and interim periods, beginning after December 15, 2011. The adoption of this new guidance will not have an impact on the Corporation's consolidated financial position, results of operations or cash flows as it only requires a change in the format of the current presentation of other comprehensive income.
Intangibles—Goodwill and Other: Testing Goodwill for Impairment
In September 2011, an accounting standard update regarding testing of goodwill for impairment was issued. This standard update gives companies the option to perform a qualitative assessment to first assess whether the fair value of a reporting unit is less than its carrying amount. If an entity determines it is not more likely than not that the fair value of the reporting unit is less than its carrying amount, then performing the two-step impairment test is unnecessary. The new guidance is to be applied prospectively effective for annual and interim goodwill impairment tests beginning after December 15, 2011, with early adoption permitted. The adoption of this standard is not expected to have a material impact on the Corporation's results of operations or financial condition.
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PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS | 9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Pension and Other Postretirement Benefit Plans [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS | 10. PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS The following tables are consolidated disclosures of all domestic and foreign defined pension plans as described in the Corporation's 2010 Annual Report on Form 10-K, as amended. The postretirement benefits information includes the domestic Curtiss-Wright Corporation and EMD postretirement benefit plans, as there are no foreign postretirement benefit plans. Pension Plans The components of net periodic pension cost for the three and nine months ended September 30, 2011 and 2010 are as follows:
During the nine months ended September 30, 2011, the Corporation made $34 million in contributions to the Curtiss-Wright Pension Plan, and expects to make no further contributions in 2011. However, the Corporation does expect to make contributions of approximately $45 to $50 million in 2012. In addition, contributions of $4.0 million were made to the Corporation's foreign benefit plans during the nine months ended September 30, 2011. Contributions to the foreign benefit plans are expected to be $4.5 million in 2011. Other Postretirement Benefit Plans The components of the net postretirement benefit cost for the Curtiss-Wright and EMD postretirement benefit plans for the three and nine months ended September 30, 2011 and 2010 are as follows:
The reduction in the net periodic postretirement benefit cost is a result of modifications to the EMD Plan benefit design for post 65-retirees which went into effect on January 1, 2011. The change reduced the benefit obligation by approximately $7.0 million. During the nine months ended September 30, 2011, the Corporation paid $0.9 million to the postretirement plans. During 2011, the Corporation anticipates making total contributions of $1.6 million to the postretirement plans. |
SEGMENT INFORMATION (Detail Reconciliation) (USD $) In Thousands | 3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2011 | Sep. 30, 2010 | Sep. 30, 2011 | Sep. 30, 2010 | |
Operating income | $ 50,146 | $ 48,086 | $ 143,518 | $ 122,598 |
Interest expense | (5,033) | (5,815) | (15,121) | (17,182) |
Other (expense) income, net | (35) | 86 | 50 | 622 |
Earnings before income taxes | $ 45,078 | $ 42,357 | $ 128,447 | $ 106,038 |
BASIS OF PRESENTATION (Details) | 9 Months Ended |
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Sep. 30, 2011
wholenumber | |
Basis Of Presentation [Abstract] | |
Number Manufacturing Facilities | 59 |
Number Metal Treatment Service Facilities | 64 |
CONTINGENCIES AND COMMITMENTS | 9 Months Ended |
---|---|
Sep. 30, 2011 | |
Contingencies And Committment [Abstract] | |
CONTINGENCIES AND COMMITMENTS |
14. CONTINGENCIES AND COMMITMENTS Legal Proceedings In January 2007, a former executive was awarded approximately $9.0 million in punitive and compensatory damages plus legal costs related to a gender bias lawsuit filed in 2003. The Corporation recorded a $6.5 million reserve related to the lawsuit. In August of 2009, the New Jersey Appellate Division reversed in part and affirmed in part the judgment of the trial court, resulting in the setting aside of the punitive damage award and the front pay award of the Plaintiff's compensatory damages award. The Plaintiff filed a Petition for Certification with the Supreme Court of New Jersey requesting review of the Appellate Division's decision. In December 2010, the Supreme Court of New Jersey issued an opinion reversing the Appellate Division's decision, and reinstated the judgment rendered by the trial court. The Corporation filed a Motion for Reconsideration with the Supreme Court of New Jersey. In the motion, the Corporation requested that the Supreme Court of New Jersey remand the case back to the lower Appellate Division to resolve certain arguments raised by the Corporation regarding the appropriateness of damages. The Supreme Court of New Jersey has granted the Corporation's request for reconsideration and remanded the case back to the lower Appellate Division to decide the remaining undecided arguments raised by the Corporation. In September 2011, the Appellate Court heard argument on the remaining unresolved issues in the case. To date, there has been no decision rendered by the Appellate Court. The total reserve related to the lawsuit as of September 30, 2011 is approximately $10.3 million and recorded within Other current liabilities of the Condensed Consolidated Balance Sheets. Consistent with other entities its size, 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 adverse effect on the Corporation's results of operations or financial position. Environmental Matters The Corporation's environmental obligations have not changed significantly from December 31, 2010. The aggregate environmental liability was $20.7 million at September 30, 2011 and $20.8 million at December 31, 2010. All environmental reserves exclude any potential recovery from insurance carriers or third-party legal actions. The Corporation, through its Flow Control segment, has several NRC licenses necessary for the continued operation of its commercial nuclear operations. In connection with these licenses, the NRC required financial assurance from the Corporation in the form of a parent company guarantee, representing estimated environmental decommissioning and remediation costs associated with the commercial operations covered by the licenses. The guarantee for the decommissioning costs of the refurbishment facility, which is estimated for 2017, is $4.5 million. 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 on certain Industrial Revenue Bonds, future performance on certain contracts to provide products and services, and to secure advance payments the Corporation has received from certain international customers. At September 30, 2011 and December 31, 2010, the Corporation had contingent liabilities on outstanding letters of credit of $59.6 million and $47.0 million, respectively. AP1000 Program The Corporation's Electro-Mechanical Division is the reactor coolant pump (“RCP”) supplier for the Westinghouse AP1000 nuclear power plants under construction in China. The first RCP was scheduled for delivery in the fourth quarter of 2011. During the final phase of testing, the Corporation detected a localized heating issue in the pump stator. The Corporation is taking the necessary steps to ensure the long-term reliability and safety of the RCP. As a result of addressing the heating issue, the Corporation increased the estimated contract costs in the second quarter of 2011, which did not result in a material impact to the Corporation's financial results. Based upon current negotiations with the customer, the Corporation believes that the existing contract will be modified to reflect revised delivery dates and that any damage or incentive provisions will be revised accordingly. Based upon the information available, the Corporation does not believe that the ultimate outcome will result in a material impact to its operations or cash flows. |
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED) (USD $) In Thousands, except Per Share data | 3 Months Ended | 9 Months Ended | ||
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Sep. 30, 2011 | Sep. 30, 2010 | Sep. 30, 2011 | Sep. 30, 2010 | |
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS | ||||
Net sales | $ 515,996 | $ 465,813 | $ 1,492,751 | $ 1,369,753 |
Cost of sales | 345,359 | 310,096 | 1,004,188 | 921,669 |
Gross profit | 170,637 | 155,717 | 488,563 | 448,084 |
Research and development expenses | 17,705 | 13,218 | 46,431 | 40,894 |
Selling expenses | 30,918 | 27,560 | 90,077 | 83,900 |
General and administrative expenses | 71,868 | 66,853 | 208,537 | 200,692 |
Operating income | 50,146 | 48,086 | 143,518 | 122,598 |
Interest expense | (5,033) | (5,815) | (15,121) | (17,182) |
Other (expense) income, net | (35) | 86 | 50 | 622 |
Earnings before income taxes | 45,078 | 42,357 | 128,447 | 106,038 |
Provision for income taxes | 10,718 | 14,573 | 37,775 | 36,021 |
Net earnings | $ 34,360 | $ 27,784 | $ 90,672 | $ 70,017 |
Earnings Per Share [Abstract] | ||||
Basic earnings per share | $ 0.74 | $ 0.61 | $ 1.96 | $ 1.53 |
Diluted earnings per share | $ 0.73 | $ 0.60 | $ 1.93 | $ 1.51 |
Dividends per share | $ 0.08 | $ 0.08 | $ 0.24 | $ 0.24 |
Weighted average shares outstanding: | ||||
Basic weighted-average shares outstanding | 46,466 | 45,898 | 46,328 | 45,765 |
Diluted weighted-average shares outstanding | 46,936 | 46,276 | 46,978 | 46,253 |
ACQUISITIONS (Detail Narrative) (USD $) | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2011
Douglas Equipment Ltd [Member] | Dec. 31, 2010
Douglas Equipment Ltd [Member] | Sep. 30, 2011
Legacy Distribution Business [Member] | Dec. 31, 2010
Legacy Distribution Business [Member] | Sep. 30, 2011
Hydrops [Member] | Dec. 31, 2010
Hydrops [Member] | Sep. 30, 2011
ACRA Control Ltd [Member] | Mar. 31, 2011
ACRA Control Ltd [Member] | Sep. 30, 2011
Predator Systems Inc [Member] | Dec. 31, 2010
Predator Systems Inc [Member] | Sep. 30, 2011
IMR Test Labs [Member] | Dec. 31, 2010
IMR Test Labs [Member] | Sep. 30, 2011
BASF Surface Technologies [Member] | Dec. 31, 2010
BASF Surface Technologies [Member] | |
Business Acquisition [Line Items] | ||||||||||||||
Business Acquisition Revenue Reported By Acquired Entity For Last Annual Period | $ 28,000,000 | $ 27,100,000 | $ 8,000,000 | $ 14,000,000 | $ 29,000,000 | |||||||||
Disposal Date | 2011-07-29 | 2011-09-29 | ||||||||||||
Employee Date of Acquisition | 135 | 128 | 45 | 115 | 150 | |||||||||
Business Acquisition Effective Date Of Acquisition | 2011-04-06 | 2011-07-28 | 2011-01-07 | 2011-07-22 | 2011-04-08 | |||||||||
Business Acquisition Cost Of Acquired Entity Cash Paid | 18,000,000 | |||||||||||||
Disposal Group Including Discontinued Operation Revenue | 13,700,000 | 800,000 | ||||||||||||
Disposal Group Including Discontinued Operation Operating Income Loss | 300,000 | |||||||||||||
DisposalsOrSaleProceeds | 4,600,000 | 3,500,000 | ||||||||||||
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax | 200,000 | 1,300,000 | ||||||||||||
Business Acquisition, Contingent Consideration, at Fair Value, Current | $ 1,600,000 |
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