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Accounting Changes (Tables)
 12 Months Ended
Dec. 31, 2018
New Accounting Pronouncements or Change in Accounting Principle [Line Items]  
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block]
The cumulative effect of the changes made to the Company's Consolidated Balance Sheets as of January 1, 2018 as a result of the adoption of ASC 606 was as follows:
 
 
Balance at
 
 
 
Balance at
in thousands
 
December 31, 2017
 
Adjustments due to ASC 606
 
January 1,
2018
Assets
 
 
 
 
 
 
Accounts receivable, net
 
$
313,451

 
$
(29,242
)
 
$
284,209

Contract assets
 
—

 
82,699

 
82,699

Contract costs, current portion
 
—

 
3,022

 
3,022

Inventories
 
367,437

 
(73,674
)
 
293,763

Other current assets
 
27,188

 
33

 
27,221

Deferred income taxes
 
27,603

 
4,170

 
31,773

Contract costs, noncurrent portion
 
—

 
7,852

 
7,852

 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
Accounts payable - trade
 
$
127,591

 
$
1,068

 
$
128,659

Contract liabilities, current portion
 
—

 
10,705

 
10,705

Advances on contracts
 
8,527

 
(8,527
)
 
—

Other current liabilities
 
52,812

 
(1,016
)
 
51,796

Income taxes payable
 
1,517

 
1,525

 
3,042

Contract liabilities, noncurrent portion
 
—

 
689

 
689

 
 
 
 
 
 
 
Equity
 
 
 
 
 
 
Retained earnings
 
$
587,877

 
$
(9,584
)
 
$
578,293

The following tables summarize the impacts of the adoption of ASU 2017-07 on the Company's Statements of Operations and segment operating income.
 
 
For the year ended December 31, 2017
 
 
As previously reported
 
Adjustments
 
As adjusted
In thousands
 
 
 
 
 
 
Cost of sales
 
$
1,258,437

 
$
1,881

 
$
1,260,318

Gross profit
 
547,472

 
(1,881
)
 
545,591

Selling, general and administrative expenses
 
430,892

 
1,175

 
432,067

Operating income
 
114,175

 
(3,056
)
 
111,119

Non-service pension and post retirement benefit income
 
—

 
(3,056
)
 
(3,056
)
 
 
 
 
 
 
 
Segment operating income
 
 
 
 
 
 
Distribution
 
$
52,482

 
$
(1,110
)
 
$
51,372

Aerospace
 
119,889

 
(2,235
)
 
117,654

Corporate expenses
 
(58,452
)
 
289

 
(58,163
)
2. ACCOUNTING CHANGES (CONTINUED)

Pension - continued

 
 
For the year ended December 31, 2016
 
 
As previously reported
 
Adjustments
 
As adjusted
In thousands
 
 
 
 
 
 
Cost of sales
 
$
1,259,284

 
$
1,571

 
$
1,260,855

Gross profit
 
549,092

 
(1,571
)
 
547,521

Selling, general and administrative expenses
 
442,126

 
1,578

 
443,704

Operating income
 
105,923

 
(3,149
)
 
102,774

Non-service pension and post retirement benefit income
 
—

 
(3,149
)
 
(3,149
)
 
 
 
 
 
 
 
Segment operating income
 
 
 
 
 
 
Distribution
 
$
41,859

 
$
(1,046
)
 
$
40,813

Aerospace
 
115,005

 
(2,159
)
 
112,846

Corporate expenses
 
(50,930
)
 
56

 
(50,874
)
The following tables summarize the impacts of ASC 606 on the Company's consolidated financial statements.
 
 
December 31, 2018
 
 
As reported
 
Adjustments
 
Balances without adoption of ASC 606
In thousands
 
 
 
 
 
 
Assets
 
 
 
 
 
 
Accounts receivable, net
 
$
301,094

 
$
14,965

 
$
316,059

Contract assets
 
108,861

 
(108,861
)
 
—

Contract costs, current portion
 
5,993

 
(5,993
)
 
—

Inventories
 
294,912

 
105,266

 
400,178

Income tax refunds receivable
 
1,752

 
4,933

 
6,685

Other current assets
 
32,782

 
(208
)
 
32,574

Deferred income taxes
 
24,437

 
(4,315
)
 
20,122

Contract costs, noncurrent portion
 
10,666

 
(10,666
)
 
—

 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
Accounts payable - trade
 
$
158,627

 
$
(935
)
 
$
157,692

Contract liabilities, current portion
 
28,865

 
(28,865
)
 
—

Advances on contracts, current portion
 
—

 
27,149

 
27,149

Other current liabilities
 
54,836

 
1,913

 
56,749

Contract liabilities, noncurrent portion
 
78,562

 
(78,562
)
 
—

Advances on contracts, noncurrent portion
 
—

 
78,562

 
78,562

 
 
 
 
 
 
 
Equity
 
 
 
 
 
 
Retained earnings
 
$
610,103

 
$
(4,141
)
 
$
605,962


For the year ended December 31, 2018, the Company realized changes of asset and liability accounts as described above, with no impact to the Company's cash flows from operating activities.
2. ACCOUNTING CHANGES (CONTINUED)

Revenue Recognition - continued

 
 
For the year ended December 31, 2018
 
 
As reported
 
Adjustments
 
Balances without adoption of ASC 606
In thousands
 
 
 
 
 
 
Net sales
 
$
1,875,425

 
$
(64,257
)
 
$
1,811,168

Cost of sales
 
1,325,388

 
(45,530
)
 
1,279,858

Gross profit
 
550,037

 
(18,727
)
 
531,310

Selling, general and administrative expenses
 
444,904

 
(2,281
)
 
442,623

Other intangibles asset impairment (Note 10)
 
10,039

 
—

 
10,039

Restructuring costs (Note 3)
 
8,008

 
—

 
8,008

Loss on sale of business (Note 3)
 
5,722

 
539

 
6,261

Net gain on sale of assets
 
(1,700
)
 
—

 
(1,700
)
Operating income
 
83,064

 
(16,985
)
 
66,079

Interest expense, net
 
20,097

 
—

 
20,097

Non-service pension and post retirement benefit income
 
(12,127
)
 
—

 
(12,127
)
Other (income) expense, net
 
(143
)
 
—

 
(143
)
Earnings before income taxes
 
75,237

 
(16,985
)
 
58,252

Income tax expense
 
21,068

 
(3,261
)
 
17,807

Net earnings
 
$
54,169

 
$
(13,724
)
 
$
40,445