CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Current assets
Cash and cash equivalents	$ 204,586	$ 237,375
Accounts receivable, less allowance for doubtful accounts of $695 and $476	101,428	99,065
Inventories	91,824	76,806	[1]
Prepaid income taxes	5,058	4,586
Deferred income taxes	9,565	6,467
Asbestos-related insurance receivables	8,245	6,827
Other current assets	8,431	7,048
Total current assets	429,137	438,174
Property, plant and equipment, net of accumulated depreciation	178,661	150,420
Investments in unconsolidated joint ventures	15,348	17,214
Deferred income taxes	8,594	44,051
Goodwill	175,453	98,227
Other intangible assets	75,019	38,340
Asbestos-related insurance receivables	45,114	46,186
Other long-term assets	5,132	7,823
Total assets	932,458	840,435
Current liabilities
Accounts payable	19,851	20,020
Accrued employee benefits and compensation	23,263	33,983
Accrued income taxes payable	3,599	6,103
Current portion of lease obligation	284	747
Current portion of long term debt	3,438	35,000
Asbestos-related liabilities	8,245	6,827
Other accrued liabilities	20,440	17,765
Total current liabilities	79,120	120,445
Long term debt	175,188	25,000
Long term lease obligation	5,549	6,042
Pension liability	12,623	17,652
Retiree health care and life insurance benefits	2,185	8,768
Asbestos-related liabilities	48,390	49,718
Non-current income tax	11,863	10,544
Deferred income taxes	9,455	14,647
Other long-term liabilities	$ 3,503	$ 338
Commitments and Contingencies (Note 15)
Shareholders’ Equity
Capital Stock - $1 par value; 50,000 authorized shares; 17,957 and 18,404 shares outstanding	$ 17,957	$ 18,404
Additional paid-in capital	112,017	137,225
Retained earnings	543,066	496,746
Accumulated other comprehensive loss	(88,458)	(65,094)
Total shareholders' equity	584,582	587,281
Total liabilities and shareholders' equity	$ 932,458	$ 840,435

[1] Inventory amounts have been adjusted for the 2015 conversion from LIFO to FIFO as discussed above.