10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2021

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from              to             

Commission file number 1-4801

BARNES GROUP INC.

(Exact name of registrant as specified in its charter)

Delaware	06-0247840
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
123 Main Street
Bristol
Connecticut	06010
(Address of Principal Executive Offices)	(Zip Code)

(860) 583-7070

Registrant's telephone number, including area code

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class	Trading Symbol	Name of Each Exchange on Which Registered
Common Stock, par value $0.01 per share	B	New York Stock Exchange

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports); and (2) has been subject to such filing requirements for the past 90 days.    Yes  x    No  ¨ 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).     Yes  x   No  ¨ 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.   

Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨    

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒

The registrant had outstanding 50,653,088 shares of common stock as of April 28, 2021.

1

Barnes Group Inc.

Index to Form 10-Q

For the Quarterly Period Ended March 31, 2021

		Page
Part I.	FINANCIAL INFORMATION
Item 1.	Financial Statements (Unaudited)	3
	Consolidated Statements of Income for the three months ended March 31, 2021 and 2020	3
	Consolidated Statements of Comprehensive Income for the three months ended March 31, 2021 and 2020	4
	Consolidated Balance Sheets as of March 30, 2021 and December 31, 2020	5
	Consolidated Statements of Cash Flows for the three months ended March 31, 2021 and 2020	6
	Notes to Consolidated Financial Statements	7
	Report of Independent Registered Public Accounting Firm	21
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	22
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	32
Item 4.	Controls and Procedures	32
Part II.	OTHER INFORMATION
Item 1.	Legal Proceedings	33
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	33
Item 6.	Exhibits	34
	Signatures	35
	Exhibit Index	36

This Quarterly Report on Form 10-Q contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. See “FORWARD-LOOKING STATEMENTS” under Part I - Item 2 “Management's Discussion and Analysis of Financial Condition and Results of Operations” of this Quarterly Report on Form 10-Q.

2

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

BARNES GROUP INC.

CONSOLIDATED STATEMENTS OF INCOME

(Dollars in thousands, except per share data)

(Unaudited)

	Three Months Ended March 31,
	2021		2020
Net sales	$	301,629	$	330,671
Cost of sales	194,696		208,248
Selling and administrative expenses	74,553		73,110
	269,249		281,358
Operating income	32,380		49,313
Interest expense	3,942		4,324
Other expense (income), net	1,463		1,594
Income before income taxes	26,975		43,395
Income taxes	7,593		13,662
Net income	$	19,382	$	29,733
Per common share:
Basic	$	0.38	$	0.58
Diluted	0.38		0.58
Weighted average common shares outstanding:
Basic	50,933,666		51,061,132
Diluted	51,087,688		51,501,857

See accompanying notes.

3

BARNES GROUP INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Dollars in thousands)

(Unaudited)

	Three Months Ended March 31,
	2021		2020
Net income	$	19,382	$	29,733
Other comprehensive loss, net of tax
Unrealized loss on hedging activities, net of tax (1)	(652)		(2,337)
Foreign currency translation adjustments, net of tax (2)	(47,882)		(36,333)
Defined benefit pension and other postretirement benefits, net of tax (3)	3,632		4,481
Total other comprehensive loss, net of tax	(44,902)		(34,189)
Total comprehensive loss	$	(25,520)	$	(4,456)

(1) Net of tax of $(184) and $(823) for the three months ended March 31, 2021 and 2020, respectively.

(2) Net of tax of $0 and $(66) for the three months ended March 31, 2021 and 2020, respectively.

(3) Net of tax of $1,069 and $810 for the three months ended March 31, 2021 and 2020, respectively.

See accompanying notes.

4

BARNES GROUP INC.

CONSOLIDATED BALANCE SHEETS

(Dollars in thousands, except per share data)

(Unaudited)

	March 31, 2021		December 31, 2020
Assets
Current assets
Cash and cash equivalents	$	84,900	$	79,145
Accounts receivable, less allowances (2021 - $6,394; 2020 - $6,348)	252,548		251,460
Inventories	233,465		238,008
Prepaid expenses and other current assets	77,490		73,732
Total current assets	648,403		642,345
Deferred income taxes	21,653		22,092
Property, plant and equipment	896,096		910,378
Less accumulated depreciation	(539,824)		(539,431)
	356,272		370,947
Goodwill	971,851		1,011,580
Other intangible assets, net	541,148		564,132
Other assets	60,937		65,130
Total assets	$	2,600,264	$	2,676,226
Liabilities and Stockholders' Equity
Current liabilities
Notes and overdrafts payable	$	7,507	$	2,115
Accounts payable	118,756		112,428
Accrued liabilities	169,277		178,560
Long-term debt - current	2,051		2,276
Total current liabilities	297,591		295,379
Long-term debt	664,015		699,868
Accrued retirement benefits	94,066		98,171
Deferred income taxes	88,117		91,668
Long-term tax liability	59,063		59,063
Other liabilities	46,045		49,400
Commitments and contingencies (Note 16)
Stockholders' equity
Common stock - par value $0.01 per share Authorized: 150,000,000 shares Issued: at par value (2021 - 64,183,161 shares; 2020 - 64,171,321 shares)	642		642
Additional paid-in capital	503,937		501,531
Treasury stock, at cost (2021 - 13,531,343 shares; 2020 - 13,530,074 shares)	(517,060)		(516,992)
Retained earnings	1,531,065		1,519,811
Accumulated other non-owner changes to equity	(167,217)		(122,315)
Total stockholders' equity	1,351,367		1,382,677
Total liabilities and stockholders' equity	$	2,600,264	$	2,676,226

See accompanying notes.

5

BARNES GROUP INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Dollars in thousands)

(Unaudited)

	Three Months Ended March 31,
	2021		2020
Operating activities:
Net income	$	19,382	$	29,733
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	21,992		23,617
Gain on disposition of property, plant and equipment	(50)		(123)
Stock compensation expense	2,306		2,552
Seeger divestiture charges	—		6,620
Changes in assets and liabilities, net of the effects of divestitures:
Accounts receivable	(7,590)		9,592
Inventories	78		(12,788)
Prepaid expenses and other current assets	(4,882)		(3,227)
Accounts payable	9,121		1,328
Accrued liabilities	(6,456)		(7,885)
Deferred income taxes	(101)		462
Long-term retirement benefits	(569)		(3,518)
Other	2,381		826
Net cash provided by operating activities	35,612		47,189
Investing activities:
Proceeds from disposition of property, plant and equipment	83		185
Proceeds from the sale of businesses, net of cash sold	—		36,879
Capital expenditures	(7,855)		(11,912)
Other	3,758		—
Net cash (used) provided by investing activities	(4,014)		25,152
Financing activities:
Net change in other borrowings	5,354		20,775
Payments on long-term debt	(30,933)		(108,521)
Proceeds from the issuance of long-term debt	15,000		75,000
Proceeds from the issuance of common stock	125		183
Common stock repurchases	—		(15,550)
Dividends paid	(8,104)		(8,133)
Withholding taxes paid on stock issuances	(68)		(84)
Other	(5,816)		(7,252)
Net cash used by financing activities	(24,442)		(43,582)
Effect of exchange rate changes on cash flows	(2,331)		(3,111)
Increase in cash, cash equivalents and restricted cash	4,825		25,648
Cash, cash equivalents and restricted cash at beginning of period	91,468		93,805
Cash, cash equivalents and restricted cash at end of period	96,293		119,453
Less: Restricted cash, included in Prepaid expenses and other current assets	(6,198)		—
Less: Restricted cash, included in Other assets	(5,195)		(6,626)
Cash and cash equivalents at end of period	$	84,900	$	112,827

See accompanying notes.

6

BARNES GROUP INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(All dollar amounts included in the notes are stated in thousands except per share data)

(Unaudited)

1. Basis of Presentation

The accompanying unaudited consolidated balance sheet and the related unaudited consolidated statements of income, comprehensive income and cash flows have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. The consolidated financial statements do not include all information and notes required by accounting principles generally accepted in the United States of America for complete financial statements. The balance sheet as of December 31, 2020 has been derived from the 2020 financial statements of Barnes Group Inc. (the “Company”). For additional information, please refer to the consolidated financial statements and notes included in the Company's Annual Report on Form 10-K for the year ended December 31, 2020. In the opinion of management, all adjustments, including normal recurring accruals considered necessary for a fair statement of the results, have been included. Operating results for the three-month period ended March 31, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021. Certain reclassifications have been made to prior year amounts to conform to current year presentation.

The COVID-19 pandemic ("COVID-19") has resulted in a disruption in business activities worldwide and has caused weakened economic conditions, both in the United States and abroad. COVID-19 has had, and may continue to have, a significant negative impact on the Company's ongoing operations and the end markets in which it serves. The Company has assessed the impacts that COVID-19 has had on its accounting estimates, assumptions and disclosures.

2. Divestiture

On December 20, 2019, the Company entered into a Share Purchase and Transfer Agreement ("SPA") with the Kajo Neukirchen Group ("KNG") to sell the Seeger business, consisting of partnership interests and shares, respectively, of Seeger-Orbis GmbH & Co. OHG and Seeger-Orbis Mechanical Components (Tianjin) Co., Ltd. (“Seeger”) for 42,500 Euros, subject to certain adjustments. The Company completed the sale of the Seeger business to KNG effective February 1, 2020. Gross proceeds received were 38,964 Euros ($42,915) after consideration of post-closing adjustments, which were made during the fourth quarter of 2020, pursuant to the terms of the SPA. The Company yielded net cash proceeds of $36,062 after consideration of cash sold and transaction costs. Resulting tax charges of $4,211 were recognized in the first quarter of 2020 following the completion of the sale. Divestiture charges of $2,409 resulted from the completion of the sale and were recorded within Selling and Administrative expenses on the Consolidated Statements of Income in the quarter ended March 31, 2020.

The Company utilized the proceeds from the sale to reduce debt under the Amended Credit Agreement. Pursuant to the SPA, 6,000 Euros of the proceeds were placed in escrow and will be released through 2024, pending any potential settlement of claims. Cash related to a pending claim would remain in escrow until a final determination of the claim has been made. The Company has recorded the restricted cash in Prepaid Expenses and Other Current Assets and Other Assets (non-current) as of March 31, 2021.

3. Recent Accounting Standards

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

Recently Adopted Accounting Standards

In June 2016, the FASB amended its guidance related to credit losses on financial instruments. The amended guidance requires the use of a methodology of estimation that reflects expected credit losses on certain types of financial instruments, including trade receivables, as a replacement to the current methodology, which estimates losses based on incurred credit losses. This expected credit loss methodology requires that the Company consider a broader range of information when estimating credit losses on receivables. The amended guidance was effective for fiscal years, and interim periods within those years, beginning after December 15, 2019. The Company adopted this amended guidance and applicable FASB updates related to the guidance during the first quarter of 2020 and it did not have a material impact on the Company's Consolidated Financial Statements.

7

In December 2019, the FASB amended its guidance related to income taxes. The amended guidance simplifies the accounting for income taxes, eliminating certain exceptions to the general income tax principles, in an effort to reduce the cost and complexity of application. The amended guidance is effective for annual periods beginning after December 15, 2020, and interim periods within those reporting periods. Early adoption is permitted in any interim or annual period. The guidance requires application on either a prospective, retrospective or modified retrospective basis, contingent on the income tax exception being applied. The Company has adopted this guidance, on a prospective basis, on January 1, 2021 and it did not have a material impact on the Company's Consolidated Financial Statements.

Recently Issued Accounting Standards

The United Kingdom's Financial Conduct Authority, which regulates the London Interbank Offered Rate (“LIBOR”), announced its intent to phase out the use of LIBOR by the end of 2021. The U.S. Federal Reserve, in conjunction with the Alternative Reference Rates Committee, a steering committee comprised of large U.S. financial institutions, identified the Secured Overnight Financing Rate (“SOFR”) as its preferred benchmark alternative to U.S. dollar LIBOR. Published by the Federal Reserve Bank of New York, SOFR represents a measure of the cost of borrowing cash overnight, collateralized by U.S. Treasury securities, and is calculated based on directly observable U.S. Treasury-backed repurchase transactions. In March 2020, in response to this transition, the FASB issued guidance related to this rate reform, which provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships and other transactions that reference LIBOR or another reference rate expected to be discontinued by reference rate reform, and addresses operational issues likely to arise in modifying contracts to replace discontinued reference rates with new rates. In January 2021, the FASB issued further clarifying guidance regarding derivatives, as it relates to this transition. The guidance is effective through December 31, 2022. The Company’s Amended Credit Agreement (Note 9) and corresponding interest rate Swaps (Note 11) are tied to LIBOR, with each maturing in February 2026. The Company is continuing to monitor the potential impact of the replacement of LIBOR, but does not anticipate a material impact on our business, financial condition, results of operations or cash flows.

4. Revenue

The Company is a global provider of highly engineered products, differentiated industrial technologies, and innovative solutions, serving a wide range of end markets and customers. Its specialized products and services are used in far-reaching applications including aerospace, transportation, manufacturing, automation, healthcare and packaging.

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

8

The following table presents the Company's revenue disaggregated by products and services, and geographic regions, by segment:

	Three Months Ended March 31, 2021						Three Months Ended March 31, 2020
	Industrial		Aerospace		Total Company		Industrial		Aerospace		Total Company
Products and Services
Engineered Components Products	$	48,286	$	—	$	48,286	$	47,707	$	—	$	47,707
Molding Solutions Products	108,547		—		108,547		97,406		—		97,406
Force & Motion Control Products	45,657		—		45,657		39,791		—		39,791
Automation Products	17,497		—		17,497		14,196		—		14,196
Aerospace Original Equipment Manufacturer Products	—		55,528		55,528		—		81,706		81,706
Aerospace Aftermarket Products and Services	—		26,114		26,114		—		49,865		49,865
	$	219,987	$	81,642	$	301,629	$	199,100	$	131,571	$	330,671
Geographic Regions (A)
Americas	$	82,895	$	59,009	$	141,904	$	80,644	$	92,578	$	173,222
Europe	88,674		14,151		102,825		81,864		25,163		107,027
Asia	46,760		7,647		54,407		35,493		11,696		47,189
Rest of World	1,658		835		2,493		1,099		2,134		3,233
	$	219,987	$	81,642	$	301,629	$	199,100	$	131,571	$	330,671

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

Revenue from products and services transferred to customers at a point in time accounted for approximately 80 percent and 85 percent of total revenue for the three-month periods ended March 31, 2021 and 2020, respectively. A majority of revenue within the Industrial segment and Aerospace OEM business, along with a portion of revenue within the Aerospace Aftermarket business, is recognized at a point in time, primarily when the product or solution is shipped to the customer.

Revenue from products and services transferred to customers over-time accounted for approximately 20 percent and 15 percent of total revenue for the three-month periods ended March 31, 2021, and 2020, respectively. The Company recognizes revenue over-time in instances where a contract supports a continual transfer of control to the customer. Substantially all of our revenue in the Aerospace maintenance repair and overhaul business (within Aftermarket Products and Services) and a portion of the Engineered Components products, Molding Solutions products and Aerospace OEM products is recognized over-time. Within the Molding Solutions and Aerospace Aftermarket businesses, this continual transfer of control to the customer results from repair and refurbishment work performed on customer-controlled assets. With other contracts, this continual transfer of control to the customer is supported by clauses in the contract, or governing commercial law for the relevant jurisdiction, where we deliver products that do not have an alternative use and require an enforceable right to payment of costs incurred (plus a reasonable profit) or the Company has a contractual right to complete any work in process and receive full contract price.

The majority of our revenues are from contracts that are for less than one year, however certain Aerospace OEM and Molding Solutions business contracts extend beyond one year. In the Industrial segment, customers are typically OEMs or suppliers to OEMs and, in some businesses, distributors. In the Aerospace segment, customers include commercial airlines, OEMs and other aircraft and defense-related parts and service providers.

A performance obligation represents a promise within a contract to provide a distinct good or service to the customer. Revenue is recognized in an over-time model based on the extent of progress towards completion of the performance obligation. The selection of the method to measure progress towards completion requires judgment and is based on the nature of the products or services to be provided. The Company utilizes the cost-to-cost measure of progress for over time contracts as we believe this measure best depicts the transfer of control to the customer, which occurs as we incur costs on contracts.

9

Adjustments to net sales, cost of sales and the related impact to operating income are recognized as necessary in the period they become known. Revenue recognized from performance obligations satisfied in previous periods was not material in both the three months ended March 31, 2021 and 2020.

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

Unbilled Receivables (Contract Assets) - Pursuant to the over-time revenue recognition model, revenue may be recognized prior to the customer being invoiced. An unbilled receivable is recorded to reflect revenue that is recognized when 1) the cost-to-cost method is applied and 2) such revenue exceeds the amount invoiced to the customer. Unbilled receivables are included within Prepaid Expenses and Other Current Assets on the Consolidated Balance Sheets as of March 31, 2021 and December 31, 2020.

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

Net contract asset (liabilities) consisted of the following:

	March 31, 2021		December 31, 2020		$ Change		% Change
Unbilled receivables (contract assets)	$	35,796	$	33,009	$	2,787	8	%
Contract liabilities	(35,046)		(39,865)		4,819		(12)	%
Net contract asset (liabilities)	$	750	$	(6,856)	$	7,606	NM

NM - Not Meaningful

Contract liabilities balances at March 31, 2021 and December 31, 2020 include $11,158 and $12,750, respectively, of customer advances for which the Company has an unconditional right to collect payment. Accounts receivable, as presented on the Consolidated Balance Sheet, include corresponding balances at March 31, 2021 and December 31, 2020, respectively.

Changes in the net contract asset during the three-month period ended March 31, 2021 included a $4,819 decrease in contract liabilities, driven primarily by revenue recognized in the current period, partially offset by new customer advances and deposits. Adding to this net contract asset increase was a $2,787 increase in contract assets, driven primarily by contract progress (i.e. unbilled receivable), partially offset by earlier contract progress being invoiced to the customer.

The Company recognized approximately 40% of the revenue related to the contract liability balance as of December 31, 2020 during the three months ended March 31, 2021, and approximately 40% of the revenue related to the contract liability balance as of December 31, 2019 during the three months ended March 31, 2020, primarily representing revenue from the sale of molds and hot runners within the Molding Solutions business.

Remaining Performance Obligations. The Company has elected to disclose remaining performance obligations only for contracts with an original duration of greater than one year. Such remaining performance obligations represent the transaction price of firm orders for which work has not yet been performed and, for Aerospace, excludes projections of components and assemblies that Aerospace OEM customers anticipate purchasing in the future under existing programs, which represent orders that are beyond lead time and do not represent performance obligations pursuant to accounting guidance. As of March 31, 2021, the aggregate amount of the transaction price allocated to remaining performance obligations was $178,459. The Company expects to recognize revenue on approximately 70% of the remaining performance obligations over the next 12 months, with the remainder being recognized within 24 months.

10

5. Stockholders' Equity

A schedule of consolidated changes in equity for the three months ended March 31, 2021 is as follows (shares in thousands):

	Common Stock (Number of Shares)	Common Stock (Amount)		Additional Paid-In Capital		Treasury Stock (Number of Shares)	Treasury Stock (Amount)		Retained Earnings		Accumulated Other Non-Owner Changes to Equity		Total Stockholders’ Equity
December 31, 2020	64,171	$	642	$	501,531	13,530	$	(516,992)	$	1,519,811	$	(122,315)	$	1,382,677
Comprehensive income	—	—		—		—	—		19,382		(44,902)		(25,520)
Dividends declared ($0.16 per share)	—	—		—		—	—		(8,104)		—		(8,104)
Employee stock plans	12	—		2,406		1	(68)		(24)		—		2,314
March 31, 2021	64,183	$	642	$	503,937	13,531	$	(517,060)	$	1,531,065	$	(167,217)	$	1,351,367

A schedule of consolidated changes in equity for the three months ended March 31, 2020 is as follows (shares in thousands):

	Common Stock (Number of Shares)	Common Stock (Amount)		Additional Paid-In Capital		Treasury Stock (Number of Shares)	Treasury Stock (Amount)		Retained Earnings		Accumulated Other Non-Owner Changes to Equity		Total Stockholders’ Equity
December 31, 2019	63,873	$	639	$	489,282	13,051	$	(498,074)	$	1,489,176	$	(210,495)	$	1,270,528
Comprehensive income	—	—		—		—	—		29,733		(34,189)		(4,456)
Dividends declared ($0.16 per share)	—	—		—		—	—		(8,133)		—		(8,133)
Common stock repurchases	—	—		—		396	(15,550)		—		—		(15,550)
Employee stock plans	17	—		2,743		2	(84)		(88)		—		2,571
March 31, 2020	63,890	$	639	$	492,025	13,449	$	(513,708)	$	1,510,688	$	(244,684)	$	1,244,960

6. Net Income Per Common Share

For the purpose of computing diluted net income per common share, the weighted-average number of common shares outstanding is increased for the potential dilutive effects of stock-based incentive plans. For the purpose of computing diluted net income per common share, the weighted-average number of common shares outstanding was increased by 154,022 and 440,725 for the three-month periods ended March 31, 2021 and 2020, respectively.

The calculation of weighted-average diluted shares outstanding excludes all shares that would have been anti-dilutive. During the three-month periods ended March 31, 2021 and 2020, the Company excluded 522,117 and 325,670 stock awards, respectively, from the calculation of weighted-average diluted shares outstanding as the stock awards were considered anti-dilutive.

The Company granted 144,000 stock options, 104,029 restricted stock unit awards and 99,155 performance share awards ("PSAs") in February 2021 as part of its annual long-term incentive equity grant awards. All of the stock options and the restricted stock unit awards vest upon meeting certain service conditions. The restricted stock unit awards are included in basic weighted-average common shares outstanding as they contain nonforfeitable rights to dividend payments. The PSAs are part of the long-term Performance Share Award Program and are based on performance goals that are driven by a combination of independently measured metrics (depending on the grant year) with each metric being weighted equally. The metrics for awards granted in 2021 include the Company’s total shareholder return (“TSR”), return on invested capital (“ROIC”) and operating income before depreciation and amortization growth ("EBITDA growth"). The TSR and EBITDA growth metrics are designed to assess the long-term Company performance relative to the performance of companies included in the Russell 2000 Index over a three-year performance period. ROIC is designed to assess the Company's performance compared to pre-established Company targets over a three-year performance period. The participants can earn from zero to 250% of the target award and the award includes a forfeitable right to dividend equivalents, which are not included in the aggregate target award numbers. The fair value of the TSR is determined using a Monte Carlo valuation method as the award contains a market condition.

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7. Inventories

The components of inventories consisted of:

	March 31, 2021		December 31, 2020
Finished goods	$	78,023	$	79,833
Work-in-process	75,858		76,542
Raw material and supplies	79,584		81,633
	$	233,465	$	238,008

8. Goodwill and Other Intangible Assets

Goodwill:

The following table sets forth the change in the carrying amount of goodwill for each reportable segment and for the Company as of and for the period ended March 31, 2021:

	Industrial		Aerospace		Total Company
December 31, 2020	$	980,794	$	30,786	$	1,011,580
Foreign currency translation	(39,729)		—		(39,729)
March 31, 2021	$	941,065	$	30,786	$	971,851

Other Intangible Assets:

Other intangible assets consisted of:

		March 31, 2021				December 31, 2020
	Range of Life -Years	Gross Amount		Accumulated Amortization		Gross Amount		Accumulated Amortization
Amortized intangible assets:
Revenue Sharing Programs (RSPs)	Up to 30	$	299,500	$	(144,937)	$	299,500	$	(143,209)
Component Repair Programs (CRPs)	Up to 30	111,839		(31,918)		111,839		(30,869)
Customer relationships	10-16	338,366		(123,806)		338,366		(118,752)
Patents and technology	4-11	123,433		(79,623)		123,433		(77,311)
Trademarks/trade names	10-30	10,949		(10,431)		10,949		(10,377)
Other	Up to 15	10,746		(4,733)		10,746		(4,580)
		894,833		(395,448)		894,833		(385,098)
Unamortized intangible assets:
Trade names		55,670		—		55,670		—
Foreign currency translation		(13,907)		—		(1,273)		—
Other intangible assets		$	936,596	$	(395,448)	$	949,230	$	(385,098)

Estimated amortization of intangible assets for future periods is as follows: 2021 (remainder) - $32,000; 2022 - $42,000; 2023- $44,000; 2024 - $44,000, 2025 - $44,000 and 2026- $43,000.

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9. Debt

Long-term debt and notes and overdrafts payable at March 31, 2021 and December 31, 2020 consisted of:

	March 31, 2021				December 31, 2020
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Amended Credit Agreement	$	558,526	$	596,456	$	593,622	$	601,936
3.97% Senior Notes	100,000		109,282		100,000		109,151
Borrowings under lines of credit and overdrafts	7,507		7,507		2,115		2,115
Finance leases	7,343		8,508		8,268		8,650
Other foreign bank borrowings	197		199		254		257
	673,573		721,952		704,259		722,109
Less current maturities	(9,558)				(4,391)
Long-term debt	$	664,015			$	699,868

In October 2014, the Company entered into a Note Purchase Agreement (“Note Purchase Agreement”), among the Company and New York Life Insurance Company, New York Life Insurance and Annuity Corporation and New York Life Insurance and Annuity Corporation Institutionally Owned Life Insurance Separate Account, as purchasers, for the issuance of $100,000 aggregate principal amount of 3.97% Senior Notes due October 17, 2024 (the “3.97% Senior Notes”). The 3.97% Senior Notes are senior unsecured obligations of the Company and pay interest semi-annually on April 17 and October 17 of each year at an annual rate of 3.97%. The 3.97% Senior Notes will mature on October 17, 2024 unless earlier prepaid in accordance with their terms. Subject to certain conditions, the Company may, at its option, prepay all or any part of the 3.97% Senior Notes in an amount equal to 100% of the principal amount of the 3.97% Senior Notes so prepaid, plus any accrued and unpaid interest to the date of prepayment, plus the Make-Whole Amount, as defined in the Note Purchase Agreement, with respect to such principal amount being prepaid. The fair value of the 3.97% Senior Notes was determined using the U.S. Treasury yield and a long-term credit spread for similar types of borrowings, which represent Level 2 observable inputs.

On October 8, 2020, the Company entered into the sixth amendment to its fifth amended and restated revolving credit agreement with Bank of America (the “Sixth Amendment”) and the first amendment to the Note Purchase Agreement with New York Life (the “First NPA Amendment”). The Sixth Amendment maintained the borrowing availability of $1,000,000 along with access to request $200,000 through an accordion feature. The Sixth Amendment and the First NPA Amendment provided for an increase in the Company’s maximum ratio of Consolidated Senior Debt, as defined, to Consolidated EBITDA, as defined, from 3.25 times (or, if a certain permitted acquisition above $150,000 is consummated, 3.50 times) to 3.75 times in each case at the end of the four fiscal quarters, beginning with December 31, 2020, and regardless of whether a permitted acquisition, as defined, is consummated, providing additional financing flexibility and access to liquidity. Additionally, the Sixth Amendment requires the Company to maintain a maximum ratio of Consolidated Total Debt, as defined, to Consolidated EBITDA, of not more than 3.75 times in each case, at the end of the four fiscal quarters, beginning with December 31, 2020 and regardless of whether a permitted acquisition, as defined, is consummated. Furthermore, the First NPA Amendment provides for (i) adjustments to the ratio of Consolidated Total Debt, as defined, to Consolidated EBITDA, as defined, to conform to a more restrictive total leverage ratio that may be required under the Amended Credit Agreement, (ii) an increase in the amount of allowable add-back for restructuring charges when calculating Consolidated EBITDA from $15,000 to $25,000 and (iii) a required fee payment equal to 0.50% per annum times the daily outstanding principal amount of the note during each of the four fiscal quarters, following the quarter ended December 31, 2020, if the Company’s Senior Leverage Ratio, as defined, exceeds 3.25 times. In October 2020, the Company paid fees and expenses of $1,384 in conjunction with executing the Amendments; such fees have been deferred within Other Assets on the accompanying Consolidated Balance Sheet and are being amortized on the Consolidated Statements of Income.

On February 10, 2021, the Company and certain of its subsidiaries entered into the sixth amended and restated senior unsecured revolving credit agreement (the "Amended Credit Agreement") and retained Bank of America, N.A. as the Administrative Agent for the lenders. The Amended Credit Agreement maintains the $1,000,000 of availability within the facility, while increasing the available borrowings under the accordion feature from $200,000 to $250,000 (aggregate availability of $1,250,000) and extends the maturity date through February 2026. The Amended Credit Agreement also adjusts the interest rate to either the Eurocurrency rate, as defined in the Amended Credit Agreement, plus a margin of 1.175% to 1.775% or the base rate, as defined in the Amended Agreement, plus a margin of 0.175% and 0.775%, depending on the Company's leverage ratio at the time of the borrowing. Multi-currency borrowings, pursuant to the Amended Credit Agreement, bear interest at their respective interbank offered rate (i.e. Euribor) or 0.00% (higher of the two rates) plus a margin of between 1.175% to 1.775%.

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As with the earlier facility, the Company's borrowing capacity is limited by various debt covenants in the Amended Credit Agreement, as described further below. The Amended Credit Agreement requires the Company to maintain a Senior Debt Ratio of not more than 3.75 times at the end of each fiscal quarter ending on or before September 30, 2021, after which the ratio will revert to 3.25 times (or, if a permitted acquisition above $150,000 is consummated, 3.50 times at the end of each of the first four fiscal quarters ending after the consummation of any such acquisition). In addition, the Amended Credit Agreement requires the Company to maintain a Total Debt Ratio of not more than 3.75 for each fiscal quarter (or, if a permitted acquisition above $150,000 is consummated, 4.25 times at the end of each of the first four fiscal quarters ending after the consummation of any such acquisition, however, such increase in the ratio will not be effective during any period prior to October 1, 2021). A ratio of Consolidated EBITDA to Consolidated Cash Interest Expense, as defined, of not less than 4.25, is required at the end of each fiscal quarter. The Company paid fees and expenses of $4,279 in the first quarter of 2021 in conjunction with executing the Amended Credit Agreement; such fees have been deferred within Other assets on the Consolidated Balance and will be amortized into interest expense on the Consolidated Statements of Income through its maturity. Cash used to pay these fees has been recorded through other financing activities on the Consolidated Statements of Cash Flows.

Borrowings and availability under the Amended Credit Agreement were $558,526 and $441,474, respectively, at March 31, 2021 and borrowings and availability under the Sixth Amendment were $593,622 and $406,378, respectively, at December 31, 2020, subject to covenants in the Company's revolving debt agreements. At March 31, 2021, additional borrowings of $142,716 of Total Debt (including $142,716 of Senior Debt) would have been allowed under the financial covenants. The average interest rate on these borrowings was 1.48% and 1.42% on March 31, 2021 and December 31, 2020, respectively. Borrowings included Euro-denominated borrowings of 331,450 Euros ($388,525) at March 31, 2021 and 344,450 Euros ($423,622) at December 31, 2020. The fair value of the borrowings is based on observable Level 2 inputs. The borrowings were valued using discounted cash flows based upon the Company's estimated interest costs for similar types of borrowings.

At March 31, 2021, the Company was in compliance with all applicable covenants. The Company currently anticipates that it will maintain compliance with all of its covenants in the next four quarters while continuing to monitor its future compliance based on current and future economic conditions. The Company's most restrictive financial covenant is the Senior Debt Ratio, which required the Company to maintain a ratio of Consolidated Senior Debt to Consolidated EBITDA of not more than 3.75 times at March 31, 2021. The actual ratio at March 31, 2021 was 3.09 times, as defined.

In addition, the Company has approximately $82,000 in uncommitted short-term bank credit lines ("Credit Lines") and overdraft facilities. The Credit Lines are accessed locally and are available primarily within the U.S., Europe and Asia. The Credit Lines are subject to the applicable borrowing rates within each respective country and vary between jurisdictions (i.e. LIBOR, Euribor, etc.). Under the Credit Lines, $7,500 was borrowed at March 31, 2021 at an average interest rate of 1.09% and $2,100 was borrowed at December 31, 2020 at an average interest rate of 1.10%. The Company had also borrowed $7 and $15 under the overdraft facilities at March 31, 2021 and December 31, 2020, respectively. Repayments under the Credit Lines are due within one month after being borrowed. Repayments of the overdrafts are generally due within two days after being borrowed. The carrying amounts of the Credit Lines and overdrafts approximate fair value due to the short maturities of these financial instruments.

The Company also has several finance leases under which $7,343 and $8,268 was outstanding at March 31, 2021 and December 31, 2020, respectively. The fair value of the finance leases are based on observable Level 2 inputs. These instruments were valued using discounted cash flows based upon the Company's estimated interest costs for similar types of borrowings.

At March 31, 2021 and December 31, 2020, the Company also had other foreign bank borrowings of $197 and $254, respectively. The fair value of the other foreign bank borrowings was based on observable Level 2 inputs. These instruments were valued using discounted cash flows based upon the Company's estimated interest costs for similar types of borrowings.

10. Derivatives

The Company has manufacturing and sales facilities around the world and thus makes investments and conducts business transactions denominated in various currencies. The Company is also exposed to fluctuations in interest rates and commodity price changes. These financial exposures are monitored and managed by the Company as an integral part of its risk management program.

Derivative financial instruments have been used by the Company to hedge its exposure to fluctuations in interest rates. On April 28, 2017, the Company entered into an interest rate swap agreement (the "2017 Swap") with one bank which converts the interest on the first $100,000 of the Company's one-month LIBOR-based borrowings from a variable rate plus the borrowing spread to a fixed rate of 1.92% plus the borrowing spread. The 2017 Swap expires on January 31, 2022. On March 24, 2021, the Company entered into a new interest rate swap agreement (the "2021 Swap") with this same bank that will commence on

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January 31, 2022 and will convert the interest on the first $100,000 of the Company's one-month LIBOR-based borrowings from a variable rate plus the borrowing spread to a fixed rate of 1.17% plus the borrowing spread. The 2021 Swap will expire on January 30, 2026. These interest rate swap agreements (the "Swaps") remained in place at March 31, 2021 and are accounted for as cash flow hedges.

The Company also uses derivative financial instruments to hedge its exposures to fluctuations in foreign currency exchange rates. The Company has various contracts outstanding which primarily hedge recognized assets or liabilities and anticipated transactions in various currencies including the Euro, British pound sterling, U.S. dollar, Canadian dollar, Japanese yen, Singapore dollar, Korean won, Swedish kroner, Chinese renminbi, Mexican peso, Hong Kong dollar and Swiss franc. Certain foreign currency derivative instruments are treated as cash flow hedges of forecasted transactions. All foreign exchange contracts are due within two years.

The Company does not use derivatives for speculative or trading purposes or to manage commodity exposures.

The Company records the derivatives at fair value on the Consolidated Balance Sheets within Prepaid Expenses and Other Current Assets, Other Assets, Accrued Liabilities or Other Liabilities depending on their fair value and remaining contractual period. Changes in the fair market value of derivatives accounted for as cash flow hedges are recorded to accumulated other comprehensive income (loss) and reclassified to earnings in a manner that matches the earnings impact of the hedged transaction. Reclassifications to earnings for the Swaps are recorded through interest expense and reclassifications to earnings for foreign exchange contracts are recorded through net sales. Changes in the fair market value of the foreign exchange contracts that are not designated hedging instruments are recorded directly to earnings through other expense (income), net.

The fair values of derivatives were not material to the Company's Consolidated Balance Sheets as of March 31, 2021 or December 31, 2020. The activity related to the derivatives that have been designated hedging instruments was not material to the Company's Consolidated Financial Statements for the periods ended March 31, 2021 or 2020. The Company recognized losses of $3,302 and $12,195 related to the foreign exchange contracts that are not accounted for as hedging instruments within other expense (income), net, in the Consolidated Statements of Income for the three-month periods ended March 31, 2021 and 2020, respectively. Such losses were substantially offset by net gains recorded on the underlying hedged asset or liability (the "underlying"). Offsetting net gains or losses on the underlying are also recorded within other expense (income), net.

The Company's policy for classifying cash flows from derivatives is to report the cash flows consistent with the underlying hedged item. Other financing cash flows during the three months ended March 31, 2021 and 2020, as presented on the Consolidated Statements of Cash Flows, include $1,567 and $7,212, respectively, of net cash payments related to the settlement of foreign currency hedges related to intercompany financing.

11. Fair Value Measurements

The provisions of the accounting standard for fair value define fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. This standard classifies the inputs used to measure fair value into the following hierarchy:

Level 1    Unadjusted quoted prices in active markets for identical assets or liabilities.

Level 2    Unadjusted quoted prices in active markets for similar assets or liabilities, or unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or inputs other than quoted prices that are observable for the asset or liability.

Level 3    Unobservable inputs for the asset or liability.

The following table provides the assets and liabilities reported at fair value and measured on a recurring basis:

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			Fair Value Measurements Using
Description	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
March 31, 2021
Asset derivatives	$	441	$	—	$	441	$	—
Liability derivatives	(3,091)		—		(3,091)		—
Bank acceptances	10,509		—		10,509		—
Rabbi trust assets	3,306		3,306		—		—
Total	$	11,165	$	3,306	$	7,859	$	—
December 31, 2020
Asset derivatives	$	1,642	$	—	$	1,642	$	—
Liability derivatives	(1,988)		—		(1,988)		—
Bank acceptances	13,267		—		13,267		—
Rabbi trust assets	3,233		3,233		—		—
Total	$	16,154	$	3,233	$	12,921	$	—

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

12. Pension and Other Postretirement Benefits

Pension and other postretirement benefits expenses consisted of the following:

	Three Months Ended March 31,
Pensions	2021		2020
Service cost	$	1,741	$	1,649
Interest cost	3,172		3,817
Expected return on plan assets	(6,972)		(7,393)
Amortization of prior service cost	85		80
Amortization of actuarial losses	3,926		3,339
Net periodic benefit cost	$	1,952	$	1,492

	Three Months Ended March 31,
Other Postretirement Benefits	2021		2020
Service cost	$	25	$	22
Interest cost	206		264
Amortization of prior service cost	7		7
Amortization of actuarial losses	70		23
Net periodic benefit cost	$	308	$	316

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The service cost component of net periodic benefit cost is included within cost of sales and selling and administrative expenses. The components of net periodic benefit cost other than the service cost component are included in Other Income (Expense) on the Consolidated Statements of Income.

13. Income Taxes

The Company's effective tax rate for the first quarter of 2021 was 28.1% compared with 31.5% in the first quarter of 2020 and 37.6% for the full year 2020. The decrease in the first quarter of 2021 effective tax rate from the full year 2020 rate is primarily due to an increase in projected earnings in jurisdictions with lower tax rates, a reduction in tax reserves due to statute of limitations expiration and the absence of tax expense related to the completed sale of the Seeger business in the first quarter of 2020. The tax rate benefits were partially offset by additional expense related to the global intangible low-tax income tax.

The Aerospace and Industrial segments have a number of multi-year tax holidays in Singapore and China. The tax holiday in China expired at the end of 2020. The Company has re-applied for approval of a potential three-year holiday in China which could reduce the tax rate. The Company anticipates notification of a decision on its application for the holiday in the latter half of 2021. These holidays are subject to the Company meeting certain commitments in the respective jurisdictions. Aerospace was granted an income tax holiday for operations recently established in Malaysia. This holiday commenced effective November 2020 and remains effective for a period of ten years from inception.

14. Changes in Accumulated Other Comprehensive Income (Loss) by Component

The following tables set forth the changes in accumulated other comprehensive income (loss), net of tax, by component for the three-month periods ended March 31, 2021 and 2020:

	Gains and Losses on Cash Flow Hedges		Pension and Other Postretirement Benefit Items		Foreign Currency Items		Total
December 31, 2020	$	(757)	$	(142,119)	$	20,561	$	(122,315)
Other comprehensive (loss) income before reclassifications	(888)		498		(47,882)		(48,272)
Amounts reclassified from accumulated other comprehensive income to the consolidated statements of income	236		3,134		—		3,370
Net current-period other comprehensive (loss) income	(652)		3,632		(47,882)		(44,902)
March 31, 2021	$	(1,409)	$	(138,487)	$	(27,321)	$	(167,217)

	Gains and Losses on Cash Flow Hedges		Pension and Other Postretirement Benefit Items		Foreign Currency Items		Total
December 31, 2019	$	(115)	$	(144,047)	$	(66,333)	$	(210,495)
Other comprehensive (loss) income before reclassifications	(2,879)		1,842		(36,333)		(37,370)
Amounts reclassified from accumulated other comprehensive income to the consolidated statements of income	542		2,639		—		3,181
Net current-period other comprehensive (loss) income	(2,337)		4,481		(36,333)		(34,189)
March 31, 2020	$	(2,452)	$	(139,566)	$	(102,666)	$	(244,684)

The following table sets forth the reclassifications out of accumulated other comprehensive income (loss) by component for the three-month periods ended March 31, 2021 and 2020:

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Details about Accumulated Other Comprehensive Income (Loss) Components	Amount Reclassified from Accumulated Other Comprehensive Income (Loss)				Affected Line Item in the Consolidated Statements of Income
	Three Months Ended March 31, 2021		Three Months Ended March 31, 2020
Gains and losses on cash flow hedges
Interest rate contracts	$	(449)	$	(61)	Interest expense
Foreign exchange contracts	128		(523)		Net sales
	(321)		(584)		Total before tax
	85		42		Tax benefit
	(236)		(542)		Net of tax
Pension and other postretirement benefit items
Amortization of prior service costs	$	(92)	$	(87)	(A)
Amortization of actuarial losses	(3,996)		(3,362)		(A)
	(4,088)		(3,449)		Total before tax
	954		810		Tax benefit
	(3,134)		(2,639)		Net of tax
Total reclassifications in the period	$	(3,370)	$	(3,181)

(A) These accumulated other comprehensive income (loss) components are included within the computation of net periodic Pension and Other Postretirement Benefits cost. See Note 12.

15. Information on Business Segments

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

Industrial is a global provider of highly-engineered, high-quality precision components, products and systems for critical applications serving a diverse customer base in end-markets such as transportation, industrial equipment, automation, personal care, packaging, electronics, and medical devices. Focused on innovative custom solutions, Industrial participates in the design phase of components and assemblies whereby customers receive the benefits of application and systems engineering, new product development, testing and evaluation, and the manufacturing of final products. Products are sold primarily through its direct sales force and global distribution channels. Industrial's Molding Solutions business designs and manufactures customized hot runner systems, advanced mold cavity sensors and process control systems, and precision high cavitation mold assemblies - collectively, the enabling technologies for many complex injection molding applications. The Force & Motion Control business provides innovative cost effective force and motion control solutions for a wide range of metal forming and other industrial markets. The Automation business designs and develops pneumatic robotic grippers, advanced end-of-arm tooling systems, sensors and other automation components for intelligent robotic handling solutions and industrial automation applications. Industrial's Engineered Components business manufactures and supplies precision mechanical products used in transportation and industrial applications, including mechanical springs, and high-precision punched and fine-blanked components.

Aerospace is a global manufacturer of complex fabricated and precision machined components and assemblies for turbine engines, nacelles and structures for both commercial and defense-related aircraft. The Aerospace Aftermarket business provides aircraft engine component maintenance, repair and overhaul ("MRO") services, including services performed under our Component Repair Programs (“CRPs”), for many of the world’s major turbine engine manufacturers, commercial airlines and the defense market. The Aerospace Aftermarket business also manufactures and supplies aerospace aftermarket spare parts, including through revenue sharing programs (“RSPs”) under which the Company receives an exclusive right to supply designated aftermarket parts over the life of specific aircraft engine programs.

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The following tables set forth information about the Company's operations by its two reportable segments:

	Three Months Ended March 31,
	2021		2020
Net sales
Industrial	$	219,992	$	199,100
Aerospace	81,642		131,571
Intersegment sales	(5)		—
Total net sales	$	301,629	$	330,671
Operating profit
Industrial	$	21,295	$	17,924
Aerospace	11,085		31,389
Total operating profit	32,380		49,313
Interest expense	3,942		4,324
Other expense (income), net	1,463		1,594
Income before income taxes	$	26,975	$	43,395

	March 31, 2021		December 31, 2020
Assets
Industrial	$	1,841,248	$	1,908,389
Aerospace	614,029		623,547
Other (A)	144,987		144,290
Total assets	$	2,600,264	$	2,676,226

(A) "Other" assets include corporate-controlled assets, the majority of which are cash and cash equivalents and deferred tax assets.

16. Commitments and Contingencies

Product Warranties

The Company provides product warranties in connection with the sale of certain products. From time to time, the Company is subject to customer claims with respect to product warranties. The Company accrues its estimated exposure for warranty claims at the time of sale based upon the length of the warranty period, historical experience and other related information known to the Company. Liabilities related to product warranties and extended warranties were not material as of March 31, 2021 and December 31, 2020.

Litigation

The Company is subject to litigation from time to time in the ordinary course of business and various other suits, proceedings and claims are pending involving the Company and its subsidiaries. The Company records a loss contingency liability when a loss is considered probable and the amount can be reasonably estimated. While it is not possible to determine the ultimate disposition of each of these proceedings and whether they will be resolved consistent with the Company's beliefs, the Company expects that the outcome of such proceedings, individually or in the aggregate, will not have a material adverse effect on financial condition or results of operations.

17. Business Reorganization

In June 2020, the Company announced restructuring and workforce reduction actions ("Actions") to be implemented across its businesses and functions in response to the macroeconomic disruption in global industrial and aerospace end markets arising from COVID-19. During 2020, a resulting pre-tax charge of $19,116 was recorded ($18,158 through operating profit), primarily related to employee severance and termination benefits (recorded largely during the second quarter of 2020). These actions were substantially complete as of December 31, 2020 and reduced the Company’s global workforce by approximately

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8%. A corresponding liability of $6,715, per below, was included within accrued liabilities as of March 31, 2021. The Company does not expect any additional costs related to the Actions to be significant.

The following table sets forth the change in the liability related to these actions:

December 31, 2020	$	13,151
Payments	(6,436)
March 31, 2021	$	6,715

_________________________________________________________________________________________

With respect to the unaudited consolidated financial information of Barnes Group Inc. for the three month period ended March 31, 2021 and 2020, PricewaterhouseCoopers LLP reported that they have applied limited procedures in accordance with professional standards for a review of such information. However, their separate report dated April 30, 2021 appearing herein, states that they did not audit and they do not express an opinion on that unaudited consolidated financial information. Accordingly, the degree of reliance on their report should be restricted in light of the limited nature of the review procedures applied. PricewaterhouseCoopers LLP is not subject to the liability provisions of Section 11 of the Securities Act of 1933, as amended, for their report on the unaudited consolidated financial information because that report is not a “report” or a “part” of the registration statement prepared or certified by PricewaterhouseCoopers LLP within the meaning of Sections 7 and 11 of the Securities Act of 1933, as amended.

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Report of Independent Registered Public Accounting Firm

To the Board of Directors and Stockholders of Barnes Group Inc.

Results of Review of Interim Financial Information

We have reviewed the accompanying consolidated balance sheet of Barnes Group Inc. and its subsidiaries (the “Company”) as of March 31, 2021, and the related consolidated statements of income, of comprehensive income, and of cash flows for the three-month periods ended March 31, 2021 and 2020, including the related notes (collectively referred to as the “interim financial information”). Based on our reviews, we are not aware of any material modifications that should be made to the accompanying interim financial information for it to be in conformity with accounting principles generally accepted in the United States of America.

We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the consolidated balance sheet of the Company as of December 31, 2020, and the related consolidated statements of income, of comprehensive income, of changes in stockholders’ equity, and of cash flows for the year then ended (not presented herein), and in our report dated February 22, 2021, which included a paragraph describing a change in the manner of accounting for leases in the 2019 financial statements, we expressed an unqualified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying consolidated balance sheet information as of December 31, 2020, is fairly stated, in all material respects, in relation to the consolidated balance sheet from which it has been derived.

Basis for Review Results

This interim financial information is the responsibility of the Company’s management. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our review in accordance with the standards of the PCAOB. A review of interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.

/s/ PricewaterhouseCoopers LLP

Hartford, Connecticut

April 30, 2021

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Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

OVERVIEW

Please refer to the Overview in the Management's Discussion and Analysis of Financial Condition and Results of Operations in the Company's Annual Report on Form 10-K for the year ended December 31, 2020. The Annual Report on Form 10-K and other documents related to the Company are located on the Company's website: www.bginc.com.

First Quarter Highlights

The Company reported net sales of $301.6 million in the first quarter of 2021, a decrease of $29.0 million or 8.8%, from the first quarter of 2020. Organic sales decreased by $34.3 million, or 10.4%, including a decrease of $49.9 million, or 37.9% at Aerospace, partially offset by an increase of $15.6 million, or 7.8%, at Industrial. On a sequential basis relative to the fourth quarter of 2020, sales increased 4.1%. The year-over-year decrease at Aerospace is driven largely by a volume decline resulting from the impacts of the COVID-19 pandemic (see below). Industrial end markets continued to recover during the first quarter of 2021, benefiting sales volumes accordingly, although lingering signs of COVID-19 remain. The Company completed the sale of its Seeger business on February 1, 2020, reducing sales by $5.0 million during the first quarter of 2021 relative to the prior year period. The weakening of the U.S. dollar against foreign currencies increased net sales within the Industrial segment by approximately $10.3 million. Operating margins decreased from 14.9% in the 2020 period to 10.7% in the current period, largely a result of the profit impact of lower sales volumes, partially offset by productivity and cost initiatives including workforce reductions, as well as reductions in overtime and discretionary spending initiatives.

Impact of COVID-19

The COVID-19 pandemic has resulted in a disruption in business activities worldwide and caused weakened economic conditions, both in the United States and abroad. Beginning during the first quarter of 2020, COVID-19 had a significant impact on order rates within Industrial and, on a more targeted basis, Aerospace end-markets. Financial conditions worsened during the second quarter of 2020. End markets and order activity have since improved within both segments. Industrial sales volumes and order rates strengthened during the first quarter of 2021, while the Aerospace Aftermarket businesses, although sequentially higher, remain impacted given lower passenger traffic and the removal of aircraft from service. Management anticipates continued sales pressure within the Aerospace Original Equipment Manufacturing ("OEM") business as certain aircraft programs have been and continue to be delayed. COVID-19 may continue to have further negative impacts on the Company's operations, customers and supply chain despite preventative measures taken.

The Company currently maintains sufficient liquidity and remained in compliance with all debt covenants as of March 31, 2021, and anticipates continued compliance in each of the next four quarters. The Company does not currently anticipate requiring any additional debt facilities. Given the current environment, the Company continues to closely monitor its cash generation, usage and preservation including the management of working capital to generate cash. To better align costs with the current business environment, the Company has taken several actions in earlier periods, which include restructuring and workforce reductions (the "Actions"). Resulting pre-tax charges of $18.2 million were recorded through operating profit in 2020 (primarily during the second quarter of 2020). See Note 17. Certain other cost savings initiatives (including those resulting from the Actions) remain in place, allowing the Company to partially offset the operating profit impacts of lower sales volumes during the current period.

RESULTS OF OPERATIONS

Net Sales

	Three Months Ended March 31,
(in millions)	2021		2020		Change
Industrial	$	220.0	$	199.1	$	20.9	10.5	%
Aerospace	81.6		131.6		(49.9)		(37.9)	%
Total	$	301.6	$	330.7	$	(29.0)	(8.8)	%

The Company reported net sales of $301.6 million in the first quarter of 2021, a decrease of $29.0 million or 8.8%, from the first quarter of 2020. Organic sales decreased by $34.3 million, or 10.4%, including a decrease of $49.9 million at Aerospace, partially offset by an increase of $15.6 million at Industrial. Sales at Industrial and Aerospace reflected sequential

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improvements of approximately 5% and 2%, respectively, in the first quarter of 2021, as compared with the fourth quarter of 2020. The year-over-year decrease at Aerospace was driven by declines in sales within both the OEM and Aftermarket businesses, resulting primarily from a global slowdown in aerospace markets, and more specifically a resultant decline in aircraft utilization and the removal of aircraft from service by certain airlines. From an Industrial standpoint, end markets improved on both a year-over-year and sequential basis, with sales and order improvements in each of the businesses. Medical end markets in which the Company participates remain strong from a year-over-year orders standpoint, although sales have declined relative to the comparative 2020 period. General industrial markets demonstrated significant strength in the current quarter, with both sales and order improvement on a year-over-year and sequential basis. Auto production rates continued to improve during the 2021 period, although pressures resulting from semiconductor shortages continue to impact near-term automotive production. The Automation business experienced organic sales growth during the current period given further expansion into end markets. The Company completed the sale of its Seeger business on February 1, 2020, reducing sales by $5.0 million during the first quarter of 2021 relative to the prior year period. The weakening of the U.S. dollar against foreign currencies increased net sales within the Industrial segment by approximately $10.3 million.

Expenses and Operating Income

	Three Months Ended March 31,
(in millions)	2021			2020			Change
Cost of sales	$	194.7		$	208.2		$	(13.6)	(6.5)	%
% sales	64.5		%	63.0		%
Gross profit (1)	$	106.9		$	122.4		$	(15.5)	(12.7)	%
% sales	35.5		%	37.0		%
Selling and administrative expenses	$	74.6		$	73.1		$	1.4	2.0	%
% sales	24.7		%	22.1		%
Operating income	$	32.4		$	49.3		$	(16.9)	(34.3)	%
% sales	10.7		%	14.9		%

(1) Sales less cost of sales.

Cost of sales in the first quarter of 2021 decreased 6.5% from the 2020 period and gross profit margin decreased from 37.0% in the 2020 period to 35.5% in the 2021 period. Gross margins declined at Aerospace, and to a lesser extent, at Industrial. At Industrial, gross profit increased primarily as a result of the profit contribution of increased sales volumes, combined with cost savings initiatives discussed above, including workforce reductions. Within Aerospace, lower volumes within the maintenance repair and overhaul and spare parts businesses, in particular, contributed to declines in both gross profit and gross margin during the first quarter of 2021. Selling and administrative expenses in the first quarter of 2021 increased 2.0% from the 2020 period due primarily to an increase in employee related costs, including incentive compensation at Industrial. Partially offsetting this increase were the cost benefits of productivity and cost initiatives that included workforce reductions and discretionary spending initiatives. As well, the first quarter of 2020 included $2.4 million of divestiture charges related to the completion of the Seeger sale. As a percentage of sales, selling and administrative costs increased from 22.1% in the first quarter of 2020 to 24.7% in the 2021 period. Operating income in the first quarter of 2021 decreased by 34.3% to $32.4 million compared with the first quarter of 2020 and operating income margin decreased from 14.9% to 10.7%, primarily driven by the items above.

Interest expense

Interest expense decreased by $0.4 million in the first quarter of 2021 as compared with the prior year period, primarily a result of decreased average borrowings, partially offset by a higher interest rate.

Other expense (income), net

Other expense (income), net in the first quarter of 2021 was $1.5 million compared to $1.6 million in the first quarter of 2020.

Income Taxes

The Company's effective tax rate for the first quarter of 2021 was 28.1% compared with 31.5% in the first quarter of 2020 and 37.6% for the full year 2020. The decrease in the first quarter of 2021 effective tax rate from the full year 2020 rate is primarily due to an increase in projected earnings in jurisdictions with lower tax rates, a reduction in tax reserves due to statute of limitations expiration and the absence of tax expense related to the completed sale of the Seeger business in the first quarter of 2020. The tax rate benefits were partially offset by additional expense related to the global intangible low-tax income tax.

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The Aerospace and Industrial segments have a number of multi-year tax holidays in Singapore and China. The tax holiday in China expired at the end of 2020. The Company has re-applied for approval of a potential three-year holiday in China which could reduce the tax rate. The Company anticipates notification of a decision on its application for the holiday in the latter half of 2021. These holidays are subject to the Company meeting certain commitments in the respective jurisdictions. Aerospace was granted an income tax holiday for operations recently established in Malaysia. This holiday commenced effective November 2020 and remains effective for a period of ten years from inception.

Income and Income per Share

	Three Months Ended March 31,
(in millions, except per share)	2021		2020		Change
Net income	$	19.4	$	29.7	$	(10.4)	(34.8)	%
Net income per common share:
Basic	$	0.38	$	0.58	$	(0.20)	(34.5)	%
Diluted	0.38		0.58		(0.20)		(34.5)	%
Weighted average common shares outstanding:
Basic	50.9		51.1		(0.1)		(0.2)	%
Diluted	51.1		51.5		(0.4)		(0.8)	%

Basic and diluted net income per common share decreased for the three-month period as compared to 2020 due to a decrease in net income year over year. Basic weighted average common shares outstanding decreased due to the repurchase of 396,000 shares during 2020 as part of the Company's publicly announced Repurchase Program. The impact of the repurchased shares was partially offset by the issuance of additional shares for employee stock plans. Diluted weighted average common shares outstanding decreased due to the decrease in basic weighted average common shares outstanding as well as a decrease in the dilutive effect of potentially issuable shares.

Financial Performance by Business Segment

Industrial

	Three Months Ended March 31,
(in millions)	2021			2020			Change
Sales	$	220.0		$	199.1		$	20.9	10.5	%
Operating profit	21.3			17.9			3.4		18.8	%
Operating margin	9.7		%	9.0		%

Sales at Industrial were $220.0 million in the first quarter of 2021, a $20.9 million, or 10.5% increase from the first quarter of 2020. Organic sales increased by $15.6 million, or 7.8%, during the 2021 period, driven by improved volumes across the businesses. On a sequential basis, Industrial sales increased by approximately 5% in the first quarter of 2021 relative to the fourth quarter of 2020, providing indications of a continued recovery within our end markets. Industrial end markets improved, although certain effects of COVID-19 lingered. Strong volumes and order rates continued within our medical markets, consistent with this market trend throughout the pandemic. Auto production rates continued to improve during the 2021 period, though were slightly tempered by semiconductor shortages that continue to impact near-term automotive production. The release of certain orders related to automotive model changes, earlier deferred by customers due to economic uncertainty, provided benefit to Industrial during the first quarter of 2021. The Automation business saw organic sales growth during the current period, continuing signs of strength beginning during the third quarter of 2020. Orders within the personal care and packaging markets began to improve during the back end of 2020, with strength within personal care orders continuing into 2021, reflecting the release of some previously deferred projects. The Company completed the sale of its Seeger business in February 2020, reducing sales by $5.0 million during the first quarter of 2021 relative to the prior year period. Foreign currency increased sales by approximately $10.3 million as the U.S. dollar weakened against foreign currencies.

The operating profit in the first quarter of 2021 at Industrial was $21.3 million, an increase of $3.4 million from first quarter operating profit of $17.9 million in 2020. Operating profit benefited from the profit contribution of increased organic sales

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volumes and the continued benefits of cost initiatives that were taken in earlier periods, including workforce reductions and discretionary spending initiatives. These benefits were partially offset by an increase in employee related costs, including incentive compensation, and investments into innovation. Operating margin increased from 9.0% in the 2020 period to 9.7% in the 2021 period, driven primarily by the items described above.

Outlook: In Industrial, management remains focused on generating organic sales growth through the introduction of new products and services and by leveraging the benefits of its diversified products and global industrial end-markets, however our end markets continue to recover from the impacts of COVID-19 and related supply chain constraints. Markets within our key regions of China, Europe and North America have begun to show signs of recovery as order rates have improved further during the first quarter of 2021, however some level of uncertainty remains within certain of our end-markets. General industrial end markets have recently shown significant improvement and a continuation is anticipated as the broader economy recovers. For overall industrial end-markets, the manufacturing Purchasing Managers' Index ("PMI") are above 50 in all regions. PMI within the United States and Europe have continued to improve during 2021, with slight deterioration in China since the end of the year. All regions remain above 50, with particular strength in the U.S. and certain regions within Europe (above 60). Global forecasted production for light vehicles has also remained strong within the Europe, China and North America markets, a positive sign for our businesses. Production, however, has recently come under pressure due to semiconductor shortages that are expected to impact near-term automotive builds, tempering overall strength within the transportation markets during the first quarter of 2021. Management also continues to track closely the impact of pricing changes and lead times on raw materials. Within our Molding Solutions business, global medical markets remain healthy and are expected to remain favorable given the recent demands of COVID-19, an aging population and expanded medical applications. The automotive hot runner and tool and die markets continue to improve following the release of projects with automotive original equipment manufacturers related to model launches, including new electric vehicles. Orders within the packaging market have improved on a year-over-year basis, however proposed environmental regulations affecting product and packaging composition and disposability may impact future sales within these end markets. Automation end-markets continue to trend positively with increased order activity as we enter 2021 and we look to expand further into adjacent end-markets. Overall industrial end-markets may be impacted by uncertainty related to current and potential future tariffs. As noted above, our sales were positively impacted by $10.3 million from fluctuations in foreign currencies. To the extent that the U.S. dollar fluctuates relative to other foreign currencies, our sales may be impacted relative to the prior year periods. The relative impact on operating profit is not expected to be as significant as the impact on sales as most of our businesses have expenses primarily denominated in local currencies, where their revenues reside, however operating margins may be impacted. Management is focused on sales growth through innovation, acquisition and expanding geographic reach. Strategic investments in new technologies, manufacturing processes and product development are expected to provide benefits over the long term and management continues to evaluate such opportunities.

The Company is focused on the proactive management of costs to mitigate any residual impacts of COVID-19 on operating profit. Management also remains focused on strategic investments and new product and process introductions, as well as driving productivity by leveraging the Barnes Enterprise System ("BES"). Cost saving initiatives taken include the workforce reductions described above, in addition to discretionary spending initiatives. The Company continues to manage its cost structure to align with the intake of orders and sales given some level of remaining uncertainty within certain end-markets as we progress through 2021. Management will continue to explore opportunities for additional cost savings, while working closely with vendors and customers as it relates to the timing of deliveries and pricing initiatives. It is anticipated that operating profit will continue to be impacted by changes in sales volume noted above, mix and pricing, freight costs and the levels of short-term investments made within each of the Industrial businesses. Operating profit may also be impacted by enactment of or changes in tariffs, trade agreements and trade policies that may affect the cost, lead times and/or availability of goods, including but not limited to, aluminum and steel. Costs associated with new product and process introductions, restructuring and other cost initiatives, strategic investments and the integration of acquisitions may negatively impact operating profit.

Aerospace

	Three Months Ended March 31,
(in millions)	2021			2020			Change
Sales	$	81.6		$	131.6		$	(49.9)	(37.9)	%
Operating profit	11.1			31.4			(20.3)		(64.7)	%
Operating margin	13.6		%	23.9		%

The Aerospace segment reported sales of $81.6 million in the first quarter of 2021, a 37.9% decrease from the first quarter of 2020. Sales declined within both the Aerospace OEM and Aftermarket businesses relative to the 2020 period. On a sequential basis, however, Aerospace sales improved modestly by approximately 2% in the first quarter of 2021 relative to the fourth

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quarter of 2020. The sales mix within the businesses varied on a sequential basis, as OEM sales remained flat and Aftermarket sales improved by approximately 10% relative to the fourth quarter of 2020. The year-over-year decline in OEM sales was driven by COVID-19, which continued to impact the broader aerospace industry as the Company entered 2021. OEM sales, more specifically, continued to experience the impact of earlier reductions in engine and airframe build schedules, in addition to higher levels of inventory within the supply chain. The order schedules of our OEM customers began to stabilize during the first quarter of 2021. Sales within the Aftermarket Maintenance Repair and Overhaul ("MRO") and spare parts businesses also declined during the first quarter of 2021 on a year-over-year basis as airline traffic and aircraft utilization severely declined relative to the first quarter of 2020 given the removal of aircraft from service by airlines. Sequentially, however, the MRO business showed signs of a gradual recovery during the first quarter of 2021 as the distribution of vaccines increased, certain domestic health and travel restrictions were lifted and passenger traffic improved. Sales within the segment are largely denominated in U.S. dollars and therefore were not significantly impacted by changes in foreign currency.

Operating profit at Aerospace in the first quarter of 2021 decreased 64.7% from the first quarter of 2020 to $11.1 million. The operating profit decrease resulted from the profit impact of lower volumes within each of the businesses, as discussed above, partially offset by productivity and cost savings initiatives including reductions in workforce, reduced overtime and discretionary spending initiatives. Government incentives in certain non-U.S. regions also benefited operating margins. Operating margin decreased from 23.9% in the 2020 period to 13.6% in the 2021 period primarily as a result of lower demand across the businesses.

Outlook: Sales in the Aerospace OEM business are based on the general state of the aerospace market driven by the worldwide economy and are supported by its order backlog through participation in certain strategic commercial and defense-related engine and airframe programs. OEM sales and orders grew modestly in 2021 relative to the second half of 2020 and management anticipates gradual order improvement in the latter half of 2021 as customer schedules continue to normalize, albeit at lower levels. The Company expects, however, that the OEM business will continue to see lingering softness in demand for its manufactured components as aircraft production rates at Boeing and Airbus have been reduced. The duration and depth of the aerospace market disruptions remain uncertain at this time, however a recovery to pre-pandemic levels is expected to take several years. Aerospace management continues to work with customers to evaluate engine and airframe build schedules, giving management the ability to react timely to such changes. Management is also working closely with suppliers to align raw material schedules with production requirements. Management remains focused on executing long-term agreements while expanding our share of production on key programs. Backlog at OEM was $600.2 million at March 31, 2021, an increase of 4.9% since December 31, 2020, at which time backlog was $572.0 million. The recent trend of improved OEM orders would support a continued increase in OEM backlog as we enter 2021, as noted above, however backlog may also decline as Aerospace customers adjust orders based on their changing aircraft production schedules. Approximately 45% of OEM backlog is currently scheduled to ship in the next 12 months. If COVID-19 continues to have a material impact on the aviation industry, including our more significant OEM customers, it will continue to materially affect our Aerospace business and results of operations. The Aerospace OEM business may also be impacted by changes in the content levels on certain platforms, changes in customer sourcing decisions, adjustments to customer inventory levels, commodity availability and pricing, vendor sourcing capacity and the use of alternate materials. Additional impacts may include the redesign of parts, quantity of parts per engine, cost schedules agreed to under contract with the engine and airframe manufacturers, as well as the pursuit and duration of new programs.

COVID-19 continues to impact our Aerospace Aftermarket businesses. Significantly reduced aircraft utilization, increased levels of aircraft removed from service, and reduced airline profitability are expected to continue to negatively impact our business in the mid-term. The Aftermarket business has, however, showed signs of a gradual recovery during the first quarter as domestic passenger traffic improved, the distribution of vaccines increased and certain domestic health and travel restrictions were lifted. Sales in the Aerospace Aftermarket business may continue to be impacted by inventory management and changes in customer sourcing, deferred or limited maintenance activity during engine shop visits and the use of surplus (used) material during the engine repair and overhaul process. Management believes that its Aerospace Aftermarket business continues to be competitively positioned based on well-established long-term customer relationships, including maintenance and repair contracts in the MRO business and long-term Revenue Sharing Programs ("RSPs") and Component Repair Programs ("CRPs"). The MRO business may also be impacted by airlines that closely manage their aftermarket costs as engine performance and quality improves. Fluctuations in fuel costs and their impact on airline profitability and behaviors within the aerospace industry could also impact levels and frequency of aircraft maintenance and overhaul activities, and airlines' decisions on maintaining, deferring or canceling new aircraft purchases, in part based on the economics associated with new fuel efficient technologies.

Given the recent pressures on sales growth resulting from COVID-19, the Company remains focused on the proactive management of costs as it takes action to mitigate continued pressure on operating profit. Cost saving initiatives taken include the workforce reductions and lower overtime described above, in addition to discretionary spending initiatives. Although taken in the prior year, these actions were critical in partially offsetting the lower profit contribution of lower sales in the current

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period. Aerospace will continue to explore opportunities for additional cost savings throughout 2021, including working closely with vendors and customers as it relates to the timing of deliveries and pricing initiatives. Management also remains focused on strategic investments and new product and process introductions. Driving productivity through the application of the Barnes Enterprise System continues as a key initiative. Operating profit is expected to be affected by the impact of the changes in sales volume noted above, mix and pricing, particularly as they relate to the higher profit Aftermarket RSP spare parts business, and investments made in each of its businesses. Operating profits may also be impacted by potential changes in tariffs, trade agreements and trade policies that may affect the cost and/or availability of goods. Costs associated with new product and process introductions, the physical transfer of work to other global regions, additional productivity initiatives and restructuring activities may also negatively impact operating profit.

LIQUIDITY AND CAPITAL RESOURCES

Management assesses the Company's liquidity in terms of its overall ability to generate cash to fund its operating and investing activities. Of particular importance in the management of liquidity are cash flows generated from operating activities, capital expenditure levels, dividends, capital stock transactions, effective utilization of surplus cash positions overseas and adequate lines of credit. The Company currently maintains sufficient liquidity and will continue to evaluate ways to enhance its liquidity position as it navigates through the disrupted business environment that has resulted from COVID-19.

The Company believes that its ability to generate cash from operations in excess of its internal operating needs is one of its financial strengths. Management continues to focus on cash flow and working capital management, and anticipates that operating activities in 2021 will generate sufficient cash to fund operations. Given the recent global market disruptions caused by COVID-19, the Company is closely monitoring its cash generation, usage and preservation including the management of working capital to generate cash. The Company does not currently anticipate requiring any additional debt facilities. See additional discussion regarding currently available debt facilities below.

To better align costs with the current business environment, the Company has taken several actions. During 2020, the Company announced the Actions that were taken across the businesses and functions in response to the macroeconomic disruption in global industrial and aerospace end markets. A resulting pre-tax charge of $18.2 million was recorded through operating profit during the second quarter of 2020 (Note 17), primarily related to employee severance and other termination benefits. The Actions were substantially completed in 2020 and reduced the Company’s global workforce by approximately 8%. The Company continues to invest within its businesses, with its estimate of 2021 capital spending to be approximately $50 million.

In October 2014, the Company entered into a Note Purchase Agreement (“Note Purchase Agreement”), among the Company and New York Life Insurance Company, New York Life Insurance and Annuity Corporation and New York Life Insurance and Annuity Corporation Institutionally Owned Life Insurance Separate Account, as purchasers, for the issuance of $100.0 million aggregate principal amount of 3.97% senior notes due October 17, 2024 (the “3.97% Senior Notes”). The 3.97% Senior Notes are senior unsecured obligations of the Company and pay interest semi-annually on April 17 and October 17 of each year at an annual rate of 3.97%. The 3.97% Senior Notes will mature on October 17, 2024 unless earlier prepaid in accordance with their terms. Subject to certain conditions, the Company may, at its option, prepay all or any part of the 3.97% Senior Notes in an amount equal to 100% of the principal amount of the 3.97% Senior Notes so prepaid, plus any accrued and unpaid interest to the date of prepayment, plus the Make-Whole Amount, as defined in the Note Purchase Agreement, with respect to such principal amount being prepaid. The Note Purchase Agreement contains customary affirmative and negative covenants that are similar to the covenants required under the Amended Credit Agreement, as discussed below. At March 31, 2021, the Company was in compliance with all covenants under the Note Purchase Agreement.

On October 8, 2020, the Company entered into the sixth amendment to its fifth amended and restated revolving credit agreement with Bank of America (the “Sixth Amendment”) and the first amendment to the Note Purchase Agreement with New York Life (the “First NPA Amendment”). The Sixth Amendment maintained the borrowing availability of $1,000,000 along with access to request $200,000 through an accordion feature. The Sixth Amendment and the First NPA Amendment provided for an increase in the Company’s maximum ratio of Consolidated Senior Debt, as defined, to Consolidated EBITDA, as defined, from 3.25 times (or, if a certain permitted acquisition above $150.0 million is consummated, 3.50 times) to 3.75 times in each case at the end of the four fiscal quarters, beginning with December 31, 2020, and regardless of whether a permitted acquisition, as defined, is consummated, providing additional financing flexibility and access to liquidity. Additionally, the Sixth Amendment requires the Company to maintain a maximum ratio of Consolidated Total Debt, as defined, to Consolidated EBITDA, of not more than 3.75 times in each case, at the end of the four fiscal quarters, beginning with December 31, 2020 and regardless of whether a permitted acquisition, as defined, is consummated. Furthermore, the First NPA Amendment provides for (i) adjustments to the ratio of Consolidated Total Debt, as defined, to Consolidated EBITDA, as defined, to conform to a more restrictive total leverage ratio that may be required under the Amended Credit Agreement, (ii) an increase in the amount of allowable add-back for restructuring charges when calculating Consolidated EBITDA from $15,000 to $25,000

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and (iii) a required fee payment equal to 0.50% per annum times the daily outstanding principal amount of the note during each of the four fiscal quarters, following the quarter ended December 31, 2020, if the Company’s Senior Leverage Ratio, as defined, exceeds 3.25 times. In October 2020, the Company paid fees and expenses of $1,384 in conjunction with executing the Amendments; such fees have been deferred within Other Assets on the accompanying Consolidated Balance Sheet and are being amortized on the Consolidated Statements of Income.

On February 10, 2021, the Company and certain of its subsidiaries entered into the sixth amended and restated senior unsecured revolving credit agreement (the "Amended Credit Agreement") and retained Bank of America, N.A. as the Administrative Agent for the lenders. The Amended Credit Agreement maintains the $1,000.0 million of availability within the facility, while increasing the available borrowings under the accordion feature from $200.0 million to $250.0 million (aggregate availability of $1,250.0 million) and extends the maturity date through February 2026. The Amended Credit Agreement also adjusts the interest rate to either the Eurocurrency rate, as defined in the Amended Credit Agreement, plus a margin of 1.175% to 1.775% or the base rate, as defined in the Amended Agreement, plus a margin of 0.175% and 0.775%, depending on the Company's leverage ratio at the time of the borrowing. Multi-currency borrowings, pursuant to the Amended Credit Agreement, bear interest at their respective interbank offered rate (i.e. Euribor) or 0.00% (higher of the two rates) plus a margin of between 1.175% to 1.775%. As with the earlier facility, the Company's borrowing capacity is limited by various debt covenants in the Amended Credit Agreement, as described further below. The Amended Credit Agreement requires the Company to maintain a Senior Debt Ratio of not more than 3.75 times at the end of each fiscal quarter ending on or before September 30, 2021, after which the ratio will revert to 3.25 times (or, if a permitted acquisition above $150.0 million is consummated, 3.50 times at the end of each of the first four fiscal quarters ending after the consummation of any such acquisition). In addition, the Amended Credit Agreement requires the Company to maintain a Total Debt Ratio of not more than 3.75 for each fiscal quarter (or, if a permitted acquisition above $150.0 million is consummated, 4.25 times at the end of each of the first four fiscal quarters ending after the consummation of any such acquisition, however, such increase in the ratio will not be effective during any period prior to October 1, 2021. A ratio of Consolidated EBITDA to Consolidated Cash Interest Expense, as defined, of not less than 4.25, is required at the end of each fiscal quarter. The Amended Credit Agreement also contemplates the potential replacement of LIBOR (as defined below) with a successor financing rate, pursuant to the intent of the United Kingdom's Financial Conduct Authority to phase out use of LIBOR. See additional discussion immediately below regarding the Company's ongoing evaluation related to this potential change in financing rates. The Company paid fees and expenses of $4.3 million in conjunction with executing the Amended Credit Agreement; such fees will be deferred within Other assets on the Consolidated Balance Sheets and will be amortized into interest expense on the Consolidated Statements of Income through its maturity.

The United Kingdom's Financial Conduct Authority, which regulates the London Interbank Offered Rate (“LIBOR”), announced its intent to phase out the use of LIBOR by the end of 2021. The U.S. Federal Reserve, in conjunction with the Alternative Reference Rates Committee, a steering committee comprised of large U.S. financial institutions, identified the Secured Overnight Financing Rate (“SOFR”) as its preferred benchmark alternative to U.S. dollar LIBOR. Published by the Federal Reserve Bank of New York, SOFR represents a measure of the cost of borrowing cash overnight, collateralized by U.S. Treasury securities, and is calculated based on directly observable U.S. Treasury-backed repurchase transactions. The Company’s Amended Credit Agreement and corresponding interest rate Swap are tied to LIBOR, with each maturing in February 2026, as noted above. The Company is continuing to monitor the potential impact of the replacement of LIBOR, but does not anticipate a material impact on our business, financial condition, results of operations and cash flows.

At March 31, 2021, the Company was in compliance with all applicable covenants. The Company anticipates continued compliance under the Agreements in each of the next four quarters. The Company's most restrictive financial covenant is the Senior Debt Ratio, which required the Company to maintain a ratio of Consolidated Senior Debt to Consolidated EBITDA of not more than 3.75 times at March 31, 2021. The actual ratio at March 31, 2021 was 3.09 times, as defined.

Management suspended share repurchase activity during 2020 as a result of COVID-19, and therefore no shares were repurchased during the first quarter of 2021. Going forward, management may resume share repurchase activity based on prevailing market conditions, our liquidity requirements, contractual restrictions and other factors. See "Part II - Item 2 - Unregistered Sales of Equity Securities and Use of Proceeds".

Operating cash flow may be supplemented with external borrowings to meet near-term business expansion needs and the Company's current financial commitments. The Company has assessed its credit facilities in conjunction with the Amended Credit Facility and currently expects that its bank syndicate, comprised of 12 banks, will continue to support its recently executed Amended Credit Agreement which matures in February 2026. At March 31, 2021, the Company had $441.5 million unused and available for borrowings under its $1,000.0 million Amended Credit Facility, subject to covenants in the Company's revolving debt agreements. At March 31, 2021, additional borrowings of $142.7 million of Total Debt including $142.7 million of Senior Debt would have been allowed under the financial covenants. The Company intends to use borrowings under its Amended Credit Agreement to support the Company's ongoing growth initiatives as the Company continues to analyze

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potential acquisition targets and end markets that meet our strategic criteria with an emphasis on proprietary, highly-engineered industrial technologies. The Company believes its credit facilities and access to capital markets, coupled with cash generated from operations, are adequate for its anticipated future requirements. The Company has not drawn on its debt agreements as a result of COVID-19, as it believes the availability of those funds are not at risk given the strength of the underlying bank syndicate. The Company maintains communication with its bank syndicate as it continues to monitor its cash requirements.

The Company had $7.5 million in borrowings under short-term bank credit lines at March 31, 2021.

On April 28, 2017, the Company entered into an interest rate swap agreement (the "2017 Swap") with one bank which converts the interest on the first $100.0 million of the Company's one-month LIBOR-based borrowings from a variable rate plus the borrowing spread to a fixed rate of 1.92% plus the borrowing spread. The 2017 Swap expires on January 31, 2022. On March 24, 2021, the Company entered into a new interest rate swap agreement (the "2021 Swap") with this same bank that will commence on January 31, 2022 and will convert the interest on the first $100,000,000 of the Company's one-month LIBOR-based borrowings from a variable rate plus the borrowing spread to a fixed rate of 1.17% plus the borrowing spread. The 2021 Swap will expire on January 30, 2026. These interest rate swap agreements (the "Swaps") remained in place at March 31, 2021 and are accounted for as cash flow hedges. At March 31, 2021, the Company's total borrowings were comprised of approximately 31% fixed rate debt and 69% variable rate debt. At December 31, 2020, the Company's total borrowings were comprised of approximately 30% fixed rate debt and 70% variable rate debt.

The Company completed the sale of the Seeger business to KNG effective February 1, 2020. Gross proceeds received were 39.0 million Euros ($42.9 million) after consideration of post-closing adjustments, which were made during the fourth quarter of 2020, pursuant to the terms of the SPA. The Company yielded net cash proceeds of $36.1 million after consideration of cash sold and transaction costs. Resulting tax charges of $4.2 million were recognized in the first quarter of 2020 following the completion of the sale. The Company utilized the proceeds from the sale to reduce debt under the Amended Credit Facility.

At March 31, 2021, the Company held $84.9 million in cash and cash equivalents, the majority of which was held by foreign subsidiaries. These amounts have no material regulatory or contractual restrictions and are expected to primarily fund international investments.

The Company currently does not plan to make any additional discretionary contributions to its U.S. Qualified pension plans in 2021, however approximately $4.7 million is expected to be made into its U.S. Non-qualified and international pension plans throughout 2021.

Cash Flow

	Three Months Ended March 31,
(in millions)	2021		2020		Change
Operating activities	$	35.6	$	47.2	$	(11.6)
Investing activities	(4.0)		25.2		(29.2)
Financing activities	(24.4)		(43.6)		19.1
Exchange rate effect	(2.3)		(3.1)		0.8
Increase in cash	$	4.8	$	25.6	$	(20.8)

Operating activities provided $35.6 million in the first three months of 2021 compared to $47.2 million in the first three months of 2020. Operating cash flows in the 2021 period included cash provided by working capital of $1.6 million compared to cash used by working capital of $1.9 million in the 2020 period, which was driven by growth in inventory.

Investing activities used $4.0 million in the first three months of 2021 and generated $25.2 million in the first three months of 2020. Net cash proceeds of $36.9 million from the sale of the Seeger business were included in investing activities for the 2020 period. See Note 2 of the Consolidated Financial Statements. Investing activities in the 2021 period included capital expenditures of $7.9 million compared to $11.9 million in the 2020 period. The Company expects capital spending in 2021 to approximate $50 million.

Financing activities in the first three months of 2021 included a net decrease in borrowings of $10.6 million compared to $12.7 million in the comparable 2020 period. During the first three months of 2020, the Company repurchased 0.4 million shares of the Company's stock at a cost of $15.6 million. No shares were repurchased during the first quarter of 2021. Total cash used to

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pay dividends was $8.1 million in the 2021 period and the 2020 period. Other financing cash flows during the first three months of 2021 and 2020 include $1.6 million and $7.2 million, respectively, of net cash payments resulting from the settlement of foreign currency hedges related to intercompany financing.

The Company maintains borrowing facilities with banks to supplement internal cash generation. At March 31, 2021, $558.5 million was borrowed at an average interest rate of 1.48% under the Company's $1,000.0 million Amended Credit Facility which matures in February 2026. In addition, as of March 31, 2021, the Company had $7.5 million in borrowings under short-term bank credit lines. At March 31, 2021, the Company's total borrowings were comprised of 31% fixed rate debt and 69% variable rate debt. The interest payments on $100.0 million of the variable rate interest debt have been converted into payment of fixed interest plus the borrowing spread under the terms of the respective interest rate swaps that were executed in April 2017 and March 2021.

Debt Covenants

As noted above, borrowing capacity is limited by various debt covenants in the Company's debt agreements. Following is a reconciliation of Consolidated EBITDA, a key metric in the debt covenants, to the Company's net income (in millions):

	Four Fiscal Quarters Ended March 31, 2021
Net income	$	53.0
Add back:
Interest expense	15.6
Income taxes	32.1
Depreciation and amortization	87.2
Adjustment for non-cash stock based compensation	10.0
Workforce reduction and restructuring charges (see Note 17)	19.5
Other adjustments	0.4
Consolidated EBITDA, as defined within the Amended Credit Agreement	$	217.7
Consolidated Senior Debt, as defined, as of March 31, 2021	$	673.6
Ratio of Consolidated Senior Debt to Consolidated EBITDA	3.09
Maximum	3.75
Consolidated Total Debt, as defined, as of March 31, 2021	$	673.6
Ratio of Consolidated Total Debt to Consolidated EBITDA	3.09
Maximum	3.75
Consolidated Cash Interest Expense, as defined, as of March 31, 2021	$	15.6
Ratio of Consolidated EBITDA to Consolidated Cash Interest Expense	13.99
Minimum	4.25

The Amended Credit Agreement allows for certain adjustments within the calculation of the financial covenants. Other adjustments consist primarily of due diligence and transaction expenses as permitted under the Amended Credit Agreement. The Company's financial covenants are measured as of the end of each fiscal quarter. At March 31, 2021, additional borrowings of $142.7 million of Senior Debt would have been allowed under the covenants. Additional borrowings for Total Debt would also have been limited to $142.7 million at March 31, 2021. Senior Debt includes primarily the borrowings under the Amended Credit Agreement, the 3.97% Senior Notes and the borrowings under the lines of credit. The Company's unused committed credit facilities at March 31, 2021 were $441.5 million; however, the borrowing capacity was limited by the debt covenants to $142.7 million at March 31, 2021.

OTHER MATTERS

The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant accounting policies are disclosed in Note 1 of the Consolidated Financial Statements in

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the Company's Annual Report on Form 10-K for the year ended December 31, 2020. The most significant areas involving management judgments and estimates are described in Management's Discussion and Analysis of Financial Condition and Results of Operations in the Company's Annual Report on Form 10-K for the year ended December 31, 2020. Actual results could differ from those estimates. There have been no material changes to such judgments and estimates.

EBITDA

Earnings before interest expense, income taxes, and depreciation and amortization ("EBITDA") for the first three months of 2021 was $52.9 million compared to $71.3 million in the first three months of 2020. EBITDA is a measurement not in accordance with generally accepted accounting principles (“GAAP”). The Company defines EBITDA as net income plus interest expense, income taxes, and depreciation and amortization which the Company incurs in the normal course of business. The Company does not intend EBITDA to represent cash flows from operations as defined by GAAP, and the reader should not consider it as an alternative to net income, net cash provided by operating activities or any other items calculated in accordance with GAAP, or as an indicator of the Company's operating performance. The Company's definition of EBITDA may not be comparable with EBITDA as defined by other companies. The Company believes EBITDA is commonly used by financial analysts and others in the industries in which the Company operates and, thus, provides useful information to investors. Accordingly, the calculation has limitations depending on its use.

Following is a reconciliation of EBITDA to the Company's net income (in millions):

	Three Months Ended March 31,
	2021		2020
Net income	$	19.4	$	29.7
Add back:
Interest expense	3.9		4.3
Income taxes	7.6		13.7
Depreciation and amortization	22.0		23.6
EBITDA	$	52.9	$	71.3

FORWARD-LOOKING STATEMENTS

Certain of the statements in this quarterly report contain forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements often address our expected future operating and financial performance and financial condition, and often contain words such as "anticipate," "believe," "expect," "plan," "estimate," "project," "continue," "will," "should," and similar terms. These forward-looking statements do not constitute guarantees of future performance and are subject to a variety of risks and uncertainties that may cause actual results to differ materially from those expressed in the forward-looking statements. These include, among others: difficulty maintaining relationships with employees, customers, distributors, suppliers, business partners or governmental entities; failure to successfully negotiate collective bargaining agreements or potential strikes, work stoppages or other similar events; difficulties leveraging market opportunities; changes in market demand for our products and services; rapid technological and market change; the ability to protect and avoid infringing upon intellectual property rights; introduction or development of new products or transfer of work; higher risks in global operations and markets; the impact of intense competition; acts of terrorism, cybersecurity attacks or intrusions that could adversely impact our businesses; the impacts of the COVID-19 pandemic on our business, including on demand, supply chains, operations and our ability to maintain sufficient liquidity throughout the unknown duration and severity of the pandemic; the failure to achieve anticipated cost savings and benefits associated with workforce reductions and restructuring actions; uncertainties relating to conditions in financial markets; currency fluctuations and foreign currency exposure; future financial performance of the industries or customers that we serve; our dependence upon revenues and earnings from a small number of significant customers; a major loss of customers; inability to realize expected sales or profits from existing backlog due to a range of factors, including changes in customer sourcing decisions, material changes, production schedules and volumes of specific programs; the impact of government budget and funding decisions; government tariffs, trade agreements and trade policies; the impact of new or revised tax laws and regulations; the adoption of laws, directives or regulations that impact the materials processed by our products or their end markets; changes in raw material or product prices and availability; the continuing impact of prior acquisitions and divestitures; and any other future strategic actions, including acquisitions, divestitures, restructurings, or strategic business realignments, and our ability to achieve the financial and operational targets set in connection with any such actions; the ability to achieve social and environmental performance goals; the outcome of pending and future legal, governmental, or regulatory proceedings and contingencies; product liabilities and

31

uninsured claims; future repurchases of common stock; future levels of indebtedness; and numerous other matters of a global, regional or national scale, including those of a political, social, economic, business, competitive, environmental, regulatory and public health nature; and other risks and uncertainties described in documents filed with or furnished to the Securities and Exchange Commission ("SEC") by the Company, including, among others, those in the Management's Discussion and Analysis of Financial Condition and Results of Operations and Risk Factors sections of the Company's filings. The Company assumes no obligation to update its forward-looking statements.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

For discussion of the Company’s exposure to market risk, refer to the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. There have been no material changes to such risk during the quarter ended March 31, 2021.

Item 4. Controls and Procedures

Management, including the Company's President and Chief Executive Officer and Interim Chief Financial Officer, has evaluated the effectiveness of the design and operation of the Company's disclosure controls and procedures as of the end of the period covered by this report. Based upon, and as of the date of, our evaluation, the President and Chief Executive Officer and Interim Chief Financial Officer concluded that the disclosure controls and procedures were effective, in all material respects and designed to provide reasonable assurance that information required to be disclosed in the reports the Company files and submits under the Securities Exchange Act of 1934, as amended, is (i) recorded, processed, summarized and reported as and when required and (ii) is accumulated and communicated to the Company's management, including our President and Chief Executive Officer and Interim Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.

Changes in Internal Control Over Financial Reporting

There has been no change in our internal control over financial reporting during the Company's first quarter of 2021 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

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PART II. OTHER INFORMATION

Item 1. Legal Proceedings

We are subject to litigation from time to time in the ordinary course of business and various other suits, proceedings and claims are pending against us and our subsidiaries. While it is not possible to determine the ultimate disposition of each of these proceedings and whether they will be resolved consistent with our beliefs, we expect that the outcome of these proceedings, individually or in the aggregate, will not have a material adverse effect on our consolidated financial position, cash flows or results of operations.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

(c) Issuer Purchases of Equity Securities

Period	(a) Total Number of Shares (or Units) Purchased		(b) Average Price Paid Per Share (or Unit)		(c) Total Number of Shares (or Units) Purchased as Part of Publicly Announced Plans or Programs	(d) Maximum Number of Shares (or Units) that May Yet Be Purchased Under the Plans or Programs(2)
January 1-31, 2021	903		$	53.86	—	3,704,000
February 1-28, 2021	172		$	52.08	—	3,704,000
March 1-31, 2021	194		$	55.52	—	3,704,000
Total	1,269	(1)	$	53.87	—

(1)All acquisitions of equity securities during the first quarter of 2021 were the result of the operation of the terms of the Company's stockholder-approved equity compensation plans and the terms of the equity rights granted pursuant to those plans to pay for the related income tax upon issuance of shares. The purchase price of a share of stock used for tax withholding is the market price on the date of issuance.

(2)At March 31, 2019, 1.5 million shares of common stock had not been purchased under the publicly announced Repurchase Program (the “Program”). On April 25, 2019, the Board of Directors of the Company increased the number of shares authorized for repurchase under the Program by 3.5 million shares of common stock (5.0 million authorized, in total). The Program permits open market purchases, purchases under a Rule 10b5-1 trading plan and privately negotiated transactions.

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Item 6. Exhibits

Exhibit 10.1	Form of Barnes Group Inc. Stock and Incentive Award Plan Performance Share Award Summary of Grant and Performance Share Award Agreement for Officers and Other Individuals as Designated by the Compensation and Management Development Committee dated as of February 11, 2021.
Exhibit 10.2	Offer Letter to Lukas Hovorka, dated February 12, 2021.
Exhibit 15	Letter regarding unaudited interim financial information.
Exhibit 31.1	Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
Exhibit 31.2	Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
Exhibit 32	Certification pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
Exhibit 101.INS	XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
Exhibit 101.SCH	XBRL Taxonomy Extension Schema Document.
Exhibit 101.CAL	XBRL Taxonomy Extension Calculation Linkbase Document.
Exhibit 101.DEF	XBRL Taxonomy Extension Definition Linkbase Document.
Exhibit 101.LAB	XBRL Taxonomy Extension Label Linkbase Document.
Exhibit 101.PRE	XBRL Taxonomy Extension Presentation Linkbase Document.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

		Barnes Group Inc.
		(Registrant)
Date:	April 30, 2021	/s/    MARIAN ACKER
		Marian Acker
		Interim Chief Financial Officer
		(Principal Financial Officer)
		and Vice President, Controller
		(Principal Accounting Officer)

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EXHIBIT INDEX

Barnes Group Inc.

Quarterly Report on Form 10-Q

For the Quarter ended March 31, 2021

Exhibit No.	Description	Reference
10.1	Form of Barnes Group Inc. Stock and Incentive Award Plan Performance Share Award Summary of Grant and Performance Share Award Agreement for Officers and Other Individuals as Designated by the Compensation and Management Development Committee dated as of February 11, 2021.	Filed with this report.
10.2	Offer Letter to Lukas Hovorka, dated February 12, 2021.	Filed with this report.
15	Letter regarding unaudited interim financial information.	Filed with this report.
31.1	Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.	Filed with this report.
31.2	Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.	Filed with this report.
32	Certification pursuant to 18 U.S.C. Section 1350 as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.	Furnished with this report.
Exhibit 101.INS	XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.	Filed with this report.
Exhibit 101.SCH	XBRL Taxonomy Extension Schema Document.	Filed with this report.
Exhibit 101.CAL	XBRL Taxonomy Extension Calculation Linkbase Document.	Filed with this report.
Exhibit 101.DEF	XBRL Taxonomy Extension Definition Linkbase Document.	Filed with this report.
Exhibit 101.LAB	XBRL Taxonomy Extension Label Linkbase Document.	Filed with this report.
Exhibit 101.PRE	XBRL Taxonomy Extension Presentation Linkbase Document.	Filed with this report.

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EX-10.1

EXHIBIT 10.1

BARNES GROUP INC.

STOCK AND INCENTIVE AWARD PLAN

PERFORMANCE SHARE AWARD SUMMARY OF GRANT

For Officers and Other Individuals as Designated by the CMDC

Barnes Group Inc., a Delaware corporation (the “Company”), under the 2014 Barnes Group Inc. Stock and Incentive Award Plan, as may be amended from time to time (the “Plan”), hereby grants to the individual named below (“You” or “Grantee”) this Performance Share Award (also referred to as Performance Share Unit Award) (the “Grant”), representing the target number of performance shares set forth below (each a “Performance Share”) that may be earned by You based on the level of achievement of the Performance Goals. Each Performance Share entitles You to one share of Common Stock. The actual number of Performance Shares earned will be based on the actual performance level achieved with respect to the Performance Goals set forth on Schedule A. The Performance Shares are subject to this Performance Share Award Summary of Grant (the “Summary of Grant”), and the Performance Share Award Agreement attached as Exhibit A (the “Performance Share Award Agreement”) and the Plan, both of which are incorporated herein by reference and made part hereof. The Grant also entitles You to be paid Dividend Equivalents as set forth in the Performance Share Award Agreement. Unless otherwise defined, capitalized terms used in this Summary of Grant and the Performance Share Award Agreement have the meanings set forth in the Plan.

Grantee:	[__________________________]
Grant Date:	February XX, 20XX
Target Award:	[______] Performance Shares

1

Performance Period:

The 3 year period beginning on January 1, 20XX and ending on December 31, 20XX

Performance Goals: Vesting Schedule

The Performance Goals are based on the performance measures set forth on Schedule A. The Performance Shares will be earned based on the performance level achieved with respect to the Performance Goals if, except as provided otherwise in the Performance Share Award Agreement, You continue employment with Company through the third anniversary of the Grant Date. The number of Performance Shares set forth above is equal to the target number of shares of Common Stock that the Grantee will earn for 100% achievement of the Performance Goals (referred to as the “Target Award”). The actual number of shares of Common Stock that You will earn with respect to the Performance Shares may be greater or less than the Target Award, or even zero, and will be based on the performance level achieved by the Company with respect to the Performance Goals, as set forth on Schedule A. Performance level is measured based on the threshold, target and maximum performance levels set forth on Schedule A. Each performance level is calculated as a percentage of target level performance. Threshold performance level is 33% of target, target performance level is 100% of target, maximum performance level is 150% of target, maximum+ performance level is 200% of target and maximum++ performance level is 250% of target. If actual performance is between performance levels, the number of Performance Shares earned will be interpolated on a straight line basis for pro-rata achievement of the Performance Goals, rounded down to the nearest whole number. Failure to achieve the threshold performance level with respect to a Performance Goal will result in no Performance Shares being earned with respect to that Performance Goal.

Grant Acceptance:

    You agree to be bound by the Plan, the Performance Share Award Agreement and this Summary of Grant by electronically acknowledging and accepting the Grant following the date of the Company’s electronic or other written notification to You of the Grant. You accept as binding, conclusive and final all decisions or interpretations of the Committee upon any questions arising under the Plan, this Summary of Grant or the Performance Share Award Agreement. In no event do You acquire any rights to the Grant unless You electronically accept, no later than 60 days after the Grant Date, this Summary of Grant and the attached Performance Share Award Agreement.

2

    You acknowledge that the Plan prospectus is available as part of the online grant package with E*TRADE, and that paper copies of the Plan and the Plan prospectus are available upon request by contacting Stockholder Relations at (860) 973-2106.

3

Schedule A

The number of Performance Shares that may be earned will be determined based on the actual performance level achieved with respect to the following performance measures during the Performance Period: 3-Year Total Stockholder Return (“TSR”); 3-Year Return on Invested Capital (“ROIC”); and 3-Year EBITDA Growth (collectively referred to as the “Performance Goals,” and each individual measure, a “Performance Goal”). The chart below sets forth the applicable weighting of each performance measure and the Performance Goals needed to be achieved at each performance level for such performance measure during the Performance Period:

January 1, 20XX-December 31, 20XX Performance Period

Performance Measure	Weight	Performance Level	Performance Goals	Performance Shares Earned as a Percentage of Target (% of Target)*
3-Year TSR**	33.3334%	Threshold	Achieve 33rd percentile ranking within the Russell 2000	33%
		Target	Achieve 50th percentile ranking within the Russell 2000	100%
		Maximum	Achieve 66th percentile ranking within the Russell 2000	150%
		Maximum+	Achieve 75th percentile ranking within the Russell 2000	200%
		Maximum++	Achieve 85th percentile ranking within the Russell 2000	250%
3-Year ROIC***	33.3333%	Threshold	Achieve x.x% 3-Year ROIC	33%
		Target	Achieve x.x% 3-Year ROIC	100%
		Maximum	Achieve x.x% 3-Year ROIC	150%
		Maximum+	Achieve x.x% 3-Year ROIC	200%
		Maximum++	Achieve x.x% 3-Year ROIC	250%
3-Year EBITDA Growth****	33.3333%	Threshold	Achieve 33rd percentile ranking within the Russell 2000	33%
		Target	Achieve 50th percentile ranking within the Russell 2000	100%
		Maximum	Achieve 66th percentile ranking within the Russell 2000	150%
		Maximum+	Achieve 75th percentile ranking within the Russell 2000	200%
		Maximum++	Achieve 85th percentile ranking within the Russell 2000	250%

4

* The actual number of Performance Shares that will be earned with respect to the 3-Year TSR and 3-Year EBITDA Growth performance measures is based on the Company’s percentile ranking within the Russell 2000 Index at the end of the Performance Period. The actual number of Performance Shares that will be earned with respect to the 3-Year ROIC performance measure is based on the Company’s performance compared to pre-established goals as determined by the Committee and set forth in the chart above. Each performance measure will be evaluated on a measure by measure basis, and once performance results are determined as to each individual performance measure, those results will be aggregated and the weighting applied. When assessing each performance measure, actual performance level achievement between each performance level will be interpolated on a straight line basis rounded down to the nearest whole number; provided that if the actual performance level achieved does not meet threshold performance (i.e., less than 33%) for the applicable performance measure, then no Performance Shares will be earned for that performance measure pursuant to this Grant. Threshold level performance may be achieved for one performance measure and not another based on the Company’s actual performance during the Performance Period. The actual number of Performance Shares earned will be determined by the Committee based on the actual performance level achieved with respect to each of the applicable Performance Goals, factoring in the weighting for each performance measure. The maximum number of Performance Shares that may be earned pursuant to this Grant is capped at 250% of the Target Award.

** 3-Year TSR represents the comparison between the Opening Average Share Value and the Closing Average Share Value, plus cumulative dividends during the Performance Period. At the end of the Performance Period, the TSR for the Company and each company in the Russell 2000 Index will be calculated by dividing the Closing Average Share Value by the Opening Share Value. For purposes of this Grant, the term “Closing Average Share Value” means the average closing value of the common stock, for the 20 trading days ending on the last day of the Performance Period (i.e., the 20 trading days ending on December 31, 2023 (the “20-day period”), which will be calculated as follows: (i) determine the closing price of the common stock on each trading date during the 20-day period, (ii) average the amounts so determined for the 20-day period; the term “Opening Average Share Value” means the average of the closing price of a share of common stock for the 20 trading days preceding the start of the Performance Period (i.e., January 1, 2021).

 *** 3-Year ROIC represents the ratio of the Company’s Net Income and the Company’s Total Average Invested Capital during the Performance Period. At the end of the Performance Period, the ROIC for the Company will be calculated for the Performance Period by dividing the Net Income during the Performance Period by Total Average Invested Capital during the Performance Period, and then divided by three. For purposes of this Grant, “Net Income” means the Company’s net income, adjusted for accounting changes and after-tax interest expense, and “Total Average Invested Capital” means the sum of the Company’s average total debt, stockholders equity and any non-controlling interest for the performance period computed on a four point basis. The 3-Year ROIC calculation is subject to the provisions as set forth below.

****3-Year EBITDA Growth represents Operating Income Before Depreciation and Amortization. EBITDA will be computed as EBITDA in Year 3 divided by EBITDA in the year preceding this award (i.e. 2020). The 3-Year EBITDA Growth calculation is subject to the provisions as set forth below.

3-Year ROIC and 3-Year EBITDA Growth shall be determined in accordance with generally accepted accounting principles (GAAP) and may include or exclude (or be adjusted to include or exclude) unusual or infrequently occurring items, the impact of charges for restructurings or productivity initiatives, non-operating items, discontinued operations and other unusual and non-recurring items, the effects of currency fluctuations, the effects of financing activities (by way of example, without limitation, the effect on earnings per share of issuing convertible debt securities), the effects of acquisitions and acquisition expenses, the effects of divesture and divesture expenses, and the effects of tax or accounting changes. However, notwithstanding the preceding sentence, unless the Committee determines otherwise either at the time it establishes the Performance Goals for an award or prior to the payment of an award, if any of the items referenced in the preceding sentence occurs, then such item shall be automatically excluded or included in determining the extent to which the Performance Goal has been achieved, whichever will produce the higher award (subject to any exercise of “negative discretion” by the Committee).

5

EXHIBIT A

PERFORMANCE SHARE AWARD AGREEMENT

Under the provisions of the 2014 Barnes Group Inc. Stock and Incentive Award Plan, as may be amended from time to time, (the “Plan”), the Compensation and Management Development Committee of the Company’s Board of Directors (the “Committee”) has authorized the execution of this Agreement. Capitalized terms used in this Agreement and not otherwise defined herein will have the same meaning as provided for in the Plan or Summary of Grant, as applicable.

NOW, THEREFORE, in consideration of the agreements of each, and for other good and valuable consideration, the parties agree as follows:

1.Definitions.

(a)“Cause” means (i) Your willful and continued failure to substantially perform Your duties with the Company (other than any such failure resulting from the Your incapacity due to physical or mental illness) or (ii) Your willful engaging in conduct which is demonstrably and materially injurious to the Company or its Subsidiaries, monetarily or otherwise.

(b)“Change in Control” has the meaning assigned to it in the Company’s form of Severance Agreement in effect as of February 4, 2014.

(c)“Disability” means “disability” as defined in the Company’s long-term disability plan as in effect from time to time (or, if that plan is not in effect at the time in question, as it was last in effect).

(d)“Good Reason” means, after any Change in Control, any one of the following acts by the Company, or failures by the Company to act, if You notify the Company that such act or failure to act has occurred within 90 days of the initial occurrence of such act or failure to act, and if such act or failure to act is not corrected within 30 days after You so notify the Company:

(i)the assignment to You of any duties materially inconsistent with Your position as an employee of the Company, or a material adverse alteration in the nature or status of Your responsibilities from those in effect immediately prior to a Change in Control;

(ii)a reduction by You in your annual base salary as in effect on the date hereof or as the same may be increased from time to time, by five percent (5%) or more or by $20,000 or more; or

(iii)the relocation of Your principal place of employment to a location more than 50 miles from Your principal place of employment immediately prior to a Change in Control, provided that such relocation increases Your round trip commuting time by 25% or more, or the Company's requiring You to be based anywhere other than such principal place of

6

employment (or permitted relocation thereof) except for required travel time on the Company's business to an extent substantially consistent with Your present business travel obligations.

(e)“Retirement” means a Separation of Service initiated by You on or after Retirement Age under circumstances that do not constitute Cause.

(f)“Retirement Age” means age 55 or later with a minimum of 10 full years of service with the Company and/or its Subsidiaries.

(g)“Separation from Service” means a “separation from service with the employer” within the meaning of Treasury Regulation Section 1.409A-1(h), where the “employer” means the Company and all corporations and trades or businesses with which the Company would be considered a single employer under Section 414(b) or Section 414(c) of the Code (as determined in accordance with the first sentence of Treasury Regulation Section 1.409A-1(h)(3)).

2.Contingent Dividend Equivalents. You may be entitled to receive from the Company the cash payments described below, if (and only if) the Performance Shares are earned during the Performance Period pursuant to the Performance Share Award Summary of Grant. You understand and agree that, if the Company cancels the Performance Shares, the Dividend Equivalents that would have been payable if those Performance Shares had not been cancelled will automatically be cancelled, without action by the Company (other than its action cancelling those Performance Shares) and without the payment of any consideration to You, unless the Committee provides otherwise when those Performance Shares are cancelled or at a prior time.

3.Calculation of Dividend Equivalents. At the end of the Performance Period, or a prior date on which a portion of the Performance Shares have been earned pursuant to this Agreement, (the “End Date”) after the determination of the number of Performance Shares that have been earned, there will be calculated the dividends that were paid (other than a dividend paid in Common Stock, which is subject to the adjustment provided in Section 10 of the Plan) to the holders of Common Stock, the record date of which fell during the period commencing on the Grant Date and ending on the End Date (each a “Dividend Payment Date”). The Company will credit and pay to you, at the time specified in 5(a) below, an amount of money (“Dividend Equivalents”) determined by multiplying (a) the number of Performance Share Shares earned on the End Date (if any), times (b) the dividend per share paid on each Dividend Payment Date. However, if the dividend is paid in property other than cash, the amount of money to be paid to You in respect of such dividend will be determined by multiplying (i) the number of the Performance Shares (if any), times (ii) the fair market value on each Dividend Payment Date of the property that was paid per share of Common Stock as a dividend on such Dividend Payment Date. The fair market value of the property that was paid will be determined by the Committee in its sole and absolute discretion.

Any provision of this Agreement to the contrary notwithstanding, in no event (except on Death, Disability or a Change in Control as a result of which Performance Shares are deemed earned pursuant to this Agreement) will any payment be made pursuant to this Section unless the

7

Committee certifies in writing that the performance goals applicable to the related Performance Shares and any other material terms applicable to such payment were in fact satisfied.

4.Vesting of Grant. The Performance Shares will be earned based on the actual performance level achieved with respect to the Performance Goals set forth on Schedule A of the Performance Share Award Summary of Grant and You remaining continuously employed by the Company through the third anniversary of the Grant Date.

5.Forfeiture or Earning of Performance Share Awards Prior to the End of the Performance Period.

(a)Notwithstanding the vesting schedule contained in the Performance Share Award Summary of Grant, the vesting schedule may change under one of the following conditions:

(i)Voluntary Termination or Termination for Cause. If You initiate a Separation from Service other than as a result of (A) death, (B) Disability, or (C) Retirement or if you have a Separation from Service initiated by the Company and/or its Subsidiaries for Cause, in each case, before the third anniversary of the Grant Date, then the Grant will terminate with respect to all Performance Shares, whether or not earned as of the date of the Separation from Service, and You will not be entitled to any distribution of shares for any Performance Shares.

(ii)All Other Separations of Service. If You have a Separation from Service (A) due to (x) death, (y) Disability, or (z) Retirement or (B) that is initiated by the Company and/or its Subsidiaries without Cause after the 1 year anniversary of the Grant Date but before the last day of the Performance Period, then on the last day of the Performance Period, the number of Performance Shares that will be deemed earned will equal the number of Performance Shares actually earned pursuant to the Grant, as determined at the end of the Performance Period, multiplied by a fraction equal to the total days worked from the beginning of the Performance Period to the date of the Separation from Service, divided by the total number of days in the Performance Period.

(iii)Change in Control. If You remain employed with the Company from the Grant Date to the date, if any, on which a Change in Control occurs before the last day of the Performance Period, except as otherwise provided in Your employment agreement, if applicable, the number of Performance Shares that will be deemed earned will equal the sum of (A) the number of Performance Shares subject to the award earned for each completed year (1/3 of the total number that would be earned for the full Performance Period based upon actual performance in the completed year(s)) of the Performance Period, if any, based on the achievement of the Performance Goals, plus (B) the target number of Performance Shares for each incomplete year of the Performance Period, if you are terminated (1) by the Company without Cause or (2) You terminate employment for Good Reason, in either case, if such termination occurs on or within 2 years following a Change in Control.

(b)Acceptance. All Performance Shares that are not earned in accordance with the terms of this Agreement and the Performance Share Award Summary of Grant will be

8

forfeited. By electronically accepting this Grant, You irrevocably consent to any forfeiture of Performance Shares required or authorized by this Agreement.

6.Issuance of Shares.

(a)Except as otherwise provided below, a share of Common Stock will be issued to You in payment of each Performance Share that is deemed earned pursuant to the terms of this Agreement as soon as practicable in the year (but no later than August 1) following the year in which such Grant is deemed earned (which date during that period will be determined by the Company). In the event a distribution is due under Section 5(a)(ii) prior to the end of the Performance Period, the shares will be issued as soon as practicable following the date of the event giving rise to the payment, but no later than 60 days following the date of the event. In the event a distribution is due under Section 5(a)(iii) prior to the end of the Performance Period, the shares will be issued on the first day of the seventh month following the date of termination.

(b)Notwithstanding any provision of this Agreement to the contrary, (i) no “distributions” (within the meaning of Treasury Regulation Section 1.409A-1(c)(3)(v)) of deferred compensation that is subject to Section 409A of the Code may be made pursuant to this Agreement to a “specified employee” (within the meaning of Treasury Regulation Section 1.409A-1(i)) (“Specified Employee”) due to a Separation from Service before the date that is 6 months after the date of such Specified Employee’s Separation from Service (or, if earlier than the end of the 6 month period, the date of his death); and (ii) any distribution that, but for the preceding clause (i), would be made before the date that is 6 months after the date of the Specified Employee’s Separation from Service will be paid on the first day of the seventh month following the date of his Separation from Service (or, if earlier, within 14 days after the date of his death). For the avoidance of doubt, the preceding sentence will apply to any payment (and only to any payment) pursuant to this Agreement to which Code Section 409A(a)(2)(B)(i) (relating to Specified Employees) applies, and will not apply to any payment that is not subject to Code Section 409A as a result of Treasury Regulation Section 1.409A-1(b)(4) (relating to short-term deferrals) or otherwise. Your right to any series of payments pursuant to this Agreement will be treated as a right to a series of separate payments within the meaning of Treasury Regulation Section 1.409A-2(b)(2)(iii), including without limitation for purposes of the short-term deferral rule set forth in Treasury Regulation Section 1.409A-1(b)(4).

(c)In no event, except a Change in Control or a Grantee’s Separation from Service as a result of death or Disability, as a result of which Performance Shares are deemed earned pursuant to this Agreement, will any shares be issued in payment of Performance Shares unless the Committee certifies in writing that the performance goals and any other material terms were in fact satisfied with respect to such Performance Shares. Such certification will be final, conclusive and binding on You, and on all other persons, to the maximum extent permitted by law.

(d)The shares to be issued will be credited to a brokerage account established by the Company in Your name (or, in the event of Your death, in the name of Your Beneficiary) in payment of such Performance Shares. All shares of Common Stock issued under this Agreement will be duly authorized, validly issued, fully paid and non-assessable.

9

7.Your Commitments; Recoupment.

(a)If You, at any time before the Grant terminates: (i) directly or indirectly, whether as an owner, partner, shareholder, consultant, agent, employee, investor or in any other capacity, accept employment by, render services for or otherwise assist any other business which competes with the business conducted by the Company or any of its Subsidiaries in which You worked during Your last 2 years with the Company or any of its Subsidiaries; (ii) directly or indirectly, hire or solicit or arrange for the hiring or solicitation of any employee of the Company or any of its Subsidiaries, or encourage any such employee to leave such employment; (iii) use, disclose, misappropriate or transfer confidential or proprietary information concerning the Company or any of its Subsidiaries (except as required by Your work responsibilities with the Company or any of its Subsidiaries); or (iv) are convicted of a crime against the Company or any of its Subsidiaries; or (v) engage in any activity in violation of the policies of the Company or any of its Subsidiaries, including without limitation the Company’s Code of Business Ethics and Conduct, or, at any time, engage in conduct adverse to the best interests of the Company or any of its Subsidiaries; then should any of the foregoing events occur, the Grant will be canceled, unless the Committee, in its sole discretion, elects not to cancel such Grant. The obligations in this Section are in addition to any other agreements related to non-competition, non-solicitation and preservation of Company confidential and proprietary information entered into between You and the Company, and nothing herein is intended to waive, modify, alter or amend the terms of any such other agreement.

(b)You agree that You will be subject to any compensation, clawback and recoupment policies that may be applicable to You, as in effect from time to time and as approved by the Board or the Committee, whether or not approved before or after the Grant Date.

8.Restrictions on Grant. In no event may (a) You sell, exchange, transfer, assign, pledge, hypothecate, mortgage or dispose of the Grant or any interest therein, nor (b) the Grant or any interest therein be subject to anticipation, attachment, garnishment, levy, encumbrance or charge of any nature, voluntary or involuntary, by operation of law or otherwise and any attempt to do so, whether voluntary or involuntary, will be null and void and no other party will obtain any rights to or interest in the Grant. You may designate a Beneficiary to receive the Grant in the event of Your death in accordance with Section 2(c) of the Plan. Any Beneficiary will receive the Grant subject to all of the terms, conditions and restrictions set forth in this Agreement, including but not limited to the forfeiture provisions set forth in this Agreement.

9.Taxes and Withholding. The Committee may cause to be made, as a condition precedent to any payment or transfer of stock hereunder, appropriate arrangements for the withholding of any Federal, state or local taxes. If applicable, the Company will have the right, in its discretion, to deduct from any Dividend Equivalents payable pursuant to this Agreement, and from any shares to be issued pursuant to this Agreement, cash and/or shares, valued at Fair Market Value on the date of payment, in an amount necessary to satisfy all Federal, state and local taxes required by law to be withheld with respect to such Dividend Equivalents, cash and/or shares. You may be required to pay to the Company, prior to delivery of certificates representing

10

such shares and prior to such shares being credited to a book entry account in Your name, the amount of any such taxes. The Company will accept whole shares of Common Stock of equivalent Fair Market Value in payment of the Company’s minimum statutory withholding tax obligations if You elect to make payment in shares.

10.Compliance with Law. The Company will make reasonable efforts to comply with all applicable federal and state securities laws. However, no shares or other securities will be issued pursuant to this Agreement if their issuance would result in a violation of any such law. If at any time the Committee determines, in its discretion, that the listing, registration or qualification of any shares subject to this Grant upon any securities exchange or under any state or Federal law, or the consent or approval of any government regulatory body, is necessary or desirable as a condition of, or in connection with, the granting of this Grant or the issue of shares hereunder, no rights under the Grant may be exercised and shares of Common Stock may not be issued pursuant to the Grant, in whole or in part, unless such listing, registration, qualification, consent or approval will have been effected or obtained free of any conditions not acceptable to the Committee and any delay will in no way affect the dates of vesting or forfeiture of the Grant.

11.Amendments; Integrated Agreement. This Agreement may only be amended in a writing signed by You and an officer of the Company duly authorized to do so. This Agreement contains the entire agreement of the parties relating to the subject matter of this Agreement and supersedes and replaces all prior agreements and understandings with respect to such subject matter, and the parties have made no agreements, representations or warranties relating to the subject matter of this Agreement which are not set forth herein.

12.Relation to Plan; Interpretation. The Grant is granted under the Plan, and the Grant and this Agreement are each subject to the terms and conditions of the Plan, which is incorporated in this Agreement by reference. In the event of any inconsistent provisions between this Agreement and the Plan, the provisions of the Plan control. References to Sections are to Sections of this Agreement unless otherwise noted. The titles to Sections of this Agreement are intended solely for convenience and no provision of this Agreement is to be construed by reference to the title of any Section.

13.Notices. Any notice hereunder by You will be given to the Senior Vice President Human Resources and the Corporate Secretary in writing and such notice and any payment by You will be deemed duly given or made only upon receipt by the Corporate Secretary at Barnes Group Inc., 123 Main Street, Bristol, Connecticut 06010, U.S.A., or at such other address as the Company may designate by notice to You. Any notice to You will be in writing and will be deemed duly given if delivered to You in person or mailed or otherwise delivered to You at such address as You may have on file with the Company from time to time.

14.Interpretation and Disputes. This Agreement will be interpreted and construed, and all determinations will be made, by the Committee, and any such interpretation, construction or determination will be final, binding and conclusive on the Company and You. In the event there is any inconsistency between the provisions of this Agreement and the Plan, the provisions of the Plan will govern.

11

    Any claim, demand or controversy arising from such interpretation, construction or determination by the Committee shall be submitted first to a mediator in accordance with the rules of the American Arbitration Association (“AAA”) by submitting a mediation request to the Administrator within 30 days of the date of the Committee’s interpretation or construction. The mediation process shall conclude upon the earlier of: (a) the resolution of the dispute; (b) a determination by either the mediator or one or more of the parties that all settlement possibilities have been exhausted and there is no possibility of resolution; or (c) 30 days have passed since the filing of a request to mediate with the AAA. A party who has previously submitted a dispute to mediation, and which dispute has not been resolved, may submit such dispute to binding arbitration pursuant to the rules of the AAA. Any arbitration proceeding for such dispute must be initiated within 14 days from the date that the mediation process has concluded. The prevailing party shall recover its costs and reasonable attorney’s fees incurred in such arbitration proceeding. You and the Company specifically understand and agree that the failure of a party to timely initiate a proceeding hereunder shall bar the party from any relief or other proceeding and any such dispute shall be deemed to have been finally and completely resolved. All mediation and arbitration proceedings shall be conducted in Bristol, Connecticut or such other location as the Company may determine and You agree that no objection shall be made to such jurisdiction or venue, as a forum non conveniens or otherwise. The arbitrator’s authority shall be limited to resolution of the legal disputes between the parties and the arbitrator shall not have authority to modify or amend this Agreement or the Committee’s interpretation or construction thereof, or abridge or enlarge rights available under applicable law. Any court with jurisdiction over the parties may enforce any award made hereunder.

15.General.

(a)Nothing in this Agreement confers upon You any right to continue in the employ or other service of the Company or any Subsidiary, or limit in any manner the right of the Company, its stockholders or any Subsidiary to terminate Your employment or adjust Your compensation.

(b)You have no rights as a stockholder with respect to any shares that may be issued pursuant to this Agreement until the date of issuance to You of a stock certificate for such shares or the date of a credit for such shares in a brokerage account in Your name.

(c)This Agreement is binding upon the successors and assigns of the Company and upon Your Beneficiary, estate, legal representatives, legatees and heirs.

(d)This Agreement is governed by and construed in accordance with the laws of the State of Delaware, without regard to the principles of conflicts of laws thereof.

12

EX-10.2

Patrick J. Dempsey President and Chief Executive Officer pjdempsey@BGInc.com 123 MAIN STREET BRISTOL, CT T: 860.973-2121 F: 860.582-3228 BGInc.com

EXHIBIT 10.2

February 12, 2021

Mr. Lukas Hovorka

46 Westbury

Avon, Connecticut 06001

Dear Lukas:

We are pleased to offer you the position of Senior Vice President, Corporate Development, Barnes Group Inc. at an annual salary of $320,000 (paid monthly in advance), effective March 1, 2021. In this position you will report to me and remain headquartered in Bristol, Connecticut.

Effective March 1, 2021, you will continue to participate in the Management Incentive Compensation Plan (2021) and the Performance-Linked Bonus Plan for Selected Executive Officers (beginning in 2022). Your target incentive under this plan will increase to 45% of base salary, with a maximum payout of 135% of base salary and will remain based 100% on Barnes Corporate results. For the period of January 1, 2021 through February 28, 2021, your annual incentive target will remain 35% of base salary, with a maximum payout of 105% of base salary (based 100% on Barnes Corporate results). Annual performance measures will be communicated in early 2021 once approved by the Compensation and Management Development Committee of the Board of Directors. Your total cash compensation package is $464,000 at target and $752,000 at maximum on an annualized basis. Payouts are subject to the provisions of the plan and are normally paid in late February of the year immediately following the plan year. You must be employed on the date bonuses are paid to be eligible for a payout.

Effective on your date of appointment, you will be awarded the following:

•5,800 Stock Options, with an exercise price equal to the fair market value of Barnes Group’s stock (as defined in the 2014 Barnes Group Inc. Stock and Incentive Award Plan) on your date of appointment. These options will vest one-third each on the 18th, 30th, and 42nd month anniversaries of the date of grant. Stock options are a speculative financial vehicle driven solely by stock price appreciation. Fair market value stock options have no intrinsic value absent such appreciation.

•2,000 Time-vested Restricted Stock Units, with each unit having the equivalent value of one share of Barnes Group stock. The restrictions will lapse one-third each on the 18th, 30th, and 42nd month anniversaries of the date of grant. You will receive dividends on these restricted stock units as such dividends are declared by the Company.

•3,300 Performance Share Awards, with each unit having the equivalent value of one share of Barnes Group stock. Performance share awards vest on the basis of the performance of Barnes Group over three years. Two of the performance measures, Total Shareholder Return (TSR) and EBITDA Growth are measured on a relative basis against the Russell 2000 companies. The third measure, Return on Invested Capital (ROIC), is measured on an absolute basis against “pre-established targets” as set by the Compensation and Management Development Committee of the Board of Directors. Shares earned, if any, will be paid out upon vesting. Dividends will accrue on this performance share award and be paid in the same ratio as the underlying shares.

February 12, 2021                                Page – 2 –

Lukas Hovorka

You will continue to be eligible for annual long-term awards beginning with the 2022 grant cycle. Your current target value for annual long-term compensation is $350,000. We currently expect these awards to be in the form of stock options, restricted stock units, and performance share awards. All awards are subject to the discretion of the Compensation and Management Development Committee.

You will be expected to sign an agreement that provides that, in certain circumstances, you may be subject to a “claw back” of any cash or equity awards earned if the Company restates its financial results lower than those upon which awards were calculated (with the exception of restatements not caused by misconduct or error) to comply with generally accepted accounting principles.

You will continue to be subject to stock ownership guidelines and the guideline for your new position is three times (3x) your base salary. Ownership includes directly and beneficially owned shares, stock retained following the distribution of vested restricted stock units and earned performance share awards, and exercises of stock options, stock unit holdings under the Barnes Group Inc. Retirement Savings Plan (RSP), and stock owned through the Barnes Group Inc. Employee Stock Purchase Plan (ESPP). In addition, two-thirds of the value of unvested restricted stock units will be credited toward ownership guidelines. Shares granted by the Company (100% of the after-tax value of equity grants vesting, or options exercised) must be retained until you have met your ownership guidelines. Once met, your multiple of salary requirement converts into a “fixed” number of shares needed to meet that requirement. Going forward, participants must maintain, at minimum, their “fixed” number of shares while employed with the Company in an ownership designated position. While there is no specific timeframe requirement for achieving the ownership requirement, participants are expected to make steady progress and maintain ownership of any shares realized through vesting of restricted stock units, performance share awards, and stock option exercises.

You will continue to participate in the executive Enhanced Life Insurance Plan “ELIP” and your death benefit will increase to $1,280,000 (four times your current salary). ELIP is an individual policy that you own and, as such, the policy is portable. Barnes Group Inc. pays the premium for as long as you remain with the Company.

As a Sr. Officer of the Company, you continue to be entitled to coverage for an annual executive physical and financial planning assistance. The executive physical benefit provides reimbursement for expenses associated with an annual physical examination with a provider of your choice. The financial planning benefit provides reimbursement for professional financial planning assistance, tax planning, and/or tax preparation services, up to a maximum of $4,000 per year. There is no tax gross up associated with these benefits.

Your participation in the Company’s employee benefit programs remains in effect, unchanged, although certain participation and benefit levels may change commensurate with your increase in salary. Your vacation eligibility will remain the same.

February 12, 2021                                Page – 3 –

Lukas Hovorka     

Due to the nature of the role that is being offered to you, and our interest in protecting Barnes Group’s confidential information that will be shared with you during your employment, our offer of employment is subject to, and contingent upon, you agreeing to the following:

•You will not, directly or indirectly, either through your own activities or those of any other person, company, entity or enterprise, hire or solicit or facilitate or arrange for the hiring or solicitation of any person who is an employee of the Company or any affiliate of the Company (“affiliate”) or any employee who has terminated his or her employment with the Company or any of its affiliates within the prior twelve (12) month period, or encourage any such employee to leave such employment, in each case during the two (2) year period following the date on which your employment ends for any reason.

•For the two (2) year period following the date on which your employment ends for any reason, you will not intentionally or knowingly, directly or indirectly, either through your own activities or those of any other person, firm, company, entity or enterprise, (i) interfere with the Company’s or any of its affiliates relationship with, or endeavor to entice away from the Company or any of its affiliates, any individual, person, firm, or other business entity who at any time during your employment with the Company, was a customer of the Company or any of its affiliates or otherwise had a material business relationship with the Company or any of its affiliates, or (ii) discourage, or attempt to discourage, any individual, person, firm, or business entity from doing business with the Company or any of its affiliates.

•For the eighteen (18) month period following the date on which your employment ends for any reason, you will not own, manage, operate, join, control, be employed by or with, render services to, or participate in any manner with any business which competes with the business conducted by the Company or any of its affiliates anywhere in the Restricted Area during the two (2) years immediately preceding the end of your employment with the Company where doing so will require you to provide the same or substantially similar services to such competitive business as those which you provided to the Company during your employment.  “Restricted Area” means (a) the geographic territory in which you worked, represented the Company, or had business contact with the Company’s and its affiliates’ customers and/or suppliers and (b) anywhere the Company is doing business where your use or disclosure of the Company’s or its affiliates’ confidential information (whether for your own benefit or on behalf of a competitor) could materially disadvantage the Company regardless of your physical location.

Both the Company and you acknowledge that the covenants in the above three bullets (collectively, the “Covenants”) are necessary and essential to protect the Company’s confidential information; that the area, duration and scope of the Covenants are reasonable and necessary to protect the Company; that they do not unduly oppress or restrict your ability to earn a livelihood in your chosen profession; that they are not an undue restraint on your trade or any of the public interests that may be involved; and that the Company has a legitimate business purpose in requiring you to abide by the Covenants. You and the Company agree that in the event that a

February 12, 2021                                Page – 4 –

Lukas Hovorka     

court were to determine that any portion of the above bullet is unreasonable, arbitrary or against public policy, the provisions are to be enforced for such smaller area, shorter duration or narrow scope as shall be determined to be reasonable, non-arbitrary and not against public policy.

You acknowledge and agree that (i) the obligations you are agreeing to under this letter, especially the Covenants, are supported by adequate consideration, none of which you would otherwise be entitled to receive, including employment with the Company, base salary, and the other compensation and benefits described in this offer letter and (ii) any violation of this letter agreement would result in irreparable harm and injury to the Company. In the event of a breach or threatened breach by you of the provisions of this letter agreement, you agree that the Company will be entitled to an injunction, without first posting bond and without notice, restraining you from such breach or threatened breach and to any other legal or equitable remedies available to the Company. The Company will also be entitled to all costs and expenses, including reasonable attorneys’ fees from you should you breach this Agreement.

This letter sets forth our offer of a change in position and is not intended to create an expressed or implied contract of any kind, nor shall it be construed to constitute a promise or contract of lifetime or continuing employment. Your employment with Barnes Group Inc. is at will and may be terminated at any time, with or without cause, by either you or the Company. The terms of this offer supersede and take the place of any prior written or oral offers of employment. Barnes Group Inc. also has the right to change, interpret, withdraw, or add to any of the policies, benefits, terms or conditions of employment at any time. The terms and conditions of this letter may only be amended or modified in writing by me.

If you have any questions with regard to the above, please contact Dawn Edwards, Senior Vice President, Human Resources, Barnes Group Inc., at (860) 973-2119. To accept this offer, please sign, date and return the enclosed duplicate copy of this letter to Dawn, no later than February 15, 2021.

Lukas, I look forward to you being a part of the Barnes Group senior leadership team and your continued contributions to the overall success, growth and profitability of the company.

Sincerely,

/S/ PATRICK J DEMPSEY

Patrick J. Dempsey

President and Chief Executive Officer

Agreed to and accepted:

/S/ LUKAS HOVORKA    2/12/2021    

Lukas Hovorka                      Date

EX-15

EXHIBIT 15

April 30, 2021

Securities and Exchange Commission

100 F Street, N.E.

Washington, DC 20549

Commissioners:

We are aware that our report dated April 30, 2021 on our review of interim financial information of Barnes Group Inc., which appears in this Quarterly Report on Form 10-Q, is incorporated by reference in the Registration Statements on Form S-8 (Nos. 333-205952, 333-196013, 333-150741, and 333-133597) of Barnes Group Inc.

Very truly yours,

/s/ PricewaterhouseCoopers LLP

Hartford, Connecticut

EX-31.1

EXHIBIT 31.1

CERTIFICATION

I, Patrick J. Dempsey, certify that:

1.I have reviewed this quarterly report on Form 10-Q for the period ended March 31, 2021 of Barnes Group Inc.;

2.Based on my knowledge, this 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 report;

3.Based on my knowledge, the financial statements, and other financial information included in this 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 report;

4.The registrant's other certifying officer(s) 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 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 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 (the registrant's fourth fiscal quarter in the case of an annual report) 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(s) 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.

Date: April 30, 2021

/s/ PATRICK J. DEMPSEY

Patrick J. Dempsey

President and Chief Executive Officer

EX-31.2

EXHIBIT 31.2

CERTIFICATION

I, Marian Acker, certify that:

1.I have reviewed this quarterly report on Form 10-Q for the period ended March 31, 2021 of Barnes Group Inc.;

2.Based on my knowledge, this 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 report;

3.Based on my knowledge, the financial statements, and other financial information included in this 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 report;

4.The registrant's other certifying officer(s) 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 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 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 (the registrant's fourth fiscal quarter in the case of an annual report) 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(s) 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.

Date: April 30, 2021

  /s/  MARIAN ACKER

Marian Acker

Interim Chief Financial Officer and
Vice President, Controller

EX-32

EXHIBIT 32

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350 AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Barnes Group Inc. (the “Company”) on Form 10-Q for the period ended March 31, 2021 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), each of the undersigned certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 that:

1) the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/    PATRICK J. DEMPSEY	/s/    MARIAN ACKER
Patrick J. Dempsey	Marian Acker
President and Chief Executive Officer April 30, 2021	Interim Chief Financial Officer and Vice President, Controller April 30, 2021

A signed original of this written statement required by Section 906 or other document authenticating, acknowledging, or otherwise adopting the signature that appears in the typed form within the electronic version of this written statement required by Section 906, has been provided to Barnes Group Inc. and will be retained by Barnes Group Inc. and furnished to the Securities and Exchange Commission or its staff upon request.

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Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2021	Apr. 28, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2021
Document Transition Report	false
Entity File Number	1-4801
Entity Registrant Name	BARNES GROUP INC
Entity Central Index Key	0000009984
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	06-0247840
Entity Address, Address Line One	123 Main Street
Entity Address, City or Town	Bristol
Entity Address, State or Province	CT
Entity Address, Postal Zip Code	06010
City Area Code	860
Local Phone Number	583-7070
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	B
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		50,653,088

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Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Income Statement [Abstract]
Net sales	$ 301,629	$ 330,671
Cost of sales	194,696	208,248
Selling and administrative expenses	74,553	73,110
Total operating costs and expenses	269,249	281,358
Operating income	32,380	49,313
Interest expense	3,942	4,324
Other expense (income), net	1,463	1,594
Income before income taxes	26,975	43,395
Income taxes	7,593	13,662
Net income	$ 19,382	$ 29,733
Per common share:
Basic (in dollars per share)	$ 0.38	$ 0.58
Diluted (in dollars per share)	$ 0.38	$ 0.58
Weighted average common shares outstanding:
Basic (in shares)	50,933,666	51,061,132
Diluted (in shares)	51,087,688	51,501,857

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Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2021	Mar. 31, 2020
Statement of Comprehensive Income [Abstract]
Net income		$ 19,382	$ 29,733
Other comprehensive loss, net of tax
Unrealized loss on hedging activities, net of tax	[1]	(652)	(2,337)
Foreign currency translation adjustments, net of tax	[2]	(47,882)	(36,333)
Defined benefit pension and other postretirement benefits, net of tax	[3]	3,632	4,481
Total other comprehensive loss, net of tax		(44,902)	(34,189)
Total comprehensive loss		$ (25,520)	$ (4,456)

[1] Net of tax of $(184) and $(823) for the three months ended March 31, 2021 and 2020, respectively.

[2] Net of tax of $0 and $(66) for the three months ended March 31, 2021 and 2020, respectively.

[3] Net of tax of $1,069 and $810 for the three months ended March 31, 2021 and 2020, respectively.

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Consolidated Statements of Commprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement of Comprehensive Income [Abstract]
Unrealized (loss) income on hedging activities, tax	$ (184)	$ (823)
Foreign currency translation adjustment, tax	0	(66)
Defined benefit pension and other postretirement benefits, tax	$ 1,069	$ 810

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Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Current assets
Cash and cash equivalents	$ 84,900	$ 79,145
Accounts receivable, less allowances (2021 - $6,394; 2020 - $6,348)	252,548	251,460
Inventories	233,465	238,008
Prepaid expenses and other current assets	77,490	73,732
Total current assets	648,403	642,345
Deferred income taxes	21,653	22,092
Property, plant and equipment	896,096	910,378
Less accumulated depreciation	(539,824)	(539,431)
Property, plant and equipment, net	356,272	370,947
Goodwill	971,851	1,011,580
Other intangible assets, net	541,148	564,132
Other assets	60,937	65,130
Total assets	2,600,264	2,676,226
Current liabilities
Notes and overdrafts payable	7,507	2,115
Accounts payable	118,756	112,428
Accrued liabilities	169,277	178,560
Long-term debt - current	2,051	2,276
Total current liabilities	297,591	295,379
Long-term debt	664,015	699,868
Accrued retirement benefits	94,066	98,171
Deferred income taxes	88,117	91,668
Long-term tax liability	59,063	59,063
Other liabilities	46,045	49,400
Commitments and contingencies (Note 16)
Stockholders' equity
Common stock - par value $0.01 per share Authorized: 150,000,000 shares Issued: at par value (2021 - 64,183,161 shares; 2020 - 64,171,321 shares)	642	642
Additional paid-in capital	503,937	501,531
Treasury stock, at cost (2021 - 13,531,343 shares; 2020 - 13,530,074 shares)	(517,060)	(516,992)
Retained earnings	1,531,065	1,519,811
Accumulated other non-owner changes to equity	(167,217)	(122,315)
Total stockholders' equity	1,351,367	1,382,677
Total liabilities and stockholders' equity	$ 2,600,264	$ 2,676,226

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Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 6,394	$ 6,348
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	150,000,000	150,000,000
Common stock, shares issued (in shares)	64,183,161	64,171,321
Treasury stock, at cost (in shares)	13,531,343	13,530,074

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Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Operating activities:
Net income	$ 19,382	$ 29,733
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	21,992	23,617
Gain on disposition of property, plant and equipment	(50)	(123)
Stock compensation expense	2,306	2,552
Seeger divestiture charges	0	6,620
Changes in assets and liabilities, net of the effects of divestitures:
Accounts receivable	(7,590)	9,592
Inventories	78	(12,788)
Prepaid expenses and other current assets	(4,882)	(3,227)
Accounts payable	9,121	1,328
Accrued liabilities	(6,456)	(7,885)
Deferred income taxes	(101)	462
Long-term retirement benefits	(569)	(3,518)
Other	2,381	826
Net cash provided by operating activities	35,612	47,189
Investing activities:
Proceeds from disposition of property, plant and equipment	83	185
Proceeds from the sale of businesses, net of cash sold	0	36,879
Capital expenditures	(7,855)	(11,912)
Other	3,758	0
Net cash (used) provided by investing activities	(4,014)	25,152
Financing activities:
Net change in other borrowings	5,354	20,775
Payments on long-term debt	(30,933)	(108,521)
Proceeds from the issuance of long-term debt	15,000	75,000
Proceeds from the issuance of common stock	125	183
Common stock repurchases	0	(15,550)
Dividends paid	(8,104)	(8,133)
Withholding taxes paid on stock issuances	(68)	(84)
Other	(5,816)	(7,252)
Net cash used by financing activities	(24,442)	(43,582)
Effect of exchange rate changes on cash flows	(2,331)	(3,111)
Increase in cash, cash equivalents and restricted cash	4,825	25,648
Cash, cash equivalents and restricted cash at beginning of period	91,468	93,805
Cash, cash equivalents and restricted cash at end of period	96,293	119,453
Cash and cash equivalents	84,900	112,827
Prepaid Expenses and Other Current Assets
Financing activities:
Restricted cash	(6,198)	0
Other Noncurrent Assets
Financing activities:
Restricted cash	$ (5,195)	$ (6,626)

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Basis of Presentation	3 Months Ended
	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of PresentationThe accompanying unaudited consolidated balance sheet and the related unaudited consolidated statements of income, comprehensive income and cash flows have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. The consolidated financial statements do not include all information and notes required by accounting principles generally accepted in the United States of America for complete financial statements. The balance sheet as of December 31, 2020 has been derived from the 2020 financial statements of Barnes Group Inc. (the “Company”). For additional information, please refer to the consolidated financial statements and notes included in the Company's Annual Report on Form 10-K for the year ended December 31, 2020. In the opinion of management, all adjustments, including normal recurring accruals considered necessary for a fair statement of the results, have been included. Operating results for the three-month period ended March 31, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021. Certain reclassifications have been made to prior year amounts to conform to current year presentation.The COVID-19 pandemic ("COVID-19") has resulted in a disruption in business activities worldwide and has caused weakened economic conditions, both in the United States and abroad. COVID-19 has had, and may continue to have, a significant negative impact on the Company's ongoing operations and the end markets in which it serves. The Company has assessed the impacts that COVID-19 has had on its accounting estimates, assumptions and disclosures.

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Divestiture	3 Months Ended
	Mar. 31, 2021
Discontinued Operations and Disposal Groups [Abstract]
Divestiture	Divestiture On December 20, 2019, the Company entered into a Share Purchase and Transfer Agreement ("SPA") with the Kajo Neukirchen Group ("KNG") to sell the Seeger business, consisting of partnership interests and shares, respectively, of Seeger-Orbis GmbH & Co. OHG and Seeger-Orbis Mechanical Components (Tianjin) Co., Ltd. (“Seeger”) for 42,500 Euros, subject to certain adjustments. The Company completed the sale of the Seeger business to KNG effective February 1, 2020. Gross proceeds received were 38,964 Euros ($42,915) after consideration of post-closing adjustments, which were made during the fourth quarter of 2020, pursuant to the terms of the SPA. The Company yielded net cash proceeds of $36,062 after consideration of cash sold and transaction costs. Resulting tax charges of $4,211 were recognized in the first quarter of 2020 following the completion of the sale. Divestiture charges of $2,409 resulted from the completion of the sale and were recorded within Selling and Administrative expenses on the Consolidated Statements of Income in the quarter ended March 31, 2020. The Company utilized the proceeds from the sale to reduce debt under the Amended Credit Agreement. Pursuant to the SPA, 6,000 Euros of the proceeds were placed in escrow and will be released through 2024, pending any potential settlement of claims. Cash related to a pending claim would remain in escrow until a final determination of the claim has been made. The Company has recorded the restricted cash in Prepaid Expenses and Other Current Assets and Other Assets (non-current) as of March 31, 2021.

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Recent Accounting Standards

3 Months Ended

Mar. 31, 2021

Accounting Changes and Error Corrections [Abstract]

Recent Accounting Standards

Recent Accounting Standards

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

Recently Adopted Accounting Standards

In June 2016, the FASB amended its guidance related to credit losses on financial instruments. The amended guidance requires the use of a methodology of estimation that reflects expected credit losses on certain types of financial instruments, including trade receivables, as a replacement to the current methodology, which estimates losses based on incurred credit losses. This expected credit loss methodology requires that the Company consider a broader range of information when estimating credit losses on receivables. The amended guidance was effective for fiscal years, and interim periods within those years, beginning after December 15, 2019. The Company adopted this amended guidance and applicable FASB updates related to the guidance during the first quarter of 2020 and it did not have a material impact on the Company's Consolidated Financial Statements.

In December 2019, the FASB amended its guidance related to income taxes. The amended guidance simplifies the accounting for income taxes, eliminating certain exceptions to the general income tax principles, in an effort to reduce the cost and complexity of application. The amended guidance is effective for annual periods beginning after December 15, 2020, and interim periods within those reporting periods. Early adoption is permitted in any interim or annual period. The guidance requires application on either a prospective, retrospective or modified retrospective basis, contingent on the income tax exception being applied. The Company has adopted this guidance, on a prospective basis, on January 1, 2021 and it did not have a material impact on the Company's Consolidated Financial Statements.

Recently Issued Accounting Standards

The United Kingdom's Financial Conduct Authority, which regulates the London Interbank Offered Rate (“LIBOR”), announced its intent to phase out the use of LIBOR by the end of 2021. The U.S. Federal Reserve, in conjunction with the Alternative Reference Rates Committee, a steering committee comprised of large U.S. financial institutions, identified the Secured Overnight Financing Rate (“SOFR”) as its preferred benchmark alternative to U.S. dollar LIBOR. Published by the Federal Reserve Bank of New York, SOFR represents a measure of the cost of borrowing cash overnight, collateralized by U.S. Treasury securities, and is calculated based on directly observable U.S. Treasury-backed repurchase transactions. In March 2020, in response to this transition, the FASB issued guidance related to this rate reform, which provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships and other transactions that reference LIBOR or another reference rate expected to be discontinued by reference rate reform, and addresses operational issues likely to arise in modifying contracts to replace discontinued reference rates with new rates. In January 2021, the FASB issued further clarifying guidance regarding derivatives, as it relates to this transition. The guidance is effective through December 31, 2022. The Company’s Amended Credit Agreement (Note 9) and corresponding interest rate Swaps (Note 11) are tied to LIBOR, with each maturing in February 2026. The Company is continuing to monitor the potential impact of the replacement of LIBOR, but does not anticipate a material impact on our business, financial condition, results of operations or cash flows.

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Revenue

3 Months Ended

Mar. 31, 2021

Revenue from Contract with Customer [Abstract]

Revenue

Revenue

The Company is a global provider of highly engineered products, differentiated industrial technologies, and innovative solutions, serving a wide range of end markets and customers. Its specialized products and services are used in far-reaching applications including aerospace, transportation, manufacturing, automation, healthcare and packaging.

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

The following table presents the Company's revenue disaggregated by products and services, and geographic regions, by segment:

	Three Months Ended March 31, 2021						Three Months Ended March 31, 2020
	Industrial		Aerospace		Total Company		Industrial		Aerospace		Total Company
Products and Services
Engineered Components Products	$	48,286	$	—	$	48,286	$	47,707	$	—	$	47,707
Molding Solutions Products	108,547		—		108,547		97,406		—		97,406
Force & Motion Control Products	45,657		—		45,657		39,791		—		39,791
Automation Products	17,497		—		17,497		14,196		—		14,196
Aerospace Original Equipment Manufacturer Products	—		55,528		55,528		—		81,706		81,706
Aerospace Aftermarket Products and Services	—		26,114		26,114		—		49,865		49,865
	$	219,987	$	81,642	$	301,629	$	199,100	$	131,571	$	330,671
Geographic Regions (A)
Americas	$	82,895	$	59,009	$	141,904	$	80,644	$	92,578	$	173,222
Europe	88,674		14,151		102,825		81,864		25,163		107,027
Asia	46,760		7,647		54,407		35,493		11,696		47,189
Rest of World	1,658		835		2,493		1,099		2,134		3,233
	$	219,987	$	81,642	$	301,629	$	199,100	$	131,571	$	330,671

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

Revenue from products and services transferred to customers at a point in time accounted for approximately 80 percent and 85 percent of total revenue for the three-month periods ended March 31, 2021 and 2020, respectively. A majority of revenue within the Industrial segment and Aerospace OEM business, along with a portion of revenue within the Aerospace Aftermarket business, is recognized at a point in time, primarily when the product or solution is shipped to the customer.

Revenue from products and services transferred to customers over-time accounted for approximately 20 percent and 15 percent of total revenue for the three-month periods ended March 31, 2021, and 2020, respectively. The Company recognizes revenue over-time in instances where a contract supports a continual transfer of control to the customer. Substantially all of our revenue in the Aerospace maintenance repair and overhaul business (within Aftermarket Products and Services) and a portion of the Engineered Components products, Molding Solutions products and Aerospace OEM products is recognized over-time. Within the Molding Solutions and Aerospace Aftermarket businesses, this continual transfer of control to the customer results from repair and refurbishment work performed on customer-controlled assets. With other contracts, this continual transfer of control to the customer is supported by clauses in the contract, or governing commercial law for the relevant jurisdiction, where we deliver products that do not have an alternative use and require an enforceable right to payment of costs incurred (plus a reasonable profit) or the Company has a contractual right to complete any work in process and receive full contract price.

The majority of our revenues are from contracts that are for less than one year, however certain Aerospace OEM and Molding Solutions business contracts extend beyond one year. In the Industrial segment, customers are typically OEMs or suppliers to OEMs and, in some businesses, distributors. In the Aerospace segment, customers include commercial airlines, OEMs and other aircraft and defense-related parts and service providers.

A performance obligation represents a promise within a contract to provide a distinct good or service to the customer. Revenue is recognized in an over-time model based on the extent of progress towards completion of the performance obligation. The selection of the method to measure progress towards completion requires judgment and is based on the nature of the products or services to be provided. The Company utilizes the cost-to-cost measure of progress for over time contracts as we believe this measure best depicts the transfer of control to the customer, which occurs as we incur costs on contracts.

Adjustments to net sales, cost of sales and the related impact to operating income are recognized as necessary in the period they become known. Revenue recognized from performance obligations satisfied in previous periods was not material in both the three months ended March 31, 2021 and 2020.

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

Unbilled Receivables (Contract Assets) - Pursuant to the over-time revenue recognition model, revenue may be recognized prior to the customer being invoiced. An unbilled receivable is recorded to reflect revenue that is recognized when 1) the cost-to-cost method is applied and 2) such revenue exceeds the amount invoiced to the customer. Unbilled receivables are included within Prepaid Expenses and Other Current Assets on the Consolidated Balance Sheets as of March 31, 2021 and December 31, 2020.

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

Net contract asset (liabilities) consisted of the following:

	March 31, 2021		December 31, 2020		$ Change		% Change
Unbilled receivables (contract assets)	$	35,796	$	33,009	$	2,787	8	%
Contract liabilities	(35,046)		(39,865)		4,819		(12)	%
Net contract asset (liabilities)	$	750	$	(6,856)	$	7,606	NM

NM - Not Meaningful

Contract liabilities balances at March 31, 2021 and December 31, 2020 include $11,158 and $12,750, respectively, of customer advances for which the Company has an unconditional right to collect payment. Accounts receivable, as presented on the Consolidated Balance Sheet, include corresponding balances at March 31, 2021 and December 31, 2020, respectively.

Changes in the net contract asset during the three-month period ended March 31, 2021 included a $4,819 decrease in contract liabilities, driven primarily by revenue recognized in the current period, partially offset by new customer advances and deposits. Adding to this net contract asset increase was a $2,787 increase in contract assets, driven primarily by contract progress (i.e. unbilled receivable), partially offset by earlier contract progress being invoiced to the customer.

The Company recognized approximately 40% of the revenue related to the contract liability balance as of December 31, 2020 during the three months ended March 31, 2021, and approximately 40% of the revenue related to the contract liability balance as of December 31, 2019 during the three months ended March 31, 2020, primarily representing revenue from the sale of molds and hot runners within the Molding Solutions business.

Remaining Performance Obligations. The Company has elected to disclose remaining performance obligations only for contracts with an original duration of greater than one year. Such remaining performance obligations represent the transaction price of firm orders for which work has not yet been performed and, for Aerospace, excludes projections of components and assemblies that Aerospace OEM customers anticipate purchasing in the future under existing programs, which represent orders that are beyond lead time and do not represent performance obligations pursuant to accounting guidance. As of March 31, 2021, the aggregate amount of the transaction price allocated to remaining performance obligations was $178,459. The Company expects to recognize revenue on approximately 70% of the remaining performance obligations over the next 12 months, with the remainder being recognized within 24 months.

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Stockholders Equity

3 Months Ended

Mar. 31, 2021

Equity [Abstract]

Stockholders Equity

Stockholders' Equity

A schedule of consolidated changes in equity for the three months ended March 31, 2021 is as follows (shares in thousands):

	Common Stock (Number of Shares)	Common Stock (Amount)		Additional Paid-In Capital		Treasury Stock (Number of Shares)	Treasury Stock (Amount)		Retained Earnings		Accumulated Other Non-Owner Changes to Equity		Total Stockholders’ Equity
December 31, 2020	64,171	$	642	$	501,531	13,530	$	(516,992)	$	1,519,811	$	(122,315)	$	1,382,677
Comprehensive income	—	—		—		—	—		19,382		(44,902)		(25,520)
Dividends declared ($0.16 per share)	—	—		—		—	—		(8,104)		—		(8,104)
Employee stock plans	12	—		2,406		1	(68)		(24)		—		2,314
March 31, 2021	64,183	$	642	$	503,937	13,531	$	(517,060)	$	1,531,065	$	(167,217)	$	1,351,367

A schedule of consolidated changes in equity for the three months ended March 31, 2020 is as follows (shares in thousands):

	Common Stock (Number of Shares)	Common Stock (Amount)		Additional Paid-In Capital		Treasury Stock (Number of Shares)	Treasury Stock (Amount)		Retained Earnings		Accumulated Other Non-Owner Changes to Equity		Total Stockholders’ Equity
December 31, 2019	63,873	$	639	$	489,282	13,051	$	(498,074)	$	1,489,176	$	(210,495)	$	1,270,528
Comprehensive income	—	—		—		—	—		29,733		(34,189)		(4,456)
Dividends declared ($0.16 per share)	—	—		—		—	—		(8,133)		—		(8,133)
Common stock repurchases	—	—		—		396	(15,550)		—		—		(15,550)
Employee stock plans	17	—		2,743		2	(84)		(88)		—		2,571
March 31, 2020	63,890	$	639	$	492,025	13,449	$	(513,708)	$	1,510,688	$	(244,684)	$	1,244,960

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Net Income Per Common Share

3 Months Ended

Mar. 31, 2021

Earnings Per Share [Abstract]

Net Income Per Common Share

Net Income Per Common Share

For the purpose of computing diluted net income per common share, the weighted-average number of common shares outstanding is increased for the potential dilutive effects of stock-based incentive plans. For the purpose of computing diluted net income per common share, the weighted-average number of common shares outstanding was increased by 154,022 and 440,725 for the three-month periods ended March 31, 2021 and 2020, respectively.

The calculation of weighted-average diluted shares outstanding excludes all shares that would have been anti-dilutive. During the three-month periods ended March 31, 2021 and 2020, the Company excluded 522,117 and 325,670 stock awards, respectively, from the calculation of weighted-average diluted shares outstanding as the stock awards were considered anti-dilutive.

The Company granted 144,000 stock options, 104,029 restricted stock unit awards and 99,155 performance share awards ("PSAs") in February 2021 as part of its annual long-term incentive equity grant awards. All of the stock options and the restricted stock unit awards vest upon meeting certain service conditions. The restricted stock unit awards are included in basic weighted-average common shares outstanding as they contain nonforfeitable rights to dividend payments. The PSAs are part of the long-term Performance Share Award Program and are based on performance goals that are driven by a combination of independently measured metrics (depending on the grant year) with each metric being weighted equally. The metrics for awards granted in 2021 include the Company’s total shareholder return (“TSR”), return on invested capital (“ROIC”) and operating income before depreciation and amortization growth ("EBITDA growth"). The TSR and EBITDA growth metrics are designed to assess the long-term Company performance relative to the performance of companies included in the Russell 2000 Index over a three-year performance period. ROIC is designed to assess the Company's performance compared to pre-established Company targets over a three-year performance period. The participants can earn from zero to 250% of the target award and the award includes a forfeitable right to dividend equivalents, which are not included in the aggregate target award numbers. The fair value of the TSR is determined using a Monte Carlo valuation method as the award contains a market condition.

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Inventories

3 Months Ended

Mar. 31, 2021

Inventory Disclosure [Abstract]

Inventories

Inventories

The components of inventories consisted of:

	March 31, 2021		December 31, 2020
Finished goods	$	78,023	$	79,833
Work-in-process	75,858		76,542
Raw material and supplies	79,584		81,633
	$	233,465	$	238,008

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Goodwill and Other Intangible Assets

3 Months Ended

Mar. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

Goodwill and Other Intangible Assets

Goodwill:

The following table sets forth the change in the carrying amount of goodwill for each reportable segment and for the Company as of and for the period ended March 31, 2021:

	Industrial		Aerospace		Total Company
December 31, 2020	$	980,794	$	30,786	$	1,011,580
Foreign currency translation	(39,729)		—		(39,729)
March 31, 2021	$	941,065	$	30,786	$	971,851

Other Intangible Assets:

Other intangible assets consisted of:

		March 31, 2021				December 31, 2020
	Range of Life -Years	Gross Amount		Accumulated Amortization		Gross Amount		Accumulated Amortization
Amortized intangible assets:
Revenue Sharing Programs (RSPs)	Up to 30	$	299,500	$	(144,937)	$	299,500	$	(143,209)
Component Repair Programs (CRPs)	Up to 30	111,839		(31,918)		111,839		(30,869)
Customer relationships	10-16	338,366		(123,806)		338,366		(118,752)
Patents and technology	4-11	123,433		(79,623)		123,433		(77,311)
Trademarks/trade names	10-30	10,949		(10,431)		10,949		(10,377)
Other	Up to 15	10,746		(4,733)		10,746		(4,580)
		894,833		(395,448)		894,833		(385,098)
Unamortized intangible assets:
Trade names		55,670		—		55,670		—
Foreign currency translation		(13,907)		—		(1,273)		—
Other intangible assets		$	936,596	$	(395,448)	$	949,230	$	(385,098)

Estimated amortization of intangible assets for future periods is as follows: 2021 (remainder) - $32,000; 2022 - $42,000; 2023- $44,000; 2024 - $44,000, 2025 - $44,000 and 2026- $43,000.

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Debt

3 Months Ended

Mar. 31, 2021

Debt Disclosure [Abstract]

Debt

Debt

Long-term debt and notes and overdrafts payable at March 31, 2021 and December 31, 2020 consisted of:

	March 31, 2021				December 31, 2020
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Amended Credit Agreement	$	558,526	$	596,456	$	593,622	$	601,936
3.97% Senior Notes	100,000		109,282		100,000		109,151
Borrowings under lines of credit and overdrafts	7,507		7,507		2,115		2,115
Finance leases	7,343		8,508		8,268		8,650
Other foreign bank borrowings	197		199		254		257
	673,573		721,952		704,259		722,109
Less current maturities	(9,558)				(4,391)
Long-term debt	$	664,015			$	699,868

In October 2014, the Company entered into a Note Purchase Agreement (“Note Purchase Agreement”), among the Company and New York Life Insurance Company, New York Life Insurance and Annuity Corporation and New York Life Insurance and Annuity Corporation Institutionally Owned Life Insurance Separate Account, as purchasers, for the issuance of $100,000 aggregate principal amount of 3.97% Senior Notes due October 17, 2024 (the “3.97% Senior Notes”). The 3.97% Senior Notes are senior unsecured obligations of the Company and pay interest semi-annually on April 17 and October 17 of each year at an annual rate of 3.97%. The 3.97% Senior Notes will mature on October 17, 2024 unless earlier prepaid in accordance with their terms. Subject to certain conditions, the Company may, at its option, prepay all or any part of the 3.97% Senior Notes in an amount equal to 100% of the principal amount of the 3.97% Senior Notes so prepaid, plus any accrued and unpaid interest to the date of prepayment, plus the Make-Whole Amount, as defined in the Note Purchase Agreement, with respect to such principal amount being prepaid. The fair value of the 3.97% Senior Notes was determined using the U.S. Treasury yield and a long-term credit spread for similar types of borrowings, which represent Level 2 observable inputs.

On October 8, 2020, the Company entered into the sixth amendment to its fifth amended and restated revolving credit agreement with Bank of America (the “Sixth Amendment”) and the first amendment to the Note Purchase Agreement with New York Life (the “First NPA Amendment”). The Sixth Amendment maintained the borrowing availability of $1,000,000 along with access to request $200,000 through an accordion feature. The Sixth Amendment and the First NPA Amendment provided for an increase in the Company’s maximum ratio of Consolidated Senior Debt, as defined, to Consolidated EBITDA, as defined, from 3.25 times (or, if a certain permitted acquisition above $150,000 is consummated, 3.50 times) to 3.75 times in each case at the end of the four fiscal quarters, beginning with December 31, 2020, and regardless of whether a permitted acquisition, as defined, is consummated, providing additional financing flexibility and access to liquidity. Additionally, the Sixth Amendment requires the Company to maintain a maximum ratio of Consolidated Total Debt, as defined, to Consolidated EBITDA, of not more than 3.75 times in each case, at the end of the four fiscal quarters, beginning with December 31, 2020 and regardless of whether a permitted acquisition, as defined, is consummated. Furthermore, the First NPA Amendment provides for (i) adjustments to the ratio of Consolidated Total Debt, as defined, to Consolidated EBITDA, as defined, to conform to a more restrictive total leverage ratio that may be required under the Amended Credit Agreement, (ii) an increase in the amount of allowable add-back for restructuring charges when calculating Consolidated EBITDA from $15,000 to $25,000 and (iii) a required fee payment equal to 0.50% per annum times the daily outstanding principal amount of the note during each of the four fiscal quarters, following the quarter ended December 31, 2020, if the Company’s Senior Leverage Ratio, as defined, exceeds 3.25 times. In October 2020, the Company paid fees and expenses of $1,384 in conjunction with executing the Amendments; such fees have been deferred within Other Assets on the accompanying Consolidated Balance Sheet and are being amortized on the Consolidated Statements of Income.

On February 10, 2021, the Company and certain of its subsidiaries entered into the sixth amended and restated senior unsecured revolving credit agreement (the "Amended Credit Agreement") and retained Bank of America, N.A. as the Administrative Agent for the lenders. The Amended Credit Agreement maintains the $1,000,000 of availability within the facility, while increasing the available borrowings under the accordion feature from $200,000 to $250,000 (aggregate availability of $1,250,000) and extends the maturity date through February 2026. The Amended Credit Agreement also adjusts the interest rate to either the Eurocurrency rate, as defined in the Amended Credit Agreement, plus a margin of 1.175% to 1.775% or the base rate, as defined in the Amended Agreement, plus a margin of 0.175% and 0.775%, depending on the Company's leverage ratio at the time of the borrowing. Multi-currency borrowings, pursuant to the Amended Credit Agreement, bear interest at their respective interbank offered rate (i.e. Euribor) or 0.00% (higher of the two rates) plus a margin of between 1.175% to 1.775%.

As with the earlier facility, the Company's borrowing capacity is limited by various debt covenants in the Amended Credit Agreement, as described further below. The Amended Credit Agreement requires the Company to maintain a Senior Debt Ratio of not more than 3.75 times at the end of each fiscal quarter ending on or before September 30, 2021, after which the ratio will revert to 3.25 times (or, if a permitted acquisition above $150,000 is consummated, 3.50 times at the end of each of the first four fiscal quarters ending after the consummation of any such acquisition). In addition, the Amended Credit Agreement requires the Company to maintain a Total Debt Ratio of not more than 3.75 for each fiscal quarter (or, if a permitted acquisition above $150,000 is consummated, 4.25 times at the end of each of the first four fiscal quarters ending after the consummation of any such acquisition, however, such increase in the ratio will not be effective during any period prior to October 1, 2021). A ratio of Consolidated EBITDA to Consolidated Cash Interest Expense, as defined, of not less than 4.25, is required at the end of each fiscal quarter. The Company paid fees and expenses of $4,279 in the first quarter of 2021 in conjunction with executing the Amended Credit Agreement; such fees have been deferred within Other assets on the Consolidated Balance and will be amortized into interest expense on the Consolidated Statements of Income through its maturity. Cash used to pay these fees has been recorded through other financing activities on the Consolidated Statements of Cash Flows.

Borrowings and availability under the Amended Credit Agreement were $558,526 and $441,474, respectively, at March 31, 2021 and borrowings and availability under the Sixth Amendment were $593,622 and $406,378, respectively, at December 31, 2020, subject to covenants in the Company's revolving debt agreements. At March 31, 2021, additional borrowings of $142,716 of Total Debt (including $142,716 of Senior Debt) would have been allowed under the financial covenants. The average interest rate on these borrowings was 1.48% and 1.42% on March 31, 2021 and December 31, 2020, respectively. Borrowings included Euro-denominated borrowings of 331,450 Euros ($388,525) at March 31, 2021 and 344,450 Euros ($423,622) at December 31, 2020. The fair value of the borrowings is based on observable Level 2 inputs. The borrowings were valued using discounted cash flows based upon the Company's estimated interest costs for similar types of borrowings.

At March 31, 2021, the Company was in compliance with all applicable covenants. The Company currently anticipates that it will maintain compliance with all of its covenants in the next four quarters while continuing to monitor its future compliance based on current and future economic conditions. The Company's most restrictive financial covenant is the Senior Debt Ratio, which required the Company to maintain a ratio of Consolidated Senior Debt to Consolidated EBITDA of not more than 3.75 times at March 31, 2021. The actual ratio at March 31, 2021 was 3.09 times, as defined.

In addition, the Company has approximately $82,000 in uncommitted short-term bank credit lines ("Credit Lines") and overdraft facilities. The Credit Lines are accessed locally and are available primarily within the U.S., Europe and Asia. The Credit Lines are subject to the applicable borrowing rates within each respective country and vary between jurisdictions (i.e. LIBOR, Euribor, etc.). Under the Credit Lines, $7,500 was borrowed at March 31, 2021 at an average interest rate of 1.09% and $2,100 was borrowed at December 31, 2020 at an average interest rate of 1.10%. The Company had also borrowed $7 and $15 under the overdraft facilities at March 31, 2021 and December 31, 2020, respectively. Repayments under the Credit Lines are due within one month after being borrowed. Repayments of the overdrafts are generally due within two days after being borrowed. The carrying amounts of the Credit Lines and overdrafts approximate fair value due to the short maturities of these financial instruments.

The Company also has several finance leases under which $7,343 and $8,268 was outstanding at March 31, 2021 and December 31, 2020, respectively. The fair value of the finance leases are based on observable Level 2 inputs. These instruments were valued using discounted cash flows based upon the Company's estimated interest costs for similar types of borrowings.

At March 31, 2021 and December 31, 2020, the Company also had other foreign bank borrowings of $197 and $254, respectively. The fair value of the other foreign bank borrowings was based on observable Level 2 inputs. These instruments were valued using discounted cash flows based upon the Company's estimated interest costs for similar types of borrowings.

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Derivatives

3 Months Ended

Mar. 31, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives

Derivatives

The Company has manufacturing and sales facilities around the world and thus makes investments and conducts business transactions denominated in various currencies. The Company is also exposed to fluctuations in interest rates and commodity price changes. These financial exposures are monitored and managed by the Company as an integral part of its risk management program.

Derivative financial instruments have been used by the Company to hedge its exposure to fluctuations in interest rates. On April 28, 2017, the Company entered into an interest rate swap agreement (the "2017 Swap") with one bank which converts the interest on the first $100,000 of the Company's one-month LIBOR-based borrowings from a variable rate plus the borrowing spread to a fixed rate of 1.92% plus the borrowing spread. The 2017 Swap expires on January 31, 2022. On March 24, 2021, the Company entered into a new interest rate swap agreement (the "2021 Swap") with this same bank that will commence on

January 31, 2022 and will convert the interest on the first $100,000 of the Company's one-month LIBOR-based borrowings from a variable rate plus the borrowing spread to a fixed rate of 1.17% plus the borrowing spread. The 2021 Swap will expire on January 30, 2026. These interest rate swap agreements (the "Swaps") remained in place at March 31, 2021 and are accounted for as cash flow hedges.

The Company also uses derivative financial instruments to hedge its exposures to fluctuations in foreign currency exchange rates. The Company has various contracts outstanding which primarily hedge recognized assets or liabilities and anticipated transactions in various currencies including the Euro, British pound sterling, U.S. dollar, Canadian dollar, Japanese yen, Singapore dollar, Korean won, Swedish kroner, Chinese renminbi, Mexican peso, Hong Kong dollar and Swiss franc. Certain foreign currency derivative instruments are treated as cash flow hedges of forecasted transactions. All foreign exchange contracts are due within two years.

The Company does not use derivatives for speculative or trading purposes or to manage commodity exposures.

The Company records the derivatives at fair value on the Consolidated Balance Sheets within Prepaid Expenses and Other Current Assets, Other Assets, Accrued Liabilities or Other Liabilities depending on their fair value and remaining contractual period. Changes in the fair market value of derivatives accounted for as cash flow hedges are recorded to accumulated other comprehensive income (loss) and reclassified to earnings in a manner that matches the earnings impact of the hedged transaction. Reclassifications to earnings for the Swaps are recorded through interest expense and reclassifications to earnings for foreign exchange contracts are recorded through net sales. Changes in the fair market value of the foreign exchange contracts that are not designated hedging instruments are recorded directly to earnings through other expense (income), net.

The fair values of derivatives were not material to the Company's Consolidated Balance Sheets as of March 31, 2021 or December 31, 2020. The activity related to the derivatives that have been designated hedging instruments was not material to the Company's Consolidated Financial Statements for the periods ended March 31, 2021 or 2020. The Company recognized losses of $3,302 and $12,195 related to the foreign exchange contracts that are not accounted for as hedging instruments within other expense (income), net, in the Consolidated Statements of Income for the three-month periods ended March 31, 2021 and 2020, respectively. Such losses were substantially offset by net gains recorded on the underlying hedged asset or liability (the "underlying"). Offsetting net gains or losses on the underlying are also recorded within other expense (income), net.

The Company's policy for classifying cash flows from derivatives is to report the cash flows consistent with the underlying hedged item. Other financing cash flows during the three months ended March 31, 2021 and 2020, as presented on the Consolidated Statements of Cash Flows, include $1,567 and $7,212, respectively, of net cash payments related to the settlement of foreign currency hedges related to intercompany financing.

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Fair Value Measurements

3 Months Ended

Mar. 31, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair Value Measurements

The provisions of the accounting standard for fair value define fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. This standard classifies the inputs used to measure fair value into the following hierarchy:

Level 1    Unadjusted quoted prices in active markets for identical assets or liabilities.

Level 2    Unadjusted quoted prices in active markets for similar assets or liabilities, or unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or inputs other than quoted prices that are observable for the asset or liability.

Level 3    Unobservable inputs for the asset or liability.

The following table provides the assets and liabilities reported at fair value and measured on a recurring basis:

			Fair Value Measurements Using
Description	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
March 31, 2021
Asset derivatives	$	441	$	—	$	441	$	—
Liability derivatives	(3,091)		—		(3,091)		—
Bank acceptances	10,509		—		10,509		—
Rabbi trust assets	3,306		3,306		—		—
Total	$	11,165	$	3,306	$	7,859	$	—
December 31, 2020
Asset derivatives	$	1,642	$	—	$	1,642	$	—
Liability derivatives	(1,988)		—		(1,988)		—
Bank acceptances	13,267		—		13,267		—
Rabbi trust assets	3,233		3,233		—		—
Total	$	16,154	$	3,233	$	12,921	$	—

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

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Pension and Other Postretirement Benefits

3 Months Ended

Mar. 31, 2021

Retirement Benefits [Abstract]

Pension and Other Postretirement Benefits

Pension and Other Postretirement Benefits

Pension and other postretirement benefits expenses consisted of the following:

	Three Months Ended March 31,
Pensions	2021		2020
Service cost	$	1,741	$	1,649
Interest cost	3,172		3,817
Expected return on plan assets	(6,972)		(7,393)
Amortization of prior service cost	85		80
Amortization of actuarial losses	3,926		3,339
Net periodic benefit cost	$	1,952	$	1,492

	Three Months Ended March 31,
Other Postretirement Benefits	2021		2020
Service cost	$	25	$	22
Interest cost	206		264
Amortization of prior service cost	7		7
Amortization of actuarial losses	70		23
Net periodic benefit cost	$	308	$	316

The service cost component of net periodic benefit cost is included within cost of sales and selling and administrative expenses. The components of net periodic benefit cost other than the service cost component are included in Other Income (Expense) on the Consolidated Statements of Income.

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Income Taxes

3 Months Ended

Mar. 31, 2021

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

The Company's effective tax rate for the first quarter of 2021 was 28.1% compared with 31.5% in the first quarter of 2020 and 37.6% for the full year 2020. The decrease in the first quarter of 2021 effective tax rate from the full year 2020 rate is primarily due to an increase in projected earnings in jurisdictions with lower tax rates, a reduction in tax reserves due to statute of limitations expiration and the absence of tax expense related to the completed sale of the Seeger business in the first quarter of 2020. The tax rate benefits were partially offset by additional expense related to the global intangible low-tax income tax.

The Aerospace and Industrial segments have a number of multi-year tax holidays in Singapore and China. The tax holiday in China expired at the end of 2020. The Company has re-applied for approval of a potential three-year holiday in China which could reduce the tax rate. The Company anticipates notification of a decision on its application for the holiday in the latter half of 2021. These holidays are subject to the Company meeting certain commitments in the respective jurisdictions. Aerospace was granted an income tax holiday for operations recently established in Malaysia. This holiday commenced effective November 2020 and remains effective for a period of ten years from inception.

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Changes in Accumulated Other Comprehensive Income (Loss) by Component

3 Months Ended

Mar. 31, 2021

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Changes in Accumulated Other Comprehensive Income (Loss) by Component

Changes in Accumulated Other Comprehensive Income (Loss) by Component

The following tables set forth the changes in accumulated other comprehensive income (loss), net of tax, by component for the three-month periods ended March 31, 2021 and 2020:

	Gains and Losses on Cash Flow Hedges		Pension and Other Postretirement Benefit Items		Foreign Currency Items		Total
December 31, 2020	$	(757)	$	(142,119)	$	20,561	$	(122,315)
Other comprehensive (loss) income before reclassifications	(888)		498		(47,882)		(48,272)
Amounts reclassified from accumulated other comprehensive income to the consolidated statements of income	236		3,134		—		3,370
Net current-period other comprehensive (loss) income	(652)		3,632		(47,882)		(44,902)
March 31, 2021	$	(1,409)	$	(138,487)	$	(27,321)	$	(167,217)

	Gains and Losses on Cash Flow Hedges		Pension and Other Postretirement Benefit Items		Foreign Currency Items		Total
December 31, 2019	$	(115)	$	(144,047)	$	(66,333)	$	(210,495)
Other comprehensive (loss) income before reclassifications	(2,879)		1,842		(36,333)		(37,370)
Amounts reclassified from accumulated other comprehensive income to the consolidated statements of income	542		2,639		—		3,181
Net current-period other comprehensive (loss) income	(2,337)		4,481		(36,333)		(34,189)
March 31, 2020	$	(2,452)	$	(139,566)	$	(102,666)	$	(244,684)

The following table sets forth the reclassifications out of accumulated other comprehensive income (loss) by component for the three-month periods ended March 31, 2021 and 2020:

Details about Accumulated Other Comprehensive Income (Loss) Components	Amount Reclassified from Accumulated Other Comprehensive Income (Loss)				Affected Line Item in the Consolidated Statements of Income
	Three Months Ended March 31, 2021		Three Months Ended March 31, 2020
Gains and losses on cash flow hedges
Interest rate contracts	$	(449)	$	(61)	Interest expense
Foreign exchange contracts	128		(523)		Net sales
	(321)		(584)		Total before tax
	85		42		Tax benefit
	(236)		(542)		Net of tax
Pension and other postretirement benefit items
Amortization of prior service costs	$	(92)	$	(87)	(A)
Amortization of actuarial losses	(3,996)		(3,362)		(A)
	(4,088)		(3,449)		Total before tax
	954		810		Tax benefit
	(3,134)		(2,639)		Net of tax
Total reclassifications in the period	$	(3,370)	$	(3,181)

(A) These accumulated other comprehensive income (loss) components are included within the computation of net periodic Pension and Other Postretirement Benefits cost. See Note 12.

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Information on Business Segments

3 Months Ended

Mar. 31, 2021

Segment Reporting [Abstract]

Information on Business Segments

Information on Business Segments

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

Industrial is a global provider of highly-engineered, high-quality precision components, products and systems for critical applications serving a diverse customer base in end-markets such as transportation, industrial equipment, automation, personal care, packaging, electronics, and medical devices. Focused on innovative custom solutions, Industrial participates in the design phase of components and assemblies whereby customers receive the benefits of application and systems engineering, new product development, testing and evaluation, and the manufacturing of final products. Products are sold primarily through its direct sales force and global distribution channels. Industrial's Molding Solutions business designs and manufactures customized hot runner systems, advanced mold cavity sensors and process control systems, and precision high cavitation mold assemblies - collectively, the enabling technologies for many complex injection molding applications. The Force & Motion Control business provides innovative cost effective force and motion control solutions for a wide range of metal forming and other industrial markets. The Automation business designs and develops pneumatic robotic grippers, advanced end-of-arm tooling systems, sensors and other automation components for intelligent robotic handling solutions and industrial automation applications. Industrial's Engineered Components business manufactures and supplies precision mechanical products used in transportation and industrial applications, including mechanical springs, and high-precision punched and fine-blanked components.

Aerospace is a global manufacturer of complex fabricated and precision machined components and assemblies for turbine engines, nacelles and structures for both commercial and defense-related aircraft. The Aerospace Aftermarket business provides aircraft engine component maintenance, repair and overhaul ("MRO") services, including services performed under our Component Repair Programs (“CRPs”), for many of the world’s major turbine engine manufacturers, commercial airlines and the defense market. The Aerospace Aftermarket business also manufactures and supplies aerospace aftermarket spare parts, including through revenue sharing programs (“RSPs”) under which the Company receives an exclusive right to supply designated aftermarket parts over the life of specific aircraft engine programs.

The following tables set forth information about the Company's operations by its two reportable segments:

	Three Months Ended March 31,
	2021		2020
Net sales
Industrial	$	219,992	$	199,100
Aerospace	81,642		131,571
Intersegment sales	(5)		—
Total net sales	$	301,629	$	330,671
Operating profit
Industrial	$	21,295	$	17,924
Aerospace	11,085		31,389
Total operating profit	32,380		49,313
Interest expense	3,942		4,324
Other expense (income), net	1,463		1,594
Income before income taxes	$	26,975	$	43,395

	March 31, 2021		December 31, 2020
Assets
Industrial	$	1,841,248	$	1,908,389
Aerospace	614,029		623,547
Other (A)	144,987		144,290
Total assets	$	2,600,264	$	2,676,226

(A) "Other" assets include corporate-controlled assets, the majority of which are cash and cash equivalents and deferred tax assets.

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Commitments and Contingencies

3 Months Ended

Mar. 31, 2021

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Commitments and Contingencies

Product Warranties

The Company provides product warranties in connection with the sale of certain products. From time to time, the Company is subject to customer claims with respect to product warranties. The Company accrues its estimated exposure for warranty claims at the time of sale based upon the length of the warranty period, historical experience and other related information known to the Company. Liabilities related to product warranties and extended warranties were not material as of March 31, 2021 and December 31, 2020.

Litigation

The Company is subject to litigation from time to time in the ordinary course of business and various other suits, proceedings and claims are pending involving the Company and its subsidiaries. The Company records a loss contingency liability when a loss is considered probable and the amount can be reasonably estimated. While it is not possible to determine the ultimate disposition of each of these proceedings and whether they will be resolved consistent with the Company's beliefs, the Company expects that the outcome of such proceedings, individually or in the aggregate, will not have a material adverse effect on financial condition or results of operations.

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Business Reorganization

3 Months Ended

Mar. 31, 2021

Restructuring and Related Activities [Abstract]

Business Reorganization

Business ReorganizationIn June 2020, the Company announced restructuring and workforce reduction actions ("Actions") to be implemented across its businesses and functions in response to the macroeconomic disruption in global industrial and aerospace end markets arising from COVID-19. During 2020, a resulting pre-tax charge of $19,116 was recorded ($18,158 through operating profit), primarily related to employee severance and termination benefits (recorded largely during the second quarter of 2020). These actions were substantially complete as of December 31, 2020 and reduced the Company’s global workforce by approximately

8%. A corresponding liability of $6,715, per below, was included within accrued liabilities as of March 31, 2021. The Company does not expect any additional costs related to the Actions to be significant.

The following table sets forth the change in the liability related to these actions:

December 31, 2020	$	13,151
Payments	(6,436)
March 31, 2021	$	6,715

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Recent Accounting Standards (Policies)

3 Months Ended

Mar. 31, 2021

Accounting Changes and Error Corrections [Abstract]

Recently Adopted and Issued Accounting Standards

Recently Adopted Accounting Standards

In June 2016, the FASB amended its guidance related to credit losses on financial instruments. The amended guidance requires the use of a methodology of estimation that reflects expected credit losses on certain types of financial instruments, including trade receivables, as a replacement to the current methodology, which estimates losses based on incurred credit losses. This expected credit loss methodology requires that the Company consider a broader range of information when estimating credit losses on receivables. The amended guidance was effective for fiscal years, and interim periods within those years, beginning after December 15, 2019. The Company adopted this amended guidance and applicable FASB updates related to the guidance during the first quarter of 2020 and it did not have a material impact on the Company's Consolidated Financial Statements.

In December 2019, the FASB amended its guidance related to income taxes. The amended guidance simplifies the accounting for income taxes, eliminating certain exceptions to the general income tax principles, in an effort to reduce the cost and complexity of application. The amended guidance is effective for annual periods beginning after December 15, 2020, and interim periods within those reporting periods. Early adoption is permitted in any interim or annual period. The guidance requires application on either a prospective, retrospective or modified retrospective basis, contingent on the income tax exception being applied. The Company has adopted this guidance, on a prospective basis, on January 1, 2021 and it did not have a material impact on the Company's Consolidated Financial Statements.

Recently Issued Accounting Standards

The United Kingdom's Financial Conduct Authority, which regulates the London Interbank Offered Rate (“LIBOR”), announced its intent to phase out the use of LIBOR by the end of 2021. The U.S. Federal Reserve, in conjunction with the Alternative Reference Rates Committee, a steering committee comprised of large U.S. financial institutions, identified the Secured Overnight Financing Rate (“SOFR”) as its preferred benchmark alternative to U.S. dollar LIBOR. Published by the Federal Reserve Bank of New York, SOFR represents a measure of the cost of borrowing cash overnight, collateralized by U.S. Treasury securities, and is calculated based on directly observable U.S. Treasury-backed repurchase transactions. In March 2020, in response to this transition, the FASB issued guidance related to this rate reform, which provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships and other transactions that reference LIBOR or another reference rate expected to be discontinued by reference rate reform, and addresses operational issues likely to arise in modifying contracts to replace discontinued reference rates with new rates. In January 2021, the FASB issued further clarifying guidance regarding derivatives, as it relates to this transition. The guidance is effective through December 31, 2022. The Company’s Amended Credit Agreement (Note 9) and corresponding interest rate Swaps (Note 11) are tied to LIBOR, with each maturing in February 2026. The Company is continuing to monitor the potential impact of the replacement of LIBOR, but does not anticipate a material impact on our business, financial condition, results of operations or cash flows.

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Revenue (Tables)

3 Months Ended

Mar. 31, 2021

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

The following table presents the Company's revenue disaggregated by products and services, and geographic regions, by segment:

	Three Months Ended March 31, 2021						Three Months Ended March 31, 2020
	Industrial		Aerospace		Total Company		Industrial		Aerospace		Total Company
Products and Services
Engineered Components Products	$	48,286	$	—	$	48,286	$	47,707	$	—	$	47,707
Molding Solutions Products	108,547		—		108,547		97,406		—		97,406
Force & Motion Control Products	45,657		—		45,657		39,791		—		39,791
Automation Products	17,497		—		17,497		14,196		—		14,196
Aerospace Original Equipment Manufacturer Products	—		55,528		55,528		—		81,706		81,706
Aerospace Aftermarket Products and Services	—		26,114		26,114		—		49,865		49,865
	$	219,987	$	81,642	$	301,629	$	199,100	$	131,571	$	330,671
Geographic Regions (A)
Americas	$	82,895	$	59,009	$	141,904	$	80,644	$	92,578	$	173,222
Europe	88,674		14,151		102,825		81,864		25,163		107,027
Asia	46,760		7,647		54,407		35,493		11,696		47,189
Rest of World	1,658		835		2,493		1,099		2,134		3,233
	$	219,987	$	81,642	$	301,629	$	199,100	$	131,571	$	330,671

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

Contract with Customer, Asset and Liability

Net contract asset (liabilities) consisted of the following:

	March 31, 2021		December 31, 2020		$ Change		% Change
Unbilled receivables (contract assets)	$	35,796	$	33,009	$	2,787	8	%
Contract liabilities	(35,046)		(39,865)		4,819		(12)	%
Net contract asset (liabilities)	$	750	$	(6,856)	$	7,606	NM

NM - Not Meaningful

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Stockholders Equity (Tables)

3 Months Ended

Mar. 31, 2021

Equity [Abstract]

Schedule of changes in equity

A schedule of consolidated changes in equity for the three months ended March 31, 2021 is as follows (shares in thousands):

	Common Stock (Number of Shares)	Common Stock (Amount)		Additional Paid-In Capital		Treasury Stock (Number of Shares)	Treasury Stock (Amount)		Retained Earnings		Accumulated Other Non-Owner Changes to Equity		Total Stockholders’ Equity
December 31, 2020	64,171	$	642	$	501,531	13,530	$	(516,992)	$	1,519,811	$	(122,315)	$	1,382,677
Comprehensive income	—	—		—		—	—		19,382		(44,902)		(25,520)
Dividends declared ($0.16 per share)	—	—		—		—	—		(8,104)		—		(8,104)
Employee stock plans	12	—		2,406		1	(68)		(24)		—		2,314
March 31, 2021	64,183	$	642	$	503,937	13,531	$	(517,060)	$	1,531,065	$	(167,217)	$	1,351,367

A schedule of consolidated changes in equity for the three months ended March 31, 2020 is as follows (shares in thousands):

	Common Stock (Number of Shares)	Common Stock (Amount)		Additional Paid-In Capital		Treasury Stock (Number of Shares)	Treasury Stock (Amount)		Retained Earnings		Accumulated Other Non-Owner Changes to Equity		Total Stockholders’ Equity
December 31, 2019	63,873	$	639	$	489,282	13,051	$	(498,074)	$	1,489,176	$	(210,495)	$	1,270,528
Comprehensive income	—	—		—		—	—		29,733		(34,189)		(4,456)
Dividends declared ($0.16 per share)	—	—		—		—	—		(8,133)		—		(8,133)
Common stock repurchases	—	—		—		396	(15,550)		—		—		(15,550)
Employee stock plans	17	—		2,743		2	(84)		(88)		—		2,571
March 31, 2020	63,890	$	639	$	492,025	13,449	$	(513,708)	$	1,510,688	$	(244,684)	$	1,244,960

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Inventories (Tables)

3 Months Ended

Mar. 31, 2021

Inventory Disclosure [Abstract]

Schedule of Inventory

The components of inventories consisted of:

	March 31, 2021		December 31, 2020
Finished goods	$	78,023	$	79,833
Work-in-process	75,858		76,542
Raw material and supplies	79,584		81,633
	$	233,465	$	238,008

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Goodwill and Other Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

The following table sets forth the change in the carrying amount of goodwill for each reportable segment and for the Company as of and for the period ended March 31, 2021:

	Industrial		Aerospace		Total Company
December 31, 2020	$	980,794	$	30,786	$	1,011,580
Foreign currency translation	(39,729)		—		(39,729)
March 31, 2021	$	941,065	$	30,786	$	971,851

Schedule of Intangible Assets

Other intangible assets consisted of:

		March 31, 2021				December 31, 2020
	Range of Life -Years	Gross Amount		Accumulated Amortization		Gross Amount		Accumulated Amortization
Amortized intangible assets:
Revenue Sharing Programs (RSPs)	Up to 30	$	299,500	$	(144,937)	$	299,500	$	(143,209)
Component Repair Programs (CRPs)	Up to 30	111,839		(31,918)		111,839		(30,869)
Customer relationships	10-16	338,366		(123,806)		338,366		(118,752)
Patents and technology	4-11	123,433		(79,623)		123,433		(77,311)
Trademarks/trade names	10-30	10,949		(10,431)		10,949		(10,377)
Other	Up to 15	10,746		(4,733)		10,746		(4,580)
		894,833		(395,448)		894,833		(385,098)
Unamortized intangible assets:
Trade names		55,670		—		55,670		—
Foreign currency translation		(13,907)		—		(1,273)		—
Other intangible assets		$	936,596	$	(395,448)	$	949,230	$	(385,098)

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Debt (Tables)

3 Months Ended

Mar. 31, 2021

Debt Disclosure [Abstract]

Schedule of Debt

Long-term debt and notes and overdrafts payable at March 31, 2021 and December 31, 2020 consisted of:

	March 31, 2021				December 31, 2020
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Amended Credit Agreement	$	558,526	$	596,456	$	593,622	$	601,936
3.97% Senior Notes	100,000		109,282		100,000		109,151
Borrowings under lines of credit and overdrafts	7,507		7,507		2,115		2,115
Finance leases	7,343		8,508		8,268		8,650
Other foreign bank borrowings	197		199		254		257
	673,573		721,952		704,259		722,109
Less current maturities	(9,558)				(4,391)
Long-term debt	$	664,015			$	699,868

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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2021

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following table provides the assets and liabilities reported at fair value and measured on a recurring basis:

			Fair Value Measurements Using
Description	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
March 31, 2021
Asset derivatives	$	441	$	—	$	441	$	—
Liability derivatives	(3,091)		—		(3,091)		—
Bank acceptances	10,509		—		10,509		—
Rabbi trust assets	3,306		3,306		—		—
Total	$	11,165	$	3,306	$	7,859	$	—
December 31, 2020
Asset derivatives	$	1,642	$	—	$	1,642	$	—
Liability derivatives	(1,988)		—		(1,988)		—
Bank acceptances	13,267		—		13,267		—
Rabbi trust assets	3,233		3,233		—		—
Total	$	16,154	$	3,233	$	12,921	$	—

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Pension and Other Postretirement Benefits (Tables)

3 Months Ended

Mar. 31, 2021

Retirement Benefits [Abstract]

Schedule of Net Benefit Costs

Pension and other postretirement benefits expenses consisted of the following:

	Three Months Ended March 31,
Pensions	2021		2020
Service cost	$	1,741	$	1,649
Interest cost	3,172		3,817
Expected return on plan assets	(6,972)		(7,393)
Amortization of prior service cost	85		80
Amortization of actuarial losses	3,926		3,339
Net periodic benefit cost	$	1,952	$	1,492

	Three Months Ended March 31,
Other Postretirement Benefits	2021		2020
Service cost	$	25	$	22
Interest cost	206		264
Amortization of prior service cost	7		7
Amortization of actuarial losses	70		23
Net periodic benefit cost	$	308	$	316

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Changes in Accumulated Other Comprehensive Income (Loss) by Component (Tables)

3 Months Ended

Mar. 31, 2021

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Schedule of Changes in Accumulated Other Comprehensive Income (Loss) By Component

The following tables set forth the changes in accumulated other comprehensive income (loss), net of tax, by component for the three-month periods ended March 31, 2021 and 2020:

	Gains and Losses on Cash Flow Hedges		Pension and Other Postretirement Benefit Items		Foreign Currency Items		Total
December 31, 2020	$	(757)	$	(142,119)	$	20,561	$	(122,315)
Other comprehensive (loss) income before reclassifications	(888)		498		(47,882)		(48,272)
Amounts reclassified from accumulated other comprehensive income to the consolidated statements of income	236		3,134		—		3,370
Net current-period other comprehensive (loss) income	(652)		3,632		(47,882)		(44,902)
March 31, 2021	$	(1,409)	$	(138,487)	$	(27,321)	$	(167,217)

	Gains and Losses on Cash Flow Hedges		Pension and Other Postretirement Benefit Items		Foreign Currency Items		Total
December 31, 2019	$	(115)	$	(144,047)	$	(66,333)	$	(210,495)
Other comprehensive (loss) income before reclassifications	(2,879)		1,842		(36,333)		(37,370)
Amounts reclassified from accumulated other comprehensive income to the consolidated statements of income	542		2,639		—		3,181
Net current-period other comprehensive (loss) income	(2,337)		4,481		(36,333)		(34,189)
March 31, 2020	$	(2,452)	$	(139,566)	$	(102,666)	$	(244,684)

Schedule of Amounts Reclassified Out of Accumulated Other Comprehensive Income (Loss) to the Consolidated Statements of Income

The following table sets forth the reclassifications out of accumulated other comprehensive income (loss) by component for the three-month periods ended March 31, 2021 and 2020:

Details about Accumulated Other Comprehensive Income (Loss) Components	Amount Reclassified from Accumulated Other Comprehensive Income (Loss)				Affected Line Item in the Consolidated Statements of Income
	Three Months Ended March 31, 2021		Three Months Ended March 31, 2020
Gains and losses on cash flow hedges
Interest rate contracts	$	(449)	$	(61)	Interest expense
Foreign exchange contracts	128		(523)		Net sales
	(321)		(584)		Total before tax
	85		42		Tax benefit
	(236)		(542)		Net of tax
Pension and other postretirement benefit items
Amortization of prior service costs	$	(92)	$	(87)	(A)
Amortization of actuarial losses	(3,996)		(3,362)		(A)
	(4,088)		(3,449)		Total before tax
	954		810		Tax benefit
	(3,134)		(2,639)		Net of tax
Total reclassifications in the period	$	(3,370)	$	(3,181)

(A) These accumulated other comprehensive income (loss) components are included within the computation of net periodic Pension and Other Postretirement Benefits cost. See Note 12.

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Information on Business Segments (Tables)

3 Months Ended

Mar. 31, 2021

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

The following tables set forth information about the Company's operations by its two reportable segments:

	Three Months Ended March 31,
	2021		2020
Net sales
Industrial	$	219,992	$	199,100
Aerospace	81,642		131,571
Intersegment sales	(5)		—
Total net sales	$	301,629	$	330,671
Operating profit
Industrial	$	21,295	$	17,924
Aerospace	11,085		31,389
Total operating profit	32,380		49,313
Interest expense	3,942		4,324
Other expense (income), net	1,463		1,594
Income before income taxes	$	26,975	$	43,395

	March 31, 2021		December 31, 2020
Assets
Industrial	$	1,841,248	$	1,908,389
Aerospace	614,029		623,547
Other (A)	144,987		144,290
Total assets	$	2,600,264	$	2,676,226

(A) "Other" assets include corporate-controlled assets, the majority of which are cash and cash equivalents and deferred tax assets.

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Business Reorganization (Tables)

3 Months Ended

Mar. 31, 2021

Restructuring and Related Activities [Abstract]

Schedule of Change of Liability for Business Reorganization

The following table sets forth the change in the liability related to these actions:

December 31, 2020	$	13,151
Payments	(6,436)
March 31, 2021	$	6,715

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Divestiture - Narrative (Details) € in Thousands, $ in Thousands			3 Months Ended
	Feb. 01, 2020 USD ($)	Feb. 01, 2020 EUR (€)	Mar. 31, 2021 USD ($)	Mar. 31, 2020 USD ($)	Dec. 20, 2019 EUR (€)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from the sale of businesses, net of cash sold			$ 0	$ 36,879
Loss on sale			$ 0	6,620
Seeger Orbis GmbH &Co. OHG and Seeger-Orbis Mechanical Components (Tianjin) Co., Ltd. | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration | €					€ 42,500
Cash consideration, gross	$ 42,915	€ 38,964
Proceeds from the sale of businesses, net of cash sold	$ 36,062
Loss on sale				4,211
Incremental costs				$ 2,409
Escrow deposits | €		€ 6,000

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Revenue - Revenue by Category (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Disaggregation of Revenue [Line Items]
Net sales	$ 301,629	$ 330,671
Industrial
Disaggregation of Revenue [Line Items]
Net sales	219,987	199,100
Aerospace
Disaggregation of Revenue [Line Items]
Net sales	81,642	131,571
Americas
Disaggregation of Revenue [Line Items]
Net sales	141,904	173,222
Americas | Industrial
Disaggregation of Revenue [Line Items]
Net sales	82,895	80,644
Americas | Aerospace
Disaggregation of Revenue [Line Items]
Net sales	59,009	92,578
Europe
Disaggregation of Revenue [Line Items]
Net sales	102,825	107,027
Europe | Industrial
Disaggregation of Revenue [Line Items]
Net sales	88,674	81,864
Europe | Aerospace
Disaggregation of Revenue [Line Items]
Net sales	14,151	25,163
Asia
Disaggregation of Revenue [Line Items]
Net sales	54,407	47,189
Asia | Industrial
Disaggregation of Revenue [Line Items]
Net sales	46,760	35,493
Asia | Aerospace
Disaggregation of Revenue [Line Items]
Net sales	7,647	11,696
Rest of World
Disaggregation of Revenue [Line Items]
Net sales	2,493	3,233
Rest of World | Industrial
Disaggregation of Revenue [Line Items]
Net sales	1,658	1,099
Rest of World | Aerospace
Disaggregation of Revenue [Line Items]
Net sales	835	2,134
Engineered Components Products
Disaggregation of Revenue [Line Items]
Net sales	48,286	47,707
Engineered Components Products | Industrial
Disaggregation of Revenue [Line Items]
Net sales	48,286	47,707
Engineered Components Products | Aerospace
Disaggregation of Revenue [Line Items]
Net sales	0	0
Molding Solutions Products
Disaggregation of Revenue [Line Items]
Net sales	108,547	97,406
Molding Solutions Products | Industrial
Disaggregation of Revenue [Line Items]
Net sales	108,547	97,406
Molding Solutions Products | Aerospace
Disaggregation of Revenue [Line Items]
Net sales	0	0
Force & Motion Control Products
Disaggregation of Revenue [Line Items]
Net sales	45,657	39,791
Force & Motion Control Products | Industrial
Disaggregation of Revenue [Line Items]
Net sales	45,657	39,791
Force & Motion Control Products | Aerospace
Disaggregation of Revenue [Line Items]
Net sales	0	0
Automation Products
Disaggregation of Revenue [Line Items]
Net sales	17,497	14,196
Automation Products | Industrial
Disaggregation of Revenue [Line Items]
Net sales	17,497	14,196
Automation Products | Aerospace
Disaggregation of Revenue [Line Items]
Net sales	0	0
Aerospace Original Equipment Manufacturer Products
Disaggregation of Revenue [Line Items]
Net sales	55,528	81,706
Aerospace Original Equipment Manufacturer Products | Industrial
Disaggregation of Revenue [Line Items]
Net sales	0	0
Aerospace Original Equipment Manufacturer Products | Aerospace
Disaggregation of Revenue [Line Items]
Net sales	55,528	81,706
Aerospace Aftermarket Products and Services
Disaggregation of Revenue [Line Items]
Net sales	26,114	49,865
Aerospace Aftermarket Products and Services | Industrial
Disaggregation of Revenue [Line Items]
Net sales	0	0
Aerospace Aftermarket Products and Services | Aerospace
Disaggregation of Revenue [Line Items]
Net sales	$ 26,114	$ 49,865
Transferred at Point in Time
Disaggregation of Revenue [Line Items]
Revenue transferred percent	80.00%	85.00%
Transferred over Time
Disaggregation of Revenue [Line Items]
Revenue transferred percent	20.00%	15.00%

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Revenue - Contract Balances (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Revenue from Contract with Customer [Abstract]
Unbilled receivables (contract assets)	$ 35,796		$ 33,009
Unbilled receivables (contract assets), $ Change	$ 2,787
Unbilled receivables (contract assets), % Change	8.00%
Contract liabilities	$ (35,046)		(39,865)
Contract liabilities, $ Change	$ 4,819
Contract liabilities, % Change	(12.00%)
Net contract liabilities	$ 750		(6,856)
Net contract liabilities, $ Change	7,606
Customer advances	$ 11,158		$ 12,750
Revenue recognized	40.00%	40.00%

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Revenue - Remaining Performance Obligations (Details) $ in Thousands	Mar. 31, 2021 USD ($)
Revenue from Contract with Customer [Abstract]
Remaining performance obligations	$ 178,459
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, expected timing	12 months
Remaining performance obligations, percentage	70.00%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, expected timing	24 months
Remaining performance obligations, percentage	25.00%

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Stockholders Equity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance	$ 1,382,677	$ 1,270,528
Comprehensive income	(25,520)	(4,456)
Dividends declared	(8,104)	(8,133)
Employee stock plans	2,314	2,571
Balance	$ 1,351,367	$ 1,244,960
Dividends declared (in dollars per share)	$ 0.16	$ 0.16
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance	$ 642	$ 639
Balance (in shares)	64,171	63,873
Employee stock plans		$ 0
Employee stock plans (in shares)	12	17
Balance	$ 642	$ 639
Balance (in shares)	64,183	63,890
Additional Paid-In Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance	$ 501,531	$ 489,282
Employee stock plans	2,406	2,743
Balance	503,937	492,025
Treasury Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance	$ (516,992)	$ (498,074)
Balance (in shares)	13,530	13,051
Employee stock plans	$ (68)	$ (84)
Employee stock plans (in shares)	1	2
Balance	$ (517,060)	$ (513,708)
Balance (in shares)	13,531	13,449
Retained Earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance	$ 1,519,811	$ 1,489,176
Comprehensive income	19,382	29,733
Dividends declared	(8,104)	(8,133)
Employee stock plans	(24)	(88)
Balance	1,531,065	1,510,688
Accumulated Other Non-Owner Changes to Equity
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance	(122,315)	(210,495)
Comprehensive income	(44,902)	(34,189)
Balance	$ (167,217)	$ (244,684)

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Net Income Per Common Share (Details) - shares	1 Months Ended	3 Months Ended
	Feb. 29, 2020	Mar. 31, 2021	Mar. 31, 2020
Net Income Per Common Share [Line Items]
Weighted average number of diluted shares outstanding adjustment (in shares)		154,022	440,725
Share-based Awards
Net Income Per Common Share [Line Items]
Antidilutive securities excluded from computation of EPS		522,117	325,670
Stock Options
Net Income Per Common Share [Line Items]
Options, granted (in shares)	144,000
Restricted Stock Units
Net Income Per Common Share [Line Items]
Other than options, granted (in shares)	104,029
Performance Share Awards
Net Income Per Common Share [Line Items]
Other than options, granted (in shares)	99,155
Performance period		3 years
Minimum range of target award of stock plan		0.00%
Maximum range of target award of stock plan		250.00%

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Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Inventory Disclosure [Abstract]
Finished goods	$ 78,023	$ 79,833
Work-in-process	75,858	76,542
Raw material and supplies	79,584	81,633
Inventories	$ 233,465	$ 238,008

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Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Goodwill:
Goodwill, beginning of period	$ 1,011,580
Foreign currency translation	(39,729)
Goodwill, end of period	971,851
Other Intangible Assets:
Gross Amount	894,833	$ 894,833
Accumulated Amortization	(395,448)	(385,098)
Foreign currency translation	(13,907)	(1,273)
Other intangible assets	936,596	949,230
Intangible Assets, Future Amortization Expense
Amortization of intangible assets expected in 2021	32,000
Amortization of intangible assets expected in 2022	42,000
Amortization of intangible assets expected in 2023	44,000
Amortization of intangible assets expected in 2024	44,000
Amortization of intangible assets expected in 2025	44,000
Amortization of intangible assets expected in 2026	43,000
Trade names
Other Intangible Assets:
Unamortized intangible asset	$ 55,670	55,670
Revenue Sharing Programs (RSPs)
Other Intangible Assets:
Range of life	30 years
Gross Amount	$ 299,500	299,500
Accumulated Amortization	$ (144,937)	(143,209)
Component Repair Programs (CRPs)
Other Intangible Assets:
Range of life	30 years
Gross Amount	$ 111,839	111,839
Accumulated Amortization	(31,918)	(30,869)
Customer relationships
Other Intangible Assets:
Gross Amount	338,366	338,366
Accumulated Amortization	(123,806)	(118,752)
Patents and technology
Other Intangible Assets:
Gross Amount	123,433	123,433
Accumulated Amortization	(79,623)	(77,311)
Trademarks/trade names
Other Intangible Assets:
Gross Amount	10,949	10,949
Accumulated Amortization	$ (10,431)	(10,377)
Other
Other Intangible Assets:
Range of life	15 years
Gross Amount	$ 10,746	10,746
Accumulated Amortization	(4,733)	$ (4,580)
Industrial
Goodwill:
Goodwill, beginning of period	980,794
Foreign currency translation	(39,729)
Goodwill, end of period	941,065
Aerospace
Goodwill:
Goodwill, beginning of period	30,786
Foreign currency translation	0
Goodwill, end of period	$ 30,786
Minimum | Customer relationships
Other Intangible Assets:
Range of life	10 years
Minimum | Patents and technology
Other Intangible Assets:
Range of life	4 years
Minimum | Trademarks/trade names
Other Intangible Assets:
Range of life	10 years
Maximum | Customer relationships
Other Intangible Assets:
Range of life	16 years
Maximum | Patents and technology
Other Intangible Assets:
Range of life	11 years
Maximum | Trademarks/trade names
Other Intangible Assets:
Range of life	30 years

XML

Debt (Debt Schedule) (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Oct. 31, 2014
Debt Instrument [Line Items]
Carrying amount of debt	$ 7,507	$ 2,115
Carrying amount of finance leases	7,343	8,268
Fair value of finance leases	8,508	8,650
Carrying amount of debt and finance leases	673,573	704,259
Fair value of debt and finance leases	721,952	722,109
Less current maturities	(9,558)	(4,391)
Long-term debt	664,015	699,868
Amended Credit Agreement
Debt Instrument [Line Items]
Carrying amount of debt		593,622
Fair value of debt	596,456	601,936
Senior Notes | 3.97% Senior Notes
Debt Instrument [Line Items]
Carrying amount of debt	100,000	100,000
Fair value of debt	$ 109,282	109,151
Stated interest rate	3.97%		3.97%
Lines of Credit and Overdrafts
Debt Instrument [Line Items]
Carrying amount of debt	$ 7,507	2,115
Fair value of debt	7,507	2,115
Other foreign bank borrowings
Debt Instrument [Line Items]
Carrying amount of debt	197	254
Fair value of debt	$ 199	$ 257

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Debt (Narrative) (Details) € in Thousands		3 Months Ended
	Feb. 10, 2021 USD ($)	Mar. 31, 2021 USD ($)	Mar. 31, 2021 EUR (€)	Dec. 31, 2020 USD ($)	Dec. 31, 2020 EUR (€)	Oct. 08, 2020 USD ($)	Oct. 07, 2020 USD ($)	Oct. 31, 2014 USD ($)
Debt Instrument [Line Items]
Carrying amount of debt		$ 7,507,000		$ 2,115,000
Finance lease		$ 7,343,000		8,268,000
Line of Credit
Debt Instrument [Line Items]
Line of credit, interest rate at period end		1.09%	1.09%
Carrying amount of debt		$ 7,500,000		2,100,000
Sixth Amendment Maturity February 2022 and 3.97% Percent Senior Notes
Debt Instrument [Line Items]
Carrying amount of debt				593,622,000
Remaining borrowing capacity				406,378,000
Sixth Amendment Maturity February 2022 and 3.97% Percent Senior Notes | Euro Member Countries, Euro
Debt Instrument [Line Items]
Carrying amount of debt				$ 423,622,000	€ 344,450
Line of credit, interest rate at period end				1.42%	1.42%
Sixth Admendment Maturity February 2026 and 3.97% Senior Notes
Debt Instrument [Line Items]
Carrying amount of debt		558,526,000
Remaining borrowing capacity		441,474,000
Additional borrowings allowed under financial covenants		142,716,000
Sixth Admendment Maturity February 2026 and 3.97% Senior Notes | Euro Member Countries, Euro
Debt Instrument [Line Items]
Carrying amount of debt		$ 388,525,000	€ 331,450
Line of credit, interest rate at period end		1.48%	1.48%
Senior Notes | 3.97% Senior Notes
Debt Instrument [Line Items]
Stated interest rate		3.97%	3.97%					3.97%
Aggregate principal amount								$ 100,000,000
Percent allowed to be prepaid								100.00%
Carrying amount of debt		$ 100,000,000		$ 100,000,000
Senior Notes | Sixth Admendment Maturity February 2026 and 3.97% Senior Notes
Debt Instrument [Line Items]
Additional borrowings allowed under financial covenants		142,716,000
Line of Credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		$ 82,000,000
Carrying amount of debt				$ 593,622,000
Line of credit, interest rate at period end				1.10%	1.10%
Line of Credit | Sixth Amendment Maturity February 2022
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity						$ 1,000,000,000
Line of credit facility, accordion feature						200,000,000
Line of Credit | Sixth Amendment Maturity February 2022 | Euribor
Debt Instrument [Line Items]
Variable basis spread	1.175%
Line of Credit | Sixth Amendment Maturity February 2022 | Base Rate
Debt Instrument [Line Items]
Variable basis spread	0.175%
Line of Credit | Sixth Admendment Maturity February 2026
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 1,000,000,000
Line of credit facility, accordion feature	250,000,000
Debt covenant ratio of senior debt to EBITDA		3.75	3.75
Debt covenant threshold for permitted acquisition	$ 150,000,000
Debt covenant material acquisition, senior debt to EBITDA	3.50
Debt covenant ratio of total debt to EBITDA	3.75
Fees and expenses for executing admendments		$ 4,279,000
Line of credit facility with accordian feature, maximum borrowing capacity	$ 1,250,000,000
Debt covenant material acquisition, debt to EBITDA	4.25
Debt covenant ratio of EBITDA to cash interest expense	4.25
Senior debt to consolidated EBITDA at period end		3.09	3.09
Line of Credit | Sixth Admendment Maturity February 2026 | Minimum
Debt Instrument [Line Items]
Debt covenant ratio of senior debt to EBITDA	3.25
Line of Credit | Sixth Admendment Maturity February 2026 | Maximum
Debt Instrument [Line Items]
Debt covenant ratio of senior debt to EBITDA	3.75
Line of Credit | Sixth Admendment Maturity February 2026 | Euribor
Debt Instrument [Line Items]
Variable basis spread	1.775%
Line of Credit | Sixth Admendment Maturity February 2026 | Base Rate
Debt Instrument [Line Items]
Variable basis spread	0.775%
Line of Credit | Sixth Admendment Maturity February 2026, Multicurrency Borrowings | Euribor
Debt Instrument [Line Items]
Basis for variable basis spread	0.00%
Line of Credit | Sixth Admendment Maturity February 2026, Multicurrency Borrowings | Euribor | Minimum
Debt Instrument [Line Items]
Variable basis spread	1.175%
Line of Credit | Sixth Admendment Maturity February 2026, Multicurrency Borrowings | Euribor | Maximum
Debt Instrument [Line Items]
Variable basis spread	1.775%
Line of Credit and Senior Notes | Fifth Amendment Maturity February 2022 and 3.97% Senior Notes
Debt Instrument [Line Items]
Allowable add-back for consolidated EBITDA							$ 15,000,000
Line of Credit and Senior Notes | Sixth Amendment Maturity February 2022 and 3.97% Percent Senior Notes
Debt Instrument [Line Items]
Debt covenant threshold for permitted acquisition						$ 150,000,000
Debt covenant material acquisition, senior debt to EBITDA						3.50
Debt covenant ratio of total debt to EBITDA						3.75
Allowable add-back for consolidated EBITDA						$ 25,000,000
Debt covenant, fee for exceeding senior leverage ratio						0.0050
Fees and expenses for executing admendments						$ 1,384,000
Line of Credit and Senior Notes | Sixth Amendment Maturity February 2022 and 3.97% Percent Senior Notes | Minimum
Debt Instrument [Line Items]
Debt covenant ratio of senior debt to EBITDA						3.25
Line of Credit and Senior Notes | Sixth Amendment Maturity February 2022 and 3.97% Percent Senior Notes | Maximum
Debt Instrument [Line Items]
Debt covenant ratio of senior debt to EBITDA						3.75
Bank Overdrafts
Debt Instrument [Line Items]
Carrying amount of debt		$ 7,000		$ 15,000
Repayment period		2 days
Other foreign bank borrowings
Debt Instrument [Line Items]
Carrying amount of debt		$ 197,000		$ 254,000

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Derivatives - Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021 USD ($)	Mar. 31, 2020 USD ($)	Mar. 24, 2021 USD ($)	Apr. 28, 2017 USD ($) Bank
Derivative [Line Items]
Net cash payments from settlement	$ (5,816)	$ (7,252)
Foreign Exchange Contract
Derivative [Line Items]
Net cash payments from settlement	1,567	7,212
Foreign Exchange Contract | Other Nonoperating Income (Expense)
Derivative [Line Items]
Amount of gain (loss) recognized in income on derivative	$ 3,302	$ 12,195
Derivatives designated as hedging instruments | Interest Rate Contract
Derivative [Line Items]
Number of banks transacted with for interest rate swap agreements (in banks) | Bank				1
Fixed interest rate			1.17%	1.92%
Term of contract	2 years
Derivatives designated as hedging instruments | Interest Rate Contract | LIBOR
Derivative [Line Items]
Derivative amount of hedge			$ 100,000	$ 100,000

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Fair Value Measurements (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Asset derivatives	$ 0	$ 0
Liability derivatives	0	0
Bank acceptances	0	0
Rabbi trust assets	3,306	3,233
Financial assets and financial liabilities, reported at fair value	3,306	3,233
Significant Other Observable Inputs (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Asset derivatives	441	1,642
Liability derivatives	(3,091)	(1,988)
Bank acceptances	10,509	13,267
Rabbi trust assets	0	0
Financial assets and financial liabilities, reported at fair value	7,859	12,921
Significant Unobservable Inputs (Level 3)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Asset derivatives	0	0
Liability derivatives	0	0
Bank acceptances	0	0
Rabbi trust assets	0	0
Financial assets and financial liabilities, reported at fair value	0	0
Estimate of Fair Value, Fair Value Disclosure [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Asset derivatives	441	1,642
Liability derivatives	(3,091)	(1,988)
Bank acceptances	10,509	13,267
Rabbi trust assets	3,306	3,233
Financial assets and financial liabilities, reported at fair value	$ 11,165	$ 16,154
Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Maturity of bank acceptances	3 months
Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Maturity of bank acceptances	6 months

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Pension and Other Postretirement Benefits (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Pensions
Pension and other postretirement benefits expenses
Service cost	$ 1,741	$ 1,649
Interest cost	3,172	3,817
Expected return on plan assets	(6,972)	(7,393)
Amortization of prior service cost	85	80
Amortization of actuarial losses	3,926	3,339
Net periodic benefit cost	1,952	1,492
Other Postretirement Benefits
Pension and other postretirement benefits expenses
Service cost	25	22
Interest cost	206	264
Amortization of prior service cost	7	7
Amortization of actuarial losses	70	23
Net periodic benefit cost	$ 308	$ 316

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Income Taxes (Details)	3 Months Ended		6 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Jun. 30, 2020
Income Tax Disclosure [Abstract]
Effective tax rate	28.10%	31.50%	37.60%

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Changes in Accumulated Other Comprehensive Income (Loss) by Component - Schedule of Changes in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Changes in Accumulated Other Comprehensive Income by Component [Roll Forward]
Accumulated other comprehensive income (loss)	$ (122,315)	$ (210,495)
Other comprehensive (loss) income before reclassifications	(48,272)	(37,370)
Amounts reclassified from accumulated other comprehensive income to the consolidated statements of income	3,370	3,181
Total other comprehensive loss, net of tax	(44,902)	(34,189)
Accumulated other comprehensive income (loss)	(167,217)	(244,684)
Gains and Losses on Cash Flow Hedges
Changes in Accumulated Other Comprehensive Income by Component [Roll Forward]
Accumulated other comprehensive income (loss)	(757)	(115)
Other comprehensive (loss) income before reclassifications	(888)	(2,879)
Amounts reclassified from accumulated other comprehensive income to the consolidated statements of income	236	542
Total other comprehensive loss, net of tax	(652)	(2,337)
Accumulated other comprehensive income (loss)	(1,409)	(2,452)
Pension and Other Postretirement Benefit Items
Changes in Accumulated Other Comprehensive Income by Component [Roll Forward]
Accumulated other comprehensive income (loss)	(142,119)	(144,047)
Other comprehensive (loss) income before reclassifications	498	1,842
Amounts reclassified from accumulated other comprehensive income to the consolidated statements of income	3,134	2,639
Total other comprehensive loss, net of tax	3,632	4,481
Accumulated other comprehensive income (loss)	(138,487)	(139,566)
Foreign Currency Items
Changes in Accumulated Other Comprehensive Income by Component [Roll Forward]
Accumulated other comprehensive income (loss)	20,561	(66,333)
Other comprehensive (loss) income before reclassifications	(47,882)	(36,333)
Amounts reclassified from accumulated other comprehensive income to the consolidated statements of income	0	0
Total other comprehensive loss, net of tax	(47,882)	(36,333)
Accumulated other comprehensive income (loss)	$ (27,321)	$ (102,666)

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Changes in Accumulated Other Comprehensive Income (Loss) by Component - Amount Reclassified from Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Interest expense	$ (3,942)	$ (4,324)
Net sales	301,629	330,671
Income before income taxes	26,975	43,395
Tax benefit	(7,593)	(13,662)
Net income	19,382	29,733
Amount Reclassified from Accumulated Other Comprehensive Income (Loss)
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net income	(3,370)	(3,181)
Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | Gains and losses on cash flow hedges
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Interest expense	(449)	(61)
Net sales	128	(523)
Income before income taxes	(321)	(584)
Tax benefit	85	42
Net income	(236)	(542)
Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | Pension and Other Postretirement Benefit Items
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Income before income taxes	(4,088)	(3,449)
Tax benefit	954	810
Net income	(3,134)	(2,639)
Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | Amortization of prior service costs
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Income before income taxes	(92)	(87)
Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | Amortization of actuarial losses
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Income before income taxes	$ (3,996)	$ (3,362)

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Information on Business Segments (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021 USD ($) Segment	Mar. 31, 2020 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments | Segment	2
Net sales	$ 301,629	$ 330,671
Operating profit	32,380	49,313
Interest expense	3,942	4,324
Other expense (income), net	1,463	1,594
Income before income taxes	26,975	43,395
Industrial
Segment Reporting Information [Line Items]
Net sales	219,987	199,100
Aerospace
Segment Reporting Information [Line Items]
Net sales	81,642	131,571
Operating Segments | Industrial
Segment Reporting Information [Line Items]
Net sales	219,992	199,100
Operating profit	21,295	17,924
Operating Segments | Aerospace
Segment Reporting Information [Line Items]
Net sales	81,642	131,571
Operating profit	11,085	31,389
Intersegment sales
Segment Reporting Information [Line Items]
Net sales	$ (5)	$ 0

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Information on Business Segments Details 1 (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Assets	$ 2,600,264	$ 2,676,226
Operating Segments | Industrial
Segment Reporting Information [Line Items]
Assets	1,841,248	1,908,389
Operating Segments | Aerospace
Segment Reporting Information [Line Items]
Assets	614,029	623,547
Other
Segment Reporting Information [Line Items]
Assets	$ 144,987	$ 144,290

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Business Reorganization - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended
	Jun. 30, 2020	Mar. 31, 2021	Dec. 31, 2020
Restructuring and Related Activities [Abstract]
Charge for business reorganization	$ 19,116
Charge for business reorganization, through operating profit	$ 18,158
Percentage reduction in workforce	8.00%
Liability for business reorganization		$ 6,715	$ 13,151

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Business Reorganization - Change in Liability for Business Reorganization (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021 USD ($)
Restructuring Reserve [Roll Forward]
Restructuring reserve	$ 13,151
Payments	(6,436)
Restructuring reserve	$ 6,715