Accrued Liabilities (Tables)
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3 Months Ended |
Apr. 01, 2016 |
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| Schedule of Accrued Liabilities [Table Text Block] |
Accrued liabilities in the Condensed Consolidated Balance Sheets consisted of the following:
| | | | | | | | | | April 1, 2016 | | December 31, 2015 | | (In thousands) | Accrued payroll | $ | 106,115 |
| | $ | 99,383 |
| Advance payment from customers | 46,247 |
| | 45,590 |
| Accrued taxes | 45,274 |
| | 51,834 |
| Accrued asbestos-related liability | 50,623 |
| | 48,780 |
| Warranty liability - current portion | 37,703 |
| | 36,128 |
| Accrued restructuring liability - current portion | 16,864 |
| | 12,918 |
| Accrued third-party commissions | 10,061 |
| | 10,275 |
| Other | 87,206 |
| | 86,751 |
| Accrued liabilities | $ | 400,093 |
| | $ | 391,659 |
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| Schedule of Product Warranty Liability [Table Text Block] |
The activity in the Company’s warranty liability consisted of the following: | | | | | | | | | | Three Months Ended | | April 1, 2016 | | March 27, 2015 | | (In thousands) | Warranty liability, beginning of period | $ | 37,407 |
| | $ | 51,135 |
| Accrued warranty expense | 6,514 |
| | 4,461 |
| Changes in estimates related to pre-existing warranties | 1,715 |
| | (844 | ) | Cost of warranty service work performed | (7,642 | ) | | (5,606 | ) | Foreign exchange translation effect | 881 |
| | (2,566 | ) | Warranty liability, end of period | $ | 38,875 |
| | $ | 46,580 |
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| Schedule of Restructuring Reserve by Type of Cost [Table Text Block] |
A summary of the activity in the Company’s restructuring liability included in Accrued liabilities and Other liabilities in the Condensed Consolidated Balance Sheets is as follows:
| | | | | | | | | | | | | | | | | | | | | | Three Months Ended April 1, 2016 | | Balance at Beginning of Period | | Provisions | | Payments | | Foreign Currency Translation | | Balance at End of Period(3) | | (In thousands) | Restructuring and other related charges: | | | | | | | | | | Gas and Fluid Handling: | | | | | | | | | | Termination benefits(1) | $ | 3,979 |
| | $ | 4,936 |
| | $ | (2,942 | ) | | $ | 158 |
| | $ | 6,131 |
| Facility closure costs(2) | 2,657 |
| | 4,471 |
| | (4,808 | ) | | 110 |
| | 2,430 |
| | 6,636 |
| | 9,407 |
| | (7,750 | ) | | 268 |
| | 8,561 |
| Non-cash impairment | | | 1,186 |
| | | | | | | | | | 10,593 |
| | | | | | | Fabrication Technology: | | | | | | | | | | Termination benefits(1) | 6,031 |
| | 6,116 |
| | (4,012 | ) | | 26 |
| | 8,161 |
| Facility closure costs(2) | 426 |
| | 959 |
| | (1,121 | ) | | 10 |
| | 274 |
| | 6,457 |
| | 7,075 |
| | (5,133 | ) | | 36 |
| | 8,435 |
| Corporate and Other: | | | | | | | | | | Facility closure costs(2) | 625 |
| | — |
| | (70 | ) | | (23 | ) | | 532 |
| | 625 |
| | — |
| | (70 | ) | | (23 | ) | | 532 |
| | $ | 13,718 |
| | 16,482 |
| | $ | (12,953 | ) | | $ | 281 |
| | $ | 17,528 |
| Non-cash impairment | | | 1,186 |
| | | | | | | | | | $ | 17,668 |
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(1) Includes severance and other termination benefits, including outplacement services. The Company recognizes the cost of involuntary termination benefits at the communication date or ratably over any remaining expected future service period. Voluntary termination benefits are recognized as a liability and an expense when employees accept the offer and the amount can be reasonably estimated. (2) Includes the cost of relocating associates, relocating equipment and lease termination expense in connection with the closure of facilities. (3) As of April 1, 2016, $16.9 million and $0.6 million of the Company’s restructuring liability was included in Accrued liabilities and Other liabilities, respectively. |