B Barnes Group Inc

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Basis of Presentation

The Financial Accounting Standards Board ("FASB") establishes changes to accounting principles under U.S. generally accepted accounting principles ("US 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 Condensed Consolidated Financial Statements and related disclosures.

Recently Issued Accounting Standards

In November 2023, the FASB amended its guidance related to segment reporting requirements. The amended guidance serves to improve segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The amended guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The guidance requires application on a retrospective basis to all periods presented. The Company is currently evaluating the impact that the guidance may have on the disclosures within its Consolidated Financial Statements.

In December 2023, the FASB amended its guidance related to income tax disclosure requirements. The amended guidance establishes new income tax disclosure requirements including providing greater disaggregation in the rate reconciliation and information on taxes paid. The amended guidance is effective for annual periods beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact that the guidance may have on the disclosures within its Consolidated Financial Statements.

On January 9, 2024, the Company entered into a Share and Asset Purchase Agreement (as amended, the "SPA") with One Equity Partners ("OEP") to sell its Associated Spring™ and Hänggi™ businesses (the "Businesses") for $175,000, subject to certain adjustments (the "Sale"). The Businesses operated within the Company's Force & Motion Control (formerly Motion Control Solutions) business. Pursuant to the required accounting guidance, as of March 31, 2024, the Company allocated $58,900 of goodwill from the Motion Control Solutions reporting unit to the Businesses based on the estimated relative fair values of the Businesses to be disposed of and the portion of the reporting unit that will be retained.

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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 in aerospace, healthcare, automation, packaging, mobility and manufacturing.

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, the significant risks and rewards of ownership have transferred, and the Company has rights to payment and the 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 recognized 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 June 30, 2024																		Three Months Ended June 30, 2023
			Aerospace						Industrial						Total Company						Aerospace						Industrial						Total Company
Products and Services(A)
Aerospace Original Equipment Manufacturing Products			$	132,185					$	—					$	132,185					$	75,362					$	—					75,362
Aerospace Aftermarket Products and Services			85,773						—						85,773						46,653						—						46,653
Force & Motion Control Products			—						42,452						42,452						—						100,440						100,440
Molding Solutions Products			—						106,894						106,894						—						100,127						100,127
Automation Products			—						14,928						14,928						—						16,402						16,402
			$	217,958					$	164,274					$	382,232					$	122,015					$	216,969					$	338,984
Geographic Regions (B)
Americas			$	147,877					$	53,551					$	201,428					$	87,849					$	93,254					$	181,103
Europe			43,769						76,679						120,448						20,401						81,021						101,422
Asia			23,614						33,326						56,940						11,641						40,821						52,462
Rest of World			2,698						718						3,416						2,124						1,873						3,997
			$	217,958					$	164,274					$	382,232					$	122,015					$	216,969					$	338,984

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			Six Months Ended June 30, 2024																		Six Months Ended June 30, 2023
			Aerospace						Industrial						Total Company						Aerospace						Industrial						Total Company
Products and Services(A)
Aerospace Original Equipment Manufacturing Products			$	267,012					$	—					$	267,012					$	148,100					$	—					148,100
Aerospace Aftermarket Products and Services			172,316						—						172,316						91,171						—						91,171
Force & Motion Control Products (B)			—						135,574						135,574						—						198,914						198,914
Molding Solutions Products			—						208,288						208,288						—						203,654						203,654
Automation Products			—						29,680						29,680						—						32,502						32,502
			$	439,328					$	373,542					$	812,870					$	239,271					$	435,070					$	674,341
Geographic Regions (C)
Americas			$	302,908					$	143,568					$	446,476					$	172,421					$	189,194					$	361,615
Europe			85,725						156,253						241,978						41,068						160,629						201,697
Asia			45,757						70,882						116,639						21,663						80,932						102,595
Rest of World			4,938						2,839						7,777						4,119						4,315						8,434
			$	439,328					$	373,542					$	812,870					$	239,271					$	435,070					$	674,341

(A) The results of MB Aerospace, from the acquisition on August 31, 2023, have been included within the Company's revenue disaggregated by products and services, and geographic regions within the Aerospace Segment for the three and six month periods ended June 30, 2024.

(B) Effective April 23, 2024, following the divestiture of the Businesses, the Company renamed the Motion Control Solutions business to Force & Motion Control. Revenue related to the divested businesses contributed $0 and $53,040 during the three and six month periods ended June 30, 2024, respectively, and $57,616 and $110,862 during the three and six month periods ended June 2023, respectively.

(C) Sales by geographic region are based on the location to which the product is shipped and services are delivered.

Revenue from products and services transferred to customers at a point in time accounted for approximately 70 percent and 75 percent of total revenue for the three month periods ended June 30, 2024 and June 30, 2023, respectively. Revenue from products and services transferred to customers at a point in time accounted for approximately 70 percent and 80 percent of total revenue for the six month periods ended June 30, 2024 and June 30, 2023, respectively. A majority of revenue within the Industrial segment and Aerospace Original Equipment Manufacturing Products business ("OEM"), along with a portion of revenue within the Aerospace Aftermarket Products and Services business ("Aftermarket"), 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 30 percent of total revenue and 25 percent of total revenue for the three month periods ended June 30, 2024 and June 30, 2023, respectively. Revenue from products and services transferred to customers over-time accounted for approximately 30 percent and 20 percent of total revenue for the six month periods ended June 30, 2024 and June 30, 2023, 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 Aftermarket maintenance repair and overhaul business (within Aftermarket Products and Services) and a portion of the revenue within Force & Motion Control productions (formerly Motion Control Solutions), 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 partially 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 of 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 revenue is 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, defense-related manufacturers, and industry parts and service providers.

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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 month period ended June 30, 2024 and 2023.

Contract Balances. The timing of revenue recognition, invoicing and cash collections affects accounts receivable, unbilled receivables (contract assets) and customer advances and deposits (contract liabilities) on the Condensed 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 Condensed Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023.

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 have not 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 Condensed 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 Condensed Consolidated Balance Sheets on an individual contract basis at the end of each reporting period.

Net contract assets (liabilities) consisted of the following:

			June 30, 2024						December 31, 2023						$ Change						% Change
Unbilled receivables (contract assets)			$	69,246					$	59,652					$	9,594					16		%
Contract liabilities			(50,924)						(42,428)						(8,496)						20		%
Net contract assets			$	18,322					$	17,224					$	1,098					6		%

Contract liabilities balances at June 30, 2024 and December 31, 2023 include $19,416 and $10,032, respectively, of customer advances for which the Company has not yet collected payment, but has an unconditional right to collect payment. Accounts receivable, as presented on the Condensed Consolidated Balance Sheet, includes corresponding balances at June 30, 2024 and December 31, 2023, respectively.

Changes in the net contract assets during the six month period ended June 30, 2024 included a $9,594 increase in contract assets, driven primarily by contract progress (i.e., unbilled receivable), partially offset by earlier contract progress being invoiced to the customer. Offsetting this net contract increase was a $8,496 increase in contract liabilities, driven primarily by new customer advances, partially offset by revenue recognized in the current six-month period.

The Company recognized approximately 20% and 75% of the revenue related to the contract liabilities balance as of December 31, 2023 during the three and six month period ended June 30, 2024, and approximately 30% and 70% of the revenue related to the contract liabilities balance as of December 31, 2022 during the three and six month period ended June 30, 2023, respectively, 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

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that are beyond lead time and do not represent performance obligations pursuant to accounting guidance. As of June 30, 2024, the aggregate amount of the transaction price allocated to remaining performance obligations was $573,021. The Company expects to recognize revenue on approximately 70% of the remaining performance obligations over the next 12 months, with the remainder to be recognized within 24 months.

A schedule of consolidated changes in equity for the six months ended June 30, 2024 is as follows (number of 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, 2023						64,600						$	646					$	537,948					13,914						$	(532,415)					$	1,551,213					$	(195,129)					$	1,362,263
Comprehensive income (loss)						—						—						—						—						—						1,947						(28,070)						(26,123)
Dividends declared ($0.16 per share)						—						—						—						—						—						(8,111)						—						(8,111)
Employee stock plans						16						—						3,443						2						(71)						(52)						—						3,320
March 31, 2024						64,616						$	646					$	541,391					13,916						$	(532,486)					$	1,544,997					$	(223,199)					$	1,331,349
Comprehensive income (loss)						—						—						—						—						—						(46,821)						(2,733)						(49,554)
Dividends declared ($0.16 per share)						—						—						—						—						—						(8,118)						—						(8,118)
Employee stock plans						63						1						3,027						2						(70)						(137)						—						2,821
June 30, 2024						64,679						$	647					$	544,418					13,918						$	(532,556)					$	1,489,921					$	(225,932)					$	1,276,498

A schedule of consolidated changes in equity for the six months ended June 30, 2023 is as follows (number of 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, 2022						64,481						$	645					$	529,791					13,891						$	(531,507)					$	1,567,898					$	(220,500)					$	1,346,327
Comprehensive income						—						—						—						—						—						13,159						29,209						42,368
Dividends declared ($0.16 per share)						—						—						—						—						—						(8,096)						—						(8,096)
Residual interest in subsidiary						—						—						(2,381)						—						—						—						—						(2,381)
Employee stock plans						23						—						2,665						6						(252)						(83)						—						2,330
March 31, 2023						64,504						$	645					$	530,075					13,897						$	(531,759)					$	1,572,878					$	(191,291)					$	1,380,548
Comprehensive income (loss)						—						—						—						—						—						17,352						(14,953)						2,399
Dividends declared ($0.16 per share)						—						—						—						—						—						(8,099)						—						(8,099)
Employee stock plans						22						—						2,339						3						(124)						(76)						—						2,139
June 30, 2023						64,526						$	645					$	532,414					13,900						$	(531,883)					$	1,582,055					$	(206,244)					$	1,376,987

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. No potentially dilutive shares have been included in the diluted earnings per share calculations for the three and six month periods ended June 30, 2024 due to the Company's reported net losses for the periods. For the purpose of computing diluted net income per common share for the three and six month periods ended June 30, 2023, the weighted-average number of common shares outstanding was increased by 173,765 and 224,515, respectively.

The calculation of weighted-average diluted shares outstanding excludes all shares that would have been anti-dilutive. During the three month periods ended June 30, 2024 and 2023, the Company excluded 792,230 and 784,087 stock awards, respectively, from the calculation of weighted-average diluted shares outstanding as the stock awards were considered anti-dilutive. During the six month periods ended June 30, 2024 and 2023, the Company excluded 1,377,310 and 795,032 stock awards, respectively, from the calculation of weighted-average diluted shares outstanding as the stock awards were considered anti-dilutive.

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The Company granted 144,100 stock options, 196,660 restricted stock unit awards and 145,100 performance share awards ("PSAs") in February 2024 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).

The components of inventories consisted of:

			June 30, 2024						December 31, 2023
Finished goods			$	91,896					$	104,801
Work-in-process			121,327						105,737
Raw material and supplies			137,069						154,683
			$	350,292					$	365,221

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 June 30, 2024:

			Aerospace						Industrial												Total Company
December 31, 2023 (A)			$	352,352					$	831,272											$	1,183,624
Acquisition related			3,717						$	—											$	3,717
Divestiture related (see Note 3)			—						(58,900)												(58,900)
Impairment charge			—						(53,694)												(53,694)
Foreign currency translation			(802)						(27,123)												(27,925)
June 30, 2024			$	355,267					$	691,555											$	1,046,822

(A) Industrial amounts as of December 31, 2023 are net of accumulated goodwill impairment losses of $68,194.

The acquisition-related changes recorded at Aerospace during 2024 include purchase accounting adjustments of $3,717 of goodwill resulting from the acquisition of MB Aerospace.

The Company completed the sale of the Businesses in April 2024. See Note 3. Pursuant to the required accounting guidance, the Company allocated $58,900 of goodwill within the Force & Motion Control (formerly Motion Control Solutions) reporting unit to the divested Businesses based on the estimated relative fair values of the Businesses.

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During the second quarter, management completed the Company's annual impairment assessment of goodwill as of April 1, 2024. The Company utilizes the option to first assess qualitative factors to determine whether it is necessary to perform the Step 1 quantitative goodwill impairment test in accordance with the applicable accounting standards. Under the qualitative assessment, management considers relevant events and circumstances including but not limited to macroeconomic conditions, industry and market considerations, overall reporting unit performance and events directly affecting a reporting unit. If the Company determines that the Step 1 quantitative impairment test is required, management estimates the fair value of the reporting unit using a discounted cash flow model (a form of the income approach), a market approach, or both. Inherent in management’s development of cash flow projections under the income approach are assumptions and estimates, including those related to future earnings and growth rates and the weighted average cost of capital. Pursuant to the market approach, management considers readily available market information, including comparable public company earnings multiples relative to the performance of the Company's businesses. The Company compares the fair value of the reporting unit with the carrying value of the reporting unit. If the fair values were to fall below the carrying values, the Company would recognize a non-cash impairment charge to income from operations for the amount by which the carrying amount of any reporting unit exceeds the reporting unit’s fair value, assuming the loss recognized does not exceed the total amount of goodwill for the reporting unit.

Based on qualitative assessments as of April 1, 2024, management concluded that it was not more likely than not that the fair value of each of the Company’s reporting units was below its respective carrying value, except for the Automation reporting unit. Therefore, management performed a Step 1 quantitative assessment for the Automation reporting unit. In estimating the fair value of the Automation reporting unit, management evaluated readily available end market information, including earnings multiples, from comparable public companies that also operate within the automation sector. Management’s assessment resulted in a non-cash goodwill impairment charge of $53,694 related to the Automation reporting unit as the estimated fair value of the reporting unit declined below its carrying value. The reduction of fair value was primarily the result of lower projections for the reporting unit, consistent with a reduction of forecasted growth trends within the broader automation market. A decline in projections was largely due to uncertainty in the broader industrial manufacturing markets, partially restricting the significant capital expenditures required for such investments in automation. A significant level of reliance on the automotive sector and corresponding delays in model change releases, more specifically, also negatively impacted the fair value of the Automation reporting unit. The non-cash goodwill impairment charge was recorded during the three-month period ended June 30, 2024.

Other Intangible Assets:

Other intangible assets consisted of:

									June 30, 2024												December 31, 2023
			Range of Life -Years						Gross Amount						Accumulated Amortization						Gross Amount						Accumulated Amortization
Amortized intangible assets:
Revenue Sharing Programs (RSPs)			Up to 30						$	296,700					$	(183,031)					$	299,500					$	(176,143)
Component Repair Programs (CRPs)			Up to 30						111,839						(53,206)						111,839						(49,577)
Customer relationships			10-16						579,050						(190,181)						586,189						(180,679)
Patents and technology			4-18						174,280						(99,841)						178,433						(100,662)
Trademarks/trade names			10-30						7,153						(6,434)						10,949						(10,910)
Other			Up to 10						26,334						(16,699)						26,334						(14,857)
									1,195,356						(549,392)						1,213,244						(532,828)
Unamortized intangible assets:
Trade names									55,670						—						55,670						—
Foreign currency translation									(38,968)						—						(29,615)						—
Other intangible assets									$	1,212,058					$	(549,392)					$	1,239,299					$	(532,828)

In the second quarter of 2024, management completed its annual impairment assessment of its trade names, which are indefinite-lived intangible assets. Based on this assessment, there were no impairments.

Gross amounts of $7,139, $4,153 and $3,821 that were included within customer relationships, patents and technology, and trademarks, respectively, and were fully amortized as of December 31, 2023, were related to the divested Businesses.

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Amortization of intangible assets for the three months period ended June 30, 2024 and June 30, 2023 was $17,101 and $11,604, respectively. Amortization of intangible assets for the six months period ended June 30, 2024 and June 30, 2023 was $34,663 and $23,224, respectively.

Estimated amortization of intangible assets for future periods is as follows: 2024 (remainder) - $35,000; 2025 - $71,000; 2026 - $68,000; 2027 - $66,000; 2028 - $63,000 and 2029 - $62,000.

Long-term debt and notes and overdrafts payable at June 30, 2024 and December 31, 2023 consisted of:

			June 30, 2024												December 31, 2023
			Carrying Amount						Fair Value						Carrying Amount						Fair Value
Revolving Credit Facility			$	578,473					$	582,965					$	642,988					$	646,843
Term Loan Facility			580,703						583,246						648,375						651,215
Unamortized deferred financing costs and original issue discount - Term Loan Facility			(11,592)						—						(12,532)						—
Borrowings under lines of credit and overdrafts			6,547						6,547						16						16
Finance leases			12,320						12,118						11,999						11,732
			1,166,451						1,184,876						1,290,846						1,309,806
Less current maturities			(17,065)												(10,884)
Long-term debt			$	1,149,386											$	1,279,962

On February 10, 2021, the Company and certain of its subsidiaries entered into the sixth amended and restated senior unsecured revolving credit agreement (the "Unsecured Credit Agreement") and retained Bank of America, N.A. as the Administrative Agent for the lenders. The $1,000,000 Unsecured Credit Agreement was to mature in February 2026. Borrowings under the Unsecured Credit Agreement bore interest at either the Eurocurrency rate, as defined in the Unsecured Credit Agreement, plus a margin of 1.175% to 1.775% or the base rate, as defined in the Unsecured Credit Agreement, plus a margin of 0.175% to 0.775%, depending on the Company's leverage ratio at the time of the borrowing. Multi-currency borrowings, pursuant to the Unsecured Credit Agreement, bore 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% and 1.775%. The Unsecured Credit Agreement required the Company to maintain a Senior Debt Ratio of not more than 3.25 times. In addition, the Unsecured Credit Agreement required the Company to maintain a Total Debt Ratio of not more than 3.75 times for each fiscal quarter. A ratio of Consolidated EBITDA to Consolidated Cash Interest Expense, as defined, of not less than 4.25 times, was also required at the end of each fiscal quarter. The Company subsequently amended the Unsecured Credit Agreement on October 11, 2021 (the "LIBOR Transition Amendment"), defining certain applicable multi-currency borrowing rates that could be used as replacement rates for LIBOR, which was expected to be discontinued by reference rate reform.

On April 6, 2022, the Company entered into Amendment No. 1 to the Unsecured Credit Agreement (“Amendment No. 1”), which (i) replaced the LIBOR interest rate for U.S. dollar loans to a term Secured Overnight Financing Rate including a Secured Overnight Financing Rate adjustment (or "SOFR", as defined in the Unsecured Credit Agreement), (ii) added a daily SOFR option for U.S. dollar loans and a term SOFR option for U.S. dollar loans, and (iii) added the ability to borrow foreign swing line loans based on the Euro Short Term Rate ("€STR") (as defined) with the same interest spread as the interest spread for SOFR Loans (as defined) and Alternative Currency Loans (defined as loans denominated in Euro, Sterling, Swiss Francs or Yen). In addition, Amendment No. 1 lowered the interest rate spread on (i) SOFR Loans and Alternative Currency Loans to a range from 0.975% to 1.70%, depending on the leverage ratio (the “Leverage Ratio”) of Consolidated Total Debt (as defined) to Consolidated EBITDA (as defined) as of the end of each fiscal quarter, and (ii) loans based on the Base Rate (as defined), to a range from 0.00% to 0.70%, depending on the Company’s Leverage Ratio as of the end of each fiscal quarter. Amendment No. 1 also lowered the facility fee, which was required to be paid by the Company under the Unsecured Credit Agreement and was calculated on the full amount of the revolving facility, to a range from 0.15% to 0.30%, depending on the Company’s Leverage Ratio at the end of each fiscal quarter. In April 2022, the Company paid fees and expenses of $1,037 in conjunction with executing Amendment No. 1. Such fees have been deferred within Other Assets on the Condensed Consolidated Balance Sheets and will be amortized into interest expense on the Condensed Consolidated Statements of (Loss) Income through its maturity.

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On June 5, 2023, the Company entered into the Agreement with MB Aerospace Group Holdings Limited, a Cayman Islands limited company (the "Agreement"). In connection with entry into the Agreement, on June 5, 2023, the Company entered into the Second Amendment (the “Second Amendment”) to Note Purchase Agreement and Amendment No. 2 ("Amendment No. 2") to Unsecured Credit Agreement to facilitate the the acquisition of MB Aerospace Holdings Inc., a Delaware corporation (“MB Aerospace”), along with such entity’s subsidiaries (the “Transaction”), as well as a commitment letter with Bank of America, N.A. and BofA Securities, Inc. (collectively, the “Commitment Parties”), pursuant to which the Commitment Parties agreed to provide, subject to the satisfaction of customary closing conditions contained therein, a $1,000,000 backstop senior secured revolving credit facility and a $700,000 senior secured 364-day bridge loan facility ("Bridge Loan Facility"). The Bridge Loan Facility was only intended to be drawn to the extent that the Company did not obtain alternative financing prior to the closing of the Transaction. The Company recorded fees of $9,500 in conjunction with the Bridge Loan Facility and $1,000,000 backstop senior secured revolving credit facility into interest expense on the Condensed Consolidated Statements of (Loss) Income in 2023. On August 31, 2023 (the "Acquisition Date"), pursuant to the terms of the Agreement, the Company completed the Transaction for an aggregate purchase price of $728,448, subject to customary and specified closing adjustments, as set forth in the Agreement. Concurrently, the Company entered into a new Credit Agreement (the “Credit Agreement”) among the Company and certain of its subsidiaries, the issuing banks, lenders and other parties party thereto, and Bank of America, N.A., as administrative agent, as collateral agent and as swingline lender, which provides for senior secured financing of $1,650,000, consisting of a term loan facility (the “Term Loan Facility”) in an aggregate principal amount of $650,000, at an original issue discount of $4,875, and a revolving credit facility (the “Revolving Credit Facility” and, together with the Term Loan Facility, the “Senior Facilities”) in an aggregate principal amount of up to $1,000,000, including a letter of credit sub-facility of up to $50,000. Proceeds of the loans borrowed under the Senior Facilities on the Acquisition Date, net of a 0.75% original issue discount on the Term Loan Facility, were used to fund, in part, the transactions contemplated by the Agreement, including the consummation of the Transaction, the repayment in full of the 3.97% Senior Notes, and to pay related fees and expenses. As of the Acquisition Date, the Revolving Credit Facility had outstanding borrowings in an aggregate principal amount of approximately $698,000. Proceeds of any loans under the Revolving Credit Facility borrowed after the Acquisition Date will be used for general corporate purposes. The Company paid fees and expenses of $3,058 in conjunction with executing the Revolving Credit Facility. Such fees have been deferred within Other Assets on the Condensed Consolidated Balance Sheets and will be amortized into interest expense on the Condensed Consolidated Statements of (Loss) Income through the maturity of the Credit Agreement with the previously recorded debt issuance costs. The Company incurred $8,283 of debt issuance costs in conjunction with executing the Term Loan Facility. Such fees have been recorded as a direct deduction from the carrying amount of the Term Loan Facility and will be amortized into interest expense on the Condensed Consolidated Statements of (Loss) Income through the maturity of the Term Loan Facility. Cash used to pay these fees was recorded through financing activities on the Condensed Consolidated Statements of Cash Flows. On August 31, 2023, in connection with the Credit Agreement and the closing of the Transaction, the Bridge Loan Facility was terminated.

On March 19, 2024, the Company entered into a Refinancing Amendment (“Amendment No. 2”) to the Credit Agreement which replaced the outstanding principal amount of term loans under the Term Loan Facility (the “Existing Term Loans”) with an equal amount of new term loans (the “New Term Loans”) having substantially similar terms as the Existing Term Loans, except with respect to the interest rate applicable to the New Term Loans and certain other provisions. The interest rate margin applicable to the New Term Loans was reduced to 1.50%, in the case of ABR loans, and 2.50%, in the case of Term SOFR loans (with the Term SOFR floor remaining at 0.0%). The interest rate margin applicable to the Existing Term Loans was 2.00%, in the case of ABR loans, and 3.00%, in the case of Term SOFR loans. In addition, the Term SOFR adjustment applicable to the New Term Loans was reduced to 0.00%, from 0.10% for the Existing Term Loans. The Company recorded fees of $1,579 in conjunction with Amendment No. 2 within interest expense on the Condensed Consolidated Statements of (Loss) Income in the three months ended March 31, 2024.

The Senior Facilities are guaranteed by each of the Company’s wholly owned domestic subsidiaries and are secured by substantially all assets of the Company and of each subsidiary guarantor, in each case subject to certain exceptions.

Borrowings under the Senior Facilities bear interest at a rate per annum equal to, at the Company’s option, either Term SOFR (subject to a 0.00% floor) or an alternate base rate ("ABR"), in each case plus an applicable margin of (i) in the case of borrowings under the Term Loan Facility, 2.50% for Term SOFR loans and 1.50% for ABR loans and (ii) in the case of borrowings under the Revolving Credit Facility, initially, 2.375% for Term SOFR loans and 1.375% for ABR loans. The applicable margin for borrowings under the Revolving Credit Facility varies depending on the Company’s total net leverage ratio. At June 30, 2024, the applicable margin for borrowings under the Revolving Credit Facility was 2.125%. The Company is also required to pay a commitment fee initially equal to 0.35% per annum to the lenders under the Revolving Credit Facility in respect of the unutilized commitments thereunder. The commitment fee under the Revolving Credit Facility varies depending on the Company’s total net leverage ratio. At June 30, 2024, the commitment fee under the Revolving Credit Facility was 0.30%.

The Term Loan Facility matures on the seven-year anniversary of the Acquisition Date and amortizes in equal quarterly installments ($6,500 annually), starting with the first full fiscal quarter after the Acquisition Date, of 0.25% of the initial

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principal amount. The Revolving Credit Facility matures on the five-year anniversary of the Acquisition Date (August 31, 2028). In addition, the Company is required to prepay outstanding loans under the Term Loan Facility, subject to certain exceptions, with up to 50% of the Company’s annual excess cash flow (as defined under the Credit Agreement) in excess of the greater of $50,000 and 15.0% of Last Twelve Months ("LTM") Adjusted Consolidated EBITDA (as defined in the Credit Agreement) as of the applicable time, and with up to 100% of the net cash proceeds of certain recovery events and non-ordinary course asset sales (which percentages vary depending on the Company’s first lien secured net leverage ratio).

The Company may generally prepay outstanding loans under the Senior Facilities at any time, without prepayment premium or penalty, subject to customary “breakage” costs with respect to Term SOFR loans. Prepayments of the Term Loan Facility in connection with certain “repricing events” resulting in a lower yield occurring at any time during the first six months following the Company's execution of Amendment No. 2 must be accompanied by a 1.00% prepayment premium.

The Revolving Credit Facility requires that the Company maintain a maximum Total Net Leverage Ratio, as defined in the Credit Agreement, initially of 5.50 to 1.00 as of the last day of each fiscal quarter for which financials have been (or were required to be) delivered, commencing with the first full fiscal quarter after the Acquisition Date, stepping down to 4.00 to 1.00 over time. The Total Net Leverage Ratio is 5.00 to 1.00 for the quarter ended June 30, 2024 thus limiting the available credit to $418,901. For material acquisitions in certain circumstances, such ratio may be increased by up to 0.50 to 1.00. The actual ratio, as defined, was 3.48 as of June 30, 2024. The Revolving Credit Facility also requires that the Company not permit the Interest Coverage Ratio as of the last day of any test period to be less than 3.00 to 1.00. The actual ratio, as defined, was 3.83 as of June 30, 2024. At June 30, 2024, the Company was in compliance with all applicable covenants.

The Senior Facilities contain certain affirmative and negative covenants that limit the ability of the Company, among other things and subject to certain significant exceptions, to incur debt or liens, make investments, enter into certain mergers, consolidations, asset sales and acquisitions, pay dividends and make other restricted payments and enter into transactions with affiliates. The Senior Facilities also contain certain events of default, including relating to a change of control. If an event of default occurs, the lenders under the Senior Facilities will be entitled to take various actions, including the acceleration of amounts due under the Senior Facilities.

Borrowings and availability under the Revolving Credit Facility were $578,473 and $421,527, respectively, at June 30, 2024 and $642,988 and $357,012, respectively, at December 31, 2023, subject to covenants discussed above. The average interest rate on these borrowings was 6.67% and 6.76% on June 30, 2024 and December 31, 2023, respectively. The average interest rate excludes the impact of the Company’s interest swap agreements. See Note 10. Borrowings included Euro-denominated borrowings of 269,500 Euros ($288,473) at June 30, 2024 and 296,500 Euros ($327,988) at December 31, 2023. 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.

Borrowings under the Term Loan Facility were $580,703 and $648,375 at June 30, 2024 and December 31, 2023, respectively. The average interest rate on these borrowings was 7.84% and 8.46% on June 30, 2024 and December 31, 2023, respectively. The average interest rate excludes the impact of the Company’s interest swap agreements. See Note 10. The fair value of the borrowings is based on the quoted market price of the borrowings on June 30, 2024, which represents Level 1 observable inputs.

In addition, the Company has approximately $81,000 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, $6,500 was borrowed at June 30, 2024 at an average rate of 7.84%. The Company had no borrowings under the Credit Lines at December 31, 2023. The Company had borrowed $47 and $16 under the overdraft facilities at June 30, 2024 and December 31, 2023, 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 finance leases under which $12,320 and $11,999 was outstanding at June 30, 2024 and December 31, 2023, respectively. The fair value of the finance leases is 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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The Company has manufacturing, service 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 March 24, 2021, the Company entered into an interest rate swap agreement (the "2021 Swap") with one bank that commenced on January 31, 2022 and that converted the interest on $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. Effective, April 30, 2022, the Company amended the 2021 Swap (the "Amended 2021 Swap"), such that the one-month SOFR-based borrowing rate replaced the one-month LIBOR-based borrowing rate. The Amended 2021 Swap, which will expire on January 30, 2026, converts the interest on $100,000 of the Company's one-month SOFR-based borrowings from a variable rate plus the borrowing spread to a fixed rate of 1.075% plus the borrowing spread. On July 19, 2023, the Company entered into an interest rate swap agreement (the "Euribor Swap") with one bank that commenced on July 31, 2023, which converts the interest on €150,000 of the Company's Euribor-based borrowings from a variable rate plus the borrowing spread to a fixed rate of 3.257% plus the borrowing spread. Under the Euribor Swap, €50,000 will expire on July 31, 2026, with the remaining balance of €100,000 expiring on July 31, 2028. On September 12, 2023, the Company entered into six additional interest rate swap agreements (the "2023 Swaps") with six different banks that commenced on September 29, 2023, which convert the interest on $600,000 of the Company's one-month SOFR-based borrowings from a variable rate plus the borrowing spread to a blended fixed rate of 4.321% plus the borrowing spread. Under the 2023 Swaps, $50,000 will expire on August 31, 2026, $100,000 will expire on August 31, 2027, $200,000 will expire on August 31, 2028, $50,000 will expire on August 31, 2029 and the remaining balance of $200,000 will expire on August 31, 2030. The execution of the interest rate swap agreements in 2023 did not have a material impact on our business, financial condition, results of operations or cash flow. These interest rate swap agreements (the "Swaps") 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, Japanese yen, Singapore dollar, Korean won, Swedish krona, 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 Condensed 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 the Amended 2021 Swap were $5,570 and $5,976 as of June 30, 2024 and December 31, 2023, respectively, and were recorded in Other Assets in the Condensed Consolidated Balance Sheets for the periods. The fair values of the Euribor Swap were $(2,413) and $(5,485) as of June 30, 2024 and December 31, 2023, respectively, and were recorded in Other Liabilities in the Condensed Consolidated Balance Sheets for the periods. The fair values of the 2023 Swaps were $(6,468) and $(19,984) as of June 30, 2024 and December 31, 2023, respectively, and were recorded in Other Liabilities in the Condensed Consolidated Balance Sheets for the periods. The fair values of the Company's other derivatives were not material to the Company's Condensed Consolidated Balance Sheets as of June 30, 2024 or December 31, 2023. See Note 11. The activity related to the derivatives that have been designated hedging instruments was not material to the Company's Condensed Consolidated Financial Statements for the periods ended June 30, 2024 or 2023. The Company recognized gains of $207 and losses of $4,548 related to the foreign exchange contracts that are not accounted for as hedging instruments within Other expense (income), net, in the Condensed Consolidated Statements of (Loss) Income for the three-month periods ended June 30, 2024 and 2023, respectively. The Company recognized losses of $11,697 and $2,949 related to the foreign exchange contracts that are not accounted for as hedging instruments within Other Expense (income), net, in the Consolidated Statements of (Loss) Income for the six month periods ended June 30, 2024 and 2023, respectively. Such losses (gains) were substantially offset by

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net gains (losses) recorded on the underlying hedged asset or liability (the "underlying"). Offsetting net gains (losses) on the underlying are also recorded within Other expense (income), net.

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 as of June 30, 2024 and December 31, 2023:

												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)
June 30, 2024
Asset derivatives						$	5,657					$	—					$	5,657					$	—
Liability derivatives						(10,915)						—						(10,915)						—
Bank acceptances						11,013						—						11,013						—
Rabbi trust assets						2,018						2,018						—						—
Total						$	7,773					$	2,018					$	5,755					$	—
December 31, 2023
Asset derivatives						$	6,420					$	—					$	6,420					$	—
Liability derivatives						(25,885)						—						(25,885)						—
Bank acceptances						12,161						—						12,161						—
Rabbi trust assets						1,923						1,923						—						—
Total						$	(5,381)					$	1,923					$	(7,304)					$	—

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Pension and other postretirement benefits (income) cost consisted of the following:

			Three Months Ended June 30,												Six Months Ended June 30,
Pensions			2024						2023						2024						2023
Service cost			$	36					$	577					$	335					$	1,350
Interest cost			4,917						4,801						9,545						9,696
Expected return on plan assets			(7,576)						(7,449)						(14,983)						(14,983)
Amortization of prior service cost			—						83						27						170
Amortization of actuarial losses			598						420						1,200						838
Curtailment gain			(2,575)						(668)						(1,204)						(668)
Settlement loss (gain)			2,980						(731)						2,980						(731)
Net periodic benefit income			$	(1,620)					$	(2,967)					$	(2,100)					$	(4,328)

			Three Months Ended June 30,															Six Months Ended June 30,
Other Postretirement Benefits			2024						2023									2024						2023
Service cost			$	2					$	6								$	13					$	19
Interest cost			250						274									512						560
Amortization of prior service cost			—						2									—						5
Amortization of actuarial gains			(37)						(47)									(77)						(73)
Settlement gain			(250)						—									(250)						—
Net periodic benefit (income) cost			$	(35)					$	235								$	198					$	511

Curtailment gains and settlement losses (gains) during the three and six month periods ended June 30, 2024 relate to the completed sale of the Businesses. See Note 3.

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 (income) cost other than the service cost component are included in Other expense (income), net on the Condensed Consolidated Statements of (Loss) Income. See Note 14.

The Company's effective tax rate for the first six months of 2024 was (402.8)% compared with 21.8% in the first six months of 2023 and 51.9% for the full year 2023. The decrease in the effective tax rate in the first half of 2024 as compared with the rate for the full year 2023 is primarily due to the goodwill impairment charge of $53,694 that was recorded in the second quarter of 2024, which was not tax deductible for book purposes. Excluding the goodwill impairment charge, the effective tax rate for the first half of 2024 was 80.3%. Additional drivers in the effective tax rate in the first half of 2024, as compared with the full year 2023, include $23,688 of tax expense relating to the sale of the Businesses, including $6,794 of tax expense recorded during the first quarter of 2024 in conjunction with classifying the Businesses as "held for sale" as of March 31, 2024. After the completion of the sale of the Businesses in the second quarter of 2024, the Company recognized the remainder of the tax expense relating to the sale of the Businesses of $16,894. Other items increasing the 2024 first half income tax rate include disallowance of certain related party expenses for U.S. tax purposes and an unfavorable earnings mix. The increase is partially offset by an increased benefit from tax holidays, lower transactions costs capitalized for tax and a lower forecasted GILTI tax.

The Aerospace and Industrial segments have a number of multi-year tax holidays in China, Malaysia and Singapore. The tax holiday in China expired at the end of 2023. The Company has re-applied for approval of the potential three-year holiday but does not expect notification of approval of the holiday until the end of 2024. Aerospace was granted an income tax holiday for operations recently established in Malaysia. This holiday commenced effective November 2020 (retroactively) and remains effective for a period of ten years. The Aerospace business was granted additional tax holidays in Singapore under the Pioneer program in the fourth quarter of 2022. This holiday provides reduced tax rates for certain Aerospace programs manufactured at

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the Singapore location and will continue through December 2025. All of the holidays are subject to the Company meeting certain commitments in the respective jurisdictions.

In October 2021, the Organization for Economic Co-operation and Development ("OECD") introduced an inclusive framework to address tax challenges arising from the digitalization of the economy through a two-pillar solution. One of the components of the solution is the implementation of a global minimum corporate tax rate of 15% for large multinational corporations (“Pillar Two”). The OECD continues to release additional guidance on the two-pillar solution with implementation to begin in 2024 while reporting of the tax applicable will not occur until 2026. As of the first half of 2024, the company does not anticipate any additional taxes in 2024 relating to the implementation of Pillar Two.

On August 31, 2023, the Company completed its acquisition of MB Aerospace by acquiring all of the issued and outstanding shares of capital stock of MB Aerospace Holdings Inc., a Delaware corporation, in a taxable stock transaction. For accounting purposes, the assets and liabilities of MB Aerospace have been stepped up to fair market value which require the recording of deferred taxes on the associated step up. The Company has also determined that it is unlikely to recognize a tax benefit associated with MB Aerospace disallowed interest, net operating loss and credit carryforwards. As a result, the Company has booked a valuation allowance associated with these carryforwards. Additionally, the Company evaluated the impact of the MB Aerospace acquisition on the deferred tax assets of the Company. The Company determined that it was unlikely to be able to utilize legacy disallowed interest carryforwards and has recorded a corresponding valuation allowance. The Company will continue to evaluate associated Pillar Two impacts, and how they will be applied within the combined group of companies.

The following tables set forth the changes in accumulated other comprehensive income (loss), net of tax, by component for the six month periods ended June 30, 2024 and 2023:

			Gains and Losses on Cash Flow Hedges						Pension and Other Postretirement Benefit Items						Foreign Currency Items						Total
December 31, 2023			$	(14,504)					$	(100,776)					$	(79,849)					$	(195,129)
Other comprehensive income (loss) before reclassifications			16,438						3,052						(48,742)						(29,252)
Amounts reclassified from accumulated other comprehensive income to the Condensed Consolidated Statements of (Loss) Income			(4,346)						2,795						—						(1,551)
Net current-period other comprehensive income (loss)			12,092						5,847						(48,742)						(30,803)
June 30, 2024			$	(2,412)					$	(94,929)					$	(128,591)					$	(225,932)

			Gains and Losses on Cash Flow Hedges						Pension and Other Postretirement Benefit Items						Foreign Currency Items						Total
December 31, 2022			$	5,941					$	(108,640)					$	(117,801)					$	(220,500)
Other comprehensive income (loss) before reclassifications			987						10,518						4,136						15,641
Amounts reclassified from accumulated other comprehensive income to the Condensed Consolidated Statements of (Loss) Income			(1,138)						(247)						—						(1,385)
Net current-period other comprehensive income (loss)			(151)						10,271						4,136						14,256
June 30, 2023			$	5,790					$	(98,369)					$	(113,665)					$	(206,244)

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The following table sets forth the reclassifications out of accumulated other comprehensive loss by component for the three month periods ended June 30, 2024 and 2023:

Details about Accumulated Other Comprehensive Income (Loss) Components						Amount Reclassified from Accumulated Other Comprehensive Income (Loss)												Affected Line Item in the Condensed Consolidated Statements of (Loss) Income
						Three Months Ended June 30, 2024						Three Months Ended June 30, 2023
Cash flow hedges
Interest rate contracts						$	2,900					$	988					Interest expense
Foreign exchange contracts						(110)						(190)						Net sales
						2,790						798						Total before tax
						(615)						(194)						Tax expense
						2,175						604						Net of tax
Pension and other postretirement benefit items
Amortization of prior service costs						$	—					$	(85)					(A)
Amortization of actuarial losses						(561)						(373)						(A)
Curtailment gain						1,302						241						(A)
Settlement (loss) gain						(2,730)						731						(A)
						(1,989)						514						Total before tax
						678						106						Tax benefit
						(1,311)						620						Net of tax
Total reclassifications in the period						$	864					$	1,224

(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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The following table sets forth the reclassifications out of accumulated other comprehensive loss by component for the six month periods ended June 30, 2024 and 2023:

Details about Accumulated Other Comprehensive Income (Loss) Components						Amount Reclassified from Accumulated Other Comprehensive Income (Loss)												Affected Line Item in the Consolidated Statements of (Loss) Income
						Six Months Ended June 30, 2024						Six Months Ended June 30, 2023
Cash flow hedges
Interest rate contracts						$	5,744					1,853						Interest expense
Foreign exchange contracts						(174)						(349)						Net sales
						5,570						1,504						Total before tax
						(1,224)						(366)						Tax benefit
						4,346						1,138						Net of tax
Pension and other postretirement benefit items
Amortization of prior service costs						$	(27)					$	(175)					(A)
Amortization of actuarial losses						(1,123)						(765)						(A)
Curtailment (loss) gain						(68)						241						(A)
Settlement (loss) gain						(2,730)						731						(A)
						(3,948)						32						Total before tax
						1,153						215						Tax benefit
						(2,795)						247						Net of tax
Total reclassifications in the period						$	1,551					$	1,385

The Company is organized based upon the nature of its products and services and reports under two global business segments: Aerospace and Industrial. 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.

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 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 activities also include the manufacture and delivery of 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.

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 industrial equipment, automation, personal care, packaging, electronics, mobility 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 Automation business designs and develops robotic grippers, advanced end-of-arm tooling systems, sensors and other automation components for intelligent robotic handling solutions and industrial automation applications. The Force & Motion Control business (formerly the Motion Control Solutions business) provides innovative cost-effective force and motion control solutions for a wide range of sheet

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metal forming and other industrial markets. See Note 3 as the Company completed the Sale of its Associated Spring™ and Hänggi™ businesses, both within the Force & Motion Control business, in April 2024.

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

			Three Months Ended June 30,												Six Months Ended June 30,
			2024						2023						2024						2023
Net sales
Aerospace(A)			$	217,958					$	122,015					$	439,328					$	239,272
Industrial			164,274						216,971						373,542						435,079
Intersegment sales			—						(2)						—						(10)
Total net sales			$	382,232					$	338,984					$	812,870					$	674,341
Operating (loss) profit
Aerospace(A)			$	29,344					$	16,580					$	60,430					$	35,331
Industrial(B)			(31,457)						9,429						(22,861)						13,962
Total operating (loss) profit			(2,113)						26,009						37,569						49,293
Interest expense			20,812						6,512						45,643						11,819
Other expense (income), net			(845)						(2,894)						850						(1,553)
(Loss) income before income taxes			$	(22,080)					$	22,391					$	(8,924)					$	39,027

(A) The results of MB Aerospace have been included within the Company's Condensed Consolidated Financial Statements in the Aerospace segment for the three and six months ended June 30, 2024.

(B) Industrial operating losses in the three and six-month periods ended June 30, 2024 include a $53,694 goodwill impairment charge. See Note 8. In addition, operating losses include a $10,204 and $7,071 pre-tax gain on the sale of the Businesses for the three and six month periods ended June 30, 2024, respectively. See Note 3.

			June 30, 2024						December 31, 2023
Assets
Aerospace			$	1,487,041					$	1,465,347
Industrial			1,392,770						1,685,304
Other (A)			157,276						157,363
Total assets			$	3,037,087					$	3,308,014

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

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 June 30, 2024 and December 31, 2023.

In July 2021, a customer asserted breach of contract and contractual warranty claims regarding a part manufactured by the Company. The Company disputes the asserted claims and no litigation or other proceeding has been initiated. While it is currently not possible to determine the ultimate outcome of this matter, the Company intends to vigorously defend its position and believes that the ultimate resolution will not have a material adverse effect on the Company’s consolidated financial position or liquidity, but could be material to the consolidated results of operations of any one period.

Litigation

The Company is subject to litigation from time to time in the ordinary course of business and various other suits, proceedings

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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.

Supplier Finance Programs

The Company participates in a Supplier Finance Program (the "Program") under which it agrees to pay a third-party finance provider the stated amount of confirmed invoices from participating suppliers based on the original invoice due date. Suppliers, at their sole discretion, may elect to finance confirmed invoices prior to their scheduled due date at a discounted price with the Company's third-party finance provider. Outstanding obligations related to the Program were not material as of June 30, 2024 and December 31, 2023. These obligations were recorded within Accounts Payable on the Condensed Consolidated Balance Sheets. The Company does not have any assets nor any other forms of guarantees pledged as security to the third-party finance provider as part of the Program.

In July 2022, Company management, commenced a systematic multi-phased initiative to significantly reduce costs and integrate the Company's operations, decreasing complexity and focusing on improved performance across Industrial. More specifically, at this time, the Company announced a restructuring program to further reduce costs within the Industrial segment and, more broadly, transform our businesses in response to macroeconomic disruptions. Additional actions were subsequently authorized in October 2022, April 2023 (including Aerospace), September 2023 (including Aerospace), and Q2 2024 (including Aerospace). Management continues to adjust its cost structures to align with market conditions.

2022 Actions

The Company authorized restructuring actions (“2022 Actions”) focused on the consolidation of two manufacturing sites and a number of branch offices and changes in infrastructure to eliminate certain roles across a number of locations in the Industrial segment businesses in July and October 2022. The 2022 Actions resulted in pre-tax charges of $17,986 and $10,328 recorded in 2022 (recorded in second half of 2022) and 2023 (recorded primarily in the first and third quarters of 2023), respectively. Of the aggregate pre-tax charges of $10,328 recorded in 2023, $3,990 were recorded in the first quarter, primarily within Cost of sales in the accompanying Condensed Consolidated Statements of (Loss) Income, and primarily related to $1,593 of accelerated depreciation of assets and $2,397 of transfer of work charges.

During the second quarter of 2024, additional pre-tax charges of $282 related to the 2022 Actions, including $223 primarily related to site consolidation and transfer of work charges, were recorded within Cost of sales, and $59 of expenses were recorded within Selling and administrative expenses in the accompanying Condensed Consolidated Statements of (Loss) Income.

During the first half of 2024, additional pre-tax charges of $2,649 related to the 2022 Actions, including $1,776 primarily related to site consolidation and transfer of work charges, and $724 of accelerated depreciation of assets, were recorded within Cost of sales, and $149 of expenses were recorded within Selling and administrative expenses in the accompanying Condensed Consolidated Statements of (Loss) Income. The Company does not expect any additional costs related to the 2022 Actions to be significant.

A corresponding liability of $365, per below, related to the employee termination costs remained and was included within accrued liabilities as of June 30, 2024.

The following table sets forth the change in the liability for the employee termination benefits related to the 2022 Actions:

December 31, 2023			$	538
Payments			(173)
June 30, 2024			$	365

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April 2023 Actions

In April 2023, the Company authorized restructuring actions (“April 2023 Actions”) focused on manufacturing footprint optimization, including the consolidation of manufacturing sites and optimization of production. These actions include the geographic transfer of certain programs within both the Industrial and Aerospace segments and changes in infrastructure to drive improvements and efficiencies in business processes, including the elimination of certain roles across several locations. The April 2023 Actions resulted in pre-tax charges of $13,783 in 2023 (recorded primarily in the second and third quarters of 2023).

During the second quarter of 2024, additional pre-tax charges of $1,423 related to the April 2023 Actions, primarily related to $690 of transfer of work charges, were recorded within Cost of sales and $733 of expenses were recorded within Selling and administrative expenses, in the accompanying Condensed Consolidated Statements of (Loss) Income. Of the aggregate charges recorded, $952 was reflected within the results of the Industrial segment and $471 was reflected within the results of the Aerospace segment.

During the first half of 2024, additional pre-tax charges of $2,018 related to the April 2023 Actions, primarily related to $1,160 of transfer of work charges, were recorded within Cost of sales and $858 of expenses were recorded within Selling and administrative expenses, in the accompanying Condensed Consolidated Statements of (Loss) Income. Of the aggregate charges recorded, $1,184 was reflected within the results of the Industrial segment and $834 was reflected within the results of the Aerospace segment.

A corresponding liability of $1,384, per below, related to the employee termination costs remained and was included within accrued liabilities as of June 30, 2024. The Company expects to incur additional costs of approximately $13,000 related to the April 2023 Actions, which are primarily related to transfer of work charges. Of the aggregate, approximately $10,000 and $3,000 relate to the Aerospace and Industrial segments, respectively. The April 2023 Actions are expected to be completed throughout multiple periods, with completion in 2025.

The following table sets forth the change in the liability for the employee termination benefits related to the April 2023 Actions:

December 31, 2023			$	6,247
Employee severance and other termination benefits			119
Payments			(4,982)
June 30, 2024			$	1,384

September 2023 Actions

In September 2023, the Company authorized restructuring actions (“September 2023 Actions”) including organizational realignment within a Barnes Industrial business and within Barnes Aerospace following the MB Aerospace acquisition. Resulting pre-tax charges of $7,878 were recorded primarily in the third quarter of 2023 related to employee termination costs, primarily employee severance and other termination benefits, which are expected to be paid in cash by the end of 2024. The Company does not expect any additional costs related to the September 2023 Actions to be significant.

A corresponding liability of $175, per below, related to the employee termination costs remained and was included within accrued liabilities as of June 30, 2024.

The following table sets forth the change in the liability for the employee termination benefits related to the September 2023 Actions:

December 31, 2023			$	2,736
Employee severance and other termination benefits			(27)
Payments			(2,534)
June 30, 2024			$	175

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Q2 2024 Actions

In the second quarter of 2024, the Company authorized restructuring actions (“Q2 2024 Actions”) including organizational realignment within the Barnes Aerospace and Industrial segment businesses. Resulting pre-tax charges of $3,231 were recorded related to employee termination costs, primarily employee severance and other termination benefits, which are expected to be paid in cash by the end of 2025 and which were recorded within Selling and administrative expenses in the accompanying Condensed Consolidated Statements of (Loss) Income. Of the aggregate charges recorded, $1,750 was included within the results of the Aerospace segment and $1,481 was included within the results of the Industrial segment. The Company does not expect any additional costs related to the Q2 2024 Actions to be significant.

A corresponding liability of $2,814, per below, related to the employee termination costs remained and was included within accrued liabilities as of June 30, 2024.

The following table sets forth the change in the liability for the employee termination benefits related to the Q2 2024 Actions:

December 31, 2023			$	—
Employee severance and other termination benefits			3,231
Payments			(417)
June 30, 2024			$	2,814

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v3.24.2

Cover Page - shares	6 Months Ended
	Jun. 30, 2024	Jul. 24, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	1-04801
Entity Registrant Name	BARNES GROUP INC
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		50,766,204
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Entity Central Index Key	0000009984
Current Fiscal Year End Date	--12-31

v3.24.2

Condensed Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Net sales	$ 382,232	$ 338,984	$ 812,870	$ 674,341
Cost of sales	258,188	224,625	558,284	450,868
Selling and administrative expenses	82,667	88,350	170,394	174,180
Gain on the sale of businesses	(10,204)	0	(7,071)	0
Goodwill impairment charge	53,694	0	53,694	0
Total operating costs and expenses	384,345	312,975	775,301	625,048
Operating (loss) income	(2,113)	26,009	37,569	49,293
Interest expense	20,812	6,512	45,643	11,819
Other expense (income), net	(845)	(2,894)	850	(1,553)
(Loss) income before income taxes	(22,080)	22,391	(8,924)	39,027
Income taxes	24,741	5,039	35,949	8,516
Net (loss) income	$ (46,821)	$ 17,352	$ (44,873)	$ 30,511
Per common share:
Basic (in dollars per share)	$ (0.91)	$ 0.34	$ (0.88)	$ 0.60
Diluted (in dollars per share)	$ (0.91)	$ 0.34	$ (0.88)	$ 0.60
Weighted average common shares outstanding:
Basic (in shares)	51,302,547	51,051,780	51,263,503	51,020,648
Diluted (in shares)	51,302,547	51,225,545	51,263,503	51,245,163

v3.24.2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net (loss) income		$ (46,821)	$ 17,352	$ (44,873)	$ 30,511
Other comprehensive (loss) income, net of tax
Unrealized loss on hedging activities, net of tax	[1]	2,745	735	12,092	(151)
Foreign currency translation adjustments, net of tax	[2]	(10,059)	(14,337)	(48,742)	4,136
Defined benefit pension and other postretirement benefits, net of tax	[3]	4,581	(1,351)	5,847	10,271
Total other comprehensive (loss) income, net of tax		(2,733)	(14,953)	(30,803)	14,256
Total comprehensive (loss) income		$ (49,554)	$ 2,399	$ (75,676)	$ 44,767
[1] Net of tax of $1,640 and $238 for the three months ended June 30, 2024 and 2023, respectively, and $4,670 and $(38) for the six months ended June 30, 2024 and 2023, respectively. [2] Net of tax of $0 for each of the three and six month periods ended June 30, 2024 and 2023. [3] Net of tax of $2,226 and $(11) for the three months ended June 30, 2024 and 2023, respectively, and $2,701 and $3,628 for the six months ended June 30, 2024 and 2023, respectively.

v3.24.2

Consolidated Statements of Commprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Unrealized (loss) income on hedging activities, tax	$ 1,640	$ 238	$ 4,670	$ (38)
Foreign currency translation adjustment, tax	0		0
Defined benefit pension and other postretirement benefits, tax	$ 2,226	$ (11)	$ 2,701	$ 3,628

v3.24.2

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 65,909	$ 89,827
Accounts receivable, less allowances (2024 - $7,257; 2023 - $7,258)	345,482	353,923
Inventories	350,292	365,221
Prepaid expenses and other current assets	104,689	97,749
Total current assets	866,372	906,720
Deferred income taxes	0	10,295
Property, plant and equipment	826,964	1,031,495
Less accumulated depreciation	(475,085)	(628,798)
Property, plant and equipment, net	351,879	402,697
Goodwill	1,046,822	1,183,624
Other intangible assets, net	662,666	706,471
Other assets	109,348	98,207
Total assets	3,037,087	3,308,014
Current liabilities
Notes and overdrafts payable	6,547	16
Accounts payable	152,271	164,264
Accrued liabilities	217,793	221,462
Long-term debt - current	10,518	10,868
Total current liabilities	387,129	396,610
Long-term debt	1,149,386	1,279,962
Accrued retirement benefits	36,825	45,992
Deferred income taxes	115,950	120,608
Long-term tax liability	0	21,714
Other liabilities	71,299	80,865
Commitments and contingencies (Note 16)
Stockholders' equity
Common stock - par value $0.01 per share Authorized: 150,000,000 shares Issued: at par value (2024 - 64,679,095 shares; 2023 - 64,600,635 shares)	647	646
Additional paid-in capital	544,418	537,948
Treasury stock, at cost (2024 - 13,918,008 shares; 2023 - 13,914,076 shares)	(532,556)	(532,415)
Retained earnings	1,489,921	1,551,213
Accumulated other non-owner changes to equity	(225,932)	(195,129)
Total stockholders' equity	1,276,498	1,362,263
Total liabilities and stockholders' equity	$ 3,037,087	$ 3,308,014

v3.24.2

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 7,257	$ 7,258
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)	64,679,095	64,600,635
Treasury Stock, Common, Shares	13,918,008	13,914,076

v3.24.2

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Operating activities:
Net (loss) income	$ (44,873)	$ 30,511
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization	59,563	46,913
Gain on disposition of property, plant and equipment	(50)	(180)
Stock compensation expense	6,464	4,832
Non-cash goodwill impairment charge	53,694	0
Gain on the sale of businesses	(5,545)	0
Changes in assets and liabilities, net of the effects of acquisition:
Accounts receivable	(12,173)	(18,102)
Inventories	(23,011)	(9,743)
Prepaid expenses and other current assets	(12,532)	(5,183)
Accounts payable	2,862	(2,300)
Accrued liabilities	(645)	16,745
Deferred income taxes	3,454	779
Long-term retirement benefits	(10,336)	(10,636)
Long-term tax liability	(17,372)	(13,029)
Other	3,550	1,860
Net cash provided by operating activities	3,050	42,467
Investing activities:
Proceeds from disposition of property, plant and equipment	344	149
Proceeds from the sale of businesses, net of cash sold	146,041	0
Capital expenditures	(29,854)	(21,617)
Business acquisitions, net of cash acquired	159	0
Other	0	(722)
Net cash provided (used) by investing activities	116,690	(22,190)
Financing activities:
Net change in other borrowings	6,568	7,775
Payments on long-term debt	(233,207)	(112,927)
Proceeds from the issuance of long-term debt	110,000	101,208
Proceeds from the issuance of common stock	122	189
Dividends paid	(16,229)	(16,195)
Withholding taxes paid on stock issuances	(141)	(376)
Cash settlement of foreign currency hedges related to intercompany financing	9,967	1,176
Other	(232)	(2,588)
Net cash used by financing activities	(143,086)	(24,090)
Effect of exchange rate changes on cash flows	(2,784)	(466)
Decrease in cash, cash equivalents and restricted cash	(26,130)	(4,279)
Cash, cash equivalents and restricted cash at beginning of period	92,039	81,128
Cash, cash equivalents and restricted cash at end of period	65,909	76,849
Less: Restricted cash, included in Prepaid expenses and other current assets	0	(2,176)
Cash and cash equivalents at end of period	$ 65,909	$ 74,673

v3.24.2

Basis of Presentation	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Summary of Significant Accounting Policies Basis of Presentation The accompanying Condensed Consolidated Balance Sheet and the related Condensed Consolidated Statements of (Loss) Income, Comprehensive (Loss) 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 Condensed 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, 2023 has been derived from the 2023 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, 2023. 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 and six month periods ended June 30, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024.

v3.24.2

Recent Accounting Standards	6 Months Ended
	Jun. 30, 2024
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. generally accepted accounting principles ("US 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 Condensed Consolidated Financial Statements and related disclosures. Recently Issued Accounting Standards

v3.24.2

Divestiture	6 Months Ended
	Jun. 30, 2024
Discontinued Operations and Disposal Groups [Abstract]
Divestiture	Divestiture On January 9, 2024, the Company entered into a Share and Asset Purchase Agreement (as amended, the "SPA") with One Equity Partners ("OEP") to sell its Associated Spring™ and Hänggi™ businesses (the "Businesses") for $175,000, subject to certain adjustments (the "Sale"). The Businesses operated within the Company's Force & Motion Control (formerly Motion Control Solutions) business. Pursuant to the required accounting guidance, as of March 31, 2024, the Company allocated $58,900 of goodwill from the Motion Control Solutions reporting unit to the Businesses based on the estimated relative fair values of the Businesses to be disposed of and the portion of the reporting unit that will be retained. The Company completed the Sale of the Businesses to OEP on April 4, 2024. Gross proceeds received were $157,998. The Company yielded net cash proceeds of $146,041 after consideration of cash sold and transaction costs. The Company recorded a receivable of $15,437 as of June 30, 2024 related to the transfer of one foreign facility. This receivable was recorded within Accounts Receivable on the Condensed Consolidated Balance Sheet. The final amount of proceeds from the Sale is subject to post closing adjustments. The Company recorded a pre-tax gain related to the Sale of the Businesses of $10,048 ($10,204 through operating loss) and $5,545 ($7,071 through operating loss) during the three and six month periods ended June 30, 2024, respectively. Resulting tax charges of $16,894 and $23,688, were recognized during the three and six month periods ended June 30, 2024, respectively. The Company utilized the proceeds from the Sale to reduce outstanding debt.

v3.24.2

Revenue	3 Months Ended
	Jun. 30, 2023
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 in aerospace, healthcare, automation, packaging, mobility and manufacturing. 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, the significant risks and rewards of ownership have transferred, and the Company has rights to payment and the 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 recognized 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 June 30, 2024 Three Months Ended June 30, 2023 Aerospace Industrial Total Company Aerospace Industrial Total Company Products and Services(A) Aerospace Original Equipment Manufacturing Products $ 132,185  $ —  $ 132,185  $ 75,362  $ —  75,362  Aerospace Aftermarket Products and Services 85,773  —  85,773  46,653  —  46,653  Force & Motion Control Products —  42,452  42,452  —  100,440  100,440  Molding Solutions Products —  106,894  106,894  —  100,127  100,127  Automation Products —  14,928  14,928  —  16,402  16,402  $ 217,958  $ 164,274  $ 382,232  $ 122,015  $ 216,969  $ 338,984  Geographic Regions (B) Americas $ 147,877  $ 53,551  $ 201,428  $ 87,849  $ 93,254  $ 181,103  Europe 43,769  76,679  120,448  20,401  81,021  101,422  Asia 23,614  33,326  56,940  11,641  40,821  52,462  Rest of World 2,698  718  3,416  2,124  1,873  3,997  $ 217,958  $ 164,274  $ 382,232  $ 122,015  $ 216,969  $ 338,984  Six Months Ended June 30, 2024 Six Months Ended June 30, 2023 Aerospace Industrial Total Company Aerospace Industrial Total Company Products and Services(A) Aerospace Original Equipment Manufacturing Products $ 267,012  $ —  $ 267,012  $ 148,100  $ —  148,100  Aerospace Aftermarket Products and Services 172,316  —  172,316  91,171  —  91,171  Force & Motion Control Products (B) —  135,574  135,574  —  198,914  198,914  Molding Solutions Products —  208,288  208,288  —  203,654  203,654  Automation Products —  29,680  29,680  —  32,502  32,502  $ 439,328  $ 373,542  $ 812,870  $ 239,271  $ 435,070  $ 674,341  Geographic Regions (C) Americas $ 302,908  $ 143,568  $ 446,476  $ 172,421  $ 189,194  $ 361,615  Europe 85,725  156,253  241,978  41,068  160,629  201,697  Asia 45,757  70,882  116,639  21,663  80,932  102,595  Rest of World 4,938  2,839  7,777  4,119  4,315  8,434  $ 439,328  $ 373,542  $ 812,870  $ 239,271  $ 435,070  $ 674,341  (A) The results of MB Aerospace, from the acquisition on August 31, 2023, have been included within the Company's revenue disaggregated by products and services, and geographic regions within the Aerospace Segment for the three and six month periods ended June 30, 2024. (B) Effective April 23, 2024, following the divestiture of the Businesses, the Company renamed the Motion Control Solutions business to Force & Motion Control. Revenue related to the divested businesses contributed $0 and $53,040 during the three and six month periods ended June 30, 2024, respectively, and $57,616 and $110,862 during the three and six month periods ended June 2023, respectively. (C) Sales by geographic region are based on the location to which the product is shipped and services are delivered. Revenue from products and services transferred to customers at a point in time accounted for approximately 70 percent and 75 percent of total revenue for the three month periods ended June 30, 2024 and June 30, 2023, respectively. Revenue from products and services transferred to customers at a point in time accounted for approximately 70 percent and 80 percent of total revenue for the six month periods ended June 30, 2024 and June 30, 2023, respectively. A majority of revenue within the Industrial segment and Aerospace Original Equipment Manufacturing Products business ("OEM"), along with a portion of revenue within the Aerospace Aftermarket Products and Services business ("Aftermarket"), 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 30 percent of total revenue and 25 percent of total revenue for the three month periods ended June 30, 2024 and June 30, 2023, respectively. Revenue from products and services transferred to customers over-time accounted for approximately 30 percent and 20 percent of total revenue for the six month periods ended June 30, 2024 and June 30, 2023, 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 Aftermarket maintenance repair and overhaul business (within Aftermarket Products and Services) and a portion of the revenue within Force & Motion Control productions (formerly Motion Control Solutions), 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 partially 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 of 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 revenue is 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, defense-related manufacturers, and industry 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 month period ended June 30, 2024 and 2023. Contract Balances. The timing of revenue recognition, invoicing and cash collections affects accounts receivable, unbilled receivables (contract assets) and customer advances and deposits (contract liabilities) on the Condensed 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 Condensed Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023. 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 have not 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 Condensed 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 Condensed Consolidated Balance Sheets on an individual contract basis at the end of each reporting period. Net contract assets (liabilities) consisted of the following: June 30, 2024 December 31, 2023 $ Change % Change Unbilled receivables (contract assets) $ 69,246  $ 59,652  $ 9,594  16  % Contract liabilities (50,924) (42,428) (8,496) 20  % Net contract assets $ 18,322  $ 17,224  $ 1,098  6  % Contract liabilities balances at June 30, 2024 and December 31, 2023 include $19,416 and $10,032, respectively, of customer advances for which the Company has not yet collected payment, but has an unconditional right to collect payment. Accounts receivable, as presented on the Condensed Consolidated Balance Sheet, includes corresponding balances at June 30, 2024 and December 31, 2023, respectively. Changes in the net contract assets during the six month period ended June 30, 2024 included a $9,594 increase in contract assets, driven primarily by contract progress (i.e., unbilled receivable), partially offset by earlier contract progress being invoiced to the customer. Offsetting this net contract increase was a $8,496 increase in contract liabilities, driven primarily by new customer advances, partially offset by revenue recognized in the current six-month period. The Company recognized approximately 20% and 75% of the revenue related to the contract liabilities balance as of December 31, 2023 during the three and six month period ended June 30, 2024, and approximately 30% and 70% of the revenue related to the contract liabilities balance as of December 31, 2022 during the three and six month period ended June 30, 2023, respectively, 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 June 30, 2024, the aggregate amount of the transaction price allocated to remaining performance obligations was $573,021. The Company expects to recognize revenue on approximately 70% of the remaining performance obligations over the next 12 months, with the remainder to be recognized within 24 months.

v3.24.2

Stockholders Equity	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Stockholders Equity	Stockholders' Equity A schedule of consolidated changes in equity for the six months ended June 30, 2024 is as follows (number of 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, 2023 64,600  $ 646  $ 537,948  13,914  $ (532,415) $ 1,551,213  $ (195,129) $ 1,362,263  Comprehensive income (loss) —  —  —  —  —  1,947  (28,070) (26,123) Dividends declared ($0.16 per share) —  —  —  —  —  (8,111) —  (8,111) Employee stock plans 16  —  3,443  2  (71) (52) —  3,320  March 31, 2024 64,616  $ 646  $ 541,391  13,916  $ (532,486) $ 1,544,997  $ (223,199) $ 1,331,349  Comprehensive income (loss) —  —  —  —  —  (46,821) (2,733) (49,554) Dividends declared ($0.16 per share) —  —  —  —  —  (8,118) —  (8,118) Employee stock plans 63  1  3,027  2  (70) (137) —  2,821  June 30, 2024 64,679  $ 647  $ 544,418  13,918  $ (532,556) $ 1,489,921  $ (225,932) $ 1,276,498  A schedule of consolidated changes in equity for the six months ended June 30, 2023 is as follows (number of 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, 2022 64,481  $ 645  $ 529,791  13,891  $ (531,507) $ 1,567,898  $ (220,500) $ 1,346,327  Comprehensive income —  —  —  —  —  13,159  29,209  42,368  Dividends declared ($0.16 per share) —  —  —  —  —  (8,096) —  (8,096) Residual interest in subsidiary     —  —  (2,381) —  —  —  —  (2,381) Employee stock plans 23  —  2,665  6  (252) (83) —  2,330  March 31, 2023 64,504  $ 645  $ 530,075  13,897  $ (531,759) $ 1,572,878  $ (191,291) $ 1,380,548  Comprehensive income (loss) —  —  —  —  —  17,352  (14,953) 2,399  Dividends declared ($0.16 per share) —  —  —  —  —  (8,099) —  (8,099) Employee stock plans 22  —  2,339  3  (124) (76) —  2,139  June 30, 2023 64,526  $ 645  $ 532,414  13,900  $ (531,883) $ 1,582,055  $ (206,244) $ 1,376,987

v3.24.2

Net Income Per Common Share	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Net Income Per Common Share	Net (Loss) 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. No potentially dilutive shares have been included in the diluted earnings per share calculations for the three and six month periods ended June 30, 2024 due to the Company's reported net losses for the periods. For the purpose of computing diluted net income per common share for the three and six month periods ended June 30, 2023, the weighted-average number of common shares outstanding was increased by 173,765 and 224,515, respectively. The calculation of weighted-average diluted shares outstanding excludes all shares that would have been anti-dilutive. During the three month periods ended June 30, 2024 and 2023, the Company excluded 792,230 and 784,087 stock awards, respectively, from the calculation of weighted-average diluted shares outstanding as the stock awards were considered anti-dilutive. During the six month periods ended June 30, 2024 and 2023, the Company excluded 1,377,310 and 795,032 stock awards, respectively, from the calculation of weighted-average diluted shares outstanding as the stock awards were considered anti-dilutive. The Company granted 144,100 stock options, 196,660 restricted stock unit awards and 145,100 performance share awards ("PSAs") in February 2024 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). The metrics for awards granted in 2024 include the Company’s total shareholder return ("TSR"), return on invested capital ("ROIC") and operating income before depreciation and amortization growth ("EBITDA growth") with metrics weighted 50%, 25% and 25%, respectively. 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 200% 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.

v3.24.2

Inventories	6 Months Ended
	Jun. 30, 2024
Inventory Disclosure [Abstract]
Inventories	Inventories The components of inventories consisted of: June 30, 2024 December 31, 2023 Finished goods $ 91,896  $ 104,801  Work-in-process 121,327  105,737  Raw material and supplies 137,069  154,683  $ 350,292  $ 365,221

v3.24.2

Goodwill and Other Intangible Assets	6 Months Ended
	Jun. 30, 2024
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 June 30, 2024: Aerospace Industrial Total Company December 31, 2023 (A) $ 352,352  $ 831,272  $ 1,183,624  Acquisition related 3,717  $ —  $ 3,717  Divestiture related (see Note 3) —  (58,900) (58,900) Impairment charge —  (53,694) (53,694) Foreign currency translation (802) (27,123) (27,925) June 30, 2024 $ 355,267  $ 691,555  $ 1,046,822  (A) Industrial amounts as of December 31, 2023 are net of accumulated goodwill impairment losses of $68,194. The acquisition-related changes recorded at Aerospace during 2024 include purchase accounting adjustments of $3,717 of goodwill resulting from the acquisition of MB Aerospace. The Company completed the sale of the Businesses in April 2024. See Note 3. Pursuant to the required accounting guidance, the Company allocated $58,900 of goodwill within the Force & Motion Control (formerly Motion Control Solutions) reporting unit to the divested Businesses based on the estimated relative fair values of the Businesses. During the second quarter, management completed the Company's annual impairment assessment of goodwill as of April 1, 2024. The Company utilizes the option to first assess qualitative factors to determine whether it is necessary to perform the Step 1 quantitative goodwill impairment test in accordance with the applicable accounting standards. Under the qualitative assessment, management considers relevant events and circumstances including but not limited to macroeconomic conditions, industry and market considerations, overall reporting unit performance and events directly affecting a reporting unit. If the Company determines that the Step 1 quantitative impairment test is required, management estimates the fair value of the reporting unit using a discounted cash flow model (a form of the income approach), a market approach, or both. Inherent in management’s development of cash flow projections under the income approach are assumptions and estimates, including those related to future earnings and growth rates and the weighted average cost of capital. Pursuant to the market approach, management considers readily available market information, including comparable public company earnings multiples relative to the performance of the Company's businesses. The Company compares the fair value of the reporting unit with the carrying value of the reporting unit. If the fair values were to fall below the carrying values, the Company would recognize a non-cash impairment charge to income from operations for the amount by which the carrying amount of any reporting unit exceeds the reporting unit’s fair value, assuming the loss recognized does not exceed the total amount of goodwill for the reporting unit. Based on qualitative assessments as of April 1, 2024, management concluded that it was not more likely than not that the fair value of each of the Company’s reporting units was below its respective carrying value, except for the Automation reporting unit. Therefore, management performed a Step 1 quantitative assessment for the Automation reporting unit. In estimating the fair value of the Automation reporting unit, management evaluated readily available end market information, including earnings multiples, from comparable public companies that also operate within the automation sector. Management’s assessment resulted in a non-cash goodwill impairment charge of $53,694 related to the Automation reporting unit as the estimated fair value of the reporting unit declined below its carrying value. The reduction of fair value was primarily the result of lower projections for the reporting unit, consistent with a reduction of forecasted growth trends within the broader automation market. A decline in projections was largely due to uncertainty in the broader industrial manufacturing markets, partially restricting the significant capital expenditures required for such investments in automation. A significant level of reliance on the automotive sector and corresponding delays in model change releases, more specifically, also negatively impacted the fair value of the Automation reporting unit. The non-cash goodwill impairment charge was recorded during the three-month period ended June 30, 2024. Other Intangible Assets: Other intangible assets consisted of: June 30, 2024 December 31, 2023 Range of Life -Years Gross Amount Accumulated Amortization Gross Amount Accumulated Amortization Amortized intangible assets:     Revenue Sharing Programs (RSPs) Up to 30 $ 296,700  $ (183,031) $ 299,500  $ (176,143) Component Repair Programs (CRPs) Up to 30 111,839  (53,206) 111,839  (49,577) Customer relationships 10-16 579,050  (190,181) 586,189  (180,679) Patents and technology 4-18 174,280  (99,841) 178,433  (100,662) Trademarks/trade names 10-30 7,153  (6,434) 10,949  (10,910) Other Up to 10 26,334  (16,699) 26,334  (14,857) 1,195,356  (549,392) 1,213,244  (532,828) Unamortized intangible assets: Trade names 55,670  —  55,670  —  Foreign currency translation (38,968) —  (29,615) —  Other intangible assets $ 1,212,058  $ (549,392) $ 1,239,299  $ (532,828) In the second quarter of 2024, management completed its annual impairment assessment of its trade names, which are indefinite-lived intangible assets. Based on this assessment, there were no impairments. Gross amounts of $7,139, $4,153 and $3,821 that were included within customer relationships, patents and technology, and trademarks, respectively, and were fully amortized as of December 31, 2023, were related to the divested Businesses. Amortization of intangible assets for the three months period ended June 30, 2024 and June 30, 2023 was $17,101 and $11,604, respectively. Amortization of intangible assets for the six months period ended June 30, 2024 and June 30, 2023 was $34,663 and $23,224, respectively. Estimated amortization of intangible assets for future periods is as follows: 2024 (remainder) - $35,000; 2025 - $71,000; 2026 - $68,000; 2027 - $66,000; 2028 - $63,000 and 2029 - $62,000.

v3.24.2

Debt	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Debt	Debt Long-term debt and notes and overdrafts payable at June 30, 2024 and December 31, 2023 consisted of:   June 30, 2024 December 31, 2023   Carrying Amount Fair Value Carrying Amount Fair Value Revolving Credit Facility $ 578,473  $ 582,965  $ 642,988  $ 646,843  Term Loan Facility 580,703  583,246  648,375  651,215  Unamortized deferred financing costs and original issue discount - Term Loan Facility (11,592) —  (12,532) —  Borrowings under lines of credit and overdrafts 6,547  6,547  16  16  Finance leases 12,320  12,118  11,999  11,732  1,166,451  1,184,876  1,290,846  1,309,806  Less current maturities (17,065) (10,884) Long-term debt $ 1,149,386  $ 1,279,962  On February 10, 2021, the Company and certain of its subsidiaries entered into the sixth amended and restated senior unsecured revolving credit agreement (the "Unsecured Credit Agreement") and retained Bank of America, N.A. as the Administrative Agent for the lenders. The $1,000,000 Unsecured Credit Agreement was to mature in February 2026. Borrowings under the Unsecured Credit Agreement bore interest at either the Eurocurrency rate, as defined in the Unsecured Credit Agreement, plus a margin of 1.175% to 1.775% or the base rate, as defined in the Unsecured Credit Agreement, plus a margin of 0.175% to 0.775%, depending on the Company's leverage ratio at the time of the borrowing. Multi-currency borrowings, pursuant to the Unsecured Credit Agreement, bore 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% and 1.775%. The Unsecured Credit Agreement required the Company to maintain a Senior Debt Ratio of not more than 3.25 times. In addition, the Unsecured Credit Agreement required the Company to maintain a Total Debt Ratio of not more than 3.75 times for each fiscal quarter. A ratio of Consolidated EBITDA to Consolidated Cash Interest Expense, as defined, of not less than 4.25 times, was also required at the end of each fiscal quarter. The Company subsequently amended the Unsecured Credit Agreement on October 11, 2021 (the "LIBOR Transition Amendment"), defining certain applicable multi-currency borrowing rates that could be used as replacement rates for LIBOR, which was expected to be discontinued by reference rate reform. On April 6, 2022, the Company entered into Amendment No. 1 to the Unsecured Credit Agreement (“Amendment No. 1”), which (i) replaced the LIBOR interest rate for U.S. dollar loans to a term Secured Overnight Financing Rate including a Secured Overnight Financing Rate adjustment (or "SOFR", as defined in the Unsecured Credit Agreement), (ii) added a daily SOFR option for U.S. dollar loans and a term SOFR option for U.S. dollar loans, and (iii) added the ability to borrow foreign swing line loans based on the Euro Short Term Rate ("€STR") (as defined) with the same interest spread as the interest spread for SOFR Loans (as defined) and Alternative Currency Loans (defined as loans denominated in Euro, Sterling, Swiss Francs or Yen). In addition, Amendment No. 1 lowered the interest rate spread on (i) SOFR Loans and Alternative Currency Loans to a range from 0.975% to 1.70%, depending on the leverage ratio (the “Leverage Ratio”) of Consolidated Total Debt (as defined) to Consolidated EBITDA (as defined) as of the end of each fiscal quarter, and (ii) loans based on the Base Rate (as defined), to a range from 0.00% to 0.70%, depending on the Company’s Leverage Ratio as of the end of each fiscal quarter. Amendment No. 1 also lowered the facility fee, which was required to be paid by the Company under the Unsecured Credit Agreement and was calculated on the full amount of the revolving facility, to a range from 0.15% to 0.30%, depending on the Company’s Leverage Ratio at the end of each fiscal quarter. In April 2022, the Company paid fees and expenses of $1,037 in conjunction with executing Amendment No. 1. Such fees have been deferred within Other Assets on the Condensed Consolidated Balance Sheets and will be amortized into interest expense on the Condensed Consolidated Statements of (Loss) Income through its maturity. On June 5, 2023, the Company entered into the Agreement with MB Aerospace Group Holdings Limited, a Cayman Islands limited company (the "Agreement"). In connection with entry into the Agreement, on June 5, 2023, the Company entered into the Second Amendment (the “Second Amendment”) to Note Purchase Agreement and Amendment No. 2 ("Amendment No. 2") to Unsecured Credit Agreement to facilitate the the acquisition of MB Aerospace Holdings Inc., a Delaware corporation (“MB Aerospace”), along with such entity’s subsidiaries (the “Transaction”), as well as a commitment letter with Bank of America, N.A. and BofA Securities, Inc. (collectively, the “Commitment Parties”), pursuant to which the Commitment Parties agreed to provide, subject to the satisfaction of customary closing conditions contained therein, a $1,000,000 backstop senior secured revolving credit facility and a $700,000 senior secured 364-day bridge loan facility ("Bridge Loan Facility"). The Bridge Loan Facility was only intended to be drawn to the extent that the Company did not obtain alternative financing prior to the closing of the Transaction. The Company recorded fees of $9,500 in conjunction with the Bridge Loan Facility and $1,000,000 backstop senior secured revolving credit facility into interest expense on the Condensed Consolidated Statements of (Loss) Income in 2023. On August 31, 2023 (the "Acquisition Date"), pursuant to the terms of the Agreement, the Company completed the Transaction for an aggregate purchase price of $728,448, subject to customary and specified closing adjustments, as set forth in the Agreement. Concurrently, the Company entered into a new Credit Agreement (the “Credit Agreement”) among the Company and certain of its subsidiaries, the issuing banks, lenders and other parties party thereto, and Bank of America, N.A., as administrative agent, as collateral agent and as swingline lender, which provides for senior secured financing of $1,650,000, consisting of a term loan facility (the “Term Loan Facility”) in an aggregate principal amount of $650,000, at an original issue discount of $4,875, and a revolving credit facility (the “Revolving Credit Facility” and, together with the Term Loan Facility, the “Senior Facilities”) in an aggregate principal amount of up to $1,000,000, including a letter of credit sub-facility of up to $50,000. Proceeds of the loans borrowed under the Senior Facilities on the Acquisition Date, net of a 0.75% original issue discount on the Term Loan Facility, were used to fund, in part, the transactions contemplated by the Agreement, including the consummation of the Transaction, the repayment in full of the 3.97% Senior Notes, and to pay related fees and expenses. As of the Acquisition Date, the Revolving Credit Facility had outstanding borrowings in an aggregate principal amount of approximately $698,000. Proceeds of any loans under the Revolving Credit Facility borrowed after the Acquisition Date will be used for general corporate purposes. The Company paid fees and expenses of $3,058 in conjunction with executing the Revolving Credit Facility. Such fees have been deferred within Other Assets on the Condensed Consolidated Balance Sheets and will be amortized into interest expense on the Condensed Consolidated Statements of (Loss) Income through the maturity of the Credit Agreement with the previously recorded debt issuance costs. The Company incurred $8,283 of debt issuance costs in conjunction with executing the Term Loan Facility. Such fees have been recorded as a direct deduction from the carrying amount of the Term Loan Facility and will be amortized into interest expense on the Condensed Consolidated Statements of (Loss) Income through the maturity of the Term Loan Facility. Cash used to pay these fees was recorded through financing activities on the Condensed Consolidated Statements of Cash Flows. On August 31, 2023, in connection with the Credit Agreement and the closing of the Transaction, the Bridge Loan Facility was terminated. On March 19, 2024, the Company entered into a Refinancing Amendment (“Amendment No. 2”) to the Credit Agreement which replaced the outstanding principal amount of term loans under the Term Loan Facility (the “Existing Term Loans”) with an equal amount of new term loans (the “New Term Loans”) having substantially similar terms as the Existing Term Loans, except with respect to the interest rate applicable to the New Term Loans and certain other provisions. The interest rate margin applicable to the New Term Loans was reduced to 1.50%, in the case of ABR loans, and 2.50%, in the case of Term SOFR loans (with the Term SOFR floor remaining at 0.0%). The interest rate margin applicable to the Existing Term Loans was 2.00%, in the case of ABR loans, and 3.00%, in the case of Term SOFR loans. In addition, the Term SOFR adjustment applicable to the New Term Loans was reduced to 0.00%, from 0.10% for the Existing Term Loans. The Company recorded fees of $1,579 in conjunction with Amendment No. 2 within interest expense on the Condensed Consolidated Statements of (Loss) Income in the three months ended March 31, 2024. The Senior Facilities are guaranteed by each of the Company’s wholly owned domestic subsidiaries and are secured by substantially all assets of the Company and of each subsidiary guarantor, in each case subject to certain exceptions. Borrowings under the Senior Facilities bear interest at a rate per annum equal to, at the Company’s option, either Term SOFR (subject to a 0.00% floor) or an alternate base rate ("ABR"), in each case plus an applicable margin of (i) in the case of borrowings under the Term Loan Facility, 2.50% for Term SOFR loans and 1.50% for ABR loans and (ii) in the case of borrowings under the Revolving Credit Facility, initially, 2.375% for Term SOFR loans and 1.375% for ABR loans. The applicable margin for borrowings under the Revolving Credit Facility varies depending on the Company’s total net leverage ratio. At June 30, 2024, the applicable margin for borrowings under the Revolving Credit Facility was 2.125%. The Company is also required to pay a commitment fee initially equal to 0.35% per annum to the lenders under the Revolving Credit Facility in respect of the unutilized commitments thereunder. The commitment fee under the Revolving Credit Facility varies depending on the Company’s total net leverage ratio. At June 30, 2024, the commitment fee under the Revolving Credit Facility was 0.30%. The Term Loan Facility matures on the seven-year anniversary of the Acquisition Date and amortizes in equal quarterly installments ($6,500 annually), starting with the first full fiscal quarter after the Acquisition Date, of 0.25% of the initial principal amount. The Revolving Credit Facility matures on the five-year anniversary of the Acquisition Date (August 31, 2028). In addition, the Company is required to prepay outstanding loans under the Term Loan Facility, subject to certain exceptions, with up to 50% of the Company’s annual excess cash flow (as defined under the Credit Agreement) in excess of the greater of $50,000 and 15.0% of Last Twelve Months ("LTM") Adjusted Consolidated EBITDA (as defined in the Credit Agreement) as of the applicable time, and with up to 100% of the net cash proceeds of certain recovery events and non-ordinary course asset sales (which percentages vary depending on the Company’s first lien secured net leverage ratio). The Company may generally prepay outstanding loans under the Senior Facilities at any time, without prepayment premium or penalty, subject to customary “breakage” costs with respect to Term SOFR loans. Prepayments of the Term Loan Facility in connection with certain “repricing events” resulting in a lower yield occurring at any time during the first six months following the Company's execution of Amendment No. 2 must be accompanied by a 1.00% prepayment premium. The Revolving Credit Facility requires that the Company maintain a maximum Total Net Leverage Ratio, as defined in the Credit Agreement, initially of 5.50 to 1.00 as of the last day of each fiscal quarter for which financials have been (or were required to be) delivered, commencing with the first full fiscal quarter after the Acquisition Date, stepping down to 4.00 to 1.00 over time. The Total Net Leverage Ratio is 5.00 to 1.00 for the quarter ended June 30, 2024 thus limiting the available credit to $418,901. For material acquisitions in certain circumstances, such ratio may be increased by up to 0.50 to 1.00. The actual ratio, as defined, was 3.48 as of June 30, 2024. The Revolving Credit Facility also requires that the Company not permit the Interest Coverage Ratio as of the last day of any test period to be less than 3.00 to 1.00. The actual ratio, as defined, was 3.83 as of June 30, 2024. At June 30, 2024, the Company was in compliance with all applicable covenants. The Senior Facilities contain certain affirmative and negative covenants that limit the ability of the Company, among other things and subject to certain significant exceptions, to incur debt or liens, make investments, enter into certain mergers, consolidations, asset sales and acquisitions, pay dividends and make other restricted payments and enter into transactions with affiliates. The Senior Facilities also contain certain events of default, including relating to a change of control. If an event of default occurs, the lenders under the Senior Facilities will be entitled to take various actions, including the acceleration of amounts due under the Senior Facilities. Borrowings and availability under the Revolving Credit Facility were $578,473 and $421,527, respectively, at June 30, 2024 and $642,988 and $357,012, respectively, at December 31, 2023, subject to covenants discussed above. The average interest rate on these borrowings was 6.67% and 6.76% on June 30, 2024 and December 31, 2023, respectively. The average interest rate excludes the impact of the Company’s interest swap agreements. See Note 10. Borrowings included Euro-denominated borrowings of 269,500 Euros ($288,473) at June 30, 2024 and 296,500 Euros ($327,988) at December 31, 2023. 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. Borrowings under the Term Loan Facility were $580,703 and $648,375 at June 30, 2024 and December 31, 2023, respectively. The average interest rate on these borrowings was 7.84% and 8.46% on June 30, 2024 and December 31, 2023, respectively. The average interest rate excludes the impact of the Company’s interest swap agreements. See Note 10. The fair value of the borrowings is based on the quoted market price of the borrowings on June 30, 2024, which represents Level 1 observable inputs. In addition, the Company has approximately $81,000 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, $6,500 was borrowed at June 30, 2024 at an average rate of 7.84%. The Company had no borrowings under the Credit Lines at December 31, 2023. The Company had borrowed $47 and $16 under the overdraft facilities at June 30, 2024 and December 31, 2023, 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 finance leases under which $12,320 and $11,999 was outstanding at June 30, 2024 and December 31, 2023, respectively. The fair value of the finance leases is 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.

v3.24.2

Derivatives	6 Months Ended
	Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives	Derivatives The Company has manufacturing, service 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 March 24, 2021, the Company entered into an interest rate swap agreement (the "2021 Swap") with one bank that commenced on January 31, 2022 and that converted the interest on $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. Effective, April 30, 2022, the Company amended the 2021 Swap (the "Amended 2021 Swap"), such that the one-month SOFR-based borrowing rate replaced the one-month LIBOR-based borrowing rate. The Amended 2021 Swap, which will expire on January 30, 2026, converts the interest on $100,000 of the Company's one-month SOFR-based borrowings from a variable rate plus the borrowing spread to a fixed rate of 1.075% plus the borrowing spread. On July 19, 2023, the Company entered into an interest rate swap agreement (the "Euribor Swap") with one bank that commenced on July 31, 2023, which converts the interest on €150,000 of the Company's Euribor-based borrowings from a variable rate plus the borrowing spread to a fixed rate of 3.257% plus the borrowing spread. Under the Euribor Swap, €50,000 will expire on July 31, 2026, with the remaining balance of €100,000 expiring on July 31, 2028. On September 12, 2023, the Company entered into six additional interest rate swap agreements (the "2023 Swaps") with six different banks that commenced on September 29, 2023, which convert the interest on $600,000 of the Company's one-month SOFR-based borrowings from a variable rate plus the borrowing spread to a blended fixed rate of 4.321% plus the borrowing spread. Under the 2023 Swaps, $50,000 will expire on August 31, 2026, $100,000 will expire on August 31, 2027, $200,000 will expire on August 31, 2028, $50,000 will expire on August 31, 2029 and the remaining balance of $200,000 will expire on August 31, 2030. The execution of the interest rate swap agreements in 2023 did not have a material impact on our business, financial condition, results of operations or cash flow. These interest rate swap agreements (the "Swaps") 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, Japanese yen, Singapore dollar, Korean won, Swedish krona, 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 Condensed 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 the Amended 2021 Swap were $5,570 and $5,976 as of June 30, 2024 and December 31, 2023, respectively, and were recorded in Other Assets in the Condensed Consolidated Balance Sheets for the periods. The fair values of the Euribor Swap were $(2,413) and $(5,485) as of June 30, 2024 and December 31, 2023, respectively, and were recorded in Other Liabilities in the Condensed Consolidated Balance Sheets for the periods. The fair values of the 2023 Swaps were $(6,468) and $(19,984) as of June 30, 2024 and December 31, 2023, respectively, and were recorded in Other Liabilities in the Condensed Consolidated Balance Sheets for the periods. The fair values of the Company's other derivatives were not material to the Company's Condensed Consolidated Balance Sheets as of June 30, 2024 or December 31, 2023. See Note 11. The activity related to the derivatives that have been designated hedging instruments was not material to the Company's Condensed Consolidated Financial Statements for the periods ended June 30, 2024 or 2023. The Company recognized gains of $207 and losses of $4,548 related to the foreign exchange contracts that are not accounted for as hedging instruments within Other expense (income), net, in the Condensed Consolidated Statements of (Loss) Income for the three-month periods ended June 30, 2024 and 2023, respectively. The Company recognized losses of $11,697 and $2,949 related to the foreign exchange contracts that are not accounted for as hedging instruments within Other Expense (income), net, in the Consolidated Statements of (Loss) Income for the six month periods ended June 30, 2024 and 2023, respectively. Such losses (gains) were substantially offset by net gains (losses) recorded on the underlying hedged asset or liability (the "underlying"). Offsetting net gains (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. Financing cash flows during the six month periods ended June 30, 2024 and 2023, as presented on the Condensed Consolidated Statements of Cash Flows, include $9,967 and $1,176, respectively, of net cash payments related to the settlement of foreign currency hedges related to intercompany financing.

v3.24.2

Fair Value Measurements	6 Months Ended
	Jun. 30, 2024
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 as of June 30, 2024 and December 31, 2023: 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) June 30, 2024 Asset derivatives $ 5,657  $ —  $ 5,657  $ —  Liability derivatives (10,915) —  (10,915) —  Bank acceptances 11,013  —  11,013  —  Rabbi trust assets 2,018  2,018  —  —  Total $ 7,773  $ 2,018  $ 5,755  $ —  December 31, 2023 Asset derivatives $ 6,420  $ —  $ 6,420  $ —  Liability derivatives (25,885) —  (25,885) —  Bank acceptances 12,161  —  12,161  —  Rabbi trust assets 1,923  1,923  —  —  Total $ (5,381) $ 1,923  $ (7,304) $ —  The derivative contracts are valued using observable current market information as of the reporting date such as the prevailing SOFR-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, have maturities of one year or less 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.

v3.24.2

Pension and Other Postretirement Benefits	6 Months Ended
	Jun. 30, 2024
Retirement Benefits [Abstract]
Pension and Other Postretirement Benefits	Pension and Other Postretirement Benefits Pension and other postretirement benefits (income) cost consisted of the following: Three Months Ended June 30, Six Months Ended June 30, Pensions 2024 2023 2024   2023 Service cost $ 36  $ 577  $ 335  $ 1,350  Interest cost 4,917  4,801  9,545  9,696  Expected return on plan assets (7,576) (7,449) (14,983) (14,983) Amortization of prior service cost —  83  27  170  Amortization of actuarial losses 598  420  1,200  838  Curtailment gain (2,575) (668) (1,204) (668) Settlement loss (gain) 2,980  (731) 2,980  (731) Net periodic benefit income $ (1,620) $ (2,967) $ (2,100) $ (4,328) Three Months Ended June 30, Six Months Ended June 30, Other Postretirement Benefits 2024 2023 2024   2023 Service cost $ 2  $ 6  $ 13    $ 19  Interest cost 250  274  512    560  Amortization of prior service cost —  2  —    5  Amortization of actuarial gains (37) (47) (77) (73) Settlement gain (250) —  (250) —  Net periodic benefit (income) cost $ (35) $ 235  $ 198    $ 511  Curtailment gains and settlement losses (gains) during the three and six month periods ended June 30, 2024 relate to the completed sale of the Businesses. See Note 3. 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 (income) cost other than the service cost component are included in Other expense (income), net on the Condensed Consolidated Statements of (Loss) Income. See Note 14.

v3.24.2

Income Taxes	6 Months Ended
	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company's effective tax rate for the first six months of 2024 was (402.8)% compared with 21.8% in the first six months of 2023 and 51.9% for the full year 2023. The decrease in the effective tax rate in the first half of 2024 as compared with the rate for the full year 2023 is primarily due to the goodwill impairment charge of $53,694 that was recorded in the second quarter of 2024, which was not tax deductible for book purposes. Excluding the goodwill impairment charge, the effective tax rate for the first half of 2024 was 80.3%. Additional drivers in the effective tax rate in the first half of 2024, as compared with the full year 2023, include $23,688 of tax expense relating to the sale of the Businesses, including $6,794 of tax expense recorded during the first quarter of 2024 in conjunction with classifying the Businesses as "held for sale" as of March 31, 2024. After the completion of the sale of the Businesses in the second quarter of 2024, the Company recognized the remainder of the tax expense relating to the sale of the Businesses of $16,894. Other items increasing the 2024 first half income tax rate include disallowance of certain related party expenses for U.S. tax purposes and an unfavorable earnings mix. The increase is partially offset by an increased benefit from tax holidays, lower transactions costs capitalized for tax and a lower forecasted GILTI tax. The Aerospace and Industrial segments have a number of multi-year tax holidays in China, Malaysia and Singapore. The tax holiday in China expired at the end of 2023. The Company has re-applied for approval of the potential three-year holiday but does not expect notification of approval of the holiday until the end of 2024. Aerospace was granted an income tax holiday for operations recently established in Malaysia. This holiday commenced effective November 2020 (retroactively) and remains effective for a period of ten years. The Aerospace business was granted additional tax holidays in Singapore under the Pioneer program in the fourth quarter of 2022. This holiday provides reduced tax rates for certain Aerospace programs manufactured at the Singapore location and will continue through December 2025. All of the holidays are subject to the Company meeting certain commitments in the respective jurisdictions. In October 2021, the Organization for Economic Co-operation and Development ("OECD") introduced an inclusive framework to address tax challenges arising from the digitalization of the economy through a two-pillar solution. One of the components of the solution is the implementation of a global minimum corporate tax rate of 15% for large multinational corporations (“Pillar Two”). The OECD continues to release additional guidance on the two-pillar solution with implementation to begin in 2024 while reporting of the tax applicable will not occur until 2026. As of the first half of 2024, the company does not anticipate any additional taxes in 2024 relating to the implementation of Pillar Two. On August 31, 2023, the Company completed its acquisition of MB Aerospace by acquiring all of the issued and outstanding shares of capital stock of MB Aerospace Holdings Inc., a Delaware corporation, in a taxable stock transaction. For accounting purposes, the assets and liabilities of MB Aerospace have been stepped up to fair market value which require the recording of deferred taxes on the associated step up. The Company has also determined that it is unlikely to recognize a tax benefit associated with MB Aerospace disallowed interest, net operating loss and credit carryforwards. As a result, the Company has booked a valuation allowance associated with these carryforwards. Additionally, the Company evaluated the impact of the MB Aerospace acquisition on the deferred tax assets of the Company. The Company determined that it was unlikely to be able to utilize legacy disallowed interest carryforwards and has recorded a corresponding valuation allowance. The Company will continue to evaluate associated Pillar Two impacts, and how they will be applied within the combined group of companies.

v3.24.2

Changes in Accumulated Other Comprehensive Income (Loss) by Component	6 Months Ended
	Jun. 30, 2024
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 six month periods ended June 30, 2024 and 2023: Gains and Losses on Cash Flow Hedges Pension and Other Postretirement Benefit Items Foreign Currency Items Total December 31, 2023 $ (14,504) $ (100,776) $ (79,849) $ (195,129) Other comprehensive income (loss) before reclassifications 16,438  3,052  (48,742) (29,252) Amounts reclassified from accumulated other comprehensive income to the Condensed Consolidated Statements of (Loss) Income (4,346) 2,795  —  (1,551) Net current-period other comprehensive income (loss) 12,092  5,847  (48,742) (30,803) June 30, 2024 $ (2,412) $ (94,929) $ (128,591) $ (225,932) Gains and Losses on Cash Flow Hedges Pension and Other Postretirement Benefit Items Foreign Currency Items Total December 31, 2022 $ 5,941  $ (108,640) $ (117,801) $ (220,500) Other comprehensive income (loss) before reclassifications 987  10,518  4,136  15,641  Amounts reclassified from accumulated other comprehensive income to the Condensed Consolidated Statements of (Loss) Income (1,138) (247) —  (1,385) Net current-period other comprehensive income (loss) (151) 10,271  4,136  14,256  June 30, 2023 $ 5,790  $ (98,369) $ (113,665) $ (206,244) The following table sets forth the reclassifications out of accumulated other comprehensive loss by component for the three month periods ended June 30, 2024 and 2023: Details about Accumulated Other Comprehensive Income (Loss) Components Amount Reclassified from Accumulated Other Comprehensive Income (Loss) Affected Line Item in the Condensed Consolidated Statements of (Loss) Income Three Months Ended June 30, 2024 Three Months Ended June 30, 2023 Cash flow hedges Interest rate contracts $ 2,900  $ 988  Interest expense Foreign exchange contracts (110) (190) Net sales 2,790  798  Total before tax (615) (194) Tax expense 2,175  604  Net of tax Pension and other postretirement benefit items Amortization of prior service costs $ —  $ (85) (A) Amortization of actuarial losses (561) (373) (A) Curtailment gain 1,302  241  (A) Settlement (loss) gain (2,730) 731  (A) (1,989) 514  Total before tax 678  106  Tax benefit (1,311) 620  Net of tax Total reclassifications in the period $ 864  $ 1,224  (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. The following table sets forth the reclassifications out of accumulated other comprehensive loss by component for the six month periods ended June 30, 2024 and 2023: Details about Accumulated Other Comprehensive Income (Loss) Components Amount Reclassified from Accumulated Other Comprehensive Income (Loss) Affected Line Item in the Consolidated Statements of (Loss) Income Six Months Ended June 30, 2024 Six Months Ended June 30, 2023 Cash flow hedges Interest rate contracts $ 5,744  1,853  Interest expense Foreign exchange contracts (174) (349) Net sales 5,570  1,504  Total before tax (1,224) (366) Tax benefit 4,346  1,138  Net of tax Pension and other postretirement benefit items Amortization of prior service costs $ (27) $ (175) (A) Amortization of actuarial losses (1,123) (765) (A) Curtailment (loss) gain (68) 241  (A) Settlement (loss) gain (2,730) 731  (A) (3,948) 32  Total before tax 1,153  215  Tax benefit (2,795) 247  Net of tax Total reclassifications in the period $ 1,551  $ 1,385  (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.

v3.24.2

Information on Business Segments	6 Months Ended
	Jun. 30, 2024
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: Aerospace and Industrial. 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. 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 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 activities also include the manufacture and delivery of 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. 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 industrial equipment, automation, personal care, packaging, electronics, mobility 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 Automation business designs and develops robotic grippers, advanced end-of-arm tooling systems, sensors and other automation components for intelligent robotic handling solutions and industrial automation applications. The Force & Motion Control business (formerly the Motion Control Solutions business) provides innovative cost-effective force and motion control solutions for a wide range of sheet metal forming and other industrial markets. See Note 3 as the Company completed the Sale of its Associated Spring™ and Hänggi™ businesses, both within the Force & Motion Control business, in April 2024. The following tables set forth information about the Company's operations by its two reportable segments: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Net sales Aerospace(A) $ 217,958  $ 122,015  $ 439,328  $ 239,272  Industrial 164,274  216,971  373,542  435,079  Intersegment sales —  (2) —  (10) Total net sales $ 382,232  $ 338,984  $ 812,870  $ 674,341  Operating (loss) profit Aerospace(A) $ 29,344  $ 16,580  $ 60,430  $ 35,331  Industrial(B) (31,457) 9,429  (22,861) 13,962  Total operating (loss) profit (2,113) 26,009  37,569  49,293  Interest expense 20,812  6,512  45,643  11,819  Other expense (income), net (845) (2,894) 850  (1,553) (Loss) income before income taxes $ (22,080) $ 22,391  $ (8,924) $ 39,027  (A) The results of MB Aerospace have been included within the Company's Condensed Consolidated Financial Statements in the Aerospace segment for the three and six months ended June 30, 2024. (B) Industrial operating losses in the three and six-month periods ended June 30, 2024 include a $53,694 goodwill impairment charge. See Note 8. In addition, operating losses include a $10,204 and $7,071 pre-tax gain on the sale of the Businesses for the three and six month periods ended June 30, 2024, respectively. See Note 3. June 30, 2024   December 31, 2023 Assets   Aerospace $ 1,487,041  $ 1,465,347  Industrial 1,392,770  1,685,304  Other (A) 157,276  157,363  Total assets $ 3,037,087    $ 3,308,014  (A) "Other" assets include corporate-controlled assets, the majority of which are cash and cash equivalents and deferred tax assets.

v3.24.2

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2024
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 June 30, 2024 and December 31, 2023. In July 2021, a customer asserted breach of contract and contractual warranty claims regarding a part manufactured by the Company. The Company disputes the asserted claims and no litigation or other proceeding has been initiated. While it is currently not possible to determine the ultimate outcome of this matter, the Company intends to vigorously defend its position and believes that the ultimate resolution will not have a material adverse effect on the Company’s consolidated financial position or liquidity, but could be material to the consolidated results of operations of any one period. 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. Supplier Finance Programs The Company participates in a Supplier Finance Program (the "Program") under which it agrees to pay a third-party finance provider the stated amount of confirmed invoices from participating suppliers based on the original invoice due date. Suppliers, at their sole discretion, may elect to finance confirmed invoices prior to their scheduled due date at a discounted price with the Company's third-party finance provider. Outstanding obligations related to the Program were not material as of June 30, 2024 and December 31, 2023. These obligations were recorded within Accounts Payable on the Condensed Consolidated Balance Sheets. The Company does not have any assets nor any other forms of guarantees pledged as security to the third-party finance provider as part of the Program.

v3.24.2

Business Reorganization	6 Months Ended
	Jun. 30, 2024
Restructuring and Related Activities [Abstract]
Business Reorganization	Business Reorganizations In July 2022, Company management, commenced a systematic multi-phased initiative to significantly reduce costs and integrate the Company's operations, decreasing complexity and focusing on improved performance across Industrial. More specifically, at this time, the Company announced a restructuring program to further reduce costs within the Industrial segment and, more broadly, transform our businesses in response to macroeconomic disruptions. Additional actions were subsequently authorized in October 2022, April 2023 (including Aerospace), September 2023 (including Aerospace), and Q2 2024 (including Aerospace). Management continues to adjust its cost structures to align with market conditions. 2022 Actions The Company authorized restructuring actions (“2022 Actions”) focused on the consolidation of two manufacturing sites and a number of branch offices and changes in infrastructure to eliminate certain roles across a number of locations in the Industrial segment businesses in July and October 2022. The 2022 Actions resulted in pre-tax charges of $17,986 and $10,328 recorded in 2022 (recorded in second half of 2022) and 2023 (recorded primarily in the first and third quarters of 2023), respectively. Of the aggregate pre-tax charges of $10,328 recorded in 2023, $3,990 were recorded in the first quarter, primarily within Cost of sales in the accompanying Condensed Consolidated Statements of (Loss) Income, and primarily related to $1,593 of accelerated depreciation of assets and $2,397 of transfer of work charges. During the second quarter of 2024, additional pre-tax charges of $282 related to the 2022 Actions, including $223 primarily related to site consolidation and transfer of work charges, were recorded within Cost of sales, and $59 of expenses were recorded within Selling and administrative expenses in the accompanying Condensed Consolidated Statements of (Loss) Income. During the first half of 2024, additional pre-tax charges of $2,649 related to the 2022 Actions, including $1,776 primarily related to site consolidation and transfer of work charges, and $724 of accelerated depreciation of assets, were recorded within Cost of sales, and $149 of expenses were recorded within Selling and administrative expenses in the accompanying Condensed Consolidated Statements of (Loss) Income. The Company does not expect any additional costs related to the 2022 Actions to be significant. A corresponding liability of $365, per below, related to the employee termination costs remained and was included within accrued liabilities as of June 30, 2024. The following table sets forth the change in the liability for the employee termination benefits related to the 2022 Actions: December 31, 2023 $ 538  Payments (173) June 30, 2024 $ 365  April 2023 Actions In April 2023, the Company authorized restructuring actions (“April 2023 Actions”) focused on manufacturing footprint optimization, including the consolidation of manufacturing sites and optimization of production. These actions include the geographic transfer of certain programs within both the Industrial and Aerospace segments and changes in infrastructure to drive improvements and efficiencies in business processes, including the elimination of certain roles across several locations. The April 2023 Actions resulted in pre-tax charges of $13,783 in 2023 (recorded primarily in the second and third quarters of 2023). During the second quarter of 2024, additional pre-tax charges of $1,423 related to the April 2023 Actions, primarily related to $690 of transfer of work charges, were recorded within Cost of sales and $733 of expenses were recorded within Selling and administrative expenses, in the accompanying Condensed Consolidated Statements of (Loss) Income. Of the aggregate charges recorded, $952 was reflected within the results of the Industrial segment and $471 was reflected within the results of the Aerospace segment. During the first half of 2024, additional pre-tax charges of $2,018 related to the April 2023 Actions, primarily related to $1,160 of transfer of work charges, were recorded within Cost of sales and $858 of expenses were recorded within Selling and administrative expenses, in the accompanying Condensed Consolidated Statements of (Loss) Income. Of the aggregate charges recorded, $1,184 was reflected within the results of the Industrial segment and $834 was reflected within the results of the Aerospace segment. A corresponding liability of $1,384, per below, related to the employee termination costs remained and was included within accrued liabilities as of June 30, 2024. The Company expects to incur additional costs of approximately $13,000 related to the April 2023 Actions, which are primarily related to transfer of work charges. Of the aggregate, approximately $10,000 and $3,000 relate to the Aerospace and Industrial segments, respectively. The April 2023 Actions are expected to be completed throughout multiple periods, with completion in 2025. The following table sets forth the change in the liability for the employee termination benefits related to the April 2023 Actions: December 31, 2023 $ 6,247  Employee severance and other termination benefits 119  Payments (4,982) June 30, 2024 $ 1,384  September 2023 Actions In September 2023, the Company authorized restructuring actions (“September 2023 Actions”) including organizational realignment within a Barnes Industrial business and within Barnes Aerospace following the MB Aerospace acquisition. Resulting pre-tax charges of $7,878 were recorded primarily in the third quarter of 2023 related to employee termination costs, primarily employee severance and other termination benefits, which are expected to be paid in cash by the end of 2024. The Company does not expect any additional costs related to the September 2023 Actions to be significant. A corresponding liability of $175, per below, related to the employee termination costs remained and was included within accrued liabilities as of June 30, 2024. The following table sets forth the change in the liability for the employee termination benefits related to the September 2023 Actions: December 31, 2023 $ 2,736  Employee severance and other termination benefits (27) Payments (2,534) June 30, 2024 $ 175  Q2 2024 Actions In the second quarter of 2024, the Company authorized restructuring actions (“Q2 2024 Actions”) including organizational realignment within the Barnes Aerospace and Industrial segment businesses. Resulting pre-tax charges of $3,231 were recorded related to employee termination costs, primarily employee severance and other termination benefits, which are expected to be paid in cash by the end of 2025 and which were recorded within Selling and administrative expenses in the accompanying Condensed Consolidated Statements of (Loss) Income. Of the aggregate charges recorded, $1,750 was included within the results of the Aerospace segment and $1,481 was included within the results of the Industrial segment. The Company does not expect any additional costs related to the Q2 2024 Actions to be significant. A corresponding liability of $2,814, per below, related to the employee termination costs remained and was included within accrued liabilities as of June 30, 2024. The following table sets forth the change in the liability for the employee termination benefits related to the Q2 2024 Actions: December 31, 2023 $ —  Employee severance and other termination benefits 3,231  Payments (417) June 30, 2024 $ 2,814

v3.24.2

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net (loss) income	$ (46,821)	$ 17,352	$ (44,873)	$ 30,511

v3.24.2

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

v3.24.2

Recent Accounting Standards (Policies)	6 Months Ended
	Jun. 30, 2024
Accounting Changes and Error Corrections [Abstract]
Recently Adopted and Issued Accounting Standards	Recently Issued Accounting Standards In November 2023, the FASB amended its guidance related to segment reporting requirements. The amended guidance serves to improve segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The amended guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The guidance requires application on a retrospective basis to all periods presented. The Company is currently evaluating the impact that the guidance may have on the disclosures within its Consolidated Financial Statements. In December 2023, the FASB amended its guidance related to income tax disclosure requirements. The amended guidance establishes new income tax disclosure requirements including providing greater disaggregation in the rate reconciliation and information on taxes paid. The amended guidance is effective for annual periods beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact that the guidance may have on the disclosures within its Consolidated Financial Statements.
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.

v3.24.2

Revenue (Tables)	6 Months Ended
	Jun. 30, 2024
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 June 30, 2024 Three Months Ended June 30, 2023 Aerospace Industrial Total Company Aerospace Industrial Total Company Products and Services(A) Aerospace Original Equipment Manufacturing Products $ 132,185  $ —  $ 132,185  $ 75,362  $ —  75,362  Aerospace Aftermarket Products and Services 85,773  —  85,773  46,653  —  46,653  Force & Motion Control Products —  42,452  42,452  —  100,440  100,440  Molding Solutions Products —  106,894  106,894  —  100,127  100,127  Automation Products —  14,928  14,928  —  16,402  16,402  $ 217,958  $ 164,274  $ 382,232  $ 122,015  $ 216,969  $ 338,984  Geographic Regions (B) Americas $ 147,877  $ 53,551  $ 201,428  $ 87,849  $ 93,254  $ 181,103  Europe 43,769  76,679  120,448  20,401  81,021  101,422  Asia 23,614  33,326  56,940  11,641  40,821  52,462  Rest of World 2,698  718  3,416  2,124  1,873  3,997  $ 217,958  $ 164,274  $ 382,232  $ 122,015  $ 216,969  $ 338,984  Six Months Ended June 30, 2024 Six Months Ended June 30, 2023 Aerospace Industrial Total Company Aerospace Industrial Total Company Products and Services(A) Aerospace Original Equipment Manufacturing Products $ 267,012  $ —  $ 267,012  $ 148,100  $ —  148,100  Aerospace Aftermarket Products and Services 172,316  —  172,316  91,171  —  91,171  Force & Motion Control Products (B) —  135,574  135,574  —  198,914  198,914  Molding Solutions Products —  208,288  208,288  —  203,654  203,654  Automation Products —  29,680  29,680  —  32,502  32,502  $ 439,328  $ 373,542  $ 812,870  $ 239,271  $ 435,070  $ 674,341  Geographic Regions (C) Americas $ 302,908  $ 143,568  $ 446,476  $ 172,421  $ 189,194  $ 361,615  Europe 85,725  156,253  241,978  41,068  160,629  201,697  Asia 45,757  70,882  116,639  21,663  80,932  102,595  Rest of World 4,938  2,839  7,777  4,119  4,315  8,434  $ 439,328  $ 373,542  $ 812,870  $ 239,271  $ 435,070  $ 674,341  (A) The results of MB Aerospace, from the acquisition on August 31, 2023, have been included within the Company's revenue disaggregated by products and services, and geographic regions within the Aerospace Segment for the three and six month periods ended June 30, 2024. (B) Effective April 23, 2024, following the divestiture of the Businesses, the Company renamed the Motion Control Solutions business to Force & Motion Control. Revenue related to the divested businesses contributed $0 and $53,040 during the three and six month periods ended June 30, 2024, respectively, and $57,616 and $110,862 during the three and six month periods ended June 2023, respectively. (C) Sales by geographic region are based on the location to which the product is shipped and services are delivered.
Contract with Customer, Asset and Liability	Net contract assets (liabilities) consisted of the following: June 30, 2024 December 31, 2023 $ Change % Change Unbilled receivables (contract assets) $ 69,246  $ 59,652  $ 9,594  16  % Contract liabilities (50,924) (42,428) (8,496) 20  % Net contract assets $ 18,322  $ 17,224  $ 1,098  6  %

v3.24.2

Stockholders Equity (Tables)	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Schedule of changes in equity	A schedule of consolidated changes in equity for the six months ended June 30, 2024 is as follows (number of 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, 2023 64,600  $ 646  $ 537,948  13,914  $ (532,415) $ 1,551,213  $ (195,129) $ 1,362,263  Comprehensive income (loss) —  —  —  —  —  1,947  (28,070) (26,123) Dividends declared ($0.16 per share) —  —  —  —  —  (8,111) —  (8,111) Employee stock plans 16  —  3,443  2  (71) (52) —  3,320  March 31, 2024 64,616  $ 646  $ 541,391  13,916  $ (532,486) $ 1,544,997  $ (223,199) $ 1,331,349  Comprehensive income (loss) —  —  —  —  —  (46,821) (2,733) (49,554) Dividends declared ($0.16 per share) —  —  —  —  —  (8,118) —  (8,118) Employee stock plans 63  1  3,027  2  (70) (137) —  2,821  June 30, 2024 64,679  $ 647  $ 544,418  13,918  $ (532,556) $ 1,489,921  $ (225,932) $ 1,276,498  A schedule of consolidated changes in equity for the six months ended June 30, 2023 is as follows (number of 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, 2022 64,481  $ 645  $ 529,791  13,891  $ (531,507) $ 1,567,898  $ (220,500) $ 1,346,327  Comprehensive income —  —  —  —  —  13,159  29,209  42,368  Dividends declared ($0.16 per share) —  —  —  —  —  (8,096) —  (8,096) Residual interest in subsidiary     —  —  (2,381) —  —  —  —  (2,381) Employee stock plans 23  —  2,665  6  (252) (83) —  2,330  March 31, 2023 64,504  $ 645  $ 530,075  13,897  $ (531,759) $ 1,572,878  $ (191,291) $ 1,380,548  Comprehensive income (loss) —  —  —  —  —  17,352  (14,953) 2,399  Dividends declared ($0.16 per share) —  —  —  —  —  (8,099) —  (8,099) Employee stock plans 22  —  2,339  3  (124) (76) —  2,139  June 30, 2023 64,526  $ 645  $ 532,414  13,900  $ (531,883) $ 1,582,055  $ (206,244) $ 1,376,987

v3.24.2

Equity (Tables)	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Schedule of changes in equity	A schedule of consolidated changes in equity for the six months ended June 30, 2024 is as follows (number of 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, 2023 64,600  $ 646  $ 537,948  13,914  $ (532,415) $ 1,551,213  $ (195,129) $ 1,362,263  Comprehensive income (loss) —  —  —  —  —  1,947  (28,070) (26,123) Dividends declared ($0.16 per share) —  —  —  —  —  (8,111) —  (8,111) Employee stock plans 16  —  3,443  2  (71) (52) —  3,320  March 31, 2024 64,616  $ 646  $ 541,391  13,916  $ (532,486) $ 1,544,997  $ (223,199) $ 1,331,349  Comprehensive income (loss) —  —  —  —  —  (46,821) (2,733) (49,554) Dividends declared ($0.16 per share) —  —  —  —  —  (8,118) —  (8,118) Employee stock plans 63  1  3,027  2  (70) (137) —  2,821  June 30, 2024 64,679  $ 647  $ 544,418  13,918  $ (532,556) $ 1,489,921  $ (225,932) $ 1,276,498  A schedule of consolidated changes in equity for the six months ended June 30, 2023 is as follows (number of 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, 2022 64,481  $ 645  $ 529,791  13,891  $ (531,507) $ 1,567,898  $ (220,500) $ 1,346,327  Comprehensive income —  —  —  —  —  13,159  29,209  42,368  Dividends declared ($0.16 per share) —  —  —  —  —  (8,096) —  (8,096) Residual interest in subsidiary     —  —  (2,381) —  —  —  —  (2,381) Employee stock plans 23  —  2,665  6  (252) (83) —  2,330  March 31, 2023 64,504  $ 645  $ 530,075  13,897  $ (531,759) $ 1,572,878  $ (191,291) $ 1,380,548  Comprehensive income (loss) —  —  —  —  —  17,352  (14,953) 2,399  Dividends declared ($0.16 per share) —  —  —  —  —  (8,099) —  (8,099) Employee stock plans 22  —  2,339  3  (124) (76) —  2,139  June 30, 2023 64,526  $ 645  $ 532,414  13,900  $ (531,883) $ 1,582,055  $ (206,244) $ 1,376,987

v3.24.2

Inventories (Tables)	6 Months Ended
	Jun. 30, 2024
Inventory Disclosure [Abstract]
Schedule of Inventory	The components of inventories consisted of: June 30, 2024 December 31, 2023 Finished goods $ 91,896  $ 104,801  Work-in-process 121,327  105,737  Raw material and supplies 137,069  154,683  $ 350,292  $ 365,221

v3.24.2

Goodwill and Other Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 2024
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 June 30, 2024: Aerospace Industrial Total Company December 31, 2023 (A) $ 352,352  $ 831,272  $ 1,183,624  Acquisition related 3,717  $ —  $ 3,717  Divestiture related (see Note 3) —  (58,900) (58,900) Impairment charge —  (53,694) (53,694) Foreign currency translation (802) (27,123) (27,925) June 30, 2024 $ 355,267  $ 691,555  $ 1,046,822  (A) Industrial amounts as of December 31, 2023 are net of accumulated goodwill impairment losses of $68,194.
Schedule of Intangible Assets	Other intangible assets consisted of: June 30, 2024 December 31, 2023 Range of Life -Years Gross Amount Accumulated Amortization Gross Amount Accumulated Amortization Amortized intangible assets:     Revenue Sharing Programs (RSPs) Up to 30 $ 296,700  $ (183,031) $ 299,500  $ (176,143) Component Repair Programs (CRPs) Up to 30 111,839  (53,206) 111,839  (49,577) Customer relationships 10-16 579,050  (190,181) 586,189  (180,679) Patents and technology 4-18 174,280  (99,841) 178,433  (100,662) Trademarks/trade names 10-30 7,153  (6,434) 10,949  (10,910) Other Up to 10 26,334  (16,699) 26,334  (14,857) 1,195,356  (549,392) 1,213,244  (532,828) Unamortized intangible assets: Trade names 55,670  —  55,670  —  Foreign currency translation (38,968) —  (29,615) —  Other intangible assets $ 1,212,058  $ (549,392) $ 1,239,299  $ (532,828)

v3.24.2

Debt (Tables)	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Schedule of Debt	Long-term debt and notes and overdrafts payable at June 30, 2024 and December 31, 2023 consisted of:   June 30, 2024 December 31, 2023   Carrying Amount Fair Value Carrying Amount Fair Value Revolving Credit Facility $ 578,473  $ 582,965  $ 642,988  $ 646,843  Term Loan Facility 580,703  583,246  648,375  651,215  Unamortized deferred financing costs and original issue discount - Term Loan Facility (11,592) —  (12,532) —  Borrowings under lines of credit and overdrafts 6,547  6,547  16  16  Finance leases 12,320  12,118  11,999  11,732  1,166,451  1,184,876  1,290,846  1,309,806  Less current maturities (17,065) (10,884) Long-term debt $ 1,149,386  $ 1,279,962

v3.24.2

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2024
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 as of June 30, 2024 and December 31, 2023: 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) June 30, 2024 Asset derivatives $ 5,657  $ —  $ 5,657  $ —  Liability derivatives (10,915) —  (10,915) —  Bank acceptances 11,013  —  11,013  —  Rabbi trust assets 2,018  2,018  —  —  Total $ 7,773  $ 2,018  $ 5,755  $ —  December 31, 2023 Asset derivatives $ 6,420  $ —  $ 6,420  $ —  Liability derivatives (25,885) —  (25,885) —  Bank acceptances 12,161  —  12,161  —  Rabbi trust assets 1,923  1,923  —  —  Total $ (5,381) $ 1,923  $ (7,304) $ —

v3.24.2

Pension and Other Postretirement Benefits (Tables)	6 Months Ended
	Jun. 30, 2024
Retirement Benefits [Abstract]
Schedule of Net Benefit Costs	Pension and other postretirement benefits (income) cost consisted of the following: Three Months Ended June 30, Six Months Ended June 30, Pensions 2024 2023 2024   2023 Service cost $ 36  $ 577  $ 335  $ 1,350  Interest cost 4,917  4,801  9,545  9,696  Expected return on plan assets (7,576) (7,449) (14,983) (14,983) Amortization of prior service cost —  83  27  170  Amortization of actuarial losses 598  420  1,200  838  Curtailment gain (2,575) (668) (1,204) (668) Settlement loss (gain) 2,980  (731) 2,980  (731) Net periodic benefit income $ (1,620) $ (2,967) $ (2,100) $ (4,328) Three Months Ended June 30, Six Months Ended June 30, Other Postretirement Benefits 2024 2023 2024   2023 Service cost $ 2  $ 6  $ 13    $ 19  Interest cost 250  274  512    560  Amortization of prior service cost —  2  —    5  Amortization of actuarial gains (37) (47) (77) (73) Settlement gain (250) —  (250) —  Net periodic benefit (income) cost $ (35) $ 235  $ 198    $ 511  Curtailment gains and settlement losses (gains) during the three and six month periods ended June 30, 2024 relate to the completed sale of the Businesses. See Note 3.

v3.24.2

Changes in Accumulated Other Comprehensive Income (Loss) by Component (Tables)	6 Months Ended
	Jun. 30, 2024
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 six month periods ended June 30, 2024 and 2023: Gains and Losses on Cash Flow Hedges Pension and Other Postretirement Benefit Items Foreign Currency Items Total December 31, 2023 $ (14,504) $ (100,776) $ (79,849) $ (195,129) Other comprehensive income (loss) before reclassifications 16,438  3,052  (48,742) (29,252) Amounts reclassified from accumulated other comprehensive income to the Condensed Consolidated Statements of (Loss) Income (4,346) 2,795  —  (1,551) Net current-period other comprehensive income (loss) 12,092  5,847  (48,742) (30,803) June 30, 2024 $ (2,412) $ (94,929) $ (128,591) $ (225,932) Gains and Losses on Cash Flow Hedges Pension and Other Postretirement Benefit Items Foreign Currency Items Total December 31, 2022 $ 5,941  $ (108,640) $ (117,801) $ (220,500) Other comprehensive income (loss) before reclassifications 987  10,518  4,136  15,641  Amounts reclassified from accumulated other comprehensive income to the Condensed Consolidated Statements of (Loss) Income (1,138) (247) —  (1,385) Net current-period other comprehensive income (loss) (151) 10,271  4,136  14,256  June 30, 2023 $ 5,790  $ (98,369) $ (113,665) $ (206,244)
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 loss by component for the three month periods ended June 30, 2024 and 2023: Details about Accumulated Other Comprehensive Income (Loss) Components Amount Reclassified from Accumulated Other Comprehensive Income (Loss) Affected Line Item in the Condensed Consolidated Statements of (Loss) Income Three Months Ended June 30, 2024 Three Months Ended June 30, 2023 Cash flow hedges Interest rate contracts $ 2,900  $ 988  Interest expense Foreign exchange contracts (110) (190) Net sales 2,790  798  Total before tax (615) (194) Tax expense 2,175  604  Net of tax Pension and other postretirement benefit items Amortization of prior service costs $ —  $ (85) (A) Amortization of actuarial losses (561) (373) (A) Curtailment gain 1,302  241  (A) Settlement (loss) gain (2,730) 731  (A) (1,989) 514  Total before tax 678  106  Tax benefit (1,311) 620  Net of tax Total reclassifications in the period $ 864  $ 1,224  (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. The following table sets forth the reclassifications out of accumulated other comprehensive loss by component for the six month periods ended June 30, 2024 and 2023: Details about Accumulated Other Comprehensive Income (Loss) Components Amount Reclassified from Accumulated Other Comprehensive Income (Loss) Affected Line Item in the Consolidated Statements of (Loss) Income Six Months Ended June 30, 2024 Six Months Ended June 30, 2023 Cash flow hedges Interest rate contracts $ 5,744  1,853  Interest expense Foreign exchange contracts (174) (349) Net sales 5,570  1,504  Total before tax (1,224) (366) Tax benefit 4,346  1,138  Net of tax Pension and other postretirement benefit items Amortization of prior service costs $ (27) $ (175) (A) Amortization of actuarial losses (1,123) (765) (A) Curtailment (loss) gain (68) 241  (A) Settlement (loss) gain (2,730) 731  (A) (3,948) 32  Total before tax 1,153  215  Tax benefit (2,795) 247  Net of tax Total reclassifications in the period $ 1,551  $ 1,385  (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.

v3.24.2

Information on Business Segments (Tables)	6 Months Ended
	Jun. 30, 2024
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 June 30, Six Months Ended June 30, 2024 2023 2024 2023 Net sales Aerospace(A) $ 217,958  $ 122,015  $ 439,328  $ 239,272  Industrial 164,274  216,971  373,542  435,079  Intersegment sales —  (2) —  (10) Total net sales $ 382,232  $ 338,984  $ 812,870  $ 674,341  Operating (loss) profit Aerospace(A) $ 29,344  $ 16,580  $ 60,430  $ 35,331  Industrial(B) (31,457) 9,429  (22,861) 13,962  Total operating (loss) profit (2,113) 26,009  37,569  49,293  Interest expense 20,812  6,512  45,643  11,819  Other expense (income), net (845) (2,894) 850  (1,553) (Loss) income before income taxes $ (22,080) $ 22,391  $ (8,924) $ 39,027  (A) The results of MB Aerospace have been included within the Company's Condensed Consolidated Financial Statements in the Aerospace segment for the three and six months ended June 30, 2024. (B) Industrial operating losses in the three and six-month periods ended June 30, 2024 include a $53,694 goodwill impairment charge. See Note 8. In addition, operating losses include a $10,204 and $7,071 pre-tax gain on the sale of the Businesses for the three and six month periods ended June 30, 2024, respectively. See Note 3. June 30, 2024   December 31, 2023 Assets   Aerospace $ 1,487,041  $ 1,465,347  Industrial 1,392,770  1,685,304  Other (A) 157,276  157,363  Total assets $ 3,037,087    $ 3,308,014  (A) "Other" assets include corporate-controlled assets, the majority of which are cash and cash equivalents and deferred tax assets.

v3.24.2

Business Reorganization (Tables)	6 Months Ended
	Jun. 30, 2024
Restructuring and Related Activities [Abstract]
Schedule of Change of Liability for Business Reorganization	The following table sets forth the change in the liability for the employee termination benefits related to the 2022 Actions: December 31, 2023 $ 538  Payments (173) June 30, 2024 $ 365  The following table sets forth the change in the liability for the employee termination benefits related to the April 2023 Actions: December 31, 2023 $ 6,247  Employee severance and other termination benefits 119  Payments (4,982) June 30, 2024 $ 1,384  The following table sets forth the change in the liability for the employee termination benefits related to the September 2023 Actions: December 31, 2023 $ 2,736  Employee severance and other termination benefits (27) Payments (2,534) June 30, 2024 $ 175  The following table sets forth the change in the liability for the employee termination benefits related to the Q2 2024 Actions: December 31, 2023 $ —  Employee severance and other termination benefits 3,231  Payments (417) June 30, 2024 $ 2,814

v3.24.2

Divestiture - Narrative (Details) - USD ($) $ in Thousands			3 Months Ended		6 Months Ended
	Apr. 04, 2024	Jan. 11, 2024	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
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					$ 146,041	$ 0
Gain on the sale of businesses			$ 10,204	$ 0	7,071	0
Non-cash goodwill impairment charge					(53,694)	$ 0
One Equity Partners | Disposal Group, Held-for-sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash consideration, gross	$ 157,998	$ 175,000
Disposal group, including discontinued operation, goodwill		$ 58,900
Proceeds from the sale of businesses, net of cash sold	$ 146,041
Disposal group, including discontinued operation, accounts, notes and loans receivable, net			15,437		15,437
Non-cash goodwill impairment charge			10,048		5,545
Disposal group, including discontinued operation, operating income (loss)			10,204		7,071
Tax charges related to disposition of business			$ 16,894		$ 23,688

v3.24.2

Revenue - Revenue by Category (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Net sales	$ 382,232	$ 338,984	$ 812,870	$ 674,341
Industrial
Disaggregation of Revenue [Line Items]
Net sales	164,274	216,969	373,542	435,070
Aerospace(A)
Disaggregation of Revenue [Line Items]
Net sales	217,958	122,015	439,328	239,271
Americas
Disaggregation of Revenue [Line Items]
Net sales	201,428	181,103	446,476	361,615
Americas | Industrial
Disaggregation of Revenue [Line Items]
Net sales	53,551	93,254	143,568	189,194
Americas | Aerospace(A)
Disaggregation of Revenue [Line Items]
Net sales	147,877	87,849	302,908	172,421
Europe
Disaggregation of Revenue [Line Items]
Net sales	120,448	101,422	241,978	201,697
Europe | Industrial
Disaggregation of Revenue [Line Items]
Net sales	76,679	81,021	156,253	160,629
Europe | Aerospace(A)
Disaggregation of Revenue [Line Items]
Net sales	43,769	20,401	85,725	41,068
Asia
Disaggregation of Revenue [Line Items]
Net sales	56,940	52,462	116,639	102,595
Asia | Industrial
Disaggregation of Revenue [Line Items]
Net sales	33,326	40,821	70,882	80,932
Asia | Aerospace(A)
Disaggregation of Revenue [Line Items]
Net sales	23,614	11,641	45,757	21,663
Rest of World
Disaggregation of Revenue [Line Items]
Net sales	3,416	3,997	7,777	8,434
Rest of World | Industrial
Disaggregation of Revenue [Line Items]
Net sales	718	1,873	2,839	4,315
Rest of World | Aerospace(A)
Disaggregation of Revenue [Line Items]
Net sales	2,698	2,124	4,938	4,119
Ford & Motion Control Products
Disaggregation of Revenue [Line Items]
Net sales	42,452	100,440	135,574	198,914
Ford & Motion Control Products | Disposal Group, Held-for-sale, Not Discontinued Operations
Disaggregation of Revenue [Line Items]
Revenue not from contract with customer	0	57,616	53,040	110,862
Ford & Motion Control Products | Industrial
Disaggregation of Revenue [Line Items]
Net sales	42,452	100,440	135,574	198,914
Ford & Motion Control Products | Aerospace(A)
Disaggregation of Revenue [Line Items]
Net sales	0	0	0	0
Molding Solutions Products
Disaggregation of Revenue [Line Items]
Net sales	106,894	100,127	208,288	203,654
Molding Solutions Products | Industrial
Disaggregation of Revenue [Line Items]
Net sales	106,894	100,127	208,288	203,654
Molding Solutions Products | Aerospace(A)
Disaggregation of Revenue [Line Items]
Net sales	0	0	0	0
Automation Products
Disaggregation of Revenue [Line Items]
Net sales	14,928	16,402	29,680	32,502
Automation Products | Industrial
Disaggregation of Revenue [Line Items]
Net sales	14,928	16,402	29,680	32,502
Automation Products | Aerospace(A)
Disaggregation of Revenue [Line Items]
Net sales	0	0	0	0
Aerospace Original Equipment Manufacturing Products
Disaggregation of Revenue [Line Items]
Net sales	132,185	75,362	267,012	148,100
Aerospace Original Equipment Manufacturing Products | Industrial
Disaggregation of Revenue [Line Items]
Net sales	0	0	0	0
Aerospace Original Equipment Manufacturing Products | Aerospace(A)
Disaggregation of Revenue [Line Items]
Net sales	132,185	75,362	267,012	148,100
Aerospace Aftermarket Products and Services
Disaggregation of Revenue [Line Items]
Net sales	85,773	46,653	172,316	91,171
Aerospace Aftermarket Products and Services | Industrial
Disaggregation of Revenue [Line Items]
Net sales	0	0	0	0
Aerospace Aftermarket Products and Services | Aerospace(A)
Disaggregation of Revenue [Line Items]
Net sales	$ 85,773	$ 46,653	$ 172,316	$ 91,171
Transferred at Point in Time
Disaggregation of Revenue [Line Items]
Revenue transferred percent	70.00%	75.00%	70.00%	80.00%
Transferred over Time
Disaggregation of Revenue [Line Items]
Revenue transferred percent	30.00%	25.00%	30.00%	20.00%

v3.24.2

Revenue - Contract Balances (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Unbilled receivables (contract assets)	$ 69,246		$ 69,246		$ 59,652
Unbilled receivables (contract assets), $ Change			$ 9,594
Unbilled receivables (contract assets), % Change			16.00%
Contract liabilities	(50,924)		$ (50,924)		(42,428)
Contract liabilities, $ Change			$ (8,496)
Contract liabilities, % Change			20.00%
Net contract assets	18,322		$ 18,322		17,224
Net contract assets, $ Change			$ 1,098
Net contract assets, % change			6.00%
Customer advances	$ 19,416		$ 19,416		$ 10,032
Revenue recognized	20.00%	30.00%	75.00%	70.00%

v3.24.2

Revenue - Remaining Performance Obligations (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Revenue from Contract with Customer [Abstract]
Remaining performance obligations	$ 573,021
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations, percentage	70.00%
Remaining performance obligation, expected timing	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations, percentage	30.00%
Remaining performance obligation, expected timing	24 months

v3.24.2

Stockholders Equity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period	$ 1,331,349	$ 1,362,263	$ 1,380,548	$ 1,346,327	$ 1,362,263	$ 1,346,327
Comprehensive income (loss)	(49,554)	(26,123)	2,399	42,368	(75,676)	44,767
Dividends declared	(8,118)	(8,111)	(8,099)	(8,096)
Residual interest in subsidiary				(2,381)
Employee stock plans	2,821	3,320	2,139	2,330
Balance at end of period	$ 1,276,498	$ 1,331,349	$ 1,376,987	$ 1,380,548	$ 1,276,498	$ 1,376,987
Dividends declared (in dollars per share)	$ 0.16	$ 0.16	$ 0.16	$ 0.16
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period (in shares)	64,616	64,600	64,504	64,481	64,600	64,481
Balance at beginning of period	$ 646	$ 646	$ 645	$ 645	$ 646	$ 645
Employee stock plans (in shares)	63	16	22	23
Employee stock plans	$ 1			$ 0
Balance at end of period (in shares)	64,679	64,616	64,526	64,504	64,679	64,526
Balance at end of period	$ 647	$ 646	$ 645	$ 645	$ 647	$ 645
Additional Paid-In Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period	541,391	537,948	530,075	529,791	537,948	529,791
Residual interest in subsidiary				(2,381)
Employee stock plans	3,027	3,443	2,339	2,665
Balance at end of period	$ 544,418	$ 541,391	$ 532,414	$ 530,075	$ 544,418	$ 532,414
Treasury Stock, Common
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period (in shares)	13,916	13,914	13,897	13,891	13,914	13,891
Balance at beginning of period	$ (532,486)	$ (532,415)	$ (531,759)	$ (531,507)	$ (532,415)	$ (531,507)
Employee stock plans (in shares)	2	2	3	6
Employee stock plans	$ (70)	$ (71)	$ (124)	$ (252)
Balance at end of period (in shares)	13,918	13,916	13,900	13,897	13,918	13,900
Balance at end of period	$ (532,556)	$ (532,486)	$ (531,883)	$ (531,759)	$ (532,556)	$ (531,883)
Retained Earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period	1,544,997	1,551,213	1,572,878	1,567,898	1,551,213	1,567,898
Comprehensive income (loss)	(46,821)	1,947	17,352	13,159
Dividends declared	(8,118)	(8,111)	(8,099)	(8,096)
Employee stock plans	(137)	(52)	(76)	(83)
Balance at end of period	1,489,921	1,544,997	1,582,055	1,572,878	1,489,921	1,582,055
Accumulated Other Non-Owner Changes to Equity
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period	(223,199)	(195,129)	(191,291)	(220,500)	(195,129)	(220,500)
Comprehensive income (loss)	(2,733)	(28,070)	(14,953)	29,209
Balance at end of period	$ (225,932)	$ (223,199)	$ (206,244)	$ (191,291)	$ (225,932)	$ (206,244)

v3.24.2

Net Income Per Common Share (Details) - shares	1 Months Ended	3 Months Ended		6 Months Ended
	Feb. 28, 2021	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Net Income Per Common Share [Line Items]
Weighted average number of diluted shares outstanding adjustment (in shares)			173,765		224,515
Share-based Awards
Net Income Per Common Share [Line Items]
Antidilutive securities excluded from computation of EPS		792,230	784,087	1,377,310	795,032
Stock Options
Net Income Per Common Share [Line Items]
Options, granted (in shares)	144,100
Restricted Stock Units
Net Income Per Common Share [Line Items]
Other than options, granted (in shares)	196,660
Performance Share Awards
Net Income Per Common Share [Line Items]
Other than options, granted (in shares)	145,100
Performance period				3 years
Minimum range of target award of stock plan				0.00%
Maximum range of target award of stock plan				200.00%

v3.24.2

Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Finished goods	$ 91,896	$ 104,801
Work-in-process	121,327	105,737
Raw material and supplies	137,069	154,683
Inventories	$ 350,292	$ 365,221

v3.24.2

Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Goodwill:
Goodwill, beginning of period			$ 1,183,624
Acquisition related			3,717
Divestiture related (see Note 3)			(58,900)
Goodwill impairment charge	$ (53,694)	$ 0	(53,694)	$ 0
Foreign currency translation			(27,925)
Goodwill, end of period	1,046,822		1,046,822
Other Intangible Assets:
Gross Amount	1,195,356		1,195,356		$ 1,213,244
Accumulated Amortization	(549,392)		(549,392)		(532,828)
Foreign currency translation	(38,968)		(38,968)		(29,615)
Other intangible assets	1,212,058		1,212,058		1,239,299
Intangible Assets, Future Amortization Expense
Amortization of intangible assets	17,101	$ 11,604	34,663	$ 23,224
Amortization of intangible assets expected in 2022	35,000		35,000
Amortization of intangible assets expected in 2023	71,000		71,000
Amortization of intangible assets expected in 2024	68,000		68,000
Amortization of intangible assets expected in 2025	66,000		66,000
Amortization of intangible assets expected in 2026	63,000		63,000
Amortization of intangible assets expected in 2027	62,000		62,000
Goodwill, impaired, accumulated impairment loss					68,194
Goodwill, measurement period adjustment			3,717
Trade names
Other Intangible Assets:
Unamortized intangible asset	55,670		55,670		55,670
Revenue Sharing Programs (RSPs)
Other Intangible Assets:
Gross Amount	296,700		296,700		299,500
Accumulated Amortization	(183,031)		(183,031)		(176,143)
Component Repair Programs (CRPs)
Other Intangible Assets:
Gross Amount	111,839		111,839		111,839
Accumulated Amortization	(53,206)		(53,206)		(49,577)
Customer relationships
Other Intangible Assets:
Gross Amount	579,050		579,050		586,189
Accumulated Amortization	(190,181)		(190,181)		(180,679)
Patents and technology
Other Intangible Assets:
Gross Amount	174,280		174,280		178,433
Accumulated Amortization	(99,841)		(99,841)		(100,662)
Trademarks/trade names
Other Intangible Assets:
Gross Amount	7,153		7,153		10,949
Accumulated Amortization	(6,434)		(6,434)		(10,910)
Other
Other Intangible Assets:
Gross Amount	26,334		26,334		26,334
Accumulated Amortization	(16,699)		(16,699)		(14,857)
Customer Relationships | Disposal Group, Held-for-sale, Not Discontinued Operations | One Equity Partners
Other Intangible Assets:
Other intangible assets					7,139
Developed Technology Rights | Disposal Group, Held-for-sale, Not Discontinued Operations | One Equity Partners
Other Intangible Assets:
Other intangible assets					4,153
Trademarks | Disposal Group, Held-for-sale, Not Discontinued Operations | One Equity Partners
Other Intangible Assets:
Other intangible assets					$ 3,821
Aerospace(A)
Goodwill:
Goodwill, beginning of period			352,352
Acquisition related			3,717
Divestiture related (see Note 3)			0
Goodwill impairment charge			0
Foreign currency translation			(802)
Goodwill, end of period	355,267		355,267
Industrial
Goodwill:
Goodwill, beginning of period			831,272
Acquisition related			0
Divestiture related (see Note 3)			(58,900)
Goodwill impairment charge	(53,694)		(53,694)
Foreign currency translation			(27,123)
Goodwill, end of period	691,555		691,555
Intangible Assets, Future Amortization Expense
Goodwill, impaired, accumulated impairment loss	$ 68,194		$ 68,194
Minimum | Customer relationships
Other Intangible Assets:
Range of life	10 years		10 years
Minimum | Patents and technology
Other Intangible Assets:
Range of life	4 years		4 years
Minimum | Trademarks/trade names
Other Intangible Assets:
Range of life	10 years		10 years
Maximum | Revenue Sharing Programs (RSPs)
Other Intangible Assets:
Range of life	30 years		30 years
Maximum | Component Repair Programs (CRPs)
Other Intangible Assets:
Range of life	30 years		30 years
Maximum | Customer relationships
Other Intangible Assets:
Range of life	16 years		16 years
Maximum | Patents and technology
Other Intangible Assets:
Range of life	18 years		18 years
Maximum | Trademarks/trade names
Other Intangible Assets:
Range of life	30 years		30 years
Maximum | Other
Other Intangible Assets:
Range of life	10 years		10 years

v3.24.2

Debt - Debt Schedule (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Carrying amount of debt	$ 6,547	$ 16
Carrying amount of finance leases	12,320	11,999
Fair value of finance leases	12,118	11,732
Carrying amount of debt and finance leases	1,166,451	1,290,846
Fair value of debt and finance leases	1,184,876	1,309,806
Less current maturities	(17,065)	(10,884)
Long-term debt	1,149,386	1,279,962
Revolving Credit Facility
Debt Instrument [Line Items]
Carrying amount of debt		642,988
Fair value of debt	582,965	646,843
Revolving Credit Facility | Credit Agreement | Secured Debt
Debt Instrument [Line Items]
Carrying amount of debt	580,703	648,375
Fees and expenses for executing admendments	(11,592)	(12,532)
Fair value of debt	$ 583,246	651,215
Senior Notes | 3.97% Senior Notes
Debt Instrument [Line Items]
Stated interest rate	3.97%
Lines of Credit and Overdrafts
Debt Instrument [Line Items]
Carrying amount of debt	$ 6,547	16
Fair value of debt	$ 6,547	$ 16

v3.24.2

Debt - Narrative (Details) € in Thousands						3 Months Ended	6 Months Ended
	Mar. 19, 2024	Aug. 31, 2023 USD ($)	Jun. 05, 2023 USD ($)	Apr. 06, 2022 USD ($)	Feb. 10, 2021 USD ($)	Mar. 31, 2024	Jun. 30, 2024 USD ($)	Jun. 30, 2024 EUR (€)	Dec. 31, 2023 USD ($)	Dec. 31, 2023 EUR (€)
Debt Instrument [Line Items]
Notes and overdrafts payable							$ 6,547,000		$ 16,000
Finance lease							12,320,000		11,999,000
MB Aerospace Holdings, Inc.
Debt Instrument [Line Items]
Purchase price			$ 728,448,000
Revolving Credit Facility
Debt Instrument [Line Items]
Notes and overdrafts payable							$ 6,500,000		0
Interest rate during period							7.84%
Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity							$ 81,000,000
Carrying amount of debt									642,988,000
Bank Overdrafts
Debt Instrument [Line Items]
Notes and overdrafts payable							$ 47,000		16,000
Repayment period							2 days
3.97% Senior Notes | Senior Notes
Debt Instrument [Line Items]
Stated interest rate							3.97%	3.97%
Sixth Amendment Maturity February 2022 | Revolving Credit Facility | Euribor
Debt Instrument [Line Items]
Variable basis spread					1.175%
Sixth Amendment Maturity February 2022 | Revolving Credit Facility | Base Rate
Debt Instrument [Line Items]
Variable basis spread					0.175%
Sixth Amendment Maturity February 2022 and 3.97% Percent Senior Notes
Debt Instrument [Line Items]
Carrying amount of debt									642,988,000
Remaining borrowing capacity									$ 357,012,000
Line of credit, interest rate at period end									6.76%	6.76%
Long-Term Debt									$ 327,988,000	€ 296,500
Sixth Admendment Maturity February 2026 | Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity					$ 1,000,000,000
Debt covenant ratio of total debt to EBITDA					3.75
Debt covenant material acquisition, debt to EBITDA					4.25
Sixth Admendment Maturity February 2026 | Revolving Credit Facility | Euribor
Debt Instrument [Line Items]
Variable basis spread					1.775%
Sixth Admendment Maturity February 2026 | Revolving Credit Facility | Base Rate
Debt Instrument [Line Items]
Variable basis spread					0.775%
Sixth Admendment Maturity February 2026 | Revolving Credit Facility | Maximum
Debt Instrument [Line Items]
Debt covenant ratio of senior debt to EBITDA					3.25
Sixth Admendment Maturity February 2026, Multicurrency Borrowings | Revolving Credit Facility | Euribor
Debt Instrument [Line Items]
Basis for variable basis spread					0.00%
Sixth Admendment Maturity February 2026, Multicurrency Borrowings | Revolving Credit Facility | Minimum | Euribor
Debt Instrument [Line Items]
Variable basis spread					1.175%
Sixth Admendment Maturity February 2026, Multicurrency Borrowings | Revolving Credit Facility | Maximum | Euribor
Debt Instrument [Line Items]
Variable basis spread					1.775%
Sixth Admendment Maturity February 2026 and 3.97% Senior Notes
Debt Instrument [Line Items]
Carrying amount of debt							$ 578,473,000
Remaining borrowing capacity							$ 421,527,000
Line of credit, interest rate at period end							6.67%	6.67%
Long-Term Debt							$ 288,473,000	€ 269,500
Amendment No. 1 | Revolving Credit Facility
Debt Instrument [Line Items]
Commitment fee amount				$ 1,037,000
Amendment No. 1 | Revolving Credit Facility | Minimum
Debt Instrument [Line Items]
Commitment fee percentage				0.15%
Amendment No. 1 | Revolving Credit Facility | Minimum | Base Rate
Debt Instrument [Line Items]
Variable basis spread				0.00%
Amendment No. 1 | Revolving Credit Facility | Minimum | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Variable basis spread				0.975%
Amendment No. 1 | Revolving Credit Facility | Maximum
Debt Instrument [Line Items]
Commitment fee percentage				0.30%
Amendment No. 1 | Revolving Credit Facility | Maximum | Base Rate
Debt Instrument [Line Items]
Variable basis spread				0.70%
Amendment No. 1 | Revolving Credit Facility | Maximum | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Variable basis spread				1.70%
Credit Agreement | Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		$ 1,650,000,000
Debt issuance costs, gross							$ 1,579,000
Floor interest rate		0.00%
Credit Agreement | Revolving Credit Facility | Revolving Credit Agreement
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		$ 1,000,000,000
Remaining borrowing capacity		418,901,000
Debt issuance costs, gross		3,058,000
Long-term line of credit		$ 698,000,000
Unused capacity, commitment fee percentage		0.35%					0.30%
Debt instrument, covenant, maximum total net leverage ratio		5.50
Debt instrument, covenant, maximum total net leverage ratio, step down		4.00
Debt instrument, covenant, maximum total net leverage ratio, increase		0.50
Debt instrument, total net leverage ratio							3.48	3.48
Debt instrument, covenant, minimum interest coverage ratio		3.00
Debt instrument, interest coverage ratio							3.83	3.83
Credit Agreement | Revolving Credit Facility | Secured Debt
Debt Instrument [Line Items]
Debt instrument, face amount		$ 650,000,000
Variable basis spread	0.10%
Carrying amount of debt							$ 580,703,000		$ 648,375,000
Interest rate during period						8.46%	7.84%
Debt issuance costs, gross		8,283,000
Debt instrument, unamortized discount		$ 4,875,000
Debt instrument, original issue discount, percent		0.75%
Reduced rate	0.00%
Periodic amortization, amount		$ 6,500,000
Periodic amortization, percent		0.25%
Prepayment terms, maximum percentage of excess cash flow		50.00%
Prepayment terms, threshold amount		$ 50,000,000
Prepayment terms, threshold percent		15.00%
Prepayment terms, maximum cash proceeds, percent		100.00%
Debt instrument, prepayment premium, percent		1.00%
Credit Agreement | Revolving Credit Facility | Letter of Credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		$ 50,000,000
Credit Agreement | Revolving Credit Facility | Base Rate
Debt Instrument [Line Items]
Interest rate margin	1.50%
Credit Agreement | Revolving Credit Facility | Base Rate | Revolving Credit Agreement
Debt Instrument [Line Items]
Variable basis spread		1.375%					2.125%
Credit Agreement | Revolving Credit Facility | Base Rate | Secured Debt
Debt Instrument [Line Items]
Variable basis spread	2.00%	1.50%
Credit Agreement | Revolving Credit Facility | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Variable basis spread	2.50%
Floor interest rate	0.00%
Credit Agreement | Revolving Credit Facility | Secured Overnight Financing Rate (SOFR) | Revolving Credit Agreement
Debt Instrument [Line Items]
Variable basis spread		2.375%
Credit Agreement | Revolving Credit Facility | Secured Overnight Financing Rate (SOFR) | Secured Debt
Debt Instrument [Line Items]
Variable basis spread	3.00%	2.50%
Amendment No. 2 To Unsecured Credit Agreement | Revolving Credit Facility | Revolving Credit Agreement
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity			1,000,000,000
Amendment No. 2 To Unsecured Credit Agreement | Revolving Credit Facility | Bridge Loan
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity			$ 700,000,000
Long-term debt, term			364 days
Debt issuance costs, gross			$ 9,500,000

v3.24.2

Derivatives - Narrative (Details) € in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)	Sep. 12, 2023 USD ($)	Sep. 12, 2023 EUR (€)	Jul. 19, 2023 EUR (€) Bank interestRate	Apr. 30, 2022	Mar. 24, 2021 USD ($)	Apr. 28, 2017 Bank
Derivative [Line Items]
Net cash payments from settlement			$ (232)	$ (2,588)
Foreign Exchange Contract
Derivative [Line Items]
Net cash payments from settlement			9,967	1,176
Foreign Exchange Contract | Other Nonoperating Income (Expense)
Derivative [Line Items]
Amount of gain (loss) recognized in income on derivative	$ 207	$ (4,548)	(11,697)	$ (2,949)
Amended 2021 Swap
Derivative [Line Items]
Asset fair value	(5,570)		(5,570)		$ (5,976)
Euribor Swap
Derivative [Line Items]
Asset fair value	(2,413)		(2,413)		(5,485)
2023 Swap
Derivative [Line Items]
Asset fair value	$ (6,468)		$ (6,468)		$ (19,984)
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			1
Derivative amount of hedge							€ 600,000	€ 150,000		$ 100,000
Leverage ratio, maximum						0.04321	0.04321	0.03257
Number of interest rate swap | interestRate								6
Fixed interest rate									1.075%	1.17%
Term of contract			2 years
Derivatives designated as hedging instruments | Interest Rate Contract | Derivative Expiration Period One
Derivative [Line Items]
Derivative amount of hedge						$ 50,000		€ 50,000
Derivatives designated as hedging instruments | Interest Rate Contract | Derivative Expiration Period Two
Derivative [Line Items]
Derivative amount of hedge						100		€ 100,000
Derivatives designated as hedging instruments | Interest Rate Contract | Derivative Expiration Period Three
Derivative [Line Items]
Derivative amount of hedge						200,000
Derivatives designated as hedging instruments | Interest Rate Contract | Derivative Expiration Period Four
Derivative [Line Items]
Derivative amount of hedge						50,000
Derivatives designated as hedging instruments | Interest Rate Contract | Derivative Expiration Period Five
Derivative [Line Items]
Derivative amount of hedge						$ 200,000

v3.24.2

Fair Value Measurements (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Maturity of bank acceptances	1 year
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	2,018	1,923
Financial assets and financial liabilities, reported at fair value	2,018	1,923
Significant Other Observable Inputs (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Asset derivatives	5,657	6,420
Liability derivatives	(10,915)	(25,885)
Bank acceptances	11,013	12,161
Rabbi trust assets	0	0
Financial assets and financial liabilities, reported at fair value	5,755	(7,304)
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
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Asset derivatives	5,657	6,420
Liability derivatives	(10,915)	(25,885)
Bank acceptances	11,013	12,161
Rabbi trust assets	2,018	1,923
Financial assets and financial liabilities, reported at fair value	$ 7,773	$ (5,381)

v3.24.2

Pension and Other Postretirement Benefits (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	Jul. 31, 2022	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pensions
Pension and other postretirement benefits expenses
Service cost		$ 36	$ 577	$ 335	$ 1,350
Interest cost		4,917	4,801	9,545	9,696
Expected return on plan assets		(7,576)	(7,449)	(14,983)	(14,983)
Amortization of prior service cost		0	83	27	170
Amortization of actuarial losses		598	420	1,200	838
Curtailment gain	$ (2,575)		(668)	(1,204)	(668)
Settlement loss (gain)		2,980	(731)	2,980	(731)
Net periodic benefit income		(1,620)	(2,967)	(2,100)	(4,328)
Other Postretirement Benefits
Pension and other postretirement benefits expenses
Service cost		2	6	13	19
Interest cost		250	274	512	560
Amortization of prior service cost		0	2	0	5
Amortization of actuarial losses		(37)	(47)	(77)	(73)
Settlement loss (gain)		(250)	0	(250)	0
Net periodic benefit income		$ (35)	$ 235	$ 198	$ 511

v3.24.2

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended		12 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Effective tax rate				(402.80%)	21.80%	51.90%
Goodwill impairment charge	$ 53,694		$ 0	$ 53,694	$ 0
Effective Income Tax Rate Reconciliation without Goodwill Impairment Charge, Percent				80.30%
Effective income tax rate reconciliation, disposition of business, amount	$ 16,894	$ 6,794		$ 23,688

v3.24.2

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		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Changes in Accumulated Other Comprehensive Income by Component [Roll Forward]
Balance at beginning of period			$ (195,129)	$ (220,500)
Other comprehensive income (loss) before reclassifications			(29,252)	15,641
Amounts reclassified from accumulated other comprehensive income to the Condensed Consolidated Statements of (Loss) Income			(1,551)	(1,385)
Total other comprehensive (loss) income, net of tax	$ (2,733)	$ (14,953)	(30,803)	14,256
Balance at end of period	(225,932)	(206,244)	(225,932)	(206,244)
Gains and Losses on Cash Flow Hedges
Changes in Accumulated Other Comprehensive Income by Component [Roll Forward]
Balance at beginning of period			(14,504)	5,941
Other comprehensive income (loss) before reclassifications			16,438	987
Amounts reclassified from accumulated other comprehensive income to the Condensed Consolidated Statements of (Loss) Income			(4,346)	(1,138)
Total other comprehensive (loss) income, net of tax			12,092	(151)
Balance at end of period	(2,412)	5,790	(2,412)	5,790
Pension and Other Postretirement Benefit Items
Changes in Accumulated Other Comprehensive Income by Component [Roll Forward]
Balance at beginning of period			(100,776)	(108,640)
Other comprehensive income (loss) before reclassifications			3,052	10,518
Amounts reclassified from accumulated other comprehensive income to the Condensed Consolidated Statements of (Loss) Income			2,795	(247)
Total other comprehensive (loss) income, net of tax			5,847	10,271
Balance at end of period	(94,929)	(98,369)	(94,929)	(98,369)
Foreign Currency Items
Changes in Accumulated Other Comprehensive Income by Component [Roll Forward]
Balance at beginning of period			(79,849)	(117,801)
Other comprehensive income (loss) before reclassifications			(48,742)	4,136
Amounts reclassified from accumulated other comprehensive income to the Condensed Consolidated Statements of (Loss) Income			0	0
Total other comprehensive (loss) income, net of tax			(48,742)	4,136
Balance at end of period	$ (128,591)	$ (113,665)	$ (128,591)	$ (113,665)

v3.24.2

Changes in Accumulated Other Comprehensive Income (Loss) by Component - Amount Reclassified from Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Interest expense	$ (20,812)	$ (6,512)	$ (45,643)	$ (11,819)
Net sales	382,232	338,984	812,870	674,341
Tax benefit	(24,741)	(5,039)	(35,949)	(8,516)
Net (loss) income	(46,821)	17,352	(44,873)	30,511
Amount Reclassified from Accumulated Other Comprehensive Income (Loss)
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net (loss) income	864	1,224	1,551	1,385
Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | Cash flow hedges
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Interest expense	2,900	988	5,744	1,853
Net sales	(110)	(190)	(174)	(349)
(Loss) income before income taxes	2,790	798	5,570	1,504
Tax benefit	(615)	(194)	(1,224)	(366)
Net (loss) income	2,175	604	4,346	1,138
Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | Amortization of prior service costs
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
(Loss) income before income taxes	0	(85)	(27)	(175)
Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | Amortization of actuarial losses
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
(Loss) income before income taxes	(561)	(373)	(1,123)	(765)
Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | Pension and Other Postretirement Benefit Items
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
(Loss) income before income taxes	(1,989)	514	(3,948)	32
Curtailment gain	1,302	241	(68)	241
Settlement (loss) gain	(2,730)	731	(2,730)	731
Tax benefit	678	106	1,153	215
Net (loss) income	$ (1,311)	$ 620	$ (2,795)	$ 247

v3.24.2

Information on Business Segments (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) Segment	Jun. 30, 2023 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments | Segment			2
Net sales	$ 382,232	$ 338,984	$ 812,870	$ 674,341
Operating (loss) profit	(2,113)	26,009	37,569	49,293
Interest expense	20,812	6,512	45,643	11,819
Other expense (income), net	(845)	(2,894)	850	(1,553)
(Loss) income before income taxes	(22,080)	22,391	(8,924)	39,027
Goodwill impairment charge	53,694	0	53,694	0
Gain (loss) on disposition of business	10,204	0	7,071	0
Industrial
Segment Reporting Information [Line Items]
Net sales	164,274	216,969	373,542	435,070
Goodwill impairment charge	53,694		53,694
Gain (loss) on disposition of business	(10,204)		(7,071)
Aerospace(A)
Segment Reporting Information [Line Items]
Net sales	217,958	122,015	439,328	239,271
Goodwill impairment charge			0
Operating Segments | Industrial
Segment Reporting Information [Line Items]
Net sales	164,274	216,971	373,542	435,079
Operating (loss) profit	(31,457)	9,429	(22,861)	13,962
Operating Segments | Aerospace(A)
Segment Reporting Information [Line Items]
Net sales	217,958	122,015	439,328	239,272
Operating (loss) profit	29,344	16,580	60,430	35,331
Intersegment sales
Segment Reporting Information [Line Items]
Net sales	$ 0	$ (2)	$ 0	$ (10)

v3.24.2

Information on Business Segments Details 1 (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Assets	$ 3,037,087	$ 3,308,014
Operating Segments | Industrial
Segment Reporting Information [Line Items]
Assets	1,392,770	1,685,304
Operating Segments | Aerospace(A)
Segment Reporting Information [Line Items]
Assets	1,487,041	1,465,347
Other
Segment Reporting Information [Line Items]
Assets	$ 157,276	$ 157,363

v3.24.2

Commitments and Contingencies (Details) $ in Thousands	Jun. 05, 2023 USD ($)
MB Aerospace Holdings, Inc.
Business Acquisition [Line Items]
Purchase price	$ 728,448

v3.24.2

Business Reorganization - Narrative (Details)	1 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended
	Apr. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Mar. 31, 2023 USD ($)	Jun. 30, 2024 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2023 USD ($)	Jul. 26, 2022 site
2022 Actions
Restructuring Cost and Reserve [Line Items]
Number of manufacturing sites | site							2
Charge for business reorganization		$ 282,000		$ 2,649,000	$ 17,986,000	$ 10,328,000
Other restructuring costs			$ 3,990,000
Accelerated depreciation			1,593,000	724,000
Transfer to work charges		223,000	$ 2,397,000	1,776,000
Special employee termination benefits		59,000		149,000
Liability for business reorganization		365,000		365,000		538,000
2023 Actions
Restructuring Cost and Reserve [Line Items]
Charge for business reorganization	$ 13,783,000	1,423,000		2,018,000
Liability for business reorganization	1,384,000	1,384,000		1,384,000		6,247,000
Restructuring and related cost, expected cost	13,000,000
2023 Actions | Cost of Sales
Restructuring Cost and Reserve [Line Items]
Charge for business reorganization		690,000		1,160,000
2023 Actions | Selling, General and Administrative Expenses
Restructuring Cost and Reserve [Line Items]
Charge for business reorganization		733,000		858,000
2023 Actions | Employee Severance and Other Termination Benefits
Restructuring Cost and Reserve [Line Items]
Liability for business reorganization		119,000		119,000
2023 Actions | Industrial
Restructuring Cost and Reserve [Line Items]
Charge for business reorganization		952,000		1,184,000
Restructuring and related cost, expected cost	3,000,000
2023 Actions | Aerospace(A)
Restructuring Cost and Reserve [Line Items]
Charge for business reorganization		471,000		834,000
Restructuring and related cost, expected cost	$ 10,000,000
September 2023 Actions
Restructuring Cost and Reserve [Line Items]
Charge for business reorganization		7,878,000
Liability for business reorganization		175,000		175,000		2,736,000
September 2023 Actions | Employee Severance and Other Termination Benefits
Restructuring Cost and Reserve [Line Items]
Charge for business reorganization				(27,000)
April 2024 Actions
Restructuring Cost and Reserve [Line Items]
Liability for business reorganization		$ 2,814,000		2,814,000		$ 0
April 2024 Actions | Employee Severance and Other Termination Benefits
Restructuring Cost and Reserve [Line Items]
Charge for business reorganization				3,231,000
April 2024 Actions | Industrial
Restructuring Cost and Reserve [Line Items]
Charge for business reorganization				1,481,000
April 2024 Actions | Aerospace(A)
Restructuring Cost and Reserve [Line Items]
Charge for business reorganization				$ 1,750,000

v3.24.2

Business Reorganization - Change in Liability for Business Reorganization (Details) - USD ($)	1 Months Ended	3 Months Ended	6 Months Ended		12 Months Ended
	Apr. 30, 2023	Jun. 30, 2024	Jun. 30, 2024	Dec. 31, 2022	Dec. 31, 2023
2022 Actions
Restructuring Reserve [Roll Forward]
Balance at beginning of period			$ 538,000
Restructuring charges		$ 282,000	2,649,000	$ 17,986,000	$ 10,328,000
Balance at end of period		365,000	365,000		538,000
2022 Actions | Employee Severance and Other Termination Benefits
Restructuring Reserve [Roll Forward]
Payments for Restructuring			(173,000)
September 2023 Actions
Restructuring Reserve [Roll Forward]
Balance at beginning of period			2,736,000
Restructuring charges		7,878,000
Balance at end of period		175,000	175,000		2,736,000
September 2023 Actions | Employee Severance and Other Termination Benefits
Restructuring Reserve [Roll Forward]
Restructuring charges			(27,000)
Payments for Restructuring			(2,534,000)
2023 Actions
Restructuring Reserve [Roll Forward]
Balance at beginning of period			6,247,000
Restructuring charges	$ 13,783,000	1,423,000	2,018,000
Balance at end of period	$ 1,384,000	1,384,000	1,384,000		6,247,000
2023 Actions | Employee Severance and Other Termination Benefits
Restructuring Reserve [Roll Forward]
Payments for Restructuring			(4,982,000)
Balance at end of period		119,000	119,000
April 2024 Actions
Restructuring Reserve [Roll Forward]
Balance at beginning of period			0
Balance at end of period		$ 2,814,000	2,814,000		$ 0
April 2024 Actions | Employee Severance and Other Termination Benefits
Restructuring Reserve [Roll Forward]
Restructuring charges			3,231,000
Payments for Restructuring			$ (417,000)

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