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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Barnes Group Inc | NYSE:B | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.08 | 0.17% | 46.61 | 46.62 | 46.48 | 46.58 | 992,787 | 01:00:00 |
x
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
¨
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Delaware
|
|
06-0247840
|
|
|
(State or other jurisdiction of incorporation or organization)
|
|
(I.R.S. Employer Identification No.)
|
|
|
|
|
|||
123 Main Street, Bristol, Connecticut
|
|
06010
|
|
|
(Address of Principal Executive Offices)
|
|
(Zip Code)
|
|
Large accelerated filer
x
|
Accelerated filer
¨
|
Non-accelerated filer
¨
|
Smaller reporting company
¨
|
|
|
Page
|
Part I.
|
FINANCIAL INFORMATION
|
|
|
|
|
Item 1.
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
|
|
Item 2.
|
||
|
|
|
Item 3.
|
||
|
|
|
Item 4.
|
||
|
|
|
Part II.
|
OTHER INFORMATION
|
|
|
|
|
Item 1.
|
||
|
|
|
Item 2.
|
||
|
|
|
Item 6.
|
||
|
|
|
|
||
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Net sales
|
$
|
311,561
|
|
|
$
|
291,434
|
|
|
$
|
906,586
|
|
|
$
|
906,949
|
|
|
|
|
|
|
|
|
|
||||||||
Cost of sales
|
198,600
|
|
|
191,132
|
|
|
582,028
|
|
|
593,609
|
|
||||
Selling and administrative expenses
|
61,144
|
|
|
56,555
|
|
|
183,754
|
|
|
175,049
|
|
||||
|
259,744
|
|
|
247,687
|
|
|
765,782
|
|
|
768,658
|
|
||||
Operating income
|
51,817
|
|
|
43,747
|
|
|
140,804
|
|
|
138,291
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Interest expense
|
3,020
|
|
|
2,637
|
|
|
8,826
|
|
|
7,944
|
|
||||
Other expense (income), net
|
621
|
|
|
(545
|
)
|
|
24
|
|
|
(228
|
)
|
||||
Income before income taxes
|
48,176
|
|
|
41,655
|
|
|
131,954
|
|
|
130,575
|
|
||||
Income taxes
|
11,348
|
|
|
7,984
|
|
|
33,066
|
|
|
33,601
|
|
||||
Net income
|
$
|
36,828
|
|
|
$
|
33,671
|
|
|
$
|
98,888
|
|
|
$
|
96,974
|
|
|
|
|
|
|
|
|
|
||||||||
Per common share:
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
0.68
|
|
|
$
|
0.61
|
|
|
$
|
1.82
|
|
|
$
|
1.76
|
|
Diluted
|
0.67
|
|
|
0.61
|
|
|
1.81
|
|
|
1.74
|
|
||||
Dividends
|
0.13
|
|
|
0.12
|
|
|
0.38
|
|
|
0.36
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Weighted average common shares outstanding:
|
|
|
|
|
|
|
|
||||||||
Basic
|
54,206,064
|
|
|
55,199,315
|
|
|
54,206,798
|
|
|
55,140,774
|
|
||||
Diluted
|
54,572,315
|
|
|
55,588,092
|
|
|
54,643,739
|
|
|
55,647,971
|
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Net income
|
$
|
36,828
|
|
|
$
|
33,671
|
|
|
$
|
98,888
|
|
|
$
|
96,974
|
|
Other comprehensive income (loss), net of tax
|
|
|
|
|
|
|
|
||||||||
Unrealized (loss) gain on hedging activities, net of tax (1)
|
(150
|
)
|
|
(174
|
)
|
|
(580
|
)
|
|
127
|
|
||||
Foreign currency translation adjustments, net of tax (2)
|
990
|
|
|
(22,722
|
)
|
|
2,100
|
|
|
(38,847
|
)
|
||||
Defined benefit pension and other postretirement benefits, net of tax (3)
|
2,042
|
|
|
3,592
|
|
|
5,740
|
|
|
9,043
|
|
||||
Total other comprehensive income (loss), net of tax
|
2,882
|
|
|
(19,304
|
)
|
|
7,260
|
|
|
(29,677
|
)
|
||||
Total comprehensive income
|
$
|
39,710
|
|
|
$
|
14,367
|
|
|
$
|
106,148
|
|
|
$
|
67,297
|
|
|
September 30, 2016
|
|
December 31, 2015
|
||||
Assets
|
|
|
|
||||
Current assets
|
|
|
|
||||
Cash and cash equivalents
|
$
|
71,941
|
|
|
$
|
83,926
|
|
Accounts receivable, less allowances (2016 - $4,343; 2015 - $4,085)
|
287,293
|
|
|
261,757
|
|
||
Inventories
|
233,409
|
|
|
208,611
|
|
||
Deferred income taxes
|
—
|
|
|
24,825
|
|
||
Prepaid expenses and other current assets
|
32,282
|
|
|
32,469
|
|
||
Total current assets
|
624,925
|
|
|
611,588
|
|
||
|
|
|
|
||||
Deferred income taxes
|
19,375
|
|
|
1,139
|
|
||
|
|
|
|
||||
Property, plant and equipment
|
775,424
|
|
|
714,807
|
|
||
Less accumulated depreciation
|
(432,954
|
)
|
|
(405,951
|
)
|
||
|
342,470
|
|
|
308,856
|
|
||
|
|
|
|
||||
Goodwill
|
666,040
|
|
|
587,992
|
|
||
Other intangible assets, net
|
542,083
|
|
|
528,322
|
|
||
Other assets
|
26,990
|
|
|
23,969
|
|
||
Total assets
|
$
|
2,221,883
|
|
|
$
|
2,061,866
|
|
|
|
|
|
||||
Liabilities and Stockholders' Equity
|
|
|
|
||||
Current liabilities
|
|
|
|
||||
Notes and overdrafts payable
|
$
|
13,200
|
|
|
$
|
22,680
|
|
Accounts payable
|
109,050
|
|
|
97,035
|
|
||
Accrued liabilities
|
146,357
|
|
|
114,867
|
|
||
Deferred revenue and customer advances
|
35,120
|
|
|
16,453
|
|
||
Long-term debt - current
|
2,211
|
|
|
1,515
|
|
||
Total current liabilities
|
305,938
|
|
|
252,550
|
|
||
|
|
|
|
||||
Long-term debt
|
512,060
|
|
|
485,711
|
|
||
Accrued retirement benefits
|
99,749
|
|
|
112,888
|
|
||
Deferred income taxes
|
75,616
|
|
|
62,364
|
|
||
Other liabilities
|
24,898
|
|
|
20,600
|
|
||
|
|
|
|
||||
Commitments and contingencies (Note 13)
|
|
|
|
||||
Stockholders' equity
|
|
|
|
||||
Common stock - par value $0.01 per share
Authorized: 150,000,000 shares
Issued: at par value (2016 - 62,579,299 shares; 2015 - 62,071,144 shares)
|
626
|
|
|
621
|
|
||
Additional paid-in capital
|
438,410
|
|
|
427,558
|
|
||
Treasury stock, at cost (2016 - 8,765,055 shares; 2015 - 8,206,683 shares)
|
(246,962
|
)
|
|
(226,421
|
)
|
||
Retained earnings
|
1,147,540
|
|
|
1,069,247
|
|
||
Accumulated other non-owner changes to equity
|
(135,992
|
)
|
|
(143,252
|
)
|
||
Total stockholders' equity
|
1,203,622
|
|
|
1,127,753
|
|
||
Total liabilities and stockholders' equity
|
$
|
2,221,883
|
|
|
$
|
2,061,866
|
|
|
Nine months ended September 30,
|
||||||
|
2016
|
|
2015
|
||||
Operating activities:
|
|
|
|
||||
Net income
|
$
|
98,888
|
|
|
$
|
96,974
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
||||
Depreciation and amortization
|
58,949
|
|
|
59,249
|
|
||
Gain on disposition of property, plant and equipment
|
(475
|
)
|
|
(1,269
|
)
|
||
Stock compensation expense
|
8,620
|
|
|
6,934
|
|
||
Changes in assets and liabilities, net of the effect of acquisitions:
|
|
|
|
||||
Accounts receivable
|
(18,461
|
)
|
|
2,221
|
|
||
Inventories
|
4,626
|
|
|
(3,593
|
)
|
||
Prepaid expenses and other current assets
|
(296
|
)
|
|
(7,617
|
)
|
||
Accounts payable
|
9,799
|
|
|
8,667
|
|
||
Accrued liabilities, deferred revenue and customer advances
|
13,028
|
|
|
(8,026
|
)
|
||
Deferred income taxes
|
998
|
|
|
4,741
|
|
||
Long-term retirement benefits
|
(16,026
|
)
|
|
(166
|
)
|
||
Other
|
461
|
|
|
2,481
|
|
||
Net cash provided by operating activities
|
160,111
|
|
|
160,596
|
|
||
|
|
|
|
||||
Investing activities:
|
|
|
|
||||
Proceeds from disposition of property, plant and equipment
|
715
|
|
|
3,311
|
|
||
Capital expenditures
|
(32,920
|
)
|
|
(31,412
|
)
|
||
Business acquisitions, net of cash acquired
|
(120,675
|
)
|
|
(43,485
|
)
|
||
Component Repair Program payments
|
(900
|
)
|
|
(19,000
|
)
|
||
Net cash used by investing activities
|
(153,780
|
)
|
|
(90,586
|
)
|
||
|
|
|
|
||||
Financing activities:
|
|
|
|
||||
Net change in other borrowings
|
(9,321
|
)
|
|
2,491
|
|
||
Payments on long-term debt
|
(263,578
|
)
|
|
(137,699
|
)
|
||
Proceeds from the issuance of long-term debt
|
288,982
|
|
|
107,766
|
|
||
Proceeds from the issuance of common stock
|
2,463
|
|
|
11,183
|
|
||
Common stock repurchases
|
(15,660
|
)
|
|
(12,082
|
)
|
||
Dividends paid
|
(20,444
|
)
|
|
(19,713
|
)
|
||
Withholding taxes paid on stock issuances
|
(4,881
|
)
|
|
(4,898
|
)
|
||
Other
|
3,406
|
|
|
6,341
|
|
||
Net cash used by financing activities
|
(19,033
|
)
|
|
(46,611
|
)
|
||
|
|
|
|
||||
Effect of exchange rate changes on cash flows
|
717
|
|
|
(3,675
|
)
|
||
(Decrease) increase in cash and cash equivalents
|
(11,985
|
)
|
|
19,724
|
|
||
Cash and cash equivalents at beginning of period
|
83,926
|
|
|
46,039
|
|
||
Cash and cash equivalents at end of period
|
$
|
71,941
|
|
|
$
|
65,763
|
|
|
September 30, 2016
|
|
December 31, 2015
|
||||
Finished goods
|
$
|
70,221
|
|
|
$
|
76,836
|
|
Work-in-process
|
105,495
|
|
|
77,061
|
|
||
Raw material and supplies
|
57,693
|
|
|
54,714
|
|
||
|
$
|
233,409
|
|
|
$
|
208,611
|
|
|
Industrial
|
|
Aerospace
|
|
Total Company
|
||||||
January 1, 2016
|
$
|
557,206
|
|
|
$
|
30,786
|
|
|
$
|
587,992
|
|
Goodwill acquired
|
73,753
|
|
|
—
|
|
|
73,753
|
|
|||
Foreign currency translation
|
4,295
|
|
|
—
|
|
|
4,295
|
|
|||
September 30, 2016
|
$
|
635,254
|
|
|
$
|
30,786
|
|
|
$
|
666,040
|
|
|
|
|
September 30, 2016
|
|
December 31, 2015
|
||||||||||||
|
Range of
Life -Years
|
|
Gross Amount
|
|
Accumulated Amortization
|
|
Gross Amount
|
|
Accumulated Amortization
|
||||||||
Amortized intangible assets:
|
|
|
|
|
|
|
|
|
|
||||||||
Revenue sharing programs (RSPs)
|
Up to 30
|
|
$
|
293,700
|
|
|
$
|
(93,142
|
)
|
|
$
|
293,700
|
|
|
$
|
(84,629
|
)
|
Component repair programs (CRPs)
|
Up to 30
|
|
111,839
|
|
|
(9,243
|
)
|
|
111,839
|
|
|
(6,054
|
)
|
||||
Customer lists/relationships
|
10-16
|
|
213,066
|
|
|
(50,283
|
)
|
|
194,566
|
|
|
(41,786
|
)
|
||||
Patents and technology
|
6-14
|
|
84,052
|
|
|
(35,519
|
)
|
|
69,352
|
|
|
(29,551
|
)
|
||||
Trademarks/trade names
|
10-30
|
|
11,950
|
|
|
(9,871
|
)
|
|
11,950
|
|
|
(9,412
|
)
|
||||
Other
|
Up to 15
|
|
20,551
|
|
|
(16,115
|
)
|
|
20,551
|
|
|
(15,413
|
)
|
||||
|
|
|
735,158
|
|
|
(214,173
|
)
|
|
701,958
|
|
|
(186,845
|
)
|
||||
Unamortized intangible assets:
|
|
|
|
|
|
|
|
|
|
||||||||
Trade names
|
|
|
42,770
|
|
|
—
|
|
|
38,370
|
|
|
—
|
|
||||
Foreign currency translation
|
|
|
(21,672
|
)
|
|
—
|
|
|
(25,161
|
)
|
|
—
|
|
||||
Total other intangible assets
|
|
|
$
|
756,256
|
|
|
$
|
(214,173
|
)
|
|
$
|
715,167
|
|
|
$
|
(186,845
|
)
|
|
|
September 30, 2016
|
|
December 31, 2015
|
||||||||||||
|
|
Carrying
Amount
|
|
Fair
Value
|
|
Carrying
Amount
|
|
Fair
Value
|
||||||||
Revolving credit agreement
|
|
$
|
406,410
|
|
|
$
|
407,881
|
|
|
$
|
379,700
|
|
|
$
|
375,188
|
|
3.97% Senior Notes
|
|
100,000
|
|
|
108,447
|
|
|
100,000
|
|
|
102,484
|
|
||||
Borrowings under lines of credit and overdrafts
|
|
13,200
|
|
|
13,200
|
|
|
22,680
|
|
|
22,680
|
|
||||
Capital leases
|
|
6,175
|
|
|
6,398
|
|
|
7,105
|
|
|
7,503
|
|
||||
Other foreign bank borrowings
|
|
1,686
|
|
|
1,653
|
|
|
421
|
|
|
410
|
|
||||
|
|
527,471
|
|
|
537,579
|
|
|
509,906
|
|
|
508,265
|
|
||||
Less current maturities
|
|
(15,411
|
)
|
|
|
|
(24,195
|
)
|
|
|
||||||
Long-term debt
|
|
$
|
512,060
|
|
|
|
|
$
|
485,711
|
|
|
|
|
September 30, 2016
|
|
December 31, 2015
|
||||||||||||
|
Asset Derivatives
|
|
Liability Derivatives
|
|
Asset Derivatives
|
|
Liability Derivatives
|
||||||||
Derivatives designated as hedging instruments:
|
|
|
|
|
|
|
|
||||||||
Interest rate contracts
|
$
|
—
|
|
|
$
|
(238
|
)
|
|
$
|
—
|
|
|
$
|
(357
|
)
|
Foreign exchange contracts
|
—
|
|
|
(355
|
)
|
|
484
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Derivatives not designated as hedging instruments:
|
|
|
|
|
|
|
|
||||||||
Foreign exchange contracts
|
74
|
|
|
(333
|
)
|
|
215
|
|
|
(101
|
)
|
||||
Total derivatives
|
$
|
74
|
|
|
$
|
(926
|
)
|
|
$
|
699
|
|
|
$
|
(458
|
)
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Cash flow hedges:
|
|
|
|
|
|
|
|
||||||||
Interest rate contracts
|
$
|
137
|
|
|
$
|
(151
|
)
|
|
$
|
74
|
|
|
$
|
(320
|
)
|
Foreign exchange contracts
|
(287
|
)
|
|
(23
|
)
|
|
(654
|
)
|
|
447
|
|
||||
|
$
|
(150
|
)
|
|
$
|
(174
|
)
|
|
$
|
(580
|
)
|
|
$
|
127
|
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Foreign exchange contracts
|
$
|
(3,755
|
)
|
|
$
|
(2,431
|
)
|
|
$
|
(7,506
|
)
|
|
$
|
4,514
|
|
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
|
|
|
|
|
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)
|
||||||||
September 30, 2016
|
|
|
|
|
|
|
|
|
||||||||
Asset derivatives
|
|
$
|
74
|
|
|
$
|
—
|
|
|
$
|
74
|
|
|
$
|
—
|
|
Liability derivatives
|
|
(926
|
)
|
|
—
|
|
|
(926
|
)
|
|
—
|
|
||||
Bank acceptances
|
|
9,946
|
|
|
—
|
|
|
9,946
|
|
|
—
|
|
||||
Rabbi trust assets
|
|
2,187
|
|
|
2,187
|
|
|
—
|
|
|
—
|
|
||||
|
|
$
|
11,281
|
|
|
$
|
2,187
|
|
|
$
|
9,094
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
||||||||
December 31, 2015
|
|
|
|
|
|
|
|
|
||||||||
Asset derivatives
|
|
$
|
699
|
|
|
$
|
—
|
|
|
$
|
699
|
|
|
$
|
—
|
|
Liability derivatives
|
|
(458
|
)
|
|
—
|
|
|
(458
|
)
|
|
—
|
|
||||
Bank acceptances
|
|
10,823
|
|
|
—
|
|
|
10,823
|
|
|
—
|
|
||||
Rabbi trust assets
|
|
2,159
|
|
|
2,159
|
|
|
—
|
|
|
—
|
|
||||
|
|
$
|
13,223
|
|
|
$
|
2,159
|
|
|
$
|
11,064
|
|
|
$
|
—
|
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||||||
Pensions
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Service cost
|
$
|
1,354
|
|
|
$
|
1,374
|
|
|
$
|
4,056
|
|
|
$
|
4,126
|
|
Interest cost
|
4,869
|
|
|
4,976
|
|
|
14,650
|
|
|
14,968
|
|
||||
Expected return on plan assets
|
(7,564
|
)
|
|
(8,048
|
)
|
|
(22,774
|
)
|
|
(24,207
|
)
|
||||
Amortization of prior service cost
|
52
|
|
|
76
|
|
|
157
|
|
|
231
|
|
||||
Amortization of actuarial losses
|
2,697
|
|
|
3,730
|
|
|
8,109
|
|
|
11,215
|
|
||||
Net periodic benefit cost
|
$
|
1,408
|
|
|
$
|
2,108
|
|
|
$
|
4,198
|
|
|
$
|
6,333
|
|
|
|
|
|
|
|
|
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||||||
Other Postretirement Benefits
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Service cost
|
$
|
31
|
|
|
$
|
36
|
|
|
$
|
92
|
|
|
$
|
109
|
|
Interest cost
|
440
|
|
|
459
|
|
|
1,324
|
|
|
1,377
|
|
||||
Amortization of prior service credit
|
(93
|
)
|
|
(141
|
)
|
|
(280
|
)
|
|
(423
|
)
|
||||
Amortization of actuarial losses
|
134
|
|
|
253
|
|
|
401
|
|
|
758
|
|
||||
Net periodic benefit cost
|
$
|
512
|
|
|
$
|
607
|
|
|
$
|
1,537
|
|
|
$
|
1,821
|
|
|
Gains and Losses on Cash Flow Hedges
|
|
Pension and Other Postretirement Benefit Items
|
|
Foreign Currency Items
|
|
Total
|
||||||||
January 1, 2016
|
$
|
115
|
|
|
$
|
(105,703
|
)
|
|
$
|
(37,664
|
)
|
|
$
|
(143,252
|
)
|
Other comprehensive (loss) income before reclassifications to consolidated statements of income
|
(823
|
)
|
|
283
|
|
|
2,100
|
|
|
1,560
|
|
||||
Amounts reclassified from accumulated other comprehensive income to the consolidated statements of income
|
243
|
|
|
5,457
|
|
|
—
|
|
|
5,700
|
|
||||
Net current-period other comprehensive (loss) income
|
(580
|
)
|
|
5,740
|
|
|
2,100
|
|
|
7,260
|
|
||||
September 30, 2016
|
$
|
(465
|
)
|
|
$
|
(99,963
|
)
|
|
$
|
(35,564
|
)
|
|
$
|
(135,992
|
)
|
|
Gains and Losses on Cash Flow Hedges
|
|
Pension and Other Postretirement Benefit Items
|
|
Foreign Currency Items
|
|
Total
|
||||||||
January 1, 2015
|
$
|
(732
|
)
|
|
$
|
(115,289
|
)
|
|
$
|
16,568
|
|
|
$
|
(99,453
|
)
|
Other comprehensive (loss) income before reclassifications to consolidated statements of income
|
(665
|
)
|
|
1,412
|
|
|
(38,847
|
)
|
|
(38,100
|
)
|
||||
Amounts reclassified from accumulated other comprehensive income to the consolidated statements of income
|
792
|
|
|
7,631
|
|
|
—
|
|
|
8,423
|
|
||||
Net current-period other comprehensive income (loss)
|
127
|
|
|
9,043
|
|
|
(38,847
|
)
|
|
(29,677
|
)
|
||||
September 30, 2015
|
$
|
(605
|
)
|
|
$
|
(106,246
|
)
|
|
$
|
(22,279
|
)
|
|
$
|
(129,130
|
)
|
Details about Accumulated Other Comprehensive Income (Loss) Components
|
|
Amount Reclassified from Accumulated Other Comprehensive Income (Loss)
|
Affected Line Item in the Consolidated Statements of Income
|
|||||||
|
|
Three months ended September 30, 2016
|
|
Three months ended September 30, 2015
|
|
|
||||
Gains and losses on cash flow hedges
|
|
|
|
|
|
|
||||
Interest rate contracts
|
|
$
|
(137
|
)
|
|
$
|
(214
|
)
|
|
Interest expense
|
Foreign exchange contracts
|
|
(20
|
)
|
|
(137
|
)
|
|
Net sales
|
||
|
|
(157
|
)
|
|
(351
|
)
|
|
Total before tax
|
||
|
|
55
|
|
|
110
|
|
|
Tax benefit
|
||
|
|
(102
|
)
|
|
(241
|
)
|
|
Net of tax
|
||
|
|
|
|
|
|
|
||||
Pension and other postretirement benefit items
|
|
|
|
|
|
|
||||
Amortization of prior-service credits, net
|
|
$
|
41
|
|
|
$
|
65
|
|
|
(A)
|
Amortization of actuarial losses
|
|
(2,831
|
)
|
|
(3,983
|
)
|
|
(A)
|
||
|
|
(2,790
|
)
|
|
(3,918
|
)
|
|
Total before tax
|
||
|
|
977
|
|
|
1,383
|
|
|
Tax benefit
|
||
|
|
(1,813
|
)
|
|
(2,535
|
)
|
|
Net of tax
|
||
|
|
|
|
|
|
|
||||
Total reclassifications in the period
|
|
$
|
(1,915
|
)
|
|
$
|
(2,776
|
)
|
|
|
Details about Accumulated Other Comprehensive Income (Loss) Components
|
|
Amount Reclassified from Accumulated Other Comprehensive Income (Loss)
|
Affected Line Item in the Consolidated Statements of Income
|
|||||||
|
|
Nine months ended September 30, 2016
|
|
Nine months ended September 30, 2015
|
|
|
||||
Gains and losses on cash flow hedges
|
|
|
|
|
|
|
||||
Interest rate contracts
|
|
$
|
(437
|
)
|
|
$
|
(642
|
)
|
|
Interest expense
|
Foreign exchange contracts
|
|
40
|
|
|
(499
|
)
|
|
Net sales
|
||
|
|
(397
|
)
|
|
(1,141
|
)
|
|
Total before tax
|
||
|
|
154
|
|
|
349
|
|
|
Tax benefit
|
||
|
|
(243
|
)
|
|
(792
|
)
|
|
Net of tax
|
||
|
|
|
|
|
|
|
||||
Pension and other postretirement benefit items
|
|
|
|
|
|
|
||||
Amortization of prior-service credits, net
|
|
$
|
123
|
|
|
$
|
192
|
|
|
(A)
|
Amortization of actuarial losses
|
|
(8,510
|
)
|
|
(11,973
|
)
|
|
(A)
|
||
|
|
(8,387
|
)
|
|
(11,781
|
)
|
|
Total before tax
|
||
|
|
2,930
|
|
|
4,150
|
|
|
Tax benefit
|
||
|
|
(5,457
|
)
|
|
(7,631
|
)
|
|
Net of tax
|
||
|
|
|
|
|
|
|
||||
Total reclassifications in the period
|
|
$
|
(5,700
|
)
|
|
$
|
(8,423
|
)
|
|
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Net sales
|
|
|
|
|
|
|
|
||||||||
Industrial
|
$
|
208,748
|
|
|
$
|
189,106
|
|
|
$
|
608,534
|
|
|
$
|
592,044
|
|
Aerospace
|
102,816
|
|
|
102,329
|
|
|
298,055
|
|
|
314,910
|
|
||||
Intersegment sales
|
(3
|
)
|
|
(1
|
)
|
|
(3
|
)
|
|
(5
|
)
|
||||
Total net sales
|
$
|
311,561
|
|
|
$
|
291,434
|
|
|
$
|
906,586
|
|
|
$
|
906,949
|
|
|
|
|
|
|
|
|
|
||||||||
Operating profit
|
|
|
|
|
|
|
|
||||||||
Industrial
|
$
|
34,958
|
|
|
$
|
27,304
|
|
|
$
|
99,445
|
|
|
$
|
88,262
|
|
Aerospace
|
16,859
|
|
|
16,443
|
|
|
41,359
|
|
|
50,029
|
|
||||
Total operating profit
|
51,817
|
|
|
43,747
|
|
|
140,804
|
|
|
138,291
|
|
||||
Interest expense
|
3,020
|
|
|
2,637
|
|
|
8,826
|
|
|
7,944
|
|
||||
Other expense (income), net
|
621
|
|
|
(545
|
)
|
|
24
|
|
|
(228
|
)
|
||||
Income before income taxes
|
$
|
48,176
|
|
|
$
|
41,655
|
|
|
$
|
131,954
|
|
|
$
|
130,575
|
|
|
September 30, 2016
|
|
December 31, 2015
|
||||
Assets
|
|
|
|
||||
Industrial
(A)
|
$
|
1,441,695
|
|
|
$
|
1,241,206
|
|
Aerospace
|
637,232
|
|
|
654,147
|
|
||
Other
(B)
|
142,956
|
|
|
166,513
|
|
||
Total assets
|
$
|
2,221,883
|
|
|
$
|
2,061,866
|
|
/s/ PricewaterhouseCoopers LLP
|
|
PricewaterhouseCoopers LLP
Hartford, Connecticut
|
|
October 28, 2016
|
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||||||||||||||||||||
(in millions)
|
2016
|
|
2015
|
|
Change
|
|
2016
|
|
2015
|
|
Change
|
||||||||||||||||||
Industrial
|
$
|
208.7
|
|
|
$
|
189.1
|
|
|
$
|
19.6
|
|
|
10.4
|
%
|
|
$
|
608.5
|
|
|
$
|
592.0
|
|
|
$
|
16.5
|
|
|
2.8
|
%
|
Aerospace
|
102.8
|
|
|
102.3
|
|
|
0.5
|
|
|
0.5
|
%
|
|
298.1
|
|
|
314.9
|
|
|
(16.9
|
)
|
|
(5.4
|
)%
|
||||||
Total
|
$
|
311.6
|
|
|
$
|
291.4
|
|
|
$
|
20.1
|
|
|
6.9
|
%
|
|
$
|
906.6
|
|
|
$
|
906.9
|
|
|
$
|
(0.4
|
)
|
|
—
|
%
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||||||||||||||||||||
(in millions)
|
2016
|
|
2015
|
|
Change
|
|
2016
|
|
2015
|
|
Change
|
||||||||||||||||||
Cost of sales
|
$
|
198.6
|
|
|
$
|
191.1
|
|
|
$
|
7.5
|
|
|
3.9
|
%
|
|
$
|
582.0
|
|
|
$
|
593.6
|
|
|
$
|
(11.6
|
)
|
|
(2.0
|
)%
|
% sales
|
63.7
|
%
|
|
65.6
|
%
|
|
|
|
|
|
64.2
|
%
|
|
65.5
|
%
|
|
|
|
|
||||||||||
Gross profit
(1)
|
$
|
113.0
|
|
|
$
|
100.3
|
|
|
$
|
12.7
|
|
|
12.6
|
%
|
|
$
|
324.6
|
|
|
$
|
313.3
|
|
|
$
|
11.2
|
|
|
3.6
|
%
|
% sales
|
36.3
|
%
|
|
34.4
|
%
|
|
|
|
|
|
35.8
|
%
|
|
34.5
|
%
|
|
|
|
|
||||||||||
Selling and administrative expenses
|
$
|
61.1
|
|
|
$
|
56.6
|
|
|
$
|
4.6
|
|
|
8.1
|
%
|
|
$
|
183.8
|
|
|
$
|
175.0
|
|
|
$
|
8.7
|
|
|
5.0
|
%
|
% sales
|
19.6
|
%
|
|
19.4
|
%
|
|
|
|
|
|
20.3
|
%
|
|
19.3
|
%
|
|
|
|
|
||||||||||
Operating income
|
$
|
51.8
|
|
|
$
|
43.7
|
|
|
$
|
8.1
|
|
|
18.4
|
%
|
|
$
|
140.8
|
|
|
$
|
138.3
|
|
|
$
|
2.5
|
|
|
1.8
|
%
|
% sales
|
16.6
|
%
|
|
15.0
|
%
|
|
|
|
|
|
15.5
|
%
|
|
15.2
|
%
|
|
|
|
|
||||||||||
(1) Sales less cost of sales.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||||||||||||||||||||
(in millions, except per share)
|
2016
|
|
2015
|
|
Change
|
|
2016
|
|
2015
|
|
Change
|
||||||||||||||||||
Net income
|
$
|
36.8
|
|
|
$
|
33.7
|
|
|
$
|
3.2
|
|
|
9.4
|
%
|
|
$
|
98.9
|
|
|
$
|
97.0
|
|
|
$
|
1.9
|
|
|
2.0
|
%
|
Net income per common share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Basic
|
$
|
0.68
|
|
|
$
|
0.61
|
|
|
$
|
0.07
|
|
|
11.5
|
%
|
|
$
|
1.82
|
|
|
$
|
1.76
|
|
|
$
|
0.06
|
|
|
3.4
|
%
|
Diluted
|
0.67
|
|
|
0.61
|
|
|
0.06
|
|
|
9.8
|
%
|
|
1.81
|
|
|
1.74
|
|
|
0.07
|
|
|
4.0
|
%
|
||||||
Weighted average common shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Basic
|
54.2
|
|
|
55.2
|
|
|
(1.0
|
)
|
|
(1.8
|
)%
|
|
54.2
|
|
|
55.1
|
|
|
(0.9
|
)
|
|
(1.7
|
)%
|
||||||
Diluted
|
54.6
|
|
|
55.6
|
|
|
(1.0
|
)
|
|
(1.8
|
)%
|
|
54.6
|
|
|
55.6
|
|
|
(1.0
|
)
|
|
(1.8
|
)%
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||||||||||||||||||||
(in millions)
|
2016
|
|
2015
|
|
Change
|
|
2016
|
|
2015
|
|
Change
|
||||||||||||||||||
Sales
|
$
|
208.7
|
|
|
$
|
189.1
|
|
|
$
|
19.6
|
|
|
10.4
|
%
|
|
$
|
608.5
|
|
|
$
|
592.0
|
|
|
$
|
16.5
|
|
|
2.8
|
%
|
Operating profit
|
35.0
|
|
|
27.3
|
|
|
7.7
|
|
|
28.0
|
%
|
|
99.4
|
|
|
88.3
|
|
|
11.2
|
|
|
12.7
|
%
|
||||||
Operating margin
|
16.7
|
%
|
|
14.4
|
%
|
|
|
|
|
|
16.3
|
%
|
|
14.9
|
%
|
|
|
|
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||||||||||||||||||||
(in millions)
|
2016
|
|
2015
|
|
Change
|
|
2016
|
|
2015
|
|
Change
|
||||||||||||||||||
Sales
|
$
|
102.8
|
|
|
$
|
102.3
|
|
|
$
|
0.5
|
|
|
0.5
|
%
|
|
$
|
298.1
|
|
|
$
|
314.9
|
|
|
$
|
(16.9
|
)
|
|
(5.4
|
)%
|
Operating profit
|
16.9
|
|
|
16.4
|
|
|
0.4
|
|
|
2.5
|
%
|
|
41.4
|
|
|
50.0
|
|
|
(8.7
|
)
|
|
(17.3
|
)%
|
||||||
Operating margin
|
16.4
|
%
|
|
16.1
|
%
|
|
|
|
|
|
13.9
|
%
|
|
15.9
|
%
|
|
|
|
|
|
Nine months ended September 30,
|
||||||||||
(in millions)
|
2016
|
|
2015
|
|
Change
|
||||||
Operating activities
|
$
|
160.1
|
|
|
$
|
160.6
|
|
|
$
|
(0.5
|
)
|
Investing activities
|
(153.8
|
)
|
|
(90.6
|
)
|
|
(63.2
|
)
|
|||
Financing activities
|
(19.0
|
)
|
|
(46.6
|
)
|
|
27.6
|
|
|||
Exchange rate effect
|
0.7
|
|
|
(3.7
|
)
|
|
4.4
|
|
|||
(Decrease) increase in cash
|
$
|
(12.0
|
)
|
|
$
|
19.7
|
|
|
$
|
(31.7
|
)
|
|
Four fiscal quarters ended September 30, 2016
|
||
Net income
|
$
|
123.3
|
|
Add back:
|
|
||
Interest expense
|
11.6
|
|
|
Income taxes
|
36.0
|
|
|
Depreciation and amortization
|
77.9
|
|
|
Adjustment for non-cash stock based compensation
|
10.7
|
|
|
Workforce reduction and restructuring charges
|
3.9
|
|
|
Pension lump-sum settlement charge
|
9.9
|
|
|
Adjustment for acquired businesses
|
11.1
|
|
|
Other adjustments
|
1.6
|
|
|
Consolidated EBITDA, as defined
|
$
|
286.0
|
|
|
|
||
Consolidated Senior Debt, as defined, as of September 30, 2016
|
$
|
527.5
|
|
Ratio of Consolidated Senior Debt to Consolidated EBITDA
|
1.84
|
|
|
Maximum
|
3.25
|
|
|
Consolidated Total Debt, as defined, as of September 30, 2016
|
$
|
527.5
|
|
Ratio of Consolidated Total Debt to Consolidated EBITDA
|
1.84
|
|
|
Maximum
|
4.00
|
|
|
Consolidated Cash Interest Expense, as defined, as of September 30, 2016
|
$
|
13.2
|
|
Ratio of Consolidated EBITDA to Consolidated Cash Interest Expense
|
21.69
|
|
|
Minimum
|
4.25
|
|
|
Nine months ended September 30,
|
||||||
|
2016
|
|
2015
|
||||
Net income
|
$
|
98.9
|
|
|
$
|
97.0
|
|
Add back:
|
|
|
|
||||
Interest expense
|
8.8
|
|
|
7.9
|
|
||
Income taxes
|
33.1
|
|
|
33.6
|
|
||
Depreciation and amortization
|
58.9
|
|
|
59.2
|
|
||
EBITDA
|
$
|
199.7
|
|
|
$
|
197.8
|
|
Period
|
|
(a)
Total Number of Shares (or Units) Purchased
|
|
(b)
Average Price Paid Per Share (or Unit)
|
|
(c)
Total Number of Shares (or Units) Purchased as Part of Publicly Announced Plans or Programs
|
|
(d)
Maximum Number of Shares (or Units) that May Yet Be Purchased Under the Plans or Programs
(2)
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|||||
July 1-31, 2016
|
|
86,115
|
|
|
$
|
36.29
|
|
|
—
|
|
|
4,767,543
|
|
|
August 1-31, 2016
|
|
223,052
|
|
|
$
|
39.65
|
|
|
193,745
|
|
|
4,573,798
|
|
|
September 1-30, 2016
|
|
2,569
|
|
|
$
|
40.75
|
|
|
—
|
|
|
4,573,798
|
|
|
Total
|
|
311,736
|
|
(1)
|
$
|
38.74
|
|
|
193,745
|
|
|
|
|
(1)
|
Other than 193,745 shares purchased in the third quarter of 2016, which were purchased as part of the Company's 2011 Program, all acquisitions of equity securities during the
third quarter of 2016
were the result of the operation of the terms of the Company's stockholder-approved equity compensation plans and the terms of the equity rights granted pursuant to those plans to pay for the related income tax upon issuance of shares. The purchase price of a share of stock used for tax withholding is the market price on the date of issuance.
|
(2)
|
The program was publicly announced on October 20, 2011 (the "2011 Program") authorizing repurchase of up to 5.0 million shares of common stock. At December 31, 2015, 1.1 million shares of common stock had not been purchased under the 2011 Program. On February 10, 2016, the Board of Directors of the Company increased the number of shares authorized for repurchase under the 2011 Program by 3.9 million shares of common stock (5.0 million authorized, in total). The 2011 Program permits open market purchases, purchases under a Rule 10b5-1 trading plan and privately negotiated transactions.
|
|
|
Barnes Group Inc.
|
|
|
(Registrant)
|
|
|
|
Date:
|
October 28, 2016
|
/s/ CHRISTOPHER J. STEPHENS, JR.
|
|
|
Christopher J. Stephens, Jr.
Senior Vice President, Finance
Chief Financial Officer
(Principal Financial Officer)
|
|
|
|
Date:
|
October 28, 2016
|
/s/ MARIAN ACKER
|
|
|
Marian Acker
Vice President, Controller
(Principal Accounting Officer)
|
Exhibit No.
|
|
Description
|
|
Reference
|
15
|
|
Letter regarding unaudited interim financial information.
|
|
Filed with this report.
|
31.1
|
|
Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
Filed with this report.
|
31.2
|
|
Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
Filed with this report.
|
32
|
|
Certification pursuant to 18 U.S.C. Section 1350 as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
Furnished with this report.
|
Exhibit 101.INS
|
|
XBRL Instance Document.
|
|
Filed with this report.
|
Exhibit 101.SCH
|
|
XBRL Taxonomy Extension Schema Document.
|
|
Filed with this report.
|
Exhibit 101.CAL
|
|
XBRL Taxonomy Extension Calculation Linkbase Document.
|
|
Filed with this report.
|
Exhibit 101.DEF
|
|
XBRL Taxonomy Extension Definition Linkbase Document.
|
|
Filed with this report.
|
Exhibit 101.LAB
|
|
XBRL Taxonomy Extension Label Linkbase Document.
|
|
Filed with this report.
|
Exhibit 101.PRE
|
|
XBRL Taxonomy Extension Presentation Linkbase Document.
|
|
Filed with this report.
|
1 Year Barnes Chart |
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