Document and Entity Information
Document and Entity Information Document | 6 Months Ended |
Jun. 30, 2016USD ($)shares | |
Document and Entity Information [Abstract] | |
Entity Registrant Name | METTLER TOLEDO INTERNATIONAL INC/ |
Entity Central Index Key | 1,037,646 |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Large Accelerated Filer |
Document Type | 10-Q |
Document Period End Date | Jun. 30, 2016 |
Document Fiscal Year Focus | 2,016 |
Document Fiscal Period Focus | Q2 |
Amendment Flag | false |
Entity Common Stock, Shares Outstanding | shares | 26,489,610 |
Entity Well-known Seasoned Issuer | Yes |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Public Float | $ | $ 9,666,588,481 |
Interim Consolidated Statements
Interim Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Net sales | ||||
Products | $ 470,605 | $ 449,702 | $ 883,897 | $ 862,606 |
Service | 137,681 | 132,355 | 264,063 | 255,152 |
Total net sales | 608,286 | 582,057 | 1,147,960 | 1,117,758 |
Cost of sales | ||||
Products | 183,322 | 183,127 | 349,179 | 347,793 |
Service | 77,388 | 76,018 | 151,298 | 148,248 |
Gross profit | 347,576 | 322,912 | 647,483 | 621,717 |
Research and development | 30,701 | 29,794 | 59,674 | 58,255 |
Selling, general and administrative | 187,798 | 174,808 | 356,719 | 347,846 |
Amortization | 8,655 | 7,634 | 17,079 | 15,162 |
Interest expense | 6,872 | 6,942 | 13,452 | 13,667 |
Restructuring Charges | 2,205 | 1,720 | 3,085 | 2,627 |
Other charges (income), net | 8,173 | (33) | 7,889 | (850) |
Earnings before taxes | 103,172 | 102,047 | 189,585 | 185,010 |
Provision for taxes | 23,584 | 24,490 | 44,323 | 44,402 |
Net earnings | $ 79,588 | $ 77,557 | $ 145,262 | $ 140,608 |
Basic earnings per common share: | ||||
Net earnings | $ 2.99 | $ 2.79 | $ 5.42 | $ 5.03 |
Weighted average number of common shares | 26,631,015 | 27,843,905 | 26,781,154 | 27,978,814 |
Diluted earnings per common share: | ||||
Net earnings | $ 2.93 | $ 2.73 | $ 5.32 | $ 4.91 |
Weighted average number of common and common equivalent shares | 27,143,284 | 28,460,336 | 27,283,012 | 28,611,637 |
Comprehensive Income, Net of Tax (Note 9) | $ 56,630 | $ 99,337 | $ 129,136 | $ 156,132 |
Interim Consolidated Balance Sh
Interim Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 114,646 | $ 98,887 |
Trade accounts receivable, less allowances of $13,918 at June 30, 2016 and $14,435 at December 31, 2015 | 407,972 | 411,420 |
Inventories | 234,006 | 214,383 |
Current deferred tax assets, net | 70,940 | 67,483 |
Other current assets and prepaid expenses | 72,696 | 70,642 |
Total current assets | 900,260 | 862,815 |
Property, plant and equipment, net | 514,312 | 517,229 |
Goodwill | 444,278 | 446,284 |
Other intangible assets, net | 114,002 | 115,252 |
Non-current deferred tax assets, net | 22,958 | 22,873 |
Other non-current assets | 65,937 | 52,186 |
Total assets | 2,061,747 | 2,016,639 |
Current liabilities: | ||
Trade accounts payable | 131,888 | 142,075 |
Accrued and other liabilities | 120,278 | 127,645 |
Accrued compensation and related items | 108,001 | 136,414 |
Deferred revenue and customer prepayments | 117,906 | 88,829 |
Taxes payable | 69,178 | 63,241 |
Current deferred tax liabilities | 22,912 | 22,435 |
Short-term borrowings and current maturities of long-term debt | 20,945 | 14,488 |
Total current liabilities | 591,108 | 595,127 |
Long-term debt | 693,263 | 575,138 |
Non-current deferred tax liabilities | 78,034 | 71,365 |
Other non-current liabilities | 207,380 | 194,552 |
Total liabilities | 1,569,785 | 1,436,182 |
Commitments and contingencies (Note 15) | ||
Shareholders' equity: | ||
Preferred stock, $0.01 par value per share; authorized 10,000,000 shares | 0 | 0 |
Common stock, $0.01 par value per share; authorized 125,000,000 shares; issued 44,786,011 and 44,786,011 shares; outstanding 26,489,610 and 27,090,118 shares at June 30, 2016 and December 31, 2015, respectively | 448 | 448 |
Additional paid-in capital | 715,971 | 697,570 |
Treasury stock at cost (18,296,401 shares at June 30, 2016 and 17,695,893 shares at December 31, 2015) | (2,776,454) | (2,543,229) |
Retained earnings | 2,834,772 | 2,692,317 |
Accumulated Other Comprehensive Income (Loss), Net of Tax | (282,775) | (266,649) |
Total shareholders' equity | 491,962 | 580,457 |
Total liabilities and shareholders' equity | $ 2,061,747 | $ 2,016,639 |
Balance Sheet Parentheticals (P
Balance Sheet Parentheticals (Parentheticals) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Allowance for Doubtful Accounts Receivable, Current | $ 13,918 | $ 14,435 |
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 |
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 125,000,000 | 125,000,000 |
Common Stock, Shares, Issued | 44,786,011 | 44,786,011 |
Common Stock, Shares, Outstanding | 26,489,610 | 27,090,118 |
Treasury Stock, Shares | 18,296,401 | 17,695,893 |
Interim Consolidated Statement5
Interim Consolidated Statements of Shareholders' Equity and Comprehensive Income (Unaudited) - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Treasury Stock | Retained Earnings | Accumulated Other Comprehensive Income (Loss) |
Beginning balance at Dec. 31, 2014 | $ 719,595 | $ 448 | $ 670,418 | $ (2,095,656) | $ 2,357,334 | $ (212,949) |
Beginning balance, shares at Dec. 31, 2014 | 28,243,007 | |||||
Stock Issued During Period, Value, Treasury Stock Reissued | (29,556) | (47,393) | (17,837) | |||
Exercise of stock options and restricted stock units, shares | 403,908 | |||||
Repurchases of common stock | (494,966) | (494,966) | ||||
Repurchases of common stock, shares | (1,556,797) | |||||
Tax benefit resulting from exercise of certain employee stock options | 12,929 | 12,929 | ||||
Adjustment to Additional Paid in Capital, Share-Based Compensation | 14,223 | 14,223 | ||||
Net earnings | 352,820 | 352,820 | ||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (53,700) | (53,700) | ||||
Ending balance at Dec. 31, 2015 | $ 580,457 | $ 448 | 697,570 | (2,543,229) | 2,692,317 | (266,649) |
Ending balance, shares at Dec. 31, 2015 | 27,090,118 | 27,090,118 | ||||
Stock Issued During Period, Value, Treasury Stock Reissued | $ (13,965) | (16,772) | (2,807) | |||
Exercise of stock options and restricted stock units, shares | 131,737 | 131,737 | ||||
Repurchases of common stock | $ (249,997) | (249,997) | ||||
Repurchases of common stock, shares | (732,245) | (732,245) | ||||
Tax benefit resulting from exercise of certain employee stock options | $ 11,152 | 11,152 | ||||
Adjustment to Additional Paid in Capital, Share-Based Compensation | 7,249 | 7,249 | ||||
Net earnings | 145,262 | 145,262 | ||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (16,126) | (16,126) | ||||
Ending balance at Jun. 30, 2016 | $ 491,962 | $ 448 | $ 715,971 | $ (2,776,454) | $ 2,834,772 | $ (282,775) |
Ending balance, shares at Jun. 30, 2016 | 26,489,610 | 26,489,610 |
Interim Consolidated Statement6
Interim Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Cash flows from operating activities: | ||
Net earnings | $ 145,262 | $ 140,608 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Depreciation | 16,116 | 16,658 |
Amortization | 17,079 | 15,162 |
Deferred tax benefit | (8,852) | (2,681) |
Excess tax benefits from share-based payment arrangements | (11,152) | (1,278) |
Share-based compensation | 7,249 | 6,981 |
Other Comprehensive Income (Loss), Finalization of Pension and Other Postretirement Benefit Plan Valuation, before Tax | 8,189 | 0 |
Other | (101) | 89 |
Increase (decrease) in cash resulting from changes in: | ||
Trade accounts receivable, net | 5,189 | 21,764 |
Inventories | (20,029) | (18,659) |
Other current assets | (3,519) | (959) |
Trade accounts payable | (8,673) | (7,593) |
Taxes payable | 5,351 | 7,836 |
Accruals and other | (884) | (14,143) |
Net cash provided by operating activities | 151,225 | 163,785 |
Cash flows from investing activities: | ||
Proceeds from sale of property, plant and equipment | 218 | 127 |
Purchase of property, plant and equipment | (28,858) | (35,923) |
Acquisitions | (4,329) | (300) |
Payments for (Proceeds from) Derivative Instrument, Investing Activities | 1,075 | (12,811) |
Net cash used in investing activities | (31,894) | (48,907) |
Cash flows from financing activities: | ||
Proceeds from borrowings | 392,560 | 493,450 |
Repayments of borrowings | (269,684) | (313,923) |
Proceeds from stock option exercises | 13,965 | 17,738 |
Repurchases of common stock | (249,997) | (247,473) |
Excess tax benefits from share - based payment arrangements | 11,152 | 1,278 |
Proceeds from (Payments for) Other Financing Activities | (680) | (854) |
Net cash used in financing activities | (102,684) | (49,784) |
Effect of exchange rate changes on cash and cash equivalents | (888) | (1,048) |
Net (decrease) increase in cash and cash equivalents | 15,759 | 64,046 |
Cash and cash equivalents: | ||
Beginning of period | 98,887 | 85,263 |
End of period | $ 114,646 | $ 149,309 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
BASIS OF PRESENTATION | BASIS OF PRESENTATION Mettler-Toledo International Inc. ("Mettler-Toledo" or the "Company") is a leading global supplier of precision instruments and services. The Company manufactures weighing instruments for use in laboratory, industrial, packaging, logistics and food retailing applications. The Company also manufactures several related analytical instruments and provides automated chemistry solutions used in drug and chemical compound discovery and development. In addition, the Company manufactures metal detection and other end-of-line inspection systems used in production and packaging and provides solutions for use in certain process analytics applications. The Company's primary manufacturing facilities are located in China, Germany, Switzerland, the United Kingdom and the United States. The Company's principal executive offices are located in Columbus, Ohio and Greifensee, Switzerland. The accompanying interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and include all entities in which the Company has control, which are its wholly-owned subsidiaries. The interim consolidated financial statements have been prepared without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. The interim consolidated financial statements should be read in conjunction with the consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015 . The accompanying interim consolidated financial statements reflect all adjustments which, in the opinion of management, are necessary for a fair statement of the results of the interim periods presented. Operating results for the three and six months ended June 30, 2016 are not necessarily indicative of the results to be expected for the full year ending December 31, 2016 . The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, as well as disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. Actual results may differ from those estimates. A discussion of the Company’s critical accounting policies is included in Management’s Discussion and Analysis of Financial Condition and Results of Operations and the Notes to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015 . All intercompany transactions and balances have been eliminated. Certain reclassifications have been made to prior year amounts to conform to the current year presentation. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2016 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Trade Accounts Receivable Trade accounts receivable are recorded at the invoiced amount and do not bear interest. The allowance for doubtful accounts represents the Company’s best estimate of probable credit losses in its existing trade accounts receivable. The Company determines the allowance based upon a review of both specific accounts for collection and the age of the accounts receivable portfolio. Inventories Inventories are valued at the lower of cost or net realizable value. Cost, which includes direct materials, labor and overhead, is generally determined using the first in, first out (FIFO) method. The estimated net realizable value is based on assumptions for future demand and related pricing. Adjustments to the cost basis of the Company’s inventory are made for excess and obsolete items based on usage, orders and technological obsolescence. If actual market conditions are less favorable than those projected by management, reductions in the value of inventory may be required. Inventories consisted of the following: June 30, December 31, Raw materials and parts $ 101,369 $ 98,252 Work-in-progress 41,433 35,100 Finished goods 91,204 81,031 $ 234,006 $ 214,383 Goodwill and Other Intangible Assets Goodwill, representing the excess of purchase price over the net asset value of companies acquired, and indefinite-lived intangible assets are not amortized, but are reviewed for impairment annually in the fourth quarter, or more frequently if events or changes in circumstances indicate that an asset might be impaired. The annual evaluation for goodwill and indefinite-lived intangible assets are generally based on an assessment of qualitative and quantitative factors to determine whether it is more likely than not that the fair value of the asset is less than its carrying amount. Other intangible assets include indefinite-lived assets and assets subject to amortization. Where applicable, amortization is charged on a straight-line basis over the expected period of benefit. The straight-line method of amortization reflects an appropriate allocation of the cost of the intangible assets to earnings in proportion to the amount of economic benefits obtained by the Company in each reporting period. The Company assesses the initial acquisition of intangible assets in accordance with the provisions of ASC 805 "Business Combinations" and the continued accounting for previously recognized intangible assets and goodwill in accordance with the provisions of ASC 350 "Intangible - Goodwill and Other" and ASC 360 "Property, Plant and Equipment". Other intangible assets consisted of the following: June 30, 2016 December 31, 2015 Gross Amount Accumulated Amortization Intangibles, Net Gross Amount Accumulated Amortization Intangibles, Net Customer relationships $ 98,867 $ (32,577 ) $ 66,290 $ 98,175 $ (30,836 ) $ 67,339 Proven technology and patents 54,520 (34,060 ) 20,460 52,938 (32,444 ) 20,494 Tradename (finite life) 4,289 (2,212 ) 2,077 4,200 (2,158 ) 2,042 Tradename (indefinite life) 24,788 — 24,788 24,814 — 24,814 Other 2,143 (1,756 ) 387 2,111 (1,548 ) 563 $ 184,607 $ (70,605 ) $ 114,002 $ 182,238 $ (66,986 ) $ 115,252 The Company recognized amortization expense associated with the above intangible assets of $1.7 million and $1.6 million for the three months ended June 30, 2016 and 2015 , respectively and $3.5 million and $3.1 million for the six months ended June 30, 2016 and 2015 , respectively. The annual aggregate amortization expense based on the current balance of other intangible assets is estimated at $6.8 million for 2016 , $6.5 million for 2017 , $6.2 million for 2018 , $5.9 million for 2019 , $5.6 million for 2020 and $5.3 million for 2021 . Purchased intangible amortization was $1.5 million , $1.0 million after tax, and $1.4 million , $0.9 million after tax, for the three months ended June 30, 2016 and 2015 , respectively and $3.2 million , $2.1 million after tax, and $2.8 million , $1.9 million after tax, for the six months ended June 30, 2016 and 2015 , respectively. In addition to the above amortization, the Company recorded amortization expense associated with capitalized software of $6.9 million and $6.0 million for the three months ended June 30, 2016 and 2015 , respectively and $13.4 million and $11.9 million for the six months ended June 30, 2016 and 2015 , respectively. Revenue Recognition Revenue is recognized when title to a product has transferred and any significant customer obligations have been fulfilled. Standard shipping terms are generally FOB shipping point in most countries and, accordingly, title and risk of loss transfers upon shipment. In countries where title cannot legally transfer before delivery, the Company defers revenue recognition until delivery has occurred. The Company generally maintains the right to accept or reject a product return in its terms and conditions and also maintains appropriate accruals for outstanding credits. Shipping and handling costs charged to customers are included in total net sales and the associated expense is recorded in cost of sales for all periods presented. Other than a few small software applications, the Company does not sell software products without the related hardware instrument as the software is embedded in the instrument. The Company’s products typically require no significant production, modification or customization of the hardware or software that is essential to the functionality of the products. To the extent the Company’s solutions have a post-shipment obligation, revenue is deferred until the obligation has been completed. The Company defers product revenue where installation is required, unless such installation is deemed perfunctory. The Company also sometimes enters into certain arrangements that require the separate delivery of multiple goods and/or services. These deliverables are accounted for separately if the deliverables have standalone value and the performance of undelivered items is probable and within the Company's control. The allocation of revenue between the separate deliverables is typically based on the relative selling price at the time of the sale in accordance with a number of factors including service technician billing rates, time to install and geographic location. Further, certain products are also sold through indirect distribution channels whereby the distributor assumes any further obligations to the customer upon title transfer. Revenue is recognized on these products upon transfer of title and risk of loss to its distributors. Distributor discounts are offset against revenue at the time such revenue is recognized. Service revenue not under contract is recognized upon the completion of the service performed. Spare parts sold on a stand-alone basis are recognized upon title and risk of loss transfer which is generally at the time of shipment. Revenues from service contracts are recognized ratably over the contract period. These contracts represent an obligation to perform repair and other services including regulatory compliance qualification, calibration, certification and preventative maintenance on a customer’s pre-defined equipment over the contract period. Service contracts are separately priced and payment is typically received from the customer at the beginning of the contract period. Warranty The Company generally offers one -year warranties on most of its products. Product warranties are recorded at the time revenue is recognized. While the Company engages in extensive product quality programs and processes, its warranty obligations are affected by product failure rates, material usage and service costs incurred in correcting a product failure. Employee Termination Benefits In situations where contractual termination benefits exist, the Company records accruals for employee termination benefits when it is probable that a liability has been incurred and the amount of the liability is reasonably estimable. All other employee termination arrangements are recognized and measured at their fair value at the communication date unless the employee is required to render additional service beyond the legal notification period, in which case the liability is recognized ratably over the future service period. Share-Based Compensation The Company recognizes share-based compensation expense within selling, general and administrative in the consolidated statements of operations and other comprehensive income with a corresponding offset to additional paid-in capital in the consolidated balance sheet. The Company recorded $3.6 million and $7.2 million of share-based compensation expense for the three and six months ended June 30, 2016 , respectively, compared to $3.5 million and $7.0 million for the corresponding periods in 2015 . Research and Development Research and development costs primarily consist of salaries, consulting and other costs. The Company expenses these costs as incurred. Recent Accounting Pronouncements In May 2014, the FASB issued ASU 2014-09, to ASC 606 "Revenue from Contracts with Customers." ASU 2014-09 provides authoritative guidance clarifying the principles for recognizing revenue and developing a common revenue standard for U.S. GAAP. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. Additionally, the guidance requires improved disclosure to help users of financial statements better understand the nature, amount, timing, and uncertainty of revenue that is recognized. The guidance becomes effective for the Company for the year beginning January 1, 2018. We are currently evaluating the impact the adoption of this guidance will have on the Company's consolidated results of operations, financial position, and disclosures. In May 2016, the FASB issued ASU 2016-12, "Revenue from Contracts with Customers," which amends ASU 2014-09. The ASU provides guidance for assessing collectability, presentation of sales taxes, noncash considerations, and completed contract modifications at transition. The guidance becomes effective for the Company for the year beginning January 1, 2018. We are currently evaluating the impact the adoption of this guidance will have on the Company's consolidated results of operations, financial position, and disclosures. In May 2016, the FASB issued ASU 2016-10, "Revenue from Contracts with Customers," which amends ASU 2014-09. The ASU provides guidance for identifying performance obligations as they pertain to immaterial promised goods or services, shipping and handling activities, and identifying when promises represent performance obligations. The guidance becomes effective for the Company for the year beginning January 1, 2018. We are currently evaluating the impact the adoption of this guidance will have on the Company's consolidated results of operations, financial position, and disclosures. In March 2016, the FASB issued ASU 2016-09, to ASC 718 "Compensation - Stock Compensation." The guidance allows for the simplification related to several aspects of the accounting for share-based payment transactions, including income tax consequences, the accounting for forfeitures, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The guidance can be applied either on a retrospective or prospective basis and becomes effective for annual periods beginning after December 15, 2016. We are currently evaluating the impact the adoption of this guidance will have on the Company's consolidated results of operations, financial position, and disclosures. In February 2016, the FASB issued ASU 2016-02 to ASC 842 "Leases." The accounting guidance primarily requires lessees to recognize most leases on their balance sheet as a right to use asset and a lease liability, with the exception of short term leases. A lessee will continue to recognize lease expense on a straight-line basis for leases classified as operating leases. The guidance becomes effective for fiscal years beginning after December 15, 2018 and must be applied on a retrospective basis with early adoption permitted. The Company is currently evaluating the impact of this guidance on our financial statements and the timing of adoption. In November 2015, the FASB issued ASU 2015-17, to ASC 740 "Income Taxes." The guidance simplifies the balance sheet classification of deferred taxes. The new guidance requires that all deferred tax balances be presented as non-current. This change, which can be early adopted, conforms U.S. GAAP to IFRS. The guidance becomes effective for the Company for the year beginning January 1, 2017. The adoption of this guidance would have reduced current assets and increased non-current assets by approximately $70.9 million and reduced current liabilities and increased non-current liabilities by approximately $22.9 million on the Company's consolidated balance sheet at June 30, 2016. In May 2015, the FASB issued ASU 2015-07, to ASC 820 "Fair Value Measurements." ASU 2015-07 removes the requirement to categorize investments using the net asset value per share method within the fair value hierarchy. The Company will adopt the guidance in the fourth quarter of 2016, which will have an immaterial impact on the consolidated financial statements. |
Business Combinations (Notes)
Business Combinations (Notes) | 6 Months Ended |
Jun. 30, 2016 | |
Business Combinations [Abstract] | |
Business Combination Disclosure [Text Block] | ACQUISITIONS In May 2016, the Company entered into an agreement to acquire substantially all of the assets of Henry Troemner, LLC, a leading supplier of lab equipment, weights and weight calibration based in the United States. Total consideration for the acquisition is approximately $96 million . The acquisition is expected to be consummated in the third quarter of 2016 and will be funded by the Company's existing Credit Agreement. In 2016 , the Company consummated acquisitions totaling $4.3 million , which included additional cash consideration of $0.5 million . Goodwill recorded in connection with the acquisitions totaled $2.0 million . The Company also recorded $1.2 million of identified intangibles primarily pertaining to customer relationships in connection with the acquisitions, which will be amortized on a straight-line basis over 10 years. |
Financial Instruments
Financial Instruments | 6 Months Ended |
Jun. 30, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
FINANCIAL INSTRUMENTS | FINANCIAL INSTRUMENTS The Company has limited involvement with derivative financial instruments and does not use them for trading purposes. The Company enters into certain interest rate swap agreements in order to manage its exposure to changes in interest rates. The amount of the Company's fixed obligation interest payments may change based upon the expiration dates of its interest rate swap agreements and the level and composition of its debt. The Company also enters into certain foreign currency forward contracts to limit the Company's exposure to currency fluctuations on the respective hedged items. As also mentioned in Note 7, the Company has designated its euro denominated debt as a hedge of a portion of its net investment in euro-denominated foreign operations. For additional disclosures on the fair value of financial instruments, see Note 5. Cash Flow Hedges In July 2012, the Company began entering into foreign currency forward contracts, designated as cash flow hedges, to hedge certain forecasted intercompany sales denominated in euro with its Swiss-based business. In January 2015, prior to the Swiss National Bank's abandonment of its previously established exchange rate of 1.20 Swiss franc per euro, the Company increased the notional amount of the cash flow hedges to a total notional value and average forward rate of Euro 86 million and 1.21 for contracts that matured in 2015 and Euro 67 million and 1.19 for contracts that mature in 2016. The notional amount of foreign currency forward contracts outstanding at June 30, 2016 were $40.1 million (Euro 36.3 million ) and $73 million (Euro 67 million ) at December 31, 2015. The gross amount recognized in other comprehensive income (loss) during the three month periods ended June 30, 2016 and 2015 was a gain of $0.3 million and $1.4 million , respectively. The gross amount recognized in other comprehensive income (loss) during the six month periods ended June 30, 2016 and 2015 was a loss of $0.2 million and a gain $24.2 million , respectively. The Company has an interest rate swap agreement designated as a cash flow hedge. The agreement is a swap which has the effect of changing the floating rate LIBOR-based interest payments associated with $50 million in forecasted borrowings under the Company’s credit facility to a fixed obligation of 2.52% . The swap began in October 2015 and matures in October 2020. In March 2015, the Company entered into a forward-starting interest rate swap agreement. The agreement will change the floating rate LIBOR-based interest payments associated with $100 million in forecasted borrowings under the Company's credit agreement to a fixed obligation of 2.25% beginning in February 2017 and matures in February 2022. The Company's cash flow hedges are recorded gross at fair value in the consolidated balance sheet at June 30, 2016 and December 31, 2015 , respectively, and disclosed in Note 5 to the consolidated financial statements. Amounts reclassified into other comprehensive income and the effective portions of the cash flow hedges are further disclosed in Note 9 to the consolidated financial statements. A derivative gain of $2.1 million based upon interest rates and foreign currency rates at June 30, 2016 , is expected to be reclassified from other comprehensive income (loss) to earnings in the next twelve months. Through June 30, 2016 , no hedge ineffectiveness has occurred in relation to the cash flow hedges. Other Derivatives The Company enters into foreign currency forward contracts in order to economically hedge short-term trade and non-trade intercompany balances largely denominated in Swiss franc, other major European currencies, and the Chinese Renminbi with its foreign businesses. In accordance with U.S. GAAP, these contracts are considered “derivatives not designated as hedging instruments.” Gains or losses on these instruments are reported in current earnings. The foreign currency forward contracts are recorded at fair value in the consolidated balance sheet at June 30, 2016 and June 30, 2015 , respectively, and disclosed in Note 5. The Company recognized in other charges (income), a net loss of $1.7 million and $0.2 million during the three months ended June 30, 2016 and 2015 , respectively, and a net loss of $0.6 million and $9.5 million during the six months ended June 30, 2016 and 2015 , respectively. The gains and losses are primarily offset by the underlying transaction gains and losses on the related intercompany balances. At June 30, 2016 and June 30, 2015 , these contracts had a notional value of $348.4 million and $318.7 million , respectively. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS At June 30, 2016 and December 31, 2015 , the Company had derivative assets totaling $5.3 million and $8.2 million , respectively, and derivative liabilities totaling $12.0 million and $4.7 million , respectively. The fair values of the interest rate swap agreements, foreign currency forward contracts designated as cash flow hedges and foreign currency forward contracts that economically hedge short-term intercompany balances are estimated based upon inputs from current valuation information obtained from dealer quotes and priced with observable market assumptions and appropriate valuation adjustments for credit risk. The Company has evaluated the valuation methodologies used to develop the fair values by dealers in order to determine whether such valuations are representative of an exit price in the Company’s principal market. In addition, the Company uses an internally developed model to perform testing on the valuations received from brokers. The Company has also considered both its own credit risk and counterparty credit risk in determining fair value and determined these adjustments were insignificant at June 30, 2016 and December 31, 2015 . At June 30, 2016 and December 31, 2015 , the Company had $19.7 million and $18.8 million of cash equivalents, respectively, the fair value of which is determined through quoted and corroborated prices in active markets. The fair value of cash equivalents approximates cost. The fair value of the Company's fixed interest rate debt was estimated using Level 2 inputs, primarily discounted cash flow models, based on estimated current rates offered for similar debt under current market conditions for the Company. The fair value of the Company's debt exceeds the carrying value by approximately $31.6 million as of June 30, 2016 . The carrying value of the Company's debt exceeds the fair value by approximately $9.2 million as of December 31, 2015. Under U.S. GAAP, fair value is defined 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. A fair value measurement consists of observable and unobservable inputs that reflect the assumptions that a market participant would use in pricing an asset or liability. A fair value hierarchy has been established that categorizes these inputs into three levels: Level 1: Quoted prices in active markets for identical assets and liabilities Level 2: Observable inputs other than quoted prices in active markets for identical assets and liabilities Level 3: Unobservable inputs The following table presents for each of these hierarchy levels, the Company’s assets and liabilities that are measured at fair value on a recurring basis at June 30, 2016 and December 31, 2015 : June 30, 2016 December 31, 2015 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Assets: Cash equivalents $ 19,675 $ — $ 19,675 $ — $ 18,755 $ — $ 18,755 $ — Foreign currency forwards contracts designed as cash flow hedges 3,888 — 3,888 — 7,056 — 7,056 — Foreign currency forward contracts not designated as hedging instruments 1,368 — 1,368 — 1,166 — 1,166 — Total $ 24,931 $ — $ 24,931 $ — $ 26,977 $ — $ 26,977 $ — Liabilities: Interest rate swap agreements $ 10,167 $ — $ 10,167 $ — $ 4,092 $ — $ 4,092 $ — Foreign currency forward contracts not designated as hedging instruments 1,866 — 1,866 — 625 — 625 — Total $ 12,033 $ — $ 12,033 $ — $ 4,717 $ — $ 4,717 $ — |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES The provision for taxes is based upon using the Company's projected annual effective tax rate of 24% before discrete items for both the three and six month periods ended June 30, 2016 and 2015 . |
Debt
Debt | 6 Months Ended |
Jun. 30, 2016 | |
Debt Disclosure [Abstract] | |
DEBT | DEBT Debt consisted of the following at June 30, 2016 : June 30, 2016 U.S. Dollar Other Principal Trading Currencies Total 3.67% $50 million Senior Notes due December 17, 2022 50,000 — 50,000 4.10% $50 million Senior Notes due September 19, 2023 50,000 — 50,000 3.84% $125 million Senior Notes due September 19, 2024 125,000 — 125,000 4.24% $125 million Senior Notes due June 25, 2025 125,000 — 125,000 1.47% EUR 125 million Senior Notes due June 17, 2030 — 138,183 138,183 Debt issuance costs, net (1,344 ) (399 ) (1,743 ) Total Senior Notes 348,656 137,784 486,440 $800 million Credit Agreement, interest at LIBOR plus 87.5 basis points 157,952 48,871 206,823 Other local arrangements — 20,945 20,945 Total debt 506,608 207,600 714,208 Less: current portion — (20,945 ) (20,945 ) Total long-term debt $ 506,608 $ 186,655 $ 693,263 As of June 30, 2016 , the Company had $588.6 million of availability remaining under its Credit Agreement. 1.47% Euro Senior Notes The Company has designated the 1.47% Euro Senior Notes as a hedge of a portion of its net investment in euro-denominated foreign subsidiaries to reduce foreign currency risk associated with the net investment in these operations. Changes in the carrying value of this debt resulting from fluctuations in the euro to U.S. dollar exchange rate are recorded as foreign currency translation adjustments within other comprehensive income (loss). The unrealized gain (loss) recorded in other comprehensive income (loss) related to this net investment hedge was a gain of $2.0 million and $0.5 million for the three months ended June 30, 2016 and 2015, respectively, and a loss of $1.6 million and a gain $0.5 million for the six months periods ended June 30, 2016 and 2015, respectively. |
Share Repurchase Program and Tr
Share Repurchase Program and Treasury Stock | 6 Months Ended |
Jun. 30, 2016 | |
Equity [Abstract] | |
SHARE REPURCHASE PROGRAM AND TREASURY STOCK | SHARE REPURCHASE PROGRAM AND TREASURY STOCK The Company has a share repurchase program of which there was $1.2 billion common shares remaining to be repurchased under the program as of June 30, 2016 . The share repurchases are expected to be funded from cash balances, borrowings and cash generated from operating activities. Repurchases will be made through open market transactions, and the amount and timing of purchases will depend on business and market conditions, the stock price, trading restrictions, the level of acquisition activity and other factors. The Company has purchased 25.4 million shares since the inception of the program in 2004 through June 30, 2016 . During the six months ended June 30, 2016 and 2015 , the Company spent $250.0 million and $247.5 million on the repurchase of 732,245 shares and 777,248 shares at an average price per share of $341.39 and $318.38 , respectively. The Company also reissued 131,737 shares and 233,593 shares held in treasury for the exercise of stock options and restricted stock units during the six months ended June 30, 2016 and 2015 , respectively. |
Other Comprehensive Income (Not
Other Comprehensive Income (Notes) | 6 Months Ended |
Jun. 30, 2016 | |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Comprehensive Income (Loss) Note [Text Block] | ACCUMULATED OTHER COMPREHENSIVE INCOME The following table presents changes in accumulated other comprehensive income by component for the six months ended June 30, 2016 and 2015 : Currency Translation Adjustment, Net of Tax Net Unrealized Gain (Loss) on Cash Flow Hedging Arrangements, Net of Tax Pension and Post-Retirement Benefit Related Items, Net of Tax Total Balance at December 31, 2015 $ (57,394 ) $ 3,016 $ (212,271 ) $ (266,649 ) Other comprehensive income (loss), net of tax: Amounts recognized in accumulated other comprehensive income (loss), net of tax — (3,692 ) (4,546 ) (8,238 ) Foreign currency translation adjustment (15,350 ) (556 ) (810 ) (16,716 ) Amounts recognized from accumulated other comprehensive income (loss), net of tax — (2,007 ) 10,835 8,828 Net change in other comprehensive income (loss), net of tax (15,350 ) (6,255 ) 5,479 (16,126 ) Balance at June 30, 2016 $ (72,744 ) $ (3,239 ) $ (206,792 ) $ (282,775 ) Currency Translation Adjustment, Net of Tax Net Unrealized Gain (Loss) on Cash Flow Hedging Arrangements, Net of Tax Pension and Post-Retirement Benefit Related Items, Net of Tax Total Balance at December 31, 2014 $ (4,960 ) $ (1,944 ) $ (206,045 ) $ (212,949 ) Other comprehensive income (loss), net of tax: Unrealized gains (losses) on cash flow hedging arrangements — 19,932 — 19,932 Foreign currency translation adjustment (1,655 ) (817 ) (2,655 ) (5,127 ) Amounts recognized from accumulated other comprehensive income (loss), net of tax — (4,321 ) 5,040 719 Net change in other comprehensive income (loss), net of tax (1,655 ) 14,794 2,385 15,524 Balance at June 30, 2015 $ (6,615 ) $ 12,850 $ (203,660 ) $ (197,425 ) The following table presents amounts recognized from accumulated other comprehensive income (loss) for the three and six month periods ended June 30 : Three months ended June 30, 2016 2015 Location of Amounts Recognized in Earnings Effective portion of (gains) / losses on cash flow hedging arrangements: Interest rate swap agreements $ 262 $ 771 Interest expense Foreign currency forward contracts (1,498 ) (3,532 ) Cost of sales - products Total before taxes (1,236 ) (2,761 ) Provision for taxes (206 ) (427 ) Provision for taxes Total, net of taxes $ (1,030 ) $ (2,334 ) Recognition of defined benefit pension and post-retirement items: Recognition of actuarial losses, settlement loss and prior service cost, before taxes $ 12,008 $ 3,428 (a) Provision for taxes 4,110 911 Provision for taxes Total, net of taxes $ 7,898 $ 2,517 (a) These accumulated other comprehensive income (loss) components are included in the computation of net periodic pension and post-retirement cost. See Note 11 for additional details for the three and six months ended June 30, 2016 and 2015 . Six months ended June 30, 2016 2015 Location of Amounts Recognized in Earnings Effective portion of (gains) / losses on cash flow hedging arrangements: Interest rate swap agreements $ 526 $ 1,535 Interest expense Foreign currency forward contracts (2,931 ) (6,623 ) Cost of sales - products Total before taxes (2,405 ) (5,088 ) Provision for taxes (398 ) (767 ) Provision for taxes Total, net of taxes $ (2,007 ) $ (4,321 ) Recognition of defined benefit pension and post-retirement items: Recognition of actuarial losses, settlement loss and prior service cost, before taxes $ 15,968 $ 6,869 (a) Provision for taxes 5,133 1,829 Provision for taxes Total, net of taxes $ 10,835 $ 5,040 (a) These accumulated other comprehensive income (loss) components are included in the computation of net periodic pension and post-retirement cost. See Note 11 for additional details for the three and six months ended June 30, 2016 and 2015 . Comprehensive income (loss), net of tax consisted of the following as of June 30 : Three Months Ended Six Months Ended 2016 2015 2016 2015 Net earnings $ 79,588 $ 77,557 $ 145,262 $ 140,608 Other comprehensive income (loss), net of tax (22,958 ) 21,780 (16,126 ) 15,524 Comprehensive income, net of tax $ 56,630 $ 99,337 $ 129,136 $ 156,132 |
Earnings Per Common Share
Earnings Per Common Share | 6 Months Ended |
Jun. 30, 2016 | |
Earnings Per Share [Abstract] | |
EARNINGS PER COMMON SHARE | EARNINGS PER COMMON SHARE In accordance with the treasury stock method, the Company has included the following common equivalent shares in the calculation of diluted weighted average number of common shares outstanding for the three and six month periods ended June 30, relating to outstanding stock options and restricted stock units: 2016 2015 Three months ended 512,269 616,431 Six months ended 501,858 632,823 Outstanding options and restricted stock units to purchase or receive 84,392 and 95,535 shares of common stock for the three month periods ended June 30, 2016 and 2015 , respectively, and options and restricted stock units to purchase or receive 108,361 and 95,725 |
Net Periodic Benefit Cost
Net Periodic Benefit Cost | 6 Months Ended |
Jun. 30, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
NET PERIODIC BENEFIT COST | NET PERIODIC BENEFIT COST Net periodic pension cost for the Company’s defined benefit pension plans and U.S. post-retirement medical plan includes the following components for the three months ended June 30 : U.S. Pension Benefits Non-U.S. Pension Benefits Other U.S. Post-retirement Benefits Total 2016 2015 2016 2015 2016 2015 2016 2015 Service cost, net $ 145 $ 208 $ 4,153 $ 4,711 $ — $ — $ 4,298 $ 4,919 Interest cost on projected benefit obligations 1,072 1,608 2,673 3,515 19 35 3,764 5,158 Expected return on plan assets (1,945 ) (2,394 ) (8,341 ) (9,340 ) — — (10,286 ) (11,734 ) Recognition of prior service cost — — (1,278 ) (984 ) (469 ) (469 ) (1,747 ) (1,453 ) Recognition of actuarial losses/(gains) 1,902 1,907 4,563 3,817 (673 ) (843 ) 5,792 4,881 Settlement charge 7,963 — — — — — 7,963 — Net periodic pension cost/(credit) $ 9,137 $ 1,329 $ 1,770 $ 1,719 $ (1,123 ) $ (1,277 ) $ 9,784 $ 1,771 Net periodic pension cost for the Company’s defined benefit pension plans and U.S. post-retirement medical plan includes the following components for the six months ended June 30 : U.S. Pension Benefits Non-U.S. Pension Benefits Other U.S. Post-retirement Benefits Total 2016 2015 2016 2015 2016 2015 2016 2015 Service cost, net $ 262 $ 417 $ 8,383 $ 9,456 $ — $ — $ 8,645 $ 9,873 Interest cost on projected benefit obligations 2,364 3,216 5,345 7,069 38 69 7,747 10,354 Expected return on plan assets (4,044 ) (4,788 ) (16,681 ) (18,639 ) — — (20,725 ) (23,427 ) Recognition of prior service cost — — (2,556 ) (1,957 ) (938 ) (938 ) (3,494 ) (2,895 ) Recognition of actuarial losses/(gains) 3,792 3,814 9,053 7,635 (1,346 ) (1,685 ) 11,499 9,764 Settlement charge 7,963 — — — — — 7,963 — Net periodic pension cost/(credit) $ 10,337 $ 2,659 $ 3,544 $ 3,564 $ (2,246 ) $ (2,554 ) $ 11,635 $ 3,669 As previously disclosed in the Company's Annual Report on Form 10-K for the year ended December 31, 2015 , the Company expects to make employer contributions of approximately $19.4 million to its non-U.S. pension plans and employer contributions of approximately $0.5 million to its U.S. post-retirement medical plan during the year ended December 31, 2016. These estimates may change based upon several factors, including fluctuations in currency exchange rates, actual returns on plan assets and changes in legal requirements. |
Restructuring Charges
Restructuring Charges | 6 Months Ended |
Jun. 30, 2016 | |
Restructuring and Related Activities [Abstract] | |
RESTRUCTURING CHARGES | RESTRUCTURING CHARGES For the three and six months ended June 30, 2016 , the Company has incurred $2.2 million and $3.1 million of restructuring expenses which primarily comprised of employee-related costs. Liabilities related to restructuring activities are included in accrued and other liabilities in the consolidated balance sheet. A rollforward of the Company’s accrual for restructuring activities for the six months ended June 30, 2016 is as follows: Total Balance at December 31, 2015 $ 12,211 Restructuring charges 3,085 Cash payments and utilization (4,302 ) Impact of foreign currency (17 ) Balance at June 30, 2016 $ 10,977 |
Other Charges (Income), Net
Other Charges (Income), Net | 6 Months Ended |
Jun. 30, 2016 | |
Other Income and Expenses [Abstract] | |
OTHER CHARGES (INCOME), NET | OTHER CHARGES (INCOME), NET |
Segment Reporting
Segment Reporting | 6 Months Ended |
Jun. 30, 2016 | |
Segment Reporting [Abstract] | |
SEGMENT REPORTING | SEGMENT REPORTING As disclosed in Note 16 to the Company's consolidated financial statements for the year ended December 31, 2015 , the Company has determined there are five reportable segments: U.S. Operations, Swiss Operations, Western European Operations, Chinese Operations and Other. The Company evaluates segment performance based on Segment Profit (gross profit less research and development and selling, general and administrative expenses, before amortization, interest expense, restructuring charges, other charges (income), net and taxes). The following tables show the operations of the Company’s operating segments: Net Sales to Net Sales to As of June 30, For the three months ended External Other Total Net Segment 2016 June 30, 2016 Customers Segments Sales Profit Goodwill U.S. Operations $ 216,968 $ 22,102 $ 239,070 $ 41,112 $ 319,715 Swiss Operations 30,720 126,983 157,703 34,997 22,105 Western European Operations 154,264 38,945 193,209 24,303 87,452 Chinese Operations 92,886 58,655 151,541 45,934 672 Other (a) 113,448 1,700 115,148 13,249 14,334 Eliminations and Corporate (b) — (248,385 ) (248,385 ) (30,518 ) — Total $ 608,286 $ — $ 608,286 $ 129,077 $ 444,278 Net Sales to Net Sales to For the six months ended External Other Total Net Segment June 30, 2016 Customers Segments Sales Profit U.S. Operations $ 404,903 $ 41,733 $ 446,636 $ 70,267 Swiss Operations 57,685 247,294 304,979 70,819 Western European Operations 291,915 77,492 369,407 44,493 Chinese Operations 177,833 104,581 282,414 82,560 Other (a) 215,624 3,054 218,678 24,343 Eliminations and Corporate (b) — (474,154 ) (474,154 ) (61,392 ) Total $ 1,147,960 $ — $ 1,147,960 $ 231,090 (a) Other includes reporting units in Eastern Europe, Latin America, Southeast Asia and other countries. (b) Eliminations and Corporate includes the elimination of inter-segment transactions and certain corporate expenses and intercompany investments, which are not included in the Company’s operating segments. Net Sales to Net Sales to As of June 30, For the three months ended External Other Total Net Segment 2015 June 30, 2015 Customers Segments Sales Profit Goodwill U.S. Operations $ 204,263 $ 22,840 $ 227,103 $ 37,101 $ 308,863 Swiss Operations 33,153 116,753 149,906 33,359 23,198 Western European Operations 148,803 38,357 187,160 22,777 96,552 Chinese Operations 91,013 54,711 145,724 41,386 746 Other (a) 104,825 1,588 106,413 10,066 13,123 Eliminations and Corporate (b) — (234,249 ) (234,249 ) (26,379 ) — Total $ 582,057 $ — $ 582,057 $ 118,310 $ 442,482 Net Sales to Net Sales to For the six months ended External Other Total Net Segment June 30, 2015 Customers Segments Sales Profit U.S. Operations $ 383,086 $ 41,132 $ 424,218 $ 61,417 Swiss Operations 64,004 233,093 297,097 69,534 Western European Operations 289,721 79,307 369,028 42,783 Chinese Operations 177,461 103,180 280,641 74,613 Other (a) 203,486 2,945 206,431 19,188 Eliminations and Corporate (b) — (459,657 ) (459,657 ) (51,919 ) Total $ 1,117,758 $ — $ 1,117,758 $ 215,616 (a) Other includes reporting units in Eastern Europe, Latin America, Southeast Asia and other countries. (b) Eliminations and Corporate includes the elimination of inter-segment transactions and certain corporate expenses and intercompany investments, which are not included in the Company’s operating segments. A reconciliation of earnings before taxes to segment profit for the three and six month periods ended June 30 follows: Three Months Ended Six Months Ended 2016 2015 2016 2015 Earnings before taxes $ 103,172 $ 102,047 $ 189,585 $ 185,010 Amortization 8,655 7,634 17,079 15,162 Interest expense 6,872 6,942 13,452 13,667 Restructuring charges 2,205 1,720 3,085 2,627 Other charges (income), net 8,173 (33 ) 7,889 (850 ) Segment profit $ 129,077 $ 118,310 $ 231,090 $ 215,616 During the three months ended June 30, 2016 , restructuring charges of $2.2 million were recognized, of which $0.8 million , $0.2 million , and $1.2 million , related to the Company’s U.S., Swiss, and Western European Operations, respectively. Restructuring charges of $1.7 million were recognized during the three months ended June 30, 2015 , of which $0.1 million , $0.4 million , $0.7 million , $0.2 million , and $0.3 million related to the Company’s U.S., Swiss, Western European, Chinese Operations, and Other Operations respectively. Restructuring charges of $3.1 million were recognized during the six months ended June 30, 2016 , of which $1.1 million , $0.6 million , $1.2 million , $0.1 million , and $0.1 million related to the Company’s U.S., Swiss, Western European, Chinese, and Other Operations, respectively. Restructuring charges of $2.6 million were recognized during the six months ended June 30, 2015 , of which $0.1 million , $1.1 million , $0.5 million , $0.3 million and $ 0.6 million related to the Company’s U.S., Swiss, Western European, Chinese and Other Operations, respectively. |
Contingencies
Contingencies | 6 Months Ended |
Jun. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
CONTINGENCIES | CONTINGENCIES The Company is party to various legal proceedings, including certain environmental matters, incidental to the normal course of business. Management does not expect that any of such proceedings, either individually or in the aggregate, will have a material adverse effect on the Company’s financial condition, results of operations or cash flows. |
Summary of Significant Accoun22
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2016 | |
Accounting Policies [Abstract] | |
Trade Accounts Receivable | Trade Accounts Receivable Trade accounts receivable are recorded at the invoiced amount and do not bear interest. The allowance for doubtful accounts represents the Company’s best estimate of probable credit losses in its existing trade accounts receivable. The Company determines the allowance based upon a review of both specific accounts for collection and the age of the accounts receivable portfolio. |
Inventories | Inventories Inventories are valued at the lower of cost or net realizable value. Cost, which includes direct materials, labor and overhead, is generally determined using the first in, first out (FIFO) method. The estimated net realizable value is based on assumptions for future demand and related pricing. Adjustments to the cost basis of the Company’s inventory are made for excess and obsolete items based on usage, orders and technological obsolescence. If actual market conditions are less favorable than those projected by management, reductions in the value of inventory may be required. Inventories consisted of the following: June 30, December 31, Raw materials and parts $ 101,369 $ 98,252 Work-in-progress 41,433 35,100 Finished goods 91,204 81,031 $ 234,006 $ 214,383 |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill, representing the excess of purchase price over the net asset value of companies acquired, and indefinite-lived intangible assets are not amortized, but are reviewed for impairment annually in the fourth quarter, or more frequently if events or changes in circumstances indicate that an asset might be impaired. The annual evaluation for goodwill and indefinite-lived intangible assets are generally based on an assessment of qualitative and quantitative factors to determine whether it is more likely than not that the fair value of the asset is less than its carrying amount. Other intangible assets include indefinite-lived assets and assets subject to amortization. Where applicable, amortization is charged on a straight-line basis over the expected period of benefit. The straight-line method of amortization reflects an appropriate allocation of the cost of the intangible assets to earnings in proportion to the amount of economic benefits obtained by the Company in each reporting period. The Company assesses the initial acquisition of intangible assets in accordance with the provisions of ASC 805 "Business Combinations" and the continued accounting for previously recognized intangible assets and goodwill in accordance with the provisions of ASC 350 "Intangible - Goodwill and Other" and ASC 360 "Property, Plant and Equipment". Other intangible assets consisted of the following: June 30, 2016 December 31, 2015 Gross Amount Accumulated Amortization Intangibles, Net Gross Amount Accumulated Amortization Intangibles, Net Customer relationships $ 98,867 $ (32,577 ) $ 66,290 $ 98,175 $ (30,836 ) $ 67,339 Proven technology and patents 54,520 (34,060 ) 20,460 52,938 (32,444 ) 20,494 Tradename (finite life) 4,289 (2,212 ) 2,077 4,200 (2,158 ) 2,042 Tradename (indefinite life) 24,788 — 24,788 24,814 — 24,814 Other 2,143 (1,756 ) 387 2,111 (1,548 ) 563 $ 184,607 $ (70,605 ) $ 114,002 $ 182,238 $ (66,986 ) $ 115,252 The Company recognized amortization expense associated with the above intangible assets of $1.7 million and $1.6 million for the three months ended June 30, 2016 and 2015 , respectively and $3.5 million and $3.1 million for the six months ended June 30, 2016 and 2015 , respectively. The annual aggregate amortization expense based on the current balance of other intangible assets is estimated at $6.8 million for 2016 , $6.5 million for 2017 , $6.2 million for 2018 , $5.9 million for 2019 , $5.6 million for 2020 and $5.3 million for 2021 . Purchased intangible amortization was $1.5 million , $1.0 million after tax, and $1.4 million , $0.9 million after tax, for the three months ended June 30, 2016 and 2015 , respectively and $3.2 million , $2.1 million after tax, and $2.8 million , $1.9 million after tax, for the six months ended June 30, 2016 and 2015 , respectively. In addition to the above amortization, the Company recorded amortization expense associated with capitalized software of $6.9 million and $6.0 million for the three months ended June 30, 2016 and 2015 , respectively and $13.4 million and $11.9 million for the six months ended June 30, 2016 and 2015 , respectively. |
Revenue Recognition | Revenue Recognition Revenue is recognized when title to a product has transferred and any significant customer obligations have been fulfilled. Standard shipping terms are generally FOB shipping point in most countries and, accordingly, title and risk of loss transfers upon shipment. In countries where title cannot legally transfer before delivery, the Company defers revenue recognition until delivery has occurred. The Company generally maintains the right to accept or reject a product return in its terms and conditions and also maintains appropriate accruals for outstanding credits. Shipping and handling costs charged to customers are included in total net sales and the associated expense is recorded in cost of sales for all periods presented. Other than a few small software applications, the Company does not sell software products without the related hardware instrument as the software is embedded in the instrument. The Company’s products typically require no significant production, modification or customization of the hardware or software that is essential to the functionality of the products. To the extent the Company’s solutions have a post-shipment obligation, revenue is deferred until the obligation has been completed. The Company defers product revenue where installation is required, unless such installation is deemed perfunctory. The Company also sometimes enters into certain arrangements that require the separate delivery of multiple goods and/or services. These deliverables are accounted for separately if the deliverables have standalone value and the performance of undelivered items is probable and within the Company's control. The allocation of revenue between the separate deliverables is typically based on the relative selling price at the time of the sale in accordance with a number of factors including service technician billing rates, time to install and geographic location. Further, certain products are also sold through indirect distribution channels whereby the distributor assumes any further obligations to the customer upon title transfer. Revenue is recognized on these products upon transfer of title and risk of loss to its distributors. Distributor discounts are offset against revenue at the time such revenue is recognized. Service revenue not under contract is recognized upon the completion of the service performed. Spare parts sold on a stand-alone basis are recognized upon title and risk of loss transfer which is generally at the time of shipment. Revenues from service contracts are recognized ratably over the contract period. These contracts represent an obligation to perform repair and other services including regulatory compliance qualification, calibration, certification and preventative maintenance on a customer’s pre-defined equipment over the contract period. Service contracts are separately priced and payment is typically received from the customer at the beginning of the contract period. |
Warranty | Warranty The Company generally offers one -year warranties on most of its products. Product warranties are recorded at the time revenue is recognized. While the Company engages in extensive product quality programs and processes, its warranty obligations are affected by product failure rates, material usage and service costs incurred in correcting a product failure. |
Employee Termination Benefits | Employee Termination Benefits In situations where contractual termination benefits exist, the Company records accruals for employee termination benefits when it is probable that a liability has been incurred and the amount of the liability is reasonably estimable. All other employee termination arrangements are recognized and measured at their fair value at the communication date unless the employee is required to render additional service beyond the legal notification period, in which case the liability is recognized ratably over the future service period. |
Share - Based Compensation | Share-Based Compensation The Company recognizes share-based compensation expense within selling, general and administrative in the consolidated statements of operations and other comprehensive income with a corresponding offset to additional paid-in capital in the consolidated balance sheet. The Company recorded $3.6 million and $7.2 million of share-based compensation expense for the three and six months ended June 30, 2016 , respectively, compared to $3.5 million and $7.0 million for the corresponding periods in 2015 . |
Research and Development | Research and Development Research and development costs primarily consist of salaries, consulting and other costs. The Company expenses these costs as incurred. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements In May 2014, the FASB issued ASU 2014-09, to ASC 606 "Revenue from Contracts with Customers." ASU 2014-09 provides authoritative guidance clarifying the principles for recognizing revenue and developing a common revenue standard for U.S. GAAP. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. Additionally, the guidance requires improved disclosure to help users of financial statements better understand the nature, amount, timing, and uncertainty of revenue that is recognized. The guidance becomes effective for the Company for the year beginning January 1, 2018. We are currently evaluating the impact the adoption of this guidance will have on the Company's consolidated results of operations, financial position, and disclosures. In May 2016, the FASB issued ASU 2016-12, "Revenue from Contracts with Customers," which amends ASU 2014-09. The ASU provides guidance for assessing collectability, presentation of sales taxes, noncash considerations, and completed contract modifications at transition. The guidance becomes effective for the Company for the year beginning January 1, 2018. We are currently evaluating the impact the adoption of this guidance will have on the Company's consolidated results of operations, financial position, and disclosures. In May 2016, the FASB issued ASU 2016-10, "Revenue from Contracts with Customers," which amends ASU 2014-09. The ASU provides guidance for identifying performance obligations as they pertain to immaterial promised goods or services, shipping and handling activities, and identifying when promises represent performance obligations. The guidance becomes effective for the Company for the year beginning January 1, 2018. We are currently evaluating the impact the adoption of this guidance will have on the Company's consolidated results of operations, financial position, and disclosures. In March 2016, the FASB issued ASU 2016-09, to ASC 718 "Compensation - Stock Compensation." The guidance allows for the simplification related to several aspects of the accounting for share-based payment transactions, including income tax consequences, the accounting for forfeitures, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The guidance can be applied either on a retrospective or prospective basis and becomes effective for annual periods beginning after December 15, 2016. We are currently evaluating the impact the adoption of this guidance will have on the Company's consolidated results of operations, financial position, and disclosures. In February 2016, the FASB issued ASU 2016-02 to ASC 842 "Leases." The accounting guidance primarily requires lessees to recognize most leases on their balance sheet as a right to use asset and a lease liability, with the exception of short term leases. A lessee will continue to recognize lease expense on a straight-line basis for leases classified as operating leases. The guidance becomes effective for fiscal years beginning after December 15, 2018 and must be applied on a retrospective basis with early adoption permitted. The Company is currently evaluating the impact of this guidance on our financial statements and the timing of adoption. In November 2015, the FASB issued ASU 2015-17, to ASC 740 "Income Taxes." The guidance simplifies the balance sheet classification of deferred taxes. The new guidance requires that all deferred tax balances be presented as non-current. This change, which can be early adopted, conforms U.S. GAAP to IFRS. The guidance becomes effective for the Company for the year beginning January 1, 2017. The adoption of this guidance would have reduced current assets and increased non-current assets by approximately $70.9 million and reduced current liabilities and increased non-current liabilities by approximately $22.9 million on the Company's consolidated balance sheet at June 30, 2016. In May 2015, the FASB issued ASU 2015-07, to ASC 820 "Fair Value Measurements." ASU 2015-07 removes the requirement to categorize investments using the net asset value per share method within the fair value hierarchy. The Company will adopt the guidance in the fourth quarter of 2016, which will have an immaterial impact on the consolidated financial statements. |
Summary of Significant Accoun23
Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Accounting Policies [Abstract] | |
Components of inventories | Inventories consisted of the following: June 30, December 31, Raw materials and parts $ 101,369 $ 98,252 Work-in-progress 41,433 35,100 Finished goods 91,204 81,031 $ 234,006 $ 214,383 |
Components of other intangible assets | Other intangible assets consisted of the following: June 30, 2016 December 31, 2015 Gross Amount Accumulated Amortization Intangibles, Net Gross Amount Accumulated Amortization Intangibles, Net Customer relationships $ 98,867 $ (32,577 ) $ 66,290 $ 98,175 $ (30,836 ) $ 67,339 Proven technology and patents 54,520 (34,060 ) 20,460 52,938 (32,444 ) 20,494 Tradename (finite life) 4,289 (2,212 ) 2,077 4,200 (2,158 ) 2,042 Tradename (indefinite life) 24,788 — 24,788 24,814 — 24,814 Other 2,143 (1,756 ) 387 2,111 (1,548 ) 563 $ 184,607 $ (70,605 ) $ 114,002 $ 182,238 $ (66,986 ) $ 115,252 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Assets and liabilities measured at fair value on a recurring basis | The following table presents for each of these hierarchy levels, the Company’s assets and liabilities that are measured at fair value on a recurring basis at June 30, 2016 and December 31, 2015 : June 30, 2016 December 31, 2015 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Assets: Cash equivalents $ 19,675 $ — $ 19,675 $ — $ 18,755 $ — $ 18,755 $ — Foreign currency forwards contracts designed as cash flow hedges 3,888 — 3,888 — 7,056 — 7,056 — Foreign currency forward contracts not designated as hedging instruments 1,368 — 1,368 — 1,166 — 1,166 — Total $ 24,931 $ — $ 24,931 $ — $ 26,977 $ — $ 26,977 $ — Liabilities: Interest rate swap agreements $ 10,167 $ — $ 10,167 $ — $ 4,092 $ — $ 4,092 $ — Foreign currency forward contracts not designated as hedging instruments 1,866 — 1,866 — 625 — 625 — Total $ 12,033 $ — $ 12,033 $ — $ 4,717 $ — $ 4,717 $ — |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Debt Disclosure [Abstract] | |
Debt | Debt consisted of the following at June 30, 2016 : June 30, 2016 U.S. Dollar Other Principal Trading Currencies Total 3.67% $50 million Senior Notes due December 17, 2022 50,000 — 50,000 4.10% $50 million Senior Notes due September 19, 2023 50,000 — 50,000 3.84% $125 million Senior Notes due September 19, 2024 125,000 — 125,000 4.24% $125 million Senior Notes due June 25, 2025 125,000 — 125,000 1.47% EUR 125 million Senior Notes due June 17, 2030 — 138,183 138,183 Debt issuance costs, net (1,344 ) (399 ) (1,743 ) Total Senior Notes 348,656 137,784 486,440 $800 million Credit Agreement, interest at LIBOR plus 87.5 basis points 157,952 48,871 206,823 Other local arrangements — 20,945 20,945 Total debt 506,608 207,600 714,208 Less: current portion — (20,945 ) (20,945 ) Total long-term debt $ 506,608 $ 186,655 $ 693,263 |
Other Comprehensive Income (Tab
Other Comprehensive Income (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The following table presents changes in accumulated other comprehensive income by component for the six months ended June 30, 2016 and 2015 : Currency Translation Adjustment, Net of Tax Net Unrealized Gain (Loss) on Cash Flow Hedging Arrangements, Net of Tax Pension and Post-Retirement Benefit Related Items, Net of Tax Total Balance at December 31, 2015 $ (57,394 ) $ 3,016 $ (212,271 ) $ (266,649 ) Other comprehensive income (loss), net of tax: Amounts recognized in accumulated other comprehensive income (loss), net of tax — (3,692 ) (4,546 ) (8,238 ) Foreign currency translation adjustment (15,350 ) (556 ) (810 ) (16,716 ) Amounts recognized from accumulated other comprehensive income (loss), net of tax — (2,007 ) 10,835 8,828 Net change in other comprehensive income (loss), net of tax (15,350 ) (6,255 ) 5,479 (16,126 ) Balance at June 30, 2016 $ (72,744 ) $ (3,239 ) $ (206,792 ) $ (282,775 ) |
Disclosure of Reclassification Amount [Text Block] | The following table presents amounts recognized from accumulated other comprehensive income (loss) for the three and six month periods ended June 30 : Three months ended June 30, 2016 2015 Location of Amounts Recognized in Earnings Effective portion of (gains) / losses on cash flow hedging arrangements: Interest rate swap agreements $ 262 $ 771 Interest expense Foreign currency forward contracts (1,498 ) (3,532 ) Cost of sales - products Total before taxes (1,236 ) (2,761 ) Provision for taxes (206 ) (427 ) Provision for taxes Total, net of taxes $ (1,030 ) $ (2,334 ) Recognition of defined benefit pension and post-retirement items: Recognition of actuarial losses, settlement loss and prior service cost, before taxes $ 12,008 $ 3,428 (a) Provision for taxes 4,110 911 Provision for taxes Total, net of taxes $ 7,898 $ 2,517 |
Schedule of Comprehensive Income (Loss) [Table Text Block] | Comprehensive income (loss), net of tax consisted of the following as of June 30 : Three Months Ended Six Months Ended 2016 2015 2016 2015 Net earnings $ 79,588 $ 77,557 $ 145,262 $ 140,608 Other comprehensive income (loss), net of tax (22,958 ) 21,780 (16,126 ) 15,524 Comprehensive income, net of tax $ 56,630 $ 99,337 $ 129,136 $ 156,132 |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Earnings Per Share [Abstract] | |
Diluted weighted average number of common shares outstanding | In accordance with the treasury stock method, the Company has included the following common equivalent shares in the calculation of diluted weighted average number of common shares outstanding for the three and six month periods ended June 30, relating to outstanding stock options and restricted stock units: 2016 2015 Three months ended 512,269 616,431 Six months ended 501,858 632,823 |
Net Periodic Benefit Cost (Tabl
Net Periodic Benefit Cost (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | |
Net periodic benefit cost | Net periodic pension cost for the Company’s defined benefit pension plans and U.S. post-retirement medical plan includes the following components for the three months ended June 30 : U.S. Pension Benefits Non-U.S. Pension Benefits Other U.S. Post-retirement Benefits Total 2016 2015 2016 2015 2016 2015 2016 2015 Service cost, net $ 145 $ 208 $ 4,153 $ 4,711 $ — $ — $ 4,298 $ 4,919 Interest cost on projected benefit obligations 1,072 1,608 2,673 3,515 19 35 3,764 5,158 Expected return on plan assets (1,945 ) (2,394 ) (8,341 ) (9,340 ) — — (10,286 ) (11,734 ) Recognition of prior service cost — — (1,278 ) (984 ) (469 ) (469 ) (1,747 ) (1,453 ) Recognition of actuarial losses/(gains) 1,902 1,907 4,563 3,817 (673 ) (843 ) 5,792 4,881 Settlement charge 7,963 — — — — — 7,963 — Net periodic pension cost/(credit) $ 9,137 $ 1,329 $ 1,770 $ 1,719 $ (1,123 ) $ (1,277 ) $ 9,784 $ 1,771 Net periodic pension cost for the Company’s defined benefit pension plans and U.S. post-retirement medical plan includes the following components for the six months ended June 30 : U.S. Pension Benefits Non-U.S. Pension Benefits Other U.S. Post-retirement Benefits Total 2016 2015 2016 2015 2016 2015 2016 2015 Service cost, net $ 262 $ 417 $ 8,383 $ 9,456 $ — $ — $ 8,645 $ 9,873 Interest cost on projected benefit obligations 2,364 3,216 5,345 7,069 38 69 7,747 10,354 Expected return on plan assets (4,044 ) (4,788 ) (16,681 ) (18,639 ) — — (20,725 ) (23,427 ) Recognition of prior service cost — — (2,556 ) (1,957 ) (938 ) (938 ) (3,494 ) (2,895 ) Recognition of actuarial losses/(gains) 3,792 3,814 9,053 7,635 (1,346 ) (1,685 ) 11,499 9,764 Settlement charge 7,963 — — — — — 7,963 — Net periodic pension cost/(credit) $ 10,337 $ 2,659 $ 3,544 $ 3,564 $ (2,246 ) $ (2,554 ) $ 11,635 $ 3,669 |
Restructuring Charges (Tables)
Restructuring Charges (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Restructuring Cost and Reserve [Line Items] | |
Company's accrual for restructuring activities | A rollforward of the Company’s accrual for restructuring activities for the six months ended June 30, 2016 is as follows: Total Balance at December 31, 2015 $ 12,211 Restructuring charges 3,085 Cash payments and utilization (4,302 ) Impact of foreign currency (17 ) Balance at June 30, 2016 $ 10,977 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Operations of the Company's operating segments | The following tables show the operations of the Company’s operating segments: Net Sales to Net Sales to As of June 30, For the three months ended External Other Total Net Segment 2016 June 30, 2016 Customers Segments Sales Profit Goodwill U.S. Operations $ 216,968 $ 22,102 $ 239,070 $ 41,112 $ 319,715 Swiss Operations 30,720 126,983 157,703 34,997 22,105 Western European Operations 154,264 38,945 193,209 24,303 87,452 Chinese Operations 92,886 58,655 151,541 45,934 672 Other (a) 113,448 1,700 115,148 13,249 14,334 Eliminations and Corporate (b) — (248,385 ) (248,385 ) (30,518 ) — Total $ 608,286 $ — $ 608,286 $ 129,077 $ 444,278 Net Sales to Net Sales to For the six months ended External Other Total Net Segment June 30, 2016 Customers Segments Sales Profit U.S. Operations $ 404,903 $ 41,733 $ 446,636 $ 70,267 Swiss Operations 57,685 247,294 304,979 70,819 Western European Operations 291,915 77,492 369,407 44,493 Chinese Operations 177,833 104,581 282,414 82,560 Other (a) 215,624 3,054 218,678 24,343 Eliminations and Corporate (b) — (474,154 ) (474,154 ) (61,392 ) Total $ 1,147,960 $ — $ 1,147,960 $ 231,090 (a) Other includes reporting units in Eastern Europe, Latin America, Southeast Asia and other countries. (b) Eliminations and Corporate includes the elimination of inter-segment transactions and certain corporate expenses and intercompany investments, which are not included in the Company’s operating segments. Net Sales to Net Sales to As of June 30, For the three months ended External Other Total Net Segment 2015 June 30, 2015 Customers Segments Sales Profit Goodwill U.S. Operations $ 204,263 $ 22,840 $ 227,103 $ 37,101 $ 308,863 Swiss Operations 33,153 116,753 149,906 33,359 23,198 Western European Operations 148,803 38,357 187,160 22,777 96,552 Chinese Operations 91,013 54,711 145,724 41,386 746 Other (a) 104,825 1,588 106,413 10,066 13,123 Eliminations and Corporate (b) — (234,249 ) (234,249 ) (26,379 ) — Total $ 582,057 $ — $ 582,057 $ 118,310 $ 442,482 Net Sales to Net Sales to For the six months ended External Other Total Net Segment June 30, 2015 Customers Segments Sales Profit U.S. Operations $ 383,086 $ 41,132 $ 424,218 $ 61,417 Swiss Operations 64,004 233,093 297,097 69,534 Western European Operations 289,721 79,307 369,028 42,783 Chinese Operations 177,461 103,180 280,641 74,613 Other (a) 203,486 2,945 206,431 19,188 Eliminations and Corporate (b) — (459,657 ) (459,657 ) (51,919 ) Total $ 1,117,758 $ — $ 1,117,758 $ 215,616 (a) Other includes reporting units in Eastern Europe, Latin America, Southeast Asia and other countries. (b) Eliminations and Corporate includes the elimination of inter-segment transactions and certain corporate expenses and intercompany investments, which are not included in the Company’s operating segments. |
Reconciliation of earnings before taxes to segment profit | A reconciliation of earnings before taxes to segment profit for the three and six month periods ended June 30 follows: Three Months Ended Six Months Ended 2016 2015 2016 2015 Earnings before taxes $ 103,172 $ 102,047 $ 189,585 $ 185,010 Amortization 8,655 7,634 17,079 15,162 Interest expense 6,872 6,942 13,452 13,667 Restructuring charges 2,205 1,720 3,085 2,627 Other charges (income), net 8,173 (33 ) 7,889 (850 ) Segment profit $ 129,077 $ 118,310 $ 231,090 $ 215,616 |
Summary of Significant Accoun31
Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Components of inventory | ||
Raw materials and parts | $ 101,369 | $ 98,252 |
Work-in-progress | 41,433 | 35,100 |
Finished goods | 91,204 | 81,031 |
Total Inventory, Net | $ 234,006 | $ 214,383 |
Summary of Significant Accoun32
Summary of Significant Accounting Policies (Details 1) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Intangible Assets [Line Items] | ||
Intangible Assets, Gross (Excluding Goodwill) | $ 184,607 | $ 182,238 |
Accumulated Amortization | (70,605) | (66,986) |
Intangible Assets, Net (Excluding Goodwill) | 114,002 | 115,252 |
Tradename (indefinite life) [Member] | ||
Intangible Assets [Line Items] | ||
Gross amount, Tradename (indefinite life) | 24,788 | 24,814 |
Intangible Assets, Net (Excluding Goodwill) | 24,788 | 24,814 |
Customer Relationships [Member] | ||
Intangible Assets [Line Items] | ||
Gross amount | 98,867 | 98,175 |
Accumulated Amortization | (32,577) | (30,836) |
Intangible Assets, Net (Excluding Goodwill) | 66,290 | 67,339 |
Proven technology and patents [Member] | ||
Intangible Assets [Line Items] | ||
Gross amount | 54,520 | 52,938 |
Accumulated Amortization | (34,060) | (32,444) |
Intangible Assets, Net (Excluding Goodwill) | 20,460 | 20,494 |
Tradename (indefinite life) [Member] | ||
Intangible Assets [Line Items] | ||
Gross amount | 4,289 | 4,200 |
Accumulated Amortization | (2,212) | (2,158) |
Intangible Assets, Net (Excluding Goodwill) | 2,077 | 2,042 |
Other Intangible Assets [Member] | ||
Intangible Assets [Line Items] | ||
Gross amount | 2,143 | 2,111 |
Accumulated Amortization | (1,756) | (1,548) |
Intangible Assets, Net (Excluding Goodwill) | $ 387 | $ 563 |
Summary of Significant Accoun33
Summary of Significant Accounting Policies (Details Textuals) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Deferred Tax Assets, Net of Valuation Allowance, Current | $ 70,940 | $ 70,940 | $ 67,483 | ||
Deferred Tax Liabilities, Net, Current | 22,912 | 22,912 | $ 22,435 | ||
Summary of Significant Accounting Policies (Textuals) [Abstract] | |||||
Amortization expense | 1,700 | $ 1,600 | 3,500 | $ 3,100 | |
Future Amortization Expense Current Year | 6,800 | ||||
Aggregate amortization expense for 2016 | 6,500 | 6,500 | |||
Aggregate amortization expense for 2017 | 6,200 | 6,200 | |||
Aggregate amortization expense for 2018 | 5,900 | 5,900 | |||
Aggregate amortization expense for 2019 | 5,600 | 5,600 | |||
Aggregate amortization expense for 2020 | 5,300 | 5,300 | |||
Purchased Intangible Amortization, Gross | 1,500 | 1,400 | 3,200 | 2,800 | |
Purchased intangible amortization, net of tax | 1,000 | 900 | 2,100 | 1,900 | |
Amortization expense associated with capitalized software | 6,900 | 6,000 | $ 13,400 | 11,900 | |
Standard Warranty Period | one | ||||
Share - based compensation expense | $ 3,600 | $ 3,500 | $ 7,200 | $ 7,000 |
Business Combinations (Details)
Business Combinations (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Business Acquisition [Line Items] | ||
Payments to Acquire Businesses, Net of Cash Acquired | $ 4,329 | $ 300 |
Business Combination, Contingent Consideration, Liability | 500 | |
Goodwill, Acquired During Period | 2,000 | |
Finite-lived Intangible Assets Acquired | $ 1,200 | |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 10 years | |
Instant BioScan Business [Member] | ||
Business Acquisition [Line Items] | ||
Payments to Acquire Businesses, Gross | $ 96,000 |
Financial Instruments Financial
Financial Instruments Financial Instruments Textual (Details) $ in Thousands, € in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2016USD ($)Rate | Jun. 30, 2015USD ($) | Jun. 30, 2016USD ($)Rate | Jun. 30, 2015USD ($) | Jun. 30, 2016EUR (€)Rate | Dec. 31, 2015USD ($) | |
Derivative [Line Items] | ||||||
swiss franc per euro floor | 1.2 | 1.2 | 1.2 | |||
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | $ 2,100 | |||||
Designated as Hedging Instrument [Member] | 3.24% $100 Million Interest Rate Swap [Member] | ||||||
Derivative [Line Items] | ||||||
Line Of Credit Facility Forecasted Borrowing Amount | $ 50,000 | $ 50,000 | ||||
Derivative, Fixed Interest Rate | Rate | 2.52% | 2.52% | 2.52% | |||
Designated as Hedging Instrument [Member] | 2.25% $100 Million Interest Rate Swap [Member] | ||||||
Derivative [Line Items] | ||||||
Line Of Credit Facility Forecasted Borrowing Amount | $ 100,000 | $ 100,000 | ||||
Derivative, Fixed Interest Rate | Rate | 2.25% | 2.25% | 2.25% | |||
Designated as Hedging Instrument [Member] | 3.24% $100 Million Interest Rate Swap [Member] | ||||||
Derivative [Line Items] | ||||||
Gain (Loss) on Interest Rate Cash Flow Hedge Ineffectiveness | $ 0 | $ 0 | ||||
Designated as Hedging Instrument [Member] | Foreign Exchange Forward [Member] | ||||||
Derivative [Line Items] | ||||||
Notional Value Local Currency | 67,000 | 67,000 | € 36.3 | |||
Derivative, Notional Amount | 40,000 | 40,000 | $ 73,000 | |||
Unrealized Gain (Loss) on Foreign Currency Derivatives, Net, before Tax | 0 | $ 1,000 | (200) | $ 24,200 | ||
Gain (Loss) on Foreign Currency Cash Flow Hedge Ineffectiveness | 0 | 0 | ||||
Not Designated as Hedging Instrument [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Notional Amount | 348,400 | 348,400 | 318,700 | |||
Gain (Loss) on Foreign Currency Derivative Instruments Not Designated as Hedging Instruments | $ 1,700 | $ 200 | $ 600 | $ 9,500 | ||
Derivative Maturing in 2015 [Member] | Designated as Hedging Instrument [Member] | Foreign Exchange Forward [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Forward Exchange Rate | 1.21 | 1.21 | 1.21 | |||
Derivative, Notional Amount | 86,000 | |||||
Maturing in 2016 [Member] | Designated as Hedging Instrument [Member] | Foreign Exchange Forward [Member] | ||||||
Derivative [Line Items] | ||||||
Notional Value Local Currency | $ 67,000 | |||||
Derivative, Forward Exchange Rate | 1.19 | 1.19 | 1.19 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Assets: | ||
Cash Equivalents | $ 19,700 | $ 18,800 |
Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Foreign Currency Cash Flow Hedge Asset at Fair Value | 3,888 | 7,056 |
Foreign Currency Derivative Instruments Not Designated As Hedging Instruments Asset At Fair Value | 1,368 | 1,166 |
Total Assets at Fair Value | 24,931 | 26,977 |
Liabilities: | ||
Interest Rate Cash Flow Hedge Liability at Fair Value | 10,167 | 4,092 |
Foreign Currency Derivative Instruments Not Designated As Hedging Instruments Liability At Fair Value | 1,866 | 625 |
Liabilities at Fair Value | 12,033 | 4,717 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets: | ||
Cash Equivalents | 0 | 0 |
Foreign Currency Cash Flow Hedge Asset at Fair Value | 0 | 0 |
Foreign Currency Derivative Instruments Not Designated As Hedging Instruments Asset At Fair Value | 0 | 0 |
Total Assets at Fair Value | 0 | 0 |
Liabilities: | ||
Interest Rate Cash Flow Hedge Liability at Fair Value | 0 | 0 |
Foreign Currency Derivative Instruments Not Designated As Hedging Instruments Liability At Fair Value | 0 | 0 |
Liabilities at Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets: | ||
Cash Equivalents | 19,675 | 18,755 |
Foreign Currency Cash Flow Hedge Asset at Fair Value | 3,888 | 7,056 |
Foreign Currency Derivative Instruments Not Designated As Hedging Instruments Asset At Fair Value | 1,368 | 1,166 |
Total Assets at Fair Value | 24,931 | 26,977 |
Liabilities: | ||
Interest Rate Cash Flow Hedge Liability at Fair Value | 10,167 | 4,092 |
Foreign Currency Derivative Instruments Not Designated As Hedging Instruments Liability At Fair Value | 1,866 | 625 |
Liabilities at Fair Value | 12,033 | 4,717 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets: | ||
Cash Equivalents | 0 | 0 |
Foreign Currency Cash Flow Hedge Asset at Fair Value | 0 | 0 |
Foreign Currency Derivative Instruments Not Designated As Hedging Instruments Asset At Fair Value | 0 | 0 |
Total Assets at Fair Value | 0 | 0 |
Liabilities: | ||
Interest Rate Cash Flow Hedge Liability at Fair Value | 0 | 0 |
Foreign Currency Derivative Instruments Not Designated As Hedging Instruments Liability At Fair Value | 0 | 0 |
Liabilities at Fair Value | $ 0 | $ 0 |
Fair Value Measurements (Deta37
Fair Value Measurements (Details Textuals) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Derivative Asset | $ 5,300 | $ 8,200 |
Cash Equivalents | 19,700 | 18,800 |
Change in Carrying Value Verse Fair Value of Long Term Debt | 31,600 | 9,200 |
Fair Value, Measurements, Recurring [Member] | ||
Liabilities at Fair Value | $ 12,033 | $ 4,717 |
Income Taxes (Details)
Income Taxes (Details) | 3 Months Ended | 6 Months Ended |
Jun. 30, 2016 | Jun. 30, 2016 | |
Effective Income Tax Rate, Continuing Operations | 24.00% | 24.00% |
Debt (Details)
Debt (Details) € in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016USD ($)Rate | Jun. 30, 2015USD ($) | Jun. 30, 2016USD ($)Rate | Jun. 30, 2015USD ($) | Jun. 30, 2016EUR (€)Rate | |
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt | |||||
Senior Notes | $ 486,440 | $ 486,440 | |||
Unamortized Debt Issuance Expense | (1,743) | (1,743) | |||
Total debt | 714,208 | 714,208 | |||
Debt, Current | 20,945 | 20,945 | |||
Long-term Debt | 693,263 | 693,263 | |||
Gain (Loss) on Derivative Used in Net Investment Hedge, Net of Tax | 2,000 | $ 500 | (1,600) | $ 500 | |
Line of Credit Facility, Remaining Borrowing Capacity | 588,600 | 588,600 | |||
Us Dollar Amounts Member | |||||
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt | |||||
Senior Notes | 348,656 | 348,656 | |||
Unamortized Debt Issuance Expense | (1,344) | (1,344) | |||
Total debt | 506,608 | 506,608 | |||
Debt, Current | 0 | 0 | |||
Long-term Debt | 506,608 | 506,608 | |||
Other Principal Trading Currencies [Member] | |||||
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt | |||||
Senior Notes | 137,784 | 137,784 | |||
Unamortized Debt Issuance Expense | (399) | (399) | |||
Total debt | 207,600 | 207,600 | |||
Debt, Current | 20,945 | 20,945 | |||
Long-term Debt | $ 186,655 | $ 186,655 | |||
3.67% Senior Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate, Stated Percentage | Rate | 3.67% | 3.67% | 3.67% | ||
Debt Instrument, Maturity Date | Dec. 17, 2022 | ||||
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt | |||||
Senior Notes | $ 50,000 | $ 50,000 | |||
3.67% Senior Notes [Member] | Us Dollar Amounts Member | |||||
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt | |||||
Senior Notes | 50,000 | 50,000 | |||
3.67% Senior Notes [Member] | Other Principal Trading Currencies [Member] | |||||
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt | |||||
Senior Notes | $ 0 | $ 0 | |||
4.10% Senior Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate, Stated Percentage | Rate | 4.10% | 4.10% | 4.10% | ||
Debt Instrument, Maturity Date | Sep. 19, 2023 | ||||
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt | |||||
Senior Notes | $ 50,000 | $ 50,000 | |||
4.10% Senior Notes [Member] | Us Dollar Amounts Member | |||||
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt | |||||
Senior Notes | 50,000 | 50,000 | |||
4.10% Senior Notes [Member] | Other Principal Trading Currencies [Member] | |||||
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt | |||||
Senior Notes | $ 0 | $ 0 | |||
3.84% Senior Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate, Stated Percentage | Rate | 3.84% | 3.84% | 3.84% | ||
Debt Instrument, Maturity Date | Sep. 19, 2024 | ||||
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt | |||||
Senior Notes | $ 125,000 | $ 125,000 | |||
3.84% Senior Notes [Member] | Us Dollar Amounts Member | |||||
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt | |||||
Senior Notes | 125,000 | 125,000 | |||
3.84% Senior Notes [Member] | Other Principal Trading Currencies [Member] | |||||
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt | |||||
Senior Notes | $ 0 | $ 0 | |||
4.24% Senior Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate, Stated Percentage | Rate | 4.24% | 4.24% | 4.24% | ||
Debt Instrument, Maturity Date | Jun. 25, 2025 | ||||
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt | |||||
Senior Notes | $ 125,000 | $ 125,000 | |||
4.24% Senior Notes [Member] | Us Dollar Amounts Member | |||||
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt | |||||
Senior Notes | 125,000 | 125,000 | |||
4.24% Senior Notes [Member] | Other Principal Trading Currencies [Member] | |||||
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt | |||||
Senior Notes | $ 0 | $ 0 | |||
1.47% EURO Senior Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate, Stated Percentage | Rate | 1.47% | 1.47% | 1.47% | ||
Debt Instrument, Maturity Date | Jun. 17, 2030 | ||||
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt | |||||
Senior Notes | $ 138,183 | $ 138,183 | € 125,000 | ||
1.47% EURO Senior Notes [Member] | Us Dollar Amounts Member | |||||
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt | |||||
Senior Notes | 0 | 0 | |||
1.47% EURO Senior Notes [Member] | Other Principal Trading Currencies [Member] | |||||
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt | |||||
Senior Notes | 138,183 | 138,183 | |||
Credit facility [Member] | |||||
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt | |||||
Line of Credit Facility, Fair Value of Amount Outstanding | 206,823 | 206,823 | |||
Credit facility [Member] | Us Dollar Amounts Member | |||||
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt | |||||
Line of Credit Facility, Fair Value of Amount Outstanding | 157,952 | 157,952 | |||
Credit facility [Member] | Other Principal Trading Currencies [Member] | |||||
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt | |||||
Line of Credit Facility, Fair Value of Amount Outstanding | 48,871 | 48,871 | |||
Other local arrangements [Member] | |||||
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt | |||||
Other Borrowings | 20,945 | 20,945 | |||
Other local arrangements [Member] | Us Dollar Amounts Member | |||||
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt | |||||
Other Borrowings | 0 | 0 | |||
Other local arrangements [Member] | Other Principal Trading Currencies [Member] | |||||
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt | |||||
Other Borrowings | $ 20,945 | $ 20,945 |
Share Repurchase Program and 40
Share Repurchase Program and Treasury Stock (Details) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Share Repurchase Program and Treasury Stock (Textuals) [Abstract] | |||
Remaining Amount to Repurchase under the program | $ 1,233,400 | ||
Shares Purchased Under Share Repurchase Program | 25,400,000 | ||
Treasury Stock, Value, Acquired, Cost Method | $ 249,997 | $ 247,500 | $ 494,966 |
Number of shares repurchased | (732,245) | (777,248) | |
Average price of share repurchased, per share | $ 341.39 | $ 318.38 | |
Exercise of stock options and restricted stock units, shares reissued | 131,737 | 233,593 |
Other Comprehensive Income (Det
Other Comprehensive Income (Details) - USD ($) $ in Thousands | 6 Months Ended | 9 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Sep. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | $ (282,775) | $ (197,425) | $ (266,649) | $ (212,949) | |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 19,932 | $ (8,238) | |||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | (16,716) | (5,127) | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 8,828 | 719 | |||
Other Comprehensive Income (Loss), Net of Tax | (16,126) | 15,524 | |||
Accumulated Translation Adjustment [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (72,744) | (6,615) | (57,394) | (4,960) | |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 0 | 0 | |||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | (15,350) | (1,655) | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | 0 | |||
Other Comprehensive Income (Loss), Net of Tax | (15,350) | (1,655) | |||
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (3,239) | 12,850 | 3,016 | (1,944) | |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (3,692) | 19,932 | |||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | (556) | (817) | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (2,007) | (4,321) | |||
Other Comprehensive Income (Loss), Net of Tax | (6,255) | 14,794 | |||
Accumulated Defined Benefit Plans Adjustment [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (206,792) | (203,660) | $ (212,271) | $ (206,045) | |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (4,546) | 0 | |||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | (810) | (2,655) | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 10,835 | 5,040 | |||
Other Comprehensive Income (Loss), Net of Tax | $ 5,479 | $ 2,385 |
Other Comprehensive Income Deta
Other Comprehensive Income Details 2 (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | $ (1,236) | $ (2,761) | $ (2,405) | $ (5,088) |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax | (206) | (427) | (398) | (767) |
Other Comprehensive Income (Loss), Reclassification Adjustment on Derivatives Included in Net Income, Net of Tax | (1,030) | (2,334) | (2,007) | (4,321) |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, before Tax, Portion Attributable to Parent | 12,008 | 3,428 | 15,968 | 6,869 |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Tax, Portion Attributable to Parent | 4,110 | 911 | 5,133 | 1,829 |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | 7,898 | 2,517 | 10,835 | 5,040 |
3.24% $100 Million Interest Rate Swap [Member] | ||||
Interest Rate Cash Flow Hedge Gain (Loss) Reclassified to Earnings, Net | 262 | 771 | 526 | 1,535 |
Foreign Exchange Forward [Member] | ||||
Foreign Currency Cash Flow Hedge Gain (Loss) Reclassified to Earnings, Net | $ (1,498) | $ (3,532) | $ (2,931) | $ (6,623) |
Other Comprehensive Income De43
Other Comprehensive Income Details 3 (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Net earnings | $ 79,588 | $ 77,557 | $ 145,262 | $ 140,608 | $ 352,820 |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (22,958) | 21,780 | (16,126) | 15,524 | $ (53,700) |
Comprehensive Income, Net of Tax (Note 9) | $ 56,630 | $ 99,337 | $ 129,136 | $ 156,132 |
Earnings Per Common Share (Deta
Earnings Per Common Share (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Incremental Weighted Average Shares Attributable to Dilutive Effect [Abstract] | ||||
Weighted Average Number of Shares Outstanding, Diluted, Total | 512,269 | 616,431 | 501,858 | 632,823 |
Antidilutive Shares Outstanding | ||||
Weighted Average Number of Shares Outstanding, Antidilutive, Total | 84,392 | 95,535 | 108,361 | 95,725 |
Net Periodic Benefit Cost (Deta
Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Components of Net periodic pension cost for the Company's defined benefit pension plans and U.S. post-retirement medical plan | ||||
Service cost, net | $ 4,298 | $ 4,919 | $ 8,645 | $ 9,873 |
Interest cost on projected benefit obligations | 3,764 | 5,158 | 7,747 | 10,354 |
Expected return on plan assets | (10,286) | (11,734) | (20,725) | (23,427) |
Net amortization and deferral | (1,747) | (1,453) | (3,494) | (2,895) |
Recognition of actuarial losses/(gains) | 5,792 | 4,881 | 11,499 | 9,764 |
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements and Curtailments | 7,963 | 0 | 7,963 | 0 |
Net periodic pension cost/(credit) | 9,784 | 1,771 | 11,635 | 3,669 |
Net Periodic Benefit Cost (Textuals) [Abstract] | ||||
Defined Benefit Plan, Settlements, Benefit Obligation | 14,600 | |||
Other Comprehensive Income (Loss), Finalization of Pension and Other Postretirement Benefit Plan Valuation, before Tax | (8,189) | 0 | ||
Defined Benefit Plan, Settlement Loss after tax | 4,900 | |||
United States Pension Plans of US Entity, Defined Benefit [Member] | ||||
Components of Net periodic pension cost for the Company's defined benefit pension plans and U.S. post-retirement medical plan | ||||
Service cost, net | 145 | 208 | 262 | 417 |
Interest cost on projected benefit obligations | 1,072 | 1,608 | 2,364 | 3,216 |
Expected return on plan assets | (1,945) | (2,394) | (4,044) | (4,788) |
Net amortization and deferral | 0 | 0 | 0 | 0 |
Recognition of actuarial losses/(gains) | 1,902 | 1,907 | 3,792 | 3,814 |
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements and Curtailments | 7,963 | 0 | 7,963 | 0 |
Net periodic pension cost/(credit) | 9,137 | 1,329 | 10,337 | 2,659 |
Foreign Pension Plans, Defined Benefit [Member] | ||||
Components of Net periodic pension cost for the Company's defined benefit pension plans and U.S. post-retirement medical plan | ||||
Service cost, net | 4,153 | 4,711 | 8,383 | 9,456 |
Interest cost on projected benefit obligations | 2,673 | 3,515 | 5,345 | 7,069 |
Expected return on plan assets | (8,341) | (9,340) | (16,681) | (18,639) |
Net amortization and deferral | (1,278) | (984) | (2,556) | (1,957) |
Recognition of actuarial losses/(gains) | 4,563 | 3,817 | 9,053 | 7,635 |
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements and Curtailments | 0 | 0 | 0 | 0 |
Net periodic pension cost/(credit) | 1,770 | 1,719 | 3,544 | 3,564 |
Net Periodic Benefit Cost (Textuals) [Abstract] | ||||
Defined Benefit Plan, Estimated Future Employer Contributions in Current Fiscal Year | 19,400 | |||
United States Postretirement Benefit Plans of US Entity, Defined Benefit [Member] | ||||
Components of Net periodic pension cost for the Company's defined benefit pension plans and U.S. post-retirement medical plan | ||||
Service cost, net | 0 | 0 | 0 | 0 |
Interest cost on projected benefit obligations | 19 | 35 | 38 | 69 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Net amortization and deferral | (469) | (469) | (938) | (938) |
Recognition of actuarial losses/(gains) | (673) | (843) | (1,346) | (1,685) |
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements and Curtailments | 0 | 0 | 0 | 0 |
Net periodic pension cost/(credit) | $ (1,123) | $ (1,277) | (2,246) | $ (2,554) |
Net Periodic Benefit Cost (Textuals) [Abstract] | ||||
Defined Benefit Plan, Estimated Future Employer Contributions in Current Fiscal Year | $ 500 |
Restructuring Charges (Details)
Restructuring Charges (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Company's accrual for restructuring activities:- | ||||
Beginning Restructuring Accrual Balance, as of December 31, 2015 | $ 12,211 | |||
Restructuring Charges | $ 2,205 | $ 1,720 | 3,085 | $ 2,627 |
Restructuring Cash Payments | (4,302) | |||
Impact of foreign currency on restructuring reserve | (17) | |||
Ending Restructuring Accrual Balance, as of June 30, 2016 | $ 10,977 | $ 10,977 |
Restructuring Charges Restructu
Restructuring Charges Restructuring Charges (textuals) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Restructuring Charges [Abstract] | ||||
Restructuring Charges | $ 2,205 | $ 1,720 | $ 3,085 | $ 2,627 |
Other Charges , Net Other Charg
Other Charges , Net Other Charges, Net (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Other Income and Expenses [Abstract] | ||
Other Comprehensive Income (Loss), Finalization of Pension and Other Postretirement Benefit Plan Valuation, before Tax | $ (8,189) | $ 0 |
Segment Reporting (Details)
Segment Reporting (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Operations of the Company's operating segments | |||||
Net Sales to External Customers | $ 608,286 | $ 582,057 | $ 1,147,960 | $ 1,117,758 | |
Revenue Transactions With Other Operating Segments | 0 | 0 | 0 | 0 | |
Total net sales | 608,286 | 582,057 | 1,147,960 | 1,117,758 | |
Segment Profit | 129,077 | 118,310 | 231,090 | 215,616 | |
Goodwill | 444,278 | 442,482 | 444,278 | 442,482 | $ 446,284 |
US Operations [Member] | |||||
Operations of the Company's operating segments | |||||
Net Sales to External Customers | 216,968 | 204,263 | 404,903 | 383,086 | |
Revenue Transactions With Other Operating Segments | 22,102 | 22,840 | 41,733 | 41,132 | |
Total net sales | 239,070 | 227,103 | 446,636 | 424,218 | |
Segment profit | 41,112 | 37,101 | 70,267 | 61,417 | |
Goodwill | 319,715 | 308,863 | 319,715 | 308,863 | |
Swiss Operations [Member] | |||||
Operations of the Company's operating segments | |||||
Net Sales to External Customers | 30,720 | 33,153 | 57,685 | 64,004 | |
Revenue Transactions With Other Operating Segments | 126,983 | 116,753 | 247,294 | 233,093 | |
Total net sales | 157,703 | 149,906 | 304,979 | 297,097 | |
Segment profit | 34,997 | 33,359 | 70,819 | 69,534 | |
Goodwill | 22,105 | 23,198 | 22,105 | 23,198 | |
Western European Operations [Member] | |||||
Operations of the Company's operating segments | |||||
Net Sales to External Customers | 154,264 | 148,803 | 291,915 | 289,721 | |
Revenue Transactions With Other Operating Segments | 38,945 | 38,357 | 77,492 | 79,307 | |
Total net sales | 193,209 | 187,160 | 369,407 | 369,028 | |
Segment profit | 24,303 | 22,777 | 44,493 | 42,783 | |
Goodwill | 87,452 | 96,552 | 87,452 | 96,552 | |
Chinese Operations [Member] | |||||
Operations of the Company's operating segments | |||||
Net Sales to External Customers | 92,886 | 91,013 | 177,833 | 177,461 | |
Revenue Transactions With Other Operating Segments | 58,655 | 54,711 | 104,581 | 103,180 | |
Total net sales | 151,541 | 145,724 | 282,414 | 280,641 | |
Segment profit | 45,934 | 41,386 | 82,560 | 74,613 | |
Goodwill | 672 | 746 | 672 | 746 | |
Other Operations [Member] | |||||
Operations of the Company's operating segments | |||||
Net Sales to External Customers | 113,448 | 104,825 | 215,624 | 203,486 | |
Revenue Transactions With Other Operating Segments | 1,700 | 1,588 | 3,054 | 2,945 | |
Total net sales | 115,148 | 106,413 | 218,678 | 206,431 | |
Segment profit | 13,249 | 10,066 | 24,343 | 19,188 | |
Goodwill | 14,334 | 13,123 | 14,334 | 13,123 | |
Intersegment Elimination [Member] | |||||
Operations of the Company's operating segments | |||||
Net Sales to External Customers | 0 | 0 | 0 | 0 | |
Revenue Transactions With Other Operating Segments | (248,385) | (234,249) | (474,154) | (459,657) | |
Total net sales | (248,385) | (234,249) | (474,154) | (459,657) | |
Segment profit | (30,518) | (26,379) | (61,392) | (51,919) | |
Goodwill | $ 0 | $ 0 | $ 0 | $ 0 |
Segment Reporting (Details 1)
Segment Reporting (Details 1) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Reconciliation of earnings before taxes to segment profit | ||||
Earnings before taxes | $ 103,172 | $ 102,047 | $ 189,585 | $ 185,010 |
Amortization | 8,655 | 7,634 | 17,079 | 15,162 |
Interest expense | 6,872 | 6,942 | 13,452 | 13,667 |
Restructuring Charges | 2,205 | 1,720 | 3,085 | 2,627 |
Other charges (income), net | 8,173 | (33) | 7,889 | (850) |
Segment Profit Information | $ 129,077 | $ 118,310 | $ 231,090 | $ 215,616 |
Segment Reporting (Details Text
Segment Reporting (Details Textuals) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Segment Reporting (Textuals) [Abstract] | ||||
Restructuring Charges | $ 2,205 | $ 1,720 | $ 3,085 | $ 2,627 |
US Operations [Member] | ||||
Segment Reporting (Textuals) [Abstract] | ||||
Restructuring Charges | 800 | 100 | 1,100 | 100 |
Swiss Operations [Member] | ||||
Segment Reporting (Textuals) [Abstract] | ||||
Restructuring Charges | 200 | 400 | 600 | 1,100 |
Western European Operations [Member] | ||||
Segment Reporting (Textuals) [Abstract] | ||||
Restructuring Charges | $ 1,200 | 700 | 1,200 | 500 |
Chinese Operations [Member] | ||||
Segment Reporting (Textuals) [Abstract] | ||||
Restructuring Charges | 200 | 100 | 300 | |
Other Operations [Member] | ||||
Segment Reporting (Textuals) [Abstract] | ||||
Restructuring Charges | $ 300 | $ 100 | $ 600 |