Mettler-Toledo International (MTD) 10-Q 5 May 17 2017 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	3 Months Ended
	Mar. 31, 2017	Jun. 30, 2016
Entity Information [Line Items]
Entity Registrant Name	METTLER TOLEDO INTERNATIONAL INC/
Entity Central Index Key	1,037,646
Current Fiscal Year End Date	--03-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Mar. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Common Stock, Shares Outstanding	25,821,995
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
	Mar. 31, 2017	Mar. 31, 2016
Net sales
Products	$ 457,260	$ 413,292
Service	137,307	126,382
Total net sales	594,567	539,674
Cost of sales
Products	175,802	165,857
Service	75,865	73,910
Gross profit	342,900	299,907
Research and development	31,392	28,973
Selling, general and administrative	184,172	168,921
Amortization	10,045	8,424
Interest Expense	7,741	6,580
Restructuring Charges	1,432	880
Other charges (income), net	(5,730)	(284)
Earnings before taxes	113,848	86,413
Provision for taxes	21,382	20,739
Net Income (Loss) Attributable to Parent	$ 92,466	$ 65,674
Basic earnings per common share:
Net earnings	$ 3.57	$ 2.44
Weighted average number of common shares	25,932,112	26,931,293
Diluted earnings per common share:
Net earnings	$ 3.48	$ 2.40
Weighted average number of common and common equivalent shares	26,586,061	27,421,019
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	$ 116,344	$ 72,506

Interim Consolidated Balance Sh

Interim Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Current assets:
Cash and cash equivalents	$ 164,893	$ 158,674
Trade accounts receivable, less allowances of $14,800 at March 31, 2017 and $14,234 at December 31, 2016	439,413	454,988
Inventories	242,375	222,047
Other current assets and prepaid expenses	66,184	61,075
Total current assets	912,865	896,784
Property, plant and equipment, net	572,058	563,707
Goodwill	478,652	476,378
Other intangible assets, net	165,476	167,055
Non-current deferred tax assets, net	38,027	33,951
Other non-current assets	36,686	28,902
Total assets	2,203,764	2,166,777
Current liabilities:
Trade accounts payable	137,827	146,593
Accrued and other liabilities	128,671	133,167
Accrued compensation and related items	95,948	140,461
Deferred revenue and customer prepayments	132,930	100,330
Taxes payable	46,310	47,990
Short-term borrowings and current maturities of long-term debt	19,476	18,974
Total current liabilities	561,162	587,515
Long-term debt	944,211	875,056
Non-current deferred tax liabilities	56,852	64,306
Other non-current liabilities	201,687	204,957
Total liabilities	1,763,912	1,731,834
Commitments and contingencies (Note 14)
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 25,821,995 and 26,020,234 shares at March 31, 2017 and December 31, 2016, respectively	448	448
Additional paid-in capital	734,378	730,556
Treasury stock at cost (18,964,016 shares at March 31, 2017 and 18,765,777 shares at December 31, 2016)	(3,121,111)	(3,006,771)
Retained earnings	3,157,257	3,065,708
Accumulated Other Comprehensive Income (Loss), Net of Tax	(331,120)	(354,998)
Total shareholders' equity	439,852	434,943
Total liabilities and shareholders' equity	$ 2,203,764	$ 2,166,777

Interim Consolidated Balance S4

Interim Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Current assets:
Allowance for Doubtful Accounts Receivable, Current	$ 14,800	$ 14,234
Shareholders' equity:
Preferred stock, par value	$ 0.01	$ 0.01
Preferred Stock, Shares Authorized	10,000,000	10,000,000
Common stock, par value	$ 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	25,821,995	26,020,234
Treasury stock, shares	18,964,016	18,765,777

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, 2015	$ 580,457	$ 448	$ 697,570	$ (2,543,229)	$ 2,692,317	$ (266,649)
Beginning balance, shares at Dec. 31, 2015		27,090,118
Stock Issued During Period, Value, Treasury Stock Reissued	(25,471)			(36,450)	(10,979)
Exercise of stock options and restricted stock units, shares		278,623
Repurchases of common stock	(499,992)			(499,992)
Repurchases of common stock, shares		(1,348,507)
Tax benefit resulting from exercise of certain employee stock options	17,680		17,680
Adjustment to Additional Paid in Capital, Share-Based Compensation	15,306		15,306
Net Income (Loss) Attributable to Parent	384,370				384,370
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	(88,349)					(88,349)
Ending balance at Dec. 31, 2016	$ 434,943	$ 448	730,556	(3,006,771)	3,065,708	(354,998)
Ending balance, shares at Dec. 31, 2016	26,020,234	26,020,234
Stock Issued During Period, Value, Treasury Stock Reissued	$ (8,201)			(10,657)	(2,456)
Exercise of stock options and restricted stock units, shares	76,849	76,849
Repurchases of common stock	$ (124,997)			(124,997)
Repurchases of common stock, shares	(275,088)	(275,088)
Adjustment to Additional Paid in Capital, Share-Based Compensation			3,822
Income Tax Effects Allocated Directly to Equity, Cumulative Effect of Change in Accounting Principle	$ 1,539
Net Income (Loss) Attributable to Parent	92,466				92,466
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	23,878					23,878
Ending balance at Mar. 31, 2017	$ 439,852	$ 448	$ 734,378	$ (3,121,111)	$ 3,157,257	$ (331,120)
Ending balance, shares at Mar. 31, 2017	25,821,995	25,821,995

Interim Consolidated Statement6

Interim Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Cash flows from operating activities:
Net Income (Loss) Attributable to Parent	$ 92,466	$ 65,674
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation	7,966	8,122
Amortization	10,045	8,424
Deferred tax benefit	(1,470)	(3,304)
Share-based compensation	3,822	3,656
Gain (Loss) on Disposition of Property Plant Equipment	(3,394)	0
Other	(10)	(77)
Increase (decrease) in cash resulting from changes in:
Trade accounts receivable, net	23,289	28,610
Inventories	(15,795)	(10,267)
Other current assets	(2,045)	(1,453)
Trade accounts payable	(10,614)	(21,905)
Taxes payable	(9,209)	519
Accruals and other	(27,452)	(36,494)
Net cash provided by operating activities	67,599	41,505
Cash flows from investing activities:
Proceeds from sale of property, plant and equipment	10,003	135
Purchase of property, plant and equipment	(21,015)	(14,348)
Payments to Acquire Businesses, Net of Cash Acquired	0	(4,329)
Payments for (Proceeds from) Derivative Instrument, Investing Activities	312	2,128
Net cash used in investing activities	(10,700)	(16,414)
Cash flows from financing activities:
Proceeds from borrowings	472,732	229,413
Repayments of borrowings	(409,881)	(124,467)
Proceeds from stock option exercises	8,201	5,909
Repurchases of common stock	(124,997)	(125,000)
Proceeds from (Payments for) Other Financing Activities	0	(125)
Net cash used in financing activities	(53,945)	(14,270)
Effect of exchange rate changes on cash and cash equivalents	3,265	887
Net (decrease) increase in cash and cash equivalents	6,219	11,708
Cash and cash equivalents:
Beginning of period	158,674	98,887
End of period	$ 164,893	$ 110,595

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2017
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, 2016 . 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 months ended March 31, 2017 are not necessarily indicative of the results to be expected for the full year ending December 31, 2017 . 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, 2016 . 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	3 Months Ended
	Mar. 31, 2017
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: March 31, December 31, Raw materials and parts $ 107,256 $ 100,408 Work-in-progress 46,369 41,454 Finished goods 88,750 80,185 $ 242,375 $ 222,047 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 underlying 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 to be benefited. 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 “Intangibles – Goodwill and Other” and ASC 360 “Property, Plant and Equipment.” Other intangible assets consisted of the following : March 31, 2017 December 31, 2016 Gross Amount Accumulated Amortization Intangibles, Net Gross Amount Accumulated Amortization Intangibles, Net Customer relationships $ 147,776 $ (36,190 ) $ 111,586 $ 147,466 $ (34,672 ) $ 112,794 Proven technology and patents 59,057 (35,981 ) 23,076 58,394 (35,128 ) 23,266 Tradename (finite life) 4,296 (2,738 ) 1,558 4,182 (2,514 ) 1,668 Tradename (indefinite life) 28,339 — 28,339 28,272 — 28,272 Other 2,884 (1,967 ) 917 2,871 (1,816 ) 1,055 $ 242,352 $ (76,876 ) $ 165,476 $ 241,185 $ (74,130 ) $ 167,055 The Company recognized amortization expense associated with the above intangible assets of $2.5 million and $1.8 million for the three months ended March 31, 2017 and 2016 , respectively. The annual aggregate amortization expense based on the current balance of other intangible assets is estimated at $9.8 million for 2017 , $9.6 million for 2018 , $9.2 million for 2019 , $8.8 million for 2020 , $8.2 million for 2021 and $7.2 million for 2022 . Purchased intangible amortization was $2.3 million , $1.5 million after tax and $1.7 million , $1.1 million after tax for the three months ended March 31, 2017 and 2016 , respectively. In addition to the above amortization, the Company recorded amortization expense associated with capitalized software of $7.5 million and $6.6 million for the three months ended March 31, 2017 and 2016 , 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 obligation is 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 comprehensive income with a corresponding offset to additional paid-in capital in the consolidated balance sheet. The Company recorded $3.8 million and $3.7 million of share-based compensation expense for the three months ended March 31, 2017 and 2016 , respectively. 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 January 2017, the Company adopted ASU 2016-09, to ASC 718 "Compensation - Stock Compensation." The primary impact of adoption was the recognition of excess tax benefits from stock option exercises within the provision for taxes rather than within shareholder's equity, and a change in the determination of diluted earnings per common share. The Company adopted the guidance on a prospective basis, and expects its estimated annual tax rate will be reduced by 2% in 2017. The adoption of this guidance also reduced the Company's income tax rate by approximately 5% for the three months ending March 31, 2017. In addition, the Company recognized additional deferred tax assets of $1.5 million as a cumulative adjustment within shareholder's equity. The Company also classified on a retrospective basis the excess tax benefits from stock option exercises as operating activities in the Statements of Cash Flows. For additional disclosure, see Note 5 to the interim consolidated financial statements. The FASB issued ASU 2014-09, ASU 2016-10 and ASU 2016-12 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. ASU 2016-10 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. ASU 2016-12 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. The Company is finalizing its evaluation of the impact of the adoption of this guidance and believes it will have an immaterial impact on the Company's consolidated results of operations and financial position. The estimated impact to the Company's results is expected to be immaterial because most of its performance obligations are satisfied at the time of title transfer and risk of loss to the customer which is generally upon shipment. In addition, contracts with end-customers typically do not exceed a year, and generally pertain to service contracts that represent an obligation to perform repair or other services on a customer's pre-defined equipment over the contract period. The Company also sometimes enters into contracts with end-customers that comprise arrangements that require separate delivery of multiple goods and/or services, including post-shipment obligations such as installation. Immaterial impacts from adopting the new standard include the recognition of certain revenue for performance obligations that were deferred until post-shipment obligations were completed. The number of performance obligations under the new standard is also not materially different from the Company's financial accounting and reporting model under the existing standard. The Company is still evaluating the adoption method it will elect upon implementation. The Company is also in the process of implementing appropriate changes to its business processes, systems and controls to support recognition and disclosures under the new standard. In March 2017, the FASB issued ASU 2017-7, to ASC 715 "Compensation-Retirement Benefits," which will require the Company to report the non-service cost components of net periodic benefit cost in other charges (income), net. The new guidance must be applied retrospectively and becomes effective for the year beginning January 1, 2018. The Company expects the impact of this guidance will be immaterial. 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 the financial statements and the timing of adoption.

Financial Instruments

Financial Instruments	3 Months Ended
	Mar. 31, 2017
Derivative [Line Items]
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 6, 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, also see Note 4 to the interim consolidated financial statements. Cash Flow Hedges 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 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 is a swap which has the effect of changing the floating rate LIBOR-based interest payments associated with $100 million in borrowings under the Company's credit agreement to a fixed obligation of 2.25% . The swap began 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 March 31, 2017 and December 31, 2016 , respectively, and disclosed in Note 4 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 8 to the consolidated financial statements. A derivative loss of $1.0 million based upon interest rates at March 31, 2017 , is expected to be reclassified from other comprehensive income (loss) to earnings in the next twelve months. Through March 31, 2017 , 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 March 31, 2017 and December 31, 2016 as disclosed in Note 4. The Company recognized in other charges (income), a net gain of $1.7 million and $1.0 million during the three months ended March 31, 2017 and 2016 , respectively. At March 31, 2017 and December 31, 2016 , these contracts had a notional value of $335.8 million and $353.0 million , respectively.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2017
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS At March 31, 2017 and December 31, 2016 , the Company had derivative assets totaling $1.1 million and $0.8 million , respectively, and derivative liabilities totaling $3.8 million and $5.8 million , respectively. The fair values of the interest rate swap agreement 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 March 31, 2017 and December 31, 2016 . At March 31, 2017 and December 31, 2016 , the Company had $28.7 million and $21.5 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 $4.7 million as of March 31, 2017 and $4.2 million as of December 31, 2016 . 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 March 31, 2017 and December 31, 2016 : March 31, 2017 December 31, 2016 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Assets: Cash equivalents $ 28,669 $ — $ 28,669 $ — $ 21,513 $ — $ 21,513 $ — Foreign currency forward contracts not designated as hedging instruments 1,071 — 1,071 — 791 — 791 — Total $ 29,740 $ — $ 29,740 $ — $ 22,304 $ — $ 22,304 $ — Liabilities: Interest rate swap agreements $ 3,040 $ — $ 3,040 $ — $ 3,630 $ — $ 3,630 $ — Foreign currency forward contracts not designated as hedging instruments 758 — 758 — 2,123 — 2,123 — Total $ 3,798 $ — $ 3,798 $ — $ 5,753 $ — $ 5,753 $ —

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2017
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The provision for taxes is based upon using the Company's estimated annual effective tax rate of 22% and 24% for the three month periods ended March 31, 2017 and 2016 . The reduction in the Company's estimated annual effective tax rate from 24% to 22% , as well as the Company's reported tax rate of 19% during the three months ending March 31, 2017, is primarily related to the Company's adoption of ASU 2016-09 pertaining to excess tax benefits associated with stock option exercises. The Company's 2017 estimated annual tax rate of 22% includes an estimated benefit of 2% related to the adoption of ASU 2016-09, the effects of which will be treated discretely each quarter.

Debt

Debt	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
DEBT	DEBT Debt consisted of the following at March 31, 2017 : March 31, 2017 U.S. Dollar Other Principal Trading Currencies Total $50 million Senior Notes, interest 3.67%, due December 17, 2022 $ 50,000 $ — $ 50,000 $50 million Senior Notes, interest 4.10%, due September 19, 2023 50,000 — 50,000 $125 million Senior Notes, interest 3.84%, due September 19, 2024 125,000 — 125,000 $125 million Senior Notes, interest 4.24%, due June 25, 2025 125,000 — 125,000 Euro 125 million Senior Notes, interest 1.47%, due June 17, 2030 — 134,842 134,842 Debt issuance costs, net (1,213 ) (378 ) (1,591 ) Total Senior Notes 348,787 134,464 483,251 $800 million Credit Agreement, interest at LIBOR plus 87.5 basis points 332,305 128,655 460,960 Other local arrangements 430 19,046 19,476 Total debt 681,522 282,165 963,687 Less: current portion (430 ) (19,046 ) (19,476 ) Total long-term debt $ 681,092 $ 263,119 $ 944,211 As of March 31, 2017 , the Company had $333.6 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 a euro-denominated foreign subsidiary to reduce foreign currency risk associated with this net investment. 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 pre-tax unrealized loss recorded in other comprehensive income (loss) related to this net investment hedge was $3.3 million and $3.6 million for the three months ended March 31, 2017 and 2016 , respectively.

Share Repurchase Program and Tr

Share Repurchase Program and Treasury Stock	3 Months Ended
	Mar. 31, 2017
Share Repurchase Program and Treasury Stock [Abstract]
Treasury Stock [Text Block]	SHARE REPURCHASE PROGRAM AND TREASURY STOCK The Company has a share repurchase program of which there was $858.4 million common shares remaining to be repurchased under the program as of March 31, 2017 . The share repurchases are expected to be funded from cash generated from operating activities, borrowings and existing cash balances. Repurchases will be made through open market transactions, and the amount and timing of repurchases will depend on business and market conditions, stock price, trading restrictions, the level of acquisition activity, and other factors. The Company has purchased 26.3 million shares since the inception of the program in 2004 through March 31, 2017 . During both the three months ended March 31, 2017 and 2016 , the Company spent $125.0 million on the repurchase of 275,088 shares and 390,337 shares at an average price per share of $454.37 and $320.22 , respectively. The Company reissued 76,849 shares and 59,321 shares held in treasury for the exercise of stock options and restricted stock units during the three months ended March 31, 2017 and 2016 , respectively.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Notes)	3 Months Ended
	Mar. 31, 2017
Accumulated Other Comprehensive Income [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 periods ended March 31, 2017 and 2016 : Currency Translation Adjustment 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, 2016 $ (115,322 ) $ (2,232 ) $ (237,444 ) $ (354,998 ) Other comprehensive income (loss), net of tax: Unrealized gains (losses) cash flow hedging arrangements — 152 — 152 Foreign currency translation adjustment 24,349 — (4,546 ) 19,803 Amounts recognized from accumulated other comprehensive income (loss), net of tax — 211 3,712 3,923 Net change in other comprehensive income (loss), net of tax 24,349 363 (834 ) 23,878 Balance at March 31, 2017 $ (90,973 ) $ (1,869 ) $ (238,278 ) $ (331,120 ) Currency Translation Adjustment 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: Unrealized gains (losses) cash flow hedging arrangements — (2,653 ) — (2,653 ) Foreign currency translation adjustment 10,914 (554 ) (2,835 ) 7,525 Amounts recognized from accumulated other comprehensive income (loss), net of tax — (977 ) 2,937 1,960 Net change in other comprehensive income (loss), net of tax 10,914 (4,184 ) 102 6,832 March 31, 2016 $ (46,480 ) $ (1,168 ) $ (212,169 ) $ (259,817 ) The following table presents amounts recognized from accumulated other comprehensive income for the three months ended March 31 : 2017 2016 Location of Amounts Recognized in Earnings Effective portion of (gains) losses on cash flow hedging arrangements: Interest rate swap agreements $ 344 $ 264 Interest expense Foreign currency forward contracts — (1,433 ) Cost of sales - products Total before taxes 344 (1,169 ) Provision for taxes 133 (192 ) Provision for taxes Total, net of taxes $ 211 $ (977 ) Recognition of defined benefit pension and post-retirement items: Recognition of actuarial (gains) losses, plan amendments and prior service cost, before taxes $ 5,039 $ 3,960 (a) Provision for taxes 1,327 1,023 Provision for taxes Total, net of taxes $ 3,712 $ 2,937 (a) These accumulated other comprehensive income (loss) components are included in the computation of net periodic pension and post-retirement cost. See Note 10 for additional details for the three months ended March 31, 2017 and 2016 . Comprehensive income (loss), net of tax consisted of the following: March 31, March 31, Net earnings $ 92,466 $ 65,674 Other comprehensive income (loss), net of tax 23,878 $ 6,832 Comprehensive income (loss), net of tax $ 116,344 $ 72,506

Earnings Per Common Share

Earnings Per Common Share	3 Months Ended
	Mar. 31, 2017
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 months ended March 31 , relating to outstanding stock options and restricted stock units: 2017 2016 Three months ended 653,949 489,726 The determination of the common share equivalents for the three months ended March 31, 2017 includes the effect of the adoption of guidance ASU 2016-09 as described in Note 2. Outstanding options and restricted stock units to purchase or receive 93,005 and 176,917 shares of common stock for the three months ended March 31, 2017 and 2016 , respectively, have been excluded from the calculation of diluted weighted average number of common and common equivalent shares as such options and restricted stock units would be anti-dilutive.

Net Periodic Benefit Cost

Net Periodic Benefit Cost	3 Months Ended
	Mar. 31, 2017
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 March 31 : U.S. Pension Benefits Non-U.S. Pension Benefits Other U.S. Post-retirement Benefits Total 2017 2016 2017 2016 2017 2016 2017 2016 Service cost, net $ 141 $ 117 $ 3,988 $ 4,145 $ — $ — $ 4,129 $ 4,262 Interest cost on projected benefit obligations 1,094 1,292 2,052 2,647 18 19 3,164 3,958 Expected return on plan assets (1,684 ) (2,099 ) (7,322 ) (8,247 ) — — (9,006 ) (10,346 ) Recognition of prior service cost — — (1,879 ) (1,261 ) (195 ) (469 ) (2,074 ) (1,730 ) Recognition of actuarial losses/(gains) 1,639 1,890 5,947 4,473 (473 ) (673 ) 7,113 5,690 Net periodic pension cost/(credit) $ 1,190 $ 1,200 $ 2,786 $ 1,757 $ (650 ) $ (1,123 ) $ 3,326 $ 1,834 As previously disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016 , the Company expects to make employer contributions of approximately $18.9 million to its non-U.S. pension plan and employer contributions of approximately $0.5 million to its U.S. post-retirement medical plan during the year ended December 31, 2017 . 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	3 Months Ended
	Mar. 31, 2017
Restructuring and Related Activities [Abstract]
RESTRUCTURING CHARGES	RESTRUCTURING CHARGES For the three months ending March 31, 2017 , the Company incurred $1.4 million of restructuring expenses which primarily comprise 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 three months ended March 31, 2017 is as follows: Total Balance at December 31, 2016 $ 9,531 Restructuring charges 1,432 Cash payments / utilization (2,578 ) Impact of foreign currency 198 Balance at March 31, 2017 $ 8,583

Other Charges (Income), Net

Other Charges (Income), Net	3 Months Ended
	Mar. 31, 2017
Other Income and Expenses [Abstract]
OTHER CHARGES (INCOME), NET	OTHER CHARGES (INCOME), NET Other charges (income), net includes a one-time gain of $3.4 million for the three months ended March 31, 2017 relating to the sale of a facility in Switzerland in connection with the Company's initiative to consolidate certain Swiss operations into a new facility. Other charges (income), net also includes (gains) losses from foreign currency transactions and hedging activities, interest income and other items.

Segment Reporting

Segment Reporting	3 Months Ended
	Mar. 31, 2017
Segment Reporting [Abstract]
SEGMENT REPORTING	SEGMENT REPORTING As disclosed in Note 17 to the Company's consolidated financial statements for the year ending December 31, 2016 , 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 reportable segments: Net Sales to Net Sales to For the three months ended External Other Total Net Segment March 31, 2017 Customers Segments Sales Profit Goodwill U.S. Operations $ 215,353 $ 22,412 $ 237,765 $ 38,822 $ 357,526 Swiss Operations 29,747 127,553 157,300 36,018 21,771 Western European Operations 147,323 42,942 190,265 23,226 83,777 Chinese Operations 90,781 52,932 143,713 44,659 643 Other (a) 111,363 1,597 112,960 13,118 14,935 Eliminations and Corporate (b) — (247,436 ) (247,436 ) (28,507 ) — Total $ 594,567 $ — $ 594,567 $ 127,336 $ 478,652 Net Sales to Net Sales to For the three months ended External Other Total Net Segment March 31, 2016 Customers Segments (c) Sales (c) Profit (c) Goodwill U.S. Operations $ 187,934 $ 20,315 $ 208,249 $ 29,265 $ 319,715 Swiss Operations 26,989 116,927 143,916 35,072 22,241 Western European Operations 137,628 34,474 172,102 19,699 91,482 Chinese Operations 84,947 46,817 131,764 38,036 692 Other (a) 102,176 1,354 103,530 11,094 14,053 Eliminations and Corporate (b) — (219,887 ) (219,887 ) (31,153 ) — Total $ 539,674 $ — $ 539,674 $ 102,013 $ 448,183 (a) Other includes reporting units in Southeast Asia, Latin America, Eastern Europe 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. (c) 2016 net sales and segment profit have been reclassified to conform to the current period. A reconciliation of earnings before taxes to segment profit for the three months ended March 31 follows: Three Months Ended March 31, 2017 March 31, 2016 Earnings before taxes $ 113,848 $ 86,413 Amortization 10,045 8,424 Interest expense 7,741 6,580 Restructuring charges 1,432 880 Other charges (income), net (5,730 ) (284 ) Segment profit $ 127,336 $ 102,013 During the three months ended March 31, 2017 , restructuring charges of $1.4 million were recognized, of which $0.8 million , $0.4 million , $0.1 million , and $0.1 million related to the Company’s U.S., Swiss, Chinese and Other operations, respectively. Restructuring charges of $0.9 million were recognized during the three months ended March 31, 2016 , of which $0.3 million , $0.4 million , $0.1 million and $0.1 million related to the Company's U.S., Swiss, Chinese and Other operations, respectively.

Contingencies

Contingencies	3 Months Ended
	Mar. 31, 2017
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 Accoun21

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2017
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: March 31, December 31, Raw materials and parts $ 107,256 $ 100,408 Work-in-progress 46,369 41,454 Finished goods 88,750 80,185 $ 242,375 $ 222,047
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 underlying 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 to be benefited. 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 “Intangibles – Goodwill and Other” and ASC 360 “Property, Plant and Equipment.” Other intangible assets consisted of the following : March 31, 2017 December 31, 2016 Gross Amount Accumulated Amortization Intangibles, Net Gross Amount Accumulated Amortization Intangibles, Net Customer relationships $ 147,776 $ (36,190 ) $ 111,586 $ 147,466 $ (34,672 ) $ 112,794 Proven technology and patents 59,057 (35,981 ) 23,076 58,394 (35,128 ) 23,266 Tradename (finite life) 4,296 (2,738 ) 1,558 4,182 (2,514 ) 1,668 Tradename (indefinite life) 28,339 — 28,339 28,272 — 28,272 Other 2,884 (1,967 ) 917 2,871 (1,816 ) 1,055 $ 242,352 $ (76,876 ) $ 165,476 $ 241,185 $ (74,130 ) $ 167,055 The Company recognized amortization expense associated with the above intangible assets of $2.5 million and $1.8 million for the three months ended March 31, 2017 and 2016 , respectively. The annual aggregate amortization expense based on the current balance of other intangible assets is estimated at $9.8 million for 2017 , $9.6 million for 2018 , $9.2 million for 2019 , $8.8 million for 2020 , $8.2 million for 2021 and $7.2 million for 2022 . Purchased intangible amortization was $2.3 million , $1.5 million after tax and $1.7 million , $1.1 million after tax for the three months ended March 31, 2017 and 2016 , respectively. In addition to the above amortization, the Company recorded amortization expense associated with capitalized software of $7.5 million and $6.6 million for the three months ended March 31, 2017 and 2016 , 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 obligation is 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 comprehensive income with a corresponding offset to additional paid-in capital in the consolidated balance sheet. The Company recorded $3.8 million and $3.7 million of share-based compensation expense for the three months ended March 31, 2017 and 2016 , respectively.
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 January 2017, the Company adopted ASU 2016-09, to ASC 718 "Compensation - Stock Compensation." The primary impact of adoption was the recognition of excess tax benefits from stock option exercises within the provision for taxes rather than within shareholder's equity, and a change in the determination of diluted earnings per common share. The Company adopted the guidance on a prospective basis, and expects its estimated annual tax rate will be reduced by 2% in 2017. The adoption of this guidance also reduced the Company's income tax rate by approximately 5% for the three months ending March 31, 2017. In addition, the Company recognized additional deferred tax assets of $1.5 million as a cumulative adjustment within shareholder's equity. The Company also classified on a retrospective basis the excess tax benefits from stock option exercises as operating activities in the Statements of Cash Flows. For additional disclosure, see Note 5 to the interim consolidated financial statements. The FASB issued ASU 2014-09, ASU 2016-10 and ASU 2016-12 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. ASU 2016-10 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. ASU 2016-12 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. The Company is finalizing its evaluation of the impact of the adoption of this guidance and believes it will have an immaterial impact on the Company's consolidated results of operations and financial position. The estimated impact to the Company's results is expected to be immaterial because most of its performance obligations are satisfied at the time of title transfer and risk of loss to the customer which is generally upon shipment. In addition, contracts with end-customers typically do not exceed a year, and generally pertain to service contracts that represent an obligation to perform repair or other services on a customer's pre-defined equipment over the contract period. The Company also sometimes enters into contracts with end-customers that comprise arrangements that require separate delivery of multiple goods and/or services, including post-shipment obligations such as installation. Immaterial impacts from adopting the new standard include the recognition of certain revenue for performance obligations that were deferred until post-shipment obligations were completed. The number of performance obligations under the new standard is also not materially different from the Company's financial accounting and reporting model under the existing standard. The Company is still evaluating the adoption method it will elect upon implementation. The Company is also in the process of implementing appropriate changes to its business processes, systems and controls to support recognition and disclosures under the new standard. In March 2017, the FASB issued ASU 2017-7, to ASC 715 "Compensation-Retirement Benefits," which will require the Company to report the non-service cost components of net periodic benefit cost in other charges (income), net. The new guidance must be applied retrospectively and becomes effective for the year beginning January 1, 2018. The Company expects the impact of this guidance will be immaterial. 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 the financial statements and the timing of adoption.

Summary of Significant Accoun22

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2017
Accounting Policies [Abstract]
Components of inventories	Inventories consisted of the following: March 31, December 31, Raw materials and parts $ 107,256 $ 100,408 Work-in-progress 46,369 41,454 Finished goods 88,750 80,185 $ 242,375 $ 222,047
Components of other intangible assets	Other intangible assets consisted of the following : March 31, 2017 December 31, 2016 Gross Amount Accumulated Amortization Intangibles, Net Gross Amount Accumulated Amortization Intangibles, Net Customer relationships $ 147,776 $ (36,190 ) $ 111,586 $ 147,466 $ (34,672 ) $ 112,794 Proven technology and patents 59,057 (35,981 ) 23,076 58,394 (35,128 ) 23,266 Tradename (finite life) 4,296 (2,738 ) 1,558 4,182 (2,514 ) 1,668 Tradename (indefinite life) 28,339 — 28,339 28,272 — 28,272 Other 2,884 (1,967 ) 917 2,871 (1,816 ) 1,055 $ 242,352 $ (76,876 ) $ 165,476 $ 241,185 $ (74,130 ) $ 167,055

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2017
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 March 31, 2017 and December 31, 2016 : March 31, 2017 December 31, 2016 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Assets: Cash equivalents $ 28,669 $ — $ 28,669 $ — $ 21,513 $ — $ 21,513 $ — Foreign currency forward contracts not designated as hedging instruments 1,071 — 1,071 — 791 — 791 — Total $ 29,740 $ — $ 29,740 $ — $ 22,304 $ — $ 22,304 $ — Liabilities: Interest rate swap agreements $ 3,040 $ — $ 3,040 $ — $ 3,630 $ — $ 3,630 $ — Foreign currency forward contracts not designated as hedging instruments 758 — 758 — 2,123 — 2,123 — Total $ 3,798 $ — $ 3,798 $ — $ 5,753 $ — $ 5,753 $ —

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
Debt	Debt consisted of the following at March 31, 2017 : March 31, 2017 U.S. Dollar Other Principal Trading Currencies Total $50 million Senior Notes, interest 3.67%, due December 17, 2022 $ 50,000 $ — $ 50,000 $50 million Senior Notes, interest 4.10%, due September 19, 2023 50,000 — 50,000 $125 million Senior Notes, interest 3.84%, due September 19, 2024 125,000 — 125,000 $125 million Senior Notes, interest 4.24%, due June 25, 2025 125,000 — 125,000 Euro 125 million Senior Notes, interest 1.47%, due June 17, 2030 — 134,842 134,842 Debt issuance costs, net (1,213 ) (378 ) (1,591 ) Total Senior Notes 348,787 134,464 483,251 $800 million Credit Agreement, interest at LIBOR plus 87.5 basis points 332,305 128,655 460,960 Other local arrangements 430 19,046 19,476 Total debt 681,522 282,165 963,687 Less: current portion (430 ) (19,046 ) (19,476 ) Total long-term debt $ 681,092 $ 263,119 $ 944,211

Accumulated Other Comprehensi25

Accumulated Other Comprehensive Income (Tables)	3 Months Ended
	Mar. 31, 2017
Accumulated Other Comprehensive Income [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 periods ended March 31, 2017 and 2016 : Currency Translation Adjustment 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, 2016 $ (115,322 ) $ (2,232 ) $ (237,444 ) $ (354,998 ) Other comprehensive income (loss), net of tax: Unrealized gains (losses) cash flow hedging arrangements — 152 — 152 Foreign currency translation adjustment 24,349 — (4,546 ) 19,803 Amounts recognized from accumulated other comprehensive income (loss), net of tax — 211 3,712 3,923 Net change in other comprehensive income (loss), net of tax 24,349 363 (834 ) 23,878 Balance at March 31, 2017 $ (90,973 ) $ (1,869 ) $ (238,278 ) $ (331,120 ) Currency Translation Adjustment 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: Unrealized gains (losses) cash flow hedging arrangements — (2,653 ) — (2,653 ) Foreign currency translation adjustment 10,914 (554 ) (2,835 ) 7,525 Amounts recognized from accumulated other comprehensive income (loss), net of tax — (977 ) 2,937 1,960 Net change in other comprehensive income (loss), net of tax 10,914 (4,184 ) 102 6,832 March 31, 2016 $ (46,480 ) $ (1,168 ) $ (212,169 ) $ (259,817 )
Disclosure of Reclassification Amount [Text Block]	The following table presents amounts recognized from accumulated other comprehensive income for the three months ended March 31 : 2017 2016 Location of Amounts Recognized in Earnings Effective portion of (gains) losses on cash flow hedging arrangements: Interest rate swap agreements $ 344 $ 264 Interest expense Foreign currency forward contracts — (1,433 ) Cost of sales - products Total before taxes 344 (1,169 ) Provision for taxes 133 (192 ) Provision for taxes Total, net of taxes $ 211 $ (977 ) Recognition of defined benefit pension and post-retirement items: Recognition of actuarial (gains) losses, plan amendments and prior service cost, before taxes $ 5,039 $ 3,960 (a) Provision for taxes 1,327 1,023 Provision for taxes Total, net of taxes $ 3,712 $ 2,937
Schedule of Comprehensive Income (Loss) [Table Text Block]	Comprehensive income (loss), net of tax consisted of the following: March 31, March 31, Net earnings $ 92,466 $ 65,674 Other comprehensive income (loss), net of tax 23,878 $ 6,832 Comprehensive income (loss), net of tax $ 116,344 $ 72,506

Earnings Per Common Share (Tabl

Earnings Per Common Share (Tables)	3 Months Ended
	Mar. 31, 2017
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 months ended March 31 , relating to outstanding stock options and restricted stock units: 2017 2016 Three months ended 653,949 489,726

Net Periodic Benefit Cost (Tabl

Net Periodic Benefit Cost (Tables)	3 Months Ended
	Mar. 31, 2017
Compensation and Retirement Disclosure [Abstract]
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 March 31 : U.S. Pension Benefits Non-U.S. Pension Benefits Other U.S. Post-retirement Benefits Total 2017 2016 2017 2016 2017 2016 2017 2016 Service cost, net $ 141 $ 117 $ 3,988 $ 4,145 $ — $ — $ 4,129 $ 4,262 Interest cost on projected benefit obligations 1,094 1,292 2,052 2,647 18 19 3,164 3,958 Expected return on plan assets (1,684 ) (2,099 ) (7,322 ) (8,247 ) — — (9,006 ) (10,346 ) Recognition of prior service cost — — (1,879 ) (1,261 ) (195 ) (469 ) (2,074 ) (1,730 ) Recognition of actuarial losses/(gains) 1,639 1,890 5,947 4,473 (473 ) (673 ) 7,113 5,690 Net periodic pension cost/(credit) $ 1,190 $ 1,200 $ 2,786 $ 1,757 $ (650 ) $ (1,123 ) $ 3,326 $ 1,834

Restructuring Charges (Tables)

Restructuring Charges (Tables)	3 Months Ended
	Mar. 31, 2017
Restructuring and Related Activities [Abstract]
Company's accrual for restructuring activities	A rollforward of the Company’s accrual for restructuring activities for the three months ended March 31, 2017 is as follows: Total Balance at December 31, 2016 $ 9,531 Restructuring charges 1,432 Cash payments / utilization (2,578 ) Impact of foreign currency 198 Balance at March 31, 2017 $ 8,583

Segment Reporting (Tables)

Segment Reporting (Tables)	3 Months Ended
	Mar. 31, 2017
Segment Reporting [Abstract]
Operations of the Company's operating segments	The following tables show the operations of the Company’s reportable segments: Net Sales to Net Sales to For the three months ended External Other Total Net Segment March 31, 2017 Customers Segments Sales Profit Goodwill U.S. Operations $ 215,353 $ 22,412 $ 237,765 $ 38,822 $ 357,526 Swiss Operations 29,747 127,553 157,300 36,018 21,771 Western European Operations 147,323 42,942 190,265 23,226 83,777 Chinese Operations 90,781 52,932 143,713 44,659 643 Other (a) 111,363 1,597 112,960 13,118 14,935 Eliminations and Corporate (b) — (247,436 ) (247,436 ) (28,507 ) — Total $ 594,567 $ — $ 594,567 $ 127,336 $ 478,652 Net Sales to Net Sales to For the three months ended External Other Total Net Segment March 31, 2016 Customers Segments (c) Sales (c) Profit (c) Goodwill U.S. Operations $ 187,934 $ 20,315 $ 208,249 $ 29,265 $ 319,715 Swiss Operations 26,989 116,927 143,916 35,072 22,241 Western European Operations 137,628 34,474 172,102 19,699 91,482 Chinese Operations 84,947 46,817 131,764 38,036 692 Other (a) 102,176 1,354 103,530 11,094 14,053 Eliminations and Corporate (b) — (219,887 ) (219,887 ) (31,153 ) — Total $ 539,674 $ — $ 539,674 $ 102,013 $ 448,183 (a) Other includes reporting units in Southeast Asia, Latin America, Eastern Europe 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 months ended March 31 follows: Three Months Ended March 31, 2017 March 31, 2016 Earnings before taxes $ 113,848 $ 86,413 Amortization 10,045 8,424 Interest expense 7,741 6,580 Restructuring charges 1,432 880 Other charges (income), net (5,730 ) (284 ) Segment profit $ 127,336 $ 102,013

Summary of Significant Accoun30

Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Components of inventory
Raw materials and parts	$ 107,256	$ 100,408
Work-in-progress	46,369	41,454
Finished goods	88,750	80,185
Total Inventory, Net	$ 242,375	$ 222,047

Summary of Significant Accoun31

Summary of Significant Accounting Policies (Details 1) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Intangible Assets [Line Items]
Finite and Indefinite-Lived Intangible Assets, Gross, Total	$ 242,352	$ 241,185
Total Accumulated Amortization	(76,876)	(74,130)
Intangible Assets, Net (Excluding Goodwill)	165,476	167,055
Tradename (indefinite life) [Member]
Intangible Assets [Line Items]
Gross amount, Tradename (indefinite life)	28,339	28,272
Intangible Assets, Net (Excluding Goodwill)	28,339	28,272
Customer Relationships [Member]
Intangible Assets [Line Items]
Gross amount	147,776	147,466
Accumulated Amortization	(36,190)	(34,672)
Intangible Assets, Net (Excluding Goodwill)	111,586	112,794
Proven technology and patents [Member]
Intangible Assets [Line Items]
Gross amount	59,057	58,394
Accumulated Amortization	(35,981)	(35,128)
Intangible Assets, Net (Excluding Goodwill)	23,076	23,266
Tradename (indefinite life) [Member]
Intangible Assets [Line Items]
Gross amount	4,296	4,182
Accumulated Amortization	(2,738)	(2,514)
Intangible Assets, Net (Excluding Goodwill)	1,558	1,668
Other Intangible Assets [Member]
Intangible Assets [Line Items]
Gross amount	2,884	2,871
Accumulated Amortization	(1,967)	(1,816)
Intangible Assets, Net (Excluding Goodwill)	$ 917	$ 1,055

Summary of Significant Accoun32

Summary of Significant Accounting Policies (Details Textuals) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Impact to Expected Annual Tax Rate related to adopting ASU 2016-09		2.00%
Income Tax Effects Allocated Directly to Equity, Cumulative Effect of Change in Accounting Principle	$ 1,539
Summary of Significant Accounting Policies (Textuals) [Abstract]
Amortization expense	2,500	$ 1,800
Future Amortization Expense Current Year	9,800
Aggregate amortization expense for 2016	9,600
Aggregate amortization expense for 2017	9,200
Aggregate amortization expense for 2018	8,800
Aggregate amortization expense for 2019	8,200
Aggregate amortization expense for 2020	7,200
Purchased Intangible Amortization, Gross	2,300	1,700
Purchased intangible amortization, net of tax	1,500	1,100
Amortization expense associated with capitalized software	$ 7,500	6,600
Standard Warranty Period	one
Share - based compensation expense	$ 3,800	$ 3,700
Unamortized Debt Issuance Expense	$ 1,591
Impact to the Quarterly Tax Rate related to the adoption of ASU 2016-09		5.00%

Financial Instruments (Details)

Financial Instruments (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)	Mar. 31, 2016USD ($)	Dec. 31, 2016USD ($)
Derivative Instruments and Hedging Activities Disclosures [Line Items]
swiss franc per euro floor	1.2
Gain (Loss) on Foreign Currency Derivative Instruments Not Designated as Hedging Instruments	$ 1,700	$ 1,000
Not Designated as Hedging Instrument [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, Notional Amount	335,800		$ 353,000
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months	1,000
Foreign Exchange Forward [Member] | Designated as Hedging Instrument [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gain (Loss) on Interest Rate Cash Flow Hedge Ineffectiveness	0	0
2.52% $50 Million Interest Rate Swap [Member] | Designated as Hedging Instrument [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Line Of Credit Facility Forecasted Borrowing Amount	$ 50,000
Derivative, Fixed Interest Rate	2.52%
Gain (Loss) on Interest Rate Cash Flow Hedge Ineffectiveness	$ 0	$ 0
2.25% $100 Million Interest Rate Swap [Member] | Designated as Hedging Instrument [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Line Of Credit Facility Forecasted Borrowing Amount	$ 100,000
Derivative, Fixed Interest Rate	2.25%
Derivative Maturing in 2015 [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Value Local Currency	$ 86,000
Derivative, Forward Exchange Rate	1.21
Derivative Maturing in 2016 [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Value Local Currency	$ 67,000
Derivative, Forward Exchange Rate	1.19

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Assets:
Cash Equivalents	$ 28,700	$ 21,500
Fair Value, Measurements, Recurring [Member]
Assets:
Cash Equivalents	28,669	21,513
Foreign Currency Derivative Instruments Not Designated As Hedging Instruments Asset At Fair Value	1,071	791
Total Assets at Fair Value	29,740	22,304
Liabilities:
Interest Rate Cash Flow Hedge Liability at Fair Value	3,040	3,630
Foreign Currency Derivative Instruments Not Designated As Hedging Instruments Liability At Fair Value	758	2,123
Total Liabilities at Fair Value	3,798	5,753
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Assets:
Cash Equivalents	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
Total Liabilities at Fair Value	0	0
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Assets:
Cash Equivalents	28,669	21,513
Foreign Currency Derivative Instruments Not Designated As Hedging Instruments Asset At Fair Value	1,071	791
Total Assets at Fair Value	29,740	22,304
Liabilities:
Interest Rate Cash Flow Hedge Liability at Fair Value	3,040	3,630
Foreign Currency Derivative Instruments Not Designated As Hedging Instruments Liability At Fair Value	758	2,123
Total Liabilities at Fair Value	3,798	5,753
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Assets:
Cash Equivalents	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
Total Liabilities at Fair Value	$ 0	$ 0

Fair Value Measurements (Deta35

Fair Value Measurements (Details Textuals) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Derivative Assets	$ 1,100	$ 800
Derivative Liabilities	3,800	5,800
Cash Equivalents	28,700	21,500
Change in Carrying Value Verse Fair Value of Long Term Debt	4,700	4,200
Fair Value, Measurements, Recurring [Member]
Cash Equivalents	$ 28,669	$ 21,513

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended
	Mar. 31, 2017Rate	Mar. 31, 2016Rate
Effective Income Tax Rate, Continuing Operations	22.00%	24.00%
Quarterly Income Tax Rate	18.78118%
Impact to Expected Annual Tax Rate related to adopting ASU 2016-09		2.00%

Debt (Details)

Debt (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Debt Instrument [Line Items]
Senior Notes	$ 483,251
Unamortized Debt Issuance Expense	(1,591)
Debt, Long-term and Short-term, Combined Amount	963,687
Short-term borrowings and current maturities of long-term debt	19,476		$ 18,974
Long-term Debt, Excluding Current Maturities	944,211		$ 875,056
Gain (Loss) on Derivative Used in Net Investment Hedge, Net of Tax	3,300	$ 3,600
3.67 Percent Senior Notes [Member]
Debt Instrument [Line Items]
Senior Notes	50,000
Debt Instrument, Face Amount	$ 50,000
Debt Instrument, Maturity Date	Dec. 17, 2022
Debt Instrument, Interest Rate, Stated Percentage	3.67%
4.10% Senior Notes [Member]
Debt Instrument [Line Items]
Senior Notes	$ 50,000
Debt Instrument, Face Amount	$ 50,000
Debt Instrument, Maturity Date	Sep. 19, 2023
Debt Instrument, Interest Rate, Stated Percentage	4.10%
3.84% Senior Notes [Member]
Debt Instrument [Line Items]
Senior Notes	$ 125,000
Debt Instrument, Face Amount	$ 125,000
Debt Instrument, Maturity Date	Sep. 19, 2024
Debt Instrument, Interest Rate, Stated Percentage	3.84%
4.24% Senior Notes [Member]
Debt Instrument [Line Items]
Senior Notes	$ 125,000
Debt Instrument, Face Amount	$ 125,000
Debt Instrument, Maturity Date	Jun. 25, 2025
Debt Instrument, Interest Rate, Stated Percentage	4.24%
1.47% EURO Senior Notes [Member]
Debt Instrument [Line Items]
Senior Notes	$ 134,842
Debt Instrument, Face Amount	$ 125,000
Debt Instrument, Maturity Date	Jun. 17, 2030
Debt Instrument, Interest Rate, Stated Percentage	1.47%
$ 800 Million Credit Agreement [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Remaining Borrowing Capacity	$ 333,592
Long-term Line of Credit	460,960
Debt Instrument, Face Amount	$ 800,000
Debt Instrument, Interest Rate, Stated Percentage	0.875%
Other Local Arrangements [Member]
Debt Instrument [Line Items]
Other Borrowings	$ 19,476
Us Dollar Amounts Member
Debt Instrument [Line Items]
Senior Notes	348,787
Unamortized Debt Issuance Expense	(1,213)
Debt, Long-term and Short-term, Combined Amount	681,522
Short-term borrowings and current maturities of long-term debt	430
Long-term Debt, Excluding Current Maturities	681,092
Us Dollar Amounts Member | 3.67 Percent Senior Notes [Member]
Debt Instrument [Line Items]
Senior Notes	50,000
Us Dollar Amounts Member | 4.10% Senior Notes [Member]
Debt Instrument [Line Items]
Senior Notes	50,000
Us Dollar Amounts Member | 3.84% Senior Notes [Member]
Debt Instrument [Line Items]
Senior Notes	125,000
Us Dollar Amounts Member | 4.24% Senior Notes [Member]
Debt Instrument [Line Items]
Senior Notes	125,000
Us Dollar Amounts Member | 1.47% EURO Senior Notes [Member]
Debt Instrument [Line Items]
Senior Notes	0
Us Dollar Amounts Member | $ 800 Million Credit Agreement [Member]
Debt Instrument [Line Items]
Long-term Line of Credit	332,305
Us Dollar Amounts Member | Other Local Arrangements [Member]
Debt Instrument [Line Items]
Other Borrowings	430
Other Principal Trading Currencies [Member]
Debt Instrument [Line Items]
Senior Notes	134,464
Unamortized Debt Issuance Expense	(378)
Debt, Long-term and Short-term, Combined Amount	282,165
Short-term borrowings and current maturities of long-term debt	19,046
Long-term Debt, Excluding Current Maturities	263,119
Other Principal Trading Currencies [Member] | 3.67 Percent Senior Notes [Member]
Debt Instrument [Line Items]
Senior Notes	0
Other Principal Trading Currencies [Member] | 4.10% Senior Notes [Member]
Debt Instrument [Line Items]
Senior Notes	0
Other Principal Trading Currencies [Member] | 3.84% Senior Notes [Member]
Debt Instrument [Line Items]
Senior Notes	0
Other Principal Trading Currencies [Member] | 4.24% Senior Notes [Member]
Debt Instrument [Line Items]
Senior Notes	0
Other Principal Trading Currencies [Member] | 1.47% EURO Senior Notes [Member]
Debt Instrument [Line Items]
Senior Notes	134,842
Other Principal Trading Currencies [Member] | $ 800 Million Credit Agreement [Member]
Debt Instrument [Line Items]
Long-term Line of Credit	128,655
Other Principal Trading Currencies [Member] | Other Local Arrangements [Member]
Debt Instrument [Line Items]
Other Borrowings	$ 19,046

Share Repurchase Program and 38

Share Repurchase Program and Treasury Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Share Repurchase Program and Treasury Stock (Textuals) [Abstract]
Authorized amount under share repurchase program	$ 860,000
Shares Purchased Under Share Repurchase Program	26,300,000
Repurchases of common stock	$ (124,997)		$ (499,992)
Number of shares repurchased	(275,088)	(390,337)
Average price of share repurchased, per share	$ 454.37	$ 320.22
Exercise of stock options and restricted stock units, shares reissued	76,849	59,321

Accumulated Other Comprehensi39

Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016	Dec. 31, 2015
Accumulated Other Comprehensive Income (Loss), Net of Tax	$ (331,120)	$ (259,817)	$ (354,998)	$ (266,649)
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	152	(2,653)
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax	19,803	7,525
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	3,923	1,960
Other Comprehensive Income (Loss), Net of Tax	23,878	6,832
Accumulated Translation Adjustment [Member]
Accumulated Other Comprehensive Income (Loss), Net of Tax	(90,973)	(46,480)	(115,322)	(57,394)
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	0	0
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax	24,349	10,914
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	0	0
Other Comprehensive Income (Loss), Net of Tax	24,349	10,914
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member]
Accumulated Other Comprehensive Income (Loss), Net of Tax	(1,869)	(1,168)	(2,232)	3,016
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	152	(2,653)
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax	0	(554)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	211	(977)
Other Comprehensive Income (Loss), Net of Tax	363	(4,184)
Accumulated Defined Benefit Plans Adjustment [Member]
Accumulated Other Comprehensive Income (Loss), Net of Tax	(238,278)	(212,169)	$ (237,444)	$ (212,271)
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	0	0
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax	(4,546)	(2,835)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	3,712	2,937
Other Comprehensive Income (Loss), Net of Tax	$ (834)	$ 102

Accumulated Other Comprehensi40

Accumulated Other Comprehensive Income Details 1 (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Accumulated Other Comprehensive Income [Abstract]
Interest Rate Cash Flow Hedge Gain (Loss) Reclassified to Earnings, Net	$ 344	$ 264
Foreign Currency Cash Flow Hedge Gain (Loss) Reclassified to Earnings, Net	0	(1,433)
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net	344	(1,169)
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax	133	(192)
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax	211	(977)
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, before Tax, Portion Attributable to Parent	5,039	3,960
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Tax, Portion Attributable to Parent	1,327	1,023
Income Tax Expense (Benefit)	21,382	20,739
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	3,923	1,960
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax	$ 3,712	$ 2,937

Accumulated Other Comprehensi41

Accumulated Other Comprehensive Income Details 2 (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Net Income (Loss) Attributable to Parent	$ 92,466	$ 65,674	$ 384,370
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	23,878	6,832	$ (88,349)
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	$ 116,344	$ 72,506

Earnings Per Common Share (Deta

Earnings Per Common Share (Details) - shares	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Weighted Average Number Diluted Shares Outstanding Adjustment [Abstract]
Weighted Average Number of Shares Outstanding, Diluted, Total	653,949	489,726
Antidilutive Shares Outstanding
Weighted Average Number of Shares Outstanding, Antidilutive, Total	93,005	176,917

Net Periodic Benefit Cost (Deta

Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Components of Net periodic pension cost for the Company's defined benefit pension plans and U.S. post-retirement medical plan
Service cost, net	$ 4,129	$ 4,262
Interest cost on projected benefit obligations	3,164	3,958
Expected return on plan assets	(9,006)	(10,346)
Net amortization and deferral	(2,074)	(1,730)
Recognition of actuarial losses/(gains)	7,113	5,690
Net periodic pension cost/(credit)	3,326	1,834
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	141	117
Interest cost on projected benefit obligations	1,094	1,292
Expected return on plan assets	(1,684)	(2,099)
Net amortization and deferral	0	0
Recognition of actuarial losses/(gains)	1,639	1,890
Net periodic pension cost/(credit)	1,190	1,200
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	3,988	4,145
Interest cost on projected benefit obligations	2,052	2,647
Expected return on plan assets	(7,322)	(8,247)
Net amortization and deferral	(1,879)	(1,261)
Recognition of actuarial losses/(gains)	5,947	4,473
Net periodic pension cost/(credit)	2,786	1,757
Net Periodic Benefit Cost (Textuals) [Abstract]
Defined Benefit Plan, Estimated Future Employer Contributions in Current Fiscal Year	18,900
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
Interest cost on projected benefit obligations	18	19
Expected return on plan assets	0	0
Net amortization and deferral	(195)	(469)
Recognition of actuarial losses/(gains)	(473)	(673)
Net periodic pension cost/(credit)	(650)	$ (1,123)
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
	Mar. 31, 2017	Mar. 31, 2016
Company's accrual for restructuring activities:-
Beginning Restructuring Accrual Balance, as of December 31, 2015	$ 9,531
Restructuring Charges	1,432	$ 880
Restructuring Cash Payments	(2,578)
Impact of foreign currency on restructuring reserve	198
Ending Restructuring Accrual Balance, as of March 31, 2016	$ 8,583

Restructuring Charges Restructu

Restructuring Charges Restructuring Charges (textuals) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Restructuring Charges [Abstract]
Restructuring Charges	$ 1,432	$ 880

Other Charges , Net Other Charg

Other Charges , Net Other Charges, Net (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Other Income and Expenses [Abstract]
Gain (Loss) on Disposition of Property Plant Equipment	$ 3,394	$ 0

Segment Reporting (Details)

Segment Reporting (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Operations of the Company's operating segments
Net Sales to External Customers	$ 594,567	$ 539,674
Revenue Transactions With Other Operating Segments	0	0
Total net sales	594,567	539,674
Segment Profit	127,336	102,013
Goodwill	478,652	448,183	$ 476,378
Us Operations segment Member
Operations of the Company's operating segments
Net Sales to External Customers	215,353	187,934
Revenue Transactions With Other Operating Segments	22,412	20,315
Total net sales	237,765	208,249
Segment profit	38,822	29,265
Goodwill	357,526	319,715
Swiss Operations segment Member
Operations of the Company's operating segments
Net Sales to External Customers	29,747	26,989
Revenue Transactions With Other Operating Segments	127,553	116,927
Total net sales	157,300	143,916
Segment profit	36,018	35,072
Goodwill	21,771	22,241
Western European Operations [Member]
Operations of the Company's operating segments
Net Sales to External Customers	147,323	137,628
Revenue Transactions With Other Operating Segments	42,942	34,474
Total net sales	190,265	172,102
Segment profit	23,226	19,699
Goodwill	83,777	91,482
Chinese Operations [Member]
Operations of the Company's operating segments
Net Sales to External Customers	90,781	84,947
Revenue Transactions With Other Operating Segments	52,932	46,817
Total net sales	143,713	131,764
Segment profit	44,659	38,036
Goodwill	643	692
Other Operations [Member]
Operations of the Company's operating segments
Net Sales to External Customers	111,363	102,176
Revenue Transactions With Other Operating Segments	1,597	1,354
Total net sales	112,960	103,530
Segment profit	13,118	11,094
Goodwill	14,935	14,053
Intersegment Elimination [Member]
Operations of the Company's operating segments
Net Sales to External Customers	0	0
Revenue Transactions With Other Operating Segments	(247,436)	(219,887)
Total net sales	(247,436)	(219,887)
Segment profit	(28,507)	(31,153)
Goodwill	$ 0	$ 0

Segment Reporting (Details 1)

Segment Reporting (Details 1) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Reconciliation of earnings before taxes to segment profit
Earnings before taxes	$ 113,848	$ 86,413
Amortization	10,045	8,424
Interest Expense	7,741	6,580
Restructuring Charges	1,432	880
Other charges (income), net	(5,730)	(284)
Segment Profit Information	$ 127,336	$ 102,013

Segment Reporting (Details Text

Segment Reporting (Details Textuals) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Segment Reporting (Textuals) [Abstract]
Restructuring Charges	$ 1,432	$ 880
Chinese Operations [Member]
Segment Reporting (Textuals) [Abstract]
Restructuring Charges	100
Other Operations [Member]
Segment Reporting (Textuals) [Abstract]
Restructuring Charges	100
Us Operations segment Member
Segment Reporting (Textuals) [Abstract]
Restructuring Charges	800	$ 300
Swiss Operations segment Member
Segment Reporting (Textuals) [Abstract]
Restructuring Charges	$ 400