Document and Entity Information
Document and Entity Information Document - USD ($) $ / shares in Units, $ in Billions | 12 Months Ended | |||
Dec. 31, 2017 | Feb. 05, 2018 | Jun. 30, 2017 | Dec. 31, 2016 | |
Document and Entity Information | ||||
Entity Registrant Name | METTLER TOLEDO INTERNATIONAL INC/ | |||
Entity Central Index Key | 1,037,646 | |||
Current Fiscal Year End Date | --12-31 | |||
Entity Filer Category | Large Accelerated Filer | |||
Document Type | 10-K | |||
Document Period End Date | Dec. 31, 2017 | |||
Document Fiscal Year Focus | 2,017 | |||
Document Fiscal Period Focus | Q4 | |||
Amendment Flag | false | |||
Entity Common Stock, Shares Outstanding | 25,472,835 | |||
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | ||
Entity Well-known Seasoned Issuer | Yes | |||
Entity Voluntary Filers | No | |||
Entity Current Reporting Status | Yes | |||
Entity Public Float | $ 15.1 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Net sales | |||
Product Sales | $ 2,135,051 | $ 1,957,879 | $ 1,865,884 |
Service Sales | 590,002 | 550,378 | 529,563 |
Net Sales | 2,725,053 | 2,508,257 | 2,395,447 |
Cost of sales | |||
Products Cost of Sales | 833,793 | 767,753 | 744,867 |
Service Cost of Sales | 317,947 | 304,917 | 298,587 |
Gross profit | 1,573,313 | 1,435,587 | 1,351,993 |
Research and development | 129,265 | 119,968 | 119,076 |
Selling, general and administrative | 787,464 | 732,622 | 700,810 |
Amortization | 42,671 | 36,052 | 30,951 |
Interest Expense | 32,785 | 28,026 | 27,451 |
Restructuring Charges | 12,772 | 6,235 | 11,148 |
Other Charges (Income), Net | (5,866) | 8,491 | (867) |
Earnings Before Taxes | 574,222 | 504,193 | 463,424 |
Provision for taxes | 198,250 | 119,823 | 110,604 |
Net earnings | $ 375,972 | $ 384,370 | $ 352,820 |
Basic earnings per common share: | |||
Net earnings | $ 14.62 | $ 14.49 | $ 12.75 |
Weighted average number of common shares | 25,713,575 | 26,517,768 | 27,680,918 |
Diluted earnings per common share: | |||
Net earnings | $ 14.24 | $ 14.22 | $ 12.48 |
Weighted average number of common and common equivalent shares | 26,393,783 | 27,023,905 | 28,269,615 |
Statement of Comprehensive Inco
Statement of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Net earnings | $ 375,972 | $ 384,370 | $ 352,820 |
Other comprehensive income (loss), net of tax: | |||
Foreign currency translation adjustment | 83,982 | (57,928) | (52,434) |
Unrealized gains (losses) on cash flow hedging arrangements: | |||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | 1,424 | (513) | 13,221 |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax | (273) | (4,735) | (8,261) |
Net actuarial gains (losses) | (10,378) | (47,788) | (30,759) |
Plan amendments and prior service cost | 12,056 | 0 | 9,189 |
Amortization of actuarial (gains) losses and plan amendments and prior service cost | 14,873 | 16,730 | 9,509 |
Defined Benefit Plans, Impact of FX on Current Year Change in OCI, net of tax | (12,092) | 5,885 | 5,835 |
Total other comprehensive income (loss), net of tax | 89,592 | (88,349) | (53,700) |
Total other comprehensive income (loss), net of tax | $ 465,564 | $ 296,021 | $ 299,120 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 148,687 | $ 158,674 |
Trade accounts receivable, less allowances of $15,549 in 2017 and $14,234 in 2016 | 528,615 | 454,988 |
Inventories | 255,390 | 222,047 |
Other current assets and prepaid expenses | 74,031 | 61,075 |
Total current assets | 1,006,723 | 896,784 |
Property, plant and equipment, Net | 668,271 | 563,707 |
Goodwill | 539,838 | 476,378 |
Other intangible assets, net | 226,718 | 167,055 |
Non-current deferred tax assets, net | 41,425 | 33,951 |
Other non-current assets | 66,830 | 28,902 |
Total assets | 2,549,805 | 2,166,777 |
Current liabilities: | ||
Trade accounts payable | 167,627 | 146,593 |
Accrued and other liabilities | 152,834 | 133,167 |
Accrued compensation and related items | 170,159 | 140,461 |
Deferred revenue and customer prepayments | 107,166 | 100,330 |
Taxes payable | 72,210 | 47,990 |
Short-term borrowings and current maturities of long-term debt | 19,677 | 18,974 |
Total current liabilities | 689,673 | 587,515 |
Long-term debt | 960,170 | 875,056 |
Non-current deferred tax liabilities | 51,230 | 64,306 |
Other non-current liabilities | 301,452 | 204,957 |
Total liabilities | 2,002,525 | 1,731,834 |
Commitments and contingencies (Note 16) | ||
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 25,541,393 and 26,020,234 shares at December 31, 2017 and 2016, respectively | 448 | 448 |
Additional paid-in capital | 747,138 | 730,556 |
Treasury stock at cost (19,244,618 and 18,765,777 shares at December 31, 2017 and 2016, respectively) | (3,368,182) | (3,006,771) |
Retained earnings | 3,433,282 | 3,065,708 |
Accumulated Other Comprehensive Income (Loss), Net of Tax | (265,406) | (354,998) |
Total shareholders’ equity | 547,280 | 434,943 |
Total liabilities and shareholders’ equity | $ 2,549,805 | $ 2,166,777 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Allowance For Bad Debt | $ 15,549 | $ 14,234 |
Preferred stock - par value per share | $ 0.01 | $ 0.01 |
Preferred stock - authorized shares | 10,000,000 | 10,000,000 |
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Common stock - authorized shares | 125,000,000 | 125,000,000 |
Common stock - issued shares | 44,786,011 | 44,786,011 |
Common stock - outstanding shares | 25,541,393 | 26,020,234 |
Treasury shares | 19,244,618 | 18,765,777 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
Beginning balance at Dec. 31, 2014 | $ 719,595,000 | $ 448,000 | $ 670,418,000 | $ (2,095,656,000) | $ 2,357,334,000 | $ (212,949,000) |
Beginning balance, shares at Dec. 31, 2014 | 28,243,007 | |||||
Exercise of stock options and restricted stock units, shares | 403,908 | |||||
Exercise of stock options and restricted stock units, Value | (29,556,000) | (47,393,000) | (17,837,000) | |||
Repurchases of Common Stock, Shares | (1,556,797) | |||||
Repurchases of Common Stock, Value | (494,966,000) | (494,966,000) | ||||
Tax benefit resulting from exercise of certain employee stock options | 12,929,000 | 12,929,000 | ||||
Share-based compensation | 14,223,000 | 14,223,000 | ||||
Net earnings | 352,820,000 | 352,820,000 | ||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (53,700,000) | (53,700,000) | ||||
Ending balance at Dec. 31, 2015 | $ 580,457,000 | $ 448,000 | 697,570,000 | (2,543,229,000) | 2,692,317,000 | (266,649,000) |
Ending balance, shares at Dec. 31, 2015 | 27,090,118 | |||||
Exercise of stock options and restricted stock units, shares | 278,623 | 278,623 | ||||
Exercise of stock options and restricted stock units, Value | $ (25,471,000) | (36,450,000) | (10,979,000) | |||
Repurchases of Common Stock, Shares | (1,348,507) | (1,348,507) | ||||
Repurchases of Common Stock, Value | $ (499,992,000) | (499,992,000) | ||||
Tax benefit resulting from exercise of certain employee stock options | 17,680,000 | 17,680,000 | ||||
Share-based compensation | 15,306,000 | 15,306,000 | ||||
Net earnings | 384,370,000 | 384,370,000 | ||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (88,349,000) | (88,349,000) | ||||
Ending balance at Dec. 31, 2016 | $ 434,943,000 | $ 448,000 | 730,556,000 | (3,006,771,000) | 3,065,708,000 | (354,998,000) |
Ending balance, shares at Dec. 31, 2016 | 26,020,234 | 26,020,234 | ||||
Exercise of stock options and restricted stock units, shares | 270,413 | 270,413 | ||||
Exercise of stock options and restricted stock units, Value | $ (28,649,000) | (38,586,000) | (9,937,000) | |||
Repurchases of Common Stock, Shares | (749,254) | (749,254) | ||||
Repurchases of Common Stock, Value | $ (399,997,000) | (399,997,000) | ||||
Adjustments to Additional Paid in Capital, Share-based Compensation, Other Long-term Incentive Plans, Requisite Service Period Recognition | 16,582,000 | $ 0 | 16,582,000 | 0 | 0 | |
Net earnings | 375,972,000 | 375,972,000 | ||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 89,592,000 | 89,592,000 | ||||
Ending balance at Dec. 31, 2017 | $ 547,280,000 | $ 448,000 | $ 747,138,000 | $ (3,368,182,000) | 3,433,282,000 | $ (265,406,000) |
Ending balance, shares at Dec. 31, 2017 | 25,541,393 | 25,541,393 | ||||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ 1,539,000 | $ 1,539,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Cash flows from operating activities: | |||
Net earnings | $ 375,972 | $ 384,370 | $ 352,820 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||
Depreciation | 33,458 | 32,743 | 33,087 |
Amortization | 42,671 | 36,052 | 30,951 |
Deferred tax provision | (2,745) | 1,878 | 7,137 |
Gain (Loss) on Disposition of Property Plant Equipment | (3,394) | 0 | 0 |
Share-based compensation | 16,582 | 15,306 | 14,223 |
Provisional one-time charge on US tax reform | 71,982 | 0 | 0 |
Other Comprehensive Income (Loss), Defined Benefit Plan, Settlement and Curtailment Gain (Loss), before Tax | 0 | 8,189 | 0 |
Other | 243 | 181 | 155 |
Increase (decrease) in cash resulting from changes in: | |||
Trade accounts receivable, net | (38,985) | (52,151) | 1,625 |
Inventories | (13,680) | (12,431) | (18,785) |
Other current assets | (6,251) | 291 | (5,119) |
Trade accounts payable | 11,885 | 9,633 | 1,698 |
Taxes payable | 13,615 | (3,072) | 2,879 |
Accruals and other | 14,972 | 39,769 | 19,126 |
Net cash provided by operating activities | 516,325 | 460,758 | 439,797 |
Cash flows from investing activities: | |||
Proceeds from sale of property, plant and equipment | 11,973 | 423 | 949 |
Purchase of property, plant and equipment | (127,426) | (123,957) | (82,506) |
Acquisitions | (108,445) | (111,381) | (13,779) |
Net hedging settlements on intercompany loans | (6,554) | (3,459) | 5,415 |
Net cash used in investing activities | (217,344) | (231,456) | (100,751) |
Cash flows from financing activities: | |||
Proceeds from borrowings | 1,244,195 | 905,774 | 741,864 |
Repayments of borrowings | (1,185,172) | (594,178) | (594,477) |
Proceeds from exercise of stock options | 28,649 | 25,471 | 29,556 |
Repurchases of common stock | (399,997) | (499,992) | (494,966) |
Acquisition Contingent Consideration Payment | 0 | (471) | (572) |
Debt issuance costs | (7,205) | (209) | (1,366) |
Net cash provided by (used in) financing activities | (319,530) | (163,605) | (319,961) |
Effect of exchange rate changes on cash and cash equivalents | 10,562 | (5,910) | (5,461) |
Net increase (decrease) in cash and cash equivalents | (9,987) | 59,787 | 13,624 |
Cash and cash equivalents: | |||
Cash and Cash Equivalents, at Carrying Value, Beginning | 158,674 | 98,887 | 85,263 |
Cash and Cash Equivalents, at Carrying Value, End | 148,687 | 158,674 | 98,887 |
Supplemental disclosures of cash flow information: | |||
Interest | 33,333 | 28,025 | 27,303 |
Taxes | $ 109,730 | $ 92,586 | $ 85,458 |
Business Description and Basis
Business Description and Basis of Presentation | 12 Months Ended |
Dec. 31, 2017 | |
BUSINESS DESCRIPTION AND BASIS OF PRESENTATION [Abstract] | |
Business Description and Basis of Presentation Disclosure | BUSINESS DESCRIPTION AND 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, Switzerland, the United States, Germany, the United Kingdom, and Mexico. The Company’s principal executive offices are located in Columbus, Ohio and Greifensee, Switzerland. The 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 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. All intercompany transactions and balances have been eliminated. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
Summary of Significant Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies Disclosure | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Cash and Cash Equivalents Cash and cash equivalents include highly liquid investments with original maturity dates of three months or less. The carrying value of these cash equivalents approximates fair value. 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. Long-Lived Assets a) Property, Plant, and Equipment Property, plant, and equipment are stated at cost less accumulated depreciation. Repair and maintenance costs are charged to expense as incurred. The Company expenses all internal-use software costs incurred in the preliminary project stage and capitalizes certain direct costs associated with the development and purchase of internal-use software within property, plant, and equipment. Capitalized costs are amortized on a straight-line basis over the estimated useful lives of the software, generally not exceeding 10 years. Depreciation and amortization are charged on a straight-line basis over the estimated useful lives of the assets as follows: Buildings and improvements 15 to 50 years Machinery and equipment 3 to 12 years Computer software 3 to 10 years Leasehold improvements Shorter of useful life or lease term b) 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 evaluations of goodwill and indefinite-lived intangible assets are generally based on an assessment of qualitative factors to determine whether it is more likely than not that the fair value of the asset is less than its carrying amount. If the Company is unable to conclude whether the goodwill asset is not impaired after considering the totality of events and circumstances during its qualitative assessment, the Company performs the first step of the two-step impairment test by estimating the fair value of the goodwill asset and comparing the fair value to the carrying amount of the goodwill asset. If the carrying amount of the goodwill asset exceeds its fair value, then the Company performs the second step of the impairment test to measure the amount of the impairment loss, if any. If the Company is unable to conclude whether the indefinite-lived intangible asset is not impaired after considering the totality of events and circumstances, the Company performs an impairment test to measure the amount of the impairment loss, if any. 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 "Intangible - Goodwill and Other" and ASC 360 "Property, Plant, and Equipment." Accounting for Impairment of Long-Lived Assets The Company assesses the need to record impairment losses on long-lived assets with finite lives when events or changes in circumstances indicate that the carrying amount of assets may not be recoverable. An impairment loss would be recognized when future estimated undiscounted cash flows expected to result from use of the asset are less than the asset’s carrying value, with the loss measured as the difference between carrying value and estimated fair value. Taxation The Company files tax returns in each jurisdiction in which it operates. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities, their respective tax bases, and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates in the respective jurisdictions in which the Company operates. In assessing the ability to realize deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred taxes are not provided on the unremitted earnings of subsidiaries outside of the United States when it is expected that these earnings are permanently reinvested. Such earnings may become taxable upon the sale or liquidation of these subsidiaries or upon the remittance of dividends. Deferred taxes are provided when the Company no longer considers subsidiary earnings to be permanently invested, such as in situations where the Company’s subsidiaries plan to make future dividend distributions. The Company recognizes accrued amounts of interest and penalties related to its uncertain tax positions as part of income tax expense within its consolidated statement of operations. Currency Translation and Transactions The reporting currency for the consolidated financial statements of the Company is the U.S. dollar. The functional currency for the Company’s operations is generally the applicable local currency. Accordingly, the assets and liabilities of companies whose functional currency is other than the U.S. dollar are included in the consolidated financial statements by translating the assets and liabilities into the reporting currency at the exchange rates applicable at the end of the reporting period. The statements of operations and cash flows of such non-U.S. dollar functional currency operations are translated at the monthly average exchange rates during the year. Translation gains or losses are accumulated in other comprehensive income (loss) in the consolidated statements of shareholders’ equity. Transaction gains and losses are included as a component of net earnings or in certain circumstances as a component of other comprehensive income (loss) where the underlying item is considered a hedge of a net investment or intercompany notes that are long-term in nature. 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 transfer 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 significant post-shipment obligation, revenue is deferred on the undelivered element until the obligation has been completed. The Company defers the installation portion of product revenue when 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 stand-alone 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. 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 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 are 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. Research and Development Research and development costs primarily consist of salaries, consulting, and other costs. The Company expenses these costs as incurred. Warranty The Company generally offers one -year warranties on most of its products. Product warranties are recorded at the time revenue is recognized. While the Company engages in extensive product quality programs and processes, its warranty obligations are affected by product failure rates, material usage, and service costs incurred in correcting a product failure. Employee Termination Benefits In situations where contractual termination benefits exist, the Company records accruals for employee termination benefits when it is probable that a liability has been incurred and the amount of the liability is reasonably estimable. All other employee termination arrangements are recognized and measured at their fair value at the communication date unless the employee is required to render additional service beyond the legal notification period, in which case the liability is recognized ratably over the future service period. Earnings per Common Share In accordance with the treasury stock method, the Company has included 680,208 , 506,137 , and 588,697 common equivalent shares in the calculation of diluted weighted average number of common shares for the years ended December 31, 2017 , 2016 , and 2015 , respectively, relating to outstanding stock options and restricted stock units. The determination of the common share equivalents for 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 9,824 , 102,017 , and 112,562 shares of common stock for the years ended December 31, 2017 , 2016 , and 2015 , 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. Equity-Based Compensation The Company applies the fair value methodology in accounting for its equity-based compensation plan. Derivative Financial Instruments The Company has limited involvement with derivative financial instruments and does not use them for trading purposes. As described more fully in Note 5, the Company enters into foreign currency forward exchange contracts to economically hedge certain short-term intercompany balances involving its international businesses. Such contracts limit the Company’s exposure to currency fluctuations on the items they hedge. These contracts are adjusted to fair market value as of each balance sheet date, with the resulting changes in fair value being recognized in other charges (income), consistent with the underlying hedged item. The Company also enters into interest rate swap agreements and cross currency swaps in order to manage its exposure to changes in interest rates. The differential paid or received on interest rate swap agreements is recognized in interest expense over the life of the agreements as incurred. Floating to fixed interest rate swap agreements are accounted for as cash flow hedges. Changes in fair value of outstanding interest rate swap agreements that are effective as cash flow hedges are recognized in other comprehensive income as incurred. Fair Value Measurements The Company measures or monitors certain assets and liabilities on a fair value basis. Fair value is used on a recurring basis for assets and liabilities in which fair value is the primary basis of accounting, mainly derivative instruments. 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. When determining the fair value measurements for assets and liabilities required to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact and considers assumptions that market participants would use when pricing the asset or liability. The Company applies the fair value hierarchy established under U.S. GAAP and when possible looks to active and observable markets to price identical assets and liabilities. If identical assets and liabilities are not traded in active markets, the Company looks to observable market data for similar assets and liabilities. Business Combinations and Asset Acquisitions The Company accounts for business acquisitions under the accounting standards for business combinations. The results of each acquisition are included in the Company's consolidated results as of the acquisition date. The purchase price of an acquisition is allocated to tangible and intangible assets and assumed liabilities based on their estimated fair values and any consideration in excess of the net assets acquired is recognized as goodwill. Acquisition transaction costs are expensed when incurred. In circumstances where an acquisition involves a contingent consideration arrangement, the Company recognizes a liability equal to the fair value of the expected contingent payments as of the acquisition date. Subsequent changes in the fair value of the contingent consideration are recorded to other charges (income), net. 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 the impact reduced the annual tax rate by 2% in 2017. In addition, the Company recognized additional deferred net 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 of $17.7 million and $12.9 million as operating activities in the prior period Statements of Cash Flows. For additional disclosure, see Note 13 to the consolidated financial statements. In 2014, the FASB issued ASC 606 "Revenue from Contracts with Customers." ASC 606 provides authoritative guidance clarifying the principles for recognizing revenue under 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. The Company has completed its assessment of the new standard and expects the impact on its consolidated financial statements to be immaterial. Most of the Company's performance obligations are satisfied at the time the customer takes title, control, and risk of loss of the asset, which is generally upon shipment. The Company does not have variable pricing arrangements that are retrospective (except for rebate programs) or represent a material right to its customers. For transactions with multiple performance obligations, the new standard will not change the timing of revenue recognition or the allocation of the transaction price as the related goods and services are also sold separately and as such have standalone selling prices. Service contracts are recognized ratably over the contract period, which does not exceed a year. The guidance becomes effective for the year beginning January 1, 2018 and the Company will adopt the guidance using the modified retrospective approach. 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 non-service costs in 2017 and 2016 were a net benefit of $4.1 million and $9.8 million , respectively. The Company will reclass these amounts from selling, general, and administrative and cost of sales to other charges (income), net in the consolidated statement of operations. 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 will be adopted in 2019 and the Company is evaluating the adoption method it will elect upon implementation. The Company is in the process of reviewing all the current lease data and evaluating the impact of the adoption on the financial statements. In August 2017, the FASB issued ASU 2017-12 to ASC 815 "Derivatives and Hedging," which modifies hedge accounting by making more hedge strategies eligible for hedge accounting, amending presentation and disclosure requirements, and changing how companies assess effectiveness. The intent is to simplify the application of hedge accounting and increase transparency of information about an entity’s risk management activities. The amended guidance is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company early adopted the guidance which did not have an impact on the Company's consolidated results of operations and financial position. |
Acquisitions (Notes)
Acquisitions (Notes) | 12 Months Ended |
Dec. 31, 2017 | |
Business Combinations [Abstract] | |
Business Combination Disclosure [Text Block] | ACQUISITIONS In September 2017, the Company acquired all of the shares of Biotix, Inc., a manufacturer and distributor of plastic consumables associated with pipettes, including tips, tubes, and reagent reservoirs used in the life sciences market, based in the United States. The initial cash payment was $105 million and the Company may be required to pay additional cash consideration up to a maximum amount of $65 million based upon earnings thresholds in 2018 and 2019. The estimated fair value of the contingent consideration obligation at the acquisition date of $30.7 million relating to the Biotix acquisition was determined using a Monte Carlo simulation based on the Company's forecast of future results. Goodwill recorded in connection with the acquisition totaled $51.7 million , which is included in the Company's U.S. Operations segment. Identified intangible finite-life assets acquired include customer relationships of $49.5 million , technology and patents of $8.0 million , indefinite life tradenames of $7.1 million , and other intangibles of $0.6 million . The identifiable finite-life intangible assets will be amortized on a straight-line basis over periods ranging from 5 to 18 years and the annual aggregate amortization expense is estimated at $3.7 million . Net tangible assets acquired were $18.8 million and recorded at fair value in the consolidated financial statements. In 2017, the Company also incurred additional acquisition payments totaling $3.8 million . Goodwill recorded in connection with these acquisitions totaled $0.3 million . The Company recorded $3.1 million of identified intangibles primarily pertaining to technology and patents in connection with these acquisitions, which will be amortized on a straight-line basis over 12 years. In 2016, the Company acquired substantially all of the assets of Henry Troemner, LLC (Troemner), a supplier of lab equipment, weights, and weight calibration based in the United States for an aggregate purchase price of $95.8 million , which has been included into the Company's laboratory instrument offering. Goodwill recorded in connection with the acquisition totaled $33.8 million , which is included in the Company's U.S. Operations segment. The Company identified intangible assets which included customer relationships of $43.9 million , a tradename of $3.4 million , technology and patents of $2.9 million , and other intangibles of $0.5 million . The identifiable intangible assets will be amortized on a straight-line basis over periods ranging from 3 to 25 years and the annual aggregate amortization expense is estimated at $2.7 million . Net tangible assets acquired were $11.3 million and were recorded at estimated fair value in the consolidated financial statements at the acquisition date. In 2016, the Company also incurred additional acquisition payments totaling $15.6 million . Goodwill recorded in connection with these acquisitions totaled $7.5 million . The Company also recorded $9.4 million of identified intangibles primarily pertaining to customer relationships in connection with these acquisitions, which will be amortized on a straight-line basis over 10 to 15 years. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2017 | |
INVENTORIES [Abstract] | |
Inventory Disclosure | INVENTORIES Inventory consisted of the following at December 31 : 2017 2016 Raw materials and parts $ 118,790 $ 100,408 Work-in-progress 43,035 41,454 Finished goods 93,565 80,185 Total inventory $ 255,390 $ 222,047 |
Financial Instruments
Financial Instruments | 12 Months Ended |
Dec. 31, 2017 | |
Financial Instruments [Abstract] | |
Financial Instruments Disclosure | 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. At December 31, 2017 , the interest payments associated with 77% of the Company's debt are fixed obligations. The amount of the Company's fixed obligation interest payments may change based upon the expiration dates of its interest rate swap agreement 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 9, the Company has designated its euro-denominated debt as a hedge of a portion of its net investment in a euro-denominated foreign subsidiary. For additional disclosures on the fair value of financial instruments, see Note 6. Cash Flow Hedges In June 2017, the Company entered into a cross currency swap arrangement designated as a cash flow hedge. The agreement converts $100 million of borrowings under the Company's credit facility into synthetic Swiss franc debt which allows the Company to effectively change the floating rate LIBOR-based interest payment to a fixed Swiss franc income of 0.01% . The swap began in June 2017 and matures in June 2019. 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 agreement to a fixed obligation of 2.52% beginning in October 2015 and matures in October 2020. In March 2015, the Company entered into a forward-starting interest rate swap agreement. The agreement changes 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% beginning in February 2017 and matures in February 2022. The Company's cash flow hedges are recorded gross at fair value in the consolidated balance sheet at December 31, 2017 and 2016 and disclosed in Note 6 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 10 to the consolidated financial statements. A derivative gain of $2.0 million based upon interest rates at December 31, 2017 is expected to be reclassified from other comprehensive income (loss) to earnings in the next 12 months. Through December 31, 2017 , no hedge ineffectiveness has occurred in relation to these 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 December 31, 2017 and 2016 , as disclosed in Note 6 to the consolidated financial statements. The Company recognized in other charges (income), a net gain of $9.4 million and a net loss of $3.3 million during the years ended December 31, 2017 and 2016 , respectively, which offset the related transaction gains (losses) associated with these contracts. At December 31, 2017 and 2016 , these contracts had a notional value of $394.8 million and $353.0 million , respectively. The Company may be exposed to credit losses in the event of nonperformance by the counterparties to its derivative financial instrument contracts. Counterparties are established banks and financial institutions with high credit ratings. The Company believes that such counterparties will be able to fully satisfy their obligations under these contracts. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Measurements [Abstract] | |
Fair Value Disclosures | FAIR VALUE MEASUREMENTS At December 31, 2017 and 2016 , the Company had derivative assets totaling $1.9 million and $0.8 million , respectively, and derivative liabilities totaling $2.4 million and $5.8 million , respectively. The fair values of the interest rate swap agreements, the cross currency 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 for the years ended December 31, 2017 and 2016 . The Company had $5.6 million and $21.5 million of cash equivalents at December 31, 2017 and 2016 , 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 fixed interest rate debt exceeds the carrying value by approximately $6.6 million and $4.2 million as of December 31, 2017 and December 31, 2016 , respectively. The fair value of the contingent consideration obligation of $30.9 million relating to the Biotix acquisition as of December 31, 2017 is based on the Company's forecast of future results. The fair value measurements are based on significant inputs not observable in the market and thus represent a Level 3 measurement. 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 December 31, 2017 and 2016 : December 31, 2017 December 31, 2016 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Assets: Cash equivalents $ 5,616 $ — $ 5,616 $ — $ 21,513 $ — $ 21,513 $ — Foreign currency forward contracts not designated as hedging instruments 1,912 — 1,912 — 791 — 791 — Total $ 7,528 $ — $ 7,528 $ — $ 22,304 $ — $ 22,304 $ — Liabilities: Interest rate swap agreements $ 1,292 $ — $ 1,292 $ — $ 3,630 $ — $ 3,630 $ — Cross currency swap agreement 106 — 106 — — — — — Foreign currency forward contracts not designated as hedging instruments 986 — 986 — 2,123 — 2,123 — Total $ 2,384 $ — $ 2,384 $ — $ 5,753 $ — $ 5,753 $ — |
Property, Plant and Equipment,
Property, Plant and Equipment, Net | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment, Net [Abstract] | |
Property, Plant and Equipment Disclosure | PROPERTY, PLANT, AND EQUIPMENT, NET Property, plant, and equipment, net consisted of the following at December 31 : 2017 2016 Land $ 58,046 $ 55,885 Building and leasehold improvements 300,850 247,883 Machinery and equipment 382,233 347,344 Computer software 436,249 372,065 Property, plant, and equipment, gross 1,177,378 1,023,177 Less accumulated depreciation and amortization (509,107 ) (459,470 ) Property, plant, and equipment, net $ 668,271 $ 563,707 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets Disclosure | GOODWILL AND OTHER INTANGIBLE ASSETS The following table shows the changes in the carrying amount of goodwill for the years ended December 31 : 2017 2016 Balance at beginning of year $ 476,378 $ 446,284 Goodwill acquired 52,229 41,308 Foreign currency translation 11,231 (11,214 ) Balance at year end $ 539,838 $ 476,378 Goodwill and indefinite-lived assets are reviewed for impairment on an annual basis in the fourth quarter. The Company completed its impairment review and determined that, through December 31, 2017 , there had been no impairment of these assets. The components of other intangible assets as of December 31 are as follows: 2017 2016 Gross Amount Accumulated Amortization Intangibles, Net Gross Amount Accumulated Amortization Intangibles, Net Customer relationships $ 198,527 $ (41,794 ) $ 156,733 $ 147,466 $ (34,672 ) $ 112,794 Proven technology and patents 70,311 (38,890 ) 31,421 58,394 (35,128 ) 23,266 Tradenames (finite life) 4,518 (2,807 ) 1,711 4,182 (2,514 ) 1,668 Tradenames (indefinite life) 35,562 — 35,562 28,272 — 28,272 Other 3,490 (2,199 ) 1,291 2,871 (1,816 ) 1,055 $ 312,408 $ (85,690 ) $ 226,718 $ 241,185 $ (74,130 ) $ 167,055 The Company recognized amortization expense associated with the above intangible assets of $11.5 million , $8.3 million , and $6.3 million for the years ended December 31, 2017 , 2016 , and 2015 , respectively. The annual aggregate amortization expense based on the current balance of other intangible assets is estimated at $13.9 million for 2018 , $13.4 million for 2019 , $13.0 million for 2020 , $12.4 million for 2021 , and $11.9 million for 2022 . The finite-lived intangible assets are amortized on a straight-line basis over periods ranging from 3 to 45 years. 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. Purchased intangibles amortization was $10.9 million , $7.1 million after tax, $7.4 million , $5.0 million after tax, and $5.7 million , $3.9 million after tax, for the years ended December 31, 2017 , 2016 , and 2015 , respectively. In addition to the above amortization, the Company recorded amortization expense associated with capitalized software of $31.0 million , $27.5 million , and $24.4 million for the years ended December 31, 2017 , 2016 , and 2015 , respectively. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2017 | |
Debt [Abstract] | |
Debt Disclosure | DEBT Debt consisted of the following at December 31 : 2017 2016 3.67% $50 million Senior Notes due December 17, 2022 $ 50,000 $ 50,000 4.10% $50 million Senior Notes due September 19, 2023 50,000 50,000 3.84% $125 million Senior Notes due September 19, 2024 125,000 125,000 4.24% $125 million Senior Notes due June 25, 2025 125,000 125,000 1.47% EUR 125 million Senior Notes due June 17, 2030 149,736 131,507 Debt issuance costs, net (1,438 ) (1,642 ) Total Senior Notes 498,298 479,865 $800 million Credit Agreement, interest at LIBOR plus 97.5 basis points (1) 461,872 395,191 Other local arrangements 19,677 18,974 Total debt 979,847 894,030 Less: current portion (19,677 ) (18,974 ) Total long-term debt $ 960,170 $ 875,056 (1) See Note 5 for additional disclosures on the financial instruments associated with the Credit Agreement. 3.67% Senior Notes In 2012 , the Company issued and sold $50 million of 3.67% Senior Notes due December 17, 2022 in a private placement. The 3.67% Senior Notes are senior unsecured obligations of the Company. Interest is payable semi-annually in June and December. The 3.67% Senior Notes contain customary affirmative and negative covenants including, among others, limitations on the Company and its subsidiaries with respect to incurrence of liens and priority indebtedness, disposition of assets, mergers, and transactions with affiliates. The note purchase agreement also requires the Company to maintain a consolidated interest coverage ratio of not less than 3.5 to 1.0 and a consolidated leverage ratio of not more than 3.5 to 1.0 . The 3.67% Senior Notes also contain customary events of default with customary grace periods, as applicable. The Company was in compliance with its covenants at December 31, 2017. Issuance costs approximating $0.4 million are being amortized to interest expense over the ten -year term of the 3.67% Senior Notes. 4.10% Senior Notes In 2013, the Company issued and sold $50 million of 4.10% Senior Notes due September 19, 2023 in a private placement. The 4.10% Senior Notes are senior unsecured obligations of the Company. Interest on the 4.10% Senior Notes is payable semi-annually in March and September each year. The 4.10% Senior Notes contain customary affirmative and negative covenants, change in control, and prepayment provisions, that are substantially similar to those contained in the previously issued debt of the Company as described above. The 4.10% Senior Notes also contain customary events of default with customary grace periods, as applicable. The Company was in compliance with its covenants at December 31, 2017. Issuance costs approximating $0.4 million are being amortized to interest expense over the ten -year term of the 4.10% Senior Notes. 3.84% Senior Notes and 4.24% Senior Notes In 2014, the Company entered into an agreement to issue and sell $250 million of ten -year Senior Notes in a private placement. The Company issued $125 million with a fixed interest rate of 3.84% (" 3.84% Senior Notes") in September 2014 and issued $125 million with a fixed interest rate of 4.24% (" 4.24% Senior Notes") in June 2015. The Senior Notes are senior unsecured obligations of the Company. Interest on the 3.84% Senior Notes is payable semi-annually in March and September each year, beginning in March 2015. Interest on the 4.24% Senior Notes is payable semi-annually in June and December of each year, beginning in December 2015. The 4.24% Senior Notes were used to repay $100 million of 6.3% Senior Notes which were due June 25, 2015. The 3.84% Senior Notes and 4.24% Senior Notes contain customary affirmative and negative covenants, change in control, and prepayment provisions, that are substantially similar to those contained in the previously issued debt of the Company as described above. The 3.84% Senior Notes and 4.24% Senior Notes also contain customary events of default with customary grace periods, as applicable. The Company was in compliance with its covenants at December 31, 2017. Issuance costs approximating $0.9 million are being amortized to interest expense over the ten -year term of the Senior Notes. 1.47% Euro Senior Notes In 2015 , the Company issued in a private placement Euro 125 million with a fixed interest rate of 1.47% fifteen -year Senior Notes (" 1.47% Euro Senior Notes"). The Euro Senior Notes are senior unsecured obligations of the Company. 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 Company recorded in other comprehensive income (loss) related to this net investment hedge an unrealized loss of $18.2 million and an unrealized gain of $5.1 million for the years ended December 31, 2017 and 2016 , respectively. Interest on the 1.47% Senior Notes is payable in June and December each year. The 1.47% Senior Notes contain customary affirmative and negative covenants, change in control, and prepayment provisions, that are substantially similar to those contained in the previously issued debt of the Company as described above. The 1.47% Senior Notes also contain customary events of default with customary grace periods, as applicable. The Company was in compliance with its covenants at December 31, 2017. Issuance costs approximating $0.4 million are being amortized to interest expense over the fifteen -year term of the Euro Senior Notes. Credit Agreement In 2015, the Company entered into an $800 million Credit Agreement (the "Credit Agreement"), which amended its $800 million Amended and Restated Credit Agreement (the "Prior Credit Agreement"). The Credit Agreement is provided by a group of financial institutions (similar to the Company's Prior Credit Agreement) and has a maturity date of December 17, 2020 . It is a revolving credit facility and is not subject to any scheduled principal payments prior to maturity. The obligations under the Credit Agreement are unsecured. Borrowings under the Credit Agreement bear interest at current market rates plus a margin based on the Company’s consolidated leverage ratio, which was set at LIBOR plus 97.5 basis points as of December 31, 2017 . The Company must also pay facility fees that are tied to its leverage ratio. The Credit Agreement contains covenants that are substantially similar to those contained in the previously issued debt of the Company as described above, with which the Company was in compliance as of December 31, 2017. The Credit Agreement also places certain limitations on the Company, including limiting the ability to incur liens or indebtedness at a subsidiary level. In addition, the Credit Agreement has several events of default. The Company incurred approximately $0.1 million of debt extinguishment costs during 2015 related to the Prior Credit Agreement. The Company capitalized $1.1 million in financing fees during 2015 associated with the Credit Agreement which will be amortized to interest expense through 2020 . During 2017, the Company increased its borrowing under the Credit Agreement by $66.7 million, which primarily was used to fund the Biotix acquisition as described in Note 3. As of December 31, 2017 , approximately $332.6 million was available under the facility. The Company’s weighted average interest rate was 3.3% and 3.7% for the years ended December 31, 2017 and 2016 , respectively. |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2017 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity Note Disclosure | SHAREHOLDERS’ EQUITY Common Stock The number of authorized shares of the Company’s common stock is 125,000,000 shares with a par value of $0.01 per share. Holders of the Company’s common stock are entitled to one vote per share. At December 31, 2017 , 3,436,176 shares of the Company’s common stock were reserved for issuance pursuant to the Company’s stock option plans. Preferred Stock The Board of Directors, without further shareholder authorization, is authorized to issue up to 10,000,000 shares of preferred stock, par value $0.01 per share in one or more series and to determine and fix the rights, preferences, and privileges of each series, including dividend rights and preferences over dividends on the common stock and one or more series of the preferred stock, conversion rights, voting rights (in addition to those provided by law), redemption rights, and the terms of any sinking fund therefore, and rights upon liquidation, dissolution, or winding up, including preferences over the common stock and one or more series of the preferred stock. The issuance of shares of preferred stock, or the issuance of rights to purchase such shares, may have the effect of delaying, deferring, or preventing a change in control of the Company or an unsolicited acquisition proposal. Share Repurchase Program The Company has a share repurchase program of which there was $583.4 million common shares remaining to be repurchased under the program as of December 31, 2017 . The share repurchases are expected to be funded from cash balances, borrowings, and cash generated from operating activities. Repurchases will be made through open market transactions, and the amount and timing of purchases will depend on business and market conditions, the stock price, trading restrictions, the level of acquisition activity, and other factors. The Company has purchased 26.7 million common shares since the inception of the program in 2004 through December 31, 2017 , at a total cost of $3.9 billion . During the years ended December 31, 2017 and 2016 , the Company spent $400 million and $500 million on the repurchase of 749,254 shares and 1,348,507 shares at an average price per share of $533.84 and $370.75 , respectively. The Company reissued 270,413 shares and 278,623 shares held in treasury for the exercise of stock options and restricted stock units during 2017 and 2016 , respectively. Accumulated Other Comprehensive Income (Loss) The following table presents changes in accumulated other comprehensive income by component for the period ended December 31, 2017 and 2016 : Currency Translation Adjustment, Net of Tax Net Unrealized Pension and Post-Retirement Benefit Related Items, Total Balance at December 31, 2015 $ (57,394 ) $ 3,016 $ (212,271 ) $ (266,649 ) Other comprehensive income (loss), net of tax: Net unrealized actuarial gains (loss), prior service costs, and plan amendments — — (47,788 ) (47,788 ) Net unrealized gains (loss) on cash flow hedging arrangements — (513 ) — (513 ) Foreign currency translation adjustment (57,928 ) — 5,885 (52,043 ) Amounts recognized from accumulated other comprehensive income (loss), net of tax — (4,735 ) 16,730 11,995 Net change in other comprehensive income (loss), net of tax (57,928 ) (5,248 ) (25,173 ) (88,349 ) Balance at December 31, 2016 $ (115,322 ) $ (2,232 ) $ (237,444 ) $ (354,998 ) Other comprehensive income (loss), net of tax: Net unrealized actuarial gains (loss), prior service costs, and plan amendments — — 1,678 1,678 Net unrealized gains (loss) on cash flow hedging arrangements — 1,424 — 1,424 Foreign currency translation adjustment 83,982 — (12,092 ) 71,890 Amounts recognized from accumulated other comprehensive income (loss), net of tax — (273 ) 14,873 14,600 Net change in other comprehensive income (loss), net of tax 83,982 1,151 4,459 89,592 Balance at December 31, 2017 $ (31,340 ) $ (1,081 ) $ (232,985 ) $ (265,406 ) The following table presents amounts recognized from accumulated other comprehensive income (loss) for the twelve month period ended December 31, 2017 and 2016: 2017 2016 Location of Amounts Recognized in Earnings Effective portion of losses (gains) on cash flow hedging arrangements: Interest rate swap agreements $ 1,679 $ 1,034 Interest expense Cross currency swap (1,416 ) — (a) Foreign currency forward contracts — (6,756 ) Cost of sales - products Total before taxes 263 (5,722 ) Provision for taxes 536 (987 ) Provision for taxes Total, net of taxes $ (273 ) $ (4,735 ) Recognition of defined benefit pension and post-retirement items: Recognition of actuarial losses, plan amendments, prior service cost, and settlement charge before taxes $ 20,137 $ 23,925 (b) Provision for taxes 5,264 7,195 Provision for taxes Total, net of taxes $ 14,873 $ 16,730 (a) The cross currency swap reflects an unrealized gain of $0.2 million recorded in other charges (income) that was offset by underlying unrealized loss on the hedged debt. The cross currency swap also reflects a realized gain of $1.2 million recorded in interest expense. (b) These accumulated other comprehensive income (loss) components are included in the computation of net periodic pension and post-retirement cost. See Note 12 for additional details for the year ended December 31, 2017. |
Equity Incentive Plan
Equity Incentive Plan | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Equity Incentive Disclosure | EQUITY INCENTIVE PLAN The Company’s equity incentive plan provides employees and directors of the Company additional incentives to join and/or remain in the service of the Company as well as to maintain and enhance the long-term performance and profitability of the Company. The Company’s 2013 equity incentive plan was approved by shareholders on May 2, 2013 and provides that 2 million shares of common stock, plus any shares that remained available for grant under the Company's prior equity incentive plan as well as options outstanding that terminate without being exercised, may be the subject of awards. The plan provides for the grant of options, restricted stock units, and other equity-based awards. The exercise price of options granted shall not be less than the fair market value of the common stock on the date of the award. Options primarily vest equally over a five -year period from the date of grant and have a maximum term of up to ten years and six months. Restricted units primarily vest equally over a five -year period from the date of grant. Performance share units generally vest after a three -year period from the date of the grant based upon satisfaction of the performance condition. The compensation committee of the Board of Directors has generally granted restricted share units to participating managers and non-qualified stock options and performance share units to executive officers. All share-based compensation arrangements granted to employees, including stock option grants, are recognized in the consolidated statement of operations based on the grant-date fair value of the award over the period during which an employee is required to provide service in exchange for the award. Share-based compensation expense is recorded within selling, general, and administrative in the consolidated statement of operations with a corresponding offset to additional paid-in capital in the consolidated balance sheet. The fair values of stock options granted were calculated using the Black-Scholes pricing model. The aggregate intrinsic value of an option is the amount by which the fair value of the underlying stock exceeds its exercise price. The following table summarizes all stock option activity from December 31, 2016 through December 31, 2017 : Number of Options Weighted Average Exercise Price Aggregate Intrinsic Value (in millions) Outstanding at December 31, 2016 1,215,481 $192.63 $274.6 Granted 46,877 671.60 Exercised (245,562 ) 116.67 Forfeited (8,320 ) 241.83 Outstanding at December 31, 2017 1,008,476 $232.99 $392.2 Options exercisable at December 31, 2017 755,407 $180.66 $331.5 The following table details the weighted average remaining contractual life of options outstanding at December 31, 2017 by range of exercise prices: Number of Options Outstanding Weighted Average Exercise Price Remaining Contractual Life of Options Outstanding Options Exercisable 102,357 $ 89.23 1.7 102,357 124,585 $ 133.00 2.8 124,585 298,180 $ 159.96 4.4 298,180 125,523 $ 244.99 5.9 100,716 357,831 $ 365.57 8.0 129,569 1,008,476 5.4 755,407 As of the date granted, the weighted average grant-date fair value of the options granted during the years ended December 31, 2017 , 2016 , and 2015 was $206.56 , $118.31 , and $92.81 , respectively. Such weighted average grant-date fair value was determined using the following assumptions: 2017 2016 2015 Risk-free interest rate 2.00 % 1.26 % 1.65 % Expected life in years 5.8 5.7 5.7 Expected volatility 28 % 29 % 28 % Expected dividend yield — — — The total intrinsic value of options exercised during the years ended December 31, 2017 , 2016 , and 2015 was approximately $105.6 million , $69.5 million , and $90.7 million , respectively. The total fair value of options vested during the years ended December 31, 2017 , 2016 , and 2015 was approximately $8.3 million , $7.4 million , and $8.6 million , respectively. During the fourth quarter of 2016, the Company granted 12,678 performance-based options, with a grant-date fair value of $1.5 million . Compensation expense is recognized over the five-year vesting provisions based upon the probability of the performance condition being met. The following table summarizes all restricted stock unit and performance share unit activity from December 31, 2016 through December 31, 2017 : Number of Restricted Stock Units Aggregate Intrinsic Value (in millions) Number of Performance Share Units Aggregate Intrinsic Value (in millions) Outstanding at December 31, 2016 70,547 $ 29.5 4,532 $ 1.9 Granted 13,202 3,518 Vested (24,851 ) — Forfeited (2,509 ) — Outstanding at December 31, 2017 56,389 $ 34.9 8,050 $ 5.0 The weighted average grant-date fair value of the restricted stock units granted during years ended 2017 and 2016 was $671.60 and $397.95 per unit, respectively, and the restricted units vest ratably primarily over a five -year period. The total fair value of the restricted stock units on the date of grant of $8.7 million for 2017 and $8.3 million for 2016 will be recorded as compensation expense on a straight-line basis over the vesting period. The total fair value of restricted stock units vested during the years ended December 31, 2017 , 2016 , and 2015 was approximately $6.8 million , $6.3 million , and $6.0 million , respectively. Approximately $6.5 million and $6.4 million of compensation expense was recognized during the years ended December 31, 2017 and 2016 , respectively. The Company granted performance share units with a market condition. Grantees of performance share units will be eligible to receive shares of the Company's common stock depending upon the Company's total shareholder return relative to the performance of companies in the S&P 500 Healthcare and S&P 500 Industrials over a three-year period. The awards actually earned will range from zero to 200% of the targeted number of performance share units for the three-year performance period and will be paid, to the extent earned, in the fiscal quarter following the end of the applicable three-year performance period. These awards were valued using a monte carlo simulation based on the following assumptions: 2017 2016 Risk-free interest rate 1.73 % 0.98 % Expected life in years 3.0 3.0 Expected volatility 28 % 29 % Expected dividend yield — — As of the date granted, the fair value of the performance share units granted was $844.39 for 2017 and $470.17 for 2016, respectively. The total fair value of the performance share units on the date of the grant was $3.0 million for 2017 and $2.1 million for 2016 and will be recorded as compensation expense on a straight-line basis over the 3-year period. At December 31, 2017 , a total of 2,230,063 shares of common stock were available for grant in the form of stock options, restricted stock units, or performance share units. As of December 31, 2017 , the unrecorded deferred share-based compensation balance related to stock options, restricted stock units, and performance share units was $53.0 million and will be recognized using a straight-line method over an estimated weighted average amortization period of 2.3 years . |
Benefit Plans
Benefit Plans | 12 Months Ended |
Dec. 31, 2017 | |
Defined Benefit Plan [Abstract] | |
Benefits Plans Disclosure | BENEFIT PLANS The Company maintains a number of retirement and other post-retirement employee benefit plans. Certain subsidiaries sponsor defined contribution plans. Benefits are determined and funded annually based upon the terms of the plans. Amounts recognized as cost under these plans amounted to $17.2 million , $15.4 million , and $16 million for the years ended December 31, 2017 , 2016 , and 2015 , respectively. Certain subsidiaries sponsor defined benefit plans. Benefits are provided to employees primarily based upon years of service and employees’ compensation for certain periods during the last years of employment. Prior to 2002, the Company’s U.S. operations also provided post-retirement medical benefits to their employees. Contributions for medical benefits are related to employee years of service. The following tables set forth the change in benefit obligation, the change in plan assets, the funded status, and amounts recognized in the consolidated financial statements for the Company’s defined benefit plans and post-retirement plan at December 31, 2017 and 2016 : U.S. Pension Benefits Non-U.S. Pension Benefits Other Benefits Total 2017 2016 2017 2016 2017 2016 2017 2016 Change in benefit obligation: Benefit obligation at beginning of year $ 138,155 $ 154,415 $ 838,277 $ 818,269 $ 2,985 $ 3,272 $ 979,417 $ 975,956 Service cost, gross 565 432 29,600 29,936 — — 30,165 30,368 Interest cost 4,374 4,428 8,511 10,664 70 76 12,955 15,168 Actuarial losses (gains) 6,979 845 33,036 42,786 18 318 40,033 43,949 Plan amendments and other — — (15,153 ) — 137 150 (15,016 ) 150 Benefits paid (7,502 ) (21,965 ) (30,356 ) (33,977 ) (537 ) (831 ) (38,395 ) (56,773 ) Impact of foreign currency — — 54,563 (29,401 ) — — 54,563 (29,401 ) Benefit obligation at end of year $ 142,571 $ 138,155 $ 918,478 $ 838,277 $ 2,673 $ 2,985 $ 1,063,722 $ 979,417 Change in plan assets: Fair value of plan assets at beginning of year $ 104,103 $ 119,118 $ 716,169 $ 725,597 $ — $ — $ 820,272 $ 844,715 Actual return on plan assets 14,869 6,876 49,055 15,927 — — 63,924 22,803 Employer contributions 97 74 22,961 22,291 400 681 23,458 23,046 Plan participants’ contributions — — 13,503 13,277 137 150 13,640 13,427 Benefits paid (7,502 ) (21,965 ) (30,356 ) (33,977 ) (537 ) (831 ) (38,395 ) (56,773 ) Impact of foreign currency and other — — 36,883 (26,946 ) — — 36,883 (26,946 ) Fair value of plan assets at end of year $ 111,567 $ 104,103 $ 808,215 $ 716,169 $ — $ — $ 919,782 $ 820,272 Funded status $ (31,004 ) $ (34,052 ) $ (110,263 ) $ (122,108 ) $ (2,673 ) $ (2,985 ) $ (143,940 ) $ (159,145 ) Amounts recognized in the consolidated balance sheets consist of: U.S. Pension Benefits Non-U.S. Pension Benefits Other Benefits Total 2017 2016 2017 2016 2017 2016 2017 2016 Other non-current assets $ — $ — $ 40,493 $ 10,530 $ — $ — $ 40,493 $ 10,530 Accrued and other liabilities (88 ) (92 ) (4,990 ) (4,293 ) (411 ) (467 ) (5,489 ) (4,852 ) Pension and other post-retirement liabilities (30,916 ) (33,960 ) (145,766 ) (128,345 ) (2,262 ) (2,518 ) (178,944 ) (164,823 ) Accumulated other comprehensive loss (income) 61,819 69,528 254,870 255,855 (2,365 ) (5,057 ) 314,324 320,326 Total $ 30,815 $ 35,476 $ 144,607 $ 133,747 $ (5,038 ) $ (8,042 ) $ 170,384 $ 161,181 The following amounts have been recognized in accumulated other comprehensive income (loss), before taxes, at December 31, 2017 and have not yet been recognized as a component of net periodic pension cost: U.S. Pension Benefits Non-U.S. Pension Benefits Other Benefits Total Total, After Tax Plan amendments and prior service cost $ — $ (30,698 ) $ (372 ) $ (31,070 ) $ (24,289 ) Actuarial losses (gains) 61,819 285,568 (1,993 ) 345,394 257,274 Total $ 61,819 $ 254,870 $ (2,365 ) $ 314,324 $ 232,985 The following changes in plan assets and benefit obligations were recognized in other comprehensive income (loss), before taxes, for the year ended December 31, 2017 : U.S. Pension Benefits Non-U.S. Pension Benefits Other Benefits Total Total, After Tax Net actuarial losses (gains) $ (1,153 ) $ 14,330 $ 18 $ 13,195 $ 10,378 Plan amendment — (15,153 ) — (15,153 ) (12,056 ) Amortization of: Actuarial (losses) gains (6,556 ) (23,144 ) 1,895 (27,805 ) (20,821 ) Plan amendments and prior service cost — 6,897 779 7,676 5,948 Impact of foreign currency — 16,085 — 16,085 12,092 Total $ (7,709 ) $ (985 ) $ 2,692 $ (6,002 ) $ (4,459 ) The accumulated benefit obligations at December 31, 2017 and 2016 were $142.6 million and $138.2 million , respectively, for the U.S. defined benefit pension plan and $785.7 million and $818.9 million , respectively, for all non-U.S. plans. Certain of the plans included within non-U.S. pension benefits have accumulated benefit obligations which exceed the fair value of plan assets. The projected benefit obligation, the accumulated benefit obligation, and fair value of assets of these plans as of December 31, 2017 were $202.3 million , $192.0 million , and $50.0 million , respectively. The assumed discount rates and rates of increase in future compensation levels used in calculating the projected benefit obligations vary according to the economic conditions of the country in which the retirement plans are situated. The weighted average rates used for the purposes of the Company’s plans are as follows: U.S. Non-U.S. 2017 2016 2017 2016 Discount rate 3.49 % 3.97 % 0.97 % 0.98 % Compensation increase rate n/a n/a 0.87 % 0.85 % Expected long-term rate of return on plan assets 6.50 % 6.75 % 3.86 % 4.09 % The assumed discount rates, rates of increase in future compensation levels, and the long-term rate of return used in calculating the net periodic pension cost vary according to the economic conditions of the country in which the retirement plans are situated. The weighted average rates used for the purposes of the Company’s plans are as follows: U.S. Non-U.S. 2017 2016 2015 2017 2016 2015 Discount rate 3.97 % 4.27 % 4.00 % 0.98 % 1.31 % 1.65 % Compensation increase rate n/a n/a n/a 0.85 % 1.03 % 1.61 % Expected long-term rate of return on plan assets 6.75 % 7.25 % 7.50 % 4.09 % 4.58 % 4.82 % Net periodic pension cost and net periodic post-retirement benefit for the defined benefit plans and U.S. post-retirement plan include the following components for the years ended December 31 : U.S. Non-U.S. Other Benefits Total 2017 2016 2015 2017 2016 2015 2017 2016 2015 2017 2016 2015 Service cost, net $ 565 $ 432 $ 837 $ 16,341 $ 16,804 $ 18,664 $ — $ — $ — $ 16,906 $ 17,236 $ 19,501 Interest cost on projected benefit obligations 4,374 4,428 6,431 8,511 10,664 14,071 70 76 139 12,955 15,168 20,641 Expected return on plan assets (6,737 ) (7,781 ) (9,575 ) (30,349 ) (33,168 ) (36,832 ) — — — (37,086 ) (40,949 ) (46,407 ) Recognition of actuarial losses/(gains) and prior service costs 6,556 7,606 7,626 16,247 12,923 10,639 (2,674 ) (4,567 ) (5,247 ) 20,129 15,962 13,018 Settlement charge — 7,963 — — — — — — — — 7,963 — Net periodic pension cost / (benefit) $ 4,758 $ 12,648 $ 5,319 $ 10,750 $ 7,223 $ 6,542 $ (2,604 ) $ (4,491 ) $ (5,108 ) $ 12,904 $ 15,380 $ 6,753 The amounts remaining in accumulated other comprehensive income (loss) that are expected to be recognized as a component of net periodic pension cost during 2018 are as follows: U.S. Pension Benefits Non-U.S. Pension Benefits Other Benefits Total Plan amendments and prior service costs $ — $ (6,966 ) $ (372 ) $ (7,338 ) Actuarial losses (gains) 5,804 21,620 (1,250 ) 26,174 Total $ 5,804 $ 14,654 $ (1,622 ) $ 18,836 The projected post-retirement benefit obligation was principally determined using discount rates of 2.55% in 2017 and 3.41% in 2016 . Net periodic post-retirement benefit cost was principally determined using discount rates of 3.41% in 2017 , 3.54% in 2016 , and 4.00% in 2015 . The health care cost trend rate was 7.0% in 2017 , 7.5% in 2016 , and 8.00% in 2015 , decreasing to 5.00% in 2022. A one-percentage-point change in health care cost trend rates would have an immaterial impact on total service and interest cost components and the post-retirement benefit obligation. The Company’s overall asset investment strategy is to achieve long-term growth while minimizing volatility by widely diversifying among asset types and strategies. Target asset allocations and investment return criteria are established by the pension committee or designated officers of each plan. Target asset allocation ranges for the U.S. pension plan include 35 - 55% in equity securities, 18 - 28% in fixed income securities, and 20 - 40% in other types of investments. International plan assets relate primarily to the Company’s Swiss plan with target allocations of 24 - 45% in equities, 35 - 55% in fixed income securities, and 15 - 25% in other types of investments. Actual results are monitored against targets and the trustees are required to report to the members of each plan, including an analysis of investment performance on an annual basis at a minimum. Day-to-day asset management is typically performed by third-party asset managers, reporting to the pension committees or designated officers. The long-term rate of return on plan asset assumptions used to determine pension expense under U.S. GAAP is generally based on estimated future returns for the target investment mix determined by the trustees as well as historical investment performance. The following table presents the fair value measurement of the Company’s plan assets by hierarchy level: December 31, 2017 December 31, 2016 Quoted Prices in Active Markets for Identical Assets (Level 1) Observable Inputs for Identical Assets (Level 2) Unobservable Inputs (Level 3) Total Quoted Prices in Active Markets for Identical Assets (Level 1) Observable Inputs for Identical Assets (Level 2) Unobservable Inputs (Level 3) Total Asset Category: Cash and Cash Equivalents $ 154,751 $ — $ — $ 154,751 $ 131,468 $ — $ — $ 131,468 Equity Securities: Mettler-Toledo Stock 3,154 — — 3,154 2,846 — — 2,846 Equity Mutual Funds: U.S. (1) 6,011 27,984 — 33,995 5,860 24,257 — 30,117 International (2) 80,836 61,341 — 142,177 54,760 52,404 — 107,164 Emerging Markets (3) 100,346 1,096 — 101,442 78,999 793 — 79,792 Fixed Income Securities: Corporate/Government Bonds (4) 72,334 — — 72,334 69,578 — — 69,578 Fixed Income Mutual Funds: Insurance Contracts (5) — 23,421 1,514 24,935 — 19,955 1,300 21,255 Core Bond (6) 136,157 57,499 — 193,656 121,884 52,955 — 174,839 Real Asset Mutual Funds: Real Estate (7) 79,218 8,836 — 88,054 69,284 — — 69,284 Commodities (8) 37,302 — — 37,302 22,964 — 5,594 28,558 Other Types of Investments: Global Allocation Funds (9) 11,781 12,545 — 24,326 11,981 11,285 — 23,266 Insurance Linked Securities (10) 12,147 — — 12,147 — — — — Total assets in fair value hierarchy $ 694,037 $ 192,722 $ 1,514 $ 888,273 $ 569,624 $ 161,649 $ 6,894 $ 738,167 Investments measured at net asset value: Emerging Markets (3) 5,950 4,407 Multi-Strategy Fund of Hedge Funds (11) 25,559 77,698 Total pension assets at fair value $ 919,782 $ 820,272 _______________________________________ (1) Represents primarily large capitalization equity mutual funds tracking the S&P 500 Index. (2) Represents all capitalization core and value equity mutual funds located primarily in Switzerland, the United Kingdom, and Canada. (3) Represents core and growth mutual funds and funds of mutual funds invested in emerging markets primarily in Eastern Europe, Latin America, and Asia. (4) Represents investments in high-grade corporate and government bonds located in Switzerland and the European Union. (5) Represents fixed and variable rate annuity contracts provided by insurance companies. (6) Represents fixed income mutual funds invested in the U.S., the United Kingdom, Switzerland, and European government bonds, high-grade corporate bonds, mortgage-backed securities, and collateralized mortgage obligations. (7) Represents mutual funds invested in real estate located primarily in Switzerland. (8) Represents commodity funds invested across a broad range of sectors. (9) Represents mutual funds invested globally in both equities and fixed income securities. (10) Represents a broadly diversified portfolio of assets that carry exposure to insurance risks, particularly insurance linked securities. (11) Represents investments in underlying globally diversified hedge funds. Investments that are measured using the net asset value (NAV) per share practical expedient have not been categorized in the fair value hierarchy. The amounts presented above are intended to permit reconciliation of the fair value hierarchy to the fair value of total plan assets in order to determine the amounts included in the consolidated balance sheet. The fair value of the Company’s stock and corporate and government bonds are valued at the year-end closing price as reported on the securities exchange on which they are traded. Mutual funds are valued at the exchange-listed year end closing price or at the net asset value of shares held by the fund at the end of the year. Insurance contracts are valued by discounting the related cash flows using a current year end market rate or at cash surrender value, which is presumed to equal fair value. Funds of hedge funds are valued at the net asset value of shares held by the fund at the end of the year. The following table presents a roll-forward of activity for the years ended December 31, 2017 and 2016 for Level 3 asset categories: Commodities Insurance Contract Total Balance at December 31, 2015 $ 33,505 $ 1,367 $ 34,872 Actual return on plan assets: Related to assets held at end of year — 25 25 Related to assets sold during the year (2,857 ) — (2,857 ) Sales (21,278 ) (38 ) (21,316 ) Impact of foreign currency (3,776 ) (54 ) (3,830 ) Balance at December 31, 2016 $ 5,594 $ 1,300 $ 6,894 Actual return on plan assets: Related to assets held at end of year — 21 21 Related to assets sold during the year — — — Sales (5,711 ) (98 ) (5,809 ) Purchases — 108 108 Impact of foreign currency 117 183 300 Balance at December 31, 2017 $ — $ 1,514 $ 1,514 There were no transfers between any asset levels during the years ended December 31, 2017 and 2016 . The following benefit payments, which reflect expected future service as appropriate, are expected to be paid: U.S. Pension Benefits Non-U.S. Pension Benefits Other Benefits Net of Subsidy Total 2018 $ 7,972 $ 45,118 $ 411 $ 53,501 2019 8,140 43,125 400 51,665 2020 8,344 45,352 265 53,961 2021 8,453 42,561 249 51,263 2022 8,641 43,990 227 52,858 2023-2028 43,855 219,011 769 263,635 In 2018, the Company expects to make employer pension contributions of approximately $25.9 million to its non-U.S. pension plan and employer contributions of approximately $0.4 million to its U.S. post-retirement medical plan. In February 2016, the Company offered former employees a one-time option to receive a lump sum distribution of their vested pension plan benefits. Based upon the eligible participant acceptance, $14.6 million was paid from plan assets to these former employees in the second quarter of 2016 with a corresponding decrease in the benefit obligation. The Company incurred a one-time non-cash settlement charge recorded in other charges (income), net during the second quarter of 2016 of approximately $8.2 million, of which $8.0 million, $4.9 million after tax, was reclassified from accumulated other comprehensive income. |
Taxes
Taxes | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure | TAXES The sources of the Company’s earnings before taxes were as follows for the years ended December 31 : 2017 2016 2015 United States $ 45,105 $ 37,363 $ 20,992 Non-United States 529,117 466,830 442,432 Earnings before taxes $ 574,222 $ 504,193 $ 463,424 The provisions for taxes consist of: Current Deferred Total Year ended December 31, 2017: United States federal $ 55,660 $ 10,173 $ 65,833 State and local 361 3,471 3,832 Non-United States 144,974 (16,389 ) 128,585 Total $ 200,995 $ (2,745 ) $ 198,250 Year ended December 31, 2016: United States federal $ 20,116 $ (4,817 ) $ 15,299 State and local 2,947 1,149 4,096 Non-United States 94,882 5,546 100,428 Total $ 117,945 $ 1,878 $ 119,823 Year ended December 31, 2015: United States federal $ 11,071 $ 3,029 $ 14,100 State and local 2,164 617 2,781 Non-United States 90,232 3,491 93,723 Total $ 103,467 $ 7,137 $ 110,604 The provisions for tax expense for the years ended December 31, 2017 , 2016 , and 2015 differed from the amounts computed by applying the United States federal income tax rate of 35% to the earnings before taxes as a result of the following: 2017 2016 2015 Expected tax $ 200,978 $ 176,467 $ 162,198 United States state and local income taxes, net of federal income tax benefit 376 3,064 2,551 Change in valuation allowance (excluding U.S. tax reform) — — (1,098 ) Net effect of U.S. tax reform (see below) 71,982 — — Non-United States income taxes at other than a 35% rate (43,691 ) (65,917 ) (54,798 ) Excess tax benefits from stock option exercises (35,171 ) — — Other, net 3,776 6,209 1,751 Total provision for taxes $ 198,250 $ 119,823 $ 110,604 As discussed further below, the 2017 provision for income taxes includes a provisional one-time charge of $72 million . Our annual effective tax rate in 2017 was 22% excluding this one-time charge. The reduction in the Company's annual effective tax rate from 24% in 2016 and 2015 to 22% (excluding the one-time charge) in 2017 is primarily related to the Company's adoption of ASU 2016-09 pertaining to excess tax benefits associated with stock option exercises. On December 22, 2017, the Tax Cuts and Jobs Act ("the Act") significantly revised U.S. corporate income tax law. The Act includes, among other things, a reduction in the U.S. federal corporate income tax rate from 35% to 21% effective for taxable years beginning after December 31, 2017, and the implementation of a modified territorial tax system that includes a one-time transition tax on deemed repatriated earnings of foreign subsidiaries ("Transition Tax") that is payable over a period of up to eight years. The Company has recorded a provisional one-time charge of $72 million relating to the Act during the fourth quarter of 2017. Of this amount, $59 million is expected to be payable over a period of up to 8 years of which $48 million is included as a component of other non-current liabilities, $7 million is included in deferred tax liabilities and $4 million is included in taxes payable. The components of the Company's provisional one-time charge include: • A one-time cash charge of $59 million for un-repatriated foreign earnings due to the estimated Transition Tax of $52 million , and $7 million of foreign withholding taxes, and U.S. federal, state, and local taxes related to the reassessment of planned repatriation of certain foreign earnings that were previously determined to be permanently reinvested. All other undistributed earnings are considered permanently reinvested. • A one-time non-cash charge of $13 million primarily related to changes in the current year treatment of certain deferred tax items and other non-cash items. The effect of remeasuring the U.S. net deferred tax balances resulting from the reduction of the U.S. income tax rate from 35% to 21% was immaterial. Shortly after the Act was enacted, the SEC staff issued Staff Accounting Bulletin No. 118, Income Tax Accounting Implications of the Tax Cuts and Jobs Act (“SAB 118”) which provides guidance on accounting for the Act’s impact. SAB 118 provides a measurement period, which in no case should extend beyond one year from the Act enactment, during which a company acting in good faith may complete the accounting for the impacts of the Act. In accordance with SAB 118, the Company will reflect the income tax effects of the Act in the reporting period in which the accounting is complete. The Company's accounting for the above items is based upon reasonable estimates of the tax effects of the Act; however, its estimates may change upon the finalization of its implementation and additional interpretive guidance from regulatory authorities. Among other things, the Company needs to complete its analysis of historical foreign earnings and related taxes paid and its analysis of foreign cash equivalents. In addition, the Company needs to complete its analysis of deemed repatriation of deferred foreign income and related state tax effects. The Company will complete its accounting for the above tax effects of the Act during 2018 as provided in SAB 118 and will reflect any adjustments to its provisional amounts as an adjustment to the provision for taxes in the reporting period in which the amounts are finally determined. Additionally, certain provisions of the Act are not effective until 2018. The Company is in the process of evaluating the impact of these provisions and has not yet recorded any impact in the financial statements, nor have we made any accounting policy elections with respect to these items. The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are presented below at December 31 : 2017 2016 Deferred tax assets: Inventory $ 13,779 $ 17,612 Accrued and other liabilities 62,175 93,379 Accrued post-retirement benefit and pension costs 55,545 72,004 Net operating loss and tax credit carryforwards 32,247 15,844 Other 12,099 10,326 Total deferred tax assets 175,845 209,165 Less valuation allowance (12,857 ) (10,730 ) Total deferred tax assets less valuation allowance 162,988 198,435 Deferred tax liabilities: Inventory 4,730 3,741 Property, plant, and equipment 50,440 56,718 Acquired intangibles amortization 66,755 77,295 Prepaid post-retirement benefit and pension costs 27,747 36,741 International earnings 23,121 19,575 Unrealized currency gains — 34,720 Total deferred tax liabilities 172,793 228,790 Net deferred tax (liability) asset $ (9,805 ) $ (30,355 ) The increase in the valuation allowance during 2017 is primarily attributable to increases in valuation allowances against the Company's state net operating losses. Upon adoption of ASU 2016-09 in the first quarter of 2017, the Company recorded $69 million in additional deferred tax assets related primarily to U.S. tax credit carryforwards which arose directly from tax deductions for share-based compensation arrangements, against which a full valuation allowance was recorded in the first quarter and subsequently released in the fourth quarter, along with $11 million of other pre-existing valuation allowances, in connection with the determination of the Transition Tax related to the Act as described above. The Company continues to record valuation allowances related to certain of its deferred income tax assets due to the uncertainty of the ultimate realization of future benefits from such assets. The potential decrease or increase of the valuation allowance in the near term is dependent on the future ability of the Company to realize the deferred tax assets that are affected by the future profitability of operations in various worldwide jurisdictions. A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows: 2017 2016 Unrecognized tax benefits at beginning of year $ 20,240 $ 15,259 Increases related to current tax positions 2,484 7,824 Increases (decreases) related to prior year tax positions 1,434 (885 ) Decreases relating to taxing authority settlements (856 ) (794 ) Decreases resulting from a lapse of the applicable statute of limitations (186 ) (896 ) Other, net 974 (268 ) Unrecognized tax benefits at end of year $ 24,090 $ 20,240 Included in the balance of unrecognized tax benefits at December 31, 2017 and 2016 were $24.1 million and $16.6 million , respectively, of tax benefits that if recognized would reduce the Company’s effective tax rate. The Company recognizes accrued amounts of interest and penalties related to its uncertain tax positions as part of its income tax expense within its consolidated statement of operations. The amount of accrued interest and penalties included within other non-current liabilities within the Company’s consolidated balance sheet as of December 31, 2017 and 2016 was $2.8 million and $2.2 million , respectively. The Company believes that it is reasonably possible that the unrecognized tax benefit balance could change over the next twelve months, primarily related to potential disputes raised by the taxing authorities over income and expense recognition. The Company does not expect a change would have a material impact on its financial position, results of operations, or cash flows. The Company plans to repatriate earnings from China, Switzerland, Germany, the United Kingdom, and certain other countries in future years and believes that there will be no additional cost associated with the repatriation of such foreign earnings other than withholding taxes for which a deferred tax liability has been recorded. All other undistributed earnings not subject to the Transition Tax, or any additional outside basis difference inherent in these entities, are considered to be permanently reinvested on which no U.S. deferred income taxes or foreign withholding taxes have been provided. It is not practicable to estimate the amount of deferred tax liability related to these undistributed earnings and additional outside basis differences in these entities due to the complexity of the calculation and the uncertainty regarding assumptions necessary to compute the tax. As of December 31, 2017 , the major jurisdictions for which the Company is subject to examinations are Germany for years after 2012 , the United States after 2013, France after 2016, Switzerland after 2014, the United Kingdom after 2014, and China after 2013. Additionally, the Company is currently under examination in various taxing jurisdictions in which it conducts business operations. While the Company has not yet received any material assessments from these taxing authorities, the Company believes that adequate amounts of taxes and related interest and penalties have been provided for any adverse adjustments as a result of these examinations and that the ultimate outcome of these examinations will not result in a material impact on the Company’s consolidated results of operations or financial position. |
Restructuring Charges
Restructuring Charges | 12 Months Ended |
Dec. 31, 2017 | |
Restructuring Charges [Abstract] | |
Restructuring and Related Activities Disclosure | RESTRUCTURING CHARGES During the past few years, we initiated cost reduction measures. For the years ended December 31, 2017 and 2016 , we have incurred $12.8 million and $6.2 million , respectively, 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 roll-forward of the Company’s accrual for restructuring activities for the years ended December 31, 2017 and 2016 is as follows: Total Balance at December 31, 2015 $ 12,211 Restructuring charges 6,235 Cash payments / utilization (8,376 ) Impact of foreign currency (539 ) Balance at December 31, 2016 $ 9,531 Restructuring charges 12,772 Cash payments / utilization (12,663 ) Impact of foreign currency 980 Balance at December 31, 2017 $ 10,620 |
Other Charges (Income), Net
Other Charges (Income), Net | 12 Months Ended |
Dec. 31, 2017 | |
Other Income and Expenses [Abstract] | |
Other Charges (Income), Net Disclosure | OTHER CHARGES (INCOME), NET Other charges (income), net consisted of net income of $5.9 million in 2017 , compared to net charges of $8.5 million and net income of $0.9 million in 2016 and 2015 , respectively. Other charges (income), net includes $1.7 million and $1.1 million of acquisition costs for 2017 and 2016, respectively. Other charges (income), net for 2017 also includes a one-time gain of $3.4 million 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 in 2016 includes a one-time non-cash pension settlement charge of $8.2 million related to a lump sum offering to former employees of the Company's U.S. pension plan. Other charges (income), net also includes net (gains) losses from foreign currency transactions and hedging activities, interest income, and other items. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2017 | |
Leases, Operating [Abstract] | |
Commitments and Contingencies Disclosure | COMMITMENTS AND CONTINGENCIES Operating Leases The Company leases certain of its facilities and equipment under operating leases. The future minimum lease payments under non-cancelable operating leases are as follows at December 31, 2017 : 2018 $ 33,939 2019 25,292 2020 17,132 2021 11,729 2022 9,745 Thereafter 11,289 Total $ 109,126 Rent expense for operating leases amounted to $36.9 million , $34.9 million , and $33.2 million for the years ended December 31, 2017 , 2016 , and 2015 , respectively. Legal 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 will have a material adverse effect on the Company’s financial condition, results of operations, or cash flows. |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure | SEGMENT REPORTING The Company has five reportable segments: U.S. Operations, Swiss Operations, Western European Operations, Chinese Operations, and Other. U.S. Operations represent certain of the Company’s marketing and producing organizations located in the United States. Western European Operations include the Company’s marketing and producing organizations in Western Europe, excluding operations located in Switzerland. Swiss Operations include marketing and producing organizations located in Switzerland as well as extensive R&D operations that are responsible for the development, production, and marketing of precision instruments, including weighing, analytical, and measurement technologies for use in a variety of laboratory and industrial applications. Chinese Operations represent the Company’s marketing and producing organizations located in China. The Company’s market organizations are geographically focused and are responsible for all aspects of the Company’s sales and service. Operations that exist outside these reportable segments are included in Other. The accounting policies of the operating segments are the same as those described in the summary of significant accounting policies. The Company evaluates performance based on segment profit for segment reporting (gross profit less research and development and selling, general, and administrative expenses, before amortization, interest expense, restructuring charges, other charges (income), net, and taxes). Inter-segment sales and transfers are priced to reflect consideration of market conditions and the regulations of the countries in which the transferring entities are located. The following tables show the operations of the Company’s reportable segments: For the Year Ended December 31, 2017 Net Sales to External Customers Net Sales to Other Segments Total Net Sales Segment Profit Depreciation Total Assets Purchase of Property, Plant, and Equipment Goodwill U.S. Operations $ 944,825 $ 99,117 $ 1,043,942 $ 177,705 $ 7,659 $ 1,937,688 $ (38,969 ) $ 409,520 Swiss Operations 133,925 563,083 697,008 174,447 5,551 1,374,150 (19,589 ) 22,171 Western European Operations 673,776 170,820 844,596 117,324 4,052 1,805,294 (7,094 ) 91,927 Chinese Operations 452,617 232,882 685,499 231,860 7,168 1,068,811 (13,246 ) 690 Other (a) 519,910 7,934 527,844 72,744 3,474 310,667 (4,131 ) 15,530 Eliminations and Corporate (b) — (1,073,836 ) (1,073,836 ) (117,496 ) 5,554 (3,946,805 ) (44,397 ) — Total $ 2,725,053 $ — $ 2,725,053 $ 656,584 $ 33,458 $ 2,549,805 $ (127,426 ) $ 539,838 For the Year Ended December 31, 2016 Net Sales to External Customers Net Sales to Other Segments Total Net Sales Segment Profit Depreciation Total Assets Purchase of Property, Plant, and Equipment Goodwill U.S. Operations $ 867,962 $ 90,580 $ 958,542 $ 161,539 $ 6,094 $ 1,747,338 $ (52,255 ) $ 357,785 Swiss Operations 130,674 524,983 655,657 163,663 6,199 1,212,637 (7,260 ) 21,239 Western European Operations 640,558 176,501 817,059 123,507 4,048 1,120,751 (6,857 ) 82,500 Chinese Operations 386,541 219,766 606,307 187,924 6,879 702,571 (16,288 ) 636 Other (a) 482,522 7,709 490,231 64,060 3,461 277,476 (4,540 ) 14,218 Eliminations and Corporate (b) — (1,019,539 ) (1,019,539 ) (117,696 ) 6,062 (2,893,996 ) (36,757 ) — Total $ 2,508,257 $ — $ 2,508,257 $ 582,997 $ 32,743 $ 2,166,777 $ (123,957 ) $ 476,378 For the Year Ended December 31, 2015 Net Sales to External Customers Net Sales to Other Segments Total Net Sales Segment Profit Depreciation Total Assets Purchase of Property, Plant, and Equipment Goodwill U.S. Operations $ 826,354 $ 87,488 $ 913,842 $ 147,491 $ 6,153 $ 1,487,422 $ (7,113 ) $ 317,856 Swiss Operations 133,684 498,642 632,326 160,763 6,488 1,134,648 (6,650 ) 21,841 Western European Operations 620,128 165,532 785,660 107,424 4,076 1,010,639 (5,940 ) 92,389 Chinese Operations 376,291 214,887 591,178 165,532 7,086 506,390 (14,770 ) 692 Other (a) 438,990 8,087 447,077 50,821 2,883 260,276 (4,306 ) 13,506 Eliminations and Corporate (b) — (974,636 ) (974,636 ) (99,924 ) 6,401 (2,440,040 ) (43,727 ) — Total $ 2,395,447 $ — $ 2,395,447 $ 532,107 $ 33,087 $ 1,959,335 $ (82,506 ) $ 446,284 (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 as well as certain corporate expenses and intercompany investments, which are not included in the Company’s operating segments. A reconciliation of earnings before taxes to segment profit follows: 2017 2016 2015 Earnings before taxes $ 574,222 $ 504,193 $ 463,424 Amortization 42,671 36,052 30,951 Interest expense 32,785 28,026 27,451 Restructuring charges 12,772 6,235 11,148 Other charges (income), net (5,866 ) 8,491 (867 ) Segment profit $ 656,584 $ 582,997 $ 532,107 During 2017 , restructuring charges of $12.8 million were recognized, of which $6.2 million , $1.8 million , $3.0 million , $0.8 million , and $1.0 million relate to the Company’s U.S., Swiss, Western European, Chinese, and Other Operations, respectively. Restructuring charges of $6.2 million were recognized in 2016 , of which $2.0 million , $1.5 million , $2.4 million , $0.2 million , and $0.2 million relate to the Company's U.S., Swiss, Western European, Chinese, and Other Operations, respectively. The Company sells precision instruments, including weighing instruments and certain analytical and measurement technologies, and related services to a variety of customers and industries. None of these end-customers account for more than 1% of net sales. Service revenues are primarily derived from repair and other services including regulatory compliance qualification, calibration, certification, and preventative maintenance. A breakdown of the Company's sales by product category for the years ended December 31 follows: 2017 2016 2015 Laboratory $ 1,358,493 $ 1,225,000 $ 1,154,905 Industrial 1,158,335 1,067,858 1,034,310 Retail 208,225 215,399 206,232 Total net sales $ 2,725,053 $ 2,508,257 $ 2,395,447 In certain circumstances, our operating segments sell directly into other geographies. A breakdown of net sales to external customers by geographic customer destination and property, plant, and equipment, net for the years ended December 31 follows: Net Sales Property, Plant, and Equipment, Net 2017 2016 2015 2017 2016 United States $ 888,241 $ 815,153 $ 768,815 $ 220,401 $ 168,494 Other Americas 162,672 153,607 157,962 3,406 3,833 Total Americas 1,050,913 968,760 926,777 223,807 172,327 Germany 192,126 182,644 176,491 49,376 28,393 France 130,427 118,681 110,477 6,386 5,009 United Kingdom 64,361 61,513 71,679 19,617 12,631 Switzerland 63,090 62,115 64,622 259,007 246,312 Other Europe 399,923 374,008 349,178 8,050 6,511 Total Europe 849,927 798,961 772,447 342,436 298,856 China 439,373 374,996 362,950 92,269 83,713 Rest of World 384,840 365,540 333,273 9,759 8,811 Total Asia/Rest of World 824,213 740,536 696,223 102,028 92,524 Total $ 2,725,053 $ 2,508,257 $ 2,395,447 $ 668,271 $ 563,707 |
Quarterly Financial Data (Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2017 | |
QUARTERLY FINANCIAL DATA (UNAUDITED) [Abstract] | |
Quarterly Financial Information Disclosure | QUARTERLY FINANCIAL DATA (UNAUDITED) Quarterly financial data for the years ended December 31, 2017 and 2016 are as follows: First Quarter Second Quarter Third Quarter Fourth Quarter 2017 Net sales $ 594,567 $ 653,656 $ 698,799 $ 778,031 Gross profit $ 342,900 $ 374,917 $ 400,277 $ 455,219 Net earnings (1) $ 92,466 $ 101,580 $ 104,950 $ 76,976 Basic earnings per common share: Net earnings $ 3.57 $ 3.94 $ 4.10 $ 3.01 Weighted average number of common shares 25,932,112 25,751,374 25,613,433 25,562,542 Diluted earnings per common share: Net earnings $ 3.48 $ 3.84 $ 3.99 $ 2.93 Weighted average number of common and common equivalent shares 26,586,061 26,439,529 26,303,529 26,229,052 Market price per share: High $ 486.90 $ 601.16 $ 635.17 $ 689.11 Low $ 414.52 $ 473.87 $ 571.25 $ 606.80 (1) Provision for taxes for 2017 includes a provisional one-time charge of $72 million for the implementation of the Tax Cuts and Jobs Act. Of this amount, $59 million is expected to be paid over a period of up to eight years. The estimated charge may change with the finalization of implementation. 2016 Net sales $ 539,674 $ 608,286 $ 650,598 $ 709,699 Gross profit $ 299,907 $ 347,576 $ 369,494 $ 418,610 Net earnings $ 65,674 $ 79,588 $ 101,332 $ 137,776 Basic earnings per common share: Net earnings $ 2.44 $ 2.99 $ 3.84 $ 5.27 Weighted average number of common shares 26,931,293 26,631,015 26,375,468 26,139,024 Diluted earnings per common share: Net earnings $ 2.40 $ 2.93 $ 3.77 $ 5.17 Weighted average number of common and common equivalent shares 27,421,019 27,143,284 26,888,810 26,631,269 Market price per share: High $ 347.09 $ 385.50 $ 419.83 $ 429.91 Low $ 298.14 $ 347.76 $ 363.19 $ 397.73 |
Schedule II Valuation and Quali
Schedule II Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2017 | |
Valuation and Qualifying Accounts [Abstract] | |
Schedule of Valuation and Qualifying Accounts Disclosure | Schedule II — Valuation and Qualifying Accounts (in thousands) Column A Column B Column C Column D Column E Additions (1) (2) Balance at the Beginning of Period Charged to Costs and Expenses Charged to Other Accounts Balance at End of Period Description -Deductions- Note (A) Note (B) Accounts receivable — allowance for doubtful accounts: Year ended December 31, 2017 $ 14,234 $ 1,403 $ 1,005 $ 1,093 $ 15,549 Year ended December 31, 2016 $ 14,435 $ 1,087 $ (760 ) $ 528 $ 14,234 Year ended December 31, 2015 $ 15,961 $ 883 $ (2,302 ) $ 107 $ 14,435 Deferred tax valuation allowance: Year ended December 31, 2017 $ 10,730 $ 9,513 $ 72,170 $ 79,556 $ 12,857 Year ended December 31, 2016 $ 25,435 $ — $ — $ 14,705 $ 10,730 Year ended December 31, 2015 $ 36,263 $ — $ — $ 10,828 $ 25,435 _______________________________________ Note (A) For accounts receivable, amounts comprise currency translation adjustments. For deferred tax valuation allowance in 2017 , 2016 , and 2015 , amounts relate primarily to changes in foreign tax credit carryforwards and R&D credit carryforwards. Note (B) For accounts receivable, amounts represent excess of uncollectible balances written off over recoveries of accounts previously written off. For deferred tax valuation allowance, the decrease in 2017, 2016, and 2015 relates primarily to decreases in foreign tax credit and R&D credit carryforwards. |
Summary of Significant Accoun27
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Summary of Significant Accounting Policies [Abstract] | |
Cash and Cash Equivalents, Policy | Cash and Cash Equivalents Cash and cash equivalents include highly liquid investments with original maturity dates of three months or less. The carrying value of these cash equivalents approximates fair value. |
Trade Accounts Receivable, Policy | 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, Policy | 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. |
Property, Plant and Equipment, Policy | Long-Lived Assets a) Property, Plant, and Equipment Property, plant, and equipment are stated at cost less accumulated depreciation. Repair and maintenance costs are charged to expense as incurred. The Company expenses all internal-use software costs incurred in the preliminary project stage and capitalizes certain direct costs associated with the development and purchase of internal-use software within property, plant, and equipment. Capitalized costs are amortized on a straight-line basis over the estimated useful lives of the software, generally not exceeding 10 years. Depreciation and amortization are charged on a straight-line basis over the estimated useful lives of the assets as follows: Buildings and improvements 15 to 50 years Machinery and equipment 3 to 12 years Computer software 3 to 10 years Leasehold improvements Shorter of useful life or lease term |
Goodwill and Intangible Assets, Policy | b) 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 evaluations of goodwill and indefinite-lived intangible assets are generally based on an assessment of qualitative factors to determine whether it is more likely than not that the fair value of the asset is less than its carrying amount. If the Company is unable to conclude whether the goodwill asset is not impaired after considering the totality of events and circumstances during its qualitative assessment, the Company performs the first step of the two-step impairment test by estimating the fair value of the goodwill asset and comparing the fair value to the carrying amount of the goodwill asset. If the carrying amount of the goodwill asset exceeds its fair value, then the Company performs the second step of the impairment test to measure the amount of the impairment loss, if any. If the Company is unable to conclude whether the indefinite-lived intangible asset is not impaired after considering the totality of events and circumstances, the Company performs an impairment test to measure the amount of the impairment loss, if any. 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 "Intangible - Goodwill and Other" and ASC 360 "Property, Plant, and Equipment." |
Accounting for Impairment of Long Lived Assets, Policy | Accounting for Impairment of Long-Lived Assets The Company assesses the need to record impairment losses on long-lived assets with finite lives when events or changes in circumstances indicate that the carrying amount of assets may not be recoverable. An impairment loss would be recognized when future estimated undiscounted cash flows expected to result from use of the asset are less than the asset’s carrying value, with the loss measured as the difference between carrying value and estimated fair value. |
Income Tax, Policy | Taxation The Company files tax returns in each jurisdiction in which it operates. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities, their respective tax bases, and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates in the respective jurisdictions in which the Company operates. In assessing the ability to realize deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred taxes are not provided on the unremitted earnings of subsidiaries outside of the United States when it is expected that these earnings are permanently reinvested. Such earnings may become taxable upon the sale or liquidation of these subsidiaries or upon the remittance of dividends. Deferred taxes are provided when the Company no longer considers subsidiary earnings to be permanently invested, such as in situations where the Company’s subsidiaries plan to make future dividend distributions. The Company recognizes accrued amounts of interest and penalties related to its uncertain tax positions as part of income tax expense within its consolidated statement of operations. |
Currency Transactions and Translations Policy | Currency Translation and Transactions The reporting currency for the consolidated financial statements of the Company is the U.S. dollar. The functional currency for the Company’s operations is generally the applicable local currency. Accordingly, the assets and liabilities of companies whose functional currency is other than the U.S. dollar are included in the consolidated financial statements by translating the assets and liabilities into the reporting currency at the exchange rates applicable at the end of the reporting period. The statements of operations and cash flows of such non-U.S. dollar functional currency operations are translated at the monthly average exchange rates during the year. Translation gains or losses are accumulated in other comprehensive income (loss) in the consolidated statements of shareholders’ equity. Transaction gains and losses are included as a component of net earnings or in certain circumstances as a component of other comprehensive income (loss) where the underlying item is considered a hedge of a net investment |
Revenue Recognition, Policy | Revenue Recognition |
Research and Development Expense, Policy | Research and Development Research and development costs primarily consist of salaries, consulting, and other costs. The Company expenses these costs as incurred. |
Warranty, Policy | Warranty The Company generally offers one -year warranties on most of its products. Product warranties are recorded at the time revenue is recognized. While the Company engages in extensive product quality programs and processes, its warranty obligations are affected by product failure rates, material usage, and service costs incurred in correcting a product failure. |
Employee Termination Benefits, Policy | 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. |
Earnings per Common Share, Policy | Earnings per Common Share In accordance with the treasury stock method, the Company has included 680,208 , 506,137 , and 588,697 common equivalent shares in the calculation of diluted weighted average number of common shares for the years ended December 31, 2017 , 2016 , and 2015 , respectively, relating to outstanding stock options and restricted stock units. The determination of the common share equivalents for 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 9,824 , 102,017 , and 112,562 shares of common stock for the years ended December 31, 2017 , 2016 , and 2015 , 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. |
Equity Based Compensation, Policy | Equity-Based Compensation The Company applies the fair value methodology in accounting for its equity-based compensation plan. |
Derivatives Financial Instruments, Policy | Derivative Financial Instruments The Company has limited involvement with derivative financial instruments and does not use them for trading purposes. As described more fully in Note 5, the Company enters into foreign currency forward exchange contracts to economically hedge certain short-term intercompany balances involving its international businesses. Such contracts limit the Company’s exposure to currency fluctuations on the items they hedge. These contracts are adjusted to fair market value as of each balance sheet date, with the resulting changes in fair value being recognized in other charges (income), consistent with the underlying hedged item. The Company also enters into interest rate swap agreements and cross currency swaps in order to manage its exposure to changes in interest rates. The differential paid or received on interest rate swap agreements is recognized in interest expense over the life of the agreements as incurred. Floating to fixed interest rate swap agreements are accounted for as cash flow hedges. Changes in fair value of outstanding interest rate swap agreements that are effective as cash flow hedges are recognized in other comprehensive income as incurred. |
Fair Value Measurements, Policy | Fair Value Measurements The Company measures or monitors certain assets and liabilities on a fair value basis. Fair value is used on a recurring basis for assets and liabilities in which fair value is the primary basis of accounting, mainly derivative instruments. 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. When determining the fair value measurements for assets and liabilities required to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact and considers assumptions that market participants would use when pricing the asset or liability. The Company applies the fair value hierarchy established under U.S. GAAP and when possible looks to active and observable markets to price identical assets and liabilities. If identical assets and liabilities are not traded in active markets, the Company looks to observable market data for similar assets and liabilities. |
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 the impact reduced the annual tax rate by 2% in 2017. In addition, the Company recognized additional deferred net 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 of $17.7 million and $12.9 million as operating activities in the prior period Statements of Cash Flows. For additional disclosure, see Note 13 to the consolidated financial statements. In 2014, the FASB issued ASC 606 "Revenue from Contracts with Customers." ASC 606 provides authoritative guidance clarifying the principles for recognizing revenue under 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. The Company has completed its assessment of the new standard and expects the impact on its consolidated financial statements to be immaterial. Most of the Company's performance obligations are satisfied at the time the customer takes title, control, and risk of loss of the asset, which is generally upon shipment. The Company does not have variable pricing arrangements that are retrospective (except for rebate programs) or represent a material right to its customers. For transactions with multiple performance obligations, the new standard will not change the timing of revenue recognition or the allocation of the transaction price as the related goods and services are also sold separately and as such have standalone selling prices. Service contracts are recognized ratably over the contract period, which does not exceed a year. The guidance becomes effective for the year beginning January 1, 2018 and the Company will adopt the guidance using the modified retrospective approach. 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 non-service costs in 2017 and 2016 were a net benefit of $4.1 million and $9.8 million , respectively. The Company will reclass these amounts from selling, general, and administrative and cost of sales to other charges (income), net in the consolidated statement of operations. 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 will be adopted in 2019 and the Company is evaluating the adoption method it will elect upon implementation. The Company is in the process of reviewing all the current lease data and evaluating the impact of the adoption on the financial statements. In August 2017, the FASB issued ASU 2017-12 to ASC 815 "Derivatives and Hedging," which modifies hedge accounting by making more hedge strategies eligible for hedge accounting, amending presentation and disclosure requirements, and changing how companies assess effectiveness. The intent is to simplify the application of hedge accounting and increase transparency of information about an entity’s risk management activities. The amended guidance is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company early adopted the guidance which did not have an impact on the Company's consolidated results of operations and financial position. |
Summary of Significant Accoun28
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Summary of Significant Accounting Policies [Abstract] | |
Property, Plant and Equipment Useful Life | Buildings and improvements 15 to 50 years Machinery and equipment 3 to 12 years Computer software 3 to 10 years Leasehold improvements Shorter of useful life or lease term |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
INVENTORIES [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | 2017 2016 Raw materials and parts $ 118,790 $ 100,408 Work-in-progress 43,035 41,454 Finished goods 93,565 80,185 Total inventory $ 255,390 $ 222,047 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Measurements [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | December 31, 2017 December 31, 2016 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Assets: Cash equivalents $ 5,616 $ — $ 5,616 $ — $ 21,513 $ — $ 21,513 $ — Foreign currency forward contracts not designated as hedging instruments 1,912 — 1,912 — 791 — 791 — Total $ 7,528 $ — $ 7,528 $ — $ 22,304 $ — $ 22,304 $ — Liabilities: Interest rate swap agreements $ 1,292 $ — $ 1,292 $ — $ 3,630 $ — $ 3,630 $ — Cross currency swap agreement 106 — 106 — — — — — Foreign currency forward contracts not designated as hedging instruments 986 — 986 — 2,123 — 2,123 — Total $ 2,384 $ — $ 2,384 $ — $ 5,753 $ — $ 5,753 $ — |
Property, Plant and Equipment31
Property, Plant and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment, Net [Abstract] | |
Property, Plant and Equipment [Table Text Block] | 2017 2016 Land $ 58,046 $ 55,885 Building and leasehold improvements 300,850 247,883 Machinery and equipment 382,233 347,344 Computer software 436,249 372,065 Property, plant, and equipment, gross 1,177,378 1,023,177 Less accumulated depreciation and amortization (509,107 ) (459,470 ) Property, plant, and equipment, net $ 668,271 $ 563,707 |
Goodwill and Other Intangible32
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill [Table Text Block] | 2017 2016 Balance at beginning of year $ 476,378 $ 446,284 Goodwill acquired 52,229 41,308 Foreign currency translation 11,231 (11,214 ) Balance at year end $ 539,838 $ 476,378 |
Schedule Of Finite Lived And Indefinite Lived Intangible Assets By Major Class [Table Text Block] | 2017 2016 Gross Amount Accumulated Amortization Intangibles, Net Gross Amount Accumulated Amortization Intangibles, Net Customer relationships $ 198,527 $ (41,794 ) $ 156,733 $ 147,466 $ (34,672 ) $ 112,794 Proven technology and patents 70,311 (38,890 ) 31,421 58,394 (35,128 ) 23,266 Tradenames (finite life) 4,518 (2,807 ) 1,711 4,182 (2,514 ) 1,668 Tradenames (indefinite life) 35,562 — 35,562 28,272 — 28,272 Other 3,490 (2,199 ) 1,291 2,871 (1,816 ) 1,055 $ 312,408 $ (85,690 ) $ 226,718 $ 241,185 $ (74,130 ) $ 167,055 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Debt [Abstract] | |
Schedule of Debt | . DEBT Debt consisted of the following at December 31 : 2017 2016 3.67% $50 million Senior Notes due December 17, 2022 $ 50,000 $ 50,000 4.10% $50 million Senior Notes due September 19, 2023 50,000 50,000 3.84% $125 million Senior Notes due September 19, 2024 125,000 125,000 4.24% $125 million Senior Notes due June 25, 2025 125,000 125,000 1.47% EUR 125 million Senior Notes due June 17, 2030 149,736 131,507 Debt issuance costs, net (1,438 ) (1,642 ) Total Senior Notes 498,298 479,865 $800 million Credit Agreement, interest at LIBOR plus 97.5 basis points (1) 461,872 395,191 Other local arrangements 19,677 18,974 Total debt 979,847 894,030 Less: current portion (19,677 ) (18,974 ) Total long-term debt $ 960,170 $ 875,056 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Stockholders' Equity Note [Abstract] | |
Rollforward Of Accumulated Other Comprehensive Income [Table Text Block] | Currency Translation Adjustment, Net of Tax Net Unrealized Pension and Post-Retirement Benefit Related Items, Total Balance at December 31, 2015 $ (57,394 ) $ 3,016 $ (212,271 ) $ (266,649 ) Other comprehensive income (loss), net of tax: Net unrealized actuarial gains (loss), prior service costs, and plan amendments — — (47,788 ) (47,788 ) Net unrealized gains (loss) on cash flow hedging arrangements — (513 ) — (513 ) Foreign currency translation adjustment (57,928 ) — 5,885 (52,043 ) Amounts recognized from accumulated other comprehensive income (loss), net of tax — (4,735 ) 16,730 11,995 Net change in other comprehensive income (loss), net of tax (57,928 ) (5,248 ) (25,173 ) (88,349 ) Balance at December 31, 2016 $ (115,322 ) $ (2,232 ) $ (237,444 ) $ (354,998 ) Other comprehensive income (loss), net of tax: Net unrealized actuarial gains (loss), prior service costs, and plan amendments — — 1,678 1,678 Net unrealized gains (loss) on cash flow hedging arrangements — 1,424 — 1,424 Foreign currency translation adjustment 83,982 — (12,092 ) 71,890 Amounts recognized from accumulated other comprehensive income (loss), net of tax — (273 ) 14,873 14,600 Net change in other comprehensive income (loss), net of tax 83,982 1,151 4,459 89,592 Balance at December 31, 2017 $ (31,340 ) $ (1,081 ) $ (232,985 ) $ (265,406 ) |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | 2017 2016 Location of Amounts Recognized in Earnings Effective portion of losses (gains) on cash flow hedging arrangements: Interest rate swap agreements $ 1,679 $ 1,034 Interest expense Cross currency swap (1,416 ) — (a) Foreign currency forward contracts — (6,756 ) Cost of sales - products Total before taxes 263 (5,722 ) Provision for taxes 536 (987 ) Provision for taxes Total, net of taxes $ (273 ) $ (4,735 ) Recognition of defined benefit pension and post-retirement items: Recognition of actuarial losses, plan amendments, prior service cost, and settlement charge before taxes $ 20,137 $ 23,925 (b) Provision for taxes 5,264 7,195 Provision for taxes Total, net of taxes $ 14,873 $ 16,730 |
Equity Incentive Plan (Tables)
Equity Incentive Plan (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Table of Performance Share Unit Monte Carlo Assumptions [Table Text Block] | 2017 2016 Risk-free interest rate 1.73 % 0.98 % Expected life in years 3.0 3.0 Expected volatility 28 % 29 % Expected dividend yield — — |
Schedule of Stock Options, Activity | Number of Options Weighted Average Exercise Price Aggregate Intrinsic Value (in millions) Outstanding at December 31, 2016 1,215,481 $192.63 $274.6 Granted 46,877 671.60 Exercised (245,562 ) 116.67 Forfeited (8,320 ) 241.83 Outstanding at December 31, 2017 1,008,476 $232.99 $392.2 Options exercisable at December 31, 2017 755,407 $180.66 $331.5 |
Schedule Shares Outstanding under Stock Option Plans, by Exercise Price Range | Number of Options Outstanding Weighted Average Exercise Price Remaining Contractual Life of Options Outstanding Options Exercisable 102,357 $ 89.23 1.7 102,357 124,585 $ 133.00 2.8 124,585 298,180 $ 159.96 4.4 298,180 125,523 $ 244.99 5.9 100,716 357,831 $ 365.57 8.0 129,569 1,008,476 5.4 755,407 |
Schedule of Stock Options, Valuation Assumptions | 2017 2016 2015 Risk-free interest rate 2.00 % 1.26 % 1.65 % Expected life in years 5.8 5.7 5.7 Expected volatility 28 % 29 % 28 % Expected dividend yield — — — |
Schedule Restricted Stock Units, Activity | Number of Restricted Stock Units Aggregate Intrinsic Value (in millions) Number of Performance Share Units Aggregate Intrinsic Value (in millions) Outstanding at December 31, 2016 70,547 $ 29.5 4,532 $ 1.9 Granted 13,202 3,518 Vested (24,851 ) — Forfeited (2,509 ) — Outstanding at December 31, 2017 56,389 $ 34.9 8,050 $ 5.0 |
Benefit Plans (Tables)
Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Defined Benefit Plan [Abstract] | |
Schedule of Defined Benefit Plans Disclosures | U.S. Pension Benefits Non-U.S. Pension Benefits Other Benefits Total 2017 2016 2017 2016 2017 2016 2017 2016 Change in benefit obligation: Benefit obligation at beginning of year $ 138,155 $ 154,415 $ 838,277 $ 818,269 $ 2,985 $ 3,272 $ 979,417 $ 975,956 Service cost, gross 565 432 29,600 29,936 — — 30,165 30,368 Interest cost 4,374 4,428 8,511 10,664 70 76 12,955 15,168 Actuarial losses (gains) 6,979 845 33,036 42,786 18 318 40,033 43,949 Plan amendments and other — — (15,153 ) — 137 150 (15,016 ) 150 Benefits paid (7,502 ) (21,965 ) (30,356 ) (33,977 ) (537 ) (831 ) (38,395 ) (56,773 ) Impact of foreign currency — — 54,563 (29,401 ) — — 54,563 (29,401 ) Benefit obligation at end of year $ 142,571 $ 138,155 $ 918,478 $ 838,277 $ 2,673 $ 2,985 $ 1,063,722 $ 979,417 Change in plan assets: Fair value of plan assets at beginning of year $ 104,103 $ 119,118 $ 716,169 $ 725,597 $ — $ — $ 820,272 $ 844,715 Actual return on plan assets 14,869 6,876 49,055 15,927 — — 63,924 22,803 Employer contributions 97 74 22,961 22,291 400 681 23,458 23,046 Plan participants’ contributions — — 13,503 13,277 137 150 13,640 13,427 Benefits paid (7,502 ) (21,965 ) (30,356 ) (33,977 ) (537 ) (831 ) (38,395 ) (56,773 ) Impact of foreign currency and other — — 36,883 (26,946 ) — — 36,883 (26,946 ) Fair value of plan assets at end of year $ 111,567 $ 104,103 $ 808,215 $ 716,169 $ — $ — $ 919,782 $ 820,272 Funded status $ (31,004 ) $ (34,052 ) $ (110,263 ) $ (122,108 ) $ (2,673 ) $ (2,985 ) $ (143,940 ) $ (159,145 ) |
Schedule of Amounts Recognized in Balance Sheet | U.S. Pension Benefits Non-U.S. Pension Benefits Other Benefits Total 2017 2016 2017 2016 2017 2016 2017 2016 Other non-current assets $ — $ — $ 40,493 $ 10,530 $ — $ — $ 40,493 $ 10,530 Accrued and other liabilities (88 ) (92 ) (4,990 ) (4,293 ) (411 ) (467 ) (5,489 ) (4,852 ) Pension and other post-retirement liabilities (30,916 ) (33,960 ) (145,766 ) (128,345 ) (2,262 ) (2,518 ) (178,944 ) (164,823 ) Accumulated other comprehensive loss (income) 61,819 69,528 254,870 255,855 (2,365 ) (5,057 ) 314,324 320,326 Total $ 30,815 $ 35,476 $ 144,607 $ 133,747 $ (5,038 ) $ (8,042 ) $ 170,384 $ 161,181 |
Schedule of Net Periodic Benefit Cost Not yet Recognized | U.S. Pension Benefits Non-U.S. Pension Benefits Other Benefits Total Total, After Tax Plan amendments and prior service cost $ — $ (30,698 ) $ (372 ) $ (31,070 ) $ (24,289 ) Actuarial losses (gains) 61,819 285,568 (1,993 ) 345,394 257,274 Total $ 61,819 $ 254,870 $ (2,365 ) $ 314,324 $ 232,985 |
Schedule of Changes in Accumulated Postemployment Benefit Obligations | U.S. Pension Benefits Non-U.S. Pension Benefits Other Benefits Total Total, After Tax Net actuarial losses (gains) $ (1,153 ) $ 14,330 $ 18 $ 13,195 $ 10,378 Plan amendment — (15,153 ) — (15,153 ) (12,056 ) Amortization of: Actuarial (losses) gains (6,556 ) (23,144 ) 1,895 (27,805 ) (20,821 ) Plan amendments and prior service cost — 6,897 779 7,676 5,948 Impact of foreign currency — 16,085 — 16,085 12,092 Total $ (7,709 ) $ (985 ) $ 2,692 $ (6,002 ) $ (4,459 ) |
Schedule of Assumptions Used in Computing Benefit Obligation | U.S. Non-U.S. 2017 2016 2017 2016 Discount rate 3.49 % 3.97 % 0.97 % 0.98 % Compensation increase rate n/a n/a 0.87 % 0.85 % Expected long-term rate of return on plan assets 6.50 % 6.75 % 3.86 % 4.09 % |
Schedule of Assumptions Used in Computing Pension Cost | U.S. Non-U.S. 2017 2016 2015 2017 2016 2015 Discount rate 3.97 % 4.27 % 4.00 % 0.98 % 1.31 % 1.65 % Compensation increase rate n/a n/a n/a 0.85 % 1.03 % 1.61 % Expected long-term rate of return on plan assets 6.75 % 7.25 % 7.50 % 4.09 % 4.58 % 4.82 % |
Schedule of Net Benefit Costs [Table Text Block] | Net periodic pension cost and net periodic post-retirement benefit for the defined benefit plans and U.S. post-retirement plan include the following components for the years ended December 31 : U.S. Non-U.S. Other Benefits Total 2017 2016 2015 2017 2016 2015 2017 2016 2015 2017 2016 2015 Service cost, net $ 565 $ 432 $ 837 $ 16,341 $ 16,804 $ 18,664 $ — $ — $ — $ 16,906 $ 17,236 $ 19,501 Interest cost on projected benefit obligations 4,374 4,428 6,431 8,511 10,664 14,071 70 76 139 12,955 15,168 20,641 Expected return on plan assets (6,737 ) (7,781 ) (9,575 ) (30,349 ) (33,168 ) (36,832 ) — — — (37,086 ) (40,949 ) (46,407 ) Recognition of actuarial losses/(gains) and prior service costs 6,556 7,606 7,626 16,247 12,923 10,639 (2,674 ) (4,567 ) (5,247 ) 20,129 15,962 13,018 Settlement charge — 7,963 — — — — — — — — 7,963 — Net periodic pension cost / (benefit) $ 4,758 $ 12,648 $ 5,319 $ 10,750 $ 7,223 $ 6,542 $ (2,604 ) $ (4,491 ) $ (5,108 ) $ 12,904 $ 15,380 $ 6,753 |
Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year | U.S. Pension Benefits Non-U.S. Pension Benefits Other Benefits Total Plan amendments and prior service costs $ — $ (6,966 ) $ (372 ) $ (7,338 ) Actuarial losses (gains) 5,804 21,620 (1,250 ) 26,174 Total $ 5,804 $ 14,654 $ (1,622 ) $ 18,836 |
Schedule of Allocation of Plan Assets | December 31, 2017 December 31, 2016 Quoted Prices in Active Markets for Identical Assets (Level 1) Observable Inputs for Identical Assets (Level 2) Unobservable Inputs (Level 3) Total Quoted Prices in Active Markets for Identical Assets (Level 1) Observable Inputs for Identical Assets (Level 2) Unobservable Inputs (Level 3) Total Asset Category: Cash and Cash Equivalents $ 154,751 $ — $ — $ 154,751 $ 131,468 $ — $ — $ 131,468 Equity Securities: Mettler-Toledo Stock 3,154 — — 3,154 2,846 — — 2,846 Equity Mutual Funds: U.S. (1) 6,011 27,984 — 33,995 5,860 24,257 — 30,117 International (2) 80,836 61,341 — 142,177 54,760 52,404 — 107,164 Emerging Markets (3) 100,346 1,096 — 101,442 78,999 793 — 79,792 Fixed Income Securities: Corporate/Government Bonds (4) 72,334 — — 72,334 69,578 — — 69,578 Fixed Income Mutual Funds: Insurance Contracts (5) — 23,421 1,514 24,935 — 19,955 1,300 21,255 Core Bond (6) 136,157 57,499 — 193,656 121,884 52,955 — 174,839 Real Asset Mutual Funds: Real Estate (7) 79,218 8,836 — 88,054 69,284 — — 69,284 Commodities (8) 37,302 — — 37,302 22,964 — 5,594 28,558 Other Types of Investments: Global Allocation Funds (9) 11,781 12,545 — 24,326 11,981 11,285 — 23,266 Insurance Linked Securities (10) 12,147 — — 12,147 — — — — Total assets in fair value hierarchy $ 694,037 $ 192,722 $ 1,514 $ 888,273 $ 569,624 $ 161,649 $ 6,894 $ 738,167 Investments measured at net asset value: Emerging Markets (3) 5,950 4,407 Multi-Strategy Fund of Hedge Funds (11) 25,559 77,698 Total pension assets at fair value $ 919,782 $ 820,272 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | Commodities Insurance Contract Total Balance at December 31, 2015 $ 33,505 $ 1,367 $ 34,872 Actual return on plan assets: Related to assets held at end of year — 25 25 Related to assets sold during the year (2,857 ) — (2,857 ) Sales (21,278 ) (38 ) (21,316 ) Impact of foreign currency (3,776 ) (54 ) (3,830 ) Balance at December 31, 2016 $ 5,594 $ 1,300 $ 6,894 Actual return on plan assets: Related to assets held at end of year — 21 21 Related to assets sold during the year — — — Sales (5,711 ) (98 ) (5,809 ) Purchases — 108 108 Impact of foreign currency 117 183 300 Balance at December 31, 2017 $ — $ 1,514 $ 1,514 |
Schedule of Expected Benefit Payments | U.S. Pension Benefits Non-U.S. Pension Benefits Other Benefits Net of Subsidy Total 2018 $ 7,972 $ 45,118 $ 411 $ 53,501 2019 8,140 43,125 400 51,665 2020 8,344 45,352 265 53,961 2021 8,453 42,561 249 51,263 2022 8,641 43,990 227 52,858 2023-2028 43,855 219,011 769 263,635 |
Taxes (Tables)
Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income before Income Tax, Domestic and Foreign | 2017 2016 2015 United States $ 45,105 $ 37,363 $ 20,992 Non-United States 529,117 466,830 442,432 Earnings before taxes $ 574,222 $ 504,193 $ 463,424 |
Schedule of Components of Income Tax Expense (Benefit) | Current Deferred Total Year ended December 31, 2017: United States federal $ 55,660 $ 10,173 $ 65,833 State and local 361 3,471 3,832 Non-United States 144,974 (16,389 ) 128,585 Total $ 200,995 $ (2,745 ) $ 198,250 Year ended December 31, 2016: United States federal $ 20,116 $ (4,817 ) $ 15,299 State and local 2,947 1,149 4,096 Non-United States 94,882 5,546 100,428 Total $ 117,945 $ 1,878 $ 119,823 Year ended December 31, 2015: United States federal $ 11,071 $ 3,029 $ 14,100 State and local 2,164 617 2,781 Non-United States 90,232 3,491 93,723 Total $ 103,467 $ 7,137 $ 110,604 |
Schedule of Effective Income Tax Rate Reconciliation | 2017 2016 2015 Expected tax $ 200,978 $ 176,467 $ 162,198 United States state and local income taxes, net of federal income tax benefit 376 3,064 2,551 Change in valuation allowance (excluding U.S. tax reform) — — (1,098 ) Net effect of U.S. tax reform (see below) 71,982 — — Non-United States income taxes at other than a 35% rate (43,691 ) (65,917 ) (54,798 ) Excess tax benefits from stock option exercises (35,171 ) — — Other, net 3,776 6,209 1,751 Total provision for taxes $ 198,250 $ 119,823 $ 110,604 |
Schedule of Deferred Tax Assets and Liabilities | 2017 2016 Deferred tax assets: Inventory $ 13,779 $ 17,612 Accrued and other liabilities 62,175 93,379 Accrued post-retirement benefit and pension costs 55,545 72,004 Net operating loss and tax credit carryforwards 32,247 15,844 Other 12,099 10,326 Total deferred tax assets 175,845 209,165 Less valuation allowance (12,857 ) (10,730 ) Total deferred tax assets less valuation allowance 162,988 198,435 Deferred tax liabilities: Inventory 4,730 3,741 Property, plant, and equipment 50,440 56,718 Acquired intangibles amortization 66,755 77,295 Prepaid post-retirement benefit and pension costs 27,747 36,741 International earnings 23,121 19,575 Unrealized currency gains — 34,720 Total deferred tax liabilities 172,793 228,790 Net deferred tax (liability) asset $ (9,805 ) $ (30,355 ) |
Summary of Income Tax Contingencies | 2017 2016 Unrecognized tax benefits at beginning of year $ 20,240 $ 15,259 Increases related to current tax positions 2,484 7,824 Increases (decreases) related to prior year tax positions 1,434 (885 ) Decreases relating to taxing authority settlements (856 ) (794 ) Decreases resulting from a lapse of the applicable statute of limitations (186 ) (896 ) Other, net 974 (268 ) Unrecognized tax benefits at end of year $ 24,090 $ 20,240 |
Restructuring Charges (Tables)
Restructuring Charges (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Restructuring Charges [Abstract] | |
Schedule of Restructuring Reserve by Type of Cost | Total Balance at December 31, 2015 $ 12,211 Restructuring charges 6,235 Cash payments / utilization (8,376 ) Impact of foreign currency (539 ) Balance at December 31, 2016 $ 9,531 Restructuring charges 12,772 Cash payments / utilization (12,663 ) Impact of foreign currency 980 Balance at December 31, 2017 $ 10,620 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Leases, Operating [Abstract] | |
Lessee, Operating Lease, Disclosure [Table Text Block] | 2018 $ 33,939 2019 25,292 2020 17,132 2021 11,729 2022 9,745 Thereafter 11,289 Total $ 109,126 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | For the Year Ended December 31, 2017 Net Sales to External Customers Net Sales to Other Segments Total Net Sales Segment Profit Depreciation Total Assets Purchase of Property, Plant, and Equipment Goodwill U.S. Operations $ 944,825 $ 99,117 $ 1,043,942 $ 177,705 $ 7,659 $ 1,937,688 $ (38,969 ) $ 409,520 Swiss Operations 133,925 563,083 697,008 174,447 5,551 1,374,150 (19,589 ) 22,171 Western European Operations 673,776 170,820 844,596 117,324 4,052 1,805,294 (7,094 ) 91,927 Chinese Operations 452,617 232,882 685,499 231,860 7,168 1,068,811 (13,246 ) 690 Other (a) 519,910 7,934 527,844 72,744 3,474 310,667 (4,131 ) 15,530 Eliminations and Corporate (b) — (1,073,836 ) (1,073,836 ) (117,496 ) 5,554 (3,946,805 ) (44,397 ) — Total $ 2,725,053 $ — $ 2,725,053 $ 656,584 $ 33,458 $ 2,549,805 $ (127,426 ) $ 539,838 For the Year Ended December 31, 2016 Net Sales to External Customers Net Sales to Other Segments Total Net Sales Segment Profit Depreciation Total Assets Purchase of Property, Plant, and Equipment Goodwill U.S. Operations $ 867,962 $ 90,580 $ 958,542 $ 161,539 $ 6,094 $ 1,747,338 $ (52,255 ) $ 357,785 Swiss Operations 130,674 524,983 655,657 163,663 6,199 1,212,637 (7,260 ) 21,239 Western European Operations 640,558 176,501 817,059 123,507 4,048 1,120,751 (6,857 ) 82,500 Chinese Operations 386,541 219,766 606,307 187,924 6,879 702,571 (16,288 ) 636 Other (a) 482,522 7,709 490,231 64,060 3,461 277,476 (4,540 ) 14,218 Eliminations and Corporate (b) — (1,019,539 ) (1,019,539 ) (117,696 ) 6,062 (2,893,996 ) (36,757 ) — Total $ 2,508,257 $ — $ 2,508,257 $ 582,997 $ 32,743 $ 2,166,777 $ (123,957 ) $ 476,378 For the Year Ended December 31, 2015 Net Sales to External Customers Net Sales to Other Segments Total Net Sales Segment Profit Depreciation Total Assets Purchase of Property, Plant, and Equipment Goodwill U.S. Operations $ 826,354 $ 87,488 $ 913,842 $ 147,491 $ 6,153 $ 1,487,422 $ (7,113 ) $ 317,856 Swiss Operations 133,684 498,642 632,326 160,763 6,488 1,134,648 (6,650 ) 21,841 Western European Operations 620,128 165,532 785,660 107,424 4,076 1,010,639 (5,940 ) 92,389 Chinese Operations 376,291 214,887 591,178 165,532 7,086 506,390 (14,770 ) 692 Other (a) 438,990 8,087 447,077 50,821 2,883 260,276 (4,306 ) 13,506 Eliminations and Corporate (b) — (974,636 ) (974,636 ) (99,924 ) 6,401 (2,440,040 ) (43,727 ) — Total $ 2,395,447 $ — $ 2,395,447 $ 532,107 $ 33,087 $ 1,959,335 $ (82,506 ) $ 446,284 (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 as well as certain corporate expenses and intercompany investments, which are not included in the Company’s operating segments. |
Reconciliation Of Operating Profit Loss From Segments To Consolidated Earnings Before Taxes [Table Text Block] | 2017 2016 2015 Earnings before taxes $ 574,222 $ 504,193 $ 463,424 Amortization 42,671 36,052 30,951 Interest expense 32,785 28,026 27,451 Restructuring charges 12,772 6,235 11,148 Other charges (income), net (5,866 ) 8,491 (867 ) Segment profit $ 656,584 $ 582,997 $ 532,107 |
Revenue from External Customers by Products and Services [Table Text Block] | 2017 2016 2015 Laboratory $ 1,358,493 $ 1,225,000 $ 1,154,905 Industrial 1,158,335 1,067,858 1,034,310 Retail 208,225 215,399 206,232 Total net sales $ 2,725,053 $ 2,508,257 $ 2,395,447 |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | In certain circumstances, our operating segments sell directly into other geographies. A breakdown of net sales to external customers by geographic customer destination and property, plant, and equipment, net for the years ended December 31 follows: Net Sales Property, Plant, and Equipment, Net 2017 2016 2015 2017 2016 United States $ 888,241 $ 815,153 $ 768,815 $ 220,401 $ 168,494 Other Americas 162,672 153,607 157,962 3,406 3,833 Total Americas 1,050,913 968,760 926,777 223,807 172,327 Germany 192,126 182,644 176,491 49,376 28,393 France 130,427 118,681 110,477 6,386 5,009 United Kingdom 64,361 61,513 71,679 19,617 12,631 Switzerland 63,090 62,115 64,622 259,007 246,312 Other Europe 399,923 374,008 349,178 8,050 6,511 Total Europe 849,927 798,961 772,447 342,436 298,856 China 439,373 374,996 362,950 92,269 83,713 Rest of World 384,840 365,540 333,273 9,759 8,811 Total Asia/Rest of World 824,213 740,536 696,223 102,028 92,524 Total $ 2,725,053 $ 2,508,257 $ 2,395,447 $ 668,271 $ 563,707 |
Quarterly Financial Data (Una41
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
QUARTERLY FINANCIAL DATA (UNAUDITED) [Abstract] | |
Schedule of Quarterly Financial Information [Table Text Block] | First Quarter Second Quarter Third Quarter Fourth Quarter 2017 Net sales $ 594,567 $ 653,656 $ 698,799 $ 778,031 Gross profit $ 342,900 $ 374,917 $ 400,277 $ 455,219 Net earnings (1) $ 92,466 $ 101,580 $ 104,950 $ 76,976 Basic earnings per common share: Net earnings $ 3.57 $ 3.94 $ 4.10 $ 3.01 Weighted average number of common shares 25,932,112 25,751,374 25,613,433 25,562,542 Diluted earnings per common share: Net earnings $ 3.48 $ 3.84 $ 3.99 $ 2.93 Weighted average number of common and common equivalent shares 26,586,061 26,439,529 26,303,529 26,229,052 Market price per share: High $ 486.90 $ 601.16 $ 635.17 $ 689.11 Low $ 414.52 $ 473.87 $ 571.25 $ 606.80 (1) Provision for taxes for 2017 includes a provisional one-time charge of $72 million for the implementation of the Tax Cuts and Jobs Act. Of this amount, $59 million is expected to be paid over a period of up to eight years. The estimated charge may change with the finalization of implementation. 2016 Net sales $ 539,674 $ 608,286 $ 650,598 $ 709,699 Gross profit $ 299,907 $ 347,576 $ 369,494 $ 418,610 Net earnings $ 65,674 $ 79,588 $ 101,332 $ 137,776 Basic earnings per common share: Net earnings $ 2.44 $ 2.99 $ 3.84 $ 5.27 Weighted average number of common shares 26,931,293 26,631,015 26,375,468 26,139,024 Diluted earnings per common share: Net earnings $ 2.40 $ 2.93 $ 3.77 $ 5.17 Weighted average number of common and common equivalent shares 27,421,019 27,143,284 26,888,810 26,631,269 Market price per share: High $ 347.09 $ 385.50 $ 419.83 $ 429.91 Low $ 298.14 $ 347.76 $ 363.19 $ 397.73 |
Schedule II Valuation and Qua42
Schedule II Valuation and Qualifying Accounts Schedule II Valuation and Qualifying Accounts (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Valuation and Qualifying Accounts [Abstract] | |
Schedule of Valuation and Qualifying Accounts [Table Text Block] | Column A Column B Column C Column D Column E Additions (1) (2) Balance at the Beginning of Period Charged to Costs and Expenses Charged to Other Accounts Balance at End of Period Description -Deductions- Note (A) Note (B) Accounts receivable — allowance for doubtful accounts: Year ended December 31, 2017 $ 14,234 $ 1,403 $ 1,005 $ 1,093 $ 15,549 Year ended December 31, 2016 $ 14,435 $ 1,087 $ (760 ) $ 528 $ 14,234 Year ended December 31, 2015 $ 15,961 $ 883 $ (2,302 ) $ 107 $ 14,435 Deferred tax valuation allowance: Year ended December 31, 2017 $ 10,730 $ 9,513 $ 72,170 $ 79,556 $ 12,857 Year ended December 31, 2016 $ 25,435 $ — $ — $ 14,705 $ 10,730 Year ended December 31, 2015 $ 36,263 $ — $ — $ 10,828 $ 25,435 _______________________________________ Note (A) For accounts receivable, amounts comprise currency translation adjustments. For deferred tax valuation allowance in 2017 , 2016 , and 2015 , amounts relate primarily to changes in foreign tax credit carryforwards and R&D credit carryforwards. Note (B) For accounts receivable, amounts represent excess of uncollectible balances written off over recoveries of accounts previously written off. |
Summary of Significant Accoun43
Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Property, Plant and Equipment Useful Life | |||
StandardWarrantyPeriod | 1 year | ||
Incremental Common Shares Attributable to Share-based Payment Arrangements | 680,208 | 506,137 | 588,697 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 9,824 | 102,017 | 112,562 |
Impact of ASU 2016-09 | 2.00% | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ 1,539 | ||
Excess Tax Benefit from Share-based Compensation, Operating Activities | $ 17,700 | $ 12,900 | |
Impact of Adopting ASU 2017-7 ASC 715 Compensation-Retirement Benefits | $ 4,100 | $ 9,800 | |
Capitalized Software Costs [Member] | |||
Property, Plant and Equipment Useful Life | |||
Property, Plant and Equipment, Useful Life | 10 years | ||
Minimum [Member] | Building and Building Improvements | |||
Property, Plant and Equipment Useful Life | |||
Property, Plant and Equipment, Useful Life | 15 years | ||
Minimum [Member] | Machinery and Equipment | |||
Property, Plant and Equipment Useful Life | |||
Property, Plant and Equipment, Useful Life | 3 years | ||
Minimum [Member] | Software | |||
Property, Plant and Equipment Useful Life | |||
Property, Plant and Equipment, Useful Life | 3 years | ||
Maximum [Member] | Building and Building Improvements | |||
Property, Plant and Equipment Useful Life | |||
Property, Plant and Equipment, Useful Life | 50 years | ||
Maximum [Member] | Machinery and Equipment | |||
Property, Plant and Equipment Useful Life | |||
Property, Plant and Equipment, Useful Life | 12 years | ||
Maximum [Member] | Software | |||
Property, Plant and Equipment Useful Life | |||
Property, Plant and Equipment, Useful Life | 10 years | ||
Retained Earnings [Member] | |||
Property, Plant and Equipment Useful Life | |||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ 1,539 |
Acquisitions Business Combinati
Acquisitions Business Combinations (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Sep. 01, 2017 | |
Business Acquisition [Line Items] | ||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | $ 65,000 | |||
Business Combination, Contingent Consideration, Liability | 30,900 | $ 30,700 | ||
Goodwill, Acquired During Period | 52,229 | $ 41,308 | ||
Amortization of Intangible Assets | 11,500 | 8,300 | $ 6,300 | |
BIOTIX [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Consideration Transferred | 105,000 | |||
Goodwill, Acquired During Period | 51,700 | |||
Amortization of Intangible Assets | 3,700 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | $ 18,800 | |||
Minimum Weighted Average Useful Lives | 5 years | |||
Maximum Weighted Average Useful Lives | 18 years | |||
Other Acquisitions [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Consideration Transferred | $ 3,800 | 15,600 | ||
Goodwill, Acquired During Period | 300 | 7,500 | ||
Finite-lived Intangible Assets Acquired | $ 3,100 | $ 9,400 | ||
Minimum Weighted Average Useful Lives | 10 years | |||
Maximum Weighted Average Useful Lives | 12 years | 15 years | ||
Henry Troemner, LLC [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Consideration Transferred | $ 95,800 | |||
Goodwill, Acquired During Period | 33,800 | |||
Amortization of Intangible Assets | 2,700 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | $ 11,300 | |||
Minimum Weighted Average Useful Lives | 3 years | |||
Maximum Weighted Average Useful Lives | 25 years | |||
Customer Relationships [Member] | BIOTIX [Member] | ||||
Business Acquisition [Line Items] | ||||
Finite-lived Intangible Assets Acquired | $ 49,500 | |||
Customer Relationships [Member] | Henry Troemner, LLC [Member] | ||||
Business Acquisition [Line Items] | ||||
Finite-lived Intangible Assets Acquired | $ 43,900 | |||
Technology-Based Intangible Assets [Member] | BIOTIX [Member] | ||||
Business Acquisition [Line Items] | ||||
Finite-lived Intangible Assets Acquired | 8,000 | |||
Technology-Based Intangible Assets [Member] | Henry Troemner, LLC [Member] | ||||
Business Acquisition [Line Items] | ||||
Finite-lived Intangible Assets Acquired | 2,900 | |||
Other Intangible Assets [Member] | BIOTIX [Member] | ||||
Business Acquisition [Line Items] | ||||
Finite-lived Intangible Assets Acquired | 600 | |||
Other Intangible Assets [Member] | Henry Troemner, LLC [Member] | ||||
Business Acquisition [Line Items] | ||||
Finite-lived Intangible Assets Acquired | 500 | |||
Trade Names [Member] | BIOTIX [Member] | ||||
Business Acquisition [Line Items] | ||||
Finite-lived Intangible Assets Acquired | $ 7,100 | |||
Trade Names [Member] | Henry Troemner, LLC [Member] | ||||
Business Acquisition [Line Items] | ||||
Finite-lived Intangible Assets Acquired | $ 3,400 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
INVENTORIES [Abstract] | ||
Raw Materials and Supplies | $ 118,790 | $ 100,408 |
Work in Process | 43,035 | 41,454 |
Finished Goods | 93,565 | 80,185 |
Inventory, Net | $ 255,390 | $ 222,047 |
Financial Instruments (Details)
Financial Instruments (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Long Term Debt Percentage Bearing Fixed Interest Percentage | 77.00% | |
Gain/Loss on FX Effectiveness | $ 0 | |
Designated as Hedging Instrument [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | $ 2,000 | |
Designated as Hedging Instrument [Member] | Cross Currency Swap [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative, Amount of Hedged Item | $ 100,000 | |
Derivative, Fixed Interest Rate | 0.01% | |
Gain/Loss on FX Effectiveness | $ 0 | |
Designated as Hedging Instrument [Member] | 2.52% $50 Million Interest Rate Swap [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Line Of Credit Facility Forecasted Borrowing Amount | $ 50,000 | |
Derivative, Fixed Interest Rate | 2.52% | |
Gain/Loss on IR Effectiveness | $ 0 | 0 |
Designated as Hedging Instrument [Member] | 2.25% $100 Million Interest Rate Swap [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Line Of Credit Facility Forecasted Borrowing Amount | $ 100,000 | |
Derivative, Fixed Interest Rate | 2.25% | |
Not Designated as Hedging Instrument [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative, Notional Amount | $ 394,800 | 353,000 |
Gain (Loss) on Foreign Currency Derivative Instruments Not Designated as Hedging Instruments | $ (9,400) | $ 3,300 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | $ 1,900 | $ 800 |
Cash Equivalents, at Carrying Value | 5,616 | 21,513 |
Change in Carrying Value Verse Fair Value of Long Term Debt | $ 6,600 | $ 4,200 |
Fair Value Measurements Fair Va
Fair Value Measurements Fair Value Measurements (Detail 1) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Sep. 01, 2017 | Dec. 31, 2016 |
Fair Value, Balance Sheet Groupings | |||
Business Combination, Contingent Consideration, Liability | $ 30,900 | $ 30,700 | |
ASSETS | |||
Cash Equivalents, at Carrying Value | 5,616 | $ 21,513 | |
Fair Value, Measurements, Recurring | |||
ASSETS | |||
Foreign currency forward contracts not designated as hedging instrument | 1,912 | 791 | |
Assets, Fair Value Disclosure | 7,528 | 22,304 | |
Liabilities [Abstract] | |||
Interest Rate Derivative Liabilities, at Fair Value | 1,292 | 3,630 | |
Foreign currency forward contracts not designated as hedging instrument | 986 | 2,123 | |
Derivative Liability, Fair Value, Gross Liability | 2,384 | 5,753 | |
Fair Value, Measurements, Recurring | Level 1 | |||
ASSETS | |||
Cash Equivalents, at Carrying Value | 0 | 0 | |
Foreign currency forward contracts not designated as hedging instrument | 0 | 0 | |
Assets, Fair Value Disclosure | 0 | 0 | |
Liabilities [Abstract] | |||
Interest Rate Derivative Liabilities, at Fair Value | 0 | 0 | |
Foreign currency forward contracts not designated as hedging instrument | 0 | 0 | |
Derivative Liability, Fair Value, Gross Liability | 0 | 0 | |
Fair Value, Measurements, Recurring | Level 2 | |||
ASSETS | |||
Cash Equivalents, at Carrying Value | 5,616 | 21,513 | |
Foreign currency forward contracts not designated as hedging instrument | 1,912 | 791 | |
Assets, Fair Value Disclosure | 7,528 | 22,304 | |
Liabilities [Abstract] | |||
Interest Rate Derivative Liabilities, at Fair Value | 1,292 | 3,630 | |
Foreign currency forward contracts not designated as hedging instrument | 986 | 2,123 | |
Derivative Liability, Fair Value, Gross Liability | 2,384 | 5,753 | |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 [Member] | |||
ASSETS | |||
Cash Equivalents, at Carrying Value | 0 | 0 | |
Foreign currency forward contracts not designated as hedging instrument | 0 | 0 | |
Assets, Fair Value Disclosure | 0 | 0 | |
Liabilities [Abstract] | |||
Interest Rate Derivative Liabilities, at Fair Value | 0 | 0 | |
Foreign currency forward contracts not designated as hedging instrument | 0 | 0 | |
Derivative Liability, Fair Value, Gross Liability | $ 0 | $ 0 |
Property, Plant and Equipment49
Property, Plant and Equipment, Net (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Property, Plant and Equipment | ||
Property, Plant and Equipment, Gross | $ 1,177,378 | $ 1,023,177 |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | (509,107) | (459,470) |
Total Property, Plant and Equipment, Net | 668,271 | 563,707 |
Land [Member] | ||
Property, Plant and Equipment | ||
Property, Plant and Equipment, Gross | 58,046 | 55,885 |
Building and Building Improvements [Member] | ||
Property, Plant and Equipment | ||
Property, Plant and Equipment, Gross | 300,850 | 247,883 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment | ||
Property, Plant and Equipment, Gross | 382,233 | 347,344 |
Computer Software, Intangible Asset [Member] | ||
Property, Plant and Equipment | ||
Property, Plant and Equipment, Gross | $ 436,249 | $ 372,065 |
Goodwill and Other Intangible50
Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Goodwill [Roll Forward] | ||
Goodwill, Beginning | $ 476,378 | $ 446,284 |
Goodwill, Acquired During Period | 52,229 | 41,308 |
Goodwill, Translation Adjustments | 11,231 | (11,214) |
Goodwill, Ending | $ 539,838 | $ 476,378 |
Goodwill and Other Intangible51
Goodwill and Other Intangible Assets Details 1 (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Finite Life and Indefinite Life Intangible Assets | ||
Intangible Assets, Net (Excluding Goodwill) | $ 226,718 | $ 167,055 |
Intangible Assets Excluding Goodwill Gross | 312,408 | 241,185 |
Intangible Assets Accumulated Amortization | (85,690) | (74,130) |
Customer Relationships [Member] | ||
Finite Life and Indefinite Life Intangible Assets | ||
Finite-Lived Intangible Assets, Gross | 198,527 | 147,466 |
Finite-Lived Intangible Assets, Accumulated Amortization | (41,794) | (34,672) |
Intangible Assets, Net (Excluding Goodwill) | 156,733 | 112,794 |
Proven technology and patents | ||
Finite Life and Indefinite Life Intangible Assets | ||
Finite-Lived Intangible Assets, Gross | 70,311 | 58,394 |
Finite-Lived Intangible Assets, Accumulated Amortization | (38,890) | (35,128) |
Intangible Assets, Net (Excluding Goodwill) | 31,421 | 23,266 |
Tradename (Finite Life) | ||
Finite Life and Indefinite Life Intangible Assets | ||
Finite-Lived Intangible Assets, Gross | 4,518 | 4,182 |
Finite-Lived Intangible Assets, Accumulated Amortization | (2,807) | (2,514) |
Intangible Assets, Net (Excluding Goodwill) | 1,711 | 1,668 |
Tradename (Indefinite Life) | ||
Finite Life and Indefinite Life Intangible Assets | ||
Intangible Assets, Net (Excluding Goodwill) | 35,562 | 28,272 |
Indefinite-Lived Intangible Assets (Excluding Goodwill) | 35,562 | 28,272 |
Other Intangible Assets [Member] | ||
Finite Life and Indefinite Life Intangible Assets | ||
Finite-Lived Intangible Assets, Gross | 3,490 | 2,871 |
Finite-Lived Intangible Assets, Accumulated Amortization | (2,199) | (1,816) |
Intangible Assets, Net (Excluding Goodwill) | $ 1,291 | $ 1,055 |
Goodwill and Other Intangible52
Goodwill and Other Intangible Assets Textuals (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Amortization of Intangible Assets | $ 11.5 | $ 8.3 | $ 6.3 |
Future Amortization Expense, Year One | 13.9 | ||
Future Amortization Expense, Year Two | 13.4 | ||
Future Amortization Expense, Year Three | 13 | ||
Future Amortization Expense, Year Four | 12.4 | ||
Future Amortization Expense, Year Five | 11.9 | ||
Amortization Of Acquired Intangible Asset Net Of Tax | 10.9 | 7.4 | 5.7 |
Purchased Intangibles, Net of Tax | 7.1 | 5 | 3.9 |
Capitalized Computer Software, Amortization | $ 31 | $ 27.5 | $ 24.4 |
Minimum [Member] | |||
Finite-Lived Intangible Assets, Useful Life, Minimum | 3 years | ||
Maximum [Member] | |||
Finite-Lived Intangible Assets, Useful Life, Minimum | 45 years |
Debt (Details)
Debt (Details) € in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017USD ($) | Dec. 31, 2017EUR (€) | Dec. 31, 2016USD ($) | |
Debt Instrument | |||
Senior Notes | $ 498,298 | $ 479,865 | |
Debt issuance costs, net | (1,438) | (1,642) | |
Other Borrowings | 19,677 | 18,974 | |
Total debt | 979,847 | 894,030 | |
Less: current portion | (19,677) | (18,974) | |
Long-term debt | $ 960,170 | 875,056 | |
3.67% Senior Notes | |||
Debt Instrument | |||
Senior Notes, Stated Interest Rate | 3.67% | 3.67% | |
Maturity Date | Dec. 17, 2022 | ||
Senior Notes | $ 50,000 | 50,000 | |
4.10% Senior Notes [Member] | |||
Debt Instrument | |||
Senior Notes, Stated Interest Rate | 4.10% | 4.10% | |
Maturity Date | Sep. 19, 2023 | ||
Senior Notes | $ 50,000 | 50,000 | |
3.84% Senior Notes [Member] | |||
Debt Instrument | |||
Senior Notes, Stated Interest Rate | 3.84% | 3.84% | |
Maturity Date | Sep. 19, 2024 | ||
Senior Notes | $ 125,000 | 125,000 | |
4.24% Senior Notes [Member] | |||
Debt Instrument | |||
Senior Notes, Stated Interest Rate | 4.24% | 4.24% | |
Maturity Date | Jun. 25, 2025 | ||
Senior Notes | $ 125,000 | 125,000 | |
1.47% EURO Senior Notes [Member] | |||
Debt Instrument | |||
Senior Notes, Stated Interest Rate | 1.47% | 1.47% | |
Maturity Date | Jun. 17, 2030 | ||
Senior Notes | $ 149,736 | € 125,000 | 131,507 |
$800 Million 2015 Credit Agreement | |||
Debt Instrument | |||
Maturity Date | Dec. 17, 2020 | ||
Credit Agreement Borrowing Capacity | $ 800,000 | ||
$800 million Credit Agreement, interest at LIBOR plus 87.5 basis points | $ 461,872 | $ 395,191 |
Debt Textuals (Details)
Debt Textuals (Details) € in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017USD ($)Rate | Dec. 31, 2016USD ($)Rate | Dec. 31, 2015USD ($) | Dec. 31, 2017EUR (€)Rate | |
Debt Instrument | ||||
Combined Senior Notes | $ 250,000 | |||
Derivatives used in Net Investment Hedge, Increase (Decrease), Gross of Tax | 18,200 | $ 5,100 | ||
Senior Notes | $ 498,298 | 479,865 | ||
Consolidated Interest Coverage Ratio Covenant | 3.5 to 1.0 | |||
Consolidated Leverage Ratio Covenant | 3.5 to 1.0 | |||
Debt issuance costs | $ 7,205 | $ 209 | $ 1,366 | |
Debt, Weighted Average Interest Rate | Rate | 3.27% | 3.66% | 3.27% | |
3.67% Senior Notes | ||||
Debt Instrument | ||||
Senior Notes, Stated Interest Rate | 3.67% | 3.67% | ||
Senior Notes | $ 50,000 | $ 50,000 | ||
Maturity Date | Dec. 17, 2022 | |||
Debt Instrument, Covenant Compliance | The Company was in compliance with its covenants at December 31, 2017. | |||
Debt issuance costs | $ 400 | |||
Amortized Issuance Costs Period | 10 years | |||
4.10% Senior Notes [Member] | ||||
Debt Instrument | ||||
Senior Notes, Stated Interest Rate | 4.10% | 4.10% | ||
Senior Notes | $ 50,000 | 50,000 | ||
Maturity Date | Sep. 19, 2023 | |||
Debt Instrument, Covenant Compliance | The Company was in compliance with its covenants at December 31, 2017. | |||
Debt issuance costs | $ 400 | |||
Amortized Issuance Costs Period | 10 years | |||
3.84% Senior Notes [Member] | ||||
Debt Instrument | ||||
Senior Notes, Stated Interest Rate | 3.84% | 3.84% | ||
Senior Notes | $ 125,000 | 125,000 | ||
Maturity Date | Sep. 19, 2024 | |||
Debt Instrument, Covenant Compliance | The Company was in compliance with its covenants at December 31, 2017. | |||
Debt issuance costs | $ 900 | |||
Amortized Issuance Costs Period | 10 years | |||
4.24% Senior Notes [Member] | ||||
Debt Instrument | ||||
Senior Notes, Stated Interest Rate | 4.24% | 4.24% | ||
Senior Notes | $ 125,000 | 125,000 | ||
Maturity Date | Jun. 25, 2025 | |||
Debt Instrument, Covenant Compliance | The Company was in compliance with these covenants at December 31, 2017. | |||
1.47% EURO Senior Notes [Member] | ||||
Debt Instrument | ||||
Senior Notes, Stated Interest Rate | 1.47% | 1.47% | ||
Senior Notes | $ 149,736 | $ 131,507 | € 125,000 | |
Maturity Date | Jun. 17, 2030 | |||
Debt Instrument, Covenant Compliance | The Company was in compliance with its covenants at December 31, 2017. | |||
Debt issuance costs | $ 400 | |||
Amortized Issuance Costs Period | 15 years | |||
$800 Million 2015 Credit Agreement | ||||
Debt Instrument | ||||
Maturity Date | Dec. 17, 2020 | |||
Debt Instrument, Covenant Compliance | the Company was in compliance as of December 31, 2017. | |||
Debt issuance costs | $ 1,100 | |||
Amortized Issuance Costs Period | 2,020 | |||
Credit Agreement Borrowing Capacity | $ 800,000 | |||
$800 million Credit Agreement, Basis Spread on Variable Rate | 0.875% | |||
Line of Credit Facility, Remaining Borrowing Capacity | $ 332,600 | |||
$800 Million Credit 2013 Credit Agreement [Member] | ||||
Debt Instrument | ||||
Credit Agreement Borrowing Capacity | 800,000 | |||
Gains (Losses) on Extinguishment of Debt | $ (129) |
Shareholders' Equity Details 1
Shareholders' Equity Details 1 (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax | $ (265,406) | $ (354,998) | $ (266,649) |
Other Comprehensive (Income) Loss, Defined Benefit Plan, before Reclassification Adjustment, after Tax | 1,678 | (47,788) | |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | 1,424 | (513) | 13,221 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | 71,890 | (52,043) | |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax | 273 | 4,735 | 8,261 |
Reclassification from AOCI, Current Period, Net of Tax, Attributable to Parent | 14,600 | 11,995 | |
Other Comprehensive Income (Loss), Net of Tax | 89,592 | (88,349) | |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (31,340) | (115,322) | (57,394) |
Other Comprehensive (Income) Loss, Defined Benefit Plan, before Reclassification Adjustment, after Tax | 0 | 0 | |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | 0 | 0 | |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | 83,982 | (57,928) | |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, Net of Tax | 0 | 0 | |
Other Comprehensive Income (Loss), Net of Tax | 83,982 | (57,928) | |
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (1,081) | (2,232) | 3,016 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, before Reclassification Adjustment, after Tax | 0 | 0 | |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | 1,424 | (513) | |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | 0 | 0 | |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax | (273) | (4,735) | |
Other Comprehensive Income (Loss), Net of Tax | 1,151 | (5,248) | |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (232,985) | (237,444) | $ (212,271) |
Other Comprehensive (Income) Loss, Defined Benefit Plan, before Reclassification Adjustment, after Tax | 1,678 | (47,788) | |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | 0 | 0 | |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | (12,092) | 5,885 | |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, after Tax | 14,873 | 16,730 | |
Other Comprehensive Income (Loss), Net of Tax | $ 4,459 | $ (25,173) |
Shareholders' Equity Details 2
Shareholders' Equity Details 2 (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Stockholders' Equity Note [Abstract] | |||
Interest Rate Cash Flow Hedge Gain (Loss) Reclassified to Earnings, Net | $ (1,679) | $ 1,034 | |
Cross Currency Cash Flow Hedge Gain (Loss) Reclassified to Earnings, Net | 1,416 | 0 | |
Foreign Currency Cash Flow Hedge Gain (Loss) Reclassified to Earnings, Net | 0 | 6,756 | |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 263 | 5,722 | |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax | 536 | (987) | |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax | (273) | (4,735) | $ (8,261) |
Amortization of actuarial (gains) losses and plan amendments and prior service cost | 20,137 | 23,925 | |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax, Attributable to Parent | 5,264 | 7,195 | |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax | $ 14,873 | $ 16,730 |
Shareholders' Equity Textuals (
Shareholders' Equity Textuals (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||
Cross Currency Swap interest portion recognized in income | $ (200) | ||
Common Stock, Shares Authorized | 125,000,000 | 125,000,000 | |
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | |
Common Stock, Voting Rights | one | ||
Common Stock Reserved for Issuance to the Stock Option Plans | 3,436,176 | ||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 | |
Preferred Stock, Par Value | $ 0.01 | $ 0.01 | |
Share Repurchase Program and Treasury Stock [Abstract] | |||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 583,400 | ||
Shares Repurchased Under Share Repurchase Program | 26,700,000 | ||
Share Repurchase Program, Total Cost Program to Date | $ 3,900,000 | ||
Repurchases of Common Stock, Value | $ (399,997) | $ (499,992) | $ (494,966) |
Repurchases of Common Stock, Shares | (749,254) | (1,348,507) | |
Treasury Stock Acquired, Average Cost Per Share | $ 533.84 | $ 370.75 | |
Exercise of stock options and restricted stock units, shares | 270,413 | 278,623 | |
Cross Currency Swap Revaluation Portion Recognized in Earnings | $ (1,200) |
Equity Incentive Plan (Details)
Equity Incentive Plan (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Options, Outstanding, Number, Beginning | 1,215,481 | |
Options, Grants in Period, Net of Forfeitures | 46,877 | |
Options, Exercises in Period | (245,562) | |
Options, Forfeitures in Period | (8,320) | |
Options, Outstanding, Number, Ending | 1,008,476 | |
Options, Exercisable, Number | 755,407 | |
Aggregate Intrinsic Value [Abstract] | ||
Options, Outstanding, Intrinsic Value | $ 392.2 | $ 274.6 |
Options, Exercisable, Intrinsic Value | $ 331.5 | |
Weighted Average Exercise Price [Abstract] | ||
Options, Outstanding, Weighted Average Exercise Price, Beginning | $ 192.63 | |
Options, Grants in Period, Weighted Average Exercise Price | 671.60 | |
Options, Exercises in Period, Weighted Average Exercise Price | 116.67 | |
Options, Forfeitures in Period, Weighted Average Exercise Price | 241.83 | |
Options, Outstanding, Weighted Average Exercise Price, Ending | 232.99 | |
Options, Exercisable, Weighted Average Exercise Price | $ 180.66 |
Equity Incentive Plan Details 1
Equity Incentive Plan Details 1 (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award | ||
Options, Outstanding, Number | 1,008,476 | 1,215,481 |
Options, Outstanding, Weighted Average Exercise Price | $ 232.99 | $ 192.63 |
Options, Outstanding, Weighted Average Remaining Contractual Term | 5 years 4 months 24 days | |
Options, Exercisable, Number | 755,407 | |
$0.0-$110.0 Range of Exercise Price | ||
Share-based Compensation Arrangement by Share-based Payment Award | ||
Options, Outstanding, Number | 102,357 | |
Options, Outstanding, Weighted Average Exercise Price | $ 89.23 | |
Options, Outstanding, Weighted Average Remaining Contractual Term | 1 year 8 months 12 days | |
Options, Exercisable, Number | 102,357 | |
$110.0-$135.0 Range of Exercise Price | ||
Share-based Compensation Arrangement by Share-based Payment Award | ||
Options, Outstanding, Number | 124,585 | |
Options, Outstanding, Weighted Average Exercise Price | $ 133 | |
Options, Outstanding, Weighted Average Remaining Contractual Term | 2 years 9 months 18 days | |
Options, Exercisable, Number | 124,585 | |
$135.0-$170.0 Range of Exercise Price | ||
Share-based Compensation Arrangement by Share-based Payment Award | ||
Options, Outstanding, Number | 298,180 | |
Options, Outstanding, Weighted Average Exercise Price | $ 159.96 | |
Options, Outstanding, Weighted Average Remaining Contractual Term | 4 years 4 months 24 days | |
Options, Exercisable, Number | 298,180 | |
$170.0-$250.0 Range of Exercise Price | ||
Share-based Compensation Arrangement by Share-based Payment Award | ||
Options, Outstanding, Number | 125,523 | |
Options, Outstanding, Weighted Average Exercise Price | $ 244.99 | |
Options, Outstanding, Weighted Average Remaining Contractual Term | 5 years 10 months 24 days | |
Options, Exercisable, Number | 100,716 | |
$250.0 and Greater Range of Exercise Price | ||
Share-based Compensation Arrangement by Share-based Payment Award | ||
Options, Outstanding, Number | 357,831 | |
Options, Outstanding, Weighted Average Exercise Price | $ 365.57 | |
Options, Outstanding, Weighted Average Remaining Contractual Term | 8 years | |
Options, Exercisable, Number | 129,569 |
Equity Incentive Plan Details 2
Equity Incentive Plan Details 2 (Details) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Employee Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 2.00% | 1.26% | 1.65% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 5 years 9 months 18 days | 5 years 8 months 12 days | 5 years 8 months 12 days |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 28.00% | 29.00% | 28.00% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | 0.00% | 0.00% |
Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.73% | 0.98% | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 3 years | 3 years | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 28.00% | 29.00% | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | 0.00% |
Equity Incentive Plan Details 3
Equity Incentive Plan Details 3 (Details) - $ / shares $ / shares in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Restricted Stock Units, Nonvested, Intrinsic Value | $ 34.9 | $ 29.5 |
Performance Stock Units, Grants in Period | 3,518 | |
Performance Share Unit, Nonvested, Number of Shares | 8,050 | 4,532 |
Performance Share units, Nonvested, Intrinsic Value | $ 5 | $ 1.9 |
Share Based Compensation, Performance Shares Vested in the Period | 0 | |
Share Based Compensation, Performance Shares Forfeited in the period | 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||
Restricted Stock Units, Nonvested, Number, Beginning | 70,547 | |
Restricted Stock Units, Grants in Period | 13,202 | |
Restricted Stock Units, Vested in Period | (24,851) | |
Restricted Stock Units, Forfeited in Period | (2,509) | |
Restricted Stock Units, Nonvested, Number, Ending | 56,389 |
Equity Incentive Plan Textuals
Equity Incentive Plan Textuals (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years 6 months | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 671.60 | $ 397.95 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Intrinsic Value, Amount Per Share | $ 8,700,000 | 8,300,000 | |
Number of Shares Authorized for Stock Option Plan | 2,000,000 | ||
Options, Award Vesting Period | 5 years | ||
Restricted Stock Units, Vesting Period | 5 years | ||
Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 206.56 | $ 118.31 | $ 92.81 |
Options, Exercises in Period, Total Intrinsic Value | $ 105,600 | $ 69,500 | $ 90,700 |
Stock Options, Vested in Period, Total Fair Value | 8,300 | 7,400 | 8,600 |
Restricted Stock Units, Vested in Period, Total Fair Value | 6,800 | 6,300 | $ 6,000 |
Allocated Share-based Compensation Expense for Restricted Stock Units | $ 6,500 | $ 6,400 | |
Number of Shares Available for Grant | 2,230,063 | ||
Deferred Compensation Liability, Current and Noncurrent | $ 53,000 | ||
Estimated Weighted Average Amortization Period | 2 years 3 months 18 days | ||
Performance Share Units Vesting Period | 3 years | ||
Share Based Compensation Arrangements By Share Based Payment Award, Performance Options Grants in Period | 12,678 | ||
Performance Options Total Value of Grant | $ 1,500 | ||
Performance Share Unit Payout Percentage - Minimum | 0.00% | ||
Performance Share Units Payout Percentage - Maximum | 200.00% | ||
Performance Option Fair Value | $ 470,170 | ||
Performance Share Unit Total Grant Value | $ 2,100 |
Benefit Plans Benefit Plans (De
Benefit Plans Benefit Plans (Detail 1) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Benefit Obligation | $ 1,063,722 | $ 979,417 | $ 975,956 |
Defined Benefit Plans, Service Cost and Other | 30,165 | 30,368 | |
Defined Benefit Plan, Interest Cost | 12,955 | 15,168 | 20,641 |
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | 40,033 | 43,949 | |
Defined Benefit Plan, Benefit Obligation, Increase (Decrease) for Plan Amendment | (15,016) | 150 | |
Defined Benefit Plan, Benefit Obligation, Benefits Paid | 38,395 | 56,773 | |
Defined Benefit Plan, Benefit Obligation, Foreign Currency Translation Gain (Loss) | 54,563 | (29,401) | |
Defined Benefit Plan, Fair Value of Plan Assets | 919,782 | 820,272 | 844,715 |
Defined Benefit Plan, Plan Assets, Increase (Decrease) for Actual Return (Loss) | 63,924 | 22,803 | |
Defined Benefit Plan, Plan Assets, Contributions by Employer | 23,458 | 23,046 | |
Defined Benefit Plan, Plan Assets, Contributions by Plan Participant | 13,640 | 13,427 | |
Defined Benefit Plan, Plan Assets, Benefits Paid | 38,395 | 56,773 | |
Defined Benefit Plan, Plan Assets, Foreign Currency Translation Gain (Loss) | 36,883 | (26,946) | |
Defined Benefit Plan, Funded (Unfunded) Status of Plan | (143,940) | (159,145) | |
Pension Plan [Member] | Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Benefit Obligation | 918,478 | 838,277 | 818,269 |
Defined Benefit Plans, Service Cost and Other | 29,600 | 29,936 | |
Defined Benefit Plan, Interest Cost | 8,511 | 10,664 | 14,071 |
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | 33,036 | 42,786 | |
Defined Benefit Plan, Benefit Obligation, Increase (Decrease) for Plan Amendment | (15,153) | 0 | |
Defined Benefit Plan, Benefit Obligation, Benefits Paid | 30,356 | 33,977 | |
Defined Benefit Plan, Benefit Obligation, Foreign Currency Translation Gain (Loss) | 54,563 | (29,401) | |
Defined Benefit Plan, Fair Value of Plan Assets | 808,215 | 716,169 | 725,597 |
Defined Benefit Plan, Plan Assets, Increase (Decrease) for Actual Return (Loss) | 49,055 | 15,927 | |
Defined Benefit Plan, Plan Assets, Contributions by Employer | 22,961 | 22,291 | |
Defined Benefit Plan, Plan Assets, Contributions by Plan Participant | 13,503 | 13,277 | |
Defined Benefit Plan, Plan Assets, Benefits Paid | 30,356 | 33,977 | |
Defined Benefit Plan, Plan Assets, Foreign Currency Translation Gain (Loss) | 36,883 | (26,946) | |
Defined Benefit Plan, Funded (Unfunded) Status of Plan | (110,263) | (122,108) | |
Pension Plan [Member] | Domestic Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Benefit Obligation | 142,571 | 138,155 | 154,415 |
Defined Benefit Plans, Service Cost and Other | 565 | 432 | |
Defined Benefit Plan, Interest Cost | 4,374 | 4,428 | 6,431 |
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | 6,979 | 845 | |
Defined Benefit Plan, Benefit Obligation, Increase (Decrease) for Plan Amendment | 0 | 0 | |
Defined Benefit Plan, Benefit Obligation, Benefits Paid | 7,502 | 21,965 | |
Defined Benefit Plan, Benefit Obligation, Foreign Currency Translation Gain (Loss) | 0 | 0 | |
Defined Benefit Plan, Fair Value of Plan Assets | 111,567 | 104,103 | 119,118 |
Defined Benefit Plan, Plan Assets, Increase (Decrease) for Actual Return (Loss) | 14,869 | 6,876 | |
Defined Benefit Plan, Plan Assets, Contributions by Employer | 97 | 74 | |
Defined Benefit Plan, Plan Assets, Contributions by Plan Participant | 0 | 0 | |
Defined Benefit Plan, Plan Assets, Benefits Paid | 7,502 | 21,965 | |
Defined Benefit Plan, Plan Assets, Foreign Currency Translation Gain (Loss) | 0 | 0 | |
Defined Benefit Plan, Funded (Unfunded) Status of Plan | (31,004) | (34,052) | |
Other Postretirement Benefits Plan [Member] | Domestic Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Benefit Obligation | 2,673 | 2,985 | 3,272 |
Defined Benefit Plans, Service Cost and Other | 0 | 0 | |
Defined Benefit Plan, Interest Cost | 70 | 76 | 139 |
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | 18 | 318 | |
Defined Benefit Plan, Benefit Obligation, Increase (Decrease) for Plan Amendment | 137 | 150 | |
Defined Benefit Plan, Benefit Obligation, Benefits Paid | 537 | 831 | |
Defined Benefit Plan, Benefit Obligation, Foreign Currency Translation Gain (Loss) | 0 | 0 | |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | $ 0 |
Defined Benefit Plan, Plan Assets, Increase (Decrease) for Actual Return (Loss) | 0 | 0 | |
Defined Benefit Plan, Plan Assets, Contributions by Employer | 400 | 681 | |
Defined Benefit Plan, Plan Assets, Contributions by Plan Participant | 137 | 150 | |
Defined Benefit Plan, Plan Assets, Benefits Paid | 537 | 831 | |
Defined Benefit Plan, Plan Assets, Foreign Currency Translation Gain (Loss) | 0 | 0 | |
Defined Benefit Plan, Funded (Unfunded) Status of Plan | $ (2,673) | $ (2,985) |
Benefit Plans Benefit Plans (64
Benefit Plans Benefit Plans (Detail 2) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Assets for Plan Benefits, Defined Benefit Plan | $ 40,493 | $ 10,530 |
Liability, Defined Benefit Plan, Current | 5,489 | 4,852 |
Liability, Defined Benefit Plan, Noncurrent | 178,944 | 164,823 |
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax | 314,324 | 320,326 |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), after Reclassification Adjustment, before Tax | 170,384 | 161,181 |
Pension Plan [Member] | Foreign Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Assets for Plan Benefits, Defined Benefit Plan | 40,493 | 10,530 |
Liability, Defined Benefit Plan, Current | 4,990 | 4,293 |
Liability, Defined Benefit Plan, Noncurrent | 145,766 | 128,345 |
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax | 254,870 | 255,855 |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), after Reclassification Adjustment, before Tax | 144,607 | 133,747 |
Pension Plan [Member] | Domestic Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Assets for Plan Benefits, Defined Benefit Plan | 0 | 0 |
Liability, Defined Benefit Plan, Current | 88 | 92 |
Liability, Defined Benefit Plan, Noncurrent | 30,916 | 33,960 |
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax | 61,819 | 69,528 |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), after Reclassification Adjustment, before Tax | 30,815 | 35,476 |
Other Postretirement Benefits Plan [Member] | Domestic Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Assets for Plan Benefits, Defined Benefit Plan | 0 | 0 |
Liability, Defined Benefit Plan, Current | 411 | 467 |
Liability, Defined Benefit Plan, Noncurrent | 2,262 | 2,518 |
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax | (2,365) | (5,057) |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), after Reclassification Adjustment, before Tax | $ (5,038) | $ (8,042) |
Benefit Plans Benefit Plans (65
Benefit Plans Benefit Plans (Detail 3) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, Prior Service Cost (Credit), before Tax | $ (31,070) | |
Accumulated Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), after Tax | (24,289) | |
Defined Benefit Plan, Accumulated Other Comprehensive Income (Loss), Gain (Loss), before Tax | 345,394 | |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Gains (Losses), after tax | 257,274 | |
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax | 314,324 | $ 320,326 |
Accumulated Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax | 232,985 | |
Pension Plan [Member] | Domestic Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, Prior Service Cost (Credit), before Tax | 0 | |
Defined Benefit Plan, Accumulated Other Comprehensive Income (Loss), Gain (Loss), before Tax | 61,819 | |
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax | 61,819 | 69,528 |
Pension Plan [Member] | Foreign Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, Prior Service Cost (Credit), before Tax | (30,698) | |
Defined Benefit Plan, Accumulated Other Comprehensive Income (Loss), Gain (Loss), before Tax | 285,568 | |
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax | 254,870 | 255,855 |
Other Postretirement Benefits Plan [Member] | Domestic Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, Prior Service Cost (Credit), before Tax | (372) | |
Defined Benefit Plan, Accumulated Other Comprehensive Income (Loss), Gain (Loss), before Tax | (1,993) | |
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax | $ (2,365) | $ (5,057) |
Benefit Plans Benefit Plans (66
Benefit Plans Benefit Plans (Detail 4) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, before Tax | $ 13,195 | ||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, after Tax | (10,378) | $ (47,788) | $ (30,759) |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), before Tax | (15,153) | ||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), after Tax | (12,056) | ||
Defined Benefit Plans, Amortization of Gains, Losses and Other Expenses | (27,805) | ||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, after Tax | (20,821) | ||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Reclassification Adjustment from AOCI, before Tax | 7,676 | ||
Other Comprehensive Income (Loss), Amortization, Pension and Other Postretirement Benefit Plans, Net Prior Service Cost Recognized in Net Periodic Benefit Cost, after tax | 5,948 | ||
Defined Benefit Plans, Impact of FX on Current Year Change in OCI | 16,085 | ||
Defined Benefit Plans, Impact of FX on Current Year Change in OCI, net of tax | (12,092) | $ 5,885 | $ 5,835 |
Defined Benefit Plan, Changes in OCI Arising During the Period | (6,002) | ||
Defined Benefit Plan, Changes in OCI Arising During the Period, net of tax | (4,459) | ||
Pension Plan [Member] | Domestic Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, before Tax | (1,153) | ||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), before Tax | 0 | ||
Defined Benefit Plans, Amortization of Gains, Losses and Other Expenses | (6,556) | ||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Reclassification Adjustment from AOCI, before Tax | 0 | ||
Defined Benefit Plans, Impact of FX on Current Year Change in OCI | 0 | ||
Defined Benefit Plan, Changes in OCI Arising During the Period | (7,709) | ||
Pension Plan [Member] | Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, before Tax | 14,330 | ||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), before Tax | (15,153) | ||
Defined Benefit Plans, Amortization of Gains, Losses and Other Expenses | (23,144) | ||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Reclassification Adjustment from AOCI, before Tax | 6,897 | ||
Defined Benefit Plans, Impact of FX on Current Year Change in OCI | 16,085 | ||
Defined Benefit Plan, Changes in OCI Arising During the Period | (985) | ||
Other Postretirement Benefits Plan [Member] | Domestic Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, before Tax | 18 | ||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), before Tax | 0 | ||
Defined Benefit Plans, Amortization of Gains, Losses and Other Expenses | 1,895 | ||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Reclassification Adjustment from AOCI, before Tax | 779 | ||
Defined Benefit Plans, Impact of FX on Current Year Change in OCI | 0 | ||
Defined Benefit Plan, Changes in OCI Arising During the Period | $ 2,692 |
Benefit Plans Benefit Plans (67
Benefit Plans Benefit Plans (Detail 5) (Details) - Pension Plan [Member] | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Domestic Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 3.49% | 3.97% |
Defined Benefit Plan, Assumptions Used Calculating the projected benefit obligation, Expected Long-term Return on Assets | 6.50% | 6.75% |
Foreign Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 0.97% | 0.98% |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | 0.87% | 0.85% |
Defined Benefit Plan, Assumptions Used Calculating the projected benefit obligation, Expected Long-term Return on Assets | 3.86% | 4.09% |
Benefit Plans Benefit Plans (68
Benefit Plans Benefit Plans (Detail 6) (Details) - Pension Plan [Member] | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Domestic Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 3.97% | 4.27% | 4.00% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets | 6.75% | 7.25% | 7.50% |
Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 0.98% | 1.31% | 1.65% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Rate of Compensation Increase | 0.85% | 1.03% | 1.61% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets | 4.09% | 4.58% | 4.82% |
Benefit Plans Benefit Plans (69
Benefit Plans Benefit Plans (Detail 7) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Service Cost | $ 16,906 | $ 17,236 | $ 19,501 |
Defined Benefit Plan, Interest Cost | 12,955 | 15,168 | 20,641 |
Defined Benefit Plan, Expected Return (Loss) on Plan Assets | 37,086 | 40,949 | 46,407 |
Amortization of Actuarial (Gains) Losses and Plan Amendments | 20,129 | 15,962 | 13,018 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement and Curtailment | 0 | 7,963 | 0 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | 12,904 | 15,380 | 6,753 |
Pension Plan [Member] | Domestic Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Service Cost | 565 | 432 | 837 |
Defined Benefit Plan, Interest Cost | 4,374 | 4,428 | 6,431 |
Defined Benefit Plan, Expected Return (Loss) on Plan Assets | 6,737 | 7,781 | 9,575 |
Amortization of Actuarial (Gains) Losses and Plan Amendments | 6,556 | 7,606 | 7,626 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement and Curtailment | 0 | 7,963 | 0 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | 4,758 | 12,648 | 5,319 |
Pension Plan [Member] | Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Service Cost | 16,341 | 16,804 | 18,664 |
Defined Benefit Plan, Interest Cost | 8,511 | 10,664 | 14,071 |
Defined Benefit Plan, Expected Return (Loss) on Plan Assets | 30,349 | 33,168 | 36,832 |
Amortization of Actuarial (Gains) Losses and Plan Amendments | 16,247 | 12,923 | 10,639 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement and Curtailment | 0 | 0 | 0 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | 10,750 | 7,223 | 6,542 |
Other Postretirement Benefits Plan [Member] | Domestic Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Service Cost | 0 | 0 | 0 |
Defined Benefit Plan, Interest Cost | 70 | 76 | 139 |
Amortization of Actuarial (Gains) Losses and Plan Amendments | (2,674) | (4,567) | (5,247) |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement and Curtailment | 0 | 0 | 0 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | $ (2,604) | $ (4,491) | $ (5,108) |
Benefit Plans Benefit Plans (70
Benefit Plans Benefit Plans (Detail 8) (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Amortization of Net Prior Service Cost (Credit) | $ (7,338) |
Amortization of Net Gains (Losses) | 26,174 |
Amounts that Will be Amortized from Accumulated Other Comprehensive Income (Loss) in Next Fiscal Year | 18,836 |
Domestic Plan [Member] | Pension Plan [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Amortization of Net Prior Service Cost (Credit) | 0 |
Amortization of Net Gains (Losses) | 5,804 |
Amounts that Will be Amortized from Accumulated Other Comprehensive Income (Loss) in Next Fiscal Year | 5,804 |
Domestic Plan [Member] | Other Postretirement Benefits Plan [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Amortization of Net Prior Service Cost (Credit) | (372) |
Amortization of Net Gains (Losses) | (1,250) |
Amounts that Will be Amortized from Accumulated Other Comprehensive Income (Loss) in Next Fiscal Year | (1,622) |
Foreign Plan [Member] | Pension Plan [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Amortization of Net Prior Service Cost (Credit) | (6,966) |
Amortization of Net Gains (Losses) | 21,620 |
Amounts that Will be Amortized from Accumulated Other Comprehensive Income (Loss) in Next Fiscal Year | $ 14,654 |
Benefit Plans Benefit Plans (71
Benefit Plans Benefit Plans (Detail 9) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | $ 919,782 | $ 820,272 | $ 844,715 |
Defined Benefit Plan, Fair Value of Plan Assets excluding assets recorded at Net Asset Value | 888,273 | 738,167 | |
Defined Benefit Plan Fair Value of Plan Assets, including Assets recorded at Net Asset Value | 919,782 | 820,272 | |
Cash and Cash Equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 154,751 | 131,468 | |
Company Stock | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 3,154 | 2,846 | |
U.S. Equity Mutual Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 33,995 | 30,117 | |
International Equity Mutual Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 142,177 | 107,164 | |
Emerging Markets Equity Mutual Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 101,442 | 79,792 | |
Defined Benefit Plan Net Asset Value Assets | 5,950 | 4,407 | |
Fixed Income Securities, Corporate and Government Bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 72,334 | 69,578 | |
Fixed Income Mutual Funds, Insurance Contracts | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 24,935 | 21,255 | |
Fixed Income Mutual Funds, Core Bond | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 193,656 | 174,839 | |
Real Estate | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 88,054 | 69,284 | |
Real Asset Mutual Funds, Commodities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 37,302 | 28,558 | |
Other Types of Investments, Global Allocation Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 24,326 | 23,266 | |
Other Types of Investments Insurance linked securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 12,147 | 0 | |
Hedge Funds, Multi-strategy [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan Net Asset Value Assets | 25,559 | 77,698 | |
Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets excluding assets recorded at Net Asset Value | 694,037 | 569,624 | |
Level 1 | Cash and Cash Equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 154,751 | 131,468 | |
Level 1 | Company Stock | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 3,154 | 2,846 | |
Level 1 | U.S. Equity Mutual Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 6,011 | 5,860 | |
Level 1 | International Equity Mutual Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 80,836 | 54,760 | |
Level 1 | Emerging Markets Equity Mutual Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 100,346 | 78,999 | |
Level 1 | Fixed Income Securities, Corporate and Government Bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 72,334 | 69,578 | |
Level 1 | Fixed Income Mutual Funds, Insurance Contracts | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Level 1 | Fixed Income Mutual Funds, Core Bond | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 136,157 | 121,884 | |
Level 1 | Real Estate | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 79,218 | 69,284 | |
Level 1 | Real Asset Mutual Funds, Commodities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 37,302 | 22,964 | |
Level 1 | Other Types of Investments, Global Allocation Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 11,781 | 11,981 | |
Level 1 | Other Types of Investments Insurance linked securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 12,147 | 0 | |
Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets excluding assets recorded at Net Asset Value | 192,722 | 161,649 | |
Level 2 | Cash and Cash Equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Level 2 | Company Stock | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Level 2 | U.S. Equity Mutual Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 27,984 | 24,257 | |
Level 2 | International Equity Mutual Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 61,341 | 52,404 | |
Level 2 | Emerging Markets Equity Mutual Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 1,096 | 793 | |
Level 2 | Fixed Income Securities, Corporate and Government Bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Level 2 | Fixed Income Mutual Funds, Insurance Contracts | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 23,421 | 19,955 | |
Level 2 | Fixed Income Mutual Funds, Core Bond | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 57,499 | 52,955 | |
Level 2 | Real Estate | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 8,836 | 0 | |
Level 2 | Real Asset Mutual Funds, Commodities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Level 2 | Other Types of Investments, Global Allocation Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 12,545 | 11,285 | |
Level 2 | Other Types of Investments Insurance linked securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 1,514 | 6,894 | 34,872 |
Defined Benefit Plan, Fair Value of Plan Assets excluding assets recorded at Net Asset Value | 1,514 | 6,894 | |
Fair Value, Inputs, Level 3 [Member] | Cash and Cash Equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Company Stock | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | U.S. Equity Mutual Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | International Equity Mutual Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Emerging Markets Equity Mutual Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Fixed Income Securities, Corporate and Government Bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Fixed Income Mutual Funds, Insurance Contracts | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 1,514 | 1,300 | 1,367 |
Fair Value, Inputs, Level 3 [Member] | Fixed Income Mutual Funds, Core Bond | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Real Estate | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Real Asset Mutual Funds, Commodities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 5,594 | $ 33,505 |
Fair Value, Inputs, Level 3 [Member] | Other Types of Investments, Global Allocation Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Other Types of Investments Insurance linked securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | $ 0 | $ 0 |
Benefit Plans Benefit Plans (72
Benefit Plans Benefit Plans (Detail 10) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Actual return on plan assets: | |||
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Actual Return (Loss) on Plan Assets Sold | $ (2,857) | ||
Defined Benefit Plan, Plan Assets, Foreign Currency Translation Gain (Loss) | $ 36,883 | (26,946) | |
Defined Benefit Plan, Fair Value of Plan Assets | 919,782 | 820,272 | $ 844,715 |
Fair Value, Inputs, Level 3 [Member] | |||
Actual return on plan assets: | |||
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Actual Return (Loss) on Plan Assets Still Held | 21 | 25 | |
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Actual Return (Loss) on Plan Assets Sold | 0 | ||
Defined Benefit Plan Sales, Total | 5,809 | ||
Defined Benefit Plan, Purchases, Total | 108 | (21,316) | |
Defined Benefit Plan, Plan Assets, Foreign Currency Translation Gain (Loss) | 300 | (3,830) | |
Defined Benefit Plan, Fair Value of Plan Assets | 1,514 | 6,894 | 34,872 |
Real Asset Mutual Funds, Commodities | |||
Actual return on plan assets: | |||
Defined Benefit Plan, Fair Value of Plan Assets | 37,302 | 28,558 | |
Real Asset Mutual Funds, Commodities | Fair Value, Inputs, Level 3 [Member] | |||
Actual return on plan assets: | |||
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Actual Return (Loss) on Plan Assets Still Held | 0 | 0 | |
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Actual Return (Loss) on Plan Assets Sold | 0 | (2,857) | |
Defined Benefit Plan Sales, Total | 5,711 | ||
Defined Benefit Plan, Purchases, Total | 0 | (21,278) | |
Defined Benefit Plan, Plan Assets, Foreign Currency Translation Gain (Loss) | 117 | (3,776) | |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 5,594 | 33,505 |
Fixed Income Mutual Funds, Insurance Contracts | |||
Actual return on plan assets: | |||
Defined Benefit Plan, Fair Value of Plan Assets | 24,935 | 21,255 | |
Fixed Income Mutual Funds, Insurance Contracts | Fair Value, Inputs, Level 3 [Member] | |||
Actual return on plan assets: | |||
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Actual Return (Loss) on Plan Assets Still Held | 21 | 25 | |
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Actual Return (Loss) on Plan Assets Sold | 0 | 0 | |
Defined Benefit Plan Sales, Total | 98 | ||
Defined Benefit Plan, Purchases, Total | 108 | (38) | |
Defined Benefit Plan, Plan Assets, Foreign Currency Translation Gain (Loss) | 183 | (54) | |
Defined Benefit Plan, Fair Value of Plan Assets | $ 1,514 | $ 1,300 | $ 1,367 |
Benefit Plans Benefit Plans (73
Benefit Plans Benefit Plans (Detail 11) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Expected Future Benefit Payment, Next Twelve Months | $ 53,501 | ||
Defined Benefit Plan, Expected Future Benefit Payment, Year Two | 51,665 | ||
Defined Benefit Plan, Expected Future Benefit Payment, Year Three | 53,961 | ||
Defined Benefit Plan, Expected Future Benefit Payment, Year Four | 51,263 | ||
Defined Benefit Plan, Expected Future Benefit Payment, Year Five | 52,858 | ||
Defined Benefit Plan, Expected Future Benefit Payment, Five Fiscal Years Thereafter | $ 263,635 | ||
Pension Plan [Member] | Domestic Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 3.49% | 3.97% | |
Defined Benefit Plan, Expected Future Benefit Payment, Next Twelve Months | $ 7,972 | ||
Defined Benefit Plan, Expected Future Benefit Payment, Year Two | 8,140 | ||
Defined Benefit Plan, Expected Future Benefit Payment, Year Three | 8,344 | ||
Defined Benefit Plan, Expected Future Benefit Payment, Year Four | 8,453 | ||
Defined Benefit Plan, Expected Future Benefit Payment, Year Five | 8,641 | ||
Defined Benefit Plan, Expected Future Benefit Payment, Five Fiscal Years Thereafter | $ 43,855 | ||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 3.97% | 4.27% | 4.00% |
Pension Plan [Member] | Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 0.97% | 0.98% | |
Defined Benefit Plan, Expected Future Benefit Payment, Next Twelve Months | $ 45,118 | ||
Defined Benefit Plan, Expected Future Benefit Payment, Year Two | 43,125 | ||
Defined Benefit Plan, Expected Future Benefit Payment, Year Three | 45,352 | ||
Defined Benefit Plan, Expected Future Benefit Payment, Year Four | 42,561 | ||
Defined Benefit Plan, Expected Future Benefit Payment, Year Five | 43,990 | ||
Defined Benefit Plan, Expected Future Benefit Payment, Five Fiscal Years Thereafter | $ 219,011 | ||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 0.98% | 1.31% | 1.65% |
Other Postretirement Benefits Plan [Member] | Domestic Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 2.55% | 3.41% | |
Defined Benefit Plan, Expected Future Benefit Payment, Next Twelve Months | $ 411 | ||
Defined Benefit Plan, Expected Future Benefit Payment, Year Two | 400 | ||
Defined Benefit Plan, Expected Future Benefit Payment, Year Three | 265 | ||
Defined Benefit Plan, Expected Future Benefit Payment, Year Four | 249 | ||
Defined Benefit Plan, Expected Future Benefit Payment, Year Five | 227 | ||
Defined Benefit Plan, Expected Future Benefit Payment, Five Fiscal Years Thereafter | $ 769 | ||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 3.41% | 3.54% | 4.00% |
Healthcare Cost Trend Rate Maximum | 7.00% | 8.00% | |
Healthcare Cost Trend Rate Minimum Percentage | 7.50% | ||
Defined Benefit Plan, Ultimate Health Care Cost Trend Rate | 5.00% |
Benefit Plans Textuals (Details
Benefit Plans Textuals (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Benefit Obligation, (Increase) Decrease for Settlement | $ 14,600 | ||
Defined Contribution Plan, Cost | 17,200 | $ 15,400 | $ 16,000 |
Defined Benefit Plan, Pension Plan with Accumulated Benefit Obligation in Excess of Plan Assets, Projected Benefit Obligation | 202,300 | ||
Defined Benefit Plan, Pension Plan with Accumulated Benefit Obligation in Excess of Plan Assets, Accumulated Benefit Obligation | 192,000 | ||
Defined Benefit Plan, Pension Plan with Accumulated Benefit Obligation in Excess of Plan Assets, Fair Value of Plan Assets | 50,000 | ||
Other Comprehensive Income (Loss), Defined Benefit Plan, Settlement and Curtailment Gain (Loss), before Tax | 0 | (8,189) | 0 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement and Curtailment | 0 | (7,963) | 0 |
Defined Benefit Plan, Settlement Loss after tax | $ 4,900 | ||
Foreign Plan [Member] | Debt Securities [Member] | Minimum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Target Allocation Percentage | 0.35 | ||
Foreign Plan [Member] | Debt Securities [Member] | Maximum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Target Allocation Percentage | 0.55 | ||
Foreign Plan [Member] | Other Types of Investments [Member] | Minimum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Target Allocation Percentage | 0.15 | ||
Foreign Plan [Member] | Other Types of Investments [Member] | Maximum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Target Allocation Percentage | 0.25 | ||
Foreign Plan [Member] | Equity Securities [Member] | Minimum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Target Allocation Percentage | 0.24 | ||
Foreign Plan [Member] | Equity Securities [Member] | Maximum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Target Allocation Percentage | 0.45 | ||
Domestic Plan [Member] | Debt Securities [Member] | Minimum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Target Allocation Percentage | 0.18 | ||
Domestic Plan [Member] | Debt Securities [Member] | Maximum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Target Allocation Percentage | 0.28 | ||
Domestic Plan [Member] | Other Types of Investments [Member] | Minimum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Target Allocation Percentage | 0.2 | ||
Domestic Plan [Member] | Other Types of Investments [Member] | Maximum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Target Allocation Percentage | 0.4 | ||
Domestic Plan [Member] | Equity Securities [Member] | Minimum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Target Allocation Percentage | 0.35 | ||
Domestic Plan [Member] | Equity Securities [Member] | Maximum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Target Allocation Percentage | 0.55 | ||
Pension Plan [Member] | Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Accumulated Benefit Obligation | $ 785,700 | 818,900 | |
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | 25,900 | ||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement and Curtailment | 0 | 0 | 0 |
Pension Plan [Member] | Domestic Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Accumulated Benefit Obligation | 142,600 | 138,200 | |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement and Curtailment | 0 | (7,963) | 0 |
Other Postretirement Benefits Plan [Member] | Domestic Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | 400 | ||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement and Curtailment | $ 0 | $ 0 | $ 0 |
Taxes (Details 1)
Taxes (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
Earnings Before Taxes, Domestic | $ 45,105 | $ 37,363 | $ 20,992 |
Earnings Before Taxes, Foreign | 529,117 | 466,830 | 442,432 |
Earnings Before Taxes | $ 574,222 | $ 504,193 | $ 463,424 |
Taxes (Details 2)
Taxes (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Current Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
Current Federal Tax Expense (Benefit) | $ 55,660 | $ 20,116 | $ 11,071 |
Current State and Local Tax Expense (Benefit) | 361 | 2,947 | 2,164 |
Current Foreign Tax Expense (Benefit) | 144,974 | 94,882 | 90,232 |
Current Income Tax Expense (Benefit) | 200,995 | 117,945 | 103,467 |
Deferred Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
Deferred Federal Income Tax Expense (Benefit) | 10,173 | (4,817) | 3,029 |
Deferred State and Local Income Tax Expense (Benefit) | 3,471 | 1,149 | 617 |
Deferred Foreign Income Tax Expense (Benefit) | (16,389) | 5,546 | 3,491 |
Deferred Income Tax Expense (Benefit) | (2,745) | 1,878 | 7,137 |
Federal Income Tax Expense (Benefit), Continuing Operations | 65,833 | 15,299 | 14,100 |
State and Local Income Tax Expense (Benefit), Continuing Operations | 3,832 | 4,096 | 2,781 |
Foreign Income Tax Expense (Benefit), Continuing Operations | 128,585 | 100,428 | 93,723 |
Provision for taxes | $ 198,250 | $ 119,823 | $ 110,604 |
Taxes (Details 3)
Taxes (Details 3) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
Effective Tax Rate Reconciliation, Excess Tax Benefits | $ (35,171) | $ 0 | $ 0 |
Income Tax Expense (Benefit), at Federal Statutory Income Tax Rate | 200,978 | 176,467 | 162,198 |
State and Local Income Taxes | 376 | 3,064 | 2,551 |
Change in Deferred Tax Assets Valuation Allowance | 0 | 0 | (1,098) |
Provisional one-time charge on US tax reform | (71,982) | 0 | 0 |
Foreign Income Tax Rate Differential | (43,691) | (65,917) | (54,798) |
Other Adjustments | 3,776 | 6,209 | 1,751 |
Provision for taxes | $ 198,250 | $ 119,823 | $ 110,604 |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | 35.00% | 35.00% |
Taxes (Details 4)
Taxes (Details 4) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Income Tax Disclosure [Abstract] | ||
Inventory | $ 13,779 | $ 17,612 |
Accrued and other liabilities | 62,175 | 93,379 |
Accrued post-retirement benefit and pension costs | 55,545 | 72,004 |
Net operating loss and tax credit carryforwards | 32,247 | 15,844 |
Other | 12,099 | 10,326 |
Deferred Tax Assets, Gross | 175,845 | 209,165 |
Valuation Allowance | (12,857) | (10,730) |
Deferred Tax Assets, Net | 162,988 | 198,435 |
Inventory | 4,730 | 3,741 |
Property, Plant and Equipment | 50,440 | 56,718 |
Rainin Intangible Amortization | 66,755 | 77,295 |
Deferred Tax Liabilities, Tax Deferred Expense, Compensation and Benefits, Pension | 27,747 | 36,741 |
International earnings | 23,121 | 19,575 |
Deferred Tax Liabilities, Unrealized Currency Transaction Gains | 0 | 34,720 |
Deferred Tax Liabilities, Gross, Noncurrent | 172,793 | 228,790 |
Deferred Tax Liabilities | $ (9,805) | $ (30,355) |
Taxes (Details 5)
Taxes (Details 5) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | ||
Beginning Unrecognized Tax Benefits | $ 20,240 | $ 15,259 |
Increases related to current tax positions | 2,484 | 7,824 |
Unrecognized Tax Benefits, Increase Resulting from Prior Period Tax Positions | (1,434) | (885) |
Decrease relating to taxing authority settlements | (856) | (794) |
Decreases resulting from a lapse of the applicable statue of limitations | (186) | (896) |
Unrecognized Tax Benefits, Foreign Currency Translation (decreases) increases to prior year tax positions | 974 | 268 |
Ending Unrecognized Tax Benefits | $ 24,090 | $ 20,240 |
Taxes (Textuals) (Details)
Taxes (Textuals) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
Deferred tax asset related to U.S. tax credit carryforwards | $ 69,000 | ||
Provisional one-time charge on US tax reform | 71,982 | $ 0 | $ 0 |
Cash Tax Portion of the One Time Provisional Transition Tax Charge | 59,000 | ||
Unrepatriated foreign earnings due to the estimated Transition Tax | 52,000 | ||
Foreign withholdings taxes related to transition tax | 7,000 | ||
One-time non-cash charge related to tax changes in the current year | $ 13,000 | ||
Tax Cuts and Jobs Act Pay Period | 8 years | ||
Long Term Portion of Taxes Payable related to the Tax Cuts and Jobs Act | $ 48,000 | ||
Deferred Tax Portion of the taxes payable related to Tax Cuts and Jobs Act | 7,000 | ||
Short Term Portion of Taxes Payable related to the Tax Cuts and Jobs Act | $ 4,000 | ||
Effective Income Tax Rate Reconciliation, Percent | 22.00% | 24.00% | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate | 35.00% | 35.00% | 35.00% |
US Federal Corporate Income Tax Rate | 21.00% | ||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $ 24,100 | $ 16,600 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 2,800 | $ 2,200 | |
Impact to Valuation Allowance due to Tax Cuts and Jobs Act | $ 11,000 |
Restructuring Charges (Details)
Restructuring Charges (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Restructuring Cost and Reserve | |||
Restructuring Reserve, Beginning | $ 9,531 | $ 12,211 | |
Restructuring Charges | 12,772 | 6,235 | $ 11,148 |
Payments for Restructuring | (12,663) | (8,376) | |
Restructuring Reserve, Translation Adjustment | 980 | (539) | |
Restructuring Reserve, Ending | $ 10,620 | $ 9,531 | $ 12,211 |
Restructuring Charges Textuals
Restructuring Charges Textuals (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Restructuring Charges [Abstract] | |||
Restructuring Charges | $ 12,772 | $ 6,235 | $ 11,148 |
Other Charges (Income), Net (De
Other Charges (Income), Net (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Other Income and Expenses [Abstract] | |||
Other Nonoperating Income (Expense) | $ 5,866 | $ (8,491) | $ 867 |
Other Comprehensive Income (Loss), Defined Benefit Plan, Settlement and Curtailment Gain (Loss), before Tax | $ 0 | (8,189) | $ 0 |
Business Acquisition, Transaction Costs | $ 1,100 |
Commitments and Contingencies D
Commitments and Contingencies Detail 1 (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Future Minimum Lease Payments Schedule [Abstract] | |
Future Minimum Payments Due, Current | $ 33,939 |
Future Minimum Payments, Due in Two Years | 25,292 |
Future Minimum Payments, Due in Three Years | 17,132 |
Future Minimum Payments, Due in Four Years | 11,729 |
Future Minimum Payments, Due in Five Years | 9,745 |
Future Minimum Payments, Due Thereafter | 11,289 |
Future Minimum Payments Due | $ 109,126 |
Commitments and Contingencies T
Commitments and Contingencies Textuals (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Leases, Operating [Abstract] | |||
Operating Leases, Rent Expense | $ 36.9 | $ 34.9 | $ 33.2 |
Segment Reporting (Details)
Segment Reporting (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Net Sales to External Customers | $ 2,725,053 | $ 2,508,257 | $ 2,395,447 | ||||||||
Revenue Transactions With Other Operating Segments | 0 | 0 | 0 | ||||||||
Net Sales | $ 778,031 | $ 698,799 | $ 653,656 | $ 594,567 | $ 709,699 | $ 650,598 | $ 608,286 | $ 539,674 | 2,725,053 | 2,508,257 | 2,395,447 |
Total Segment Profit | 656,584 | 582,997 | 532,107 | ||||||||
Depreciation | 33,458 | 32,743 | 33,087 | ||||||||
Assets | 2,549,805 | 2,166,777 | 2,549,805 | 2,166,777 | 1,959,335 | ||||||
Purchase of property, plant and equipment | (127,426) | (123,957) | (82,506) | ||||||||
Goodwill | 539,838 | 476,378 | 539,838 | 476,378 | 446,284 | ||||||
U.S. Operations Segment | |||||||||||
Net Sales to External Customers | 944,825 | 867,962 | 826,354 | ||||||||
Revenue Transactions With Other Operating Segments | 99,117 | 90,580 | 87,488 | ||||||||
Net Sales | 1,043,942 | 958,542 | 913,842 | ||||||||
Segment Profit | 177,705 | 161,539 | 147,491 | ||||||||
Depreciation | 7,659 | 6,094 | 6,153 | ||||||||
Assets | 1,937,688 | 1,747,338 | 1,937,688 | 1,747,338 | 1,487,422 | ||||||
Purchase of property, plant and equipment | (38,969) | (52,255) | (7,113) | ||||||||
Goodwill | 409,520 | 357,785 | 409,520 | 357,785 | 317,856 | ||||||
Swiss Operations Segment | |||||||||||
Net Sales to External Customers | 133,925 | 130,674 | 133,684 | ||||||||
Revenue Transactions With Other Operating Segments | 563,083 | 524,983 | 498,642 | ||||||||
Net Sales | 697,008 | 655,657 | 632,326 | ||||||||
Segment Profit | 174,447 | 163,663 | 160,763 | ||||||||
Depreciation | 5,551 | 6,199 | 6,488 | ||||||||
Assets | 1,374,150 | 1,212,637 | 1,374,150 | 1,212,637 | 1,134,648 | ||||||
Purchase of property, plant and equipment | (19,589) | (7,260) | (6,650) | ||||||||
Goodwill | 22,171 | 21,239 | 22,171 | 21,239 | 21,841 | ||||||
Western European Operations Segment | |||||||||||
Net Sales to External Customers | 673,776 | 640,558 | 620,128 | ||||||||
Revenue Transactions With Other Operating Segments | 170,820 | 176,501 | 165,532 | ||||||||
Net Sales | 844,596 | 817,059 | 785,660 | ||||||||
Segment Profit | 117,324 | 123,507 | 107,424 | ||||||||
Depreciation | 4,052 | 4,048 | 4,076 | ||||||||
Assets | 1,805,294 | 1,120,751 | 1,805,294 | 1,120,751 | 1,010,639 | ||||||
Purchase of property, plant and equipment | (7,094) | (6,857) | (5,940) | ||||||||
Goodwill | 91,927 | 82,500 | 91,927 | 82,500 | 92,389 | ||||||
Chinese Operations Segment | |||||||||||
Net Sales to External Customers | 452,617 | 386,541 | 376,291 | ||||||||
Revenue Transactions With Other Operating Segments | 232,882 | 219,766 | 214,887 | ||||||||
Net Sales | 685,499 | 606,307 | 591,178 | ||||||||
Segment Profit | 231,860 | 187,924 | 165,532 | ||||||||
Depreciation | 7,168 | 6,879 | 7,086 | ||||||||
Assets | 1,068,811 | 702,571 | 1,068,811 | 702,571 | 506,390 | ||||||
Purchase of property, plant and equipment | (13,246) | (16,288) | (14,770) | ||||||||
Goodwill | 690 | 636 | 690 | 636 | 692 | ||||||
Other Operations Segment | |||||||||||
Net Sales to External Customers | 519,910 | 482,522 | 438,990 | ||||||||
Revenue Transactions With Other Operating Segments | 7,934 | 7,709 | 8,087 | ||||||||
Net Sales | 527,844 | 490,231 | 447,077 | ||||||||
Segment Profit | 72,744 | 64,060 | 50,821 | ||||||||
Depreciation | 3,474 | 3,461 | 2,883 | ||||||||
Assets | 310,667 | 277,476 | 310,667 | 277,476 | 260,276 | ||||||
Purchase of property, plant and equipment | (4,131) | (4,540) | (4,306) | ||||||||
Goodwill | 15,530 | 14,218 | 15,530 | 14,218 | 13,506 | ||||||
Eliminations and Corporate Segment | |||||||||||
Net Sales to External Customers | 0 | 0 | 0 | ||||||||
Revenue Transactions With Other Operating Segments | (1,073,836) | (1,019,539) | (974,636) | ||||||||
Net Sales | (1,073,836) | (1,019,539) | (974,636) | ||||||||
Segment Profit | (117,496) | (117,696) | (99,924) | ||||||||
Depreciation | 5,554 | 6,062 | 6,401 | ||||||||
Assets | (3,946,805) | (2,893,996) | (3,946,805) | (2,893,996) | (2,440,040) | ||||||
Purchase of property, plant and equipment | (44,397) | (36,757) | (43,727) | ||||||||
Goodwill | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Segment Reporting Details 1 (De
Segment Reporting Details 1 (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Segment Reporting [Abstract] | |||
Earnings Before Taxes | $ 574,222 | $ 504,193 | $ 463,424 |
Amortization | 42,671 | 36,052 | 30,951 |
Interest Expense | 32,785 | 28,026 | 27,451 |
Restructuring Charges | 12,772 | 6,235 | 11,148 |
Other Charges (Income), Net | (5,866) | 8,491 | (867) |
Total Segment Profit | $ 656,584 | $ 582,997 | $ 532,107 |
Segment Reporting Detail 2 (Det
Segment Reporting Detail 2 (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Segment Sales Information | |||||||||||
Net Sales | $ 778,031 | $ 698,799 | $ 653,656 | $ 594,567 | $ 709,699 | $ 650,598 | $ 608,286 | $ 539,674 | $ 2,725,053 | $ 2,508,257 | $ 2,395,447 |
Laboratory Product and Service Sales [Member] | |||||||||||
Segment Sales Information | |||||||||||
Net Sales | 1,358,493 | 1,225,000 | 1,154,905 | ||||||||
Industrial Product and Service Sales [Member] | |||||||||||
Segment Sales Information | |||||||||||
Net Sales | 1,158,335 | 1,067,858 | 1,034,310 | ||||||||
Retail Product and Service Sales [Member] | |||||||||||
Segment Sales Information | |||||||||||
Net Sales | $ 208,225 | $ 215,399 | $ 206,232 |
Segment Reporting Details 3 (De
Segment Reporting Details 3 (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Revenues from External Customers and Long-Lived Assets | |||||||||||
Net Sales | $ 778,031 | $ 698,799 | $ 653,656 | $ 594,567 | $ 709,699 | $ 650,598 | $ 608,286 | $ 539,674 | $ 2,725,053 | $ 2,508,257 | $ 2,395,447 |
Total Segments Property, Plant and Equipment, Net | 668,271 | 563,707 | 668,271 | 563,707 | |||||||
UNITED STATES | |||||||||||
Revenues from External Customers and Long-Lived Assets | |||||||||||
Net Sales | 888,241 | 815,153 | 768,815 | ||||||||
Total Segments Property, Plant and Equipment, Net | 220,401 | 168,494 | 220,401 | 168,494 | |||||||
OTHER AMERICAS | |||||||||||
Revenues from External Customers and Long-Lived Assets | |||||||||||
Net Sales | 162,672 | 153,607 | 157,962 | ||||||||
Total Segments Property, Plant and Equipment, Net | 3,406 | 3,833 | 3,406 | 3,833 | |||||||
TOTAL AMERICAS | |||||||||||
Revenues from External Customers and Long-Lived Assets | |||||||||||
Net Sales | 1,050,913 | 968,760 | 926,777 | ||||||||
Total Segments Property, Plant and Equipment, Net | 223,807 | 172,327 | 223,807 | 172,327 | |||||||
GERMANY | |||||||||||
Revenues from External Customers and Long-Lived Assets | |||||||||||
Net Sales | 192,126 | 182,644 | 176,491 | ||||||||
Total Segments Property, Plant and Equipment, Net | 49,376 | 28,393 | 49,376 | 28,393 | |||||||
FRANCE | |||||||||||
Revenues from External Customers and Long-Lived Assets | |||||||||||
Net Sales | 130,427 | 118,681 | 110,477 | ||||||||
Total Segments Property, Plant and Equipment, Net | 6,386 | 5,009 | 6,386 | 5,009 | |||||||
UNITED KINGDOM | |||||||||||
Revenues from External Customers and Long-Lived Assets | |||||||||||
Net Sales | 64,361 | 61,513 | 71,679 | ||||||||
Total Segments Property, Plant and Equipment, Net | 19,617 | 12,631 | 19,617 | 12,631 | |||||||
SWITZERLAND | |||||||||||
Revenues from External Customers and Long-Lived Assets | |||||||||||
Net Sales | 63,090 | 62,115 | 64,622 | ||||||||
Total Segments Property, Plant and Equipment, Net | 259,007 | 246,312 | 259,007 | 246,312 | |||||||
OTHER EUROPE | |||||||||||
Revenues from External Customers and Long-Lived Assets | |||||||||||
Net Sales | 399,923 | 374,008 | 349,178 | ||||||||
Total Segments Property, Plant and Equipment, Net | 8,050 | 6,511 | 8,050 | 6,511 | |||||||
TOTAL EUROPE | |||||||||||
Revenues from External Customers and Long-Lived Assets | |||||||||||
Net Sales | 849,927 | 798,961 | 772,447 | ||||||||
Total Segments Property, Plant and Equipment, Net | 342,436 | 298,856 | 342,436 | 298,856 | |||||||
CHINA | |||||||||||
Revenues from External Customers and Long-Lived Assets | |||||||||||
Net Sales | 439,373 | 374,996 | 362,950 | ||||||||
Total Segments Property, Plant and Equipment, Net | 92,269 | 83,713 | 92,269 | 83,713 | |||||||
REST OF WORLD | |||||||||||
Revenues from External Customers and Long-Lived Assets | |||||||||||
Net Sales | 384,840 | 365,540 | 333,273 | ||||||||
Total Segments Property, Plant and Equipment, Net | 9,759 | 8,811 | 9,759 | 8,811 | |||||||
TOTAL ASIA REST OF WORLD | |||||||||||
Revenues from External Customers and Long-Lived Assets | |||||||||||
Net Sales | 824,213 | 740,536 | $ 696,223 | ||||||||
Total Segments Property, Plant and Equipment, Net | $ 102,028 | $ 92,524 | $ 102,028 | $ 92,524 |
Segment Reporting Textuals (Det
Segment Reporting Textuals (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Restructuring Charges | $ 12,772 | $ 6,235 | $ 11,148 |
Maximum Customer Percentage | 1.00% | ||
U.S. Operations Segment | |||
Restructuring Charges | $ 6,200 | 2,000 | |
Swiss Operations Segment | |||
Restructuring Charges | 1,800 | 1,500 | |
Western European Operations Segment | |||
Restructuring Charges | 3,000 | 2,400 | |
Chinese Operations Segment | |||
Restructuring Charges | 800 | 200 | |
Other Operations Segment | |||
Restructuring Charges | $ 1,000 | $ 200 |
Quarterly Financial Data (Una91
Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Provisional one-time charge on US tax reform | $ 71,982 | $ 0 | $ 0 | ||||||||
Cash Tax Portion of the One Time Provisional Transition Tax Charge | $ 59,000 | 59,000 | |||||||||
Net Sales | 778,031 | $ 698,799 | $ 653,656 | $ 594,567 | $ 709,699 | $ 650,598 | $ 608,286 | $ 539,674 | 2,725,053 | 2,508,257 | 2,395,447 |
Gross profit | 455,219 | 400,277 | 374,917 | 342,900 | 418,610 | 369,494 | 347,576 | 299,907 | 1,573,313 | 1,435,587 | 1,351,993 |
Net earnings | $ 76,976 | $ 104,950 | $ 101,580 | $ 92,466 | $ 137,776 | $ 101,332 | $ 79,588 | $ 65,674 | $ 375,972 | $ 384,370 | $ 352,820 |
Basic earnings per common share: | |||||||||||
Net earnings | $ 3.01 | $ 4.10 | $ 3.94 | $ 3.57 | $ 5.27 | $ 3.84 | $ 2.99 | $ 2.44 | $ 14.62 | $ 14.49 | $ 12.75 |
Weighted average number of common shares | 25,562,542 | 25,613,433 | 25,751,374 | 25,932,112 | 26,139,024 | 26,375,468 | 26,631,015 | 26,931,293 | 25,713,575 | 26,517,768 | 27,680,918 |
Diluted earnings per common share: | |||||||||||
Net earnings | $ 2.93 | $ 3.99 | $ 3.84 | $ 3.48 | $ 5.17 | $ 3.77 | $ 2.93 | $ 2.40 | $ 14.24 | $ 14.22 | $ 12.48 |
Weighted average number of common and common equivalent shares | 26,229,052 | 26,303,529 | 26,439,529 | 26,586,061 | 26,631,269 | 26,888,810 | 27,143,284 | 27,421,019 | 26,393,783 | 27,023,905 | 28,269,615 |
Market price per share: | |||||||||||
Common Stock Value During The Period Maximum | $ 689.11 | $ 635.17 | $ 601.16 | $ 486.90 | $ 429.91 | $ 419.83 | $ 385.50 | $ 347.09 | |||
Common Stock Value During The Period Mimimum | $ 606.80 | $ 571.25 | $ 473.87 | $ 414.52 | $ 397.73 | $ 363.19 | $ 347.76 | $ 298.14 |
Schedule II Valuation and Qua92
Schedule II Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Allowance for Doubtful Accounts | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Valuation Allowances and Reserves, Balance, Beginning | $ 14,234 | $ 14,435 | $ 15,961 |
Valuation Allowances and Reserves, Charged to Cost and Expense | 1,403 | 1,087 | 883 |
Valuation Allowances and Reserves, Charged to Other Accounts | 1,005 | (760) | (2,302) |
Valuation Allowances and Reserves, Deductions | 1,093 | 528 | 107 |
Valuation Allowances and Reserves, Balance, Ending | 15,549 | 14,234 | 14,435 |
Valuation Allowance of Deferred Tax Assets | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Valuation Allowances and Reserves, Balance, Beginning | 10,730 | 25,435 | 36,263 |
Valuation Allowances and Reserves, Charged to Cost and Expense | 9,513 | 0 | 0 |
Valuation Allowances and Reserves, Charged to Other Accounts | (72,170) | 0 | 0 |
Valuation Allowances and Reserves, Deductions | 79,556 | 14,705 | 10,828 |
Valuation Allowances and Reserves, Balance, Ending | $ 12,857 | $ 10,730 | $ 25,435 |