Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Feb. 06, 2015 | Jun. 30, 2014 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | DOVER Corp | ||
Entity Central Index Key | 29905 | ||
Current Fiscal Year End Date | -19 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Public Float | $15,139,169,562 | ||
Entity Common Stock, Shares Outstanding | 163,045,137 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Dec-14 |
CONSOLIDATED_STATEMENTS_OF_EAR
CONSOLIDATED STATEMENTS OF EARNINGS (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Statement [Abstract] | |||
Revenue | $7,752,728 | $7,155,096 | $6,626,648 |
Cost of goods and services | 4,778,479 | 4,376,505 | 4,046,659 |
Gross profit | 2,974,249 | 2,778,591 | 2,579,989 |
Selling and administrative expenses | 1,758,765 | 1,616,921 | 1,520,961 |
Operating earnings | 1,215,484 | 1,161,670 | 1,059,028 |
Interest expense, net | 127,179 | 120,654 | 121,269 |
Other (income) expense, net | -5,902 | -4,970 | 6,694 |
Earnings before provision for income taxes and discontinued operations | 1,094,207 | 1,045,986 | 931,065 |
Provision for income taxes | 316,067 | 248,459 | 280,990 |
Earnings from continuing operations | 778,140 | 797,527 | 650,075 |
(Loss) earnings from discontinued operations, net | -2,905 | 205,602 | 160,995 |
Net earnings | $775,235 | $1,003,129 | $811,070 |
Earnings per share from continuing operations [Abstract] | |||
Earnings from continuing operations (in dollars per basic share) | $4.67 | $4.66 | $3.58 |
Earnings from continuing operations (in dollars per diluted share) | $4.61 | $4.60 | $3.53 |
Earnings per share from discontinued operations [Abstract] | |||
Earnings (loss) from discontinued operations, net (in dollars per basic share) | ($0.02) | $1.20 | $0.89 |
Earnings (loss) from discontinued operations, net (in dollars per diluted share) | ($0.02) | $1.18 | $0.88 |
Net earnings per share [Abstract] | |||
Net earnings (in dollars per basic share) | $4.65 | $5.86 | $4.47 |
Net earnings (in dollars per diluted share) | $4.59 | $5.78 | $4.41 |
Dividends paid per common share (in dollars per share) | $1.55 | $1.45 | $1.33 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Comprehensive Income [Abstract] | |||
Net earnings | $775,235 | $1,003,129 | $811,070 |
Foreign currency translation adjustments [Abstract] | |||
Foreign currency translation (losses) gains during period | -144,643 | 34,617 | 38,880 |
Reclassification of foreign currency translation losses (gains) to earnings upon sale of subsidiaries | -6,300 | -29,881 | 0 |
Total foreign currency translation, net of tax | -150,943 | 4,736 | 38,880 |
Pension and other postretirement benefit plans [Abstract] | |||
Actuarial gains (losses) arising during period | -60,766 | 101,478 | -56,159 |
Prior service cost arising during period | -354 | -1,246 | -4,685 |
Amortization of actuarial losses including in net periodic benefit cost | 5,792 | 12,542 | 8,530 |
Amortization of prior service costs included in net periodic benefit cost | 5,617 | 5,733 | 5,304 |
Pension and other postretirement benefit plans, net of tax | -49,711 | 118,507 | -47,010 |
Changes in fair value of cash flow hedges [Abstract] | |||
Unrealized net gains (losses) arising during period | -137 | 35 | 482 |
Net (gains) losses reclassified into earnings, net of tax | -107 | -84 | -357 |
Changes in fair value of cash flow hedges, net of tax | -244 | -49 | 125 |
Other comprehensive income loss other adjustment, net of tax | 939 | -565 | 609 |
Other comprehensive (loss) earnings, net of tax | -199,959 | 122,629 | -7,396 |
Comprehensive earnings | $575,276 | $1,125,758 | $803,674 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets | ||
Cash and cash equivalents | $681,581 | $803,882 |
Receivables, net of allowances | 1,186,746 | 1,076,641 |
Inventories, net | 863,737 | 715,311 |
Prepaid and other current assets | 101,482 | 62,037 |
Deferred tax assets | 63,276 | 60,101 |
Total current assets | 2,896,822 | 2,717,972 |
Property, plant and equipment, net | 837,069 | 787,849 |
Goodwill | 3,491,557 | 3,108,580 |
Intangible assets, net | 1,369,520 | 1,258,911 |
Other assets and deferred charges | 168,246 | 202,806 |
Assets of discontinued operations | 327,171 | 2,779,063 |
Total assets | 9,090,385 | 10,855,181 |
Current liabilities | ||
Notes payable and current maturities of long-term debt | 777,956 | 229,278 |
Accounts payable | 615,332 | 522,713 |
Accrued compensation and employee benefits | 272,822 | 267,579 |
Accrued insurance | 95,896 | 92,600 |
Other accrued expenses | 266,277 | 219,609 |
Federal and other taxes on income | 11,071 | 10,469 |
Total current liabilities | 2,039,354 | 1,342,248 |
Long-term debt | 2,253,041 | 2,599,201 |
Deferred income taxes | 564,207 | 491,851 |
Other liabilities | 482,340 | 508,864 |
Liabilities of discontinued operations | 50,718 | 535,621 |
Stockholders' Equity | ||
Preferred stock | 0 | 0 |
Common stock | 255,893 | 255,320 |
Additional paid-in capital | 900,833 | 871,575 |
Retained earnings | 7,074,782 | 7,954,536 |
Accumulated other comprehensive (loss) earnings, net of tax | -158,931 | 67,723 |
Common stock in treasury | -4,371,852 | -3,771,758 |
Total stockholders' equity | 3,700,725 | 5,377,396 |
Total liabilities and stockholders' equity | $9,090,385 | $10,855,181 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Current assets | ||
Allowance for doubtful accounts receivable | $18,894 | $17,203 |
Stockholders' Equity | ||
Preferred stock, par value per share | $100 | $100 |
Preferred stock, shares authorized | 100,000 | 100,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value per share | $1 | $1 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares issued | 255,892,502 | 255,320,345 |
CONSOLIDATED_STATEMENT_OF_STOC
CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (USD $) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Common Stock in Treasury [Member] |
In Thousands | ||||||
Balance at beginning of year at Dec. 31, 2011 | $4,930,555 | $250,592 | $663,289 | $6,629,116 | ($47,510) | ($2,564,932) |
Net earnings | 811,070 | 0 | 0 | 811,070 | 0 | 0 |
Dividends paid | -240,959 | 0 | 0 | -240,959 | 0 | 0 |
Common stock issued for acquisition | 100,610 | 1,636 | 98,974 | 0 | 0 | 0 |
Common stock issued for the exercise of stock options and SARs | 19,081 | 1,871 | 17,210 | 0 | 0 | 0 |
Tax benefit from the exercise of stock options | 22,771 | 0 | 22,771 | 0 | 0 | 0 |
Stock-based compensation expense | 31,251 | 0 | 31,251 | 0 | 0 | 0 |
Common stock issued, net of cancellations | 1,202 | 20 | 1,182 | 0 | 0 | 0 |
Common stock acquired | -748,955 | 0 | 0 | 0 | 0 | -748,955 |
Other comprehensive earnings, net of tax | -7,396 | 0 | 0 | 0 | -7,396 | 0 |
Balance at end of year at Dec. 31, 2012 | 4,919,230 | 254,119 | 834,677 | 7,199,227 | -54,906 | -3,313,887 |
Net earnings | 1,003,129 | 0 | 0 | 1,003,129 | 0 | 0 |
Dividends paid | -247,820 | 0 | 0 | -247,820 | 0 | 0 |
Common stock issued for the exercise of stock options and SARs | -18,694 | 1,194 | -19,888 | 0 | 0 | 0 |
Tax benefit from the exercise of stock options | 25,661 | 0 | 25,661 | 0 | 0 | 0 |
Stock-based compensation expense | 30,480 | 0 | 30,480 | 0 | 0 | 0 |
Common stock issued, net of cancellations | 652 | 7 | 645 | 0 | 0 | 0 |
Common stock acquired | -457,871 | 0 | 0 | 0 | 0 | -457,871 |
Other comprehensive earnings, net of tax | 122,629 | 0 | 0 | 0 | 122,629 | 0 |
Balance at end of year at Dec. 31, 2013 | 5,377,396 | 255,320 | 871,575 | 7,954,536 | 67,723 | -3,771,758 |
Net earnings | 775,235 | 0 | 0 | 775,235 | 0 | 0 |
Dividends paid | -258,487 | 0 | 0 | -258,487 | 0 | 0 |
Separation of Knowles | -1,423,197 | 0 | 0 | -1,396,502 | -26,695 | 0 |
Common stock issued for the exercise of stock options and SARs | -16,571 | 565 | -17,136 | 0 | 0 | 0 |
Tax benefit from the exercise of stock options | 15,110 | 0 | 15,110 | 0 | 0 | 0 |
Stock-based compensation expense | 31,628 | 0 | 31,628 | 0 | 0 | 0 |
Common stock issued, net of cancellations | 647 | 8 | 639 | 0 | 0 | 0 |
Common stock acquired | -601,077 | 0 | -983 | 0 | 0 | -600,094 |
Other comprehensive earnings, net of tax | -199,959 | 0 | 0 | 0 | -199,959 | 0 |
Balance at end of year at Dec. 31, 2014 | $3,700,725 | $255,893 | $900,833 | $7,074,782 | ($158,931) | ($4,371,852) |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Operating Activities of Continuing Operations | |||
Net earnings | $775,235 | $1,003,129 | $811,070 |
Adjustments to reconcile net earnings to cash from operating activities: | |||
(Loss) earnings from discontinued operations, net | 2,905 | -205,602 | -160,995 |
Depreciation and amortization | 307,188 | 278,033 | 229,934 |
Stock-based compensation | 31,628 | 30,480 | 30,884 |
Provision for losses on accounts receivable (net of recoveries) | 4,730 | 5,869 | 3,810 |
Deferred income taxes | -33,866 | 8,275 | -3,450 |
Employee benefit plan expense | 34,627 | 44,311 | 42,681 |
Contributions to employee benefit plans | -24,232 | -40,258 | -47,584 |
Other, net | -21,813 | 3,904 | -14,834 |
Cash effect of changes in current assets and liabilities (excluding effects of acquisitions, dispositions and foreign exchange): | |||
Accounts receivable | -87,207 | -87,806 | 10,869 |
Inventories | -63,717 | 1,684 | -16,295 |
Prepaid expenses and other assets | -18,527 | -8,452 | -1,776 |
Accounts payable | 60,176 | 38,808 | 35,552 |
Accrued compensation and employee benefits | -17,731 | -17,817 | 46,470 |
Accrued expenses and other liabilities | 40,955 | -7,353 | -22,571 |
Accrued taxes | -40,187 | -67,593 | 24,604 |
Net cash provided by operating activities of continuing operations | 950,164 | 979,612 | 968,369 |
Investing Activities of Continuing Operations | |||
Additions to property, plant and equipment | -166,033 | -141,694 | -146,502 |
Acquisitions (net of cash acquired) | -802,254 | -322,838 | -1,080,433 |
Proceeds from the sale of property, plant and equipment | 14,373 | 23,801 | 9,332 |
Proceeds from the sale of businesses | 191,348 | 76,457 | 0 |
Other | -19,991 | 2,597 | -7,727 |
Net cash used in investing activities of continuing operations | -782,557 | -361,677 | -1,225,330 |
Financing Activities of Continuing Operations | |||
Cash received from Knowles Corporation, net of cash distributed | 359,955 | 0 | 0 |
Proceeds from long-term debt, net of discount and issuance costs | 0 | 403,776 | 0 |
Proceeds from exercise of share-based awards, including tax benefits | 20,337 | 38,922 | 66,062 |
Change in notes payable, net | 251,500 | -381,000 | 607,500 |
Reduction of long-term debt | -6,566 | -3,246 | -3,582 |
Dividends to stockholders | -258,487 | -247,820 | -240,959 |
Purchase of common stock | -601,077 | -457,871 | -748,955 |
Payments for employee tax obligations upon exercise of share-based awards | -21,151 | -31,303 | -23,008 |
Net cash provided by (used in) financing activities of continuing operations | -255,489 | -678,542 | -342,942 |
Cash Flows from Discontinued Operations | |||
Net cash provided by (used in) operating activities of discontinued operations | 25,760 | 172,955 | 298,544 |
Net cash used in investing activities of discontinued operations | -19,753 | -107,191 | -127,446 |
Net cash provided by (used in) discontinued operations | 6,007 | 65,764 | 171,098 |
Effect of exchange rate changes on cash and cash equivalents | -40,426 | -1,351 | 22,126 |
Net (decrease) increase in cash and cash equivalents | -122,301 | 3,806 | -406,679 |
Cash and cash equivalents at beginning of period | 803,882 | 800,076 | 1,206,755 |
Cash and cash equivalents at end of period | 681,581 | 803,882 | 800,076 |
Supplemental information - cash paid during the year for [Abstract] | |||
Income taxes | 372,446 | 318,402 | 266,517 |
Interest | $128,412 | $123,881 | $125,770 |
Description_of_Business_and_Su
Description of Business and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2014 | |
Description of Business and Summary of Significant Accounting Policies [Abstract] | |
Description of Business and Summary of Significant Accounting Policies [Text Block] | 1. Description of Business and Summary of Significant Accounting Policies |
Description of Business - Dover Corporation (the "Company") is a diversified global manufacturer delivering innovative equipment, components, and specialty systems. The Company also provides supporting engineering, testing, and other similar services, which are not significant in relation to consolidated revenue. The Company’s businesses are based primarily in the United States of America and Europe with manufacturing and other operations throughout the world. The Company operates through four business segments that are aligned with the key end markets they serve: Energy, Engineered Systems, Fluids, and Refrigeration & Food Equipment. For additional information on the Company’s segments, see Note 17 Segment Information. | |
Principles of Consolidation - The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. Intercompany accounts and transactions have been eliminated in consolidation. The results of operations of purchased businesses are included from the dates of acquisitions. As discussed in Note 4 Disposed and Discontinued Operations, the Company is reporting certain businesses that are held for sale at December 31, 2014 as discontinued operations. The assets, liabilities, results of operations, and cash flows of these businesses, as well as the results of Knowles Corporation prior to the spin-off, have been separately reported as discontinued operations for all periods presented. | |
Use of Estimates - The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the Consolidated Financial Statements and accompanying disclosures. These estimates may be adjusted due to changes in future economic, industry, or customer financial conditions, as well as changes in technology or demand. Estimates are used in accounting for, among other items, allowances for doubtful accounts receivable, net realizable value of inventories, restructuring reserves, warranty reserves, pension and post retirement plans, stock-based compensation, useful lives for depreciation and amortization of long-lived assets, future cash flows associated with impairment testing for goodwill, indefinite-lived intangible assets and other long-lived assets, deferred tax assets, uncertain income tax positions, and contingencies. Actual results may ultimately differ from estimates, although management does not believe such differences would materially affect the financial statements in any individual year. Estimates and assumptions are periodically reviewed and the effects of revisions are reflected in the Consolidated Financial Statements in the period that they are determined. | |
Cash and Cash Equivalents - Cash and cash equivalents include cash on hand, demand deposits, and short-term investments which are highly liquid in nature and have original maturities at the time of purchase of three months or less. | |
Allowance for Doubtful Accounts – The Company maintains allowances for estimated losses as a result of customers' inability to make required payments. Management evaluates the aging of the accounts receivable balances, the financial condition of its customers, historical trends, and the time outstanding of specific balances to estimate the amount of accounts receivable that may not be collected in the future and records the appropriate provision. | |
Inventories – Inventories for the majority of the Company’s subsidiaries, including all international subsidiaries, are stated at the lower of cost, determined on the first-in, first-out (FIFO) basis, or market. Other domestic inventories are stated at cost, determined on the last-in, first-out (LIFO) basis, which is less than market value. | |
Property, Plant and Equipment - Property, plant and equipment includes the historic cost of land, buildings, machinery, and equipment, and significant improvements to existing plant and equipment or, in the case of acquisitions, a fair market value appraisal of such assets completed at the time of acquisition. Property, plant and equipment also includes the cost of purchased software. Expenditures for maintenance, repairs, and minor renewals are expensed as incurred. When property or equipment is sold or otherwise disposed of, the related cost and accumulated depreciation is removed from the respective accounts and the gain or loss realized on disposition is reflected in earnings. The Company depreciates its assets on a straight-line basis over their estimated useful lives as follows: buildings and improvements 5 to 31.5 years; machinery and equipment 3 to 7 years; furniture and fixtures 3 to 7 years; vehicles 3 years; and software 3 to 5 years. Depreciation expense totaled $152,079 in 2014, $144,087 in 2013, and $128,341 in 2012. | |
Derivative Instruments - The Company uses derivative financial instruments to hedge its exposures to various risks, including interest rate and foreign currency exchange rate risk. The Company does not enter into derivative financial instruments for speculative purposes and does not have a material portfolio of derivative financial instruments. Derivative financial instruments used for hedging purposes must be designated and effective as a hedge of the identified risk exposure at inception of the contract. The Company recognizes all derivatives as either assets or liabilities on the consolidated balance sheet and measures those instruments at fair value. For derivatives designated as hedges of the fair value of assets or liabilities, the changes in fair value of both the derivatives and of the hedged items are recorded in current earnings. For derivatives designated as cash flow hedges, the effective portion of changes in the fair value of the derivatives is recorded as a component of other comprehensive earnings and subsequently recognized in net earnings when the hedged items impact earnings. | |
Goodwill and Other Intangible Assets - Goodwill represents the excess of purchase consideration over the fair value of the net assets of businesses acquired. Goodwill and certain other intangible assets deemed to have indefinite lives (primarily trademarks) are not amortized. Instead, goodwill and indefinite-lived intangible assets are tested for impairment at least annually or more frequently if indicators of impairment exist, such as a significant sustained change in the business climate or a current expectation of an impending disposal. The Company conducts its annual impairment evaluation in the fourth quarter of each year. Recoverability of goodwill is measured at the reporting unit level and determined using a two-step process. For 2014, the Company identified 16 reporting units for its annual goodwill impairment test. Step one of the test compares the fair value of each reporting unit using a discounted cash flow method to its book value. This method uses the Company’s own market assumptions including projections of future cash flows, determinations of appropriate discount rates, and other assumptions which are considered reasonable and inherent in the discounted cash flow analysis. The projections are based on historical performance and future estimated results. These assumptions require significant judgment and actual results may differ from assumed and estimated amounts. Step two, which compares the book value of the goodwill to its implied fair value, was not necessary since there were no indicators of potential impairment from step one. | |
As discussed in Note 4 Disposed and Discontinued Operations, in connection with the sale of certain businesses held for sale, the Company recognized total impairment losses of $53,439 and $51,854, net of tax, in 2013 and 2012, respectively, within the results of discontinued operations. With respect to the fair value of businesses held for sale at December 31, 2014 each will be evaluated in subsequent reporting periods until the time of sale, and further adjustments to fair value are possible if business conditions should change. | |
Similar to goodwill, in testing its other indefinite lived intangible assets for impairment, the Company uses a discounted cash flow method to calculate and compare the fair value of the intangible asset to its book value. This method uses the Company’s own market assumptions which are considered reasonable and inherent in the discounted cash flow analysis. Any excess of carrying value over the estimated fair value is recognized as an impairment loss. No impairment of indefinite lived intangibles was indicated for the years ended December 31, 2014, 2013, or 2012. | |
Other intangible assets with determinable lives consist primarily of customer lists, unpatented technology, patents, and trademarks. These other intangibles are amortized over their estimated useful lives, ranging from 5 to 15 years. | |
Long-lived assets (including intangible assets with determinable lives) are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable, such as a significant sustained change in the business climate. If an indicator of impairment exists for any grouping of assets, an estimate of undiscounted future cash flows is produced and compared to its carrying value. If an asset is determined to be impaired, the loss is measured by the excess of the carrying amount of the asset over its fair value as determined by an estimate of discounted future cash flows. | |
See Note 7 Goodwill and Other Intangible Assets for additional details on goodwill balances. | |
Foreign Currency - Assets and liabilities of non-U.S. subsidiaries, where the functional currency is not the U.S. dollar, have been translated at year-end exchange rates and profit and loss accounts have been translated using weighted-average yearly exchange rates. Foreign currency translation gains and losses are included as a component of Accumulated Other Comprehensive Earnings (Loss). Assets and liabilities of an entity that are denominated in currencies other than an entity’s functional currency are re-measured into the functional currency using end of period exchange rates or historical rates where applicable to certain balances. Gains and losses related to these re-measurements are recorded within the Statement of Earnings as a component of other expense (income), net. | |
Revenue Recognition - Revenue is recognized when all of the following conditions are satisfied: a) persuasive evidence of an arrangement exists, b) price is fixed or determinable, c) collectability is reasonably assured, and d) delivery has occurred or services have been rendered. The majority of the Company’s revenue is generated through the manufacture and sale of a broad range of specialized products and components, with revenue recognized upon transfer of title and risk of loss, which is generally upon shipment. Service revenue represents less than 5% of total revenue and is recognized as the services are performed. In limited cases, revenue arrangements with customers require delivery, installation, testing, certification, or other acceptance provisions to be satisfied before revenue is recognized. | |
Stock-Based Compensation – The principal awards issued under the Company’s stock-based compensation plans include non-qualified stock-settled stock appreciation rights and performance share awards. The cost for such awards is measured at the grant date based on the fair value of the award. The value of the portion of the award that is expected to ultimately vest is recognized as expense on a straight-line basis, generally over the explicit service period of three years (except for retirement-eligible employees and retirees) and is included in selling and administrative expense in the Consolidated Statements of Earnings. Expense for awards granted to retirement-eligible employees is recorded over the period from the date of grant through the date the employee first becomes eligible to retire and is no longer required to provide service. See Note 13 Equity and Cash Incentive Program for additional information related to the Company’s stock-based compensation. At the time of grant, the Company estimates forfeitures, based on historical experience, in order to estimate the portion of the award that will ultimately vest. | |
Income Taxes - The provision for income taxes on continuing operations includes federal, state, local, and non-U.S. taxes. Tax credits, primarily for research and experimentation, non-U.S. earnings, and U.S. manufacturer's tax deduction are recognized as a reduction of the provision for income taxes on continuing operations in the year in which they are available for tax purposes. Deferred taxes are provided using enacted rates on the future tax consequences of temporary differences. Temporary differences include the differences between the financial statement carrying amounts of assets and liabilities and their respective tax bases and the tax benefit of carryforwards. A valuation allowance is established for deferred tax assets for which realization is not assured. In assessing the need for a valuation allowance, management considers all available evidence, including the future reversal of existing taxable temporary differences, taxable income in carryback periods, prudent and feasible tax planning strategies, and estimated future taxable income. The valuation allowance can be affected by changes to tax regulations, interpretations and rulings, changes to enacted statutory tax rates, and changes to future taxable income estimates. | |
Tax benefits are recognized from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position in consideration of applicable tax statutes and related interpretations and precedents. Tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than 50% likelihood of being realized on ultimate settlement. | |
The Company has not provided for any residual U.S. income taxes on unremitted earnings of non-U.S. subsidiaries as such earnings are currently intended to be indefinitely reinvested outside of the U.S. It is not practicable to estimate the amount of tax that might be payable if some or all of such earnings were to be repatriated, and the amount of foreign tax credits that would be available to reduce or eliminate the resulting U.S. income tax liability. | |
Research and Development Costs – Research and development costs, including qualifying engineering costs, are expensed when incurred and amounted to $118,411 in 2014, $117,178 in 2013, and $123,639 in 2012. | |
Advertising – Advertising costs are expensed when incurred and amounted to $38,882 in 2014, $36,453 in 2013, and $35,688 in 2012. | |
Risk, Retention, Insurance - The Company currently self-insures its product and commercial general liability claims up to $5.0 million per occurrence, its workers’ compensation claims up to $0.5 million per occurrence, and automobile liability claims up to $1.0 million per occurrence. Third-party insurance provides primary level coverage in excess of these amounts up to certain specified limits. In addition, the Company has excess liability insurance from third-party insurers on both an aggregate and an individual occurrence basis well in excess of the limits of the primary coverage. A worldwide program of property insurance covers the Company’s owned and leased property and any business interruptions that may occur due to an insured hazard affecting those properties, subject to reasonable deductibles and aggregate limits. The Company’s property and casualty insurance programs contain various deductibles that, based on the Company’s experience, are typical and customary for a company of its size and risk profile. The Company does not consider any of the deductibles to represent a material risk to the Company. The Company generally maintains deductibles for claims and liabilities related primarily to workers’ compensation, health and welfare claims, general commercial, product and automobile liability and property damage, and business interruption resulting from certain events. The Company accrues for claim exposures that are probable of occurrence and can be reasonably estimated. As part of the Company’s risk management program, insurance is maintained to transfer risk beyond the level of self-retention and provide protection on both an individual claim and annual aggregate basis. | |
Reclassifications – Certain amounts in prior years have been reclassified to conform to the current year presentation. | |
Recent Accounting Pronouncements – In June 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-12 which requires that a performance target for share-based payments that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. Under this new standard, compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved and should represent the compensation cost attributable to the periods for which the requisite service has already been rendered. This update is effective for annual periods beginning after December 15, 2015. The Company has evaluated this guidance and determined that the adoption will not significantly impact the consolidated financial statements. | |
In May 2014, the FASB issued ASU 2014-09 that introduces a new five-step revenue recognition model in which 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 or services. This ASU also requires disclosures sufficient to enable users to understand the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers, including qualitative and quantitative disclosures about contracts with customers, significant judgments and changes in judgments, and assets recognized from the costs to obtain or fulfill a contract. This standard is effective for fiscal years beginning after December 15, 2016, including interim periods within that reporting period. The Company is currently evaluating the new guidance to determine the impact it will have on its consolidated financial statements. | |
In April 2014, the FASB issued ASU 2014-08, which includes amendments that change the requirements for reporting discontinued operations and require additional disclosures about discontinued operations. Under the new guidance, only disposals representing a strategic shift in operations - that is, a major effect on the organization's operations and financial results - should be presented as discontinued operations. Additionally, the ASU requires expanded disclosures about discontinued operations that will provide financial statement users with more information about the assets, liabilities, income, and expenses of discontinued operations. This update is effective for Dover in the first quarter of 2015. The Company has evaluated this guidance and determined that the adoption will not significantly impact the consolidated financial statements. | |
In July 2013, the FASB issued ASU 2013-11, which provides that an unrecognized tax benefit, or a portion thereof, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward, except to the extent that a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date to settle any additional income taxes that would result from disallowance of a tax position, or the tax law does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose, then the unrecognized tax benefit should be presented as a liability. This standard was effective for Dover for fiscal years beginning after December 15, 2013. The Company adopted this guidance effective January 1, 2014. The adoption of this ASU did not significantly impact the consolidated financial statements. | |
In March 2013, the FASB issued ASU 2013-05, which permits an entity to release cumulative translation adjustments into net income when a reporting entity (parent) ceases to have a controlling financial interest in a subsidiary or group of assets that is a business within a foreign entity. Accordingly, the cumulative translation adjustment should be released into net income only if the sale or transfer results in the complete or substantially complete liquidation of the foreign entity in which the subsidiary or group of assets had resided, or, if a controlling financial interest is no longer held. The revised standard was effective for Dover for fiscal years beginning after December 15, 2013. The Company adopted this guidance effective January 1, 2014. The adoption of this ASU did not significantly impact the consolidated financial statements. | |
In February 2013, the FASB issued ASU 2013-02 which requires additional disclosures regarding the reporting of reclassifications out of accumulated other comprehensive income. ASU 2013-02 requires an entity to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required under U.S. GAAP to be reclassified to net income in its entirety in the same reporting period. This guidance was effective for reporting periods beginning after December 15, 2012. The Company adopted this guidance effective January 1, 2013. The Company's adoption of this standard did not have a significant impact on its consolidated financial statements. | |
In July 2012, the FASB issued ASU 2012-02, which allows an entity to first assess qualitative factors to determine whether it is necessary to perform a quantitative impairment test of an indefinite-lived intangible asset. Per the terms of this ASU, an entity would not be required to calculate the fair value of an indefinite-lived intangible asset unless the entity determines, based on qualitative assessment, that it is not more likely than not, the indefinite-lived intangible asset is impaired. The revised standard was effective for Dover for its annual and interim impairment tests performed for fiscal years beginning after September 15, 2012. Its adoption did not have a material impact on the Company’s consolidated financial statements. |
Spin_Off_of_Knowles_Corporatio
Spin Off of Knowles Corporation | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Spin Off [Abstract] | ||||
SpinOff [Text Block] | 2. Spin-off of Knowles Corporation | |||
On February 28, 2014, Dover completed the distribution of Knowles Corporation to its stockholders. The transaction was completed through the pro rata distribution of 100% of the common stock of Knowles to Dover's shareholders of record as of the close of business on February 19, 2014. Each Dover shareholder received one share of Knowles common stock for every two shares of Dover common stock held as of the record date. | ||||
The following is a summary of the assets and liabilities distributed to Knowles as part of the separation on February 28, 2014: | ||||
Assets: | ||||
Cash and cash equivalents | $ | 40,045 | ||
Other current assets | 340,945 | |||
Non-current assets | 1,678,820 | |||
Total assets | $ | 2,059,810 | ||
Liabilities: | ||||
Current liabilities | $ | 252,673 | ||
Non-current liabilities | 383,940 | |||
Total liabilities | $ | 636,613 | ||
Net assets distributed to Knowles Corporation | $ | 1,423,197 | ||
Knowles incurred $100,000 of borrowings under its revolving credit facility and $300,000 of borrowings under its term loan facility to finance a cash payment of $400,000 to Dover immediately prior to the distribution. Dover received net cash of $359,955 upon separation, which reflects $40,045 of cash held by Knowles on the distribution date and retained by it in connection with its separation from Dover. Dover utilized the net proceeds from Knowles to pay down commercial paper and to repurchase shares of its common stock in the first quarter of 2014. | ||||
In connection with the spin-off of Knowles, the Company allocated $26,695 of accumulated other comprehensive earnings to Knowles, relating primarily to foreign currency translation gains, offset by unrecognized losses on pension obligations. Also, the Company was required to reallocate a portion of its goodwill from continuing operations to a reporting unit included in the Knowles distribution. The reallocation of $19,749 of goodwill was determined using a relative fair value approach. See Note 7 Goodwill and Other Intangible Assets for additional information. | ||||
The historical results of Knowles, including the results of operations, cash flows, and related assets and liabilities have been reclassified to discontinued operations for all periods presented herein. See Note 4 Disposed and Discontinued Operations. Pursuant to the separation of Knowles from Dover, and the related separation and distribution agreements, any agreed upon liabilities are not significant and will be settled in the near future. |
Acquisitions
Acquisitions | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||
Business Combinations [Abstract] | ||||||||||||||||||||||
Acquisitions | 3. Acquisitions | |||||||||||||||||||||
2014 Acquisitions | ||||||||||||||||||||||
During 2014, the Company acquired seven businesses in separate transactions for net cash consideration of $802,254. The businesses were acquired to complement and expand upon existing operations within the Energy, Fluids and Refrigeration & Food Equipment segments and the Printing & Identification platform of the Engineered Systems segment. The goodwill identified by these acquisitions reflects the benefits expected to be derived from product line expansion and operational synergies. Upon consummation of the acquisitions, each of these businesses is now wholly-owned by Dover. | ||||||||||||||||||||||
The following table details the acquisitions made during the year ended December 31, 2014. | ||||||||||||||||||||||
Date | Type | Company / Product Line Acquired | Location (Near) | Segment | ||||||||||||||||||
1-Jan | Stock | Heidelberg CSAT GmbH | Karlsruhe, Germany | Engineered Systems | ||||||||||||||||||
Manufacturer of digital printing systems that are installed in-packaging-line for the identification of pharmaceutical and medical products. | ||||||||||||||||||||||
3-Feb | Stock | MS Printing Solutions | Milan, Italy | Engineered Systems | ||||||||||||||||||
Manufacturer of innovative digital ink jet printing systems for the textile and specialty material industries. | ||||||||||||||||||||||
11-Jun | Asset | Timberline Manufacturing Company | Beaumont, Texas | Energy | ||||||||||||||||||
Manufacturer of chemical injection and metering solutions for oil and gas producers. | ||||||||||||||||||||||
30-Jul | Stock | WellMark Holdings, Inc. | Oklahoma City, Oklahoma | Energy | ||||||||||||||||||
Manufacturer of valves, instrumentation, and chemical injection pumps serving the oil and gas industry. | ||||||||||||||||||||||
31-Jul | Asset | SweatMiser | McDonough, Georgia | Refrigeration & Food Equipment | ||||||||||||||||||
Manufacturer of anti-sweat controllers for doors in the refrigeration industry. | ||||||||||||||||||||||
25-Aug | Stock / Asset | Liquip International | Smithfield, Australia | Fluids | ||||||||||||||||||
Manufacturer of fluid handling solutions, loading arms, tank truck valves and fittings, electronic measurement systems for tank trucks, fuel filtration systems, and aviation fueling components and services. | ||||||||||||||||||||||
1-Oct | Stock | Accelerated Companies LLC | The Woodlands, Texas | Energy | ||||||||||||||||||
Integrated provider of hydraulic and gas lift systems, electric submersible pump systems, surface pumps and modular fluid handling systems for oil and gas production. | ||||||||||||||||||||||
The following presents the allocation of acquisition cost to the assets acquired and liabilities assumed, based on their estimated fair values: | ||||||||||||||||||||||
Accelerated | Other Acquisitions | Total | ||||||||||||||||||||
Current assets, net of cash acquired | $ | 133,475 | $ | 74,712 | $ | 208,187 | ||||||||||||||||
Property, plant and equipment | 51,070 | 6,199 | 57,269 | |||||||||||||||||||
Goodwill | 222,808 | 209,330 | 432,138 | |||||||||||||||||||
Intangible assets | 131,200 | 163,727 | 294,927 | |||||||||||||||||||
Current liabilities assumed | (43,935 | ) | (36,425 | ) | (80,360 | ) | ||||||||||||||||
Non-current liabilities assumed, principally deferred taxes | (58,896 | ) | (51,011 | ) | (109,907 | ) | ||||||||||||||||
Net assets acquired | $ | 435,722 | $ | 366,532 | $ | 802,254 | ||||||||||||||||
The amounts assigned to goodwill and major intangible asset classifications by applicable segment for the 2014 acquisitions are as follows: | ||||||||||||||||||||||
Energy | Engineered Systems | Fluids | Refrigeration & Food Equipment | Total | Useful life (in years) | |||||||||||||||||
Goodwill - Tax deductible | $ | 10,835 | $ | — | $ | 184 | $ | 1,022 | $ | 12,041 | na | |||||||||||
Goodwill - Non deductible | 314,604 | 80,581 | 24,912 | — | 420,097 | na | ||||||||||||||||
Customer intangibles | 198,200 | 22,843 | 23,273 | 600 | 244,916 | 12 | ||||||||||||||||
Trademarks | 19,300 | 6,594 | 2,125 | — | 28,019 | 11 | ||||||||||||||||
Patents | — | 878 | — | 500 | 1,378 | 8 | ||||||||||||||||
Other intangibles and assets | 5,900 | 10,374 | 4,340 | — | 20,614 | 6 | ||||||||||||||||
$ | 548,839 | $ | 121,270 | $ | 54,834 | $ | 2,122 | $ | 727,065 | |||||||||||||
The Company has substantially completed the purchase price allocations for the 2014 acquisitions, including that of Accelerated Companies LLC, which was purchased in October. As additional information is obtained about these assets and liabilities within the measurement period (not to exceed one year from the date of acquisition), including finalization of asset appraisals, the Company will refine its estimates of fair value to allocate the purchase price more accurately. | ||||||||||||||||||||||
The Consolidated Statements of Earnings include the results of these businesses from the dates of acquisition. The aggregate revenue and pre-tax loss of the 2014 acquisitions included in the Company’s 2014 consolidated revenue and earnings totaled $207,000 and $7,000, respectively. | ||||||||||||||||||||||
2013 Acquisitions | ||||||||||||||||||||||
During 2013, the Company acquired ten businesses for an aggregate consideration of $322,838, net of cash acquired. A summary of the acquisitions made during 2013 is as follows: | ||||||||||||||||||||||
Date | Type | Company / Product Line Acquired | Location (Near) | Segment | ||||||||||||||||||
2-May | Stock | Ebsray Pumps | Brookvale, Australia | Fluids | ||||||||||||||||||
Manufacturer of rotary pumps in vane, regenerative turbine, and internal gear technologies. | ||||||||||||||||||||||
7-May | Stock | The Curotto-Can, Inc. | Sonoma, California | Engineered Systems | ||||||||||||||||||
Manufacturer of automated front loaders for use in the waste collection industry. | ||||||||||||||||||||||
21-May | Asset | Klaus Enterprise, Ltd. | Alberta, Canada | Energy | ||||||||||||||||||
Manufacturer of valves and gas compressor components that specializes in replacing parts designed to optimize the efficiency and reliability of reciprocating compressors. | ||||||||||||||||||||||
30-May | Asset | Source Technologies | Charlotte, North Carolina | Engineered Systems | ||||||||||||||||||
Manufacturer of printing devices and software, specializing in thermal stationary barcode printers. | ||||||||||||||||||||||
1-Jul | Asset | RSI Systems | Frederick, Maryland | Engineered Systems | ||||||||||||||||||
Manufacturer of thermal ink jet applications ranging from packaging line coding and marking to high-speed product identification, authentication, and tracking systems for serialization. | ||||||||||||||||||||||
19-Sep | Stock | SPIRIT Global Energy Solutions | Midland, Texas | Energy | ||||||||||||||||||
Manufacturer of artificial lift tools and technology for oil and gas producers. | ||||||||||||||||||||||
5-Oct | Stock | Fibresec Holdings Ltd. | Dorset, England | Fluids | ||||||||||||||||||
Manufacturer of composite access covers and containment systems for retail fueling sites. | ||||||||||||||||||||||
9-Oct | Stock | Kungsors Plast AB (KPS) | Kungsors, Sweden | Fluids | ||||||||||||||||||
Manufacturer of high density polyethylene fusion underground piping systems for retail fueling sites. | ||||||||||||||||||||||
16-Oct | Stock | Lianyungang Jump Equipment Co., Ltd. | Lianyungang, China | Fluids | ||||||||||||||||||
Provider of top loading and LNG onshore loading equipment in China. | ||||||||||||||||||||||
4-Nov | Stock | Finder Pompe S.p.A. | Merate, Italy | Fluids | ||||||||||||||||||
Manufacturer of engineered pumps, spare parts, and related services for critical applications mostly in the upstream, midstream, and downstream oil and gas markets. | ||||||||||||||||||||||
The businesses were acquired to complement and expand upon existing operations within the Energy, Engineered Systems and Fluids segments. | ||||||||||||||||||||||
The following presents the allocation of acquisition cost to the assets acquired and liabilities assumed, based on their estimated fair values: | ||||||||||||||||||||||
Current assets, net of cash acquired | $ | 98,641 | ||||||||||||||||||||
Property, plant and equipment | 33,403 | |||||||||||||||||||||
Goodwill | 141,888 | |||||||||||||||||||||
Intangible assets | 149,228 | |||||||||||||||||||||
Other non-current assets, principally deferred taxes | 2,622 | |||||||||||||||||||||
Current liabilities assumed | (58,052 | ) | ||||||||||||||||||||
Non-current liabilities assumed, principally deferred taxes | (44,892 | ) | ||||||||||||||||||||
Net assets acquired | $ | 322,838 | ||||||||||||||||||||
Pro Forma Information | ||||||||||||||||||||||
The following unaudited pro forma information illustrates the effect on the Company’s revenue and earnings from continuing operations for years ended December 31, 2014 and 2013, assuming that the 2014 acquisitions had taken place at the beginning of 2013. As a result, the supplemental pro forma earnings reflect adjustments to earnings from continuing operations as reported in the Consolidated Statements of Earnings to exclude $11,558 of nonrecurring expense related to the fair value adjustments to acquisition-date inventory (after-tax) and $3,502 of acquisition-related costs (after-tax) from the year ended December 31, 2014. The supplemental pro forma earnings for the comparable 2013 period were adjusted to include these charges as if they were incurred at the beginning of 2012. The 2014 and 2013 supplemental pro forma earnings are also adjusted to reflect the comparable impact of additional depreciation and amortization expense (net of tax) resulting from the fair value measurement of tangible and intangible assets relating to 2014 and 2013 acquisitions. | ||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||
Revenue from continuing operations: | ||||||||||||||||||||||
As reported | $ | 7,752,728 | $ | 7,155,096 | ||||||||||||||||||
Pro forma | 7,987,639 | 7,602,756 | ||||||||||||||||||||
Earnings from continuing operations: | ||||||||||||||||||||||
As reported | $ | 778,140 | $ | 797,527 | ||||||||||||||||||
Pro forma | 806,321 | 794,823 | ||||||||||||||||||||
Basic earnings per share from continuing operations: | ||||||||||||||||||||||
As reported | $ | 4.67 | $ | 4.66 | ||||||||||||||||||
Pro forma | 4.84 | 4.64 | ||||||||||||||||||||
Diluted earnings per share from continuing operations: | ||||||||||||||||||||||
As reported | $ | 4.61 | $ | 4.6 | ||||||||||||||||||
Pro forma | 4.78 | 4.58 | ||||||||||||||||||||
These pro forma results of operations have been prepared for comparative purposes only, and they do not purport to be indicative of the results of operations that actually would have resulted had the acquisitions occurred on the dates indicated or that may result in the future. |
Disposed_and_Discontinued_Oper
Disposed and Discontinued Operations | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ||||||||||||
Disposed and Discontinued Operations | 4. Disposed and Discontinued Operations | |||||||||||
Management evaluates Dover's businesses periodically for their strategic fit within its operations. Accordingly, in 2014, the Company announced its intention to divest Datamax O'Neil and Sargent Aerospace, two businesses with the Engineered Systems segment. The assets, liabilities, and results of operations of these businesses were reclassified to discontinued operations in the fourth quarter of 2014. | ||||||||||||
Also included in discontinued operations are the assets, liabilities, and results of operations of DEK International and Everett Charles Technologies (including the Multitest business, collectively "ECT"), until their respective sale dates of July 2, 2014 and November 30, 2013. Additionally, the results of discontinued operations include Knowles Corporation until the distribution on February 28, 2014, as well as costs incurred by Dover to complete the spin-off of Knowles. These costs totaled $27,055 and $30,093 for the years ended December 31, 2014 and 2013, respectively. See also Note 2 Spin-off of Knowles Corporation. | ||||||||||||
Summarized results of the Company’s discontinued operations are as follows: | ||||||||||||
Years Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Revenue | $ | 568,991 | $ | 1,970,965 | $ | 1,918,035 | ||||||
Loss on sale, including impairments, net of tax | $ | (3,691 | ) | $ | (35,473 | ) | $ | (50,818 | ) | |||
Earnings from operations before taxes | 13,611 | 209,293 | 241,023 | |||||||||
(Provision) benefit for income taxes | (12,825 | ) | 31,782 | (29,210 | ) | |||||||
Earnings from operations, net of tax | 786 | $ | 241,075 | $ | 211,813 | |||||||
(Loss) earnings from discontinued operations, net of tax | $ | (2,905 | ) | $ | 205,602 | $ | 160,995 | |||||
2014 - The Company completed the sale of DEK International in the third quarter of 2014. Sale proceeds totaled $170,616, which resulted in an after-tax loss on sale of $6,895. The Company also recognized a gain on sale of $3,204 in 2014 in connection with a working capital adjustment of $4,482 for ECT, which was sold in the fourth quarter of 2013. | ||||||||||||
The net earnings from operations for 2014 of $786 includes after-tax earnings of $32,289 for those businesses classified as discontinued operations. Also reflected in this amount are the aforementioned spin-off costs of $27,055 and a pension settlement charge of $4,448, net of tax, attributable to lump sum payments made to Knowles participants in Dover's qualified defined benefit pension plan. | ||||||||||||
2013 - In 2013, in connection with a change in goodwill reporting units within discontinued operations resulting from the Company's expected manner of disposing of its electronic test and assembly businesses, the Company was required to allocate goodwill to these individual reporting units based upon relative current fair values. This process resulted in a benefit of $25,520 in the discontinued operations deferred income tax provision for 2013 as a result of the elimination of certain deferred tax liabilities. The Company recorded a goodwill impairment charge of $54,532 ($44,188 after tax) at ECT in 2013 in connection with the anticipated sale of this business. This charge was a write-down of the carrying value to fair value, based on the current estimated sales price. | ||||||||||||
The Company also recognized an impairment loss of $14,001 in the fourth quarter of 2013, in connection with the impending sale of DEK. This loss included goodwill impairment of the related reporting unit of $9,251, of which none was deductible for tax purposes. | ||||||||||||
The Company completed the sale of ECT in the fourth quarter of 2013 for total proceeds of $92,694, which resulted in an after-tax loss on sale of $2,804. Included in the sale proceeds was a note receivable from the buyer of $16,250, net of $3,750 of contingencies. The Company has since collected this note receivable. | ||||||||||||
The net earnings from operations of $241,075 reflects the after-tax earnings of all business classified as discontinued operations, as well as $54,827 of discrete tax benefits principally related to the conclusion of certain federal, state and international tax audits, $18,279 of interest on tax obligations in foreign jurisdictions, and the aforementioned spin-off costs of $30,093. | ||||||||||||
2012 - The net earnings from operations of $211,813 reflects after-tax earnings from operations generated by all business classified as discontinued operations as well as various expense and accrual adjustments relating to other discontinued operations. In addition, the Company recognized a goodwill impairment charge of $63,819 ($51,854 after tax) for ECT, representing a write-down of the reporting unit's carrying value of goodwill to its fair value. | ||||||||||||
Assets and liabilities of discontinued operations are summarized below: | ||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||
Assets of Discontinued Operations | ||||||||||||
Accounts receivable (1) | $ | 46,691 | $ | 403,539 | ||||||||
Inventories, net | 58,401 | 229,465 | ||||||||||
Prepaid and other current assets | 8,571 | 84,814 | ||||||||||
Total current assets | 113,663 | 717,818 | ||||||||||
Property, plant and equipment, net | 31,573 | 401,600 | ||||||||||
Goodwill and intangible assets, net | 181,798 | 1,633,587 | ||||||||||
Other assets and deferred charges | 137 | 26,058 | ||||||||||
Total assets | $ | 327,171 | $ | 2,779,063 | ||||||||
Liabilities of Discontinued Operations | ||||||||||||
Accounts payable (1) | $ | 21,199 | $ | 278,607 | ||||||||
Other current liabilities | 17,675 | 153,788 | ||||||||||
Total current liabilities | 38,874 | 432,395 | ||||||||||
Deferred income taxes | 8,752 | 60,361 | ||||||||||
Other liabilities | 3,092 | 42,865 | ||||||||||
Total liabilities | $ | 50,718 | $ | 535,621 | ||||||||
At December 31, 2014, the assets and liabilities of discontinued operations primarily relate to Datamax O'Neil and Sargent Aerospace, which were held for sale on that date. At December 31, 2013, the assets and liabilities of discontinued operations relate to those businesses mentioned above, as well as DEK International, which was sold on July 2, 2014 and Knowles, which was spun off on February 28, 2014. | ||||||||||||
-1 | Amounts at December 31, 2013 include estimated credits and liabilities associated with tax obligations in foreign jurisdictions resulting from value-added tax for the Multitest business within ECT. Accounts receivable includes $93,598 of credits. Accounts payable includes $76,443 of liabilities and $18,279 of interest. These balances were settled in 2014. |
Inventories
Inventories | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Inventory, Net [Abstract] | ||||||||
Inventories [Text Block] | 5. Inventories, net | |||||||
December 31, 2014 | December 31, 2013 | |||||||
Raw materials | $ | 352,016 | $ | 338,621 | ||||
Work in progress | 147,715 | 127,611 | ||||||
Finished goods | 483,912 | 367,011 | ||||||
Subtotal | 983,643 | 833,243 | ||||||
Less reserves | (119,906 | ) | (117,932 | ) | ||||
Total | $ | 863,737 | $ | 715,311 | ||||
At December 31, 2014 and 2013, approximately 25% and 30%, respectively, of the Company's total inventories were accounted for using the LIFO method. |
Property_Plant_and_Equipment
Property, Plant and Equipment | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
Property, Plant and Equipment [Text Block] | 6. Property, Plant and Equipment, net | |||||||
December 31, 2014 | December 31, 2013 | |||||||
Land | $ | 55,076 | $ | 56,118 | ||||
Buildings and improvements | 537,474 | 517,087 | ||||||
Machinery, equipment and other | 1,698,638 | 1,596,085 | ||||||
Subtotal | 2,291,188 | 2,169,290 | ||||||
Less accumulated depreciation | (1,454,119 | ) | (1,381,441 | ) | ||||
Total | $ | 837,069 | $ | 787,849 | ||||
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||
Goodwill and Other Intangible Assets | 7. Goodwill and Other Intangible Assets | |||||||||||||||||||
Accounting Standards Codification ("ASC") 350, "Intangibles - Goodwill and Other Intangibles" provides guidance on an entity's subsequent measurement and recognition of goodwill and other intangibles, including subsequent changes to carrying amounts, impairment, and fair value adjustments. In accordance with the guidance set forth in ASC 350, and in connection with the realignment of its businesses in the first quarter of 2014, the Company reallocated goodwill among its reporting units based on their current relative fair value. | ||||||||||||||||||||
Due to the separation of Knowles in the first quarter of 2014, the Company was required to allocate a portion of its goodwill from continuing operations to a reporting unit included in the distribution of Knowles. Accordingly, the assets distributed on February 28, 2014 included an additional $19,749 of allocated goodwill, determined using a relative fair value approach. | ||||||||||||||||||||
During the fourth quarter of 2014, the Company announced its intent to sell two businesses within the Engineered Systems segment. As a result, the Company allocated goodwill totaling $152,663 to these companies from their respective reporting units using a relative fair value approach. | ||||||||||||||||||||
The adjustments made to goodwill due to the distribution of Knowles, the reclassification of businesses held for sale, and the restatement of segment results due to the realignment of Dover's businesses has been applied to all periods presented on the Consolidated Balance Sheet for goodwill and assets of discontinued operations. | ||||||||||||||||||||
The changes in the carrying value of goodwill by segment for the years ended December 31, 2014 and 2013 are as follows: | ||||||||||||||||||||
Energy | Engineered Systems | Fluids | Refrigeration & Food Equipment | Total | ||||||||||||||||
Goodwill | $ | 716,210 | $ | 1,202,906 | $ | 560,131 | $ | 588,624 | $ | 3,067,871 | ||||||||||
Accumulated impairment loss | — | (10,591 | ) | (59,970 | ) | — | (70,561 | ) | ||||||||||||
Balance at January 1, 2013 | 716,210 | 1,192,315 | 500,161 | 588,624 | 2,997,310 | |||||||||||||||
Acquisitions | 19,810 | 19,968 | 102,110 | — | 141,888 | |||||||||||||||
Purchase price adjustments | (2,278 | ) | (521 | ) | (2,417 | ) | (22,922 | ) | (28,138 | ) | ||||||||||
Foreign currency translation | (5,770 | ) | (1,143 | ) | 4,304 | 129 | (2,480 | ) | ||||||||||||
Balance at December 31, 2013 | 727,972 | 1,210,619 | 604,158 | 565,831 | 3,108,580 | |||||||||||||||
Acquisitions | 325,438 | 80,581 | 25,097 | 1,022 | 432,138 | |||||||||||||||
Purchase price adjustments | (395 | ) | — | 11,350 | — | 10,955 | ||||||||||||||
Foreign currency translation | (4,280 | ) | (21,022 | ) | (30,942 | ) | (3,872 | ) | (60,116 | ) | ||||||||||
Balance at December 31, 2014 | $ | 1,048,735 | $ | 1,270,178 | $ | 609,663 | $ | 562,981 | $ | 3,491,557 | ||||||||||
During the year ended December 31, 2014, the Company recorded adjustments totaling $10,955 to goodwill relating primarily to finalization of the purchase price allocation to assets acquired and liabilities assumed for the 2013 acquisitions. The Company will continue to refine its estimates of fair value to allocate the purchase price more accurately; however, any such revisions are not expected to be significant. | ||||||||||||||||||||
The following table provides the gross carrying value and accumulated amortization for each major class of intangible asset: | ||||||||||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||||||||||
Gross Carrying | Accumulated | Gross Carrying | Accumulated | |||||||||||||||||
Amount | Amortization | Amount | Amortization | |||||||||||||||||
Amortized intangible assets: | ||||||||||||||||||||
Trademarks | $ | 138,650 | $ | 34,097 | $ | 110,573 | $ | 24,418 | ||||||||||||
Patents | 150,404 | 108,484 | 153,850 | 102,756 | ||||||||||||||||
Customer Intangibles | 1,429,906 | 484,449 | 1,211,744 | 379,124 | ||||||||||||||||
Unpatented Technologies | 92,480 | 45,812 | 80,483 | 35,891 | ||||||||||||||||
Drawings & Manuals | 36,377 | 13,087 | 41,800 | 10,462 | ||||||||||||||||
Distributor Relationships | 64,614 | 34,377 | 64,614 | 31,144 | ||||||||||||||||
Other | 24,214 | 12,737 | 22,365 | 12,599 | ||||||||||||||||
Total | $ | 1,936,645 | $ | 733,043 | $ | 1,685,429 | $ | 596,394 | ||||||||||||
Unamortized intangible assets: | ||||||||||||||||||||
Trademarks | 165,918 | 169,876 | ||||||||||||||||||
Total intangible assets, net | $ | 1,369,520 | $ | 1,258,911 | ||||||||||||||||
Total amortization expense for the years ended December 31, 2014, 2013, and 2012 was $155,109, $133,946, and $101,593, respectively. Amortization expense for the next five years, based on current intangible balances, is estimated to be as follows: | ||||||||||||||||||||
2015 | $ | 140,046 | ||||||||||||||||||
2016 | 139,880 | |||||||||||||||||||
2017 | 136,746 | |||||||||||||||||||
2018 | 125,827 | |||||||||||||||||||
2019 | 110,262 | |||||||||||||||||||
Accrued_Expenses_and_Other_Lia
Accrued Expenses and Other Liabilities | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Accrued Expenses and Other Liabilities [Abstract] | ||||||||
Accrued Expenses and Other Liabilities [Text Block] | 8. Accrued Expenses and Other Liabilities | |||||||
The following table details the major components of other accrued expenses: | ||||||||
December 31, 2014 | December 31, 2013 | |||||||
Warranty | $ | 46,704 | $ | 39,824 | ||||
Unearned/deferred revenue | 20,678 | 22,839 | ||||||
Taxes other than income | 28,452 | 34,229 | ||||||
Accrued interest | 31,318 | 31,738 | ||||||
Accrued volume discounts | 16,352 | 16,909 | ||||||
Accrued commissions (non-employee) | 12,799 | 11,151 | ||||||
Restructuring and exit | 22,021 | 4,986 | ||||||
Legal and environmental | 7,868 | 4,967 | ||||||
Other (none of which are individually significant) (1) | 80,085 | 52,966 | ||||||
$ | 266,277 | $ | 219,609 | |||||
The following table details the major components of other liabilities (non-current): | ||||||||
December 31, 2014 | December 31, 2013 | |||||||
Deferred compensation (2) | $ | 323,105 | $ | 321,736 | ||||
Unrecognized tax benefits | 94,875 | 97,920 | ||||||
Unearned/deferred revenue | 8,599 | 7,751 | ||||||
Legal and environmental | 31,841 | 35,145 | ||||||
Warranty | 2,684 | 3,100 | ||||||
Restructuring and exit | — | 356 | ||||||
Other (none of which are individually significant) (1) | 21,236 | 42,856 | ||||||
$ | 482,340 | $ | 508,864 | |||||
-1 | The liability relating to the Company's cumulative loss of $15,567 on the Swiss franc cross-currency swap was reclassified from other liabilities to other accrued expenses at December 31, 2014 in anticipation of the settlement of this net investment hedge when it expires on October 15, 2015. See Note 11 Financial Instruments. | |||||||
-2 | Deferred compensation includes $229,128 and $232,669 at December 31, 2014 and 2013, respectively, for liabilities related to defined benefit and other postretirement benefit plans. See Note 15 Employee Benefit Plans. | |||||||
Warranty | ||||||||
Estimated warranty program claims are provided for at the time of sale. Amounts provided for are based on historical costs and adjusted for new claims. The changes in the carrying amount of product warranties through December 31, 2014 and 2013 are as follows: | ||||||||
2014 | 2013 | |||||||
Beginning Balance, January 1 | $ | 42,924 | $ | 39,554 | ||||
Provision for warranties | 60,833 | 52,943 | ||||||
Settlements made | (56,746 | ) | (49,101 | ) | ||||
Other adjustments, including acquisitions and currency translation | 2,377 | (472 | ) | |||||
Ending balance, December 31 | $ | 49,388 | $ | 42,924 | ||||
Restructuring_Activities
Restructuring Activities | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Restructuring and Related Activities [Abstract] | ||||||||||||
Restructuring and Related Activities Disclosure [Text Block] | 9. Restructuring Activities | |||||||||||
From time to time, the Company will initiate various restructuring programs and incur severance and other restructuring costs. The following table details restructuring charges incurred by segment for the periods presented: | ||||||||||||
Years Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Energy (1) | $ | 7,549 | $ | (811 | ) | $ | 584 | |||||
Engineered Systems | 6,624 | 3,628 | 8,320 | |||||||||
Fluids | 3,784 | 850 | 2,215 | |||||||||
Refrigeration & Food Equipment | 24,897 | 5,451 | 2,761 | |||||||||
Corporate | 1,954 | — | — | |||||||||
Total | $ | 44,808 | $ | 9,118 | $ | 13,880 | ||||||
These amounts are classified in the Consolidated Statements of Earnings as follows: | ||||||||||||
Cost of goods and services | $ | 19,690 | $ | 5,320 | $ | 3,613 | ||||||
Selling and administrative expenses | 25,118 | 3,798 | 10,267 | |||||||||
Total | $ | 44,808 | $ | 9,118 | $ | 13,880 | ||||||
-1 | In 2013, restructuring charges incurred within the Energy segment included a net gain on the sale of buildings in connection with facility consolidations. | |||||||||||
The restructuring charges of $44,808 incurred in 2014 relate to restructuring programs initiated during 2014 and 2013. These programs are designed to better align the Company's operations with current market conditions through targeted facility consolidations, headcount reductions and other measures to further optimize operations. The Company expects to incur restructuring charges of approximately $17.0 million to $20.0 million in the first quarter of 2015, with the majority of these charges in the Energy segment. We expect to fund the remainder of the 2014 programs currently underway, as well those commenced in 2015, over the next 12 to 18 months. In light of the economic uncertainty in certain of our end markets and our continued focus on improving our operating efficiency, it is possible that additional programs may be implemented throughout the remainder of 2015. | ||||||||||||
The $44,808 of restructuring charges incurred during 2014 included the programs as described below. | ||||||||||||
• | The Energy segment incurred restructuring charges of $7,549, related principally to a facility consolidation in its businesses serving the compression markets and reduction in workforce. | |||||||||||
• | The Engineered Systems segment recorded $6,624 of restructuring charges relating to facility consolidations within both the Printing & Identification and Industrials platforms, as well as actions taken to optimize costs related to engineering, sales, and administrative functions within the Printing & Identification platform. | |||||||||||
• | The Fluids segment recorded $3,784 of restructuring charges principally related to reduction in workforce for those businesses serving the Pumps markets. | |||||||||||
• | The Refrigeration & Food Equipment segment recorded restructuring charges of $24,897, primarily related to headcount reductions and exit plans at targeted facilities, including approximately $17.5 million related to the closure of a European-based facility within Refrigeration. | |||||||||||
• | Corporate recorded restructuring charges of $1,954, primarily severance expense, resulting from the Company's decision to realign its businesses into a new segment structure in the first quarter of 2014 following the spin-off of Knowles. | |||||||||||
Restructuring expenses incurred in 2013 and 2012 also included targeted facility consolidations at certain businesses. | ||||||||||||
The following table details the Company’s severance and other restructuring accrual activity: | ||||||||||||
Severance | Exit | Total | ||||||||||
Balance at December 31, 2011 | $ | 1,654 | 3,110 | $ | 4,764 | |||||||
Restructuring charges | 10,583 | 3,297 | 13,880 | |||||||||
Payments | (9,554 | ) | (3,916 | ) | (13,470 | ) | ||||||
Other, including foreign currency | 4 | 74 | 78 | |||||||||
Balance at December 31, 2012 | 2,687 | 2,565 | 5,252 | |||||||||
Restructuring charges | 7,103 | 2,015 | 9,118 | |||||||||
Payments | (7,001 | ) | (2,451 | ) | (9,452 | ) | ||||||
Other, including foreign currency | 87 | 337 | 424 | |||||||||
Balance at December 31, 2013 | 2,876 | 2,466 | 5,342 | |||||||||
Restructuring charges | 23,532 | 21,276 | 44,808 | |||||||||
Payments | (10,092 | ) | (5,750 | ) | (15,842 | ) | ||||||
Other, including foreign currency | (958 | ) | (11,329 | ) | (1) | (12,287 | ) | |||||
Balance at December 31, 2014 | $ | 15,358 | $ | 6,663 | $ | 22,021 | ||||||
(1) | Other activity in exit reserves primarily represents the non-cash write-off of inventory and fixed assets in connection with certain facility closures. | |||||||||||
The accrual balances at December 31, 2014 primarily reflects restructuring plans initiated during the year, as well as ongoing lease commitment obligations for facilities closed in earlier periods. |
Borrowings
Borrowings | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Debt Disclosure [Abstract] | ||||||||||||
Borrowings and Lines of Credit [Text Block] | 10. Borrowings and Lines of Credit | |||||||||||
Borrowings consist of the following: | ||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||
Short-term: | ||||||||||||
Current portion of long-term debt | $ | 299,956 | $ | 2,778 | ||||||||
Commercial paper | 478,000 | 226,500 | ||||||||||
$ | 777,956 | $ | 229,278 | |||||||||
December 31, 2014 | December 31, 2013 | |||||||||||
Long-term: | ||||||||||||
4.875% 10-year notes due October 15, 2015 | $ | 299,836 | $ | 299,638 | ||||||||
5.45% 10-year notes due March 15, 2018 | 348,928 | 348,598 | ||||||||||
2.125% 7-year notes due December 1, 2020 (euro-denominated) | 363,970 | 411,500 | ||||||||||
4.30% 10-year notes due March 1, 2021 | 449,839 | 449,813 | ||||||||||
6.65% 30-year debentures due June 1, 2028 | 199,517 | 199,483 | ||||||||||
5.375% 30-year debentures due October 15, 2035 | 296,685 | 296,526 | ||||||||||
6.60% 30-year notes due March 15, 2038 | 247,948 | 247,859 | ||||||||||
5.375% 30-year notes due March 1, 2041 | 345,830 | 345,671 | ||||||||||
Other | 444 | 2,891 | ||||||||||
Total long-term debt | 2,552,997 | 2,601,979 | ||||||||||
Less current portion | (299,956 | ) | (2,778 | ) | ||||||||
$ | 2,253,041 | $ | 2,599,201 | |||||||||
On December 4, 2013, the Company issued €300.0 million of 2.125% euro-denominated notes due 2020. The proceeds of $403,776 from the sale of the notes, net of discounts and issuance costs, were used to repay commercial paper. | ||||||||||||
On October 15, 2015, the outstanding 4.875% notes with a face value of $300.0 million will mature. These notes have been classified as current maturities of long-term debt as of December 31, 2014. Depending on capital requirements for 2015, the Company may finance the repayment of these notes through either the issuance of additional commercial paper or new debt instruments. | ||||||||||||
The long-term note borrowings presented above are net of unamortized discounts of $8,213 and $9,196 at December 31, 2014 and 2013, respectively. The debentures presented above include unamortized discounts of $3,798 and $3,991 at December 31, 2014 and 2013, respectively. The discounts are being amortized to interest expense using the effective interest rate method over the life of the issuances. The notes and debentures are redeemable at the option of Dover in whole or in part at any time at a redemption price that includes a make-whole premium, with accrued interest to the redemption date. | ||||||||||||
The Company maintains a $1.0 billion unsecured revolving credit facility with a syndicate of banks (the "Credit Agreement") which expires on November 10, 2016. At the Company's election, loans under the Credit Agreement will bear interest at a Eurodollar or Sterling rate based on LIBOR, plus an applicable margin ranging from 0.565% to 1.225% (subject to adjustment based on the credit rating accorded the Company's senior unsecured debt by S&P and Moody's), or at a base rate pursuant to a formula defined in the Credit Agreement. In addition, the Credit Agreement requires the Company to pay a facility fee and imposes various restrictions on the Company such as, among other things, the requirement for the Company to maintain an interest coverage ratio of EBITDA to consolidated net interest expense of not less than 3.0 to 1. The Company was in compliance with this covenant and its other long-term debt covenants at December 31, 2014 and had a coverage ratio of 12.7 to 1. The Company primarily uses this facility as liquidity back-up for its commercial paper program and has not drawn down any loans under the $1.0 billion facility and does not anticipate doing so. The Company generally uses commercial paper borrowings for general corporate purposes, funding of acquisitions, and the repurchases of its common stock. | ||||||||||||
Interest expense and interest income for the years ended December 31, 2014, 2013 and 2012 were as follows: | ||||||||||||
Years Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Interest expense | $ | 131,689 | $ | 124,535 | $ | 125,992 | ||||||
Interest income | (4,510 | ) | (3,881 | ) | (4,723 | ) | ||||||
Interest expense, net | $ | 127,179 | $ | 120,654 | $ | 121,269 | ||||||
The weighted average interest rate for short-term commercial paper borrowings was 0.1% for 2014 and 0.1% for 2013. | ||||||||||||
Scheduled maturities of long-term debt for the years ending December 31 are as follows: | ||||||||||||
2015 | $ | 299,956 | ||||||||||
2016 | 114 | |||||||||||
2017 | 117 | |||||||||||
2018 | 348,958 | |||||||||||
2019 | — | |||||||||||
2020 and thereafter | 1,903,852 | |||||||||||
$ | 2,552,997 | |||||||||||
As of December 31, 2014, the Company had approximately $135,452 outstanding in letters of credit and guarantees with financial institutions, which expire at various dates in 2015 through 2020. These letters of credit are primarily maintained as security for insurance, warranty and other performance obligations. |
Financial_Instruments
Financial Instruments | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 11. Financial Instruments | |||||||||||||||||||||||
Derivatives | ||||||||||||||||||||||||
The Company is exposed to market risk for changes in foreign currency exchange rates due to the global nature of its operations. In order to manage this risk the Company has hedged portions of its forecasted sales and purchases, which occur within the next twelve months and are denominated in non-functional currencies, with currency forward or collar contracts designated as cash flow hedges. At December 31, 2014 and December 31, 2013, the Company had contracts with U.S. dollar equivalent notional amounts of $47,047 and $33,216, respectively, to exchange foreign currencies, principally the U.S. dollar, euro, Chinese yuan. The Company believes it is probable that all forecasted cash flow transactions will occur. | ||||||||||||||||||||||||
In addition, the Company had outstanding contracts at December 31, 2014 and December 31, 2013 with a total notional amount of $52,392 and $104,688, respectively, that are not designated as hedging instruments. These instruments are used to reduce the Company's exposure for operating receivables and payables that are denominated in non-functional currencies. Gains and losses on the fair value of these instruments is reflected in other expense (income) on the Consolidated Statements of Earnings. | ||||||||||||||||||||||||
The Company also has an outstanding floating-to-floating cross currency swap agreement for a total notional amount of $50,000 in exchange for CHF 65,100, which expires on October 15, 2015. This transaction hedges a portion of the Company’s net investment in CHF-denominated operations. The agreement qualifies as a net investment hedge and the effective portion of the change in fair value is reported within the cumulative translation adjustment section of other comprehensive income. The fair values at December 31, 2014 and December 31, 2013 reflected cumulative losses of $15,567 and $23,716, respectively, due to the strengthening of the Swiss franc relative to the U.S. dollar over the term of the arrangement. | ||||||||||||||||||||||||
The following table sets forth the fair values of derivative instruments held by the Company as of December 31, 2014 and December 31, 2013 and the balance sheet lines in which they are recorded: | ||||||||||||||||||||||||
Fair Value Asset (Liability) | ||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | Balance Sheet Caption | ||||||||||||||||||||||
Foreign currency forward / collar contracts | $ | 973 | $ | 879 | Prepaid and other current assets | |||||||||||||||||||
Foreign currency forward / collar contracts | (810 | ) | (168 | ) | Other accrued expenses | |||||||||||||||||||
Net investment hedge - cross currency swap | (15,567 | ) | (23,716 | ) | Accrued expenses / Other liabilities (1) | |||||||||||||||||||
-1 | The liability relating to the cumulative loss on the Swiss franc cross currency swap is reflected in accrued expenses on the Consolidated Balance Sheet at December 31, 2014 as this swap matures on October 15, 2015. It was reflected in other liabilities as of December 31, 2013. | |||||||||||||||||||||||
The amount of gains or losses from hedging activity recorded in earnings is not significant and the amount of unrealized gains and losses from cash flow hedges which are expected to be reclassified to earnings in the next twelve months is not significant; therefore, additional tabular disclosures are not presented. There are no amounts excluded from the assessment of hedge effectiveness, and the Company's derivative instruments that are subject to credit risk contingent features were not significant. | ||||||||||||||||||||||||
The Company is exposed to credit loss in the event of nonperformance by counterparties to the financial instrument contracts held by the Company; however, nonperformance by these counterparties is considered unlikely as the Company’s policy is to contract with highly-rated, diversified counterparties. | ||||||||||||||||||||||||
Additionally, the Company has designated the €300.0 million of euro-denominated notes issued December 4, 2013 as a hedge of a portion of the its net investment in euro-denominated operations. Due to the high degree of effectiveness between the hedging instruments and the exposure being hedged, fluctuations in the value of the euro-denominated debt due to exchange rate changes are offset by changes in the net investment. Accordingly, changes in the value of the euro-denominated debt are recognized in the cumulative translation adjustment section of other comprehensive income to offset changes in the value of the net investment in euro-denominated operations. | ||||||||||||||||||||||||
Amounts recognized in other comprehensive earnings (loss) for the gains (losses) on its net investment hedges were as follows: | ||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
Gain (loss) on euro-denominated debt | $ | 47,630 | $ | (6,099 | ) | $ | — | |||||||||||||||||
Gain (loss) on Swiss franc cross-currency swap | 8,149 | (1,035 | ) | (1,025 | ) | |||||||||||||||||||
Total gain (loss) on net investment hedges before tax | 55,779 | (7,134 | ) | (1,025 | ) | |||||||||||||||||||
Tax (expense) benefit | (19,523 | ) | 2,494 | 359 | ||||||||||||||||||||
Net gain (loss) on net investment hedges, net of tax | $ | 36,256 | $ | (4,640 | ) | $ | (666 | ) | ||||||||||||||||
Fair Value Measurements | ||||||||||||||||||||||||
Accounting Standards Codification ("ASC") 820, "Fair Value Measurements and Disclosures," establishes a fair value hierarchy that requires the Company to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the hierarchy is based on the lowest level of input that is significant to the fair value measurement. ASC 820 establishes three levels of inputs that may be used to measure fair value. | ||||||||||||||||||||||||
Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. | ||||||||||||||||||||||||
Level 2 inputs include inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices in active markets for similar assets and liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of assets or liabilities. | ||||||||||||||||||||||||
Level 3 inputs are unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. | ||||||||||||||||||||||||
The following table presents the Company’s assets and liabilities measured at fair value on a recurring basis as of December 31, 2014 and December 31, 2013: | ||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | |||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Foreign currency cash flow hedges | $ | — | $ | 973 | $ | — | $ | — | $ | 879 | $ | — | ||||||||||||
Liabilities: | ||||||||||||||||||||||||
Foreign currency cash flow hedges | — | 810 | — | — | 168 | — | ||||||||||||||||||
Swiss franc cross-currency swap | — | 15,567 | — | — | 23,716 | — | ||||||||||||||||||
The derivative contracts are measured at fair value using models based on observable market inputs such as foreign currency exchange rates and interest rates; therefore, they are classified within Level 2 of the valuation hierarchy. | ||||||||||||||||||||||||
In addition to fair value disclosure requirements related to financial instruments carried at fair value, accounting standards require disclosures regarding the fair value of all of the Company’s financial instruments. The estimated fair value of long-term debt at December 31, 2014 and December 31, 2013 was $3,002,701 and $2,872,454, respectively, compared to the carrying value of $2,552,997 and $2,601,979, respectively. The estimated fair value of long-term debt is based on quoted market prices for similar instruments and is, therefore, classified as Level 2 within the valuation hierarchy. The carrying values of cash and cash equivalents, trade receivables, accounts payable, and notes payable are reasonable estimates of their fair values as of December 31, 2014 and December 31, 2013 due to the short-term nature of these instruments. |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||
Income Tax Disclosure [Text Block] | 12. Income Taxes | |||||||||||
Income taxes have been based on the following components of “Earnings before provision for income taxes and discontinued operations” in the Consolidated Statements of Earnings: | ||||||||||||
Years Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Domestic | $ | 789,689 | $ | 714,723 | $ | 640,896 | ||||||
Foreign | 304,518 | 331,263 | 290,169 | |||||||||
$ | 1,094,207 | $ | 1,045,986 | $ | 931,065 | |||||||
Income tax expense (benefit) relating to continuing operations for the years ended December 31, 2014, 2013, and 2012 is comprised of the following: | ||||||||||||
Years Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Current: | ||||||||||||
U.S. Federal | $ | 231,939 | $ | 114,218 | $ | 196,622 | ||||||
State and local | 8,434 | 17,468 | (1,590 | ) | ||||||||
Foreign | 97,037 | 89,702 | 84,723 | |||||||||
Total current | 337,410 | 221,388 | 279,755 | |||||||||
Deferred: | ||||||||||||
U.S. Federal | $ | 7,386 | $ | 35,315 | $ | 20,149 | ||||||
State and local | 11,250 | (4,556 | ) | (2,262 | ) | |||||||
Foreign | (39,979 | ) | (3,688 | ) | (16,652 | ) | ||||||
Total deferred | (21,343 | ) | 27,071 | 1,235 | ||||||||
Total expense | $ | 316,067 | $ | 248,459 | $ | 280,990 | ||||||
Differences between the effective income tax rate and the U.S. federal income statutory rate are as follows: | ||||||||||||
Years Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
U.S. Federal income tax rate | 35 | % | 35 | % | 35 | % | ||||||
State and local taxes, net of Federal income tax benefit | 1.3 | 1.2 | 1.3 | |||||||||
Foreign operations tax effect | (3.7 | ) | (3.3 | ) | (3.2 | ) | ||||||
R&E tax credits (1) | (0.3 | ) | (0.7 | ) | — | |||||||
Domestic manufacturing deduction | (3.0 | ) | (2.2 | ) | (2.2 | ) | ||||||
Foreign tax credits | 0.4 | 0.3 | 0.3 | |||||||||
Branch losses | (0.7 | ) | (0.2 | ) | — | |||||||
Release of valuation allowance | (0.6 | ) | — | — | ||||||||
Resolution of tax contingencies | (0.5 | ) | (7.2 | ) | (1.8 | ) | ||||||
Other, principally non-tax deductible items | 1 | 0.9 | 0.8 | |||||||||
Effective rate from continuing operations | 28.9 | % | 23.8 | % | 30.2 | % | ||||||
-1 | On January 2, 2013, the American Taxpayer Relief Act of 2012 was signed into law, and this legislation retroactively extended the R&E tax credit for two years, from January 1, 2012 through December 31, 2013. Income tax expense for 2013 includes $4.8 million for the entire benefit of the R&E tax credit attributable to 2012. | |||||||||||
The tax effects of temporary differences that give rise to future deferred tax assets and liabilities are as follows: | ||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||
Deferred Tax Assets: | ||||||||||||
Accrued compensation, principally postretirement and other employee benefits | $ | 151,640 | $ | 130,326 | ||||||||
Accrued expenses, principally for state income taxes, interest, and warranty | 45,262 | 43,700 | ||||||||||
Net operating loss and other carryforwards | 190,298 | 70,821 | ||||||||||
Inventories, principally due to reserves for financial reporting purposes and capitalization for tax purposes | 13,285 | 14,068 | ||||||||||
Accounts receivable, principally due to allowance for doubtful accounts | 4,323 | 4,507 | ||||||||||
Accrued insurance | 5,529 | 4,353 | ||||||||||
Long-term liabilities, principally warranty, environmental, and exit costs | 4,096 | 3,777 | ||||||||||
Other assets | (8,838 | ) | (11,957 | ) | ||||||||
Total gross deferred tax assets | 405,595 | 259,595 | ||||||||||
Valuation allowance | (141,252 | ) | (14,063 | ) | ||||||||
Total deferred tax assets | $ | 264,343 | $ | 245,532 | ||||||||
Deferred Tax Liabilities: | ||||||||||||
Intangible assets, principally due to different tax and financial reporting bases and amortization lives | $ | (694,602 | ) | $ | (604,464 | ) | ||||||
Plant and equipment, principally due to differences in depreciation | (55,012 | ) | (61,455 | ) | ||||||||
Accounts receivable | (6,481 | ) | (6,674 | ) | ||||||||
Total gross deferred tax liabilities | (756,095 | ) | (672,593 | ) | ||||||||
Net deferred tax liability | $ | (491,752 | ) | $ | (427,061 | ) | ||||||
Classified as follows in the consolidated balance sheets: | ||||||||||||
Current deferred tax asset | $ | 63,276 | $ | 60,101 | ||||||||
Non-current deferred tax asset | 10,107 | 5,642 | ||||||||||
Current deferred tax liability | (928 | ) | (953 | ) | ||||||||
Non-current deferred tax liability | (564,207 | ) | (491,851 | ) | ||||||||
$ | (491,752 | ) | $ | (427,061 | ) | |||||||
As of December 31, 2014, the Company has loss carryforwards for U.S. Federal purposes totaling approximately $71.5 million attributed to the 2011 Anthony acquisition, and loss carryforwards for non-U.S. purposes totaling $519.4 million primarily resulting from restructuring undertaken to effect the Knowles spin-off. As of December 31, 2013, the Company had non-U.S loss carryforwards of $39.9 million. The federal loss carryforwards are available for use against the Company's consolidated federal taxable income and begin to expire in 2024. The entire balance of the non-U.S. losses as of December 31, 2014 is available to be carried forward, with $20.3 million of these losses beginning to expire during the years 2015 through 2034. The remaining $499.1 million of such losses can be carried forward indefinitely. | ||||||||||||
The Company has $109.2 million and $145.8 million of state tax loss carryforwards as of December 31, 2014 and 2013, respectively, that are available for use by the Company between 2015 and 2034. | ||||||||||||
As of December 31, 2014 and 2013, the Company has research and development credit carryforwards for U.S. Federal purposes of $0.8 million attributable to the 2011 Anthony acquisition and no alternative minimum tax credits. The research and development credits begin to expire in 2025. | ||||||||||||
The Company maintains valuation allowances by jurisdiction against the deferred tax assets related to certain of these carryforwards as utilization of these tax benefits is not assured for certain jurisdictions. | ||||||||||||
The Company has not provided for U.S. federal income taxes or tax benefits on the undistributed earnings of its international subsidiaries, totaling approximately $1.3 billion at December 31, 2014, because such earnings are reinvested and it is currently intended that they will continue to be reinvested indefinitely. It is not practicable to estimate the amount of tax that might be payable if some or all of such earnings were to be repatriated, and the amount of foreign tax credits that would be available to reduce or eliminate the resulting U.S. income tax liability. | ||||||||||||
Unrecognized Tax Benefits | ||||||||||||
The Company files U.S., state, local, and foreign tax returns. The Company is routinely audited by the tax authorities in these jurisdictions, and a number of audits are currently underway. It is reasonably possible during the next twelve months that uncertain tax positions may be settled, which could result in a decrease in the gross amount of unrecognized tax benefits. This decrease may result in an income tax benefit. Due to the potential for resolution of federal, state, and foreign examinations, and the expiration of various statutes of limitation, the Company's gross unrecognized tax benefits balance may change within the next twelve months by a range of zero to $27 million. Some portion of any such change may be reported as discontinued operations. The Company is no longer subject to examinations of its federal income tax returns for years through 2010. All significant state, local, and international matters have been concluded for years through 2007. The Company believes adequate provision has been made for all income tax uncertainties. | ||||||||||||
The following table is a reconciliation of the beginning and ending balances of the Company’s unrecognized tax benefits: | ||||||||||||
Continuing | Discontinued | Total | ||||||||||
Unrecognized tax benefits at January 1, 2012 | $ | 134,773 | $ | 54,268 | $ | 189,041 | ||||||
Additions based on tax positions related to the current year | 10,188 | 26 | 10,214 | |||||||||
Additions for tax positions of prior years | 4,128 | 3,470 | 7,598 | |||||||||
Reductions for tax positions of prior years | (14,257 | ) | (25 | ) | (14,282 | ) | ||||||
Settlements | (418 | ) | (85 | ) | (503 | ) | ||||||
Lapse of statutes | (12,550 | ) | (3,429 | ) | (15,979 | ) | ||||||
Unrecognized tax benefits at December 31, 2012 | 121,864 | 54,225 | 176,089 | |||||||||
Additions based on tax positions related to the current year | 9,056 | 1 | 9,057 | |||||||||
Additions for tax positions of prior years | 7,584 | 3,315 | 10,899 | |||||||||
Reductions for tax positions of prior years (A) | (62,610 | ) | (40,240 | ) | (102,850 | ) | ||||||
Settlements | (2,823 | ) | (2,523 | ) | (5,346 | ) | ||||||
Lapse of statutes | (7,845 | ) | (1,564 | ) | (9,409 | ) | ||||||
Unrecognized tax benefits at December 31, 2013 | 65,226 | 13,214 | 78,440 | |||||||||
Additions based on tax positions related to the current year | 11,751 | 14 | 11,765 | |||||||||
Additions for tax positions of prior years | 1,065 | 499 | 1,564 | |||||||||
Reductions for tax positions of prior years | (5,782 | ) | (265 | ) | (6,047 | ) | ||||||
Settlements | (843 | ) | (155 | ) | (998 | ) | ||||||
Lapse of statutes | (5,050 | ) | (2,585 | ) | (7,635 | ) | ||||||
Unrecognized tax benefits at December 31, 2014 | $ | 66,367 | (B) | $ | 10,722 | $ | 77,089 | |||||
(A) | The settlement of certain income tax examinations of the 2009 and 2010 tax years resulted in a significant decrease in gross unrecognized tax benefits. | |||||||||||
(B) | If recognized, the net amount of potential tax benefits that would impact the Company’s effective tax rate is $48.8 million. During the years ended December 31, 2014, 2013, and 2012, the Company recorded potential interest and penalty expense (income) of $(1.3) million, $(5.5) million and $0.1 million, respectively, related to its unrecognized tax benefits as a component of provision for income taxes. The Company had accrued interest and penalties of $15.5 million at December 31, 2014 and $17.1 million at December 31, 2013, which are not included in the above table. |
Equity_and_Cash_Incentive_Prog
Equity and Cash Incentive Program | 12 Months Ended | ||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||
Share-based Compensation [Abstract] | |||||||||||||||||||||||||||
Share-based Compensation [Abstract] | 13. Equity and Cash Incentive Program | ||||||||||||||||||||||||||
The Company's share-based awards are typically granted annually at its regularly scheduled first quarter Compensation Committee meeting. Beginning in 2013, these awards were made pursuant to the terms of the Company's 2012 Equity and Cash Incentive Plan (the "2012 Plan"), which was approved by shareholders on May 3, 2012. This plan replaced the 2005 Equity and Cash Incentive Plan (the "2005 Plan"), which would have otherwise terminated according to its terms on January 31, 2015 and the 1996 Non-Employee Directors Stock Compensation Plan (the "Directors Plan"), which would have otherwise terminated according to its terms on December 31, 2012. Upon approval of the 2012 Plan, no additional awards may be granted under the 2005 Plan. Officers and other key employees, as well as non-employee directors, are eligible to participate in the 2012 Plan, which has a ten year term and will terminate on May 3, 2022. The 2012 Plan provides for stock options and SARs grants, restricted stock awards, restricted stock unit awards, performance share awards, cash performance awards, directors' shares, and deferred stock units. Under the 2012 Plan, a total of 17,000,000 shares of common stock are reserved for issuance, subject to adjustments resulting from stock dividends, stock splits, recapitalizations, reorganizations, and other similar changes. | |||||||||||||||||||||||||||
The exercise price per share for stock options and SARs is equal to the closing price of the Company’s stock on the New York Stock Exchange on the date of grant. New common shares are issued when options or SARs are exercised. The period during which options and SARs are exercisable is fixed by the Company’s Compensation Committee at the time of grant. Generally, the stock options or SARs vest after three years of service and expire at the end of ten years. | |||||||||||||||||||||||||||
In addition, in connection with the separation of Knowles on February 28, 2014, the Company modified the outstanding equity awards for its employees. The awards were modified such that all individuals received an equivalent fair value both before and after the separation of Knowles. This modification resulted in the issuance of an additional 933,845 SARs, 20,523 stock options, 11,480 performance shares and 5,389 restricted stock units. The exercise price of these outstanding awards, where applicable, was adjusted to preserve the value of the awards immediately prior to the separation. As no incremental fair value was awarded as a result of the issuance of these additional shares, the modification did not result in additional compensation expense. | |||||||||||||||||||||||||||
Stock-based compensation costs are reported within selling and administrative expenses. The following table summarizes the Company’s compensation expense relating to all stock-based incentive plans: | |||||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||
Pre-tax compensation expense | $ | 31,628 | $ | 30,480 | $ | 30,884 | |||||||||||||||||||||
Tax benefit | (11,201 | ) | (10,745 | ) | (10,904 | ) | |||||||||||||||||||||
Total stock-based compensation expense, net of tax | $ | 20,427 | $ | 19,735 | $ | 19,980 | |||||||||||||||||||||
SARs and Stock Options | |||||||||||||||||||||||||||
In 2014, 2013, and 2012, the Company issued SARs covering 1,043,734, 1,613,884, and 1,719,943 shares, respectively. Since 2006, the Company has only issued SARs and does not anticipate issuing stock options in the future. The fair value of each SAR grant was estimated on the date of grant using a Black-Scholes option-pricing model with the following assumptions: | |||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||
Risk-free interest rate | 1.7 | % | 1.39 | % | 1.05 | % | |||||||||||||||||||||
Dividend yield | 1.98 | % | 2.06 | % | 2.03 | % | |||||||||||||||||||||
Expected life (years) | 5.3 | 7.1 | 5.7 | ||||||||||||||||||||||||
Volatility | 30.81 | % | 33.78 | % | 36.41 | % | |||||||||||||||||||||
Grant price | $ | 82.51 | $ | 63.33 | $ | 57.62 | |||||||||||||||||||||
Fair value at date of grant (1) | $ | 19.84 | $ | 18.17 | $ | 16.31 | |||||||||||||||||||||
-1 | Updated to reflect the modification of grants issued prior to 2014 in connection with the separation of Knowles. | ||||||||||||||||||||||||||
Expected volatilities are based on Dover's stock price history, including implied volatilities from traded options on Dover stock. The Company uses historical data to estimate SAR exercise and employee termination patterns within the valuation model. The expected life of SARs granted is derived from the output of the option valuation model and represents the average period of time that SARs granted are expected to be outstanding. The interest rate for periods within the contractual life of the options is based on the U.S. Treasury yield curve in effect at the time of grant. | |||||||||||||||||||||||||||
A summary of activity relating to SARs and stock options granted under the 2012 Plan and the predecessor plans for the year ended December 31, 2014 is as follows: | |||||||||||||||||||||||||||
SARs | Stock Options | ||||||||||||||||||||||||||
Number of Shares | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term (Years) | Number of Shares | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term (Years) | ||||||||||||||||||||||
Outstanding at 1/1/2014 | 7,520,760 | $ | 56.67 | 209,827 | $ | 38.39 | |||||||||||||||||||||
Surrendered upon spin-off (1) | (359,151 | ) | 62.55 | (4,555 | ) | 38 | |||||||||||||||||||||
Modification upon spin-off (2) | 933,845 | — | 20,523 | — | |||||||||||||||||||||||
Granted | 1,043,734 | 82.51 | — | — | |||||||||||||||||||||||
Forfeit / expired | (281,822 | ) | 65.65 | (7,605 | ) | 41.79 | |||||||||||||||||||||
Exercised | (1,216,624 | ) | 43.97 | (165,283 | ) | 35.04 | |||||||||||||||||||||
Outstanding at 12/31/2014 | 7,640,742 | 54.69 | 6.3 | 52,907 | 33.5 | 0.1 | |||||||||||||||||||||
Exercisable at 12/31/2014 | 3,631,702 | $ | 42.43 | 4.6 | 52,907 | $ | 33.5 | 0.1 | |||||||||||||||||||
-1 | In connection with the spin-off on February 28, 2014, Knowles employees surrendered their outstanding Dover equity awards, which were then converted to Knowles equity awards. | ||||||||||||||||||||||||||
-2 | Subsequent to the separation of Knowles, the Company modified its outstanding equity awards to employees such that all individuals received an equivalent fair value both before and after the separation, which resulted in a lower exercise price for all outstanding equity awards at the time of modification. | ||||||||||||||||||||||||||
All option awards outstanding at December 31, 2014 are vested and exercisable. These awards have an exercise price in the range of $33.49 to $34.73 and an aggregate intrinsic value of $2,022 at December 31, 2014. The following table summarizes information about outstanding SARs at December 31, 2014: | |||||||||||||||||||||||||||
SARs Outstanding | SARs Exercisable | ||||||||||||||||||||||||||
Range of Exercise Prices | Number of Shares | Weighted Average | Weighted Average | Aggregate Intrinsic Value | Number of Shares | Weighted Average | Weighted Average | Aggregate Intrinsic Value | |||||||||||||||||||
Exercise Price | Remaining Life | Exercise Price | Remaining Life | ||||||||||||||||||||||||
in Years | in Years | ||||||||||||||||||||||||||
$25.96 - $37.79 | 2,130,558 | $ | 34.01 | 4.5 | $ | 80,342 | 2,130,558 | $ | 34.01 | 4.5 | $ | 80,342 | |||||||||||||||
$40.54 - $58.69 | 3,039,611 | $ | 55.97 | 5.7 | $ | 47,863 | 1,491,509 | $ | 54.26 | 4.9 | $ | 26,035 | |||||||||||||||
$63.33 - $82.51 | 2,470,573 | $ | 70.95 | 8.5 | $ | 12,490 | 9,635 | $ | 70.57 | 8.5 | $ | 50 | |||||||||||||||
7,640,742 | $ | 140,695 | 3,631,702 | $ | 106,427 | ||||||||||||||||||||||
Unrecognized compensation expense related to SARs not yet exercisable was $22,807 at December 31, 2014. This cost is expected to be recognized over a weighted average period of 1.5 years. | |||||||||||||||||||||||||||
Other information regarding the exercise of SARs and stock options is listed below: | |||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||
SARs | |||||||||||||||||||||||||||
Fair value of SARs that became exercisable | $ | 26,796 | $ | 23,605 | $ | 16,484 | |||||||||||||||||||||
Aggregate intrinsic value of SARs exercised | $ | 51,813 | $ | 83,944 | $ | 61,531 | |||||||||||||||||||||
Stock Options | |||||||||||||||||||||||||||
Cash received by Dover for exercise of stock options | $ | 5,227 | $ | 14,830 | $ | 38,029 | |||||||||||||||||||||
Aggregate intrinsic value of options exercised | $ | 8,614 | $ | 19,937 | $ | 29,866 | |||||||||||||||||||||
The Company recognized tax benefits of $15,110, $25,661, and $22,771 during 2014, 2013, and 2012, respectively, for the exercise of SARs and stock options. These benefits have been recorded as an increase to additional paid-in capital and are reflected as financing cash inflows in the Consolidated Statements of Cash Flows. | |||||||||||||||||||||||||||
Performance Share Awards | |||||||||||||||||||||||||||
Performance share awards granted are expensed over the three-year requisite performance and service period. Awards shall become vested if (1) the Company achieves certain specified stock performance targets compared to a defined group of peer companies and (2) the employee remains continuously employed by the company during the performance period. Partial vesting may occur after separation from service in the case of certain terminations not for cause and for retirements. | |||||||||||||||||||||||||||
In 2014, 2013, and 2012, the Company issued performance shares covering 58,206, 47,032, and 50,416 shares, respectively. The performance share awards granted in 2014 are considered performance condition awards as attainment is based on Dover's performance relative to established internal metrics. The fair value of the 2014 awards was determined using Dover's closing stock price on the date of grant of $82.51. For the year end December 31, 2014, we have assumed an average attainment rate of the internal metrics of 82.6%. The expected attainment of the internal metrics for these awards is analyzed each reporting period, and the related expense is adjusted up or down based on expected attainment, if that attainment differs from previous estimates. The cumulative effect on current and prior periods of a change in attainment is recognized in compensation cost in the period of change. | |||||||||||||||||||||||||||
The performance share awards granted in 2013 and 2012 are market condition awards as attainment is based on Dover's three-year performance relative to its peer group for the relevant performance period. These awards were valued on the date of grant using a Monte Carlo simulation model (a binomial lattice-based valuation model) with the following assumptions, and are generally recognized ratably over the vesting period: | |||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||
Risk-free interest rate | 0.4 | % | 0.37 | % | |||||||||||||||||||||||
Dividend yield | 2.06 | % | 2.03 | % | |||||||||||||||||||||||
Expected life (years) | 2.9 | 2.9 | |||||||||||||||||||||||||
Volatility | 30.36 | % | 34.1 | % | |||||||||||||||||||||||
Fair value of performance award (1) | $ | 70.92 | $ | 63.43 | |||||||||||||||||||||||
-1 | Updated to reflect the modification of grants issued prior to 2014 in connection with the separation of Knowles. | ||||||||||||||||||||||||||
Expected volatilities are based on historical volatilities of each of the defined peer companies. The interest rate is based on the U.S. Treasury yield curve in effect at the time of grant. | |||||||||||||||||||||||||||
A summary of activity for performance share awards for the year ended December 31, 2014 is as follows: | |||||||||||||||||||||||||||
Number of Shares | Weighted-Average | ||||||||||||||||||||||||||
Grant-Date | |||||||||||||||||||||||||||
Fair Value | |||||||||||||||||||||||||||
Unvested at January 1, 2014 | 92,545 | $ | 76.05 | ||||||||||||||||||||||||
Surrendered upon spin-off (1) | (7,177 | ) | 76.67 | ||||||||||||||||||||||||
Modification upon spin-off (2) | 11,480 | — | |||||||||||||||||||||||||
Granted | 58,206 | 82.51 | |||||||||||||||||||||||||
Forfeit | (2,381 | ) | 80.21 | ||||||||||||||||||||||||
Vested (3) | (50,950 | ) | 63.43 | ||||||||||||||||||||||||
Unvested at December 31, 2014 | 101,723 | $ | 77.33 | ||||||||||||||||||||||||
-1 | In connection with the spin-off on February 28, 2014, Knowles employees surrendered their outstanding Dover equity awards, which were then converted to Knowles equity awards. | ||||||||||||||||||||||||||
-2 | Subsequent to the separation of Knowles, the Company modified its outstanding equity awards to employees such that all individuals received an equivalent fair value both before and after the separation. | ||||||||||||||||||||||||||
-3 | Under the terms of the performance share award, the actual number of shares awarded can range from zero to 200% of the original target grant, depending on Dover's three-year performance relative to the peer group for the relevant performance period. The awards that vested in 2014, as shown above, will result in zero issuances of Dover common shares as a result of the three-year performance from 2012 - 2014 relative to its peer group. | ||||||||||||||||||||||||||
Unrecognized compensation expense related to unvested performance shares as of December 31, 2014 was $3,487, which will be recognized over a weighted average period of 1.5 years. | |||||||||||||||||||||||||||
Restricted Stock Awards | |||||||||||||||||||||||||||
The Company also has restricted stock authorized for grant (as part of the 2005 and 2012 Plans), under which common stock of the Company may be granted at no cost to certain officers and key employees. In general, restrictions limit the sale or transfer of these shares during a two or three year period, and restrictions lapse proportionately over the two or three year period. The Company granted 131,719 of restricted stock awards in 2014. No restricted stock awards were issued in 2013 or 2012. | |||||||||||||||||||||||||||
A summary of activity for restricted stock awards for the year ended December 31, 2014 is as follows: | |||||||||||||||||||||||||||
Number of Shares | Weighted-Average | ||||||||||||||||||||||||||
Grant-Date | |||||||||||||||||||||||||||
Fair Value | |||||||||||||||||||||||||||
Unvested at January 1, 2014 | 40,000 | $ | 66.59 | ||||||||||||||||||||||||
Modification upon spin-off (1) | 5,389 | — | |||||||||||||||||||||||||
Granted | 131,719 | 82.51 | |||||||||||||||||||||||||
Forfeit | (10,623 | ) | 82.51 | ||||||||||||||||||||||||
Vested | (485 | ) | 82.51 | ||||||||||||||||||||||||
Unvested at December 31, 2014 | 166,000 | $ | 76 | ||||||||||||||||||||||||
-1 | Subsequent to the separation of Knowles, the Company modified its outstanding equity awards to employees such that all individuals received an equivalent fair value both before and after the separation. | ||||||||||||||||||||||||||
Unrecognized compensation expense relating to unvested restricted stock as of December 31, 2014 was $7,255, which will be recognized over a weighted average period of 1.4 years. | |||||||||||||||||||||||||||
Directors' Shares | |||||||||||||||||||||||||||
The Company issued the following shares to its non-employee directors under the 2012 Plan as partial compensation for serving as directors of the Company: | |||||||||||||||||||||||||||
Years ended December 31, | |||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||
Aggregate shares granted | 17,331 | 14,271 | 20,344 | ||||||||||||||||||||||||
Shares deferred | (8,904 | ) | (6,929 | ) | — | ||||||||||||||||||||||
Shares withheld to satisfy tax obligations | (210 | ) | (354 | ) | (544 | ) | |||||||||||||||||||||
Net shares issued | 8,217 | 6,988 | 19,800 | ||||||||||||||||||||||||
Commitments_and_Contingent_Lia
Commitments and Contingent Liabilities | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||||
Commitments and Contingent Liabilities | 14. Commitments and Contingent Liabilities | |||||||
Lease Commitments | ||||||||
The Company leases certain facilities and equipment under operating leases, many of which contain renewal options. Total rental expense, net of insignificant sublease rental income, for all operating leases was $87,149, $76,541, and $66,118 for the years ended December 31, 2014, 2013, and 2012, respectively. Contingent rentals under the operating leases were not significant. | ||||||||
The aggregate future minimum lease payments for operating and capital leases as of December 31, 2014 are as follows: | ||||||||
Operating | Capital | |||||||
2015 | $ | 63,979 | $ | 3,801 | ||||
2016 | 51,193 | 2,015 | ||||||
2017 | 42,647 | 731 | ||||||
2018 | 33,297 | 196 | ||||||
2019 | 24,283 | 112 | ||||||
2020 and thereafter | 57,536 | 347 | ||||||
$ | 272,935 | $ | 7,202 | |||||
Guarantees | ||||||||
The Company has provided typical indemnities in connection with sales of certain businesses and assets, including representations and warranties and related indemnities for environmental, health and safety, tax, and employment matters. The Company does not have any material liabilities recorded for these indemnifications and is not aware of any claims or other information that would give rise to material payments under such indemnities. | ||||||||
Litigation | ||||||||
A few of the Company’s subsidiaries are involved in legal proceedings relating to the cleanup of waste disposal sites identified under federal and state statutes which provide for the allocation of such costs among “potentially responsible parties.” In each instance, the extent of the Company’s liability appears to be very small in relation to the total projected expenditures and the number of other “potentially responsible parties” involved and is anticipated to be immaterial to the Company. In addition, a few of the Company’s subsidiaries are involved in ongoing remedial activities at certain current and former plant sites, in cooperation with regulatory agencies, and appropriate reserves have been established. At December 31, 2014 and 2013, the Company has reserves totaling $32,890 and $34,031, respectively, for environmental and other matters, including private party claims for exposure to hazardous substances, that are probable and estimable. | ||||||||
The Company and certain of its subsidiaries are also parties to a number of other legal proceedings incidental to their businesses. These proceedings primarily involve claims by private parties alleging injury arising out of use of the Company’s products, exposure to hazardous substances, patent infringement, employment matters, and commercial disputes. Management and legal counsel, at least quarterly, review the probable outcome of such proceedings, the costs and expenses reasonably expected to be incurred and currently accrued to-date, and the availability and extent of insurance coverage. The Company has reserves for legal matters that are probable and estimable and not otherwise covered by insurance, and at December 31, 2014 and 2013, these reserves are not significant. While it is not possible at this time to predict the outcome of these legal actions, in the opinion of management, based on the aforementioned reviews, the Company is not currently involved in any legal proceedings which, individually or in the aggregate, could have a material affect on its financial position, results of operations, or cash flows. |
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended | |||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||||||
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||
Employee Benefit Plans | 15. Employee Benefit Plans | |||||||||||||||||||||||||||||||||||
The Company offers defined contribution retirement plans which cover the majority of its U.S. employees, as well as employees in certain other countries. The Company’s expense relating to defined contribution plans was $34,263, $25,645, and $25,805 for the years ended December 31, 2014, 2013, and 2012, respectively. | ||||||||||||||||||||||||||||||||||||
The Company sponsors qualified defined benefit pension plans covering certain employees of the Company and its subsidiaries. The plans’ benefits are generally based on years of service and employee compensation. The Company also provides to certain management employees, through non-qualified plans, supplemental retirement benefits in excess of qualified plan limits imposed by federal tax law. | ||||||||||||||||||||||||||||||||||||
In July 2013, the Company announced that, after December 31, 2013, the U.S. qualified and non-qualified defined benefit plans will be closed to new employees. All pension-eligible employees as of December 31, 2013 will continue to earn a pension benefit through December 31, 2023 as long as they remain employed by an operating company participating in the plan. The Company also announced that effective, January 1, 2024, the plan would be frozen to any future benefit accruals. | ||||||||||||||||||||||||||||||||||||
In connection with the recent separation of Knowles, the Company offered one-time lump sum payments in 2014 to Knowles employees that participated in Dover's qualified defined benefit pension plan. In 2014, the Company made total lump sum payments to participants in this plan of $49,338. Based on the total of the lump sum payments made to both Knowles and other participants in the plan during the year, the Company recorded a settlement charge of approximately $10,279 in 2014. | ||||||||||||||||||||||||||||||||||||
The Company also maintains post retirement benefit plans which cover approximately 1,165 participants, approximately 1,143 of whom are eligible for medical benefits. These plans are effectively closed to new entrants. The supplemental and post retirement benefit plans are supported by the general assets of the Company. | ||||||||||||||||||||||||||||||||||||
Obligations and Funded Status | ||||||||||||||||||||||||||||||||||||
The following tables summarize the balance sheet impact, including the benefit obligations, assets, and funded status associated with the Company's significant defined benefit and other postretirement plans at December 31, 2014 and 2013. | ||||||||||||||||||||||||||||||||||||
Qualified Defined Benefits | Non-Qualified Supplemental Benefits | Post-Retirement Benefits | ||||||||||||||||||||||||||||||||||
U.S. Plan | Non-U.S. Plans | |||||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||
Change in benefit obligation: | ||||||||||||||||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 519,552 | $ | 603,905 | $ | 299,284 | $ | 284,798 | $ | 133,056 | $ | 180,408 | $ | 14,136 | $ | 14,571 | ||||||||||||||||||||
Benefits earned during the year | 13,801 | 17,123 | 6,027 | 6,043 | 3,320 | 5,634 | 249 | 234 | ||||||||||||||||||||||||||||
Interest cost | 25,204 | 24,801 | 8,222 | 9,081 | 6,148 | 6,741 | 627 | 523 | ||||||||||||||||||||||||||||
Plan participants' contributions | — | — | 1,732 | 1,583 | — | — | 476 | 448 | ||||||||||||||||||||||||||||
Benefits paid | (17,957 | ) | (35,266 | ) | (5,452 | ) | (11,237 | ) | (13,939 | ) | (20,686 | ) | (1,222 | ) | (1,163 | ) | ||||||||||||||||||||
Actuarial (gain) loss | 84,314 | (76,605 | ) | 40,962 | 6,501 | 11,088 | (34,831 | ) | (556 | ) | (618 | ) | ||||||||||||||||||||||||
Business dispositions | — | — | (60,164 | ) | — | (3,137 | ) | — | — | — | ||||||||||||||||||||||||||
Amendments | — | 1,913 | — | — | 1,463 | 3,004 | — | 65 | ||||||||||||||||||||||||||||
Settlements and curtailments | (49,338 | ) | (16,818 | ) | (390 | ) | (3,036 | ) | — | (7,228 | ) | — | — | |||||||||||||||||||||||
Currency translation and other | — | 499 | (25,198 | ) | 5,551 | — | 14 | 233 | 76 | |||||||||||||||||||||||||||
Benefit obligation at end of year | 575,576 | 519,552 | 265,023 | 299,284 | 137,999 | 133,056 | 13,943 | 14,136 | ||||||||||||||||||||||||||||
Change in plan assets: | ||||||||||||||||||||||||||||||||||||
Fair value of plan assets at beginning of year | 595,143 | 554,648 | 203,681 | 181,416 | — | — | — | — | ||||||||||||||||||||||||||||
Actual return on plan assets | 73,528 | 66,761 | 14,868 | 17,356 | — | — | — | — | ||||||||||||||||||||||||||||
Company contributions | — | 9,000 | 9,547 | 11,359 | 13,939 | 20,686 | 746 | 715 | ||||||||||||||||||||||||||||
Plan participants' contributions | — | — | 1,732 | 1,583 | — | — | 476 | 448 | ||||||||||||||||||||||||||||
Benefits paid | (17,957 | ) | (35,266 | ) | (5,452 | ) | (11,237 | ) | (13,939 | ) | (20,686 | ) | (1,222 | ) | (1,163 | ) | ||||||||||||||||||||
Business dispositions | — | — | (46,334 | ) | — | — | — | — | — | |||||||||||||||||||||||||||
Settlements and curtailments | (49,338 | ) | — | (390 | ) | — | — | — | — | — | ||||||||||||||||||||||||||
Currency translation | — | — | (14,142 | ) | 3,204 | — | — | — | — | |||||||||||||||||||||||||||
Fair value of plan assets at end of year | 601,376 | 595,143 | 163,510 | 203,681 | — | — | — | — | ||||||||||||||||||||||||||||
Funded status | $ | 25,800 | $ | 75,591 | $ | (101,513 | ) | $ | (95,603 | ) | $ | (137,999 | ) | $ | (133,056 | ) | $ | (13,943 | ) | $ | (14,136 | ) | ||||||||||||||
Amounts recognized in the balance sheets consist of: | ||||||||||||||||||||||||||||||||||||
Assets and Liabilities: | ||||||||||||||||||||||||||||||||||||
Other assets and deferred charges | $ | 25,800 | $ | 75,591 | $ | 152 | $ | 2,976 | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||
Accrued compensation and employee benefits | — | — | (1,575 | ) | (1,970 | ) | (21,978 | ) | (10,161 | ) | (926 | ) | (971 | ) | ||||||||||||||||||||||
Other liabilities (deferred compensation) | — | — | (100,090 | ) | (96,609 | ) | (116,021 | ) | (122,895 | ) | (13,017 | ) | (13,165 | ) | ||||||||||||||||||||||
Total Assets and Liabilities | $ | 25,800 | $ | 75,591 | $ | (101,513 | ) | $ | (95,603 | ) | $ | (137,999 | ) | $ | (133,056 | ) | $ | (13,943 | ) | $ | (14,136 | ) | ||||||||||||||
Accumulated Other Comprehensive Loss (Earnings): | ||||||||||||||||||||||||||||||||||||
Net actuarial losses (gains) | $ | 119,919 | $ | 86,108 | $ | 61,813 | $ | 38,596 | $ | (746 | ) | $ | (12,520 | ) | $ | 192 | $ | 799 | ||||||||||||||||||
Prior service cost (credit) | 3,388 | 4,471 | 1,058 | 1,146 | 31,381 | 38,646 | (615 | ) | (1,024 | ) | ||||||||||||||||||||||||||
Net asset at transition, other | — | — | (48 | ) | (48 | ) | — | — | — | — | ||||||||||||||||||||||||||
Deferred taxes | (43,158 | ) | (31,703 | ) | (15,312 | ) | (9,965 | ) | (10,725 | ) | (9,145 | ) | 90 | 20 | ||||||||||||||||||||||
Total Accumulated Other Comprehensive Loss (Earnings), net of tax | 80,149 | 58,876 | 47,511 | 29,729 | 19,910 | 16,981 | (333 | ) | (205 | ) | ||||||||||||||||||||||||||
Net amount recognized at December 31, | $ | 105,949 | $ | 134,467 | $ | (54,002 | ) | $ | (65,874 | ) | $ | (118,089 | ) | $ | (116,075 | ) | $ | (14,276 | ) | $ | (14,341 | ) | ||||||||||||||
Accumulated benefit obligations | $ | 537,393 | $ | 482,181 | $ | 246,814 | $ | 280,763 | $ | 123,229 | $ | 93,153 | ||||||||||||||||||||||||
The Company’s net unfunded status at December 31, 2014 and 2013 includes net liabilities of $101,513 and $95,603, respectively, relating to the Company’s significant international plans, some in locations where it is not economically advantageous to pre-fund the plans due to local regulations. The majority of the international obligations relate to defined pension plans operated by the Company’s businesses in Germany, the United Kingdom, and Switzerland. | ||||||||||||||||||||||||||||||||||||
The accumulated benefit obligation for all defined benefit pension plans was $907,436 and $856,097 at December 31, 2014 and 2013, respectively. Pension plans with accumulated benefit obligations in excess of plan assets consist of the following at December 31, 2014 and 2013: | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||||
Projected benefit obligation (PBO) | $ | 372,931 | $ | 369,289 | ||||||||||||||||||||||||||||||||
Accumulated benefit obligation (ABO) | 342,158 | 336,095 | ||||||||||||||||||||||||||||||||||
Fair value of plan assets | 133,930 | 137,654 | ||||||||||||||||||||||||||||||||||
Net Periodic Benefit Cost | ||||||||||||||||||||||||||||||||||||
Components of the net periodic benefit cost were as follows: | ||||||||||||||||||||||||||||||||||||
Defined Benefit Plans | ||||||||||||||||||||||||||||||||||||
Qualified Defined Benefits | Non-Qualified Supplemental Benefits | |||||||||||||||||||||||||||||||||||
U.S. Plan | Non-U.S. Plans (1) | |||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||||
Service cost | $ | 13,801 | $ | 17,123 | $ | 14,406 | $ | 6,027 | $ | 6,043 | $ | 5,712 | $ | 3,320 | $ | 5,634 | $ | 5,304 | ||||||||||||||||||
Interest cost | 25,204 | 24,801 | 25,136 | 8,222 | 9,081 | 10,044 | 6,148 | 6,741 | 7,916 | |||||||||||||||||||||||||||
Expected return on plan assets | (41,594 | ) | (40,194 | ) | (38,978 | ) | (8,498 | ) | (9,608 | ) | (8,765 | ) | — | — | — | |||||||||||||||||||||
Amortization of: | ||||||||||||||||||||||||||||||||||||
Prior service cost | 1,083 | 1,026 | 1,048 | 107 | 114 | 117 | 7,775 | 8,110 | 7,425 | |||||||||||||||||||||||||||
Recognized actuarial loss (gain) | 8,289 | 17,654 | 13,515 | 903 | 1,492 | 579 | (428 | ) | (16 | ) | 138 | |||||||||||||||||||||||||
Transition obligation | — | — | — | 4 | (14 | ) | (47 | ) | — | — | — | |||||||||||||||||||||||||
Settlement & curtailment (gain) loss (2) | 10,279 | 187 | — | (45 | ) | 697 | 1,449 | — | (4,411 | ) | — | |||||||||||||||||||||||||
Other | — | 501 | — | 6 | 5 | — | — | 13 | — | |||||||||||||||||||||||||||
Total net periodic benefit cost | $ | 17,062 | $ | 21,098 | $ | 15,127 | $ | 6,726 | $ | 7,810 | $ | 9,089 | $ | 16,815 | $ | 16,071 | $ | 20,783 | ||||||||||||||||||
-1 | Net periodic benefit cost for non-U.S. plans includes $55, $1,220, and $1,231 of expense for the years ended December 31, 2014, 2013, and 2012, respectively, relating to plans sponsored by Knowles that were distributed as part of the separation on February 28, 2014. | |||||||||||||||||||||||||||||||||||
-2 | $6,675 of the 2014 settlement loss on the U.S. Plan is attributable to Knowles participants in the Dover Defined Benefit Plan and has therefore, been reflected in the results of discontinued operations. The remaining $3,604 of this settlement loss has been reflected in the results of continuing operations. The curtailment gain of $4,411 was recognized in continuing operations in 2013 in connection with the freeze of the non-qualified supplemental benefit plan. | |||||||||||||||||||||||||||||||||||
Post-Retirement Benefits | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||
Service cost | $ | 249 | $ | 234 | $ | 248 | ||||||||||||||||||||||||||||||
Interest cost | 627 | 523 | 593 | |||||||||||||||||||||||||||||||||
Amortization of: | ||||||||||||||||||||||||||||||||||||
Prior service credit | (409 | ) | (416 | ) | (416 | ) | ||||||||||||||||||||||||||||||
Recognized actuarial loss (gain) | 54 | 134 | (19 | ) | ||||||||||||||||||||||||||||||||
Settlement & curtailment gain | — | — | (1,493 | ) | ||||||||||||||||||||||||||||||||
Other | 233 | 77 | — | |||||||||||||||||||||||||||||||||
Total net periodic benefit cost | $ | 754 | $ | 552 | $ | (1,087 | ) | |||||||||||||||||||||||||||||
Amounts expected to be amortized from Accumulated Other Comprehensive Earnings (Loss) into net periodic benefit cost during 2015 are as follows: | ||||||||||||||||||||||||||||||||||||
Qualified Defined Benefits | Non-Qualified Supplemental Benefits | Post-Retirement Benefits | ||||||||||||||||||||||||||||||||||
U.S. Plan | Non-U.S. Plans | |||||||||||||||||||||||||||||||||||
Amortization of: | ||||||||||||||||||||||||||||||||||||
Prior service cost (credit) | $ | 976 | $ | 95 | $ | 6,927 | $ | (372 | ) | |||||||||||||||||||||||||||
Recognized actuarial loss (gain) | 12,846 | 2,784 | 286 | (30 | ) | |||||||||||||||||||||||||||||||
Transition obligation | — | 5 | — | — | ||||||||||||||||||||||||||||||||
Total | $ | 13,822 | $ | 2,884 | $ | 7,213 | $ | (402 | ) | |||||||||||||||||||||||||||
Assumptions | ||||||||||||||||||||||||||||||||||||
The Company determines actuarial assumptions on an annual basis. | ||||||||||||||||||||||||||||||||||||
The weighted-average assumptions used in determining the benefit obligations were as follows: | ||||||||||||||||||||||||||||||||||||
Qualified Defined Benefits | Non-Qualified Supplemental Benefits | Post-Retirement Benefits | ||||||||||||||||||||||||||||||||||
U.S. Plan | Non-U.S. Plans | |||||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||
Discount rate | 4.05 | % | 4.9 | % | 2.31 | % | 3.53 | % | 3.96 | % | 4.77 | % | 3.75 | % | 4.45 | % | ||||||||||||||||||||
Average wage increase | 4 | % | 4 | % | 2.5 | % | 2.86 | % | 4.5 | % | 4.5 | % | na | na | ||||||||||||||||||||||
Ultimate medical trend rate | na | na | na | na | na | na | 5 | % | 5 | % | ||||||||||||||||||||||||||
The weighted average assumptions used in determining the net periodic cost were as follows: | ||||||||||||||||||||||||||||||||||||
Qualified Defined Benefits | Non- Qualified Supplemental Benefits | Post-Retirement Benefits | ||||||||||||||||||||||||||||||||||
U.S. Plan | Non-U.S. Plans | |||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||||||||
Discount rate | 4.9 | % | 4.05 | % | 4.85 | % | 3.53 | % | 3.31 | % | 4.62 | % | 4.77 | % | 4.02 | % | 4.77 | % | 4.45 | % | 3.65 | % | 3.65 | % | ||||||||||||
Average wage increase | 4 | % | 4 | % | 4 | % | 2.86 | % | 2.74 | % | 3.14 | % | 4.5 | % | 4.5 | % | 4.5 | % | na | na | na | |||||||||||||||
Expected return on plan assets | 7.75 | % | 7.75 | % | 7.75 | % | 5.35 | % | 5.32 | % | 5.9 | % | na | na | na | na | na | na | ||||||||||||||||||
The Company’s discount rate assumption is determined by developing a yield curve based on high quality corporate bonds with maturities matching the plans’ expected benefit payment streams. The plans’ expected cash flows are then discounted by the resulting year-by-year spot rates. | ||||||||||||||||||||||||||||||||||||
For post-retirement benefit measurement purposes, an 8.0% annual rate of increase in the per capita cost of covered benefits (i.e., health care cost trend rates) was assumed for 2015. The rate was assumed to decrease gradually to 5.0% by the year 2027 and remain at that level thereafter. The health care cost trend rate assumption can have an effect on the amounts reported. For example, increasing (decreasing) the assumed health care cost trend rates by one percentage point in each year would increase (decrease) the accumulated post-retirement benefit obligation as of December 31, 2014 by $234 and $(224), respectively, and would have a negligible impact on the net post-retirement benefit cost for 2014. | ||||||||||||||||||||||||||||||||||||
Plan Assets | ||||||||||||||||||||||||||||||||||||
The primary financial objective of the plans is to secure participant retirement benefits. Accordingly, the key objective in the plans’ financial management is to promote stability and, to the extent appropriate, growth in the funded status. Related and supporting financial objectives are established in conjunction with a review of current and projected plan financial requirements. | ||||||||||||||||||||||||||||||||||||
As it relates to the funded defined benefit pension plans, the Company’s funding policy is consistent with the funding requirements of the Employment Retirement Income Security Act ("ERISA") and applicable international laws. The Company is responsible for overseeing the management of the investments of the plans’ assets and otherwise ensuring that the plans’ investment programs are in compliance with ERISA, other relevant legislation, and related plan documents. Where relevant, the Company has retained professional investment managers to manage the plans’ assets and implement the investment process. The investment managers, in implementing their investment processes, have the authority and responsibility to select appropriate investments in the asset classes specified by the terms of their applicable prospectus or investment manager agreements with the plans. | ||||||||||||||||||||||||||||||||||||
The assets of the plans are invested to achieve an appropriate return for the plans consistent with a prudent level of risk. The asset return objective is to achieve, as a minimum over time, the passively managed return earned by market index funds, weighted in the proportions outlined by the asset class exposures identified in the plans’ strategic allocation. The expected return on assets assumption used for pension expense is developed through analysis of historical market returns, statistical analysis, current market conditions, and the past experience of plan asset investments. Overall, it is projected that the investment of plan assets within Dover’s U.S. defined benefit plan will achieve a 7.75% net return over time from the asset allocation strategy. | ||||||||||||||||||||||||||||||||||||
The Company’s actual and target weighted-average asset allocation for our U.S. Corporate Pension Plan was as follows: | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | Current Target | ||||||||||||||||||||||||||||||||||
Equity securities | 55 | % | 64 | % | 58 | % | ||||||||||||||||||||||||||||||
Fixed income | 36 | % | 29 | % | 35 | % | ||||||||||||||||||||||||||||||
Real estate and other | 9 | % | 7 | % | 7 | % | ||||||||||||||||||||||||||||||
Total | 100 | % | 100 | % | 100 | % | ||||||||||||||||||||||||||||||
While the non-U.S. investment policies are different for each country, the long-term objectives are generally the same as for the U.S. pension assets. The Company's non-U.S. plans were expected to achieve rates of return on invested assets of 5.35% in 2014, 5.32% in 2013, and 5.90% in 2012. | ||||||||||||||||||||||||||||||||||||
The fair values of both U.S. and non-U.S. pension plan assets by asset category within the ASC 820 hierarchy (as defined in Note 11 Financial Instruments) are as follows at December 31, 2014 and 2013: | ||||||||||||||||||||||||||||||||||||
U.S. Plan | ||||||||||||||||||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | |||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total Fair Value | Level 1 | Level 2 | Level 3 | Total Fair Value | |||||||||||||||||||||||||||||
Asset category: | ||||||||||||||||||||||||||||||||||||
Common stocks: | ||||||||||||||||||||||||||||||||||||
U.S. companies | $ | 164,006 | $ | — | $ | — | $ | 164,006 | $ | 180,038 | $ | — | $ | — | $ | 180,038 | ||||||||||||||||||||
Non-U.S. companies | 3,874 | — | — | 3,874 | 5,526 | — | — | 5,526 | ||||||||||||||||||||||||||||
Fixed income investments: | ||||||||||||||||||||||||||||||||||||
Corporate bonds | — | 63,878 | — | 63,878 | — | 53,924 | — | 53,924 | ||||||||||||||||||||||||||||
Private placements | — | 6,865 | — | 6,865 | — | 3,374 | — | 3,374 | ||||||||||||||||||||||||||||
Government securities | 48,370 | 98,998 | — | 147,368 | 25,035 | 87,107 | — | 112,142 | ||||||||||||||||||||||||||||
Common stock funds: | ||||||||||||||||||||||||||||||||||||
Mutual funds | 44,610 | — | — | 44,610 | 59,387 | — | — | 59,387 | ||||||||||||||||||||||||||||
Collective trusts | — | 119,312 | — | 119,312 | — | 138,236 | — | 138,236 | ||||||||||||||||||||||||||||
Real estate funds | — | 37,145 | — | 37,145 | — | 33,749 | — | 33,749 | ||||||||||||||||||||||||||||
Cash and equivalents | 14,318 | — | — | 14,318 | 8,767 | — | — | 8,767 | ||||||||||||||||||||||||||||
$ | 275,178 | $ | 326,198 | $ | — | $ | 601,376 | $ | 278,753 | $ | 316,390 | $ | — | $ | 595,143 | |||||||||||||||||||||
Non-U.S. Plans | ||||||||||||||||||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | |||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total Fair Value | Level 1 | Level 2 | Level 3 | Total Fair Value | |||||||||||||||||||||||||||||
Asset category: | ||||||||||||||||||||||||||||||||||||
Common stocks | $ | 40,960 | $ | — | $ | — | $ | 40,960 | $ | 35,010 | $ | — | $ | — | $ | 35,010 | ||||||||||||||||||||
Fixed income investments | — | 59,791 | — | 59,791 | — | 75,574 | — | 75,574 | ||||||||||||||||||||||||||||
Common stock funds | — | 43,821 | — | 43,821 | — | 66,285 | — | 66,285 | ||||||||||||||||||||||||||||
Real estate funds | — | — | 9,976 | 9,976 | — | — | 14,937 | 14,937 | ||||||||||||||||||||||||||||
Cash and equivalents | 1,531 | — | — | 1,531 | 6,785 | — | — | 6,785 | ||||||||||||||||||||||||||||
Other | — | 7,431 | — | 7,431 | — | 5,090 | — | 5,090 | ||||||||||||||||||||||||||||
$ | 42,491 | $ | 111,043 | $ | 9,976 | $ | 163,510 | $ | 41,795 | $ | 146,949 | $ | 14,937 | $ | 203,681 | |||||||||||||||||||||
Common stocks represent investments in domestic and foreign equities which are publicly traded on active exchanges and are valued based on quoted market prices. | ||||||||||||||||||||||||||||||||||||
Fixed income investments include U.S. treasury bonds and notes, which are valued based on quoted market prices, as well as investments in other government and municipal securities and corporate bonds, which are valued based on yields currently available on comparable securities of issuers with similar credit ratings. | ||||||||||||||||||||||||||||||||||||
Common stock funds consist of mutual funds and collective trusts. Mutual funds are valued by obtaining quoted prices from nationally recognized securities exchanges. Collective trusts are valued using Net Asset Value (the "NAV") as of the last business day of the year. The NAV is based on the underlying value of the assets owned by the fund minus its liabilities, and then divided by the number of shares outstanding. The value of the underlying assets is based on quoted prices in active markets. | ||||||||||||||||||||||||||||||||||||
The real estate funds are valued on an annual basis using third-party appraisals, with adjustments estimated on a quarterly basis using discounted cash flow models which consider such inputs as revenue and expense growth rates, terminal capitalization rates, and discount rates. The Company believes this is an appropriate methodology to obtain the fair value of these assets. | ||||||||||||||||||||||||||||||||||||
The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Company believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date. | ||||||||||||||||||||||||||||||||||||
The fair value measurement of plan assets using significant unobservable inputs (Level 3) changed during 2013 and 2014 due to the following: | ||||||||||||||||||||||||||||||||||||
Real estate funds | Other | Total | ||||||||||||||||||||||||||||||||||
Balance at December 31, 2012 | $ | 10,116 | $ | 1,456 | $ | 11,572 | ||||||||||||||||||||||||||||||
Actual return on plan assets: | ||||||||||||||||||||||||||||||||||||
Relating to assets still held at December 31, 2013 | 2,958 | — | 2,958 | |||||||||||||||||||||||||||||||||
Purchases | 1,863 | — | 1,863 | |||||||||||||||||||||||||||||||||
Sales | — | (1,456 | ) | (1,456 | ) | |||||||||||||||||||||||||||||||
Balance at December 31, 2013 | 14,937 | — | 14,937 | |||||||||||||||||||||||||||||||||
Actual return on plan assets: | ||||||||||||||||||||||||||||||||||||
Relating to assets still held at December 31, 2014 | (4,527 | ) | — | (4,527 | ) | |||||||||||||||||||||||||||||||
Business dispositions | (362 | ) | — | (362 | ) | |||||||||||||||||||||||||||||||
Sales | (72 | ) | — | (72 | ) | |||||||||||||||||||||||||||||||
Balance at December 31, 2014 | $ | 9,976 | $ | — | $ | 9,976 | ||||||||||||||||||||||||||||||
There were no significant transfers between Level 1 and Level 2 investments during 2014 or 2013. | ||||||||||||||||||||||||||||||||||||
Future Estimates | ||||||||||||||||||||||||||||||||||||
Benefit Payments | ||||||||||||||||||||||||||||||||||||
Estimated future benefit payments to retirees, which reflect expected future service, are as follows: | ||||||||||||||||||||||||||||||||||||
Qualified Defined Benefits | Non-Qualified Supplemental Benefits | Post-Retirement Benefits | ||||||||||||||||||||||||||||||||||
U.S. Plan | Non-U.S. Plans | |||||||||||||||||||||||||||||||||||
2015 | $ | 35,312 | $ | 6,295 | $ | 22,412 | $ | 926 | ||||||||||||||||||||||||||||
2016 | 36,702 | 6,841 | 7,968 | 940 | ||||||||||||||||||||||||||||||||
2017 | 38,784 | 6,889 | 3,986 | 951 | ||||||||||||||||||||||||||||||||
2018 | 40,120 | 7,196 | 5,206 | 959 | ||||||||||||||||||||||||||||||||
2019 | 40,892 | 7,139 | 11,282 | 946 | ||||||||||||||||||||||||||||||||
2020 - 2024 | 221,358 | 42,775 | 55,417 | 4,647 | ||||||||||||||||||||||||||||||||
Contributions | ||||||||||||||||||||||||||||||||||||
In 2015, the Company expects to contribute approximately $6.5 million to its non-U.S. plans and none to its U.S. plans. Additionally, in 2015, the Company expects to fund benefit payments of approximately $22.4 million to plan participants of its unfunded, non-qualified, supplemental benefit plans. | ||||||||||||||||||||||||||||||||||||
Multiemployer Pension Plans | ||||||||||||||||||||||||||||||||||||
The Company, through its subsidiaries, participates in a few multiemployer pension plans covering approximately 100 employees working under U.S. collective bargaining agreements. None of these plans are considered individually significant to the Company. Contributions to multiemployer plans totaled less than $2.0 million in each of the last three years. |
Other_Comprehensive_Earnings
Other Comprehensive Earnings | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||||||||||
Other Comprehensive Income, Noncontrolling Interest [Text Block] | 16. Other Comprehensive Earnings | |||||||||||
The amounts recognized in other comprehensive earnings were as follows: | ||||||||||||
Year Ended December 31, 2014 | Pre-tax | Tax | Net of tax | |||||||||
Foreign currency translation adjustments (1) | $ | (131,420 | ) | $ | (19,523 | ) | $ | (150,943 | ) | |||
Pension and other postretirement benefit plans | (70,705 | ) | 20,994 | (49,711 | ) | |||||||
Changes in fair value of cash flow hedges | (375 | ) | 131 | (244 | ) | |||||||
Other | 1,067 | (128 | ) | 939 | ||||||||
Total other comprehensive (loss) earnings | $ | (201,433 | ) | $ | 1,474 | $ | (199,959 | ) | ||||
-1 | Tax expense in current year relates to gain for net investment hedges, as these were favorably impacted by the decline in foreign currency rates. See Note 11 Financial Instruments for additional information. | |||||||||||
Year Ended December 31, 2013 | Pre-tax | Tax | Net of tax | |||||||||
Foreign currency translation adjustments | $ | 2,242 | $ | 2,494 | $ | 4,736 | ||||||
Pension and other postretirement benefit plans | 182,092 | (63,585 | ) | 118,507 | ||||||||
Changes in fair value of cash flow hedges | (75 | ) | 26 | (49 | ) | |||||||
Other | (642 | ) | 77 | (565 | ) | |||||||
Total other comprehensive earnings (loss) | $ | 183,617 | $ | (60,988 | ) | $ | 122,629 | |||||
Year Ended December 31, 2012 | Pre-tax | Tax | Net of tax | |||||||||
Foreign currency translation adjustments | $ | 38,521 | $ | 359 | $ | 38,880 | ||||||
Pension and other postretirement benefit plans | (70,642 | ) | 23,632 | (47,010 | ) | |||||||
Changes in fair value of cash flow hedges | 195 | (70 | ) | 125 | ||||||||
Other | 692 | (83 | ) | 609 | ||||||||
Total other comprehensive (loss) earnings | $ | (31,234 | ) | $ | 23,838 | $ | (7,396 | ) | ||||
The components of accumulated other comprehensive earnings (loss) are as follows: | ||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||
Cumulative foreign currency translation adjustments | $ | (14,884 | ) | $ | 170,609 | |||||||
Pension and other postretirement benefit plans (1) | (147,237 | ) | (105,381 | ) | ||||||||
Changes in fair value of cash flow hedges | 3,190 | 2,495 | ||||||||||
$ | (158,931 | ) | $ | 67,723 | ||||||||
(1) | Includes accumulated other comprehensive losses of $7,855, net of tax, at December 31, 2013 attributable to defined pension plans that were spun off with the distribution of Knowles on February 28, 2014. | |||||||||||
Total comprehensive earnings were as follows: | ||||||||||||
Years Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Net earnings | $ | 775,235 | $ | 1,003,129 | $ | 811,070 | ||||||
Other comprehensive (loss) earnings | (199,959 | ) | 122,629 | (7,396 | ) | |||||||
Comprehensive earnings | $ | 575,276 | $ | 1,125,758 | $ | 803,674 | ||||||
Amounts reclassified from accumulated other comprehensive earnings (loss) to earnings (loss) during the year ended December 31, 2014, 2013 and 2012 were as follows: | ||||||||||||
Years Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Pension & postretirement benefit plans: | ||||||||||||
Amortization of actuarial losses | $ | 8,822 | $ | 19,250 | $ | 12,673 | ||||||
Amortization of prior service costs | 8,556 | 8,834 | 8,174 | |||||||||
Total before tax | 17,378 | 28,084 | 20,847 | |||||||||
Tax expense | (5,969 | ) | (9,809 | ) | (7,013 | ) | ||||||
Net of tax | $ | 11,409 | $ | 18,275 | $ | 13,834 | ||||||
Cash flow hedges: | ||||||||||||
Net gains reclassified into earnings | $ | (164 | ) | $ | (130 | ) | $ | (549 | ) | |||
Tax benefit | 57 | 46 | 192 | |||||||||
Net of tax | $ | (107 | ) | $ | (84 | ) | $ | (357 | ) | |||
The Company recognizes net periodic pension cost, which includes amortization of net actuarial losses and prior service costs, in both selling & administrative expenses and cost of goods and services, depending on the functional area of the underlying employees included in the plans. | ||||||||||||
Cash flow hedges consist mainly of foreign currency forward and commodity contracts. The Company recognizes the realized gains and losses on its cash flow hedges in the same line item as the hedged transaction, such as revenue, cost of goods and services, or selling & administrative expenses. |
Segment_Information
Segment Information | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||||
Segment Information | 17. Segment Information | |||||||||||||||||||
In the first quarter of 2014, Dover announced the realignment of its businesses into a new segment structure, consisting of four segments and organized around its key end markets to better focus on growth strategies. The new structure is designed also to provide increased opportunities to leverage Dover's scale and capitalize on productivity initiatives. Dover's four segments are as follows: | ||||||||||||||||||||
• | Our Energy segment, serving the Drilling & Production, Bearings & Compression, and Automation end markets, is a provider of customer-driven solutions and services for safe and efficient production and processing of fuels worldwide, and has a strong presence in the bearings and compression components markets. | |||||||||||||||||||
• | Our Engineered Systems segment is comprised of two platforms, Printing & Identification and Industrials, and is focused on the design, manufacture and service of critical equipment and components serving the printing & identification, vehicle service, environmental solutions and industrial end markets. | |||||||||||||||||||
• | Our Fluids segment, serving the Fluid Transfer and Pumps end markets, is focused on the safe handling of critical fluids across the retail fueling, chemical, hygienic and industrial end markets. | |||||||||||||||||||
• | Our Refrigeration & Food Equipment segment, serving the Refrigeration and Food Equipment end markets, is a provider of innovative and energy efficient equipment and systems serving the commercial refrigeration and food service industries. | |||||||||||||||||||
Segment financial information and a reconciliation of segment results to consolidated results follows: | ||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||
Revenue: | ||||||||||||||||||||
Energy | $ | 2,017,239 | $ | 1,853,853 | $ | 1,788,295 | ||||||||||||||
Engineered Systems | 2,385,965 | 2,177,970 | 2,143,687 | |||||||||||||||||
Fluids | 1,430,566 | 1,236,838 | 1,087,526 | |||||||||||||||||
Refrigeration & Food Equipment | 1,921,189 | 1,887,840 | 1,607,602 | |||||||||||||||||
Intra-segment eliminations | (2,231 | ) | (1,405 | ) | (462 | ) | ||||||||||||||
Total consolidated revenue | $ | 7,752,728 | $ | 7,155,096 | $ | 6,626,648 | ||||||||||||||
Earnings from continuing operations: | ||||||||||||||||||||
Segment earnings: | ||||||||||||||||||||
Energy | $ | 461,815 | $ | 459,649 | $ | 466,801 | ||||||||||||||
Engineered Systems | 386,998 | 347,497 | 319,704 | |||||||||||||||||
Fluids | 251,639 | 224,523 | 182,544 | |||||||||||||||||
Refrigeration & Food Equipment | 238,734 | 267,307 | 223,397 | |||||||||||||||||
Total segments | 1,339,186 | 1,298,976 | 1,192,446 | |||||||||||||||||
Corporate expense / other (1) | 117,800 | 132,336 | 140,112 | |||||||||||||||||
Net interest expense | 127,179 | 120,654 | 121,269 | |||||||||||||||||
Earnings before provision for income taxes and discontinued operations | 1,094,207 | 1,045,986 | 931,065 | |||||||||||||||||
Provision for taxes | 316,067 | 248,459 | 280,990 | |||||||||||||||||
Earnings from continuing operations | $ | 778,140 | $ | 797,527 | $ | 650,075 | ||||||||||||||
Operating margins: | ||||||||||||||||||||
Energy | 22.9 | % | 24.8 | % | 26.1 | % | ||||||||||||||
Engineered Systems | 16.2 | % | 16 | % | 14.9 | % | ||||||||||||||
Fluids | 17.6 | % | 18.2 | % | 16.8 | % | ||||||||||||||
Refrigeration & Food Equipment | 12.4 | % | 14.2 | % | 13.9 | % | ||||||||||||||
Total Segments | 17.3 | % | 18.2 | % | 18 | % | ||||||||||||||
Earnings from continuing operations | 10 | % | 11.1 | % | 9.8 | % | ||||||||||||||
Depreciation and amortization: | ||||||||||||||||||||
Energy | $ | 111,956 | $ | 99,075 | $ | 87,921 | ||||||||||||||
Engineered Systems | 61,946 | 59,058 | 60,670 | |||||||||||||||||
Fluids | 60,903 | 48,812 | 41,381 | |||||||||||||||||
Refrigeration & Food Equipment | 68,701 | 67,228 | 37,295 | |||||||||||||||||
Corporate | 3,682 | 3,860 | 2,667 | |||||||||||||||||
Consolidated total | $ | 307,188 | $ | 278,033 | $ | 229,934 | ||||||||||||||
Capital expenditures: | ||||||||||||||||||||
Energy | $ | 66,998 | $ | 60,756 | $ | 65,520 | ||||||||||||||
Engineered Systems | 29,749 | 29,145 | 25,314 | |||||||||||||||||
Fluids | 34,319 | 21,868 | 22,655 | |||||||||||||||||
Refrigeration & Food Equipment | 33,510 | 27,173 | 30,863 | |||||||||||||||||
Corporate | 1,457 | 2,752 | 2,150 | |||||||||||||||||
Consolidated total | $ | 166,033 | $ | 141,694 | $ | 146,502 | ||||||||||||||
-1 | Certain expenses are maintained at the corporate level and not allocated to the segments. These expenses include executive and functional compensation costs, non-service pension costs, non-operating insurance expenses, and various administrative expenses relating to the corporate headquarters. | |||||||||||||||||||
Selected financial information by market segment (continued): | ||||||||||||||||||||
Total assets at December 31: | 2014 | 2013 | ||||||||||||||||||
Energy | $ | 2,645,567 | $ | 1,901,200 | ||||||||||||||||
Engineered Systems | 2,348,684 | 2,224,519 | ||||||||||||||||||
Fluids | 1,414,387 | 1,390,777 | ||||||||||||||||||
Refrigeration & Food Equipment | 1,494,121 | 1,540,295 | ||||||||||||||||||
Corporate (2) | 860,455 | 1,019,327 | ||||||||||||||||||
Total assets - continuing operations | 8,763,214 | 8,076,118 | ||||||||||||||||||
Assets from discontinued operations | 327,171 | 2,779,063 | ||||||||||||||||||
Consolidated total | $ | 9,090,385 | $ | 10,855,181 | ||||||||||||||||
-2 | Corporate assets are principally cash and cash equivalents. Also included in corporate assets is an asset of $25,800 and $75,591 in 2014 and 2013, respectively, that represents the overfunded plan status of the U.S. defined benefit plan. Additionally, included in corporate assets in 2013 is a $16,250 note receivable related to proceeds from the sale of ECT. Refer to Note 4 Disposed and Discontinued Operations and Note 15 Employee Benefit Plans, respectively, for additional information. | |||||||||||||||||||
Revenue | Long-Lived Assets | |||||||||||||||||||
Years Ended December 31, | At December 31, | |||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | ||||||||||||||||
United States | $ | 4,617,813 | $ | 4,202,434 | $ | 3,977,925 | $ | 599,688 | $ | 528,001 | ||||||||||
Europe | 1,251,625 | 1,112,279 | 1,082,210 | 136,599 | 153,564 | |||||||||||||||
Other Americas | 794,966 | 803,741 | 744,192 | 39,971 | 47,374 | |||||||||||||||
Asia | 686,511 | 607,873 | 574,140 | 42,775 | 43,516 | |||||||||||||||
Other | 401,813 | 428,769 | 248,181 | 18,036 | 15,394 | |||||||||||||||
Consolidated total | $ | 7,752,728 | $ | 7,155,096 | $ | 6,626,648 | $ | 837,069 | $ | 787,849 | ||||||||||
Revenue is attributed to regions based on the location of the Company’s customer, which in some instances is an intermediary and not necessarily the end user. Long-lived assets are comprised of net property, plant and equipment. The Company’s businesses are based primarily in the United States of America, Europe, and Asia. The Company’s businesses serve thousands of customers, none of which accounted for more than 10% of consolidated revenue. |
Earnings_per_Share
Earnings per Share | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Earnings Per Share [Abstract] | ||||||||||||
Earnings Per Share [Text Block] | 18. Earnings per Share | |||||||||||
The following table sets forth a reconciliation of the information used in computing basic and diluted earnings per share: | ||||||||||||
Years Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Earnings from continuing operations | $ | 778,140 | $ | 797,527 | $ | 650,075 | ||||||
(Loss) earnings from discontinued operations, net | (2,905 | ) | 205,602 | 160,995 | ||||||||
Net earnings | $ | 775,235 | $ | 1,003,129 | $ | 811,070 | ||||||
Basic earnings per common share: | ||||||||||||
Earnings from continuing operations | $ | 4.67 | $ | 4.66 | $ | 3.58 | ||||||
(Loss) earnings from discontinued operations, net | $ | (0.02 | ) | $ | 1.2 | $ | 0.89 | |||||
Net earnings | $ | 4.65 | $ | 5.86 | $ | 4.47 | ||||||
Weighted average shares outstanding | 166,692,000 | 171,271,000 | 181,551,000 | |||||||||
Diluted earnings per common share: | ||||||||||||
Earnings from continuing operations | $ | 4.61 | $ | 4.6 | $ | 3.53 | ||||||
(Loss) earnings from discontinued operations, net | $ | (0.02 | ) | $ | 1.18 | $ | 0.88 | |||||
Net earnings | $ | 4.59 | $ | 5.78 | $ | 4.41 | ||||||
Weighted average shares outstanding | 168,842,000 | 173,547,000 | 183,993,000 | |||||||||
The following table is a reconciliation of the share amounts used in computing earnings per share: | ||||||||||||
Years Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Weighted average shares outstanding - Basic | 166,692,000 | 171,271,000 | 181,551,000 | |||||||||
Dilutive effect of assumed exercise of employee stock options and SARs and vesting of performance shares and restricted shares | 2,150,000 | 2,276,000 | 2,442,000 | |||||||||
Weighted average shares outstanding - Diluted | 168,842,000 | 173,547,000 | 183,993,000 | |||||||||
Diluted per share amounts are computed using the weighted-average number of common shares and, if dilutive, potential common shares outstanding during the period. Potential common shares consist of the incremental common shares issuable upon the exercise of stock options and SARs, and vesting of performance shares and restricted shares, as determined using the treasury stock method. For the year ended December 31, 2014 the weighted average number of anti-dilutive potential common shares excluded from the calculation above totaled 38,789. There were no anti-dilutive potential common shares excluded from the above calculation for the years ended December 31, 2013 and 2012. |
Stockholders_Equity
Stockholders' Equity | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Stockholders' Equity Note [Abstract] | ||||||||||||
Stockholders' Equity Note Disclosure [Text Block] | 19. Stockholders' Equity | |||||||||||
The Company has the authority to issue up to 100,000 shares of $100 par preferred stock and up to 500,000,000 shares of $1.00 par common stock. None of the preferred stock has been issued. As of December 31, 2014 and 2013, 255,892,502 and 255,320,345 shares of common stock were issued, and the Company had 92,880,644 and 85,413,416 treasury shares, held at cost, respectively. | ||||||||||||
Share Repurchases | ||||||||||||
Share repurchases were as follows: | ||||||||||||
Years Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Shares repurchased in the open market | 7,467,228 | 6,005,880 | 12,314,795 | |||||||||
Shares repurchased from holders of employee stock options | — | 5,951 | 86,303 | |||||||||
Total shares repurchased | 7,467,228 | 6,011,831 | 12,401,098 | |||||||||
Average price paid per share | $ | 80.5 | $ | 76.16 | $ | 60.38 | ||||||
In May 2012, the Board of Directors renewed its standing authorization of the Company's share repurchase program, on terms consistent with its prior five-year authorization which expired at that time. This renewal authorized the repurchase of up to 10,000,000 shares of the Company's common stock during the five-year period ending May 2017. The Company repurchased 3,870,248 shares under this authorization during 2014 for an average share price of $79.71. As of December 31, 2014, the approximate number of shares still available for repurchase under the May 2012 share repurchase authorization was 38,041. This authorization was canceled and replaced in January 2015 with a new standing share repurchase authorization approved by the Board of Directors, whereby the Company may repurchase up to 15,000,000 shares of its common stock over the following three years. | ||||||||||||
In November 2012, the Board of Directors approved a $1.0 billion share repurchase program authorizing repurchases of the Company's common shares over the following 12 to 18 months. In 2014, the Company completed this share repurchase program through an accelerated share repurchase transaction, whereby Dover paid $292,565 on March 10, 2014 to receive a variable number of shares on incremental dates through March 31, 2014. The Company repurchased 3,596,980 shares under this transaction for an average share price of $81.06. |
Quarterly_Data
Quarterly Data | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||||||||||||||||||
Quarterly Data (Unaudited) [Text Block] | 20. Quarterly Data (Unaudited) | |||||||||||||||||||||||||||||||
Continuing Operations | Net Earnings | |||||||||||||||||||||||||||||||
Quarter | Revenue | Gross Profit | Earnings | Per Share - Basic | Per Share - Diluted | Net Earnings | Per Share - Basic | Per Share - Diluted | ||||||||||||||||||||||||
2014 | ||||||||||||||||||||||||||||||||
First | $ | 1,802,570 | $ | 707,859 | $ | 170,041 | $ | 1 | $ | 0.99 | $ | 160,138 | $ | 0.94 | $ | 0.93 | ||||||||||||||||
Second | 1,962,636 | 768,100 | 210,581 | 1.26 | 1.25 | 213,959 | 1.29 | 1.27 | ||||||||||||||||||||||||
Third | 2,009,575 | 774,422 | 225,683 | 1.36 | 1.34 | 231,844 | 1.4 | 1.38 | ||||||||||||||||||||||||
Fourth | 1,977,947 | 723,868 | 171,835 | 1.04 | 1.03 | 169,294 | 1.03 | 1.02 | ||||||||||||||||||||||||
$ | 7,752,728 | $ | 2,974,249 | $ | 778,140 | 4.67 | 4.61 | $ | 775,235 | 4.65 | 4.59 | |||||||||||||||||||||
2013 | ||||||||||||||||||||||||||||||||
First | $ | 1,681,540 | $ | 653,847 | $ | 160,267 | $ | 0.92 | $ | 0.91 | $ | 210,003 | $ | 1.21 | $ | 1.2 | ||||||||||||||||
Second | 1,836,981 | 720,994 | 247,988 | 1.45 | 1.43 | 330,049 | 1.93 | 1.91 | ||||||||||||||||||||||||
Third | 1,850,653 | 724,041 | 217,045 | 1.27 | 1.26 | 269,114 | 1.58 | 1.56 | ||||||||||||||||||||||||
Fourth | 1,785,922 | 679,709 | 172,227 | 1.01 | 1 | 193,963 | 1.14 | 1.13 | ||||||||||||||||||||||||
$ | 7,155,096 | $ | 2,778,591 | $ | 797,527 | 4.66 | 4.6 | $ | 1,003,129 | 5.86 | 5.78 | |||||||||||||||||||||
Schedule_II_Valuation_and_Qual
Schedule II Valuation and Qualifying Accounts | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Schedule II Valuation and Qualifying Accounts [Abstract] | |||||||||||||||||||||
Schedule II Valuation and Qualifying Accounts Disclosure [Text Block] | SCHEDULE II | ||||||||||||||||||||
VALUATION AND QUALIFYING ACCOUNTS | |||||||||||||||||||||
Years Ended December 31, 2014, 2013 and 2012 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Allowance for Doubtful Accounts | Balance at | Acquired by | Charged to Cost and | Accounts | Other | Balance at | |||||||||||||||
Beginning | Purchase or | Expense (A) | Written Off | End of Year | |||||||||||||||||
of Year | Merger | ||||||||||||||||||||
Year Ended December 31, 2014 | |||||||||||||||||||||
Allowance for Doubtful Accounts | $ | 17,203 | 1,201 | 4,730 | (3,524 | ) | (716 | ) | $ | 18,894 | |||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||
Allowance for Doubtful Accounts | $ | 17,005 | — | 5,869 | (5,427 | ) | (244 | ) | $ | 17,203 | |||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||
Allowance for Doubtful Accounts | $ | 18,757 | 56 | 3,810 | (5,138 | ) | (480 | ) | $ | 17,005 | |||||||||||
(A) Net of recoveries on previously reserved or written-off balances. | |||||||||||||||||||||
Deferred Tax Valuation Allowance | Balance at | Acquired by | Additions | Reductions | Other | Balance at | |||||||||||||||
Beginning | Purchase or | End of Year | |||||||||||||||||||
of Year | Merger | ||||||||||||||||||||
Year Ended December 31, 2014 | |||||||||||||||||||||
Deferred Tax Valuation Allowance | $ | 14,063 | — | 133,431 | (6,242 | ) | — | $ | 141,252 | ||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||
Deferred Tax Valuation Allowance | $ | 17,275 | — | — | (3,212 | ) | — | $ | 14,063 | ||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||
Deferred Tax Valuation Allowance | $ | 20,396 | — | — | (3,121 | ) | — | $ | 17,275 | ||||||||||||
LIFO Reserve | Balance at | Acquired by | Charged to Cost and Expense | Reductions | Other | Balance at | |||||||||||||||
Beginning | Purchase or | End of Year | |||||||||||||||||||
of Year | Merger | ||||||||||||||||||||
Year Ended December 31, 2014 | |||||||||||||||||||||
LIFO Reserve | $ | 50,705 | — | 4,166 | (4,102 | ) | — | $ | 50,769 | ||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||
LIFO Reserve | $ | 53,374 | — | — | (2,669 | ) | — | $ | 50,705 | ||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||
LIFO Reserve | $ | 53,327 | — | 47 | — | — | $ | 53,374 | |||||||||||||
Description_of_Business_and_Su1
Description of Business and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Description of Business and Summary of Significant Accounting Policies [Abstract] | |
Description of Business [Text Block] | Description of Business - Dover Corporation (the "Company") is a diversified global manufacturer delivering innovative equipment, components, and specialty systems. The Company also provides supporting engineering, testing, and other similar services, which are not significant in relation to consolidated revenue. The Company’s businesses are based primarily in the United States of America and Europe with manufacturing and other operations throughout the world. The Company operates through four business segments that are aligned with the key end markets they serve: Energy, Engineered Systems, Fluids, and Refrigeration & Food Equipment. For additional information on the Company’s segments, see Note 17 Segment Information. |
Principles of Consolidation [Policy Text Block] | Principles of Consolidation - The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. Intercompany accounts and transactions have been eliminated in consolidation. The results of operations of purchased businesses are included from the dates of acquisitions. As discussed in Note 4 Disposed and Discontinued Operations, the Company is reporting certain businesses that are held for sale at December 31, 2014 as discontinued operations. The assets, liabilities, results of operations, and cash flows of these businesses, as well as the results of Knowles Corporation prior to the spin-off, have been separately reported as discontinued operations for all periods presented. |
Use of Estimates [Policy Text Block] | Use of Estimates - The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the Consolidated Financial Statements and accompanying disclosures. These estimates may be adjusted due to changes in future economic, industry, or customer financial conditions, as well as changes in technology or demand. Estimates are used in accounting for, among other items, allowances for doubtful accounts receivable, net realizable value of inventories, restructuring reserves, warranty reserves, pension and post retirement plans, stock-based compensation, useful lives for depreciation and amortization of long-lived assets, future cash flows associated with impairment testing for goodwill, indefinite-lived intangible assets and other long-lived assets, deferred tax assets, uncertain income tax positions, and contingencies. Actual results may ultimately differ from estimates, although management does not believe such differences would materially affect the financial statements in any individual year. Estimates and assumptions are periodically reviewed and the effects of revisions are reflected in the Consolidated Financial Statements in the period that they are determined. |
Cash and Cash Equivalents [Policy Text Block] | Cash and Cash Equivalents - Cash and cash equivalents include cash on hand, demand deposits, and short-term investments which are highly liquid in nature and have original maturities at the time of purchase of three months or less. |
Allowance for Doubtful Accounts [Policy Text Block] | Allowance for Doubtful Accounts – The Company maintains allowances for estimated losses as a result of customers' inability to make required payments. Management evaluates the aging of the accounts receivable balances, the financial condition of its customers, historical trends, and the time outstanding of specific balances to estimate the amount of accounts receivable that may not be collected in the future and records the appropriate provision. |
Inventories [Policy Text Block] | Inventories – Inventories for the majority of the Company’s subsidiaries, including all international subsidiaries, are stated at the lower of cost, determined on the first-in, first-out (FIFO) basis, or market. Other domestic inventories are stated at cost, determined on the last-in, first-out (LIFO) basis, which is less than market value. |
Property, Plant and Equipment [Policy Text Block] | Property, Plant and Equipment - Property, plant and equipment includes the historic cost of land, buildings, machinery, and equipment, and significant improvements to existing plant and equipment or, in the case of acquisitions, a fair market value appraisal of such assets completed at the time of acquisition. Property, plant and equipment also includes the cost of purchased software. Expenditures for maintenance, repairs, and minor renewals are expensed as incurred. When property or equipment is sold or otherwise disposed of, the related cost and accumulated depreciation is removed from the respective accounts and the gain or loss realized on disposition is reflected in earnings. The Company depreciates its assets on a straight-line basis over their estimated useful lives as follows: buildings and improvements 5 to 31.5 years; machinery and equipment 3 to 7 years; furniture and fixtures 3 to 7 years; vehicles 3 years; and software 3 to 5 years. Depreciation expense totaled $152,079 in 2014, $144,087 in 2013, and $128,341 in 2012. |
Derivatives Instruments [Policy Text Block] | Derivative Instruments - The Company uses derivative financial instruments to hedge its exposures to various risks, including interest rate and foreign currency exchange rate risk. The Company does not enter into derivative financial instruments for speculative purposes and does not have a material portfolio of derivative financial instruments. Derivative financial instruments used for hedging purposes must be designated and effective as a hedge of the identified risk exposure at inception of the contract. The Company recognizes all derivatives as either assets or liabilities on the consolidated balance sheet and measures those instruments at fair value. For derivatives designated as hedges of the fair value of assets or liabilities, the changes in fair value of both the derivatives and of the hedged items are recorded in current earnings. For derivatives designated as cash flow hedges, the effective portion of changes in the fair value of the derivatives is recorded as a component of other comprehensive earnings and subsequently recognized in net earnings when the hedged items impact earnings. |
Goodwill and Indefinite-Lived Intangible Assets [Policy Text Block] | Goodwill and Other Intangible Assets - Goodwill represents the excess of purchase consideration over the fair value of the net assets of businesses acquired. Goodwill and certain other intangible assets deemed to have indefinite lives (primarily trademarks) are not amortized. Instead, goodwill and indefinite-lived intangible assets are tested for impairment at least annually or more frequently if indicators of impairment exist, such as a significant sustained change in the business climate or a current expectation of an impending disposal. The Company conducts its annual impairment evaluation in the fourth quarter of each year. Recoverability of goodwill is measured at the reporting unit level and determined using a two-step process. For 2014, the Company identified 16 reporting units for its annual goodwill impairment test. Step one of the test compares the fair value of each reporting unit using a discounted cash flow method to its book value. This method uses the Company’s own market assumptions including projections of future cash flows, determinations of appropriate discount rates, and other assumptions which are considered reasonable and inherent in the discounted cash flow analysis. The projections are based on historical performance and future estimated results. These assumptions require significant judgment and actual results may differ from assumed and estimated amounts. Step two, which compares the book value of the goodwill to its implied fair value, was not necessary since there were no indicators of potential impairment from step one. |
As discussed in Note 4 Disposed and Discontinued Operations, in connection with the sale of certain businesses held for sale, the Company recognized total impairment losses of $53,439 and $51,854, net of tax, in 2013 and 2012, respectively, within the results of discontinued operations. With respect to the fair value of businesses held for sale at December 31, 2014 each will be evaluated in subsequent reporting periods until the time of sale, and further adjustments to fair value are possible if business conditions should change. | |
Similar to goodwill, in testing its other indefinite lived intangible assets for impairment, the Company uses a discounted cash flow method to calculate and compare the fair value of the intangible asset to its book value. This method uses the Company’s own market assumptions which are considered reasonable and inherent in the discounted cash flow analysis. Any excess of carrying value over the estimated fair value is recognized as an impairment loss. No impairment of indefinite lived intangibles was indicated for the years ended December 31, 2014, 2013, or 2012. | |
Other Intangible Assets [Policy Text Block] | Other intangible assets with determinable lives consist primarily of customer lists, unpatented technology, patents, and trademarks. These other intangibles are amortized over their estimated useful lives, ranging from 5 to 15 years. |
Long-Lived Assets [Policy Text Block] | Long-lived assets (including intangible assets with determinable lives) are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable, such as a significant sustained change in the business climate. If an indicator of impairment exists for any grouping of assets, an estimate of undiscounted future cash flows is produced and compared to its carrying value. If an asset is determined to be impaired, the loss is measured by the excess of the carrying amount of the asset over its fair value as determined by an estimate of discounted future cash flows. |
Foreign Currency [Policy Text Block] | Foreign Currency - Assets and liabilities of non-U.S. subsidiaries, where the functional currency is not the U.S. dollar, have been translated at year-end exchange rates and profit and loss accounts have been translated using weighted-average yearly exchange rates. Foreign currency translation gains and losses are included as a component of Accumulated Other Comprehensive Earnings (Loss). Assets and liabilities of an entity that are denominated in currencies other than an entity’s functional currency are re-measured into the functional currency using end of period exchange rates or historical rates where applicable to certain balances. Gains and losses related to these re-measurements are recorded within the Statement of Earnings as a component of other expense (income), net. |
Revenue Recognition [Policy Text Block] | Revenue Recognition - Revenue is recognized when all of the following conditions are satisfied: a) persuasive evidence of an arrangement exists, b) price is fixed or determinable, c) collectability is reasonably assured, and d) delivery has occurred or services have been rendered. The majority of the Company’s revenue is generated through the manufacture and sale of a broad range of specialized products and components, with revenue recognized upon transfer of title and risk of loss, which is generally upon shipment. Service revenue represents less than 5% of total revenue and is recognized as the services are performed. In limited cases, revenue arrangements with customers require delivery, installation, testing, certification, or other acceptance provisions to be satisfied before revenue is recognized. |
Share-based Compensation [Policy Text Block] | Stock-Based Compensation – The principal awards issued under the Company’s stock-based compensation plans include non-qualified stock-settled stock appreciation rights and performance share awards. The cost for such awards is measured at the grant date based on the fair value of the award. The value of the portion of the award that is expected to ultimately vest is recognized as expense on a straight-line basis, generally over the explicit service period of three years (except for retirement-eligible employees and retirees) and is included in selling and administrative expense in the Consolidated Statements of Earnings. Expense for awards granted to retirement-eligible employees is recorded over the period from the date of grant through the date the employee first becomes eligible to retire and is no longer required to provide service. See Note 13 Equity and Cash Incentive Program for additional information related to the Company’s stock-based compensation. At the time of grant, the Company estimates forfeitures, based on historical experience, in order to estimate the portion of the award that will ultimately vest. |
Income Taxes [Policy Text Block] | Income Taxes - The provision for income taxes on continuing operations includes federal, state, local, and non-U.S. taxes. Tax credits, primarily for research and experimentation, non-U.S. earnings, and U.S. manufacturer's tax deduction are recognized as a reduction of the provision for income taxes on continuing operations in the year in which they are available for tax purposes. Deferred taxes are provided using enacted rates on the future tax consequences of temporary differences. Temporary differences include the differences between the financial statement carrying amounts of assets and liabilities and their respective tax bases and the tax benefit of carryforwards. A valuation allowance is established for deferred tax assets for which realization is not assured. In assessing the need for a valuation allowance, management considers all available evidence, including the future reversal of existing taxable temporary differences, taxable income in carryback periods, prudent and feasible tax planning strategies, and estimated future taxable income. The valuation allowance can be affected by changes to tax regulations, interpretations and rulings, changes to enacted statutory tax rates, and changes to future taxable income estimates. |
Tax benefits are recognized from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position in consideration of applicable tax statutes and related interpretations and precedents. Tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than 50% likelihood of being realized on ultimate settlement. | |
The Company has not provided for any residual U.S. income taxes on unremitted earnings of non-U.S. subsidiaries as such earnings are currently intended to be indefinitely reinvested outside of the U.S. It is not practicable to estimate the amount of tax that might be payable if some or all of such earnings were to be repatriated, and the amount of foreign tax credits that would be available to reduce or eliminate the resulting U.S. income tax liability. | |
Research and Development Costs [Policy Text Block] | Research and Development Costs – Research and development costs, including qualifying engineering costs, are expensed when incurred and amounted to $118,411 in 2014, $117,178 in 2013, and $123,639 in 2012. |
Advertising [Policy Text Block] | Advertising – Advertising costs are expensed when incurred and amounted to $38,882 in 2014, $36,453 in 2013, and $35,688 in 2012. |
Risk, Retention, Insurance [Policy Text Block] | Risk, Retention, Insurance - The Company currently self-insures its product and commercial general liability claims up to $5.0 million per occurrence, its workers’ compensation claims up to $0.5 million per occurrence, and automobile liability claims up to $1.0 million per occurrence. Third-party insurance provides primary level coverage in excess of these amounts up to certain specified limits. In addition, the Company has excess liability insurance from third-party insurers on both an aggregate and an individual occurrence basis well in excess of the limits of the primary coverage. A worldwide program of property insurance covers the Company’s owned and leased property and any business interruptions that may occur due to an insured hazard affecting those properties, subject to reasonable deductibles and aggregate limits. The Company’s property and casualty insurance programs contain various deductibles that, based on the Company’s experience, are typical and customary for a company of its size and risk profile. The Company does not consider any of the deductibles to represent a material risk to the Company. The Company generally maintains deductibles for claims and liabilities related primarily to workers’ compensation, health and welfare claims, general commercial, product and automobile liability and property damage, and business interruption resulting from certain events. The Company accrues for claim exposures that are probable of occurrence and can be reasonably estimated. As part of the Company’s risk management program, insurance is maintained to transfer risk beyond the level of self-retention and provide protection on both an individual claim and annual aggregate basis. |
Reclassification [Policy Text Block] | Reclassifications – Certain amounts in prior years have been reclassified to conform to the current year presentation. |
Recent Accounting Pronouncements [Policy Text Block] | Recent Accounting Pronouncements – In June 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-12 which requires that a performance target for share-based payments that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. Under this new standard, compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved and should represent the compensation cost attributable to the periods for which the requisite service has already been rendered. This update is effective for annual periods beginning after December 15, 2015. The Company has evaluated this guidance and determined that the adoption will not significantly impact the consolidated financial statements. |
In May 2014, the FASB issued ASU 2014-09 that introduces a new five-step revenue recognition model in which 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 or services. This ASU also requires disclosures sufficient to enable users to understand the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers, including qualitative and quantitative disclosures about contracts with customers, significant judgments and changes in judgments, and assets recognized from the costs to obtain or fulfill a contract. This standard is effective for fiscal years beginning after December 15, 2016, including interim periods within that reporting period. The Company is currently evaluating the new guidance to determine the impact it will have on its consolidated financial statements. | |
In April 2014, the FASB issued ASU 2014-08, which includes amendments that change the requirements for reporting discontinued operations and require additional disclosures about discontinued operations. Under the new guidance, only disposals representing a strategic shift in operations - that is, a major effect on the organization's operations and financial results - should be presented as discontinued operations. Additionally, the ASU requires expanded disclosures about discontinued operations that will provide financial statement users with more information about the assets, liabilities, income, and expenses of discontinued operations. This update is effective for Dover in the first quarter of 2015. The Company has evaluated this guidance and determined that the adoption will not significantly impact the consolidated financial statements. | |
In July 2013, the FASB issued ASU 2013-11, which provides that an unrecognized tax benefit, or a portion thereof, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward, except to the extent that a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date to settle any additional income taxes that would result from disallowance of a tax position, or the tax law does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose, then the unrecognized tax benefit should be presented as a liability. This standard was effective for Dover for fiscal years beginning after December 15, 2013. The Company adopted this guidance effective January 1, 2014. The adoption of this ASU did not significantly impact the consolidated financial statements. | |
In March 2013, the FASB issued ASU 2013-05, which permits an entity to release cumulative translation adjustments into net income when a reporting entity (parent) ceases to have a controlling financial interest in a subsidiary or group of assets that is a business within a foreign entity. Accordingly, the cumulative translation adjustment should be released into net income only if the sale or transfer results in the complete or substantially complete liquidation of the foreign entity in which the subsidiary or group of assets had resided, or, if a controlling financial interest is no longer held. The revised standard was effective for Dover for fiscal years beginning after December 15, 2013. The Company adopted this guidance effective January 1, 2014. The adoption of this ASU did not significantly impact the consolidated financial statements. | |
In February 2013, the FASB issued ASU 2013-02 which requires additional disclosures regarding the reporting of reclassifications out of accumulated other comprehensive income. ASU 2013-02 requires an entity to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required under U.S. GAAP to be reclassified to net income in its entirety in the same reporting period. This guidance was effective for reporting periods beginning after December 15, 2012. The Company adopted this guidance effective January 1, 2013. The Company's adoption of this standard did not have a significant impact on its consolidated financial statements. | |
In July 2012, the FASB issued ASU 2012-02, which allows an entity to first assess qualitative factors to determine whether it is necessary to perform a quantitative impairment test of an indefinite-lived intangible asset. Per the terms of this ASU, an entity would not be required to calculate the fair value of an indefinite-lived intangible asset unless the entity determines, based on qualitative assessment, that it is not more likely than not, the indefinite-lived intangible asset is impaired. The revised standard was effective for Dover for its annual and interim impairment tests performed for fiscal years beginning after September 15, 2012. Its adoption did not have a material impact on the Company’s consolidated financial statements. |
Spin_Off_of_Knowles_Corporatio1
Spin Off of Knowles Corporation (Tables) | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Spin Off [Abstract] | ||||
Summary of the assets and liabilities transferred to Knowles as part of the separation [Table Text Block] | The following is a summary of the assets and liabilities distributed to Knowles as part of the separation on February 28, 2014: | |||
Assets: | ||||
Cash and cash equivalents | $ | 40,045 | ||
Other current assets | 340,945 | |||
Non-current assets | 1,678,820 | |||
Total assets | $ | 2,059,810 | ||
Liabilities: | ||||
Current liabilities | $ | 252,673 | ||
Non-current liabilities | 383,940 | |||
Total liabilities | $ | 636,613 | ||
Net assets distributed to Knowles Corporation | $ | 1,423,197 | ||
Acquisitions_Tables
Acquisitions (Tables) | 12 Months Ended | |||||||||||||||||||||||||
Dec. 31, 2014 | Dec. 31, 2013 | |||||||||||||||||||||||||
Business Combinations [Abstract] | ||||||||||||||||||||||||||
Allocation of acquisition cost | The following presents the allocation of acquisition cost to the assets acquired and liabilities assumed, based on their estimated fair values: | The following presents the allocation of acquisition cost to the assets acquired and liabilities assumed, based on their estimated fair values: | ||||||||||||||||||||||||
Accelerated | Other Acquisitions | Total | Current assets, net of cash acquired | $ | 98,641 | |||||||||||||||||||||
Current assets, net of cash acquired | $ | 133,475 | $ | 74,712 | $ | 208,187 | ||||||||||||||||||||
Property, plant and equipment | 33,403 | |||||||||||||||||||||||||
Property, plant and equipment | 51,070 | 6,199 | 57,269 | |||||||||||||||||||||||
Goodwill | 141,888 | |||||||||||||||||||||||||
Goodwill | 222,808 | 209,330 | 432,138 | |||||||||||||||||||||||
Intangible assets | 149,228 | |||||||||||||||||||||||||
Intangible assets | 131,200 | 163,727 | 294,927 | |||||||||||||||||||||||
Other non-current assets, principally deferred taxes | 2,622 | |||||||||||||||||||||||||
Current liabilities assumed | (43,935 | ) | (36,425 | ) | (80,360 | ) | ||||||||||||||||||||
Non-current liabilities assumed, principally deferred taxes | (58,896 | ) | (51,011 | ) | (109,907 | ) | Current liabilities assumed | (58,052 | ) | |||||||||||||||||
Net assets acquired | $ | 435,722 | $ | 366,532 | $ | 802,254 | Non-current liabilities assumed, principally deferred taxes | (44,892 | ) | |||||||||||||||||
Net assets acquired | $ | 322,838 | ||||||||||||||||||||||||
Schedule Of Acquired Intangible Assets By Major Class Text Block [Table Text Block] | The amounts assigned to goodwill and major intangible asset classifications by applicable segment for the 2014 acquisitions are as follows: | |||||||||||||||||||||||||
Energy | Engineered Systems | Fluids | Refrigeration & Food Equipment | Total | Useful life (in years) | |||||||||||||||||||||
Goodwill - Tax deductible | $ | 10,835 | $ | — | $ | 184 | $ | 1,022 | $ | 12,041 | na | |||||||||||||||
Goodwill - Non deductible | 314,604 | 80,581 | 24,912 | — | 420,097 | na | ||||||||||||||||||||
Customer intangibles | 198,200 | 22,843 | 23,273 | 600 | 244,916 | 12 | ||||||||||||||||||||
Trademarks | 19,300 | 6,594 | 2,125 | — | 28,019 | 11 | ||||||||||||||||||||
Patents | — | 878 | — | 500 | 1,378 | 8 | ||||||||||||||||||||
Other intangibles and assets | 5,900 | 10,374 | 4,340 | — | 20,614 | 6 | ||||||||||||||||||||
$ | 548,839 | $ | 121,270 | $ | 54,834 | $ | 2,122 | $ | 727,065 | |||||||||||||||||
Pro forma results of operations | The following unaudited pro forma information illustrates the effect on the Company’s revenue and earnings from continuing operations for years ended December 31, 2014 and 2013, assuming that the 2014 acquisitions had taken place at the beginning of 2013. As a result, the supplemental pro forma earnings reflect adjustments to earnings from continuing operations as reported in the Consolidated Statements of Earnings to exclude $11,558 of nonrecurring expense related to the fair value adjustments to acquisition-date inventory (after-tax) and $3,502 of acquisition-related costs (after-tax) from the year ended December 31, 2014. The supplemental pro forma earnings for the comparable 2013 period were adjusted to include these charges as if they were incurred at the beginning of 2012. The 2014 and 2013 supplemental pro forma earnings are also adjusted to reflect the comparable impact of additional depreciation and amortization expense (net of tax) resulting from the fair value measurement of tangible and intangible assets relating to 2014 and 2013 acquisitions. | |||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||
Revenue from continuing operations: | ||||||||||||||||||||||||||
As reported | $ | 7,752,728 | $ | 7,155,096 | ||||||||||||||||||||||
Pro forma | 7,987,639 | 7,602,756 | ||||||||||||||||||||||||
Earnings from continuing operations: | ||||||||||||||||||||||||||
As reported | $ | 778,140 | $ | 797,527 | ||||||||||||||||||||||
Pro forma | 806,321 | 794,823 | ||||||||||||||||||||||||
Basic earnings per share from continuing operations: | ||||||||||||||||||||||||||
As reported | $ | 4.67 | $ | 4.66 | ||||||||||||||||||||||
Pro forma | 4.84 | 4.64 | ||||||||||||||||||||||||
Diluted earnings per share from continuing operations: | ||||||||||||||||||||||||||
As reported | $ | 4.61 | $ | 4.6 | ||||||||||||||||||||||
Pro forma | 4.78 | 4.58 | ||||||||||||||||||||||||
Disposed_and_Discontinued_Oper1
Disposed and Discontinued Operations (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ||||||||||||
Results of discontinued operations [Table Text Block] | Summarized results of the Company’s discontinued operations are as follows: | |||||||||||
Years Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Revenue | $ | 568,991 | $ | 1,970,965 | $ | 1,918,035 | ||||||
Loss on sale, including impairments, net of tax | $ | (3,691 | ) | $ | (35,473 | ) | $ | (50,818 | ) | |||
Earnings from operations before taxes | 13,611 | 209,293 | 241,023 | |||||||||
(Provision) benefit for income taxes | (12,825 | ) | 31,782 | (29,210 | ) | |||||||
Earnings from operations, net of tax | 786 | $ | 241,075 | $ | 211,813 | |||||||
(Loss) earnings from discontinued operations, net of tax | $ | (2,905 | ) | $ | 205,602 | $ | 160,995 | |||||
Assets and liabilities of discontinued operations [Table Text Block] | Assets and liabilities of discontinued operations are summarized below: | |||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||
Assets of Discontinued Operations | ||||||||||||
Accounts receivable (1) | $ | 46,691 | $ | 403,539 | ||||||||
Inventories, net | 58,401 | 229,465 | ||||||||||
Prepaid and other current assets | 8,571 | 84,814 | ||||||||||
Total current assets | 113,663 | 717,818 | ||||||||||
Property, plant and equipment, net | 31,573 | 401,600 | ||||||||||
Goodwill and intangible assets, net | 181,798 | 1,633,587 | ||||||||||
Other assets and deferred charges | 137 | 26,058 | ||||||||||
Total assets | $ | 327,171 | $ | 2,779,063 | ||||||||
Liabilities of Discontinued Operations | ||||||||||||
Accounts payable (1) | $ | 21,199 | $ | 278,607 | ||||||||
Other current liabilities | 17,675 | 153,788 | ||||||||||
Total current liabilities | 38,874 | 432,395 | ||||||||||
Deferred income taxes | 8,752 | 60,361 | ||||||||||
Other liabilities | 3,092 | 42,865 | ||||||||||
Total liabilities | $ | 50,718 | $ | 535,621 | ||||||||
At December 31, 2014, the assets and liabilities of discontinued operations primarily relate to Datamax O'Neil and Sargent Aerospace, which were held for sale on that date. At December 31, 2013, the assets and liabilities of discontinued operations relate to those businesses mentioned above, as well as DEK International, which was sold on July 2, 2014 and Knowles, which was spun off on February 28, 2014. | ||||||||||||
-1 | Amounts at December 31, 2013 include estimated credits and liabilities associated with tax obligations in foreign jurisdictions resulting from value-added tax for the Multitest business within ECT. Accounts receivable includes $93,598 of credits. Accounts payable includes $76,443 of liabilities and $18,279 of interest. These balances were settled in 2014. |
Inventories_Tables
Inventories (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Inventory, Net [Abstract] | ||||||||
Components of Inventory | ||||||||
December 31, 2014 | December 31, 2013 | |||||||
Raw materials | $ | 352,016 | $ | 338,621 | ||||
Work in progress | 147,715 | 127,611 | ||||||
Finished goods | 483,912 | 367,011 | ||||||
Subtotal | 983,643 | 833,243 | ||||||
Less reserves | (119,906 | ) | (117,932 | ) | ||||
Total | $ | 863,737 | $ | 715,311 | ||||
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
Components of property, plant and equipment, net | 6. Property, Plant and Equipment, net | |||||||
December 31, 2014 | December 31, 2013 | |||||||
Land | $ | 55,076 | $ | 56,118 | ||||
Buildings and improvements | 537,474 | 517,087 | ||||||
Machinery, equipment and other | 1,698,638 | 1,596,085 | ||||||
Subtotal | 2,291,188 | 2,169,290 | ||||||
Less accumulated depreciation | (1,454,119 | ) | (1,381,441 | ) | ||||
Total | $ | 837,069 | $ | 787,849 | ||||
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||
Goodwill | The changes in the carrying value of goodwill by segment for the years ended December 31, 2014 and 2013 are as follows: | |||||||||||||||||||
Energy | Engineered Systems | Fluids | Refrigeration & Food Equipment | Total | ||||||||||||||||
Goodwill | $ | 716,210 | $ | 1,202,906 | $ | 560,131 | $ | 588,624 | $ | 3,067,871 | ||||||||||
Accumulated impairment loss | — | (10,591 | ) | (59,970 | ) | — | (70,561 | ) | ||||||||||||
Balance at January 1, 2013 | 716,210 | 1,192,315 | 500,161 | 588,624 | 2,997,310 | |||||||||||||||
Acquisitions | 19,810 | 19,968 | 102,110 | — | 141,888 | |||||||||||||||
Purchase price adjustments | (2,278 | ) | (521 | ) | (2,417 | ) | (22,922 | ) | (28,138 | ) | ||||||||||
Foreign currency translation | (5,770 | ) | (1,143 | ) | 4,304 | 129 | (2,480 | ) | ||||||||||||
Balance at December 31, 2013 | 727,972 | 1,210,619 | 604,158 | 565,831 | 3,108,580 | |||||||||||||||
Acquisitions | 325,438 | 80,581 | 25,097 | 1,022 | 432,138 | |||||||||||||||
Purchase price adjustments | (395 | ) | — | 11,350 | — | 10,955 | ||||||||||||||
Foreign currency translation | (4,280 | ) | (21,022 | ) | (30,942 | ) | (3,872 | ) | (60,116 | ) | ||||||||||
Balance at December 31, 2014 | $ | 1,048,735 | $ | 1,270,178 | $ | 609,663 | $ | 562,981 | $ | 3,491,557 | ||||||||||
Schedule of Intangible Assets | The following table provides the gross carrying value and accumulated amortization for each major class of intangible asset: | |||||||||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||||||||||
Gross Carrying | Accumulated | Gross Carrying | Accumulated | |||||||||||||||||
Amount | Amortization | Amount | Amortization | |||||||||||||||||
Amortized intangible assets: | ||||||||||||||||||||
Trademarks | $ | 138,650 | $ | 34,097 | $ | 110,573 | $ | 24,418 | ||||||||||||
Patents | 150,404 | 108,484 | 153,850 | 102,756 | ||||||||||||||||
Customer Intangibles | 1,429,906 | 484,449 | 1,211,744 | 379,124 | ||||||||||||||||
Unpatented Technologies | 92,480 | 45,812 | 80,483 | 35,891 | ||||||||||||||||
Drawings & Manuals | 36,377 | 13,087 | 41,800 | 10,462 | ||||||||||||||||
Distributor Relationships | 64,614 | 34,377 | 64,614 | 31,144 | ||||||||||||||||
Other | 24,214 | 12,737 | 22,365 | 12,599 | ||||||||||||||||
Total | $ | 1,936,645 | $ | 733,043 | $ | 1,685,429 | $ | 596,394 | ||||||||||||
Unamortized intangible assets: | ||||||||||||||||||||
Trademarks | 165,918 | 169,876 | ||||||||||||||||||
Total intangible assets, net | $ | 1,369,520 | $ | 1,258,911 | ||||||||||||||||
Future Amortization Expense | Amortization expense for the next five years, based on current intangible balances, is estimated to be as follows: | |||||||||||||||||||
2015 | $ | 140,046 | ||||||||||||||||||
2016 | 139,880 | |||||||||||||||||||
2017 | 136,746 | |||||||||||||||||||
2018 | 125,827 | |||||||||||||||||||
2019 | 110,262 | |||||||||||||||||||
Accrued_Expenses_and_Other_Lia1
Accrued Expenses and Other Liabilities (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Accrued Expenses and Other Liabilities [Abstract] | ||||||||
Major components of other accrued expenses [Table Text Block] | The following table details the major components of other accrued expenses: | |||||||
December 31, 2014 | December 31, 2013 | |||||||
Warranty | $ | 46,704 | $ | 39,824 | ||||
Unearned/deferred revenue | 20,678 | 22,839 | ||||||
Taxes other than income | 28,452 | 34,229 | ||||||
Accrued interest | 31,318 | 31,738 | ||||||
Accrued volume discounts | 16,352 | 16,909 | ||||||
Accrued commissions (non-employee) | 12,799 | 11,151 | ||||||
Restructuring and exit | 22,021 | 4,986 | ||||||
Legal and environmental | 7,868 | 4,967 | ||||||
Other (none of which are individually significant) (1) | 80,085 | 52,966 | ||||||
$ | 266,277 | $ | 219,609 | |||||
Major components of other liabilities [Table Text Block] | The following table details the major components of other liabilities (non-current): | |||||||
December 31, 2014 | December 31, 2013 | |||||||
Deferred compensation (2) | $ | 323,105 | $ | 321,736 | ||||
Unrecognized tax benefits | 94,875 | 97,920 | ||||||
Unearned/deferred revenue | 8,599 | 7,751 | ||||||
Legal and environmental | 31,841 | 35,145 | ||||||
Warranty | 2,684 | 3,100 | ||||||
Restructuring and exit | — | 356 | ||||||
Other (none of which are individually significant) (1) | 21,236 | 42,856 | ||||||
$ | 482,340 | $ | 508,864 | |||||
-1 | The liability relating to the Company's cumulative loss of $15,567 on the Swiss franc cross-currency swap was reclassified from other liabilities to other accrued expenses at December 31, 2014 in anticipation of the settlement of this net investment hedge when it expires on October 15, 2015. See Note 11 Financial Instruments. | |||||||
-2 | Deferred compensation includes $229,128 and $232,669 at December 31, 2014 and 2013, respectively, for liabilities related to defined benefit and other postretirement benefit plans. See Note 15 Employee Benefit Plans. | |||||||
Carrying amount of product warranties [Table Text Block] | Warranty | |||||||
Estimated warranty program claims are provided for at the time of sale. Amounts provided for are based on historical costs and adjusted for new claims. The changes in the carrying amount of product warranties through December 31, 2014 and 2013 are as follows: | ||||||||
2014 | 2013 | |||||||
Beginning Balance, January 1 | $ | 42,924 | $ | 39,554 | ||||
Provision for warranties | 60,833 | 52,943 | ||||||
Settlements made | (56,746 | ) | (49,101 | ) | ||||
Other adjustments, including acquisitions and currency translation | 2,377 | (472 | ) | |||||
Ending balance, December 31 | $ | 49,388 | $ | 42,924 | ||||
Restructuring_Activities_Table
Restructuring Activities (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Restructuring and Related Activities [Abstract] | ||||||||||||
Schedule of Restructuring and Related Costs [Table Text Block] | The following table details restructuring charges incurred by segment for the periods presented: | |||||||||||
Years Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Energy (1) | $ | 7,549 | $ | (811 | ) | $ | 584 | |||||
Engineered Systems | 6,624 | 3,628 | 8,320 | |||||||||
Fluids | 3,784 | 850 | 2,215 | |||||||||
Refrigeration & Food Equipment | 24,897 | 5,451 | 2,761 | |||||||||
Corporate | 1,954 | — | — | |||||||||
Total | $ | 44,808 | $ | 9,118 | $ | 13,880 | ||||||
These amounts are classified in the Consolidated Statements of Earnings as follows: | ||||||||||||
Cost of goods and services | $ | 19,690 | $ | 5,320 | $ | 3,613 | ||||||
Selling and administrative expenses | 25,118 | 3,798 | 10,267 | |||||||||
Total | $ | 44,808 | $ | 9,118 | $ | 13,880 | ||||||
-1 | In 2013, restructuring charges incurred within the Energy segment included a net gain on the sale of buildings in connection with facility consolidations. | |||||||||||
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | The following table details the Company’s severance and other restructuring accrual activity: | |||||||||||
Severance | Exit | Total | ||||||||||
Balance at December 31, 2011 | $ | 1,654 | 3,110 | $ | 4,764 | |||||||
Restructuring charges | 10,583 | 3,297 | 13,880 | |||||||||
Payments | (9,554 | ) | (3,916 | ) | (13,470 | ) | ||||||
Other, including foreign currency | 4 | 74 | 78 | |||||||||
Balance at December 31, 2012 | 2,687 | 2,565 | 5,252 | |||||||||
Restructuring charges | 7,103 | 2,015 | 9,118 | |||||||||
Payments | (7,001 | ) | (2,451 | ) | (9,452 | ) | ||||||
Other, including foreign currency | 87 | 337 | 424 | |||||||||
Balance at December 31, 2013 | 2,876 | 2,466 | 5,342 | |||||||||
Restructuring charges | 23,532 | 21,276 | 44,808 | |||||||||
Payments | (10,092 | ) | (5,750 | ) | (15,842 | ) | ||||||
Other, including foreign currency | (958 | ) | (11,329 | ) | (1) | (12,287 | ) | |||||
Balance at December 31, 2014 | $ | 15,358 | $ | 6,663 | $ | 22,021 | ||||||
(1) | Other activity in exit reserves primarily represents the non-cash write-off of inventory and fixed assets in connection with certain facility closures. |
Borrowings_Tables
Borrowings (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Debt Disclosure [Abstract] | ||||||||||||
Schedule of short-term debt [Table Text Block] | Borrowings consist of the following: | |||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||
Short-term: | ||||||||||||
Current portion of long-term debt | $ | 299,956 | $ | 2,778 | ||||||||
Commercial paper | 478,000 | 226,500 | ||||||||||
$ | 777,956 | $ | 229,278 | |||||||||
Borrowings [Table Text Block] | ||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||
Long-term: | ||||||||||||
4.875% 10-year notes due October 15, 2015 | $ | 299,836 | $ | 299,638 | ||||||||
5.45% 10-year notes due March 15, 2018 | 348,928 | 348,598 | ||||||||||
2.125% 7-year notes due December 1, 2020 (euro-denominated) | 363,970 | 411,500 | ||||||||||
4.30% 10-year notes due March 1, 2021 | 449,839 | 449,813 | ||||||||||
6.65% 30-year debentures due June 1, 2028 | 199,517 | 199,483 | ||||||||||
5.375% 30-year debentures due October 15, 2035 | 296,685 | 296,526 | ||||||||||
6.60% 30-year notes due March 15, 2038 | 247,948 | 247,859 | ||||||||||
5.375% 30-year notes due March 1, 2041 | 345,830 | 345,671 | ||||||||||
Other | 444 | 2,891 | ||||||||||
Total long-term debt | 2,552,997 | 2,601,979 | ||||||||||
Less current portion | (299,956 | ) | (2,778 | ) | ||||||||
$ | 2,253,041 | $ | 2,599,201 | |||||||||
Schedule of interest expense and interest income [Table Text Block] | Interest expense and interest income for the years ended December 31, 2014, 2013 and 2012 were as follows: | |||||||||||
Years Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Interest expense | $ | 131,689 | $ | 124,535 | $ | 125,992 | ||||||
Interest income | (4,510 | ) | (3,881 | ) | (4,723 | ) | ||||||
Interest expense, net | $ | 127,179 | $ | 120,654 | $ | 121,269 | ||||||
Scheduled maturities [Table Text Block] | Scheduled maturities of long-term debt for the years ending December 31 are as follows: | |||||||||||
2015 | $ | 299,956 | ||||||||||
2016 | 114 | |||||||||||
2017 | 117 | |||||||||||
2018 | 348,958 | |||||||||||
2019 | — | |||||||||||
2020 and thereafter | 1,903,852 | |||||||||||
$ | 2,552,997 | |||||||||||
Financial_Instruments_Tables
Financial Instruments (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||
Fair value of derivative instruments and the balance sheet lines in which they are recorded | The following table sets forth the fair values of derivative instruments held by the Company as of December 31, 2014 and December 31, 2013 and the balance sheet lines in which they are recorded: | |||||||||||||||||||||||
Fair Value Asset (Liability) | ||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | Balance Sheet Caption | ||||||||||||||||||||||
Foreign currency forward / collar contracts | $ | 973 | $ | 879 | Prepaid and other current assets | |||||||||||||||||||
Foreign currency forward / collar contracts | (810 | ) | (168 | ) | Other accrued expenses | |||||||||||||||||||
Net investment hedge - cross currency swap | (15,567 | ) | (23,716 | ) | Accrued expenses / Other liabilities (1) | |||||||||||||||||||
-1 | The liability relating to the cumulative loss on the Swiss franc cross currency swap is reflected in accrued expenses on the Consolidated Balance Sheet at December 31, 2014 as this swap matures on October 15, 2015. It was reflected in other liabilities as of December 31, 2013. | |||||||||||||||||||||||
Amounts recognized in other comprehensive earnings | Amounts recognized in other comprehensive earnings (loss) for the gains (losses) on its net investment hedges were as follows: | |||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
Gain (loss) on euro-denominated debt | $ | 47,630 | $ | (6,099 | ) | $ | — | |||||||||||||||||
Gain (loss) on Swiss franc cross-currency swap | 8,149 | (1,035 | ) | (1,025 | ) | |||||||||||||||||||
Total gain (loss) on net investment hedges before tax | 55,779 | (7,134 | ) | (1,025 | ) | |||||||||||||||||||
Tax (expense) benefit | (19,523 | ) | 2,494 | 359 | ||||||||||||||||||||
Net gain (loss) on net investment hedges, net of tax | $ | 36,256 | $ | (4,640 | ) | $ | (666 | ) | ||||||||||||||||
Assets and liabilities measured at fair value on a recurring basis | The following table presents the Company’s assets and liabilities measured at fair value on a recurring basis as of December 31, 2014 and December 31, 2013: | |||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | |||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Foreign currency cash flow hedges | $ | — | $ | 973 | $ | — | $ | — | $ | 879 | $ | — | ||||||||||||
Liabilities: | ||||||||||||||||||||||||
Foreign currency cash flow hedges | — | 810 | — | — | 168 | — | ||||||||||||||||||
Swiss franc cross-currency swap | — | 15,567 | — | — | 23,716 | — | ||||||||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||
Schedule Of Earnings Before Provision For Income Taxes And Discontinued Operations [Table Text Block] | Income taxes have been based on the following components of “Earnings before provision for income taxes and discontinued operations” in the Consolidated Statements of Earnings: | |||||||||||
Years Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Domestic | $ | 789,689 | $ | 714,723 | $ | 640,896 | ||||||
Foreign | 304,518 | 331,263 | 290,169 | |||||||||
$ | 1,094,207 | $ | 1,045,986 | $ | 931,065 | |||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Income tax expense (benefit) relating to continuing operations for the years ended December 31, 2014, 2013, and 2012 is comprised of the following: | |||||||||||
Years Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Current: | ||||||||||||
U.S. Federal | $ | 231,939 | $ | 114,218 | $ | 196,622 | ||||||
State and local | 8,434 | 17,468 | (1,590 | ) | ||||||||
Foreign | 97,037 | 89,702 | 84,723 | |||||||||
Total current | 337,410 | 221,388 | 279,755 | |||||||||
Deferred: | ||||||||||||
U.S. Federal | $ | 7,386 | $ | 35,315 | $ | 20,149 | ||||||
State and local | 11,250 | (4,556 | ) | (2,262 | ) | |||||||
Foreign | (39,979 | ) | (3,688 | ) | (16,652 | ) | ||||||
Total deferred | (21,343 | ) | 27,071 | 1,235 | ||||||||
Total expense | $ | 316,067 | $ | 248,459 | $ | 280,990 | ||||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Differences between the effective income tax rate and the U.S. federal income statutory rate are as follows: | |||||||||||
Years Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
U.S. Federal income tax rate | 35 | % | 35 | % | 35 | % | ||||||
State and local taxes, net of Federal income tax benefit | 1.3 | 1.2 | 1.3 | |||||||||
Foreign operations tax effect | (3.7 | ) | (3.3 | ) | (3.2 | ) | ||||||
R&E tax credits (1) | (0.3 | ) | (0.7 | ) | — | |||||||
Domestic manufacturing deduction | (3.0 | ) | (2.2 | ) | (2.2 | ) | ||||||
Foreign tax credits | 0.4 | 0.3 | 0.3 | |||||||||
Branch losses | (0.7 | ) | (0.2 | ) | — | |||||||
Release of valuation allowance | (0.6 | ) | — | — | ||||||||
Resolution of tax contingencies | (0.5 | ) | (7.2 | ) | (1.8 | ) | ||||||
Other, principally non-tax deductible items | 1 | 0.9 | 0.8 | |||||||||
Effective rate from continuing operations | 28.9 | % | 23.8 | % | 30.2 | % | ||||||
-1 | On January 2, 2013, the American Taxpayer Relief Act of 2012 was signed into law, and this legislation retroactively extended the R&E tax credit for two years, from January 1, 2012 through December 31, 2013. Income tax expense for 2013 includes $4.8 million for the entire benefit of the R&E tax credit attributable to 2012. | |||||||||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | The tax effects of temporary differences that give rise to future deferred tax assets and liabilities are as follows: | |||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||
Deferred Tax Assets: | ||||||||||||
Accrued compensation, principally postretirement and other employee benefits | $ | 151,640 | $ | 130,326 | ||||||||
Accrued expenses, principally for state income taxes, interest, and warranty | 45,262 | 43,700 | ||||||||||
Net operating loss and other carryforwards | 190,298 | 70,821 | ||||||||||
Inventories, principally due to reserves for financial reporting purposes and capitalization for tax purposes | 13,285 | 14,068 | ||||||||||
Accounts receivable, principally due to allowance for doubtful accounts | 4,323 | 4,507 | ||||||||||
Accrued insurance | 5,529 | 4,353 | ||||||||||
Long-term liabilities, principally warranty, environmental, and exit costs | 4,096 | 3,777 | ||||||||||
Other assets | (8,838 | ) | (11,957 | ) | ||||||||
Total gross deferred tax assets | 405,595 | 259,595 | ||||||||||
Valuation allowance | (141,252 | ) | (14,063 | ) | ||||||||
Total deferred tax assets | $ | 264,343 | $ | 245,532 | ||||||||
Deferred Tax Liabilities: | ||||||||||||
Intangible assets, principally due to different tax and financial reporting bases and amortization lives | $ | (694,602 | ) | $ | (604,464 | ) | ||||||
Plant and equipment, principally due to differences in depreciation | (55,012 | ) | (61,455 | ) | ||||||||
Accounts receivable | (6,481 | ) | (6,674 | ) | ||||||||
Total gross deferred tax liabilities | (756,095 | ) | (672,593 | ) | ||||||||
Net deferred tax liability | $ | (491,752 | ) | $ | (427,061 | ) | ||||||
Classified as follows in the consolidated balance sheets: | ||||||||||||
Current deferred tax asset | $ | 63,276 | $ | 60,101 | ||||||||
Non-current deferred tax asset | 10,107 | 5,642 | ||||||||||
Current deferred tax liability | (928 | ) | (953 | ) | ||||||||
Non-current deferred tax liability | (564,207 | ) | (491,851 | ) | ||||||||
$ | (491,752 | ) | $ | (427,061 | ) | |||||||
Schedule Of Unrecognized Tax Benefits [Table Text Block] | The following table is a reconciliation of the beginning and ending balances of the Company’s unrecognized tax benefits: | |||||||||||
Continuing | Discontinued | Total | ||||||||||
Unrecognized tax benefits at January 1, 2012 | $ | 134,773 | $ | 54,268 | $ | 189,041 | ||||||
Additions based on tax positions related to the current year | 10,188 | 26 | 10,214 | |||||||||
Additions for tax positions of prior years | 4,128 | 3,470 | 7,598 | |||||||||
Reductions for tax positions of prior years | (14,257 | ) | (25 | ) | (14,282 | ) | ||||||
Settlements | (418 | ) | (85 | ) | (503 | ) | ||||||
Lapse of statutes | (12,550 | ) | (3,429 | ) | (15,979 | ) | ||||||
Unrecognized tax benefits at December 31, 2012 | 121,864 | 54,225 | 176,089 | |||||||||
Additions based on tax positions related to the current year | 9,056 | 1 | 9,057 | |||||||||
Additions for tax positions of prior years | 7,584 | 3,315 | 10,899 | |||||||||
Reductions for tax positions of prior years (A) | (62,610 | ) | (40,240 | ) | (102,850 | ) | ||||||
Settlements | (2,823 | ) | (2,523 | ) | (5,346 | ) | ||||||
Lapse of statutes | (7,845 | ) | (1,564 | ) | (9,409 | ) | ||||||
Unrecognized tax benefits at December 31, 2013 | 65,226 | 13,214 | 78,440 | |||||||||
Additions based on tax positions related to the current year | 11,751 | 14 | 11,765 | |||||||||
Additions for tax positions of prior years | 1,065 | 499 | 1,564 | |||||||||
Reductions for tax positions of prior years | (5,782 | ) | (265 | ) | (6,047 | ) | ||||||
Settlements | (843 | ) | (155 | ) | (998 | ) | ||||||
Lapse of statutes | (5,050 | ) | (2,585 | ) | (7,635 | ) | ||||||
Unrecognized tax benefits at December 31, 2014 | $ | 66,367 | (B) | $ | 10,722 | $ | 77,089 | |||||
(A) | The settlement of certain income tax examinations of the 2009 and 2010 tax years resulted in a significant decrease in gross unrecognized tax benefits. | |||||||||||
(B) | If recognized, the net amount of potential tax benefits that would impact the Company’s effective tax rate is $48.8 million. During the years ended December 31, 2014, 2013, and 2012, the Company recorded potential interest and penalty expense (income) of $(1.3) million, $(5.5) million and $0.1 million, respectively, related to its unrecognized tax benefits as a component of provision for income taxes. The Company had accrued interest and penalties of $15.5 million at December 31, 2014 and $17.1 million at December 31, 2013, which are not included in the above table. |
Equity_and_Cash_Incentive_Prog1
Equity and Cash Incentive Program (Tables) | 12 Months Ended | ||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||||||
Stock-based incentive plans compensation expense | Stock-based compensation costs are reported within selling and administrative expenses. The following table summarizes the Company’s compensation expense relating to all stock-based incentive plans: | ||||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||
Pre-tax compensation expense | $ | 31,628 | $ | 30,480 | $ | 30,884 | |||||||||||||||||||||
Tax benefit | (11,201 | ) | (10,745 | ) | (10,904 | ) | |||||||||||||||||||||
Total stock-based compensation expense, net of tax | $ | 20,427 | $ | 19,735 | $ | 19,980 | |||||||||||||||||||||
Summary of activity relating to SARs and stock options | A summary of activity relating to SARs and stock options granted under the 2012 Plan and the predecessor plans for the year ended December 31, 2014 is as follows: | ||||||||||||||||||||||||||
SARs | Stock Options | ||||||||||||||||||||||||||
Number of Shares | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term (Years) | Number of Shares | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term (Years) | ||||||||||||||||||||||
Outstanding at 1/1/2014 | 7,520,760 | $ | 56.67 | 209,827 | $ | 38.39 | |||||||||||||||||||||
Surrendered upon spin-off (1) | (359,151 | ) | 62.55 | (4,555 | ) | 38 | |||||||||||||||||||||
Modification upon spin-off (2) | 933,845 | — | 20,523 | — | |||||||||||||||||||||||
Granted | 1,043,734 | 82.51 | — | — | |||||||||||||||||||||||
Forfeit / expired | (281,822 | ) | 65.65 | (7,605 | ) | 41.79 | |||||||||||||||||||||
Exercised | (1,216,624 | ) | 43.97 | (165,283 | ) | 35.04 | |||||||||||||||||||||
Outstanding at 12/31/2014 | 7,640,742 | 54.69 | 6.3 | 52,907 | 33.5 | 0.1 | |||||||||||||||||||||
Exercisable at 12/31/2014 | 3,631,702 | $ | 42.43 | 4.6 | 52,907 | $ | 33.5 | 0.1 | |||||||||||||||||||
-1 | In connection with the spin-off on February 28, 2014, Knowles employees surrendered their outstanding Dover equity awards, which were then converted to Knowles equity awards. | ||||||||||||||||||||||||||
-2 | Subsequent to the separation of Knowles, the Company modified its outstanding equity awards to employees such that all individuals received an equivalent fair value both before and after the separation, which resulted in a lower exercise price for all outstanding equity awards at the time of modification. | ||||||||||||||||||||||||||
Other information for SARs and stock options | Other information regarding the exercise of SARs and stock options is listed below: | ||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||
SARs | |||||||||||||||||||||||||||
Fair value of SARs that became exercisable | $ | 26,796 | $ | 23,605 | $ | 16,484 | |||||||||||||||||||||
Aggregate intrinsic value of SARs exercised | $ | 51,813 | $ | 83,944 | $ | 61,531 | |||||||||||||||||||||
Stock Options | |||||||||||||||||||||||||||
Cash received by Dover for exercise of stock options | $ | 5,227 | $ | 14,830 | $ | 38,029 | |||||||||||||||||||||
Aggregate intrinsic value of options exercised | $ | 8,614 | $ | 19,937 | $ | 29,866 | |||||||||||||||||||||
Summary of activity for performance share awards | A summary of activity for performance share awards for the year ended December 31, 2014 is as follows: | ||||||||||||||||||||||||||
Number of Shares | Weighted-Average | ||||||||||||||||||||||||||
Grant-Date | |||||||||||||||||||||||||||
Fair Value | |||||||||||||||||||||||||||
Unvested at January 1, 2014 | 92,545 | $ | 76.05 | ||||||||||||||||||||||||
Surrendered upon spin-off (1) | (7,177 | ) | 76.67 | ||||||||||||||||||||||||
Modification upon spin-off (2) | 11,480 | — | |||||||||||||||||||||||||
Granted | 58,206 | 82.51 | |||||||||||||||||||||||||
Forfeit | (2,381 | ) | 80.21 | ||||||||||||||||||||||||
Vested (3) | (50,950 | ) | 63.43 | ||||||||||||||||||||||||
Unvested at December 31, 2014 | 101,723 | $ | 77.33 | ||||||||||||||||||||||||
-1 | In connection with the spin-off on February 28, 2014, Knowles employees surrendered their outstanding Dover equity awards, which were then converted to Knowles equity awards. | ||||||||||||||||||||||||||
-2 | Subsequent to the separation of Knowles, the Company modified its outstanding equity awards to employees such that all individuals received an equivalent fair value both before and after the separation. | ||||||||||||||||||||||||||
-3 | Under the terms of the performance share award, the actual number of shares awarded can range from zero to 200% of the original target grant, depending on Dover's three-year performance relative to the peer group for the relevant performance period. The awards that vested in 2014, as shown above, will result in zero issuances of Dover common shares as a result of the three-year performance from 2012 - 2014 relative to its peer group. | ||||||||||||||||||||||||||
Summary of activity for restricted stock units | A summary of activity for restricted stock awards for the year ended December 31, 2014 is as follows: | ||||||||||||||||||||||||||
Number of Shares | Weighted-Average | ||||||||||||||||||||||||||
Grant-Date | |||||||||||||||||||||||||||
Fair Value | |||||||||||||||||||||||||||
Unvested at January 1, 2014 | 40,000 | $ | 66.59 | ||||||||||||||||||||||||
Modification upon spin-off (1) | 5,389 | — | |||||||||||||||||||||||||
Granted | 131,719 | 82.51 | |||||||||||||||||||||||||
Forfeit | (10,623 | ) | 82.51 | ||||||||||||||||||||||||
Vested | (485 | ) | 82.51 | ||||||||||||||||||||||||
Unvested at December 31, 2014 | 166,000 | $ | 76 | ||||||||||||||||||||||||
-1 | Subsequent to the separation of Knowles, the Company modified its outstanding equity awards to employees such that all individuals received an equivalent fair value both before and after the separation. | ||||||||||||||||||||||||||
Shares granted to directors | The Company issued the following shares to its non-employee directors under the 2012 Plan as partial compensation for serving as directors of the Company: | ||||||||||||||||||||||||||
Years ended December 31, | |||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||
Aggregate shares granted | 17,331 | 14,271 | 20,344 | ||||||||||||||||||||||||
Shares deferred | (8,904 | ) | (6,929 | ) | — | ||||||||||||||||||||||
Shares withheld to satisfy tax obligations | (210 | ) | (354 | ) | (544 | ) | |||||||||||||||||||||
Net shares issued | 8,217 | 6,988 | 19,800 | ||||||||||||||||||||||||
Stock Appreciation Rights (SARs) [Member] | |||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||||||
Assumptions used in determining fair value of stock appreciation rights and performance shares awarded during the period | The fair value of each SAR grant was estimated on the date of grant using a Black-Scholes option-pricing model with the following assumptions: | ||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||
Risk-free interest rate | 1.7 | % | 1.39 | % | 1.05 | % | |||||||||||||||||||||
Dividend yield | 1.98 | % | 2.06 | % | 2.03 | % | |||||||||||||||||||||
Expected life (years) | 5.3 | 7.1 | 5.7 | ||||||||||||||||||||||||
Volatility | 30.81 | % | 33.78 | % | 36.41 | % | |||||||||||||||||||||
Grant price | $ | 82.51 | $ | 63.33 | $ | 57.62 | |||||||||||||||||||||
Fair value at date of grant (1) | $ | 19.84 | $ | 18.17 | $ | 16.31 | |||||||||||||||||||||
-1 | Updated to reflect the modification of grants issued prior to 2014 in connection with the separation of Knowles. | ||||||||||||||||||||||||||
Awards outstanding, vested and exercisable | |||||||||||||||||||||||||||
SARs Outstanding | SARs Exercisable | ||||||||||||||||||||||||||
Range of Exercise Prices | Number of Shares | Weighted Average | Weighted Average | Aggregate Intrinsic Value | Number of Shares | Weighted Average | Weighted Average | Aggregate Intrinsic Value | |||||||||||||||||||
Exercise Price | Remaining Life | Exercise Price | Remaining Life | ||||||||||||||||||||||||
in Years | in Years | ||||||||||||||||||||||||||
$25.96 - $37.79 | 2,130,558 | $ | 34.01 | 4.5 | $ | 80,342 | 2,130,558 | $ | 34.01 | 4.5 | $ | 80,342 | |||||||||||||||
$40.54 - $58.69 | 3,039,611 | $ | 55.97 | 5.7 | $ | 47,863 | 1,491,509 | $ | 54.26 | 4.9 | $ | 26,035 | |||||||||||||||
$63.33 - $82.51 | 2,470,573 | $ | 70.95 | 8.5 | $ | 12,490 | 9,635 | $ | 70.57 | 8.5 | $ | 50 | |||||||||||||||
7,640,742 | $ | 140,695 | 3,631,702 | $ | 106,427 | ||||||||||||||||||||||
Performance Shares [Member] | |||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||||||
Assumptions used in determining fair value of stock appreciation rights and performance shares awarded during the period | |||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||
Risk-free interest rate | 0.4 | % | 0.37 | % | |||||||||||||||||||||||
Dividend yield | 2.06 | % | 2.03 | % | |||||||||||||||||||||||
Expected life (years) | 2.9 | 2.9 | |||||||||||||||||||||||||
Volatility | 30.36 | % | 34.1 | % | |||||||||||||||||||||||
Fair value of performance award (1) | $ | 70.92 | $ | 63.43 | |||||||||||||||||||||||
-1 | Updated to reflect the modification of grants issued prior to 2014 in connection with the separation of Knowles. |
Commitments_and_Contingent_Lia1
Commitments and Contingent Liabilities (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||||
Aggregate future minimum lease payments for operating and capital leases [Table Text Block] | The aggregate future minimum lease payments for operating and capital leases as of December 31, 2014 are as follows: | |||||||
Operating | Capital | |||||||
2015 | $ | 63,979 | $ | 3,801 | ||||
2016 | 51,193 | 2,015 | ||||||
2017 | 42,647 | 731 | ||||||
2018 | 33,297 | 196 | ||||||
2019 | 24,283 | 112 | ||||||
2020 and thereafter | 57,536 | 347 | ||||||
$ | 272,935 | $ | 7,202 | |||||
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||||||
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | The following tables summarize the balance sheet impact, including the benefit obligations, assets, and funded status associated with the Company's significant defined benefit and other postretirement plans at December 31, 2014 and 2013. | |||||||||||||||||||||||||||||||||||
Qualified Defined Benefits | Non-Qualified Supplemental Benefits | Post-Retirement Benefits | ||||||||||||||||||||||||||||||||||
U.S. Plan | Non-U.S. Plans | |||||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||
Change in benefit obligation: | ||||||||||||||||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 519,552 | $ | 603,905 | $ | 299,284 | $ | 284,798 | $ | 133,056 | $ | 180,408 | $ | 14,136 | $ | 14,571 | ||||||||||||||||||||
Benefits earned during the year | 13,801 | 17,123 | 6,027 | 6,043 | 3,320 | 5,634 | 249 | 234 | ||||||||||||||||||||||||||||
Interest cost | 25,204 | 24,801 | 8,222 | 9,081 | 6,148 | 6,741 | 627 | 523 | ||||||||||||||||||||||||||||
Plan participants' contributions | — | — | 1,732 | 1,583 | — | — | 476 | 448 | ||||||||||||||||||||||||||||
Benefits paid | (17,957 | ) | (35,266 | ) | (5,452 | ) | (11,237 | ) | (13,939 | ) | (20,686 | ) | (1,222 | ) | (1,163 | ) | ||||||||||||||||||||
Actuarial (gain) loss | 84,314 | (76,605 | ) | 40,962 | 6,501 | 11,088 | (34,831 | ) | (556 | ) | (618 | ) | ||||||||||||||||||||||||
Business dispositions | — | — | (60,164 | ) | — | (3,137 | ) | — | — | — | ||||||||||||||||||||||||||
Amendments | — | 1,913 | — | — | 1,463 | 3,004 | — | 65 | ||||||||||||||||||||||||||||
Settlements and curtailments | (49,338 | ) | (16,818 | ) | (390 | ) | (3,036 | ) | — | (7,228 | ) | — | — | |||||||||||||||||||||||
Currency translation and other | — | 499 | (25,198 | ) | 5,551 | — | 14 | 233 | 76 | |||||||||||||||||||||||||||
Benefit obligation at end of year | 575,576 | 519,552 | 265,023 | 299,284 | 137,999 | 133,056 | 13,943 | 14,136 | ||||||||||||||||||||||||||||
Change in plan assets: | ||||||||||||||||||||||||||||||||||||
Fair value of plan assets at beginning of year | 595,143 | 554,648 | 203,681 | 181,416 | — | — | — | — | ||||||||||||||||||||||||||||
Actual return on plan assets | 73,528 | 66,761 | 14,868 | 17,356 | — | — | — | — | ||||||||||||||||||||||||||||
Company contributions | — | 9,000 | 9,547 | 11,359 | 13,939 | 20,686 | 746 | 715 | ||||||||||||||||||||||||||||
Plan participants' contributions | — | — | 1,732 | 1,583 | — | — | 476 | 448 | ||||||||||||||||||||||||||||
Benefits paid | (17,957 | ) | (35,266 | ) | (5,452 | ) | (11,237 | ) | (13,939 | ) | (20,686 | ) | (1,222 | ) | (1,163 | ) | ||||||||||||||||||||
Business dispositions | — | — | (46,334 | ) | — | — | — | — | — | |||||||||||||||||||||||||||
Settlements and curtailments | (49,338 | ) | — | (390 | ) | — | — | — | — | — | ||||||||||||||||||||||||||
Currency translation | — | — | (14,142 | ) | 3,204 | — | — | — | — | |||||||||||||||||||||||||||
Fair value of plan assets at end of year | 601,376 | 595,143 | 163,510 | 203,681 | — | — | — | — | ||||||||||||||||||||||||||||
Funded status | $ | 25,800 | $ | 75,591 | $ | (101,513 | ) | $ | (95,603 | ) | $ | (137,999 | ) | $ | (133,056 | ) | $ | (13,943 | ) | $ | (14,136 | ) | ||||||||||||||
Amounts recognized in the balance sheets consist of: | ||||||||||||||||||||||||||||||||||||
Assets and Liabilities: | ||||||||||||||||||||||||||||||||||||
Other assets and deferred charges | $ | 25,800 | $ | 75,591 | $ | 152 | $ | 2,976 | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||
Accrued compensation and employee benefits | — | — | (1,575 | ) | (1,970 | ) | (21,978 | ) | (10,161 | ) | (926 | ) | (971 | ) | ||||||||||||||||||||||
Other liabilities (deferred compensation) | — | — | (100,090 | ) | (96,609 | ) | (116,021 | ) | (122,895 | ) | (13,017 | ) | (13,165 | ) | ||||||||||||||||||||||
Total Assets and Liabilities | $ | 25,800 | $ | 75,591 | $ | (101,513 | ) | $ | (95,603 | ) | $ | (137,999 | ) | $ | (133,056 | ) | $ | (13,943 | ) | $ | (14,136 | ) | ||||||||||||||
Accumulated Other Comprehensive Loss (Earnings): | ||||||||||||||||||||||||||||||||||||
Net actuarial losses (gains) | $ | 119,919 | $ | 86,108 | $ | 61,813 | $ | 38,596 | $ | (746 | ) | $ | (12,520 | ) | $ | 192 | $ | 799 | ||||||||||||||||||
Prior service cost (credit) | 3,388 | 4,471 | 1,058 | 1,146 | 31,381 | 38,646 | (615 | ) | (1,024 | ) | ||||||||||||||||||||||||||
Net asset at transition, other | — | — | (48 | ) | (48 | ) | — | — | — | — | ||||||||||||||||||||||||||
Deferred taxes | (43,158 | ) | (31,703 | ) | (15,312 | ) | (9,965 | ) | (10,725 | ) | (9,145 | ) | 90 | 20 | ||||||||||||||||||||||
Total Accumulated Other Comprehensive Loss (Earnings), net of tax | 80,149 | 58,876 | 47,511 | 29,729 | 19,910 | 16,981 | (333 | ) | (205 | ) | ||||||||||||||||||||||||||
Net amount recognized at December 31, | $ | 105,949 | $ | 134,467 | $ | (54,002 | ) | $ | (65,874 | ) | $ | (118,089 | ) | $ | (116,075 | ) | $ | (14,276 | ) | $ | (14,341 | ) | ||||||||||||||
Accumulated benefit obligations | $ | 537,393 | $ | 482,181 | $ | 246,814 | $ | 280,763 | $ | 123,229 | $ | 93,153 | ||||||||||||||||||||||||
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets [Table Text Block] | Pension plans with accumulated benefit obligations in excess of plan assets consist of the following at December 31, 2014 and 2013: | |||||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||||
Projected benefit obligation (PBO) | $ | 372,931 | $ | 369,289 | ||||||||||||||||||||||||||||||||
Accumulated benefit obligation (ABO) | 342,158 | 336,095 | ||||||||||||||||||||||||||||||||||
Fair value of plan assets | 133,930 | 137,654 | ||||||||||||||||||||||||||||||||||
Schedule of Net Benefit Costs [Table Text Block] | Net Periodic Benefit Cost | |||||||||||||||||||||||||||||||||||
Components of the net periodic benefit cost were as follows: | ||||||||||||||||||||||||||||||||||||
Defined Benefit Plans | ||||||||||||||||||||||||||||||||||||
Qualified Defined Benefits | Non-Qualified Supplemental Benefits | |||||||||||||||||||||||||||||||||||
U.S. Plan | Non-U.S. Plans (1) | |||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||||
Service cost | $ | 13,801 | $ | 17,123 | $ | 14,406 | $ | 6,027 | $ | 6,043 | $ | 5,712 | $ | 3,320 | $ | 5,634 | $ | 5,304 | ||||||||||||||||||
Interest cost | 25,204 | 24,801 | 25,136 | 8,222 | 9,081 | 10,044 | 6,148 | 6,741 | 7,916 | |||||||||||||||||||||||||||
Expected return on plan assets | (41,594 | ) | (40,194 | ) | (38,978 | ) | (8,498 | ) | (9,608 | ) | (8,765 | ) | — | — | — | |||||||||||||||||||||
Amortization of: | ||||||||||||||||||||||||||||||||||||
Prior service cost | 1,083 | 1,026 | 1,048 | 107 | 114 | 117 | 7,775 | 8,110 | 7,425 | |||||||||||||||||||||||||||
Recognized actuarial loss (gain) | 8,289 | 17,654 | 13,515 | 903 | 1,492 | 579 | (428 | ) | (16 | ) | 138 | |||||||||||||||||||||||||
Transition obligation | — | — | — | 4 | (14 | ) | (47 | ) | — | — | — | |||||||||||||||||||||||||
Settlement & curtailment (gain) loss (2) | 10,279 | 187 | — | (45 | ) | 697 | 1,449 | — | (4,411 | ) | — | |||||||||||||||||||||||||
Other | — | 501 | — | 6 | 5 | — | — | 13 | — | |||||||||||||||||||||||||||
Total net periodic benefit cost | $ | 17,062 | $ | 21,098 | $ | 15,127 | $ | 6,726 | $ | 7,810 | $ | 9,089 | $ | 16,815 | $ | 16,071 | $ | 20,783 | ||||||||||||||||||
-1 | Net periodic benefit cost for non-U.S. plans includes $55, $1,220, and $1,231 of expense for the years ended December 31, 2014, 2013, and 2012, respectively, relating to plans sponsored by Knowles that were distributed as part of the separation on February 28, 2014. | |||||||||||||||||||||||||||||||||||
-2 | $6,675 of the 2014 settlement loss on the U.S. Plan is attributable to Knowles participants in the Dover Defined Benefit Plan and has therefore, been reflected in the results of discontinued operations. The remaining $3,604 of this settlement loss has been reflected in the results of continuing operations. The curtailment gain of $4,411 was recognized in continuing operations in 2013 in connection with the freeze of the non-qualified supplemental benefit plan. | |||||||||||||||||||||||||||||||||||
Post-Retirement Benefits | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||
Service cost | $ | 249 | $ | 234 | $ | 248 | ||||||||||||||||||||||||||||||
Interest cost | 627 | 523 | 593 | |||||||||||||||||||||||||||||||||
Amortization of: | ||||||||||||||||||||||||||||||||||||
Prior service credit | (409 | ) | (416 | ) | (416 | ) | ||||||||||||||||||||||||||||||
Recognized actuarial loss (gain) | 54 | 134 | (19 | ) | ||||||||||||||||||||||||||||||||
Settlement & curtailment gain | — | — | (1,493 | ) | ||||||||||||||||||||||||||||||||
Other | 233 | 77 | — | |||||||||||||||||||||||||||||||||
Total net periodic benefit cost | $ | 754 | $ | 552 | $ | (1,087 | ) | |||||||||||||||||||||||||||||
Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year [Table Text Block] | ||||||||||||||||||||||||||||||||||||
Amounts expected to be amortized from Accumulated Other Comprehensive Earnings (Loss) into net periodic benefit cost during 2015 are as follows: | ||||||||||||||||||||||||||||||||||||
Qualified Defined Benefits | Non-Qualified Supplemental Benefits | Post-Retirement Benefits | ||||||||||||||||||||||||||||||||||
U.S. Plan | Non-U.S. Plans | |||||||||||||||||||||||||||||||||||
Amortization of: | ||||||||||||||||||||||||||||||||||||
Prior service cost (credit) | $ | 976 | $ | 95 | $ | 6,927 | $ | (372 | ) | |||||||||||||||||||||||||||
Recognized actuarial loss (gain) | 12,846 | 2,784 | 286 | (30 | ) | |||||||||||||||||||||||||||||||
Transition obligation | — | 5 | — | — | ||||||||||||||||||||||||||||||||
Total | $ | 13,822 | $ | 2,884 | $ | 7,213 | $ | (402 | ) | |||||||||||||||||||||||||||
Weighted-average assumptions used in benefit obligations [Table Text Block] | The weighted-average assumptions used in determining the benefit obligations were as follows: | |||||||||||||||||||||||||||||||||||
Qualified Defined Benefits | Non-Qualified Supplemental Benefits | Post-Retirement Benefits | ||||||||||||||||||||||||||||||||||
U.S. Plan | Non-U.S. Plans | |||||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||
Discount rate | 4.05 | % | 4.9 | % | 2.31 | % | 3.53 | % | 3.96 | % | 4.77 | % | 3.75 | % | 4.45 | % | ||||||||||||||||||||
Average wage increase | 4 | % | 4 | % | 2.5 | % | 2.86 | % | 4.5 | % | 4.5 | % | na | na | ||||||||||||||||||||||
Ultimate medical trend rate | na | na | na | na | na | na | 5 | % | 5 | % | ||||||||||||||||||||||||||
Weighted-average assumptions used calculating net periodic cost [Table Text Block] | The weighted average assumptions used in determining the net periodic cost were as follows: | |||||||||||||||||||||||||||||||||||
Qualified Defined Benefits | Non- Qualified Supplemental Benefits | Post-Retirement Benefits | ||||||||||||||||||||||||||||||||||
U.S. Plan | Non-U.S. Plans | |||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||||||||
Discount rate | 4.9 | % | 4.05 | % | 4.85 | % | 3.53 | % | 3.31 | % | 4.62 | % | 4.77 | % | 4.02 | % | 4.77 | % | 4.45 | % | 3.65 | % | 3.65 | % | ||||||||||||
Average wage increase | 4 | % | 4 | % | 4 | % | 2.86 | % | 2.74 | % | 3.14 | % | 4.5 | % | 4.5 | % | 4.5 | % | na | na | na | |||||||||||||||
Expected return on plan assets | 7.75 | % | 7.75 | % | 7.75 | % | 5.35 | % | 5.32 | % | 5.9 | % | na | na | na | na | na | na | ||||||||||||||||||
Weighted-average asset allocation actual and target [Table Text Block] | The Company’s actual and target weighted-average asset allocation for our U.S. Corporate Pension Plan was as follows: | |||||||||||||||||||||||||||||||||||
2014 | 2013 | Current Target | ||||||||||||||||||||||||||||||||||
Equity securities | 55 | % | 64 | % | 58 | % | ||||||||||||||||||||||||||||||
Fixed income | 36 | % | 29 | % | 35 | % | ||||||||||||||||||||||||||||||
Real estate and other | 9 | % | 7 | % | 7 | % | ||||||||||||||||||||||||||||||
Total | 100 | % | 100 | % | 100 | % | ||||||||||||||||||||||||||||||
Schedule of Allocation of Plan Assets [Table Text Block] | The fair values of both U.S. and non-U.S. pension plan assets by asset category within the ASC 820 hierarchy (as defined in Note 11 Financial Instruments) are as follows at December 31, 2014 and 2013: | |||||||||||||||||||||||||||||||||||
U.S. Plan | ||||||||||||||||||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | |||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total Fair Value | Level 1 | Level 2 | Level 3 | Total Fair Value | |||||||||||||||||||||||||||||
Asset category: | ||||||||||||||||||||||||||||||||||||
Common stocks: | ||||||||||||||||||||||||||||||||||||
U.S. companies | $ | 164,006 | $ | — | $ | — | $ | 164,006 | $ | 180,038 | $ | — | $ | — | $ | 180,038 | ||||||||||||||||||||
Non-U.S. companies | 3,874 | — | — | 3,874 | 5,526 | — | — | 5,526 | ||||||||||||||||||||||||||||
Fixed income investments: | ||||||||||||||||||||||||||||||||||||
Corporate bonds | — | 63,878 | — | 63,878 | — | 53,924 | — | 53,924 | ||||||||||||||||||||||||||||
Private placements | — | 6,865 | — | 6,865 | — | 3,374 | — | 3,374 | ||||||||||||||||||||||||||||
Government securities | 48,370 | 98,998 | — | 147,368 | 25,035 | 87,107 | — | 112,142 | ||||||||||||||||||||||||||||
Common stock funds: | ||||||||||||||||||||||||||||||||||||
Mutual funds | 44,610 | — | — | 44,610 | 59,387 | — | — | 59,387 | ||||||||||||||||||||||||||||
Collective trusts | — | 119,312 | — | 119,312 | — | 138,236 | — | 138,236 | ||||||||||||||||||||||||||||
Real estate funds | — | 37,145 | — | 37,145 | — | 33,749 | — | 33,749 | ||||||||||||||||||||||||||||
Cash and equivalents | 14,318 | — | — | 14,318 | 8,767 | — | — | 8,767 | ||||||||||||||||||||||||||||
$ | 275,178 | $ | 326,198 | $ | — | $ | 601,376 | $ | 278,753 | $ | 316,390 | $ | — | $ | 595,143 | |||||||||||||||||||||
Non-U.S. Plans | ||||||||||||||||||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | |||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total Fair Value | Level 1 | Level 2 | Level 3 | Total Fair Value | |||||||||||||||||||||||||||||
Asset category: | ||||||||||||||||||||||||||||||||||||
Common stocks | $ | 40,960 | $ | — | $ | — | $ | 40,960 | $ | 35,010 | $ | — | $ | — | $ | 35,010 | ||||||||||||||||||||
Fixed income investments | — | 59,791 | — | 59,791 | — | 75,574 | — | 75,574 | ||||||||||||||||||||||||||||
Common stock funds | — | 43,821 | — | 43,821 | — | 66,285 | — | 66,285 | ||||||||||||||||||||||||||||
Real estate funds | — | — | 9,976 | 9,976 | — | — | 14,937 | 14,937 | ||||||||||||||||||||||||||||
Cash and equivalents | 1,531 | — | — | 1,531 | 6,785 | — | — | 6,785 | ||||||||||||||||||||||||||||
Other | — | 7,431 | — | 7,431 | — | 5,090 | — | 5,090 | ||||||||||||||||||||||||||||
$ | 42,491 | $ | 111,043 | $ | 9,976 | $ | 163,510 | $ | 41,795 | $ | 146,949 | $ | 14,937 | $ | 203,681 | |||||||||||||||||||||
Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets [Table Text Block] | The fair value measurement of plan assets using significant unobservable inputs (Level 3) changed during 2013 and 2014 due to the following: | |||||||||||||||||||||||||||||||||||
Real estate funds | Other | Total | ||||||||||||||||||||||||||||||||||
Balance at December 31, 2012 | $ | 10,116 | $ | 1,456 | $ | 11,572 | ||||||||||||||||||||||||||||||
Actual return on plan assets: | ||||||||||||||||||||||||||||||||||||
Relating to assets still held at December 31, 2013 | 2,958 | — | 2,958 | |||||||||||||||||||||||||||||||||
Purchases | 1,863 | — | 1,863 | |||||||||||||||||||||||||||||||||
Sales | — | (1,456 | ) | (1,456 | ) | |||||||||||||||||||||||||||||||
Balance at December 31, 2013 | 14,937 | — | 14,937 | |||||||||||||||||||||||||||||||||
Actual return on plan assets: | ||||||||||||||||||||||||||||||||||||
Relating to assets still held at December 31, 2014 | (4,527 | ) | — | (4,527 | ) | |||||||||||||||||||||||||||||||
Business dispositions | (362 | ) | — | (362 | ) | |||||||||||||||||||||||||||||||
Sales | (72 | ) | — | (72 | ) | |||||||||||||||||||||||||||||||
Balance at December 31, 2014 | $ | 9,976 | $ | — | $ | 9,976 | ||||||||||||||||||||||||||||||
Schedule of Expected Benefit Payments [Table Text Block] | Benefit Payments | |||||||||||||||||||||||||||||||||||
Estimated future benefit payments to retirees, which reflect expected future service, are as follows: | ||||||||||||||||||||||||||||||||||||
Qualified Defined Benefits | Non-Qualified Supplemental Benefits | Post-Retirement Benefits | ||||||||||||||||||||||||||||||||||
U.S. Plan | Non-U.S. Plans | |||||||||||||||||||||||||||||||||||
2015 | $ | 35,312 | $ | 6,295 | $ | 22,412 | $ | 926 | ||||||||||||||||||||||||||||
2016 | 36,702 | 6,841 | 7,968 | 940 | ||||||||||||||||||||||||||||||||
2017 | 38,784 | 6,889 | 3,986 | 951 | ||||||||||||||||||||||||||||||||
2018 | 40,120 | 7,196 | 5,206 | 959 | ||||||||||||||||||||||||||||||||
2019 | 40,892 | 7,139 | 11,282 | 946 | ||||||||||||||||||||||||||||||||
2020 - 2024 | 221,358 | 42,775 | 55,417 | 4,647 | ||||||||||||||||||||||||||||||||
Other_Comprehensive_Earnings_T
Other Comprehensive Earnings (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||||||||||
Components of other comprehensive income | The amounts recognized in other comprehensive earnings were as follows: | |||||||||||
Year Ended December 31, 2014 | Pre-tax | Tax | Net of tax | |||||||||
Foreign currency translation adjustments (1) | $ | (131,420 | ) | $ | (19,523 | ) | $ | (150,943 | ) | |||
Pension and other postretirement benefit plans | (70,705 | ) | 20,994 | (49,711 | ) | |||||||
Changes in fair value of cash flow hedges | (375 | ) | 131 | (244 | ) | |||||||
Other | 1,067 | (128 | ) | 939 | ||||||||
Total other comprehensive (loss) earnings | $ | (201,433 | ) | $ | 1,474 | $ | (199,959 | ) | ||||
-1 | Tax expense in current year relates to gain for net investment hedges, as these were favorably impacted by the decline in foreign currency rates. See Note 11 Financial Instruments for additional information. | |||||||||||
Year Ended December 31, 2013 | Pre-tax | Tax | Net of tax | |||||||||
Foreign currency translation adjustments | $ | 2,242 | $ | 2,494 | $ | 4,736 | ||||||
Pension and other postretirement benefit plans | 182,092 | (63,585 | ) | 118,507 | ||||||||
Changes in fair value of cash flow hedges | (75 | ) | 26 | (49 | ) | |||||||
Other | (642 | ) | 77 | (565 | ) | |||||||
Total other comprehensive earnings (loss) | $ | 183,617 | $ | (60,988 | ) | $ | 122,629 | |||||
Year Ended December 31, 2012 | Pre-tax | Tax | Net of tax | |||||||||
Foreign currency translation adjustments | $ | 38,521 | $ | 359 | $ | 38,880 | ||||||
Pension and other postretirement benefit plans | (70,642 | ) | 23,632 | (47,010 | ) | |||||||
Changes in fair value of cash flow hedges | 195 | (70 | ) | 125 | ||||||||
Other | 692 | (83 | ) | 609 | ||||||||
Total other comprehensive (loss) earnings | $ | (31,234 | ) | $ | 23,838 | $ | (7,396 | ) | ||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The components of accumulated other comprehensive earnings (loss) are as follows: | |||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||
Cumulative foreign currency translation adjustments | $ | (14,884 | ) | $ | 170,609 | |||||||
Pension and other postretirement benefit plans (1) | (147,237 | ) | (105,381 | ) | ||||||||
Changes in fair value of cash flow hedges | 3,190 | 2,495 | ||||||||||
$ | (158,931 | ) | $ | 67,723 | ||||||||
Comprehensive Income (Loss) [Table Text Block] | Total comprehensive earnings were as follows: | |||||||||||
Years Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Net earnings | $ | 775,235 | $ | 1,003,129 | $ | 811,070 | ||||||
Other comprehensive (loss) earnings | (199,959 | ) | 122,629 | (7,396 | ) | |||||||
Comprehensive earnings | $ | 575,276 | $ | 1,125,758 | $ | 803,674 | ||||||
Schedule of Amounts Reclassified from Accumulated Other Comprehensive Income Loss to Earnings [Table Text Block] | Amounts reclassified from accumulated other comprehensive earnings (loss) to earnings (loss) during the year ended December 31, 2014, 2013 and 2012 were as follows: | |||||||||||
Years Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Pension & postretirement benefit plans: | ||||||||||||
Amortization of actuarial losses | $ | 8,822 | $ | 19,250 | $ | 12,673 | ||||||
Amortization of prior service costs | 8,556 | 8,834 | 8,174 | |||||||||
Total before tax | 17,378 | 28,084 | 20,847 | |||||||||
Tax expense | (5,969 | ) | (9,809 | ) | (7,013 | ) | ||||||
Net of tax | $ | 11,409 | $ | 18,275 | $ | 13,834 | ||||||
Cash flow hedges: | ||||||||||||
Net gains reclassified into earnings | $ | (164 | ) | $ | (130 | ) | $ | (549 | ) | |||
Tax benefit | 57 | 46 | 192 | |||||||||
Net of tax | $ | (107 | ) | $ | (84 | ) | $ | (357 | ) |
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Segment financial information and a reconciliation of segment results to consolidated results follows: | |||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||
Revenue: | ||||||||||||||||||||
Energy | $ | 2,017,239 | $ | 1,853,853 | $ | 1,788,295 | ||||||||||||||
Engineered Systems | 2,385,965 | 2,177,970 | 2,143,687 | |||||||||||||||||
Fluids | 1,430,566 | 1,236,838 | 1,087,526 | |||||||||||||||||
Refrigeration & Food Equipment | 1,921,189 | 1,887,840 | 1,607,602 | |||||||||||||||||
Intra-segment eliminations | (2,231 | ) | (1,405 | ) | (462 | ) | ||||||||||||||
Total consolidated revenue | $ | 7,752,728 | $ | 7,155,096 | $ | 6,626,648 | ||||||||||||||
Earnings from continuing operations: | ||||||||||||||||||||
Segment earnings: | ||||||||||||||||||||
Energy | $ | 461,815 | $ | 459,649 | $ | 466,801 | ||||||||||||||
Engineered Systems | 386,998 | 347,497 | 319,704 | |||||||||||||||||
Fluids | 251,639 | 224,523 | 182,544 | |||||||||||||||||
Refrigeration & Food Equipment | 238,734 | 267,307 | 223,397 | |||||||||||||||||
Total segments | 1,339,186 | 1,298,976 | 1,192,446 | |||||||||||||||||
Corporate expense / other (1) | 117,800 | 132,336 | 140,112 | |||||||||||||||||
Net interest expense | 127,179 | 120,654 | 121,269 | |||||||||||||||||
Earnings before provision for income taxes and discontinued operations | 1,094,207 | 1,045,986 | 931,065 | |||||||||||||||||
Provision for taxes | 316,067 | 248,459 | 280,990 | |||||||||||||||||
Earnings from continuing operations | $ | 778,140 | $ | 797,527 | $ | 650,075 | ||||||||||||||
Operating margins: | ||||||||||||||||||||
Energy | 22.9 | % | 24.8 | % | 26.1 | % | ||||||||||||||
Engineered Systems | 16.2 | % | 16 | % | 14.9 | % | ||||||||||||||
Fluids | 17.6 | % | 18.2 | % | 16.8 | % | ||||||||||||||
Refrigeration & Food Equipment | 12.4 | % | 14.2 | % | 13.9 | % | ||||||||||||||
Total Segments | 17.3 | % | 18.2 | % | 18 | % | ||||||||||||||
Earnings from continuing operations | 10 | % | 11.1 | % | 9.8 | % | ||||||||||||||
Depreciation and amortization: | ||||||||||||||||||||
Energy | $ | 111,956 | $ | 99,075 | $ | 87,921 | ||||||||||||||
Engineered Systems | 61,946 | 59,058 | 60,670 | |||||||||||||||||
Fluids | 60,903 | 48,812 | 41,381 | |||||||||||||||||
Refrigeration & Food Equipment | 68,701 | 67,228 | 37,295 | |||||||||||||||||
Corporate | 3,682 | 3,860 | 2,667 | |||||||||||||||||
Consolidated total | $ | 307,188 | $ | 278,033 | $ | 229,934 | ||||||||||||||
Capital expenditures: | ||||||||||||||||||||
Energy | $ | 66,998 | $ | 60,756 | $ | 65,520 | ||||||||||||||
Engineered Systems | 29,749 | 29,145 | 25,314 | |||||||||||||||||
Fluids | 34,319 | 21,868 | 22,655 | |||||||||||||||||
Refrigeration & Food Equipment | 33,510 | 27,173 | 30,863 | |||||||||||||||||
Corporate | 1,457 | 2,752 | 2,150 | |||||||||||||||||
Consolidated total | $ | 166,033 | $ | 141,694 | $ | 146,502 | ||||||||||||||
-1 | Certain expenses are maintained at the corporate level and not allocated to the segments. These expenses include executive and functional compensation costs, non-service pension costs, non-operating insurance expenses, and various administrative expenses relating to the corporate headquarters. | |||||||||||||||||||
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | Selected financial information by market segment (continued): | |||||||||||||||||||
Total assets at December 31: | 2014 | 2013 | ||||||||||||||||||
Energy | $ | 2,645,567 | $ | 1,901,200 | ||||||||||||||||
Engineered Systems | 2,348,684 | 2,224,519 | ||||||||||||||||||
Fluids | 1,414,387 | 1,390,777 | ||||||||||||||||||
Refrigeration & Food Equipment | 1,494,121 | 1,540,295 | ||||||||||||||||||
Corporate (2) | 860,455 | 1,019,327 | ||||||||||||||||||
Total assets - continuing operations | 8,763,214 | 8,076,118 | ||||||||||||||||||
Assets from discontinued operations | 327,171 | 2,779,063 | ||||||||||||||||||
Consolidated total | $ | 9,090,385 | $ | 10,855,181 | ||||||||||||||||
-2 | Corporate assets are principally cash and cash equivalents. Also included in corporate assets is an asset of $25,800 and $75,591 in 2014 and 2013, respectively, that represents the overfunded plan status of the U.S. defined benefit plan. Additionally, included in corporate assets in 2013 is a $16,250 note receivable related to proceeds from the sale of ECT. Refer to Note 4 Disposed and Discontinued Operations and Note 15 Employee Benefit Plans, respectively, for additional information. | |||||||||||||||||||
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | ||||||||||||||||||||
Revenue | Long-Lived Assets | |||||||||||||||||||
Years Ended December 31, | At December 31, | |||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | ||||||||||||||||
United States | $ | 4,617,813 | $ | 4,202,434 | $ | 3,977,925 | $ | 599,688 | $ | 528,001 | ||||||||||
Europe | 1,251,625 | 1,112,279 | 1,082,210 | 136,599 | 153,564 | |||||||||||||||
Other Americas | 794,966 | 803,741 | 744,192 | 39,971 | 47,374 | |||||||||||||||
Asia | 686,511 | 607,873 | 574,140 | 42,775 | 43,516 | |||||||||||||||
Other | 401,813 | 428,769 | 248,181 | 18,036 | 15,394 | |||||||||||||||
Consolidated total | $ | 7,752,728 | $ | 7,155,096 | $ | 6,626,648 | $ | 837,069 | $ | 787,849 | ||||||||||
Revenue is attributed to regions based on the location of the Company’s customer, which in some instances is an intermediary and not necessarily the end user. Long-lived assets are comprised of net property, plant and equipment. The Company’s businesses are based primarily in the United States of America, Europe, and Asia. The Company’s businesses serve thousands of customers, none of which accounted for more than 10% of consolidated revenue. |
Earnings_per_Share_Tables
Earnings per Share (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Earnings Per Share [Abstract] | ||||||||||||
Reconciliation of information used in computing basic and diluted earnings per share | The following table sets forth a reconciliation of the information used in computing basic and diluted earnings per share: | |||||||||||
Years Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Earnings from continuing operations | $ | 778,140 | $ | 797,527 | $ | 650,075 | ||||||
(Loss) earnings from discontinued operations, net | (2,905 | ) | 205,602 | 160,995 | ||||||||
Net earnings | $ | 775,235 | $ | 1,003,129 | $ | 811,070 | ||||||
Basic earnings per common share: | ||||||||||||
Earnings from continuing operations | $ | 4.67 | $ | 4.66 | $ | 3.58 | ||||||
(Loss) earnings from discontinued operations, net | $ | (0.02 | ) | $ | 1.2 | $ | 0.89 | |||||
Net earnings | $ | 4.65 | $ | 5.86 | $ | 4.47 | ||||||
Weighted average shares outstanding | 166,692,000 | 171,271,000 | 181,551,000 | |||||||||
Diluted earnings per common share: | ||||||||||||
Earnings from continuing operations | $ | 4.61 | $ | 4.6 | $ | 3.53 | ||||||
(Loss) earnings from discontinued operations, net | $ | (0.02 | ) | $ | 1.18 | $ | 0.88 | |||||
Net earnings | $ | 4.59 | $ | 5.78 | $ | 4.41 | ||||||
Weighted average shares outstanding | 168,842,000 | 173,547,000 | 183,993,000 | |||||||||
Reconciliation of share amounts used in computing earnings per share | The following table is a reconciliation of the share amounts used in computing earnings per share: | |||||||||||
Years Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Weighted average shares outstanding - Basic | 166,692,000 | 171,271,000 | 181,551,000 | |||||||||
Dilutive effect of assumed exercise of employee stock options and SARs and vesting of performance shares and restricted shares | 2,150,000 | 2,276,000 | 2,442,000 | |||||||||
Weighted average shares outstanding - Diluted | 168,842,000 | 173,547,000 | 183,993,000 | |||||||||
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Stockholders' Equity Note [Abstract] | ||||||||||||
Schedule of Share Repurchases [Table Text Block] | Share repurchases were as follows: | |||||||||||
Years Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Shares repurchased in the open market | 7,467,228 | 6,005,880 | 12,314,795 | |||||||||
Shares repurchased from holders of employee stock options | — | 5,951 | 86,303 | |||||||||
Total shares repurchased | 7,467,228 | 6,011,831 | 12,401,098 | |||||||||
Average price paid per share | $ | 80.5 | $ | 76.16 | $ | 60.38 | ||||||
Quarterly_Data_Tables
Quarterly Data (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||||||||||||||||||
Quarterly Data [Table Text Block] | ||||||||||||||||||||||||||||||||
Continuing Operations | Net Earnings | |||||||||||||||||||||||||||||||
Quarter | Revenue | Gross Profit | Earnings | Per Share - Basic | Per Share - Diluted | Net Earnings | Per Share - Basic | Per Share - Diluted | ||||||||||||||||||||||||
2014 | ||||||||||||||||||||||||||||||||
First | $ | 1,802,570 | $ | 707,859 | $ | 170,041 | $ | 1 | $ | 0.99 | $ | 160,138 | $ | 0.94 | $ | 0.93 | ||||||||||||||||
Second | 1,962,636 | 768,100 | 210,581 | 1.26 | 1.25 | 213,959 | 1.29 | 1.27 | ||||||||||||||||||||||||
Third | 2,009,575 | 774,422 | 225,683 | 1.36 | 1.34 | 231,844 | 1.4 | 1.38 | ||||||||||||||||||||||||
Fourth | 1,977,947 | 723,868 | 171,835 | 1.04 | 1.03 | 169,294 | 1.03 | 1.02 | ||||||||||||||||||||||||
$ | 7,752,728 | $ | 2,974,249 | $ | 778,140 | 4.67 | 4.61 | $ | 775,235 | 4.65 | 4.59 | |||||||||||||||||||||
2013 | ||||||||||||||||||||||||||||||||
First | $ | 1,681,540 | $ | 653,847 | $ | 160,267 | $ | 0.92 | $ | 0.91 | $ | 210,003 | $ | 1.21 | $ | 1.2 | ||||||||||||||||
Second | 1,836,981 | 720,994 | 247,988 | 1.45 | 1.43 | 330,049 | 1.93 | 1.91 | ||||||||||||||||||||||||
Third | 1,850,653 | 724,041 | 217,045 | 1.27 | 1.26 | 269,114 | 1.58 | 1.56 | ||||||||||||||||||||||||
Fourth | 1,785,922 | 679,709 | 172,227 | 1.01 | 1 | 193,963 | 1.14 | 1.13 | ||||||||||||||||||||||||
$ | 7,155,096 | $ | 2,778,591 | $ | 797,527 | 4.66 | 4.6 | $ | 1,003,129 | 5.86 | 5.78 | |||||||||||||||||||||
Description_of_Business_and_Su2
Description of Business and Summary of Significant Accounting Policies (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
segments | |||
Description of Business [Abstract] | |||
Number of Reportable Segments | 4 | ||
Cash and Cash Equivalents [Abstract] | |||
Maturity Period Of Cash Equivalent (in months) | three months or less | ||
Property, Plant and Equipment [Line Items] | |||
Impairment of Intangible Assets (Excluding Goodwill) | $0 | ||
Depreciation | 152,079,000 | 144,087,000 | 128,341,000 |
Finite-Lived Intangible Assets [Line Items] | |||
Number of Reporting Units | 16 | ||
Goodwill impairment loss, net of tax | 53,439,000 | 51,854,000 | |
Share-based Compensation [Abstract] | |||
Vesting period (in years) | 3 years | ||
Research and Development [Abstract] | |||
Research and development expense | 118,411,000 | 117,178,000 | 123,639,000 |
Advertising [Abstract] | |||
Advertising expense | 38,882,000 | 36,453,000 | 35,688,000 |
Risk, Retention, Insurance [Abstract] | |||
Maximum Limit For Self Insurance Product Commercial General Liability Claims | 5,000,000 | ||
Maximum Limit For Self Insurance Workers Compensation Claims | 500,000 | ||
Maximum Limit For Self Insurance Automobile Liability Claims | $1,000,000 | ||
Minimum [Member] | Other Intangible Assets [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Other intangible assets, useful life | 5 years | ||
Maximum [Member] | Other Intangible Assets [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Other intangible assets, useful life | 15 years | ||
Buildings and improvements [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment useful life | 5 years | ||
Buildings and improvements [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment useful life | 31 years 6 months | ||
Machinery and Equipment [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment useful life | 3 years | ||
Machinery and Equipment [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment useful life | 7 years | ||
Furniture and Fixtures [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment useful life | 3 years | ||
Furniture and Fixtures [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment useful life | 7 years | ||
Vehicles [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment useful life | 3 years | ||
Vehicles [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment useful life | 3 years | ||
Software [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment useful life | 3 years | ||
Software [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment useful life | 5 years |
Spin_Off_of_Knowles_Corporatio2
Spin Off of Knowles Corporation (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 28, 2014 |
Total assets of discontinued operations | $327,171 | $2,779,063 | ||
Current liabilities | 38,874 | 432,395 | ||
Total liabilities of discontinued operations | 50,718 | 535,621 | ||
Transfer of cash and cash equivalents at spin off, gross | 400,000 | |||
Cash received from Knowles Corporation, net of cash distributed | 359,955 | 0 | 0 | |
Stockholders' Equity Note, Spinoff Transaction | 1,423,197 | |||
Goodwill reallocation due to Knowles separation | 19,749 | |||
Knowles [Member] | ||||
Revolving credit facility | 100,000 | |||
Cash and cash equivalents | 40,045 | |||
Other current assets | 340,945 | |||
Non-current assets | 1,678,820 | |||
Total assets of discontinued operations | 2,059,810 | |||
Current liabilities | 252,673 | |||
Non-current liabilities | 383,940 | |||
Total liabilities of discontinued operations | 636,613 | |||
Net assets distributed to Knowles Corporation | 1,423,197 | |||
Term loan facility | 300,000 | |||
Accumulated Other Comprehensive Income (Loss) [Member] | ||||
Stockholders' Equity Note, Spinoff Transaction | $26,695 |
Acquisitions_Details
Acquisitions (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Business Acquisition [Line Items] | ||
Number of business acquisitions (in businesses) | 7 | 10 |
Goodwill and intangibles acquired | $727,065 | |
Aggregate revenue of current period acquisitions included in Company's results | 207,000 | |
Aggregate pre-tax earnings of current period acquisitions included in Company's results | 7,000 | |
Business Acquisition, Purchase Price Allocation [Abstract] | ||
Current assets, net of cash acquired | 208,187 | 98,641 |
Property, plant and equipment | 57,269 | 33,403 |
Goodwill | 432,138 | 141,888 |
Intangible assets | 294,927 | 149,228 |
Other non-current assets, principally deferred taxes | 2,622 | |
Current liabilities assumed | -80,360 | -58,052 |
Non-current liabilities assumed, principally deferred taxes | -109,907 | -44,892 |
Net assets acquired | 802,254 | 322,838 |
Tax Deductible Goodwill [Member] | ||
Business Acquisition [Line Items] | ||
Goodwill - Tax deductible | 12,041 | |
Non Deductible Goodwill [Member] | ||
Business Acquisition, Purchase Price Allocation [Abstract] | ||
Goodwill | 420,097 | |
Customer Intangibles [Member] | ||
Business Acquisition [Line Items] | ||
Acquisition cost allocated to intangible assets | 244,916 | |
Weighted average lives of finite-lived intangible assets acquired | 12 years | |
Trademarks [Member] | ||
Business Acquisition [Line Items] | ||
Acquisition cost allocated to intangible assets | 28,019 | |
Weighted average lives of finite-lived intangible assets acquired | 11 years | |
Patents [Member] | ||
Business Acquisition [Line Items] | ||
Acquisition cost allocated to intangible assets | 1,378 | |
Weighted average lives of finite-lived intangible assets acquired | 8 years | |
Other Intangible Assets [Member] | ||
Business Acquisition [Line Items] | ||
Acquisition cost allocated to intangible assets | 20,614 | |
Weighted average lives of finite-lived intangible assets acquired | 6 years | |
Energy Segment [Member] | ||
Business Acquisition [Line Items] | ||
Goodwill and intangibles acquired | 548,839 | |
Energy Segment [Member] | Tax Deductible Goodwill [Member] | ||
Business Acquisition [Line Items] | ||
Goodwill - Tax deductible | 10,835 | |
Energy Segment [Member] | Non Deductible Goodwill [Member] | ||
Business Acquisition, Purchase Price Allocation [Abstract] | ||
Goodwill | 314,604 | |
Energy Segment [Member] | Customer Intangibles [Member] | ||
Business Acquisition [Line Items] | ||
Acquisition cost allocated to intangible assets | 198,200 | |
Energy Segment [Member] | Trademarks [Member] | ||
Business Acquisition [Line Items] | ||
Acquisition cost allocated to intangible assets | 19,300 | |
Energy Segment [Member] | Patents [Member] | ||
Business Acquisition [Line Items] | ||
Acquisition cost allocated to intangible assets | 0 | |
Energy Segment [Member] | Other Intangible Assets [Member] | ||
Business Acquisition [Line Items] | ||
Acquisition cost allocated to intangible assets | 5,900 | |
Engineered Systems Segment [Member] | ||
Business Acquisition [Line Items] | ||
Goodwill and intangibles acquired | 121,270 | |
Engineered Systems Segment [Member] | Tax Deductible Goodwill [Member] | ||
Business Acquisition [Line Items] | ||
Goodwill - Tax deductible | 0 | |
Engineered Systems Segment [Member] | Non Deductible Goodwill [Member] | ||
Business Acquisition, Purchase Price Allocation [Abstract] | ||
Goodwill | 80,581 | |
Engineered Systems Segment [Member] | Customer Intangibles [Member] | ||
Business Acquisition [Line Items] | ||
Acquisition cost allocated to intangible assets | 22,843 | |
Engineered Systems Segment [Member] | Trademarks [Member] | ||
Business Acquisition [Line Items] | ||
Acquisition cost allocated to intangible assets | 6,594 | |
Engineered Systems Segment [Member] | Patents [Member] | ||
Business Acquisition [Line Items] | ||
Acquisition cost allocated to intangible assets | 878 | |
Engineered Systems Segment [Member] | Other Intangible Assets [Member] | ||
Business Acquisition [Line Items] | ||
Acquisition cost allocated to intangible assets | 10,374 | |
Fluids Segment [Member] | ||
Business Acquisition [Line Items] | ||
Goodwill and intangibles acquired | 54,834 | |
Fluids Segment [Member] | Tax Deductible Goodwill [Member] | ||
Business Acquisition [Line Items] | ||
Goodwill - Tax deductible | 184 | |
Fluids Segment [Member] | Non Deductible Goodwill [Member] | ||
Business Acquisition, Purchase Price Allocation [Abstract] | ||
Goodwill | 24,912 | |
Fluids Segment [Member] | Customer Intangibles [Member] | ||
Business Acquisition [Line Items] | ||
Acquisition cost allocated to intangible assets | 23,273 | |
Fluids Segment [Member] | Trademarks [Member] | ||
Business Acquisition [Line Items] | ||
Acquisition cost allocated to intangible assets | 2,125 | |
Fluids Segment [Member] | Patents [Member] | ||
Business Acquisition [Line Items] | ||
Acquisition cost allocated to intangible assets | 0 | |
Fluids Segment [Member] | Other Intangible Assets [Member] | ||
Business Acquisition [Line Items] | ||
Acquisition cost allocated to intangible assets | 4,340 | |
Refrigeration and Food Equipment Segment [Member] | ||
Business Acquisition [Line Items] | ||
Goodwill and intangibles acquired | 2,122 | |
Refrigeration and Food Equipment Segment [Member] | Tax Deductible Goodwill [Member] | ||
Business Acquisition [Line Items] | ||
Goodwill - Tax deductible | 1,022 | |
Refrigeration and Food Equipment Segment [Member] | Non Deductible Goodwill [Member] | ||
Business Acquisition, Purchase Price Allocation [Abstract] | ||
Goodwill | 0 | |
Refrigeration and Food Equipment Segment [Member] | Customer Intangibles [Member] | ||
Business Acquisition [Line Items] | ||
Acquisition cost allocated to intangible assets | 600 | |
Refrigeration and Food Equipment Segment [Member] | Trademarks [Member] | ||
Business Acquisition [Line Items] | ||
Acquisition cost allocated to intangible assets | 0 | |
Refrigeration and Food Equipment Segment [Member] | Patents [Member] | ||
Business Acquisition [Line Items] | ||
Acquisition cost allocated to intangible assets | 500 | |
Refrigeration and Food Equipment Segment [Member] | Other Intangible Assets [Member] | ||
Business Acquisition [Line Items] | ||
Acquisition cost allocated to intangible assets | 0 | |
Accelerated Companies [Member] | ||
Business Acquisition, Purchase Price Allocation [Abstract] | ||
Current assets, net of cash acquired | 133,475 | |
Property, plant and equipment | 51,070 | |
Goodwill | 222,808 | |
Intangible assets | 131,200 | |
Current liabilities assumed | -43,935 | |
Non-current liabilities assumed, principally deferred taxes | -58,896 | |
Net assets acquired | 435,722 | |
Other Acquisitions [Member] | ||
Business Acquisition, Purchase Price Allocation [Abstract] | ||
Current assets, net of cash acquired | 74,712 | |
Property, plant and equipment | 6,199 | |
Goodwill | 209,330 | |
Intangible assets | 163,727 | |
Current liabilities assumed | -36,425 | |
Non-current liabilities assumed, principally deferred taxes | -51,011 | |
Net assets acquired | $366,532 |
Acquisitions_Pro_Forma_Informa
Acquisitions - Pro Forma Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Business Acquisition, Pro Forma Information [Abstract] | |||||||||||
Acquisition related costs (after tax) | $3,502 | ||||||||||
Amount of nonrecurring expense, excluded from current period net earnings in pro forma financials, related to the fair value adjustments to acquisition-date inventory | 11,558 | ||||||||||
Revenue from continuing operations [Abstract] | |||||||||||
As reported | 1,977,947 | 2,009,575 | 1,962,636 | 1,802,570 | 1,785,922 | 1,850,653 | 1,836,981 | 1,681,540 | 7,752,728 | 7,155,096 | 6,626,648 |
Pro forma | 7,987,639 | 7,602,756 | |||||||||
Earnings from continuing operations [Abstract] | |||||||||||
As reported | 171,835 | 225,683 | 210,581 | 170,041 | 172,227 | 217,045 | 247,988 | 160,267 | 778,140 | 797,527 | 650,075 |
Pro forma | $806,321 | $794,823 | |||||||||
Basic earnings per share from continuing operations [Abstract] | |||||||||||
As reported (in dollars per share) | $1.04 | $1.36 | $1.26 | $1 | $1.01 | $1.27 | $1.45 | $0.92 | $4.67 | $4.66 | $3.58 |
Pro forma (in dollars per share) | $4.84 | $4.64 | |||||||||
Diluted earnings per share from continuing operations [Abstract] | |||||||||||
As reported (in dollars per share) | $1.03 | $1.34 | $1.25 | $0.99 | $1 | $1.26 | $1.43 | $0.91 | $4.61 | $4.60 | $3.53 |
Pro forma (in dollars per share) | $4.78 | $4.58 |
Disposed_and_Discontinued_Oper2
Disposed and Discontinued Operations (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Deferred tax benefit realized on goodwill | $25,520 | ||
Goodwill impairment loss, net of tax | 53,439 | 51,854 | |
Proceeds from the sale of businesses | 191,348 | 76,457 | 0 |
Note receivable from buyer | 16,250 | ||
Loss contingency accrual | 3,750 | ||
Tax benefits recognized | 54,827 | ||
Interest on tax obligations | 18,279 | ||
Spin-off costs incurred to date | 27,055 | 30,093 | |
Pension settlement charge, net of tax | 4,448 | ||
Value added tax receivable | 93,598 | ||
Value added tax payable | 76,443 | ||
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | |||
Revenue | 568,991 | 1,970,965 | 1,918,035 |
Gain (loss) on sale, net of taxes | -3,691 | -35,473 | -50,818 |
Earnings from operations before taxes | 13,611 | 209,293 | 241,023 |
Provision for income taxes | -12,825 | 31,782 | -29,210 |
Earnings from discontinued operations | 786 | 241,075 | 211,813 |
(Loss) earnings from discontinued operations, net of tax | -2,905 | 205,602 | 160,995 |
Disposal Group, Including Discontinued Operation, Assets [Abstract] | |||
Accounts receivable | 46,691 | 403,539 | |
Inventories, net | 58,401 | 229,465 | |
Prepaid and other current assets | 8,571 | 84,814 | |
Current assets | 113,663 | 717,818 | |
Property, plant and equipment, net | 31,573 | 401,600 | |
Goodwill and intangible assets, net | 181,798 | 1,633,587 | |
Other assets and deferred charges | 137 | 26,058 | |
Assets of discontinued operations | 327,171 | 2,779,063 | |
Disposal Group, Including Discontinued Operation, Liabilities [Abstract] | |||
Accounts payable | 21,199 | 278,607 | |
Other current liabilities | 17,675 | 153,788 | |
Current liabilities | 38,874 | 432,395 | |
Deferred income taxes | 8,752 | 60,361 | |
Other liabilities | 3,092 | 42,865 | |
Liabilities of discontinued operations | 50,718 | 535,621 | |
Everett Charles Technologies [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Goodwill impairment loss, before tax | 54,532 | 63,819 | |
Goodwill impairment loss, net of tax | 44,188 | 51,854 | |
Proceeds from the sale of businesses | 4,482 | 92,694 | |
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | |||
Gain (loss) on sale, net of taxes | 3,204 | -2,804 | |
DEK [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Goodwill impairment loss, before tax | 9,251 | ||
Proceeds from the sale of businesses | 170,616 | ||
Impairment loss | 14,001 | ||
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | |||
Gain (loss) on sale, net of taxes | -6,895 | ||
Businesses held for sale or spun [Member] | |||
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | |||
Earnings from discontinued operations | $32,289 |
Inventories_Details
Inventories (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventory, Net [Abstract] | ||
Raw materials | $352,016 | $338,621 |
Work in progress | 147,715 | 127,611 |
Finished goods | 483,912 | 367,011 |
Subtotal | 983,643 | 833,243 |
Less reserves | -119,906 | -117,932 |
Total | $863,737 | $715,311 |
Percentage of LIFO Inventory | 25.00% | 30.00% |
Property_Plant_and_Equipment_D
Property, Plant and Equipment (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ||
Cost | $2,291,188 | $2,169,290 |
Accumulated depreciation | -1,454,119 | -1,381,441 |
Total | 837,069 | 787,849 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 55,076 | 56,118 |
Buildings and improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 537,474 | 517,087 |
Machinery, equipment and other [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | $1,698,638 | $1,596,085 |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets - Goodwill (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Goodwill [Line Items] | |||
Goodwill reallocation due to Knowles separation | $19,749 | ||
Goodwill allocated to discontinued operations | 152,663 | ||
Goodwill [Roll Forward] | |||
Goodwill, Gross | 3,067,871 | ||
Accumulated impairment loss | -70,561 | ||
Balance | 3,108,580 | 2,997,310 | |
Acquisitions | 432,138 | 141,888 | |
Purchase price adjustments | 10,955 | -28,138 | |
Foreign currency translation | -60,116 | -2,480 | |
Balance | 3,491,557 | 3,108,580 | |
Energy Segment [Member] | |||
Goodwill [Roll Forward] | |||
Goodwill, Gross | 716,210 | ||
Accumulated impairment loss | 0 | ||
Balance | 727,972 | 716,210 | |
Acquisitions | 325,438 | 19,810 | |
Purchase price adjustments | -395 | -2,278 | |
Foreign currency translation | -4,280 | -5,770 | |
Balance | 1,048,735 | 727,972 | |
Engineered Systems Segment [Member] | |||
Goodwill [Roll Forward] | |||
Goodwill, Gross | 1,202,906 | ||
Accumulated impairment loss | -10,591 | ||
Balance | 1,210,619 | 1,192,315 | |
Acquisitions | 80,581 | 19,968 | |
Purchase price adjustments | 0 | -521 | |
Foreign currency translation | -21,022 | -1,143 | |
Balance | 1,270,178 | 1,210,619 | |
Fluids Segment [Member] | |||
Goodwill [Roll Forward] | |||
Goodwill, Gross | 560,131 | ||
Accumulated impairment loss | -59,970 | ||
Balance | 604,158 | 500,161 | |
Acquisitions | 25,097 | 102,110 | |
Purchase price adjustments | 11,350 | -2,417 | |
Foreign currency translation | -30,942 | 4,304 | |
Balance | 609,663 | 604,158 | |
Refrigeration and Food Equipment Segment [Member] | |||
Goodwill [Roll Forward] | |||
Goodwill, Gross | 588,624 | ||
Accumulated impairment loss | 0 | ||
Balance | 565,831 | 588,624 | |
Acquisitions | 1,022 | 0 | |
Purchase price adjustments | 0 | -22,922 | |
Foreign currency translation | -3,872 | 129 | |
Balance | $562,981 | $565,831 |
Goodwill_and_Other_Intangible_3
Goodwill and Other Intangible Assets - Intangibles and Amortization Expense (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Finite-Lived Intangible Assets [Line Items] | |||
Intangible Assets, Net (Excluding Goodwill) | $1,369,520 | $1,258,911 | |
Gross carrying amount | 1,936,645 | 1,685,429 | |
Accumulated amortization | 733,043 | 596,394 | |
Amortization expense | 155,109 | 133,946 | 101,593 |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |||
2015 | 140,046 | ||
2016 | 139,880 | ||
2017 | 136,746 | ||
2018 | 125,827 | ||
2019 | 110,262 | ||
Trademarks [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross carrying amount | 138,650 | 110,573 | |
Accumulated amortization | 34,097 | 24,418 | |
Patents [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross carrying amount | 150,404 | 153,850 | |
Accumulated amortization | 108,484 | 102,756 | |
Customer Intangibles [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross carrying amount | 1,429,906 | 1,211,744 | |
Accumulated amortization | 484,449 | 379,124 | |
Unpatented Technologies [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross carrying amount | 92,480 | 80,483 | |
Accumulated amortization | 45,812 | 35,891 | |
Drawings and Manuals [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross carrying amount | 36,377 | 41,800 | |
Accumulated amortization | 13,087 | 10,462 | |
Distributor Relationships [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross carrying amount | 64,614 | 64,614 | |
Accumulated amortization | 34,377 | 31,144 | |
Other Intangible Assets [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross carrying amount | 24,214 | 22,365 | |
Accumulated amortization | $12,737 | $12,599 |
Goodwill_and_Other_Intangible_4
Goodwill and Other Intangible Assets - Indefinite-lived Intangibles (Details) (Trademarks [Member], USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Trademarks [Member] | ||
Unamortized Intangible Assets [Abstract] | ||
Gross carrying amount | $165,918 | $169,876 |
Accrued_Expenses_and_Other_Lia2
Accrued Expenses and Other Liabilities (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Pension liabilities | $229,128 | $232,669 |
Warranty, current | 46,704 | 39,824 |
Unearned/deferred revenue, current | 20,678 | 22,839 |
Taxes other than income | 28,452 | 34,229 |
Accrued interest | 31,318 | 31,738 |
Accrued volume discounts | 16,352 | 16,909 |
Accrued commissions (non-employee) | 12,799 | 11,151 |
Restructuring and exit, current | 22,021 | 4,986 |
Legal and environmental, current | 7,868 | 4,967 |
Other, current (none of which are individually significant) | 80,085 | 52,966 |
Total other accrued expenses | 266,277 | 219,609 |
Deferred compensation, noncurrent | 323,105 | 321,736 |
Unrecognized tax benefits | 94,875 | 97,920 |
Unearned/deferred revenue, noncurrent | 8,599 | 7,751 |
Legal and environmental, noncurrent | 31,841 | 35,145 |
Warranty, noncurrent | 2,684 | 3,100 |
Restructuring and exit, noncurrent | 0 | 356 |
Other, noncurrent (none of which are individually significant) | 21,236 | 42,856 |
Total other liabilities | 482,340 | 508,864 |
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward] | ||
Beginning Balance | 42,924 | 39,554 |
Provision for warranties | 60,833 | 52,943 |
Settlements made | -56,746 | -49,101 |
Other adjustments, including acquisitions and currency translation | 2,377 | -472 |
Ending Balance | 49,388 | 42,924 |
Other Liabilities [Member] | Cross Currency Interest Rate Contract [Member] | Designated as Hedging Instrument [Member] | ||
Fair Value - Liability | $15,567 | $23,716 |
Restucturing_Activities_Detail
Restucturing Activities (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges, actual | $44,808,000 | $9,118,000 | $13,880,000 |
Restructuring Reserve [Roll Forward] | |||
Severance and other restructuring reserve, beginning balance | 5,342,000 | 5,252,000 | 4,764,000 |
Provision | 44,808,000 | 9,118,000 | 13,880,000 |
Payments | -15,842,000 | -9,452,000 | -13,470,000 |
Other, including foreign currency | -12,287,000 | 424,000 | 78,000 |
Severance and other restructuring reserve, ending balance | 22,021,000 | 5,342,000 | 5,252,000 |
Cost of Sales [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges, actual | 19,690,000 | 5,320,000 | 3,613,000 |
Selling and Administrative Expenses [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges, actual | 25,118,000 | 3,798,000 | 10,267,000 |
Energy Segment [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges, actual | 7,549,000 | -811,000 | 584,000 |
Engineered Systems Segment [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges, actual | 6,624,000 | 3,628,000 | 8,320,000 |
Fluids Segment [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges, actual | 3,784,000 | 850,000 | 2,215,000 |
Refrigeration and Food Equipment Segment [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges, actual | 24,897,000 | 5,451,000 | 2,761,000 |
Corporate, Non-Segment [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges, actual | 1,954,000 | 0 | 0 |
Employee Severance [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Severance and other restructuring reserve, beginning balance | 2,876,000 | 2,687,000 | 1,654,000 |
Provision | 23,532,000 | 7,103,000 | 10,583,000 |
Payments | -10,092,000 | -7,001,000 | -9,554,000 |
Other, including foreign currency | -958,000 | 87,000 | 4,000 |
Severance and other restructuring reserve, ending balance | 15,358,000 | 2,876,000 | 2,687,000 |
Facility Closing [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Severance and other restructuring reserve, beginning balance | 2,466,000 | 2,565,000 | 3,110,000 |
Provision | 21,276,000 | 2,015,000 | 3,297,000 |
Payments | -5,750,000 | -2,451,000 | -3,916,000 |
Other, including foreign currency | -11,329,000 | 337,000 | 74,000 |
Severance and other restructuring reserve, ending balance | 6,663,000 | 2,466,000 | 2,565,000 |
Minimum [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges, expected | 17,000,000 | ||
Maximum [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges, expected | 20,000,000 | ||
Europe [Member] | Refrigeration and Food Equipment Segment [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges, actual | $17,500,000 |
Borrowings_Details
Borrowings (Details) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||||||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | |
USD ($) | USD ($) | USD ($) | Note due 2015 [Member] | Note due 2015 [Member] | Note due 2018 [Member] | Note due 2018 [Member] | Note due 2020 [Member] | Note due 2020 [Member] | Note due 2020 [Member] | Note due 2021 [Member] | Note due 2021 [Member] | Note due 2038 [Member] | Note due 2038 [Member] | Note due 2041 [Member] | Note due 2041 [Member] | Debentures due 2028 [Member] | Debentures due 2028 [Member] | Debenture due 2035 [Member] | Debenture due 2035 [Member] | Other long term debt instruments [Member] | Other long term debt instruments [Member] | Commercial Paper [Member] | Commercial Paper [Member] | Credit Agreement [Member] | Debentures [Member] | Debentures [Member] | Long-term Notes [Member] | Long-term Notes [Member] | Minimum [Member] | Maximum [Member] | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | EUR (€) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | ||||||||
Letters of Credit [Abstract] | |||||||||||||||||||||||||||||||
Letters of credit outstanding | $135,452,000 | ||||||||||||||||||||||||||||||
Maturities of Long-term Debt [Abstract] | |||||||||||||||||||||||||||||||
2015 | 299,956,000 | ||||||||||||||||||||||||||||||
2016 | 114,000 | ||||||||||||||||||||||||||||||
2017 | 117,000 | ||||||||||||||||||||||||||||||
2018 | 348,958,000 | ||||||||||||||||||||||||||||||
2019 | 0 | ||||||||||||||||||||||||||||||
2020 and thereafter | 1,903,852,000 | ||||||||||||||||||||||||||||||
Interest expense and interest income [Abstract] | |||||||||||||||||||||||||||||||
Interest expense | 131,689,000 | 124,535,000 | 125,992,000 | ||||||||||||||||||||||||||||
Interest income | -4,510,000 | -3,881,000 | -4,723,000 | ||||||||||||||||||||||||||||
Interest expense, net | 127,179,000 | 120,654,000 | 121,269,000 | ||||||||||||||||||||||||||||
Short-term borrowings [Abstract] | |||||||||||||||||||||||||||||||
Current installments | 299,956,000 | 2,778,000 | |||||||||||||||||||||||||||||
Commercial paper | 478,000,000 | 226,500,000 | |||||||||||||||||||||||||||||
Total short-term debt | 777,956,000 | 229,278,000 | |||||||||||||||||||||||||||||
Short-term Debt, Weighted Average Interest Rate | 0.10% | 0.10% | |||||||||||||||||||||||||||||
Long-term borrowings [Abstract] | |||||||||||||||||||||||||||||||
Long-term debt | 2,552,997,000 | 2,601,979,000 | 299,836,000 | 299,638,000 | 348,928,000 | 348,598,000 | 363,970,000 | 411,500,000 | 449,839,000 | 449,813,000 | 247,948,000 | 247,859,000 | 345,830,000 | 345,671,000 | 199,517,000 | 199,483,000 | 296,685,000 | 296,526,000 | 444,000 | 2,891,000 | |||||||||||
Debt instrument, stated interest rate (in hundredths) | 4.88% | 5.45% | 2.13% | 2.13% | 4.30% | 6.60% | 5.38% | 6.65% | 5.38% | ||||||||||||||||||||||
Term of debt instrument (in years) | 10 years | 10 years | 7 years | 7 years | 10 years | 30 years | 30 years | 30 years | 30 years | ||||||||||||||||||||||
Debt instruments, maturity date | 15-Oct-15 | 15-Mar-18 | 1-Dec-20 | 1-Dec-20 | 1-Mar-21 | 15-Mar-38 | 1-Mar-41 | 1-Jun-28 | 15-Oct-35 | ||||||||||||||||||||||
Face amount of notes | 300,000,000 | 300,000,000 | |||||||||||||||||||||||||||||
Unamortized discount | 3,798,000 | 3,991,000 | 8,213,000 | 9,196,000 | |||||||||||||||||||||||||||
Proceeds from long-term debt, net of discount and issuance costs | 0 | 403,776,000 | 0 | 403,776,000 | |||||||||||||||||||||||||||
Total long-term debt | 2,253,041,000 | 2,599,201,000 | |||||||||||||||||||||||||||||
Line of Credit Facility [Abstract] | |||||||||||||||||||||||||||||||
Unsecured revolving credit facility, maximum borrowing capacity | $1,000,000,000 | ||||||||||||||||||||||||||||||
Credit facility expiration date | 10-Nov-16 | 31-Dec-15 | 31-Dec-20 | ||||||||||||||||||||||||||||
Line of credit facility, interest rate description | At the Company's election, loans under the Credit Agreement will bear interest at a Eurodollar or Sterling rate based on LIBOR, plus an applicable margin ranging from 0.565% to 1.225% (subject to adjustment based on the credit rating accorded the Company's senior unsecured debt by S&P and Moody's), or at a base rate pursuant to a formula defined in the Credit Agreement. | ||||||||||||||||||||||||||||||
Line of credit facility, covenant terms | the Credit Agreement requires the Company to pay a facility fee and imposes various restrictions on the Company such as, among other things, the requirement for the Company to maintain an interest coverage ratio of EBITDA to consolidated net interest expense of not less than 3.0 to 1 | ||||||||||||||||||||||||||||||
Line of credit facility, covenant compliance | The Company was in compliance with this covenant and its other long-term debt covenants at DecemberB 31, 2014 and had a coverage ratio of 12.7 to 1. |
Financial_Instruments_Derivati
Financial Instruments - Derivatives (Details) | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2014 | |
USD ($) | USD ($) | USD ($) | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Cross Currency Interest Rate Contract [Member] | Cross Currency Interest Rate Contract [Member] | Cross Currency Interest Rate Contract [Member] | Cross Currency Interest Rate Contract [Member] | Cross Currency Interest Rate Contract [Member] | Cross Currency Interest Rate Contract [Member] | Cross Currency Interest Rate Contract [Member] | Foreign Exchange Forward [Member] | Foreign Exchange Forward [Member] | Foreign Exchange Forward [Member] | Foreign Exchange Forward [Member] | Note due 2020 [Member] | Note due 2020 [Member] | Note due 2020 [Member] | Note due 2020 [Member] | Note due 2020 [Member] | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | USD ($) | USD ($) | USD ($) | EUR (€) | Designated as Hedging Instrument [Member] | ||||
USD ($) | CHF | Other Liabilities [Member] | Other Liabilities [Member] | Prepaid and Other Current Assets [Member] | Prepaid and Other Current Assets [Member] | Other Accrued Expenses [Member] | Other Accrued Expenses [Member] | EUR (€) | |||||||||||||||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | ||||||||||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||||||||||||||
Notional amount of derivatives | $47,047,000 | $33,216,000 | $52,392,000 | $104,688,000 | $50,000,000 | 65,100,000 | |||||||||||||||||
Fair Value - Asset | 973,000 | 879,000 | |||||||||||||||||||||
Fair Value - Liability | 15,567,000 | 23,716,000 | 810,000 | 168,000 | |||||||||||||||||||
Face amount of notes | 300,000,000 | 300,000,000 | |||||||||||||||||||||
Gain (loss) on net investment hedges, gross | 55,779,000 | -7,134,000 | -1,025,000 | 8,149,000 | -1,035,000 | -1,025,000 | 47,630,000 | -6,099,000 | 0 | ||||||||||||||
Tax on translation adjustment for net investment hedge | -19,523,000 | 2,494,000 | 359,000 | ||||||||||||||||||||
Gain (loss) on net investment hedges, net of tax | $36,256,000 | ($4,640,000) | ($666,000) |
Financial_Instruments_Balance_
Financial Instruments - Balance Sheet Location (Details) (Fair Value, Measurements, Recurring [Member], USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Level 1 [Member] | ||
Assets [Abstract] | ||
Foreign currency cash flow hedges | $0 | $0 |
Liabilities [Abstract] | ||
Foreign currency cash flow hedges | 0 | 0 |
Net investment hedge derivative - cross currency swap | 0 | 0 |
Level 2 [Member] | ||
Assets [Abstract] | ||
Foreign currency cash flow hedges | 973 | 879 |
Liabilities [Abstract] | ||
Foreign currency cash flow hedges | 810 | 168 |
Net investment hedge derivative - cross currency swap | 15,567 | 23,716 |
Level 3 [Member] | ||
Assets [Abstract] | ||
Foreign currency cash flow hedges | 0 | 0 |
Liabilities [Abstract] | ||
Foreign currency cash flow hedges | 0 | 0 |
Net investment hedge derivative - cross currency swap | $0 | $0 |
Financial_Instruments_Fair_Val
Financial Instruments - Fair Value Measurements (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Estimate of Fair Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | $3,002,701 | $2,872,454 |
Reported Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | $2,552,997 | $2,601,979 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Earnings before provision for income taxes and discontinued operations [Abstract] | |||
Domestic | $789,689,000 | $714,723,000 | $640,896,000 |
Foreign | 304,518,000 | 331,263,000 | 290,169,000 |
Earnings before provision for income taxes and discontinued operations | 1,094,207,000 | 1,045,986,000 | 931,065,000 |
Current Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
U.S. Federal | 231,939,000 | 114,218,000 | 196,622,000 |
State and local | 8,434,000 | 17,468,000 | -1,590,000 |
Foreign | 97,037,000 | 89,702,000 | 84,723,000 |
Total current - continuing | 337,410,000 | 221,388,000 | 279,755,000 |
Deferred Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
U.S. Federal | 7,386,000 | 35,315,000 | 20,149,000 |
State and local | 11,250,000 | -4,556,000 | -2,262,000 |
Foreign | -39,979,000 | -3,688,000 | -16,652,000 |
Total deferred - continuing | -21,343,000 | 27,071,000 | 1,235,000 |
Total expense - continuing | 316,067,000 | 248,459,000 | 280,990,000 |
Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation [Abstract] | |||
U.S. Federal income tax rate | 35.00% | 35.00% | 35.00% |
State and local taxes, net of Federal income tax benefit | 1.30% | 1.20% | 1.30% |
Foreign operations tax effect | -3.70% | -3.30% | -3.20% |
R&E tax credits | -0.30% | -0.70% | 0.00% |
Domestic manufacturing deduction | -3.00% | -2.20% | -2.20% |
Foreign tax credits | 0.40% | 0.30% | 0.30% |
Branch losses | -0.70% | -0.20% | 0.00% |
Release of valuation allowance | -0.60% | 0.00% | 0.00% |
Resolution of tax contingencies | -0.50% | -7.20% | -1.80% |
Other, principally non-tax deductible items | 1.00% | 0.90% | 0.80% |
Effective rate from continuing operations | 28.90% | 23.80% | 30.20% |
Tax credits research estimated future benefit | $4,800,000 |
Income_Taxes_Deferred_Tax_Asse
Income Taxes - Deferred Tax Assets and Liabilities (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Deferred Tax Assets, Gross [Abstract] | ||
Accrued compensation, principally postretirement and other employee benefits | $151,640,000 | $130,326,000 |
Accrued expenses, principally for state income taxes, interest and warranty | 45,262,000 | 43,700,000 |
Net operating loss and other carryforwards | 190,298,000 | 70,821,000 |
Inventories, principally due to reserves for financial reporting purposes and capitalization for tax purposes | 13,285,000 | 14,068,000 |
Accounts receivable, principally due to allowance for doubtful accounts | 4,323,000 | 4,507,000 |
Accrued insurance | 5,529,000 | 4,353,000 |
Long-term liabilities, principally warranty, environmental and exit costs | 4,096,000 | 3,777,000 |
Other assets | -8,838,000 | -11,957,000 |
Total gross deferred tax assets | 405,595,000 | 259,595,000 |
Valuation allowance | -141,252,000 | -14,063,000 |
Total deferred tax assets | 264,343,000 | 245,532,000 |
Deferred Tax Liabilities, Gross [Abstract] | ||
Intangible assets, principally due to different tax and financial reporting bases and amortization lives | -694,602,000 | -604,464,000 |
Plant and equipment, principally due to differences in depreciation | -55,012,000 | -61,455,000 |
Accounts receivable | -6,481,000 | -6,674,000 |
Total gross deferred tax liabilities | -756,095,000 | -672,593,000 |
Deferred Tax Liabilities, Net | -491,752,000 | -427,061,000 |
Deferred Tax Assets, Net, Classification [Abstract] | ||
Current deferred tax asset | 63,276,000 | 60,101,000 |
Non-current deferred tax asset | 10,107,000 | 5,642,000 |
Current deferred tax liability | -928,000 | -953,000 |
Non-current deferred tax liability | -564,207,000 | -491,851,000 |
Undistributed earnings of international subsidiaries | $1,300,000,000 |
Income_Taxes_Unrecognized_Tax_
Income Taxes - Unrecognized Tax Benefits (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Tax Contingency [Line Items] | ||||
Significant change in unrecognized tax benefits is reasonably possible, estimated range of change, lower bound | $0 | |||
Significant change in unrecognized tax benefits is reasonably possible, estimated range of change, upper bound | 27,000,000 | |||
Unrecognized tax benefits | 77,089,000 | 78,440,000 | 176,089,000 | 189,041,000 |
Additions based on tax positions related to the current year | 11,765,000 | 9,057,000 | 10,214,000 | |
Additions for tax positions of prior years | 1,564,000 | 10,899,000 | 7,598,000 | |
Reductions for tax positions of prior years | -6,047,000 | -102,850,000 | -14,282,000 | |
Settlements | -998,000 | -5,346,000 | -503,000 | |
Lapse of statutes | -7,635,000 | -9,409,000 | -15,979,000 | |
Unrecognized potential tax benefits that would impact effective tax rate | 48,800,000 | |||
Potential interest and penalty expense (income) | -1,300,000 | -5,500,000 | 100,000 | |
Accrued interest and penalties | 15,500,000 | 17,100,000 | ||
Continuing Operations [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Unrecognized tax benefits | 66,367,000 | 65,226,000 | 121,864,000 | 134,773,000 |
Additions based on tax positions related to the current year | 11,751,000 | 9,056,000 | 10,188,000 | |
Additions for tax positions of prior years | 1,065,000 | 7,584,000 | 4,128,000 | |
Reductions for tax positions of prior years | -5,782,000 | -62,610,000 | -14,257,000 | |
Settlements | -843,000 | -2,823,000 | -418,000 | |
Lapse of statutes | -5,050,000 | -7,845,000 | -12,550,000 | |
Discontinued Operations [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Unrecognized tax benefits | 10,722,000 | 13,214,000 | 54,225,000 | 54,268,000 |
Additions based on tax positions related to the current year | 14,000 | 1,000 | 26,000 | |
Additions for tax positions of prior years | 499,000 | 3,315,000 | 3,470,000 | |
Reductions for tax positions of prior years | -265,000 | -40,240,000 | -25,000 | |
Settlements | -155,000 | -2,523,000 | -85,000 | |
Lapse of statutes | ($2,585,000) | ($1,564,000) | ($3,429,000) |
Income_Taxes_Operating_Loss_Ca
Income Taxes - Operating Loss Carryforwards (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Internal Revenue Service (IRS) [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Loss carryforwards | $71.50 | |
Expiration date | 31-Dec-24 | |
Foreign Tax Authority [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Loss carryforwards | 519.4 | 39.9 |
Operating loss carryforwards subject to expiration | 20.3 | |
Operating loss carryforwards not subject to expiration | 499.1 | |
State and Local Jurisdiction [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Loss carryforwards | $109.20 | $145.80 |
Minimum [Member] | Foreign Tax Authority [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Expiration date | 31-Dec-15 | |
Minimum [Member] | State and Local Jurisdiction [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Expiration date | 31-Dec-15 | |
Maximum [Member] | Foreign Tax Authority [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Expiration date | 31-Dec-34 | |
Maximum [Member] | State and Local Jurisdiction [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Expiration date | 31-Dec-34 |
Income_Taxes_Tax_Credit_Carryf
Income Taxes - Tax Credit Carryforwards (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
Research and development tax credit [Member] | |
Tax Credit Carryforward [Line Items] | |
Tax credit carryforward | $0.80 |
Tax credit expiration date | 1-Jan-25 |
Alternative minimum tax credit [Member] | |
Tax Credit Carryforward [Line Items] | |
Tax credit carryforward | $0 |
Equity_and_Cash_Incentive_Prog2
Equity and Cash Incentive Program (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Awards Granted, Fair Value Assumptions and Methodology [Abstract] | |||
Shares available for grant | 17,000,000 | ||
Vesting period (in years) | 3 years | ||
Award term | 10 years | ||
Additional Disclosures [Abstract] | |||
Cash received for the exercise of stock options | $5,227 | $14,830 | $38,029 |
Tax benefit from the exercise of stock options | 15,110 | 25,661 | 22,771 |
Unrecognized Compensation Cost [Abstract] | |||
Performance Share Attainment | 82.60% | ||
Stock-based compensation expense [Abstract] | |||
Pre-tax compensation expense | 31,628 | 30,480 | 30,884 |
Tax benefit | -11,201 | -10,745 | -10,904 |
Total stock-based compensation expense, net of tax | 20,427 | 19,735 | 19,980 |
Shares Granted to Directors [Abstract] | |||
Aggregate shares granted | 17,331 | 14,271 | 20,344 |
Shares deferred | -8,904 | -6,929 | 0 |
Shares withheld to satisfy tax obligations | -210 | -354 | -544 |
Net shares granted | 8,217 | 6,988 | 19,800 |
Stock Appreciation Rights (SARs) [Member] | |||
Awards Granted, Fair Value Assumptions and Methodology [Abstract] | |||
Risk-free interest rate (in hundredths) | 1.70% | 1.39% | 1.05% |
Dividend yield (in hundredths) | 1.98% | 2.06% | 2.03% |
Expected life (in years) | 5 years 4 months | 7 years 1 month | 5 years 8 months |
Volatility (in hundredths) | 30.81% | 33.78% | 36.41% |
Fair value on date of grant | $19.84 | $18.17 | $16.31 |
Awards Outstanding [Roll Forward] | |||
Awards Outstanding (in number of shares) | 7,640,742 | 7,520,760 | |
Awards Modified upon spin-off (in number of shares) | 933,845 | ||
Awards Granted (in number of shares) | 1,043,734 | 1,613,884 | 1,719,943 |
Awards Forfeit and Expired (in number of shares) | -281,822 | ||
Awards Exercised (in number of shares) | -1,216,624 | ||
Awards Exercisable (in number of shares) | 3,631,702 | ||
Awards Outstanding, Weighted Average Exercise Price [Roll Forward] | |||
Awards Outstanding, Weighted Average Exercise Price | $54.69 | $56.67 | |
Awards Granted, Weighted Average Exercise Price | $82.51 | $63.33 | $57.62 |
Awards Forfeit and Expired, Weighted Average Exercise Price | $65.65 | ||
Awards Exercised, Weighted Average Exercise Price | $43.97 | ||
Awards Exercisable, Weighted Average Exercise Price | $42.43 | ||
Additional Disclosures [Abstract] | |||
Awards Outstanding, Weighted Average Remaining Contractual Term | 6 years 3 months | ||
Awards Exercisable, Weighted Average Remaining Contractual Term | 4 years 7 months | ||
Fair value of stock appreciation rights which became exerciable during the year | 26,796 | 23,605 | 16,484 |
Awards Exercised, Total Intrinsic Value | 51,813 | 83,944 | 61,531 |
Unrecognized Compensation Cost [Abstract] | |||
Unrecognized Compensation Expense | 22,807 | ||
Unrecognized Compensation Expense, Period for Recognition | 1 year 6 months | ||
Stock Options [Member] | |||
Awards Outstanding [Roll Forward] | |||
Awards Outstanding (in number of shares) | 52,907 | 209,827 | |
Awards Modified upon spin-off (in number of shares) | 20,523 | ||
Awards Granted (in number of shares) | 0 | ||
Awards Forfeit and Expired (in number of shares) | -7,605 | ||
Awards Exercised (in number of shares) | -165,283 | ||
Awards Exercisable (in number of shares) | 52,907 | ||
Awards Outstanding, Weighted Average Exercise Price [Roll Forward] | |||
Awards Outstanding, Weighted Average Exercise Price | $33.50 | $38.39 | |
Awards Granted, Weighted Average Exercise Price | $0 | ||
Awards Forfeit and Expired, Weighted Average Exercise Price | $41.79 | ||
Awards Exercised, Weighted Average Exercise Price | $35.04 | ||
Awards Exercisable, Weighted Average Exercise Price | $33.50 | ||
Additional Disclosures [Abstract] | |||
Awards Outstanding, Weighted Average Remaining Contractual Term | 0 years 1 month | ||
Awards Exercisable, Weighted Average Remaining Contractual Term | 0 years 1 month | ||
Awards Exercised, Total Intrinsic Value | 8,614 | 19,937 | 29,866 |
Performance Shares [Member] | |||
Awards Granted, Fair Value Assumptions and Methodology [Abstract] | |||
Risk-free interest rate (in hundredths) | 0.40% | 0.37% | |
Dividend yield (in hundredths) | 2.06% | 2.03% | |
Expected life (in years) | 2 years 11 months | 2 years 11 months | |
Volatility (in hundredths) | 30.36% | 34.10% | |
Fair value on date of grant | $82.51 | $70.92 | $63.43 |
Awards Outstanding [Roll Forward] | |||
Awards Modified upon spin-off (in number of shares) | 11,480 | ||
Unvested Awards [Roll Forward] | |||
Awards Unvested (in number of shares) | 101,723 | 92,545 | |
Awards Granted (in number of shares) | 58,206 | 47,032 | 50,416 |
Awards Forfeit (in number of shares) | -2,381 | ||
Awards Vested (in number of shares) | -50,950 | ||
Unvested Awards, Weighted Average Grant Date Fair Value [Roll Forward] | |||
Awards Unvested, Weighted Average Grant Date Fair Value | $77.33 | $76.05 | |
Awards Forfeit, Weighted Average Grant Date Fair Value | $80.21 | ||
Awards Vested, Weighted Average Grant Date Fair Value | $63.43 | ||
Unrecognized Compensation Cost [Abstract] | |||
Unrecognized Compensation Expense | 3,487 | ||
Unrecognized Compensation Expense, Period for Recognition | 1 year 6 months | ||
Restricted Stock Units (RSUs) [Member] | |||
Awards Granted, Fair Value Assumptions and Methodology [Abstract] | |||
Fair value on date of grant | $82.51 | ||
Awards Outstanding [Roll Forward] | |||
Awards Modified upon spin-off (in number of shares) | 5,389 | ||
Unvested Awards [Roll Forward] | |||
Awards Unvested (in number of shares) | 166,000 | 40,000 | |
Awards Granted (in number of shares) | 131,719 | ||
Awards Forfeit (in number of shares) | -10,623 | ||
Awards Vested (in number of shares) | -485 | ||
Unvested Awards, Weighted Average Grant Date Fair Value [Roll Forward] | |||
Awards Unvested, Weighted Average Grant Date Fair Value | $76 | $66.59 | |
Awards Forfeit, Weighted Average Grant Date Fair Value | $82.51 | ||
Awards Vested, Weighted Average Grant Date Fair Value | $82.51 | ||
Unrecognized Compensation Cost [Abstract] | |||
Unrecognized Compensation Expense | 7,255 | ||
Unrecognized Compensation Expense, Period for Recognition | 1 year 5 months | ||
Additional Paid-in Capital [Member] | |||
Additional Disclosures [Abstract] | |||
Tax benefit from the exercise of stock options | $15,110 | $25,661 | $22,771 |
Knowles [Member] | Stock Appreciation Rights (SARs) [Member] | |||
Awards Outstanding [Roll Forward] | |||
Awards Forfeit and Expired (in number of shares) | -359,151 | ||
Awards Outstanding, Weighted Average Exercise Price [Roll Forward] | |||
Awards Forfeit and Expired, Weighted Average Exercise Price | $62.55 | ||
Knowles [Member] | Stock Options [Member] | |||
Awards Outstanding [Roll Forward] | |||
Awards Forfeit and Expired (in number of shares) | -4,555 | ||
Awards Outstanding, Weighted Average Exercise Price [Roll Forward] | |||
Awards Forfeit and Expired, Weighted Average Exercise Price | $38 | ||
Knowles [Member] | Performance Shares [Member] | |||
Unvested Awards [Roll Forward] | |||
Awards Forfeit (in number of shares) | -7,177 | ||
Unvested Awards, Weighted Average Grant Date Fair Value [Roll Forward] | |||
Awards Forfeit, Weighted Average Grant Date Fair Value | $76.67 |
Equity_and_Cash_Incentive_Prog3
Equity and Cash Incentive Program - Outstanding and Exercisable Awards (Details) (USD $) | 12 Months Ended |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 |
Stock Appreciation Rights (SARs) [Member] | |
Exercise Price Range [Line Items] | |
Number of Outstanding Awards | 7,640,742 |
Outstanding Awards, Aggregate Intrinsic Value | $140,695 |
Number of Exercisable Awards | 3,631,702 |
Exercisable Awards, Aggregate Intrinsic Value | 106,427 |
Stock Appreciation Rights (SARs) [Member] | Exercise Price Range 1 [Member] | |
Exercise Price Range [Line Items] | |
Exercise Price Range, Lower Range Limit | $25.96 |
Exercise Price Range, Upper Range Limit | $37.79 |
Number of Outstanding Awards | 2,130,558 |
Outstanding Awards, Weighted Average Exercise Price | $34.01 |
Outstanding Awards, Weighted Average Remaining Contractual Term | 4 years 6 months |
Outstanding Awards, Aggregate Intrinsic Value | 80,342 |
Number of Exercisable Awards | 2,130,558 |
Exercisable Awards, Weighted Average Exercise Price | $34.01 |
Exercisable Awards, Weighted Average Remaining Contractual Term | 4 years 6 months |
Exercisable Awards, Aggregate Intrinsic Value | 80,342 |
Stock Appreciation Rights (SARs) [Member] | Exercise Price Range 2 [Member] | |
Exercise Price Range [Line Items] | |
Exercise Price Range, Lower Range Limit | $40.54 |
Exercise Price Range, Upper Range Limit | $58.69 |
Number of Outstanding Awards | 3,039,611 |
Outstanding Awards, Weighted Average Exercise Price | $55.97 |
Outstanding Awards, Weighted Average Remaining Contractual Term | 5 years 8 months |
Outstanding Awards, Aggregate Intrinsic Value | 47,863 |
Number of Exercisable Awards | 1,491,509 |
Exercisable Awards, Weighted Average Exercise Price | $54.26 |
Exercisable Awards, Weighted Average Remaining Contractual Term | 4 years 11 months |
Exercisable Awards, Aggregate Intrinsic Value | 26,035 |
Stock Appreciation Rights (SARs) [Member] | Exercise Price Range 3 [Member] | |
Exercise Price Range [Line Items] | |
Exercise Price Range, Lower Range Limit | $63.33 |
Exercise Price Range, Upper Range Limit | $82.51 |
Number of Outstanding Awards | 2,470,573 |
Outstanding Awards, Weighted Average Exercise Price | $70.95 |
Outstanding Awards, Weighted Average Remaining Contractual Term | 8 years 6 months |
Outstanding Awards, Aggregate Intrinsic Value | 12,490 |
Number of Exercisable Awards | 9,635 |
Exercisable Awards, Weighted Average Exercise Price | $70.57 |
Exercisable Awards, Weighted Average Remaining Contractual Term | 8 years 6 months |
Exercisable Awards, Aggregate Intrinsic Value | 50 |
Stock Options [Member] | |
Exercise Price Range [Line Items] | |
Exercise Price Range, Lower Range Limit | $33.49 |
Exercise Price Range, Upper Range Limit | $34.73 |
Outstanding Awards, Aggregate Intrinsic Value | 2,022 |
Exercisable Awards, Aggregate Intrinsic Value | $2,022 |
Commitments_and_Contingent_Lia2
Commitments and Contingent Liabilities (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Commitments and Contingencies Disclosure [Abstract] | |||
Rent expense for operating leases | $87,149 | $76,541 | $66,118 |
Accrual for environmental loss contingencies | 32,890 | 34,031 | |
Leases, Operating [Abstract] | |||
Operating Lease 2015 | 63,979 | ||
Operating Lease 2016 | 51,193 | ||
Operating Lease 2017 | 42,647 | ||
Operating Lease 2018 | 33,297 | ||
Operating Lease 2019 | 24,283 | ||
Operating Lease 2020 and thereafter | 57,536 | ||
Leases, Capital [Abstract] | |||
Capital Lease 2015 | 3,801 | ||
Capital Lease 2016 | 2,015 | ||
Capital Lease 2017 | 731 | ||
Capital Lease 2018 | 196 | ||
Capital Lease 2019 | 112 | ||
Capital Lease 2020 and thereafter | 347 | ||
Operating Leases, Future Minimum Payments Due | 272,935 | ||
Capital Leases, Future Minimum Payments Due | $7,202 |
Employee_Benefit_Plans_Obligat
Employee Benefit Plans - Obligations and Funded Status (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Employees | |||
Participants | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined contribution plan expense | $34,263,000 | $25,645,000 | $25,805,000 |
Number of participants covered by post retirement benefit plans | 1,165 | ||
Number of participants eligible for medical benefits | 1,143 | ||
Number of employees covered in multiemployer pension plans | 100 | ||
Contributions to multiemployer plans | 2,000,000 | 2,000,000 | 2,000,000 |
Change in Fair Value of Plan Assets [Roll Forward] | |||
Company contributions | -24,232,000 | -40,258,000 | -47,584,000 |
Assets and Liabilities [Abstract] | |||
Other liabilities (deferred compensation) | -229,128,000 | -232,669,000 | |
Accumulated Other Comprehensive Loss (Earnings) [Abstract] | |||
Total Accumulated Other Comprehensive Loss (Earnings), net of tax | 147,237,000 | 105,381,000 | |
Accumulated benefit obligation | 907,436,000 | 856,097,000 | |
Net periodic benefit cost [Abstract] | |||
Total net periodic benefit cost | 34,627,000 | 44,311,000 | 42,681,000 |
Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets [Abstract] | |||
Projected benefit obligation (PBO) | 372,931,000 | 369,289,000 | |
Accumulated benefit obligation (ABO) | 342,158,000 | 336,095,000 | |
Fair value of plan assets | 133,930,000 | 137,654,000 | |
U.S. Pension Plan, Defined Benefit [Member] | |||
Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation at beginning of year | 519,552,000 | 603,905,000 | |
Service cost | 13,801,000 | 17,123,000 | 14,406,000 |
Interest cost | 25,204,000 | 24,801,000 | 25,136,000 |
Plan participants' contributions | 0 | 0 | |
Benefits paid | -17,957,000 | -35,266,000 | |
Actuarial loss (gain) | 84,314,000 | -76,605,000 | |
Business dispositions | 0 | 0 | |
Amendments | 0 | 1,913,000 | |
Settlement and curtailment gains | -49,338,000 | -16,818,000 | |
Currency translation and other | 0 | 499,000 | |
Benefit obligation at end of year | 575,576,000 | 519,552,000 | 603,905,000 |
Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | 595,143,000 | 554,648,000 | |
Actual return on plan assets | 73,528,000 | 66,761,000 | |
Company contributions | 0 | 9,000,000 | |
Plan participants' contributions | 0 | 0 | |
Benefits paid | -17,957,000 | -35,266,000 | |
Business dispositions | 0 | 0 | |
Settlements and curtailments | -49,338,000 | 0 | |
Currency translation | 0 | 0 | |
Fair value of plan assets at end of year | 601,376,000 | 595,143,000 | 554,648,000 |
Defined Benefit Plan, Funded Status of Plan [Abstract] | |||
Funded status | 25,800,000 | 75,591,000 | |
Assets and Liabilities [Abstract] | |||
Other assets and deferred charges | 25,800,000 | 75,591,000 | |
Accrued compensation and employee benefits | 0 | 0 | |
Other liabilities (deferred compensation) | 0 | 0 | |
Total Assets and Liabilities | 25,800,000 | 75,591,000 | |
Accumulated Other Comprehensive Loss (Earnings) [Abstract] | |||
Net actuarial losses (gains) | 119,919,000 | 86,108,000 | |
Prior service cost (credit) | 3,388,000 | 4,471,000 | |
Net asset at transition, other | 0 | 0 | |
Deferred taxes | -43,158,000 | -31,703,000 | |
Total Accumulated Other Comprehensive Loss (Earnings), net of tax | 80,149,000 | 58,876,000 | |
Net amount recognized on the balance sheet | 105,949,000 | 134,467,000 | |
Accumulated benefit obligation | 537,393,000 | 482,181,000 | |
Net periodic benefit cost [Abstract] | |||
Service cost | 13,801,000 | 17,123,000 | 14,406,000 |
Interest cost | 25,204,000 | 24,801,000 | 25,136,000 |
Expected return on plan assets | -41,594,000 | -40,194,000 | -38,978,000 |
Amortization of prior service costs (income) | 1,083,000 | 1,026,000 | 1,048,000 |
Amortization of actuarial (gains) losses | 8,289,000 | 17,654,000 | 13,515,000 |
Amortization of transition obligation | 0 | 0 | 0 |
Settlement & curtailment (gain) loss | 10,279,000 | 187,000 | 0 |
Other pension costs | 0 | 501,000 | 0 |
Total net periodic benefit cost | 17,062,000 | 21,098,000 | 15,127,000 |
Pension and Other Postretirement Benefit Plans, Amounts that Will be Amortized from Accumulated Other Comprehensive Income (Loss) in Next Fiscal Year [Abstract] | |||
Prior service cost (credit) | 976,000 | ||
Recognized actuarial loss (gain) | 12,846,000 | ||
Transition obligation | 0 | ||
Amounts that will be amortized from accumulated other comprehensive earnings (loss) in next fiscal year | 13,822,000 | ||
Non-U.S. Pension Plans, Defined Benefit [Member] | |||
Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation at beginning of year | 299,284,000 | 284,798,000 | |
Service cost | 6,027,000 | 6,043,000 | 5,712,000 |
Interest cost | 8,222,000 | 9,081,000 | 10,044,000 |
Plan participants' contributions | 1,732,000 | 1,583,000 | |
Benefits paid | -5,452,000 | -11,237,000 | |
Actuarial loss (gain) | 40,962,000 | 6,501,000 | |
Business dispositions | -60,164,000 | 0 | |
Amendments | 0 | 0 | |
Settlement and curtailment gains | -390,000 | -3,036,000 | |
Currency translation and other | -25,198,000 | 5,551,000 | |
Benefit obligation at end of year | 265,023,000 | 299,284,000 | 284,798,000 |
Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | 203,681,000 | 181,416,000 | |
Actual return on plan assets | 14,868,000 | 17,356,000 | |
Company contributions | 9,547,000 | 11,359,000 | |
Plan participants' contributions | 1,732,000 | 1,583,000 | |
Benefits paid | -5,452,000 | -11,237,000 | |
Business dispositions | -46,334,000 | 0 | |
Settlements and curtailments | -390,000 | 0 | |
Currency translation | -14,142,000 | 3,204,000 | |
Fair value of plan assets at end of year | 163,510,000 | 203,681,000 | 181,416,000 |
Defined Benefit Plan, Funded Status of Plan [Abstract] | |||
Funded status | -101,513,000 | -95,603,000 | |
Assets and Liabilities [Abstract] | |||
Other assets and deferred charges | 152,000 | 2,976,000 | |
Accrued compensation and employee benefits | -1,575,000 | -1,970,000 | |
Other liabilities (deferred compensation) | -100,090,000 | -96,609,000 | |
Total Assets and Liabilities | -101,513,000 | -95,603,000 | |
Accumulated Other Comprehensive Loss (Earnings) [Abstract] | |||
Net actuarial losses (gains) | 61,813,000 | 38,596,000 | |
Prior service cost (credit) | 1,058,000 | 1,146,000 | |
Net asset at transition, other | -48,000 | -48,000 | |
Deferred taxes | -15,312,000 | -9,965,000 | |
Total Accumulated Other Comprehensive Loss (Earnings), net of tax | 47,511,000 | 29,729,000 | |
Net amount recognized on the balance sheet | -54,002,000 | -65,874,000 | |
Accumulated benefit obligation | 246,814,000 | 280,763,000 | |
Net periodic benefit cost [Abstract] | |||
Service cost | 6,027,000 | 6,043,000 | 5,712,000 |
Interest cost | 8,222,000 | 9,081,000 | 10,044,000 |
Expected return on plan assets | -8,498,000 | -9,608,000 | -8,765,000 |
Amortization of prior service costs (income) | 107,000 | 114,000 | 117,000 |
Amortization of actuarial (gains) losses | 903,000 | 1,492,000 | 579,000 |
Amortization of transition obligation | 4,000 | -14,000 | -47,000 |
Settlement & curtailment (gain) loss | -45,000 | 697,000 | 1,449,000 |
Other pension costs | 6,000 | 5,000 | 0 |
Total net periodic benefit cost | 6,726,000 | 7,810,000 | 9,089,000 |
Pension and Other Postretirement Benefit Plans, Amounts that Will be Amortized from Accumulated Other Comprehensive Income (Loss) in Next Fiscal Year [Abstract] | |||
Prior service cost (credit) | 95,000 | ||
Recognized actuarial loss (gain) | 2,784,000 | ||
Transition obligation | 5,000 | ||
Amounts that will be amortized from accumulated other comprehensive earnings (loss) in next fiscal year | 2,884,000 | ||
Supplemental Employee Retirement Plans, Defined Benefit [Member] | |||
Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation at beginning of year | 133,056,000 | 180,408,000 | |
Service cost | 3,320,000 | 5,634,000 | 5,304,000 |
Interest cost | 6,148,000 | 6,741,000 | 7,916,000 |
Plan participants' contributions | 0 | 0 | |
Benefits paid | -13,939,000 | -20,686,000 | |
Actuarial loss (gain) | 11,088,000 | -34,831,000 | |
Business dispositions | -3,137,000 | 0 | |
Amendments | 1,463,000 | 3,004,000 | |
Settlement and curtailment gains | 0 | -7,228,000 | |
Currency translation and other | 0 | 14,000 | |
Benefit obligation at end of year | 137,999,000 | 133,056,000 | 180,408,000 |
Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | 0 | 0 | |
Actual return on plan assets | 0 | 0 | |
Company contributions | 13,939,000 | 20,686,000 | |
Plan participants' contributions | 0 | 0 | |
Benefits paid | -13,939,000 | -20,686,000 | |
Business dispositions | 0 | 0 | |
Settlements and curtailments | 0 | 0 | |
Currency translation | 0 | 0 | |
Fair value of plan assets at end of year | 0 | 0 | 0 |
Defined Benefit Plan, Funded Status of Plan [Abstract] | |||
Funded status | -137,999,000 | -133,056,000 | |
Assets and Liabilities [Abstract] | |||
Other assets and deferred charges | 0 | 0 | |
Accrued compensation and employee benefits | -21,978,000 | -10,161,000 | |
Other liabilities (deferred compensation) | -116,021,000 | -122,895,000 | |
Total Assets and Liabilities | -137,999,000 | -133,056,000 | |
Accumulated Other Comprehensive Loss (Earnings) [Abstract] | |||
Net actuarial losses (gains) | -746,000 | -12,520,000 | |
Prior service cost (credit) | 31,381,000 | 38,646,000 | |
Net asset at transition, other | 0 | 0 | |
Deferred taxes | -10,725,000 | -9,145,000 | |
Total Accumulated Other Comprehensive Loss (Earnings), net of tax | 19,910,000 | 16,981,000 | |
Net amount recognized on the balance sheet | -118,089,000 | -116,075,000 | |
Accumulated benefit obligation | 123,229,000 | 93,153,000 | |
Net periodic benefit cost [Abstract] | |||
Service cost | 3,320,000 | 5,634,000 | 5,304,000 |
Interest cost | 6,148,000 | 6,741,000 | 7,916,000 |
Expected return on plan assets | 0 | 0 | 0 |
Amortization of prior service costs (income) | 7,775,000 | 8,110,000 | 7,425,000 |
Amortization of actuarial (gains) losses | -428,000 | -16,000 | 138,000 |
Amortization of transition obligation | 0 | 0 | 0 |
Settlement & curtailment (gain) loss | 0 | -4,411,000 | 0 |
Other pension costs | 0 | 13,000 | 0 |
Total net periodic benefit cost | 16,815,000 | 16,071,000 | 20,783,000 |
Pension and Other Postretirement Benefit Plans, Amounts that Will be Amortized from Accumulated Other Comprehensive Income (Loss) in Next Fiscal Year [Abstract] | |||
Prior service cost (credit) | 6,927,000 | ||
Recognized actuarial loss (gain) | 286,000 | ||
Transition obligation | 0 | ||
Amounts that will be amortized from accumulated other comprehensive earnings (loss) in next fiscal year | 7,213,000 | ||
Other Postretirement Benefit Plans, Defined Benefit [Member] | |||
Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation at beginning of year | 14,136,000 | 14,571,000 | |
Service cost | 249,000 | 234,000 | 248,000 |
Interest cost | 627,000 | 523,000 | 593,000 |
Plan participants' contributions | 476,000 | 448,000 | |
Benefits paid | -1,222,000 | -1,163,000 | |
Actuarial loss (gain) | -556,000 | -618,000 | |
Business dispositions | 0 | 0 | |
Amendments | 0 | 65,000 | |
Settlement and curtailment gains | 0 | 0 | |
Currency translation and other | 233,000 | 76,000 | |
Benefit obligation at end of year | 13,943,000 | 14,136,000 | 14,571,000 |
Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | 0 | 0 | |
Actual return on plan assets | 0 | 0 | |
Company contributions | 746,000 | 715,000 | |
Plan participants' contributions | 476,000 | 448,000 | |
Benefits paid | -1,222,000 | -1,163,000 | |
Business dispositions | 0 | 0 | |
Settlements and curtailments | 0 | 0 | |
Currency translation | 0 | 0 | |
Fair value of plan assets at end of year | 0 | 0 | 0 |
Defined Benefit Plan, Funded Status of Plan [Abstract] | |||
Funded status | -13,943,000 | -14,136,000 | |
Assets and Liabilities [Abstract] | |||
Other assets and deferred charges | 0 | 0 | |
Accrued compensation and employee benefits | -926,000 | -971,000 | |
Other liabilities (deferred compensation) | -13,017,000 | -13,165,000 | |
Total Assets and Liabilities | -13,943,000 | -14,136,000 | |
Accumulated Other Comprehensive Loss (Earnings) [Abstract] | |||
Net actuarial losses (gains) | 192,000 | 799,000 | |
Prior service cost (credit) | -615,000 | -1,024,000 | |
Net asset at transition, other | 0 | 0 | |
Deferred taxes | 90,000 | 20,000 | |
Total Accumulated Other Comprehensive Loss (Earnings), net of tax | -333,000 | -205,000 | |
Net amount recognized on the balance sheet | -14,276,000 | -14,341,000 | |
Net periodic benefit cost [Abstract] | |||
Service cost | 249,000 | 234,000 | 248,000 |
Interest cost | 627,000 | 523,000 | 593,000 |
Amortization of prior service costs (income) | -409,000 | -416,000 | -416,000 |
Amortization of actuarial (gains) losses | 54,000 | 134,000 | -19,000 |
Settlement & curtailment (gain) loss | 0 | 0 | -1,493,000 |
Other pension costs | 233,000 | 77,000 | 0 |
Total net periodic benefit cost | 754,000 | 552,000 | -1,087,000 |
Pension and Other Postretirement Benefit Plans, Amounts that Will be Amortized from Accumulated Other Comprehensive Income (Loss) in Next Fiscal Year [Abstract] | |||
Prior service cost (credit) | -372,000 | ||
Recognized actuarial loss (gain) | -30,000 | ||
Transition obligation | 0 | ||
Amounts that will be amortized from accumulated other comprehensive earnings (loss) in next fiscal year | -402,000 | ||
Knowles [Member] | |||
Accumulated Other Comprehensive Loss (Earnings) [Abstract] | |||
Total Accumulated Other Comprehensive Loss (Earnings), net of tax | 7,855,000 | ||
Net periodic benefit cost [Abstract] | |||
Total net periodic benefit cost | 55,000 | 1,220,000 | 1,231,000 |
Discontinued Operations [Member] | |||
Net periodic benefit cost [Abstract] | |||
Settlement & curtailment (gain) loss | 6,675,000 | ||
Continuing Operations [Member] | |||
Net periodic benefit cost [Abstract] | |||
Settlement & curtailment (gain) loss | $3,604,000 |
Employee_Benefit_Plans_Assumpt
Employee Benefit Plans - Assumptions (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | |||
Ultimate medical trend rate | 5.00% | ||
Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||
Expected return on plan assets | 7.75% | ||
Annual rate of increase in the per capita cost of covered benefits | 8.00% | ||
Year that rate reaches ultimate trend rate | 2027 | ||
Effect of one-percentage point change in assumed health care cost trend rates [Abstract] | |||
Effect of one percentage point increase on accumulated postretirement benefit obligation | 234 | ||
Effect of one percentage point decrease on accumulated postretirement benefit obligation | -224 | ||
U.S. Pension Plan, Defined Benefit [Member] | |||
Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | |||
Discount rate | 4.05% | 4.90% | |
Average wage increase | 4.00% | 4.00% | |
Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||
Discount rate | 4.90% | 4.05% | 4.85% |
Average wage increase | 4.00% | 4.00% | 4.00% |
Expected return on plan assets | 7.75% | 7.75% | 7.75% |
Non-U.S. Pension Plans, Defined Benefit [Member] | |||
Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | |||
Discount rate | 2.31% | 3.53% | |
Average wage increase | 2.50% | 2.86% | |
Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||
Discount rate | 3.53% | 3.31% | 4.62% |
Average wage increase | 2.86% | 2.74% | 3.14% |
Expected return on plan assets | 5.35% | 5.32% | 5.90% |
Supplemental Employee Retirement Plans, Defined Benefit [Member] | |||
Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | |||
Discount rate | 3.96% | 4.77% | |
Average wage increase | 4.50% | 4.50% | |
Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||
Discount rate | 4.77% | 4.02% | 4.77% |
Average wage increase | 4.50% | 4.50% | 4.50% |
Other Postretirement Benefit Plans, Defined Benefit [Member] | |||
Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | |||
Discount rate | 3.75% | 4.45% | |
Ultimate medical trend rate | 5.00% | 5.00% | |
Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||
Discount rate | 4.45% | 3.65% | 3.65% |
Employee_Benefit_Plans_Actual_
Employee Benefit Plans - Actual and Target Allocations of Plan Assets (Details) (U.S. Pension Plan, Defined Benefit [Member]) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plan, Assets, Target Allocations [Abstract] | ||
Actual plan asset allocations | 100.00% | 100.00% |
Target plan asset allocations | 100.00% | |
Equity securities [Member] | ||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | ||
Actual plan asset allocations | 55.00% | 64.00% |
Target plan asset allocations | 58.00% | |
Fixed income investments [Member] | ||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | ||
Actual plan asset allocations | 36.00% | 29.00% |
Target plan asset allocations | 35.00% | |
Real estate funds [Member] | ||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | ||
Actual plan asset allocations | 9.00% | 7.00% |
Target plan asset allocations | 7.00% |
Employee_Benefit_Plans_Fair_Va
Employee Benefit Plans - Fair Value of Plan Assets (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $9,976 | $14,937 | $11,572 |
Actual return on plan assets still held | -4,527 | 2,958 | |
Business dispositions | -362 | ||
Purchases | 1,863 | ||
Sales | -72 | -1,456 | |
Real estate funds [Member] | Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 9,976 | 14,937 | 10,116 |
Actual return on plan assets still held | -4,527 | 2,958 | |
Business dispositions | -362 | ||
Purchases | 1,863 | ||
Sales | -72 | 0 | |
Other plan assets [Member] | Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | 1,456 |
Actual return on plan assets still held | 0 | 0 | |
Business dispositions | 0 | ||
Purchases | 0 | ||
Sales | 0 | -1,456 | |
U.S. Pension Plan, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 601,376 | 595,143 | 554,648 |
Business dispositions | 0 | 0 | |
U.S. Pension Plan, Defined Benefit [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 275,178 | 278,753 | |
U.S. Pension Plan, Defined Benefit [Member] | Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 326,198 | 316,390 | |
U.S. Pension Plan, Defined Benefit [Member] | Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
U.S. Pension Plan, Defined Benefit [Member] | Equity - U.S. Companies [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 164,006 | 180,038 | |
U.S. Pension Plan, Defined Benefit [Member] | Equity - U.S. Companies [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 164,006 | 180,038 | |
U.S. Pension Plan, Defined Benefit [Member] | Equity - U.S. Companies [Member] | Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
U.S. Pension Plan, Defined Benefit [Member] | Equity - U.S. Companies [Member] | Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
U.S. Pension Plan, Defined Benefit [Member] | Equity - Non-U.S. Companies [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 3,874 | 5,526 | |
U.S. Pension Plan, Defined Benefit [Member] | Equity - Non-U.S. Companies [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 3,874 | 5,526 | |
U.S. Pension Plan, Defined Benefit [Member] | Equity - Non-U.S. Companies [Member] | Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
U.S. Pension Plan, Defined Benefit [Member] | Equity - Non-U.S. Companies [Member] | Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
U.S. Pension Plan, Defined Benefit [Member] | Corporate bonds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 63,878 | 53,924 | |
U.S. Pension Plan, Defined Benefit [Member] | Corporate bonds [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
U.S. Pension Plan, Defined Benefit [Member] | Corporate bonds [Member] | Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 63,878 | 53,924 | |
U.S. Pension Plan, Defined Benefit [Member] | Corporate bonds [Member] | Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
U.S. Pension Plan, Defined Benefit [Member] | Private placements [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 6,865 | 3,374 | |
U.S. Pension Plan, Defined Benefit [Member] | Private placements [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
U.S. Pension Plan, Defined Benefit [Member] | Private placements [Member] | Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 6,865 | 3,374 | |
U.S. Pension Plan, Defined Benefit [Member] | Private placements [Member] | Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
U.S. Pension Plan, Defined Benefit [Member] | Government securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 147,368 | 112,142 | |
U.S. Pension Plan, Defined Benefit [Member] | Government securities [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 48,370 | 25,035 | |
U.S. Pension Plan, Defined Benefit [Member] | Government securities [Member] | Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 98,998 | 87,107 | |
U.S. Pension Plan, Defined Benefit [Member] | Government securities [Member] | Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
U.S. Pension Plan, Defined Benefit [Member] | Mutual funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 44,610 | 59,387 | |
U.S. Pension Plan, Defined Benefit [Member] | Mutual funds [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 44,610 | 59,387 | |
U.S. Pension Plan, Defined Benefit [Member] | Mutual funds [Member] | Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
U.S. Pension Plan, Defined Benefit [Member] | Mutual funds [Member] | Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
U.S. Pension Plan, Defined Benefit [Member] | Collective trusts [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 119,312 | 138,236 | |
U.S. Pension Plan, Defined Benefit [Member] | Collective trusts [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
U.S. Pension Plan, Defined Benefit [Member] | Collective trusts [Member] | Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 119,312 | 138,236 | |
U.S. Pension Plan, Defined Benefit [Member] | Collective trusts [Member] | Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
U.S. Pension Plan, Defined Benefit [Member] | Real estate funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 37,145 | 33,749 | |
U.S. Pension Plan, Defined Benefit [Member] | Real estate funds [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
U.S. Pension Plan, Defined Benefit [Member] | Real estate funds [Member] | Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 37,145 | 33,749 | |
U.S. Pension Plan, Defined Benefit [Member] | Real estate funds [Member] | Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
U.S. Pension Plan, Defined Benefit [Member] | Cash and equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 14,318 | 8,767 | |
U.S. Pension Plan, Defined Benefit [Member] | Cash and equivalents [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 14,318 | 8,767 | |
U.S. Pension Plan, Defined Benefit [Member] | Cash and equivalents [Member] | Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
U.S. Pension Plan, Defined Benefit [Member] | Cash and equivalents [Member] | Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Non-U.S. Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 163,510 | 203,681 | 181,416 |
Business dispositions | -46,334 | 0 | |
Non-U.S. Pension Plans, Defined Benefit [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 42,491 | 41,795 | |
Non-U.S. Pension Plans, Defined Benefit [Member] | Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 111,043 | 146,949 | |
Non-U.S. Pension Plans, Defined Benefit [Member] | Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 9,976 | 14,937 | |
Non-U.S. Pension Plans, Defined Benefit [Member] | Common stocks [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 40,960 | 35,010 | |
Non-U.S. Pension Plans, Defined Benefit [Member] | Common stocks [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 40,960 | 35,010 | |
Non-U.S. Pension Plans, Defined Benefit [Member] | Common stocks [Member] | Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Non-U.S. Pension Plans, Defined Benefit [Member] | Common stocks [Member] | Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Non-U.S. Pension Plans, Defined Benefit [Member] | Fixed income investments [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 59,791 | 75,574 | |
Non-U.S. Pension Plans, Defined Benefit [Member] | Fixed income investments [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Non-U.S. Pension Plans, Defined Benefit [Member] | Fixed income investments [Member] | Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 59,791 | 75,574 | |
Non-U.S. Pension Plans, Defined Benefit [Member] | Fixed income investments [Member] | Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Non-U.S. Pension Plans, Defined Benefit [Member] | Common stock funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 43,821 | 66,285 | |
Non-U.S. Pension Plans, Defined Benefit [Member] | Common stock funds [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Non-U.S. Pension Plans, Defined Benefit [Member] | Common stock funds [Member] | Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 43,821 | 66,285 | |
Non-U.S. Pension Plans, Defined Benefit [Member] | Common stock funds [Member] | Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Non-U.S. Pension Plans, Defined Benefit [Member] | Real estate funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 9,976 | 14,937 | |
Non-U.S. Pension Plans, Defined Benefit [Member] | Real estate funds [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Non-U.S. Pension Plans, Defined Benefit [Member] | Real estate funds [Member] | Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Non-U.S. Pension Plans, Defined Benefit [Member] | Real estate funds [Member] | Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 9,976 | 14,937 | |
Non-U.S. Pension Plans, Defined Benefit [Member] | Cash and equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1,531 | 6,785 | |
Non-U.S. Pension Plans, Defined Benefit [Member] | Cash and equivalents [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1,531 | 6,785 | |
Non-U.S. Pension Plans, Defined Benefit [Member] | Cash and equivalents [Member] | Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Non-U.S. Pension Plans, Defined Benefit [Member] | Cash and equivalents [Member] | Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Non-U.S. Pension Plans, Defined Benefit [Member] | Other plan assets [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 7,431 | 5,090 | |
Non-U.S. Pension Plans, Defined Benefit [Member] | Other plan assets [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Non-U.S. Pension Plans, Defined Benefit [Member] | Other plan assets [Member] | Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 7,431 | 5,090 | |
Non-U.S. Pension Plans, Defined Benefit [Member] | Other plan assets [Member] | Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $0 | $0 |
Employee_Benefit_Plans_Benefit
Employee Benefit Plans - Benefit Payments and Contributions (Details) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
U.S. Pension Plan, Defined Benefit [Member] | |
Expected Future Benefit Payments by Fiscal Year [Abstract] | |
2015 | $35,312,000 |
2016 | 36,702,000 |
2017 | 38,784,000 |
2018 | 40,120,000 |
2019 | 40,892,000 |
2020 - 2024 | 221,358,000 |
Non-U.S. Pension Plans, Defined Benefit [Member] | |
Estimated Future Employer Contributions [Abstract] | |
Estimated future employer contributions in next fiscal year | 6,500,000 |
Expected Future Benefit Payments by Fiscal Year [Abstract] | |
2015 | 6,295,000 |
2016 | 6,841,000 |
2017 | 6,889,000 |
2018 | 7,196,000 |
2019 | 7,139,000 |
2020 - 2024 | 42,775,000 |
Supplemental Employee Retirement Plans, Defined Benefit [Member] | |
Estimated Future Employer Contributions [Abstract] | |
Estimated future employer contributions in next fiscal year | 22,400,000 |
Expected Future Benefit Payments by Fiscal Year [Abstract] | |
2015 | 22,412,000 |
2016 | 7,968,000 |
2017 | 3,986,000 |
2018 | 5,206,000 |
2019 | 11,282,000 |
2020 - 2024 | 55,417,000 |
Other Postretirement Benefit Plans, Defined Benefit [Member] | |
Expected Future Benefit Payments by Fiscal Year [Abstract] | |
2015 | 926,000 |
2016 | 940,000 |
2017 | 951,000 |
2018 | 959,000 |
2019 | 946,000 |
2020 - 2024 | $4,647,000 |
Other_Comprehensive_Earnings_D
Other Comprehensive Earnings (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Foreign currency translation adjustments [Abstract] | |||||||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax | ($131,420) | $2,242 | $38,521 | ||||||||
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax | -19,523 | 2,494 | 359 | ||||||||
Total foreign currency translation, net of tax | -150,943 | 4,736 | 38,880 | ||||||||
Pension and other postretirement benefit plans [Abstract] | |||||||||||
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, before Tax | -70,705 | 182,092 | -70,642 | ||||||||
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Tax | 20,994 | -63,585 | 23,632 | ||||||||
Pension and other postretirement benefit plans, net of tax | -49,711 | 118,507 | -47,010 | ||||||||
Changes in fair value of cash flow hedges [Abstract] | |||||||||||
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, before Tax | -375 | -75 | 195 | ||||||||
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Tax | 131 | 26 | -70 | ||||||||
Changes in fair value of cash flow hedges, net of tax | -244 | -49 | 125 | ||||||||
Other Comprehensive Income Other Adjustment Net Of Tax [Abstract] | |||||||||||
Other Comprehensive Income Loss Adjustment Before Tax | 1,067 | -642 | 692 | ||||||||
Other Comprehensive Income Loss Other Adjustment Tax | -128 | 77 | -83 | ||||||||
Other comprehensive income loss other adjustment, net of tax | 939 | -565 | 609 | ||||||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent [Abstract] | |||||||||||
Other Comprehensive Income (Loss), before Tax | -201,433 | 183,617 | -31,234 | ||||||||
Other Comprehensive Income (Loss), Tax | 1,474 | -60,988 | 23,838 | ||||||||
Other Comprehensive Income (Loss), Net of Tax | -199,959 | 122,629 | -7,396 | ||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | |||||||||||
Net earnings | 169,294 | 231,844 | 213,959 | 160,138 | 193,963 | 269,114 | 330,049 | 210,003 | 775,235 | 1,003,129 | 811,070 |
Other comprehensive (loss) earnings, net of tax | -199,959 | 122,629 | -7,396 | ||||||||
Comprehensive earnings | 575,276 | 1,125,758 | 803,674 | ||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | -14,884 | 170,609 | -14,884 | 170,609 | |||||||
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax | -147,237 | -105,381 | -147,237 | -105,381 | |||||||
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax | 3,190 | 2,495 | 3,190 | 2,495 | |||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | -158,931 | 67,723 | -158,931 | 67,723 | |||||||
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, Net of Tax [Abstract] | |||||||||||
Amortization of actual losses | 8,822 | 19,250 | 12,673 | ||||||||
Amortization of prior service costs | 8,556 | 8,834 | 8,174 | ||||||||
Total amortization before tax | 17,378 | 28,084 | 20,847 | ||||||||
Tax provision on amortization | -5,969 | -9,809 | -7,013 | ||||||||
Total amortization, net of tax | 11,409 | 18,275 | 13,834 | ||||||||
Other Comprehensive Income Loss Reclassification Adjustment From AOCI Derivatives Net of Tax [Abstract] | |||||||||||
Net (gains) losses reclassified into earnings | -164 | -130 | -549 | ||||||||
Tax benefit on gains reclassified into earnings | 57 | 46 | 192 | ||||||||
Net (gains) losses reclassified into earnings, net of tax | -107 | -84 | -357 | ||||||||
Knowles [Member] | |||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax | ($7,855) | ($7,855) |
Segment_Information_Reporting_
Segment Information- Reporting Information by Segment (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment Reporting Information [Line Items] | |||||||||||
Net Income (Loss) Attributable to Parent | $169,294 | $231,844 | $213,959 | $160,138 | $193,963 | $269,114 | $330,049 | $210,003 | $775,235 | $1,003,129 | $811,070 |
Reconciliation from Segment Totals to Consolidated [Abstract] | |||||||||||
Revenue | 1,977,947 | 2,009,575 | 1,962,636 | 1,802,570 | 1,785,922 | 1,850,653 | 1,836,981 | 1,681,540 | 7,752,728 | 7,155,096 | 6,626,648 |
Reconciliation of Earnings from Continuing Operations from Segments to Consolidated [Abstract] | |||||||||||
Interest expense, net | 127,179 | 120,654 | 121,269 | ||||||||
Earnings from continuing operations before provision for income taxes and discontinued operations | 1,094,207 | 1,045,986 | 931,065 | ||||||||
Provision for income taxes | 316,067 | 248,459 | 280,990 | ||||||||
Earnings from continuing operations | 171,835 | 225,683 | 210,581 | 170,041 | 172,227 | 217,045 | 247,988 | 160,267 | 778,140 | 797,527 | 650,075 |
Operating Margins [Abstract] | |||||||||||
Operating margins (pre-tax) (in hundredths) | 17.30% | 18.20% | 18.00% | ||||||||
Earnings from continuing operations (in hundredths) | 10.00% | 11.10% | 9.80% | ||||||||
Depreciation and Amortization [Abstract] | |||||||||||
Depreciation and Amortization | 307,188 | 278,033 | 229,934 | ||||||||
Capital Expenditures [Abstract] | |||||||||||
Capital Expenditures | 166,033 | 141,694 | 146,502 | ||||||||
Total Assets [Abstract] | |||||||||||
Assets of continuing operations | 8,763,214 | 8,076,118 | 8,763,214 | 8,076,118 | |||||||
Assets of discontinued operations | 327,171 | 2,779,063 | 327,171 | 2,779,063 | |||||||
Total assets | 9,090,385 | 10,855,181 | 9,090,385 | 10,855,181 | |||||||
Note receivable from buyer | 16,250 | 16,250 | |||||||||
Energy Segment [Member] | |||||||||||
Reconciliation from Segment Totals to Consolidated [Abstract] | |||||||||||
Revenue | 2,017,239 | 1,853,853 | 1,788,295 | ||||||||
Reconciliation of Earnings from Continuing Operations from Segments to Consolidated [Abstract] | |||||||||||
Earnings from continuing operations before provision for income taxes and discontinued operations | 461,815 | 459,649 | 466,801 | ||||||||
Operating Margins [Abstract] | |||||||||||
Operating margins (pre-tax) (in hundredths) | 22.90% | 24.80% | 26.10% | ||||||||
Depreciation and Amortization [Abstract] | |||||||||||
Depreciation and Amortization | 111,956 | 99,075 | 87,921 | ||||||||
Capital Expenditures [Abstract] | |||||||||||
Capital Expenditures | 66,998 | 60,756 | 65,520 | ||||||||
Total Assets [Abstract] | |||||||||||
Assets of continuing operations | 2,645,567 | 1,901,200 | 2,645,567 | 1,901,200 | |||||||
Engineered Systems Segment [Member] | |||||||||||
Reconciliation from Segment Totals to Consolidated [Abstract] | |||||||||||
Revenue | 2,385,965 | 2,177,970 | 2,143,687 | ||||||||
Reconciliation of Earnings from Continuing Operations from Segments to Consolidated [Abstract] | |||||||||||
Earnings from continuing operations before provision for income taxes and discontinued operations | 386,998 | 347,497 | 319,704 | ||||||||
Operating Margins [Abstract] | |||||||||||
Operating margins (pre-tax) (in hundredths) | 16.20% | 16.00% | 14.90% | ||||||||
Depreciation and Amortization [Abstract] | |||||||||||
Depreciation and Amortization | 61,946 | 59,058 | 60,670 | ||||||||
Capital Expenditures [Abstract] | |||||||||||
Capital Expenditures | 29,749 | 29,145 | 25,314 | ||||||||
Total Assets [Abstract] | |||||||||||
Assets of continuing operations | 2,348,684 | 2,224,519 | 2,348,684 | 2,224,519 | |||||||
Fluids Segment [Member] | |||||||||||
Reconciliation from Segment Totals to Consolidated [Abstract] | |||||||||||
Revenue | 1,430,566 | 1,236,838 | 1,087,526 | ||||||||
Reconciliation of Earnings from Continuing Operations from Segments to Consolidated [Abstract] | |||||||||||
Earnings from continuing operations before provision for income taxes and discontinued operations | 251,639 | 224,523 | 182,544 | ||||||||
Operating Margins [Abstract] | |||||||||||
Operating margins (pre-tax) (in hundredths) | 17.60% | 18.20% | 16.80% | ||||||||
Depreciation and Amortization [Abstract] | |||||||||||
Depreciation and Amortization | 60,903 | 48,812 | 41,381 | ||||||||
Capital Expenditures [Abstract] | |||||||||||
Capital Expenditures | 34,319 | 21,868 | 22,655 | ||||||||
Total Assets [Abstract] | |||||||||||
Assets of continuing operations | 1,414,387 | 1,390,777 | 1,414,387 | 1,390,777 | |||||||
Refrigeration and Food Equipment Segment [Member] | |||||||||||
Reconciliation from Segment Totals to Consolidated [Abstract] | |||||||||||
Revenue | 1,921,189 | 1,887,840 | 1,607,602 | ||||||||
Reconciliation of Earnings from Continuing Operations from Segments to Consolidated [Abstract] | |||||||||||
Earnings from continuing operations before provision for income taxes and discontinued operations | 238,734 | 267,307 | 223,397 | ||||||||
Operating Margins [Abstract] | |||||||||||
Operating margins (pre-tax) (in hundredths) | 12.40% | 14.20% | 13.90% | ||||||||
Depreciation and Amortization [Abstract] | |||||||||||
Depreciation and Amortization | 68,701 | 67,228 | 37,295 | ||||||||
Capital Expenditures [Abstract] | |||||||||||
Capital Expenditures | 33,510 | 27,173 | 30,863 | ||||||||
Total Assets [Abstract] | |||||||||||
Assets of continuing operations | 1,494,121 | 1,540,295 | 1,494,121 | 1,540,295 | |||||||
Corporate, Non-Segment [Member] | |||||||||||
Depreciation and Amortization [Abstract] | |||||||||||
Depreciation and Amortization | 3,682 | 3,860 | 2,667 | ||||||||
Capital Expenditures [Abstract] | |||||||||||
Capital Expenditures | 1,457 | 2,752 | 2,150 | ||||||||
Total Assets [Abstract] | |||||||||||
Assets of continuing operations | 860,455 | 1,019,327 | 860,455 | 1,019,327 | |||||||
Intersegment Elimination [Member] | |||||||||||
Reconciliation from Segment Totals to Consolidated [Abstract] | |||||||||||
Revenue | -2,231 | -1,405 | -462 | ||||||||
Total segments [Member] | |||||||||||
Reconciliation of Earnings from Continuing Operations from Segments to Consolidated [Abstract] | |||||||||||
Earnings from continuing operations before provision for income taxes and discontinued operations | 1,339,186 | 1,298,976 | 1,192,446 | ||||||||
Corporate expense / other [Member] | |||||||||||
Reconciliation of Earnings from Continuing Operations from Segments to Consolidated [Abstract] | |||||||||||
Earnings from continuing operations before provision for income taxes and discontinued operations | 117,800 | 132,336 | 140,112 | ||||||||
U.S. Pension Plan, Defined Benefit [Member] | |||||||||||
Total Assets [Abstract] | |||||||||||
Noncurrent pension asset | $25,800 | $75,591 | $25,800 | $75,591 |
Segment_Information_Revenue_an
Segment Information - Revenue and Long-Lived Assets by Geography (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
segments | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Number of Reportable Segments | 4 | ||||||||||
Revenue | $1,977,947 | $2,009,575 | $1,962,636 | $1,802,570 | $1,785,922 | $1,850,653 | $1,836,981 | $1,681,540 | $7,752,728 | $7,155,096 | $6,626,648 |
Property, Plant and Equipment, Net | 837,069 | 787,849 | 837,069 | 787,849 | |||||||
United States | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenue | 4,617,813 | 4,202,434 | 3,977,925 | ||||||||
Property, Plant and Equipment, Net | 599,688 | 528,001 | 599,688 | 528,001 | |||||||
Europe [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenue | 1,251,625 | 1,112,279 | 1,082,210 | ||||||||
Property, Plant and Equipment, Net | 136,599 | 153,564 | 136,599 | 153,564 | |||||||
Other Americas [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenue | 794,966 | 803,741 | 744,192 | ||||||||
Property, Plant and Equipment, Net | 39,971 | 47,374 | 39,971 | 47,374 | |||||||
Asia [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenue | 686,511 | 607,873 | 574,140 | ||||||||
Property, Plant and Equipment, Net | 42,775 | 43,516 | 42,775 | 43,516 | |||||||
Other Geographical Area [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenue | 401,813 | 428,769 | 248,181 | ||||||||
Property, Plant and Equipment, Net | $18,036 | $15,394 | $18,036 | $15,394 |
Earnings_per_Share_Details
Earnings per Share (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Reconciliation of information used in computing basic and diluted earnings per share [Abstract] | |||||||||||
Earnings from continuing operations | $171,835 | $225,683 | $210,581 | $170,041 | $172,227 | $217,045 | $247,988 | $160,267 | $778,140 | $797,527 | $650,075 |
(Loss) earnings from discontinued operations, net | -2,905 | 205,602 | 160,995 | ||||||||
Net earnings | $169,294 | $231,844 | $213,959 | $160,138 | $193,963 | $269,114 | $330,049 | $210,003 | $775,235 | $1,003,129 | $811,070 |
Basic earnings (loss) per common share: | |||||||||||
Earnings from continuing operations (in dollars per basic share) | $1.04 | $1.36 | $1.26 | $1 | $1.01 | $1.27 | $1.45 | $0.92 | $4.67 | $4.66 | $3.58 |
Earnings (loss) from discontinued operations, net (in dollars per basic share) | ($0.02) | $1.20 | $0.89 | ||||||||
Net earnings (in dollars per basic share) | $1.03 | $1.40 | $1.29 | $0.94 | $1.14 | $1.58 | $1.93 | $1.21 | $4.65 | $5.86 | $4.47 |
Weighted average shares outstanding - basic (in shares) | 166,692,000 | 171,271,000 | 181,551,000 | ||||||||
Diluted earnings (loss) per common share: | |||||||||||
Earnings from continuing operations (in dollars per diluted share) | $1.03 | $1.34 | $1.25 | $0.99 | $1 | $1.26 | $1.43 | $0.91 | $4.61 | $4.60 | $3.53 |
Earnings (loss) from discontinued operations, net (in dollars per diluted share) | ($0.02) | $1.18 | $0.88 | ||||||||
Net earnings (in dollars per diluted share) | $1.02 | $1.38 | $1.27 | $0.93 | $1.13 | $1.56 | $1.91 | $1.20 | $4.59 | $5.78 | $4.41 |
Weighted average shares outstanding - diluted (in shares) | 168,842,000 | 173,547,000 | 183,993,000 | ||||||||
Reconciliation Of Share Amounts Used In Computing Earnings Per Share [Abstract] | |||||||||||
Weighted average shares outstanding - basic (in shares) | 166,692,000 | 171,271,000 | 181,551,000 | ||||||||
Dilutive effect of assumed exercise of employee stock options, SAR's and performance shares (in shares) | 2,150,000 | 2,276,000 | 2,442,000 | ||||||||
Weighted average shares outstanding - diluted (in shares) | 168,842,000 | 173,547,000 | 183,993,000 | ||||||||
Weighted average number of anti-dilutive potential common shares excluded from reconciliation calculations (in shares) | 38,789 | 0 | 0 |
Stockholders_Equity_Details
Stockholders' Equity (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Stockholders' Equity, Number of Shares, Par Value and Other Disclosures [Abstract] | |||
Preferred stock, shares authorized | 100,000 | 100,000 | |
Preferred stock, par value per share | $100 | $100 | |
Common stock, shares authorized | 500,000,000 | 500,000,000 | |
Common stock, par value per share | $1 | $1 | |
Common stock, shares issued | 255,892,502 | 255,320,345 | |
Number of treasury shares held | 92,880,644 | 85,413,416 | |
Share Repurchases [Line Items] | |||
Payments for Repurchase of Common Stock | $601,077,000 | $457,871,000 | $748,955,000 |
Shares repurchased | 7,467,228 | 6,011,831 | 12,401,098 |
Average price per share for repurchased shares (in dollars per share) | $80.50 | $76.16 | $60.38 |
May 2012 Authorization [Member] | |||
Share Repurchases [Line Items] | |||
Number of shares authorized to be repurchased | 10,000,000 | ||
Shares repurchased | 3,870,248 | ||
Average price per share for repurchased shares (in dollars per share) | $79.71 | ||
Remaining number of shares authorized to be repurchased | 38,041 | ||
January 2015 Authorization [Member] | |||
Share Repurchases [Line Items] | |||
Number of shares authorized to be repurchased | 15,000,000 | ||
November 2012 Authorization [Member] | |||
Share Repurchases [Line Items] | |||
Authorized dollar amount for share repurchase program | 1,000,000,000 | ||
Payments for Repurchase of Common Stock | $292,565,000 | ||
Shares repurchased | 3,596,980 | ||
Average price per share for repurchased shares (in dollars per share) | $81.06 | ||
Shares repurchased in open market [Member] | |||
Share Repurchases [Line Items] | |||
Shares repurchased | 7,467,228 | 6,005,880 | 12,314,795 |
Shares repurchased from holders of employee stock options [Member] | |||
Share Repurchases [Line Items] | |||
Shares repurchased | 0 | 5,951 | 86,303 |
Quarterly_Data_Details
Quarterly Data (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenue | $1,977,947 | $2,009,575 | $1,962,636 | $1,802,570 | $1,785,922 | $1,850,653 | $1,836,981 | $1,681,540 | $7,752,728 | $7,155,096 | $6,626,648 |
Gross profit | 723,868 | 774,422 | 768,100 | 707,859 | 679,709 | 724,041 | 720,994 | 653,847 | 2,974,249 | 2,778,591 | 2,579,989 |
Earnings from continuing operations | 171,835 | 225,683 | 210,581 | 170,041 | 172,227 | 217,045 | 247,988 | 160,267 | 778,140 | 797,527 | 650,075 |
Earnings from continuing operations (in dollars per basic share) | $1.04 | $1.36 | $1.26 | $1 | $1.01 | $1.27 | $1.45 | $0.92 | $4.67 | $4.66 | $3.58 |
Earnings from continuing operations (in dollars per diluted share) | $1.03 | $1.34 | $1.25 | $0.99 | $1 | $1.26 | $1.43 | $0.91 | $4.61 | $4.60 | $3.53 |
Net earnings | $169,294 | $231,844 | $213,959 | $160,138 | $193,963 | $269,114 | $330,049 | $210,003 | $775,235 | $1,003,129 | $811,070 |
Net earnings (in dollars per basic share) | $1.03 | $1.40 | $1.29 | $0.94 | $1.14 | $1.58 | $1.93 | $1.21 | $4.65 | $5.86 | $4.47 |
Net earnings (in dollars per diluted share) | $1.02 | $1.38 | $1.27 | $0.93 | $1.13 | $1.56 | $1.91 | $1.20 | $4.59 | $5.78 | $4.41 |
Schedule_II_Valuation_and_Qual1
Schedule II Valuation and Qualifying Accounts (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Allowance for Doubtful Accounts [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Year | $17,203 | $17,005 | $18,757 |
Acquired by Purchase or Merger | 1,201 | 0 | 56 |
Charged to Cost and Expense | 4,730 | 5,869 | 3,810 |
Reductions | -3,524 | -5,427 | -5,138 |
Other | -716 | -244 | -480 |
Balance at End of Year | 18,894 | 17,203 | 17,005 |
Valuation Allowance of Deferred Tax Assets [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Year | 14,063 | 17,275 | 20,396 |
Acquired by Purchase or Merger | 0 | 0 | 0 |
Additions | 133,431 | 0 | 0 |
Reductions | -6,242 | -3,212 | -3,121 |
Other | 0 | 0 | 0 |
Balance at End of Year | 141,252 | 14,063 | 17,275 |
LIFO Reserve [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Year | 50,705 | 53,374 | 53,327 |
Acquired by Purchase or Merger | 0 | 0 | 0 |
Charged to Cost and Expense | 4,166 | 0 | 47 |
Reductions | -4,102 | -2,669 | 0 |
Other | 0 | 0 | 0 |
Balance at End of Year | $50,769 | $50,705 | $53,374 |