Dover (DOV) 10-Q 21 Apr 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	3 Months Ended
	Mar. 31, 2016	Apr. 14, 2016	Jun. 30, 2015
Document and Entity Information [Abstract]
Entity Registrant Name	DOVER Corp
Entity Central Index Key	29,905
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float			$ 10,980,690,400
Entity Common Stock, Shares Outstanding		155,148,745
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2016

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Income Statement [Abstract]
Revenue	$ 1,622,273	$ 1,715,501
Cost of goods and services	1,033,009	1,088,342
Gross profit	589,264	627,159
Selling and administrative expenses	443,448	434,634
Operating earnings	145,816	192,525
Interest expense, net	31,714	32,037
Other income, net	(13,522)	(4,187)
Earnings before provision for income taxes and discontinued operations	127,624	164,675
Provision for income taxes	28,268	47,485
Earnings from continuing operations	99,356	117,190
Earnings from discontinued operations, net	0	92,320
Net earnings	$ 99,356	$ 209,510
Earnings per share from continuing operations [Abstract]
Earnings from continuing operations (in dollars per basic share)	$ 0.64	$ 0.72
Earnings from continuing operations (in dollars per diluted share)	0.64	0.72
Earnings per share from discontinued operations: [Abstract]
Earnings from discontinued operations, net (in dollars per basic share)	0	0.57
Earnings from discontinued operations, net (in dollars per diluted share)	0	0.57
Net earnings per share: [Abstract]
Net earnings (in dollars per basic share)	0.64	1.30
Net earnings (in dollars per diluted share)	$ 0.64	$ 1.28
Weighted average shares outstanding: [Abstract]
Weighted average shares outstanding - basic	155,064,000	161,650,000
Weighted average shares outstanding - diluted	156,161,000	163,323,000
Dividends paid per common share (in dollars per share)	$ 0.42	$ 0.40

CONDENSED CONSOLIDATED STATEME3

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE EARNINGS (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Statement of Comprehensive Income [Abstract]
Net earnings	$ 99,356	$ 209,510
Foreign currency translation adjustments [Abstract]
Foreign currency translation gains (losses) during period	8,769	(83,829)
Reclassification of foreign currency translation losses to earnings upon sale of subsidiaries	0	(280)
Total foreign currency translation	8,769	(84,109)
Pension and other postretirement benefit plans [Abstract]
Amortization of actuarial losses included in net periodic pension cost	1,409	2,598
Amortization of prior service cost included in net periodic pension cost	1,041	1,228
Total pension and other postretirement benefit plans	2,450	3,826
Changes in fair value of cash flow hedges [Abstract]
Unrealized net (losses) gains arising during period	(49)	1,158
Net gains reclassified into earnings	(47)	(99)
Total cash flow hedges	(96)	1,059
Other comprehensive earnings other adjustment	1,839	214
Other comprehensive earnings (loss)	12,962	(79,010)
Comprehensive earnings	$ 112,318	$ 130,500

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents	$ 243,720	$ 362,185
Receivables, net of allowances	1,167,313	1,120,490
Inventories, net	849,830	802,895
Prepaid and other current assets	84,893	133,440
Total current assets	2,345,756	2,419,010
Property, plant and equipment, net	858,984	854,269
Goodwill	4,034,620	3,737,389
Intangible assets, net	1,543,397	1,413,223
Other assets and deferred charges	198,138	182,185
Total assets	8,980,895	8,606,076
Current liabilities:
Notes payable and current maturities of long-term debt	405,858	151,122
Accounts payable	706,191	650,880
Accrued compensation and employee benefits	178,784	223,039
Accrued insurance	101,584	99,642
Other accrued expenses	247,033	235,971
Federal and other taxes on income	9,359	6,528
Total current liabilities	1,648,809	1,367,182
Long-term debt	2,610,642	2,603,655
Deferred income taxes	603,496	575,709
Other liabilities	419,815	414,955
Stockholders' Equity:
Total stockholders' equity	3,698,133	3,644,575
Total liabilities and stockholders' equity	$ 8,980,895	$ 8,606,076

CONDENSED CONSOLIDATED BALANCE5

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Current assets:
Allowance for doubtful accounts receivable	$ 20,445	$ 18,050

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (unaudited) - 3 months ended Mar. 31, 2016 - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Earnings (Loss) [Member]	Treasury Stock [Member]
Balance at Dec. 31, 2015	$ 3,644,575	$ 256,113	$ 928,409	$ 7,686,642	$ (254,573)	$ (4,972,016)
Net earnings	99,356	0	0	99,356	0	0
Dividends paid	(65,340)	0	0	(65,340)	0	0
Common stock issued for the exercise of share-based awards	(4,833)	138	(4,971)	0	0	0
Tax benefit from the exercise of share-based awards	26	0	26	0	0	0
Share-based compensation expense	11,387	0	11,387	0	0	0
Other comprehensive earnings, net of tax	12,962	0	0	0	12,962	0
Balance at Mar. 31, 2016	$ 3,698,133	$ 256,251	$ 934,851	$ 7,720,658	$ (241,611)	$ (4,972,016)

CONDENSED CONSOLIDATED STATEME7

CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (unaudited) (Parenthetical) - $ / shares	Mar. 31, 2016	Dec. 31, 2015
Statement of Stockholders' Equity [Abstract]
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

CONDENSED CONSOLIDATED STATEME8

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Operating Activities of Continuing Operations
Net earnings	$ 99,356	$ 209,510
Adjustments to reconcile net earnings to cash from operating activities:
Earnings from discontinued operations, net	0	(92,320)
Depreciation and amortization	88,604	80,182
Stock-based compensation	11,387	13,387
Gain on Disposition of Business	(11,228)	0
Cash effect of changes in current assets and liabilities (excluding effects of acquisitions, dispositions and foreign exchange):
Accounts receivable	20,103	27,737
Inventories	(29,478)	(18,861)
Prepaid expenses and other assets	(1,522)	(2,297)
Accounts payable	(14,299)	(18,876)
Accrued compensation and employee benefits	(65,887)	(98,493)
Accrued expenses and other liabilities	3,202	(14,198)
Increase (Decrease) in Income Taxes Payable	45,654	55,843
Other, net	(12,479)	(10,282)
Net cash provided by operating activities of continuing operations	133,413	131,332
Investing Activities of Continuing Operations
Additions to property, plant and equipment	(37,230)	(27,956)
Acquisitions (net of cash and cash equivalents acquired)	(436,058)	(6,500)
Proceeds from the sale of property, plant and equipment	619	6,041
Proceeds from the sale of businesses	47,300	185,000
Other	(488)	0
Net cash (used in) provided by investing activities of continuing operations	(425,857)	156,585
Financing Activities of Continuing Operations
Purchase of common stock	0	(200,055)
Net proceeds from exercise of stock options and SARs, including tax benefits	2,181	2,786
Change in commercial paper and notes payable, net	247,099	(152,500)
Dividends paid to stockholders	(65,940)	(64,442)
Payments to settle employee tax obligations on exercise of share-based awards	(4,833)	(2,361)
Reduction of long-term debt	0	(31)
Net cash provided by (used in) financing activities	178,507	(416,603)
Cash Flows from Discontinued Operations
Net cash provided by operating activities of discontinued operations	0	2,717
Net cash provided by investing activities of discontinued operations	0	800
Net cash provided by discontinued operations	0	3,517
Effect of exchange rate changes on cash and cash equivalents	(4,528)	(17,926)
Net decrease in cash and cash equivalents	(118,465)	(143,095)
Cash and cash equivalents at beginning of period	362,185	681,581
Cash and cash equivalents at end of period	$ 243,720	$ 538,486

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	1. Basis of Presentation The accompanying unaudited Condensed Consolidated Financial Statements, in accordance with Securities and Exchange Commission ("SEC") rules for interim periods, do not include all of the information and notes for complete financial statements as required by accounting principles generally accepted in the United States of America. As such, the accompanying unaudited Condensed Consolidated Financial Statements should be read in conjunction with the Dover Corporation ("Dover" or the "Company") Annual Report on Form 10-K for the year ended December 31, 2015 , which provides a more complete understanding of the Company’s accounting policies, financial position, operating results, business, properties, and other matters. The year end Condensed Consolidated Balance Sheet was derived from audited financial statements. Certain amounts in the prior year have been reclassified to conform to the current year presentation. It is the opinion of management that these financial statements reflect all adjustments necessary for a fair statement of the interim results. The results of operations of any interim period are not necessarily indicative of the results of operations for the full year.

Acquisitions

Acquisitions	3 Months Ended
	Mar. 31, 2016
Business Combinations [Abstract]
Acquisitions	2. Acquisitions On January 7, 2016, the Company acquired the dispenser and system businesses of Tokheim Group S.A.S. ("Tokheim") within the Fluids segment for net cash consideration of $436,058 . 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 $ 96,436 Property, plant and equipment 24,319 Goodwill 281,903 Intangible assets 176,693 Other non-current assets 5,429 Current liabilities (102,317 ) Non-current liabilities (46,405 ) Net assets acquired $ 436,058 The amounts assigned to goodwill and major intangible asset classifications for the 2016 acquisition are as follows: Amount allocated Useful life (in years) Goodwill - Non deductible $ 281,903 na Customer intangibles 93,227 10 Trademarks 23,691 10 Other intangibles 59,775 11 $ 458,596 The goodwill identified by this acquisition reflects the benefits expected to be derived from product line expansion and operational synergies. Upon consummation of the acquisition, with the exception of a minor noncontrolling interest in the Tokheim China subsidiary, this business is now wholly-owned by Dover. The Company has completed the preliminary purchase price allocation for the acquisition of Tokheim. As additional information is obtained about these assets and liabilities within the measurement period (not to exceed one year from the date of acquisition), the Company will refine its estimates of fair value to allocate the purchase price more accurately. Purchase price allocation adjustments may arise through working capital adjustments, asset appraisals or to reflect additional facts and circumstances in existence as of the acquisition date. Identified measurement period adjustments will be recorded, including any related impacts to net earnings, in the reporting period in which the adjustments are determined and may be significant. See Note 6 Goodwill and Other Intangible Assets for purchase price adjustments. The unaudited Condensed Consolidated Statements of Earnings include the results of this business from the date of acquisition. Pro Forma Information The following unaudited pro forma information illustrates the impact of both 2016 and 2015 acquisitions on the Company’s revenue and earnings from continuing operations for the three months ended March 31, 2016 and 2015 . In 2015, the Company acquired four businesses in separate transactions for net cash consideration of $567,843 . The 2016 and 2015 pro forma information assumes that the 2016 and 2015 acquisitions had taken place at the beginning of the prior year. As such, the 2016 pro forma earnings exclude one-time adjustments made in 2016 for 2015 acquisitions. 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 2016 and 2015 acquisitions. Three Months Ended March 31, 2016 2015 Revenue from continuing operations: As reported $ 1,622,273 $ 1,715,501 Pro forma 1,628,406 1,836,711 Earnings from continuing operations: As reported $ 99,356 $ 117,190 Pro forma 107,613 122,404 Basic earnings per share from continuing operations: As reported $ 0.64 $ 0.72 Pro forma 0.69 0.76 Diluted earnings per share from continuing operations: As reported $ 0.64 $ 0.72 Pro forma 0.69 0.75

Discontinued Operations

Discontinued Operations	3 Months Ended
	Mar. 31, 2016
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations	3. Disposed and Discontinued Operations Management evaluates Dover's businesses periodically for their strategic fit within its operations and may from time to time sell or discontinue certain operations for various reasons. Disposed Businesses On February 17, 2016, the company completed the sale of Texas Hydraulics. This disposal did not represent a strategic shift in operations and, therefore, did not qualify for presentation as a discontinued operation. Upon disposal of the business the Company recognized total proceeds of $47,300 , which resulted in a gain on sale of $11,228 included within Other income, net within the Condensed Consolidated Statements of Earnings. Discontinued Operations The results of discontinued operations for the three months ended March 31, 2015 reflect the net earnings of businesses held for sale, Datamax O'Neil and Sargent Aerospace, prior to their respective sale dates. On March 2, 2015, the Company completed the sale of Datamax O'Neil for total proceeds of $185,000 , which resulted in a net gain on sale of $87,781 . Summarized results of the Company’s discontinued operations are as follows: Three Months Ended March 31, 2015 Revenue $ 64,495 Gain on sale, net of tax 87,354 Earnings from operations before taxes 8,980 Provision for income taxes (4,014 ) Earnings from operations, net of tax 4,966 Earnings from discontinued operations, net of tax $ 92,320 The Company had no assets or liabilities classified as held for sale as of March 31, 2016 and December 31, 2015 .

Inventories

Inventories	3 Months Ended
	Mar. 31, 2016
Inventory, Net [Abstract]
Inventory Disclosure	4. Inventories, net March 31, 2016 December 31, 2015 Raw materials $ 347,674 $ 333,551 Work in progress 145,952 135,624 Finished goods 467,199 443,032 Subtotal 960,825 912,207 Less reserves (110,995 ) (109,312 ) Total $ 849,830 $ 802,895

Property, Plant and Equipment

Property, Plant and Equipment	3 Months Ended
	Mar. 31, 2016
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment Disclosure	5. Property, Plant and Equipment, net March 31, 2016 December 31, 2015 Land $ 56,376 $ 55,567 Buildings and improvements 543,292 546,809 Machinery, equipment and other 1,764,139 1,772,031 Subtotal 2,363,807 2,374,407 Less accumulated depreciation (1,504,823 ) (1,520,138 ) Total $ 858,984 $ 854,269 Depreciation expense totaled $45,029 and $40,208 for the three months ended March 31, 2016 and 2015 , respectively.

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	3 Months Ended
	Mar. 31, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	6. Goodwill and Other Intangible Assets The following table provides the changes in carrying value of goodwill by segment for the three months ended March 31, 2016 : Energy Engineered Systems Fluids Refrigeration & Food Equipment Total Balance at December 31, 2015 $ 1,047,180 $ 1,473,864 $ 655,745 $ 560,600 $ 3,737,389 Acquisitions — — 281,903 — 281,903 Purchase price adjustments — 363 4,781 580 5,724 Disposition of business — (9,615 ) — — (9,615 ) Foreign currency translation 1,580 6,916 9,968 755 19,219 Balance at March 31, 2016 $ 1,048,760 $ 1,471,528 $ 952,397 $ 561,935 $ 4,034,620 As noted in Note 3 Disposed and Discontinued Operations , the Company completed the sale of its Texas Hydraulics business during the three months ended March 31, 2016 . As a result of this sale, the Engineered Systems goodwill balance was reduced by $9,615 . During the three months ended March 31, 2016 , the Company recorded adjustments totaling $5,724 to goodwill relating to the purchase price adjustments as a result of working capital adjustments and refinements of estimates to assets acquired and liabilities assumed for the 2015 acquisitions of Gemtron, JK Group, Gala Industries and Reduction Engineering Scheer. In accordance with the applicable accounting standard, Dover performs its annual goodwill impairment testing in the fourth quarter of each year. In addition to the annual impairment test, the Company is required to regularly assess whether a triggering event has occurred which would require interim impairment testing. The Company has considered the economic environments in which its businesses operate, particularly within those reporting units exposed to the decline in oil and gas markets, and the long-term outlook for those businesses. The Company has determined that a triggering event has not occurred which would require impairment testing at this time. The following table provides the gross carrying value and accumulated amortization for each major class of intangible asset: March 31, 2016 December 31, 2015 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Amortized intangible assets: Trademarks $ 172,554 $ 49,245 $ 150,926 $ 45,536 Patents 155,225 117,441 150,570 112,399 Customer Intangibles 1,663,762 628,709 1,567,048 595,635 Unpatented Technologies 133,362 55,971 137,919 56,495 Drawings & Manuals 34,701 16,757 34,232 15,760 Distributor Relationships 120,957 39,592 64,614 37,610 Other 23,390 18,497 23,923 18,168 Total 2,303,951 926,212 2,129,232 881,603 Unamortized intangible assets: Trademarks 165,658 165,594 Total intangible assets, net $ 1,543,397 $ 1,413,223 For the three months ended March 31, 2016 and 2015 , amortization expense was $43,574 and $39,974 , respectively.

Restructuring Activities

Restructuring Activities	3 Months Ended
	Mar. 31, 2016
Restructuring [Abstract]
Restructuring and Related Activities Disclosure	7. Restructuring Activities The following table details restructuring charges incurred by segment for the periods presented: Three Months Ended March 31, 2016 2015 Energy $ 6,416 $ 17,822 Engineered Systems 1,967 4,355 Fluids 5,226 2,097 Refrigeration & Food Equipment 21 (282 ) Corporate 757 111 Total $ 14,387 $ 24,103 These amounts are classified in the unaudited Condensed Consolidated Statements of Earnings as follows: Cost of goods and services $ 5,851 $ 7,454 Selling and administrative expenses 8,536 16,649 Total $ 14,387 $ 24,103 The restructuring expenses of $14,387 incurred in the three months ended March 31, 2016 related to restructuring programs initiated during 2016 and 2015 . These programs are designed to better align the Company's costs and operations with current market conditions through targeted facility consolidations, headcount reductions and other measures to further optimize operations. The Company expects the programs currently underway to be substantially completed in the next twelve to eighteen months. The $14,387 of restructuring charges incurred during the first quarter of 2016 primarily included the following items: • The Energy segment incurred restructuring charges of $6,416 related to various programs across the segment focused on workforce reductions and field and service consolidations. These programs were initiated to better align cost base with the anticipated demand environment. • The Engineered Systems segment recorded $1,967 of restructuring charges relating to headcount reductions across various businesses primarily related to optimization of administrative functions within the Printing & Identification platform and U.S. manufacturing consolidation within the Industrial platform. • The Fluids segment recorded $5,226 of restructuring charges principally related to headcount reductions and facility consolidations at various businesses across the segment. • The Refrigeration and Food Equipment segment and corporate incurred restructuring charges related to headcount reductions. The following table details the Company’s severance and other restructuring accrual activity: Severance Exit Total Balance at December 31, 2015 $ 11,036 $ 2,955 $ 13,991 Restructuring charges 10,681 3,706 14,387 Payments (8,234 ) (1,491 ) (9,725 ) Foreign currency translation 121 40 161 Other, including write-offs of fixed assets and acquired balances 2,458 (1,119 ) 1,339 Balance at March 31, 2016 $ 16,062 $ 4,091 $ 20,153 The accrual balance at March 31, 2016 primarily reflects restructuring plans initiated during the year, as well as ongoing lease commitment obligations for facilities closed in earlier periods.

Borrowings

Borrowings	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Borrowings	8. Borrowings Borrowings consist of the following: March 31, 2016 December 31, 2015 Short-term Current portion of long-term debt $ 4,558 $ 122 Commercial paper 401,300 151,000 $ 405,858 $ 151,122 March 31, 2016 December 31, 2015 Long-term 5.45% 10-year notes due March 15, 2018 349,340 349,258 2.125% 7-year notes due December 1, 2020 (Euro-denominated) 334,783 328,592 4.30% 10-year notes due March 1, 2021 449,872 449,865 3.150% 10-year notes due November 15, 2025 397,028 396,951 6.65% 30-year debentures due June 1, 2028 199,560 199,552 5.375% 30-year debentures due October 15, 2035 296,884 296,844 6.60% 30-year notes due March 15, 2038 248,058 248,036 5.375% 30-year notes due March 1, 2041 346,029 345,989 Other, less current installments 2,233 2,255 Total long-term debt 2,623,787 2,617,342 Unamortized debt issuance costs (13,145 ) (13,687 ) Long-term debt, net of debt issuance costs $ 2,610,642 $ 2,603,655 The Company adopted new accounting guidance effective January 1, 2016 which requires debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct reduction of the carrying amount of the related debt. Upon adoption, the Company reclassified $13,687 from assets to long-term debt to reflect this guidance in the comparable balance as of December 31, 2015 . The Company maintains a $1.0 billion five-year unsecured revolving credit facility with a syndicate of banks (the "Credit Agreement") which expires on November 10, 2020 . The Company was in compliance with its revolving credit and other long-term debt covenants at March 31, 2016 and had a coverage ratio of 12.3 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 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 three months ended March 31, 2016 and 2015 were as follows: Three Months Ended March 31, 2016 2015 Interest expense $ 33,318 $ 33,005 Interest income (1,604 ) (968 ) Interest expense, net $ 31,714 $ 32,037 Letters of Credit As of March 31, 2016 , the Company had approximately $91,840 outstanding in letters of credit and guarantees with financial institutions which expire at various dates within 2016 through 2020 . These letters of credit are primarily maintained as security for insurance, warranty, and other performance obligations.

Financial Instruments

Financial Instruments	3 Months Ended
	Mar. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments and Hedging Activities Disclosure	9. 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 and certain commodity risks. In order to manage these risks the Company has hedged portions of its forecasted sales and purchases to occur within the next twelve months that are denominated in non-functional currencies, with currency forward or collar contracts designated as cash flow hedges. At March 31, 2016 and December 31, 2015 , the Company had contracts with U.S. dollar equivalent notional amounts of $30,859 and $37,735 , respectively, to exchange foreign currencies, principally the U.S. dollar, Chinese Yuan, Euro, and pound sterling. The Company believes it is probable that all forecasted cash flow transactions will occur. In addition, the Company had outstanding contracts with a total notional amount of $66,310 and $51,369 at March 31, 2016 and December 31, 2015 , 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. The following table sets forth the fair values of derivative instruments held by the Company as of March 31, 2016 and December 31, 2015 and the balance sheet lines in which they are recorded: Fair Value Asset (Liability) March 31, 2016 December 31, 2015 Balance Sheet Caption Foreign currency forward / collar contracts $ 113 $ 170 Prepaid / Other assets Foreign currency forward / collar contracts (416 ) (452 ) Other accrued expenses 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 that 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 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: Three Months Ended March 31, 2016 2015 (Loss) gain on Euro-denominated debt $ (6,165 ) $ 35,350 Loss on Swiss franc cross-currency swap — (1,333 ) Total (loss) gain on net investment hedges before tax (6,165 ) 34,017 Tax benefit (expense) 2,158 (11,906 ) Net (loss) gain on net investment hedges, net of tax $ (4,007 ) $ 22,111 Fair Value Measurements 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 March 31, 2016 and December 31, 2015 : March 31, 2016 December 31, 2015 Level 2 Level 2 Assets: Foreign currency cash flow hedges $ 113 $ 170 Liabilities: Foreign currency cash flow hedges 416 452 In addition to fair value disclosure requirements related to financial instruments carried at fair value, accounting standards require interim disclosures regarding the fair value of all of the Company’s financial instruments. The estimated fair value of long-term debt, net of unamortized debt issuance costs at March 31, 2016 and December 31, 2015 was $3,024,157 and $2,880,734 , respectively, compared to the carrying value of $2,610,642 and $2,603,655 , 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 fair value 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 March 31, 2016 and December 31, 2015 due to the short-term nature of these instruments.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2016
Income Tax Disclosure [Abstract]
Income Taxes	10. Income Taxes The effective tax rates for continuing operations for the three months ended March 31, 2016 and 2015 were 22.1% and 28.8% , respectively. Reflected in the effective tax rate for the three months ended March 31, 2016 and 2015 are favorable discrete items of $7,348 and $703 , respectively. Excluding these discrete items, the effective tax rates for the three months ended March 31, 2016 and 2015 were 27.9% and 29.3% , respectively. The 2016 discrete items resulted primarily from the impact on deferred tax balances of a tax rate reduction in a non-US jurisdiction. The 2015 discrete items principally resulted from the conclusion of certain state tax audits and an adjustment of our tax accounts to the return filed. The reduction in the effective tax rate year over year is principally due to a change in the geographic mix of earnings as well as restructuring of foreign operations. Dover and its subsidiaries file tax returns in the U.S., including various state and local returns, and in other foreign jurisdictions. We believe adequate provision has been made for all income tax uncertainties. The Company is routinely audited by taxing authorities in its filing jurisdictions, and a number of these audits are currently underway. The Company believes that within the next twelve months uncertain tax positions may be resolved and statutes of limitations will expire, which could result in a decrease in the gross amount of unrecognized tax benefits of approximately zero to $19,649 . A portion of these unrecognized tax benefits relate to companies previously reported as discontinued operations.

Equity Incentive Program

Equity Incentive Program	3 Months Ended
	Mar. 31, 2016
Share-based Compensation [Abstract]
Share-based Compensation	11. Equity Incentive Program The Company typically grants equity awards annually at its regularly scheduled first quarter Compensation Committee meeting. In the first quarter of 2016 , the Company issued stock-settled appreciation rights ("SARs") covering 1,346,354 shares, performance share awards of 79,561 and restricted stock units of 215,181 . The Company uses the Black-Scholes option pricing model to determine the fair value of each SAR on the date of grant. 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 SARs is based on the U.S. Treasury yield curve in effect at the time of grant. The assumptions used in determining the fair value of the SARs awarded during the respective periods are as follows: SARs 2016 2015 Risk-free interest rate 1.05 % 1.51 % Dividend yield 3.09 % 2.24 % Expected life (years) 4.6 5.1 Volatility 26.17 % 27.19 % Grant price $ 57.25 $ 73.28 Fair value per share at date of grant $ 9.25 $ 14.55 The performance share awards granted in 2015 and 2016 are considered performance condition awards as attainment is based on Dover's performance relative to established internal metrics. The fair value of these awards was determined using Dover's closing stock price on the date of grant. The expected attainment of the internal metrics for these awards is analyzed each reporting period, and the related expense is adjusted 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 fair value and average attainment used in determining compensation cost for the performance shares issued in 2015 and 2016 is as follows for the three months ended March 31, 2016 : Performance shares 2016 2015 Fair value per share at date of grant $ 57.25 $ 73.28 Average attainment rate reflected in expense 87.75 % 43.83 % Stock-based compensation is reported within selling and administrative expenses in the accompanying unaudited Condensed Consolidated Statements of Earnings. The following table summarizes the Company’s compensation expense relating to all stock-based incentive plans: Three Months Ended March 31, 2016 2015 Pre-tax compensation expense $ 11,387 $ 13,387 Tax benefit (4,050 ) (4,764 ) Total stock-based compensation expense, net of tax $ 7,337 $ 8,623

Commitments and Contingent Liab

Commitments and Contingent Liabilities	3 Months Ended
	Mar. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingent Liabilities	12. Commitments and Contingent Liabilities 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 that 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 March 31, 2016 and December 31, 2015 , the Company has reserves totaling $32,453 and $30,595 , 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, 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 March 31, 2016 and December 31, 2015 , 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 effect on its financial position, results of operations, or cash flows. Warranty Accruals Estimated warranty program claims are provided for at the time of sale. Amounts provided for are based on historical costs and adjusted new claims. The changes in the carrying amount of product warranties through March 31, 2016 and 2015 are as follows: 2016 2015 Beginning Balance, January 1 $ 44,466 $ 49,388 Provision for warranties 14,031 11,075 Settlements made (12,462 ) (13,395 ) Other adjustments, including acquisitions and currency translation 4,666 (630 ) Ending balance, March 31 $ 50,701 $ 46,438

Employee Benefit Plans

Employee Benefit Plans	3 Months Ended
	Mar. 31, 2016
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract]
Employee Benefit Plans	13. Employee Benefit Plans Retirement 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. In addition, 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. The following tables set forth the components of the Company’s net periodic expense relating to retirement benefit plans: Qualified Defined Benefits Three Months Ended March 31, U.S. Plan Non-U.S. Plans 2016 2015 2016 2015 Service Cost $ 3,478 $ 3,915 $ 1,373 $ 1,688 Interest Cost 5,762 5,791 1,375 1,486 Expected return on plan assets (9,698 ) (10,393 ) (1,948 ) (2,019 ) Amortization: Prior service cost 183 224 (99 ) 23 Recognized actuarial loss 1,609 3,155 665 675 Transition obligation — — 1 9 Curtailments, special termination benefits, and settlements — 810 — 2 Net periodic expense $ 1,334 $ 3,502 $ 1,367 $ 1,864 Non-Qualified Supplemental Benefits Three Months Ended March 31, 2016 2015 Service Cost $ 740 $ 935 Interest Cost 1,317 1,266 Amortization: Prior service cost 1,567 1,732 Recognized actuarial (gain) loss (140 ) 71 Net periodic expense $ 3,484 $ 4,004 Post-Retirement Plans The Company also maintains post retirement benefit plans, although these plans are effectively closed to new entrants. The supplemental and post retirement benefit plans are supported by the general assets of the Company. The following table sets forth the components of the Company’s net periodic expense relating to its post-retirement benefit plans: Three Months Ended March 31, 2016 2015 Service Cost $ 13 $ 41 Interest Cost 105 128 Amortization: Prior service cost (36 ) (93 ) Recognized actuarial gain (59 ) (8 ) Net periodic expense $ 23 $ 68 Defined Contribution Retirement Plans The Company also 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 $9,808 , and $9,006 for the three months ended March 31, 2016 and 2015 , respectively.

Other Comprehensive Earnings

Other Comprehensive Earnings	3 Months Ended
	Mar. 31, 2016
Other Comprehensive Income (Loss), Net of Tax [Abstract]
Other Comprehensive Earnings	14. Other Comprehensive Earnings (Loss) The amounts recognized in other comprehensive earnings (loss) were as follows: Three Months Ended Three Months Ended March 31, 2016 March 31, 2015 Pre-tax Tax Net of tax Pre-tax Tax Net of tax Foreign currency translation adjustments $ 6,611 $ 2,158 $ 8,769 $ (72,203 ) $ (11,906 ) $ (84,109 ) Pension and other postretirement benefit plans 3,691 (1,241 ) 2,450 5,788 (1,962 ) 3,826 Changes in fair value of cash flow hedges (147 ) 51 (96 ) 1,629 (570 ) 1,059 Other 2,090 (251 ) 1,839 241 (27 ) 214 Total other comprehensive earnings (loss) $ 12,245 $ 717 $ 12,962 $ (64,545 ) $ (14,465 ) $ (79,010 ) Total comprehensive earnings were as follows: Three Months Ended March 31, 2016 2015 Net earnings $ 99,356 $ 209,510 Other comprehensive earnings (loss) 12,962 (79,010 ) Comprehensive earnings $ 112,318 $ 130,500 Amounts reclassified from accumulated other comprehensive earnings (loss) to earnings (loss) during the three months ended March 31, 2016 and 2015 were as follows: Three Months Ended March 31, 2016 2015 Pension and postretirement benefit plans: Amortization of actuarial losses $ 2,076 $ 3,902 Amortization of prior service costs 1,615 1,886 Total before tax 3,691 5,788 Tax provision (1,241 ) (1,962 ) Net of tax $ 2,450 $ 3,826 Cash flow hedges: Net gains reclassified into earnings $ (72 ) $ (153 ) Tax benefit 25 54 Net of tax $ (47 ) $ (99 ) The Company recognizes net periodic pension cost, which includes amortization of net actuarial losses and prior service costs, in both selling and 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 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	3 Months Ended
	Mar. 31, 2016
Segment Reporting [Abstract]
Segment Information	15. Segment Information For management reporting and performance evaluation purposes, the Company categorizes its operating companies into four distinct reportable segments. Segment financial information and a reconciliation of segment results to consolidated results is as follows: Three Months Ended March 31, 2016 2015 Revenue: Energy $ 283,230 $ 430,423 Engineered Systems 576,995 573,196 Fluids 399,062 340,236 Refrigeration & Food Equipment 363,252 372,097 Intra-segment eliminations (266 ) (451 ) Total consolidated revenue $ 1,622,273 $ 1,715,501 Earnings from continuing operations: Segment earnings: Energy $ 11,244 $ 52,305 Engineered Systems 93,748 88,149 Fluids 46,047 54,634 Refrigeration & Food Equipment 38,161 36,150 Total segments 189,200 231,238 Corporate expense / other (1) 29,862 34,526 Net interest expense 31,714 32,037 Earnings before provision for income taxes and discontinued operations 127,624 164,675 Provision for taxes 28,268 47,485 Earnings from continuing operations $ 99,356 $ 117,190 (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.

Share Repurchases

Share Repurchases	3 Months Ended
	Mar. 31, 2016
Stockholders' Equity Note [Abstract]
Share repurchases	16. Share Repurchases In January 2015, the Board of Directors approved a standing share repurchase authorization, whereby the Company may repurchase up to 15,000,000 shares of its common stock over the following three years. This plan replaced all previously authorized repurchase programs. During the three months ended March 31, 2016 , the Company repurchased no shares of common stock under the January 2015 authorization. As of March 31, 2016 , there were 6,771,458 shares available for repurchase under this plan. A summary of share repurchase activity during the three months ended March 31, 2015 is as follows: Shares of common stock repurchased 2,753,165 Spending on share repurchases (in thousands) $ 200,055 Average price paid per share $ 72.66

Earnings per Share

Earnings per Share	3 Months Ended
	Mar. 31, 2016
Earnings Per Share [Abstract]
Earnings Per Share	17. Earnings per Share The following table sets forth a reconciliation of the information used in computing basic and diluted earnings per share: Three Months Ended March 31, 2016 2015 Earnings from continuing operations $ 99,356 $ 117,190 Earnings from discontinued operations, net — 92,320 Net earnings $ 99,356 $ 209,510 Basic earnings per common share: Earnings from continuing operations $ 0.64 $ 0.72 Earnings from discontinued operations, net $ — $ 0.57 Net earnings $ 0.64 $ 1.30 Weighted average shares outstanding 155,064,000 161,650,000 Diluted earnings per common share: Earnings from continuing operations $ 0.64 $ 0.72 Earnings from discontinued operations, net $ — $ 0.57 Net earnings $ 0.64 $ 1.28 Weighted average shares outstanding 156,161,000 163,323,000 The following table is a reconciliation of the share amounts used in computing earnings per share: Three Months Ended March 31, 2016 2015 Weighted average shares outstanding - Basic 155,064,000 161,650,000 Dilutive effect of assumed exercise of employee stock options and SARs and vesting of performance shares 1,097,000 1,673,000 Weighted average shares outstanding - Diluted 156,161,000 163,323,000 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. The weighted average number of anti-dilutive potential common shares excluded from the calculation above were approximately 27,000 and 56,000 for the three months ended March 31, 2016 and 2015 , respectively.

Recent Accounting Standards

Recent Accounting Standards	3 Months Ended
	Mar. 31, 2016
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Recent Accounting Standards	18. Recent Accounting Standards Recently Issued Accounting Standards In March 2016, the FASB issued Accounting Standards Update ("ASU") 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting . The updated guidance changes how companies account for certain aspects of share-based payment awards to employees, including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as the classification of related matters in the statement of cash flows. The update is effective for the Company in the first quarter of 2017. The Company is currently evaluating this guidance and the impact it will have on its consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases, which amends existing guidance to require lessees to recognize assets and liabilities on the balance sheet for the rights and obligations created by long-term leases and to disclose additional quantitative and qualitative information about leasing arrangements. This ASU also provides clarifications surrounding the presentation of the effects of leases in the income statement and statement of cashflows. This guidance will be effective for the Company on January 1, 2019. The Company is currently evaluating this new guidance to determine the impact it will have on its consolidated financial statements. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers , 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 guidance will be effective for the Company January 1, 2018. The Company is currently evaluating this guidance to determine the impact it will have on its consolidated financial statements. Recently Adopted Accounting Standards In April 2015, the FASB issued ASU 2015-03, Interest-Imputation of Interest (Subtopic 835-30):Simplifying the Presentation of Debt Issuance Costs . Under this guidance, debt issuance costs related to a recognized debt liability are required to be presented in the balance sheet as a direct reduction from the carrying amount of the related debt, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by this guidance. The Company adopted this guidance January 1, 2016. As a result of adoption, debt issuance costs of $13,687 were reclassified from assets to reduce long-term-debt as of December 31, 2015. In September 2015, the FASB issued ASU 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments . Under this guidance the cumulative impact of purchase accounting adjustments arising during the one year measurement period from the date of acquisition will be recognized, in full, in the period identified. This guidance was effective for the Company January 1, 2016 and will be applied prospectively to adjustments arising after that date. There was no impact of adopting this standard in the current period.

Acquisitions (Tables)

Acquisitions (Tables)	3 Months Ended
	Mar. 31, 2016
Business Combinations [Abstract]
Schedule of Business Acquisitions, by Acquisition [Table Text Block]	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 $ 96,436 Property, plant and equipment 24,319 Goodwill 281,903 Intangible assets 176,693 Other non-current assets 5,429 Current liabilities (102,317 ) Non-current liabilities (46,405 ) Net assets acquired $ 436,058
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block]	The amounts assigned to goodwill and major intangible asset classifications for the 2016 acquisition are as follows: Amount allocated Useful life (in years) Goodwill - Non deductible $ 281,903 na Customer intangibles 93,227 10 Trademarks 23,691 10 Other intangibles 59,775 11 $ 458,596
Pro forma results of operations	The following unaudited pro forma information illustrates the impact of both 2016 and 2015 acquisitions on the Company’s revenue and earnings from continuing operations for the three months ended March 31, 2016 and 2015 . In 2015, the Company acquired four businesses in separate transactions for net cash consideration of $567,843 . The 2016 and 2015 pro forma information assumes that the 2016 and 2015 acquisitions had taken place at the beginning of the prior year. As such, the 2016 pro forma earnings exclude one-time adjustments made in 2016 for 2015 acquisitions. 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 2016 and 2015 acquisitions. Three Months Ended March 31, 2016 2015 Revenue from continuing operations: As reported $ 1,622,273 $ 1,715,501 Pro forma 1,628,406 1,836,711 Earnings from continuing operations: As reported $ 99,356 $ 117,190 Pro forma 107,613 122,404 Basic earnings per share from continuing operations: As reported $ 0.64 $ 0.72 Pro forma 0.69 0.76 Diluted earnings per share from continuing operations: As reported $ 0.64 $ 0.72 Pro forma 0.69 0.75

Discontinued Operations (Tables

Discontinued Operations (Tables)	3 Months Ended
	Mar. 31, 2016
Discontinued Operations and Disposal Groups [Abstract]
Results of discontinued operations	Summarized results of the Company’s discontinued operations are as follows: Three Months Ended March 31, 2015 Revenue $ 64,495 Gain on sale, net of tax 87,354 Earnings from operations before taxes 8,980 Provision for income taxes (4,014 ) Earnings from operations, net of tax 4,966 Earnings from discontinued operations, net of tax $ 92,320

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Mar. 31, 2016
Inventory, Net [Abstract]
Components of Inventory	March 31, 2016 December 31, 2015 Raw materials $ 347,674 $ 333,551 Work in progress 145,952 135,624 Finished goods 467,199 443,032 Subtotal 960,825 912,207 Less reserves (110,995 ) (109,312 ) Total $ 849,830 $ 802,895

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	3 Months Ended
	Mar. 31, 2016
Property, Plant and Equipment [Abstract]
Components of property, plant and equipment, net	March 31, 2016 December 31, 2015 Land $ 56,376 $ 55,567 Buildings and improvements 543,292 546,809 Machinery, equipment and other 1,764,139 1,772,031 Subtotal 2,363,807 2,374,407 Less accumulated depreciation (1,504,823 ) (1,520,138 ) Total $ 858,984 $ 854,269

Goodwill and Other Intangible31

Goodwill and Other Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2016
Goodwill [Line Items]
Goodwill	The following table provides the changes in carrying value of goodwill by segment for the three months ended March 31, 2016 : Energy Engineered Systems Fluids Refrigeration & Food Equipment Total Balance at December 31, 2015 $ 1,047,180 $ 1,473,864 $ 655,745 $ 560,600 $ 3,737,389 Acquisitions — — 281,903 — 281,903 Purchase price adjustments — 363 4,781 580 5,724 Disposition of business — (9,615 ) — — (9,615 ) Foreign currency translation 1,580 6,916 9,968 755 19,219 Balance at March 31, 2016 $ 1,048,760 $ 1,471,528 $ 952,397 $ 561,935 $ 4,034,620
Schedule of Intangible Assets	The following table provides the gross carrying value and accumulated amortization for each major class of intangible asset: March 31, 2016 December 31, 2015 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Amortized intangible assets: Trademarks $ 172,554 $ 49,245 $ 150,926 $ 45,536 Patents 155,225 117,441 150,570 112,399 Customer Intangibles 1,663,762 628,709 1,567,048 595,635 Unpatented Technologies 133,362 55,971 137,919 56,495 Drawings & Manuals 34,701 16,757 34,232 15,760 Distributor Relationships 120,957 39,592 64,614 37,610 Other 23,390 18,497 23,923 18,168 Total 2,303,951 926,212 2,129,232 881,603 Unamortized intangible assets: Trademarks 165,658 165,594 Total intangible assets, net $ 1,543,397 $ 1,413,223

Restructuring Activities (Table

Restructuring Activities (Tables)	3 Months Ended
	Mar. 31, 2016
Restructuring [Abstract]
Schedule of Restructuring and Related Costs	The following table details restructuring charges incurred by segment for the periods presented: Three Months Ended March 31, 2016 2015 Energy $ 6,416 $ 17,822 Engineered Systems 1,967 4,355 Fluids 5,226 2,097 Refrigeration & Food Equipment 21 (282 ) Corporate 757 111 Total $ 14,387 $ 24,103 These amounts are classified in the unaudited Condensed Consolidated Statements of Earnings as follows: Cost of goods and services $ 5,851 $ 7,454 Selling and administrative expenses 8,536 16,649 Total $ 14,387 $ 24,103
Schedule of Restructuring Reserve by Type of Cost	The following table details the Company’s severance and other restructuring accrual activity: Severance Exit Total Balance at December 31, 2015 $ 11,036 $ 2,955 $ 13,991 Restructuring charges 10,681 3,706 14,387 Payments (8,234 ) (1,491 ) (9,725 ) Foreign currency translation 121 40 161 Other, including write-offs of fixed assets and acquired balances 2,458 (1,119 ) 1,339 Balance at March 31, 2016 $ 16,062 $ 4,091 $ 20,153

Borrowings (Tables)

Borrowings (Tables)	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Schedule of Short-term Debt	Borrowings consist of the following: March 31, 2016 December 31, 2015 Short-term Current portion of long-term debt $ 4,558 $ 122 Commercial paper 401,300 151,000 $ 405,858 $ 151,122
Schedule of Long-term Debt Instruments	March 31, 2016 December 31, 2015 Long-term 5.45% 10-year notes due March 15, 2018 349,340 349,258 2.125% 7-year notes due December 1, 2020 (Euro-denominated) 334,783 328,592 4.30% 10-year notes due March 1, 2021 449,872 449,865 3.150% 10-year notes due November 15, 2025 397,028 396,951 6.65% 30-year debentures due June 1, 2028 199,560 199,552 5.375% 30-year debentures due October 15, 2035 296,884 296,844 6.60% 30-year notes due March 15, 2038 248,058 248,036 5.375% 30-year notes due March 1, 2041 346,029 345,989 Other, less current installments 2,233 2,255 Total long-term debt 2,623,787 2,617,342 Unamortized debt issuance costs (13,145 ) (13,687 ) Long-term debt, net of debt issuance costs $ 2,610,642 $ 2,603,655
Schedule of Interest expense and interest income	Interest expense and interest income for the three months ended March 31, 2016 and 2015 were as follows: Three Months Ended March 31, 2016 2015 Interest expense $ 33,318 $ 33,005 Interest income (1,604 ) (968 ) Interest expense, net $ 31,714 $ 32,037

Financial Instruments (Tables)

Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 and December 31, 2015 and the balance sheet lines in which they are recorded: Fair Value Asset (Liability) March 31, 2016 December 31, 2015 Balance Sheet Caption Foreign currency forward / collar contracts $ 113 $ 170 Prepaid / Other assets Foreign currency forward / collar contracts (416 ) (452 ) Other accrued expenses
Schedule of net investment hedges in accumulated other comprehensive income (loss)	Amounts recognized in other comprehensive earnings (loss) for the gains (losses) on its net investment hedges were as follows: Three Months Ended March 31, 2016 2015 (Loss) gain on Euro-denominated debt $ (6,165 ) $ 35,350 Loss on Swiss franc cross-currency swap — (1,333 ) Total (loss) gain on net investment hedges before tax (6,165 ) 34,017 Tax benefit (expense) 2,158 (11,906 ) Net (loss) gain on net investment hedges, net of tax $ (4,007 ) $ 22,111
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 March 31, 2016 and December 31, 2015 : March 31, 2016 December 31, 2015 Level 2 Level 2 Assets: Foreign currency cash flow hedges $ 113 $ 170 Liabilities: Foreign currency cash flow hedges 416 452

Equity Incentive Program (Table

Equity Incentive Program (Tables)	3 Months Ended
	Mar. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based incentive plans compensation expense	Stock-based compensation is reported within selling and administrative expenses in the accompanying unaudited Condensed Consolidated Statements of Earnings. The following table summarizes the Company’s compensation expense relating to all stock-based incentive plans: Three Months Ended March 31, 2016 2015 Pre-tax compensation expense $ 11,387 $ 13,387 Tax benefit (4,050 ) (4,764 ) Total stock-based compensation expense, net of tax $ 7,337 $ 8,623
Stock Appreciation Rights (SARs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Valuation assumptions	SARs 2016 2015 Risk-free interest rate 1.05 % 1.51 % Dividend yield 3.09 % 2.24 % Expected life (years) 4.6 5.1 Volatility 26.17 % 27.19 % Grant price $ 57.25 $ 73.28 Fair value per share at date of grant $ 9.25 $ 14.55
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Valuation assumptions	Performance shares 2016 2015 Fair value per share at date of grant $ 57.25 $ 73.28 Average attainment rate reflected in expense 87.75 % 43.83 %

Commitments and Contingent Li36

Commitments and Contingent Liabilities (Tables)	3 Months Ended
	Mar. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Schedule of Product Warranty Liability	Estimated warranty program claims are provided for at the time of sale. Amounts provided for are based on historical costs and adjusted new claims. The changes in the carrying amount of product warranties through March 31, 2016 and 2015 are as follows: 2016 2015 Beginning Balance, January 1 $ 44,466 $ 49,388 Provision for warranties 14,031 11,075 Settlements made (12,462 ) (13,395 ) Other adjustments, including acquisitions and currency translation 4,666 (630 ) Ending balance, March 31 $ 50,701 $ 46,438

Employee Benefit Plans (Tables)

Employee Benefit Plans (Tables)	3 Months Ended
	Mar. 31, 2016
Defined benefit pension plans
Defined Benefit Plan Disclosure [Line Items]
Schedule of Defined Benefit Plans Disclosures	Three Months Ended March 31, U.S. Plan Non-U.S. Plans 2016 2015 2016 2015 Service Cost $ 3,478 $ 3,915 $ 1,373 $ 1,688 Interest Cost 5,762 5,791 1,375 1,486 Expected return on plan assets (9,698 ) (10,393 ) (1,948 ) (2,019 ) Amortization: Prior service cost 183 224 (99 ) 23 Recognized actuarial loss 1,609 3,155 665 675 Transition obligation — — 1 9 Curtailments, special termination benefits, and settlements — 810 — 2 Net periodic expense $ 1,334 $ 3,502 $ 1,367 $ 1,864
Supplemental Employee Retirement Plans, Defined Benefit [Member]
Defined Benefit Plan Disclosure [Line Items]
Schedule of Defined Benefit Plans Disclosures	Three Months Ended March 31, 2016 2015 Service Cost $ 740 $ 935 Interest Cost 1,317 1,266 Amortization: Prior service cost 1,567 1,732 Recognized actuarial (gain) loss (140 ) 71 Net periodic expense $ 3,484 $ 4,004
Post-Retirement Benefits [Member]
Defined Benefit Plan Disclosure [Line Items]
Schedule of Defined Benefit Plans Disclosures	Three Months Ended March 31, 2016 2015 Service Cost $ 13 $ 41 Interest Cost 105 128 Amortization: Prior service cost (36 ) (93 ) Recognized actuarial gain (59 ) (8 ) Net periodic expense $ 23 $ 68

Other Comprehensive Earnings (T

Other Comprehensive Earnings (Tables)	3 Months Ended
	Mar. 31, 2016
Other Comprehensive Income (Loss), Net of Tax [Abstract]
Components of other comprehensive income	The amounts recognized in other comprehensive earnings (loss) were as follows: Three Months Ended Three Months Ended March 31, 2016 March 31, 2015 Pre-tax Tax Net of tax Pre-tax Tax Net of tax Foreign currency translation adjustments $ 6,611 $ 2,158 $ 8,769 $ (72,203 ) $ (11,906 ) $ (84,109 ) Pension and other postretirement benefit plans 3,691 (1,241 ) 2,450 5,788 (1,962 ) 3,826 Changes in fair value of cash flow hedges (147 ) 51 (96 ) 1,629 (570 ) 1,059 Other 2,090 (251 ) 1,839 241 (27 ) 214 Total other comprehensive earnings (loss) $ 12,245 $ 717 $ 12,962 $ (64,545 ) $ (14,465 ) $ (79,010 )
Schedule of comprehensive income (loss)	Total comprehensive earnings were as follows: Three Months Ended March 31, 2016 2015 Net earnings $ 99,356 $ 209,510 Other comprehensive earnings (loss) 12,962 (79,010 ) Comprehensive earnings $ 112,318 $ 130,500
Schedule of amounts reclassified from accumulated other comprehensive income (loss) to earnings	Amounts reclassified from accumulated other comprehensive earnings (loss) to earnings (loss) during the three months ended March 31, 2016 and 2015 were as follows: Three Months Ended March 31, 2016 2015 Pension and postretirement benefit plans: Amortization of actuarial losses $ 2,076 $ 3,902 Amortization of prior service costs 1,615 1,886 Total before tax 3,691 5,788 Tax provision (1,241 ) (1,962 ) Net of tax $ 2,450 $ 3,826 Cash flow hedges: Net gains reclassified into earnings $ (72 ) $ (153 ) Tax benefit 25 54 Net of tax $ (47 ) $ (99 )

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2016
Segment Reporting [Abstract]
Revenue and earnings from continuing operations by market segment	Three Months Ended March 31, 2016 2015 Revenue: Energy $ 283,230 $ 430,423 Engineered Systems 576,995 573,196 Fluids 399,062 340,236 Refrigeration & Food Equipment 363,252 372,097 Intra-segment eliminations (266 ) (451 ) Total consolidated revenue $ 1,622,273 $ 1,715,501 Earnings from continuing operations: Segment earnings: Energy $ 11,244 $ 52,305 Engineered Systems 93,748 88,149 Fluids 46,047 54,634 Refrigeration & Food Equipment 38,161 36,150 Total segments 189,200 231,238 Corporate expense / other (1) 29,862 34,526 Net interest expense 31,714 32,037 Earnings before provision for income taxes and discontinued operations 127,624 164,675 Provision for taxes 28,268 47,485 Earnings from continuing operations $ 99,356 $ 117,190 (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.

Share Repurchases (Tables)

Share Repurchases (Tables)	3 Months Ended
	Mar. 31, 2015
Share Repurchases [Line Items]
Schedule of Share Repurchases	A summary of share repurchase activity during the three months ended March 31, 2015 is as follows: Shares of common stock repurchased 2,753,165 Spending on share repurchases (in thousands) $ 200,055 Average price paid per share $ 72.66

Earnings per Share (Tables)

Earnings per Share (Tables)	3 Months Ended
	Mar. 31, 2016
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: Three Months Ended March 31, 2016 2015 Earnings from continuing operations $ 99,356 $ 117,190 Earnings from discontinued operations, net — 92,320 Net earnings $ 99,356 $ 209,510 Basic earnings per common share: Earnings from continuing operations $ 0.64 $ 0.72 Earnings from discontinued operations, net $ — $ 0.57 Net earnings $ 0.64 $ 1.30 Weighted average shares outstanding 155,064,000 161,650,000 Diluted earnings per common share: Earnings from continuing operations $ 0.64 $ 0.72 Earnings from discontinued operations, net $ — $ 0.57 Net earnings $ 0.64 $ 1.28 Weighted average shares outstanding 156,161,000 163,323,000
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: Three Months Ended March 31, 2016 2015 Weighted average shares outstanding - Basic 155,064,000 161,650,000 Dilutive effect of assumed exercise of employee stock options and SARs and vesting of performance shares 1,097,000 1,673,000 Weighted average shares outstanding - Diluted 156,161,000 163,323,000

Acquisitions (Details)

Acquisitions (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net	$ 436,058	$ 567,843
Goodwill and intangibles acquired	458,596
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Current assets, net of cash acquired	96,436
Property, Plant, and Equipment	24,319
Goodwill	281,903
Intangibles	176,693
Other Non-current Assets	5,429
Current Liabilities	102,317
Non-current Liabilities	46,405
Revenue from continuing operations [Abstract]
As reported	1,622,273	1,715,501
Pro forma	1,628,406	1,836,711
Net earnings from continuing operations [Abstract]
As reported	99,356	117,190
Pro forma	$ 107,613	$ 122,404
Basic earnings per share from continuing operations [Abstract]
As reported (in dollars per share)	$ 0.64	$ 0.72
Pro forma (in dollars per share)	0.69	0.76
Diluted earnings per share from continuing operations [Abstract]
As reported (in dollars per share)	0.64	0.72
Pro forma (in dollars per share)	$ 0.69	$ 0.75
Customer Relationships [Member]
Business Acquisition [Line Items]
Acquired finite-lived intangible asset, amount	$ 93,227
Acquired finite-lived intangible assets, weighted average useful life	10 years
Trademarks [Member]
Business Acquisition [Line Items]
Acquired finite-lived intangible asset, amount	$ 23,691
Acquired finite-lived intangible assets, weighted average useful life	10 years
Other Intangible Assets [Member]
Business Acquisition [Line Items]
Acquired finite-lived intangible asset, amount	$ 59,775
Acquired finite-lived intangible assets, weighted average useful life	11 years

Discontinued Operations (Detail

Discontinued Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from the sale of businesses	$ 47,300	$ 185,000
Gain on Disposition of Business	11,228	0
Gain on sale and impairments, net of tax		87,354
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract]
Revenue		64,495
Earnings from operations before taxes		8,980
Provision for income taxes		(4,014)
Earnings from operations, net of tax		4,966
Earnings from discontinued operations, net of tax	0	92,320
Texas Hydraulics [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from the sale of businesses	47,300
Gain on Disposition of Business	$ 11,228
Datamax ONeil [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from the sale of businesses		185,000
Gain on sale and impairments, net of tax		$ 87,781

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Inventory, Net [Abstract]
Raw materials	$ 347,674	$ 333,551
Work in progress	145,952	135,624
Finished Goods	467,199	443,032
Subtotal	960,825	912,207
Inventory reserves	(110,995)	(109,312)
Total	$ 849,830	$ 802,895

Property, Plant and Equipment45

Property, Plant and Equipment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Property, Plant and Equipment [Line Items]
Cost	$ 2,363,807		$ 2,374,407
Accumulated depreciation	(1,504,823)		(1,520,138)
Total	858,984		854,269
Depreciation expense	45,029	$ 40,208
Land [Member]
Property, Plant and Equipment [Line Items]
Cost	56,376		55,567
Buildings and improvements [Member]
Property, Plant and Equipment [Line Items]
Cost	543,292		546,809
Machinery, equipment and other [Member]
Property, Plant and Equipment [Line Items]
Cost	$ 1,764,139		$ 1,772,031

Goodwill and Other Intangible46

Goodwill and Other Intangible Assets - Goodwill (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Goodwill [Roll Forward]
Balance	$ 4,034,620	$ 3,737,389
Acquisitions	281,903
Purchase price adjustments	5,724
Business disposition	(9,615)
Foreign currency translation	19,219
Balance	4,034,620
Energy Segment [Member]
Goodwill [Roll Forward]
Balance	1,048,760	1,047,180
Acquisitions	0
Purchase price adjustments	0
Business disposition	0
Foreign currency translation	1,580
Balance	1,048,760
Engineered Systems Segment [Member]
Goodwill [Roll Forward]
Balance	1,471,528	1,473,864
Acquisitions	0
Purchase price adjustments	363
Business disposition	(9,615)
Foreign currency translation	6,916
Balance	1,471,528
Fluids Segment [Member]
Goodwill [Roll Forward]
Balance	952,397	655,745
Acquisitions	281,903
Purchase price adjustments	4,781
Business disposition	0
Foreign currency translation	9,968
Balance	952,397
Refrigeration and Food Equipment Segment [Member]
Goodwill [Roll Forward]
Balance	561,935	$ 560,600
Acquisitions	0
Purchase price adjustments	580
Business disposition	0
Foreign currency translation	755
Balance	$ 561,935

Goodwill and Other Intangible47

Goodwill and Other Intangible Assets - Intangible Assets and Amortization Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	$ 2,303,951		$ 2,129,232
Accumulated amortization	926,212		881,603
Amortization expense	43,574	$ 39,974
Intangible assets, net	1,543,397		1,413,223
Trademarks [Member]
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	172,554		150,926
Accumulated amortization	49,245		45,536
Patents [Member]
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	155,225		150,570
Accumulated amortization	117,441		112,399
Customer Intangibles [Member]
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	1,663,762		1,567,048
Accumulated amortization	628,709		595,635
Unpatented Technologies [Member]
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	133,362		137,919
Accumulated amortization	55,971		56,495
Drawings and Manuals [Member]
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	34,701		34,232
Accumulated amortization	16,757		15,760
Distributor Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	120,957		64,614
Accumulated amortization	39,592		37,610
Other Intangible Assets [Member]
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	23,390		23,923
Accumulated amortization	$ 18,497		$ 18,168

Goodwill and Other Intangible48

Goodwill and Other Intangible Assets - Indefinite-lived Intangibles (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Trademarks [Member]
Unamortized Intangible Assets [Abstract]
Gross carrying amount	$ 165,658	$ 165,594

Restructuring Activities (Detai

Restructuring Activities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 14,387	$ 24,103
Restructuring Reserve [Roll Forward]
Severance and other restructuring reserve, beginning balance	13,991
Provision	14,387
Payments	(9,725)
Restructuring Reserve, Translation Adjustment	161
Other, including write-offs of fixed assets and acquired balances	1,339
Severance and other restructuring reserve, ending balance	20,153
Energy Segment [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges	6,416	17,822
Engineered Systems Segment [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges	1,967	4,355
Fluids Segment [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges	5,226	2,097
Refrigeration and Food Equipment Segment [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges	21	(282)
Corporate, Non-Segment [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges	757	111
Employee Severance [Member]
Restructuring Reserve [Roll Forward]
Severance and other restructuring reserve, beginning balance	11,036
Provision	10,681
Payments	(8,234)
Restructuring Reserve, Translation Adjustment	121
Other, including write-offs of fixed assets and acquired balances	2,458
Severance and other restructuring reserve, ending balance	16,062
Facility Closing [Member]
Restructuring Reserve [Roll Forward]
Severance and other restructuring reserve, beginning balance	2,955
Provision	3,706
Payments	(1,491)
Restructuring Reserve, Translation Adjustment	40
Other, including write-offs of fixed assets and acquired balances	(1,119)
Severance and other restructuring reserve, ending balance	4,091
Cost of Sales [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges	5,851	7,454
Selling, General and Administrative Expenses [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 8,536	$ 16,649

Borrowings (Details)

Borrowings (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Debt Disclosure [Abstract]
Interest expense	$ 33,318	$ 33,005
Interest income	(1,604)	(968)
Interest expense, net	31,714	$ 32,037
Debt Instrument [Line Items]
Long-term Debt, Current Maturities	4,558		$ 122
Letters of Credit Outstanding, Amount	91,840
Short-term borrowings [Abstract]
Commercial Paper	401,300		151,000
Debt, Current	405,858		151,122
Deferred Finance Costs, Own-share Lending Arrangement, Issuance Costs, Net	(13,145)		(13,687)
Long-term borrowings [Abstract]
Carrying amount of long-term debt	2,623,787		2,617,342
Long-term debt	2,610,642		2,603,655
Line of Credit Facility [Abstract]
Unsecured revolving credit facility, maximum borrowing capacity	$ 1,000,000
Line of Credit Facility, Covenant Compliance	The Company was in compliance with its revolving credit and other long-term debt covenants at March 31, 2016 and had a coverage ratio of 12.3 to 1
Credit Agreement [Member]
Line of Credit Facility [Abstract]
Line of Credit Facility, Expiration Date	Nov. 10, 2020
Note due 2018 [Member]
Long-term borrowings [Abstract]
Long-term debt	$ 349,340		349,258
Debt instruments, maturity date	Mar. 15, 2018
Debt instrument, stated interest rate (in hundredths)	5.45%
Term of debt instrument (in years)	10 years
Note due 2020 [Member]
Long-term borrowings [Abstract]
Long-term debt	$ 334,783		328,592
Debt instruments, maturity date	Dec. 1, 2020
Debt instrument, stated interest rate (in hundredths)	2.125%
Term of debt instrument (in years)	7 years
Note due 2021 [Member]
Long-term borrowings [Abstract]
Long-term debt	$ 449,872		449,865
Debt instruments, maturity date	Mar. 1, 2021
Debt instrument, stated interest rate (in hundredths)	4.30%
Term of debt instrument (in years)	10 years
Note due 2025 [Member]
Long-term borrowings [Abstract]
Long-term debt	$ 397,028		396,951
Debt instruments, maturity date	Nov. 15, 2025
Debt instrument, stated interest rate (in hundredths)	3.15%
Term of debt instrument (in years)	10 years
Debentures due 2028 [Member]
Long-term borrowings [Abstract]
Long-term debt	$ 199,560		199,552
Debt instruments, maturity date	Jun. 1, 2028
Debt instrument, stated interest rate (in hundredths)	6.65%
Term of debt instrument (in years)	30 years
Debenture due 2035 [Member]
Long-term borrowings [Abstract]
Long-term debt	$ 296,884		296,844
Debt instruments, maturity date	Oct. 15, 2035
Debt instrument, stated interest rate (in hundredths)	5.375%
Term of debt instrument (in years)	30 years
Note due 2038 [Member]
Long-term borrowings [Abstract]
Long-term debt	$ 248,058		248,036
Debt instruments, maturity date	Mar. 15, 2038
Debt instrument, stated interest rate (in hundredths)	6.60%
Term of debt instrument (in years)	30 years
Note due 2041 [Member]
Long-term borrowings [Abstract]
Long-term debt	$ 346,029		345,989
Debt instruments, maturity date	Mar. 1, 2041
Debt instrument, stated interest rate (in hundredths)	5.375%
Term of debt instrument (in years)	30 years
Other long term debt instruments [Member]
Long-term borrowings [Abstract]
Long-term debt	$ 2,233		$ 2,255
Minimum [Member]
Line of Credit Facility [Abstract]
Line of Credit Facility, Expiration Date	Dec. 31, 2016
Maximum [Member]
Line of Credit Facility [Abstract]
Line of Credit Facility, Expiration Date	Dec. 31, 2020

Financial Instruments (Details)

Financial Instruments (Details) $ in Thousands, € in Millions	3 Months Ended
	Mar. 31, 2016USD ($)	Mar. 31, 2015USD ($)	Mar. 31, 2016EUR (€)	Dec. 31, 2015USD ($)
Derivatives, Fair Value [Line Items]
Long-term debt	$ 2,610,642			$ 2,603,655
Gain (loss) on euro net investment hedge, gross	(6,165)	$ 34,017
Foreign currency translation adjustments, tax	2,158	(11,906)
Gain (Loss) on euro net investment hedge, net of tax	(4,007)	22,111
Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	30,859			37,735
Not Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	66,310			51,369
Cross Currency Interest Rate Contract [Member]
Derivatives, Fair Value [Line Items]
Gain (loss) on euro net investment hedge, gross	0	(1,333)
Foreign Exchange Forward [Member] | Designated as Hedging Instrument [Member] | Prepaid Expenses and Other Current Assets [Member]
Derivatives, Fair Value [Line Items]
Fair Value - Asset	113			170
Foreign Exchange Forward [Member] | Designated as Hedging Instrument [Member] | Other Accrued Expenses [Member]
Derivatives, Fair Value [Line Items]
Fair Value - Liability	416			$ 452
Note due 2020 [Member]
Derivatives, Fair Value [Line Items]
Gain (loss) on euro net investment hedge, gross	$ (6,165)	$ 35,350
Note due 2020 [Member] | Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Debt Instrument, Face Amount | €			€ 300

Financial Instruments - Balance

Financial Instruments - Balance Sheet Location (Details) - Fair Value, Measurements, Recurring [Member] - Fair Value, Inputs, Level 2 [Member] - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Assets [Abstract]
Foreign currency cash flow hedges - asset	$ 113	$ 170
Liabilities [Abstract]
Foreign currency cash flow hedges - liability	$ 416	$ 452

Financial Instruments - Fair V

Financial Instruments - Fair Value Measurements (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Estimate of Fair Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	$ 3,024,157	$ 2,880,734

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Effective tax rate (in hundredths)	22.10%	28.80%
Discrete tax benefits	$ 7,348	$ 703
Pre-discrete tax rate	27.90%	29.30%
Minimum [Member]
Significant change in unrecognized tax benefits is reasonably possible, estimated range of change, lower bound	$ 0
Maximum [Member]
Significant change in unrecognized tax benefits is reasonably possible, estimated range of change, lower bound	$ 19,649

Equity Incentive Program (Detai

Equity Incentive Program (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Stock-based compensation expense [Abstract]
Pre-tax compensation expense	$ 11,387	$ 13,387
Tax benefit	(4,050)	(4,764)
Total stock-based compensation expense, net of tax	$ 7,337	$ 8,623
Stock Appreciation Rights (SARs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued during period (in shares)	1,346,354
Risk-free interest rate (in hundredths)	1.05%	1.51%
Dividend yield (in hundredths)	3.09%	2.24%
Expected life (in years)	4 years 6 months 30 days	5 years 1 month
Volatility (in hundredths)	26.17%	27.19%
Grant price (in dollars per share)	$ 57.25	$ 73.28
Fair value at date of grant (in dollars per share)	$ 9.25	14.55
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued during period (in shares)	79,561
Fair value at date of grant (in dollars per share)	$ 57.25	$ 73.28
Performance share attainment	87.75%	43.83%
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued during period (in shares)	215,181

Commitments and Contingent Li56

Commitments and Contingent Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Accrual for environmental loss contingencies	$ 32,453		$ 30,595
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward]
Beginning balance	44,466	$ 49,388
Provision for warranties	14,031	11,075
Settlements made	(12,462)	(13,395)
Other adjustments, including acquisitions and currency translation	4,666	(630)
Ending balance	$ 50,701	$ 46,438

Employee Benefit Plans (Details

Employee Benefit Plans (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Net periodic benefit cost [Abstract]
Total amount amortized out of accumulated other comprehensive income	$ 3,691	$ 5,788
Defined contribution plan expense	9,808	9,006
U.S. Pension Plans, Defined Benefit [Member]
Net periodic benefit cost [Abstract]
Service cost	3,478	3,915
Interest cost	5,762	5,791
Expected return on plan assets	(9,698)	(10,393)
Prior service cost (income)	183	224
Recognized actuarial (gain) loss	1,609	3,155
Transition obligation	0	0
Other	0	810
Net periodic benefit cost	1,334	3,502
Foreign Pension Plans, Defined Benefit [Member]
Net periodic benefit cost [Abstract]
Service cost	1,373	1,688
Interest cost	1,375	1,486
Expected return on plan assets	(1,948)	(2,019)
Prior service cost (income)	(99)	23
Recognized actuarial (gain) loss	665	675
Transition obligation	1	9
Other	0	2
Net periodic benefit cost	1,367	1,864
Supplemental Employee Retirement Plans, Defined Benefit [Member]
Net periodic benefit cost [Abstract]
Service cost	740	935
Interest cost	1,317	1,266
Prior service cost (income)	1,567	1,732
Recognized actuarial (gain) loss	(140)	71
Net periodic benefit cost	3,484	4,004
Post-Retirement Benefits [Member]
Net periodic benefit cost [Abstract]
Service cost	13	41
Interest cost	105	128
Prior service cost (income)	(36)	(93)
Recognized actuarial (gain) loss	(59)	(8)
Net periodic benefit cost	$ 23	$ 68

Other Comprehensive Earnings (D

Other Comprehensive Earnings (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Foreign currency translation adjustments [Abstract]
Foreign currency translation adjustments, before tax	$ 6,611	$ (72,203)
Foreign currency translation adjustments, tax	2,158	(11,906)
Total foreign currency translation	8,769	(84,109)
Pension and other postretirement benefit plans [Abstract]
Pension and other postretirement benefit plans, before tax	3,691	5,788
Pension and other postretirement benefit plans, tax	(1,241)	(1,962)
Total pension and other postretirement benefit plans	2,450	3,826
Changes in fair value of cash flow hedges [Abstract]
Changes in fair value of cash flow hedges, before tax	(147)	1,629
Changes in fair value of cash flow hedges, tax	51	(570)
Total cash flow hedges	(96)	1,059
Other comprehensive earnings other adjustment, net of tax [Abstract]
Other, before tax	2,090	241
Other, tax	(251)	(27)
Other comprehensive earnings other adjustment	1,839	214
Total other comprehensive earnings [Abstract]
Other comprehensive earnings (loss), before Tax	12,245	(64,545)
Other comprehensive earnings (loss), tax	717	(14,465)
Other comprehensive earnings (loss)	12,962	(79,010)
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]
Net earnings	99,356	209,510
Other comprehensive earnings (loss)	12,962	(79,010)
Comprehensive earnings	112,318	130,500
Other Comprehensive Income Loss Reclassification Adjustment From AOCI Pension And Other Postretirement Benefit Plans Net Of Tax Abstract [Abstract]
Amortization of actuarial losses	2,076	3,902
Amortization of prior service costs	1,615	1,886
Total before tax	3,691	5,788
Tax provision	(1,241)	(1,962)
Net of tax	2,450	3,826
Other Comprehensive Income Loss Reclassification Adjustment From AOCI Derivatives Net of Tax [Abstract]
Cash flow hedges	(72)	(153)
Tax benefit	25	54
Net of tax	$ (47)	$ (99)

Segment Information (Details)

Segment Information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)segments	Mar. 31, 2015USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments | segments	4
Reconciliation from Segment Totals to Consolidated [Abstract]
Revenue	$ 1,622,273	$ 1,715,501
Reconciliation of Earnings from Continuing Operations from Segments to Consolidated [Abstract]
Interest expense, net	31,714	32,037
Earnings before provision for income taxes and discontinued operations	127,624	164,675
Provision for income taxes	28,268	47,485
Earnings from continuing operations	99,356	117,190
Energy Segment [Member]
Reconciliation from Segment Totals to Consolidated [Abstract]
Revenue	283,230	430,423
Reconciliation of Earnings from Continuing Operations from Segments to Consolidated [Abstract]
Earnings before provision for income taxes and discontinued operations	11,244	52,305
Engineered Systems Segment [Member]
Reconciliation from Segment Totals to Consolidated [Abstract]
Revenue	576,995	573,196
Reconciliation of Earnings from Continuing Operations from Segments to Consolidated [Abstract]
Earnings before provision for income taxes and discontinued operations	93,748	88,149
Fluids Segment [Member]
Reconciliation from Segment Totals to Consolidated [Abstract]
Revenue	399,062	340,236
Reconciliation of Earnings from Continuing Operations from Segments to Consolidated [Abstract]
Earnings before provision for income taxes and discontinued operations	46,047	54,634
Refrigeration and Food Equipment Segment [Member]
Reconciliation from Segment Totals to Consolidated [Abstract]
Revenue	363,252	372,097
Reconciliation of Earnings from Continuing Operations from Segments to Consolidated [Abstract]
Earnings before provision for income taxes and discontinued operations	38,161	36,150
Intersegment Elimination [Member]
Reconciliation from Segment Totals to Consolidated [Abstract]
Revenue	(266)	(451)
Total segments [Member]
Reconciliation of Earnings from Continuing Operations from Segments to Consolidated [Abstract]
Earnings before provision for income taxes and discontinued operations	189,200	231,238
Corporate expense / other [Member]
Reconciliation of Earnings from Continuing Operations from Segments to Consolidated [Abstract]
Earnings before provision for income taxes and discontinued operations	$ 29,862	$ 34,526

Share Repurchases (Details)

Share Repurchases (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Share Repurchases [Line Items]
Purchase of common stock	$ 0	$ 200,055
January 2015 Authorization [Member]
Share Repurchases [Line Items]
Number of shares authorized to be repurchased	15,000,000
Shares repurchased	0	2,753,165
Average price per share for repurchased shares (in dollars per share)		$ 72.66
Remaining number of shares authorized to be repurchased	6,771,458
Purchase of common stock		$ 200,055

Earnings per Share (Details)

Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Reconciliation of information used in computing basic and diluted earnings per share [Abstract]
Earnings from continuing operations	$ 99,356	$ 117,190
Earnings from discontinued operations, net	0	92,320
Net earnings	$ 99,356	$ 209,510
Basic earnings (loss) per common share:
Earnings from continuing operations (in dollars per basic share)	$ 0.64	$ 0.72
Earnings from discontinued operations, net (in dollars per basic share)	0	0.57
Net earnings (in dollars per basic share)	$ 0.64	$ 1.30
Weighted average shares outstanding - basic (in shares)	155,064,000	161,650,000
Diluted earnings (loss) per common share:
Earnings from continuing operations (in dollars per diluted share)	$ 0.64	$ 0.72
Earnings from discontinued operations, net (in dollars per diluted share)	0	0.57
Net earnings (in dollars per diluted share)	$ 0.64	$ 1.28
Weighted average shares outstanding - diluted (in shares)	156,161,000	163,323,000
Reconciliation Of Share Amounts Used In Computing Earnings Per Share [Abstract]
Weighted average shares outstanding - basic (in shares)	155,064,000	161,650,000
Dilutive effect of assumed exercise of employee stock options, SAR's and performance shares (in shares)	1,097,000	1,673,000
Weighted average shares outstanding - diluted (in shares)	156,161,000	163,323,000
Antidilutive securities excluded from computation of earnings per share	27,000	56,000

Recent Accounting Standards Rec

Recent Accounting Standards Recent Accounting Standards (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Recent Accounting Policies [Abstract]
Deferred Finance Costs, Own-share Lending Arrangement, Issuance Costs, Net	$ 13,145	$ 13,687