Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Jan. 26, 2018 | Jun. 30, 2017 | |
Entity Information [Line Items] | |||
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 | $ 12,394,317,137 | ||
Entity Common Stock, Shares Outstanding | 154,424,436 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2017 |
CONSOLIDATED STATEMENTS OF EARN
CONSOLIDATED STATEMENTS OF EARNINGS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Statement [Abstract] | |||
Revenue | $ 7,830,436 | $ 6,794,342 | $ 6,956,311 |
Cost of goods and services | 4,940,059 | 4,322,373 | 4,388,167 |
Gross profit | 2,890,377 | 2,471,969 | 2,568,144 |
Selling, general and administrative expenses | 1,975,932 | 1,757,523 | 1,647,382 |
Operating earnings | 914,445 | 714,446 | 920,762 |
Interest expense | 145,208 | 136,401 | 131,676 |
Interest income | (8,502) | (6,759) | (4,419) |
Gain on sale of businesses | (203,138) | (96,598) | 0 |
Other expense (income), net | 7,034 | (7,930) | (7,105) |
Earnings before provision for income taxes and discontinued operations | 973,843 | 689,332 | 800,610 |
Provision for income taxes | 162,178 | 180,440 | 204,729 |
Earnings from continuing operations | 811,665 | 508,892 | 595,881 |
Earnings from discontinued operations, net | 0 | 0 | 273,948 |
Net earnings | $ 811,665 | $ 508,892 | $ 869,829 |
Earnings per share from continuing operations [Abstract] | |||
Earnings from continuing operations (in dollars per basic share) | $ 5.21 | $ 3.28 | $ 3.78 |
Earnings from continuing operations (in dollars per diluted share) | 5.15 | 3.25 | 3.74 |
Earnings per share from discontinued operations [Abstract] | |||
Earnings from discontinued operations, net (in dollars per basic share) | 0 | 0 | 1.74 |
Earnings (loss) from discontinued operations, net (in dollars per diluted share) | 0 | 0 | 1.72 |
Net earnings per share [Abstract] | |||
Net earnings (in dollars per basic share) | 5.21 | 3.28 | 5.52 |
Net earnings (in dollars per diluted share) | $ 5.15 | $ 3.25 | $ 5.46 |
Weighted average shares outstanding - basic (in shares) | 155,685,000 | 155,231,000 | 157,619,000 |
Weighted average shares outstanding - diluted (in shares) | 157,744,000 | 156,636,000 | 159,172,000 |
Dividends paid per common share (in dollars per share) | $ 1.82 | $ 1.72 | $ 1.64 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | |||
Net earnings | $ 811,665 | $ 508,892 | $ 869,829 |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Tax | (7,397) | (4,560) | (11,791) |
Foreign currency translation adjustments [Abstract] | |||
Foreign currency translation gains (losses) | 143,064 | (106,526) | (117,302) |
Reclassification of foreign currency translation losses (gains) to earnings | 3,992 | 823 | (3,092) |
Total foreign currency translation adjustments | 147,056 | (105,703) | (120,394) |
Pension and other postretirement benefit plans [Abstract] | |||
Actuarial gains (losses) | 12,439 | (7,928) | 4,492 |
Prior service credit (cost) | 3,136 | (776) | 4,171 |
Amortization of actuarial losses including in net periodic pension cost | 5,267 | 5,683 | 10,280 |
Amortization of prior service costs included in net periodic pension cost | 3,007 | 4,397 | 4,993 |
Settlement and curtailment | (2,462) | 0 | 0 |
Total pension and other postretirement benefit plans | 21,387 | 1,376 | 23,936 |
Changes in fair value of cash flow hedges [Abstract] | |||
Unrealized net (losses) gains | (1,801) | 144 | (328) |
Net (gains) losses reclassified into earnings | (590) | 415 | (108) |
Total cash flow hedges | (2,391) | 559 | (436) |
Other | (1,485) | (985) | 1,252 |
Other comprehensive earnings (loss), net of tax | 164,567 | (104,753) | (95,642) |
Comprehensive earnings | $ 976,232 | $ 404,139 | $ 774,187 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Current assets | ||
Cash and cash equivalents | $ 753,964 | $ 349,146 |
Receivables, net of allowances | 1,385,567 | 1,265,201 |
Inventories | 878,635 | 870,487 |
Prepaid and other current assets | 188,954 | 104,357 |
Total current assets | 3,207,120 | 2,589,191 |
Property, plant and equipment, net | 999,772 | 945,670 |
Goodwill | 4,591,912 | 4,562,677 |
Intangible assets, net | 1,609,927 | 1,802,923 |
Other assets and deferred charges | 248,922 | 215,530 |
Total assets | 10,657,653 | 10,115,991 |
Current liabilities | ||
Notes payable and current maturities of long-term debt | 581,102 | 414,550 |
Accounts payable | 979,446 | 830,318 |
Accrued compensation and employee benefits | 258,394 | 226,440 |
Accrued insurance | 101,910 | 96,062 |
Other accrued expenses | 356,099 | 332,595 |
Federal and other income taxes | 21,242 | 40,353 |
Total current liabilities | 2,298,193 | 1,940,318 |
Long-term debt | 2,986,702 | 3,206,637 |
Deferred income taxes | 438,841 | 710,173 |
Other liabilities | 550,737 | 459,117 |
Stockholders' Equity | ||
Preferred stock | 0 | 0 |
Common stock | 256,992 | 256,538 |
Additional paid-in capital | 942,485 | 946,755 |
Retained earnings | 8,455,501 | 7,927,795 |
Accumulated other comprehensive loss | (194,759) | (359,326) |
Common stock in treasury | (5,077,039) | (4,972,016) |
Total Stockholders' equity | 4,383,180 | 3,799,746 |
Total liabilities and stockholders' equity | $ 10,657,653 | $ 10,115,991 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Current assets | ||
Allowance for doubtful accounts receivable | $ 39,232 | $ 22,015 |
Stockholders' Equity | ||
Preferred stock, par value per share | $ 100 | $ 100 |
Preferred stock, shares authorized | 100,000 | 100,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value per share | $ 1 | $ 1 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares issued | 256,992,261 | 256,537,535 |
Treasury Stock, shares | 102,168,868 | 101,109,186 |
CONSOLIDATED STATEMENT OF STOCK
CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Common Stock in Treasury [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
Balance at beginning of year at Dec. 31, 2014 | $ 3,700,725 | $ 255,893 | $ 900,833 | $ (4,371,852) | $ 7,074,782 | $ (158,931) |
Net earnings | 869,829 | 0 | 0 | 0 | 869,829 | 0 |
Dividends paid | (257,969) | 0 | 0 | 0 | (257,969) | 0 |
Common stock issued for the exercise of share-based awards | (3,562) | 220 | (3,782) | 0 | 0 | 0 |
Tax benefit from the exercise of share-based awards | 661 | 0 | 661 | 0 | 0 | 0 |
Stock-based compensation expense | 30,697 | 0 | 30,697 | 0 | 0 | 0 |
Common stock acquired | (600,164) | 0 | 0 | (600,164) | 0 | 0 |
Other comprehensive earnings (loss), net of tax | (95,642) | 0 | 0 | 0 | 0 | (95,642) |
Balance at end of year at Dec. 31, 2015 | 3,644,575 | 256,113 | 928,409 | (4,972,016) | 7,686,642 | (254,573) |
Net earnings | 508,892 | 0 | 0 | 0 | 508,892 | 0 |
Dividends paid | (267,739) | 0 | 0 | 0 | (267,739) | 0 |
Common stock issued for the exercise of share-based awards | (15,700) | 425 | (16,125) | 0 | 0 | 0 |
Tax benefit from the exercise of share-based awards | 4,964 | 0 | 4,964 | 0 | 0 | 0 |
Stock-based compensation expense | 21,015 | 0 | 21,015 | 0 | 0 | 0 |
Other comprehensive earnings (loss), net of tax | (104,753) | 0 | 0 | 0 | 0 | (104,753) |
Other | 8,492 | 0 | 8,492 | 0 | 0 | 0 |
Balance at end of year at Dec. 31, 2016 | 3,799,746 | 256,538 | 946,755 | (4,972,016) | 7,927,795 | (359,326) |
Net earnings | 811,665 | 0 | 0 | 0 | 811,665 | 0 |
Dividends paid | (283,959) | 0 | 0 | 0 | (283,959) | 0 |
Common stock issued for the exercise of share-based awards | (18,443) | 454 | (18,897) | 0 | 0 | 0 |
Stock-based compensation expense | 26,528 | 0 | 26,528 | 0 | 0 | 0 |
Common stock acquired | (105,023) | 0 | 0 | (105,023) | 0 | 0 |
Other comprehensive earnings (loss), net of tax | 164,567 | 0 | 0 | 0 | 0 | 164,567 |
Other | (11,901) | 0 | (11,901) | 0 | 0 | 0 |
Balance at end of year at Dec. 31, 2017 | $ 4,383,180 | $ 256,992 | $ 942,485 | $ (5,077,039) | $ 8,455,501 | $ (194,759) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Operating Activities of Continuing Operations | |||
Net earnings | $ 811,665 | $ 508,892 | $ 869,829 |
Adjustments to reconcile net earnings to cash from operating activities: | |||
Earnings from discontinued operations, net | 0 | 0 | (273,948) |
Depreciation and amortization | 394,240 | 360,739 | 327,089 |
Stock-based compensation | 26,528 | 21,015 | 30,697 |
Gain on sale of businesses | (203,138) | (96,598) | 0 |
Provision for losses on accounts receivable (net of recoveries) | 11,295 | 10,641 | 5,946 |
Deferred income taxes | (170,859) | (79,414) | (5,916) |
Employee benefit plan expense | 13,238 | 26,492 | 34,253 |
Contributions to employee benefit plans | (20,464) | (25,691) | (21,942) |
Other, net | (52,108) | (34,718) | (2,258) |
Cash effect of changes assets and liabilities (excluding effects of acquisitions, dispositions and foreign exchange): | |||
Accounts receivable | (104,706) | (44,649) | 37,916 |
Inventories | (12,557) | 25,858 | 63,129 |
Prepaid expenses and other assets | (11,136) | 2,589 | (7,401) |
Accounts payable | 124,051 | 58,695 | 42,925 |
Accrued compensation and employee benefits | 29,059 | (12,596) | (71,090) |
Accrued expenses and other liabilities | (34,234) | 45,371 | (19,765) |
Accrued taxes | 20,685 | 95,349 | (60,405) |
Net cash provided by operating activities of continuing operations | 821,559 | 861,975 | 949,059 |
Investing Activities of Continuing Operations | |||
Additions to property, plant and equipment | (196,735) | (165,205) | (154,251) |
Acquisitions (net of cash and cash equivalents acquired) | (36,031) | (1,561,737) | (567,843) |
Proceeds from the sale of property, plant and equipment | 15,322 | 17,749 | 14,604 |
Proceeds from the sale of businesses | 372,666 | 206,407 | 689,314 |
Settlement of net investment hedge | 0 | 0 | (17,752) |
Other | 21,151 | (1,057) | 1,350 |
Net cash provided by (used in) investing activities of continuing operations | 176,373 | (1,503,843) | (34,578) |
Financing Activities of Continuing Operations | |||
Proceeds from long-term debt | 0 | 656,399 | 394,300 |
Proceeds from exercise of share-based awards, including tax benefits | 0 | 8,431 | 4,024 |
Change in commercial paper and notes payable, net | (183,194) | 254,834 | (327,000) |
Repayment of long-term debt | 0 | (2,017) | (300,048) |
Dividends to stockholders | (283,959) | (268,339) | (257,969) |
Purchase of common stock | (105,023) | 0 | (600,164) |
Payments for employee tax obligations upon exercise of share-based awards | (18,443) | (15,700) | (5,029) |
Other | (4,120) | 0 | 0 |
Net cash provided by (used in) financing activities of continuing operations | (594,739) | 633,608 | (1,091,886) |
Cash Flows from Discontinued Operations | |||
Net cash (used in) provided by operating activities of discontinued operations | 0 | 0 | (113,946) |
Net cash used in investing activities of discontinued operations | 0 | 0 | (1,984) |
Net cash (used in) provided by discontinued operations | 0 | 0 | (115,930) |
Effect of exchange rate changes on cash and cash equivalents | 1,625 | (4,779) | (26,061) |
Net decrease in cash and cash equivalents | 404,818 | (13,039) | (319,396) |
Cash and cash equivalents at beginning of period | 349,146 | 362,185 | 681,581 |
Cash and cash equivalents at end of period | 753,964 | 349,146 | 362,185 |
Supplemental information - cash paid during the year for [Abstract] | |||
Income taxes | 337,987 | 170,394 | 346,382 |
Interest | $ 140,863 | $ 131,184 | $ 128,151 |
Description of Business and Sum
Description of Business and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
Description of Business and Summary of Significant Accounting Policies [Abstract] | |
Description of Business and Summary of Significant Accounting Policies [Text Block] | 1. Description of Business and Summary of Significant Accounting Policies Description of Business Dover Corporation ("Dover" or "Company") is a diversified global manufacturer delivering innovative equipment and components, specialty systems, consumable supplies, software and digital solutions and support services. The Company also provides supporting engineering, testing and other similar services, which are not significant in relation to consolidated revenue. The Company’s businesses are based primarily in the United States of America and Europe with manufacturing and other operations throughout the world. The Company operates through four business segments that are aligned with the key end markets they serve: Engineered Systems, Fluids, Refrigeration & Food Equipment and Energy. For additional information on the Company’s segments, see Note 17 — Segment Information . Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. Intercompany accounts and transactions have been eliminated in consolidation. The results of operations of acquired businesses are included from the dates of acquisitions. As discussed in Note 4 — Disposed and Discontinued Operations , the Company reported certain businesses as discontinued operations for the year ended December 31, 2015. The results of operations and cash flows of these businesses have been separately reported as discontinued operations in 2015. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the Consolidated Financial Statements and accompanying disclosures. These estimates may be adjusted due to changes in future economic, industry, or customer financial conditions, as well as changes in technology or demand. Estimates are used for, but not limited to, allowances for doubtful accounts receivable, net realizable value of inventories, restructuring reserves, warranty reserves, pension and post-retirement plans, stock-based compensation, useful lives for depreciation and amortization of long-lived assets, future cash flows associated with impairment testing for goodwill, indefinite-lived intangible assets and other long-lived assets, deferred tax assets, uncertain income tax positions and contingencies. Actual results may ultimately differ from estimates, although management does not believe such differences would materially affect the consolidated financial statements in any individual year. Estimates and assumptions are periodically reviewed and the effects of revisions are reflected in the Consolidated Financial Statements in the period that they are determined. Cash and Cash Equivalents Cash and cash equivalents include cash on hand, demand deposits and short-term investments, which are highly liquid in nature and have original maturities at the time of purchase of three months or less . The carrying value of cash and cash equivalents approximate fair value. Accounts Receivable and Allowance for Doubtful Accounts Accounts receivable are recorded at face amounts less an allowance for doubtful accounts. The allowance is an estimate based on historical collection experience, current economic and market conditions and a review of the current status of each customer's trade accounts receivable. Management evaluates the aging of the accounts receivable balances and the financial condition of its customers to estimate the amount of accounts receivable that may not be collected in the future and records the appropriate provision. Inventories Inventories for the majority of the Company’s subsidiaries, including all international subsidiaries, are stated at the lower of net realizable value, determined on the first-in, first-out (FIFO) basis, or cost. Other domestic inventories are stated at cost, determined on the last-in, first-out (LIFO) basis, which is less than market value. Property, Plant and Equipment Property, plant and equipment includes the historical cost of land, buildings, machinery and equipment, purchased software and significant improvements to existing plant and equipment or, in the case of acquisitions, a fair market value appraisal of assets. Expenditures for maintenance, repairs and minor renewals are expensed as incurred. When property or equipment is sold or otherwise disposed of, the related cost and accumulated depreciation is removed from the respective accounts and the gain or loss realized on disposition is reflected in earnings. The Company depreciates its assets on a straight-line basis over their estimated useful lives as follows: buildings and improvements 5 to 31.5 years; machinery and equipment 3 to 7 years; furniture and fixtures 3 to 7 years; vehicles 3 years; and software 3 to 10 years. Derivative Financial Instruments The Company uses derivative financial instruments to hedge its exposures to various risks, including interest rate and foreign currency exchange rate risk. The Company does not enter into derivative financial instruments for speculative purposes and does not have a material portfolio of derivative financial instruments. Derivative financial instruments used for hedging purposes must be designated and effective as a hedge of the identified risk exposure at inception of the contract. The Company recognizes all derivatives as either assets or liabilities on the consolidated balance sheet and measures those instruments at fair value. For derivatives designated as hedges of the fair value of assets or liabilities, the changes in fair value of both the derivatives and of the hedged items are recorded in current earnings. For derivatives designated as cash flow hedges, the effective portion of changes in the fair value of the derivatives is recorded as a component of other comprehensive earnings and subsequently recognized in net earnings when the hedged items impact earnings. Goodwill and Other Intangible Assets Goodwill represents the excess of purchase price over the fair value of net assets acquired. Goodwill and certain other intangible assets deemed to have indefinite lives (primarily trademarks) are not amortized. For goodwill, impairment tests are required at least annually, or more frequently if events or circumstances indicate that it may be impaired, or when some portion but not all of a reporting unit is disposed of or classified as assets held for sale. Based on its current organizational structure, the Company identified ten reporting units for which cash flows are determinable and to which goodwill may be allocated. The Company performs its goodwill impairment test annually in the fourth quarter at the reporting unit level. A quantitative test is used to determine existence of goodwill impairment and the amount of the impairment loss at the reporting unit level. The quantitative test compares the fair value of a reporting unit with its carrying amount, including goodwill. The Company uses an income-based valuation method, determining the present value of estimated future cash flows, to estimate the fair value of a reporting unit. If the fair value of a reporting unit exceeds its carrying amount, goodwill of the reporting unit is not impaired. If the carrying amount of a reporting unit exceeds its fair value, an impairment loss shall be recognized in an amount equal to that excess, limited to the total amount of goodwill allocated to that reporting unit. Factors used in the impairment analysis require significant judgment, and actual results may differ from assumed and estimated amounts. The Company uses its own market assumptions including internal projections of future cash flows, discount rates and other assumptions considered reasonable and inherent in the analysis. These forecasts are based on historical performance and future estimated results. The discount rates used in these analyses vary by reporting unit and are based on a capital asset pricing model and published relevant industry rates. The Company uses discount rates commensurate with the risks and uncertainties inherent to each reporting unit and in the internally developed forecasts. See Note 7 — Goodwill and Other Intangible Assets for further discussion of the Company's annual goodwill impairment test and results. The Company uses an income-based valuation method to annually test its indefinite-lived intangible assets for impairment. The fair value of the intangible asset is compared to its carrying value. This method uses the Company’s own market assumptions considered reasonable and inherent in the analysis. Any excess of carrying value over the estimated fair value is recognized as an impairment loss. No impairment of indefinite-lived intangible assets was required for the years ended December 31, 2017 , 2016 , or 2015 . Other intangible assets with determinable lives primarily consist of customer intangibles, unpatented technologies, patents and trademarks. The other intangible assets are amortized over their estimated useful lives, ranging from 5 to 15 years. Long-lived assets (including definite-lived intangible assets) are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable, such as a significant sustained change in the business climate. If an indicator of impairment exists for any grouping of assets, an estimate of undiscounted future cash flows is produced and compared to its carrying value. If an asset is determined to be impaired, the loss is measured by the excess of the carrying amount of the asset over its fair value, as determined by an estimate of discounted future cash flows. Restructuring Accruals From time to time, the Company takes actions to reduce headcount, close facilities, or otherwise exit operations. Such restructuring activities at an operation are recorded when management has committed to an exit or reorganization plan and when termination benefits are probable and can be reasonably estimated based on circumstances at the time the restructuring plan is approved by management or when termination benefits are communicated. Exit costs include future minimum lease payments on vacated facilities and other contractual terminations. In addition, asset impairments may be recorded as a result of an approved restructuring plan. The accrual of both severance and exit costs requires the use of estimates. Though the Company believes that its estimates accurately reflect the anticipated costs, actual results may be different from the original estimated amounts. Foreign Currency Assets and liabilities of non-U.S. subsidiaries, where the functional currency is not the U.S. dollar, have been translated at year-end exchange rates and profit and loss accounts have been translated using weighted-average monthly exchange rates. Foreign currency translation gains and losses are included in the Consolidated Statements of Comprehensive Earnings as a component of Other comprehensive earnings (loss). Assets and liabilities of an entity that are denominated in currencies other than an entity’s functional currency are re-measured into the functional currency using end of period exchange rates or historical rates, where applicable to certain balances. Gains and losses related to these re-measurements are recorded within the Consolidated Statements of Earnings as a component of Other expense (income), net. Gains and losses arising from intercompany foreign currency transactions that are of a long-term investment in nature are reported in the same manner as translation adjustments. Revenue Recognition Revenue is recognized when all of the following conditions are satisfied: a) persuasive evidence of an arrangement exists, b) price is fixed or determinable, c) collectability is reasonably assured and d) delivery has occurred or services have been rendered. The majority of the Company’s revenue is generated through the manufacture and sale of a broad range of specialized products and components, with revenue recognized upon transfer of title and risk of loss, which is generally upon shipment. Service revenue represents less than 5% of total revenue and is recognized as the services are performed. In limited cases, revenue arrangements with customers require delivery, installation, testing, certification, or other acceptance provisions to be satisfied before revenue is recognized. The Company includes shipping costs billed to customers in revenue and the related shipping costs in cost of goods and services. Stock-Based Compensation The principal awards issued under the Company’s stock-based compensation plans include non-qualified stock appreciation rights ("SARs"), restricted stock units and performance share awards. The cost for such awards is measured at the grant date based on the fair value of the award. At the time of grant, the Company estimates forfeitures, based on historical experience, in order to estimate the portion of the award that will ultimately vest. The value of the portion of the award that is expected to ultimately vest is recognized as expense on a straight-line basis, generally over the explicit service period of three years (except for retirement-eligible employees and retirees) and is included in selling, general and administrative expenses in the Consolidated Statements of Earnings. Expense for awards granted to retirement-eligible employees is recorded over the period from the date of grant through the date the employee first becomes eligible to retire and is no longer required to provide service. See Note 13 — Equity and Cash Incentive Program for additional information related to the Company’s stock-based compensation. Income Taxes The provision for income taxes on continuing operations includes federal, state, local and non-U.S. taxes. Tax credits, primarily for research and experimentation, non-U.S. earnings and U.S. manufacturer's tax deduction are recognized as a reduction of the provision for income taxes on continuing operations in the year in which they are available for tax purposes. Deferred taxes are provided using enacted rates on the future tax consequences of temporary differences. Temporary differences include the differences between the financial statement carrying amounts of assets and liabilities and their respective tax bases and the tax benefit of carryforwards. A valuation allowance is established for deferred tax assets for which realization is not assured. In assessing the need for a valuation allowance, management considers all available evidence, including the future reversal of existing taxable temporary differences, taxable income in carryback periods, prudent and feasible tax planning strategies and estimated future taxable income. The valuation allowance can be affected by changes to tax regulations, interpretations and rulings, changes to enacted statutory tax rates and changes to future taxable income estimates. Tax benefits are recognized from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position in consideration of applicable tax statutes and related interpretations and precedents. Tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than 50% likelihood of being realized on ultimate settlement. On December 22, 2017, the U.S. bill commonly referred to as the Tax Cuts and Jobs Act (“Tax Reform Act”) was enacted, which significantly changes U.S. tax law by, among other things, lowering corporate income tax rates, implementing a territorial tax system and imposing a repatriation tax on deemed repatriated earnings of foreign subsidiaries. The Tax Reform Act permanently reduces the U.S. corporate income tax rate from a maximum of 35% to a flat 21% rate, effective January 1, 2018. The Tax Reform Act also provided for a one-time deemed repatriation of post-1986 undistributed foreign subsidiary earnings and profits (“E&P”) through the year ended December 31, 2017. The Global Intangible Low-Taxed Income ("GILTI") provisions of the Tax Reform Act require the Company to include in its U.S. income tax return foreign subsidiary earnings in excess of an allowable return on the foreign subsidiary’s tangible assets. The Company expects that it will be subject to incremental U.S. tax on GILTI income beginning in 2018, due to expense allocations required by the U.S. foreign tax credit rules. The Company has elected to account for GILTI tax in the period in which it is incurred, and therefore has not provided any deferred tax impacts of GILTI in its consolidated financial statements for the year ended December 31, 2017. On December 22, 2017, the SEC staff issued Staff Accounting Bulletin No. 118 (“SAB 118”) to address the application of U.S. GAAP in situations when a registrant does not have the necessary information available, prepared, or analyzed (including computations) in reasonable detail to complete the accounting for certain income tax effects of the Tax Reform Act. The Company has recognized the provisional tax impacts related to deemed repatriated earnings and the benefit for the revaluation of deferred tax assets and liabilities, and included these amounts in its consolidated financial statements for the year ended December 31, 2017. The final impact may differ from these provisional amounts, possibly materially, due to, among other things, additional analysis, changes in interpretations and assumptions the Company has made, additional regulatory guidance that may be issued, and actions the Company may take as a result of the Tax Reform Act. In accordance with SAB 118 the financial reporting impact of the Tax Reform Act will be completed in the fourth quarter of 2018. Research and Development Costs Research and development costs, including qualifying engineering costs, are expensed when incurred and amounted to $124,986 in 2017 , $104,479 in 2016 and $115,037 in 2015 . Advertising Costs Advertising costs are expensed when incurred and amounted to $34,589 in 2017 , $35,859 in 2016 and $37,527 in 2015 . Risk, Retention, Insurance The Company currently self-insures its product and commercial general liability claims up to $5.0 million per occurrence, its workers’ compensation claims up to $0.8 million per occurrence and automobile liability claims up to $5.0 million per occurrence. Third-party insurance provides primary level coverage in excess of these amounts up to certain specified limits. In addition, the Company has excess liability insurance from third-party insurers on both an aggregate and an individual occurrence basis well in excess of the limits of the primary coverage. A worldwide program of property insurance covers the Company’s owned and leased property and any business interruptions that may occur due to an insured hazard affecting those properties, subject to reasonable deductibles and aggregate limits. The Company’s property and casualty insurance programs contain various deductibles that, based on the Company’s experience, are typical and customary for a company of its size and risk profile. The Company does not consider any of the deductibles to represent a material risk to the Company. The Company generally maintains deductibles for claims and liabilities related primarily to workers’ compensation, health and welfare claims, general commercial, product and automobile liability and property damage and business interruption resulting from certain events. The Company accrues for claim exposures that are probable of occurrence and can be reasonably estimated. As part of the Company’s risk management program, insurance is maintained to transfer risk beyond the level of self-retention and provide protection on both an individual claim and annual aggregate basis. Reclassifications – Certain amounts in prior years have been reclassified to conform to the current year presentation. Recent Accounting Pronouncements Recently Issued Accounting Standards The following standards, issued by the Financial Accounting Standards Board ("FASB"), will, or are expected to, result in a change in practice and/or have a financial impact to the Company’s Consolidated Financial Statements: In August 2017, the FASB issued Accounting Standards Update ("ASU") 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities. This ASU provides new guidance about income statement classification and eliminates the requirement to separately measure and report hedge ineffectiveness. The entire change in fair value for qualifying hedge instruments included in the effectiveness will be recorded in other comprehensive income (OCI) and amounts deferred in OCI will be reclassified to earnings in the same income statement line item in which the earnings effect of the hedged item is reported. The guidance is effective for interim and annual periods for the Company on January 1, 2019, with early adoption permitted. The Company does not expect the adoption of this ASU to have a material impact on its Consolidated Financial Statements. In March 2017, the FASB issued ASU 2017-07, Compensation-Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost. This ASU changes the income statement presentation of defined benefit and post-retirement benefit plan expense by requiring separation between operating expense (the service cost component of net periodic benefit expense) and non-operating expense (all other components of net periodic benefit expense, including interest cost, amortization of prior service cost, curtailments and settlements, etc.). The operating expense component is reported with similar compensation costs while the non-operating components are reported outside of operating income. The guidance is effective for interim and annual periods for the Company on January 1, 2018. The Company does not expect the adoption of this ASU to have a material impact on its Consolidated Financial Statements. In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805): Clarifying the definition of a business, which clarifies the definition of a business and assists entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. Under this guidance, when substantially all of the fair value of gross assets acquired is concentrated in a single asset (or group of similar assets), the assets acquired would not represent a business. In addition, in order to be considered a business, an acquisition would have to include at a minimum an input and a substantive process that together significantly contribute to the ability to create an output. The amended guidance also narrows the definition of outputs by more closely aligning it with how outputs are described in FASB guidance for revenue recognition. This guidance is effective for interim and annual periods for the Company on January 1, 2018. The Company does not expect the adoption of this ASU to have a material impact on its Consolidated Financial Statements. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments. This ASU addresses the following eight specific cash flow issues: Debt prepayment or debt extinguishment costs; settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing; contingent consideration payments made after a business combination; proceeds from the settlement of insurance claims; proceeds from the settlement of corporate-owned life insurance policies (including bank-owned life insurance policies); distributions received from equity method investees; beneficial interests in securitization transactions; and separately identifiable cash flows and application of the predominance principle. This guidance is effective for the Company on January 1, 2018. The Company does not expect the adoption of this ASU to have a material impact on its Consolidated Financial Statements. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), 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 cash flows. This guidance will be effective for the Company on January 1, 2019. During the second half of 2017, the Company developed a project plan to guide the implementation of ASU 2016-02. The Company made progress on this plan including surveying the Company’s businesses, assessing the Company’s portfolio of leases and compiling a central repository of active leases. The Company has also selected a lease accounting software solution to support the new reporting requirements and made progress on its configuration and the initial design of the future lease process. While the Company has not yet completed its evaluation of the impact the new lease accounting guidance will have on its Consolidated Financial Statements, the Company expects to recognize right of use assets and liabilities for its operating leases in the Consolidated Balance Sheet upon adoption. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606). The guidance 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 is effective for the Company on January 1, 2018. The Company commenced its assessment of ASU 2014-09 during the second half of 2015 and developed a project plan to guide the implementation. The Company has completed the project including analyzing the ASU’s impact on the Company's contract portfolio, surveying the Company's businesses and discussing the various revenue streams, completing contract reviews, comparing its historical accounting policies and practices to the requirements of the new guidance, identifying potential differences from applying the requirements of the new guidance to its contracts and updating and providing training on its accounting policy. The Company has completed the process of evaluating controls and new disclosure requirements and identifying and implementing appropriate changes to its business processes and systems to support recognition and disclosure under the new guidance. The Company will adopt this new guidance using the modified retrospective method that will result in a cumulative effect adjustment, as of the date of adoption. The Company’s adoption of this ASU will not have a material impact on its Consolidated Financial Statements. Recently Adopted Accounting Standards In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. The amended guidance simplifies the accounting for goodwill impairment for all entities by eliminating the requirement to perform a hypothetical purchase price allocation. A goodwill impairment charge will now be recognized for the amount by which the carrying value of a reporting unit exceeds its fair value, not to exceed the carrying amount of goodwill. The Company early adopted this guidance on January 1, 2017 as its annual impairment test is performed after January 1, 2017. The adoption of this ASU did not have a material impact on the Company's Consolidated Financial Statements. In March 2016, the FASB issued ASU 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. The ASU 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 adoption of the new standard resulted in the recognition of excess tax benefits in the Company's provision for income taxes within the Consolidated Statements of Earnings rather than paid-in capital of $8,365 for the year ended December 31, 2017 . Additionally, the Consolidated Statement of Cash Flows now present excess tax benefits as an operating activity, adjusted prospectively. Finally, the Company elected to continue to estimate forfeitures based on historical data and recognizes forfeiture compensation expense over the vesting period of the award. The Company adopted this guidance on January 1, 2017. In July 2015, the FASB issued ASU 2015-11, Inventory (Topic 340): Simplifying the Measurement of Inventory. Under this guidance, entities utilizing the first-in first-out ("FIFO") or average cost method should measure inventory at the lower of cost or net realizable value, whereas net realizable value is defined as the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. The Company adopted this guidance on January 1, 2017. The adoption of this ASU did not have a material impact to the Company's Consolidated Financial Statements. |
Planned Spin-Off (Notes)
Planned Spin-Off (Notes) | 12 Months Ended |
Dec. 31, 2017 | |
Planned Spin-Off [Abstract] | |
Planned Spin Off [Text Block] | 2. Planned Spin-off of Certain Energy Businesses On December 7, 2017, Dover announced that its Board of Directors had approved a plan to spin-off its upstream energy businesses within the Dover Energy segment, collectively, the “Wellsite” business, through a U.S. tax-free spin-off to shareholders. The Company expects to complete the separation in May of 2018, subject to the satisfaction or waiver of certain customary conditions. The Company incurred $15,300 of costs associated with the transaction which were reported in Selling, general and administrative expenses in the Consolidated Statement of Earnings. These transaction costs primarily relate to professional fees associated with preparation of regulatory filings and separation activities within finance, legal and information system functions. Upon separation, the historical results of Wellsite will be presented as discontinued operations as it represents a strategic shift in operations with a material impact to the Consolidated Financial Statements. |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2017 | |
Business Combinations [Abstract] | |
Acquisitions | 3. Acquisitions 2017 During the year ended December 31, 2017 , the Company acquired three businesses in separate transactions for total consideration of $43,142 , net of cash acquired and including contingent consideration. The businesses were acquired to complement and expand upon existing operations within the Engineered Systems and Energy segments. The goodwill identified by these acquisitions reflects the benefits expected to be derived from product line expansion and operational synergies. On April 5, 2017, the Company purchased 100% of the voting stock of Caldera Graphics S.A.S. ("Caldera") within the Engineered Systems segment for $32,857 , net of cash acquired and including contingent consideration. In connection with this acquisition, the Company recorded goodwill of $27,174 and intangible assets of $8,169 , primarily related to customer intangibles. The goodwill is non-deductible for U.S. federal income tax purposes. The intangible assets are being amortized over 7 to 15 years. The Company also completed other acquisitions within the Energy and Engineered Systems segments for total consideration of $10,285 , net of cash acquired, during the year. In connection with these acquisitions, the Company recorded goodwill of $8,059 and customer intangible assets of $4,538 . The intangible assets are being amortized over 9 years. The pro forma effects of these acquisitions on the Company’s operations are disclosed in this footnote. 2016 During the year ended December 31, 2016 , the Company acquired six businesses in separate transactions for total consideration of $1,561,737 . During the measurement period, the Company recorded working capital adjustments which resulted in final net cash consideration of $1,554,448 . On December 9, 2016 , the Company acquired Wayne Fueling Systems Ltd., a provider of fuel dispensing, payment systems and monitoring and optimization software, for approximately $792,244 , net of cash acquired. In connection with this acquisition, the Company initially recorded goodwill of $482,445 and intangible assets of $300,042 , primarily related to customer intangibles and trademarks. The goodwill is non-deductible for U.S. federal income tax purposes. The intangible assets are being amortized over 11 to 15 years. The Company also completed other acquisitions for total consideration of $769,493 , net of cash acquired during the year. These acquisitions were completed primarily to complement and expand upon existing operations within the Fluids and Engineered Services segments. In connection with these acquisitions, the Company recorded goodwill of $425,868 and intangible assets of $321,609 , primarily consisting of customer intangibles and trademarks. The intangible assets are being amortized over 4 to 15 years. 2015 During 2015 , the Company acquired four businesses for total consideration of $567,843 , net of cash acquired. These acquisitions were completed primarily to complement and expand upon existing operations within the Fluids, Engineered Systems and Refrigeration & Food Equipment segments. The pro forma effects of these acquisitions on the Company’s operations are disclosed in this footnote. Pro Forma Information The following unaudited pro forma results of operations reflect the 2017 acquisitions as if they had occurred on January 1, 2016 and the 2016 acquisitions as if they had occurred on January 1, 2015. The pro forma information is not necessarily indicative of the results that actually would have occurred, nor does it indicate future operating results. The supplemental pro forma earnings reflect adjustments to earnings from continuing operations as reported in the Consolidated Statements of Earnings to exclude nonrecurring expense related to the fair value adjustments to acquisition-date inventory (after-tax) and acquisition-related costs (after-tax) from the year ended December 31, 2017 . These adjustments were not material in 2017 . The supplemental pro forma earnings for the 2016 period were similarly adjusted for 2016 acquisitions charges as if incurred at the beginning of 2015 . The 2017 and 2016 supplemental pro forma earnings are also adjusted to reflect the comparable impact of additional depreciation and amortization expense, net of tax, resulting from the fair value measurement of tangible and intangible assets relating to 2017 and 2016 acquisitions. Years Ended December 31, 2017 2016 Revenue: As reported $ 7,830,436 $ 6,794,342 Pro forma 7,841,835 7,494,468 Earnings: As reported $ 811,665 $ 508,892 Pro forma 812,490 550,176 Basic earnings per share: As reported $ 5.21 $ 3.28 Pro forma 5.22 3.54 Diluted earnings per share: As reported $ 5.15 $ 3.25 Pro forma 5.15 3.51 |
Disposed and Discontinued Opera
Disposed and Discontinued Operations | 12 Months Ended |
Dec. 31, 2017 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposed and Discontinued Operations | 4. Disposed and Discontinued Operations Disposed Businesses 2017 On November 1, 2017, the Company completed the sale of the consumer and industrial winch business of Warn Industries, Inc. ("Warn"), a wholly owned subsidiary of the Company, for total consideration of $250,283 . The Company recognized a pre-tax gain on sale of $116,932 . The Company retained the automotive business of Warn within the Industrials platform of the Engineered Systems segment. On February 14, 2017, the Company completed the sale of Performance Motorsports International ("PMI"), a wholly owned subsidiary of the Company that manufactures pistons and other engine related components serving the motorsports and powersports markets. Total consideration for the transaction was $147,313 , including cash proceeds of $118,706 . The Company recognized a pre-tax gain on sale of $88,402 and recorded a 25% equity method investment at fair value of $18,607 as well as a subordinated note receivable of $10,000 . Other immaterial dispositions completed during the year were recorded as a net pre-tax loss of $2,196 . Gains and losses recorded from the sale of businesses were reported in the Gain on sale of businesses line in the Consolidated Statements of Earnings. 2016 On February 17, 2016, the Company completed the sale of Texas Hydraulics, a custom manufacturer of fluid power components within the Engineered Systems segment. The Company received gross proceeds of $47,300 and in connection with the sale of Texas Hydraulics, the Company recorded a pre-tax gain of $11,853 . On November 1, 2016, the Company completed the sale of Tipper Tie, a global supplier of processing and clip packaging machines within the Refrigeration & Food Equipment segment. The Company received gross proceeds of $158,887 with the sale and recorded a pre-tax gain of $85,035 . 2015 During the fourth quarter of 2015, the Company completed the sale of the walk-in cooler business of Hillphoenix within the Refrigeration and Food Equipment segment. The gain on sale recorded was immaterial. Management evaluates Dover's businesses periodically and may from time to time sell or discontinue certain operations for various reasons. The disposals in 2017 , 2016 and 2015 did not represent strategic shifts in operations and, therefore, did not qualify for presentation as a discontinued operation, unless otherwise noted. Discontinued Operations The results of operations and financial position of Datamax O'Neil and Sargent Aerospace have been reclassified to discontinued operations in 2015 . Summarized results of the Company’s discontinued operations were as follows: Year Ended December 31, 2015 Revenue $ 72,869 Gain on sale, including impairments, net of tax 265,550 Earnings from operations before taxes 8,222 Benefit for income taxes 176 Earnings from operations, net of tax 8,398 Earnings from discontinued operations, net of tax $ 273,948 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 . On April 24, 2015, the Company completed the sale of Sargent Aerospace for total proceeds of $500,000 , which resulted in a net gain on sale of $177,769 . The Company paid approximately $110,500 of taxes relating to the net gain on sale of these businesses which is reflected within cash flows from discontinued operations in the Consolidated Statements of Cash Flows. These businesses were reclassified to discontinued operations in the fourth quarter of 2014 in connection with their impending sale. The net earnings from operations for 2015 of $8,398 include after-tax earnings of $9,209 for those businesses classified as discontinued operations. Also reflected in this amount is a pension settlement charge of $810 , net of tax, attributable to lump sum payments made to Sargent Aerospace participants in Dover's qualified defined benefit pension plan. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2017 | |
Inventory, Net [Abstract] | |
Inventories [Text Block] | 5. Inventories The components of inventories were as follows: December 31, 2017 December 31, 2016 Raw materials $ 445,417 $ 428,286 Work in progress 139,175 138,652 Finished goods 418,818 409,314 Subtotal 1,003,410 976,252 Less reserves (124,775 ) (105,765 ) Total $ 878,635 $ 870,487 At December 31, 2017 and 2016 , approximately 15% and 16% , respectively, of the Company's total inventories were accounted for using the LIFO method. |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Text Block] | 6. Property, Plant and Equipment, net The components of property, plant and equipment, net were as follows: December 31, 2017 December 31, 2016 Land $ 68,476 $ 68,575 Buildings and improvements 616,282 597,523 Machinery, equipment and other 1,919,113 1,802,832 Property, plant and equipment, gross 2,603,871 2,468,930 Total accumulated depreciation (1,604,099 ) (1,523,260 ) Property, plant and equipment, net $ 999,772 $ 945,670 Total depreciation expense was $191,285 , $175,495 and $167,516 for the years ended December 31, 2017 , 2016 and 2015 , respectively. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | 7. Goodwill and Other Intangible Assets Goodwill The changes in the carrying value of goodwill by reportable operating segments were as follows: Engineered Systems Fluids Refrigeration & Food Equipment Energy Total Goodwill $ 1,484,455 $ 715,715 $ 560,600 $ 1,047,180 $ 3,807,950 Accumulated impairment loss (10,591 ) (59,970 ) — — (70,561 ) Balance at January 1, 2016 $ 1,473,864 $ 655,745 $ 560,600 $ 1,047,180 $ 3,737,389 Acquisitions 126,140 782,173 — — 908,313 Purchase price adjustments 363 4,860 768 — 5,991 Disposition of business (9,615 ) — (25,252 ) — (34,867 ) Foreign currency translation (23,536 ) (29,270 ) 63 (1,406 ) (54,149 ) Balance at December 31, 2016 1,567,216 1,413,508 536,179 1,045,774 4,562,677 Acquisitions 30,180 — — 5,053 35,233 Purchase price adjustments 6,826 (35,939 ) — — (29,113 ) Disposition of business (79,113 ) — (296 ) — (79,409 ) Foreign currency translation 60,288 36,890 816 4,530 102,524 Balance at December 31, 2017 $ 1,585,397 $ 1,414,459 $ 536,699 $ 1,055,357 $ 4,591,912 During 2017 and 2016 , the Company recognized additions of $35,233 and $908,313 , respectively, to goodwill as a result of acquisitions as discussed in Note 3 — Acquisitions . Due to the inherent difficulty of estimating the initial purchase price allocation of recent acquisitions and the time needed to finalize the balance sheets of acquired companies, the Company will continue to refine its estimates of fair value to more accurately allocate purchase price; any such revisions are not expected to be significant. During 2017 and 2016 , the Company recorded adjustments totaling $(29,113) and $5,991 , respectively, as a result of the finalization of purchase price allocation to assets acquired and liabilities assumed related to acquisitions completed in 2016 and 2015 . During 2017 and 2016 , the Company derecognized $79,409 and $34,867 , respectively, of goodwill as a result of the disposition of businesses as discussed in Note 4 — Disposed and Discontinued Operations . The Company allocated goodwill upon disposal based upon the fair value of the disposed business relative to the remaining entities in its reporting unit. Annual impairment testing The Company tests goodwill for impairment annually in the fourth quarter of each year and whenever events or circumstances indicate an impairment may have occurred. In the first quarter of 2017, the Company re-aligned its reporting units after acquiring four companies in the retail fueling market in 2016, increasing its reporting units from nine to ten . The Company performed the goodwill impairment test for the three reporting units within the Fluids segment before and after the realignment, concluding that the fair values of the reporting units were in excess of their carrying values. The Company performed its annual goodwill impairment test during the fourth quarter of 2017 using a discounted cash flow analysis as discussed in Note 1 — Description of Business and Summary of Significant Accounting Policies . The Company performed a quantitative goodwill impairment test for each of its ten reporting units, concluding that the fair values of all of its reporting units were substantially in excess of their carrying values. As previously noted, the fair values of each of the Company’s reporting units was determined using a discounted cash flow analysis which includes management’s current assumptions as to future cash flows and long-term growth rates. The discount rates used in these analyses varied by reporting unit and were based on a capital asset pricing model and published relevant industry rates. The Company used discount rates commensurate with the risks and uncertainties inherent to each reporting unit and in our internally developed forecasts. Discount rates used in the 2017 reporting unit valuations ranged from 8.5% to 10.0% . While the Company believes the assumptions used in the 2017 impairment analysis are reasonable and representative of expected results, if market conditions worsen or persist for an extended period of time, an impairment of goodwill or assets may occur. The Company will continue to monitor the long-term outlook and forecasts, including estimated future cash flows, for these businesses and the impact on the carrying value of goodwill and assets. Intangible Assets The Company's definite-lived and indefinite-lived intangible assets by major asset class were as follows and reflect the divestiture of Warn and acquired intangibles in 2017: December 31, 2017 December 31, 2016 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Amortized intangible assets: Customer intangibles $ 1,977,776 $ 836,102 $ 1,141,674 $ 1,942,974 $ 718,135 $ 1,224,839 Trademarks 253,934 76,344 177,590 246,619 56,455 190,164 Patents 160,237 130,771 29,466 157,491 119,828 37,663 Unpatented technologies 162,613 80,984 81,629 155,752 64,648 91,104 Distributor relationships 85,794 32,092 53,702 113,463 44,914 68,549 Drawings & manuals 35,806 22,876 12,930 37,744 23,114 14,630 Other 34,106 21,570 12,536 31,632 21,184 10,448 Total 2,710,266 1,200,739 1,509,527 2,685,675 1,048,278 1,637,397 Unamortized intangible assets: Trademarks 100,400 — 100,400 165,526 — 165,526 Total intangible assets, net $ 2,810,666 $ 1,200,739 $ 1,609,927 $ 2,851,201 $ 1,048,278 $ 1,802,923 The Company recorded $12,707 of acquired intangible assets in 2017 . See Note 3 — Acquisitions . Amortization expense was $202,955 , $185,244 and $159,573 , including acquisition-related intangible amortization of $201,695 , $183,835 and $157,849 , for the years ended December 31, 2017 , 2016 and 2015 , respectively. Estimated future amortization expense related to intangible assets held at December 31, 2017 is as follows: Estimated Amortization 2018 $ 193,566 2019 186,346 2020 175,119 2021 167,253 2022 152,105 |
Accrued Expenses and Other Liab
Accrued Expenses and Other Liabilities | 12 Months Ended |
Dec. 31, 2017 | |
Accrued Expenses and Other Liabilities [Abstract] | |
Accrued Expenses and Other Liabilities [Text Block] | 8. Other Accrued Expenses and Other Liabilities The following table details the major components of Other accrued expenses: December 31, 2017 December 31, 2016 Warranty $ 54,337 $ 48,648 Unearned/deferred revenue 52,755 42,000 Taxes other than income 38,408 33,298 Accrued rebates and volume discounts 37,711 41,378 Restructuring and exit costs 33,864 11,926 Accrued interest 31,073 30,819 Accrued commissions (non-employee) 13,139 12,528 Other (none of which are individually significant) 94,812 111,998 Total current liabilities $ 356,099 $ 332,595 The following table details the major components of Other liabilities (non-current): December 31, 2017 December 31, 2016 Defined benefit and other post-retirement benefit plans $ 198,623 $ 196,268 Income tax payable - deemed repatriation tax 108,497 — Unrecognized tax benefits 84,452 84,894 Deferred compensation 78,065 73,694 Legal and environmental 34,105 30,330 Unearned/deferred revenue 9,916 12,526 Warranty 8,135 36,349 Other (none of which are individually significant) 28,944 25,056 Total other liabilities $ 550,737 $ 459,117 Warranty Estimated warranty program claims are provided for at the time of sale. Amounts provided for are based on historical costs and adjusted for new claims. Additionally, a warranty accrual related to a product recall was $6,613 and $23,150 , at December 31, 2017 and 2016, respectively. See Note 14 — Commitments and Contingent Liabilities for further details. The changes in the carrying amount of product warranties were as follows: Years Ended December 31, 2017 2016 2015 Beginning Balance, December 31 of the Prior Year $ 84,997 $ 44,466 $ 49,388 Provision for warranties 57,472 68,566 51,392 Settlements made (73,164 ) (35,638 ) (55,715 ) Other adjustments, including acquisitions and currency translation (6,833 ) 7,603 (599 ) Ending Balance, December 31 $ 62,472 $ 84,997 $ 44,466 |
Restructuring Activities
Restructuring Activities | 12 Months Ended |
Dec. 31, 2017 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Related Activities Disclosure [Text Block] | 9. Restructuring Activities The Company initiated various restructuring programs and incurred severance and other restructuring costs by segment as follows: Years Ended December 31, 2017 2016 2015 Engineered Systems $ 11,847 $ 3,080 $ 13,302 Fluids 15,737 16,905 4,879 Refrigeration & Food Equipment 14,070 928 5,848 Energy 7,751 18,497 30,763 Corporate 9,775 756 412 Total $ 59,180 $ 40,166 $ 55,204 These amounts are classified in the Consolidated Statements of Earnings as follows: Cost of goods and services $ 22,990 $ 14,744 $ 21,194 Selling, general and administrative expenses 36,190 25,422 34,010 Total $ 59,180 $ 40,166 $ 55,204 The restructuring charges of $59,180 incurred in 2017 , includes $45,812 related to rightsizing restructuring programs designed primarily to better align the Company's cost structure in preparation for the Wellsite separation. The Company also executed restructuring programs to better align its operations with current market conditions through headcount reductions, targeted facility consolidations, product exits and other measures to further optimize operations. The Company expects the programs currently underway to be substantially completed in the next 12 months. Additional programs may be implemented during 2018 with related restructuring charges. The $59,180 of restructuring charges incurred during 2017 included the following programs: • The Engineered Systems segment recorded $11,847 of restructuring charges related to programs across the segment focused on headcount reductions and various site and product line moves and exits to lower ongoing operating expenses. • The Fluids segment recorded $15,737 of restructuring charges as a result of programs and projects across the segment, principally related to headcount reductions and facility consolidations, principally focused on achieving acquisition integration benefits. • The Refrigeration & Food Equipment segment recorded restructuring charges of $14,070 , related to headcount reductions, facility consolidations and product line exits, primarily within its Refrigeration business to improve margin performance. • The Energy segment incurred restructuring charges of $7,751 related to various programs across the segment focused on facility consolidations, product line exits and workforce reductions. • Corporate recorded $9,775 of restructuring charges primarily related to headcount reductions, corporate office consolidation and a shared facility exit in South America. Restructuring expenses incurred in 2016 and 2015 also included targeted facility consolidations at certain businesses and actions taken to optimize the Company's cost structure. The following table details the Company’s severance and other restructuring accrual activities: Severance Exit Total Balance at January 1, 2015 $ 15,358 $ 6,663 $ 22,021 Restructuring charges 32,148 23,056 55,204 Payments (38,003 ) (12,322 ) (50,325 ) Other, including foreign currency translation 1,533 (14,442 ) (1) (12,909 ) Balance at December 31, 2015 11,036 2,955 13,991 Restructuring charges 30,199 9,967 40,166 Payments (28,346 ) (7,548 ) (35,894 ) Other, including foreign currency translation (1,981 ) (3,935 ) (1) (5,916 ) Balance at December 31, 2016 10,908 1,439 12,347 Restructuring charges 32,378 26,802 59,180 Payments (17,298 ) (6,685 ) (23,983 ) Other, including foreign currency translation (1,033 ) (12,688 ) (1) (13,721 ) Balance at December 31, 2017 $ 24,955 $ 8,868 $ 33,823 (1) Other activity in exit reserves primarily represents the non-cash write-off of certain long-lived assets and inventory in connection with certain facility closures and product exits. The restructuring accrual balances at December 31, 2017 primarily reflects restructuring plans initiated during the year, inclusive of rightsizing-related restructuring and ongoing lease commitment obligations for facilities closed in prior periods. |
Borrowings
Borrowings | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Borrowings and Lines of Credit [Text Block] | 10. Borrowings and Lines of Credit Borrowings consist of the following: December 31, 2017 December 31, 2016 Short-term: Current portion of long-term and short-term borrowings $ 350,402 $ 6,950 Commercial paper 230,700 407,600 Notes payable and current maturities of long-term debt $ 581,102 $ 414,550 Carrying amount (1) Principal December 31, 2017 December 31, 2016 Long-term: 5.45% 10-year notes due March 15, 2018 $ 350,000 $ 349,918 $ 349,502 2.125% 7-year notes due December 1, 2020 (euro-denominated) € 300,000 354,349 311,851 4.30% 10-year notes due March 1, 2021 $ 450,000 448,831 448,458 3.150% 10-year notes due November 15, 2025 $ 400,000 394,695 394,042 1.25% 10-year notes due November 9, 2026 (euro-denominated) € 600,000 701,058 616,893 6.65% 30-year debentures due June 1, 2028 $ 200,000 198,954 198,830 5.375% 30-year debentures due October 15, 2035 $ 300,000 295,561 295,316 6.60% 30-year notes due March 15, 2038 $ 250,000 247,713 247,593 5.375% 30-year notes due March 1, 2041 $ 350,000 343,600 343,323 Other 2,034 1,969 Total long-term debt 3,336,713 3,207,777 Less long-term debt current portion (350,011 ) (1,140 ) Net long-term debt $ 2,986,702 $ 3,206,637 (1) Carrying amount is net of unamortized debt discount and deferred debt issuance costs. Total unamortized debt discounts were $17.6 million and $18.8 million as of December 31, 2017 , and December 31, 2016 , respectively. Total deferred debt issuance costs were $14.9 million and $16.5 million as of December 31, 2017 , and December 31, 2016 , respectively. The discounts are being amortized to interest expense using the effective interest method over the life of the issuances. On March 15, 2018, the outstanding 5.45% notes with a principal value of $350.0 million will mature. These notes have been classified as a current maturity of long-term debt as of December 31, 2017 . On November 9, 2016, the Company issued €600 million of 1.25% euro-denominated notes due 2026. The proceeds of $656.4 million from the sale of the notes, net of discounts and issuance costs, were used for payment of a portion of the purchase price of the acquisition of Wayne. The Company maintains a $1.0 billion five-year unsecured committed revolving credit facility (the "Credit Agreement") with a syndicate of banks which expires on November 10, 2020 . At the Company's election, loans under the Credit Agreement will bear interest at a base rate plus an applicable margin. In addition, the Credit Agreement requires the Company to pay a facility fee and imposes various restrictions on the Company such as, among other things, the requirement for the Company to maintain an interest coverage ratio of consolidated EBITDA to consolidated net interest expense of greater than or equal to 3.0 to 1 . The Company was in compliance with all covenants in the Credit Agreement and other long-term debt covenants at December 31, 2017 and had a coverage ratio of 11.4 to 1.0 . 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. Letters of Credit As of December 31, 2017 , the Company had approximately $135.4 million outstanding in letters of credit and guarantees with financial institutions, which expire at various dates in 2018 through 2039 . These letters of credit are primarily maintained as security for insurance, warranty and other performance obligations. In general, the Company would only be liable for the amount of these guarantees in the event of default in the performance of its obligations, the probability of which is believed to be remote. As of December 31, 2017 , the future maturities of long-term debt were as follows: Future Maturities 2018 $ 350,011 2019 1,943 2020 354,349 2021 448,831 2022 — 2023 and thereafter 2,181,579 Total $ 3,336,713 |
Financial Instruments
Financial Instruments | 12 Months Ended |
Dec. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 11. Financial Instruments Derivatives The Company is exposed to market risk for changes in foreign currency exchange rates due to the global nature of its operations. In order to manage this risk the Company has hedged portions of its forecasted sales and purchases, which occur within the next twelve months and are denominated in non-functional currencies, with currency forward or collar contracts designated as cash flow hedges. At December 31, 2017 and 2016 , the Company had contracts with U.S. dollar equivalent notional amounts of $115,580 and $59,932 , respectively, to exchange foreign currencies, principally the Pound Sterling, Chinese Yuan, Swedish Krona, Euro, Canadian Dollar, and Swiss Franc. The Company believes it is probable that all forecasted cash flow transactions will occur. In addition, the Company had outstanding contracts at December 31, 2017 and 2016 with a total notional amount of $59,952 and $56,189 , respectively, that are not designated as hedging instruments. These instruments are used to reduce the Company's exposure to operating receivables and payables that are denominated in non-functional currencies. Gains and losses on these contracts are recorded in Other expense (income), net in the Consolidated Statements of Earnings. The following table sets forth the fair values of derivative instruments held by the Company as of December 31, 2017 and 2016 and the balance sheet lines in which they are recorded: Fair Value Asset (Liability) December 31, 2017 December 31, 2016 Balance Sheet Caption Foreign currency forward $ 358 $ 1,058 Prepaid/Other assets Foreign currency forward (2,243 ) (705 ) Other accrued expenses For a cash flow hedge, the effective portion of the change in estimated fair value of a hedging instrument is recorded in Other comprehensive earnings (loss), net of tax as a separate component of the Consolidated Statements of Stockholders' Equity and is reclassified into Cost of goods and services in the Consolidated Statements of Earnings during the period in which the hedged transaction is recognized. The amount of gains or losses from hedging activity recorded in earnings is not significant and the amount of unrealized gains and losses from cash flow hedges, which are expected to be reclassified to earnings in the next twelve months, is not significant; therefore, additional tabular disclosures are not presented. There are no amounts excluded from the assessment of hedge effectiveness and the Company's derivative instruments that are subject to credit risk contingent features were not significant. The Company is exposed to credit loss in the event of nonperformance by counterparties to the financial instrument contracts held by the Company; however, nonperformance by these counterparties is considered unlikely as the Company’s policy is to contract with highly-rated, diversified counterparties. The Company has designated the €300,000 and €600,000 of euro-denominated notes issued December 4, 2013 and November 9, 2016, respectively, as a hedge of a portion of its net investment in euro-denominated operations. Changes in the value of the euro-denominated debt are recognized in foreign currency translation adjustments within Other comprehensive earnings (loss) of the Consolidated Statements of Comprehensive Earnings to offset changes in the value of the net investment in euro-denominated operations. Additionally, the Company's floating-to-floating cross currency swap agreement in exchange for Swiss Francs matured on October 15, 2015, and was also designated as a hedge of a portion of our net investment in non-U.S. operations. Changes in the value of the euro-denominated debt and the Swiss Franc cross-currency swap, resulting from exchange rate differences are offset by changes in the net investment due to the high degree of effectiveness between the hedging instruments and the exposure being hedged. Amounts recognized in Other comprehensive earnings (loss) for the gains (losses) on its net investment hedges were as follows: 2017 2016 2015 (Loss)/gain on euro-denominated debt $ (125,262 ) $ 53,791 $ 35,458 Loss on swiss franc cross-currency swap — — (2,185 ) Total (loss)/gain on net investment hedges before tax (125,262 ) 53,791 33,273 Tax benefit/(expense) 43,842 (18,827 ) (11,646 ) (Loss)/gain on net investment hedges, net of tax $ (81,420 ) $ 34,964 $ 21,627 Fair Value Measurements Accounting Standards Codification ("ASC") 820, Fair Value Measurements and Disclosures, establishes a fair value hierarchy that requires the Company to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the hierarchy is based on the lowest level of input that is significant to the fair value measurement. ASC 820 establishes three levels of inputs that may be used to measure fair value as follows: 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 Company's assets and liabilities measured at fair value on a recurring basis as of December 31, 2017 and 2016 were as follows: December 31, 2017 December 31, 2016 Level 2 Level 2 Assets: Foreign currency cash flow hedges $ 358 $ 1,058 Liabilities: Foreign currency cash flow hedges 2,243 705 The derivative contracts are measured at fair value using models based on observable market inputs such as foreign currency exchange rates and interest rates; therefore, they are classified within Level 2 of the fair value hierarchy. In addition to fair value disclosure requirements related to financial instruments carried at fair value, accounting standards require disclosures regarding the fair value of all of the Company’s financial instruments. The estimated fair value of long-term debt at December 31, 2017 and 2016 was $3,324,776 and $3,534,553 , respectively, compared to the carrying value of $2,986,702 and $3,206,637 , 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 equivalents, trade receivables, accounts payable and notes payable are reasonable estimates of their fair values as of December 31, 2017 and 2016 due to the short-term nature of these instruments. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | 12. Income Taxes Income taxes have been based on the following components of Earnings before provision for income taxes and discontinued operations in the Consolidated Statements of Earnings: Years Ended December 31, 2017 2016 2015 Domestic $ 620,908 $ 420,546 $ 530,268 Foreign 352,935 268,786 270,342 Total $ 973,843 $ 689,332 $ 800,610 Income tax expense (benefit) relating to continuing operations for the years ended December 31, 2017 , 2016 and 2015 is comprised of the following: Years Ended December 31, 2017 2016 2015 Current: U.S. federal $ 277,979 $ 139,117 $ 115,130 State and local 24,444 21,213 11,706 Foreign 47,152 85,273 79,982 Total current 349,575 245,603 206,818 Deferred: U.S. federal (187,365 ) (14,438 ) 19,238 State and local (3,514 ) (1,232 ) (3,433 ) Foreign 3,482 (49,493 ) (17,894 ) Total deferred (187,397 ) (65,163 ) (2,089 ) Total expense $ 162,178 $ 180,440 $ 204,729 Differences between the effective income tax rate and the U.S. federal income statutory tax rate are as follows: Years Ended December 31, 2017 2016 2015 U.S. federal income tax rate 35.0 % 35.0 % 35.0 % State and local taxes, net of federal income tax benefit 1.3 1.9 1.6 Foreign operations tax effect (6.5 ) (7.1 ) (4.3 ) Domestic manufacturing deduction (2.0 ) (2.2 ) (3.0 ) Foreign tax credits — (0.1 ) (2.4 ) Changes in tax law (5.6 ) (1.4 ) — Disposition of businesses (3.8 ) (0.6 ) — Other (1) (1.7 ) 0.7 (1.3 ) Effective tax rate from continuing operations 16.7 % 26.2 % 25.6 % (1) Research and experimentation tax credits and branch income differences have been collapsed into Other for all periods presented. The tax effects of temporary differences that give rise to future deferred tax assets and liabilities are as follows: December 31, 2017 December 31, 2016 Deferred Tax Assets: Accrued compensation, principally postretirement and other employee benefits $ 69,428 $ 121,909 Accrued expenses, principally for state income taxes, interest and warranty 21,251 40,256 Net operating loss and other carryforwards 269,892 325,721 Inventories, principally due to reserves for financial reporting purposes and capitalization for tax purposes 11,640 15,730 Accounts receivable, principally due to allowance for doubtful accounts 6,747 8,337 Accrued insurance 1,264 6,483 Long-term liabilities, principally warranty, environmental and exit costs 7,107 5,273 Other assets (23,396 ) (18,872 ) Total gross deferred tax assets 363,933 504,837 Valuation allowance (238,668 ) (289,642 ) Total deferred tax assets, net of valuation allowances 125,265 215,195 Deferred Tax Liabilities: Intangible assets, principally due to different tax and financial reporting bases and amortization lives (488,012 ) (814,242 ) Property, plant and equipment, principally due to differences in depreciation (47,549 ) (74,713 ) Accounts receivable (4,654 ) (10,086 ) Total gross deferred tax liabilities (540,215 ) (899,041 ) Net deferred tax liability $ (414,950 ) $ (683,846 ) Classified as follows in the Consolidated Balance Sheets: Other assets and deferred charges $ 23,891 $ 26,327 Deferred income taxes (438,841 ) (710,173 ) $ (414,950 ) $ (683,846 ) As of December 31, 2017 , the Company had non-U.S loss carryforwards of $963.6 million primarily resulting from restructuring undertaken to effect the Knowles spin-off and non-operating activities. The entire balance of the non-U.S. losses as of December 31, 2017 is available to be carried forward, with $129.2 million of these losses beginning to expire during the years 2018 through 2037 . The remaining $834.4 million of such losses can be carried forward indefinitely. The Company has $82.4 million and $84.2 million of state tax loss carryforwards as of December 31, 2017 and 2016 , respectively that are available for use by the Company between 2018 and 2037 . The Company maintains valuation allowances by jurisdiction against the deferred tax assets related to certain of these carryforwards as utilization of these tax benefits is not assured for certain jurisdictions. On December 22, 2017, the Tax Reform Act was enacted which permanently reduces the U.S. corporate income tax rate from a maximum of 35% to a flat 21% rate, effective January 1, 2018. As a result of the reduction in the U.S. corporate income tax rate, the Company revalued its ending net deferred tax liabilities as of December 31, 2017 and recognized a provisional tax benefit of $172.0 million . The Tax Reform Act also imposed a tax for a one-time deemed repatriation of post-1986 unremitted foreign E&P through the year ended December 31, 2017 . The Company recorded provisional tax expense related to the deemed repatriation of $115.0 million payable over eight years. The Company plans to make cash distributions to the U.S from non-U.S. subsidiaries of up to an estimated $450.0 million , and consequently has recorded $11.0 million of anticipated local withholding tax expense associated with these planned distributions. The GILTI provisions of the Tax Reform Act require the Company to include in its U.S. income tax return foreign subsidiary earnings in excess of an allowable return on the foreign subsidiary’s tangible assets. The Company expects that it will be subject to incremental U.S. tax on GILTI income beginning in 2018, due to expense allocations required by the U.S. foreign tax credit rules. The Company has elected to account for GILTI tax in the period in which it is incurred, and therefore has not provided any deferred tax impacts of GILTI in its consolidated financial statements for the year ended December 31, 2017. On December 22, 2017, the SEC staff issued SAB 118 to address the application of U.S. GAAP in situations when a registrant does not have the necessary information available, prepared, or analyzed (including computations) in reasonable detail to complete the accounting for certain income tax effects of the Tax Reform Act. In accordance with the SAB 118 guidance, the Company has recognized the provisional tax impacts related to deemed repatriated earnings and the benefit for the revaluation of deferred tax assets and liabilities in its consolidated financial statements for the year ended December 31, 2017. The final impact may differ from these provisional amounts, possibly materially, due to, among other things, issuance of additional regulatory guidance, changes in interpretations and assumptions the Company has made, and actions the Company may take as a result of the Tax Reform Act. In accordance with SAB 118 the financial reporting impact of the Tax Reform Act will be completed in the fourth quarter of 2018. Unrecognized Tax Benefits The Company files U.S., federal, state, local and foreign tax returns. The Company is routinely audited by the tax authorities in these jurisdictions, and a number of audits are currently underway. It is reasonably possible during the next twelve months that uncertain tax positions may be settled, which could result in a decrease in the gross amount of unrecognized tax benefits. This decrease may result in an income tax benefit. Due to the potential for resolution of federal, state and foreign examinations, and the expiration of various statutes of limitation, the Company's gross unrecognized tax benefits balance may change within the next twelve months by a range of zero to $14.1 million . The Company is no longer subject to examinations of its federal income tax returns for prior years through 2013. All significant state, local and international matters have been concluded for prior years through 2012. The Company believes adequate provision has been made for all income tax uncertainties. The following table is a reconciliation of the beginning and ending balances of the Company’s unrecognized tax benefits: Total Unrecognized tax benefits at January 1, 2015 $ 77,089 Additions based on tax positions related to the current year 17,131 Additions for tax positions of prior years 2,900 Reductions for tax positions of prior years (1) (17,135 ) Cash settlements (1,153 ) Lapse of statutes (12,744 ) Unrecognized tax benefits at December 31, 2015 66,088 Additions based on tax positions related to the current year 7,929 Additions for tax positions of prior years 9,076 Reductions for tax positions of prior years (3,067 ) Cash settlements (3,106 ) Lapse of statutes (6,605 ) Unrecognized tax benefits at December 31, 2016 70,315 Additions based on tax positions related to the current year 14,466 Additions for tax positions of prior years 4,105 Reductions for tax positions of prior years (9,653 ) Cash settlements (954 ) Lapse of statutes (10,245 ) Unrecognized tax benefits at December 31, 2017 (2) $ 68,034 (1) The settlement of certain income tax examinations of 2011 and 2012 tax years (in the year ended December 31, 2015) resulted in a significant decrease in unrecognized tax benefits. (2) If recognized, the net amount of potential tax benefits that would impact the Company’s effective tax rate is $59.2 million . During the years ended December 31, 2017 , 2016 and 2015 , the Company recorded expense (income) of $(0.5) million , $0.7 million and $(4.3) million , respectively, as a component of provision for income taxes related to the accrued interest and penalties on unrecognized tax benefits. The Company had accrued interest and penalties of $16.5 million at December 31, 2017 and $14.6 million at December 31, 2016 , which are not included in the above table. |
Equity and Cash Incentive Progr
Equity and Cash Incentive Program | 12 Months Ended |
Dec. 31, 2017 | |
Share-based Compensation [Abstract] | |
Share-based Compensation [Abstract] | 13. Equity and Cash Incentive Program The Company's share-based awards are typically granted annually at its regularly scheduled first quarter Compensation Committee meeting. Beginning in 2013, these awards were made pursuant to the terms of the Company's 2012 Equity and Cash Incentive Plan (the "2012 Plan"), which was approved by shareholders on May 3, 2012. This plan replaced the 2005 Equity and Cash Incentive Plan (the "2005 Plan"), which would have otherwise terminated according to its terms on January 31, 2015 and the 1996 Non-Employee Directors Stock Compensation Plan (the "Directors Plan"), which would have otherwise terminated according to its terms on December 31, 2012. Upon adoption of the 2012 Plan, no additional awards could be granted under the 2005 Plan. Officers and other key employees, as well as non-employee directors, are eligible to participate in the 2012 Plan, which has a ten-year term and will terminate on May 3, 2022. The 2012 Plan provides for stock options and SARs grants, restricted stock awards, restricted stock unit awards, performance share awards, cash performance awards, directors' shares and deferred stock units. Under the 2012 Plan, a total of 17,000,000 shares of common stock are reserved for issuance, subject to adjustments resulting from stock dividends, stock splits, recapitalizations, reorganizations and other similar changes. The exercise price per share for SARs is equal to the closing price of the Company’s stock on the New York Stock Exchange on the date of grant. New common shares are issued when SARs are exercised. The period during which SARs are exercisable is fixed by the Company’s Compensation Committee at the time of grant. Generally, the SARs vest after three years of service and expire at the end of ten years. Stock-based compensation costs are reported within Selling, general and administrative expenses in the Consolidated Statements of Earnings. The following table summarizes the Company’s compensation expense relating to all stock-based incentive plans: Years Ended December 31, 2017 2016 2015 Pre-tax compensation expense $ 26,528 $ 21,015 $ 30,697 Tax benefit (9,261 ) (7,399 ) (10,877 ) Total stock-based compensation expense, net of tax $ 17,267 $ 13,616 $ 19,820 On January 1, 2017, the Company adopted ASU 2016-09, Compensation: Stock Compensation (Topic 718). See Note 1 — Description of Business and Summary of Significant Accounting Policies . The adoption of the new standard resulted in the recognition of excess tax benefits in the Company's provision for income taxes within the Consolidated Statements of Earnings rather than paid-in capital of $8,365 for the year-ended December 31, 2017 . The Company recognized net tax benefits of $4,964 and $661 during 2016 and 2015 , respectively, for the exercise of SARs, stock options, restricted stock awards, restricted stock unit awards and performance share awards. These benefits have been recorded as an increase to additional paid-in capital and are reflected as financing cash inflows in the Consolidated Statements of Cash Flows. SARs In 2017 , 2016 and 2015 , the Company issued SARs covering 1,028,116 , 1,346,354 and 1,144,529 shares, respectively. Since 2006, the Company has only issued SARs and does not anticipate issuing stock options in the future. The fair value of each SAR grant was estimated on the date of grant using a Black-Scholes option-pricing model with the following assumptions: 2017 2016 2015 Risk-free interest rate 1.80 % 1.05 % 1.51 % Dividend yield 2.27 % 3.09 % 2.24 % Expected life (years) 4.6 4.6 5.1 Volatility 21.90 % 26.17 % 27.19 % Grant price $ 79.28 $ 57.25 $ 73.28 Fair value at date of grant $ 12.63 $ 9.25 $ 14.55 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 awards is based on the U.S. Treasury yield curve in effect at the time of grant. A summary of activity relating to SARs granted under the 2012 Plan and the predecessor plans for the year ended December 31, 2017 is as follows: SARs Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (Years) Outstanding at January 1, 2017 7,253,827 $ 59.00 Granted 1,028,116 79.28 Forfeited / expired (240,859 ) 69.36 Exercised (1,467,105 ) 54.54 Outstanding at December 31, 2017 6,573,979 62.78 5.8 Exercisable at December 31, 2017 3,640,841 $ 57.65 4.0 The following table summarizes information about outstanding SARs at December 31, 2017 : SARs Outstanding SARs Exercisable Range of Exercise Prices Number of Shares Weighted Average Exercise Price Weighted Average Remaining Life in Years Aggregate Intrinsic Value Number of Shares Weighted Average Exercise Price Weighted Average Remaining Life in Years Aggregate Intrinsic Value $25.96 - $37.79 927,723 $ 33.98 1.8 $ 62,170 929,840 $ 33.98 1.8 $ 62,170 $40.54 - $58.69 2,301,826 $ 57.67 5.8 99,723 1,188,436 $ 58.06 3.7 50,903 $63.33 - $82.51 3,344,430 $ 74.30 7.0 89,274 1,522,565 $ 71.77 5.6 44,446 6,573,979 $ 251,167 3,640,841 $ 157,519 Unrecognized compensation expense related to SARs not yet exercisable was $8,428 at December 31, 2017 . This cost is expected to be recognized over a weighted average period of 1.6 years . Other information regarding the exercise of SARs and stock options is listed below: 2017 2016 2015 SARs Fair value of SARs that became exercisable $ 16,006 $ 24,843 $ 25,380 Aggregate intrinsic value of SARs exercised $ 44,646 $ 34,916 $ 14,560 Stock Options Cash received by Dover for exercise of stock options $ — $ — $ 1,468 Aggregate intrinsic value of options exercised $ — $ — $ 1,649 Performance Share Awards Performance share awards granted are expensed over the three-year requisite performance and service period. Awards become vested if (1) the Company achieves certain specified internal metrics and (2) the employee remains continuously employed by the Company during the performance period. Partial vesting may occur after separation from service in the case of certain terminations not for cause and for retirements. In 2017 , 2016 and 2015 , the Company issued performance shares covering 57,958 , 79,561 and 61,611 shares, respectively. The performance share awards granted in these years 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 up or down based on expected attainment, if that attainment differs from previous estimates. The cumulative effect on current and prior periods of a change in attainment is recognized in Selling, general and administrative expenses in the Consolidated Statements of Earnings in the period of change. The fair value and average attainment used in determining compensation cost of the performance shares issued in 2017 , 2016 and 2015 are as follows for the year ended December 31, 2017 : Performance shares 2017 2016 2015 Fair value per share at date of grant $ 79.28 $ 57.25 $ 73.28 Average attainment rate reflected in expense 147.81 % 20.99 % 3.33 % A summary of activity for performance share awards for the year ended December 31, 2017 is as follows: Number of Shares Weighted Average Grant-Date Fair Value Unvested at January 1, 2017 122,166 $ 65.29 Granted 57,958 79.28 Forfeited (6,123 ) 69.41 Vested (49,534 ) 73.28 Unvested at December 31, 2017 124,467 $ 65.80 Unrecognized compensation expense related to unvested performance shares as of December 31, 2017 was $3,270 , which will be recognized over a weighted average period of 1.9 years . Restricted Stock Units The Company also has restricted stock authorized for grant (as part of the 2005 and 2012 Plans). Under these Plans, common stock of the Company may be granted at no cost to certain officers and key employees. In general, restrictions limit the sale or transfer of these shares during a three-year period, and restrictions lapse proportionately over the three-year period. The Company granted 174,203 , 249,263 and 145,545 of restricted stock units in 2017 , 2016 and 2015 , respectively. The fair value of these awards was determined using Dover's closing stock price on the date of grant. A summary of activity for restricted stock units for the year ended December 31, 2017 is as follows: Number of Shares Weighted Average Grant-Date Fair Value Unvested at January 1, 2017 336,546 $ 64.74 Granted 174,203 79.28 Forfeited (27,590 ) 71.16 Vested (149,273 ) 69.01 Unvested at December 31, 2017 333,886 $ 70.06 Unrecognized compensation expense relating to unvested restricted stock units as of December 31, 2017 was $12,416 , which will be recognized over a weighted average period of 1.6 years . Directors' Shares The Company issued the following shares to its non-employee directors under the 2012 Plan as partial compensation for serving as directors of the Company: Years ended December 31, 2017 2016 2015 Aggregate shares granted 16,231 21,023 21,205 Shares deferred (11,337 ) (11,882 ) (11,196 ) Net shares issued 4,894 9,141 10,009 |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingent Liabilities | 14. Commitments and Contingent Liabilities Lease Commitments The Company leases certain facilities and equipment under operating leases, many of which contain renewal options. Total rental expense, net of insignificant sublease rental income, for all operating leases was $93,015 , $90,138 and $84,801 for the years ended December 31, 2017 , 2016 and 2015 , respectively. Contingent rentals under the operating leases were not significant. The aggregate future minimum lease payments for operating and capital leases as of December 31, 2017 are as follows: Operating Capital 2018 $ 72,220 $ 3,454 2019 53,878 2,951 2020 38,691 1,448 2021 26,947 1,212 2022 21,793 1,150 Thereafter 57,185 5,062 Total $ 270,714 $ 15,277 Guarantees The Company has provided typical indemnities in connection with sales of certain businesses and assets, including representations and warranties and related indemnities for environmental, health and safety, tax and employment matters. The Company does not have any material liabilities recorded for these indemnifications and is not aware of any claims or other information that would give rise to material payments under such indemnities. Product Recall During the fourth quarter of 2016, the Company determined that there was a quality issue with a product component part in the Fluids segment and voluntarily reported this issue to the U.S. Consumer Product Safety Commission (“CPSC”). During the first quarter of 2017, the Company announced a voluntary recall of the product in collaboration with the CPSC. At December 31, 2016, the Company recorded a warranty accrual of $23,150 in Other liabilities in the Consolidated Balance Sheet to cover the estimated costs of the recall. At December 31, 2017 , the warranty accrual was $6,613 and was included in Other accrued expenses. The reduction in the warranty accrual was due to settlements made of $9,337 and a reduction of $7,200 to reflect the remaining estimated costs of the recall. The $7,200 adjustment was recorded in Costs of goods and services in the Consolidated Statement of Earnings for the year ended December 31, 2017 . Litigation A few of the Company’s subsidiaries are involved in legal proceedings relating to the cleanup of waste disposal sites identified under federal and state statutes which provide for the allocation of such costs among “potentially responsible parties.” In each instance, the extent of the Company’s liability appears to be relatively insignificant in relation to the total projected expenditures and the number of other “potentially responsible parties” involved and is anticipated to be immaterial to the Company. In addition, a few of the Company’s subsidiaries are involved in ongoing remedial activities at certain current and former plant sites, in cooperation with regulatory agencies, and appropriate reserves have been established. At December 31, 2017 and 2016 , the Company has reserves totaling $35,353 and $29,959 , respectively, for environmental and other matters, including private party claims for exposure to hazardous substances, that are probable and estimable. The Company and some of its subsidiaries are also parties to a number of other legal proceedings incidental to their businesses. These proceedings primarily involve claims by private parties alleging injury arising out of use of the Company’s products, exposure to hazardous substances, patent infringement, employment matters and commercial disputes. Management and legal counsel, at least quarterly, review the probable outcome of such proceedings, the costs and expenses reasonably expected to be incurred and currently accrued to-date. The Company has reserves for other legal matters that are probable and estimable, and at December 31, 2017 and 2016 , these reserves were 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. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2017 | |
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | |
Employee Benefit Plans | 15. Employee Benefit Plans The Company offers defined contribution retirement plans which cover the majority of its U.S. employees, as well as employees in certain other countries. The Company’s expense relating to defined contribution plans was $41,919 , $34,665 and $32,281 for the years ended December 31, 2017 , 2016 and 2015 , respectively. The Company sponsors qualified defined benefit pension plans covering certain employees of the Company and its subsidiaries. The plans’ benefits are generally based on years of service and employee compensation. The Company also provides to certain management employees, through non-qualified plans, supplemental retirement benefits in excess of qualified plan limits imposed by federal tax law. In July 2013, the Company announced that, after December 31, 2013, the U.S. qualified and non-qualified defined benefit plans would be closed to new employees. All pension-eligible employees as of December 31, 2013 will continue to earn a pension benefit through December 31, 2023 as long as they remain employed by an operating company participating in the impacted plans. The Company also announced that effective January 1, 2024, the plans would be frozen to any future benefit accruals. The Company also maintains other post-retirement benefit plans which cover approximately 431 participants, approximately 411 of whom are eligible for medical benefits. These plans are closed to new entrants. The supplemental and other post-retirement benefit plans are supported by the general assets of the Company. Obligations and Funded Status The following tables summarize the Consolidated Balance Sheets impact, including the benefit obligations, assets and funded status associated with the Company's significant defined benefit and other post-retirement benefit plans at December 31, 2017 and 2016 . Qualified Defined Benefits Non-Qualified Supplemental Benefits Other Post-Retirement Benefits U.S. Plan Non-U.S. Plans 2017 2016 2017 2016 2017 2016 2017 2016 Change in benefit obligation: Benefit obligation at beginning of year $ 535,299 $ 527,667 $ 243,483 $ 245,986 $ 110,446 $ 125,311 $ 12,263 $ 10,885 Service cost 12,083 13,913 5,688 5,590 2,473 2,959 68 52 Interest cost 21,718 23,046 5,263 5,593 4,076 5,268 783 403 Plan participants' contributions — — 1,237 1,223 — — — 102 Benefits paid (38,490 ) (32,341 ) (8,528 ) (7,870 ) (11,576 ) (16,643 ) (917 ) (767 ) Actuarial loss (gain) 35,446 2,980 8,812 22,909 593 (6,449 ) 946 (2,343 ) Business acquisitions (dispositions) — — 1,810 (4,420 ) — — — 4,367 Amendments 364 — — — — — (4,646 ) — Settlements and curtailments (32 ) — — (3,262 ) — — — — Currency translation and other 1 34 20,423 (22,266 ) — — 98 (436 ) Benefit obligation at end of year 566,389 535,299 278,188 243,483 106,012 110,446 8,595 12,263 Change in plan assets: Fair value of plan assets at beginning of year 562,564 552,817 148,514 159,436 — — — — Actual return on plan assets 93,766 42,088 15,849 10,317 — — — — Company contributions — — 7,971 8,383 11,576 16,643 917 665 Plan participants' contributions — — 1,237 1,223 — — — 102 Benefits paid (38,490 ) (32,341 ) (8,528 ) (7,870 ) (11,576 ) (16,643 ) (917 ) (767 ) Business dispositions — — — (3,967 ) — — — — Settlements and curtailments — — — (3,262 ) — — — — Currency translation — — 10,491 (15,746 ) — — — — Fair value of plan assets at end of year 617,840 562,564 175,534 148,514 — — — — Funded (Unfunded) status $ 51,451 $ 27,265 $ (102,654 ) $ (94,969 ) $ (106,012 ) $ (110,446 ) $ (8,595 ) $ (12,263 ) Amounts recognized in the consolidated balance sheets consist of: Assets and Liabilities: Other assets and deferred charges $ 51,451 $ 27,265 $ 1,002 $ 706 $ — $ — $ — $ — Accrued compensation and employee benefits — — (1,484 ) (1,235 ) (17,450 ) (20,032 ) (706 ) (849 ) Other liabilities (deferred compensation) — — (102,172 ) (94,440 ) (88,562 ) (90,414 ) (7,889 ) (11,414 ) Total assets and liabilities 51,451 27,265 (102,654 ) (94,969 ) (106,012 ) (110,446 ) (8,595 ) (12,263 ) Accumulated Other Comprehensive Loss (Earnings): Net actuarial losses (gains) 79,288 103,410 69,490 73,023 (13,780 ) (15,565 ) (748 ) (1,921 ) Prior service cost (credit) 1,344 1,482 (3,500 ) (3,925 ) 13,777 18,187 84 43 Net asset at transition, other — — (60 ) (56 ) — — — — Deferred taxes (30,777 ) (36,712 ) (14,982 ) (15,719 ) 83 (920 ) 322 598 Total accumulated other comprehensive loss (earnings), net of tax 49,855 68,180 50,948 53,323 80 1,702 (342 ) (1,280 ) Net amount recognized at December 31, $ 101,306 $ 95,445 $ (51,706 ) $ (41,646 ) $ (105,932 ) $ (108,744 ) $ (8,937 ) $ (13,543 ) Accumulated benefit obligations $ 547,278 $ 512,707 $ 264,766 $ 231,903 $ 96,612 $ 101,286 The Company’s net unfunded status at December 31, 2017 and 2016 includes net liabilities of $102,654 and $94,969 , respectively, relating to the Company’s significant international plans, some in locations where it is not economically advantageous to pre-fund the plans due to local regulations. The majority of the international obligations relate to defined pension plans operated by the Company’s businesses in Germany, the United Kingdom and Switzerland. The accumulated benefit obligation for all defined benefit pension plans was $908,656 and $845,896 at December 31, 2017 and 2016 , respectively. Pension plans with accumulated benefit obligations in excess of plan assets consist of the following at December 31, 2017 and 2016 : 2017 2016 Projected benefit obligation (PBO) $ 372,559 $ 346,710 Accumulated benefit obligation (ABO) 349,735 325,969 Fair value of plan assets 162,890 140,589 Net Periodic Benefit Cost Components of the net periodic benefit cost were as follows: Defined Benefit Plans Qualified Defined Benefits Non-Qualified Supplemental Benefits U.S. Plan Non-U.S. Plans 2017 2016 2015 2017 2016 2015 2017 2016 2015 Service cost $ 12,083 $ 13,913 $ 15,661 $ 5,688 $ 5,590 $ 6,613 $ 2,473 $ 2,959 $ 3,739 Interest cost 21,718 23,046 23,163 5,263 5,593 5,885 4,076 5,268 5,063 Expected return on plan assets (39,812 ) (38,793 ) (41,571 ) (7,417 ) (7,830 ) (7,990 ) — — — Amortization of: Prior service cost (credit) 427 733 897 (425 ) (397 ) 89 4,411 6,266 6,927 Recognized actuarial loss (gain) 5,582 6,437 12,620 3,506 2,658 2,647 (1,192 ) (560 ) 286 Transition obligation — — — 4 4 4 — — — Settlement and curtailment loss (gain) 76 — 810 678 1,103 (184 ) — — — Other — 35 — — — — — — — Net periodic benefit expense $ 74 $ 5,371 $ 11,580 $ 7,297 $ 6,721 $ 7,064 $ 9,768 $ 13,933 $ 16,015 Other Post-Retirement Benefits 2017 2016 2015 Service cost $ 68 $ 52 $ 163 Interest cost 783 403 512 Amortization of: Prior service cost (credit) 7 7 (372 ) Recognized actuarial (gain) loss (161 ) 5 (30 ) Settlement and curtailment gain (4,598 ) — — Other — — (679 ) Net periodic (benefit) expense $ (3,901 ) $ 467 $ (406 ) The one-time benefit of $679 in 2015 relates to the shutdown of certain plant locations, as well as changes to future benefits for certain retirees. The curtailment gain in 2017 relates primarily to the impact of an amendment to the post-retirement plan in Brazil. Amounts expected to be amortized from Accumulated other comprehensive earnings (loss) into net periodic benefit cost during 2018 are as follows: Qualified Defined Benefits Non-Qualified Supplemental Benefits Other Post-Retirement Benefits U.S. Plan Non-U.S. Plans Amortization of: Prior service cost (credit) $ 346 $ (441 ) $ 3,852 $ 13 Recognized actuarial loss (gain) 7,725 3,094 (1,020 ) (30 ) Transition obligation — 4 — — Total $ 8,071 $ 2,657 $ 2,832 $ (17 ) Assumptions The Company determines actuarial assumptions on an annual basis. The weighted average assumptions used in determining the benefit obligations were as follows: Qualified Defined Benefits Non-Qualified Supplemental Benefits Other Post-Retirement Benefits U.S. Plan Non-U.S. Plans 2017 2016 2017 2016 2017 2016 2017 2016 Discount rate 3.65 % 4.10 % 1.94 % 2.06 % 3.57 % 3.90 % 3.50 % (1 ) 6.49 % Average wage increase 4.00 % 4.00 % 2.33 % 2.34 % 4.50 % 4.50 % na na Ultimate medical trend rate na na na na na na 2.33 % 5.00 % (1) In 2017, the medical plan in Brazil was amended which resulted in elimination of the benefit obligation. Thus, the 2017 post-retirement benefit discount rate does not reflect the plan in Brazil which had a higher discount rate than other plans. The weighted average assumptions used in determining the net periodic benefit cost were as follows: Qualified Defined Benefits Non- Qualified Supplemental Benefits Other Post-Retirement Benefits U.S. Plan Non-U.S. Plans 2017 2016 2015 2017 2016 2015 2017 2016 2015 2017 2016 2015 Discount rate 4.10 % 4.40 % 4.05 % 2.06 % 2.32 % 2.31 % 3.97 % 4.18 % 3.96 % 6.49 % 4.00 % 3.75 % Average wage increase 4.00 % 4.00 % 4.00 % 2.34 % 2.25 % 2.50 % 4.50 % 4.50 % 4.50 % na na na Expected return on plan assets 7.25 % 7.25 % 7.75 % 4.73 % 4.95 % 4.85 % na na na na na na The Company’s discount rate assumption is determined by developing a yield curve based on high quality corporate bonds with maturities matching the plans’ expected benefit payment streams. The plans’ expected cash flows are then discounted by the resulting year-by-year spot rates. For other post-retirement benefit measurement purposes, a 3.50% annual rate of increase in the per capita cost of covered benefits (i.e., health care cost trend rates) was assumed for 2018 . The rate was assumed to decrease gradually to 2.30% by the year 2027 and remain at that level thereafter. The health care cost trend rate assumption can have an effect on the amounts reported. For example, increasing (decreasing) the assumed health care cost trend rates by one percentage point in each year would increase (decrease) the accumulated other post-retirement benefit obligation as of December 31, 2017 by $105 and $(105) , respectively, and would have a negligible impact on the net post-retirement benefit cost for 2017 . Plan Assets The primary financial objective of the plans is to secure participant retirement benefits. Accordingly, the key objective in the plans’ financial management is to promote stability and, to the extent appropriate, growth in the funded status. Related and supporting financial objectives are established in conjunction with a review of current and projected plan financial requirements. As it relates to the funded defined benefit pension plans, the Company’s funding policy is consistent with the funding requirements of the Employment Retirement Income Security Act ("ERISA") and applicable international laws. The Company is responsible for overseeing the management of the investments of the plans’ assets and otherwise ensuring that the plans’ investment programs are in compliance with ERISA, other relevant legislation and related plan documents. Where relevant, the Company has retained professional investment managers to manage the plans’ assets and implement the investment process. The investment managers, in implementing their investment processes, have the authority and responsibility to select appropriate investments in the asset classes specified by the terms of their applicable prospectus or investment manager agreements with the plans. The assets of the plans are invested to achieve an appropriate return for the plans consistent with a prudent level of risk. The asset return objective is to achieve, as a minimum over time, the passively managed return earned by market index funds, weighted in the proportions outlined by the asset class exposures identified in the plans’ strategic allocation. The expected return on assets assumption used for pension expense is developed through analysis of historical market returns, statistical analysis, current market conditions and the past experience of plan asset investments. Overall, it is projected that the investment of plan assets within Dover’s U.S. defined benefit plan will achieve a net return over time from the asset allocation strategy of 7.25% . The Company’s actual and target weighted average asset allocation for our U.S. Corporate Pension Plan was as follows: 2017 2016 Current Target Equity securities 57 % 57 % 58 % Fixed income 33 % 35 % 35 % Real estate and other 10 % 8 % 7 % Total 100 % 100 % 100 % While the non-U.S. investment policies are different for each country, the long-term objectives are generally the same as for the U.S. pension assets. The Company's non-U.S. plans were expected to achieve rates of return on invested assets of 4.73% in 2017 , 4.95% in 2016 and 4.85% in 2015 . The fair values of both U.S. and non-U.S. pension plan assets by asset category within the fair value hierarchy (as defined in Note 11 — Financial Instruments ) were as follows: U.S. Qualified Defined Benefits Plan December 31, 2017 December 31, 2016 Level 1 Level 2 Total Fair Value Level 1 Level 2 Total Fair Value** Common stocks $ — $ — $ — $ 161,426 $ — $ 161,426 Mutual funds — — — 43,272 — 43,272 Fixed income investments: Corporate bonds — 74,509 74,509 — 60,638 60,638 Government securities 2,766 130,774 133,540 5,901 109,888 115,789 Interest-bearing cash and short-term investments 1,222 — 1,222 1,248 — 1,248 Total investments at fair value 3,988 205,283 209,271 211,847 170,526 382,373 Investments measured at net asset value* Collective funds — — 352,481 — — 124,456 Real estate investments — — 48,294 — — 45,494 Short-term investment funds — — 7,794 — — 10,241 Total investments $ 3,988 $ 205,283 $ 617,840 $ 211,847 $ 170,526 $ 562,564 * In accordance with Fair Value Measurement Topic 820 (Subtopic 820-10), certain investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient were not classified in the fair value hierarchy. These are included to permit reconciliation of the fair value hierarchy to the aggregate pension plan assets. ** Revisions were made to the fair value leveling hierarchies in the above tables as of December 31, 2016. The non-U.S. changes were from (i): level 3 to levels 2 and 1 and (ii): level 2 to level 1 and investments measured at net asset value. The U.S. change was from level 1 to investments measured at net asset value. The valuation techniques were unchanged and the amounts revised were not material to the prior annual period. The Company had no level 3 U.S. Plan assets at December 31, 2017 and 2016 . Non-U.S. Plans December 31, 2017 December 31, 2016 Level 1 Level 2 Level 3 Total Fair Value Level 1 Level 2 Level 3 Total Fair Value** Common stocks $ 28,761 $ — $ — $ 28,761 $ 34,139 $ — $ — $ 34,139 Fixed income investments — 29,612 — 29,612 — 15,628 — 15,628 Mutual funds 34,075 4,642 — 38,717 31,203 3,972 — 35,175 Cash and cash equivalents 4,633 — — 4,633 3,465 — — 3,465 Other — 3,088 4,592 7,680 — 2,370 4,354 6,724 Total investments at fair value $ 67,469 $ 37,342 $ 4,592 $ 109,403 $ 68,807 $ 21,970 $ 4,354 $ 95,131 Investments measured at net asset value* Collective funds — — — 61,648 — — — 49,357 Other — — — 4,483 — — — 4,026 Total $ 67,469 $ 37,342 $ 4,592 $ 175,534 $ 68,807 $ 21,970 $ 4,354 $ 148,514 Common stocks represent investments in domestic and foreign equities, which are publicly traded on active exchanges and are valued based on quoted market prices. Fixed income investments include U.S. Treasury bonds and notes, which are valued based on quoted market prices, as well as investments in other government and municipal securities and corporate bonds, which are valued based on yields currently available on comparable securities of issuers with similar credit ratings. Mutual funds are categorized as either Level 1, 2 or Net Asset Value (the "NAV") as a practical expedient depending on the nature of the observable inputs. Collective trusts and real estate investment funds are valued using NAV as a practical expedient as of the last business day of the year. The NAV is based on the underlying value of the assets owned by the fund, minus its liabilities, and then divided by the number of shares outstanding. The value of the underlying assets is based on quoted prices in active markets. The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Company believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date. The availability of observable data is monitored by plan management to assess appropriate classification of financial instruments within the fair value hierarchy. Depending upon the availability of such inputs, specific securities may transfer between levels. In such instances, the transfer is reported at the end of the reporting period. The fair value measurement of plan assets using significant unobservable inputs (Level 3) changed during 2016 and 2017 , due to the following: Level 3** Balance at January 1, 2016 $ — Business acquisition 4,354 Balance at December 31, 2016 4,354 Actual return on plan assets: Relating to assets sold during the period 28 Relating to assets still held at December 31, 2017 280 Sales (456 ) Foreign currency translation 386 Balance at December 31, 2017 $ 4,592 Future Estimates Benefit Payments Estimated future benefit payments to retirees, which reflect expected future service, are as follows: Qualified Defined Benefits Non-Qualified Supplemental Benefits Other Post-Retirement Benefits U.S. Plan Non-U.S. Plans 2018 $ 38,772 $ 7,719 $ 17,760 $ 719 2019 38,243 7,584 8,055 704 2020 41,251 8,287 6,417 689 2021 41,666 9,372 15,189 663 2022 40,844 9,984 11,038 649 2023 - 2027 189,701 54,987 26,452 2,882 Contributions In 2018 , the Company expects to contribute approximately $3.5 million to its non-U.S. plans and currently does not expect to contribute to its U.S. plans. |
Other Comprehensive Earnings
Other Comprehensive Earnings | 12 Months Ended |
Dec. 31, 2017 | |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Other Comprehensive Income, Noncontrolling Interest [Text Block] | 16. Other Comprehensive Earnings (Loss) The amounts recognized in Other comprehensive earnings (loss) were as follows: Year Ended December 31, 2017 Pre-tax Tax Net of tax Foreign currency translation adjustments $ 103,214 $ 43,842 $ 147,056 Pension and other postretirement benefit plans 28,784 (7,397 ) 21,387 Changes in fair value of cash flow hedges (3,678 ) 1,287 (2,391 ) Other (1,687 ) 202 (1,485 ) Total other comprehensive earnings (loss) $ 126,633 $ 37,934 $ 164,567 Year Ended December 31, 2016 Pre-tax Tax Net of tax Foreign currency translation adjustments $ (86,876 ) $ (18,827 ) $ (105,703 ) Pension and other post-retirement benefit plans 5,936 (4,560 ) 1,376 Changes in fair value of cash flow hedges 860 (301 ) 559 Other (1,119 ) 134 (985 ) Total other comprehensive loss $ (81,199 ) $ (23,554 ) $ (104,753 ) Year Ended December 31, 2015 Pre-tax Tax Net of tax Foreign currency translation adjustments $ (108,748 ) $ (11,646 ) $ (120,394 ) Pension and other postretirement benefit plans 35,727 (11,791 ) 23,936 Changes in fair value of cash flow hedges (671 ) 235 (436 ) Other 1,423 (171 ) 1,252 Total other comprehensive loss $ (72,269 ) $ (23,373 ) $ (95,642 ) The components of Accumulated other comprehensive earnings (loss) are as follows: December 31, 2017 December 31, 2016 Cumulative foreign currency translation adjustments $ (93,925 ) $ (240,981 ) Pension and other postretirement benefit plans (100,538 ) (121,925 ) Changes in fair value of cash flow hedges and other (296 ) 3,580 $ (194,759 ) $ (359,326 ) Total comprehensive earnings (loss) were as follows: Years Ended December 31, 2017 2016 2015 Net earnings $ 811,665 $ 508,892 $ 869,829 Other comprehensive earnings (loss) 164,567 (104,753 ) (95,642 ) Comprehensive earnings $ 976,232 $ 404,139 $ 774,187 Amounts reclassified from Accumulated other comprehensive earnings (loss) to earnings (loss) during the year ended December 31, 2017 , 2016 and 2015 were as follows: Years Ended December 31, 2017 2016 2015 Pension and other postretirement benefit plans: Amortization of actuarial losses $ 7,735 $ 8,544 $ 15,527 Amortization of prior service costs and transition obligation 4,424 6,609 7,541 Settlement and curtailment (3,844 ) — — Total before tax 8,315 15,153 23,068 Tax benefit (2,503 ) (5,073 ) (7,768 ) Net of tax $ 5,812 $ 10,080 $ 15,300 Cash flow hedges: Net (gains) losses reclassified into earnings $ (908 ) $ 638 $ (166 ) Tax expense (benefit) 318 (223 ) 58 Net of tax $ (590 ) $ 415 $ (108 ) The Company recognizes net periodic benefit cost, which includes amortization of net actuarial losses, prior service costs and transition obligation, in both Selling, general and administrative expenses and Cost of goods and services in the Consolidated Statements of Earnings, 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, general and administrative expenses in the Consolidated Statements of Earnings. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Segment Information | 17. Segment Information The Company's businesses are aligned around its key end markets to better focus on growth strategies, provide increased opportunities to leverage Dover's scale and capitalize on productivity initiatives. Operating segments are defined as the components of an enterprise for which separate financial information is available and regularly evaluated by the entity's chief operating decision maker, or decision-making group, in making resource allocation decisions and evaluating performance. Based on this guidance, the Company has four operating segments, which are also its reportable segments, as follows: • The Engineered Systems segment is comprised of two platforms, Printing & Identification and Industrials, and is focused on the design, manufacture and service of critical equipment, consumables and components serving the fast-moving consumer goods, digital textile printing, vehicle service, environmental solutions and industrials end markets. • The Fluids segment, serving the Fueling & Transport, Pumps and Hygienic & Pharma end markets, is focused on the safe handling of critical fluids across the retail fueling, chemical, hygienic, oil and gas and industrial end markets. In the first quarter of 2017, we aligned our financial reporting around these key end markets to provide more detailed information after acquiring four companies in the retail fueling market in 2016. • The Refrigeration & Food Equipment segment is a provider of innovative and energy efficient equipment and systems serving the commercial Refrigeration and Food Equipment end markets. • The Energy segment, serving the Drilling & Production, Bearings & Compression and Automation end markets, is a provider of customer-driven solutions and services for safe and efficient production and processing of fuels worldwide and has a strong presence in the bearings and compression components and automation markets. Segment financial information and a reconciliation of segment results to consolidated results follows: Years Ended December 31, 2017 2016 2015 Revenue: Engineered Systems $ 2,576,288 $ 2,366,283 $ 2,342,913 Fluids 2,250,830 1,700,574 1,399,273 Refrigeration & Food Equipment 1,599,105 1,620,339 1,731,430 Energy 1,406,201 1,108,438 1,483,680 Intra-segment eliminations (1,988 ) (1,292 ) (985 ) Total consolidated revenue $ 7,830,436 $ 6,794,342 $ 6,956,311 Earnings: Segment earnings: (1) Engineered Systems $ 590,430 $ 391,829 $ 376,961 Fluids 305,108 200,921 262,117 Refrigeration & Food Equipment 193,822 283,628 221,299 Energy 188,427 55,336 173,190 Total segment earnings 1,277,787 931,714 1,033,567 Corporate expense / other (2) 167,238 112,740 105,700 Interest expense 145,208 136,401 131,676 Interest income (8,502 ) (6,759 ) (4,419 ) Earnings before provision for income taxes 973,843 689,332 800,610 Provision for income taxes 162,178 180,440 204,729 Net earnings $ 811,665 $ 508,892 $ 595,881 Segment margins: Engineered Systems 22.9 % 16.6 % 16.1 % Fluids 13.6 % 11.8 % 18.7 % Refrigeration & Food Equipment 12.1 % 17.5 % 12.8 % Energy 13.4 % 5.0 % 11.7 % Total Segments 16.3 % 13.7 % 14.9 % Net earnings 10.4 % 7.5 % 8.6 % Depreciation and amortization: Engineered Systems $ 81,419 $ 73,947 $ 59,914 Fluids 120,120 85,224 56,078 Refrigeration & Food Equipment 57,207 65,017 66,074 Energy 130,996 131,420 141,779 Corporate 4,498 5,131 3,244 Consolidated total $ 394,240 $ 360,739 $ 327,089 Capital expenditures: Engineered Systems $ 35,028 $ 31,121 $ 37,109 Fluids 81,080 62,368 45,605 Refrigeration & Food Equipment 32,541 23,651 33,511 Energy 40,061 32,938 33,692 Corporate 8,025 15,127 4,334 Consolidated total $ 196,735 $ 165,205 $ 154,251 (1) Segment earnings includes non-operating income and expense directly attributable to the segments. Non-operating income and expense includes Gain on sale of businesses and Other expense (income), net. (2) 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. For the year ended December 31, 2017, one-time transaction costs associated with the Wellsite spin-off were $15.3 million . Selected financial information by market segment (continued): Total assets at December 31: 2017 2016 Engineered Systems $ 2,985,920 $ 3,002,629 Fluids 3,163,767 3,134,838 Refrigeration & Food Equipment 1,284,117 1,324,037 Energy 2,250,721 2,209,230 Corporate (3) 973,128 445,257 Consolidated total $ 10,657,653 $ 10,115,991 (3) The significant portion of corporate assets are principally Cash and cash equivalents. Revenue Long-Lived Assets Years Ended December 31, At December 31, 2017 2016 2015 2017 2016 United States $ 4,424,030 $ 3,910,733 $ 4,270,061 $ 658,109 $ 640,802 Europe 1,504,798 1,261,232 1,059,413 238,942 211,238 Other Americas 735,368 594,838 637,533 40,334 28,288 Asia 774,918 675,995 626,761 57,016 56,614 Other 391,322 351,544 362,543 5,371 8,728 Consolidated total $ 7,830,436 $ 6,794,342 $ 6,956,311 $ 999,772 $ 945,670 Revenue is attributed to regions based on the location of the Company’s customer, which in some instances is an intermediary and not necessarily the end user. Long-lived assets are comprised of net property, plant and equipment. The Company’s businesses are based primarily in the United States, Europe and Asia. The Company’s businesses serve thousands of customers, none of which accounted for more than 10% of consolidated revenue. |
Earnings per Share
Earnings per Share | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | 18. Earnings per Share The following table sets forth a reconciliation of the information used in computing basic and diluted earnings per share: Years Ended December 31, 2017 2016 2015 Net earnings from continuing operations $ 811,665 $ 508,892 $ 595,881 Earnings from discontinued operations, net — — 273,948 Net earnings $ 811,665 $ 508,892 $ 869,829 Basic earnings per common share: Net earnings from continuing operations $ 5.21 $ 3.28 $ 3.78 Earnings from discontinued operations, net $ — $ — $ 1.74 Net earnings $ 5.21 $ 3.28 $ 5.52 Weighted average basic shares outstanding 155,685,000 155,231,000 157,619,000 Diluted earnings per common share: Net earnings from continuing operations $ 5.15 $ 3.25 $ 3.74 Earnings from discontinued operations, net $ — $ — $ 1.72 Net earnings $ 5.15 $ 3.25 $ 5.46 Weighted average diluted shares outstanding 157,744,000 156,636,000 159,172,000 The following table is a reconciliation of the share amounts used in computing earnings per share: Years Ended December 31, 2017 2016 2015 Weighted average shares outstanding - Basic 155,685,000 155,231,000 157,619,000 Dilutive effect of assumed exercise of SARs and vesting of performance shares and RSUs 2,059,000 1,405,000 1,553,000 Weighted average shares outstanding - Diluted 157,744,000 156,636,000 159,172,000 Diluted earnings per share amounts are computed using the weighted average number of common shares outstanding and, if dilutive, potential common shares outstanding during the period. Potential common shares consist of the incremental common shares issuable upon the exercise of SARs and vesting of performance shares and RSUs, as determined using the treasury stock method. For the years ended December 31, 2017 , 2016 and 2015 , the weighted average number of anti-dilutive potential common shares excluded from the calculation above totaled 79,756 , 6,799 and 25,313 , respectively. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2017 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | 19. Stockholders' Equity The Company has the authority to issue up to 100,000 shares of $100 par preferred stock and up to 500,000,000 shares of $1.00 par common stock. There were no issuances of preferred stock. As of December 31, 2017 and 2016 , the Company issued 256,992,261 and 256,537,535 shares of common stock and had 102,168,868 and 101,109,186 treasury shares, held at cost, respectively. Share Repurchases In January 2015, the Board of Directors approved a new standing share repurchase authorization, whereby the Company could 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 years ended December 31, 2017 and 2015 , the Company purchased 1,059,682 and 8,228,542 shares of its common stock under this authorization at a total cost of $105,023 and $600,164 , or $99.11 and $72.94 per share, respectively. The Company did not purchase any shares under this program in 2016 . As of December 31, 2017 , the number of shares available for repurchase under the January 2015 share repurchase authorization was 5,711,776 . |
Quarterly Data
Quarterly Data | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Data (Unaudited) [Text Block] | 20. Quarterly Data (Unaudited) Net Earnings Quarter Revenue Gross Profit Earnings Per Share - Basic Per Share - Diluted 2017 First $ 1,813,372 $ 661,175 $ 172,247 $ 1.11 $ 1.09 Second 1,993,351 749,446 164,058 1.05 1.04 Third 2,006,275 744,333 178,912 1.15 1.14 Fourth 2,017,438 735,423 296,448 1.90 1.88 $ 7,830,436 $ 2,890,377 $ 811,665 $ 5.21 $ 5.15 2016 First $ 1,622,273 $ 589,264 $ 99,356 $ 0.64 $ 0.64 Second 1,686,345 631,213 118,290 0.76 0.76 Third 1,707,763 631,788 130,084 0.84 0.83 Fourth 1,777,961 619,704 161,162 1.04 1.03 $ 6,794,342 $ 2,471,969 $ 508,892 $ 3.28 $ 3.25 |
Subsequent Events (Notes)
Subsequent Events (Notes) | 12 Months Ended |
Dec. 31, 2017 | |
Subsequent Event [Line Items] | |
Subsequent Events [Text Block] | 21. Subsequent Events Subsequent to December 31, 2017, the Company acquired two companies in stock purchases. On January 2, 2018 , the Company acquired Ettlinger Group, a leading manufacturer of filtering solutions for the plastics recycling industry, for €50.0 million (approximately $60.0 million ). On January 12, 2018 , the Company acquired Rosario Handel B.V., a manufacturer of decorator and base coating machinery used in the production of beverage, food and aerosol cans for €13.5 million (approximately $16.2 million ). These acquisitions enhance the Company's ability to serve its respective markets within the Dover Fluids and Refrigeration & Food Equipment segments. In February 2018, the Company's Board of Directors approved a new standing share repurchase authorization, whereby the Company may repurchase up to 20 million shares of its common stock through December 31, 2020 . This share repurchase authorization replaces the previous share repurchase authorization which expired on January 9, 2018 . |
Schedule II Valuation and Quali
Schedule II Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2017 | |
Schedule II Valuation and Qualifying Accounts [Abstract] | |
Schedule II Valuation and Qualifying Accounts Disclosure [Text Block] | SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS Years Ended December 31, 2017 , 2016 and 2015 (In thousands) Allowance for Doubtful Accounts Balance at Beginning of Year Charged to Cost and Expense (A) Accounts Written Off Other Balance at End of Year Year Ended December 31, 2017 $ 22,015 11,295 (5,588 ) 11,510 $ 39,232 Year Ended December 31, 2016 $ 18,050 10,641 (6,039 ) (637 ) $ 22,015 Year Ended December 31, 2015 $ 18,894 5,946 (5,665 ) (1,125 ) $ 18,050 (A) Net of recoveries on previously reserved or written-off balances. Deferred Tax Valuation Allowance Balance at Beginning of Year Additions Reductions Other Balance at End of Year Year Ended December 31, 2017 $ 289,642 — (50,974 ) — $ 238,668 Year Ended December 31, 2016 $ 171,365 118,277 — — $ 289,642 Year Ended December 31, 2015 $ 141,252 30,113 — — $ 171,365 LIFO Reserve Balance at Beginning of Year Charged to Cost and Expense Reductions Other Balance at End of Year Year Ended December 31, 2017 $ 29,625 2,884 (4,382 ) — $ 28,127 Year Ended December 31, 2016 $ 35,835 686 (6,896 ) — $ 29,625 Year Ended December 31, 2015 $ 50,769 221 (15,155 ) — $ 35,835 |
Description of Business and S30
Description of Business and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Description of Business and Summary of Significant Accounting Policies [Abstract] | |
Description of Business [Text Block] | Description of Business Dover Corporation ("Dover" or "Company") is a diversified global manufacturer delivering innovative equipment and components, specialty systems, consumable supplies, software and digital solutions and support services. The Company also provides supporting engineering, testing and other similar services, which are not significant in relation to consolidated revenue. The Company’s businesses are based primarily in the United States of America and Europe with manufacturing and other operations throughout the world. The Company operates through four business segments that are aligned with the key end markets they serve: Engineered Systems, Fluids, Refrigeration & Food Equipment and Energy. For additional information on the Company’s segments, see Note 17 — Segment Information . |
Principles of Consolidation [Policy Text Block] | Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. Intercompany accounts and transactions have been eliminated in consolidation. The results of operations of acquired businesses are included from the dates of acquisitions. As discussed in Note 4 — Disposed and Discontinued Operations , the Company reported certain businesses as discontinued operations for the year ended December 31, 2015. The results of operations and cash flows of these businesses have been separately reported as discontinued operations in 2015. |
Use of Estimates [Policy Text Block] | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the Consolidated Financial Statements and accompanying disclosures. These estimates may be adjusted due to changes in future economic, industry, or customer financial conditions, as well as changes in technology or demand. Estimates are used for, but not limited to, allowances for doubtful accounts receivable, net realizable value of inventories, restructuring reserves, warranty reserves, pension and post-retirement plans, stock-based compensation, useful lives for depreciation and amortization of long-lived assets, future cash flows associated with impairment testing for goodwill, indefinite-lived intangible assets and other long-lived assets, deferred tax assets, uncertain income tax positions and contingencies. Actual results may ultimately differ from estimates, although management does not believe such differences would materially affect the consolidated financial statements in any individual year. Estimates and assumptions are periodically reviewed and the effects of revisions are reflected in the Consolidated Financial Statements in the period that they are determined. |
Cash and Cash Equivalents [Policy Text Block] | Cash and Cash Equivalents Cash and cash equivalents include cash on hand, demand deposits and short-term investments, which are highly liquid in nature and have original maturities at the time of purchase of three months or less . The carrying value of cash and cash equivalents approximate fair value. |
Allowance for Doubtful Accounts [Policy Text Block] | Accounts Receivable and Allowance for Doubtful Accounts Accounts receivable are recorded at face amounts less an allowance for doubtful accounts. The allowance is an estimate based on historical collection experience, current economic and market conditions and a review of the current status of each customer's trade accounts receivable. Management evaluates the aging of the accounts receivable balances and the financial condition of its customers to estimate the amount of accounts receivable that may not be collected in the future and records the appropriate provision. |
Inventories [Policy Text Block] | Inventories Inventories for the majority of the Company’s subsidiaries, including all international subsidiaries, are stated at the lower of net realizable value, determined on the first-in, first-out (FIFO) basis, or cost. Other domestic inventories are stated at cost, determined on the last-in, first-out (LIFO) basis, which is less than market value. |
Property, Plant and Equipment [Policy Text Block] | Property, Plant and Equipment Property, plant and equipment includes the historical cost of land, buildings, machinery and equipment, purchased software and significant improvements to existing plant and equipment or, in the case of acquisitions, a fair market value appraisal of assets. Expenditures for maintenance, repairs and minor renewals are expensed as incurred. When property or equipment is sold or otherwise disposed of, the related cost and accumulated depreciation is removed from the respective accounts and the gain or loss realized on disposition is reflected in earnings. The Company depreciates its assets on a straight-line basis over their estimated useful lives as follows: buildings and improvements 5 to 31.5 years; machinery and equipment 3 to 7 years; furniture and fixtures 3 to 7 years; vehicles 3 years; and software 3 to 10 years. |
Derivatives Instruments [Policy Text Block] | Derivative Financial Instruments The Company uses derivative financial instruments to hedge its exposures to various risks, including interest rate and foreign currency exchange rate risk. The Company does not enter into derivative financial instruments for speculative purposes and does not have a material portfolio of derivative financial instruments. Derivative financial instruments used for hedging purposes must be designated and effective as a hedge of the identified risk exposure at inception of the contract. The Company recognizes all derivatives as either assets or liabilities on the consolidated balance sheet and measures those instruments at fair value. For derivatives designated as hedges of the fair value of assets or liabilities, the changes in fair value of both the derivatives and of the hedged items are recorded in current earnings. For derivatives designated as cash flow hedges, the effective portion of changes in the fair value of the derivatives is recorded as a component of other comprehensive earnings and subsequently recognized in net earnings when the hedged items impact earnings. |
Goodwill and Indefinite-Lived Intangible Assets [Policy Text Block] | Goodwill and Other Intangible Assets Goodwill represents the excess of purchase price over the fair value of net assets acquired. Goodwill and certain other intangible assets deemed to have indefinite lives (primarily trademarks) are not amortized. For goodwill, impairment tests are required at least annually, or more frequently if events or circumstances indicate that it may be impaired, or when some portion but not all of a reporting unit is disposed of or classified as assets held for sale. Based on its current organizational structure, the Company identified ten reporting units for which cash flows are determinable and to which goodwill may be allocated. The Company performs its goodwill impairment test annually in the fourth quarter at the reporting unit level. A quantitative test is used to determine existence of goodwill impairment and the amount of the impairment loss at the reporting unit level. The quantitative test compares the fair value of a reporting unit with its carrying amount, including goodwill. The Company uses an income-based valuation method, determining the present value of estimated future cash flows, to estimate the fair value of a reporting unit. If the fair value of a reporting unit exceeds its carrying amount, goodwill of the reporting unit is not impaired. If the carrying amount of a reporting unit exceeds its fair value, an impairment loss shall be recognized in an amount equal to that excess, limited to the total amount of goodwill allocated to that reporting unit. Factors used in the impairment analysis require significant judgment, and actual results may differ from assumed and estimated amounts. The Company uses its own market assumptions including internal projections of future cash flows, discount rates and other assumptions considered reasonable and inherent in the analysis. These forecasts are based on historical performance and future estimated results. The discount rates used in these analyses vary by reporting unit and are based on a capital asset pricing model and published relevant industry rates. The Company uses discount rates commensurate with the risks and uncertainties inherent to each reporting unit and in the internally developed forecasts. See Note 7 — Goodwill and Other Intangible Assets for further discussion of the Company's annual goodwill impairment test and results. The Company uses an income-based valuation method to annually test its indefinite-lived intangible assets for impairment. The fair value of the intangible asset is compared to its carrying value. This method uses the Company’s own market assumptions considered reasonable and inherent in the analysis. Any excess of carrying value over the estimated fair value is recognized as an impairment loss. No impairment of indefinite-lived intangible assets was required for the years ended December 31, 2017 , 2016 , or 2015 . |
Other Intangible Assets [Policy Text Block] | Other intangible assets with determinable lives primarily consist of customer intangibles, unpatented technologies, patents and trademarks. The other intangible assets are amortized over their estimated useful lives, ranging from 5 to 15 years. |
Long-Lived Assets [Policy Text Block] | Long-lived assets (including definite-lived intangible assets) are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable, such as a significant sustained change in the business climate. If an indicator of impairment exists for any grouping of assets, an estimate of undiscounted future cash flows is produced and compared to its carrying value. If an asset is determined to be impaired, the loss is measured by the excess of the carrying amount of the asset over its fair value, as determined by an estimate of discounted future cash flows. |
Costs Associated with Exit or Disposal Activities or Restructurings, Policy [Policy Text Block] | Restructuring Accruals From time to time, the Company takes actions to reduce headcount, close facilities, or otherwise exit operations. Such restructuring activities at an operation are recorded when management has committed to an exit or reorganization plan and when termination benefits are probable and can be reasonably estimated based on circumstances at the time the restructuring plan is approved by management or when termination benefits are communicated. Exit costs include future minimum lease payments on vacated facilities and other contractual terminations. In addition, asset impairments may be recorded as a result of an approved restructuring plan. The accrual of both severance and exit costs requires the use of estimates. Though the Company believes that its estimates accurately reflect the anticipated costs, actual results may be different from the original estimated amounts. |
Foreign Currency [Policy Text Block] | Foreign Currency Assets and liabilities of non-U.S. subsidiaries, where the functional currency is not the U.S. dollar, have been translated at year-end exchange rates and profit and loss accounts have been translated using weighted-average monthly exchange rates. Foreign currency translation gains and losses are included in the Consolidated Statements of Comprehensive Earnings as a component of Other comprehensive earnings (loss). Assets and liabilities of an entity that are denominated in currencies other than an entity’s functional currency are re-measured into the functional currency using end of period exchange rates or historical rates, where applicable to certain balances. Gains and losses related to these re-measurements are recorded within the Consolidated Statements of Earnings as a component of Other expense (income), net. Gains and losses arising from intercompany foreign currency transactions that are of a long-term investment in nature are reported in the same manner as translation adjustments. |
Revenue Recognition [Policy Text Block] | Revenue Recognition Revenue is recognized when all of the following conditions are satisfied: a) persuasive evidence of an arrangement exists, b) price is fixed or determinable, c) collectability is reasonably assured and d) delivery has occurred or services have been rendered. The majority of the Company’s revenue is generated through the manufacture and sale of a broad range of specialized products and components, with revenue recognized upon transfer of title and risk of loss, which is generally upon shipment. Service revenue represents less than 5% of total revenue and is recognized as the services are performed. In limited cases, revenue arrangements with customers require delivery, installation, testing, certification, or other acceptance provisions to be satisfied before revenue is recognized. The Company includes shipping costs billed to customers in revenue and the related shipping costs in cost of goods and services. |
Share-based Compensation [Policy Text Block] | Stock-Based Compensation The principal awards issued under the Company’s stock-based compensation plans include non-qualified stock appreciation rights ("SARs"), restricted stock units and performance share awards. The cost for such awards is measured at the grant date based on the fair value of the award. At the time of grant, the Company estimates forfeitures, based on historical experience, in order to estimate the portion of the award that will ultimately vest. The value of the portion of the award that is expected to ultimately vest is recognized as expense on a straight-line basis, generally over the explicit service period of three years (except for retirement-eligible employees and retirees) and is included in selling, general and administrative expenses in the Consolidated Statements of Earnings. Expense for awards granted to retirement-eligible employees is recorded over the period from the date of grant through the date the employee first becomes eligible to retire and is no longer required to provide service. See Note 13 — Equity and Cash Incentive Program for additional information related to the Company’s stock-based compensation. |
Income Taxes [Policy Text Block] | Income Taxes The provision for income taxes on continuing operations includes federal, state, local and non-U.S. taxes. Tax credits, primarily for research and experimentation, non-U.S. earnings and U.S. manufacturer's tax deduction are recognized as a reduction of the provision for income taxes on continuing operations in the year in which they are available for tax purposes. Deferred taxes are provided using enacted rates on the future tax consequences of temporary differences. Temporary differences include the differences between the financial statement carrying amounts of assets and liabilities and their respective tax bases and the tax benefit of carryforwards. A valuation allowance is established for deferred tax assets for which realization is not assured. In assessing the need for a valuation allowance, management considers all available evidence, including the future reversal of existing taxable temporary differences, taxable income in carryback periods, prudent and feasible tax planning strategies and estimated future taxable income. The valuation allowance can be affected by changes to tax regulations, interpretations and rulings, changes to enacted statutory tax rates and changes to future taxable income estimates. Tax benefits are recognized from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position in consideration of applicable tax statutes and related interpretations and precedents. Tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than 50% likelihood of being realized on ultimate settlement. On December 22, 2017, the U.S. bill commonly referred to as the Tax Cuts and Jobs Act (“Tax Reform Act”) was enacted, which significantly changes U.S. tax law by, among other things, lowering corporate income tax rates, implementing a territorial tax system and imposing a repatriation tax on deemed repatriated earnings of foreign subsidiaries. The Tax Reform Act permanently reduces the U.S. corporate income tax rate from a maximum of 35% to a flat 21% rate, effective January 1, 2018. The Tax Reform Act also provided for a one-time deemed repatriation of post-1986 undistributed foreign subsidiary earnings and profits (“E&P”) through the year ended December 31, 2017. The Global Intangible Low-Taxed Income ("GILTI") provisions of the Tax Reform Act require the Company to include in its U.S. income tax return foreign subsidiary earnings in excess of an allowable return on the foreign subsidiary’s tangible assets. The Company expects that it will be subject to incremental U.S. tax on GILTI income beginning in 2018, due to expense allocations required by the U.S. foreign tax credit rules. The Company has elected to account for GILTI tax in the period in which it is incurred, and therefore has not provided any deferred tax impacts of GILTI in its consolidated financial statements for the year ended December 31, 2017. On December 22, 2017, the SEC staff issued Staff Accounting Bulletin No. 118 (“SAB 118”) to address the application of U.S. GAAP in situations when a registrant does not have the necessary information available, prepared, or analyzed (including computations) in reasonable detail to complete the accounting for certain income tax effects of the Tax Reform Act. The Company has recognized the provisional tax impacts related to deemed repatriated earnings and the benefit for the revaluation of deferred tax assets and liabilities, and included these amounts in its consolidated financial statements for the year ended December 31, 2017. The final impact may differ from these provisional amounts, possibly materially, due to, among other things, additional analysis, changes in interpretations and assumptions the Company has made, additional regulatory guidance that may be issued, and actions the Company may take as a result of the Tax Reform Act. In accordance with SAB 118 the financial reporting impact of the Tax Reform Act will be completed in the fourth quarter of 2018. |
Research and Development Costs [Policy Text Block] | Research and Development Costs Research and development costs, including qualifying engineering costs, are expensed when incurred and amounted to $124,986 in 2017 , $104,479 in 2016 and $115,037 in 2015 . |
Advertising [Policy Text Block] | Advertising Costs Advertising costs are expensed when incurred and amounted to $34,589 in 2017 , $35,859 in 2016 and $37,527 in 2015 . |
Risk, Retention, Insurance [Policy Text Block] | Risk, Retention, Insurance The Company currently self-insures its product and commercial general liability claims up to $5.0 million per occurrence, its workers’ compensation claims up to $0.8 million per occurrence and automobile liability claims up to $5.0 million per occurrence. Third-party insurance provides primary level coverage in excess of these amounts up to certain specified limits. In addition, the Company has excess liability insurance from third-party insurers on both an aggregate and an individual occurrence basis well in excess of the limits of the primary coverage. A worldwide program of property insurance covers the Company’s owned and leased property and any business interruptions that may occur due to an insured hazard affecting those properties, subject to reasonable deductibles and aggregate limits. The Company’s property and casualty insurance programs contain various deductibles that, based on the Company’s experience, are typical and customary for a company of its size and risk profile. The Company does not consider any of the deductibles to represent a material risk to the Company. The Company generally maintains deductibles for claims and liabilities related primarily to workers’ compensation, health and welfare claims, general commercial, product and automobile liability and property damage and business interruption resulting from certain events. The Company accrues for claim exposures that are probable of occurrence and can be reasonably estimated. As part of the Company’s risk management program, insurance is maintained to transfer risk beyond the level of self-retention and provide protection on both an individual claim and annual aggregate basis. |
Reclassification [Policy Text Block] | Reclassifications – Certain amounts in prior years have been reclassified to conform to the current year presentation. |
Recent Accounting Pronouncements [Policy Text Block] | Recent Accounting Pronouncements Recently Issued Accounting Standards The following standards, issued by the Financial Accounting Standards Board ("FASB"), will, or are expected to, result in a change in practice and/or have a financial impact to the Company’s Consolidated Financial Statements: In August 2017, the FASB issued Accounting Standards Update ("ASU") 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities. This ASU provides new guidance about income statement classification and eliminates the requirement to separately measure and report hedge ineffectiveness. The entire change in fair value for qualifying hedge instruments included in the effectiveness will be recorded in other comprehensive income (OCI) and amounts deferred in OCI will be reclassified to earnings in the same income statement line item in which the earnings effect of the hedged item is reported. The guidance is effective for interim and annual periods for the Company on January 1, 2019, with early adoption permitted. The Company does not expect the adoption of this ASU to have a material impact on its Consolidated Financial Statements. In March 2017, the FASB issued ASU 2017-07, Compensation-Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost. This ASU changes the income statement presentation of defined benefit and post-retirement benefit plan expense by requiring separation between operating expense (the service cost component of net periodic benefit expense) and non-operating expense (all other components of net periodic benefit expense, including interest cost, amortization of prior service cost, curtailments and settlements, etc.). The operating expense component is reported with similar compensation costs while the non-operating components are reported outside of operating income. The guidance is effective for interim and annual periods for the Company on January 1, 2018. The Company does not expect the adoption of this ASU to have a material impact on its Consolidated Financial Statements. In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805): Clarifying the definition of a business, which clarifies the definition of a business and assists entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. Under this guidance, when substantially all of the fair value of gross assets acquired is concentrated in a single asset (or group of similar assets), the assets acquired would not represent a business. In addition, in order to be considered a business, an acquisition would have to include at a minimum an input and a substantive process that together significantly contribute to the ability to create an output. The amended guidance also narrows the definition of outputs by more closely aligning it with how outputs are described in FASB guidance for revenue recognition. This guidance is effective for interim and annual periods for the Company on January 1, 2018. The Company does not expect the adoption of this ASU to have a material impact on its Consolidated Financial Statements. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments. This ASU addresses the following eight specific cash flow issues: Debt prepayment or debt extinguishment costs; settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing; contingent consideration payments made after a business combination; proceeds from the settlement of insurance claims; proceeds from the settlement of corporate-owned life insurance policies (including bank-owned life insurance policies); distributions received from equity method investees; beneficial interests in securitization transactions; and separately identifiable cash flows and application of the predominance principle. This guidance is effective for the Company on January 1, 2018. The Company does not expect the adoption of this ASU to have a material impact on its Consolidated Financial Statements. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), 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 cash flows. This guidance will be effective for the Company on January 1, 2019. During the second half of 2017, the Company developed a project plan to guide the implementation of ASU 2016-02. The Company made progress on this plan including surveying the Company’s businesses, assessing the Company’s portfolio of leases and compiling a central repository of active leases. The Company has also selected a lease accounting software solution to support the new reporting requirements and made progress on its configuration and the initial design of the future lease process. While the Company has not yet completed its evaluation of the impact the new lease accounting guidance will have on its Consolidated Financial Statements, the Company expects to recognize right of use assets and liabilities for its operating leases in the Consolidated Balance Sheet upon adoption. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606). The guidance 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 is effective for the Company on January 1, 2018. The Company commenced its assessment of ASU 2014-09 during the second half of 2015 and developed a project plan to guide the implementation. The Company has completed the project including analyzing the ASU’s impact on the Company's contract portfolio, surveying the Company's businesses and discussing the various revenue streams, completing contract reviews, comparing its historical accounting policies and practices to the requirements of the new guidance, identifying potential differences from applying the requirements of the new guidance to its contracts and updating and providing training on its accounting policy. The Company has completed the process of evaluating controls and new disclosure requirements and identifying and implementing appropriate changes to its business processes and systems to support recognition and disclosure under the new guidance. The Company will adopt this new guidance using the modified retrospective method that will result in a cumulative effect adjustment, as of the date of adoption. The Company’s adoption of this ASU will not have a material impact on its Consolidated Financial Statements. Recently Adopted Accounting Standards In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. The amended guidance simplifies the accounting for goodwill impairment for all entities by eliminating the requirement to perform a hypothetical purchase price allocation. A goodwill impairment charge will now be recognized for the amount by which the carrying value of a reporting unit exceeds its fair value, not to exceed the carrying amount of goodwill. The Company early adopted this guidance on January 1, 2017 as its annual impairment test is performed after January 1, 2017. The adoption of this ASU did not have a material impact on the Company's Consolidated Financial Statements. In March 2016, the FASB issued ASU 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. The ASU 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 adoption of the new standard resulted in the recognition of excess tax benefits in the Company's provision for income taxes within the Consolidated Statements of Earnings rather than paid-in capital of $8,365 for the year ended December 31, 2017 . Additionally, the Consolidated Statement of Cash Flows now present excess tax benefits as an operating activity, adjusted prospectively. Finally, the Company elected to continue to estimate forfeitures based on historical data and recognizes forfeiture compensation expense over the vesting period of the award. The Company adopted this guidance on January 1, 2017. In July 2015, the FASB issued ASU 2015-11, Inventory (Topic 340): Simplifying the Measurement of Inventory. Under this guidance, entities utilizing the first-in first-out ("FIFO") or average cost method should measure inventory at the lower of cost or net realizable value, whereas net realizable value is defined as the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. The Company adopted this guidance on January 1, 2017. The adoption of this ASU did not have a material impact to the Company's Consolidated Financial Statements. |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Business Combinations [Abstract] | |
Pro forma results of operations | The following unaudited pro forma results of operations reflect the 2017 acquisitions as if they had occurred on January 1, 2016 and the 2016 acquisitions as if they had occurred on January 1, 2015. The pro forma information is not necessarily indicative of the results that actually would have occurred, nor does it indicate future operating results. The supplemental pro forma earnings reflect adjustments to earnings from continuing operations as reported in the Consolidated Statements of Earnings to exclude nonrecurring expense related to the fair value adjustments to acquisition-date inventory (after-tax) and acquisition-related costs (after-tax) from the year ended December 31, 2017 . These adjustments were not material in 2017 . The supplemental pro forma earnings for the 2016 period were similarly adjusted for 2016 acquisitions charges as if incurred at the beginning of 2015 . The 2017 and 2016 supplemental pro forma earnings are also adjusted to reflect the comparable impact of additional depreciation and amortization expense, net of tax, resulting from the fair value measurement of tangible and intangible assets relating to 2017 and 2016 acquisitions. Years Ended December 31, 2017 2016 Revenue: As reported $ 7,830,436 $ 6,794,342 Pro forma 7,841,835 7,494,468 Earnings: As reported $ 811,665 $ 508,892 Pro forma 812,490 550,176 Basic earnings per share: As reported $ 5.21 $ 3.28 Pro forma 5.22 3.54 Diluted earnings per share: As reported $ 5.15 $ 3.25 Pro forma 5.15 3.51 |
Disposed and Discontinued Ope32
Disposed and Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Results of discontinued operations [Table Text Block] | Summarized results of the Company’s discontinued operations were as follows: Year Ended December 31, 2015 Revenue $ 72,869 Gain on sale, including impairments, net of tax 265,550 Earnings from operations before taxes 8,222 Benefit for income taxes 176 Earnings from operations, net of tax 8,398 Earnings from discontinued operations, net of tax $ 273,948 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Inventory, Net [Abstract] | |
Components of Inventory | The components of inventories were as follows: December 31, 2017 December 31, 2016 Raw materials $ 445,417 $ 428,286 Work in progress 139,175 138,652 Finished goods 418,818 409,314 Subtotal 1,003,410 976,252 Less reserves (124,775 ) (105,765 ) Total $ 878,635 $ 870,487 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Components of property, plant and equipment, net | The components of property, plant and equipment, net were as follows: December 31, 2017 December 31, 2016 Land $ 68,476 $ 68,575 Buildings and improvements 616,282 597,523 Machinery, equipment and other 1,919,113 1,802,832 Property, plant and equipment, gross 2,603,871 2,468,930 Total accumulated depreciation (1,604,099 ) (1,523,260 ) Property, plant and equipment, net $ 999,772 $ 945,670 |
Goodwill and Other Intangible35
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | The changes in the carrying value of goodwill by reportable operating segments were as follows: Engineered Systems Fluids Refrigeration & Food Equipment Energy Total Goodwill $ 1,484,455 $ 715,715 $ 560,600 $ 1,047,180 $ 3,807,950 Accumulated impairment loss (10,591 ) (59,970 ) — — (70,561 ) Balance at January 1, 2016 $ 1,473,864 $ 655,745 $ 560,600 $ 1,047,180 $ 3,737,389 Acquisitions 126,140 782,173 — — 908,313 Purchase price adjustments 363 4,860 768 — 5,991 Disposition of business (9,615 ) — (25,252 ) — (34,867 ) Foreign currency translation (23,536 ) (29,270 ) 63 (1,406 ) (54,149 ) Balance at December 31, 2016 1,567,216 1,413,508 536,179 1,045,774 4,562,677 Acquisitions 30,180 — — 5,053 35,233 Purchase price adjustments 6,826 (35,939 ) — — (29,113 ) Disposition of business (79,113 ) — (296 ) — (79,409 ) Foreign currency translation 60,288 36,890 816 4,530 102,524 Balance at December 31, 2017 $ 1,585,397 $ 1,414,459 $ 536,699 $ 1,055,357 $ 4,591,912 |
Schedule of Intangible Assets | The Company's definite-lived and indefinite-lived intangible assets by major asset class were as follows and reflect the divestiture of Warn and acquired intangibles in 2017: December 31, 2017 December 31, 2016 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Amortized intangible assets: Customer intangibles $ 1,977,776 $ 836,102 $ 1,141,674 $ 1,942,974 $ 718,135 $ 1,224,839 Trademarks 253,934 76,344 177,590 246,619 56,455 190,164 Patents 160,237 130,771 29,466 157,491 119,828 37,663 Unpatented technologies 162,613 80,984 81,629 155,752 64,648 91,104 Distributor relationships 85,794 32,092 53,702 113,463 44,914 68,549 Drawings & manuals 35,806 22,876 12,930 37,744 23,114 14,630 Other 34,106 21,570 12,536 31,632 21,184 10,448 Total 2,710,266 1,200,739 1,509,527 2,685,675 1,048,278 1,637,397 Unamortized intangible assets: Trademarks 100,400 — 100,400 165,526 — 165,526 Total intangible assets, net $ 2,810,666 $ 1,200,739 $ 1,609,927 $ 2,851,201 $ 1,048,278 $ 1,802,923 |
Future Amortization Expense | Estimated future amortization expense related to intangible assets held at December 31, 2017 is as follows: Estimated Amortization 2018 $ 193,566 2019 186,346 2020 175,119 2021 167,253 2022 152,105 |
Accrued Expenses and Other Li36
Accrued Expenses and Other Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Accrued Expenses and Other Liabilities [Abstract] | |
Major components of other accrued expenses [Table Text Block] | The following table details the major components of Other accrued expenses: December 31, 2017 December 31, 2016 Warranty $ 54,337 $ 48,648 Unearned/deferred revenue 52,755 42,000 Taxes other than income 38,408 33,298 Accrued rebates and volume discounts 37,711 41,378 Restructuring and exit costs 33,864 11,926 Accrued interest 31,073 30,819 Accrued commissions (non-employee) 13,139 12,528 Other (none of which are individually significant) 94,812 111,998 Total current liabilities $ 356,099 $ 332,595 |
Major components of other liabilities [Table Text Block] | The following table details the major components of Other liabilities (non-current): December 31, 2017 December 31, 2016 Defined benefit and other post-retirement benefit plans $ 198,623 $ 196,268 Income tax payable - deemed repatriation tax 108,497 — Unrecognized tax benefits 84,452 84,894 Deferred compensation 78,065 73,694 Legal and environmental 34,105 30,330 Unearned/deferred revenue 9,916 12,526 Warranty 8,135 36,349 Other (none of which are individually significant) 28,944 25,056 Total other liabilities $ 550,737 $ 459,117 |
Carrying amount of product warranties [Table Text Block] | Warranty Estimated warranty program claims are provided for at the time of sale. Amounts provided for are based on historical costs and adjusted for new claims. Additionally, a warranty accrual related to a product recall was $6,613 and $23,150 , at December 31, 2017 and 2016, respectively. See Note 14 — Commitments and Contingent Liabilities for further details. The changes in the carrying amount of product warranties were as follows: Years Ended December 31, 2017 2016 2015 Beginning Balance, December 31 of the Prior Year $ 84,997 $ 44,466 $ 49,388 Provision for warranties 57,472 68,566 51,392 Settlements made (73,164 ) (35,638 ) (55,715 ) Other adjustments, including acquisitions and currency translation (6,833 ) 7,603 (599 ) Ending Balance, December 31 $ 62,472 $ 84,997 $ 44,466 |
Restructuring Activities (Table
Restructuring Activities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Restructuring and Related Costs [Table Text Block] | The Company initiated various restructuring programs and incurred severance and other restructuring costs by segment as follows: Years Ended December 31, 2017 2016 2015 Engineered Systems $ 11,847 $ 3,080 $ 13,302 Fluids 15,737 16,905 4,879 Refrigeration & Food Equipment 14,070 928 5,848 Energy 7,751 18,497 30,763 Corporate 9,775 756 412 Total $ 59,180 $ 40,166 $ 55,204 These amounts are classified in the Consolidated Statements of Earnings as follows: Cost of goods and services $ 22,990 $ 14,744 $ 21,194 Selling, general and administrative expenses 36,190 25,422 34,010 Total $ 59,180 $ 40,166 $ 55,204 |
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | The following table details the Company’s severance and other restructuring accrual activities: Severance Exit Total Balance at January 1, 2015 $ 15,358 $ 6,663 $ 22,021 Restructuring charges 32,148 23,056 55,204 Payments (38,003 ) (12,322 ) (50,325 ) Other, including foreign currency translation 1,533 (14,442 ) (1) (12,909 ) Balance at December 31, 2015 11,036 2,955 13,991 Restructuring charges 30,199 9,967 40,166 Payments (28,346 ) (7,548 ) (35,894 ) Other, including foreign currency translation (1,981 ) (3,935 ) (1) (5,916 ) Balance at December 31, 2016 10,908 1,439 12,347 Restructuring charges 32,378 26,802 59,180 Payments (17,298 ) (6,685 ) (23,983 ) Other, including foreign currency translation (1,033 ) (12,688 ) (1) (13,721 ) Balance at December 31, 2017 $ 24,955 $ 8,868 $ 33,823 (1) Other activity in exit reserves primarily represents the non-cash write-off of certain long-lived assets and inventory in connection with certain facility closures |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of short-term debt [Table Text Block] | Borrowings consist of the following: December 31, 2017 December 31, 2016 Short-term: Current portion of long-term and short-term borrowings $ 350,402 $ 6,950 Commercial paper 230,700 407,600 Notes payable and current maturities of long-term debt $ 581,102 $ 414,550 |
Borrowings [Table Text Block] | Carrying amount (1) Principal December 31, 2017 December 31, 2016 Long-term: 5.45% 10-year notes due March 15, 2018 $ 350,000 $ 349,918 $ 349,502 2.125% 7-year notes due December 1, 2020 (euro-denominated) € 300,000 354,349 311,851 4.30% 10-year notes due March 1, 2021 $ 450,000 448,831 448,458 3.150% 10-year notes due November 15, 2025 $ 400,000 394,695 394,042 1.25% 10-year notes due November 9, 2026 (euro-denominated) € 600,000 701,058 616,893 6.65% 30-year debentures due June 1, 2028 $ 200,000 198,954 198,830 5.375% 30-year debentures due October 15, 2035 $ 300,000 295,561 295,316 6.60% 30-year notes due March 15, 2038 $ 250,000 247,713 247,593 5.375% 30-year notes due March 1, 2041 $ 350,000 343,600 343,323 Other 2,034 1,969 Total long-term debt 3,336,713 3,207,777 Less long-term debt current portion (350,011 ) (1,140 ) Net long-term debt $ 2,986,702 $ 3,206,637 (1) Carrying amount is net of unamortized debt discount and deferred debt issuance costs. Total unamortized debt discounts were $17.6 million and $18.8 million as of December 31, 2017 , and December 31, 2016 , respectively. Total deferred debt issuance costs were $14.9 million and $16.5 million as of December 31, 2017 , and December 31, 2016 , respectively. |
Schedule of interest expense and interest income [Table Text Block] | |
Scheduled maturities [Table Text Block] | As of December 31, 2017 , the future maturities of long-term debt were as follows: Future Maturities 2018 $ 350,011 2019 1,943 2020 354,349 2021 448,831 2022 — 2023 and thereafter 2,181,579 Total $ 3,336,713 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Fair value of derivative instruments and the balance sheet lines in which they are recorded | The following table sets forth the fair values of derivative instruments held by the Company as of December 31, 2017 and 2016 and the balance sheet lines in which they are recorded: Fair Value Asset (Liability) December 31, 2017 December 31, 2016 Balance Sheet Caption Foreign currency forward $ 358 $ 1,058 Prepaid/Other assets Foreign currency forward (2,243 ) (705 ) Other accrued expenses |
Amounts recognized in other comprehensive earnings | Amounts recognized in Other comprehensive earnings (loss) for the gains (losses) on its net investment hedges were as follows: 2017 2016 2015 (Loss)/gain on euro-denominated debt $ (125,262 ) $ 53,791 $ 35,458 Loss on swiss franc cross-currency swap — — (2,185 ) Total (loss)/gain on net investment hedges before tax (125,262 ) 53,791 33,273 Tax benefit/(expense) 43,842 (18,827 ) (11,646 ) (Loss)/gain on net investment hedges, net of tax $ (81,420 ) $ 34,964 $ 21,627 |
Assets and liabilities measured at fair value on a recurring basis | The Company's assets and liabilities measured at fair value on a recurring basis as of December 31, 2017 and 2016 were as follows: December 31, 2017 December 31, 2016 Level 2 Level 2 Assets: Foreign currency cash flow hedges $ 358 $ 1,058 Liabilities: Foreign currency cash flow hedges 2,243 705 |
Income Taxes Income Taxes (Tabl
Income Taxes Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Schedule Of Earnings Before Provision For Income Taxes And Discontinued Operations [Table Text Block] | Income taxes have been based on the following components of Earnings before provision for income taxes and discontinued operations in the Consolidated Statements of Earnings: Years Ended December 31, 2017 2016 2015 Domestic $ 620,908 $ 420,546 $ 530,268 Foreign 352,935 268,786 270,342 Total $ 973,843 $ 689,332 $ 800,610 |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Income tax expense (benefit) relating to continuing operations for the years ended December 31, 2017 , 2016 and 2015 is comprised of the following: Years Ended December 31, 2017 2016 2015 Current: U.S. federal $ 277,979 $ 139,117 $ 115,130 State and local 24,444 21,213 11,706 Foreign 47,152 85,273 79,982 Total current 349,575 245,603 206,818 Deferred: U.S. federal (187,365 ) (14,438 ) 19,238 State and local (3,514 ) (1,232 ) (3,433 ) Foreign 3,482 (49,493 ) (17,894 ) Total deferred (187,397 ) (65,163 ) (2,089 ) Total expense $ 162,178 $ 180,440 $ 204,729 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Differences between the effective income tax rate and the U.S. federal income statutory tax rate are as follows: Years Ended December 31, 2017 2016 2015 U.S. federal income tax rate 35.0 % 35.0 % 35.0 % State and local taxes, net of federal income tax benefit 1.3 1.9 1.6 Foreign operations tax effect (6.5 ) (7.1 ) (4.3 ) Domestic manufacturing deduction (2.0 ) (2.2 ) (3.0 ) Foreign tax credits — (0.1 ) (2.4 ) Changes in tax law (5.6 ) (1.4 ) — Disposition of businesses (3.8 ) (0.6 ) — Other (1) (1.7 ) 0.7 (1.3 ) Effective tax rate from continuing operations 16.7 % 26.2 % 25.6 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | The tax effects of temporary differences that give rise to future deferred tax assets and liabilities are as follows: December 31, 2017 December 31, 2016 Deferred Tax Assets: Accrued compensation, principally postretirement and other employee benefits $ 69,428 $ 121,909 Accrued expenses, principally for state income taxes, interest and warranty 21,251 40,256 Net operating loss and other carryforwards 269,892 325,721 Inventories, principally due to reserves for financial reporting purposes and capitalization for tax purposes 11,640 15,730 Accounts receivable, principally due to allowance for doubtful accounts 6,747 8,337 Accrued insurance 1,264 6,483 Long-term liabilities, principally warranty, environmental and exit costs 7,107 5,273 Other assets (23,396 ) (18,872 ) Total gross deferred tax assets 363,933 504,837 Valuation allowance (238,668 ) (289,642 ) Total deferred tax assets, net of valuation allowances 125,265 215,195 Deferred Tax Liabilities: Intangible assets, principally due to different tax and financial reporting bases and amortization lives (488,012 ) (814,242 ) Property, plant and equipment, principally due to differences in depreciation (47,549 ) (74,713 ) Accounts receivable (4,654 ) (10,086 ) Total gross deferred tax liabilities (540,215 ) (899,041 ) Net deferred tax liability $ (414,950 ) $ (683,846 ) Classified as follows in the Consolidated Balance Sheets: Other assets and deferred charges $ 23,891 $ 26,327 Deferred income taxes (438,841 ) (710,173 ) $ (414,950 ) $ (683,846 ) |
Schedule Of Unrecognized Tax Benefits [Table Text Block] | The following table is a reconciliation of the beginning and ending balances of the Company’s unrecognized tax benefits: Total Unrecognized tax benefits at January 1, 2015 $ 77,089 Additions based on tax positions related to the current year 17,131 Additions for tax positions of prior years 2,900 Reductions for tax positions of prior years (1) (17,135 ) Cash settlements (1,153 ) Lapse of statutes (12,744 ) Unrecognized tax benefits at December 31, 2015 66,088 Additions based on tax positions related to the current year 7,929 Additions for tax positions of prior years 9,076 Reductions for tax positions of prior years (3,067 ) Cash settlements (3,106 ) Lapse of statutes (6,605 ) Unrecognized tax benefits at December 31, 2016 70,315 Additions based on tax positions related to the current year 14,466 Additions for tax positions of prior years 4,105 Reductions for tax positions of prior years (9,653 ) Cash settlements (954 ) Lapse of statutes (10,245 ) Unrecognized tax benefits at December 31, 2017 (2) $ 68,034 (1) The settlement of certain income tax examinations of 2011 and 2012 tax years (in the year ended December 31, 2015) resulted in a significant decrease in unrecognized tax benefits. (2) If recognized, the net amount of potential tax benefits that would impact the Company’s effective tax rate is $59.2 million . During the years ended December 31, 2017 , 2016 and 2015 , the Company recorded expense (income) of $(0.5) million , $0.7 million and $(4.3) million , respectively, as a component of provision for income taxes related to the accrued interest and penalties on unrecognized tax benefits. The Company had accrued interest and penalties of $16.5 million at December 31, 2017 and $14.6 million at December 31, 2016 , which are not included in the above table. |
Equity and Cash Incentive Pro41
Equity and Cash Incentive Program (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock-based incentive plans compensation expense | Stock-based compensation costs are reported within Selling, general and administrative expenses in the Consolidated Statements of Earnings. The following table summarizes the Company’s compensation expense relating to all stock-based incentive plans: Years Ended December 31, 2017 2016 2015 Pre-tax compensation expense $ 26,528 $ 21,015 $ 30,697 Tax benefit (9,261 ) (7,399 ) (10,877 ) Total stock-based compensation expense, net of tax $ 17,267 $ 13,616 $ 19,820 |
Summary of activity relating to SARs and stock options | A summary of activity relating to SARs granted under the 2012 Plan and the predecessor plans for the year ended December 31, 2017 is as follows: SARs Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (Years) Outstanding at January 1, 2017 7,253,827 $ 59.00 Granted 1,028,116 79.28 Forfeited / expired (240,859 ) 69.36 Exercised (1,467,105 ) 54.54 Outstanding at December 31, 2017 6,573,979 62.78 5.8 Exercisable at December 31, 2017 3,640,841 $ 57.65 4.0 |
Other information for SARs and stock options | Other information regarding the exercise of SARs and stock options is listed below: 2017 2016 2015 SARs Fair value of SARs that became exercisable $ 16,006 $ 24,843 $ 25,380 Aggregate intrinsic value of SARs exercised $ 44,646 $ 34,916 $ 14,560 Stock Options Cash received by Dover for exercise of stock options $ — $ — $ 1,468 Aggregate intrinsic value of options exercised $ — $ — $ 1,649 |
Summary of activity for performance share awards | A summary of activity for performance share awards for the year ended December 31, 2017 is as follows: Number of Shares Weighted Average Grant-Date Fair Value Unvested at January 1, 2017 122,166 $ 65.29 Granted 57,958 79.28 Forfeited (6,123 ) 69.41 Vested (49,534 ) 73.28 Unvested at December 31, 2017 124,467 $ 65.80 |
Summary of activity for restricted stock units | A summary of activity for restricted stock units for the year ended December 31, 2017 is as follows: Number of Shares Weighted Average Grant-Date Fair Value Unvested at January 1, 2017 336,546 $ 64.74 Granted 174,203 79.28 Forfeited (27,590 ) 71.16 Vested (149,273 ) 69.01 Unvested at December 31, 2017 333,886 $ 70.06 |
Shares granted to directors | The Company issued the following shares to its non-employee directors under the 2012 Plan as partial compensation for serving as directors of the Company: Years ended December 31, 2017 2016 2015 Aggregate shares granted 16,231 21,023 21,205 Shares deferred (11,337 ) (11,882 ) (11,196 ) Net shares issued 4,894 9,141 10,009 |
Stock Appreciation Rights (SARs) [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Assumptions used in determining fair value of stock appreciation rights and performance shares awarded during the period | SARs In 2017 , 2016 and 2015 , the Company issued SARs covering 1,028,116 , 1,346,354 and 1,144,529 shares, respectively. Since 2006, the Company has only issued SARs and does not anticipate issuing stock options in the future. The fair value of each SAR grant was estimated on the date of grant using a Black-Scholes option-pricing model with the following assumptions: 2017 2016 2015 Risk-free interest rate 1.80 % 1.05 % 1.51 % Dividend yield 2.27 % 3.09 % 2.24 % Expected life (years) 4.6 4.6 5.1 Volatility 21.90 % 26.17 % 27.19 % Grant price $ 79.28 $ 57.25 $ 73.28 Fair value at date of grant $ 12.63 $ 9.25 $ 14.55 |
Awards outstanding, vested and exercisable | The following table summarizes information about outstanding SARs at December 31, 2017 : SARs Outstanding SARs Exercisable Range of Exercise Prices Number of Shares Weighted Average Exercise Price Weighted Average Remaining Life in Years Aggregate Intrinsic Value Number of Shares Weighted Average Exercise Price Weighted Average Remaining Life in Years Aggregate Intrinsic Value $25.96 - $37.79 927,723 $ 33.98 1.8 $ 62,170 929,840 $ 33.98 1.8 $ 62,170 $40.54 - $58.69 2,301,826 $ 57.67 5.8 99,723 1,188,436 $ 58.06 3.7 50,903 $63.33 - $82.51 3,344,430 $ 74.30 7.0 89,274 1,522,565 $ 71.77 5.6 44,446 6,573,979 $ 251,167 3,640,841 $ 157,519 |
Performance Shares [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Assumptions used in determining fair value of stock appreciation rights and performance shares awarded during the period | The fair value and average attainment used in determining compensation cost of the performance shares issued in 2017 , 2016 and 2015 are as follows for the year ended December 31, 2017 : Performance shares 2017 2016 2015 Fair value per share at date of grant $ 79.28 $ 57.25 $ 73.28 Average attainment rate reflected in expense 147.81 % 20.99 % 3.33 % |
Commitments and Contingent Li42
Commitments and Contingent Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Aggregate future minimum lease payments for operating and capital leases [Table Text Block] | The aggregate future minimum lease payments for operating and capital leases as of December 31, 2017 are as follows: Operating Capital 2018 $ 72,220 $ 3,454 2019 53,878 2,951 2020 38,691 1,448 2021 26,947 1,212 2022 21,793 1,150 Thereafter 57,185 5,062 Total $ 270,714 $ 15,277 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | |
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | The following tables summarize the Consolidated Balance Sheets impact, including the benefit obligations, assets and funded status associated with the Company's significant defined benefit and other post-retirement benefit plans at December 31, 2017 and 2016 . Qualified Defined Benefits Non-Qualified Supplemental Benefits Other Post-Retirement Benefits U.S. Plan Non-U.S. Plans 2017 2016 2017 2016 2017 2016 2017 2016 Change in benefit obligation: Benefit obligation at beginning of year $ 535,299 $ 527,667 $ 243,483 $ 245,986 $ 110,446 $ 125,311 $ 12,263 $ 10,885 Service cost 12,083 13,913 5,688 5,590 2,473 2,959 68 52 Interest cost 21,718 23,046 5,263 5,593 4,076 5,268 783 403 Plan participants' contributions — — 1,237 1,223 — — — 102 Benefits paid (38,490 ) (32,341 ) (8,528 ) (7,870 ) (11,576 ) (16,643 ) (917 ) (767 ) Actuarial loss (gain) 35,446 2,980 8,812 22,909 593 (6,449 ) 946 (2,343 ) Business acquisitions (dispositions) — — 1,810 (4,420 ) — — — 4,367 Amendments 364 — — — — — (4,646 ) — Settlements and curtailments (32 ) — — (3,262 ) — — — — Currency translation and other 1 34 20,423 (22,266 ) — — 98 (436 ) Benefit obligation at end of year 566,389 535,299 278,188 243,483 106,012 110,446 8,595 12,263 Change in plan assets: Fair value of plan assets at beginning of year 562,564 552,817 148,514 159,436 — — — — Actual return on plan assets 93,766 42,088 15,849 10,317 — — — — Company contributions — — 7,971 8,383 11,576 16,643 917 665 Plan participants' contributions — — 1,237 1,223 — — — 102 Benefits paid (38,490 ) (32,341 ) (8,528 ) (7,870 ) (11,576 ) (16,643 ) (917 ) (767 ) Business dispositions — — — (3,967 ) — — — — Settlements and curtailments — — — (3,262 ) — — — — Currency translation — — 10,491 (15,746 ) — — — — Fair value of plan assets at end of year 617,840 562,564 175,534 148,514 — — — — Funded (Unfunded) status $ 51,451 $ 27,265 $ (102,654 ) $ (94,969 ) $ (106,012 ) $ (110,446 ) $ (8,595 ) $ (12,263 ) Amounts recognized in the consolidated balance sheets consist of: Assets and Liabilities: Other assets and deferred charges $ 51,451 $ 27,265 $ 1,002 $ 706 $ — $ — $ — $ — Accrued compensation and employee benefits — — (1,484 ) (1,235 ) (17,450 ) (20,032 ) (706 ) (849 ) Other liabilities (deferred compensation) — — (102,172 ) (94,440 ) (88,562 ) (90,414 ) (7,889 ) (11,414 ) Total assets and liabilities 51,451 27,265 (102,654 ) (94,969 ) (106,012 ) (110,446 ) (8,595 ) (12,263 ) Accumulated Other Comprehensive Loss (Earnings): Net actuarial losses (gains) 79,288 103,410 69,490 73,023 (13,780 ) (15,565 ) (748 ) (1,921 ) Prior service cost (credit) 1,344 1,482 (3,500 ) (3,925 ) 13,777 18,187 84 43 Net asset at transition, other — — (60 ) (56 ) — — — — Deferred taxes (30,777 ) (36,712 ) (14,982 ) (15,719 ) 83 (920 ) 322 598 Total accumulated other comprehensive loss (earnings), net of tax 49,855 68,180 50,948 53,323 80 1,702 (342 ) (1,280 ) Net amount recognized at December 31, $ 101,306 $ 95,445 $ (51,706 ) $ (41,646 ) $ (105,932 ) $ (108,744 ) $ (8,937 ) $ (13,543 ) Accumulated benefit obligations $ 547,278 $ 512,707 $ 264,766 $ 231,903 $ 96,612 $ 101,286 |
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets [Table Text Block] | Pension plans with accumulated benefit obligations in excess of plan assets consist of the following at December 31, 2017 and 2016 : 2017 2016 Projected benefit obligation (PBO) $ 372,559 $ 346,710 Accumulated benefit obligation (ABO) 349,735 325,969 Fair value of plan assets 162,890 140,589 |
Schedule of Net Benefit Costs [Table Text Block] | Net Periodic Benefit Cost Components of the net periodic benefit cost were as follows: Defined Benefit Plans Qualified Defined Benefits Non-Qualified Supplemental Benefits U.S. Plan Non-U.S. Plans 2017 2016 2015 2017 2016 2015 2017 2016 2015 Service cost $ 12,083 $ 13,913 $ 15,661 $ 5,688 $ 5,590 $ 6,613 $ 2,473 $ 2,959 $ 3,739 Interest cost 21,718 23,046 23,163 5,263 5,593 5,885 4,076 5,268 5,063 Expected return on plan assets (39,812 ) (38,793 ) (41,571 ) (7,417 ) (7,830 ) (7,990 ) — — — Amortization of: Prior service cost (credit) 427 733 897 (425 ) (397 ) 89 4,411 6,266 6,927 Recognized actuarial loss (gain) 5,582 6,437 12,620 3,506 2,658 2,647 (1,192 ) (560 ) 286 Transition obligation — — — 4 4 4 — — — Settlement and curtailment loss (gain) 76 — 810 678 1,103 (184 ) — — — Other — 35 — — — — — — — Net periodic benefit expense $ 74 $ 5,371 $ 11,580 $ 7,297 $ 6,721 $ 7,064 $ 9,768 $ 13,933 $ 16,015 Other Post-Retirement Benefits 2017 2016 2015 Service cost $ 68 $ 52 $ 163 Interest cost 783 403 512 Amortization of: Prior service cost (credit) 7 7 (372 ) Recognized actuarial (gain) loss (161 ) 5 (30 ) Settlement and curtailment gain (4,598 ) — — Other — — (679 ) Net periodic (benefit) expense $ (3,901 ) $ 467 $ (406 ) The one-time benefit of $679 in 2015 relates to the shutdown of certain plant locations, as well as changes to future benefits for certain retirees. The curtailment gain in 2017 relates primarily to the impact of an amendment to the post-retirement plan in Brazil. |
Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year [Table Text Block] | Amounts expected to be amortized from Accumulated other comprehensive earnings (loss) into net periodic benefit cost during 2018 are as follows: Qualified Defined Benefits Non-Qualified Supplemental Benefits Other Post-Retirement Benefits U.S. Plan Non-U.S. Plans Amortization of: Prior service cost (credit) $ 346 $ (441 ) $ 3,852 $ 13 Recognized actuarial loss (gain) 7,725 3,094 (1,020 ) (30 ) Transition obligation — 4 — — Total $ 8,071 $ 2,657 $ 2,832 $ (17 ) |
Weighted-average assumptions used in benefit obligations [Table Text Block] | The weighted average assumptions used in determining the benefit obligations were as follows: Qualified Defined Benefits Non-Qualified Supplemental Benefits Other Post-Retirement Benefits U.S. Plan Non-U.S. Plans 2017 2016 2017 2016 2017 2016 2017 2016 Discount rate 3.65 % 4.10 % 1.94 % 2.06 % 3.57 % 3.90 % 3.50 % (1 ) 6.49 % Average wage increase 4.00 % 4.00 % 2.33 % 2.34 % 4.50 % 4.50 % na na Ultimate medical trend rate na na na na na na 2.33 % 5.00 % (1) In 2017, the medical plan in Brazil was amended which resulted in elimination of the benefit obligation. Thus, the 2017 post-retirement benefit discount rate does not reflect the plan in Brazil which had a higher discount rate than other plans. |
Weighted-average assumptions used calculating net periodic cost [Table Text Block] | The weighted average assumptions used in determining the net periodic benefit cost were as follows: Qualified Defined Benefits Non- Qualified Supplemental Benefits Other Post-Retirement Benefits U.S. Plan Non-U.S. Plans 2017 2016 2015 2017 2016 2015 2017 2016 2015 2017 2016 2015 Discount rate 4.10 % 4.40 % 4.05 % 2.06 % 2.32 % 2.31 % 3.97 % 4.18 % 3.96 % 6.49 % 4.00 % 3.75 % Average wage increase 4.00 % 4.00 % 4.00 % 2.34 % 2.25 % 2.50 % 4.50 % 4.50 % 4.50 % na na na Expected return on plan assets 7.25 % 7.25 % 7.75 % 4.73 % 4.95 % 4.85 % na na na na na na |
Weighted-average asset allocation actual and target [Table Text Block] | The Company’s actual and target weighted average asset allocation for our U.S. Corporate Pension Plan was as follows: 2017 2016 Current Target Equity securities 57 % 57 % 58 % Fixed income 33 % 35 % 35 % Real estate and other 10 % 8 % 7 % Total 100 % 100 % 100 % |
Schedule of Allocation of Plan Assets [Table Text Block] | The fair values of both U.S. and non-U.S. pension plan assets by asset category within the fair value hierarchy (as defined in Note 11 — Financial Instruments ) were as follows: U.S. Qualified Defined Benefits Plan December 31, 2017 December 31, 2016 Level 1 Level 2 Total Fair Value Level 1 Level 2 Total Fair Value** Common stocks $ — $ — $ — $ 161,426 $ — $ 161,426 Mutual funds — — — 43,272 — 43,272 Fixed income investments: Corporate bonds — 74,509 74,509 — 60,638 60,638 Government securities 2,766 130,774 133,540 5,901 109,888 115,789 Interest-bearing cash and short-term investments 1,222 — 1,222 1,248 — 1,248 Total investments at fair value 3,988 205,283 209,271 211,847 170,526 382,373 Investments measured at net asset value* Collective funds — — 352,481 — — 124,456 Real estate investments — — 48,294 — — 45,494 Short-term investment funds — — 7,794 — — 10,241 Total investments $ 3,988 $ 205,283 $ 617,840 $ 211,847 $ 170,526 $ 562,564 * In accordance with Fair Value Measurement Topic 820 (Subtopic 820-10), certain investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient were not classified in the fair value hierarchy. These are included to permit reconciliation of the fair value hierarchy to the aggregate pension plan assets. ** Revisions were made to the fair value leveling hierarchies in the above tables as of December 31, 2016. The non-U.S. changes were from (i): level 3 to levels 2 and 1 and (ii): level 2 to level 1 and investments measured at net asset value. The U.S. change was from level 1 to investments measured at net asset value. The valuation techniques were unchanged and the amounts revised were not material to the prior annual period. The Company had no level 3 U.S. Plan assets at December 31, 2017 and 2016 . Non-U.S. Plans December 31, 2017 December 31, 2016 Level 1 Level 2 Level 3 Total Fair Value Level 1 Level 2 Level 3 Total Fair Value** Common stocks $ 28,761 $ — $ — $ 28,761 $ 34,139 $ — $ — $ 34,139 Fixed income investments — 29,612 — 29,612 — 15,628 — 15,628 Mutual funds 34,075 4,642 — 38,717 31,203 3,972 — 35,175 Cash and cash equivalents 4,633 — — 4,633 3,465 — — 3,465 Other — 3,088 4,592 7,680 — 2,370 4,354 6,724 Total investments at fair value $ 67,469 $ 37,342 $ 4,592 $ 109,403 $ 68,807 $ 21,970 $ 4,354 $ 95,131 Investments measured at net asset value* Collective funds — — — 61,648 — — — 49,357 Other — — — 4,483 — — — 4,026 Total $ 67,469 $ 37,342 $ 4,592 $ 175,534 $ 68,807 $ 21,970 $ 4,354 $ 148,514 |
Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets [Table Text Block] | The fair value measurement of plan assets using significant unobservable inputs (Level 3) changed during 2016 and 2017 , due to the following: Level 3** Balance at January 1, 2016 $ — Business acquisition 4,354 Balance at December 31, 2016 4,354 Actual return on plan assets: Relating to assets sold during the period 28 Relating to assets still held at December 31, 2017 280 Sales (456 ) Foreign currency translation 386 Balance at December 31, 2017 $ 4,592 |
Schedule of Expected Benefit Payments [Table Text Block] | Benefit Payments Estimated future benefit payments to retirees, which reflect expected future service, are as follows: Qualified Defined Benefits Non-Qualified Supplemental Benefits Other Post-Retirement Benefits U.S. Plan Non-U.S. Plans 2018 $ 38,772 $ 7,719 $ 17,760 $ 719 2019 38,243 7,584 8,055 704 2020 41,251 8,287 6,417 689 2021 41,666 9,372 15,189 663 2022 40,844 9,984 11,038 649 2023 - 2027 189,701 54,987 26,452 2,882 |
Other Comprehensive Earnings (T
Other Comprehensive Earnings (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Schedule of All Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | The amounts recognized in Other comprehensive earnings (loss) were as follows: Year Ended December 31, 2017 Pre-tax Tax Net of tax Foreign currency translation adjustments $ 103,214 $ 43,842 $ 147,056 Pension and other postretirement benefit plans 28,784 (7,397 ) 21,387 Changes in fair value of cash flow hedges (3,678 ) 1,287 (2,391 ) Other (1,687 ) 202 (1,485 ) Total other comprehensive earnings (loss) $ 126,633 $ 37,934 $ 164,567 Year Ended December 31, 2016 Pre-tax Tax Net of tax Foreign currency translation adjustments $ (86,876 ) $ (18,827 ) $ (105,703 ) Pension and other post-retirement benefit plans 5,936 (4,560 ) 1,376 Changes in fair value of cash flow hedges 860 (301 ) 559 Other (1,119 ) 134 (985 ) Total other comprehensive loss $ (81,199 ) $ (23,554 ) $ (104,753 ) Year Ended December 31, 2015 Pre-tax Tax Net of tax Foreign currency translation adjustments $ (108,748 ) $ (11,646 ) $ (120,394 ) Pension and other postretirement benefit plans 35,727 (11,791 ) 23,936 Changes in fair value of cash flow hedges (671 ) 235 (436 ) Other 1,423 (171 ) 1,252 Total other comprehensive loss $ (72,269 ) $ (23,373 ) $ (95,642 ) |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The components of Accumulated other comprehensive earnings (loss) are as follows: December 31, 2017 December 31, 2016 Cumulative foreign currency translation adjustments $ (93,925 ) $ (240,981 ) Pension and other postretirement benefit plans (100,538 ) (121,925 ) Changes in fair value of cash flow hedges and other (296 ) 3,580 $ (194,759 ) $ (359,326 ) |
Comprehensive Income (Loss) [Table Text Block] | Total comprehensive earnings (loss) were as follows: Years Ended December 31, 2017 2016 2015 Net earnings $ 811,665 $ 508,892 $ 869,829 Other comprehensive earnings (loss) 164,567 (104,753 ) (95,642 ) Comprehensive earnings $ 976,232 $ 404,139 $ 774,187 |
Schedule of Amounts Reclassified from Accumulated Other Comprehensive Income Loss to Earnings [Table Text Block] | Amounts reclassified from Accumulated other comprehensive earnings (loss) to earnings (loss) during the year ended December 31, 2017 , 2016 and 2015 were as follows: Years Ended December 31, 2017 2016 2015 Pension and other postretirement benefit plans: Amortization of actuarial losses $ 7,735 $ 8,544 $ 15,527 Amortization of prior service costs and transition obligation 4,424 6,609 7,541 Settlement and curtailment (3,844 ) — — Total before tax 8,315 15,153 23,068 Tax benefit (2,503 ) (5,073 ) (7,768 ) Net of tax $ 5,812 $ 10,080 $ 15,300 Cash flow hedges: Net (gains) losses reclassified into earnings $ (908 ) $ 638 $ (166 ) Tax expense (benefit) 318 (223 ) 58 Net of tax $ (590 ) $ 415 $ (108 ) |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Segment financial information and a reconciliation of segment results to consolidated results follows: Years Ended December 31, 2017 2016 2015 Revenue: Engineered Systems $ 2,576,288 $ 2,366,283 $ 2,342,913 Fluids 2,250,830 1,700,574 1,399,273 Refrigeration & Food Equipment 1,599,105 1,620,339 1,731,430 Energy 1,406,201 1,108,438 1,483,680 Intra-segment eliminations (1,988 ) (1,292 ) (985 ) Total consolidated revenue $ 7,830,436 $ 6,794,342 $ 6,956,311 Earnings: Segment earnings: (1) Engineered Systems $ 590,430 $ 391,829 $ 376,961 Fluids 305,108 200,921 262,117 Refrigeration & Food Equipment 193,822 283,628 221,299 Energy 188,427 55,336 173,190 Total segment earnings 1,277,787 931,714 1,033,567 Corporate expense / other (2) 167,238 112,740 105,700 Interest expense 145,208 136,401 131,676 Interest income (8,502 ) (6,759 ) (4,419 ) Earnings before provision for income taxes 973,843 689,332 800,610 Provision for income taxes 162,178 180,440 204,729 Net earnings $ 811,665 $ 508,892 $ 595,881 Segment margins: Engineered Systems 22.9 % 16.6 % 16.1 % Fluids 13.6 % 11.8 % 18.7 % Refrigeration & Food Equipment 12.1 % 17.5 % 12.8 % Energy 13.4 % 5.0 % 11.7 % Total Segments 16.3 % 13.7 % 14.9 % Net earnings 10.4 % 7.5 % 8.6 % Depreciation and amortization: Engineered Systems $ 81,419 $ 73,947 $ 59,914 Fluids 120,120 85,224 56,078 Refrigeration & Food Equipment 57,207 65,017 66,074 Energy 130,996 131,420 141,779 Corporate 4,498 5,131 3,244 Consolidated total $ 394,240 $ 360,739 $ 327,089 Capital expenditures: Engineered Systems $ 35,028 $ 31,121 $ 37,109 Fluids 81,080 62,368 45,605 Refrigeration & Food Equipment 32,541 23,651 33,511 Energy 40,061 32,938 33,692 Corporate 8,025 15,127 4,334 Consolidated total $ 196,735 $ 165,205 $ 154,251 (1) Segment earnings includes non-operating income and expense directly attributable to the segments. Non-operating income and expense includes Gain on sale of businesses and Other expense (income), net. (2) 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. For the year ended December 31, 2017, one-time transaction costs associated with the Wellsite spin-off were $15.3 million . |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | Selected financial information by market segment (continued): Total assets at December 31: 2017 2016 Engineered Systems $ 2,985,920 $ 3,002,629 Fluids 3,163,767 3,134,838 Refrigeration & Food Equipment 1,284,117 1,324,037 Energy 2,250,721 2,209,230 Corporate (3) 973,128 445,257 Consolidated total $ 10,657,653 $ 10,115,991 (3) The significant portion of corporate assets are principally Cash and cash equivalents. |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | Revenue Long-Lived Assets Years Ended December 31, At December 31, 2017 2016 2015 2017 2016 United States $ 4,424,030 $ 3,910,733 $ 4,270,061 $ 658,109 $ 640,802 Europe 1,504,798 1,261,232 1,059,413 238,942 211,238 Other Americas 735,368 594,838 637,533 40,334 28,288 Asia 774,918 675,995 626,761 57,016 56,614 Other 391,322 351,544 362,543 5,371 8,728 Consolidated total $ 7,830,436 $ 6,794,342 $ 6,956,311 $ 999,772 $ 945,670 Revenue is attributed to regions based on the location of the Company’s customer, which in some instances is an intermediary and not necessarily the end user. Long-lived assets are comprised of net property, plant and equipment. The Company’s businesses are based primarily in the United States, Europe and Asia. The Company’s businesses serve thousands of customers, none of which accounted for more than 10% of consolidated revenue. |
Earnings per Share (Tables)
Earnings per Share (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Reconciliation of information used in computing basic and diluted earnings per share | The following table sets forth a reconciliation of the information used in computing basic and diluted earnings per share: Years Ended December 31, 2017 2016 2015 Net earnings from continuing operations $ 811,665 $ 508,892 $ 595,881 Earnings from discontinued operations, net — — 273,948 Net earnings $ 811,665 $ 508,892 $ 869,829 Basic earnings per common share: Net earnings from continuing operations $ 5.21 $ 3.28 $ 3.78 Earnings from discontinued operations, net $ — $ — $ 1.74 Net earnings $ 5.21 $ 3.28 $ 5.52 Weighted average basic shares outstanding 155,685,000 155,231,000 157,619,000 Diluted earnings per common share: Net earnings from continuing operations $ 5.15 $ 3.25 $ 3.74 Earnings from discontinued operations, net $ — $ — $ 1.72 Net earnings $ 5.15 $ 3.25 $ 5.46 Weighted average diluted shares outstanding 157,744,000 156,636,000 159,172,000 |
Reconciliation of share amounts used in computing earnings per share | The following table is a reconciliation of the share amounts used in computing earnings per share: Years Ended December 31, 2017 2016 2015 Weighted average shares outstanding - Basic 155,685,000 155,231,000 157,619,000 Dilutive effect of assumed exercise of SARs and vesting of performance shares and RSUs 2,059,000 1,405,000 1,553,000 Weighted average shares outstanding - Diluted 157,744,000 156,636,000 159,172,000 |
Quarterly Data (Tables)
Quarterly Data (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Data [Table Text Block] | Net Earnings Quarter Revenue Gross Profit Earnings Per Share - Basic Per Share - Diluted 2017 First $ 1,813,372 $ 661,175 $ 172,247 $ 1.11 $ 1.09 Second 1,993,351 749,446 164,058 1.05 1.04 Third 2,006,275 744,333 178,912 1.15 1.14 Fourth 2,017,438 735,423 296,448 1.90 1.88 $ 7,830,436 $ 2,890,377 $ 811,665 $ 5.21 $ 5.15 2016 First $ 1,622,273 $ 589,264 $ 99,356 $ 0.64 $ 0.64 Second 1,686,345 631,213 118,290 0.76 0.76 Third 1,707,763 631,788 130,084 0.84 0.83 Fourth 1,777,961 619,704 161,162 1.04 1.03 $ 6,794,342 $ 2,471,969 $ 508,892 $ 3.28 $ 3.25 |
Description of Business and S48
Description of Business and Summary of Significant Accounting Policies (Details) | 12 Months Ended | ||
Dec. 31, 2017USD ($)segments | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Description of Business [Abstract] | |||
Number of Reportable Segments | segments | 4 | ||
Cash and Cash Equivalents [Abstract] | |||
Maturity Period Of Cash Equivalent (in months) | three months or less | ||
Property, Plant and Equipment [Line Items] | |||
Employee Service Share-based Compensation, Tax Benefit Realized from Exercise of Stock Options | $ 8,365,000 | ||
Deferred Finance Costs, Own-share Lending Arrangement, Issuance Costs, Net | $ 14,900,000 | $ 16,500,000 | |
Finite-Lived Intangible Assets [Line Items] | |||
Number of Reporting Units | 10 | 9 | |
Goodwill, Impairment Loss | $ 0 | $ 0 | $ 0 |
Share-based Compensation [Abstract] | |||
Vesting period (in years) | 3 years | ||
Research and Development [Abstract] | |||
Research and development expense | $ 124,986,000 | 104,479,000 | 115,037,000 |
Document Fiscal Year Focus | 2,017 | ||
Advertising [Abstract] | |||
Advertising expense | $ 34,589,000 | $ 35,859,000 | $ 37,527,000 |
Risk, Retention, Insurance [Abstract] | |||
Maximum Limit For Self Insurance Product Commercial General Liability Claims | 5,000,000 | ||
Maximum Limit For Self Insurance Workers Compensation Claims Expected | 800,000 | ||
Maximum Limit For Self Insurance Automobile Liability Claims | $ 5,000,000 | ||
Buildings and improvements [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment useful life | 5 years | ||
Buildings and improvements [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment useful life | 31 years 6 months | ||
Machinery and Equipment [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment useful life | 3 years | ||
Machinery and Equipment [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment useful life | 7 years | ||
Furniture and Fixtures [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment useful life | 3 years | ||
Furniture and Fixtures [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment useful life | 7 years | ||
Vehicles [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment useful life | 3 years | ||
Vehicles [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment useful life | 3 years | ||
Software [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment useful life | 3 years | ||
Software [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment useful life | 10 years | ||
Other Intangible Assets [Member] | Minimum [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Other intangible assets, useful life | 5 years | ||
Other Intangible Assets [Member] | Maximum [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Other intangible assets, useful life | 15 years |
Planned Spin-Off (Details)
Planned Spin-Off (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Planned Spin-Off [Abstract] | |
Spin-off costs incurred to date | $ 15,300 |
Acquisitions (Details)
Acquisitions (Details) € in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017USD ($) | Dec. 31, 2017EUR (€) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Business Acquisition [Line Items] | ||||
Number of business acquisitions (in businesses) | 3 | 3 | 6 | 4 |
Payments to Acquire Businesses, Net of Cash Acquired | $ 36,031 | $ 1,561,737 | $ 567,843 | |
Acquired Goodwill | 35,233 | 908,313 | ||
Acquired intangible assets, net | 12,707 | |||
Business Combination, Assets and Liabilities Arising from Contingencies, Amount Recognized, Net | 1,554,448 | |||
Engineered Systems Segment [Member] | ||||
Business Acquisition [Line Items] | ||||
Acquired Goodwill | 30,180 | 126,140 | ||
Fluids Segment [Member] | ||||
Business Acquisition [Line Items] | ||||
Acquired Goodwill | 0 | 782,173 | ||
Refrigeration and Food Equipment Segment [Member] | ||||
Business Acquisition [Line Items] | ||||
Acquired Goodwill | 0 | 0 | ||
Energy Segment [Member] | ||||
Business Acquisition [Line Items] | ||||
Acquired Goodwill | 5,053 | 0 | ||
2017 Acquisitions [Member] | ||||
Business Acquisition [Line Items] | ||||
Payments to Acquire Businesses, Net of Cash Acquired | 43,142 | |||
Ettiingler [Member] | ||||
Business Acquisition [Line Items] | ||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 60,000 | € 50,000 | ||
Caldera Graphics [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Acquisition of 100 Percent, Voting Rights | 100.00% | 100.00% | ||
Payments to Acquire Businesses, Net of Cash Acquired | $ 32,857 | |||
Acquired Goodwill | 27,174 | |||
Acquired intangible assets, net | 8,169 | |||
Wayne Fueling Systems Ltd. [Member] | ||||
Business Acquisition [Line Items] | ||||
Payments to Acquire Businesses, Net of Cash Acquired | 792,244 | |||
Acquired Goodwill | 482,445 | |||
Acquired intangible assets, net | 300,042 | |||
Other Acquisitions [Member] | ||||
Business Acquisition [Line Items] | ||||
Payments to Acquire Businesses, Net of Cash Acquired | 10,285 | 769,493 | $ 568 | |
Acquired Goodwill | 8,059 | 425,868 | ||
Acquired intangible assets, net | $ 4,538 | $ 321,609 | ||
Other Acquisitions [Member] | Customer-Related Intangible Assets [Member] | ||||
Business Acquisition [Line Items] | ||||
Weighted average lives of finite-lived intangible assets acquired | 9 years | 9 years | ||
Rosario [Member] | ||||
Business Acquisition [Line Items] | ||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 16,200 | € 13,500 | ||
Minimum [Member] | Caldera Graphics [Member] | ||||
Business Acquisition [Line Items] | ||||
Weighted average lives of finite-lived intangible assets acquired | 7 years | 7 years | ||
Minimum [Member] | Wayne Fueling Systems Ltd. [Member] | ||||
Business Acquisition [Line Items] | ||||
Weighted average lives of finite-lived intangible assets acquired | 11 years | |||
Minimum [Member] | Other Acquisitions [Member] | ||||
Business Acquisition [Line Items] | ||||
Weighted average lives of finite-lived intangible assets acquired | 4 years | |||
Maximum [Member] | Caldera Graphics [Member] | ||||
Business Acquisition [Line Items] | ||||
Weighted average lives of finite-lived intangible assets acquired | 15 years | 15 years | ||
Maximum [Member] | Wayne Fueling Systems Ltd. [Member] | ||||
Business Acquisition [Line Items] | ||||
Weighted average lives of finite-lived intangible assets acquired | 15 years | |||
Maximum [Member] | Other Acquisitions [Member] | ||||
Business Acquisition [Line Items] | ||||
Weighted average lives of finite-lived intangible assets acquired | 15 years |
Acquisitions - Pro Forma Inform
Acquisitions - Pro Forma Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Revenue from continuing operations [Abstract] | |||||||||||
As reported | $ 2,017,438 | $ 2,006,275 | $ 1,993,351 | $ 1,813,372 | $ 1,777,961 | $ 1,707,763 | $ 1,686,345 | $ 1,622,273 | $ 7,830,436 | $ 6,794,342 | $ 6,956,311 |
Pro forma | 7,841,835 | 7,494,468 | |||||||||
Earnings from continuing operations [Abstract] | |||||||||||
As reported | $ 296,448 | $ 178,912 | $ 164,058 | $ 172,247 | $ 161,162 | $ 130,084 | $ 118,290 | $ 99,356 | 811,665 | 508,892 | $ 595,881 |
Pro forma | $ 812,490 | $ 550,176 | |||||||||
Basic earnings per share from continuing operations [Abstract] | |||||||||||
As reported (in dollars per share) | $ 1.90 | $ 1.15 | $ 1.05 | $ 1.11 | $ 1.04 | $ 0.84 | $ 0.76 | $ 0.64 | $ 5.21 | $ 3.28 | $ 3.78 |
Pro forma (in dollars per share) | 5.22 | 3.54 | |||||||||
Diluted earnings per share from continuing operations [Abstract] | |||||||||||
As reported (in dollars per share) | $ 1.88 | $ 1.14 | $ 1.04 | $ 1.09 | $ 1.03 | $ 0.83 | $ 0.76 | $ 0.64 | 5.15 | 3.25 | $ 3.74 |
Pro forma (in dollars per share) | $ 5.15 | $ 3.51 |
Disposed and Discontinued Ope52
Disposed and Discontinued Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Proceeds from the sale of businesses | $ 372,666 | $ 206,407 | $ 689,314 |
Gain (loss) on sale of businesses | 2,196 | ||
Income Taxes Paid | 337,987 | 170,394 | 346,382 |
Pension settlement charge, net of tax | 810 | ||
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | |||
Disposal Group, Including Discontinued Operation, Revenue | 72,869 | ||
Gain (Loss) on sale of businesses | 265,550 | ||
Discontinued Operation, Income (Loss) from Discontinued Operation, before Income Tax | 8,222 | ||
Discontinued Operation, Tax Effect of Discontinued Operation | 176 | ||
Discontinued Operation, Income (Loss) from Discontinued Operation During Phase-out Period, Net of Tax | 8,398 | ||
Earnings (loss) from discontinued operations, net | 0 | 0 | 273,948 |
Warn [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Proceeds from the sale of businesses | 250,283 | ||
Gain (loss) on sale of businesses | 116,932 | ||
Performance Motorsports International [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Proceeds from the sale of businesses | 147,313 | ||
Gain (loss) on sale of businesses | 88,402 | ||
Proceeds from Divestiture of Businesses, Net of Cash Divested | $ 118,706 | ||
Equity Method Investment, Ownership Percentage | 25.00% | ||
Noncontrolling Interest, Increase from Sale of Parent Equity Interest | $ 18,607 | ||
Accounts and Notes Receivable, Net | $ 10,000 | ||
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 (loss) on sale of businesses | 11,853 | ||
Tipper Tie [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Proceeds from the sale of businesses | 158,887 | ||
Gain (loss) on sale of businesses | $ 85,035 | ||
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 | ||
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | |||
Gain (Loss) on sale of businesses | 87,781 | ||
Sargent Aerospace [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Proceeds from the sale of businesses | 500,000 | ||
Income Taxes Paid | 110,500 | ||
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | |||
Gain (Loss) on sale of businesses | 177,769 | ||
Businesses held for sale or spun [Member] | |||
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | |||
Discontinued Operation, Income (Loss) from Discontinued Operation During Phase-out Period, Net of Tax | $ 9,209 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Inventory, Net [Abstract] | ||
Raw materials | $ 445,417 | $ 428,286 |
Work in progress | 139,175 | 138,652 |
Finished Goods | 418,818 | 409,314 |
Subtotal | 1,003,410 | 976,252 |
Less reserves | (124,775) | (105,765) |
Total | $ 878,635 | $ 870,487 |
Percentage of LIFO Inventory | 15.00% | 16.00% |
Property, Plant and Equipment54
Property, Plant and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation | $ 191,285 | $ 175,495 | $ 167,516 |
Cost | 2,603,871 | 2,468,930 | |
Accumulated depreciation | (1,604,099) | (1,523,260) | |
Total | 999,772 | 945,670 | |
Land [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Cost | 68,476 | 68,575 | |
Buildings and improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Cost | 616,282 | 597,523 | |
Machinery, equipment and other [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Cost | $ 1,919,113 | $ 1,802,832 |
Goodwill and Other Intangible55
Goodwill and Other Intangible Assets - Goodwill (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Goodwill [Roll Forward] | ||||
Goodwill, Gross | $ 3,807,950 | |||
Accumulated impairment loss | (70,561) | |||
Balance | $ 4,562,677 | $ 3,737,389 | ||
Acquired Goodwill | 35,233 | 908,313 | ||
Purchase price adjustments | (29,113) | 5,991 | ||
Goodwill, Written off Related to Sale of Business Unit | (79,409) | (34,867) | ||
Foreign currency translation | 102,524 | (54,149) | ||
Balance | $ 4,591,912 | $ 4,562,677 | ||
Number of Reporting Units | 10 | 9 | ||
Engineered Systems Segment [Member] | ||||
Goodwill [Roll Forward] | ||||
Goodwill, Gross | 1,484,455 | |||
Accumulated impairment loss | $ (10,591) | |||
Balance | $ 1,567,216 | $ 1,473,864 | ||
Acquired Goodwill | 30,180 | 126,140 | ||
Purchase price adjustments | 6,826 | 363 | ||
Goodwill, Written off Related to Sale of Business Unit | (79,113) | (9,615) | ||
Foreign currency translation | 60,288 | (23,536) | ||
Balance | 1,585,397 | 1,567,216 | ||
Fluids Segment [Member] | ||||
Goodwill [Roll Forward] | ||||
Goodwill, Gross | 715,715 | |||
Accumulated impairment loss | $ (59,970) | |||
Balance | 1,413,508 | 655,745 | ||
Acquired Goodwill | 0 | 782,173 | ||
Purchase price adjustments | (35,939) | 4,860 | ||
Goodwill, Written off Related to Sale of Business Unit | 0 | 0 | ||
Foreign currency translation | 36,890 | (29,270) | ||
Balance | 1,414,459 | 1,413,508 | ||
Refrigeration and Food Equipment Segment [Member] | ||||
Goodwill [Roll Forward] | ||||
Goodwill, Gross | 560,600 | |||
Accumulated impairment loss | 0 | |||
Balance | 536,179 | 560,600 | ||
Acquired Goodwill | 0 | 0 | ||
Purchase price adjustments | 0 | 768 | ||
Goodwill, Written off Related to Sale of Business Unit | (296) | (25,252) | ||
Foreign currency translation | 816 | 63 | ||
Balance | 536,699 | 536,179 | ||
Energy Segment [Member] | ||||
Goodwill [Roll Forward] | ||||
Goodwill, Gross | 1,047,180 | |||
Accumulated impairment loss | $ 0 | |||
Balance | 1,045,774 | 1,047,180 | ||
Acquired Goodwill | 5,053 | 0 | ||
Purchase price adjustments | 0 | 0 | ||
Goodwill, Written off Related to Sale of Business Unit | 0 | 0 | ||
Foreign currency translation | 4,530 | (1,406) | ||
Balance | $ 1,055,357 | $ 1,045,774 | ||
Minimum [Member] | ||||
Goodwill [Roll Forward] | ||||
Fair Value Inputs, Discount Rate | 8.50% | |||
Maximum [Member] | ||||
Goodwill [Roll Forward] | ||||
Fair Value Inputs, Discount Rate | 10.00% |
Goodwill and Other Intangible56
Goodwill and Other Intangible Assets - Intangibles and Amortization Expense (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Finite-Lived Intangible Assets [Line Items] | |||
Document Fiscal Year Focus | 2,017 | ||
Gross carrying amount | $ 2,710,266,000 | $ 2,685,675,000 | |
Intangible Assets, Gross (Excluding Goodwill) | 2,810,666,000 | 2,851,201,000 | |
Finite-Lived Intangible Assets, Accumulated Amortization | 1,200,739,000 | 1,048,278,000 | |
Finite-Lived Intangible Assets, Net | 1,509,527,000 | 1,637,397,000 | |
Intangible Assets, Net (Excluding Goodwill) | 1,609,927,000 | 1,802,923,000 | |
Acquired intangible assets, net | 12,707,000 | ||
Amortization expense | 202,955,000 | 185,244,000 | $ 159,573,000 |
Acquisition-related amortization expense | 201,695,000 | 183,835,000 | $ 157,849,000 |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |||
2,017 | 193,566,000 | ||
2,018 | 186,346,000 | ||
2,019 | 175,119,000 | ||
2,020 | 167,253,000 | ||
2,021 | 152,105,000 | ||
Customer Intangibles [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross carrying amount | 1,977,776,000 | 1,942,974,000 | |
Finite-Lived Intangible Assets, Accumulated Amortization | 836,102,000 | 718,135,000 | |
Finite-Lived Intangible Assets, Net | 1,141,674,000 | 1,224,839,000 | |
Trademarks [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross carrying amount | 253,934,000 | 246,619,000 | |
Finite-Lived Intangible Assets, Accumulated Amortization | 76,344,000 | 56,455,000 | |
Finite-Lived Intangible Assets, Net | 177,590,000 | 190,164,000 | |
Patents [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross carrying amount | 160,237,000 | 157,491,000 | |
Finite-Lived Intangible Assets, Accumulated Amortization | 130,771,000 | 119,828,000 | |
Finite-Lived Intangible Assets, Net | 29,466,000 | 37,663,000 | |
Unpatented Technologies [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross carrying amount | 162,613,000 | 155,752,000 | |
Finite-Lived Intangible Assets, Accumulated Amortization | 80,984,000 | 64,648,000 | |
Finite-Lived Intangible Assets, Net | 81,629,000 | 91,104,000 | |
Distributor Relationships [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross carrying amount | 85,794,000 | 113,463,000 | |
Finite-Lived Intangible Assets, Accumulated Amortization | 32,092,000 | 44,914,000 | |
Finite-Lived Intangible Assets, Net | 53,702,000 | 68,549,000 | |
Drawings and Manuals [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross carrying amount | 35,806,000 | 37,744,000 | |
Finite-Lived Intangible Assets, Accumulated Amortization | 22,876,000 | 23,114,000 | |
Finite-Lived Intangible Assets, Net | 12,930,000 | 14,630,000 | |
Other Intangible Assets [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross carrying amount | 34,106,000 | 31,632,000 | |
Finite-Lived Intangible Assets, Accumulated Amortization | 21,570,000 | 21,184,000 | |
Finite-Lived Intangible Assets, Net | 12,536,000 | 10,448,000 | |
Trademarks [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Accumulated Amortization | $ 0 | $ 0 |
Goodwill and Other Intangible57
Goodwill and Other Intangible Assets - Indefinite-lived Intangibles (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Unamortized Intangible Assets [Abstract] | ||
Indefinite-Lived Intangible Assets (Excluding Goodwill) | $ 100,400,000 | $ 165,526,000 |
Finite-Lived Intangible Assets, Accumulated Amortization | 1,200,739,000 | 1,048,278,000 |
Trademarks [Member] | ||
Unamortized Intangible Assets [Abstract] | ||
Indefinite-Lived Intangible Assets (Excluding Goodwill) | 100,400,000 | 165,526,000 |
Finite-Lived Intangible Assets, Accumulated Amortization | $ 0 | $ 0 |
Accrued Expenses and Other Li58
Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Warranty, current | $ 54,337 | $ 48,648 | |
Unearned/deferred revenue, current | 52,755 | 42,000 | |
Taxes other than income | 38,408 | 33,298 | |
Accrued volume discounts | 37,711 | 41,378 | |
Restructuring and exit | 33,864 | 11,926 | |
Accrued interest | 31,073 | 30,819 | |
Accrued commissions (non-employee) | 13,139 | 12,528 | |
Other, current (none of which are individually significant) | 94,812 | 111,998 | |
Total other accrued expenses | 356,099 | 332,595 | |
Defined benefit and other post-retirement benefit plans | 198,623 | 196,268 | |
Income Taxes Payable | 108,497 | 0 | |
Unrecognized tax benefits | 84,452 | 84,894 | |
Deferred compensation, noncurrent | 78,065 | 73,694 | |
Legal and environmental, noncurrent | 34,105 | 30,330 | |
Unearned/deferred revenue, noncurrent | 9,916 | 12,526 | |
Warranty, noncurrent | 8,135 | 36,349 | |
Other, noncurrent (none of which are individually significant) | 28,944 | 25,056 | |
Total other liabilities | 550,737 | 459,117 | |
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward] | |||
Beginning Balance | 84,997 | 44,466 | $ 49,388 |
Provision for warranties | 57,472 | 68,566 | 51,392 |
Settlements made | (73,164) | (35,638) | (55,715) |
Other adjustments, including acquisitions and currency translation | (6,833) | 7,603 | (599) |
Ending Balance | 62,472 | 84,997 | $ 44,466 |
Damages from Product Defects [Member] | |||
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward] | |||
Beginning Balance | 23,150 | ||
Provision for warranties | 7,200 | ||
Settlements made | (9,337) | ||
Ending Balance | $ 6,613 | $ 23,150 |
Restucturing Activities (Detail
Restucturing Activities (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges, actual | $ 59,180,000 | $ 40,166,000 | $ 55,204,000 |
Other Restructuring Costs | 45,812 | ||
Restructuring Reserve [Roll Forward] | |||
Severance and other restructuring reserve, beginning balance | 12,347,000 | 13,991,000 | 22,021,000 |
Provision | 59,180,000 | 40,166,000 | 55,204,000 |
Payments | (23,983,000) | (35,894,000) | (50,325,000) |
Other, including foreign currency | (13,721,000) | (5,916,000) | (12,909,000) |
Severance and other restructuring reserve, ending balance | 33,823,000 | 12,347,000 | 13,991,000 |
Cost of Sales [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges, actual | 22,990,000 | 14,744,000 | 21,194,000 |
Selling and Administrative Expenses [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges, actual | 36,190,000 | 25,422,000 | 34,010,000 |
Engineered Systems Segment [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges, actual | 11,847,000 | 3,080,000 | 13,302,000 |
Fluids Segment [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges, actual | 15,737,000 | 16,905,000 | 4,879,000 |
Refrigeration and Food Equipment Segment [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges, actual | 14,070,000 | 928,000 | 5,848,000 |
Energy Segment [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges, actual | 7,751,000 | 18,497,000 | 30,763,000 |
Corporate, Non-Segment [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges, actual | 9,775,000 | 756,000 | 412,000 |
Employee Severance [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Severance and other restructuring reserve, beginning balance | 10,908,000 | 11,036,000 | 15,358,000 |
Provision | 32,378,000 | 30,199,000 | 32,148,000 |
Payments | (17,298,000) | (28,346,000) | (38,003,000) |
Other, including foreign currency | (1,033,000) | (1,981,000) | 1,533,000 |
Severance and other restructuring reserve, ending balance | 24,955,000 | 10,908,000 | 11,036,000 |
Facility Closing [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Severance and other restructuring reserve, beginning balance | 1,439,000 | 2,955,000 | 6,663,000 |
Provision | 26,802,000 | 9,967,000 | 23,056,000 |
Payments | (6,685,000) | (7,548,000) | (12,322,000) |
Other, including foreign currency | (12,688,000) | (3,935,000) | (14,442,000) |
Severance and other restructuring reserve, ending balance | $ 8,868,000 | $ 1,439,000 | $ 2,955,000 |
Borrowings (Details)
Borrowings (Details) € in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017USD ($) | Dec. 31, 2017EUR (€) | Dec. 31, 2016USD ($) | Dec. 31, 2016EUR (€) | |
Letters of Credit [Abstract] | ||||
Letters of credit outstanding | $ 135,400 | |||
Maturities of Long-term Debt [Abstract] | ||||
2,017 | 350,011 | |||
2,018 | 1,943 | |||
2,019 | 354,349 | |||
2,020 | 448,831 | |||
2,021 | 0 | |||
2022 and thereafter | 2,181,579 | |||
Total future maturities | 3,336,713 | |||
Debt Instrument [Line Items] | ||||
Short-term Debt | 350,402 | $ 6,950 | ||
Deferred Finance Costs, Own-share Lending Arrangement, Issuance Costs, Net | 14,900 | 16,500 | ||
Short-term borrowings [Abstract] | ||||
Commercial paper | 230,700 | 407,600 | ||
Total short-term debt | 581,102 | 414,550 | ||
Long-term borrowings [Abstract] | ||||
Long-term Debt | 3,336,713 | 3,207,777 | ||
Long-term Debt, Current Maturities | 350,011 | 1,140 | ||
Total long-term debt | 2,986,702 | 3,206,637 | ||
Unamortized discount | 17,600 | 18,800 | ||
Proceeds from Issuance of Debt | $ 656,399 | |||
Line of Credit Facility [Abstract] | ||||
Line of credit facility, interest rate description | At the Company's election, loans under the Credit Agreement will bear interest at a base rate plus an applicable margin. | |||
Line of credit facility, covenant terms | the Credit Agreement requires the Company to pay a facility fee and imposes various restrictions on the Company such as, among other things, the requirement for the Company to maintain an interest coverage ratio of consolidated EBITDA to consolidated net interest expense of greater than or equal to 3.0 to 1 | |||
Line of credit facility, covenant compliance | 11.4 to 1.0 | |||
Note due 2018 [Member] | ||||
Long-term borrowings [Abstract] | ||||
Long-term Debt | $ 349,918 | 349,502 | ||
Debt instrument, stated interest rate (in hundredths) | 5.45% | 5.45% | ||
Term of debt instrument (in years) | 10 years | |||
Debt instruments, maturity date | Mar. 15, 2018 | |||
Face amount of notes | $ 350,000 | |||
Note due 2020 [Member] | ||||
Long-term borrowings [Abstract] | ||||
Long-term Debt | $ 354,349 | 311,851 | ||
Debt instrument, stated interest rate (in hundredths) | 2.125% | 2.125% | ||
Term of debt instrument (in years) | 7 years | |||
Debt instruments, maturity date | Dec. 1, 2020 | |||
Face amount of notes | € | € 300,000 | |||
Note due 2021 [Member] | ||||
Long-term borrowings [Abstract] | ||||
Long-term Debt | $ 448,831 | 448,458 | ||
Debt instrument, stated interest rate (in hundredths) | 4.30% | 4.30% | ||
Term of debt instrument (in years) | 10 years | |||
Debt instruments, maturity date | Mar. 1, 2021 | |||
Face amount of notes | $ 450,000 | |||
Note due 2025 [Member] | ||||
Long-term borrowings [Abstract] | ||||
Long-term Debt | $ 394,695 | 394,042 | ||
Debt instrument, stated interest rate (in hundredths) | 3.15% | 3.15% | ||
Term of debt instrument (in years) | 10 years | |||
Debt instruments, maturity date | Nov. 15, 2025 | |||
Face amount of notes | $ 400,000 | |||
Note due 2026 [Member] | ||||
Long-term borrowings [Abstract] | ||||
Long-term Debt | $ 701,058 | 616,893 | ||
Debt instrument, stated interest rate (in hundredths) | 1.25% | 1.25% | ||
Term of debt instrument (in years) | 10 years | |||
Debt instruments, maturity date | Nov. 9, 2026 | |||
Face amount of notes | € | € 600,000 | € 600,000 | ||
Debentures due 2028 [Member] | ||||
Long-term borrowings [Abstract] | ||||
Long-term Debt | $ 198,954 | 198,830 | ||
Debt instrument, stated interest rate (in hundredths) | 6.65% | 6.65% | ||
Term of debt instrument (in years) | 30 years | |||
Debt instruments, maturity date | Jun. 1, 2028 | |||
Face amount of notes | $ 200,000 | |||
Debenture due 2035 [Member] | ||||
Long-term borrowings [Abstract] | ||||
Long-term Debt | $ 295,561 | 295,316 | ||
Debt instrument, stated interest rate (in hundredths) | 5.375% | 5.375% | ||
Term of debt instrument (in years) | 30 years | |||
Debt instruments, maturity date | Oct. 15, 2035 | |||
Face amount of notes | $ 300,000 | |||
Note due 2038 [Member] | ||||
Long-term borrowings [Abstract] | ||||
Long-term Debt | $ 247,713 | 247,593 | ||
Debt instrument, stated interest rate (in hundredths) | 6.60% | 6.60% | ||
Term of debt instrument (in years) | 30 years | |||
Debt instruments, maturity date | Mar. 15, 2038 | |||
Face amount of notes | $ 250,000 | |||
Note due 2041 [Member] | ||||
Long-term borrowings [Abstract] | ||||
Long-term Debt | $ 343,600 | 343,323 | ||
Debt instrument, stated interest rate (in hundredths) | 5.375% | 5.375% | ||
Term of debt instrument (in years) | 30 years | |||
Debt instruments, maturity date | Mar. 1, 2041 | |||
Face amount of notes | $ 350,000 | |||
Other long term debt instruments [Member] | ||||
Long-term borrowings [Abstract] | ||||
Long-term Debt | $ 2,034 | 1,969 | ||
Credit Agreement [Member] | ||||
Line of Credit Facility [Abstract] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,000,000 | |||
Credit facility expiration date | Nov. 10, 2020 | |||
Minimum [Member] | ||||
Line of Credit Facility [Abstract] | ||||
Credit facility expiration date | Dec. 31, 2018 | |||
Maximum [Member] | ||||
Line of Credit Facility [Abstract] | ||||
Credit facility expiration date | Dec. 31, 2039 |
Financial Instruments - Derivat
Financial Instruments - Derivatives (Details) € in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2017EUR (€) | Dec. 31, 2016EUR (€) | |
Derivatives, Fair Value [Line Items] | |||||
Total long-term debt | $ 2,986,702 | $ 3,206,637 | |||
Gain (loss) on net investment hedges, gross | (125,262) | 53,791 | $ 33,273 | ||
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax | 43,842 | (18,827) | (11,646) | ||
Gain (loss) on net investment hedges, net of tax | (81,420) | 34,964 | 21,627 | ||
Designated as Hedging Instrument [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Notional amount of derivatives | 115,580 | 59,932 | |||
Not Designated as Hedging Instrument [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Notional amount of derivatives | 59,952 | 56,189 | |||
Cross Currency Interest Rate Contract [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Gain (loss) on net investment hedges, gross | 0 | 0 | (2,185) | ||
Foreign Exchange Forward [Member] | Designated as Hedging Instrument [Member] | Prepaid Expenses and Other Current Assets [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Fair Value - Asset | 358 | 1,058 | |||
Foreign Exchange Forward [Member] | Designated as Hedging Instrument [Member] | Other Accrued Expenses [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Fair Value - Liability | $ 2,243 | $ 705 | |||
Note due 2020 [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Face amount of notes | € | € 300,000 | ||||
Gain (loss) on net investment hedges, gross | $ 35,458 | ||||
Note due 2020 [Member] | Designated as Hedging Instrument [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Face amount of notes | € | 300,000 | ||||
Note due 2026 [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Face amount of notes | € | 600,000 | € 600,000 | |||
Note due 2026 [Member] | Designated as Hedging Instrument [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Face amount of notes | € | € 600,000 |
Financial Instruments - Balance
Financial Instruments - Balance Sheet Location (Details) - Fair Value, Measurements, Recurring [Member] - Level 2 [Member] - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Assets [Abstract] | ||
Foreign currency cash flow hedges | $ 358 | $ 1,058 |
Liabilities [Abstract] | ||
Foreign currency cash flow hedges | $ 2,243 | $ 705 |
Financial Instruments - Fair Va
Financial Instruments - Fair Value Measurements (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Estimate of Fair Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | $ 3,324,776 | $ 3,534,553 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Earnings before provision for income taxes and discontinued operations [Abstract] | |||
Domestic | $ 620,908 | $ 420,546 | $ 530,268 |
Foreign | 352,935 | 268,786 | 270,342 |
Earnings before provision for income taxes and discontinued operations | 973,843 | 689,332 | 800,610 |
Current Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
U.S. Federal | 277,979 | 139,117 | 115,130 |
State and local | 24,444 | 21,213 | 11,706 |
Foreign | 47,152 | 85,273 | 79,982 |
Total current - continuing | 349,575 | 245,603 | 206,818 |
Deferred Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
U.S. Federal | (187,365) | (14,438) | 19,238 |
State and local | (3,514) | (1,232) | (3,433) |
Foreign | 3,482 | (49,493) | (17,894) |
Total deferred - continuing | (187,397) | (65,163) | (2,089) |
Total expense - continuing | $ 162,178 | $ 180,440 | $ 204,729 |
Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation [Abstract] | |||
U.S. Federal income tax rate | 35.00% | 35.00% | 35.00% |
State and local taxes, net of Federal income tax benefit | 1.30% | 1.90% | 1.60% |
Foreign operations tax effect | (6.50%) | (7.10%) | (4.30%) |
Domestic manufacturing deduction | (2.00%) | (2.20%) | (3.00%) |
Foreign tax credits | (0.00%) | (0.10%) | (2.40%) |
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Percent | (5.60%) | (1.40%) | 0.00% |
Effective Income Tax Rate Reconciliation, Disposition of Business, Percent | (3.80%) | (0.60%) | 0.00% |
Other, principally non-tax deductible items | (1.70%) | 0.70% | (1.30%) |
Effective rate from continuing operations | 16.70% | 26.20% | 25.60% |
U.S. Tax Reform [Abstract] | |||
Deferred tax provisional benefit | $ 172,000 | ||
Income tax payable deemed repatriation | 115,000 | ||
Estimated cash to repatriate | 450,000 | ||
Tax withholding on repatriation | $ 11,000 |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Deferred Tax Assets, Gross [Abstract] | ||
Accrued compensation, principally postretirement and other employee benefits | $ 69,428 | $ 121,909 |
Accrued expenses, principally for state income taxes, interest and warranty | 21,251 | 40,256 |
Net operating loss and other carryforwards | 269,892 | 325,721 |
Inventories, principally due to reserves for financial reporting purposes and capitalization for tax purposes | 11,640 | 15,730 |
Accounts receivable, principally due to allowance for doubtful accounts | 6,747 | 8,337 |
Accrued insurance | 1,264 | 6,483 |
Long-term liabilities, principally warranty, environmental and exit costs | 7,107 | 5,273 |
Other assets | (23,396) | (18,872) |
Total gross deferred tax assets | 363,933 | 504,837 |
Valuation allowance | (238,668) | (289,642) |
Total deferred tax assets | 125,265 | 215,195 |
Deferred Tax Liabilities, Gross [Abstract] | ||
Intangible assets, principally due to different tax and financial reporting bases and amortization lives | (488,012) | (814,242) |
Plant and equipment, principally due to differences in depreciation | (47,549) | (74,713) |
Accounts receivable | (4,654) | (10,086) |
Total gross deferred tax liabilities | (540,215) | (899,041) |
Deferred Tax Assets, Net, Classification [Abstract] | ||
Non-current deferred tax asset | 23,891 | 26,327 |
Non-current deferred tax liability | (438,841) | (710,173) |
Deferred Tax Liabilities, Net | $ (414,950) | $ (683,846) |
Income Taxes - Unrecognized Tax
Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Contingency [Line Items] | ||||
Unrecognized tax benefits | $ 68,034,000 | $ 70,315,000 | $ 66,088,000 | $ 77,089,000 |
Additions based on tax positions related to the current year | 14,466,000 | 7,929,000 | 17,131,000 | |
Additions for tax positions of prior years | 4,105,000 | 9,076,000 | 2,900,000 | |
Reductions for tax positions of prior years | (9,653,000) | (3,067,000) | (17,135,000) | |
Settlements | (954,000) | (3,106,000) | (1,153,000) | |
Lapse of statutes | (10,245,000) | (6,605,000) | (12,744,000) | |
Unrecognized potential tax benefits that would impact effective tax rate | 59,200,000 | |||
Potential interest and penalty expense (income) | (500,000) | 700,000 | $ (4,300,000) | |
Accrued interest and penalties | $ 16,500,000 | 14,600,000 | ||
Minimum [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Significant change in unrecognized tax benefits is reasonably possible, estimated range of change, upper bound | 0 | |||
Maximum [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Significant change in unrecognized tax benefits is reasonably possible, estimated range of change, upper bound | $ 14,100,000 |
Income Taxes - Operating Loss C
Income Taxes - Operating Loss Carryforwards (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Operating Loss Carryforwards [Line Items] | ||
Document Fiscal Year Focus | 2,017 | |
Internal Revenue Service (IRS) [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Loss carryforwards | $ 963.6 | |
Foreign Tax Authority [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating loss carryforwards subject to expiration | 129.2 | |
Operating loss carryforwards not subject to expiration | 834.4 | |
State and Local Jurisdiction [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Loss carryforwards | $ 82.4 | $ 84.2 |
Minimum [Member] | Foreign Tax Authority [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Expiration date | Dec. 31, 2018 | |
Minimum [Member] | State and Local Jurisdiction [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Expiration date | Dec. 31, 2018 | |
Maximum [Member] | Foreign Tax Authority [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Expiration date | Dec. 31, 2037 | |
Maximum [Member] | State and Local Jurisdiction [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Expiration date | Dec. 31, 2037 |
Equity and Cash Incentive Pro68
Equity and Cash Incentive Program (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Document Fiscal Year Focus | 2,017 | ||
Employee Service Share-based Compensation, Tax Benefit Realized from Exercise of Stock Options | $ 8,365 | ||
Awards Granted, Fair Value Assumptions and Methodology [Abstract] | |||
Shares available for grant | 17,000,000 | ||
Vesting period (in years) | 3 years | ||
Award term | 10 years | ||
Additional Disclosures [Abstract] | |||
Tax benefit from the exercise of share-based awards | $ 4,964 | $ 661 | |
Stock-based compensation expense [Abstract] | |||
Pre-tax compensation expense | $ 26,528 | 21,015 | 30,697 |
Tax benefit | (9,261) | (7,399) | (10,877) |
Total stock-based compensation expense, net of tax | $ 17,267 | $ 13,616 | $ 19,820 |
Shares Granted to Directors [Abstract] | |||
Aggregate shares granted | 16,231 | 21,023 | 21,205 |
Shares deferred | (11,337) | (11,882) | (11,196) |
Net shares granted | 4,894 | 9,141 | 10,009 |
Stock Appreciation Rights (SARs) [Member] | |||
Awards Granted, Fair Value Assumptions and Methodology [Abstract] | |||
Risk-free interest rate (in hundredths) | 1.80% | 1.05% | 1.51% |
Dividend yield (in hundredths) | 2.27% | 3.09% | 2.24% |
Expected life (in years) | 4 years 7 months | 4 years 7 months | 5 years 1 month |
Volatility (in hundredths) | 21.90% | 26.17% | 27.19% |
Fair value on date of grant | $ 12.63 | $ 9.25 | $ 14.55 |
Awards Outstanding [Roll Forward] | |||
Awards Outstanding (in number of shares) | 6,573,979 | 7,253,827 | |
Awards Granted (in number of shares) | 1,028,116 | 1,346,354 | 1,144,529 |
Awards Forfeit and Expired (in number of shares) | (240,859) | ||
Awards Exercised (in number of shares) | (1,467,105) | ||
Awards Exercisable (in number of shares) | 3,640,841 | ||
Awards Outstanding, Weighted Average Exercise Price [Roll Forward] | |||
Awards Outstanding, Weighted Average Exercise Price | $ 62.78 | $ 59 | |
Awards Granted, Weighted Average Exercise Price | 79.28 | $ 57.25 | $ 73.28 |
Awards Forfeit and Expired, Weighted Average Exercise Price | 69.36 | ||
Awards Exercised, Weighted Average Exercise Price | 54.54 | ||
Awards Exercisable, Weighted Average Exercise Price | $ 57.65 | ||
Additional Disclosures [Abstract] | |||
Awards Outstanding, Weighted Average Remaining Contractual Term | 5 years 9 months 18 days | ||
Awards Exercisable, Weighted Average Remaining Contractual Term | 4 years | ||
Fair value of stock appreciation rights which became exerciable during the year | $ 16,006 | $ 24,843 | $ 25,380 |
Awards Exercised, Total Intrinsic Value | 44,646 | 34,916 | 14,560 |
Unrecognized Compensation Cost [Abstract] | |||
Unrecognized Compensation Expense | $ 8,428 | ||
Unrecognized Compensation Expense, Period for Recognition | 1 year 7 months 6 days | ||
Stock Options [Member] | |||
Additional Disclosures [Abstract] | |||
Awards Exercised, Total Intrinsic Value | $ 0 | 0 | 1,649 |
Cash received for the exercise of stock options | $ 0 | $ 0 | $ 1,468 |
Performance Shares [Member] | |||
Awards Granted, Fair Value Assumptions and Methodology [Abstract] | |||
Fair value on date of grant | $ 79.28 | $ 57.25 | $ 73.28 |
Unvested Awards [Roll Forward] | |||
Awards Unvested (in number of shares) | 124,467 | 122,166 | |
Awards Granted (in number of shares) | 57,958 | 79,561 | 61,611 |
Awards Forfeit (in number of shares) | (6,123) | ||
Awards Vested (in number of shares) | (49,534) | ||
Unvested Awards, Weighted Average Grant Date Fair Value [Roll Forward] | |||
Awards Unvested, Weighted Average Grant Date Fair Value | $ 65.80 | $ 65.29 | |
Awards Forfeit, Weighted Average Grant Date Fair Value | 69.41 | ||
Awards Vested, Weighted Average Grant Date Fair Value | $ 73.28 | ||
Unrecognized Compensation Cost [Abstract] | |||
Unrecognized Compensation Expense | $ 3,270 | ||
Unrecognized Compensation Expense, Period for Recognition | 1 year 10 months 24 days | ||
Performance Share Attainment | 147.81% | 20.99% | 3.33% |
Restricted Stock Units (RSUs) [Member] | |||
Awards Granted, Fair Value Assumptions and Methodology [Abstract] | |||
Fair value on date of grant | $ 79.28 | ||
Unvested Awards [Roll Forward] | |||
Awards Unvested (in number of shares) | 333,886 | 336,546 | |
Awards Granted (in number of shares) | 174,203 | 249,263 | 145,545 |
Awards Forfeit (in number of shares) | (27,590) | ||
Awards Vested (in number of shares) | (149,273) | ||
Unvested Awards, Weighted Average Grant Date Fair Value [Roll Forward] | |||
Awards Unvested, Weighted Average Grant Date Fair Value | $ 70.06 | $ 64.74 | |
Awards Forfeit, Weighted Average Grant Date Fair Value | 71.16 | ||
Awards Vested, Weighted Average Grant Date Fair Value | $ 69.01 | ||
Unrecognized Compensation Cost [Abstract] | |||
Unrecognized Compensation Expense | $ 12,416 | ||
Unrecognized Compensation Expense, Period for Recognition | 1 year 7 months 6 days | ||
Additional Paid-in Capital [Member] | |||
Additional Disclosures [Abstract] | |||
Tax benefit from the exercise of share-based awards | $ 4,964 | $ 661 |
Equity and Cash Incentive Pro69
Equity and Cash Incentive Program - Outstanding and Exercisable Awards (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Stock Appreciation Rights (SARs) [Member] | ||
Exercise Price Range [Line Items] | ||
Number of Outstanding Awards | 6,573,979 | |
Outstanding Awards, Aggregate Intrinsic Value | $ 251,167 | |
Number of Exercisable Awards | 3,640,841 | |
Exercisable Awards, Aggregate Intrinsic Value | $ 157,519 | |
Stock Appreciation Rights (SARs) [Member] | Exercise Price Range 1 [Member] | ||
Exercise Price Range [Line Items] | ||
Exercise Price Range, Lower Range Limit | $ 25.96 | |
Exercise Price Range, Upper Range Limit | $ 37.79 | |
Number of Outstanding Awards | 927,723 | |
Outstanding Awards, Weighted Average Exercise Price | $ 33.98 | |
Outstanding Awards, Weighted Average Remaining Contractual Term | 1 year 9 months 18 days | |
Outstanding Awards, Aggregate Intrinsic Value | $ 62,170 | |
Number of Exercisable Awards | 929,840 | |
Exercisable Awards, Weighted Average Exercise Price | $ 33.98 | |
Exercisable Awards, Weighted Average Remaining Contractual Term | 1 year 9 months 18 days | |
Exercisable Awards, Aggregate Intrinsic Value | $ 62,170 | |
Stock Appreciation Rights (SARs) [Member] | Exercise Price Range 2 [Member] | ||
Exercise Price Range [Line Items] | ||
Exercise Price Range, Lower Range Limit | $ 40.54 | |
Exercise Price Range, Upper Range Limit | $ 58.69 | |
Number of Outstanding Awards | 2,301,826 | |
Outstanding Awards, Weighted Average Exercise Price | $ 57.67 | |
Outstanding Awards, Weighted Average Remaining Contractual Term | 5 years 9 months 18 days | |
Outstanding Awards, Aggregate Intrinsic Value | $ 99,723 | |
Number of Exercisable Awards | 1,188,436 | |
Exercisable Awards, Weighted Average Exercise Price | $ 58.06 | |
Exercisable Awards, Weighted Average Remaining Contractual Term | 3 years 8 months 12 days | |
Exercisable Awards, Aggregate Intrinsic Value | $ 50,903 | |
Stock Appreciation Rights (SARs) [Member] | Exercise Price Range 3 [Member] | ||
Exercise Price Range [Line Items] | ||
Exercise Price Range, Lower Range Limit | $ 63.33 | |
Exercise Price Range, Upper Range Limit | $ 82.51 | |
Number of Outstanding Awards | 3,344,430 | |
Outstanding Awards, Weighted Average Exercise Price | $ 74.30 | |
Outstanding Awards, Weighted Average Remaining Contractual Term | 7 years | |
Outstanding Awards, Aggregate Intrinsic Value | $ 89,274 | |
Number of Exercisable Awards | 1,522,565 | |
Exercisable Awards, Weighted Average Exercise Price | $ 71.77 | |
Exercisable Awards, Weighted Average Remaining Contractual Term | 5 years 7 months 6 days | |
Exercisable Awards, Aggregate Intrinsic Value | $ 44,446 | |
Stock Options [Member] | ||
Exercise Price Range [Line Items] | ||
Exercisable Awards, Aggregate Intrinsic Value | $ 2,022 |
Commitments and Contingent Li70
Commitments and Contingent Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Rent expense for operating leases | $ 93,015 | $ 90,138 | $ 84,801 | |
Product Warranty Expense | 62,472 | 84,997 | 44,466 | $ 49,388 |
Standard Product Warranty Accrual, Decrease for Payments | 73,164 | 35,638 | 55,715 | |
Provision for warranties | 57,472 | 68,566 | $ 51,392 | |
Accrual for environmental loss contingencies | 35,353 | 29,959 | ||
Leases, Operating [Abstract] | ||||
Operating Lease 2017 | 72,220 | |||
Operating Lease 2018 | 53,878 | |||
Operating Lease 2019 | 38,691 | |||
Operating Lease 2020 | 26,947 | |||
Operating Lease 2021 | 21,793 | |||
Operating Lease 2022 and thereafter | 57,185 | |||
Operating Leases, Future Minimum Payments Due | 270,714 | |||
Leases, Capital [Abstract] | ||||
Capital Lease 2017 | 3,454 | |||
Capital Lease 2018 | 2,951 | |||
Capital Lease 2019 | 1,448 | |||
Capital Lease 2020 | 1,212 | |||
Capital Lease 2021 | 1,150 | |||
Capital Lease 2022 and thereafter | 5,062 | |||
Capital Leases, Future Minimum Payments Due | 15,277 | |||
Damages from Product Defects [Member] | ||||
Product Warranty Expense | 6,613 | $ 23,150 | ||
Standard Product Warranty Accrual, Decrease for Payments | 9,337 | |||
Provision for warranties | $ 7,200 |
Employee Benefit Plans - Obliga
Employee Benefit Plans - Obligations and Funded Status (Details) | 12 Months Ended | ||
Dec. 31, 2017USD ($)Participants | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined contribution plan expense | $ 41,919,000 | $ 34,665,000 | $ 32,281,000 |
Document Fiscal Year Focus | 2,017 | ||
Number of participants covered by post retirement benefit plans | Participants | 431 | ||
Number of participants eligible for medical benefits | Participants | 411 | ||
Contributions to multiemployer plans | $ 2,000,000 | 2,000,000 | |
Change in Benefit Obligation [Roll Forward] | |||
Settlements and Curtailments | (3,844,000) | 0 | 0 |
Assets and Liabilities [Abstract] | |||
Other liabilities (deferred compensation) | (198,623,000) | (196,268,000) | |
Accumulated Other Comprehensive Loss (Earnings) [Abstract] | |||
Total Accumulated Other Comprehensive Loss (Earnings), net of tax | 100,538,000 | 121,925,000 | |
Accumulated benefit obligation | 908,656,000 | 845,896,000 | |
Net periodic benefit cost [Abstract] | |||
Settlement & curtailment (gain) loss | 2,462,000 | 0 | 0 |
Total net periodic benefit cost | 13,238,000 | 26,492,000 | 34,253,000 |
Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets [Abstract] | |||
Projected benefit obligation (PBO) | 372,559,000 | 346,710,000 | |
Accumulated benefit obligation (ABO) | 349,735,000 | 325,969,000 | |
Fair value of plan assets | 162,890,000 | 140,589,000 | |
U.S. Pension Plan, Defined Benefit [Member] | |||
Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation at beginning of year | 535,299,000 | 527,667,000 | |
Service cost | 12,083,000 | 13,913,000 | 15,661,000 |
Interest cost | 21,718,000 | 23,046,000 | 23,163,000 |
Plan participants' contributions | 0 | 0 | |
Benefits paid | (38,490,000) | (32,341,000) | |
Actuarial loss (gain) | 35,446,000 | 2,980,000 | |
Business (dispositions) acquisitions | 0 | 0 | |
Amendments | 364,000 | 0 | |
Settlements and Curtailments | (32,000) | 0 | |
Currency translation and other | 1,000 | 34,000 | |
Benefit obligation at end of year | 566,389,000 | 535,299,000 | 527,667,000 |
Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | 562,564,000 | 552,817,000 | |
Actual return on plan assets | 93,766,000 | 42,088,000 | |
Company contributions | 0 | 0 | |
Plan participants' contributions | 0 | 0 | |
Benefits paid | (38,490,000) | (32,341,000) | |
Business (dispositions) acquisitions | 0 | 0 | |
Settlements and curtailments | 0 | 0 | |
Foreign currency translation | 0 | 0 | |
Fair value of plan assets at end of year | 617,840,000 | 562,564,000 | 552,817,000 |
Defined Benefit Plan, Funded Status of Plan [Abstract] | |||
Funded (Unfunded) status | 51,451,000 | 27,265,000 | |
Assets and Liabilities [Abstract] | |||
Other assets and deferred charges | 51,451,000 | 27,265,000 | |
Accrued compensation and employee benefits | 0 | 0 | |
Other liabilities (deferred compensation) | 0 | 0 | |
Total Assets and Liabilities | 51,451,000 | 27,265,000 | |
Accumulated Other Comprehensive Loss (Earnings) [Abstract] | |||
Net actuarial losses (gains) | 79,288,000 | 103,410,000 | |
Prior service cost (credit) | 1,344,000 | 1,482,000 | |
Net asset at transition, other | 0 | 0 | |
Deferred taxes | (30,777,000) | (36,712,000) | |
Total Accumulated Other Comprehensive Loss (Earnings), net of tax | 49,855,000 | 68,180,000 | |
Net amount recognized on the balance sheet | 101,306,000 | 95,445,000 | |
Accumulated benefit obligation | 547,278,000 | 512,707,000 | |
Net periodic benefit cost [Abstract] | |||
Service cost | 12,083,000 | 13,913,000 | 15,661,000 |
Interest cost | 21,718,000 | 23,046,000 | 23,163,000 |
Expected return on plan assets | (39,812,000) | (38,793,000) | (41,571,000) |
Amortization of prior service costs (income) | 427,000 | 733,000 | 897,000 |
Amortization of actuarial (gains) losses | 5,582,000 | 6,437,000 | 12,620,000 |
Amortization of transition obligation | 0 | 0 | 0 |
Settlement & curtailment (gain) loss | 76,000 | 0 | 810,000 |
Defined Benefit Plan, Other Costs | 0 | 35,000 | 0 |
Total net periodic benefit cost | 74,000 | 5,371,000 | 11,580,000 |
Pension and Other Postretirement Benefit Plans, Amounts that Will be Amortized from Accumulated Other Comprehensive Income (Loss) in Next Fiscal Year [Abstract] | |||
Prior service cost (credit) | 346,000 | ||
Recognized actuarial loss (gain) | 7,725,000 | ||
Transition obligation | 0 | ||
Amounts that will be amortized from accumulated other comprehensive earnings (loss) in next fiscal year | 8,071,000 | ||
Non-U.S. Pension Plans, Defined Benefit [Member] | |||
Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation at beginning of year | 243,483,000 | 245,986,000 | |
Service cost | 5,688,000 | 5,590,000 | 6,613,000 |
Interest cost | 5,263,000 | 5,593,000 | 5,885,000 |
Plan participants' contributions | 1,237,000 | 1,223,000 | |
Benefits paid | (8,528,000) | (7,870,000) | |
Actuarial loss (gain) | 8,812,000 | 22,909,000 | |
Business (dispositions) acquisitions | (1,810,000) | (4,420,000) | |
Amendments | 0 | 0 | |
Settlements and Curtailments | 0 | (3,262,000) | |
Currency translation and other | 20,423,000 | (22,266,000) | |
Benefit obligation at end of year | 278,188,000 | 243,483,000 | 245,986,000 |
Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | 148,514,000 | 159,436,000 | |
Actual return on plan assets | 15,849,000 | 10,317,000 | |
Company contributions | 7,971,000 | 8,383,000 | |
Plan participants' contributions | 1,237,000 | 1,223,000 | |
Benefits paid | (8,528,000) | (7,870,000) | |
Business (dispositions) acquisitions | 0 | (3,967,000) | |
Settlements and curtailments | 0 | (3,262,000) | |
Foreign currency translation | 10,491,000 | (15,746,000) | |
Fair value of plan assets at end of year | 175,534,000 | 148,514,000 | 159,436,000 |
Defined Benefit Plan, Funded Status of Plan [Abstract] | |||
Funded (Unfunded) status | (102,654,000) | (94,969,000) | |
Assets and Liabilities [Abstract] | |||
Other assets and deferred charges | 1,002,000 | 706,000 | |
Accrued compensation and employee benefits | (1,484,000) | (1,235,000) | |
Other liabilities (deferred compensation) | (102,172,000) | (94,440,000) | |
Total Assets and Liabilities | (102,654,000) | (94,969,000) | |
Accumulated Other Comprehensive Loss (Earnings) [Abstract] | |||
Net actuarial losses (gains) | 69,490,000 | 73,023,000 | |
Prior service cost (credit) | (3,500,000) | (3,925,000) | |
Net asset at transition, other | (60,000) | (56,000) | |
Deferred taxes | (14,982,000) | (15,719,000) | |
Total Accumulated Other Comprehensive Loss (Earnings), net of tax | 50,948,000 | 53,323,000 | |
Net amount recognized on the balance sheet | (51,706,000) | (41,646,000) | |
Accumulated benefit obligation | 264,766,000 | 231,903,000 | |
Net periodic benefit cost [Abstract] | |||
Service cost | 5,688,000 | 5,590,000 | 6,613,000 |
Interest cost | 5,263,000 | 5,593,000 | 5,885,000 |
Expected return on plan assets | (7,417,000) | (7,830,000) | (7,990,000) |
Amortization of prior service costs (income) | (425,000) | (397,000) | 89,000 |
Amortization of actuarial (gains) losses | 3,506,000 | 2,658,000 | 2,647,000 |
Amortization of transition obligation | 4,000 | 4,000 | 4,000 |
Settlement & curtailment (gain) loss | 678,000 | 1,103,000 | (184,000) |
Defined Benefit Plan, Other Costs | 0 | 0 | 0 |
Total net periodic benefit cost | 7,297,000 | 6,721,000 | 7,064,000 |
Pension and Other Postretirement Benefit Plans, Amounts that Will be Amortized from Accumulated Other Comprehensive Income (Loss) in Next Fiscal Year [Abstract] | |||
Prior service cost (credit) | (441,000) | ||
Recognized actuarial loss (gain) | 3,094,000 | ||
Transition obligation | 4,000 | ||
Amounts that will be amortized from accumulated other comprehensive earnings (loss) in next fiscal year | 2,657,000 | ||
Supplemental Employee Retirement Plans, Defined Benefit [Member] | |||
Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation at beginning of year | 110,446,000 | 125,311,000 | |
Service cost | 2,473,000 | 2,959,000 | 3,739,000 |
Interest cost | 4,076,000 | 5,268,000 | 5,063,000 |
Plan participants' contributions | 0 | 0 | |
Benefits paid | (11,576,000) | (16,643,000) | |
Actuarial loss (gain) | 593,000 | (6,449,000) | |
Business (dispositions) acquisitions | 0 | 0 | |
Amendments | 0 | 0 | |
Settlements and Curtailments | 0 | 0 | |
Currency translation and other | 0 | 0 | |
Benefit obligation at end of year | 106,012,000 | 110,446,000 | 125,311,000 |
Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | 0 | 0 | |
Actual return on plan assets | 0 | 0 | |
Company contributions | 11,576,000 | 16,643,000 | |
Plan participants' contributions | 0 | 0 | |
Benefits paid | (11,576,000) | (16,643,000) | |
Business (dispositions) acquisitions | 0 | 0 | |
Settlements and curtailments | 0 | 0 | |
Foreign currency translation | 0 | 0 | |
Fair value of plan assets at end of year | 0 | 0 | 0 |
Defined Benefit Plan, Funded Status of Plan [Abstract] | |||
Funded (Unfunded) status | (106,012,000) | (110,446,000) | |
Assets and Liabilities [Abstract] | |||
Other assets and deferred charges | 0 | 0 | |
Accrued compensation and employee benefits | (17,450,000) | (20,032,000) | |
Other liabilities (deferred compensation) | (88,562,000) | (90,414,000) | |
Total Assets and Liabilities | (106,012,000) | (110,446,000) | |
Accumulated Other Comprehensive Loss (Earnings) [Abstract] | |||
Net actuarial losses (gains) | (13,780,000) | (15,565,000) | |
Prior service cost (credit) | 13,777,000 | 18,187,000 | |
Net asset at transition, other | 0 | 0 | |
Deferred taxes | 83,000 | (920,000) | |
Total Accumulated Other Comprehensive Loss (Earnings), net of tax | 80,000 | 1,702,000 | |
Net amount recognized on the balance sheet | (105,932,000) | (108,744,000) | |
Accumulated benefit obligation | 96,612,000 | 101,286,000 | |
Net periodic benefit cost [Abstract] | |||
Service cost | 2,473,000 | 2,959,000 | 3,739,000 |
Interest cost | 4,076,000 | 5,268,000 | 5,063,000 |
Expected return on plan assets | 0 | 0 | 0 |
Amortization of prior service costs (income) | 4,411,000 | 6,266,000 | 6,927,000 |
Amortization of actuarial (gains) losses | (1,192,000) | (560,000) | 286,000 |
Amortization of transition obligation | 0 | 0 | 0 |
Settlement & curtailment (gain) loss | 0 | 0 | 0 |
Defined Benefit Plan, Other Costs | 0 | 0 | 0 |
Total net periodic benefit cost | 9,768,000 | 13,933,000 | 16,015,000 |
Pension and Other Postretirement Benefit Plans, Amounts that Will be Amortized from Accumulated Other Comprehensive Income (Loss) in Next Fiscal Year [Abstract] | |||
Prior service cost (credit) | 3,852,000 | ||
Recognized actuarial loss (gain) | (1,020,000) | ||
Transition obligation | 0 | ||
Amounts that will be amortized from accumulated other comprehensive earnings (loss) in next fiscal year | 2,832,000 | ||
Other Postretirement Benefit Plans, Defined Benefit [Member] | |||
Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation at beginning of year | 12,263,000 | 10,885,000 | |
Service cost | 68,000 | 52,000 | 163,000 |
Interest cost | 783,000 | 403,000 | 512,000 |
Plan participants' contributions | 0 | 102,000 | |
Benefits paid | (917,000) | (767,000) | |
Actuarial loss (gain) | 946,000 | (2,343,000) | |
Business (dispositions) acquisitions | 0 | (4,367,000) | |
Amendments | (4,646,000) | 0 | |
Settlements and Curtailments | 0 | 0 | |
Currency translation and other | 98,000 | (436,000) | |
Benefit obligation at end of year | 8,595,000 | 12,263,000 | 10,885,000 |
Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | 0 | 0 | |
Actual return on plan assets | 0 | 0 | |
Company contributions | 917,000 | 665,000 | |
Plan participants' contributions | 0 | 102,000 | |
Benefits paid | (917,000) | (767,000) | |
Business (dispositions) acquisitions | 0 | 0 | |
Settlements and curtailments | 0 | 0 | |
Foreign currency translation | 0 | 0 | |
Fair value of plan assets at end of year | 0 | 0 | 0 |
Defined Benefit Plan, Funded Status of Plan [Abstract] | |||
Funded (Unfunded) status | (8,595,000) | (12,263,000) | |
Assets and Liabilities [Abstract] | |||
Other assets and deferred charges | 0 | 0 | |
Accrued compensation and employee benefits | (706,000) | (849,000) | |
Other liabilities (deferred compensation) | (7,889,000) | (11,414,000) | |
Total Assets and Liabilities | (8,595,000) | (12,263,000) | |
Accumulated Other Comprehensive Loss (Earnings) [Abstract] | |||
Net actuarial losses (gains) | (748,000) | (1,921,000) | |
Prior service cost (credit) | 84,000 | 43,000 | |
Net asset at transition, other | 0 | 0 | |
Deferred taxes | 322,000 | 598,000 | |
Total Accumulated Other Comprehensive Loss (Earnings), net of tax | (342,000) | (1,280,000) | |
Net amount recognized on the balance sheet | (8,937,000) | (13,543,000) | |
Net periodic benefit cost [Abstract] | |||
Service cost | 68,000 | 52,000 | 163,000 |
Interest cost | 783,000 | 403,000 | 512,000 |
Amortization of prior service costs (income) | 7,000 | 7,000 | (372,000) |
Amortization of actuarial (gains) losses | (161,000) | 5,000 | (30,000) |
Settlement & curtailment (gain) loss | (4,598,000) | 0 | 0 |
Other pension costs | 0 | 0 | (679,000) |
Total net periodic benefit cost | (3,901,000) | $ 467,000 | $ (406,000) |
Pension and Other Postretirement Benefit Plans, Amounts that Will be Amortized from Accumulated Other Comprehensive Income (Loss) in Next Fiscal Year [Abstract] | |||
Prior service cost (credit) | 13,000 | ||
Recognized actuarial loss (gain) | (30,000) | ||
Transition obligation | 0 | ||
Amounts that will be amortized from accumulated other comprehensive earnings (loss) in next fiscal year | $ (17,000) |
Employee Benefit Plans - Assump
Employee Benefit Plans - Assumptions (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Document Fiscal Year Focus | 2,017 | ||
Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | |||
Ultimate medical trend rate | 2.30% | ||
Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||
Annual rate of increase in the per capita cost of covered benefits | 3.50% | ||
Year that rate reaches ultimate trend rate | 2,027 | ||
Effect of one-percentage point change in assumed health care cost trend rates [Abstract] | |||
Effect of one percentage point increase on accumulated postretirement benefit obligation | $ 105 | ||
Effect of one percentage point decrease on accumulated postretirement benefit obligation | $ (105) | ||
U.S. Pension Plan, Defined Benefit [Member] | |||
Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | |||
Discount rate | 3.65% | 4.10% | |
Average wage increase | 4.00% | 4.00% | |
Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||
Discount rate | 4.10% | 4.40% | 4.05% |
Average wage increase | 4.00% | 4.00% | 4.00% |
Expected return on plan assets | 7.25% | 7.25% | 7.75% |
Non-U.S. Pension Plans, Defined Benefit [Member] | |||
Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | |||
Discount rate | 1.94% | 2.06% | |
Average wage increase | 2.33% | 2.34% | |
Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||
Discount rate | 2.06% | 2.32% | 2.31% |
Average wage increase | 2.34% | 2.25% | 2.50% |
Expected return on plan assets | 4.73% | 4.95% | 4.85% |
Supplemental Employee Retirement Plans, Defined Benefit [Member] | |||
Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | |||
Discount rate | 3.57% | 3.90% | |
Average wage increase | 4.50% | 4.50% | |
Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||
Discount rate | 3.97% | 4.18% | 3.96% |
Average wage increase | 4.50% | 4.50% | 4.50% |
Other Postretirement Benefit Plans, Defined Benefit [Member] | |||
Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | |||
Discount rate | 3.50% | 6.49% | |
Ultimate medical trend rate | 2.33% | 5.00% | |
Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||
Discount rate | 6.49% | 4.00% | 3.75% |
Employee Benefit Plans - Actual
Employee Benefit Plans - Actual and Target Allocations of Plan Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Document Fiscal Year Focus | 2,017 | ||
U.S. Pension Plan, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | $ 617,840 | $ 562,564 | $ 552,817 |
Defined Benefit Plan Fair Value Of Plan Assets Gross | $ 209,271 | $ 382,373 | |
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |||
Actual plan asset allocations | 100.00% | 100.00% | |
Target plan asset allocations | 100.00% | ||
U.S. Pension Plan, Defined Benefit [Member] | Equity - Domestic [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | $ 0 | $ 161,426 | |
U.S. Pension Plan, Defined Benefit [Member] | Mutual funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 43,272 | |
U.S. Pension Plan, Defined Benefit [Member] | Private Placement [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 1,222 | 1,248 | |
U.S. Pension Plan, Defined Benefit [Member] | Collective funds at NAV [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | $ 352,481 | $ 124,456 | |
U.S. Pension Plan, Defined Benefit [Member] | Equity securities [Member] | |||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |||
Actual plan asset allocations | 57.00% | 57.00% | |
Target plan asset allocations | 58.00% | ||
U.S. Pension Plan, Defined Benefit [Member] | Fixed income investments [Member] | |||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |||
Actual plan asset allocations | 33.00% | 35.00% | |
Target plan asset allocations | 35.00% | ||
U.S. Pension Plan, Defined Benefit [Member] | Real estate funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | $ 48,294 | $ 45,494 | |
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |||
Actual plan asset allocations | 10.00% | 8.00% | |
Target plan asset allocations | 7.00% | ||
U.S. Pension Plan, Defined Benefit [Member] | Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | $ 7,794 | $ 10,241 | |
Foreign Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 175,534 | 148,514 | 159,436 |
Defined Benefit Plan Fair Value Of Plan Assets Gross | 109,403 | 95,131 | |
Foreign Pension Plan [Member] | Collective funds at NAV [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 61,648 | 49,357 | |
Foreign Pension Plan [Member] | Equity securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 28,761 | 34,139 | |
Foreign Pension Plan [Member] | Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 4,633 | 3,465 | |
Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 4,592 | 4,354 | $ 0 |
Level 3 [Member] | Foreign Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 4,592 | 4,354 | |
Defined Benefit Plan Fair Value Of Plan Assets Gross | 4,592 | 4,354 | |
Level 3 [Member] | Foreign Pension Plan [Member] | Collective funds at NAV [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | |
Level 3 [Member] | Foreign Pension Plan [Member] | Equity securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | |
Level 3 [Member] | Foreign Pension Plan [Member] | Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | |
Level 1 [Member] | U.S. Pension Plan, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 3,988 | 211,847 | |
Defined Benefit Plan Fair Value Of Plan Assets Gross | 3,988 | 211,847 | |
Level 1 [Member] | U.S. Pension Plan, Defined Benefit [Member] | Equity - Domestic [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 161,426 | |
Level 1 [Member] | U.S. Pension Plan, Defined Benefit [Member] | Mutual funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 43,272 | |
Level 1 [Member] | U.S. Pension Plan, Defined Benefit [Member] | Private Placement [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 1,222 | 1,248 | |
Level 1 [Member] | U.S. Pension Plan, Defined Benefit [Member] | Collective funds at NAV [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | |
Level 1 [Member] | U.S. Pension Plan, Defined Benefit [Member] | Real estate funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | |
Level 1 [Member] | U.S. Pension Plan, Defined Benefit [Member] | Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | |
Level 1 [Member] | Foreign Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 67,469 | 68,807 | |
Defined Benefit Plan Fair Value Of Plan Assets Gross | 67,469 | 68,807 | |
Level 1 [Member] | Foreign Pension Plan [Member] | Collective funds at NAV [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | |
Level 1 [Member] | Foreign Pension Plan [Member] | Equity securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 28,761 | 34,139 | |
Level 1 [Member] | Foreign Pension Plan [Member] | Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 4,633 | 3,465 | |
Level 2 [Member] | U.S. Pension Plan, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 205,283 | 170,526 | |
Defined Benefit Plan Fair Value Of Plan Assets Gross | 205,283 | 170,526 | |
Level 2 [Member] | U.S. Pension Plan, Defined Benefit [Member] | Equity - Domestic [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | |
Level 2 [Member] | U.S. Pension Plan, Defined Benefit [Member] | Mutual funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | |
Level 2 [Member] | U.S. Pension Plan, Defined Benefit [Member] | Private Placement [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | |
Level 2 [Member] | U.S. Pension Plan, Defined Benefit [Member] | Collective funds at NAV [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | |
Level 2 [Member] | U.S. Pension Plan, Defined Benefit [Member] | Real estate funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | |
Level 2 [Member] | U.S. Pension Plan, Defined Benefit [Member] | Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | |
Level 2 [Member] | Foreign Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 37,342 | 21,970 | |
Defined Benefit Plan Fair Value Of Plan Assets Gross | 37,342 | 21,970 | |
Level 2 [Member] | Foreign Pension Plan [Member] | Collective funds at NAV [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | |
Level 2 [Member] | Foreign Pension Plan [Member] | Equity securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | |
Level 2 [Member] | Foreign Pension Plan [Member] | Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | $ 0 | $ 0 |
Employee Benefit Plans - Fair V
Employee Benefit Plans - Fair Value of Plan Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | $ 4,592 | $ 4,354 | $ 0 |
Defined Benefit Plan, Actual Return on Plan Assets Sold During Period | 28 | ||
Actual return on plan assets still held | 280 | ||
Sales | (456) | ||
Foreign currency translation | 386 | ||
Other plan assets [Member] | Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Business Combinations and Acquisitions, Plan Assets | 4,354 | ||
U.S. Pension Plan, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 617,840 | 562,564 | 552,817 |
Defined Benefit Plan Fair Value Of Plan Assets Gross | 209,271 | 382,373 | |
Business (dispositions) acquisitions | 0 | 0 | |
Foreign currency translation | 0 | 0 | |
U.S. Pension Plan, Defined Benefit [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 3,988 | 211,847 | |
Defined Benefit Plan Fair Value Of Plan Assets Gross | 3,988 | 211,847 | |
U.S. Pension Plan, Defined Benefit [Member] | Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 205,283 | 170,526 | |
Defined Benefit Plan Fair Value Of Plan Assets Gross | 205,283 | 170,526 | |
U.S. Pension Plan, Defined Benefit [Member] | Equity - Domestic [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 161,426 | |
U.S. Pension Plan, Defined Benefit [Member] | Equity - Domestic [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 161,426 | |
U.S. Pension Plan, Defined Benefit [Member] | Equity - Domestic [Member] | Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | |
U.S. Pension Plan, Defined Benefit [Member] | Mutual funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 43,272 | |
U.S. Pension Plan, Defined Benefit [Member] | Mutual funds [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 43,272 | |
U.S. Pension Plan, Defined Benefit [Member] | Mutual funds [Member] | Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | |
U.S. Pension Plan, Defined Benefit [Member] | Corporate bonds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 74,509 | 60,638 | |
U.S. Pension Plan, Defined Benefit [Member] | Corporate bonds [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | |
U.S. Pension Plan, Defined Benefit [Member] | Corporate bonds [Member] | Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 74,509 | 60,638 | |
U.S. Pension Plan, Defined Benefit [Member] | Government securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 133,540 | 115,789 | |
U.S. Pension Plan, Defined Benefit [Member] | Government securities [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 2,766 | 5,901 | |
U.S. Pension Plan, Defined Benefit [Member] | Government securities [Member] | Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 130,774 | 109,888 | |
U.S. Pension Plan, Defined Benefit [Member] | Private Placement [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 1,222 | 1,248 | |
U.S. Pension Plan, Defined Benefit [Member] | Private Placement [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 1,222 | 1,248 | |
U.S. Pension Plan, Defined Benefit [Member] | Private Placement [Member] | Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | |
U.S. Pension Plan, Defined Benefit [Member] | Real estate funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 48,294 | 45,494 | |
U.S. Pension Plan, Defined Benefit [Member] | Real estate funds [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | |
U.S. Pension Plan, Defined Benefit [Member] | Real estate funds [Member] | Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | |
U.S. Pension Plan, Defined Benefit [Member] | Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 7,794 | 10,241 | |
U.S. Pension Plan, Defined Benefit [Member] | Cash and Cash Equivalents [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | |
U.S. Pension Plan, Defined Benefit [Member] | Cash and Cash Equivalents [Member] | Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | |
U.S. Pension Plan, Defined Benefit [Member] | Collective funds at NAV [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 352,481 | 124,456 | |
U.S. Pension Plan, Defined Benefit [Member] | Collective funds at NAV [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | |
U.S. Pension Plan, Defined Benefit [Member] | Collective funds at NAV [Member] | Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | |
Non-U.S. Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 175,534 | 148,514 | $ 159,436 |
Defined Benefit Plan Fair Value Of Plan Assets Gross | 109,403 | 95,131 | |
Business (dispositions) acquisitions | 0 | (3,967) | |
Foreign currency translation | 10,491 | (15,746) | |
Non-U.S. Pension Plans, Defined Benefit [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 67,469 | 68,807 | |
Defined Benefit Plan Fair Value Of Plan Assets Gross | 67,469 | 68,807 | |
Non-U.S. Pension Plans, Defined Benefit [Member] | Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 37,342 | 21,970 | |
Defined Benefit Plan Fair Value Of Plan Assets Gross | 37,342 | 21,970 | |
Non-U.S. Pension Plans, Defined Benefit [Member] | Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 4,592 | 4,354 | |
Defined Benefit Plan Fair Value Of Plan Assets Gross | 4,592 | 4,354 | |
Non-U.S. Pension Plans, Defined Benefit [Member] | Common stocks [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 28,761 | 34,139 | |
Non-U.S. Pension Plans, Defined Benefit [Member] | Common stocks [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 28,761 | 34,139 | |
Non-U.S. Pension Plans, Defined Benefit [Member] | Common stocks [Member] | Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | |
Non-U.S. Pension Plans, Defined Benefit [Member] | Common stocks [Member] | Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | |
Non-U.S. Pension Plans, Defined Benefit [Member] | Fixed income investments [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 29,612 | 15,628 | |
Non-U.S. Pension Plans, Defined Benefit [Member] | Fixed income investments [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | |
Non-U.S. Pension Plans, Defined Benefit [Member] | Fixed income investments [Member] | Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 29,612 | 15,628 | |
Non-U.S. Pension Plans, Defined Benefit [Member] | Fixed income investments [Member] | Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | |
Non-U.S. Pension Plans, Defined Benefit [Member] | Common stock funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 38,717 | 35,175 | |
Non-U.S. Pension Plans, Defined Benefit [Member] | Common stock funds [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 34,075 | 31,203 | |
Non-U.S. Pension Plans, Defined Benefit [Member] | Common stock funds [Member] | Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 4,642 | 3,972 | |
Non-U.S. Pension Plans, Defined Benefit [Member] | Common stock funds [Member] | Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | |
Non-U.S. Pension Plans, Defined Benefit [Member] | Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 4,633 | 3,465 | |
Non-U.S. Pension Plans, Defined Benefit [Member] | Cash and Cash Equivalents [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 4,633 | 3,465 | |
Non-U.S. Pension Plans, Defined Benefit [Member] | Cash and Cash Equivalents [Member] | Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | |
Non-U.S. Pension Plans, Defined Benefit [Member] | Cash and Cash Equivalents [Member] | Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | |
Non-U.S. Pension Plans, Defined Benefit [Member] | Other plan assets [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 7,680 | 6,724 | |
Non-U.S. Pension Plans, Defined Benefit [Member] | Other plan assets [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | |
Non-U.S. Pension Plans, Defined Benefit [Member] | Other plan assets [Member] | Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 3,088 | 2,370 | |
Non-U.S. Pension Plans, Defined Benefit [Member] | Other plan assets [Member] | Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 4,592 | 4,354 | |
Non-U.S. Pension Plans, Defined Benefit [Member] | Collective funds at NAV [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 61,648 | 49,357 | |
Non-U.S. Pension Plans, Defined Benefit [Member] | Collective funds at NAV [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | |
Non-U.S. Pension Plans, Defined Benefit [Member] | Collective funds at NAV [Member] | Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | |
Non-U.S. Pension Plans, Defined Benefit [Member] | Collective funds at NAV [Member] | Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | |
Non-U.S. Pension Plans, Defined Benefit [Member] | Net Asset Value (NAV) Other [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 4,483 | 4,026 | |
Non-U.S. Pension Plans, Defined Benefit [Member] | Net Asset Value (NAV) Other [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | |
Non-U.S. Pension Plans, Defined Benefit [Member] | Net Asset Value (NAV) Other [Member] | Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | |
Non-U.S. Pension Plans, Defined Benefit [Member] | Net Asset Value (NAV) Other [Member] | Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | $ 0 | $ 0 |
Employee Benefit Plans - Benefi
Employee Benefit Plans - Benefit Payments and Contributions (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($) | |
U.S. Pension Plan, Defined Benefit [Member] | |
Expected Future Benefit Payments by Fiscal Year [Abstract] | |
2,017 | $ 38,772 |
2,018 | 38,243 |
2,019 | 41,251 |
2,020 | 41,666 |
2,021 | 40,844 |
2022 - 2026 | 189,701 |
Non-U.S. Pension Plans, Defined Benefit [Member] | |
Estimated Future Employer Contributions [Abstract] | |
Estimated future employer contributions in next fiscal year | 3,500 |
Expected Future Benefit Payments by Fiscal Year [Abstract] | |
2,017 | 7,719 |
2,018 | 7,584 |
2,019 | 8,287 |
2,020 | 9,372 |
2,021 | 9,984 |
2022 - 2026 | 54,987 |
Supplemental Employee Retirement Plans, Defined Benefit [Member] | |
Expected Future Benefit Payments by Fiscal Year [Abstract] | |
2,017 | 17,760 |
2,018 | 8,055 |
2,019 | 6,417 |
2,020 | 15,189 |
2,021 | 11,038 |
2022 - 2026 | 26,452 |
Other Postretirement Benefit Plans, Defined Benefit [Member] | |
Expected Future Benefit Payments by Fiscal Year [Abstract] | |
2,017 | 719 |
2,018 | 704 |
2,019 | 689 |
2,020 | 663 |
2,021 | 649 |
2022 - 2026 | $ 2,882 |
Other Comprehensive Earnings (D
Other Comprehensive Earnings (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Foreign currency translation adjustments [Abstract] | |||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax | $ 103,214 | $ (86,876) | $ (108,748) |
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax | 43,842 | (18,827) | (11,646) |
Total foreign currency translation adjustments | 147,056 | (105,703) | (120,394) |
Pension and other postretirement benefit plans [Abstract] | |||
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, before Tax | 28,784 | 5,936 | 35,727 |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Tax | (7,397) | (4,560) | (11,791) |
Pension and other postretirement benefit plans | 21,387 | 1,376 | 23,936 |
Changes in fair value of cash flow hedges [Abstract] | |||
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, before Tax | (3,678) | 860 | (671) |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Tax | 1,287 | (301) | 235 |
Changes in fair value of cash flow hedges, net of tax | (2,391) | 559 | (436) |
Other Comprehensive Income Other Adjustment Net Of Tax [Abstract] | |||
Other Comprehensive Income Loss Adjustment Before Tax | (1,687) | (1,119) | 1,423 |
Other Comprehensive Income Loss Other Adjustment Tax | 202 | 134 | (171) |
Other comprehensive income loss other adjustment, net of tax | (1,485) | (985) | 1,252 |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent [Abstract] | |||
Other Comprehensive Income (Loss), before Tax | 126,633 | (81,199) | (72,269) |
Other Comprehensive Income (Loss), Tax | 37,934 | (23,554) | (23,373) |
Other Comprehensive Income (Loss), Net of Tax | 164,567 | (104,753) | (95,642) |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | (93,925) | (240,981) | |
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax | (100,538) | (121,925) | |
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax | (296) | 3,580 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax | (194,759) | (359,326) | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | |||
Net earnings | 811,665 | 508,892 | 869,829 |
Other comprehensive earnings (loss) | 164,567 | (104,753) | (95,642) |
Comprehensive earnings | 976,232 | 404,139 | 774,187 |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, Net of Tax [Abstract] | |||
Amortization of actuarial losses | 7,735 | 8,544 | 15,527 |
Amortization of prior service costs and transition obligation | 4,424 | 6,609 | 7,541 |
Settlements and Curtailments | (3,844) | 0 | 0 |
Total before tax | 8,315 | 15,153 | 23,068 |
Tax benefit | (2,503) | (5,073) | (7,768) |
Net of tax | 5,812 | 10,080 | 15,300 |
Other Comprehensive Income Loss Reclassification Adjustment From AOCI Derivatives Net of Tax [Abstract] | |||
Net (gains) losses reclassified into earnings | (908) | 638 | (166) |
Tax expense (benefit) | 318 | (223) | 58 |
Net of tax | $ (590) | $ 415 | $ (108) |
Segment Information- Reporting
Segment Information- Reporting Information by Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | |||||||||||
Interest expense | $ 145,208 | $ 136,401 | $ 131,676 | ||||||||
Interest income | 8,502 | 6,759 | 4,419 | ||||||||
Net Income (Loss) Attributable to Parent | 811,665 | 508,892 | 869,829 | ||||||||
Reconciliation from Segment Totals to Consolidated [Abstract] | |||||||||||
Revenue | $ 2,017,438 | $ 2,006,275 | $ 1,993,351 | $ 1,813,372 | $ 1,777,961 | $ 1,707,763 | $ 1,686,345 | $ 1,622,273 | 7,830,436 | 6,794,342 | 6,956,311 |
Reconciliation of Earnings from Continuing Operations from Segments to Consolidated [Abstract] | |||||||||||
Earnings from continuing operations before provision for income taxes and discontinued operations | 973,843 | 689,332 | 800,610 | ||||||||
Provision for income taxes | 162,178 | 180,440 | 204,729 | ||||||||
Earnings from continuing operations | 296,448 | $ 178,912 | $ 164,058 | $ 172,247 | 161,162 | $ 130,084 | $ 118,290 | $ 99,356 | $ 811,665 | $ 508,892 | $ 595,881 |
Operating Margins [Abstract] | |||||||||||
Segment Margins | 16.30% | 13.70% | 14.90% | ||||||||
Earnings from continuing operations (in hundredths) | 10.40% | 7.50% | 8.60% | ||||||||
Depreciation and Amortization [Abstract] | |||||||||||
Depreciation and Amortization | $ 394,240 | $ 360,739 | $ 327,089 | ||||||||
Capital Expenditures [Abstract] | |||||||||||
Capital Expenditures | 196,735 | 165,205 | 154,251 | ||||||||
Total Assets [Abstract] | |||||||||||
Total assets | 10,657,653 | 10,115,991 | 10,657,653 | 10,115,991 | |||||||
Engineered Systems Segment [Member] | |||||||||||
Reconciliation from Segment Totals to Consolidated [Abstract] | |||||||||||
Revenue | 2,576,288 | 2,366,283 | 2,342,913 | ||||||||
Reconciliation of Earnings from Continuing Operations from Segments to Consolidated [Abstract] | |||||||||||
Earnings from continuing operations before provision for income taxes and discontinued operations | $ 590,430 | $ 391,829 | $ 376,961 | ||||||||
Operating Margins [Abstract] | |||||||||||
Segment Margins | 22.90% | 16.60% | 16.10% | ||||||||
Depreciation and Amortization [Abstract] | |||||||||||
Depreciation and Amortization | $ 81,419 | $ 73,947 | $ 59,914 | ||||||||
Capital Expenditures [Abstract] | |||||||||||
Capital Expenditures | 35,028 | 31,121 | 37,109 | ||||||||
Total Assets [Abstract] | |||||||||||
Assets of continuing operations | 2,985,920 | 3,002,629 | 2,985,920 | 3,002,629 | |||||||
Fluids Segment [Member] | |||||||||||
Reconciliation from Segment Totals to Consolidated [Abstract] | |||||||||||
Revenue | 2,250,830 | 1,700,574 | 1,399,273 | ||||||||
Reconciliation of Earnings from Continuing Operations from Segments to Consolidated [Abstract] | |||||||||||
Earnings from continuing operations before provision for income taxes and discontinued operations | $ 305,108 | $ 200,921 | $ 262,117 | ||||||||
Operating Margins [Abstract] | |||||||||||
Segment Margins | 13.60% | 11.80% | 18.70% | ||||||||
Depreciation and Amortization [Abstract] | |||||||||||
Depreciation and Amortization | $ 120,120 | $ 85,224 | $ 56,078 | ||||||||
Capital Expenditures [Abstract] | |||||||||||
Capital Expenditures | 81,080 | 62,368 | 45,605 | ||||||||
Total Assets [Abstract] | |||||||||||
Assets of continuing operations | 3,163,767 | 3,134,838 | 3,163,767 | 3,134,838 | |||||||
Refrigeration and Food Equipment Segment [Member] | |||||||||||
Reconciliation from Segment Totals to Consolidated [Abstract] | |||||||||||
Revenue | 1,599,105 | 1,620,339 | 1,731,430 | ||||||||
Reconciliation of Earnings from Continuing Operations from Segments to Consolidated [Abstract] | |||||||||||
Earnings from continuing operations before provision for income taxes and discontinued operations | $ 193,822 | $ 283,628 | $ 221,299 | ||||||||
Operating Margins [Abstract] | |||||||||||
Segment Margins | 12.10% | 17.50% | 12.80% | ||||||||
Depreciation and Amortization [Abstract] | |||||||||||
Depreciation and Amortization | $ 57,207 | $ 65,017 | $ 66,074 | ||||||||
Capital Expenditures [Abstract] | |||||||||||
Capital Expenditures | 32,541 | 23,651 | 33,511 | ||||||||
Total Assets [Abstract] | |||||||||||
Assets of continuing operations | 1,284,117 | 1,324,037 | 1,284,117 | 1,324,037 | |||||||
Energy Segment [Member] | |||||||||||
Reconciliation from Segment Totals to Consolidated [Abstract] | |||||||||||
Revenue | 1,406,201 | 1,108,438 | 1,483,680 | ||||||||
Reconciliation of Earnings from Continuing Operations from Segments to Consolidated [Abstract] | |||||||||||
Earnings from continuing operations before provision for income taxes and discontinued operations | $ 188,427 | $ 55,336 | $ 173,190 | ||||||||
Operating Margins [Abstract] | |||||||||||
Segment Margins | 13.40% | 5.00% | 11.70% | ||||||||
Depreciation and Amortization [Abstract] | |||||||||||
Depreciation and Amortization | $ 130,996 | $ 131,420 | $ 141,779 | ||||||||
Capital Expenditures [Abstract] | |||||||||||
Capital Expenditures | 40,061 | 32,938 | 33,692 | ||||||||
Total Assets [Abstract] | |||||||||||
Assets of continuing operations | 2,250,721 | 2,209,230 | 2,250,721 | 2,209,230 | |||||||
Corporate, Non-Segment [Member] | |||||||||||
Depreciation and Amortization [Abstract] | |||||||||||
Depreciation and Amortization | 4,498 | 5,131 | 3,244 | ||||||||
Capital Expenditures [Abstract] | |||||||||||
Capital Expenditures | 8,025 | 15,127 | 4,334 | ||||||||
Total Assets [Abstract] | |||||||||||
Assets of continuing operations | $ 973,128 | $ 445,257 | 973,128 | 445,257 | |||||||
Intersegment Elimination [Member] | |||||||||||
Reconciliation from Segment Totals to Consolidated [Abstract] | |||||||||||
Revenue | (1,988) | (1,292) | (985) | ||||||||
Total segments [Member] | |||||||||||
Reconciliation of Earnings from Continuing Operations from Segments to Consolidated [Abstract] | |||||||||||
Earnings from continuing operations before provision for income taxes and discontinued operations | 1,277,787 | 931,714 | 1,033,567 | ||||||||
Corporate expense / other [Member] | |||||||||||
Reconciliation of Earnings from Continuing Operations from Segments to Consolidated [Abstract] | |||||||||||
Earnings from continuing operations before provision for income taxes and discontinued operations | $ 167,238 | $ 112,740 | $ 105,700 |
Segment Information - Revenue a
Segment Information - Revenue and Long-Lived Assets by Geography (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2017USD ($)segments | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Number of Reportable Segments | segments | 4 | ||||||||||
Revenue | $ 2,017,438 | $ 2,006,275 | $ 1,993,351 | $ 1,813,372 | $ 1,777,961 | $ 1,707,763 | $ 1,686,345 | $ 1,622,273 | $ 7,830,436 | $ 6,794,342 | $ 6,956,311 |
Property, Plant and Equipment, Net | 999,772 | 945,670 | 999,772 | 945,670 | |||||||
United States | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenue | 4,424,030 | 3,910,733 | 4,270,061 | ||||||||
Property, Plant and Equipment, Net | 658,109 | 640,802 | 658,109 | 640,802 | |||||||
Europe [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenue | 1,504,798 | 1,261,232 | 1,059,413 | ||||||||
Property, Plant and Equipment, Net | 238,942 | 211,238 | 238,942 | 211,238 | |||||||
Other Americas [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenue | 735,368 | 594,838 | 637,533 | ||||||||
Property, Plant and Equipment, Net | 40,334 | 28,288 | 40,334 | 28,288 | |||||||
Asia [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenue | 774,918 | 675,995 | 626,761 | ||||||||
Property, Plant and Equipment, Net | 57,016 | 56,614 | 57,016 | 56,614 | |||||||
Other Geographical Area [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenue | 391,322 | 351,544 | $ 362,543 | ||||||||
Property, Plant and Equipment, Net | $ 5,371 | $ 8,728 | $ 5,371 | $ 8,728 |
Earnings per Share (Details)
Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Reconciliation of information used in computing basic and diluted earnings per share [Abstract] | |||||||||||
Earnings from continuing operations | $ 296,448 | $ 178,912 | $ 164,058 | $ 172,247 | $ 161,162 | $ 130,084 | $ 118,290 | $ 99,356 | $ 811,665 | $ 508,892 | $ 595,881 |
Earnings from discontinued operations, net | 0 | 0 | 273,948 | ||||||||
Net earnings | $ 811,665 | $ 508,892 | $ 869,829 | ||||||||
Basic earnings (loss) per common share: | |||||||||||
Earnings from continuing operations (in dollars per basic share) | $ 1.90 | $ 1.15 | $ 1.05 | $ 1.11 | $ 1.04 | $ 0.84 | $ 0.76 | $ 0.64 | $ 5.21 | $ 3.28 | $ 3.78 |
Earnings from discontinued operations, net (in dollars per basic share) | 0 | 0 | 1.74 | ||||||||
Net earnings (in dollars per basic share) | $ 5.21 | $ 3.28 | $ 5.52 | ||||||||
Weighted average shares outstanding - basic (in shares) | 155,685,000 | 155,231,000 | 157,619,000 | ||||||||
Diluted earnings (loss) per common share: | |||||||||||
Earnings from continuing operations (in dollars per diluted share) | $ 1.88 | $ 1.14 | $ 1.04 | $ 1.09 | $ 1.03 | $ 0.83 | $ 0.76 | $ 0.64 | $ 5.15 | $ 3.25 | $ 3.74 |
Earnings (loss) from discontinued operations, net (in dollars per diluted share) | 0 | 0 | 1.72 | ||||||||
Net earnings (in dollars per diluted share) | $ 5.15 | $ 3.25 | $ 5.46 | ||||||||
Weighted average shares outstanding - diluted (in shares) | 157,744,000 | 156,636,000 | 159,172,000 | ||||||||
Reconciliation Of Share Amounts Used In Computing Earnings Per Share [Abstract] | |||||||||||
Weighted average shares outstanding - basic (in shares) | 155,685,000 | 155,231,000 | 157,619,000 | ||||||||
Dilutive effect of assumed exercise of employee stock options, SAR's and performance shares (in shares) | 2,059,000 | 1,405,000 | 1,553,000 | ||||||||
Weighted average shares outstanding - diluted (in shares) | 157,744,000 | 156,636,000 | 159,172,000 | ||||||||
Weighted average number of anti-dilutive potential common shares excluded from reconciliation calculations (in shares) | 79,756 | 6,799 | 25,313 |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Stockholders' Equity, Number of Shares, Par Value and Other Disclosures [Abstract] | |||
Preferred stock, shares authorized | 100,000 | 100,000 | |
Preferred stock, par value per share | $ 100 | $ 100 | |
Common stock, shares authorized | 500,000,000 | 500,000,000 | |
Common stock, par value per share | $ 1 | $ 1 | |
Common stock, shares issued | 256,992,261 | 256,537,535 | |
Number of treasury shares held | 102,168,868 | 101,109,186 | |
Share Repurchases [Line Items] | |||
Number of shares authorized to be repurchased | 20,000,000 | ||
Payments for Repurchase of Common Stock | $ 105,023 | $ 0 | $ 600,164 |
January 2015 Authorization [Member] | |||
Share Repurchases [Line Items] | |||
Number of shares authorized to be repurchased | 15,000,000 | ||
Payments for Repurchase of Common Stock | $ 600,164 | ||
Shares repurchased | 1,059,682 | 8,228,542 | |
Average price per share for repurchased shares (in dollars per share) | $ 99.11 | $ 72.94 | |
Remaining number of shares authorized to be repurchased | 5,711,776 |
Quarterly Data (Details)
Quarterly Data (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenue | $ 2,017,438 | $ 2,006,275 | $ 1,993,351 | $ 1,813,372 | $ 1,777,961 | $ 1,707,763 | $ 1,686,345 | $ 1,622,273 | $ 7,830,436 | $ 6,794,342 | $ 6,956,311 |
Gross profit | 735,423 | 744,333 | 749,446 | 661,175 | 619,704 | 631,788 | 631,213 | 589,264 | 2,890,377 | 2,471,969 | 2,568,144 |
Earnings from continuing operations | $ 296,448 | $ 178,912 | $ 164,058 | $ 172,247 | $ 161,162 | $ 130,084 | $ 118,290 | $ 99,356 | $ 811,665 | $ 508,892 | $ 595,881 |
Earnings from continuing operations (in dollars per basic share) | $ 1.90 | $ 1.15 | $ 1.05 | $ 1.11 | $ 1.04 | $ 0.84 | $ 0.76 | $ 0.64 | $ 5.21 | $ 3.28 | $ 3.78 |
Earnings from continuing operations (in dollars per diluted share) | $ 1.88 | $ 1.14 | $ 1.04 | $ 1.09 | $ 1.03 | $ 0.83 | $ 0.76 | $ 0.64 | $ 5.15 | $ 3.25 | $ 3.74 |
Net earnings | $ 811,665 | $ 508,892 | $ 869,829 | ||||||||
Net earnings (in dollars per basic share) | $ 5.21 | $ 3.28 | $ 5.52 | ||||||||
Net earnings (in dollars per diluted share) | $ 5.15 | $ 3.25 | $ 5.46 |
Subsequent Events (Details)
Subsequent Events (Details) € in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017USD ($)shares | Dec. 31, 2017EUR (€)shares | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Subsequent Event [Line Items] | ||||
Payments to Acquire Businesses, Net of Cash Acquired | $ | $ 36,031 | $ 1,561,737 | $ 567,843 | |
Number of shares authorized to be repurchased | 20,000,000 | 20,000,000 | ||
Ettiingler [Member] | ||||
Subsequent Event [Line Items] | ||||
Subsequent Event, Date | Jan. 2, 2018 | Jan. 2, 2018 | ||
Payments to Acquire Businesses, Net of Cash Acquired | $ 60,000 | € 50,000 | ||
Rosario [Member] | ||||
Subsequent Event [Line Items] | ||||
Subsequent Event, Date | Jan. 12, 2018 | Jan. 12, 2018 | ||
Payments to Acquire Businesses, Net of Cash Acquired | $ 16,200 | € 13,500 | ||
January 2015 Authorization [Member] | ||||
Subsequent Event [Line Items] | ||||
Number of shares authorized to be repurchased | 15,000,000 | 15,000,000 | ||
Stock Repurchase Program Expiration Date | Jan. 9, 2018 | Jan. 9, 2018 |
Schedule II Valuation and Qua83
Schedule II Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Allowance for Doubtful Accounts [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Year | $ 22,015 | $ 18,050 | $ 18,894 |
Charged to Cost and Expense | 11,295 | 10,641 | 5,946 |
Reductions | (5,588) | (6,039) | (5,665) |
Other | 11,510 | (637) | (1,125) |
Balance at End of Year | 39,232 | 22,015 | 18,050 |
Deferred Tax Valuation Allowance [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Year | 289,642 | 171,365 | 141,252 |
Additions | 0 | 118,277 | 30,113 |
Reductions | (50,974) | 0 | 0 |
Other | 0 | 0 | 0 |
Balance at End of Year | 238,668 | 289,642 | 171,365 |
LIFO Reserve [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Year | 29,625 | 35,835 | 50,769 |
Charged to Cost and Expense | 2,884 | 686 | 221 |
Reductions | (4,382) | (6,896) | (15,155) |
Other | 0 | 0 | 0 |
Balance at End of Year | $ 28,127 | $ 29,625 | $ 35,835 |