Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2017 | Apr. 19, 2017 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | IEX | |
Entity Registrant Name | IDEX CORP /DE/ | |
Entity Central Index Key | 832,101 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 76,307,919 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Current assets | ||
Cash and cash equivalents | $ 216,095 | $ 235,964 |
Receivables, less allowance for doubtful accounts of $7,483 at March 31, 2017 and $8,078 at December 31, 2016 | 294,707 | 272,813 |
Inventories | 257,900 | 252,859 |
Other current assets | 54,978 | 61,085 |
Total current assets | 823,680 | 822,721 |
Property, plant and equipment — net | 250,114 | 247,816 |
Goodwill | 1,645,565 | 1,632,592 |
Intangible assets — net | 428,583 | 435,504 |
Other noncurrent assets | 15,843 | 16,311 |
Total assets | 3,163,785 | 3,154,944 |
Current liabilities | ||
Trade accounts payable | 135,462 | 128,933 |
Accrued expenses | 142,670 | 152,852 |
Short-term borrowings | 323 | 1,046 |
Dividends payable | 0 | 26,327 |
Total current liabilities | 278,455 | 309,158 |
Long-term borrowings | 950,283 | 1,014,235 |
Deferred income taxes | 171,438 | 166,427 |
Other noncurrent liabilities | 122,304 | 121,230 |
Total liabilities | 1,522,480 | 1,611,050 |
Commitments and contingencies | ||
Preferred stock: | ||
Authorized: 5,000,000 shares, $.01 per share par value; Issued: None | 0 | 0 |
Common stock: | ||
Authorized: 150,000,000 shares, $.01 per share par value, Issued: 90,190,717 shares at March 31, 2017 and 90,200,951 shares at December 31, 2016 | 902 | 902 |
Additional paid-in capital | 702,644 | 697,213 |
Retained earnings | 1,910,638 | 1,834,739 |
Treasury stock at cost: 13,636,301 shares at March 31, 2017 and 13,760,266 shares at December 31, 2016 | (794,442) | (787,307) |
Accumulated other comprehensive income (loss) | (178,437) | (201,653) |
Total shareholders’ equity | 1,641,305 | 1,543,894 |
Total liabilities and shareholders’ equity | $ 3,163,785 | $ 3,154,944 |
CONDENSED CONSOLIDATED BALANCE3
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Receivables, allowance for doubtful accounts | $ 7,483 | $ 8,078 |
Preferred stock, authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred stock , par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, issued (in shares) | 0 | 0 |
Common stock, authorized (in shares) | 150,000,000 | 150,000,000 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, issued (in shares) | 90,190,717 | 90,200,951 |
Treasury stock, shares (in shares) | 13,636,301 | 13,760,266 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Income Statement [Abstract] | ||
Net sales | $ 553,552 | $ 502,572 |
Cost of sales | 302,611 | 279,237 |
Gross profit | 250,941 | 223,335 |
Selling, general and administrative expenses | 130,473 | 119,990 |
Restructuring expenses | 4,797 | 0 |
Operating income | 115,671 | 103,345 |
Other (income) expense - net | (308) | 44 |
Interest expense | 11,552 | 10,489 |
Income before income taxes | 104,427 | 92,812 |
Provision for income taxes | 28,528 | 24,682 |
Net income | $ 75,899 | $ 68,130 |
Basic earnings per common share (in dollars per share) | $ 0.99 | $ 0.90 |
Diluted earnings per common share (in dollars per share) | $ 0.99 | $ 0.89 |
Share data: | ||
Basic weighted average common shares outstanding (in shares) | 76,115 | 75,749 |
Diluted weighted average common shares outstanding (in shares) | 76,894 | 76,699 |
CONDENSED CONSOLIDATED STATEME5
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 75,899 | $ 68,130 |
Other comprehensive income (loss) | ||
Reclassification adjustments for derivatives, net of tax | 1,042 | 1,097 |
Pension and other postretirement adjustments, net of tax | 1,124 | 671 |
Cumulative translation adjustment | 21,050 | 16,217 |
Other comprehensive income (loss) | 23,216 | 17,985 |
Comprehensive income | $ 99,115 | $ 86,115 |
CONDENSED CONSOLIDATED STATEME6
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - 3 months ended Mar. 31, 2017 - USD ($) $ in Thousands | Total | Common Stock and Additional Paid-In Capital | Retained Earnings | Cumulative Translation Adjustment | Retirement Benefits Adjustment | Cumulative Unrealized Gain (Loss) on Derivatives | Treasury Stock |
Balance at Dec. 31, 2016 | $ 1,543,894 | $ 698,115 | $ 1,834,739 | $ (155,544) | $ (27,852) | $ (18,257) | $ (787,307) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 75,899 | 75,899 | |||||
Cumulative translation adjustment | 21,050 | 21,050 | |||||
Net change in retirement obligations (net of tax of $552) | 1,124 | 1,124 | |||||
Net change on derivatives designated as cash flow hedges (net of tax of $635) | 1,042 | 1,042 | |||||
Issuance of 205,965 shares of common stock from issuance of unvested shares, performance share units and exercise of stock options (net of tax of $4,221) | 6,074 | 6,074 | |||||
Repurchase of 82,000 shares of common stock | (7,562) | (7,562) | |||||
Unvested shares surrendered for tax withholding | (5,647) | (5,647) | |||||
Share-based compensation | 5,431 | 5,431 | |||||
Balance at Mar. 31, 2017 | $ 1,641,305 | $ 703,546 | $ 1,910,638 | $ (134,494) | $ (26,728) | $ (17,215) | $ (794,442) |
CONDENSED CONSOLIDATED STATEME7
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) $ in Thousands | 3 Months Ended |
Mar. 31, 2017USD ($)shares | |
Statement of Stockholders' Equity [Abstract] | |
Pension and other postretirement adjustments, tax | $ 552 |
Amortization of forward starting swaps, tax | $ 635 |
Issuance of common stock from performance share units and exercise of stock options (in shares) | shares | 205,965 |
Issuance of common stock from exercise of stock options and deferred compensation plans, tax amount | $ 4,221 |
Repurchase of common stock (in shares) | shares | 82,000 |
CONDENSED CONSOLIDATED STATEME8
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Cash flows from operating activities | ||
Net income | $ 75,899 | $ 68,130 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 8,903 | 9,067 |
Amortization of intangible assets | 11,789 | 10,890 |
Amortization of debt issuance costs | 329 | 378 |
Share-based compensation expense | 6,159 | 6,442 |
Deferred income taxes | 1,293 | 2,950 |
Non-cash interest expense associated with forward starting swaps | 1,677 | 1,724 |
Changes in (net of effect from acquisitions): | ||
Receivables | (20,058) | (19,267) |
Inventories | (2,761) | (270) |
Other current assets | 6,570 | (6,597) |
Trade accounts payable | 5,188 | 6,451 |
Accrued expenses | (11,565) | (6,641) |
Other - net | 1,556 | (2,892) |
Net cash flows provided by operating activities | 84,979 | 70,365 |
Cash flows from investing activities | ||
Additions of property, plant and equipment | (10,162) | (8,650) |
Acquisition of businesses, net of cash acquired | 0 | (221,556) |
Other - net | 546 | 91 |
Net cash flows (used in) investing activities | (9,616) | (230,115) |
Cash flows from financing activities | ||
Borrowings under revolving facilities | 13,000 | 275,391 |
Payments under revolving facilities | (80,224) | (20,994) |
Dividends paid | (26,327) | (24,662) |
Proceeds from stock option exercises | 6,074 | 8,258 |
Purchase of common stock | (7,005) | (46,864) |
Unvested shares surrendered for tax withholding | (5,647) | (4,717) |
Other - net | 738 | 0 |
Net cash flows provided by (used in) financing activities | (99,391) | 186,412 |
Effect of exchange rate changes on cash and cash equivalents | 4,159 | 3,765 |
Net increase (decrease) in cash | (19,869) | 30,427 |
Cash and cash equivalents at beginning of year | 235,964 | 328,018 |
Cash and cash equivalents at end of period | 216,095 | 358,445 |
Cash paid for: | ||
Interest | 760 | 965 |
Income taxes - net | $ 5,888 | $ 9,516 |
Basis of Presentation and Signi
Basis of Presentation and Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2017 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Significant Accounting Policies | Basis of Presentation and Significant Accounting Policies The Condensed Consolidated Financial Statements of IDEX Corporation (“IDEX,” “we,” “our,” or the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) applicable to interim financial information and the instructions to Form 10-Q under the Securities Exchange Act of 1934, as amended. The statements are unaudited but include all adjustments, consisting only of recurring items, except as noted, that the Company considers necessary for a fair presentation of the information set forth herein. The results of operations for the three months ended March 31, 2017 are not necessarily indicative of the results to be expected for the entire year. The Condensed Consolidated Financial Statements and Management’s Discussion and Analysis of Financial Condition and Results of Operations set forth in this report should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2016 . Recently Adopted Accounting Standards In March 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost, which amends the requirements related to the income statement presentation of the components of net periodic benefit cost for a company’s sponsored defined benefit pension and other postretirement plans. Under this ASU, companies are required to disaggregate the current service cost component from the other components of net benefit cost and present it with other current compensation costs for related employees in the income statement and present the other components elsewhere in the income statement and outside of income from operations if such a subtotal is presented. This ASU also requires companies to disclose the income statement lines that contain the other components if they are not presented on appropriately described separate lines. In addition, only the service cost component of periodic net benefit cost is eligible for capitalization. The Company elected to early adopt this standard in the quarter ended March 31, 2017 as presenting the service cost within income from operations is more indicative of our current pension cost. The Company adopted this standard retrospectively and thus $0.8 million was reclassified from Selling, general and administrative expenses to Other (income) expense - net for the three months ended March 31, 2016 to conform to current period presentation. The Company elected to apply the practical expedient that permits the use of previously disclosed service cost and other costs from the prior year’s pension and other postretirement benefit plan footnote in the comparative periods as appropriate estimates when retrospectively changing the presentation of these costs in the income statement. The Company included the required disclosures and the changes resulting from the adoption of this standard in Note 16. In January 2017, the FASB issued ASU 2017-04, Simplifying the Test for Goodwill Impairment , which eliminates Step 2 from the goodwill impairment test. Under this ASU, if the carrying amount of a reporting unit exceeds its fair value, an impairment loss will be recognized in an amount equal to the excess, limited to the total amount of goodwill allocated to the reporting unit. This ASU also eliminated the requirements for any reporting unit with a zero or negative carrying amount to perform a qualitative assessment and, if it fails that qualitative test, to perform Step 2 of the goodwill impairment test. In addition, companies will be required to disclose the amount of goodwill allocated to each reporting unit with a zero or negative carrying amount of net assets. The Company early adopted this standard on January 1, 2017. The adoption of this standard did not have a material impact on our consolidated financial statements. In July 2015, the FASB issued ASU 2015-11, Simplifying the Measurement of Inventory . Under this guidance, entities utilizing the 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 standard did not have a material impact on our consolidated financial statements. Recently Issued Accounting Standards In January 2017, the FASB issued ASU 2017-01, 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, with early adoption permitted. The Company does not believe the guidance will have a material impact on its consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases , which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessees and lessors). The standard introduces a new lessee model that will require most leases to be recorded on the balance sheet and eliminates the required use of bright line tests in current U.S. GAAP for determining lease classification. The new standard requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases and operating leases. This standard is effective for fiscal years beginning after December 15, 2018 and interim periods within those fiscal years. Companies are permitted to adopt the standard early and a modified retrospective application is required. The Company is currently evaluating the impact of adopting the new guidance on its consolidated financial statements. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers, which will replace numerous requirements in U.S. GAAP, including industry-specific requirements, and provide companies with a new five-step model for recognizing revenue from contracts with customers. Under ASU 2014-09, an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This ASU also requires disclosures sufficient to enable users to understand the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers, including qualitative and quantitative disclosures about contracts with customers, significant judgments and changes in judgments, and assets recognized from the costs to obtain or fulfill a contract. This standard is effective for fiscal years beginning after December 15, 2017, using either of the following transition methods: (i) a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients, or (ii) a retrospective approach with the cumulative effect of initially adopting ASU 2014-09 recognized at the date of adoption. The FASB has also issued the following standards which clarify ASU 2014-09 and have the same effective date as the original standard: ASU 2016-08, Revenue from Contracts with Customers: Principal versus Agent Considerations (Reporting Revenue Gross versus Net) ; ASU 2016-10, Revenue from Contracts with Customers: Identifying Performance Obligations and Licensing ; ASU 2016-12 , Revenue from Contracts with Customers: Narrow-Scope Improvements and Practical Expedients ; and ASU 2016-20 , Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers. In 2016, we established an implementation team and analyzed the impact of the standard by surveying business units and reviewing contracts to identify potential differences that may result from applying the requirements of the new standard. We made significant progress on our contract reviews during 2016 and the first quarter of 2017. While we are continuing to assess all potential impacts of the new standard, we currently believe that the most significant potential change relates to contracts for the development, manufacture and sale of customized products in our Health & Science Technologies segment. Due to the complexity of certain contracts in our Health & Science Technologies segment, the actual revenue recognition treatment required under the standard will be dependent on contract-specific terms. However, under the new standard we expect revenue recognition to remain substantially unchanged as the contract reviews support the recognition of revenue at a point in time, which is consistent with our current revenue recognition model. We also expect revenue recognition related to the Fluid & Metering Technologies segment and the Fire & Safety/Diversified Products segment to remain substantially unchanged. The implementation team has reported these initial findings and progress of the project to the Audit Committee. The Company is still evaluating the impact of the new guidance on its consolidated financial statements and has not yet determined the method by which it will adopt the standard in 2018. |
Acquisitions and Divestitures
Acquisitions and Divestitures | 3 Months Ended |
Mar. 31, 2017 | |
Business Combinations and Dispositions [Abstract] | |
Acquisitions and Divestitures | Acquisitions and Divestitures All of the Company’s acquisitions have been accounted for under ASC 805, Business Combinations . Accordingly, the accounts of the acquired companies, after adjustments to reflect fair values assigned to assets and liabilities, have been included in the Company’s consolidated financial statements from their respective dates of acquisition. The Company incurred $0.1 million and $1.0 million of acquisition-related transaction costs in the three months ended March 31, 2017 and 2016 , respectively. These costs were recorded in Selling, general and administrative expenses and were related to completed transactions, pending transactions and potential transactions, including transactions that ultimately were not completed. During the three months ended March 31, 2016 , the Company recorded $2.2 million of fair value inventory step-up charges in Cost of sales associated with the completed 2016 acquisition of Akron Brass Holding Corporation (“Akron Brass”). 2016 Acquisitions On March 16, 2016, the Company acquired the stock of Akron Brass, a producer of a large array of engineered life–safety products for the safety and emergency response markets, which includes apparatus valves, monitors, nozzles, specialty lighting, electronic vehicle–control systems and firefighting hand tools. The business was acquired to complement and create synergies with our existing Hale, Class 1, and Godiva businesses. Headquartered in Wooster, Ohio, Akron Brass operates in our Fire & Safety/Diversified Products segment. Akron Brass was acquired for cash consideration of $221.4 million . The purchase price was funded with borrowings under the Company’s revolving facilities. The final goodwill and intangible assets recognized as part of the transaction were $124.6 million and $90.4 million , respectively. The goodwill is not deductible for tax purposes. On July 1, 2016, the Company acquired the stock of AWG Fittings GmbH (“AWG Fittings”), a producer of engineered products for the safety and emergency response markets, including valves, monitors and nozzles. The business was acquired to complement and create synergies with our existing Hale, Class 1, Godiva and Akron Brass businesses. Headquartered in Ballendorf, Germany, AWG Fittings operates in our Fire & Safety/Diversified Products segment. AWG Fittings was acquired for cash consideration of $47.5 million ( €42.8 million ). The purchase price was funded with cash on hand. Goodwill and intangible assets recognized as part of the transaction were $22.1 million and $10.3 million , respectively. The goodwill is not deductible for tax purposes. On August 31, 2016, the Company acquired the stock of SFC Koenig AG (“SFC Koenig”), a producer of highly engineered expanders and check valves for critical applications across the transportation, hydraulic, aviation and medical markets. Headquartered in Dietikon, Switzerland, SFC Koenig operates in our Health & Science Technologies segment. SFC Koenig was acquired for cash consideration of $241.1 million ( €215.9 million ). The purchase price was funded with cash on hand and borrowings under the Company’s revolving facilities. Goodwill and intangible assets recognized as part of the transaction were $144.4 million and $117.0 million , respectively. The goodwill is not deductible for tax purposes. The Company is continuing to evaluate the valuation of certain income tax liabilities associated with the SFC Koenig acquisition and is in the process of finalizing the purchase price allocation. The Company will make appropriate adjustments to the purchase price allocations prior to the completion of the measurement period, as required. Only items identified as of the acquisition date will be considered for subsequent adjustment. 2016 Divestitures The Company periodically reviews its operations for businesses which may no longer be aligned with its strategic objectives and focus on core business and customers. Any resulting gain or loss recognized due to divestitures is recorded within Loss (gain) on sale of businesses - net. On July 29, 2016, the Company completed the sale of its Hydra-Stop product line for $15.0 million in cash, resulting in a pre-tax gain on the sale of $5.8 million . In addition, the Company can earn up to $2 million based on the achievement of financial objectives for net sales in 2016 and 2017. The Company earned $1.0 million for the achievement of 2016 net sales objectives, which represents the maximum earn out for 2016. The Company can earn an additional $1.0 million based on 2017 net sales. The results of Hydra-Stop were reported within the Fluid & Metering Technologies segment and generated $7.5 million of revenues in 2016 through the date of sale. On September 9, 2016, the Company completed the sale of its Melles Griot KK (“CVI Japan”) subsidiary for $17.5 million in cash, resulting in a pre-tax loss on the sale of $7.9 million . The results of CVI Japan were reported within the Health & Science Technologies segment and generated $13.1 million of revenues in 2016 through the date of sale. On October 10, 2016, the Company completed the sale of its IETG and 40Seven subsidiaries for $2.7 million in cash, resulting in a pre-tax loss on the sale of $4.2 million . The results of IETG and 40Seven were reported within the Fluid & Metering Technologies segment and generated $8.3 million of revenues in 2016 through the date of sale. On December 30, 2016, the Company completed the sale of its Korea Electro-Optics Co., Ltd. (“CVI Korea”) subsidiary for $3.8 million in cash, resulting in a pre-tax loss on the sale of $16.0 million . The results of CVI Korea were reported within the Health & Science Technologies segment and generated $11.7 million of revenues in 2016 through the date of sale. |
Business Segments
Business Segments | 3 Months Ended |
Mar. 31, 2017 | |
Segment Reporting [Abstract] | |
Business Segments | Business Segments The Company has three reportable business segments: Fluid & Metering Technologies, Health & Science Technologies and Fire & Safety/Diversified Products. The Fluid & Metering Technologies segment designs, produces and distributes positive displacement pumps, valves, flow meters, injectors, and other fluid-handling pump modules and systems and provides flow monitoring and other services for the food, chemical, general industrial, water & wastewater, agriculture and energy industries. The Health & Science Technologies segment designs, produces and distributes a wide range of precision fluidics, rotary lobe pumps, centrifugal and positive displacement pumps, roll compaction and drying systems used in beverage, food processing, pharmaceutical and cosmetics, pneumatic components and sealing solutions, including very high precision, low-flow rate pumping solutions required in analytical instrumentation, clinical diagnostics and drug discovery, high performance molded and extruded sealing components, biocompatible medical devices and implantables, air compressors used in medical, dental and industrial applications, optical components and coatings for applications in the fields of scientific research, defense, biotechnology, aerospace, telecommunications and electronics manufacturing, laboratory and commercial equipment used in the production of micro and nano scale materials, precision photonic solutions used in life sciences, research and defense markets, and precision gear and peristaltic pump technologies that meet exacting original equipment manufacturer specifications. The Fire & Safety/Diversified Products segment produces firefighting pumps and controls, apparatus valves, monitors, nozzles, rescue tools, lifting bags and other components and systems for the fire and rescue industry, engineered stainless steel banding and clamping devices used in a variety of industrial and commercial applications, and precision equipment for dispensing, metering and mixing colorants and paints used in a variety of retail and commercial businesses around the world. Information on the Company’s business segments is presented below, based on the nature of products and services offered. The Company evaluates performance based on several factors, of which operating income is the primary financial measure. Intersegment sales are accounted for as if the sales were to third parties. Three Months Ended 2017 2016 (1) Net sales Fluid & Metering Technologies External customers $ 216,655 $ 211,709 Intersegment sales 115 134 Total group sales 216,770 211,843 Health & Science Technologies External customers 199,575 186,251 Intersegment sales 104 92 Total group sales 199,679 186,343 Fire & Safety/Diversified Products External customers 137,322 104,612 Intersegment sales 125 6 Total group sales 137,447 104,618 Intersegment elimination (344 ) (232 ) Total net sales $ 553,552 $ 502,572 Operating income Fluid & Metering Technologies $ 57,813 $ 51,703 Health & Science Technologies 42,238 40,682 Fire & Safety/Diversified Products 32,626 25,654 Corporate office expense and other (2) (17,006 ) (14,694 ) Total operating income 115,671 103,345 Interest expense 11,552 10,489 Other (income) expense - net (308 ) 44 Income before income taxes $ 104,427 $ 92,812 (1) Certain amounts in the prior year income statement have been reclassified to conform to the current presentation due to the early adoption of ASU 2017-07. (2) Corporate office expense for the three months ended March 31, 2016 includes a $3.7 million benefit from the reversal of the contingent consideration related to a 2015 acquisition. March 31, December 31, Assets Fluid & Metering Technologies $ 1,079,230 $ 1,065,670 Health & Science Technologies 1,281,976 1,266,036 Fire & Safety/Diversified Products 709,135 705,735 Corporate office 93,444 117,503 Total assets $ 3,163,785 $ 3,154,944 |
Earnings Per Common Share
Earnings Per Common Share | 3 Months Ended |
Mar. 31, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | Earnings Per Common Share Earnings per common share (“EPS”) are computed by dividing net income by the weighted average number of shares of common stock (basic) plus common stock equivalents outstanding (diluted) during the period. Common stock equivalents consist of stock options, which have been included in the calculation of weighted average shares outstanding using the treasury stock method, restricted stock, and performance share units. ASC 260, Earnings Per Share, provides that all outstanding unvested share-based payment awards that contain rights to nonforfeitable dividends participate in undistributed earnings with common shareholders. If awards are considered participating securities, the Company is required to apply the two-class method of computing basic and diluted earnings per share. The Company has determined that its outstanding shares of restricted stock are participating securities. Accordingly, earnings per common share are computed using the more dilutive of the treasury stock method and the two-class method prescribed by ASC 260. Basic weighted average shares reconciles to diluted weighted average shares as follows: Three Months Ended 2017 2016 Basic weighted average common shares outstanding 76,115 75,749 Dilutive effect of stock options, restricted stock, and performance share units 779 950 Diluted weighted average common shares outstanding 76,894 76,699 Options to purchase approximately 0.3 million and 1.4 million shares of common stock for the three months ended March 31, 2017 , and 2016 , respectively, were not included in the computation of diluted EPS because the effect of their inclusion would be antidilutive. |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2017 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories The components of inventories as of March 31, 2017 and December 31, 2016 were: March 31, December 31, Raw materials and component parts $ 158,236 $ 154,278 Work in process 38,460 34,832 Finished goods 61,204 63,749 Total $ 257,900 $ 252,859 Inventories are stated at the lower of cost or net realizable value. Cost, which includes material, labor and factory overhead, is determined on a FIFO basis. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 3 Months Ended |
Mar. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Goodwill and Intangible Assets The changes in the carrying amount of goodwill for the three months ended March 31, 2017 , by reportable business segment, were as follows: Fluid & Metering Technologies Health & Science Technologies Fire & Safety/ Diversified Products Total Balance at December 31, 2016 $ 573,437 $ 699,299 $ 359,856 $ 1,632,592 Foreign currency translation 3,068 5,732 3,474 12,274 Acquisition adjustments — 636 63 699 Balance at March 31, 2017 $ 576,505 $ 705,667 $ 363,393 $ 1,645,565 ASC 350, Goodwill and Other Intangible Assets, requires that goodwill be tested for impairment at the reporting unit level on an annual basis and between annual tests if an event occurs, or circumstances change, that would more likely than not reduce the fair value of the reporting unit below its carrying value. In the first three months of 2017 , there were no events or circumstances that would have required an interim impairment test. Annually, on October 31, goodwill and other acquired intangible assets with indefinite lives are tested for impairment. Based on the results of our annual impairment test at October 31, 2016, all reporting units had fair values in excess of their carrying values. In addition to performing our annual impairment test, we also performed interim impairment tests due to the divestitures in the third and fourth quarters of 2016 as well as the reorganization of certain reporting units. As a result of these impairment tests, the Company concluded that the reporting units had fair values in excess of their carrying values, which was consistent with our annual impairment test at October 31, 2016. The following table provides the gross carrying value and accumulated amortization for each major class of intangible assets at March 31, 2017 and December 31, 2016 : At March 31, 2017 At December 31, 2016 Gross Carrying Amount Accumulated Amortization Net Weighted Average Life Gross Carrying Amount Accumulated Amortization Net Amortized intangible assets: Patents $ 9,863 $ (6,809 ) $ 3,054 11 $ 9,856 $ (6,635 ) $ 3,221 Trade names 114,403 (44,714 ) 69,689 16 113,428 (42,653 ) 70,775 Customer relationships 334,735 (130,996 ) 203,739 12 369,087 (161,065 ) 208,022 Unpatented technology 102,260 (41,392 ) 60,868 12 106,747 (44,516 ) 62,231 Other 829 (496 ) 333 10 6,527 (6,172 ) 355 Total amortized intangible assets 562,090 (224,407 ) 337,683 605,645 (261,041 ) 344,604 Indefinite lived intangible assets: Banjo trade name 62,100 — 62,100 62,100 — 62,100 Akron Brass trade name 28,800 — 28,800 28,800 — 28,800 Total intangible assets $ 652,990 $ (224,407 ) $ 428,583 $ 696,545 $ (261,041 ) $ 435,504 The Banjo trade name is an indefinite-lived intangible asset which is tested for impairment on an annual basis in accordance with ASC 350 or more frequently if events or changes in circumstances indicate that the asset might be impaired. In the first three months of 2017 , there were no events or circumstances that would have required an interim impairment test. Based on the results of our annual impairment test at October 31, 2016 , the fair value of the Banjo trade name was greater than 25% in excess of the carrying value. The Akron Brass trade name is an indefinite-lived intangible asset that was acquired as a result of the Akron Brass acquisition in March 2016 and is tested for impairment on an annual basis in accordance with ASC 350 or more frequently if events or changes in circumstances indicate that the asset might be impaired. In the first three months of 2017 , there were no events or circumstances that would have required an interim impairment test. Based on the results of our annual impairment test at October 31, 2016 , the fair value of the Akron Brass trade name was near its carrying value as a result of the acquisition of this business in March 2016. Amortization of intangible assets was $11.8 million and $10.9 million for the three months ended March 31, 2017 and 2016 , respectively. Based on the intangible asset balances as of March 31, 2017 , amortization expense is expected to approximate $31.7 million for the remaining nine months of 2017 , $35.2 million in 2018 , $33.2 million in 2019 , $32.0 million in 2020 and $30.8 million in 2021 . |
Accrued Expenses
Accrued Expenses | 3 Months Ended |
Mar. 31, 2017 | |
Payables and Accruals [Abstract] | |
Accrued Expenses | Accrued Expenses The components of accrued expenses as of March 31, 2017 and December 31, 2016 were: March 31, December 31, Payroll and related items $ 54,041 $ 67,600 Management incentive compensation 6,582 16,339 Income taxes payable 13,393 8,808 Insurance 9,420 9,416 Warranty 5,887 5,628 Deferred revenue 15,463 12,607 Restructuring 4,148 3,893 Liability for uncertain tax positions 2,359 1,366 Accrued interest 10,449 1,663 Other 20,928 25,532 Total accrued expenses $ 142,670 $ 152,852 |
Other Noncurrent Liabilities
Other Noncurrent Liabilities | 3 Months Ended |
Mar. 31, 2017 | |
Other Liabilities Disclosure [Abstract] | |
Other Noncurrent Liabilities | Other Noncurrent Liabilities The components of other noncurrent liabilities as of March 31, 2017 and December 31, 2016 were: March 31, December 31, Pension and retiree medical obligations $ 98,656 $ 93,604 Liability for uncertain tax positions 2,079 2,623 Deferred revenue 2,361 2,442 Other 19,208 22,561 Total other noncurrent liabilities $ 122,304 $ 121,230 |
Borrowings
Borrowings | 3 Months Ended |
Mar. 31, 2017 | |
Debt Disclosure [Abstract] | |
Borrowings | Borrowings Borrowings at March 31, 2017 and December 31, 2016 consisted of the following: March 31, December 31, Revolving Facility $ 105,342 $ 169,579 4.5% Senior Notes, due December 2020 300,000 300,000 4.2% Senior Notes, due December 2021 350,000 350,000 3.2% Senior Notes, due June 2023 100,000 100,000 3.37% Senior Notes, due June 2025 100,000 100,000 Other borrowings 527 1,294 Total borrowings 955,869 1,020,873 Less current portion 323 1,046 Less deferred debt issuance costs 4,133 4,399 Less unaccreted debt discount 1,130 1,193 Total long-term borrowings $ 950,283 $ 1,014,235 On June 13, 2016, the Company completed a private placement of $100 million aggregate principal amount of 3.20% Senior Notes due June 13, 2023 and $100 million aggregate principal amount of 3.37% Senior Notes due June 13, 2025 (collectively, the “Notes”) pursuant to a Note Purchase Agreement, dated June 13, 2016 (the “Purchase Agreement”). Each series of Notes bears interest at the stated amount per annum, which is payable semi-annually in arrears on each June 13 th and December 13 th . The Notes are unsecured obligations of the Company and rank pari passu in right of payment with all of the Company’s other unsecured, unsubordinated debt. The Company may at any time prepay all, or any portion of the Notes; provided that such portion is greater than 5% of the aggregate principal amount of Notes then outstanding. In the event of a prepayment, the Company will pay an amount equal to par plus accrued interest plus a make-whole amount. In addition, the Company may repurchase Notes by making an offer to all holders of the Notes, subject to certain conditions. The Purchase Agreement contains certain covenants that restrict the Company’s ability to, among other things, transfer or sell assets, incur indebtedness, create liens, transact with affiliates and engage in certain mergers or consolidations or other change of control transactions. In addition, the Company must comply with a leverage ratio and interest coverage ratio, as further described below, and the Purchase Agreement also limits the outstanding principal amount of priority debt that may be incurred by the Company to 15% of consolidated assets. The Purchase Agreement provides for customary events of default. In the case of an event of default arising from specified events of bankruptcy or insolvency, all of the outstanding Notes will become due and payable immediately without further action or notice. In the case of payment event of default, any holder of the Notes affected thereby may declare all the Notes held by it due and payable immediately. In the case of any other event of default, a majority of the holders of Notes may declare all of the Notes to be due and payable immediately. On June 23, 2015, the Company entered into a credit agreement (the “Credit Agreement”) along with certain of its subsidiaries, as borrowers (the “Borrowers”), Bank of America, N.A., as administrative agent, swing line lender and an issuer of letters of credit, with other agents party thereto. The Credit Agreement replaced the Company’s existing five -year, $700 million credit agreement, dated as of June 27, 2011, which was due to expire on June 27, 2016. The Credit Agreement consists of a revolving credit facility (the “Revolving Facility”) in an aggregate principal amount of $700 million , with a final maturity date of June 23, 2020 . The maturity date may be extended under certain conditions for an additional one -year term. Up to $75 million of the Revolving Facility is available for the issuance of letters of credit. Additionally, up to $50 million of the Revolving Facility is available to the Company for swing line loans, available on a same-day basis. Proceeds of the Revolving Facility are available for use by the Borrowers for acquisitions, working capital and other general corporate purposes, including refinancing existing debt of the Company and its subsidiaries. The Company may request increases in the lending commitments under the Credit Agreement, but the aggregate lending commitments pursuant to such increases may not exceed $350 million . The Company has the right, subject to certain conditions set forth in the Credit Agreement, to designate certain foreign subsidiaries of the Company as borrowers under the Credit Agreement. In connection with any such designation, the Company is required to guarantee the obligations of any such subsidiaries. Borrowings under the Credit Agreement bear interest, at either an alternate base rate or an adjusted LIBOR rate plus, in each case, an applicable margin. Such applicable margin is based on the Company’s senior, unsecured, long-term debt rating and can range from .005% to 1.50% . Based on the Company’s credit rating at March 31, 2017 , the applicable margin was 1.10% , resulting in a weighted average interest rate of 1.51% at March 31, 2017 . Interest is payable (a) in the case of base rate loans, quarterly, and (b) in the case of LIBOR rate loans, on the maturity date of the borrowing, or quarterly from the effective date for borrowings exceeding three months. The Credit Agreement requires payment to the lenders of a facility fee based upon (a) the amount of the lenders’ commitments under the credit facility from time to time and (b) the applicable corporate credit ratings of the Company. Voluntary prepayments of any loans and voluntary reductions of the unutilized portion of the commitments under the credit facility are permissible without penalty, subject to break funding payments and minimum notice and minimum reduction amount requirements. The negative covenants include, among other things, limitations (each of which is subject to customary exceptions for financings of this type) on our ability to grant liens; enter into transactions resulting in fundamental changes (such as mergers or sales of all or substantially all of the assets of the Company); restrict subsidiary dividends or other subsidiary distributions; enter into transactions with the Company’s affiliates; and incur certain additional subsidiary debt. The Credit Agreement also contains customary events of default (subject to grace periods, as appropriate) including among others: nonpayment of principal, interest or fees; breach of the representations or warranties in any material respect; breach of the financial, affirmative or negative covenants; payment default on, or acceleration of, other material indebtedness; bankruptcy or insolvency; material judgments entered against the Company or any of its subsidiaries; certain specified events under the Employee Retirement Income Security Act of 1974, as amended; certain changes in control of the Company; and the invalidity or unenforceability of the Credit Agreement or other documents associated with the Credit Agreement. At March 31, 2017 , $105.3 million was outstanding under the Revolving Facility, with $9.1 million of outstanding letters of credit, resulting in net available borrowing capacity under the Revolving Facility at March 31, 2017 of approximately $585.6 million . There are two key financial covenants that the Company is required to maintain in connection with the Revolving Facility and the Notes, a minimum interest coverage ratio of 3.0 to 1 and a maximum leverage ratio of 3.50 to 1 , which is the ratio of the Company’s consolidated total debt to its consolidated EBITDA. At March 31, 2017 , the Company was in compliance with both of these financial covenants. There are no financial covenants relating to the 4.5% Senior Notes or 4.2% Senior Notes; however, both are subject to cross-default provisions. |
Derivative Instruments
Derivative Instruments | 3 Months Ended |
Mar. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | Derivative Instruments The Company enters into cash flow hedges from time to time to reduce the exposure to variability in certain expected future cash flows. The type of cash flow hedges the Company enters into includes foreign currency contracts and interest rate exchange contracts that effectively convert a portion of floating-rate debt to fixed-rate debt and are designed to reduce the impact of interest rate changes on future interest expense. The effective portion of gains or losses on interest rate exchange contracts is reported in Accumulated other comprehensive income (loss) in Shareholders’ equity and reclassified into net income in the same period or periods in which the hedged transaction affects net income. The remaining gain or loss in excess of the cumulative change in the present value of future cash flows or the hedged item, if any, is recognized into net income during the period of change. See Note 13 for the amount of loss reclassified into income for interest rate contracts for the three months ended March 31, 2017 and 2016 . As of March 31, 2017 , the Company did not have any interest rate contracts outstanding. In 2010 and 2011, the Company entered into two separate forward starting interest rate contracts in anticipation of the issuance of the 4.2% Senior Notes and the 4.5% Senior Notes. The Company cash settled these two interest rate contracts in 2010 and 2011 for a total of $68.9 million , which is being amortized into interest expense over the 10 year term of the debt instruments. Approximately $6.6 million of the pre-tax amount included in accumulated other comprehensive income (loss) in shareholders’ equity at March 31, 2017 will be recognized to net income over the next 12 months as the underlying hedged transactions are realized. During the three months ended March 31, 2017, the Company entered into four foreign currency forward contracts with a combined notional value of €180 million that have not been designated as hedges for accounting purposes. These contracts are used to manage foreign currency exposure related to changes in the value of intercompany loans caused by changes in foreign exchange rates. The change in the fair value of the foreign currency forward contracts and the corresponding change in the fair value of the intercompany loans of the Company are both recorded through earnings each period as incurred. During the three months ended March 31, 2017, the Company recorded a net gain of $0.4 million within Other income (expense) - net in the Condensed Consolidated Statements of Operations related to these forward contracts. Fair values relating to derivative financial instruments reflect the estimated amounts that the Company would receive or pay to sell or buy the contracts based on quoted market prices of comparable contracts at each balance sheet date. The following table sets forth the fair value amounts of derivative instruments held by the Company as of March 31, 2017 and December 31, 2016: Fair Value Assets (Liabilities) March 31, 2017 December 31, 2016 Balance Sheet Caption (In thousands) Forward exchange contracts $ (373 ) $ — Accrued expenses |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements ASC 820, Fair Value Measurements and Disclosures, defines fair value, provides guidance for measuring fair value and requires certain disclosures. This standard discusses valuation techniques, such as the market approach (comparable market prices), the income approach (present value of future income or cash flow), and the cost approach (cost to replace the service capacity of an asset or replacement cost). The standard utilizes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The following is a brief description of those three levels: • Level 1: Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities. • Level 2: Inputs, other than quoted prices that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active. • Level 3: Unobservable inputs that reflect the reporting entity’s own assumptions. The following table summarizes the basis used to measure the Company’s financial assets at fair value on a recurring basis in the balance sheets at March 31, 2017 and December 31, 2016 : Basis of Fair Value Measurements Balance at Level 1 Level 2 Level 3 Available for sale securities $ 5,071 $ 5,071 $ — $ — Foreign exchange contracts (373 ) — (373 ) — Basis of Fair Value Measurements Balance at Level 1 Level 2 Level 3 Available for sale securities $ 5,369 $ 5,369 $ — $ — There were no transfers of assets or liabilities between Level 1 and Level 2 during the three months ended March 31, 2017 or the year ended December 31, 2016 . The carrying value of our cash and cash equivalents, accounts receivable, accounts payable and accrued expenses approximates their fair values because of the short term nature of these instruments. At March 31, 2017 , the fair value of the outstanding indebtedness under our Revolving Facility, 3.2% Senior Notes, 3.37% Senior Notes, 4.5% Senior Notes and 4.2% Senior Notes, based on quoted market prices and current market rates for debt with similar credit risk and maturity, was approximately $974.2 million compared to the carrying value of $954.2 million . This fair value measurement is classified as Level 2 within the fair value hierarchy since it is determined based upon significant inputs observable in the market, including interest rates on recent financing transactions to entities with a credit rating similar to ours. |
Restructuring
Restructuring | 3 Months Ended |
Mar. 31, 2017 | |
Restructuring and Related Activities [Abstract] | |
Restructuring | Restructuring During the first quarter of 2017, the Company recorded restructuring costs of $4.8 million as part of the 2016 restructuring initiatives that support the implementation of key strategic efforts designed to facilitate long-term, sustainable growth through cost reduction actions, primarily consisting of employee reductions and facility rationalization. The restructuring costs included severance benefits for 97 employees. The costs incurred related to these initiatives were included in Restructuring expenses in the Consolidated Statements of Operations while the related accruals were included in Accrued expenses in the Consolidated Balance Sheets. Severance costs primarily consisted of severance benefits through payroll continuation, COBRA subsidies, outplacement services, conditional separation costs and employer tax liabilities, while exit costs primarily consisted of asset disposals or impairments. Pre-tax restructuring expenses by segment for the three months ended March 31, 2017 are as follows: Severance Costs Exit Costs Total (In thousands) Fluid & Metering Technologies $ 1,566 $ — $ 1,566 Health & Science Technologies 2,470 558 3,028 Fire & Safety/Diversified Products 73 — 73 Corporate/Other 130 — 130 Total restructuring costs $ 4,239 $ 558 $ 4,797 Restructuring accruals of $4.1 million and $3.9 million at March 31, 2017 and December 31, 2016 , respectively, are recorded in Accrued expenses in the Consolidated Balance Sheets. Severance benefits are expected to be paid by the end of the year using cash from operations. The changes in the restructuring accrual for the three months ended March 31, 2017 are as follows: Restructuring (In thousands) Balance at January 1, 2017 $ 3,893 Restructuring expenses 4,797 Payments, utilization and other (4,542 ) Balance at March 31, 2017 $ 4,148 |
Other Comprehensive Income (Los
Other Comprehensive Income (Loss) | 3 Months Ended |
Mar. 31, 2017 | |
Equity [Abstract] | |
Other Comprehensive Income (Loss) | Other Comprehensive Income (Loss) The components of other comprehensive income (loss) are as follows: Three Months Ended Three Months Ended Pre-tax Tax Net of tax Pre-tax Tax Net of tax Cumulative translation adjustment $ 21,050 $ — $ 21,050 $ 16,217 $ — $ 16,217 Pension and other postretirement adjustments 1,676 (552 ) 1,124 993 (322 ) 671 Reclassification adjustments for derivatives 1,677 (635 ) 1,042 1,724 (627 ) 1,097 Total other comprehensive income (loss) $ 24,403 $ (1,187 ) $ 23,216 $ 18,934 $ (949 ) $ 17,985 The following table summarizes the amounts reclassified from accumulated other comprehensive income to net income during the three months ended March 31, 2017 and 2016 : Three Months Ended 2017 2016 Pension and other postretirement plans Amortization of service cost $ 1,676 $ 993 Total before tax 1,676 993 Provision for income taxes (552 ) (322 ) Total net of tax $ 1,124 $ 671 Derivatives Reclassification adjustments $ 1,677 $ 1,724 Total before tax 1,677 1,724 Provision for income taxes (635 ) (627 ) Total net of tax $ 1,042 $ 1,097 The Company recognizes the service cost component in both Selling, general and administrative expenses and Cost of sales, depending on the functional area of the underlying employees included in the plans. |
Common and Preferred Stock
Common and Preferred Stock | 3 Months Ended |
Mar. 31, 2017 | |
Equity [Abstract] | |
Common and Preferred Stock | Common and Preferred Stock On December 1, 2015 , the Company’s Board of Directors approved a $300.0 million increase in the authorized level for repurchases of common stock. Repurchases will be funded with future cash flow generation or borrowings available under the Revolving Facility. During the three months ended March 31, 2017 , the Company purchased a total of 82 thousand shares at a cost of $7.6 million , of which $0.6 million was settled in April 2017. During the three months ended March 31, 2016 , the Company purchased 628 thousand shares at a cost of $45.8 million , of which $1.2 million was settled in April 2016 . As of March 31, 2017 , the amount of share repurchase authorization remaining is $572.4 million . At March 31, 2017 and December 31, 2016 , the Company had 150 million shares of authorized common stock, with a par value of $.01 per share, and 5 million shares of authorized preferred stock, with a par value of $.01 per share. No preferred stock was outstanding at March 31, 2017 or December 31, 2016 . |
Share-Based Compensation
Share-Based Compensation | 3 Months Ended |
Mar. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-Based Compensation | Share-Based Compensation Stock Options Weighted average option fair values and assumptions for the periods specified are disclosed below. The fair value of each option grant was estimated on the date of the grant using the Binomial lattice option pricing model. Three Months Ended 2017 2016 Weighted average fair value of option grants $24.11 $18.40 Dividend yield 1.45% 1.70% Volatility 29.41% 29.71% Risk-free forward interest rate 0.82% - 3.04% 0.53% - 2.50% Expected life (in years) 5.83 5.91 Total compensation cost for stock options is as follows: Three Months Ended 2017 2016 Cost of goods sold $ 186 $ 119 Selling, general and administrative expenses 2,284 2,295 Total expense before income taxes 2,470 2,414 Income tax benefit (747 ) (760 ) Total expense after income taxes $ 1,723 $ 1,654 A summary of the Company’s stock option activity as of March 31, 2017 , and changes during the three months ended March 31, 2017 , are presented in the following table: Stock Options Shares Weighted Average Price Weighted-Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding at January 1, 2017 1,987,946 $ 61.83 6.84 $ 56,144,876 Granted 427,895 93.17 Exercised (110,112 ) 55.17 Forfeited (25,755 ) 77.15 Outstanding at March 31, 2017 2,279,974 $ 67.87 7.25 $ 58,471,654 Vested and expected to vest as of March 31, 2017 2,117,100 $ 66.61 7.10 $ 56,949,565 Exercisable at March 31, 2017 1,188,689 $ 54.28 5.67 $ 46,633,546 Restricted Stock Restricted stock awards generally cliff vest after three years for employees and non-employee directors. Unvested restricted stock carries dividend and voting rights and the sale of the shares is restricted prior to the date of vesting. A summary of the Company’s restricted stock activity as of March 31, 2017 , and changes during the three months ended March 31, 2017 , are presented as follows: Restricted Stock Shares Weighted-Average Unvested at January 1, 2017 217,898 $ 76.19 Granted 55,440 93.05 Vested (62,994 ) 71.02 Forfeited (11,725 ) 79.24 Unvested at March 31, 2017 198,619 $ 82.36 Dividends are paid on restricted stock awards, whose fair value is equal to the market price of the Company’s stock at the date of the grant. Total compensation cost for restricted shares is as follows: Three Months Ended 2017 2016 Cost of goods sold $ 152 $ 128 Selling, general and administrative expenses 1,253 1,530 Total expense before income taxes 1,405 1,658 Income tax benefit (439 ) (513 ) Total expense after income taxes $ 966 $ 1,145 Cash-Settled Restricted Stock The Company also maintains a cash-settled share based compensation plan for certain employees. Cash-settled restricted stock awards generally cliff vest after three years. A summary of the Company’s unvested cash-settled restricted stock activity as of March 31, 2017 , and changes during the three months ended March 31, 2017 , are presented in the following table: Cash-Settled Restricted Stock Shares Weighted-Average Unvested at January 1, 2017 103,790 $ 90.06 Granted 33,505 93.51 Vested (26,300 ) 91.96 Forfeited (7,550 ) 93.51 Unvested at March 31, 2017 103,445 $ 93.51 Dividend equivalents are paid on certain cash-settled restricted stock awards. Total compensation cost for cash-settled restricted stock is as follows: Three Months Ended 2017 2016 Cost of goods sold $ 248 $ 189 Selling, general and administrative expenses 430 500 Total expense before income taxes 678 689 Income tax benefit (142 ) (98 ) Total expense after income taxes $ 536 $ 591 Performance Share Units Weighted average performance share unit fair values and assumptions for the period specified are disclosed below. The performance share units are market condition awards and have been assessed at fair value on the date of grant using a Monte Carlo simulation model. Three Months Ended March 31, 2017 2016 Weighted average fair value of performance share units $115.74 $111.42 Dividend yield —% —% Volatility 17.36% 17.99% Risk-free forward interest rate 1.45% 0.89% Expected life (in years) 2.85 2.86 A summary of the Company’s performance share unit activity as of March 31, 2017 , and changes during the three months ended March 31, 2017 , are presented in the following table: Performance Share Units Shares Weighted-Average Unvested at January 1, 2017 137,055 $ 104.18 Granted 65,530 115.76 Vested — — Forfeited and other (3,925 ) 100.95 Unvested at March 31, 2017 198,660 $ 108.06 The Company granted 63,325 performance share units in February 2014, which vested on December 31, 2016. Based on the Company’s relative total shareholder return rank during the three year period ended December 31, 2016, the Company achieved a 141% payout that resulted in 89,288 shares issued in February 2017. Total compensation cost for performance share units is as follows: Three Months Ended 2017 2016 Cost of goods sold $ — $ — Selling, general and administrative expenses 1,606 1,681 Total expense before income taxes 1,606 1,681 Income tax benefit (507 ) (535 ) Total expense after income taxes $ 1,099 $ 1,146 The Company’s policy is to recognize compensation cost on a straight-line basis, assuming forfeitures, over the requisite service period for the entire award. Classification of stock compensation cost within the Consolidated Statements of Operations is consistent with classification of cash compensation for the same employees. As of March 31, 2017 , there was $16.6 million of total unrecognized compensation cost related to stock options that is expected to be recognized over a weighted-average period of 1.6 years, $7.5 million of total unrecognized compensation cost related to restricted stock that is expected to be recognized over a weighted-average period of 1.2 years, $4.6 million of total unrecognized compensation cost related to cash-settled restricted shares that is expected to be recognized over a weighted-average period of 1.2 years, and $10.7 million of total unrecognized compensation cost related to performance share units that is expected to be recognized over a weighted-average period of 1.2 years. |
Retirement Benefits
Retirement Benefits | 3 Months Ended |
Mar. 31, 2017 | |
Compensation and Retirement Disclosure [Abstract] | |
Retirement Benefits | Retirement Benefits The Company sponsors several qualified and nonqualified defined benefit and defined contribution pension plans and other postretirement plans for its employees. The following tables provide the components of net periodic benefit cost for its major defined benefit plans and its other postretirement plans. As disclosed in Note 1, the Company elected to early adopt ASU 2017-17 during the quarter ended March 31, 2017. As a result, the Company recorded Interest cost, Expected return on plan assets, and Net amortization within Other (income) expense - net. The Company adopted this standard retrospectively and thus $0.8 million was reclassified from Selling, general and administrative expenses to Other (income) expense - net for the three months ended March 31, 2016 to conform to current period presentation. Pension Benefits Three Months Ended March 31, 2017 2016 U.S. Non-U.S. U.S. Non-U.S. Service cost $ 254 $ 482 $ 294 $ 299 Interest cost 660 308 747 350 Expected return on plan assets (944 ) (264 ) (1,175 ) (219 ) Net amortization 642 382 827 238 Net periodic benefit cost $ 612 $ 908 $ 693 $ 668 Other Postretirement Benefits Three Months Ended March 31, 2017 2016 Service cost $ 152 $ 132 Interest cost 204 174 Net amortization (198 ) (154 ) Net periodic benefit cost $ 158 $ 152 The Company previously disclosed in its financial statements for the year ended December 31, 2016 , that it expected to contribute approximately $5.8 million to its defined benefit plans and $0.1 million to its other postretirement benefit plans in 2017 . As of March 31, 2017 , the Company continues to expect to contribute approximately $5.8 million to its defined benefit plans and $0.1 million to its other postretirement benefit plans in 2017 . The Company contributed a total of $0.6 million during the first three months of 2017 to fund these plans. |
Legal Proceedings
Legal Proceedings | 3 Months Ended |
Mar. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Legal Proceedings | Legal Proceedings The Company is party to various legal proceedings arising in the ordinary course of business, none of which are expected to have a material impact on its financial condition, results of operations or cash flows. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company’s provision for income taxes is based upon estimated annual tax rates for the year applied to federal, state and foreign income. The provision for income taxes increased to $28.5 million in the three months ended March 31, 2017 from $24.7 million in the same period of 2016 . The effective tax rate increased to 27.3% for the three months ended March 31, 2017 compared to 26.6% in the same period of 2016 due to the mix of global pre-tax income among jurisdictions. The Company and its subsidiaries file income tax returns in the U.S. federal jurisdiction, and various state and foreign jurisdictions. Due to the potential for resolution of federal, state and foreign examinations, and the expiration of various statutes of limitation, it is reasonably possible that the Company’s gross unrecognized tax benefits balance may change within the next twelve months by a range of zero to $2.4 million . |
Basis of Presentation and Sig27
Basis of Presentation and Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2017 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements | Recently Adopted Accounting Standards In March 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost, which amends the requirements related to the income statement presentation of the components of net periodic benefit cost for a company’s sponsored defined benefit pension and other postretirement plans. Under this ASU, companies are required to disaggregate the current service cost component from the other components of net benefit cost and present it with other current compensation costs for related employees in the income statement and present the other components elsewhere in the income statement and outside of income from operations if such a subtotal is presented. This ASU also requires companies to disclose the income statement lines that contain the other components if they are not presented on appropriately described separate lines. In addition, only the service cost component of periodic net benefit cost is eligible for capitalization. The Company elected to early adopt this standard in the quarter ended March 31, 2017 as presenting the service cost within income from operations is more indicative of our current pension cost. The Company adopted this standard retrospectively and thus $0.8 million was reclassified from Selling, general and administrative expenses to Other (income) expense - net for the three months ended March 31, 2016 to conform to current period presentation. The Company elected to apply the practical expedient that permits the use of previously disclosed service cost and other costs from the prior year’s pension and other postretirement benefit plan footnote in the comparative periods as appropriate estimates when retrospectively changing the presentation of these costs in the income statement. The Company included the required disclosures and the changes resulting from the adoption of this standard in Note 16. In January 2017, the FASB issued ASU 2017-04, Simplifying the Test for Goodwill Impairment , which eliminates Step 2 from the goodwill impairment test. Under this ASU, if the carrying amount of a reporting unit exceeds its fair value, an impairment loss will be recognized in an amount equal to the excess, limited to the total amount of goodwill allocated to the reporting unit. This ASU also eliminated the requirements for any reporting unit with a zero or negative carrying amount to perform a qualitative assessment and, if it fails that qualitative test, to perform Step 2 of the goodwill impairment test. In addition, companies will be required to disclose the amount of goodwill allocated to each reporting unit with a zero or negative carrying amount of net assets. The Company early adopted this standard on January 1, 2017. The adoption of this standard did not have a material impact on our consolidated financial statements. In July 2015, the FASB issued ASU 2015-11, Simplifying the Measurement of Inventory . Under this guidance, entities utilizing the 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 standard did not have a material impact on our consolidated financial statements. Recently Issued Accounting Standards In January 2017, the FASB issued ASU 2017-01, 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, with early adoption permitted. The Company does not believe the guidance will have a material impact on its consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases , which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessees and lessors). The standard introduces a new lessee model that will require most leases to be recorded on the balance sheet and eliminates the required use of bright line tests in current U.S. GAAP for determining lease classification. The new standard requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases and operating leases. This standard is effective for fiscal years beginning after December 15, 2018 and interim periods within those fiscal years. Companies are permitted to adopt the standard early and a modified retrospective application is required. The Company is currently evaluating the impact of adopting the new guidance on its consolidated financial statements. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers, which will replace numerous requirements in U.S. GAAP, including industry-specific requirements, and provide companies with a new five-step model for recognizing revenue from contracts with customers. Under ASU 2014-09, an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This ASU also requires disclosures sufficient to enable users to understand the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers, including qualitative and quantitative disclosures about contracts with customers, significant judgments and changes in judgments, and assets recognized from the costs to obtain or fulfill a contract. This standard is effective for fiscal years beginning after December 15, 2017, using either of the following transition methods: (i) a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients, or (ii) a retrospective approach with the cumulative effect of initially adopting ASU 2014-09 recognized at the date of adoption. The FASB has also issued the following standards which clarify ASU 2014-09 and have the same effective date as the original standard: ASU 2016-08, Revenue from Contracts with Customers: Principal versus Agent Considerations (Reporting Revenue Gross versus Net) ; ASU 2016-10, Revenue from Contracts with Customers: Identifying Performance Obligations and Licensing ; ASU 2016-12 , Revenue from Contracts with Customers: Narrow-Scope Improvements and Practical Expedients ; and ASU 2016-20 , Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers. In 2016, we established an implementation team and analyzed the impact of the standard by surveying business units and reviewing contracts to identify potential differences that may result from applying the requirements of the new standard. We made significant progress on our contract reviews during 2016 and the first quarter of 2017. While we are continuing to assess all potential impacts of the new standard, we currently believe that the most significant potential change relates to contracts for the development, manufacture and sale of customized products in our Health & Science Technologies segment. Due to the complexity of certain contracts in our Health & Science Technologies segment, the actual revenue recognition treatment required under the standard will be dependent on contract-specific terms. However, under the new standard we expect revenue recognition to remain substantially unchanged as the contract reviews support the recognition of revenue at a point in time, which is consistent with our current revenue recognition model. We also expect revenue recognition related to the Fluid & Metering Technologies segment and the Fire & Safety/Diversified Products segment to remain substantially unchanged. The implementation team has reported these initial findings and progress of the project to the Audit Committee. The Company is still evaluating the impact of the new guidance on its consolidated financial statements and has not yet determined the method by which it will adopt the standard in 2018. |
Business Segments (Tables)
Business Segments (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Segment Reporting [Abstract] | |
Schedule of Information On Company's Business Segments | Information on the Company’s business segments is presented below, based on the nature of products and services offered. The Company evaluates performance based on several factors, of which operating income is the primary financial measure. Intersegment sales are accounted for as if the sales were to third parties. Three Months Ended 2017 2016 (1) Net sales Fluid & Metering Technologies External customers $ 216,655 $ 211,709 Intersegment sales 115 134 Total group sales 216,770 211,843 Health & Science Technologies External customers 199,575 186,251 Intersegment sales 104 92 Total group sales 199,679 186,343 Fire & Safety/Diversified Products External customers 137,322 104,612 Intersegment sales 125 6 Total group sales 137,447 104,618 Intersegment elimination (344 ) (232 ) Total net sales $ 553,552 $ 502,572 Operating income Fluid & Metering Technologies $ 57,813 $ 51,703 Health & Science Technologies 42,238 40,682 Fire & Safety/Diversified Products 32,626 25,654 Corporate office expense and other (2) (17,006 ) (14,694 ) Total operating income 115,671 103,345 Interest expense 11,552 10,489 Other (income) expense - net (308 ) 44 Income before income taxes $ 104,427 $ 92,812 (1) Certain amounts in the prior year income statement have been reclassified to conform to the current presentation due to the early adoption of ASU 2017-07. (2) Corporate office expense for the three months ended March 31, 2016 includes a $3.7 million benefit from the reversal of the contingent consideration related to a 2015 acquisition. March 31, December 31, Assets Fluid & Metering Technologies $ 1,079,230 $ 1,065,670 Health & Science Technologies 1,281,976 1,266,036 Fire & Safety/Diversified Products 709,135 705,735 Corporate office 93,444 117,503 Total assets $ 3,163,785 $ 3,154,944 |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Earnings Per Share [Abstract] | |
Schedule of Basic Weighted Average Shares Reconciles to Diluted Weighted Average Shares | Basic weighted average shares reconciles to diluted weighted average shares as follows: Three Months Ended 2017 2016 Basic weighted average common shares outstanding 76,115 75,749 Dilutive effect of stock options, restricted stock, and performance share units 779 950 Diluted weighted average common shares outstanding 76,894 76,699 |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Inventory Disclosure [Abstract] | |
Components Of Inventories | The components of inventories as of March 31, 2017 and December 31, 2016 were: March 31, December 31, Raw materials and component parts $ 158,236 $ 154,278 Work in process 38,460 34,832 Finished goods 61,204 63,749 Total $ 257,900 $ 252,859 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Changes in Carrying Amount of Goodwill | The changes in the carrying amount of goodwill for the three months ended March 31, 2017 , by reportable business segment, were as follows: Fluid & Metering Technologies Health & Science Technologies Fire & Safety/ Diversified Products Total Balance at December 31, 2016 $ 573,437 $ 699,299 $ 359,856 $ 1,632,592 Foreign currency translation 3,068 5,732 3,474 12,274 Acquisition adjustments — 636 63 699 Balance at March 31, 2017 $ 576,505 $ 705,667 $ 363,393 $ 1,645,565 |
Schedule of Gross Carrying Value and Accumulated Amortization For Each Major Class of Intangible Asset | The following table provides the gross carrying value and accumulated amortization for each major class of intangible assets at March 31, 2017 and December 31, 2016 : At March 31, 2017 At December 31, 2016 Gross Carrying Amount Accumulated Amortization Net Weighted Average Life Gross Carrying Amount Accumulated Amortization Net Amortized intangible assets: Patents $ 9,863 $ (6,809 ) $ 3,054 11 $ 9,856 $ (6,635 ) $ 3,221 Trade names 114,403 (44,714 ) 69,689 16 113,428 (42,653 ) 70,775 Customer relationships 334,735 (130,996 ) 203,739 12 369,087 (161,065 ) 208,022 Unpatented technology 102,260 (41,392 ) 60,868 12 106,747 (44,516 ) 62,231 Other 829 (496 ) 333 10 6,527 (6,172 ) 355 Total amortized intangible assets 562,090 (224,407 ) 337,683 605,645 (261,041 ) 344,604 Indefinite lived intangible assets: Banjo trade name 62,100 — 62,100 62,100 — 62,100 Akron Brass trade name 28,800 — 28,800 28,800 — 28,800 Total intangible assets $ 652,990 $ (224,407 ) $ 428,583 $ 696,545 $ (261,041 ) $ 435,504 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Payables and Accruals [Abstract] | |
Components of Accrued Expenses | The components of accrued expenses as of March 31, 2017 and December 31, 2016 were: March 31, December 31, Payroll and related items $ 54,041 $ 67,600 Management incentive compensation 6,582 16,339 Income taxes payable 13,393 8,808 Insurance 9,420 9,416 Warranty 5,887 5,628 Deferred revenue 15,463 12,607 Restructuring 4,148 3,893 Liability for uncertain tax positions 2,359 1,366 Accrued interest 10,449 1,663 Other 20,928 25,532 Total accrued expenses $ 142,670 $ 152,852 |
Other Noncurrent Liabilities (T
Other Noncurrent Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of Other Noncurrent Liabilities | The components of other noncurrent liabilities as of March 31, 2017 and December 31, 2016 were: March 31, December 31, Pension and retiree medical obligations $ 98,656 $ 93,604 Liability for uncertain tax positions 2,079 2,623 Deferred revenue 2,361 2,442 Other 19,208 22,561 Total other noncurrent liabilities $ 122,304 $ 121,230 |
Borrowings (Tables)
Borrowings (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of Borrowings | Borrowings at March 31, 2017 and December 31, 2016 consisted of the following: March 31, December 31, Revolving Facility $ 105,342 $ 169,579 4.5% Senior Notes, due December 2020 300,000 300,000 4.2% Senior Notes, due December 2021 350,000 350,000 3.2% Senior Notes, due June 2023 100,000 100,000 3.37% Senior Notes, due June 2025 100,000 100,000 Other borrowings 527 1,294 Total borrowings 955,869 1,020,873 Less current portion 323 1,046 Less deferred debt issuance costs 4,133 4,399 Less unaccreted debt discount 1,130 1,193 Total long-term borrowings $ 950,283 $ 1,014,235 |
Derivative Instruments Derivati
Derivative Instruments Derivative Instruments (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments | The following table sets forth the fair value amounts of derivative instruments held by the Company as of March 31, 2017 and December 31, 2016: Fair Value Assets (Liabilities) March 31, 2017 December 31, 2016 Balance Sheet Caption (In thousands) Forward exchange contracts $ (373 ) $ — Accrued expenses |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Schedule of Company's Financial Assets and (Liabilities) at Fair Value on Recurring Basis | The following table summarizes the basis used to measure the Company’s financial assets at fair value on a recurring basis in the balance sheets at March 31, 2017 and December 31, 2016 : Basis of Fair Value Measurements Balance at Level 1 Level 2 Level 3 Available for sale securities $ 5,071 $ 5,071 $ — $ — Foreign exchange contracts (373 ) — (373 ) — Basis of Fair Value Measurements Balance at Level 1 Level 2 Level 3 Available for sale securities $ 5,369 $ 5,369 $ — $ — |
Restructuring (Tables)
Restructuring (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Restructuring Costs | Pre-tax restructuring expenses by segment for the three months ended March 31, 2017 are as follows: Severance Costs Exit Costs Total (In thousands) Fluid & Metering Technologies $ 1,566 $ — $ 1,566 Health & Science Technologies 2,470 558 3,028 Fire & Safety/Diversified Products 73 — 73 Corporate/Other 130 — 130 Total restructuring costs $ 4,239 $ 558 $ 4,797 |
Schedule of Restructuring Reserve | The changes in the restructuring accrual for the three months ended March 31, 2017 are as follows: Restructuring (In thousands) Balance at January 1, 2017 $ 3,893 Restructuring expenses 4,797 Payments, utilization and other (4,542 ) Balance at March 31, 2017 $ 4,148 |
Other Comprehensive Income (L38
Other Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The components of other comprehensive income (loss) are as follows: Three Months Ended Three Months Ended Pre-tax Tax Net of tax Pre-tax Tax Net of tax Cumulative translation adjustment $ 21,050 $ — $ 21,050 $ 16,217 $ — $ 16,217 Pension and other postretirement adjustments 1,676 (552 ) 1,124 993 (322 ) 671 Reclassification adjustments for derivatives 1,677 (635 ) 1,042 1,724 (627 ) 1,097 Total other comprehensive income (loss) $ 24,403 $ (1,187 ) $ 23,216 $ 18,934 $ (949 ) $ 17,985 |
Reclassification out of Accumulated Other Comprehensive Income | The following table summarizes the amounts reclassified from accumulated other comprehensive income to net income during the three months ended March 31, 2017 and 2016 : Three Months Ended 2017 2016 Pension and other postretirement plans Amortization of service cost $ 1,676 $ 993 Total before tax 1,676 993 Provision for income taxes (552 ) (322 ) Total net of tax $ 1,124 $ 671 Derivatives Reclassification adjustments $ 1,677 $ 1,724 Total before tax 1,677 1,724 Provision for income taxes (635 ) (627 ) Total net of tax $ 1,042 $ 1,097 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Weighted Average Option Fair Values and Assumptions | Weighted average option fair values and assumptions for the periods specified are disclosed below. The fair value of each option grant was estimated on the date of the grant using the Binomial lattice option pricing model. Three Months Ended 2017 2016 Weighted average fair value of option grants $24.11 $18.40 Dividend yield 1.45% 1.70% Volatility 29.41% 29.71% Risk-free forward interest rate 0.82% - 3.04% 0.53% - 2.50% Expected life (in years) 5.83 5.91 |
Schedule of Compensation Cost for Stock Options | Total compensation cost for stock options is as follows: Three Months Ended 2017 2016 Cost of goods sold $ 186 $ 119 Selling, general and administrative expenses 2,284 2,295 Total expense before income taxes 2,470 2,414 Income tax benefit (747 ) (760 ) Total expense after income taxes $ 1,723 $ 1,654 |
Schedule of Stock Option Activity | A summary of the Company’s stock option activity as of March 31, 2017 , and changes during the three months ended March 31, 2017 , are presented in the following table: Stock Options Shares Weighted Average Price Weighted-Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding at January 1, 2017 1,987,946 $ 61.83 6.84 $ 56,144,876 Granted 427,895 93.17 Exercised (110,112 ) 55.17 Forfeited (25,755 ) 77.15 Outstanding at March 31, 2017 2,279,974 $ 67.87 7.25 $ 58,471,654 Vested and expected to vest as of March 31, 2017 2,117,100 $ 66.61 7.10 $ 56,949,565 Exercisable at March 31, 2017 1,188,689 $ 54.28 5.67 $ 46,633,546 |
Schedule of Restricted Stock Activity | A summary of the Company’s restricted stock activity as of March 31, 2017 , and changes during the three months ended March 31, 2017 , are presented as follows: Restricted Stock Shares Weighted-Average Unvested at January 1, 2017 217,898 $ 76.19 Granted 55,440 93.05 Vested (62,994 ) 71.02 Forfeited (11,725 ) 79.24 Unvested at March 31, 2017 198,619 $ 82.36 |
Schedule of Compensation Cost for Restricted Stock | Total compensation cost for restricted shares is as follows: Three Months Ended 2017 2016 Cost of goods sold $ 152 $ 128 Selling, general and administrative expenses 1,253 1,530 Total expense before income taxes 1,405 1,658 Income tax benefit (439 ) (513 ) Total expense after income taxes $ 966 $ 1,145 |
Schedule of Unvested Cash-settled Restricted Stock Activity | A summary of the Company’s unvested cash-settled restricted stock activity as of March 31, 2017 , and changes during the three months ended March 31, 2017 , are presented in the following table: Cash-Settled Restricted Stock Shares Weighted-Average Unvested at January 1, 2017 103,790 $ 90.06 Granted 33,505 93.51 Vested (26,300 ) 91.96 Forfeited (7,550 ) 93.51 Unvested at March 31, 2017 103,445 $ 93.51 |
Schedule of Compensation Cost for Unvested Cash-settled Restricted Stock | Total compensation cost for cash-settled restricted stock is as follows: Three Months Ended 2017 2016 Cost of goods sold $ 248 $ 189 Selling, general and administrative expenses 430 500 Total expense before income taxes 678 689 Income tax benefit (142 ) (98 ) Total expense after income taxes $ 536 $ 591 |
Schedule of Weighted Average Performance Share Units Fair Values and Assumptions | Weighted average performance share unit fair values and assumptions for the period specified are disclosed below. The performance share units are market condition awards and have been assessed at fair value on the date of grant using a Monte Carlo simulation model. Three Months Ended March 31, 2017 2016 Weighted average fair value of performance share units $115.74 $111.42 Dividend yield —% —% Volatility 17.36% 17.99% Risk-free forward interest rate 1.45% 0.89% Expected life (in years) 2.85 2.86 |
Schedule of Performance Shares Units Activity | A summary of the Company’s performance share unit activity as of March 31, 2017 , and changes during the three months ended March 31, 2017 , are presented in the following table: Performance Share Units Shares Weighted-Average Unvested at January 1, 2017 137,055 $ 104.18 Granted 65,530 115.76 Vested — — Forfeited and other (3,925 ) 100.95 Unvested at March 31, 2017 198,660 $ 108.06 |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs | Total compensation cost for performance share units is as follows: Three Months Ended 2017 2016 Cost of goods sold $ — $ — Selling, general and administrative expenses 1,606 1,681 Total expense before income taxes 1,606 1,681 Income tax benefit (507 ) (535 ) Total expense after income taxes $ 1,099 $ 1,146 |
Retirement Benefits (Tables)
Retirement Benefits (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Pension Plans | |
Components of Net Periodic Benefit Cost for Defined Benefit Plans and Other Postretirement Plans | The following tables provide the components of net periodic benefit cost for its major defined benefit plans and its other postretirement plans. As disclosed in Note 1, the Company elected to early adopt ASU 2017-17 during the quarter ended March 31, 2017. As a result, the Company recorded Interest cost, Expected return on plan assets, and Net amortization within Other (income) expense - net. The Company adopted this standard retrospectively and thus $0.8 million was reclassified from Selling, general and administrative expenses to Other (income) expense - net for the three months ended March 31, 2016 to conform to current period presentation. Pension Benefits Three Months Ended March 31, 2017 2016 U.S. Non-U.S. U.S. Non-U.S. Service cost $ 254 $ 482 $ 294 $ 299 Interest cost 660 308 747 350 Expected return on plan assets (944 ) (264 ) (1,175 ) (219 ) Net amortization 642 382 827 238 Net periodic benefit cost $ 612 $ 908 $ 693 $ 668 |
Other Postretirement Benefit Plans | |
Components of Net Periodic Benefit Cost for Defined Benefit Plans and Other Postretirement Plans | Other Postretirement Benefits Three Months Ended March 31, 2017 2016 Service cost $ 152 $ 132 Interest cost 204 174 Net amortization (198 ) (154 ) Net periodic benefit cost $ 158 $ 152 |
Basis of Presentation and Sig41
Basis of Presentation and Significant Accounting Policies (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Selling, general and administrative expenses | $ 130,473 | $ 119,990 |
Other (Income) Expense Net | Accounting Standards Update 2017-17 | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Selling, general and administrative expenses | $ 800 |
Acquisitions and Divestitures (
Acquisitions and Divestitures (Acquisitions) (Detail) $ in Thousands, € in Millions | Aug. 31, 2016EUR (€) | Aug. 31, 2016USD ($) | Jul. 01, 2016EUR (€) | Jul. 01, 2016USD ($) | Mar. 16, 2016USD ($) | Mar. 31, 2017USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2016USD ($) |
Business Acquisition [Line Items] | ||||||||
Goodwill | $ 1,645,565 | $ 1,632,592 | ||||||
Akron Brass | ||||||||
Business Acquisition [Line Items] | ||||||||
Aggregate purchase price, cash paid | $ 221,400 | |||||||
Goodwill | 124,600 | |||||||
Intangible assets | $ 90,400 | |||||||
AWG Fittings GmbH (AWG) | ||||||||
Business Acquisition [Line Items] | ||||||||
Aggregate purchase price, cash paid | € 42.8 | $ 47,500 | ||||||
Goodwill | 22,100 | |||||||
Intangible assets | $ 10,300 | |||||||
SFC-Koenig AG (SFC) | ||||||||
Business Acquisition [Line Items] | ||||||||
Aggregate purchase price, cash paid | € 215.9 | $ 241,100 | ||||||
Goodwill | 144,400 | |||||||
Intangible assets | $ 117,000 | |||||||
Selling, general and administrative expenses | ||||||||
Business Acquisition [Line Items] | ||||||||
Acquisition-related transaction costs | $ 100 | $ 1,000 | ||||||
Cost of goods sold | ||||||||
Business Acquisition [Line Items] | ||||||||
Fair value of inventory charges associated with acquisitions | $ 2,200 |
Acquisitions and Divestitures43
Acquisitions and Divestitures (Divestitures) (Details) - USD ($) $ in Thousands | Dec. 30, 2016 | Oct. 10, 2016 | Sep. 09, 2016 | Jul. 29, 2016 | Mar. 31, 2017 | Mar. 31, 2016 | Jul. 29, 2016 | Sep. 09, 2016 | Oct. 10, 2016 | Dec. 31, 2016 | Dec. 30, 2016 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Revenue | $ 553,552 | $ 502,572 | |||||||||
Hydra-Stop Product Line | Disposed of by Sale | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Proceeds from sale of business | $ 15,000 | ||||||||||
Gain (loss) on sale of businesses | 5,800 | ||||||||||
Additional proceeds from sale of business | $ 2,000 | ||||||||||
Earnings for achievement | $ 1,000 | ||||||||||
Possible earnings for achievement | $ 1,000 | ||||||||||
Revenue | $ 7,500 | ||||||||||
Melles Griot KK Subsidiary | Disposed of by Sale | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Proceeds from sale of business | $ 17,500 | ||||||||||
Gain (loss) on sale of businesses | $ (7,900) | ||||||||||
Revenue | $ 13,100 | ||||||||||
IETG and 40Seven Subsidiaries | Disposed of by Sale | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Proceeds from sale of business | $ 2,700 | ||||||||||
Gain (loss) on sale of businesses | $ (4,200) | ||||||||||
Revenue | $ 8,300 | ||||||||||
Korea Electro-Optics Co., Ltd. (CVI Korea) | Disposed of by Sale | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Proceeds from sale of business | $ 3,800 | ||||||||||
Gain (loss) on sale of businesses | $ (16,000) | ||||||||||
Revenue | $ 11,700 |
Business Segments (Additional I
Business Segments (Additional Information) (Detail) | 3 Months Ended |
Mar. 31, 2017segment | |
Segment Reporting [Abstract] | |
Number of reportable business segments | 3 |
Business Segments (Schedule of
Business Segments (Schedule of Information on Company's Business Segments) (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Segment Reporting Information [Line Items] | |||
Net sales | $ 553,552 | $ 502,572 | |
Operating income | 115,671 | 103,345 | |
Interest expense | 11,552 | 10,489 | |
Other (income) expense - net | (308) | 44 | |
Income before income taxes | 104,427 | 92,812 | |
Total assets | 3,163,785 | $ 3,154,944 | |
Benefit from reversal of contingent consideration | 3,700 | ||
Intersegment elimination | |||
Segment Reporting Information [Line Items] | |||
Net sales | (344) | (232) | |
Corporate office expense and other | |||
Segment Reporting Information [Line Items] | |||
Operating income | (17,006) | (14,694) | |
Total assets | 93,444 | 117,503 | |
Fluid & Metering Technologies | |||
Segment Reporting Information [Line Items] | |||
Net sales | 216,655 | 211,709 | |
Operating income | 57,813 | 51,703 | |
Fluid & Metering Technologies | Intersegment elimination | |||
Segment Reporting Information [Line Items] | |||
Net sales | 115 | 134 | |
Fluid & Metering Technologies | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Net sales | 216,770 | 211,843 | |
Total assets | 1,079,230 | 1,065,670 | |
Health & Science Technologies | |||
Segment Reporting Information [Line Items] | |||
Net sales | 199,575 | 186,251 | |
Operating income | 42,238 | 40,682 | |
Health & Science Technologies | Intersegment elimination | |||
Segment Reporting Information [Line Items] | |||
Net sales | 104 | 92 | |
Health & Science Technologies | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Net sales | 199,679 | 186,343 | |
Total assets | 1,281,976 | 1,266,036 | |
Fire & Safety/Diversified Products | |||
Segment Reporting Information [Line Items] | |||
Net sales | 137,322 | 104,612 | |
Operating income | 32,626 | 25,654 | |
Fire & Safety/Diversified Products | Intersegment elimination | |||
Segment Reporting Information [Line Items] | |||
Net sales | 125 | 6 | |
Fire & Safety/Diversified Products | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Net sales | 137,447 | $ 104,618 | |
Total assets | $ 709,135 | $ 705,735 |
Earnings Per Common Share (Addi
Earnings Per Common Share (Additional Information) (Detail) - shares shares in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Earnings Per Share [Abstract] | ||
Option to purchase common stock shares not included in the computation of diluted EPS (in shares) | 0.3 | 1.4 |
Earnings Per Common Share (Sche
Earnings Per Common Share (Schedule of Basic Weighted Average Shares Reconciles to Diluted Weighted Average Shares Outstanding) (Detail) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Earnings Per Share [Abstract] | ||
Basic weighted average common shares outstanding (in shares) | 76,115 | 75,749 |
Dilutive effect of stock options, restricted stock, and performance share units | 779 | 950 |
Diluted weighted average common shares outstanding (in shares) | 76,894 | 76,699 |
Inventories (Components of Inve
Inventories (Components of Inventories) (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Inventory Disclosure [Abstract] | ||
Raw materials and component parts | $ 158,236 | $ 154,278 |
Work in process | 38,460 | 34,832 |
Finished goods | 61,204 | 63,749 |
Total | $ 257,900 | $ 252,859 |
Goodwill and Intangible Asset49
Goodwill and Intangible Assets (Schedule of Changes in Carrying Amount of Goodwill) (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2017USD ($) | |
Goodwill [Roll Forward] | |
Balance at December 31, 2016 | $ 1,632,592 |
Foreign currency translation | 12,274 |
Acquisition adjustments | 699 |
Balance at March 31, 2017 | 1,645,565 |
Fluid & Metering Technologies | |
Goodwill [Roll Forward] | |
Balance at December 31, 2016 | 573,437 |
Foreign currency translation | 3,068 |
Acquisition adjustments | 0 |
Balance at March 31, 2017 | 576,505 |
Health & Science Technologies | |
Goodwill [Roll Forward] | |
Balance at December 31, 2016 | 699,299 |
Foreign currency translation | 5,732 |
Acquisition adjustments | 636 |
Balance at March 31, 2017 | 705,667 |
Fire & Safety/Diversified Products | |
Goodwill [Roll Forward] | |
Balance at December 31, 2016 | 359,856 |
Foreign currency translation | 3,474 |
Acquisition adjustments | 63 |
Balance at March 31, 2017 | $ 363,393 |
Goodwill and Intangible Asset50
Goodwill and Intangible Assets (Schedule of Gross Carrying Value and Accumulated Amortization for Each Major Class of Intangible Asset) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Dec. 31, 2016 | |
Goodwill And Intangible Assets [Line Items] | ||
Amortized intangible assets - Gross Carrying Amount | $ 562,090 | $ 605,645 |
Intangible assets - Gross Carrying Amount | 652,990 | 696,545 |
Amortized intangible assets - Accumulated Amortization | (224,407) | (261,041) |
Amortized intangible assets - Net | 337,683 | 344,604 |
Intangible assets - Net | 428,583 | 435,504 |
Banjo trade name | ||
Goodwill And Intangible Assets [Line Items] | ||
Indefinite lived intangible assets - Gross Carrying Amount | 62,100 | 62,100 |
Indefinite lived intangible assets - Net | 62,100 | 62,100 |
Akron Brass trade name | ||
Goodwill And Intangible Assets [Line Items] | ||
Indefinite lived intangible assets - Gross Carrying Amount | 28,800 | 28,800 |
Indefinite lived intangible assets - Net | 28,800 | 28,800 |
Patents | ||
Goodwill And Intangible Assets [Line Items] | ||
Amortized intangible assets - Gross Carrying Amount | 9,863 | 9,856 |
Amortized intangible assets - Accumulated Amortization | (6,809) | (6,635) |
Amortized intangible assets - Net | $ 3,054 | 3,221 |
Amortized intangible assets - Weighted Average Life | 11 years | |
Trade names | ||
Goodwill And Intangible Assets [Line Items] | ||
Amortized intangible assets - Gross Carrying Amount | $ 114,403 | 113,428 |
Amortized intangible assets - Accumulated Amortization | (44,714) | (42,653) |
Amortized intangible assets - Net | $ 69,689 | 70,775 |
Amortized intangible assets - Weighted Average Life | 16 years | |
Customer relationships | ||
Goodwill And Intangible Assets [Line Items] | ||
Amortized intangible assets - Gross Carrying Amount | $ 334,735 | 369,087 |
Amortized intangible assets - Accumulated Amortization | (130,996) | (161,065) |
Amortized intangible assets - Net | $ 203,739 | 208,022 |
Amortized intangible assets - Weighted Average Life | 12 years | |
Unpatented technology | ||
Goodwill And Intangible Assets [Line Items] | ||
Amortized intangible assets - Gross Carrying Amount | $ 102,260 | 106,747 |
Amortized intangible assets - Accumulated Amortization | (41,392) | (44,516) |
Amortized intangible assets - Net | $ 60,868 | 62,231 |
Amortized intangible assets - Weighted Average Life | 12 years | |
Other | ||
Goodwill And Intangible Assets [Line Items] | ||
Amortized intangible assets - Gross Carrying Amount | $ 829 | 6,527 |
Amortized intangible assets - Accumulated Amortization | (496) | (6,172) |
Amortized intangible assets - Net | $ 333 | $ 355 |
Amortized intangible assets - Weighted Average Life | 10 years |
Goodwill and Intangible Asset51
Goodwill and Intangible Assets (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Oct. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Line Items] | |||
Amortization of intangible assets | $ 11,789 | $ 10,890 | |
Intangible assets, amortization expense | |||
Remaining of 2017 | 31,700 | ||
2,018 | 35,200 | ||
2,019 | 33,200 | ||
2,020 | 32,000 | ||
2,021 | $ 30,800 | ||
Banjo trade name | Minimum | |||
Goodwill and Intangible Assets Disclosure [Line Items] | |||
Reporting unit, percentage of fair value in excess of carrying amount | 25.00% |
Accrued Expenses (Components of
Accrued Expenses (Components of Accrued Expenses) (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Payables and Accruals [Abstract] | ||
Payroll and related items | $ 54,041 | $ 67,600 |
Management incentive compensation | 6,582 | 16,339 |
Income taxes payable | 13,393 | 8,808 |
Insurance | 9,420 | 9,416 |
Warranty | 5,887 | 5,628 |
Deferred revenue | 15,463 | 12,607 |
Restructuring | 4,148 | 3,893 |
Liability for uncertain tax positions | 2,359 | 1,366 |
Accrued interest | 10,449 | 1,663 |
Other | 20,928 | 25,532 |
Total accrued expenses | $ 142,670 | $ 152,852 |
Other Noncurrent Liabilities (C
Other Noncurrent Liabilities (Components of Noncurrent Liabilities) (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Other Liabilities Disclosure [Abstract] | ||
Pension and retiree medical obligations | $ 98,656 | $ 93,604 |
Liability for uncertain tax positions | 2,079 | 2,623 |
Deferred revenue | 2,361 | 2,442 |
Other | 19,208 | 22,561 |
Total other noncurrent liabilities | $ 122,304 | $ 121,230 |
Borrowings (Schedule of Borrowi
Borrowings (Schedule of Borrowings) (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||
Total borrowings | $ 955,869 | $ 1,020,873 |
Less current portion | 323 | 1,046 |
Less deferred debt issuance costs | 4,133 | 4,399 |
Less unaccreted debt discount | 1,130 | 1,193 |
Total long-term borrowings | 950,283 | 1,014,235 |
Revolving Facility | ||
Debt Instrument [Line Items] | ||
Revolving Facility | 105,342 | 169,579 |
Senior Notes | 4.5% Senior Notes, due December 2020 | ||
Debt Instrument [Line Items] | ||
Total borrowings | 300,000 | 300,000 |
Senior Notes | 4.2% Senior Notes, due December 2021 | ||
Debt Instrument [Line Items] | ||
Total borrowings | 350,000 | 350,000 |
Senior Notes | 3.2% Senior Notes, due June 2023 | ||
Debt Instrument [Line Items] | ||
Total borrowings | 100,000 | 100,000 |
Senior Notes | 3.37% Senior Notes, due June 2025 | ||
Debt Instrument [Line Items] | ||
Total borrowings | 100,000 | 100,000 |
Other borrowings | ||
Debt Instrument [Line Items] | ||
Other borrowings | $ 527 | $ 1,294 |
Borrowings (Schedule of Borro55
Borrowings (Schedule of Borrowings 1) (Detail) | Mar. 31, 2017 |
4.2% Senior Notes, due December 2021 | |
Debt Instrument [Line Items] | |
Stated interest rate | 4.20% |
4.5% Senior Notes, due December 2020 | |
Debt Instrument [Line Items] | |
Stated interest rate | 4.50% |
3.2% Senior Notes, due June 2023 | |
Debt Instrument [Line Items] | |
Stated interest rate | 3.20% |
3.37% Senior Notes, due June 2025 | |
Debt Instrument [Line Items] | |
Stated interest rate | 3.37% |
Borrowings (Additional Informat
Borrowings (Additional Information) (Detail) | Jun. 23, 2015USD ($) | Mar. 31, 2017USD ($)covenant | Dec. 31, 2016USD ($) | Jun. 13, 2016USD ($) |
Minimum | ||||
Line of Credit Facility [Line Items] | ||||
Required percent for prepayment amount of aggregate principal amount | 5.00% | |||
Revolving Facility | ||||
Line of Credit Facility [Line Items] | ||||
Current borrowings under revolving facility | $ 105,342,000 | $ 169,579,000 | ||
Outstanding letters of credit | 9,100,000 | |||
Amount available to borrow | $ 585,600,000 | |||
Number of financial covenants | covenant | 2 | |||
Senior Notes | Minimum | ||||
Line of Credit Facility [Line Items] | ||||
Interest coverage ratio | 3 | |||
Senior Notes | Maximum | ||||
Line of Credit Facility [Line Items] | ||||
Limitation of outstanding principal of higher preference debt as percent of consolidated assets | 15.00% | |||
Leverage ratio | 3.50 | |||
3.2% Senior Notes, due June 2023 | ||||
Line of Credit Facility [Line Items] | ||||
Stated interest rate | 3.20% | |||
3.2% Senior Notes, due June 2023 | Senior Notes | ||||
Line of Credit Facility [Line Items] | ||||
Face amount of debt | $ 100,000,000 | |||
Stated interest rate | 3.20% | |||
3.37% Senior Notes, due June 2025 | ||||
Line of Credit Facility [Line Items] | ||||
Stated interest rate | 3.37% | |||
3.37% Senior Notes, due June 2025 | Senior Notes | ||||
Line of Credit Facility [Line Items] | ||||
Face amount of debt | $ 100,000,000 | |||
Stated interest rate | 3.37% | |||
4.5% Senior Notes, due December 2020 | ||||
Line of Credit Facility [Line Items] | ||||
Stated interest rate | 4.50% | |||
4.2% Senior Notes, due December 2021 | ||||
Line of Credit Facility [Line Items] | ||||
Stated interest rate | 4.20% | |||
Credit Agreement | ||||
Line of Credit Facility [Line Items] | ||||
Debt instrument, term | 5 years | |||
Borrowing capacity | $ 700,000,000 | |||
Expiration date | Jun. 23, 2020 | |||
Extension period | 1 year | |||
Aggregate lending commitments | $ 350,000,000 | |||
Applicable margin over LIBOR | 1.10% | |||
Effective percentage | 1.51% | |||
Credit Agreement | Minimum | ||||
Line of Credit Facility [Line Items] | ||||
Applicable margin over LIBOR | 0.005% | |||
Credit Agreement | Maximum | ||||
Line of Credit Facility [Line Items] | ||||
Applicable margin over LIBOR | 1.50% | |||
Credit Agreement | Letters Of Credit | ||||
Line of Credit Facility [Line Items] | ||||
Borrowing capacity | 75,000,000 | |||
Credit Agreement | Swing line Loans | ||||
Line of Credit Facility [Line Items] | ||||
Borrowing capacity | $ 50,000,000 |
Derivative Instruments (Additio
Derivative Instruments (Additional Information) (Detail) $ in Thousands, € in Millions | 3 Months Ended | 24 Months Ended | ||
Mar. 31, 2017USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2011USD ($)instrument | Mar. 31, 2017EUR (€)instrument | |
Derivative [Line Items] | ||||
Amortization of interest expense | $ 329 | $ 378 | ||
Amount to be recognized from hedged transactions within 12 months, approximate | 6,600 | |||
Other (Income) Expense Net | ||||
Derivative [Line Items] | ||||
Gain on derivatives | $ 400 | |||
4.2% Senior Notes, due December 2021 | ||||
Derivative [Line Items] | ||||
Interest rate on senior notes | 4.20% | |||
4.5% Senior Notes, due December 2020 | ||||
Derivative [Line Items] | ||||
Interest rate on senior notes | 4.50% | |||
Interest Rate Contract | ||||
Derivative [Line Items] | ||||
Number of instruments held | instrument | 2 | |||
Interest Rate Exchange Agreement Expiring 2010 and 2011 | ||||
Derivative [Line Items] | ||||
Amortization of interest expense | $ 68,900 | |||
Term of amortized interest expense, years | 10 years | |||
Foreign Currency Forward Contracts | ||||
Derivative [Line Items] | ||||
Number of instruments held | instrument | 4 | |||
Notional amount | € | € 180 |
Derivative Instruments (Fair Va
Derivative Instruments (Fair Value Amounts) (Details) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 |
Accrued Expenses | Foreign Currency Forward Contracts | ||
Derivative [Line Items] | ||
Fair Value Assets (Liabilities) | $ (373) | $ 0 |
Fair Value Measurements (Schedu
Fair Value Measurements (Schedule of Company Financial Assets and Liabilities at Fair Value on Recurring Basis) (Detail) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | $ 5,071 | $ 5,369 |
Foreign exchange contracts | (373) | |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 5,071 | 5,369 |
Foreign exchange contracts | 0 | |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 0 | 0 |
Foreign exchange contracts | (373) | |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 0 | $ 0 |
Foreign exchange contracts | $ 0 |
Fair Value Measurements (Additi
Fair Value Measurements (Additional Information) (Detail) $ in Millions | Mar. 31, 2017USD ($) |
Fair Value | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Long-term debt, fair value | $ 974.2 |
Carrying Value | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Long-term debt, fair value | $ 954.2 |
3.2% Senior Notes, due June 2023 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Stated interest rate | 3.20% |
3.37% Senior Notes, due June 2025 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Stated interest rate | 3.37% |
4.5% Senior Notes, due December 2020 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Stated interest rate | 4.50% |
4.2% Senior Notes, due December 2021 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Stated interest rate | 4.20% |
Restructuring (Narrative) (Deta
Restructuring (Narrative) (Details) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017USD ($)employee | Mar. 31, 2016USD ($) | Dec. 31, 2016USD ($) | |
Restructuring and Related Activities [Abstract] | |||
Restructuring costs | $ 4,797 | $ 0 | |
Severance benefits, number of employees | employee | 97 | ||
Restructuring reserve | $ 4,148 | $ 3,893 |
Restructuring (Restructuring Co
Restructuring (Restructuring Costs) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Restructuring Cost and Reserve [Line Items] | ||
Restructuring costs | $ 4,797 | $ 0 |
Corporate office and other | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring costs | 130 | |
Fluid & Metering Technologies | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring costs | 1,566 | |
Health & Science Technologies | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring costs | 3,028 | |
Fire & Safety/Diversified Products | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring costs | 73 | |
Severance Costs | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring costs | 4,239 | |
Severance Costs | Corporate office and other | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring costs | 130 | |
Severance Costs | Fluid & Metering Technologies | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring costs | 1,566 | |
Severance Costs | Health & Science Technologies | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring costs | 2,470 | |
Severance Costs | Fire & Safety/Diversified Products | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring costs | 73 | |
Exit Costs | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring costs | 558 | |
Exit Costs | Corporate office and other | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring costs | 0 | |
Exit Costs | Fluid & Metering Technologies | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring costs | 0 | |
Exit Costs | Health & Science Technologies | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring costs | 558 | |
Exit Costs | Fire & Safety/Diversified Products | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring costs | $ 0 |
Restructuring (Restructuring Ac
Restructuring (Restructuring Accruals) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Restructuring Reserve [Roll Forward] | ||
Balance at January 1, 2017 | $ 3,893 | |
Restructuring expenses | 4,797 | $ 0 |
Payments, utilization and other | (4,542) | |
Balance at March 31, 2017 | $ 4,148 |
Other Comprehensive Income (L64
Other Comprehensive Income (Loss) (Components of Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Other comprehensive income (loss) | $ 23,216 | $ 17,985 |
AOCI | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Total other comprehensive income (loss), Pre-tax | 24,403 | 18,934 |
Total other comprehensive income (loss), Tax | (1,187) | (949) |
Other comprehensive income (loss) | 23,216 | 17,985 |
Cumulative translation adjustment | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Total other comprehensive income (loss), Pre-tax | 21,050 | 16,217 |
Total other comprehensive income (loss), Tax | 0 | 0 |
Other comprehensive income (loss) | 21,050 | 16,217 |
Pension and other postretirement adjustments | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Total other comprehensive income (loss), Pre-tax | 1,676 | 993 |
Total other comprehensive income (loss), Tax | (552) | (322) |
Other comprehensive income (loss) | 1,124 | 671 |
Reclassification adjustments for derivatives | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Total other comprehensive income (loss), Pre-tax | 1,677 | 1,724 |
Total other comprehensive income (loss), Tax | (635) | (627) |
Other comprehensive income (loss) | $ 1,042 | $ 1,097 |
Other Comprehensive Income (L65
Other Comprehensive Income (Loss) (Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Amortization of service cost | $ (130,473) | $ (119,990) |
Reclassification adjustments | (11,552) | (10,489) |
Total before tax | (28,528) | (24,682) |
Reclassification out of Accumulated Other Comprehensive Income | Pension and other postretirement plans | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Amortization of service cost | 1,676 | 993 |
Total before tax | 1,676 | 993 |
Total before tax | (552) | (322) |
Total net of tax | 1,124 | 671 |
Reclassification out of Accumulated Other Comprehensive Income | Derivatives | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Total before tax | 1,677 | 1,724 |
Reclassification adjustments | 1,677 | 1,724 |
Total before tax | (635) | (627) |
Total net of tax | $ 1,042 | $ 1,097 |
Common and Preferred Stock (Det
Common and Preferred Stock (Detail) - USD ($) $ / shares in Units, $ in Thousands | Dec. 01, 2015 | Apr. 30, 2017 | Apr. 30, 2016 | Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 |
Subsequent Event [Line Items] | ||||||
Increase in share repurchase authorized amount | $ 300,000 | |||||
Purchase of common stock (in shares) | 82,000 | 628,000 | ||||
Repurchase of common stock, including subsequent settlements | $ 7,600 | $ 45,800 | ||||
Purchase of common stock | $ 1,200 | 7,005 | $ 46,864 | |||
Remaining authorized repurchase amount | $ 572,400 | |||||
Common stock, authorized (in shares) | 150,000,000 | 150,000,000 | ||||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | ||||
Preferred stock, authorized (in shares) | 5,000,000 | 5,000,000 | ||||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | ||||
Preferred stock, issued (in shares) | 0 | 0 | ||||
Subsequent Event | ||||||
Subsequent Event [Line Items] | ||||||
Purchase of common stock | $ 600 |
Share Based Compensation - Addi
Share Based Compensation - Additional Information (Detail) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | |
Feb. 28, 2017 | Apr. 30, 2014 | Mar. 31, 2017 | |
Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted (in shares) | 55,440 | ||
Total unrecognized compensation cost | $ 7.5 | ||
Weighted-average period of total unrecognized compensation cost, in years | 1 year 2 months 12 days | ||
Restricted Stock | Employees and Non-employee Directors | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period | 3 years | ||
Cash-settled Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period | 3 years | ||
Granted (in shares) | 33,505 | ||
Total unrecognized compensation cost | $ 4.6 | ||
Weighted-average period of total unrecognized compensation cost, in years | 1 year 2 months 12 days | ||
Stock Option | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total unrecognized compensation cost | $ 16.6 | ||
Weighted-average period of total unrecognized compensation cost, in years | 1 year 7 months 6 days | ||
Performance Shares Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period | 3 years | ||
Granted (in shares) | 63,325 | 65,530 | |
Payout percent | 141.00% | ||
Stock issued during period (in shares) | 89,288 | ||
Total unrecognized compensation cost | $ 10.7 | ||
Weighted-average period of total unrecognized compensation cost, in years | 1 year 2 months 12 days |
Share-Based Compensation - Sche
Share-Based Compensation - Schedule of Weighted Average Option Fair Values and Assumptions (Detail) - Stock Option - $ / shares | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Weighted average fair value of grants (in dollars per share) | $ 24.11 | $ 18.40 |
Dividend yield | 1.45% | 1.70% |
Volatility | 29.41% | 29.71% |
Risk-free interest rate, minimum | 0.82% | 0.53% |
Risk-free interest rate, maximum | 3.04% | 2.50% |
Expected life (in years) | 5 years 9 months 29 days | 5 years 10 months 28 days |
Share-Based Compensation - Sc69
Share-Based Compensation - Schedule of Compensation Cost for Stock Options (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Share-based compensation expense | $ 6,159 | $ 6,442 |
Stock Option | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Share-based compensation expense | 2,470 | 2,414 |
Income tax benefit | (747) | (760) |
Total expense after income taxes | 1,723 | 1,654 |
Stock Option | Cost of goods sold | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Share-based compensation expense | 186 | 119 |
Stock Option | Selling, general and administrative expenses | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Share-based compensation expense | $ 2,284 | $ 2,295 |
Share-Based Compensation - Stoc
Share-Based Compensation - Stock Options Activity (Detail) - Stock Option - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2017 | Dec. 31, 2016 | |
Shares | ||
Beginning balance (in shares) | 1,987,946 | |
Granted (in shares) | 427,895 | |
Exercised (in shares) | (110,112) | |
Forfeited/Expired (in shares) | (25,755) | |
Ending balance (in shares) | 2,279,974 | 1,987,946 |
Vested and expected to vest (in shares) | 2,117,100 | |
Exercisable (in shares) | 1,188,689 | |
Weighted Average Price | ||
Beginning Balance, Weighted Average Price (in dollars per share) | $ 61.83 | |
Granted, Weighted Average Price (in dollars per share) | 93.17 | |
Exercised, Weighted Average Price (in dollars per share) | 55.17 | |
Forfeited, Weighted Average Price (in dollars per share) | 77.15 | |
Ending Balance, Weighted Average Price (in dollars per share) | $ 67.87 | $ 61.83 |
Weighted-Average Remaining Contractual Term | ||
Stock options outstanding, Weighted-Average Remaining Contractual Term | 7 years 3 months | 6 years 10 months 2 days |
Aggregate Intrinsic Value | ||
Stock options outstanding, Aggregate intrinsic value | $ 58,471,654 | $ 56,144,876 |
Vested and expected to vest , Weighted Average Price (in dollars per share) | $ 66.61 | |
Exercisable, Weighted Average Price (in dollars per share) | $ 54.28 | |
Weighted-Average Remaining Contractual Term, Vested and expected to vest | 7 years 1 month 6 days | |
Weighted-Average Remaining Contractual Term, Exercisable | 5 years 8 months 1 day | |
Aggregate Intrinsic Value, Vested and expected to vest | $ 56,949,565 | |
Aggregate Intrinsic Value, Exercisable | $ 46,633,546 |
Share-Based Compensation - Rest
Share-Based Compensation - Restricted Stock Units Activity (Detail) - Restricted Stock | 3 Months Ended |
Mar. 31, 2017$ / sharesshares | |
Shares | |
Unvested, Beginning balance (in shares) | shares | 217,898 |
Granted (in shares) | shares | 55,440 |
Vested (in shares) | shares | (62,994) |
Forfeited (in shares) | shares | (11,725) |
Unvested, Ending balance (in shares) | shares | 198,619 |
Weighted-Average Grant Date Fair Value | |
Unvested, Beginning balance (in dollars per share) | $ / shares | $ 76.19 |
Granted (in dollars per share) | $ / shares | 93.05 |
Vested (in dollars per share) | $ / shares | 71.02 |
Forfeited (in dollars per share) | $ / shares | 79.24 |
Unvested, Ending balance (in dollars per share) | $ / shares | $ 82.36 |
Share-Based Compensation - Sc72
Share-Based Compensation - Schedule of Compensation Cost for Restricted Stock Units (Details) - Restricted Stock - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total expense before income taxes | $ 1,405 | $ 1,658 |
Income tax benefit | (439) | (513) |
Total expense after income taxes | 966 | 1,145 |
Cost of goods sold | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total expense before income taxes | 152 | 128 |
Selling, general and administrative expenses | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total expense before income taxes | $ 1,253 | $ 1,530 |
Share-Based Compensation - Cash
Share-Based Compensation - Cash-settled Restricted Stock Activity (Details) - Cash-settled Restricted Stock | 3 Months Ended |
Mar. 31, 2017$ / sharesshares | |
Shares | |
Unvested, Beginning balance (in shares) | shares | 103,790 |
Granted (in shares) | shares | 33,505 |
Vested (in shares) | shares | (26,300) |
Forfeited (in shares) | shares | (7,550) |
Unvested, Ending balance (in shares) | shares | 103,445 |
Weighted-Average Grant Date Fair Value | |
Unvested, Beginning balance (in dollars per share) | $ / shares | $ 90.06 |
Granted (in dollars per share) | $ / shares | 93.51 |
Vested (in dollars per share) | $ / shares | 91.96 |
Forfeited (in dollars per share) | $ / shares | 93.51 |
Unvested, Ending balance (in dollars per share) | $ / shares | $ 93.51 |
Share-Based Compensation - Sc74
Share-Based Compensation - Schedule of Compensation Cost for Cash-settled Restricted Stock (Details) - Cash-settled Restricted Stock - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total expense before income taxes | $ 678 | $ 689 |
Income tax benefit | (142) | (98) |
Total expense after income taxes | 536 | 591 |
Cost of goods sold | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total expense before income taxes | 248 | 189 |
Selling, general and administrative expenses | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total expense before income taxes | $ 430 | $ 500 |
Share-Based Compensation - Sc75
Share-Based Compensation - Schedule of Weighted Average Performance Share Units Fair Values and Assumptions (Detail) - Performance Shares Units - $ / shares | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Weighted average fair value of performance share units (in dollars per share) | $ 115.74 | $ 111.42 |
Dividend yield | 0.00% | 0.00% |
Volatility | 17.36% | 17.99% |
Risk-free forward interest rate | 1.45% | 0.89% |
Expected life (in years) | 2 years 10 months 6 days | 2 years 10 months 10 days |
Share-Based Compensation - Perf
Share-Based Compensation - Performance Share Unit Activity (Details) - Performance Shares Units - $ / shares | 1 Months Ended | 3 Months Ended |
Apr. 30, 2014 | Mar. 31, 2017 | |
Shares | ||
Unvested, Beginning balance (in shares) | 137,055 | |
Granted (in shares) | 63,325 | 65,530 |
Vested (in shares) | 0 | |
Forfeited (in shares) | (3,925) | |
Unvested, Ending balance (in shares) | 198,660 | |
Weighted-Average Grant Date Fair Value | ||
Unvested, Beginning balance (in dollars per share) | $ 104.18 | |
Granted (in dollars per share) | 115.76 | |
Vested (in dollars per share) | 0 | |
Forfeited (in dollars per share) | 100.95 | |
Unvested, Ending balance (in dollars per share) | $ 108.06 |
Share-Based Compensation - Sc77
Share-Based Compensation - Schedule of Compensation Cost for Performance Share Units (Details) - Performance Shares Units - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total expense before income taxes | $ 1,606 | $ 1,681 |
Income tax benefit | (507) | (535) |
Total expense after income taxes | 1,099 | 1,146 |
Cost of goods sold | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total expense before income taxes | 0 | 0 |
Selling, general and administrative expenses | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total expense before income taxes | $ 1,606 | $ 1,681 |
Retirement Benefits (Additional
Retirement Benefits (Additional Information) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Selling, general and administrative expenses | $ 130,473 | $ 119,990 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Contributions by employer | 600 | ||
Pension Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Expected contribution for next fiscal year | $ 5,800 | ||
Expected contributions in current fiscal year | 5,800 | ||
Other Postretirement Benefit Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Expected contribution for next fiscal year | $ 100 | ||
Expected contributions in current fiscal year | 100 | ||
Accounting Standards Update 2017-17 | Other (Income) Expense Net | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Selling, general and administrative expenses | $ 800 |
Retirement Benefits (Components
Retirement Benefits (Components of Net Periodic Benefit Cost for Defined Benefit Plans and Other Postretirement Plans) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
U.S. | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Service cost | $ 254 | $ 294 |
Interest cost | 660 | 747 |
Expected return on plan assets | (944) | (1,175) |
Net amortization | 642 | 827 |
Net periodic benefit cost | 612 | 693 |
Non-U.S. | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Service cost | 482 | 299 |
Interest cost | 308 | 350 |
Expected return on plan assets | (264) | (219) |
Net amortization | 382 | 238 |
Net periodic benefit cost | 908 | 668 |
Other Postretirement Benefit Plans | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Service cost | 152 | 132 |
Interest cost | 204 | 174 |
Net amortization | (198) | (154) |
Net periodic benefit cost | $ 158 | $ 152 |
Income Taxes (Additional Inform
Income Taxes (Additional Information) (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | ||
Provision for income taxes | $ 28,528,000 | $ 24,682,000 |
Effective tax rate | 27.30% | 26.60% |
Minimum | ||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | ||
Reasonably possible change in unrecognized tax benefits over next 12 months | $ 0 | |
Maximum | ||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | ||
Reasonably possible change in unrecognized tax benefits over next 12 months | $ 2,400,000 |