IDEX (IEX) 10-Q 25 Jul 18 2018 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2018	Jul. 23, 2018
Document and Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q2
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		76,680,296

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Current assets
Cash and cash equivalents	$ 458,751	$ 375,950
Receivables, less allowance for doubtful accounts of $7,642 at June 30, 2018 and $7,764 at December 31, 2017	329,692	294,166
Inventories	283,854	259,724
Other current assets	41,448	74,203
Total current assets	1,113,745	1,004,043
Property, plant and equipment - net	267,828	258,350
Goodwill	1,690,571	1,704,158
Intangible assets - net	393,088	414,746
Other noncurrent assets	18,226	18,331
Total assets	3,483,458	3,399,628
Current liabilities
Trade accounts payable	150,532	147,067
Accrued expenses	162,962	184,705
Short-term borrowings	496	258
Dividends payable	33,040	28,945
Total current liabilities	347,030	360,975
Long-term borrowings	858,661	858,788
Deferred income taxes	127,774	137,638
Other noncurrent liabilities	160,842	155,685
Total liabilities	1,494,307	1,513,086
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: 90,128,776 shares at June 30, 2018 and 90,162,211 shares at December 31, 2017	902	902
Additional paid-in capital	727,858	716,906
Retained earnings	2,203,473	2,057,915
Treasury stock at cost: 13,291,252 shares at June 30, 2018 and 13,468,675 shares at December 31, 2017	(817,302)	(799,674)
Accumulated other comprehensive income (loss)	(125,780)	(89,507)
Total shareholders’ equity	1,989,151	1,886,542
Total liabilities and shareholders’ equity	$ 3,483,458	$ 3,399,628

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Statement of Financial Position [Abstract]
Receivables, allowance for doubtful accounts	$ 7,642	$ 7,764
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)	90,128,776	90,162,211
Treasury stock, shares (in shares)	13,291,252	13,468,675

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Income Statement [Abstract]
Net sales	$ 634,360	$ 573,366	$ 1,246,684	$ 1,126,918
Cost of sales	346,993	316,441	682,665	619,052
Gross profit	287,367	256,925	564,019	507,866
Selling, general and administrative expenses	137,548	131,792	275,875	262,265
Restructuring expenses	1,988	0	3,630	4,797
Operating income	147,831	125,133	284,514	240,804
Other (income) expense - net	(50)	372	(4,499)	64
Interest expense	11,140	11,304	22,140	22,856
Income before income taxes	136,741	113,457	266,873	217,884
Provision for income taxes	29,615	29,613	60,789	58,141
Net income	$ 107,126	$ 83,844	$ 206,084	$ 159,743
Basic earnings per common share (in dollars per share)	$ 1.40	$ 1.10	$ 2.69	$ 2.09
Diluted earnings per common share (in dollars per share)	$ 1.38	$ 1.08	$ 2.65	$ 2.07
Share data:
Basic weighted average common shares outstanding (in shares)	76,539	76,220	76,479	76,167
Diluted weighted average common shares outstanding (in shares)	77,704	77,320	77,722	77,107

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Statement of Comprehensive Income [Abstract]
Net income	$ 107,126	$ 83,844	$ 206,084	$ 159,743
Other comprehensive income (loss):
Reclassification adjustments for derivatives, net of tax	1,259	1,063	2,520	2,105
Pension and other postretirement adjustments, net of tax	1,296	1,280	2,709	2,404
Cumulative translation adjustment	(62,645)	47,314	(35,067)	68,364
Other comprehensive income (loss)	(60,090)	49,657	(29,838)	72,873
Comprehensive income	$ 47,036	$ 133,501	$ 176,246	$ 232,616

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - 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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Adjustment for adoption of ASU | Accounting Standards Update 2016-16	$ (645)		$ (645)
Adjustment for adoption of ASU | Accounting Standards Update 2018-02	0		6,435		$ (3,411)	$ (3,024)
Balance, December 31, 2017 at Dec. 31, 2017	1,886,542	$ 717,808	2,057,915	$ (46,306)	(29,154)	(14,047)	$ (799,674)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	206,084		206,084
Cumulative translation adjustment	(35,067)			(35,067)
Net change in retirement obligations (net of tax of $962)	2,709				2,709
Net change on derivatives designated as cash flow hedges (net of tax of $739)	2,520					2,520
Issuance of 324,913 shares of common stock from issuance of unvested shares, performance share units and exercise of stock options (net of tax of $3,285)	13,616						13,616
Repurchase of 147,490 shares of common stock	(20,494)						(20,494)
Shares surrendered for tax withholding	(10,750)						(10,750)
Share-based compensation	10,952	10,952
Cash dividends declared — $0.86 per common share outstanding	(66,316)		(66,316)
Balance, June 30, 2018 at Jun. 30, 2018	$ 1,989,151	$ 728,760	$ 2,203,473	$ (81,373)	$ (29,856)	$ (14,551)	$ (817,302)

CONDENSED CONSOLIDATED STATEME7

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) $ in Thousands	6 Months Ended
	Jun. 30, 2018USD ($)$ / sharesshares
Statement of Stockholders' Equity [Abstract]
Pension and other postretirement adjustments, tax	$ 962
Amortization of forward starting swaps, tax	$ 739
Issuance of common stock from performance share units and exercise of stock options (in shares) | shares	324,913
Issuance of common stock from exercise of stock options and deferred compensation plans, tax amount	$ 3,285
Purchase of common stock (in shares) | shares	147,490
Cash dividends declared, per common share outstanding (in dollars per share) | $ / shares	$ 0.86

CONDENSED CONSOLIDATED STATEME8

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Cash flows from operating activities
Net income	$ 206,084	$ 159,743
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	19,957	18,633
Amortization of intangible assets	20,667	23,893
Amortization of debt issuance expenses	664	659
Share-based compensation expense	13,252	12,398
Deferred income taxes	(3,021)	2,414
Non-cash interest expense associated with forward starting swaps	3,259	3,323
Changes in (net of the effect from acquisitions):
Receivables	(40,044)	(31,110)
Inventories	(28,011)	(4,796)
Other current assets	17,798	(8,446)
Trade accounts payable	5,432	6,469
Accrued expenses	(21,131)	(9,799)
Other - net	(2,480)	(801)
Net cash flows provided by operating activities	192,426	172,580
Cash flows from investing activities
Purchases of property, plant and equipment	(20,968)	(19,539)
Purchase of intellectual property	(4,000)	0
Other - net	(861)	96
Net cash flows used in investing activities	(25,829)	(19,443)
Cash flows from financing activities
Borrowings under revolving facilities	0	33,000
Payments under revolving credit facilities	0	(166,297)
Dividends paid	(61,916)	(54,572)
Proceeds from stock option exercises	13,616	12,984
Purchases of common stock	(19,499)	(9,799)
Shares surrendered for tax withholding	(10,750)	(5,814)
Settlement of foreign exchange contracts	6,593	4,406
Net cash flows used in financing activities	(71,956)	(186,092)
Effect of exchange rate changes on cash and cash equivalents	(11,840)	15,352
Net increase (decrease) in cash	82,801	(17,603)
Cash and cash equivalents at beginning of year	375,950	235,964
Cash and cash equivalents at end of period	458,751	218,361
Cash paid for:
Interest	18,223	19,052
Income taxes - net	38,190	50,709
Significant non-cash activities:
Capital expenditures for construction of new leased facility	$ 11,971	$ 0

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	6 Months Ended
	Jun. 30, 2018
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 and six months ended June 30, 2018 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, 2017 . Recently Adopted Accounting Standards In February 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2018-02, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income , which requires an entity to disclose its accounting policy related to releasing income tax effects from accumulated other comprehensive income (loss), whether it has elected to reclassify the stranded tax effects in accumulated other comprehensive income (loss) to retained earnings in the statement of shareholders’ equity and if it has elected to reclassify the stranded tax effects in accumulated other comprehensive income (loss) to retained earnings, what the reclassification encompasses. The Company early adopted this standard on a retrospective basis on January 1, 2018. The adoption resulted in an increase of $6.4 million to Retained earnings and a corresponding change of $6.4 million to Accumulated other comprehensive income (loss) at January 1, 2018. 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 a 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 the FASB guidance for revenue recognition. The Company adopted this standard on January 1, 2018. The adoption of this standard did not have a material impact on our condensed consolidated financial statements. In October 2016, the FASB issued ASU 2016-16, Intra-Entity Transfers of Assets Other Than Inventory , which amends Accounting Standards Codification (“ASC”) 740, Income Taxes . This ASU requires that the income tax consequences of an intra-entity asset transfer other than inventory are recognized at the time of the transfer. An entity will continue to recognize the income tax consequences of an intercompany transfer of inventory when the inventory is sold to a third party. The Company adopted this standard on a modified retrospective basis on January 1, 2018. The adoption resulted in a decrease of $7.3 million to Other current assets, a decrease of $6.7 million to Deferred income taxes and a decrease of $0.6 million to Retained earnings at January 1, 2018. In August 2016, the FASB issued ASU 2016-15, Classification of Certain Cash Receipts and Cash Payments (a consensus of the FASB Emerging Issues Task Force). This ASU addresses the following eight specific cash flow issues: debt prepayment or debt extinguishment costs; settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing; contingent consideration payments made after a business combination; proceeds from the settlement of insurance claims; proceeds from the settlement of corporate-owned life insurance policies (including bank-owned life insurance policies); distributions received from equity method investees; beneficial interests in securitization transactions; and separately identifiable cash flows and application of the predominance principle. The Company adopted this standard on January 1, 2018. The adoption of this standard did not have a material impact on our condensed consolidated financial statements. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers, which replaces numerous requirements in U.S. GAAP, including industry-specific requirements, and provides 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. 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 performing extensive contract reviews to identify potential differences that may result from applying the requirements of the new standard. The contract reviews generally supported the recognition of revenue at a point in time, which is consistent with the current revenue recognition model used by most of our business units. As a result, revenue recognition remains unchanged under the new standard. For our business units that currently recognize revenue under a percentage of completion model, revenue recognition also remains unchanged as the contract reviews supported the recognition of revenue over time. The Company has implemented the appropriate changes to its processes, systems and controls to comply with the new guidance. The Company adopted this standard on January 1, 2018 using the modified retrospective approach applied to contracts that were not completed as of January1, 2018. The adoption of this standard did not have an impact on our condensed consolidated financial statements, except to provide additional disclosures. The Company elected the following practical expedients: significant financing component, sales tax presentation, contract costs, shipping and handling activities and disclosures. See Note 4 for further details on revenue. Recently Issued Accounting Standards 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. Upon adoption, lessees and lessors are required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. The Company has selected its lease software solution and is in the process of identifying changes to its business processes, systems and controls to support adoption of the new standard in 2019. The Company is currently evaluating the impact of adopting the new standard on its condensed consolidated financial statements. While the Company is unable to quantify the impact at this time, it expects the adoption of the new standard to result in a significant right of use asset and lease liability while expense recognition will be similar to the previously required straight-line expense treatment as the majority of its leases will remain operating in nature.

Acquisitions and Divestitures

Acquisitions and Divestitures	6 Months Ended
	Jun. 30, 2018
Business Combinations and Dispositions [Abstract]
Acquisitions and Divestitures	Acquisitions and Divestitures All of the Company’s acquisitions of businesses 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 condensed consolidated financial statements from their respective dates of acquisition. The results of operations of the acquired companies have been included in the Company’s condensed consolidated results since the date of each acquisition. The Company incurred acquisition-related transaction costs of $0.8 million and $0.1 million in the three months ended June 30, 2018 and 2017 , respectively, and $1.5 million and $0.2 million in the six months ended June 30, 2018 and 2017 , 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. 2017 Acquisition On December 8, 2017, the Company acquired the stock of thinXXS Microtechnology AG (“thinXXS”), a leader in the design, manufacture and sale of microfluidic components serving the point of care, veterinary and life science markets. The business was acquired to complement our existing CiDRA Precision Services business and expand on our microfluidic and nanofluidic capabilities. Headquartered in Zweibrücken, Germany, thinXXS operates in our Health & Science Technologies segment. thinXXS was acquired for cash consideration of $38.2 million and the assumption of $1.2 million of debt. The purchase price was funded with cash on hand. Goodwill and intangible assets recognized as part of the transaction were $25.1 million and $10.6 million , respectively. The goodwill is not deductible for tax purposes. The Company made an initial allocation of the purchase price for the thinXXS acquisition as of the acquisition date based on its understanding of the fair value of the acquired assets and assumed liabilities. These nonrecurring fair value measurements are classified as Level 3 in the fair value hierarchy. As the Company continues to obtain additional information about these assets and liabilities, and continues to learn more about the newly acquired business, we will refine the estimates of fair value and more accurately allocate the purchase price. Only items identified as of the acquisition date are considered for subsequent adjustment. The Company will make the appropriate adjustments to the purchase price allocation prior to the completion of the measurement period, as required. 2017 Divestiture The Company periodically reviews its operations for businesses which may no longer be aligned with its strategic objectives and focuses on its core business and customers. Any resulting gain or loss recognized due to divestitures is recorded within the Condensed Consolidated Statements of Operations. The Company concluded that the divestiture that took place during the year ended December 31, 2017 did not meet the criteria for reporting discontinued operations. On October 31, 2017, the Company completed the sale of its Faure Herman subsidiary for $21.8 million in cash, which resulted in a pre-tax gain on the sale of $9.3 million that was recognized in the fourth quarter of 2017. There was no income tax expense associated with this transaction. The results of Faure Herman were reported within the Fluid & Metering Technologies segment through the date of sale.

Business Segments

Business Segments	6 Months Ended
	Jun. 30, 2018
Segment Reporting [Abstract]
Business Segments	Business Segments The Company has three reportable business segments: Fluid & Metering Technologies (“FMT”), Health & Science Technologies (“HST”) and Fire & Safety/Diversified Products (“FSDP”). The Fluid & Metering Technologies segment designs, produces and distributes positive displacement pumps, 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 and 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 designs, produces and distributes firefighting pumps, valves and controls, 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 sales, operating income and operating margin are the primary financial measures. Intersegment sales are accounted for at fair value as if the sales were to third parties. Three Months Ended Six Months Ended 2018 2017 2018 2017 Net sales Fluid & Metering Technologies External customers $ 242,755 $ 221,123 $ 475,016 $ 437,778 Intersegment sales 45 59 117 174 Total segment sales 242,800 221,182 475,133 437,952 Health & Science Technologies External customers 227,367 204,297 448,334 403,872 Intersegment sales 36 112 144 216 Total segment sales 227,403 204,409 448,478 404,088 Fire & Safety/Diversified Products External customers 164,238 147,946 323,334 285,268 Intersegment sales 62 37 139 162 Total segment sales 164,300 147,983 323,473 285,430 Intersegment elimination (143 ) (208 ) (400 ) (552 ) Total net sales $ 634,360 $ 573,366 $ 1,246,684 $ 1,126,918 Operating income Fluid & Metering Technologies $ 71,228 $ 60,029 $ 137,394 $ 117,842 Health & Science Technologies 52,569 46,294 104,375 88,532 Fire & Safety/Diversified Products 45,882 37,197 85,436 69,823 Corporate office (21,848 ) (18,387 ) (42,691 ) (35,393 ) Total operating income 147,831 125,133 284,514 240,804 Interest expense 11,140 11,304 22,140 22,856 Other (income) expense - net (50 ) 372 (4,499 ) 64 Income before income taxes $ 136,741 $ 113,457 $ 266,873 $ 217,884 June 30, December 31, Assets Fluid & Metering Technologies $ 1,125,901 $ 1,101,580 Health & Science Technologies 1,311,052 1,323,373 Fire & Safety/Diversified Products 765,217 744,515 Corporate office 281,288 230,160 Total assets $ 3,483,458 $ 3,399,628

Revenue

Revenue	6 Months Ended
	Jun. 30, 2018
Revenue from Contract with Customer [Abstract]
Revenue	Revenue IDEX is an applied solutions company specializing in the manufacture of fluid and metering technologies, health and science technologies and fire, safety and other diversified products built to customers’ specifications. The Company’s products include industrial pumps, compressors, flow meters, injectors, valves and related controls for use in a wide variety of process applications; precision fluidics solutions, including pumps, valves, degassing equipment, corrective tubing, fittings and complex manifolds, optical filters and specialty medical equipment and devices for use in life science applications; precision-engineered equipment for dispensing, metering and mixing paints; and engineered products for industrial and commercial markets, including fire and rescue, transportation equipment, oil and gas, electronics and communications. The Company’s revenue is accounted for under ASC 606, Revenue from Contracts with Customers , which we adopted on January 1, 2018 using the modified retrospective method. Revenue is recognized when control of the promised products or services is transferred to our customers in an amount that reflects the consideration we expect to be entitled to in exchange for transferring those products or providing those services. We account for a contract when it has approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of the consideration is probable. We determine the appropriate revenue recognition for our contracts with customers by analyzing the type, terms and conditions of each contract or arrangement with a customer. Disaggregation of Revenue We have a comprehensive offering of products, including technologies, built to customers’ specifications that are sold in niche markets throughout the world. We disaggregate our revenue from contracts with customers by reporting unit and geographical region for each of our segments as we believe it best depicts how the nature, amount, timing and uncertainty of our revenue and cash flows are affected by economic factors. Geographical region is based on the location of the customer. The following tables present our revenue disaggregated by reporting unit and geographical region. Revenue by reporting unit for the three and six months ended June 30, 2018 was as follows: Three Months Ended Six Months Ended Energy $ 40,779 $ 79,538 Valves 28,830 54,859 Water 65,171 124,011 Pumps 82,735 163,401 Agriculture 25,285 53,324 Intersegment elimination (45 ) (117 ) Fluid & Metering Technologies 242,755 475,016 Scientific Fluidics & Optics 104,106 203,613 Sealing Solutions 51,634 105,336 Gast 30,903 59,415 Micropump 9,800 19,098 Material Processing Technologies 30,960 61,016 Intersegment elimination (36 ) (144 ) Health & Science Technologies 227,367 448,334 Fire & Safety 99,940 196,152 Band-It 26,981 54,455 Dispensing 37,379 72,866 Intersegment elimination (62 ) (139 ) Fire & Safety/Diversified Products 164,238 323,334 Total net sales $ 634,360 $ 1,246,684 Revenue by geographical region for the three and six months ended June 30, 2018 was as follows: Three Months Ended June 30, 2018 FMT HST FSDP IDEX U.S. $ 139,347 $ 97,544 $ 75,747 $ 312,638 Europe 40,097 74,023 43,702 157,822 Asia 34,899 48,240 30,065 113,204 Rest of world (1) 28,457 7,596 14,786 50,839 Intersegment elimination (45 ) (36 ) (62 ) (143 ) Total net sales $ 242,755 $ 227,367 $ 164,238 $ 634,360 Six Months Ended June 30, 2018 FMT HST FSDP IDEX U.S. $ 272,500 $ 191,352 $ 148,244 $ 612,096 Europe 83,696 147,802 90,821 322,319 Asia 61,297 92,788 54,298 208,383 Rest of world (1) 57,640 16,536 30,110 104,286 Intersegment elimination (117 ) (144 ) (139 ) (400 ) Total net sales $ 475,016 $ 448,334 $ 323,334 $ 1,246,684 (1) Rest of world includes: North America (excluding U.S.), South America, Middle East, Australia and Africa. Contract Balances The timing of revenue recognition, billings and cash collections results in customer receivables, advance payments and billings in excess of revenue recognized. Customer receivables include amounts billed and currently due from customers as well as unbilled amounts (contract assets) and are included in Receivables on our Condensed Consolidated Balance Sheets. Amounts are billed in accordance with contractual terms or as work progresses in accordance with contractual terms. Unbilled amounts arise when the timing of billing differs from the timing of revenue recognized, such as when contract provisions require specific milestones to be met before a customer can be billed. Unbilled amounts primarily relate to performance obligations satisfied over time when the cost-to-cost method is utilized and the revenue recognized exceeds the amount billed to the customer as there is not yet a right to payment in accordance with contractual terms. Unbilled amounts are recorded as a contract asset when the revenue associated with the contract is recognized prior to billing and derecognized when billed in accordance with the terms of the contract. Customer receivables are recorded at face amounts less an allowance for doubtful accounts. The Company maintains allowances for doubtful accounts for estimated losses as a result of customers’ inability to make required payments. Management evaluates the aging of the customer receivable balances, the financial condition of its customers, historical trends and the time outstanding of specific balances to estimate the amount of customer receivables that may not be collected in the future and records the appropriate provision. The composition of Customer receivables was as follows: June 30, January 1, Billed receivables $ 317,482 $ 285,800 Unbilled receivables 14,386 11,996 Total customer receivables $ 331,868 $ 297,796 Advance payments and billings in excess of revenue recognized are included in Deferred revenue which is classified as current or noncurrent based on the timing of when we expect to recognize the revenue. The current portion is included in Accrued expenses and the noncurrent portion is included in Other noncurrent liabilities on our Condensed Consolidated Balance Sheets. Advance payments and billings in excess of revenue recognized represent contract liabilities and are recorded when customers remit contractual cash payments in advance of us satisfying performance obligations under contractual arrangements, including those with performance obligations satisfied over time. Billings in excess of revenue recognized primarily relate to performance obligations satisfied over time when the cost-to-cost method is utilized and revenue cannot yet be recognized as the Company has not completed the corresponding performance obligation. We generally receive advance payments from customers related to maintenance services which we recognize ratably over the service term. Contract liabilities are derecognized when revenue is recognized and the performance obligation is satisfied. The composition of Deferred revenue was as follows: June 30, January 1, Deferred revenue - current $ 10,899 $ 11,031 Deferred revenue - noncurrent 3,269 3,297 Total deferred revenue $ 14,168 $ 14,328 Performance Obligations A performance obligation is a promise in a contract to transfer a distinct product or service to the customer. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. For our contracts that require complex design, manufacturing and installation activities that are not separately identifiable from other promises in the contract and, therefore, not distinct, the entire contract is accounted for as a single performance obligation. For our contracts that include distinct products or services that are substantially the same and have the same pattern of transfer to the customer over time, they are recognized as a series of distinct products or services. Certain of our contracts have multiple performance obligations for which we allocate the transaction price to each performance obligation using an estimate of the standalone selling price of each distinct product or service in the contract. For product sales, each product sold to a customer generally represents a distinct performance obligation. In such cases, the observable standalone sales are used to determine the standalone selling price. In certain cases, we may be required to estimate standalone selling price using the expected cost plus margin approach, under which we forecast our expected costs of satisfying a performance obligation and then add an appropriate margin for that distinct product or service. Our performance obligations are satisfied at a point in time or over time as work progresses. Performance obligations are supported by contracts with customers that provide a framework for the nature of the distinct products or services or bundle of products and services. We define service revenue as revenue from activities that are not associated with the design, development or manufacture of a product or the delivery of a software license. Revenue from products and services transferred to customers at a point in time approximated 95% in both the three and six months ended June 30, 2018. Revenue recognized at a point in time relates to the majority of our product sales. Revenue on these contracts is recognized when obligations under the terms of the contract with our customer are satisfied. Generally, this occurs with the transfer of control of the asset, which is in line with shipping terms. Revenue from products and services transferred to customers over time approximated 5% in both the three and six months ended June 30, 2018. Revenue earned by certain business units within the Water, Energy, Material Processing Technologies (“MPT”) and Dispensing reporting units is recognized over time because control transfers continuously to our customers. When accounting for over-time contracts, we use an input measure to determine the extent of progress towards completion of the performance obligation. For certain business units within the Water, Energy and MPT reporting units, revenue is recognized over time as work is performed based on the relationship between actual costs incurred to date for each contract and the total estimated costs for such contract at completion of the performance obligation (i.e. the cost-to-cost method). We believe this measure of progress best depicts the transfer of control to the customer which occurs as we incur costs on our contracts. Incurred cost represents work performed, which corresponds with the transfer of control to the customer. Contract costs include labor, material and overhead. Contract estimates are based on various assumptions to project the outcome of future events. These assumptions include labor productivity and availability; the complexity of the work to be performed; the cost and availability of materials; the performance of subcontractors; and the availability and timing of funding from the customer. Revenues, including estimated fees or profits, are recorded proportionally as costs are incurred. For certain business units within the Energy and Dispensing reporting units, revenue is recognized ratably over the contract term. As a significant change in one or more of these estimates could affect the profitability of our contracts, we review and update our estimates regularly. Due to uncertainties inherent in the estimation process, it is reasonably possible that completion costs, including those arising from contract penalty provisions and final contract settlements, will be revised. Such revisions to costs and income are recognized in the period in which the revisions are determined as a cumulative catch-up adjustment. The impact of the adjustment on profit recorded to date on a contract is recognized in the period the adjustment is identified. Revenue and profit in future periods of contract performance are recognized using the adjusted estimate. If at any time the estimate of contract profitability indicates an anticipated loss on the contract, we recognize provisions for estimated losses on uncompleted contracts in the period in which such losses are determined. The Company records allowances for discounts, product returns and customer incentives at the time of sale as a reduction of revenue as such allowances can be reliably estimated based on historical experience and known trends. The Company also offers product warranties (primarily assurance-type) and accrues its estimated exposure for warranty claims at the time of sale based upon the length of the warranty period, warranty costs incurred and any other related information known to the Company.

Earnings Per Common Share

Earnings Per Common Share	6 Months Ended
	Jun. 30, 2018
Earnings Per Share [Abstract]
Earnings Per Common Share	Earnings Per Common Share Earnings per common share (“EPS”) is 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, concludes 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, EPS was computed using the two-class method prescribed by ASC 260. Basic weighted average shares outstanding reconciles to diluted weighted average shares outstanding as follows: Three Months Ended Six Months Ended 2018 2017 2018 2017 Basic weighted average common shares outstanding 76,539 76,220 76,479 76,167 Dilutive effect of stock options, restricted stock and performance share units 1,165 1,100 1,243 940 Diluted weighted average common shares outstanding 77,704 77,320 77,722 77,107 Options to purchase approximately 0.3 million and 0.4 million shares of common stock for the three months ended June 30, 2018 and 2017 , respectively, and 0.3 million and 0.5 million shares of common stock for the six months ended June 30, 2018 and 2017 , respectively, were not included in the computation of diluted EPS because the effect of their inclusion would have been antidilutive.

Inventories

Inventories	6 Months Ended
	Jun. 30, 2018
Inventory Disclosure [Abstract]
Inventories	Inventories The components of inventories as of June 30, 2018 and December 31, 2017 were: June 30, December 31, Raw materials and component parts $ 178,476 $ 169,676 Work in process 40,836 33,668 Finished goods 64,542 56,380 Total inventories $ 283,854 $ 259,724 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	6 Months Ended
	Jun. 30, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	Goodwill and Intangible Assets The changes in the carrying amount of goodwill for the six months ended June 30, 2018 , by reportable business segment, were as follows: FMT HST FSDP IDEX Balance at December 31, 2017 $ 586,064 $ 740,032 $ 378,062 $ 1,704,158 Foreign currency translation (3,677 ) (6,509 ) (4,553 ) (14,739 ) Acquisition adjustments — 1,152 — 1,152 Balance at June 30, 2018 $ 582,387 $ 734,675 $ 373,509 $ 1,690,571 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 six months of 2018 , 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, 2017 , all reporting units had fair values in excess of their carrying values. The following table provides the gross carrying value and accumulated amortization for each major class of intangible asset at June 30, 2018 and December 31, 2017 : At June 30, 2018 At December 31, 2017 Gross Carrying Amount Accumulated Amortization Net Weighted Average Life Gross Carrying Amount Accumulated Amortization Net Amortized intangible assets: Patents $ 9,676 $ (7,582 ) $ 2,094 11 $ 9,633 $ (7,143 ) $ 2,490 Trade names 115,991 (54,206 ) 61,785 16 117,206 (50,604 ) 66,602 Customer relationships 252,861 (76,002 ) 176,859 14 317,316 (124,566 ) 192,750 Unpatented technology 92,808 (31,585 ) 61,223 12 91,166 (29,428 ) 61,738 Other 700 (473 ) 227 10 839 (573 ) 266 Total amortized intangible assets 472,036 (169,848 ) 302,188 536,160 (212,314 ) 323,846 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 $ 562,936 $ (169,848 ) $ 393,088 $ 627,060 $ (212,314 ) $ 414,746 On June 22, 2018, the Company acquired the intellectual property assets of Phantom Controls (“Phantom”) for cash consideration of $4.0 million . The operational capabilities and innovative pump operation of Phantom’s technology complements our existing water-flow expertise of Hale, Akron Brass and Class 1 to improve fire ground safety and reduce operational complexity during mission critical response. This acquisition of intellectual property assets did not meet the definition of a business under ASU 2017-01 and thus the Company recorded the entire purchase price to the Unpatented technology class of intangible assets on the Condensed Consolidated Balance Sheets. The Banjo trade name and the Akron Brass trade name are indefinite-lived intangible assets which are tested for impairment on an annual basis in accordance with ASC 350 or more frequently if events or changes in circumstances indicate that the assets might be impaired. In the first six months of 2018 , there were no events or circumstances that would have required an interim impairment test. The Company uses the relief-from-royalty method, a form of the income approach, to determine the fair value of these trade names. The relief-from-royalty method is dependent on a number of significant management assumptions, including estimates of revenues, royalty rates and discount rates. Amortization of intangible assets was $9.8 million and $20.7 million for the three and six months ended June 30, 2018 , respectively. Amortization of intangible assets was $12.1 million and $23.9 million for the three and six months ended June 30, 2017 , respectively. Based on the intangible asset balances as of June 30, 2018 , amortization expense is expected to approximate $17.6 million for the remaining six months of 2018 , $34.8 million in 2019 , $34.3 million in 2020 , $33.0 million in 2021 and $31.4 million in 2022 .

Accrued Expenses

Accrued Expenses	6 Months Ended
	Jun. 30, 2018
Payables and Accruals [Abstract]
Accrued Expenses	Accrued Expenses The components of accrued expenses as of June 30, 2018 and December 31, 2017 were: June 30, December 31, Payroll and related items $ 67,741 $ 75,869 Management incentive compensation 12,764 24,320 Income taxes payable 26,780 28,033 Insurance 9,675 9,424 Warranty 5,887 6,281 Deferred revenue 10,899 11,031 Restructuring 3,702 4,180 Liability for uncertain tax positions 1,484 1,745 Accrued interest 1,754 1,759 Other 22,276 22,063 Total accrued expenses $ 162,962 $ 184,705

Other Noncurrent Liabilities

Other Noncurrent Liabilities	6 Months Ended
	Jun. 30, 2018
Other Liabilities Disclosure [Abstract]
Other Noncurrent Liabilities	Other Noncurrent Liabilities The components of other noncurrent liabilities as of June 30, 2018 and December 31, 2017 were: June 30, December 31, Pension and retiree medical obligations $ 96,087 $ 99,646 Transition tax payable 25,510 27,877 Liability for uncertain tax positions 1,047 1,047 Deferred revenue 3,269 3,297 Liability for construction of new leased facility 11,971 — Other 22,958 23,818 Total other noncurrent liabilities $ 160,842 $ 155,685

Borrowings

Borrowings	6 Months Ended
	Jun. 30, 2018
Debt Disclosure [Abstract]
Borrowings	Borrowings Borrowings at June 30, 2018 and December 31, 2017 consisted of the following: June 30, December 31, Revolving Facility $ 10,409 $ 10,740 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 1,449 1,446 Total borrowings 861,858 862,186 Less current portion 496 258 Less deferred debt issuance costs 1,898 2,204 Less unaccreted debt discount 803 936 Total long-term borrowings $ 858,661 $ 858,788 On June 13, 2016, the Company completed a private placement of a $100 million aggregate principal amount of 3.20% Senior Notes due June 13, 2023 and a $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 the 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 the 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 the 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 June 30, 2018 , the applicable margin was 1.10% . Given the fact that LIBOR was negative at June 30, 2018 , the default interest rate is equal to the applicable margin, resulting in a weighted average interest rate of 1.12% at June 30, 2018 . 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 June 30, 2018 , $10.4 million was outstanding under the Revolving Facility, with $8.1 million of outstanding letters of credit, resulting in net available borrowing capacity under the Revolving Facility at June 30, 2018 of approximately $681.5 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 June 30, 2018 , 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	6 Months Ended
	Jun. 30, 2018
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 types of cash flow hedges the Company enters into include foreign currency exchange contracts designed to minimize the earnings impact on certain intercompany loans and interest rate exchange agreements 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 agreements 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 in net income during the period of change. See Note 14 for the amount of loss reclassified into net income for interest rate contracts for the three and six months ended June 30, 2018 and 2017 . As of June 30, 2018 , the Company did not have any interest rate contracts outstanding. In 2010 and 2011, the Company entered into two separate forward starting interest rate exchange agreements 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 $6.4 million of the pre-tax amount included in accumulated other comprehensive income (loss) in shareholders’ equity at June 30, 2018 will be recognized in net income over the next 12 months as the underlying hedged transactions are realized. At December 31, 2017, the Company had outstanding foreign currency exchange contracts with a combined notional value of €180 million that were not designated as hedges for accounting purposes and, as a result, the change in the fair value of these foreign currency exchange contracts and the corresponding foreign currency gain or loss on the revaluation of the intercompany loans were both recorded through earnings within Other (income) expense - net in the Condensed Consolidated Statements of Operations each period as incurred. During the three and six months ended June 30, 2018 , the Company recorded a loss of $0.3 million and a gain of $0.9 million , respectively, and during the three and six months ended June 30, 2017 , the Company recorded gains of $5.1 million and $5.5 million , respectively, within Other (income) expense - net in the Condensed Consolidated Statements of Operations related to these foreign currency exchange contracts. During the three and six months ended June 30, 2018 , the Company recorded a foreign currency transaction gain of $0.3 million and a loss of $0.9 million , respectively, and during the three and six months ended June 30, 2017 , the Company recorded foreign currency transaction losses of $4.0 million and $4.4 million , respectively, within Other (income) expense - net in the Condensed Consolidated Statements of Operations related to these intercompany loans. For the six months ended June 30, 2018 , the Company received $6.6 million in settlement of the foreign currency exchange contracts. In April 2018, the Company settled its outstanding foreign currency exchange contracts in conjunction with its repayment of the underlying intercompany loans and did not extend these foreign currency exchange contracts. Along with the repayment of the intercompany loans, the Company was required to make a capital contribution to one of its subsidiaries, which resulted in a $2.2 million stamp duty in Switzerland which was recorded within Selling, general and administrative expenses in the Condensed Consolidated Statements of Operations. 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 June 30, 2018 and December 31, 2017 : Fair Value Assets June 30, 2018 December 31, 2017 Balance Sheet Caption Foreign currency exchange contracts $ — $ 5,779 Other current assets

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2018
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 the 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 June 30, 2018 and December 31, 2017 : Basis of Fair Value Measurements Balance at Level 1 Level 2 Level 3 Available for sale securities $ 7,626 $ 7,626 $ — $ — Foreign currency exchange contracts — — — — Basis of Fair Value Measurements Balance at Level 1 Level 2 Level 3 Available for sale securities $ 6,742 $ 6,742 $ — $ — Foreign currency exchange contracts 5,779 — 5,779 — There were no transfers of assets or liabilities between Level 1 and Level 2 during the three and six months ended June 30, 2018 or the year ended December 31, 2017 . The carrying values of our cash and cash equivalents, accounts receivable, accounts payable and accrued expenses approximate their fair values because of the short term nature of these instruments. At June 30, 2018 , the fair value of the outstanding indebtedness under our Revolving Facility, 3.2% Senior Notes, 3.37% Senior Notes, 4.5% Senior Notes, 4.2% Senior Notes and other borrowings, based on quoted market prices and current market rates for debt with similar credit risk and maturity, was approximately $865.1 million compared to the carrying value of $861.1 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	6 Months Ended
	Jun. 30, 2018
Restructuring and Related Activities [Abstract]
Restructuring	Restructuring During the three and six months ended June 30, 2018 , the Company recorded $2.0 million and $3.6 million , respectively, of restructuring costs as part of 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 and exit costs which were included in Restructuring expenses in the Condensed Consolidated Statements of Operations. 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 and lease exit and contract termination costs. Pre-tax restructuring expenses by segment for the three and six months ended June 30, 2018 were as follows: Three Months Ended June 30, 2018 Severance Costs Exit Costs Total Fluid & Metering Technologies $ 208 $ 135 $ 343 Health & Science Technologies 1,032 91 1,123 Fire & Safety/Diversified Products 267 — 267 Corporate/Other 255 — 255 Total restructuring costs $ 1,762 $ 226 $ 1,988 Six Months Ended June 30, 2018 Severance Costs Exit Costs Total Fluid & Metering Technologies $ 351 $ 135 $ 486 Health & Science Technologies 1,999 183 2,182 Fire & Safety/Diversified Products 367 — 367 Corporate/Other 595 — 595 Total restructuring costs $ 3,312 $ 318 $ 3,630 Restructuring accruals of $3.7 million and $4.2 million at June 30, 2018 and December 31, 2017 , respectively, are recorded in Accrued expenses on the Condensed Consolidated Balance Sheets. Severance benefits are expected to be paid within the next twelve months using cash from operations. The changes in the restructuring accrual for the six months ended June 30, 2018 are as follows: Restructuring Balance at January 1, 2018 $ 4,180 Restructuring expenses 3,630 Payments, utilization and other (4,108 ) Balance at June 30, 2018 $ 3,702

Other Comprehensive Income (Los

Other Comprehensive Income (Loss)	6 Months Ended
	Jun. 30, 2018
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 $ (62,645 ) $ — $ (62,645 ) $ 47,314 $ — $ 47,314 Pension and other postretirement adjustments 1,753 (457 ) 1,296 1,874 (594 ) 1,280 Reclassification adjustments for derivatives 1,627 (368 ) 1,259 1,646 (583 ) 1,063 Total other comprehensive income (loss) $ (59,265 ) $ (825 ) $ (60,090 ) $ 50,834 $ (1,177 ) $ 49,657 Six Months Ended Six Months Ended Pre-tax Tax Net of tax Pre-tax Tax Net of tax Cumulative translation adjustment $ (35,067 ) $ — $ (35,067 ) $ 68,364 $ — $ 68,364 Pension and other postretirement adjustments 3,671 (962 ) 2,709 3,550 (1,146 ) 2,404 Reclassification adjustments for derivatives 3,259 (739 ) 2,520 3,323 (1,218 ) 2,105 Total other comprehensive income (loss) $ (28,137 ) $ (1,701 ) $ (29,838 ) $ 75,237 $ (2,364 ) $ 72,873 The following table summarizes the amounts reclassified from accumulated other comprehensive income (loss) to net income during the three and six months ended June 30, 2018 and 2017 : Three Months Ended Six Months Ended 2018 2017 2018 2017 Pension and other postretirement plans: Amortization of service cost $ 1,753 $ 1,874 $ 3,671 $ 3,550 Total before tax 1,753 1,874 3,671 3,550 Provision for income taxes (457 ) (594 ) (962 ) (1,146 ) Total net of tax $ 1,296 $ 1,280 $ 2,709 $ 2,404 Derivatives: Reclassification adjustments $ 1,627 $ 1,646 $ 3,259 $ 3,323 Total before tax 1,627 1,646 3,259 3,323 Provision for income taxes (368 ) (583 ) (739 ) (1,218 ) Total net of tax $ 1,259 $ 1,063 $ 2,520 $ 2,105 The Company recognizes the service cost component in both Selling, general and administrative expenses and Cost of sales in the Condensed Consolidated Statements of Operations depending on the functional area of the underlying employees included in the plans.

Common and Preferred Stock

Common and Preferred Stock	6 Months Ended
	Jun. 30, 2018
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 under the program will be funded with future cash flow generation or borrowings available under the Revolving Facility. During the six months ended June 30, 2018 , the Company repurchased a total of 147 thousand shares at a cost of $20.5 million , of which $1.0 million was settled in July 2018 . During the six months ended June 30, 2017 , the Company repurchased a total of 106 thousand shares at a cost of $9.8 million . As of June 30, 2018 , the amount of share repurchase authorization remaining was $530.4 million . At June 30, 2018 and December 31, 2017 , 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 June 30, 2018 or December 31, 2017 .

Share-Based Compensation

Share-Based Compensation	6 Months Ended
	Jun. 30, 2018
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 Six Months Ended 2018 2017 2018 2017 Weighted average fair value of grants $37.22 $24.68 $38.09 $24.12 Dividend yield 1.24% 1.43% 1.07% 1.45% Volatility 28.01% 29.32% 28.49% 29.41% Risk-free interest rate 2.28% - 3.11% 1.06% - 2.90% 2.01% - 3.17% 0.83% - 3.04% Expected life (in years) 5.82 5.82 5.83 5.83 Total compensation cost for stock options is as follows: Three Months Ended Six Months Ended 2018 2017 2018 2017 Cost of goods sold $ 91 $ 88 $ 297 $ 274 Selling, general and administrative expenses 1,881 1,599 4,405 3,883 Total expense before income taxes 1,972 1,687 4,702 4,157 Income tax benefit (364 ) (547 ) (834 ) (1,294 ) Total expense after income taxes $ 1,608 $ 1,140 $ 3,868 $ 2,863 A summary of the Company’s stock option activity as of June 30, 2018 , and changes during the six months ended June 30, 2018 , are presented in the following table: Stock Options Shares Weighted Average Price Weighted-Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding at January 1, 2018 1,924,683 $ 71.07 6.87 $ 117,209,218 Granted 304,455 138.12 Exercised (206,445 ) 65.95 Forfeited (36,781 ) 97.22 Outstanding at June 30, 2018 1,985,912 $ 81.40 6.90 $ 109,881,924 Vested and expected to vest as of June 30, 2018 1,870,036 $ 79.74 6.79 $ 106,518,597 Exercisable at June 30, 2018 1,054,593 $ 63.58 5.48 $ 76,883,196 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 June 30, 2018 , and changes during the six months ended June 30, 2018 , are presented as follows: Restricted Stock Shares Weighted-Average Unvested at January 1, 2018 182,023 $ 83.37 Granted 39,850 138.04 Vested (52,650 ) 78.82 Forfeited (6,425 ) 91.23 Unvested at June 30, 2018 162,798 $ 97.91 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 Six Months Ended 2018 2017 2018 2017 Cost of goods sold $ 83 $ 67 $ 239 $ 219 Selling, general and administrative expenses 964 1,306 2,253 2,559 Total expense before income taxes 1,047 1,373 2,492 2,778 Income tax benefit (186 ) (486 ) (443 ) (925 ) Total expense after income taxes $ 861 $ 887 $ 2,049 $ 1,853 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 June 30, 2018 , and changes during the six months ended June 30, 2018 , are presented in the following table: Cash-Settled Restricted Stock Shares Weighted-Average Unvested at January 1, 2018 94,730 $ 131.97 Granted 28,715 137.96 Vested (25,940 ) 136.99 Forfeited (4,280 ) 136.48 Unvested at June 30, 2018 93,225 $ 136.48 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 Six Months Ended 2018 2017 2018 2017 Cost of goods sold $ 102 $ 388 $ 515 $ 636 Selling, general and administrative expenses 508 1,077 1,712 1,507 Total expense before income taxes 610 1,465 2,227 2,143 Income tax benefit (51 ) (240 ) (210 ) (382 ) Total expense after income taxes $ 559 $ 1,225 $ 2,017 $ 1,761 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. Six Months Ended 2018 2017 Weighted average fair value of grants $216.59 $115.74 Dividend yield —% —% Volatility 17.42% 17.36% Risk-free interest rate 2.40% 1.45% Expected life (in years) 2.85 2.85 A summary of the Company’s performance share unit activity as of June 30, 2018 , and changes during the six months ended June 30, 2018 , are presented in the following table: Performance Share Units Shares Weighted-Average Unvested at January 1, 2018 136,870 $ 113.81 Granted 52,375 216.59 Vested — — Forfeited (6,285 ) 140.79 Unvested at June 30, 2018 182,960 $ 142.40 On December 31, 2017 , 62,755 performance share units vested. Based on the Company’s relative total shareholder return rank during the three year period ended December 31, 2017 , the Company achieved a 239% payout factor and issued 143,897 shares in February 2018. Total compensation cost for performance share units is as follows: Three Months Ended Six Months Ended 2018 2017 2018 2017 Cost of goods sold $ — $ — $ — $ — Selling, general and administrative expenses 1,971 1,714 3,831 3,320 Total expense before income taxes 1,971 1,714 3,831 3,320 Income tax benefit (388 ) (586 ) (705 ) (1,093 ) Total expense after income taxes $ 1,583 $ 1,128 $ 3,126 $ 2,227 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 Condensed Consolidated Statements of Operations is consistent with classification of cash compensation for the same employees. As of June 30, 2018 , there was $17.2 million of total unrecognized compensation cost related to stock options that is expected to be recognized over a weighted-average period of 1.5 years, $6.9 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, $5.0 million of total unrecognized compensation cost related to cash-settled restricted shares that is expected to be recognized over a weighted-average period of 1.1 years, and $11.7 million of total unrecognized compensation cost related to performance share units that is expected to be recognized over a weighted-average period of 1.1 years.

Retirement Benefits

Retirement Benefits	6 Months Ended
	Jun. 30, 2018
Retirement Benefits [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. Pension Benefits Three Months Ended June 30, 2018 2017 U.S. Non-U.S. U.S. Non-U.S. Service cost $ 255 $ 527 $ 254 $ 494 Interest cost 653 351 661 317 Expected return on plan assets (983 ) (282 ) (944 ) (270 ) Net amortization 685 322 641 395 Net periodic benefit cost $ 610 $ 918 $ 612 $ 936 Pension Benefits Six Months Ended June 30, 2018 2017 U.S. Non-U.S. U.S. Non-U.S. Service cost $ 509 $ 1,072 $ 508 $ 976 Interest cost 1,306 712 1,321 625 Expected return on plan assets (1,966 ) (572 ) (1,888 ) (534 ) Net amortization 1,370 652 1,283 777 Net periodic benefit cost $ 1,219 $ 1,864 $ 1,224 $ 1,844 Other Postretirement Benefits Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Service cost $ 167 $ 152 $ 335 $ 304 Interest cost 203 204 406 408 Net amortization (184 ) (199 ) (368 ) (397 ) Net periodic benefit cost $ 186 $ 157 $ 373 $ 315 The Company previously disclosed in its financial statements for the year ended December 31, 2017 , that it expected to contribute approximately $5.5 million to its defined benefit plans and $0.1 million to its other postretirement benefit plans in 2018 . During the first six months of 2018, the Company contributed a total of $1.5 million to fund these plans and expects to contribute an additional $5.0 million to $20.0 million in the remaining six months of 2018.

Legal Proceedings

Legal Proceedings	6 Months Ended
	Jun. 30, 2018
Commitments and Contingencies Disclosure [Abstract]
Legal Proceedings	Legal Proceedings The Company and certain of its subsidiaries are involved in pending and threatened legal, regulatory and other proceedings arising in the ordinary course of business. These proceedings may pertain to matters such as product liability or contract disputes, and may also involve governmental inquiries, inspections, audits or investigations relating to issues such as tax matters, intellectual property, environmental, health and safety issues, governmental regulations, employment and other matters. Although the results of such legal proceedings cannot be predicted with certainty, the Company believes that the ultimate disposition of these matters will not have a material adverse effect, individually or in the aggregate, on the Company’s business, financial condition, results of operations or cash flows.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2018
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 was flat at $29.6 million in the second quarter of 2018 compared to the same period in 2017 . The effective tax rate decreased to 21.7% for the second quarter of 2018 compared to 26.1% during the same period in 2017 due to the enactment of the Tax Cuts and Jobs Act (the “Tax Act”), including the 14% decrease in the U.S. statutory income tax rate and the introduction of the Foreign Derived Intangible Income (“FDII”) deduction, as well as the excess tax benefits related to share-based compensation, offset by the removal of the domestic production activities deduction, the new Global Intangible Low-Taxed Income (“GILTI”) provision, increased limitation on the deductibility of executive compensation and the mix of global pre-tax income among jurisdictions. The provision for income taxes increased to $60.8 million in the six months ended June 30, 2018 from $58.1 million in the same period in 2017 . The effective tax rate decreased to 22.8% for the six months ended June 30, 2018 compared to 26.7% in the same period in 2017 due to the enactment of the Tax Act, including the 14% decrease in the U.S. statutory income tax rate and the introduction of the FDII deduction, as well as the excess tax benefits related to share-based compensation, offset by the removal of the domestic production activities deduction, the new GILTI provision, increased limitation on the deductibility of executive compensation and the mix of global pre-tax income among jurisdictions. Because the changes included in the Tax Act are broad and complex, on December 22, 2017, the SEC issued Staff Accounting Bulletin No. 118, Income Tax Accounting Implications of the Tax Cuts and Jobs Act (“SAB 118”), which provides guidance on accounting for the tax effects of the Tax Act. SAB 118 provides a measurement period that should not extend beyond one year from the Tax Act enactment date for companies to complete the accounting under ASC 740. In accordance with SAB 118, a company must reflect the income tax effects of those aspects of the Tax Act for which the accounting under ASC 740 is complete. To the extent that a company’s accounting for certain income tax effects of the Tax Act is incomplete but it is able to determine a reasonable estimate, it must record a provisional estimate to be included in the financial statements. If a company cannot determine a provisional estimate to be included in the financial statements, it should continue to apply ASC 740 on the basis of the provision of the tax laws that were in effect immediately before the enactment of the Tax Act. While the Company is able to make reasonable estimates of the impact of the reduction in the corporate rate and the deemed repatriation transition tax, the final impact of the Tax Act may differ from these estimates, due to, among other things, changes in the Company’s interpretations and assumptions, additional guidance that may be issued by either the Internal Revenue Service or the U.S. Department of Treasury and actions the Company may take. The Company is continuing to gather additional information to determine the final impact. While the Company was able to make reasonable estimates of certain impacts (and therefore, recorded provisional adjustments), the Company’s accounting for the following elements of the Tax Act, for the six months ended June 30, 2018 , is incomplete as follows: Reduction of U.S. federal corporate tax rate : The Tax Act reduces the corporate tax rate to 21%, effective January 1, 2018. The Company recorded a provisional decrease to its deferred tax liability of $40.6 million , with a corresponding adjustment to deferred income tax benefit of $40.6 million for the year ended December 31, 2017. While the Company is able to make a reasonable estimate of the impact of the reduction in the corporate rate, it may be affected by other analyses related to the Tax Act which are still ongoing, including, but not limited to, the state tax effect of adjustments made to federal temporary differences. For the three and six months ended June 30, 2018 , the Company has not made adjustments to the deferred tax liability and corresponding deferred income tax benefit recorded at December 31, 2017 . Deemed Repatriation Transition Tax : The Deemed Repatriation Transition Tax (“Transition Tax”) is a tax on previously untaxed accumulated and current earnings and profits of certain foreign subsidiaries. To determine the amount of the Transition Tax, the Company must determine, in addition to other factors, the amount of post-1986 earnings and profits of the relevant subsidiaries as well as the amount of non-U.S. income taxes paid on such earnings. The Company was able to make a reasonable estimate of the Transition Tax and recorded a provisional Transition Tax obligation of $30.3 million for the year ended December 31, 2017 . During the first quarter, the IRS released Revenue Procedure 2018-17 and Notice 2018-26, the effects of which increased the provisional Transition Tax by $0.1 million . No adjustments were made to the Transition Tax during the second quarter of 2018, therefore, as of June 30, 2018 , the Company had a provisional Transition Tax obligation of $30.4 million . The IRS guidance discussed above also had the impact of increasing the 2017 income tax liability determined without regard to the Transition Tax by $6.4 million , which was recorded in the first quarter of 2018. The Company is continuing to gather additional information to more precisely compute the amount of Transition Tax. Removal of permanent reinvestment representation on certain undistributed foreign earnings : As a result of the enactment of the Tax Act, the Company has decided to remove the Permanent Reinvestment Representation with respect to certain of its subsidiaries in Canada, Italy and Germany as of December 31, 2017 . Under the mandatory repatriation provisions of the Tax Act, post-1986 undistributed earnings were taxed in the U.S. as if they were distributed before December 31, 2017 . However, with the removal of the permanent reinvestment representation with respect to select subsidiaries in Canada, Italy and Germany, the non-creditable withholding taxes and any local country taxes associated with future dividends from these subsidiaries are required to be recorded as deferred tax liabilities as of the end of 2017 . The Company recorded a provisional increase in its deferred tax liability of $9.2 million , with a corresponding adjustment to deferred income tax expense of $9.2 million for the year ending December 31, 2017 . During the past quarter the deferred tax liability was reduced by $1.4 million to $7.8 million . The Company is considering removal of the permanent reinvestment representation with respect to its remaining subsidiaries, which it estimates would result in an additional $10.8 million increase to its deferred tax liability. Global intangible low taxed income : The Tax Act creates a new requirement that certain income (i.e.,GILTI) earned by controlled foreign corporations (“CFCs”) must be included currently in the gross income of the CFCs’ U.S. shareholder. GILTI is the excess of the U.S. shareholder’s “net CFC tested income” over the net deemed intangible income return, which is currently defined as the excess of (1) 10% of the aggregate of the U.S. shareholder’s pro rata share of the qualified business asset investment of each CFC with respect to which it is a U.S. shareholder over (2) the amount of certain interest expense taken into account in the determination of net CFC-tested income. In January 2018, FASB released guidance on accounting for the GILTI tax. The guidance indicates that either accounting for deferred taxes related to GILTI tax inclusions or treating the GILTI tax as a period cost are acceptable methods subject to an accounting policy election. Because of the complexity of the new GILTI tax rules, the Company is continuing to evaluate this provision of the Tax Act and the application of ASC 740. 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 $1.5 million .

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2018
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On July 23, 2018, the Company acquired Finger Lakes Instrumentation (“FLI”) for cash consideration of $20 million and an earn-out of up to $5 million contingent upon the achievement of financial objectives in the 24 -month period following the close. FLI, located in Lima, New York is a technology leader in the design, development and production of high speed/sensitivity CCD and CMOS cameras and related automation for the astronomy and life science markets. FLI has annual revenues of approximately $10 million and will operate in the Health & Science Technologies segment.

Basis of Presentation and Sig29

Basis of Presentation and Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2018
Accounting Policies [Abstract]
Recently Adopted and Issued Accounting Standards	Recently Adopted Accounting Standards In February 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2018-02, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income , which requires an entity to disclose its accounting policy related to releasing income tax effects from accumulated other comprehensive income (loss), whether it has elected to reclassify the stranded tax effects in accumulated other comprehensive income (loss) to retained earnings in the statement of shareholders’ equity and if it has elected to reclassify the stranded tax effects in accumulated other comprehensive income (loss) to retained earnings, what the reclassification encompasses. The Company early adopted this standard on a retrospective basis on January 1, 2018. The adoption resulted in an increase of $6.4 million to Retained earnings and a corresponding change of $6.4 million to Accumulated other comprehensive income (loss) at January 1, 2018. 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 a 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 the FASB guidance for revenue recognition. The Company adopted this standard on January 1, 2018. The adoption of this standard did not have a material impact on our condensed consolidated financial statements. In October 2016, the FASB issued ASU 2016-16, Intra-Entity Transfers of Assets Other Than Inventory , which amends Accounting Standards Codification (“ASC”) 740, Income Taxes . This ASU requires that the income tax consequences of an intra-entity asset transfer other than inventory are recognized at the time of the transfer. An entity will continue to recognize the income tax consequences of an intercompany transfer of inventory when the inventory is sold to a third party. The Company adopted this standard on a modified retrospective basis on January 1, 2018. The adoption resulted in a decrease of $7.3 million to Other current assets, a decrease of $6.7 million to Deferred income taxes and a decrease of $0.6 million to Retained earnings at January 1, 2018. In August 2016, the FASB issued ASU 2016-15, Classification of Certain Cash Receipts and Cash Payments (a consensus of the FASB Emerging Issues Task Force). This ASU addresses the following eight specific cash flow issues: debt prepayment or debt extinguishment costs; settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing; contingent consideration payments made after a business combination; proceeds from the settlement of insurance claims; proceeds from the settlement of corporate-owned life insurance policies (including bank-owned life insurance policies); distributions received from equity method investees; beneficial interests in securitization transactions; and separately identifiable cash flows and application of the predominance principle. The Company adopted this standard on January 1, 2018. The adoption of this standard did not have a material impact on our condensed consolidated financial statements. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers, which replaces numerous requirements in U.S. GAAP, including industry-specific requirements, and provides 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. 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 performing extensive contract reviews to identify potential differences that may result from applying the requirements of the new standard. The contract reviews generally supported the recognition of revenue at a point in time, which is consistent with the current revenue recognition model used by most of our business units. As a result, revenue recognition remains unchanged under the new standard. For our business units that currently recognize revenue under a percentage of completion model, revenue recognition also remains unchanged as the contract reviews supported the recognition of revenue over time. The Company has implemented the appropriate changes to its processes, systems and controls to comply with the new guidance. The Company adopted this standard on January 1, 2018 using the modified retrospective approach applied to contracts that were not completed as of January1, 2018. The adoption of this standard did not have an impact on our condensed consolidated financial statements, except to provide additional disclosures. The Company elected the following practical expedients: significant financing component, sales tax presentation, contract costs, shipping and handling activities and disclosures. See Note 4 for further details on revenue. Recently Issued Accounting Standards 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. Upon adoption, lessees and lessors are required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. The Company has selected its lease software solution and is in the process of identifying changes to its business processes, systems and controls to support adoption of the new standard in 2019. The Company is currently evaluating the impact of adopting the new standard on its condensed consolidated financial statements. While the Company is unable to quantify the impact at this time, it expects the adoption of the new standard to result in a significant right of use asset and lease liability while expense recognition will be similar to the previously required straight-line expense treatment as the majority of its leases will remain operating in nature.

Business Segments (Tables)

Business Segments (Tables)	6 Months Ended
	Jun. 30, 2018
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 sales, operating income and operating margin are the primary financial measures. Intersegment sales are accounted for at fair value as if the sales were to third parties. Three Months Ended Six Months Ended 2018 2017 2018 2017 Net sales Fluid & Metering Technologies External customers $ 242,755 $ 221,123 $ 475,016 $ 437,778 Intersegment sales 45 59 117 174 Total segment sales 242,800 221,182 475,133 437,952 Health & Science Technologies External customers 227,367 204,297 448,334 403,872 Intersegment sales 36 112 144 216 Total segment sales 227,403 204,409 448,478 404,088 Fire & Safety/Diversified Products External customers 164,238 147,946 323,334 285,268 Intersegment sales 62 37 139 162 Total segment sales 164,300 147,983 323,473 285,430 Intersegment elimination (143 ) (208 ) (400 ) (552 ) Total net sales $ 634,360 $ 573,366 $ 1,246,684 $ 1,126,918 Operating income Fluid & Metering Technologies $ 71,228 $ 60,029 $ 137,394 $ 117,842 Health & Science Technologies 52,569 46,294 104,375 88,532 Fire & Safety/Diversified Products 45,882 37,197 85,436 69,823 Corporate office (21,848 ) (18,387 ) (42,691 ) (35,393 ) Total operating income 147,831 125,133 284,514 240,804 Interest expense 11,140 11,304 22,140 22,856 Other (income) expense - net (50 ) 372 (4,499 ) 64 Income before income taxes $ 136,741 $ 113,457 $ 266,873 $ 217,884 June 30, December 31, Assets Fluid & Metering Technologies $ 1,125,901 $ 1,101,580 Health & Science Technologies 1,311,052 1,323,373 Fire & Safety/Diversified Products 765,217 744,515 Corporate office 281,288 230,160 Total assets $ 3,483,458 $ 3,399,628

Revenue (Tables)

Revenue (Tables)	6 Months Ended
	Jun. 30, 2018
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	Revenue by reporting unit for the three and six months ended June 30, 2018 was as follows: Three Months Ended Six Months Ended Energy $ 40,779 $ 79,538 Valves 28,830 54,859 Water 65,171 124,011 Pumps 82,735 163,401 Agriculture 25,285 53,324 Intersegment elimination (45 ) (117 ) Fluid & Metering Technologies 242,755 475,016 Scientific Fluidics & Optics 104,106 203,613 Sealing Solutions 51,634 105,336 Gast 30,903 59,415 Micropump 9,800 19,098 Material Processing Technologies 30,960 61,016 Intersegment elimination (36 ) (144 ) Health & Science Technologies 227,367 448,334 Fire & Safety 99,940 196,152 Band-It 26,981 54,455 Dispensing 37,379 72,866 Intersegment elimination (62 ) (139 ) Fire & Safety/Diversified Products 164,238 323,334 Total net sales $ 634,360 $ 1,246,684
Schedule of External Net Sales Disaggregated by Geography	Revenue by geographical region for the three and six months ended June 30, 2018 was as follows: Three Months Ended June 30, 2018 FMT HST FSDP IDEX U.S. $ 139,347 $ 97,544 $ 75,747 $ 312,638 Europe 40,097 74,023 43,702 157,822 Asia 34,899 48,240 30,065 113,204 Rest of world (1) 28,457 7,596 14,786 50,839 Intersegment elimination (45 ) (36 ) (62 ) (143 ) Total net sales $ 242,755 $ 227,367 $ 164,238 $ 634,360 Six Months Ended June 30, 2018 FMT HST FSDP IDEX U.S. $ 272,500 $ 191,352 $ 148,244 $ 612,096 Europe 83,696 147,802 90,821 322,319 Asia 61,297 92,788 54,298 208,383 Rest of world (1) 57,640 16,536 30,110 104,286 Intersegment elimination (117 ) (144 ) (139 ) (400 ) Total net sales $ 475,016 $ 448,334 $ 323,334 $ 1,246,684 (1) Rest of world includes: North America (excluding U.S.), South America, Middle East, Australia and Africa.
Schedule of Contract with Customer, Asset and Liability	The composition of Customer receivables was as follows: June 30, January 1, Billed receivables $ 317,482 $ 285,800 Unbilled receivables 14,386 11,996 Total customer receivables $ 331,868 $ 297,796
Schedule of New Accounting Pronouncements and Changes in Accounting Principles	The composition of Deferred revenue was as follows: June 30, January 1, Deferred revenue - current $ 10,899 $ 11,031 Deferred revenue - noncurrent 3,269 3,297 Total deferred revenue $ 14,168 $ 14,328

Earnings Per Common Share (Tabl

Earnings Per Common Share (Tables)	6 Months Ended
	Jun. 30, 2018
Earnings Per Share [Abstract]
Schedule of Basic Weighted Average Shares Reconciles to Diluted Weighted Average Shares	Basic weighted average shares outstanding reconciles to diluted weighted average shares outstanding as follows: Three Months Ended Six Months Ended 2018 2017 2018 2017 Basic weighted average common shares outstanding 76,539 76,220 76,479 76,167 Dilutive effect of stock options, restricted stock and performance share units 1,165 1,100 1,243 940 Diluted weighted average common shares outstanding 77,704 77,320 77,722 77,107

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jun. 30, 2018
Inventory Disclosure [Abstract]
Components of Inventories	The components of inventories as of June 30, 2018 and December 31, 2017 were: June 30, December 31, Raw materials and component parts $ 178,476 $ 169,676 Work in process 40,836 33,668 Finished goods 64,542 56,380 Total inventories $ 283,854 $ 259,724

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Changes in Carrying Amount of Goodwill	The changes in the carrying amount of goodwill for the six months ended June 30, 2018 , by reportable business segment, were as follows: FMT HST FSDP IDEX Balance at December 31, 2017 $ 586,064 $ 740,032 $ 378,062 $ 1,704,158 Foreign currency translation (3,677 ) (6,509 ) (4,553 ) (14,739 ) Acquisition adjustments — 1,152 — 1,152 Balance at June 30, 2018 $ 582,387 $ 734,675 $ 373,509 $ 1,690,571
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 asset at June 30, 2018 and December 31, 2017 : At June 30, 2018 At December 31, 2017 Gross Carrying Amount Accumulated Amortization Net Weighted Average Life Gross Carrying Amount Accumulated Amortization Net Amortized intangible assets: Patents $ 9,676 $ (7,582 ) $ 2,094 11 $ 9,633 $ (7,143 ) $ 2,490 Trade names 115,991 (54,206 ) 61,785 16 117,206 (50,604 ) 66,602 Customer relationships 252,861 (76,002 ) 176,859 14 317,316 (124,566 ) 192,750 Unpatented technology 92,808 (31,585 ) 61,223 12 91,166 (29,428 ) 61,738 Other 700 (473 ) 227 10 839 (573 ) 266 Total amortized intangible assets 472,036 (169,848 ) 302,188 536,160 (212,314 ) 323,846 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 $ 562,936 $ (169,848 ) $ 393,088 $ 627,060 $ (212,314 ) $ 414,746

Accrued Expenses (Tables)

Accrued Expenses (Tables)	6 Months Ended
	Jun. 30, 2018
Payables and Accruals [Abstract]
Components of Accrued Expenses	The components of accrued expenses as of June 30, 2018 and December 31, 2017 were: June 30, December 31, Payroll and related items $ 67,741 $ 75,869 Management incentive compensation 12,764 24,320 Income taxes payable 26,780 28,033 Insurance 9,675 9,424 Warranty 5,887 6,281 Deferred revenue 10,899 11,031 Restructuring 3,702 4,180 Liability for uncertain tax positions 1,484 1,745 Accrued interest 1,754 1,759 Other 22,276 22,063 Total accrued expenses $ 162,962 $ 184,705

Other Noncurrent Liabilities (T

Other Noncurrent Liabilities (Tables)	6 Months Ended
	Jun. 30, 2018
Other Liabilities Disclosure [Abstract]
Schedule of Other Noncurrent Liabilities	The components of other noncurrent liabilities as of June 30, 2018 and December 31, 2017 were: June 30, December 31, Pension and retiree medical obligations $ 96,087 $ 99,646 Transition tax payable 25,510 27,877 Liability for uncertain tax positions 1,047 1,047 Deferred revenue 3,269 3,297 Liability for construction of new leased facility 11,971 — Other 22,958 23,818 Total other noncurrent liabilities $ 160,842 $ 155,685

Borrowings (Tables)

Borrowings (Tables)	6 Months Ended
	Jun. 30, 2018
Debt Disclosure [Abstract]
Schedule of Borrowings	Borrowings at June 30, 2018 and December 31, 2017 consisted of the following: June 30, December 31, Revolving Facility $ 10,409 $ 10,740 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 1,449 1,446 Total borrowings 861,858 862,186 Less current portion 496 258 Less deferred debt issuance costs 1,898 2,204 Less unaccreted debt discount 803 936 Total long-term borrowings $ 858,661 $ 858,788

Derivative Instruments (Tables)

Derivative Instruments (Tables)	6 Months Ended
	Jun. 30, 2018
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 June 30, 2018 and December 31, 2017 : Fair Value Assets June 30, 2018 December 31, 2017 Balance Sheet Caption Foreign currency exchange contracts $ — $ 5,779 Other current assets

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2018
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 June 30, 2018 and December 31, 2017 : Basis of Fair Value Measurements Balance at Level 1 Level 2 Level 3 Available for sale securities $ 7,626 $ 7,626 $ — $ — Foreign currency exchange contracts — — — — Basis of Fair Value Measurements Balance at Level 1 Level 2 Level 3 Available for sale securities $ 6,742 $ 6,742 $ — $ — Foreign currency exchange contracts 5,779 — 5,779 —

Restructuring (Tables)

Restructuring (Tables)	6 Months Ended
	Jun. 30, 2018
Restructuring and Related Activities [Abstract]
Schedule of Restructuring Costs	Pre-tax restructuring expenses by segment for the three and six months ended June 30, 2018 were as follows: Three Months Ended June 30, 2018 Severance Costs Exit Costs Total Fluid & Metering Technologies $ 208 $ 135 $ 343 Health & Science Technologies 1,032 91 1,123 Fire & Safety/Diversified Products 267 — 267 Corporate/Other 255 — 255 Total restructuring costs $ 1,762 $ 226 $ 1,988 Six Months Ended June 30, 2018 Severance Costs Exit Costs Total Fluid & Metering Technologies $ 351 $ 135 $ 486 Health & Science Technologies 1,999 183 2,182 Fire & Safety/Diversified Products 367 — 367 Corporate/Other 595 — 595 Total restructuring costs $ 3,312 $ 318 $ 3,630
Schedule of Restructuring Reserve	The changes in the restructuring accrual for the six months ended June 30, 2018 are as follows: Restructuring Balance at January 1, 2018 $ 4,180 Restructuring expenses 3,630 Payments, utilization and other (4,108 ) Balance at June 30, 2018 $ 3,702

Other Comprehensive Income (L41

Other Comprehensive Income (Loss) (Tables)	6 Months Ended
	Jun. 30, 2018
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 $ (62,645 ) $ — $ (62,645 ) $ 47,314 $ — $ 47,314 Pension and other postretirement adjustments 1,753 (457 ) 1,296 1,874 (594 ) 1,280 Reclassification adjustments for derivatives 1,627 (368 ) 1,259 1,646 (583 ) 1,063 Total other comprehensive income (loss) $ (59,265 ) $ (825 ) $ (60,090 ) $ 50,834 $ (1,177 ) $ 49,657 Six Months Ended Six Months Ended Pre-tax Tax Net of tax Pre-tax Tax Net of tax Cumulative translation adjustment $ (35,067 ) $ — $ (35,067 ) $ 68,364 $ — $ 68,364 Pension and other postretirement adjustments 3,671 (962 ) 2,709 3,550 (1,146 ) 2,404 Reclassification adjustments for derivatives 3,259 (739 ) 2,520 3,323 (1,218 ) 2,105 Total other comprehensive income (loss) $ (28,137 ) $ (1,701 ) $ (29,838 ) $ 75,237 $ (2,364 ) $ 72,873
Reclassification out of Accumulated Other Comprehensive Income	The following table summarizes the amounts reclassified from accumulated other comprehensive income (loss) to net income during the three and six months ended June 30, 2018 and 2017 : Three Months Ended Six Months Ended 2018 2017 2018 2017 Pension and other postretirement plans: Amortization of service cost $ 1,753 $ 1,874 $ 3,671 $ 3,550 Total before tax 1,753 1,874 3,671 3,550 Provision for income taxes (457 ) (594 ) (962 ) (1,146 ) Total net of tax $ 1,296 $ 1,280 $ 2,709 $ 2,404 Derivatives: Reclassification adjustments $ 1,627 $ 1,646 $ 3,259 $ 3,323 Total before tax 1,627 1,646 3,259 3,323 Provision for income taxes (368 ) (583 ) (739 ) (1,218 ) Total net of tax $ 1,259 $ 1,063 $ 2,520 $ 2,105

Share-Based Compensation (Table

Share-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2018
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 Six Months Ended 2018 2017 2018 2017 Weighted average fair value of grants $37.22 $24.68 $38.09 $24.12 Dividend yield 1.24% 1.43% 1.07% 1.45% Volatility 28.01% 29.32% 28.49% 29.41% Risk-free interest rate 2.28% - 3.11% 1.06% - 2.90% 2.01% - 3.17% 0.83% - 3.04% Expected life (in years) 5.82 5.82 5.83 5.83
Schedule of Compensation Cost for Stock Options	Total compensation cost for stock options is as follows: Three Months Ended Six Months Ended 2018 2017 2018 2017 Cost of goods sold $ 91 $ 88 $ 297 $ 274 Selling, general and administrative expenses 1,881 1,599 4,405 3,883 Total expense before income taxes 1,972 1,687 4,702 4,157 Income tax benefit (364 ) (547 ) (834 ) (1,294 ) Total expense after income taxes $ 1,608 $ 1,140 $ 3,868 $ 2,863
Schedule of Stock Option Activity	A summary of the Company’s stock option activity as of June 30, 2018 , and changes during the six months ended June 30, 2018 , are presented in the following table: Stock Options Shares Weighted Average Price Weighted-Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding at January 1, 2018 1,924,683 $ 71.07 6.87 $ 117,209,218 Granted 304,455 138.12 Exercised (206,445 ) 65.95 Forfeited (36,781 ) 97.22 Outstanding at June 30, 2018 1,985,912 $ 81.40 6.90 $ 109,881,924 Vested and expected to vest as of June 30, 2018 1,870,036 $ 79.74 6.79 $ 106,518,597 Exercisable at June 30, 2018 1,054,593 $ 63.58 5.48 $ 76,883,196
Schedule of Restricted Stock Activity	A summary of the Company’s restricted stock activity as of June 30, 2018 , and changes during the six months ended June 30, 2018 , are presented as follows: Restricted Stock Shares Weighted-Average Unvested at January 1, 2018 182,023 $ 83.37 Granted 39,850 138.04 Vested (52,650 ) 78.82 Forfeited (6,425 ) 91.23 Unvested at June 30, 2018 162,798 $ 97.91
Schedule of Compensation Cost for Restricted Stock	Total compensation cost for restricted shares is as follows: Three Months Ended Six Months Ended 2018 2017 2018 2017 Cost of goods sold $ 83 $ 67 $ 239 $ 219 Selling, general and administrative expenses 964 1,306 2,253 2,559 Total expense before income taxes 1,047 1,373 2,492 2,778 Income tax benefit (186 ) (486 ) (443 ) (925 ) Total expense after income taxes $ 861 $ 887 $ 2,049 $ 1,853
Schedule of Unvested Cash-settled Restricted Stock Activity	A summary of the Company’s unvested cash-settled restricted stock activity as of June 30, 2018 , and changes during the six months ended June 30, 2018 , are presented in the following table: Cash-Settled Restricted Stock Shares Weighted-Average Unvested at January 1, 2018 94,730 $ 131.97 Granted 28,715 137.96 Vested (25,940 ) 136.99 Forfeited (4,280 ) 136.48 Unvested at June 30, 2018 93,225 $ 136.48
Schedule of Compensation Cost for Unvested Cash-settled Restricted Stock	Total compensation cost for cash-settled restricted stock is as follows: Three Months Ended Six Months Ended 2018 2017 2018 2017 Cost of goods sold $ 102 $ 388 $ 515 $ 636 Selling, general and administrative expenses 508 1,077 1,712 1,507 Total expense before income taxes 610 1,465 2,227 2,143 Income tax benefit (51 ) (240 ) (210 ) (382 ) Total expense after income taxes $ 559 $ 1,225 $ 2,017 $ 1,761
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. Six Months Ended 2018 2017 Weighted average fair value of grants $216.59 $115.74 Dividend yield —% —% Volatility 17.42% 17.36% Risk-free interest rate 2.40% 1.45% Expected life (in years) 2.85 2.85
Schedule of Performance Shares Units Activity	A summary of the Company’s performance share unit activity as of June 30, 2018 , and changes during the six months ended June 30, 2018 , are presented in the following table: Performance Share Units Shares Weighted-Average Unvested at January 1, 2018 136,870 $ 113.81 Granted 52,375 216.59 Vested — — Forfeited (6,285 ) 140.79 Unvested at June 30, 2018 182,960 $ 142.40
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 Six Months Ended 2018 2017 2018 2017 Cost of goods sold $ — $ — $ — $ — Selling, general and administrative expenses 1,971 1,714 3,831 3,320 Total expense before income taxes 1,971 1,714 3,831 3,320 Income tax benefit (388 ) (586 ) (705 ) (1,093 ) Total expense after income taxes $ 1,583 $ 1,128 $ 3,126 $ 2,227

Retirement Benefits (Tables)

Retirement Benefits (Tables)	6 Months Ended
	Jun. 30, 2018
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
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. Pension Benefits Three Months Ended June 30, 2018 2017 U.S. Non-U.S. U.S. Non-U.S. Service cost $ 255 $ 527 $ 254 $ 494 Interest cost 653 351 661 317 Expected return on plan assets (983 ) (282 ) (944 ) (270 ) Net amortization 685 322 641 395 Net periodic benefit cost $ 610 $ 918 $ 612 $ 936 Pension Benefits Six Months Ended June 30, 2018 2017 U.S. Non-U.S. U.S. Non-U.S. Service cost $ 509 $ 1,072 $ 508 $ 976 Interest cost 1,306 712 1,321 625 Expected return on plan assets (1,966 ) (572 ) (1,888 ) (534 ) Net amortization 1,370 652 1,283 777 Net periodic benefit cost $ 1,219 $ 1,864 $ 1,224 $ 1,844
Other Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Components of Net Periodic Benefit Cost for Defined Benefit Plans and Other Postretirement Plans	Other Postretirement Benefits Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Service cost $ 167 $ 152 $ 335 $ 304 Interest cost 203 204 406 408 Net amortization (184 ) (199 ) (368 ) (397 ) Net periodic benefit cost $ 186 $ 157 $ 373 $ 315

Basis of Presentation and Sig44

Basis of Presentation and Significant Accounting Policies (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Jan. 01, 2018	Dec. 31, 2017
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Affect on other current assets as a result of adoption of new accounting guidance	$ 41,448		$ 74,203
Affect on deferred income taxes as a result of adoption of new accounting guidance	(127,774)		(137,638)
Affect on retained earnings as a result of adoption of new accounting guidance	$ 2,203,473		2,057,915
Accounting Standards Update 2018-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Results of adoption of new accounting guidance			0
Accounting Standards Update 2018-02 | Retained Earnings
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Results of adoption of new accounting guidance			6,435
Accounting Standards Update 2016-16
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Results of adoption of new accounting guidance			(645)
Affect on other current assets as a result of adoption of new accounting guidance		$ (7,300)
Affect on deferred income taxes as a result of adoption of new accounting guidance		6,700
Affect on retained earnings as a result of adoption of new accounting guidance		$ (600)
Accounting Standards Update 2016-16 | Retained Earnings
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Results of adoption of new accounting guidance			(645)
Adjustments for New Accounting Pronouncement | Accounting Standards Update 2018-02 | Retained Earnings
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Results of adoption of new accounting guidance			(6,400)
Adjustments for New Accounting Pronouncement | Accounting Standards Update 2018-02 | AOCI
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Results of adoption of new accounting guidance			$ 6,400

Acquisitions and Divestitures -

Acquisitions and Divestitures - Acquisitions (Details) - USD ($) $ in Thousands	Dec. 08, 2017	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Business Acquisition [Line Items]
Goodwill		$ 1,690,571		$ 1,690,571		$ 1,704,158
thinXXS Microtechnology AG (thinXXS)
Business Acquisition [Line Items]
Aggregate purchase price, cash paid	$ 38,200
Long-term debt	1,200
Goodwill	25,100
Intangible assets	$ 10,600
Selling, general and administrative expenses
Business Acquisition [Line Items]
Acquisition-related transaction costs		$ 800	$ 100	$ 1,500	$ 200

Acquisitions and Divestitures46

Acquisitions and Divestitures - Divestitures (Details) - USD ($)	Oct. 31, 2017	Jun. 30, 2018	Dec. 31, 2017	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income tax expense		$ 29,615,000		$ 29,613,000	$ 60,789,000	$ 58,141,000
Faure Herman 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	$ 21,800,000
Gain on sale of businesses - net			$ 9,300,000
Income tax expense			$ 0

Business Segments - Narrative (

Business Segments - Narrative (Details)	6 Months Ended
	Jun. 30, 2018segment
Segment Reporting [Abstract]
Number of reportable business segments	3

Business Segments - Schedule of

Business Segments - Schedule of Information on Company's Business Segments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Segment Reporting Information [Line Items]
Net sales	$ 634,360	$ 573,366	$ 1,246,684	$ 1,126,918
Operating income	147,831	125,133	284,514	240,804
Interest expense	11,140	11,304	22,140	22,856
Other (income) expense - net	(50)	372	(4,499)	64
Income before income taxes	136,741	113,457	266,873	217,884
Total assets	3,483,458		3,483,458		$ 3,399,628
Intersegment elimination
Segment Reporting Information [Line Items]
Net sales	(143)	(208)	(400)	(552)
Corporate office
Segment Reporting Information [Line Items]
Operating income	(21,848)	(18,387)	(42,691)	(35,393)
Total assets	281,288		281,288		230,160
Fluid & Metering Technologies
Segment Reporting Information [Line Items]
Net sales	242,755	221,123	475,016	437,778
Operating income	71,228	60,029	137,394	117,842
Fluid & Metering Technologies | Intersegment elimination
Segment Reporting Information [Line Items]
Net sales	45	59	117	174
Fluid & Metering Technologies | Operating Segments
Segment Reporting Information [Line Items]
Net sales	242,800	221,182	475,133	437,952
Total assets	1,125,901		1,125,901		1,101,580
Health & Science Technologies
Segment Reporting Information [Line Items]
Net sales	227,367	204,297	448,334	403,872
Operating income	52,569	46,294	104,375	88,532
Health & Science Technologies | Intersegment elimination
Segment Reporting Information [Line Items]
Net sales	36	112	144	216
Health & Science Technologies | Operating Segments
Segment Reporting Information [Line Items]
Net sales	227,403	204,409	448,478	404,088
Total assets	1,311,052		1,311,052		1,323,373
Fire & Safety/Diversified Products
Segment Reporting Information [Line Items]
Net sales	164,238	147,946	323,334	285,268
Operating income	45,882	37,197	85,436	69,823
Fire & Safety/Diversified Products | Intersegment elimination
Segment Reporting Information [Line Items]
Net sales	62	37	139	162
Fire & Safety/Diversified Products | Operating Segments
Segment Reporting Information [Line Items]
Net sales	164,300	$ 147,983	323,473	$ 285,430
Total assets	$ 765,217		$ 765,217		$ 744,515

Revenue Revenue - Revenue by Re

Revenue Revenue - Revenue by Reporting Unit (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2018
Disaggregation of Revenue [Line Items]
Total net sales	$ 634,360	$ 1,246,684
Intersegment elimination
Disaggregation of Revenue [Line Items]
Total net sales	(143)	(400)
Fluid & Metering Technologies
Disaggregation of Revenue [Line Items]
Total net sales	242,755	475,016
Fluid & Metering Technologies | Operating Segments
Disaggregation of Revenue [Line Items]
Total net sales	242,755	475,016
Fluid & Metering Technologies | Intersegment elimination
Disaggregation of Revenue [Line Items]
Total net sales	(45)	(117)
Fluid & Metering Technologies | Energy | Operating Segments
Disaggregation of Revenue [Line Items]
Total net sales	40,779	79,538
Fluid & Metering Technologies | Valves | Operating Segments
Disaggregation of Revenue [Line Items]
Total net sales	28,830	54,859
Fluid & Metering Technologies | Water | Operating Segments
Disaggregation of Revenue [Line Items]
Total net sales	65,171	124,011
Fluid & Metering Technologies | Pumps | Operating Segments
Disaggregation of Revenue [Line Items]
Total net sales	82,735	163,401
Fluid & Metering Technologies | Agriculture | Operating Segments
Disaggregation of Revenue [Line Items]
Total net sales	25,285	53,324
Health & Science Technologies
Disaggregation of Revenue [Line Items]
Total net sales	227,367	448,334
Health & Science Technologies | Operating Segments
Disaggregation of Revenue [Line Items]
Total net sales	227,367	448,334
Health & Science Technologies | Intersegment elimination
Disaggregation of Revenue [Line Items]
Total net sales	(36)	(144)
Health & Science Technologies | Scientific Fluidics & Optics | Operating Segments
Disaggregation of Revenue [Line Items]
Total net sales	104,106	203,613
Health & Science Technologies | Sealing Solutions | Operating Segments
Disaggregation of Revenue [Line Items]
Total net sales	51,634	105,336
Health & Science Technologies | Gast | Operating Segments
Disaggregation of Revenue [Line Items]
Total net sales	30,903	59,415
Health & Science Technologies | Micropump | Operating Segments
Disaggregation of Revenue [Line Items]
Total net sales	9,800	19,098
Health & Science Technologies | Material Processing Technologies | Operating Segments
Disaggregation of Revenue [Line Items]
Total net sales	30,960	61,016
Fire & Safety/Diversified Products
Disaggregation of Revenue [Line Items]
Total net sales	164,238	323,334
Fire & Safety/Diversified Products | Operating Segments
Disaggregation of Revenue [Line Items]
Total net sales	164,238	323,334
Fire & Safety/Diversified Products | Intersegment elimination
Disaggregation of Revenue [Line Items]
Total net sales	(62)	(139)
Fire & Safety/Diversified Products | Fire & Safety | Operating Segments
Disaggregation of Revenue [Line Items]
Total net sales	99,940	196,152
Fire & Safety/Diversified Products | Band-It | Operating Segments
Disaggregation of Revenue [Line Items]
Total net sales	26,981	54,455
Fire & Safety/Diversified Products | Dispensing | Operating Segments
Disaggregation of Revenue [Line Items]
Total net sales	$ 37,379	$ 72,866

Revenue - Revenue by Geography

Revenue - Revenue by Geography (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2018
Disaggregation of Revenue [Line Items]
Total net sales	$ 634,360	$ 1,246,684
Intersegment elimination
Disaggregation of Revenue [Line Items]
Total net sales	(143)	(400)
U.S. | Operating Segments
Disaggregation of Revenue [Line Items]
Total net sales	312,638	612,096
Europe | Operating Segments
Disaggregation of Revenue [Line Items]
Total net sales	157,822	322,319
Asia | Operating Segments
Disaggregation of Revenue [Line Items]
Total net sales	113,204	208,383
Rest of world | Operating Segments
Disaggregation of Revenue [Line Items]
Total net sales	50,839	104,286
FMT
Disaggregation of Revenue [Line Items]
Total net sales	242,755	475,016
FMT | Operating Segments
Disaggregation of Revenue [Line Items]
Total net sales	242,755	475,016
FMT | Intersegment elimination
Disaggregation of Revenue [Line Items]
Total net sales	(45)	(117)
FMT | U.S. | Operating Segments
Disaggregation of Revenue [Line Items]
Total net sales	139,347	272,500
FMT | Europe | Operating Segments
Disaggregation of Revenue [Line Items]
Total net sales	40,097	83,696
FMT | Asia | Operating Segments
Disaggregation of Revenue [Line Items]
Total net sales	34,899	61,297
FMT | Rest of world | Operating Segments
Disaggregation of Revenue [Line Items]
Total net sales	28,457	57,640
HST
Disaggregation of Revenue [Line Items]
Total net sales	227,367	448,334
HST | Operating Segments
Disaggregation of Revenue [Line Items]
Total net sales	227,367	448,334
HST | Intersegment elimination
Disaggregation of Revenue [Line Items]
Total net sales	(36)	(144)
HST | U.S. | Operating Segments
Disaggregation of Revenue [Line Items]
Total net sales	97,544	191,352
HST | Europe | Operating Segments
Disaggregation of Revenue [Line Items]
Total net sales	74,023	147,802
HST | Asia | Operating Segments
Disaggregation of Revenue [Line Items]
Total net sales	48,240	92,788
HST | Rest of world | Operating Segments
Disaggregation of Revenue [Line Items]
Total net sales	7,596	16,536
ESDP
Disaggregation of Revenue [Line Items]
Total net sales	164,238	323,334
ESDP | Operating Segments
Disaggregation of Revenue [Line Items]
Total net sales	164,238	323,334
ESDP | Intersegment elimination
Disaggregation of Revenue [Line Items]
Total net sales	(62)	(139)
ESDP | U.S. | Operating Segments
Disaggregation of Revenue [Line Items]
Total net sales	75,747	148,244
ESDP | Europe | Operating Segments
Disaggregation of Revenue [Line Items]
Total net sales	43,702	90,821
ESDP | Asia | Operating Segments
Disaggregation of Revenue [Line Items]
Total net sales	30,065	54,298
ESDP | Rest of world | Operating Segments
Disaggregation of Revenue [Line Items]
Total net sales	$ 14,786	$ 30,110

Revenue - Receivables (Details)

Revenue - Receivables (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Jan. 01, 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total customer receivables	$ 331,868	$ 297,796
Unbilled receivables	14,386	11,996
Billed receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total customer receivables	$ 317,482	$ 285,800

Revenue - Deferred Revenue (Det

Revenue - Deferred Revenue (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Jan. 01, 2018	Dec. 31, 2017
Revenue from Contract with Customer [Abstract]
Deferred revenue - current	$ 10,899	$ 11,031	$ 11,031
Deferred revenue - noncurrent	3,269	3,297	$ 3,297
Total deferred revenue	$ 14,168	$ 14,328

Revenue - Additional Informatio

Revenue - Additional Information (Details) - Revenue from Contract with Customer - Product Concentration Risk	3 Months Ended	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2018
Transferred at Point in Time
Disaggregation of Revenue [Line Items]
Revenue from products and services transferred to customers	95.00%	95.00%
Transferred over Time
Disaggregation of Revenue [Line Items]
Revenue from products and services transferred to customers	5.00%	5.00%

Earnings Per Common Share - Sch

Earnings Per Common Share - Schedule of Basic Weighted Average Shares Reconciles to Diluted Weighted Average Shares Outstanding (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Earnings Per Share [Abstract]
Basic weighted average common shares outstanding (in shares)	76,539	76,220	76,479	76,167
Dilutive effect of stock options, restricted stock and performance share units (in shares)	1,165	1,100	1,243	940
Diluted weighted average common shares outstanding (in shares)	77,704	77,320	77,722	77,107

Earnings Per Common Share - Nar

Earnings Per Common Share - Narrative (Details) - shares shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Earnings Per Share [Abstract]
Option to purchase common stock shares not included in the computation of diluted EPS (in shares)	0.3	0.4	0.3	0.5

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Inventory Disclosure [Abstract]
Raw materials and component parts	$ 178,476	$ 169,676
Work in process	40,836	33,668
Finished goods	64,542	56,380
Total inventories	$ 283,854	$ 259,724

Goodwill and Intangible Asset57

Goodwill and Intangible Assets - Schedule of Changes in Carrying Amount of Goodwill (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2018USD ($)
Goodwill [Roll Forward]
Balance at December 31, 2017	$ 1,704,158
Foreign currency translation	(14,739)
Acquisition adjustments	1,152
Balance at June 30, 2018	1,690,571
FMT
Goodwill [Roll Forward]
Balance at December 31, 2017	586,064
Foreign currency translation	(3,677)
Acquisition adjustments	0
Balance at June 30, 2018	582,387
HST
Goodwill [Roll Forward]
Balance at December 31, 2017	740,032
Foreign currency translation	(6,509)
Acquisition adjustments	1,152
Balance at June 30, 2018	734,675
ESDP
Goodwill [Roll Forward]
Balance at December 31, 2017	378,062
Foreign currency translation	(4,553)
Acquisition adjustments	0
Balance at June 30, 2018	$ 373,509

Goodwill and Intangible Asset58

Goodwill and Intangible Assets - Schedule of Gross Carrying Value and Accumulated Amortization for Each Major Class of Intangible Asset (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Dec. 31, 2017
Goodwill And Intangible Assets [Line Items]
Amortized intangible assets - Gross Carrying Amount	$ 472,036	$ 536,160
Intangible assets - Gross Carrying Amount	562,936	627,060
Amortized intangible assets - Accumulated Amortization	(169,848)	(212,314)
Amortized intangible assets - Net	302,188	323,846
Intangible assets - Net	393,088	414,746
Banjo trade name
Goodwill And Intangible Assets [Line Items]
Indefinite lived intangible assets - Net	62,100	62,100
Akron Brass trade name
Goodwill And Intangible Assets [Line Items]
Indefinite lived intangible assets - Net	28,800	28,800
Patents
Goodwill And Intangible Assets [Line Items]
Amortized intangible assets - Gross Carrying Amount	9,676	9,633
Amortized intangible assets - Accumulated Amortization	(7,582)	(7,143)
Amortized intangible assets - Net	$ 2,094	2,490
Amortized intangible assets - Weighted Average Life	11 years
Trade names
Goodwill And Intangible Assets [Line Items]
Amortized intangible assets - Gross Carrying Amount	$ 115,991	117,206
Amortized intangible assets - Accumulated Amortization	(54,206)	(50,604)
Amortized intangible assets - Net	$ 61,785	66,602
Amortized intangible assets - Weighted Average Life	16 years
Customer relationships
Goodwill And Intangible Assets [Line Items]
Amortized intangible assets - Gross Carrying Amount	$ 252,861	317,316
Amortized intangible assets - Accumulated Amortization	(76,002)	(124,566)
Amortized intangible assets - Net	$ 176,859	192,750
Amortized intangible assets - Weighted Average Life	14 years
Unpatented technology
Goodwill And Intangible Assets [Line Items]
Amortized intangible assets - Gross Carrying Amount	$ 92,808	91,166
Amortized intangible assets - Accumulated Amortization	(31,585)	(29,428)
Amortized intangible assets - Net	$ 61,223	61,738
Amortized intangible assets - Weighted Average Life	12 years
Other
Goodwill And Intangible Assets [Line Items]
Amortized intangible assets - Gross Carrying Amount	$ 700	839
Amortized intangible assets - Accumulated Amortization	(473)	(573)
Amortized intangible assets - Net	$ 227	$ 266
Amortized intangible assets - Weighted Average Life	10 years

Goodwill and Intangible Asset59

Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Thousands	Jun. 22, 2018	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Finite-Lived Intangible Assets [Line Items]
Purchase of intellectual property				$ 4,000	$ 0
Amortization of intangible assets		$ 9,800	$ 12,100	20,667	$ 23,893
Intangible assets, amortization expense
Remaining of 2018		17,600		17,600
2,019		34,800		34,800
2,020		34,300		34,300
2,021		33,000		33,000
2,022		$ 31,400		$ 31,400
Phantom Controls (Phantom)
Finite-Lived Intangible Assets [Line Items]
Purchase of intellectual property	$ 4,000

Accrued Expenses (Details)

Accrued Expenses (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Jan. 01, 2018	Dec. 31, 2017
Payables and Accruals [Abstract]
Payroll and related items	$ 67,741		$ 75,869
Management incentive compensation	12,764		24,320
Income taxes payable	26,780		28,033
Insurance	9,675		9,424
Warranty	5,887		6,281
Deferred revenue	10,899	$ 11,031	11,031
Restructuring	3,702		4,180
Liability for uncertain tax positions	1,484		1,745
Accrued interest	1,754		1,759
Other	22,276		22,063
Total accrued expenses	$ 162,962		$ 184,705

Other Noncurrent Liabilities (D

Other Noncurrent Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Jan. 01, 2018	Dec. 31, 2017
Other Liabilities Disclosure [Abstract]
Pension and retiree medical obligations	$ 96,087		$ 99,646
Transition tax payable	25,510		27,877
Liability for uncertain tax positions	1,047		1,047
Deferred revenue	3,269	$ 3,297	3,297
Liability for construction of new leased facility	11,971		0
Other	22,958		23,818
Total other noncurrent liabilities	$ 160,842		$ 155,685

Borrowings - Schedule of Borrow

Borrowings - Schedule of Borrowings (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017	Jun. 13, 2016
Debt Instrument [Line Items]
Total borrowings	$ 861,858	$ 862,186
Less current portion	496	258
Less deferred debt issuance costs	1,898	2,204
Less unaccreted debt discount	803	936
Total long-term borrowings	$ 858,661	858,788
4.5% Senior Notes, due December 2020
Debt Instrument [Line Items]
Stated interest rate	4.50%
4.2% Senior Notes, due December 2021
Debt Instrument [Line Items]
Stated interest rate	4.20%
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%
Revolving Facility
Debt Instrument [Line Items]
Revolving Facility	$ 10,409	10,740
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
Stated interest rate			3.20%
Senior Notes | 3.37% Senior Notes, due June 2025
Debt Instrument [Line Items]
Total borrowings	100,000	100,000
Stated interest rate			3.37%
Other borrowings
Debt Instrument [Line Items]
Other borrowings	$ 1,449	$ 1,446

Borrowings - Narrative (Details

Borrowings - Narrative (Details)	Jun. 23, 2015USD ($)	Jun. 30, 2018USD ($)covenant	Dec. 31, 2017USD ($)	Jun. 13, 2016USD ($)
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		1.12%
Minimum
Line of Credit Facility [Line Items]
Required percent for prepayment amount of aggregate principal amount				5.00%
Minimum | Credit Agreement
Line of Credit Facility [Line Items]
Applicable margin over LIBOR		0.005%
Maximum | Credit Agreement
Line of Credit Facility [Line Items]
Applicable margin over LIBOR		1.50%
3.2% Senior Notes, due June 2023
Line of Credit Facility [Line Items]
Stated interest rate		3.20%
3.37% Senior Notes, due June 2025
Line of Credit Facility [Line Items]
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%
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
Senior Notes | 3.2% Senior Notes, due June 2023
Line of Credit Facility [Line Items]
Face amount of debt				$ 100,000,000
Stated interest rate				3.20%
Senior Notes | 3.37% Senior Notes, due June 2025
Line of Credit Facility [Line Items]
Face amount of debt				$ 100,000,000
Stated interest rate				3.37%
Letters Of Credit | Credit Agreement
Line of Credit Facility [Line Items]
Borrowing capacity	75,000,000
Swing line Loans | Credit Agreement
Line of Credit Facility [Line Items]
Borrowing capacity	$ 50,000,000
Revolving Facility
Line of Credit Facility [Line Items]
Current borrowings under revolving facility		$ 10,409,000	$ 10,740,000
Outstanding letters of credit		8,100,000
Amount available to borrow		$ 681,500,000
Number of financial covenants | covenant		2

Derivative Instruments - Narrat

Derivative Instruments - Narrative (Details) $ in Thousands	3 Months Ended		6 Months Ended		24 Months Ended
	Jun. 30, 2018USD ($)	Jun. 30, 2017USD ($)	Jun. 30, 2018USD ($)	Jun. 30, 2017USD ($)	Dec. 31, 2011USD ($)instrument	Mar. 31, 2018EUR (€)	Dec. 31, 2017EUR (€)
Derivative [Line Items]
Amortization of interest expense			$ 664	$ 659
Amount to be recognized from hedged transactions within 12 months, approximate			6,400
Switzerland
Derivative [Line Items]
Stamp duty expense			2,200
Other (Income) Expense Net
Derivative [Line Items]
Gain (loss) on derivatives		$ 5,100		5,500
Foreign currency transaction gain	$ 300
Foreign currency transaction loss		$ 4,000	900	$ 4,400
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 exchange contracts
Derivative [Line Items]
Derivative, notional amount | €						€ 180,000,000	€ 180,000,000
Cash received from settlement of contracts			6,600
Foreign currency exchange contracts | Other (Income) Expense Net
Derivative [Line Items]
Gain (loss) on derivatives	$ (300)		$ 900

Derivative Instruments - Fair V

Derivative Instruments - Fair Value Amounts (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Other current assets | Foreign currency exchange contracts
Derivative [Line Items]
Fair Value Assets	$ 0	$ 5,779

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Company Financial Assets and Liabilities at Fair Value on Recurring Basis (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale securities	$ 7,626	$ 6,742
Foreign currency exchange contracts	0	5,779
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale securities	7,626	6,742
Foreign currency exchange contracts	0	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale securities	0	0
Foreign currency exchange contracts	0	5,779
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale securities	0	0
Foreign currency exchange contracts	$ 0	$ 0

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) $ in Millions	Jun. 30, 2018USD ($)
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	$ 865.1
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	$ 861.1
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) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Restructuring and Related Activities [Abstract]
Total restructuring costs	$ 1,988	$ 0	$ 3,630	$ 4,797
Restructuring reserve	$ 3,702		$ 3,702		$ 4,180

Restructuring - Restructuring C

Restructuring - Restructuring Costs (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Restructuring Cost and Reserve [Line Items]
Total restructuring costs	$ 1,988	$ 0	$ 3,630	$ 4,797
Corporate/Other
Restructuring Cost and Reserve [Line Items]
Total restructuring costs	255		595
Fluid & Metering Technologies | Operating Segments
Restructuring Cost and Reserve [Line Items]
Total restructuring costs	343		486
Health & Science Technologies | Operating Segments
Restructuring Cost and Reserve [Line Items]
Total restructuring costs	1,123		2,182
Fire & Safety/Diversified Products | Operating Segments
Restructuring Cost and Reserve [Line Items]
Total restructuring costs	267		367
Severance Costs
Restructuring Cost and Reserve [Line Items]
Total restructuring costs	1,762		3,312
Severance Costs | Corporate/Other
Restructuring Cost and Reserve [Line Items]
Total restructuring costs	255		595
Severance Costs | Fluid & Metering Technologies | Operating Segments
Restructuring Cost and Reserve [Line Items]
Total restructuring costs	208		351
Severance Costs | Health & Science Technologies | Operating Segments
Restructuring Cost and Reserve [Line Items]
Total restructuring costs	1,032		1,999
Severance Costs | Fire & Safety/Diversified Products | Operating Segments
Restructuring Cost and Reserve [Line Items]
Total restructuring costs	267		367
Exit Costs
Restructuring Cost and Reserve [Line Items]
Total restructuring costs	226		318
Exit Costs | Corporate/Other
Restructuring Cost and Reserve [Line Items]
Total restructuring costs	0		0
Exit Costs | Fluid & Metering Technologies | Operating Segments
Restructuring Cost and Reserve [Line Items]
Total restructuring costs	135		135
Exit Costs | Health & Science Technologies | Operating Segments
Restructuring Cost and Reserve [Line Items]
Total restructuring costs	91		183
Exit Costs | Fire & Safety/Diversified Products | Operating Segments
Restructuring Cost and Reserve [Line Items]
Total restructuring costs	$ 0		$ 0

Restructuring - Restructuring A

Restructuring - Restructuring Accruals (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Restructuring Reserve [Roll Forward]
Balance at January 1, 2018			$ 4,180
Restructuring expenses	$ 1,988	$ 0	3,630	$ 4,797
Payments, utilization and other			(4,108)
Balance at June 30, 2018	$ 3,702		$ 3,702

Other Comprehensive Income (L71

Other Comprehensive Income (Loss) - Components of Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive income (loss)	$ (60,090)	$ 49,657	$ (29,838)	$ 72,873
AOCI
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total other comprehensive income (loss), Pre-tax	(59,265)	50,834	(28,137)	75,237
Total other comprehensive income (loss), Tax	(825)	(1,177)	(1,701)	(2,364)
Other comprehensive income (loss)	(60,090)	49,657	(29,838)	72,873
Cumulative translation adjustment
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total other comprehensive income (loss), Pre-tax	(62,645)	47,314	(35,067)	68,364
Total other comprehensive income (loss), Tax	0	0	0	0
Other comprehensive income (loss)	(62,645)	47,314	(35,067)	68,364
Pension and other postretirement adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total other comprehensive income (loss), Pre-tax	1,753	1,874	3,671	3,550
Total other comprehensive income (loss), Tax	(457)	(594)	(962)	(1,146)
Other comprehensive income (loss)	1,296	1,280	2,709	2,404
Reclassification adjustments for derivatives
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total other comprehensive income (loss), Pre-tax	1,627	1,646	3,259	3,323
Total other comprehensive income (loss), Tax	(368)	(583)	(739)	(1,218)
Other comprehensive income (loss)	$ 1,259	$ 1,063	$ 2,520	$ 2,105

Other Comprehensive Income (L72

Other Comprehensive Income (Loss) - Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Amortization of service cost	$ (50)	$ 372	$ (4,499)	$ 64
Reclassification adjustments	11,140	11,304	22,140	22,856
Income before income taxes	(136,741)	(113,457)	(266,873)	(217,884)
Provision for income taxes	29,615	29,613	60,789	58,141
Net income	(107,126)	(83,844)	(206,084)	(159,743)
Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Reclassification adjustments	1,627	1,646	3,259	3,323
Income before income taxes	1,627	1,646	3,259	3,323
Provision for income taxes	(368)	(583)	(739)	(1,218)
Net income	1,259	1,063	2,520	2,105
Reclassification out of Accumulated Other Comprehensive Income | Accumulated Defined Benefit Plans Adjustment, Net Prior Service Including Portion Attributable to Noncontrolling Interest
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Amortization of service cost	1,753	1,874	3,671	3,550
Reclassification out of Accumulated Other Comprehensive Income | Accumulated Defined Benefit Plans Adjustment Including Portion Attributable to Noncontrolling Interest
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Income before income taxes	1,753	1,874	3,671	3,550
Provision for income taxes	(457)	(594)	(962)	(1,146)
Net income	$ 1,296	$ 1,280	$ 2,709	$ 2,404

Common and Preferred Stock (Det

Common and Preferred Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	Dec. 01, 2015	Jul. 31, 2018	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Equity [Abstract]
Increase in share repurchase authorized amount	$ 300,000
Purchase of common stock (in shares)			147,490	106,000
Repurchase of shares of common stock			$ 20,494	$ 9,800
Remaining authorized repurchase amount			$ 530,400
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, shares outstanding (in shares)			0		0
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Purchase of common stock			$ 19,499	$ 9,799
Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Purchase of common stock		$ 1,000

Share-Based Compensation - Sche

Share-Based Compensation - Schedule of Weighted Average Option Fair Values and Assumptions (Details) - Stock Option - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average fair value of grants (in dollars per share)	$ 37.22	$ 24.68	$ 38.09	$ 24.12
Dividend yield	1.24%	1.43%	1.07%	1.45%
Volatility	28.01%	29.32%	28.49%	29.41%
Risk-free interest rate, minimum	2.28%	1.06%	2.01%	0.83%
Risk-free interest rate, maximum	3.11%	2.90%	3.17%	3.04%
Expected life (in years)	5 years 9 months 26 days	5 years 9 months 26 days	5 years 9 months 29 days	5 years 9 months 29 days

Share-Based Compensation - Sc75

Share-Based Compensation - Schedule of Compensation Cost for Stock Options (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation expense			$ 13,252	$ 12,398
Stock Option
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation expense	$ 1,972	$ 1,687	4,702	4,157
Income tax benefit	(364)	(547)	(834)	(1,294)
Total expense after income taxes	1,608	1,140	3,868	2,863
Stock Option | Cost of goods sold
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation expense	91	88	297	274
Stock Option | Selling, general and administrative expenses
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation expense	$ 1,881	$ 1,599	$ 4,405	$ 3,883

Share-Based Compensation - Stoc

Share-Based Compensation - Stock Options Activity (Details) - Stock Option - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2018	Dec. 31, 2017
Shares
Beginning balance (in shares)	1,924,683
Granted (in shares)	304,455
Exercised (in shares)	(206,445)
Forfeited/Expired (in shares)	(36,781)
Ending balance (in shares)	1,985,912	1,924,683
Vested and expected to vest (in shares)	1,870,036
Exercisable (in shares)	1,054,593
Weighted Average Price
Beginning Balance, Weighted Average Price (in dollars per share)	$ 71.07
Granted, Weighted Average Price (in dollars per share)	138.12
Exercised, Weighted Average Price (in dollars per share)	65.95
Forfeited, Weighted Average Price (in dollars per share)	97.22
Ending Balance, Weighted Average Price (in dollars per share)	$ 81.40	$ 71.07
Weighted-Average Remaining Contractual Term
Stock options outstanding, Weighted-Average Remaining Contractual Term	6 years 10 months 24 days	6 years 10 months 13 days
Aggregate Intrinsic Value
Stock options outstanding, Aggregate intrinsic value	$ 109,881,924	$ 117,209,218
Vested and expected to vest , Weighted Average Price (in dollars per share)	$ 79.74
Exercisable, Weighted Average Price (in dollars per share)	$ 63.58
Weighted-Average Remaining Contractual Term, Vested and expected to vest	6 years 9 months 15 days
Weighted-Average Remaining Contractual Term, Exercisable	5 years 5 months 23 days
Aggregate Intrinsic Value, Vested and expected to vest	$ 106,518,597
Aggregate Intrinsic Value, Exercisable	$ 76,883,196

Share Based Compensation - Narr

Share Based Compensation - Narrative (Details) - USD ($) $ in Millions	1 Months Ended	6 Months Ended	12 Months Ended
	Feb. 28, 2018	Jun. 30, 2018	Dec. 31, 2017
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)		39,850
Total unrecognized compensation cost		$ 6.9
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)		28,715
Total unrecognized compensation cost		$ 5
Weighted-average period of total unrecognized compensation cost, in years		1 year 1 month 6 days
Performance Shares Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period			3 years
Granted (in shares)		52,375	62,755
Payout percent			239.00%
Stock issued during period (in shares)	143,897
Total unrecognized compensation cost		$ 11.7
Weighted-average period of total unrecognized compensation cost, in years		1 year 1 month 6 days
Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation cost		$ 17.2
Weighted-average period of total unrecognized compensation cost, in years		1 year 6 months

Share-Based Compensation - Rest

Share-Based Compensation - Restricted Stock Units Activity (Details) - Restricted Stock	6 Months Ended
	Jun. 30, 2018$ / sharesshares
Shares
Unvested, Beginning balance (in shares) | shares	182,023
Granted (in shares) | shares	39,850
Vested (in shares) | shares	(52,650)
Forfeited (in shares) | shares	(6,425)
Unvested, Ending balance (in shares) | shares	162,798
Weighted-Average Grant Date Fair Value
Unvested, Beginning balance (in dollars per share) | $ / shares	$ 83.37
Granted (in dollars per share) | $ / shares	138.04
Vested (in dollars per share) | $ / shares	78.82
Forfeited (in dollars per share) | $ / shares	91.23
Unvested, Ending balance (in dollars per share) | $ / shares	$ 97.91

Share-Based Compensation - Sc79

Share-Based Compensation - Schedule of Compensation Cost for Restricted Stock Units (Details) - Restricted Stock - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total expense before income taxes	$ 1,047	$ 1,373	$ 2,492	$ 2,778
Income tax benefit	(186)	(486)	(443)	(925)
Total expense after income taxes	861	887	2,049	1,853
Cost of goods sold
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total expense before income taxes	83	67	239	219
Selling, general and administrative expenses
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total expense before income taxes	$ 964	$ 1,306	$ 2,253	$ 2,559

Share-Based Compensation - Cash

Share-Based Compensation - Cash-settled Restricted Stock Activity (Details) - Cash-settled Restricted Stock	6 Months Ended
	Jun. 30, 2018$ / sharesshares
Shares
Unvested, Beginning balance (in shares) | shares	94,730
Granted (in shares) | shares	28,715
Vested (in shares) | shares	(25,940)
Forfeited (in shares) | shares	(4,280)
Unvested, Ending balance (in shares) | shares	93,225
Weighted-Average Grant Date Fair Value
Unvested, Beginning balance (in dollars per share) | $ / shares	$ 131.97
Granted (in dollars per share) | $ / shares	137.96
Vested (in dollars per share) | $ / shares	136.99
Forfeited (in dollars per share) | $ / shares	136.48
Unvested, Ending balance (in dollars per share) | $ / shares	$ 136.48

Share-Based Compensation - Sc81

Share-Based Compensation - Schedule of Compensation Cost for Cash-settled Restricted Stock (Details) - Cash-settled Restricted Stock - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total expense before income taxes	$ 610	$ 1,465	$ 2,227	$ 2,143
Income tax benefit	(51)	(240)	(210)	(382)
Total expense after income taxes	559	1,225	2,017	1,761
Cost of goods sold
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total expense before income taxes	102	388	515	636
Selling, general and administrative expenses
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total expense before income taxes	$ 508	$ 1,077	$ 1,712	$ 1,507

Share-Based Compensation - Sc82

Share-Based Compensation - Schedule of Weighted Average Performance Share Units Fair Values and Assumptions (Details) - Performance Shares Units - $ / shares	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average fair value of grants (in dollars per share)	$ 216.59	$ 115.74
Dividend yield	0.00%	0.00%
Volatility	17.42%	17.36%
Risk-free interest rate	2.40%	1.45%
Expected life (in years)	2 years 10 months 6 days	2 years 10 months 6 days

Share-Based Compensation - Perf

Share-Based Compensation - Performance Share Unit Activity (Details) - Performance Shares Units - $ / shares	6 Months Ended	12 Months Ended
	Jun. 30, 2018	Dec. 31, 2017
Shares
Unvested, Beginning balance (in shares)	136,870
Granted (in shares)	52,375	62,755
Vested (in shares)	0
Forfeited (in shares)	(6,285)
Unvested, Ending balance (in shares)	182,960	136,870
Weighted-Average Grant Date Fair Value
Unvested, Beginning balance (in dollars per share)	$ 113.81
Granted (in dollars per share)	216.59
Vested (in dollars per share)	0
Forfeited (in dollars per share)	140.79
Unvested, Ending balance (in dollars per share)	$ 142.40	$ 113.81

Share-Based Compensation - Sc84

Share-Based Compensation - Schedule of Compensation Cost for Performance Share Units (Details) - Performance Shares Units - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total expense before income taxes	$ 1,971	$ 1,714	$ 3,831	$ 3,320
Income tax benefit	(388)	(586)	(705)	(1,093)
Total expense after income taxes	1,583	1,128	3,126	2,227
Cost of goods sold
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total expense before income taxes	0	0	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	$ 1,971	$ 1,714	$ 3,831	$ 3,320

Retirement Benefits - Component

Retirement Benefits - Components of Net Periodic Benefit Cost for Defined Benefit Plans and Other Postretirement Plans (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Other Postretirement Benefits
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost	$ 167	$ 152	$ 335	$ 304
Interest cost	203	204	406	408
Net amortization	(184)	(199)	(368)	(397)
Net periodic benefit cost	186	157	373	315
U.S. | Pension Benefits
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost	255	254	509	508
Interest cost	653	661	1,306	1,321
Expected return on plan assets	(983)	(944)	(1,966)	(1,888)
Net amortization	685	641	1,370	1,283
Net periodic benefit cost	610	612	1,219	1,224
Non-U.S. | Pension Benefits
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost	527	494	1,072	976
Interest cost	351	317	712	625
Expected return on plan assets	(282)	(270)	(572)	(534)
Net amortization	322	395	652	777
Net periodic benefit cost	$ 918	$ 936	$ 1,864	$ 1,844

Retirement Benefits - Narrative

Retirement Benefits - Narrative (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2018	Dec. 31, 2017
Defined Benefit Plan Disclosure [Line Items]
Contributions by employer	$ 1.5
Minimum
Defined Benefit Plan Disclosure [Line Items]
Expected contributions in current fiscal year	5
Maximum
Defined Benefit Plan Disclosure [Line Items]
Expected contributions in current fiscal year	$ 20
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Expected contribution for next fiscal year		$ 5.5
Other Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Expected contribution for next fiscal year		$ 0.1

Income Taxes (Details)

Income Taxes (Details) - USD ($)	3 Months Ended			6 Months Ended		12 Months Ended
	Jun. 30, 2018	Dec. 31, 2017	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017	Mar. 31, 2018
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 29,615,000		$ 29,613,000	$ 60,789,000	$ 58,141,000
Effective tax rate	21.70%		26.10%	22.80%	26.70%
Deferred tax liability, provisional income tax benefit		$ 40,600,000
Accumulated foreign earnings, provisional liability	$ 30,400,000	$ 30,300,000		$ 30,400,000		$ 30,300,000
Transition tax for accumulated foreign earnings, increase (decrease) in provisional income tax expense				100,000
Transition tax liability							$ 6,400,000
Provisional increase, deferred tax liability, income tax (expense) benefit	7,800,000					9,200,000
Adjustment, deferred income tax expense (benefit)	1,400,000					9,200,000
Permanent reinvestment, deferred tax liability, income tax (expense) benefit						$ 10,800,000
Minimum
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Reasonably possible change in unrecognized tax benefits over next 12 months	0			0
Maximum
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Reasonably possible change in unrecognized tax benefits over next 12 months	$ 1,500,000			$ 1,500,000

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ in Thousands	Jul. 23, 2018	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Subsequent Event [Line Items]
Annual revenues of acquired company		$ 634,360	$ 573,366	$ 1,246,684	$ 1,126,918
Finger Lakes Instrumentation (FLI)
Subsequent Event [Line Items]
Annual revenues of acquired company						$ 10,000
Subsequent Event | Finger Lakes Instrumentation (FLI)
Subsequent Event [Line Items]
Aggregate purchase price, cash paid	$ 20,000
Contingent consideration arrangements	$ 5,000
Contingent consideration arrangements, period	24 months