Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 18, 2020 | Jun. 28, 2019 | |
Cover page. | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Transition Report | false | ||
Entity File Number | 1-10235 | ||
Entity Registrant Name | IDEX CORP | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 36-3555336 | ||
Entity Address, Address Line One | 1925 West Field Court, | ||
Entity Address, Address Line Two | Suite 200, | ||
Entity Address, City or Town | Lake Forest, | ||
Entity Address, State or Province | IL | ||
Entity Address, Postal Zip Code | 60045 | ||
City Area Code | 847 | ||
Local Phone Number | 498-7070 | ||
Title of 12(b) Security | Common Stock, par value $.01 per share | ||
Trading Symbol | IEX | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 12,993,666,859 | ||
Entity Common Stock, Shares Outstanding | 76,205,390 | ||
Documents Incorporated by Reference | Portions of the proxy statement with respect to the IDEX Corporation 2020 annual meeting of stockholders (the “ 2020 Proxy Statement”) are incorporated by reference into Part III of this Form 10-K. | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Entity Central Index Key | 0000832101 | ||
Current Fiscal Year End Date | --12-31 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Current assets | ||
Cash and cash equivalents | $ 632,581 | $ 466,407 |
Receivables - net | 298,186 | 312,192 |
Inventories | 293,467 | 279,995 |
Other current assets | 37,211 | 33,938 |
Total current assets | 1,261,445 | 1,092,532 |
Property, plant and equipment - net | 280,316 | 281,220 |
Goodwill | 1,779,745 | 1,697,955 |
Intangible assets - net | 388,031 | 383,327 |
Other noncurrent assets | 104,375 | 18,823 |
Total assets | 3,813,912 | 3,473,857 |
Current liabilities | ||
Trade accounts payable | 138,463 | 143,196 |
Accrued expenses | 180,290 | 187,536 |
Short-term borrowings | 388 | 483 |
Dividends payable | 38,736 | 33,446 |
Total current liabilities | 357,877 | 364,661 |
Long-term borrowings | 848,864 | 848,335 |
Deferred income taxes | 146,574 | 128,007 |
Other noncurrent liabilities | 197,368 | 138,214 |
Total liabilities | 1,550,683 | 1,479,217 |
Commitments and contingencies (Note 10) | ||
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: 89,948,374 shares at December 31, 2019 and 90,112,028 shares at December 31, 2018 | 899 | 901 |
Additional paid-in capital | 760,453 | 738,339 |
Retained earnings | 2,615,131 | 2,342,079 |
Treasury stock at cost: 13,860,340 shares at December 31, 2019 and 14,159,251 shares at December 31, 2018 | (985,909) | (957,454) |
Accumulated other comprehensive loss | (127,345) | (129,225) |
Total shareholders’ equity | 2,263,229 | 1,994,640 |
Total liabilities and shareholders’ equity | $ 3,813,912 | $ 3,473,857 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, shares authorized (in shares) | 150,000,000 | 150,000,000 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares issued (in shares) | 89,948,374 | 90,112,028 |
Treasury stock, shares (in shares) | 13,860,340 | 14,159,251 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Statement [Abstract] | |||
Net sales | $ 2,494,573 | $ 2,483,666 | $ 2,287,312 |
Cost of sales | 1,369,539 | 1,365,771 | 1,260,634 |
Gross profit | 1,125,034 | 1,117,895 | 1,026,678 |
Selling, general and administrative expenses | 524,987 | 536,724 | 524,940 |
Loss (gain) on sale of businesses - net | 0 | 0 | (9,273) |
Restructuring expenses | 21,044 | 12,083 | 8,455 |
Operating income | 579,003 | 569,088 | 502,556 |
Other (income) expense - net | 1,759 | (3,985) | 2,394 |
Interest expense | 44,341 | 44,134 | 44,889 |
Income before income taxes | 532,903 | 528,939 | 455,273 |
Provision for income taxes | 107,382 | 118,366 | 118,016 |
Net income | $ 425,521 | $ 410,573 | $ 337,257 |
Earnings per common share: | |||
Basic earnings per common share (in dollar per share) | $ 5.62 | $ 5.36 | $ 4.41 |
Diluted earnings per common share (in dollar per share) | $ 5.56 | $ 5.29 | $ 4.36 |
Share data: | |||
Basic weighted average common shares outstanding (in shares) | 75,594 | 76,412 | 76,232 |
Diluted weighted average common shares outstanding (in shares) | 76,454 | 77,563 | 77,333 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 425,521 | $ 410,573 | $ 337,257 |
Other comprehensive income (loss): | |||
Reclassification adjustments for derivatives, net of tax | 4,882 | 5,006 | 4,210 |
Pension and other postretirement adjustments, net of tax | (3,069) | 9,825 | (1,302) |
Foreign currency adjustments: | |||
Cumulative translation adjustment | 67 | (48,114) | 110,421 |
Tax effect of reversal of indefinite assertion on certain intercompany loans | 0 | 0 | (3,932) |
Reclassification of foreign currency translation to earnings upon sale of businesses | 0 | 0 | 2,749 |
Other comprehensive income (loss) | 1,880 | (33,283) | 112,146 |
Comprehensive income | $ 427,401 | $ 377,290 | $ 449,403 |
CONSOLIDATED STATEMENTS OF SHAR
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Common Stock and Additional Paid-In Capital | Retained Earnings | Cumulative Translation Adjustment | Retirement Benefits Adjustments | Cumulative Unrealized Gain (Loss) on Derivatives | Treasury Stock |
Beginning balance at Dec. 31, 2016 | $ 1,543,894 | $ 698,115 | $ 1,834,739 | $ (155,544) | $ (27,852) | $ (18,257) | $ (787,307) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 337,257 | 337,257 | |||||
Cumulative translation adjustment | 113,170 | 113,170 | |||||
Net change in retirement obligations, net of tax | (1,302) | (1,302) | |||||
Net change on derivatives designated as cash flow hedges, net of tax | 4,210 | 4,210 | |||||
Issuance of shares of common stock from issuance of unvested shares, performance share units and exercise of stock options | 22,935 | 22,935 | |||||
Repurchase of common stock | (29,074) | (29,074) | |||||
Share-based compensation | 19,693 | 19,693 | |||||
Shares surrendered for tax withholding | (6,228) | (6,228) | |||||
Tax effect of reversal of indefinite assertion on certain intercompany loans | (3,932) | (3,932) | |||||
Cash dividends declared | (114,081) | (114,081) | |||||
Ending balance 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] | |||||||
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) | |||
Net income | 410,573 | 410,573 | |||||
Cumulative translation adjustment | (48,114) | (48,114) | |||||
Net change in retirement obligations, net of tax | 9,825 | 9,825 | |||||
Net change on derivatives designated as cash flow hedges, net of tax | 5,006 | 5,006 | |||||
Issuance of shares of common stock from issuance of unvested shares, performance share units and exercise of stock options | 27,701 | 27,701 | |||||
Repurchase of common stock | (173,926) | (173,926) | |||||
Share-based compensation | 21,432 | 21,432 | |||||
Shares surrendered for tax withholding | (11,555) | (11,555) | |||||
Cash dividends declared | (132,199) | (132,199) | |||||
Ending balance at Dec. 31, 2018 | 1,994,640 | 739,240 | 2,342,079 | (94,420) | (22,740) | (12,065) | (957,454) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 425,521 | 425,521 | |||||
Cumulative translation adjustment | 67 | 67 | |||||
Net change in retirement obligations, net of tax | (3,069) | (3,069) | |||||
Net change on derivatives designated as cash flow hedges, net of tax | 4,882 | 4,882 | |||||
Issuance of shares of common stock from issuance of unvested shares, performance share units and exercise of stock options | 38,809 | 38,809 | |||||
Repurchase of common stock | (54,668) | (54,668) | |||||
Share-based compensation | 22,112 | 22,112 | |||||
Shares surrendered for tax withholding | (12,596) | (12,596) | |||||
Cash dividends declared | (152,497) | (152,497) | |||||
Ending balance at Dec. 31, 2019 | $ 2,263,229 | $ 761,352 | $ 2,615,131 | $ (94,353) | $ (25,809) | $ (7,183) | $ (985,909) |
CONSOLIDATED STATEMENTS OF SH_2
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Stockholders' Equity [Abstract] | |||
Tax benefit (expense) on change in retirement obligations, tax | $ 1,553 | $ 3,076 | $ 239 |
Tax benefit from change on derivatives designated as cash flow hedges, tax | $ 1,445 | $ 1,469 | $ 2,445 |
Issuance of common stock from issuance of unvested shares, exercise of stock options and deferred compensation plans (in shares) | 696,133 | 583,385 | 577,591 |
Repurchase of common stock (in shares) | 388,953 | 1,300,000 | 266,000 |
Deferred compensation paln, tax | $ 5,493 | $ 4,267 | $ 6,027 |
Cash dividends declared, per common share outstanding (in dollars per share) | $ 2 | $ 1.72 | $ 1.48 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash flows from operating activities | |||
Net income | $ 425,521,000 | $ 410,573,000 | $ 337,257,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Loss (gain) on sale of fixed assets - net | 156,000 | 946,000 | 315,000 |
Loss (gain) on sale of businesses - net | 0 | 0 | (9,273,000) |
Asset impairments | 10,155,000 | 0 | 0 |
Depreciation and amortization | 39,543,000 | 39,049,000 | 38,314,000 |
Amortization of intangible assets | 37,333,000 | 38,495,000 | 45,902,000 |
Amortization of debt issuance expenses | 1,355,000 | 1,332,000 | 1,320,000 |
Share-based compensation expense | 27,669,000 | 24,754,000 | 24,405,000 |
Deferred income taxes | 6,625,000 | (4,345,000) | (33,742,000) |
Non-cash interest expense associated with forward starting swaps | 6,327,000 | 6,475,000 | 6,655,000 |
Changes in (net of the effect from acquisitions and divestitures): | |||
Receivables | 22,338,000 | (23,419,000) | (15,803,000) |
Inventories | (3,322,000) | (23,031,000) | 760,000 |
Other current assets | (2,361,000) | 25,162,000 | (20,031,000) |
Trade accounts payable | (9,115,000) | (1,220,000) | 12,556,000 |
Accrued expenses | (37,086,000) | 4,148,000 | 19,710,000 |
Other - net | 2,924,000 | (19,574,000) | 24,408,000 |
Net cash flows provided by operating activities | 528,062,000 | 479,345,000 | 432,753,000 |
Cash flows from investing activities | |||
Purchases of property, plant and equipment | (50,912,000) | (56,089,000) | (43,858,000) |
Purchase of intellectual property | 0 | (4,000,000) | 0 |
Acquisition of businesses, net of cash acquired | (87,180,000) | (20,205,000) | (38,161,000) |
Proceeds from disposal of fixed assets | 962,000 | 363,000 | 6,011,000 |
Proceeds from sale of businesses, net of cash sold | 0 | 0 | 21,795,000 |
Other - net | 115,000 | (1,500,000) | (533,000) |
Net cash flows used in investing activities | (137,015,000) | (81,431,000) | (54,746,000) |
Cash flows from financing activities | |||
Borrowings under revolving credit facilities | 0 | 0 | 33,000,000 |
Payments under revolving credit facilities | 0 | (11,284,000) | (200,618,000) |
Payments under other long-term borrowings | (50,057,000) | 0 | 0 |
Dividends paid | (147,208,000) | (127,478,000) | (111,172,000) |
Proceeds from stock option exercises | 38,809,000 | 27,639,000 | 22,935,000 |
Repurchases of common stock | (54,668,000) | (173,926,000) | (29,074,000) |
Shares surrendered for tax withholding | (12,596,000) | (11,555,000) | (6,228,000) |
Settlement of foreign exchange contracts | 0 | 6,593,000 | 13,736,000 |
Other - net | (1,865,000) | 0 | 0 |
Net cash flows used in financing activities | (227,585,000) | (290,011,000) | (277,421,000) |
Effect of exchange rate changes on cash and cash equivalents | 2,712,000 | (17,446,000) | 39,400,000 |
Net increase in cash | 166,174,000 | 90,457,000 | 139,986,000 |
Cash and cash equivalents at beginning of year | 466,407,000 | 375,950,000 | 235,964,000 |
Cash and cash equivalents at end of year | 632,581,000 | 466,407,000 | 375,950,000 |
Cash paid for: | |||
Interest | 36,683,000 | 36,327,000 | 36,818,000 |
Income taxes - net | 109,032,000 | 90,733,000 | 104,852,000 |
Significant non-cash activities: | |||
Contingent consideration for acquisition | 0 | 3,375,000 | 0 |
Debt acquired with acquisition of business | 51,130,000 | 0 | 0 |
Capital expenditures for construction of new leased facility | $ 0 | $ 11,616,000 | $ 0 |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Significant Accounting Policies Business 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. IDEX’s products are sold in niche markets across a wide range of industries throughout the world. 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. These activities are grouped into three reportable segments: Fluid & Metering Technologies, Health & Science Technologies and Fire & Safety/Diversified Products. Principles of Consolidation The consolidated financial statements include the Company and its subsidiaries. All intercompany transactions and accounts have been eliminated. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires management to make estimates and judgments that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities and reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. The principal areas of estimation reflected in the financial statements are revenue recognition, sales returns and allowances, allowance for doubtful accounts, inventory valuation, recoverability of long-lived assets, valuation of goodwill and intangible assets, income taxes, product warranties, contingencies and litigation, insurance-related items, defined benefit retirement plans and purchase accounting related to acquisitions. Revenue Recognition Revenue is recognized when control of 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. 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 performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. Our performance obligations are satisfied at a point in time or over time as work progresses. Revenue from products and services transferred to customers at a point in time 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. Certain units recognize revenue over time because control transfers continuously to our customers. 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) or 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 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. 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 and product returns 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. Shipping and Handling Costs Shipping and handling costs are included in Cost of sales and are recognized as a period expense during the period in which they are incurred. Advertising Costs Advertising costs of $15.7 million , $17.0 million and $15.8 million for 2019 , 2018 and 2017 , respectively, are expensed as incurred within Selling, general and administrative expenses. Cash and Cash Equivalents The Company considers all highly liquid instruments purchased with an original maturity of 3 months or less to be cash and cash equivalents. Accounts Receivable and Allowance for Doubtful Accounts Accounts receivable are recorded at face amount less an allowance for doubtful accounts. The Company maintains an allowance for doubtful accounts for estimated losses as a result of customers’ inability to make required payments. Management evaluates the aging of the accounts receivable balances, the financial condition of its customers, historical trends and the time outstanding of specific balances to estimate the amount of accounts receivable that may not be collected in the future and records the appropriate provision. Inventories The Company states inventories at the lower of cost or net realizable value. Cost, which includes material, labor and factory overhead, is determined on a FIFO basis. We make adjustments to reduce the cost of inventory to its net realizable value, if required, for estimated excess, obsolete or impaired balances. Factors influencing these adjustments include changes in market demand, product life cycle and engineering changes. Impairment of Long-Lived Assets A long-lived asset is reviewed for impairment if an event occurs or circumstances change that would more likely than not reduce the fair value of a long-lived asset below its carrying amount, as measured by comparing its net book value to the projected undiscounted future cash flows generated by its use. A long-lived asset impairment exists when the carrying amount of the asset exceeds its fair value. The amount and timing of the impairment charge for this asset requires the estimation of future cash flows to determine the fair value of the asset. An impaired asset is recorded at its estimated fair value based on a discounted cash flow analysis. In the second quarter of 2019 , the Company began to evaluate strategic alternatives for one of its businesses in the Health & Science Technologies (“HST”) segment. Prior to making a final decision on the options that were presented for this business, the business was informed in the third quarter of 2019 of the loss of its largest customer. As a result, the Company accelerated its restructuring activities for this business and a decision was made to wind down the business over time. This event required an interim impairment test be performed on the long-lived tangible assets of the business, which resulted in an impairment charge of $9.7 million , consisting of $6.1 million related to a customer relationships intangible asset, $1.0 million related to an unpatented technology intangible asset, $2.0 million related to property, plant and equipment and $0.6 million related to a building right-of-use asset. In the fourth quarter of 2019, the Company completed the consolidation of one of its facilities in the HST segment into the Optics Center of Excellence in Rochester, New York, which also resulted in an impairment charge of $0.4 million related to a building right-of-use asset. These charges were recorded as Restructuring expenses in the Consolidated Statements of Operations. In 2018 and 2017 , the Company concluded that there were no long-lived assets with a fair value that was less than the carrying value. See Note 14 for further discussion on restructuring activities. Goodwill and Indefinite-Lived Intangible Assets The Company reviews the carrying value of goodwill and indefinite-lived intangible assets annually as of October 31, or if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value. The Company evaluates the recoverability of these assets based on the estimated fair value of each of the 13 reporting units and the indefinite-lived intangible assets. See Note 5 for further discussion on goodwill and intangible assets. Borrowing Expenses Expenses incurred in securing and issuing debt are capitalized and included as a reduction of Long-term borrowings. These amounts are amortized over the life of the related borrowing and the related amortization is included in Interest expense. 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 year. 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: 2019 2018 2017 (In thousands) Basic weighted average common shares outstanding 75,594 76,412 76,232 Dilutive effect of stock options, restricted stock and performance share units 860 1,151 1,101 Diluted weighted average common shares outstanding 76,454 77,563 77,333 Options to purchase approximately 0.3 million , 0.3 million and zero shares of common stock in 2019 , 2018 and 2017 , respectively, were not included in the computation of diluted EPS because the effect of their inclusion would have been antidilutive. Share-Based Compensation The Company accounts for share-based payments in accordance with ASC 718, Compensation-Stock Compensation . Accordingly, the Company expenses the fair value of awards made under its share-based compensation plans. That cost is recognized in the consolidated financial statements over the requisite service period of the grants. See Note 15 for further discussion on share-based compensation. Depreciation and Amortization Property and equipment are stated at cost, with depreciation and amortization provided using the straight-line method over the following estimated useful lives: Land improvements 8 to 12 years Buildings and improvements 8 to 30 years Machinery, equipment and other 3 to 12 years Office and transportation equipment 3 to 10 years Certain identifiable intangible assets are amortized over their estimated useful lives using the straight-line method. The estimated useful lives used in the computation of amortization of identifiable intangible assets are as follows: Patents 5 to 17 years Trade names 5 to 20 years Customer relationships 8 to 20 years Unpatented technology and other 3 to 20 years Research and Development Expenditures Costs associated with engineering activities, including research and development, are expensed in the period incurred and are included in Cost of sales. Total engineering expenses, which include research and development as well as application and support engineering, were $92.4 million , $84.9 million and $76.4 million in 2019 , 2018 and 2017 , respectively. Research and development expenses, which include costs associated with developing new products and major improvements to existing products, were $56.4 million , $48.0 million and $42.4 million in 2019 , 2018 and 2017 , respectively. Foreign Currency Translation and Transaction The functional currency of substantially all operations outside the United States is the respective local currency. Accordingly, those foreign currency balance sheet accounts have been translated using the exchange rates in effect as of the balance sheet date. Income statement amounts have been translated using the average monthly exchange rates for the year. Translation adjustments from year to year have been reported in Accumulated other comprehensive loss in the Consolidated Balance Sheets. The foreign currency transaction losses (gains) for the periods ending December 31, 2019 , 2018 and 2017 were $3.3 million , $(2.4) million and $20.5 million , respectively, and are reported within Other (income) expense - net on the Consolidated Statements of Operations. Of the $20.5 million reported as foreign currency transaction losses for the period ending December 31, 2017, $20.2 million was due to intercompany loans established in conjunction with the SFC Koenig acquisition. See Note 7 for further discussion. Income Taxes Income tax expense includes U.S., state, local and international income taxes. Deferred tax assets and liabilities are recognized for the tax consequences of temporary differences between the financial reporting and the tax basis of existing assets and liabilities and for loss carryforwards. The tax rate used to determine the deferred tax assets and liabilities is the enacted tax rate for the year and manner in which the differences are expected to reverse. Valuation allowances are recorded to reduce deferred tax assets to the amount that will more likely than not be realized. Refer to Note 12 for further discussion on income taxes. Concentration of Credit Risk The Company is not dependent on a single customer as its largest customer accounted for less than 2% of net sales for all years presented. 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 allows an entity to reclassify the stranded tax effects in accumulated other comprehensive income (loss) to retained earnings in the statement of shareholders’ equity. 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 and accounted for the purchase of the intellectual property assets from Phantom Controls utilizing this guidance. See Note 5 for further information. 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 consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases , which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessees and lessors). This standard introduced a new lessee model that requires most leases to be recorded on the balance sheet and eliminates the required use of bright line tests for determining lease classification from U.S. GAAP. In July 2018, the FASB issued ASU 2018-10, Codification Improvements to Topic 842 , Leases and ASU 2018-11, Leases (Topic 842): Targeted Improvements, which clarified ASU 2016-02 and had the same effective date as the original standard. ASU 2018-11 included an option to use the effective date of ASU 2016-02 as the date of initial application of transition as well as an option not to restate comparative periods in transition. In March 2019, the FASB issued ASU 2019-01, Leases (Topic 842): Codification Improvements, which also clarified ASU 2016-02 and is effective for fiscal years beginning after December 15, 2019 and interim periods within those fiscal years. The Company adopted this standard on January 1, 2019 using the optional transition method provided by the FASB in ASU 2018-11. As we did not restate comparative periods, the adoption had no impact on our previously reported results. We elected to use the practical expedient that allowed us not to reassess: (1) whether any expired or existing contracts are or contain leases, (2) the lease classification for any expired or existing leases and (3) initial direct costs for any expired or existing leases and the practical expedient that allows us to treat the lease and non-lease components as a single lease component for all asset classes. We also elected to account for short-term leases (i.e. leases with a term of one year or less) in accordance with ASC 842-20-25-2 (i.e. expensed over the term and not recorded on the balance sheet). The adoption of this standard impacted our consolidated balance sheet due to the recognition of right of use assets and lease liabilities. Upon adoption, we recognized right of use assets and lease liabilities of approximately $68 million that reflected the present value of future lease payments. The adoption of this standard did not have a material impact on our consolidated results of operations or cash flows. See Note 9 for further information. 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 was consistent with the revenue recognition model used by most of our business units. As a result, revenue recognition was unchanged under the new standard. For our business units that previously recognized revenue under a percentage of completion model, revenue recognition was also unchanged as the contract reviews supported the recognition of revenue over time. The Company 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 January 1, 2018. The adoption of this standard did not have an impact on our 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 June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit losses (Topic 326): Measurement of Credit Losses on Financial Instruments and in November 2018 issued a subsequent amendment, ASU 2018-19, Codification Improvements to Topic 326, Financial Instruments - Credit Losses. ASU 2016-13 significantly changes how entities will measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. ASU 2016-13 will replace today’s “incurred loss” approach with an “expected loss” model for instruments measured at amortized cost. ASU 2018-19 will affect loans, debt securities, trade receivables, net investments in leases, off-balance sheet credit exposures, reinsurance receivables, and any other financial assets not excluded from the scope of this amendment that represent the contractual right to receive cash. ASU 2016-13 and ASU 2018-19 should be applied on either a prospective transition or modified-retrospective approach depending on the subtopic. ASU 2016-13 is effective for annual periods beginning after December 15, 2019, and interim periods therein. The adoption of this standard will not have a material impact on our consolidated financial statements. |
Acquisitions and Divestitures
Acquisitions and Divestitures | 12 Months Ended |
Dec. 31, 2019 | |
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 the fair values assigned to assets and liabilities, have been included in the Company’s consolidated financial statements from their respective dates of acquisition. The results of operations of the acquired companies have been included in the Company’s consolidated results since the date of each acquisition. Supplemental pro forma information has not been provided as the acquisitions did not have a material impact on the Company’s consolidated results of operations individually or in the aggregate. 2019 Acquisition On July 18, 2019, the Company acquired the stock of Velcora Holding AB (“Velcora”) and its operating subsidiaries, Roplan and Steridose. Roplan is a global manufacturer of custom mechanical and shaft seals for a variety of end markets including food and beverage, marine, chemical, wastewater and water treatment. Steridose develops engineered hygienic mixers and valves for the global biopharmaceutical industry. Both companies are headquartered in Sweden, with operations in China, the United Kingdom and the United States and operate in our Health & Science Technologies segment. Velcora was acquired for cash consideration of $87.2 million and the assumption of $51.1 million of debt. The entire purchase price was funded with cash on hand. Goodwill and intangible assets recognized as part of this transaction were $85.9 million and $48.2 million , respectively. The goodwill is not deductible for tax purposes. The Company made an initial allocation of the purchase price for the Velcora 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, including intangible asset appraisals, and continues to learn more about the newly acquired businesses, 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 appropriate adjustments to the purchase price allocation prior to the completion of the measurement period, as required. The preliminary allocation of the acquisition costs to the assets acquired and liabilities assumed, based on their estimated fair values at the acquisition date, is as follows: (In thousands) Total Current assets, net of cash acquired $ 20,457 Property, plant and equipment 3,235 Goodwill 85,939 Intangible assets 48,183 Other noncurrent assets 788 Total assets acquired 158,602 Current liabilities (7,607 ) Long-term borrowings (51,130 ) Deferred income taxes (12,231 ) Other noncurrent liabilities (454 ) Net assets acquired $ 87,180 Acquired intangible assets consist of trade names, customer relationships and unpatented technology. The goodwill recorded for the acquisitions reflects the strategic fit, revenue and earnings growth potential of these businesses. The acquired intangible assets and weighted average amortization periods are as follows: (In thousands, except weighted average life) Total Weighted Average Life Trade names $ 7,089 15 Customer relationships 34,677 12 Unpatented technology 6,417 9 Total acquired intangible assets $ 48,183 On September 3, 2019, the Company settled the debt assumed in the Velcora acquisition and incurred a loss on early retirement of $0.7 million which was recorded in Other (income) expense - net in the Consolidated Statements of Operations for the year ended December 31, 2019 . The Company incurred $1.7 million of acquisition-related transaction costs in 2019 . 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. The Company also incurred a $3.3 million fair value inventory step-up charge associated with the completed 2019 acquisition in the year ended December 31, 2019. This charge was recorded in Cost of sales. 2018 Acquisition On July 23, 2018, the Company acquired Finger Lakes Instrumentation (“FLI”), a technology leader in the design, development and production of low-noise cooled CCD and high speed, high-sensitivity Scientific CMOS cameras for the astronomy and life science markets. Headquartered in Lima, NY, FLI operates in our Health & Science Technologies segment. FLI was acquired for an aggregate purchase price of $23.6 million, consisting of $20.2 million in cash and contingent consideration valued at $3.4 million as of the opening balance sheet date. The contingent consideration is based on the achievement of financial objectives during the 24 -month period following the close of the transaction. The entire purchase price was funded with cash on hand. Goodwill and intangible assets recognized as part of this transaction were $12.4 million and $7.9 million, respectively. Acquired intangible assets consist of trade names, customer relationships and unpatented technology. The goodwill recorded for the acquisition reflects the strategic fit, revenue and earnings growth potential of this business. The goodwill is deductible for tax purposes. In the third quarter of 2019, the Company finalized its allocation of the purchase price for the FLI acquisition 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. The Company incurred $3.0 million of acquisition-related transaction costs in 2018 . 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, 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 $25.2 million and $10.6 million, respectively. Acquired intangible assets consist of trade names, customer relationships and unpatented technology. The goodwill recorded for the acquisition reflects the strategic fit, revenue and earnings growth potential of this business. The goodwill is not deductible for tax purposes. In the fourth quarter of 2018, the Company finalized its allocation of the purchase price for the thinXXS acquisition based on its understanding of the fair value of the acquired assets and assumed liabilities. These nonrecurring fair value measurements were classified as Level 3 in the fair value hierarchy. The Company incurred $1.3 million of acquisition-related transaction costs in 2017 . 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. Divestitures The Company periodically reviews its operations for businesses which may no longer be aligned with its strategic objectives and focuses on core business and customers. Any resulting gain or loss recognized due to divestitures is recorded within Loss (gain) on sale of businesses - net. There were no divestitures that took place during the years ended December 31, 2019 and 2018. 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, resulting in a pre-tax gain on the sale of $9.3 million . There was no income tax expense associated with this transaction. The results of Faure Herman were reported within the Fluid & Metering Technologies segment and generated $14.1 million of revenues in 2017 through the date of sale. |
Balance Sheet Components
Balance Sheet Components | 12 Months Ended |
Dec. 31, 2019 | |
Additional Financial Information Disclosure [Abstract] | |
Balance Sheet Components | Balance Sheet Components December 31, 2019 2018 (In thousands) RECEIVABLES Customers $ 298,118 $ 313,719 Other 6,415 5,182 Total 304,533 318,901 Less allowance for doubtful accounts 6,347 6,709 Total receivables - net $ 298,186 $ 312,192 INVENTORIES Raw materials and components parts $ 182,382 $ 178,805 Work in process 28,761 37,495 Finished goods 82,324 63,695 Total $ 293,467 $ 279,995 PROPERTY, PLANT AND EQUIPMENT Land and improvements $ 32,240 $ 32,100 Buildings and improvements 187,301 189,744 Machinery, equipment and other 397,498 372,804 Office and transportation equipment 95,759 96,350 Construction in progress 24,546 24,328 Total 737,344 715,326 Less accumulated depreciation and amortization 457,028 434,106 Total property, plant and equipment - net $ 280,316 $ 281,220 ACCRUED EXPENSES Payroll and related items $ 77,556 $ 78,944 Management incentive compensation 14,408 25,321 Income taxes payable 9,905 23,844 Insurance 8,240 10,422 Warranty 5,581 5,303 Deferred revenue 17,633 8,055 Lease liability 15,235 — Restructuring 6,110 6,170 Liability for uncertain tax positions 890 980 Accrued interest 1,735 1,759 Contingent consideration for acquisition 3,375 — Other 19,622 26,738 Total accrued expenses $ 180,290 $ 187,536 OTHER NONCURRENT LIABILITIES Pension and retiree medical obligations $ 87,478 $ 80,667 Transition tax payable 11,292 17,127 Liability for uncertain tax positions 3,008 3,183 Deferred revenue 2,129 3,027 Liability for construction of new leased facility — 11,616 Lease liability 69,928 — Contingent consideration for acquisition — 3,375 Other 23,533 19,219 Total other noncurrent liabilities $ 197,368 $ 138,214 The valuation and qualifying account activity for the years ended December 31, 2019 , 2018 and 2017 is as follows: 2019 2018 2017 (In thousands) ALLOWANCE FOR DOUBTFUL ACCOUNTS (1) Beginning balance January 1 $ 6,709 $ 7,764 $ 8,078 Charged to costs and expenses, net of recoveries 1,181 290 720 Utilization (1,443 ) (1,396 ) (1,418 ) Currency translation and other (100 ) 51 384 Ending balance December 31 $ 6,347 $ 6,709 $ 7,764 (1) Includes provision for doubtful accounts. |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2019 | |
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. Revenue is recognized when control of 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. Revenue was attributed to geographical region based on location of the customer. The following tables present our revenue disaggregated by reporting unit and geographical region. Revenue by reporting unit for the years ended December 31, 2019 and 2018 was as follows: For the Year Ended December 31, 2019 2018 Energy $ 164,825 $ 163,996 Valves 118,333 113,136 Water 250,589 251,020 Pumps 331,098 324,222 Agriculture 92,183 99,178 Intersegment elimination (505 ) (277 ) Fluid & Metering Technologies 956,523 951,275 Scientific Fluidics & Optics 434,623 417,859 Sealing Solutions 200,495 200,316 Gast 133,471 126,787 Micropump 32,216 36,827 Material Processing Technologies 113,641 114,630 Intersegment elimination (1,823 ) (449 ) Health & Science Technologies 912,623 895,970 Fire & Safety 403,949 396,926 Band-It 106,624 105,785 Dispensing 116,197 134,317 Intersegment elimination (1,343 ) (607 ) Fire & Safety/Diversified Products 625,427 636,421 Total net sales $ 2,494,573 $ 2,483,666 Revenue by geographical region for the years ended December 31, 2019 and 2018 was as follows: For the Year Ended December 31, 2019 FMT HST FSDP IDEX U.S. $ 541,994 $ 411,680 $ 303,579 $ 1,257,253 North America, excluding U.S. 58,256 21,735 26,328 106,319 Europe 170,698 263,523 159,184 593,405 Asia 125,031 201,765 103,379 430,175 Other (1) 61,049 15,743 34,300 111,092 Intersegment elimination (505 ) (1,823 ) (1,343 ) (3,671 ) Total net sales $ 956,523 $ 912,623 $ 625,427 $ 2,494,573 For the Year Ended December 31, 2018 FMT HST FSDP IDEX U.S. $ 540,697 $ 392,140 $ 297,717 $ 1,230,554 North America, excluding U.S. 57,917 18,770 28,779 105,466 Europe 172,630 278,634 164,307 615,571 Asia 119,822 189,342 111,169 420,333 Other (1) 60,486 17,533 35,056 113,075 Intersegment elimination (277 ) (449 ) (607 ) (1,333 ) Total net sales $ 951,275 $ 895,970 $ 636,421 $ 2,483,666 (1) Other includes: South America, Middle East, Australia and Africa. Contract Balances The timing of revenue recognition, billings and cash collections can result in customer receivables, advance payments or billings in excess of revenue recognized. Customer receivables include both amounts billed and currently due from customers as well as unbilled amounts (contract assets) and are included in Receivables - net on our Consolidated Balance Sheets. Amounts are billed in accordance with contractual terms or as work progresses. 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 invoice 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 amount less an allowance for doubtful accounts. The Company maintains an allowance 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: December 31, 2019 December 31, 2018 Billed receivables $ 286,196 $ 299,227 Unbilled receivables 11,922 14,492 Total customer receivables $ 298,118 $ 313,719 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 Consolidated Balance Sheets. Advance payments 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. We generally receive advance payments from customers related to maintenance services which we recognize ratably over the service term. Billings in excess of revenue recognized represent contract liabilities and 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. Contract liabilities are derecognized when revenue is recognized and the performance obligation is satisfied. The composition of Deferred revenue was as follows: December 31, 2019 December 31, 2018 Deferred revenue - current $ 17,633 $ 8,055 Deferred revenue - noncurrent 2,129 3,027 Total deferred revenue $ 19,762 $ 11,082 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 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, certain promises may not be separately identifiable from other promises in the contract and, therefore, not distinct. As a result, 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% of total revenues in both the years ended December 31, 2019 and 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% of total revenues in both the years ended December 31, 2019 and 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 and product returns 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. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Goodwill and Intangible Assets The changes in the carrying amount of goodwill for 2019 and 2018 , by reportable business segment, were as follows: Fluid & Metering Technologies Health & Science Technologies Fire & Safety/ Diversified Products Total (In thousands) Goodwill $ 606,785 $ 889,852 $ 408,152 $ 1,904,789 Accumulated goodwill impairment losses (20,721 ) (149,820 ) (30,090 ) (200,631 ) Balance at January 1, 2018 586,064 740,032 378,062 1,704,158 Foreign currency translation (5,023 ) (8,391 ) (6,505 ) (19,919 ) Acquisitions — 12,399 — 12,399 Acquisition adjustments — 1,317 — 1,317 Balance at December 31, 2018 581,041 745,357 371,557 1,697,955 Foreign currency translation (2,116 ) 476 (2,509 ) (4,149 ) Acquisitions — 85,939 — 85,939 Balance at December 31, 2019 $ 578,925 $ 831,772 $ 369,048 $ 1,779,745 ASC 350 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 2019 and 2018 , there were no events or circumstances that would have required an interim impairment test. Goodwill represents the purchase price in excess of the net amount assigned to assets acquired and liabilities assumed. Goodwill and other acquired intangible assets with indefinite lives were tested for impairment as of October 31, 2019 , the Company’s annual impairment test date. In assessing the fair value of the reporting units, the Company considers both the market approach and the income approach. Under the market approach, the fair value of the reporting unit is determined by the respective trailing twelve month EBITDA and the forward looking 2020 EBITDA (50% each), based on multiples of comparable public companies. The market approach is dependent on a number of significant management assumptions including forecasted EBITDA and selected market multiples. Under the income approach, the fair value of the reporting unit is determined based on the present value of estimated future cash flows. The income approach is dependent on a number of significant management assumptions including estimates of operating results, capital expenditures, net working capital requirements, long-term growth rates and discount rates. Weighting was equally attributed to both the market and the income approaches (50% each) in arriving at the fair value of the reporting units. The following table provides the gross carrying value and accumulated amortization for each major class of intangible asset at December 31, 2019 and 2018 : At December 31, 2019 At December 31, 2018 Gross Carrying Amount Accumulated Amortization Net Weighted Average Life Gross Carrying Amount Accumulated Amortization Net (In thousands) (In thousands) Amortized intangible assets: Patents $ 6,678 $ (5,276 ) $ 1,402 12 $ 6,468 $ (4,693 ) $ 1,775 Trade names 123,062 (64,938 ) 58,124 16 115,899 (57,227 ) 58,672 Customer relationships 275,575 (96,252 ) 179,323 14 256,202 (85,652 ) 170,550 Unpatented technology 101,721 (43,561 ) 58,160 12 96,922 (35,685 ) 61,237 Other 700 (578 ) 122 10 700 (507 ) 193 Total amortized intangible assets 507,736 (210,605 ) 297,131 476,191 (183,764 ) 292,427 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 $ 598,636 $ (210,605 ) $ 388,031 $ 567,091 $ (183,764 ) $ 383,327 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 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. 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. In the second quarter of 2019, the Company began to evaluate strategic alternatives for one of its businesses in the HST segment. Prior to making a final decision on the options that were presented for this business, the business was informed in the third quarter of 2019 of the loss of its largest customer. As a result, the Company accelerated its restructuring activities for this business and a decision was made to wind down the business over time. This event required an interim impairment test be performed on certain of its definite-lived intangible assets, which resulted in an impairment charge of $7.1 million , consisting of $6.1 million related to customer relationships and $1.0 million related to unpatented technology. This charge was recorded as Restructuring expense in the Consolidated Statements of Operations. See Note 14 for further discussion. Amortization of intangible assets was $37.3 million , $38.5 million and $45.9 million in 2019 , 2018 and 2017 , respectively. Based on the intangible asset balances as of December 31, 2019 , amortization expense is expected to approximate $38.4 million in 2020 , $37.1 million in 2021 , $35.2 million in 2022 , $32.4 million in 2023 and $30.5 million in 2024 . |
Borrowings
Borrowings | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Borrowings | Borrowings Borrowings at December 31, 2019 and 2018 consisted of the following: 2019 2018 (In thousands) Revolving Facility $ — $ — 4.50% Senior Notes, due December 2020 300,000 300,000 4.20% Senior Notes, due December 2021 350,000 350,000 3.20% Senior Notes, due June 2023 100,000 100,000 3.37% Senior Notes, due June 2025 100,000 100,000 Other borrowings 622 1,078 Total borrowings 850,622 851,078 Less current portion 388 483 Less deferred debt issuance costs 983 1,593 Less unaccreted debt discount 387 667 Long-term borrowings $ 848,864 $ 848,335 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 of 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 May 31, 2019, 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 prior five -year $700 million credit agreement, dated as of June 23, 2015, which was due to expire in June 2020. Terms and fees of the 2019 Credit Agreement are essentially the same as the 2015 credit agreement except for certain fees and interest rate pricing that are more favorable to the Company. The Credit Agreement consists of a revolving credit facility (the “Revolving Facility”) in an aggregate principal amount of $800 million , with a final maturity date of May 30, 2024 . The maturity date may be extended under certain conditions for an additional one -year term. Up to $75 million of the Revolving Facility under the Credit Agreement 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 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 $400 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 under the Credit Agreement. 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 better of the Company’s senior, unsecured, long-term debt rating or the Company’s applicable leverage ratio. Interest is payable (a) in the case of base rate loans, quarterly, and (b) in the case of LIBOR rate loans, on the last day of the applicable interest period selected, or every three months from the effective date of such interest period for interest periods 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, (b) the applicable corporate credit ratings of the Company or (c) the applicable leverage ratio of the Company. Voluntary prepayments of any loans and voluntary reductions of the unutilized portion of the commitments under the Credit Agreement are permissible without penalty, subject to break funding payments and minimum notice and minimum reduction amount requirements. The Credit Agreement contains affirmative and negative covenants usual and customary for such senior unsecured credit agreements, including an interest coverage ratio test and a leverage ratio test, in each case tested quarterly and, in the case of the leverage ratio, with an option to increase the ratio for 12 months in connection with certain acquisitions. The negative covenants include restrictions on the Company on granting liens, entering into transactions resulting in fundamental changes (such as mergers or sales of all or substantially all of the assets of the Company), making certain subsidiary dividends or distributions, engaging in materially different lines of businesses and allowing subsidiaries to incur certain additional debt. The Credit Agreement also contains customary events of default (subject to grace periods, as appropriate). At December 31, 2019 , there was no balance outstanding under the Revolving Facility and $8.5 million of outstanding letters of credit, resulting in a net available borrowing capacity under the Revolving Facility at December 31, 2019 of approximately $791.5 million . On December 9, 2011, the Company completed a public offering of $350.0 million 4.2% senior notes due December 15, 2021 (“ 4.2% Senior Notes”). The net proceeds from the offering of $346.2 million , after deducting a $0.9 million issuance discount, a $2.3 million underwriting commission and $0.6 million of offering expenses, were used to repay $306.0 million of outstanding bank indebtedness, with the balance used for general corporate purposes. The 4.2% Senior Notes bear interest at a rate of 4.2% per annum, which is payable semi-annually in arrears on each June 15th and December 15th. The Company may redeem all or a portion of the 4.2% Senior Notes at any time prior to maturity at the redemption prices set forth in the Note Indenture governing the 4.2% Senior Notes. The Company may issue additional debt from time to time pursuant to the Indenture. The Indenture and 4.2% Senior Notes contain covenants that limit the Company’s ability to, among other things, incur certain liens securing indebtedness, engage in certain sale-leaseback transactions, and enter into certain consolidations, mergers, conveyances, transfers or leases of all or substantially all of the Company’s assets. The terms of the 4.2% Senior Notes also require the Company to make an offer to repurchase the 4.2% Senior Notes upon a change of control triggering event (as defined in the Indenture) at a price equal to 101% of their principal amount plus accrued and unpaid interest, if any. On December 6, 2010, the Company completed a public offering of $300.0 million 4.5% senior notes due December 15, 2020 (“ 4.5% Senior Notes”). The net proceeds from the offering of $295.7 million , after deducting a $1.6 million issuance discount, a $1.9 million underwriting commission and $0.8 million of offering expenses, were used to repay $250.0 million of outstanding bank indebtedness, with the balance used for general corporate purposes. The 4.5% Senior Notes bear interest at a rate of 4.5% per annum, which is payable semi-annually in arrears on each June 15th and December 15th. The Company may redeem all or a portion of the 4.5% Senior Notes at any time prior to maturity at the redemption prices set forth in the Note Indenture governing the 4.5% Senior Notes. The Company may issue additional debt from time to time pursuant to the Indenture. The Indenture and 4.5% Senior Notes contain covenants that limit the Company’s ability to, among other things, incur certain liens securing indebtedness, engage in certain sale-leaseback transactions, and enter into certain consolidations, mergers, conveyances, transfers or leases of all or substantially all of the Company’s assets. The terms of the 4.5% Senior Notes also require the Company to make an offer to repurchase the 4.5% Senior Notes upon a change of control triggering event (as defined in the Indenture) at a price equal to 101% of their principal amount plus accrued and unpaid interest, if any. As of December 31, 2019, the $300.0 million 4.5% Senior Notes are due in December 2020 but have not been classified as short-term borrowings on the Consolidated Balance Sheets as the Company has the ability and intent to either refinance or repay the Notes using the available borrowing capacity of the Revolving Facility. As a result, the 4.5% Senior Notes remain classified as long-term borrowings in the Consolidated Balance Sheets as of December 31, 2019 . 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. In the case of the leverage ratio, there is an option to increase the ratio to 4.00 for 12 months in connection with certain acquisitions. At December 31, 2019 , 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. Total borrowings at December 31, 2019 have scheduled maturities as follows: (In thousands) 2020 $ 300,388 2021 350,234 2022 — 2023 100,000 2024 — Thereafter 100,000 Total borrowings $ 850,622 |
Derivative Instruments
Derivative Instruments | 12 Months Ended |
Dec. 31, 2019 | |
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 as well as interest rate exchange agreements designed to reduce the impact of interest rate changes on future interest expense that effectively convert a portion of floating-rate debt to fixed-rate debt. 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 16 for the amount of loss reclassified into income for interest rate contracts for the years ended December 31, 2019 , 2018 and 2017 . As of December 31, 2019 , the Company did not have any interest rate contracts outstanding. On April 15, 2010, the Company entered into a forward starting interest rate contract with a notional amount of $300.0 million and a settlement date in December 2010. This contract was entered into in anticipation of the issuance of the 4.5% Senior Notes and was designed to lock in the market interest rate as of April 15, 2010. In December 2010, the Company settled and paid this interest rate contract for $31.0 million . The $31.0 million is being amortized into interest expense over the 10 year term of the 4.5% Senior Notes, which results in an effective interest rate of 5.8% . On July 12, 2011, the Company entered into a forward starting interest rate contract with a notional amount of $350.0 million and a settlement date of September 30, 2011 . This contract was entered into in anticipation of the issuance of the 4.2% Senior Notes and was designed to lock in the market interest rate as of July 12, 2011. On September 29, 2011, the Company settled this interest rate contract for $34.7 million with a payment made on October 3, 2011. Simultaneously, the Company entered into a separate interest rate contract with a notional amount of $350.0 million and a settlement date of February 28, 2012 . The contract was entered into in anticipation of the expected issuance of the 4.2% Senior Notes and was designed to maintain the market rate as of July 12, 2011. In December 2011, the Company settled and paid the September interest rate contract for $4.0 million , resulting in a total settlement of $38.7 million . Of the $38.7 million , $0.8 million was recognized as other expense in 2011 and the balance of $37.9 million is being amortized into interest expense over the 10 year term of the 4.2% Senior Notes, which results in an effective interest rate of 5.3% . The amount of expense reclassified into interest expense for interest rate contracts for the years ended December 31, 2019 , 2018 and 2017 is $6.3 million , $6.5 million and $6.7 million , respectively. Approximately $6.0 million of the pre-tax amount included in accumulated other comprehensive loss in shareholders’ equity at December 31, 2019 will be recognized in net income over the next 12 months as the underlying hedged transactions are realized. At March 31, 2018, 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 Consolidated Statements of Operations each period as incurred. 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 Consolidated Statements of Operations. As a result of the foreign currency exchange contracts being settled in April 2018, the Company received $6.6 million of proceeds. During the years ended December 31, 2018 and 2017, the Company recorded gains of $0.9 million and $19.8 million , respectively, within Other (income) expense - net in the Consolidated Statements of Operations related to these foreign currency exchange contracts. During the years ended December 31, 2018 and 2017, the Company recorded foreign currency transaction losses of $0.9 million and $20.2 million , respectively, within Other (income) expense - net in the Consolidated Statements of Operations related to these intercompany loans. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements ASC 820, Fair Value Measurements and Disclosures, defines fair value, provides guidance for measuring fair value and requires certain disclosures. This standard discusses valuation techniques, such as the market approach (comparable market prices), the income approach (present value of future income or cash flow), and the cost approach (cost to replace the service capacity of an asset or replacement cost). The standard utilizes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The following is a brief description of those three levels: • Level 1: Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities. • Level 2: Inputs, other than quoted prices, that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active. • Level 3: Unobservable inputs that reflect the reporting entity’s own assumptions. The following table summarizes the basis used to measure the Company’s financial assets (liabilities) at fair value on a recurring basis in the balance sheets at December 31, 2019 and 2018 : Basis of Fair Value Measurements Balance at December 31, 2019 Level 1 Level 2 Level 3 (In thousands) Available for sale securities $ 10,462 $ 10,462 $ — $ — Contingent consideration 3,375 — — 3,375 Basis of Fair Value Measurements Balance at December 31, 2018 Level 1 Level 2 Level 3 (In thousands) Available for sale securities $ 7,598 $ 7,598 $ — $ — Contingent consideration 3,375 — — 3,375 There were no transfers of assets or liabilities between Level 1 and Level 2 in 2019 or 2018 . The Company utilized a Monte Carlo Simulation to determine the fair value of the contingent consideration associated with the acquisition of FLI as of the acquisition date. The $3.4 million represents management’s best estimate of the liability, based on a range of outcomes of FLI’s two-year operating results, from August 1, 2018 to July 31, 2020, and is expected to be paid during the third quarter of 2020. As of December 31, 2019 , the $3.4 million of contingent consideration is included in Accrued Expenses on the Consolidated Balance Sheets. The carrying values of our cash and cash equivalents, accounts receivable, accounts payable and accrued expenses approximates their fair values because of the short term nature of these instruments. At December 31, 2019 , the fair value of the outstanding indebtedness under our 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 $876.0 million compared to the carrying value of $850.2 million . At December 31, 2018 , the fair value of the outstanding indebtedness under our Revolving Facility, 3.2% Senior Notes, 3.37% Senior Notes, 4.5% Senior Notes and 4.2% Senior Notes based on quoted market prices and current market rates for debt with similar credit risk and maturity was approximately $851.5 million compared to the carrying value of $850.4 million . These fair value measurements are classified as Level 2 within the fair value hierarchy since they are 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. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2019 | |
Lessee Disclosure [Abstract] | |
Leases | Leases The Company leases certain office facilities, warehouses, manufacturing plants, equipment (which includes both office and plant equipment) and vehicles under operating leases. Leases with an initial term of 12 months or less are not recorded on the balance sheet; the Company recognizes lease expense for these leases on a straight-line basis over the lease term. Certain leases include one or more options to renew. The exercise of lease renewal options is at the Company’s sole discretion. There are currently no renewal periods included in any of the leases’ respective lease terms as they are not reasonably certain of being exercised. The Company does not have any material purchase options. Certain of our lease agreements have rental payments that are adjusted periodically for inflation or that are based on usage. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. Supplemental balance sheet information related to leases as of December 31, 2019 was as follows: Balance Sheet Caption December 31, 2019 Operating leases: Building right-of-use assets - net Other noncurrent assets $ 75,381 Equipment right-of-use assets - net Other noncurrent assets 6,993 Total right-of-use assets - net $ 82,374 Operating leases: Current lease liabilities Accrued expenses $ 15,235 Noncurrent lease liabilities Other noncurrent liabilities 69,928 Total lease liabilities $ 85,163 In the second quarter of 2019, the Company began to evaluate strategic alternatives for one of its businesses in the HST segment. Prior to making a final decision on the options that were presented for this business, the business was informed in the third quarter of 2019 of the loss of its largest customer. As a result, the Company accelerated its restructuring activities for this business and a decision was made to wind down the business over time. This event required an interim impairment test be performed on its long-lived assets, which resulted in an impairment charge of $0.6 million related to its building right-of-use asset. In the fourth quarter of 2019, the Company completed the consolidation of one of its facilities in the HST segment into the Optics Center of Excellence in Rochester, New York, which also resulted in an impairment charge of $0.4 million related to its building right-of-use asset. These charges were recorded as Restructuring expenses in the Consolidated Statements of Operations. See Note 14 for further discussion. As part of the adoption of the new lease standard, the Company derecognized its liability for the construction of a new leased facility that was recorded in Other noncurrent liabilities on the Consolidated Balance Sheets and recorded it as a right of use asset in Other noncurrent assets on the Consolidated Balance Sheets with a corresponding lease liability in Accrued expenses and Other noncurrent liabilities on the Consolidated Balance Sheets. The components of lease cost for the year ended December 31, 2019 were as follows: December 31, 2019 Operating lease cost (1) $ 23,080 Variable lease cost 2,265 Total lease expense $ 25,345 (1) Includes short-term leases, which are immaterial. Rental expense totaled $21.8 million and $19.0 million in 2018 and 2017, respectively. Supplemental cash flow information related to leases for the year ended December 31, 2019 was as follows: December 31, 2019 Cash paid for amounts included in the measurement of operating lease liabilities $ 22,888 Right-of-use assets obtained in exchange for new operating lease liabilities 25,878 Other supplemental information related to leases as of December 31, 2019 was as follows: Lease Term and Discount Rate December 31, 2019 Weighted-average remaining lease term (years): Operating leases - building and equipment 9.61 Operating leases - vehicles 1.92 Weighted-average discount rate: Operating leases - building and equipment 4.08 % Operating leases - vehicles 2.99 % The Company uses its incremental borrowing rate to determine the present value of the lease payments. The Company used the incremental borrowing rate based on the information available at the transition date to determine the present value of the lease payments as of January 1, 2019. Total lease liabilities at December 31, 2019 have scheduled maturities as follows: Maturity of Lease Liabilities Operating Leases (1) 2020 $ 18,449 2021 15,070 2022 10,647 2023 8,894 2024 7,037 Thereafter 44,284 Total lease payments 104,381 Less: Imputed interest (19,218 ) Present value of lease liabilities $ 85,163 (1) Excludes $6.4 million of legally binding minimum lease payments for leases signed but not yet commenced. Total lease liabilities at December 31, 2018 had scheduled maturities as follows: Maturity of Lease Liabilities Operating Leases 2019 $ 17,509 2020 13,162 2021 10,516 2022 7,979 2023 6,535 Thereafter 29,658 Total lease payments $ 85,359 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Warranty costs are provided for at the time of sale. The warranty provision is based on historical costs and adjusted for specific known claims. A rollforward of the warranty reserve is as follows: 2019 2018 2017 (In thousands) Beginning balance at January 1 $ 5,303 $ 6,281 $ 5,628 Provision for warranties 3,438 2,334 2,895 Claim settlements (3,115 ) (2,981 ) (2,317 ) Other adjustments, including acquisitions, divestitures and currency translation (45 ) (331 ) 75 Ending balance at December 31 $ 5,581 $ 5,303 $ 6,281 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. |
Common and Preferred Stock
Common and Preferred Stock | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Common and Preferred Stock | Common and Preferred Stock On December 1, 2015 , the Company’s Board of Directors approved an increase of $300.0 million in the authorized level of repurchases of common stock. This followed the prior Board of Directors approved repurchase authorization of $400.0 million that was announced by the Company on November 6, 2014. These authorizations have no expiration date. Repurchases under the program will be funded with future cash flow generation or borrowings available under the Revolving Facility. During 2019 , the Company repurchased a total of 389 thousand shares at a cost of $54.7 million , compared to 1.3 million shares repurchased at a cost of $173.9 million in 2018 . As of December 31, 2019 , the amount of share repurchase authorization remaining was $322.3 million . At December 31, 2019 and 2018 , the Company had 150 million shares of authorized common stock, with a par value of $.01 per share, and five million shares of authorized preferred stock, with a par value of $.01 per share. No preferred stock was outstanding at December 31, 2019 and 2018 . |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Pretax income for 2019 , 2018 and 2017 was taxed in the following jurisdictions: 2019 2018 2017 (In thousands) U.S. $ 377,166 $ 357,585 $ 302,515 Foreign 155,737 171,354 152,758 Total $ 532,903 $ 528,939 $ 455,273 The provision (benefit) for income taxes for 2019 , 2018 and 2017 was as follows: 2019 2018 2017 (In thousands) Current U.S. $ 49,819 $ 67,793 $ 91,641 State and local 9,074 8,056 9,342 Foreign 41,864 46,862 50,775 Total current 100,757 122,711 151,758 Deferred U.S. 10,158 (5,471 ) (36,390 ) State and local (115 ) (17 ) 3,305 Foreign (3,418 ) 1,143 (657 ) Total deferred 6,625 (4,345 ) (33,742 ) Total provision for income taxes $ 107,382 $ 118,366 $ 118,016 Deferred tax assets (liabilities) at December 31, 2019 and 2018 were: 2019 2018 (In thousands) Employee and retiree benefit plans $ 28,097 $ 27,615 Capital loss and other carryforwards 16,035 12,754 Operating lease assets 20,036 — Operating lease liabilities (19,530 ) — Depreciation and amortization (175,904 ) (168,485 ) Inventories 7,699 5,969 Allowances and accruals 7,765 11,540 Interest rate exchange agreement 2,113 3,543 Other (14,998 ) (6,388 ) Total gross deferred tax (liabilities) (128,687 ) (113,452 ) Valuation allowance (16,035 ) (12,754 ) Total deferred tax (liabilities), net of valuation allowances $ (144,722 ) $ (126,206 ) The deferred tax assets and liabilities recognized in the Company’s Consolidated Balance Sheets as of December 31, 2019 and 2018 were: 2019 2018 (In thousands) Noncurrent deferred tax asset - Other noncurrent assets $ 1,852 $ 1,801 Noncurrent deferred tax liabilities - Deferred income taxes (146,574 ) (128,007 ) Net deferred tax liabilities $ (144,722 ) $ (126,206 ) The Company had prepaid income taxes, recorded within Other current assets on the Consolidated Balance Sheets, of $13.4 million and $8.3 million as of December 31, 2019 and 2018 , respectively. The provision for income taxes differs from the amount computed by applying the statutory federal income tax rate to pretax income. The computed amount and the differences for 2019 , 2018 and 2017 are as follows: 2019 2018 2017 (In thousands) Pretax income $ 532,903 $ 528,939 $ 455,273 Provision for income taxes: Computed amount at statutory rate $ 111,910 $ 111,077 $ 159,346 State and local income tax (net of federal tax benefit) 8,163 8,280 5,841 Taxes on non-U.S. earnings-net of foreign tax credits 5,003 5,725 (24,914 ) Global Intangible Lowed-Taxed Income 2,324 2,725 — Foreign-Derived Intangible Income Deduction (5,811 ) (5,410 ) — Effect of flow-through entities 1,316 1,215 192 U.S. business tax credits (3,193 ) (3,056 ) (1,928 ) Domestic activities production deduction — — (8,516 ) Capital loss on divestitures — — (2,275 ) Share-based payments (11,011 ) (9,348 ) (6,844 ) Valuation allowance (117 ) — (361 ) Impact of Tax Act (334 ) 10,298 (100 ) Other (868 ) (3,140 ) (2,425 ) Total provision for income taxes $ 107,382 $ 118,366 $ 118,016 On December 22, 2017 , the Tax Cuts and Jobs Act (the “Tax Act”) was enacted into law, which significantly changed existing U.S. tax law and includes many provisions applicable to the Company, including, but not limited to, reducing the U.S. federal statutory tax rate, imposing a one-time transition tax on deemed repatriation of deferred foreign income and adopting a territorial tax system. The Tax Act reduced the U.S. federal statutory tax rate from 35% to 21% effective January 1, 2018 . The Tax Act also included a provision to tax global intangible low-taxed income of foreign subsidiaries, a special tax deduction for foreign-derived intangible income and a base erosion anti-abuse tax measure that may tax certain payments between a U.S. corporation and its subsidiaries. These additional provisions of the Tax Act were effective beginning January 1, 2018 . The Company has $26.5 million and $18.2 million of permanently reinvested earnings of non-U.S. subsidiaries as of December 31, 2019 and 2018 , respectively. No deferred U.S. income taxes have been provided on the $26.5 million of permanently reinvested earnings, as these earnings are considered to be reinvested for an indefinite period of time. It should also be noted that the aforementioned earnings will not incur U.S. taxes when ultimately repatriated other than potentially U.S. state and local taxes and/or U.S. federal income taxes on foreign exchange gains or losses crystalized on the distribution of such earnings. Such distributions could also be subject to additional foreign withholding and foreign income taxes. The amount of unrecognized deferred income tax liabilities on currently permanently reinvested earnings is estimated to be $5.4 million and $3.7 million as of December 31, 2019 and 2018 , respectively. During the years ended December 31, 2019 , 2018 and 2017 , the Company repatriated $99.0 million , $135.0 million and $3.3 million of foreign earnings, respectively. These actual distributions resulted in no incremental income tax expense for the years ended December 31, 2019 and 2018 , and $6.4 million of incremental income tax benefit for the year ended December 31, 2017 . These repatriations represent distributions of previously taxed income as well as distributions from liquidating subsidiaries. Because the changes included in the Tax Act were broad and complex, on December 22, 2017, the SEC issued Staff Accounting Bulletin (“SAB 118”), which provided guidance on accounting for the tax effects of the Tax Act. SAB 118 provided 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 was required to reflect the income tax effects of those aspects of the Tax Act for which the accounting under ASC 740 was complete. To the extent that a company’s accounting for certain income tax effects of the Tax Act was incomplete but it was able to determine a reasonable estimate, it was required to record a provisional estimate to be included in the financial statements. As of December 31, 2018, the Company, as required under SAB 118, completed the accounting for all of the enactment-date income tax effects of the Tax Act. The Company’s completed accounting of the enactment-date income tax effects of the Tax Act is as follows: 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 had to 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 of 2018, the IRS released Revenue Procedure 2018-17 and Notice 2018-26, the effects of which increased the provisional Transition Tax by $0.1 million . The Company updated its Transaction Tax obligation in the fourth quarter of 2018 recording a $3.9 million tax benefit which, together with the first quarter adjustment, resulted in an updated Transition Tax obligation of $26.5 million . The Company finalized its Transition Tax obligation in the fourth quarter of 2019 for an adjustment and foreign tax credit carrybacks which resulted in a final Transition Tax obligation of $20.6 million . 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 decrease in 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. The Company finalized the impact of the rate change on its deferred tax liability in the fourth quarter of 2018 recording an additional $1.1 million tax benefit. The total reduction to the deferred tax liability related to the rate change was $41.7 million . Removal of Permanent Reinvestment Representation on certain undistributed foreign earnings : As a result of the enactment of the Tax Act, the Company had 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 were 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 ended December 31, 2017. During the second quarter of 2018, the deferred tax liability was reduced by $1.4 million to $7.8 million . No adjustments were made to the deferred tax liability during the third quarter of 2018. The Company removed the Permanent Reinvestment Representation during the fourth quarter of 2018 for all remaining non-U.S. subsidiaries except for its entity in India. This change resulted in an additional $9.1 million increase to its deferred tax liability with a corresponding adjustment to deferred tax expense. Global intangible low taxed income (“GILTI”) : 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 CFC’s 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 the 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 both acceptable methods subject to an accounting policy election. The Company treats the GILTI tax as a period cost. Although the SAB 118 measurement period has closed, further technical guidance related to the Tax Act, including final regulations on a broad range of topics, is expected to be issued. In accordance with ASC 740, the Company will recognize any effects of the guidance in the period that such guidance is issued. A reconciliation of the beginning and ending amount of unrecognized tax benefits for 2019 , 2018 and 2017 is as follows: 2019 2018 2017 (In thousands) Beginning balance January 1 $ 4,070 $ 2,722 $ 3,775 Gross increases for tax positions of prior years — 2,308 537 Gross decreases for tax positions of prior years — (229 ) (587 ) Settlements (140 ) (160 ) (604 ) Lapse of statute of limitations (250 ) (571 ) (399 ) Ending balance December 31 $ 3,680 $ 4,070 $ 2,722 The Company recognizes interest and penalties related to uncertain tax positions in income tax expense. As of December 31, 2019 , 2018 and 2017 , we had approximately $0.2 million , $0.1 million and $0.1 million , respectively, of accrued interest related to uncertain tax positions. The Company had no accrued penalties related to uncertain tax positions during these years. The total amount of unrecognized tax benefits that would affect the Company’s effective tax rate if recognized is $3.0 million , $3.0 million and $0.9 million as of December 31, 2019 , 2018 and 2017 , respectively. The tax years 2013-2018 remain open to examination by major taxing 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 12 months by a range of zero to $0.9 million . The Company had net operating loss and general business credit carryforwards related to prior acquisitions for U.S. federal purposes at December 31, 2019 and 2018 of $0.4 million and $1.3 million , respectively. The U.S. federal net operating loss carryforwards are available for use against the Company’s consolidated U.S. federal taxable income and expire between 2021 and 2028. For non-U.S. purposes, the Company had net operating loss carryforwards at December 31, 2019 and 2018 of $16.5 million and $29.5 million , respectively, the majority of which relates to acquisitions. The entire balance of the non-U.S. net operating losses is available to be carried forward indefinitely. At December 31, 2019 and 2018 , the Company had U.S. state net operating loss carryforwards of approximately $17.4 million and $15.8 million , respectively. If unutilized, the U.S. state net operating loss will expire between 2020 and 2039. At December 31, 2019 and 2018 , the Company recorded a valuation allowance against the deferred tax asset attributable to the U.S. state net operating loss of $0.6 million and $0.6 million , respectively. The Company had a capital loss carryover for U.S. federal purposes at December 31, 2019 and 2018 of approximately $45.6 million and $46.1 million , respectively. U.S. federal capital loss carryovers can be carried back three years and forward five years, thus, if unutilized, the U.S. federal capital loss carryover will expire in 2021. At December 31, 2019 and 2018 , the Company recorded a valuation allowance against the deferred tax asset attributable to the U.S. federal capital loss carryover of $9.6 million and $9.7 million , respectively. At December 31, 2019 and 2018 , the Company had U.S. state capital loss carryovers of $62.1 million and $62.7 million , respectively. If unutilized, the U.S. state capital loss carryovers will expire between 2021 and 2031. At December 31, 2019 and 2018 , the Company recorded a valuation allowance against the deferred tax assets attributable to the U.S. state capital loss carryovers of $0.8 million and $0.8 million , respectively. At December 31, 2019 and 2018 , the Company had a foreign capital loss carryforward of approximately $13.8 million and $13.4 million , respectively. The foreign capital loss can be carried forward indefinitely. At both December 31, 2019 and 2018 , the Company has a full valuation allowance against the deferred tax asset attributable to the foreign capital loss. The Company had a foreign tax credit carryover for U.S. federal purposes at December 31, 2019 and 2018 of approximately $3.3 million and $6.6 million , respectively. U.S. federal foreign tax credit carryovers can be carried back one year and forward ten years, thus, if unutilized, the U.S. federal foreign tax credit carryover will expire in 2029. At December 31, 2019 , the Company recorded a full valuation allowance against the deferred tax asset attributable to the U.S. federal foreign tax credit carryover. |
Business Segments and Geographi
Business Segments and Geographic Information | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Business Segments and Geographic Information | Business Segments and Geographic Information IDEX has three reportable business segments: Fluid & Metering Technologies, Health & Science Technologies and Fire & Safety/Diversified Products. The Fluid & Metering Technologies segment designs, produces and distributes positive displacement pumps, 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, custom mechanical and shaft seals for a variety of end markets including food and beverage, marine, chemical, wastewater and water treatment, engineered hygienic mixers and valves for the global biopharmaceutical industry, 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. 2019 2018 2017 (In thousands) NET SALES Fluid & Metering Technologies External customers $ 956,523 $ 951,275 $ 880,648 Intersegment sales 505 277 309 Total segment sales 957,028 951,552 880,957 Health & Science Technologies External customers 912,623 895,970 819,719 Intersegment sales 1,823 449 412 Total segment sales 914,446 896,419 820,131 Fire & Safety/Diversified Products External customers 625,427 636,421 586,945 Intersegment sales 1,343 607 588 Total segment sales 626,770 637,028 587,533 Intersegment eliminations (3,671 ) (1,333 ) (1,309 ) Total net sales $ 2,494,573 $ 2,483,666 $ 2,287,312 OPERATING INCOME (LOSS) (1) Fluid & Metering Technologies $ 285,256 $ 275,060 $ 241,030 Health & Science Technologies 200,200 205,679 179,567 Fire & Safety/Diversified Products 165,258 168,601 147,028 Corporate office (2) (71,711 ) (80,252 ) (65,069 ) Total operating income 579,003 569,088 502,556 Interest expense 44,341 44,134 44,889 Other (income) expense - net 1,759 (3,985 ) 2,394 Income before taxes $ 532,903 $ 528,939 $ 455,273 2019 2018 2017 (In thousands) ASSETS Fluid & Metering Technologies $ 1,150,712 $ 1,107,777 $ 1,101,580 Health & Science Technologies 1,507,108 1,329,368 1,323,373 Fire & Safety/Diversified Products 825,398 806,075 744,515 Corporate office 330,694 230,637 230,160 Total assets $ 3,813,912 $ 3,473,857 $ 3,399,628 DEPRECIATION AND AMORTIZATION (3) Fluid & Metering Technologies $ 22,152 $ 22,370 $ 23,587 Health & Science Technologies 39,721 39,939 45,287 Fire & Safety/Diversified Products 14,333 14,493 14,541 Corporate office and other 670 742 801 Total depreciation and amortization $ 76,876 $ 77,544 $ 84,216 CAPITAL EXPENDITURES Fluid & Metering Technologies $ 17,285 $ 19,541 $ 18,218 Health & Science Technologies 22,001 26,039 16,340 Fire & Safety/Diversified Products 9,811 10,318 6,363 Corporate office and other 1,815 191 2,937 Total capital expenditures $ 50,912 $ 56,089 $ 43,858 (1) Segment operating income (loss) excludes net unallocated corporate operating expenses. (2) 2017 includes a $9.3 million gain on the sale of a business. (3) Excludes amortization of debt issuance expenses. Information about the Company’s long-lived assets in different geographical regions for the years ended December 31, 2019 , 2018 and 2017 is shown below. 2019 2018 2017 (In thousands) LONG-LIVED ASSETS — PROPERTY, PLANT AND EQUIPMENT U.S. $ 165,721 $ 171,111 $ 145,808 North America, excluding U.S. 3,829 3,398 3,627 Europe 88,104 85,100 85,932 Asia 22,505 21,355 22,613 Other 157 256 370 Total long-lived assets - net $ 280,316 $ 281,220 $ 258,350 |
Restructuring
Restructuring | 12 Months Ended |
Dec. 31, 2019 | |
Restructuring and Related Activities [Abstract] | |
Restructuring | Restructuring During 2019 , 2018 and 2017 , the Company recorded accruals for restructuring costs incurred to facilitate long-term, sustainable growth through cost reduction actions, consisting of employee reductions, facility rationalization and asset impairment charges. The restructuring costs included severance benefits, exit costs and asset impairment charges which were included in Restructuring expenses in the Consolidated Statements of Operations while the related accruals were included in Accrued expenses in the Consolidated Balance Sheets. Severance costs primarily consisted of severance benefits through payroll continuation, COBRA subsidies, outplacement services, conditional separation costs and employer tax liabilities, while exit costs primarily consisted of lease exit and contract termination costs. 2019 Initiative During 2019 , the Company recorded pre-tax restructuring expenses totaling $21.0 million related to the 2019 restructuring initiative. These expenses consisted of employee severance related to employee reductions across various functional areas, facility rationalization, contract termination costs and asset impairment charges. Severance payments will be substantially paid by the end of 2020 using cash from operations. In the second quarter of 2019, the Company began to evaluate strategic alternatives for one of its businesses in the HST segment. Prior to making a final decision on the options that were presented for this business, the business was informed in the third quarter of 2019 of the loss of its largest customer. As a result, the Company accelerated its restructuring activities for this business and a decision was made to wind down the business over time. This event required an interim impairment test be performed on the long-lived tangible and intangible assets of the business, which resulted in an impairment charge of $9.7 million , consisting of $6.1 million related to a customer relationships intangible asset, $1.0 million related to an unpatented technology intangible asset, $2.0 million related to property, plant and equipment and $0.6 million related to a building right-of-use asset. In the fourth quarter of 2019, the Company also consolidated one of its facilities into the Optics Center of Excellence in Rochester, New York, which resulted in an impairment charge of $0.4 million related to a building right-of-use asset. These charges were recorded as Restructuring expenses in the Consolidated Statements of Operations. Pre-tax restructuring expenses by segment for the 2019 initiative were as follows: Severance Exit Costs Asset Impairment Total Restructuring Costs (In thousands) Fluid & Metering Technologies $ 2,879 $ — $ — $ 2,879 Health & Science Technologies 3,000 1,094 10,155 14,249 Fire & Safety/Diversified Products 1,364 — — 1,364 Corporate/Other 2,552 — — 2,552 Total restructuring costs $ 9,795 $ 1,094 $ 10,155 $ 21,044 2018 Initiative During 2018 , the Company recorded pre-tax restructuring expenses totaling $12.1 million related to the 2018 restructuring initiative. These expenses consisted of employee severance related to employee reductions across various functional areas as well as facility rationalization and contract termination costs. Severance payments were substantially paid by the end of 2019 using cash from operations. Pre-tax restructuring expenses by segment for the 2018 initiative were as follows: Severance Costs Exit Costs Total Restructuring Costs (In thousands) Fluid & Metering Technologies $ 2,305 $ 153 $ 2,458 Health & Science Technologies 5,454 450 5,904 Fire & Safety/Diversified Products 2,184 — 2,184 Corporate/Other 1,537 — 1,537 Total restructuring costs $ 11,480 $ 603 $ 12,083 2017 Initiative During the fourth quarter of 2017, the Company recorded pre-tax restructuring expenses totaling $3.7 million related to the 2017 restructuring initiative. These expenses consisted of employee severance related to employee reductions across various functional areas as well as facility rationalization and contract termination costs. Severance payments were fully paid by the end of 2018 using cash from operations. Pre-tax restructuring expenses by segment for the 2017 initiative were as follows: Severance Costs Exit Costs Total Restructuring Costs (In thousands) Fluid & Metering Technologies $ 1,375 $ 433 $ 1,808 Health & Science Technologies 1,510 158 1,668 Fire & Safety/Diversified Products 182 — 182 Corporate/Other — — — Total restructuring costs $ 3,067 $ 591 $ 3,658 In addition, during the first quarter of 2017, the Company recorded pre-tax restructuring expenses totaling $4.8 million related to the 2016 restructuring initiative. Restructuring accruals of $6.1 million and $6.2 million at December 31, 2019 and 2018 , respectively, are reflected in Accrued expenses in our Consolidated Balance Sheets as follows: Restructuring (In thousands) Balance at January 1, 2018 $ 4,180 Restructuring expenses 12,083 Payments, utilization and other (10,093 ) Balance at December 31, 2018 6,170 Restructuring expenses 21,044 Payments, utilization and other (21,104 ) Balance at December 31, 2019 $ 6,110 |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Share-Based Compensation | Share-Based Compensation The Company maintains two share-based compensation plans for executives, non-employee directors and certain key employees that authorize the granting of stock options, restricted stock, performance share units and other types of awards consistent with the purpose of the plans. The number of shares authorized for issuance under the Company’s plans as of December 31, 2019 totaled 15.6 million , of which 3.4 million shares were available for future issuance. 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. The Company typically grants equity awards annually at its regularly scheduled first quarter meeting of the Board of Directors based on their recommendation from the Compensation Committee. Stock Options Stock options granted under the Company’s plans are generally non-qualified and are granted with an exercise price equal to the market price of the Company’s stock on the date of grant. The fair value of each option grant is estimated on the date of the grant using the Binomial lattice option pricing model. The majority of the options issued to employees vest ratably over four years , with vesting beginning one year from the date of grant, and generally expire 10 years from the date of grant. Weighted average option fair values and assumptions for the periods specified are as follows: Years Ended December 31, 2019 2018 2017 Weighted average fair value of grants $35.15 $38.13 $24.19 Dividend yield 1.18% 1.07% 1.45% Volatility 24.77% 28.46% 29.41% Risk-free interest rate 2.53% - 3.04% 2.03% - 3.17% 0.83% - 3.04% Expected life (in years) 5.87 5.83 5.83 The assumptions are as follows: • The Company estimated volatility using its historical share price performance over the contractual term of the option. • The Company uses historical data to estimate the expected life of the option. The expected life assumption for the years ended December 31, 2019 , 2018 and 2017 is an output of the Binomial lattice option pricing model, which incorporates vesting provisions, rate of voluntary exercise and rate of post-vesting termination over the contractual life of the option to define expected employee behavior. • The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant for periods within the contractual life of the option. For the years ended December 31, 2019 , 2018 and 2017 , we present the range of risk-free one-year forward rates, derived from the U.S. treasury yield curve, utilized in the Binomial lattice option pricing model. • The expected dividend yield is based on the Company’s current dividend yield as the best estimate of projected dividend yield for periods within the contractual life of the option. A summary of the Company’s stock option activity as of December 31, 2019 , and changes during the year ended December 31, 2019 is presented as follows: Stock Options Shares Weighted Weighted-Average Aggregate Outstanding at January 1, 2019 1,714,003 $ 85.08 6.70 $ 74,191,783 Granted 336,385 144.97 Exercised (559,725 ) 69.34 Forfeited/Expired (104,124 ) 116.94 Outstanding at December 31, 2019 1,386,539 $ 103.58 6.95 $ 94,764,140 Vested and expected to vest at December 31, 2019 1,275,591 $ 66.82 6.93 $ 88,158,634 Exercisable at December 31, 2019 578,542 $ 79.52 5.57 $ 53,502,516 The intrinsic value for stock options outstanding and exercisable is defined as the difference between the market value of the Company’s common stock as of the end of the period and the grant price. The total intrinsic value of options exercised in 2019 , 2018 and 2017 was $49.5 million , $38.0 million and $26.1 million , respectively. In 2019 , 2018 and 2017 , cash received from options exercised was $38.8 million , $27.6 million and $22.9 million , respectively, while the actual tax benefit realized for the tax deductions from stock options exercised totaled $10.4 million , $8.0 million and $9.5 million , respectively. Total compensation cost for stock options is recorded in the Consolidated Statements of Operations as follows: Years Ended December 31, 2019 2018 2017 (In thousands) Cost of goods sold $ 445 $ 470 $ 428 Selling, general and administrative expenses 8,705 8,313 7,347 Total expense before income taxes 9,150 8,783 7,775 Income tax benefit (1,209 ) (1,616 ) (2,485 ) Total expense after income taxes $ 7,941 $ 7,167 $ 5,290 As of December 31, 2019 , there was $13.2 million of total unrecognized compensation cost related to stock options that is expected to be recognized over a weighted-average period of 1.3 years . 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. Dividends are paid on restricted stock awards and their fair value is equal to the market price of the Company’s stock at the date of the grant. A summary of the Company’s restricted stock activity as of December 31, 2019 , and changes during the year ending December 31, 2019 is as follows: Restricted Stock Shares Weighted-Average Unvested at January 1, 2019 148,041 $ 101.50 Granted 49,260 148.12 Vested (51,253 ) 80.64 Forfeited (15,800 ) 124.54 Unvested at December 31, 2019 130,248 $ 124.61 Total compensation cost for restricted stock is recorded in the Consolidated Statements of Operations as follows: Years Ended December 31, 2019 2018 2017 (In thousands) Cost of goods sold $ 261 $ 367 $ 335 Selling, general and administrative expenses 4,527 4,201 4,772 Total expense before income taxes 4,788 4,568 5,107 Income tax benefit (920 ) (825 ) (1,654 ) Total expense after income taxes $ 3,868 $ 3,743 $ 3,453 As of December 31, 2019 , there was $5.9 million of total unrecognized compensation cost related to restricted stock that is expected to be recognized over a weighted-average period of 1.1 years . 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 . Cash-settled restricted stock awards are recorded at fair value on a quarterly basis using the market price of the Company’s stock on the last day of the quarter. Dividend equivalents are paid on certain cash- settled restricted stock awards. A summary of the Company’s unvested cash-settled restricted stock activity as of December 31, 2019 , and changes during the year ending December 31, 2019 is as follows: Cash-Settled Restricted Stock Shares Weighted-Average Unvested at January 1, 2019 88,225 $ 126.26 Granted 25,950 145.38 Vested (29,445 ) 141.89 Forfeited (10,170 ) 159.78 Unvested at December 31, 2019 74,560 $ 172.08 Total compensation cost for cash-settled restricted stock is recorded in the Consolidated Statements of Operations as follows: Years Ended December 31, 2019 2018 2017 (In thousands) Cost of goods sold $ 1,230 $ 809 $ 1,357 Selling, general and administrative expenses 4,118 2,391 3,241 Total expense before income taxes 5,348 3,200 4,598 Income tax benefit (509 ) (337 ) (808 ) Total expense after income taxes $ 4,839 $ 2,863 $ 3,790 At December 31, 2019 and 2018 , the Company has accrued $5.5 million and $4.5 million , respectively, for cash-settled restricted stock in Accrued expenses in the Consolidated Balance Sheets and has accrued $2.8 million and $2.4 million , respectively, for cash-settled restricted stock in Other non-current liabilities in the Consolidated Balance Sheets. Performance Share Units Beginning in 2013, the Company granted performance share units to selected key employees that may be earned based on IDEX total shareholder return over the three-year period following the date of grant. Performance share units are expected to be made annually and are paid out at the end of a three -year period based on the Company’s performance. Performance is measured by determining the percentile rank of the total shareholder return of IDEX common stock in relation to the total shareholder return of the S&P Midcap 400 Industrial Group (for awards granted prior to 2016) or the Russell Midcap Index (for awards granted in 2016 - 2019) for the three-year period following the date of grant. The payment of awards following the three-year award period will be based on performance achieved in accordance with the scale set forth in the plan agreement and may range from 0 percent to 250 percent of the initial grant. A target payout of 100 percent is earned if total shareholder return is equal to the 50 th percentile of the peer group. Performance share units earn dividend equivalents for the award period, which will be paid to participants with the award payout at the end of the period based on the actual number of performance share units that are earned. Payments made at the end of the award period will be in the form of stock for performance share units and will be in cash for dividend equivalents. The Company’s performance share units are considered market condition awards, have been assessed at fair value on the date of grant using a Monte Carlo simulation model and are expensed ratably over the three-year term of the awards. The Company granted approximately 0.1 million of performance share units in each of 2019 , 2018 and 2017 . Weighted average performance share unit fair values and assumptions for the period specified are as follows: Years Ended December 31, 2019 2018 2017 Weighted average fair value of grants $207.26 $216.59 $115.74 Dividend yield —% —% —% Volatility 19.11% 17.42% 17.36% Risk-free interest rate 2.49% 2.40% 1.45% Expected life (in years) 2.83 2.85 2.85 The assumptions are as follows: • The Company estimated volatility using its historical share price performance over the remaining performance period as of the grant date. • The Company uses a Monte Carlo simulation model that uses an expected life commensurate with the performance period. As a result, the expected life of the performance share units was assumed to be the period from the grant date to the end of the performance period. • The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant with a term commensurate with the remaining performance period. • Total Shareholder Return is determined assuming that dividends are reinvested in the issuing entity over the performance period, which is mathematically equivalent to utilizing a 0% dividend yield. A summary of the Company’s performance share unit activity as of December 31, 2019 , and changes during the year ending December 31, 2019 , is as follows: Performance Share Units Shares Weighted-Average Unvested at January 1, 2019 111,155 $ 142.42 Granted 56,860 207.26 Vested (54,545 ) 249.44 Forfeited (12,895 ) 125.03 Unvested at December 31, 2019 100,575 $ 178.97 Awards that vested in 2019 will result in 136,370 shares being issued in 2020 . Total compensation cost for performance share units is as follows: Years Ended December 31, 2019 2018 2017 (In thousands) Cost of goods sold $ — $ — $ — Selling, general and administrative expenses 8,383 8,203 6,925 Total expense before income taxes 8,383 8,203 6,925 Income tax benefit (641 ) (1,586 ) (2,342 ) Total expense after income taxes $ 7,742 $ 6,617 $ 4,583 As of December 31, 2019 , there was $9.0 million of total unrecognized compensation cost related to performance shares that is expected to be recognized over a weighted-average period of 0.9 years . |
Other Comprehensive Income (Los
Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Other Comprehensive Income (Loss) | Other Comprehensive Income (Loss) The components of Other comprehensive income (loss) are as follows: For the Year Ended December 31, 2019 For the Year Ended December 31, 2018 Pre-tax Tax Net of tax Pre-tax Tax Net of tax (In thousands) Cumulative translation adjustment $ 67 $ — $ 67 $ (48,114 ) $ — $ (48,114 ) Pension and other postretirement adjustments Net gain (loss) arising during the year (7,432 ) 2,497 (4,935 ) 9,963 (2,375 ) 7,588 Amortization/recognition of settlement loss 2,810 (944 ) 1,866 2,938 (701 ) 2,237 Pension and other postretirement adjustments (4,622 ) 1,553 (3,069 ) 12,901 (3,076 ) 9,825 Reclassification adjustments for derivatives 6,327 (1,445 ) 4,882 6,475 (1,469 ) 5,006 Total other comprehensive income (loss) $ 1,772 $ 108 $ 1,880 $ (28,738 ) $ (4,545 ) $ (33,283 ) For the Year Ended December 31, 2017 Pre-tax Tax Net of tax (In thousands) Foreign currency translation adjustments Cumulative translation adjustment $ 110,421 $ — $ 110,421 Reclassification of foreign currency translation to earnings upon sale of business 2,749 — 2,749 Tax effect of reversal of indefinite assertion on certain intercompany loans (3,932 ) — (3,932 ) Foreign currency translation adjustments 109,238 — 109,238 Pension and other postretirement adjustments Net gain (loss) arising during the year (5,355 ) 828 (4,527 ) Amortization/recognition of settlement loss 3,814 (589 ) 3,225 Pension and other postretirement adjustments (1,541 ) 239 (1,302 ) Reclassification adjustments for derivatives 6,655 (2,445 ) 4,210 Total other comprehensive income (loss) $ 114,352 $ (2,206 ) $ 112,146 Amounts reclassified from accumulated other comprehensive income (loss) to net income are summarized as follows: For the Year Ended December 31, 2019 2018 2017 Income Statement Caption Foreign currency translation: Reclassification upon sale of business $ — $ — $ 2,749 Loss (gain) on sale of businesses - net Total before tax — — 2,749 Provision for income taxes — — — Total net of tax $ — $ — $ 2,749 Pension and other postretirement plans: Amortization of service cost $ 2,858 $ 3,246 $ 3,580 Other (income) expense - net Recognition of settlement loss (48 ) (308 ) 234 Other (income) expense - net Total before tax 2,810 2,938 3,814 Provision for income taxes (944 ) (701 ) (589 ) Total net of tax $ 1,866 $ 2,237 $ 3,225 Derivatives: Reclassification adjustments $ 6,327 $ 6,475 $ 6,655 Interest expense Total before tax 6,327 6,475 6,655 Provision for income taxes (1,445 ) (1,469 ) (2,445 ) Total net of tax $ 4,882 $ 5,006 $ 4,210 The Company recognizes the service cost component in both Selling, general and administrative expenses and Cost of sales in the Consolidated Statements of Operations depending on the functional area of the underlying employees included in the plans. |
Retirement Benefits
Retirement Benefits | 12 Months Ended |
Dec. 31, 2019 | |
Retirement Benefits [Abstract] | |
Retirement Benefits | Retirement Benefits The Company sponsors several qualified and nonqualified defined benefit and defined contribution pension plans and other post-retirement plans for its employees. The Company uses a measurement date of December 31 for its defined benefit pension plans and post-retirement medical plans. The Company employs the measurement date provisions of ASC 715, Compensation-Retirement Benefits , which require the measurement date of plan assets and liabilities to coincide with the sponsor’s year end. Effective September 30, 2019, the IDEX Corporation Retirement Plan (“Plan”), a U.S. defined benefit plan, was amended to freeze the accrual of retirement benefits for all participants. This action impacted fewer than 60 participants, as the Plan had been closed to new entrants as of December 31, 2004 and frozen as of December 31, 2005 for all but certain older, longer service participants. The overall financial impact of the freeze was to reduce the Plan liabilities by approximately $1.2 million . In addition, the Company recorded a settlement charge of $0.7 million which was recorded in Other (income) expense - net in the Consolidated Statements of Operations for the year ended December 31, 2019 . Subsequent to the freeze, termination of the Plan was approved in November 2019. Participants were notified in February 2020 and the Plan will be terminated in May 2020. As a result, the disclosures for the year ended December 31, 2019 were prepared on a liquidation basis of accounting. The following table provides a reconciliation of the changes in the benefit obligations and fair value of plan assets over the two-year period ended December 31, 2019 and a statement of the funded status at December 31 for both years. Pension Benefits Other Benefits 2019 2018 2019 2018 U.S. Non-U.S. U.S. Non-U.S. (In thousands) CHANGE IN BENEFIT OBLIGATION Obligation at January 1 $ 85,175 $ 89,789 $ 91,335 $ 97,451 $ 22,593 $ 26,068 Service cost 653 1,844 886 2,105 561 668 Interest cost 2,796 1,440 2,634 1,389 849 810 Plan amendments — (156 ) — 52 — — Benefits paid (3,520 ) (1,507 ) (5,171 ) (2,791 ) (676 ) (847 ) Actuarial loss (gain) 16,931 9,903 (4,497 ) (3,378 ) (161 ) (3,930 ) Currency translation — 66 — (3,335 ) 91 (176 ) Settlements (4,826 ) — (12 ) (2,313 ) — — Curtailments (1,538 ) — — — — — Acquisition/Divestiture — — — — — — Other 276 637 — 609 — — Obligation at December 31 $ 95,947 $ 102,016 $ 85,175 $ 89,789 $ 23,257 $ 22,593 CHANGE IN PLAN ASSETS Fair value of plan assets at January 1 $ 83,580 $ 33,532 $ 76,041 $ 36,316 $ — $ — Actual return on plan assets 17,446 3,406 2,070 496 — — Employer contributions 733 2,320 10,652 2,345 676 847 Benefits paid (3,520 ) (1,507 ) (5,171 ) (2,791 ) (676 ) (847 ) Currency translation — 916 — (1,130 ) — — Settlements (4,826 ) — — (2,313 ) — — Acquisition/Divestiture — — — — — — Other — 637 (12 ) 609 — — Fair value of plan assets at December 31 $ 93,413 $ 39,304 $ 83,580 $ 33,532 $ — $ — Funded status at December 31 $ (2,534 ) $ (62,712 ) $ (1,595 ) $ (56,257 ) $ (23,257 ) $ (22,593 ) COMPONENTS ON THE CONSOLIDATED BALANCE SHEETS Other noncurrent assets $ 1,921 $ 14 $ 3,058 $ — $ — $ — Current liabilities $ (564 ) $ (1,270 ) $ (556 ) $ (1,174 ) $ (1,127 ) $ (1,116 ) Other noncurrent liabilities (3,891 ) (61,456 ) (4,097 ) (55,083 ) (22,130 ) (21,477 ) Net liability at December 31 $ (2,534 ) $ (62,712 ) $ (1,595 ) $ (56,257 ) $ (23,257 ) $ (22,593 ) The accumulated benefit obligation (“ABO”) for all defined benefit pension plans was $193.3 million and $169.5 million at December 31, 2019 and 2018 , respectively. The weighted average assumptions used in the measurement of the Company’s benefit obligation at December 31, 2019 and 2018 were as follows: U.S. Plans Non-U.S. Plans Other Benefits 2019 2018 2019 2018 2019 2018 Discount rate 3.06 % 4.10 % 1.33 % 2.07 % 3.09 % 4.11 % Rate of compensation increase — % 4.00 % 2.29 % 2.13 % 4.00 % 4.00 % The pretax amounts recognized in Accumulated other comprehensive income (loss) on the Consolidated Balance Sheets as of December 31, 2019 and 2018 were as follows: Pension Benefits Other Benefits 2019 2018 2019 2018 U.S. Non-U.S. U.S. Non-U.S. (In thousands) Prior service cost (credit) $ 46 $ (100 ) $ 62 $ 64 $ (46 ) $ (117 ) Net loss (gain) 21,432 19,304 22,478 12,955 (6,009 ) (6,386 ) Total $ 21,478 $ 19,204 $ 22,540 $ 13,019 $ (6,055 ) $ (6,503 ) The amounts in Accumulated other comprehensive income (loss) on the Consolidated Balance Sheet as of December 31, 2019 that are expected to be recognized as components of net periodic benefit cost during 2020 are as follows: U.S. Pension Benefit Plans Non-U.S. Pension Benefit Plans Other Benefit Plans Total (In thousands) Prior service cost (credit) $ 13 $ (21 ) $ (37 ) $ (45 ) Net loss (gain) 1,755 1,726 (506 ) 2,975 Total $ 1,768 $ 1,705 $ (543 ) $ 2,930 The components of, and the weighted average assumptions used to determine, the net periodic benefit cost for the plans in 2019 , 2018 and 2017 are as follows: Pension Benefits 2019 2018 2017 U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. (In thousands) Service cost $ 653 $ 1,844 $ 886 $ 2,105 $ 976 $ 1,975 Interest cost 2,796 1,440 2,634 1,389 2,677 1,283 Expected return on plan assets (3,319 ) (1,047 ) (3,943 ) (1,120 ) (3,832 ) (1,088 ) Settlement loss recognized 713 — (1 ) (307 ) — 234 Special termination benefit recognized 276 — — — — — Net amortization 1,614 1,117 2,712 1,271 2,566 1,809 Net periodic benefit cost $ 2,733 $ 3,354 $ 2,288 $ 3,338 $ 2,387 $ 4,213 Other Benefits 2019 2018 2017 (In thousands) Service cost $ 561 $ 668 $ 610 Interest cost 849 810 818 Net amortization (635 ) (737 ) (795 ) Net periodic benefit cost $ 775 $ 741 $ 633 U.S. Plans Non-U.S. Plans 2019 2018 2017 2019 2018 2017 Discount rate 4.11%/2.99%* 3.46 % 3.91 % 2.07 % 1.82 % 1.76 % Expected return on plan assets 4.00 % 5.50 % 5.50 % 3.12 % 3.09 % 3.20 % Rate of compensation increase 4.00 % 4.00 % 4.00 % 2.13 % 2.37 % 2.29 % * A discount rate of 4.11% was used to determine the net periodic benefit cost for the period January 1, 2019 through August 31, 2019 and a discount rate of 2.99% was used to determine the net periodic benefit cost for the period September 1, 2019 through December 31, 2019 as a result of the remeasurement that occurred in conjunction with the decision to freeze the Plan. Other Benefits 2019 2018 2017 Discount rate 4.11 % 3.50 % 3.94 % Expected return on plan assets — % — % — % Rate of compensation increase 4.00 % 4.00 % 4.00 % The pretax change recognized in Accumulated other comprehensive income (loss) on the Consolidated Balance Sheet in 2019 is as follows: Pension Benefits Other U.S. Non-U.S. (In thousands) Net gain (loss) in current year $ (1,265 ) $ (7,544 ) $ 161 Prior service cost — 156 — Amortization of prior service cost (credit) 15 6 (70 ) Amortization of net loss (gain) 2,312 1,111 (565 ) Exchange rate effect on amounts in OCI — 86 26 Total $ 1,062 $ (6,185 ) $ (448 ) The discount rates for our plans are derived by matching the plan’s cash flows to a yield curve that provides the equivalent yields on zero-coupon bonds for each maturity. The discount rate selected is the rate that produces the same present value of cash flows. In selecting the expected rate of return on plan assets, the Company considers the historical returns and expected returns on plan assets. The expected returns are evaluated using asset return class, variance and correlation assumptions based on the plan’s target asset allocation and current market conditions. Prior service costs are amortized on a straight-line basis over the average remaining service period of active participants. Gains and losses in excess of 10% of the greater of the benefit obligation or the market value of assets are amortized over the average remaining service period of active participants. Costs of defined contribution plans were $12.4 million , $12.2 million and $10.2 million for 2019 , 2018 and 2017 , respectively. The Company, through its subsidiaries, participates in certain multi-employer pension plans covering approximately 259 participants under U.S. collective bargaining agreements. None of these plans are considered individually significant to the Company as contributions to these plans totaled $1.1 million , $1.1 million , and $1.0 million for 2019 , 2018 and 2017 , respectively. For measurement purposes, a 5.84% weighted average annual rate of increase in the per capita cost of covered health care benefits was assumed for 2019 . The rate was assumed to decrease gradually each year to a rate of 4.45% for 2038 , and remain at that level thereafter. Assumed health care cost trend rates have an effect on the amounts reported for the health care plans. A 1% increase in the assumed health care cost trend rates would increase the service and interest cost components of the net periodic benefit cost by $0.1 million and the health care component of the accumulated postretirement benefit obligation by $1.9 million . A 1% decrease in the assumed health care cost trend rate would decrease the service and interest cost components of the net periodic benefit cost by $0.1 million and the health care component of the accumulated postretirement benefit obligation by $1.6 million . Plan Assets The Company’s pension plan weighted average asset allocations at December 31, 2019 and 2018 , by asset category, were as follows: U.S. Plans Non-U.S. Plans 2019 2018 2019 2018 Equity securities 10 % 9 % 17 % 13 % Fixed income securities 90 % 90 % 24 % 31 % Cash/Commingled Funds/Other (1) — % 1 % 59 % 56 % Total 100 % 100 % 100 % 100 % The basis used to measure the defined benefit plans’ assets at fair value at December 31, 2019 and 2018 is summarized as follows: Basis of Fair Value Measurement Outstanding Balances Level 1 Level 2 Level 3 As of December 31, 2019 (In thousands) Equity U.S. Large Cap $ 4,734 $ 4,734 $ — $ — U.S. Small / Mid Cap 455 — 455 — International 10,845 5,258 5,587 — Fixed Income U.S. Intermediate 640 — 640 — U.S. Long Term 83,628 — 83,628 — U.S. High Yield 1,346 — 1,346 — International 7,516 296 7,220 — Other Commingled Funds (1) 19,438 — — 19,438 Cash and Equivalents 1,094 517 577 — Other 3,021 — 3,021 — $ 132,717 $ 10,805 $ 102,474 $ 19,438 (1) Other commingled funds represent pooled institutional investments in non-U.S. plans. Basis of Fair Value Measurement Outstanding Level 1 Level 2 Level 3 As of December 31, 2018 (In thousands) Equity U.S. Large Cap $ 3,759 $ 3,759 $ — $ — U.S. Small / Mid Cap 770 — 770 — International 7,532 4,445 3,087 — Fixed Income U.S. Intermediate 581 — 581 — U.S. Long Term 75,096 — 75,096 — U.S. High Yield 1,098 — 1,098 — International 8,604 244 8,360 — Other Commingled Funds (1) 15,555 — — 15,555 Cash and Equivalents 1,944 1,074 870 — Other 2,173 — 2,173 — $ 117,112 $ 9,522 $ 92,035 $ 15,555 (1) Other commingled funds represent pooled institutional investments in non-U.S. plans. Equities that are valued using quoted prices are valued at the published market prices. Equities in a common collective trust or a registered investment company that are valued using significant other observable inputs are valued at the net asset value (“NAV”) provided by the fund administrator. The NAV is based on the value of the underlying assets owned by the fund minus its liabilities. Fixed income securities that are valued using significant other observable inputs are valued at prices obtained from independent financial service industry-recognized vendors. Investment Policies and Strategies The investment objective of the U.S. plan, consistent with prudent standards for preservation of capital and maintenance of liquidity, is to earn the highest possible total rate of return consistent with the plan’s tolerance for risk. The general asset allocation guidelines for plan assets are that “equities” will constitute 10% and “fixed income” obligations, including cash, will constitute from 90% of the market value of total fund assets. The investment objective of the UK plan, consistent with prudent standards for preservation of capital and maintenance of liquidity, is to earn a target return of UK Gilts plus 2.5% per year. The general asset allocation guidelines for plan assets are that “equities” will constitute from 40% to 50% of the market value of total fund assets with a target of 40% , and “fixed income” obligations, including cash, will constitute from 50% to 60% with a target of 60% . The term “equities” includes common stock, while the term “fixed income” includes obligations with contractual payments and a specific maturity date. The Company, through the use of a professional independent advisor, will monitor the asset allocation daily and maintain an asset allocation that closely replicates the designated targets. Diversification of assets is employed to ensure that adverse performance of one security or security class does not have an undue detrimental impact on the portfolio as a whole. Diversification is interpreted to include diversification by type, characteristic and number of investments as well as by investment style of designated investment fund managers. No restrictions are placed on the selection of individual investments by the investment fund managers. The total fund performance and the performance of the investment fund managers is reviewed on a regular basis using an appointed professional independent advisor. As of December 31, 2019, there were no shares of the Company’s stock held in plan assets. Cash Flows The Company expects to contribute approximately $3.0 million to its defined benefit plans and $1.1 million to its other postretirement benefit plans in 2020 . The Company also expects to contribute approximately $12.8 million to its defined contribution plan and $10.2 million to its 401(k) savings plan in 2020 . Estimated Future Benefit Payments The future estimated benefit payments for the next five years and the five years thereafter are as follows: 2020 — $49.4 million ; 2021 — $49.2 million ; 2022 — $5.7 million ; 2023 — $5.6 million ; 2024 — $5.9 million ; 2025 to 2029 — $30.7 million . |
Quarterly Results of Operations
Quarterly Results of Operations (Unaudited) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Results of Operations (Unaudited) | Quarterly Results of Operations (Unaudited) The unaudited quarterly results of operations for the years ended December 31, 2019 and 2018 are as follows: 2019 Quarters (1) 2018 Quarters (1) First Second Third Fourth First Second Third Fourth (In thousands, except per share amounts) Net sales $ 622,231 $ 642,099 $ 624,246 $ 605,997 $ 612,324 $ 634,360 $ 622,888 $ 614,094 Gross profit 283,834 292,337 281,978 266,885 276,652 287,367 280,233 273,643 Operating income 147,782 155,283 141,765 134,173 136,683 147,831 145,133 139,441 Net income 110,268 113,209 105,194 96,850 98,958 107,126 106,352 98,137 Basic EPS $ 1.46 $ 1.50 $ 1.39 $ 1.28 $ 1.29 $ 1.40 $ 1.39 $ 1.29 Diluted EPS $ 1.44 $ 1.48 $ 1.37 $ 1.26 $ 1.27 $ 1.38 $ 1.37 $ 1.27 Basic weighted average shares outstanding 75,442 75,460 75,698 75,779 76,419 76,539 76,562 76,128 Diluted weighted average shares outstanding 76,284 76,387 76,577 76,570 77,739 77,704 77,709 77,100 (1) Quarterly data includes acquisition of Finger Lakes Instrumentation (July 2018) and Velcora Holding AB (July 2019) from the date of acquisition. See Note 2 for further discussion. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events On January 29, 2020, the Company entered into a definitive agreement to acquire Flow Management Devices, LLC (“Flow MD”) for cash consideration of $125 million . Flow MD is a leading provider of small volume provers used in the oil and gas industry. Flow MD is headquartered in Phoenix, Arizona, Flow MD and will operate in our Fluid and Metering Technologies Segment. We expect to close the transaction by the end of the first quarter 2020 subject to regulatory approvals and customary closing conditions. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Business | Business 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. IDEX’s products are sold in niche markets across a wide range of industries throughout the world. 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. These activities are grouped into three reportable segments: Fluid & Metering Technologies, Health & Science Technologies and Fire & Safety/Diversified Products. |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the Company and its subsidiaries. All intercompany transactions and accounts have been eliminated. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires management to make estimates and judgments that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities and reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. The principal areas of estimation reflected in the financial statements are revenue recognition, sales returns and allowances, allowance for doubtful accounts, inventory valuation, recoverability of long-lived assets, valuation of goodwill and intangible assets, income taxes, product warranties, contingencies and litigation, insurance-related items, defined benefit retirement plans and purchase accounting related to acquisitions. |
Revenue Recognition | Revenue Recognition Revenue is recognized when control of 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. 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 performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. Our performance obligations are satisfied at a point in time or over time as work progresses. Revenue from products and services transferred to customers at a point in time 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. Certain units recognize revenue over time because control transfers continuously to our customers. 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) or 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 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. 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 and product returns 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. |
Shipping and Handling Costs | Shipping and Handling Costs Shipping and handling costs are included in Cost of sales and are recognized as a period expense during the period in which they are incurred. |
Advertising Costs | Advertising Costs Advertising costs of $15.7 million , $17.0 million and $15.8 million for 2019 , 2018 and 2017 , respectively, are expensed as incurred within Selling, general and administrative expenses. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid instruments purchased with an original maturity of 3 months or less to be cash and cash equivalents. |
Accounts Receivable and Allowance for Doubtful Accounts | Accounts Receivable and Allowance for Doubtful Accounts Accounts receivable are recorded at face amount less an allowance for doubtful accounts. The Company maintains an allowance for doubtful accounts for estimated losses as a result of customers’ inability to make required payments. Management evaluates the aging of the accounts receivable balances, the financial condition of its customers, historical trends and the time outstanding of specific balances to estimate the amount of accounts receivable that may not be collected in the future and records the appropriate provision. |
Inventories | Inventories The Company states inventories at the lower of cost or net realizable value. Cost, which includes material, labor and factory overhead, is determined on a FIFO basis. We make adjustments to reduce the cost of inventory to its net realizable value, if required, for estimated excess, obsolete or impaired balances. Factors influencing these adjustments include changes in market demand, product life cycle and engineering changes. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets A long-lived asset is reviewed for impairment if an event occurs or circumstances change that would more likely than not reduce the fair value of a long-lived asset below its carrying amount, as measured by comparing its net book value to the projected undiscounted future cash flows generated by its use. A long-lived asset impairment exists when the carrying amount of the asset exceeds its fair value. The amount and timing of the impairment charge for this asset requires the estimation of future cash flows to determine the fair value of the asset. An impaired asset is recorded at its estimated fair value based on a discounted cash flow analysis. In the second quarter of 2019 , the Company began to evaluate strategic alternatives for one of its businesses in the Health & Science Technologies (“HST”) segment. Prior to making a final decision on the options that were presented for this business, the business was informed in the third quarter of 2019 of the loss of its largest customer. As a result, the Company accelerated its restructuring activities for this business and a decision was made to wind down the business over time. This event required an interim impairment test be performed on the long-lived tangible assets of the business, which resulted in an impairment charge of $9.7 million , consisting of $6.1 million related to a customer relationships intangible asset, $1.0 million related to an unpatented technology intangible asset, $2.0 million related to property, plant and equipment and $0.6 million related to a building right-of-use asset. In the fourth quarter of 2019, the Company completed the consolidation of one of its facilities in the HST segment into the Optics Center of Excellence in Rochester, New York, which also resulted in an impairment charge of $0.4 million related to a building right-of-use asset. These charges were recorded as Restructuring expenses in the Consolidated Statements of Operations. In 2018 and 2017 , the Company concluded that there were no |
Goodwill and Indefinite-Lived Intangible Assets | Goodwill and Indefinite-Lived Intangible Assets The Company reviews the carrying value of goodwill and indefinite-lived intangible assets annually as of October 31, or if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value. The Company evaluates the recoverability of these assets based on the estimated fair value of each of the 13 reporting units and the indefinite-lived intangible assets. See Note 5 for further discussion on goodwill and intangible assets. |
Borrowing Expenses | Borrowing Expenses Expenses incurred in securing and issuing debt are capitalized and included as a reduction of Long-term borrowings. These amounts are amortized over the life of the related borrowing and the related amortization is included in Interest expense. |
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 year. 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. |
Share-Based Compensation | Share-Based Compensation The Company accounts for share-based payments in accordance with ASC 718, Compensation-Stock Compensation . Accordingly, the Company expenses the fair value of awards made under its share-based compensation plans. That cost is recognized in the consolidated financial statements over the requisite service period of the grants. See Note 15 for further discussion on share-based compensation. |
Depreciation and Amortization | Depreciation and Amortization Property and equipment are stated at cost, with depreciation and amortization provided using the straight-line method over the following estimated useful lives: Land improvements 8 to 12 years Buildings and improvements 8 to 30 years Machinery, equipment and other 3 to 12 years Office and transportation equipment 3 to 10 years Certain identifiable intangible assets are amortized over their estimated useful lives using the straight-line method. The estimated useful lives used in the computation of amortization of identifiable intangible assets are as follows: Patents 5 to 17 years Trade names 5 to 20 years Customer relationships 8 to 20 years Unpatented technology and other 3 to 20 years |
Research and Development Expenditures | Research and Development Expenditures Costs associated with engineering activities, including research and development, are expensed in the period incurred and are included in Cost of sales. |
Foreign Currency Translation and Transaction | Foreign Currency Translation and Transaction The functional currency of substantially all operations outside the United States is the respective local currency. Accordingly, those foreign currency balance sheet accounts have been translated using the exchange rates in effect as of the balance sheet date. Income statement amounts have been translated using the average monthly exchange rates for the year. Translation adjustments from year to year have been reported in Accumulated other comprehensive loss in the Consolidated Balance Sheets. The foreign currency transaction losses (gains) for the periods ending December 31, 2019 , 2018 and 2017 were $3.3 million , $(2.4) million and $20.5 million , respectively, and are reported within Other (income) expense - net on the Consolidated Statements of Operations. Of the $20.5 million reported as foreign currency transaction losses for the period ending December 31, 2017, $20.2 million was due to intercompany loans established in conjunction with the SFC Koenig acquisition. See Note 7 for further discussion. |
Income Taxes | Income Taxes Income tax expense includes U.S., state, local and international income taxes. Deferred tax assets and liabilities are recognized for the tax consequences of temporary differences between the financial reporting and the tax basis of existing assets and liabilities and for loss carryforwards. The tax rate used to determine the deferred tax assets and liabilities is the enacted tax rate for the year and manner in which the differences are expected to reverse. Valuation allowances are recorded to reduce deferred tax assets to the amount that will more likely than not be realized. |
Concentration of Credit Risk | Concentration of Credit Risk The Company is not dependent on a single customer as its largest customer accounted for less than 2% of net sales for all years presented. |
Recently Adopted Accounting Standards and Recently 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 allows an entity to reclassify the stranded tax effects in accumulated other comprehensive income (loss) to retained earnings in the statement of shareholders’ equity. 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 and accounted for the purchase of the intellectual property assets from Phantom Controls utilizing this guidance. See Note 5 for further information. 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 consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases , which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessees and lessors). This standard introduced a new lessee model that requires most leases to be recorded on the balance sheet and eliminates the required use of bright line tests for determining lease classification from U.S. GAAP. In July 2018, the FASB issued ASU 2018-10, Codification Improvements to Topic 842 , Leases and ASU 2018-11, Leases (Topic 842): Targeted Improvements, which clarified ASU 2016-02 and had the same effective date as the original standard. ASU 2018-11 included an option to use the effective date of ASU 2016-02 as the date of initial application of transition as well as an option not to restate comparative periods in transition. In March 2019, the FASB issued ASU 2019-01, Leases (Topic 842): Codification Improvements, which also clarified ASU 2016-02 and is effective for fiscal years beginning after December 15, 2019 and interim periods within those fiscal years. The Company adopted this standard on January 1, 2019 using the optional transition method provided by the FASB in ASU 2018-11. As we did not restate comparative periods, the adoption had no impact on our previously reported results. We elected to use the practical expedient that allowed us not to reassess: (1) whether any expired or existing contracts are or contain leases, (2) the lease classification for any expired or existing leases and (3) initial direct costs for any expired or existing leases and the practical expedient that allows us to treat the lease and non-lease components as a single lease component for all asset classes. We also elected to account for short-term leases (i.e. leases with a term of one year or less) in accordance with ASC 842-20-25-2 (i.e. expensed over the term and not recorded on the balance sheet). The adoption of this standard impacted our consolidated balance sheet due to the recognition of right of use assets and lease liabilities. Upon adoption, we recognized right of use assets and lease liabilities of approximately $68 million that reflected the present value of future lease payments. The adoption of this standard did not have a material impact on our consolidated results of operations or cash flows. See Note 9 for further information. 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 was consistent with the revenue recognition model used by most of our business units. As a result, revenue recognition was unchanged under the new standard. For our business units that previously recognized revenue under a percentage of completion model, revenue recognition was also unchanged as the contract reviews supported the recognition of revenue over time. The Company 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 January 1, 2018. The adoption of this standard did not have an impact on our 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 June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit losses (Topic 326): Measurement of Credit Losses on Financial Instruments and in November 2018 issued a subsequent amendment, ASU 2018-19, Codification Improvements to Topic 326, Financial Instruments - Credit Losses. ASU 2016-13 significantly changes how entities will measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. ASU 2016-13 will replace today’s “incurred loss” approach with an “expected loss” model for instruments measured at amortized cost. ASU 2018-19 will affect loans, debt securities, trade receivables, net investments in leases, off-balance sheet credit exposures, reinsurance receivables, and any other financial assets not excluded from the scope of this amendment that represent the contractual right to receive cash. ASU 2016-13 and ASU 2018-19 should be applied on either a prospective transition or modified-retrospective approach depending on the subtopic. ASU 2016-13 is effective for annual periods beginning after December 15, 2019, and interim periods therein. The adoption of this standard will not have a material impact on our consolidated financial statements. |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [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: 2019 2018 2017 (In thousands) Basic weighted average common shares outstanding 75,594 76,412 76,232 Dilutive effect of stock options, restricted stock and performance share units 860 1,151 1,101 Diluted weighted average common shares outstanding 76,454 77,563 77,333 |
Property And Equipment At Cost, Depreciation And Amortization Estimated Useful Lives | Property and equipment are stated at cost, with depreciation and amortization provided using the straight-line method over the following estimated useful lives: Land improvements 8 to 12 years Buildings and improvements 8 to 30 years Machinery, equipment and other 3 to 12 years Office and transportation equipment 3 to 10 years |
Schedule of Identifiable Intangible Assets, Useful Lives | Certain identifiable intangible assets are amortized over their estimated useful lives using the straight-line method. The estimated useful lives used in the computation of amortization of identifiable intangible assets are as follows: Patents 5 to 17 years Trade names 5 to 20 years Customer relationships 8 to 20 years Unpatented technology and other 3 to 20 years |
Acquisitions and Divestitures (
Acquisitions and Divestitures (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Business Combinations and Dispositions [Abstract] | |
Schedule of Allocation of Acquisition Costs To Assets Acquired and Liabilities Assumed | The preliminary allocation of the acquisition costs to the assets acquired and liabilities assumed, based on their estimated fair values at the acquisition date, is as follows: (In thousands) Total Current assets, net of cash acquired $ 20,457 Property, plant and equipment 3,235 Goodwill 85,939 Intangible assets 48,183 Other noncurrent assets 788 Total assets acquired 158,602 Current liabilities (7,607 ) Long-term borrowings (51,130 ) Deferred income taxes (12,231 ) Other noncurrent liabilities (454 ) Net assets acquired $ 87,180 |
Acquired Intangible Assets and Weighted Average Amortization Periods | The acquired intangible assets and weighted average amortization periods are as follows: (In thousands, except weighted average life) Total Weighted Average Life Trade names $ 7,089 15 Customer relationships 34,677 12 Unpatented technology 6,417 9 Total acquired intangible assets $ 48,183 |
Balance Sheet Components (Table
Balance Sheet Components (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Additional Financial Information Disclosure [Abstract] | |
Balance Sheet Components | December 31, 2019 2018 (In thousands) RECEIVABLES Customers $ 298,118 $ 313,719 Other 6,415 5,182 Total 304,533 318,901 Less allowance for doubtful accounts 6,347 6,709 Total receivables - net $ 298,186 $ 312,192 INVENTORIES Raw materials and components parts $ 182,382 $ 178,805 Work in process 28,761 37,495 Finished goods 82,324 63,695 Total $ 293,467 $ 279,995 PROPERTY, PLANT AND EQUIPMENT Land and improvements $ 32,240 $ 32,100 Buildings and improvements 187,301 189,744 Machinery, equipment and other 397,498 372,804 Office and transportation equipment 95,759 96,350 Construction in progress 24,546 24,328 Total 737,344 715,326 Less accumulated depreciation and amortization 457,028 434,106 Total property, plant and equipment - net $ 280,316 $ 281,220 ACCRUED EXPENSES Payroll and related items $ 77,556 $ 78,944 Management incentive compensation 14,408 25,321 Income taxes payable 9,905 23,844 Insurance 8,240 10,422 Warranty 5,581 5,303 Deferred revenue 17,633 8,055 Lease liability 15,235 — Restructuring 6,110 6,170 Liability for uncertain tax positions 890 980 Accrued interest 1,735 1,759 Contingent consideration for acquisition 3,375 — Other 19,622 26,738 Total accrued expenses $ 180,290 $ 187,536 OTHER NONCURRENT LIABILITIES Pension and retiree medical obligations $ 87,478 $ 80,667 Transition tax payable 11,292 17,127 Liability for uncertain tax positions 3,008 3,183 Deferred revenue 2,129 3,027 Liability for construction of new leased facility — 11,616 Lease liability 69,928 — Contingent consideration for acquisition — 3,375 Other 23,533 19,219 Total other noncurrent liabilities $ 197,368 $ 138,214 |
Valuation and Qualifying Accounts | The valuation and qualifying account activity for the years ended December 31, 2019 , 2018 and 2017 is as follows: 2019 2018 2017 (In thousands) ALLOWANCE FOR DOUBTFUL ACCOUNTS (1) Beginning balance January 1 $ 6,709 $ 7,764 $ 8,078 Charged to costs and expenses, net of recoveries 1,181 290 720 Utilization (1,443 ) (1,396 ) (1,418 ) Currency translation and other (100 ) 51 384 Ending balance December 31 $ 6,347 $ 6,709 $ 7,764 (1) Includes provision for doubtful accounts. |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Disaggregation of Revenue | Revenue by reporting unit for the years ended December 31, 2019 and 2018 was as follows: For the Year Ended December 31, 2019 2018 Energy $ 164,825 $ 163,996 Valves 118,333 113,136 Water 250,589 251,020 Pumps 331,098 324,222 Agriculture 92,183 99,178 Intersegment elimination (505 ) (277 ) Fluid & Metering Technologies 956,523 951,275 Scientific Fluidics & Optics 434,623 417,859 Sealing Solutions 200,495 200,316 Gast 133,471 126,787 Micropump 32,216 36,827 Material Processing Technologies 113,641 114,630 Intersegment elimination (1,823 ) (449 ) Health & Science Technologies 912,623 895,970 Fire & Safety 403,949 396,926 Band-It 106,624 105,785 Dispensing 116,197 134,317 Intersegment elimination (1,343 ) (607 ) Fire & Safety/Diversified Products 625,427 636,421 Total net sales $ 2,494,573 $ 2,483,666 |
Schedule of External Net Sales Disaggregated by Geography | Revenue by geographical region for the years ended December 31, 2019 and 2018 was as follows: For the Year Ended December 31, 2019 FMT HST FSDP IDEX U.S. $ 541,994 $ 411,680 $ 303,579 $ 1,257,253 North America, excluding U.S. 58,256 21,735 26,328 106,319 Europe 170,698 263,523 159,184 593,405 Asia 125,031 201,765 103,379 430,175 Other (1) 61,049 15,743 34,300 111,092 Intersegment elimination (505 ) (1,823 ) (1,343 ) (3,671 ) Total net sales $ 956,523 $ 912,623 $ 625,427 $ 2,494,573 For the Year Ended December 31, 2018 FMT HST FSDP IDEX U.S. $ 540,697 $ 392,140 $ 297,717 $ 1,230,554 North America, excluding U.S. 57,917 18,770 28,779 105,466 Europe 172,630 278,634 164,307 615,571 Asia 119,822 189,342 111,169 420,333 Other (1) 60,486 17,533 35,056 113,075 Intersegment elimination (277 ) (449 ) (607 ) (1,333 ) Total net sales $ 951,275 $ 895,970 $ 636,421 $ 2,483,666 (1) Other includes: South America, Middle East, Australia and Africa. |
Schedule of Contract with Customer, Asset and Liability | The composition of Customer receivables was as follows: December 31, 2019 December 31, 2018 Billed receivables $ 286,196 $ 299,227 Unbilled receivables 11,922 14,492 Total customer receivables $ 298,118 $ 313,719 |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles | The composition of Deferred revenue was as follows: December 31, 2019 December 31, 2018 Deferred revenue - current $ 17,633 $ 8,055 Deferred revenue - noncurrent 2,129 3,027 Total deferred revenue $ 19,762 $ 11,082 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Changes in the Carrying Amount of Goodwill | The changes in the carrying amount of goodwill for 2019 and 2018 , by reportable business segment, were as follows: Fluid & Metering Technologies Health & Science Technologies Fire & Safety/ Diversified Products Total (In thousands) Goodwill $ 606,785 $ 889,852 $ 408,152 $ 1,904,789 Accumulated goodwill impairment losses (20,721 ) (149,820 ) (30,090 ) (200,631 ) Balance at January 1, 2018 586,064 740,032 378,062 1,704,158 Foreign currency translation (5,023 ) (8,391 ) (6,505 ) (19,919 ) Acquisitions — 12,399 — 12,399 Acquisition adjustments — 1,317 — 1,317 Balance at December 31, 2018 581,041 745,357 371,557 1,697,955 Foreign currency translation (2,116 ) 476 (2,509 ) (4,149 ) Acquisitions — 85,939 — 85,939 Balance at December 31, 2019 $ 578,925 $ 831,772 $ 369,048 $ 1,779,745 |
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 December 31, 2019 and 2018 : At December 31, 2019 At December 31, 2018 Gross Carrying Amount Accumulated Amortization Net Weighted Average Life Gross Carrying Amount Accumulated Amortization Net (In thousands) (In thousands) Amortized intangible assets: Patents $ 6,678 $ (5,276 ) $ 1,402 12 $ 6,468 $ (4,693 ) $ 1,775 Trade names 123,062 (64,938 ) 58,124 16 115,899 (57,227 ) 58,672 Customer relationships 275,575 (96,252 ) 179,323 14 256,202 (85,652 ) 170,550 Unpatented technology 101,721 (43,561 ) 58,160 12 96,922 (35,685 ) 61,237 Other 700 (578 ) 122 10 700 (507 ) 193 Total amortized intangible assets 507,736 (210,605 ) 297,131 476,191 (183,764 ) 292,427 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 $ 598,636 $ (210,605 ) $ 388,031 $ 567,091 $ (183,764 ) $ 383,327 |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Borrowings | Borrowings at December 31, 2019 and 2018 consisted of the following: 2019 2018 (In thousands) Revolving Facility $ — $ — 4.50% Senior Notes, due December 2020 300,000 300,000 4.20% Senior Notes, due December 2021 350,000 350,000 3.20% Senior Notes, due June 2023 100,000 100,000 3.37% Senior Notes, due June 2025 100,000 100,000 Other borrowings 622 1,078 Total borrowings 850,622 851,078 Less current portion 388 483 Less deferred debt issuance costs 983 1,593 Less unaccreted debt discount 387 667 Long-term borrowings $ 848,864 $ 848,335 |
Schedule of Maturities of Borrowings | Total borrowings at December 31, 2019 have scheduled maturities as follows: (In thousands) 2020 $ 300,388 2021 350,234 2022 — 2023 100,000 2024 — Thereafter 100,000 Total borrowings $ 850,622 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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 (liabilities) at fair value on a recurring basis in the balance sheets at December 31, 2019 and 2018 : Basis of Fair Value Measurements Balance at December 31, 2019 Level 1 Level 2 Level 3 (In thousands) Available for sale securities $ 10,462 $ 10,462 $ — $ — Contingent consideration 3,375 — — 3,375 Basis of Fair Value Measurements Balance at December 31, 2018 Level 1 Level 2 Level 3 (In thousands) Available for sale securities $ 7,598 $ 7,598 $ — $ — Contingent consideration 3,375 — — 3,375 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Lessee Disclosure [Abstract] | |
Supplemental Balance Sheet Disclosures | Supplemental balance sheet information related to leases as of December 31, 2019 was as follows: Balance Sheet Caption December 31, 2019 Operating leases: Building right-of-use assets - net Other noncurrent assets $ 75,381 Equipment right-of-use assets - net Other noncurrent assets 6,993 Total right-of-use assets - net $ 82,374 Operating leases: Current lease liabilities Accrued expenses $ 15,235 Noncurrent lease liabilities Other noncurrent liabilities 69,928 Total lease liabilities $ 85,163 |
Schedule of Lease, Cost | The components of lease cost for the year ended December 31, 2019 were as follows: December 31, 2019 Operating lease cost (1) $ 23,080 Variable lease cost 2,265 Total lease expense $ 25,345 (1) Includes short-term leases, which are immaterial. |
Schedule of Cash Flow, Supplemental Disclosures | Supplemental cash flow information related to leases for the year ended December 31, 2019 was as follows: December 31, 2019 Cash paid for amounts included in the measurement of operating lease liabilities $ 22,888 Right-of-use assets obtained in exchange for new operating lease liabilities 25,878 Other supplemental information related to leases as of December 31, 2019 was as follows: Lease Term and Discount Rate December 31, 2019 Weighted-average remaining lease term (years): Operating leases - building and equipment 9.61 Operating leases - vehicles 1.92 Weighted-average discount rate: Operating leases - building and equipment 4.08 % Operating leases - vehicles 2.99 % |
Schedule of Operating Lease, Liability, Maturity | Total lease liabilities at December 31, 2019 have scheduled maturities as follows: Maturity of Lease Liabilities Operating Leases (1) 2020 $ 18,449 2021 15,070 2022 10,647 2023 8,894 2024 7,037 Thereafter 44,284 Total lease payments 104,381 Less: Imputed interest (19,218 ) Present value of lease liabilities $ 85,163 (1) Excludes $6.4 million of legally binding minimum lease payments for leases signed but not yet commenced. |
Schedule of Future Minimum Rental Payments for Operating Leases | Total lease liabilities at December 31, 2018 had scheduled maturities as follows: Maturity of Lease Liabilities Operating Leases 2019 $ 17,509 2020 13,162 2021 10,516 2022 7,979 2023 6,535 Thereafter 29,658 Total lease payments $ 85,359 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Roll Forward of the Warranty Reserve | A rollforward of the warranty reserve is as follows: 2019 2018 2017 (In thousands) Beginning balance at January 1 $ 5,303 $ 6,281 $ 5,628 Provision for warranties 3,438 2,334 2,895 Claim settlements (3,115 ) (2,981 ) (2,317 ) Other adjustments, including acquisitions, divestitures and currency translation (45 ) (331 ) 75 Ending balance at December 31 $ 5,581 $ 5,303 $ 6,281 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income Before Income Tax | Pretax income for 2019 , 2018 and 2017 was taxed in the following jurisdictions: 2019 2018 2017 (In thousands) U.S. $ 377,166 $ 357,585 $ 302,515 Foreign 155,737 171,354 152,758 Total $ 532,903 $ 528,939 $ 455,273 |
Schedule of Components of Income Tax | The provision (benefit) for income taxes for 2019 , 2018 and 2017 was as follows: 2019 2018 2017 (In thousands) Current U.S. $ 49,819 $ 67,793 $ 91,641 State and local 9,074 8,056 9,342 Foreign 41,864 46,862 50,775 Total current 100,757 122,711 151,758 Deferred U.S. 10,158 (5,471 ) (36,390 ) State and local (115 ) (17 ) 3,305 Foreign (3,418 ) 1,143 (657 ) Total deferred 6,625 (4,345 ) (33,742 ) Total provision for income taxes $ 107,382 $ 118,366 $ 118,016 |
Schedule of Deferred Tax Assets and Liabilities | Deferred tax assets (liabilities) at December 31, 2019 and 2018 were: 2019 2018 (In thousands) Employee and retiree benefit plans $ 28,097 $ 27,615 Capital loss and other carryforwards 16,035 12,754 Operating lease assets 20,036 — Operating lease liabilities (19,530 ) — Depreciation and amortization (175,904 ) (168,485 ) Inventories 7,699 5,969 Allowances and accruals 7,765 11,540 Interest rate exchange agreement 2,113 3,543 Other (14,998 ) (6,388 ) Total gross deferred tax (liabilities) (128,687 ) (113,452 ) Valuation allowance (16,035 ) (12,754 ) Total deferred tax (liabilities), net of valuation allowances $ (144,722 ) $ (126,206 ) |
Schedule of Deferred Tax Assets (Liabilities) Recognized In Balance Sheets | The deferred tax assets and liabilities recognized in the Company’s Consolidated Balance Sheets as of December 31, 2019 and 2018 were: 2019 2018 (In thousands) Noncurrent deferred tax asset - Other noncurrent assets $ 1,852 $ 1,801 Noncurrent deferred tax liabilities - Deferred income taxes (146,574 ) (128,007 ) Net deferred tax liabilities $ (144,722 ) $ (126,206 ) |
Schedule of Effective Income Tax Rate Reconciliation | The provision for income taxes differs from the amount computed by applying the statutory federal income tax rate to pretax income. The computed amount and the differences for 2019 , 2018 and 2017 are as follows: 2019 2018 2017 (In thousands) Pretax income $ 532,903 $ 528,939 $ 455,273 Provision for income taxes: Computed amount at statutory rate $ 111,910 $ 111,077 $ 159,346 State and local income tax (net of federal tax benefit) 8,163 8,280 5,841 Taxes on non-U.S. earnings-net of foreign tax credits 5,003 5,725 (24,914 ) Global Intangible Lowed-Taxed Income 2,324 2,725 — Foreign-Derived Intangible Income Deduction (5,811 ) (5,410 ) — Effect of flow-through entities 1,316 1,215 192 U.S. business tax credits (3,193 ) (3,056 ) (1,928 ) Domestic activities production deduction — — (8,516 ) Capital loss on divestitures — — (2,275 ) Share-based payments (11,011 ) (9,348 ) (6,844 ) Valuation allowance (117 ) — (361 ) Impact of Tax Act (334 ) 10,298 (100 ) Other (868 ) (3,140 ) (2,425 ) Total provision for income taxes $ 107,382 $ 118,366 $ 118,016 |
Schedule of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits for 2019 , 2018 and 2017 is as follows: 2019 2018 2017 (In thousands) Beginning balance January 1 $ 4,070 $ 2,722 $ 3,775 Gross increases for tax positions of prior years — 2,308 537 Gross decreases for tax positions of prior years — (229 ) (587 ) Settlements (140 ) (160 ) (604 ) Lapse of statute of limitations (250 ) (571 ) (399 ) Ending balance December 31 $ 3,680 $ 4,070 $ 2,722 |
Business Segments and Geograp_2
Business Segments and Geographic Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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. 2019 2018 2017 (In thousands) NET SALES Fluid & Metering Technologies External customers $ 956,523 $ 951,275 $ 880,648 Intersegment sales 505 277 309 Total segment sales 957,028 951,552 880,957 Health & Science Technologies External customers 912,623 895,970 819,719 Intersegment sales 1,823 449 412 Total segment sales 914,446 896,419 820,131 Fire & Safety/Diversified Products External customers 625,427 636,421 586,945 Intersegment sales 1,343 607 588 Total segment sales 626,770 637,028 587,533 Intersegment eliminations (3,671 ) (1,333 ) (1,309 ) Total net sales $ 2,494,573 $ 2,483,666 $ 2,287,312 OPERATING INCOME (LOSS) (1) Fluid & Metering Technologies $ 285,256 $ 275,060 $ 241,030 Health & Science Technologies 200,200 205,679 179,567 Fire & Safety/Diversified Products 165,258 168,601 147,028 Corporate office (2) (71,711 ) (80,252 ) (65,069 ) Total operating income 579,003 569,088 502,556 Interest expense 44,341 44,134 44,889 Other (income) expense - net 1,759 (3,985 ) 2,394 Income before taxes $ 532,903 $ 528,939 $ 455,273 2019 2018 2017 (In thousands) ASSETS Fluid & Metering Technologies $ 1,150,712 $ 1,107,777 $ 1,101,580 Health & Science Technologies 1,507,108 1,329,368 1,323,373 Fire & Safety/Diversified Products 825,398 806,075 744,515 Corporate office 330,694 230,637 230,160 Total assets $ 3,813,912 $ 3,473,857 $ 3,399,628 DEPRECIATION AND AMORTIZATION (3) Fluid & Metering Technologies $ 22,152 $ 22,370 $ 23,587 Health & Science Technologies 39,721 39,939 45,287 Fire & Safety/Diversified Products 14,333 14,493 14,541 Corporate office and other 670 742 801 Total depreciation and amortization $ 76,876 $ 77,544 $ 84,216 CAPITAL EXPENDITURES Fluid & Metering Technologies $ 17,285 $ 19,541 $ 18,218 Health & Science Technologies 22,001 26,039 16,340 Fire & Safety/Diversified Products 9,811 10,318 6,363 Corporate office and other 1,815 191 2,937 Total capital expenditures $ 50,912 $ 56,089 $ 43,858 (1) Segment operating income (loss) excludes net unallocated corporate operating expenses. (2) 2017 includes a $9.3 million gain on the sale of a business. (3) Excludes amortization of debt issuance expenses. |
Schedule of Sales From External Customers and Long-Lived Assets | Information about the Company’s long-lived assets in different geographical regions for the years ended December 31, 2019 , 2018 and 2017 is shown below. 2019 2018 2017 (In thousands) LONG-LIVED ASSETS — PROPERTY, PLANT AND EQUIPMENT U.S. $ 165,721 $ 171,111 $ 145,808 North America, excluding U.S. 3,829 3,398 3,627 Europe 88,104 85,100 85,932 Asia 22,505 21,355 22,613 Other 157 256 370 Total long-lived assets - net $ 280,316 $ 281,220 $ 258,350 |
Restructuring (Tables)
Restructuring (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Pre-Tax Restructuring Expenses By Segment | Pre-tax restructuring expenses by segment for the 2017 initiative were as follows: Severance Costs Exit Costs Total Restructuring Costs (In thousands) Fluid & Metering Technologies $ 1,375 $ 433 $ 1,808 Health & Science Technologies 1,510 158 1,668 Fire & Safety/Diversified Products 182 — 182 Corporate/Other — — — Total restructuring costs $ 3,067 $ 591 $ 3,658 Pre-tax restructuring expenses by segment for the 2019 initiative were as follows: Severance Exit Costs Asset Impairment Total Restructuring Costs (In thousands) Fluid & Metering Technologies $ 2,879 $ — $ — $ 2,879 Health & Science Technologies 3,000 1,094 10,155 14,249 Fire & Safety/Diversified Products 1,364 — — 1,364 Corporate/Other 2,552 — — 2,552 Total restructuring costs $ 9,795 $ 1,094 $ 10,155 $ 21,044 Pre-tax restructuring expenses by segment for the 2018 initiative were as follows: Severance Costs Exit Costs Total Restructuring Costs (In thousands) Fluid & Metering Technologies $ 2,305 $ 153 $ 2,458 Health & Science Technologies 5,454 450 5,904 Fire & Safety/Diversified Products 2,184 — 2,184 Corporate/Other 1,537 — 1,537 Total restructuring costs $ 11,480 $ 603 $ 12,083 |
Schedule of Restructuring Accruals Expenses | Restructuring accruals of $6.1 million and $6.2 million at December 31, 2019 and 2018 , respectively, are reflected in Accrued expenses in our Consolidated Balance Sheets as follows: Restructuring (In thousands) Balance at January 1, 2018 $ 4,180 Restructuring expenses 12,083 Payments, utilization and other (10,093 ) Balance at December 31, 2018 6,170 Restructuring expenses 21,044 Payments, utilization and other (21,104 ) Balance at December 31, 2019 $ 6,110 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Weighted Average Option Fair Values and Assumptions | Weighted average option fair values and assumptions for the periods specified are as follows: Years Ended December 31, 2019 2018 2017 Weighted average fair value of grants $35.15 $38.13 $24.19 Dividend yield 1.18% 1.07% 1.45% Volatility 24.77% 28.46% 29.41% Risk-free interest rate 2.53% - 3.04% 2.03% - 3.17% 0.83% - 3.04% Expected life (in years) 5.87 5.83 5.83 |
Schedule of Stock Option Activity | A summary of the Company’s stock option activity as of December 31, 2019 , and changes during the year ended December 31, 2019 is presented as follows: Stock Options Shares Weighted Weighted-Average Aggregate Outstanding at January 1, 2019 1,714,003 $ 85.08 6.70 $ 74,191,783 Granted 336,385 144.97 Exercised (559,725 ) 69.34 Forfeited/Expired (104,124 ) 116.94 Outstanding at December 31, 2019 1,386,539 $ 103.58 6.95 $ 94,764,140 Vested and expected to vest at December 31, 2019 1,275,591 $ 66.82 6.93 $ 88,158,634 Exercisable at December 31, 2019 578,542 $ 79.52 5.57 $ 53,502,516 |
Schedule of Compensation Cost for Stock Options | Total compensation cost for stock options is recorded in the Consolidated Statements of Operations as follows: Years Ended December 31, 2019 2018 2017 (In thousands) Cost of goods sold $ 445 $ 470 $ 428 Selling, general and administrative expenses 8,705 8,313 7,347 Total expense before income taxes 9,150 8,783 7,775 Income tax benefit (1,209 ) (1,616 ) (2,485 ) Total expense after income taxes $ 7,941 $ 7,167 $ 5,290 |
Schedule of Restricted Stock Activity | A summary of the Company’s restricted stock activity as of December 31, 2019 , and changes during the year ending December 31, 2019 is as follows: Restricted Stock Shares Weighted-Average Unvested at January 1, 2019 148,041 $ 101.50 Granted 49,260 148.12 Vested (51,253 ) 80.64 Forfeited (15,800 ) 124.54 Unvested at December 31, 2019 130,248 $ 124.61 |
Schedule of Compensation Cost for Restricted Stock | Total compensation cost for restricted stock is recorded in the Consolidated Statements of Operations as follows: Years Ended December 31, 2019 2018 2017 (In thousands) Cost of goods sold $ 261 $ 367 $ 335 Selling, general and administrative expenses 4,527 4,201 4,772 Total expense before income taxes 4,788 4,568 5,107 Income tax benefit (920 ) (825 ) (1,654 ) Total expense after income taxes $ 3,868 $ 3,743 $ 3,453 |
Schedule of Unvested Cash-settled Restricted Stock Activity | A summary of the Company’s unvested cash-settled restricted stock activity as of December 31, 2019 , and changes during the year ending December 31, 2019 is as follows: Cash-Settled Restricted Stock Shares Weighted-Average Unvested at January 1, 2019 88,225 $ 126.26 Granted 25,950 145.38 Vested (29,445 ) 141.89 Forfeited (10,170 ) 159.78 Unvested at December 31, 2019 74,560 $ 172.08 |
Schedule of Compensation Cost for Unvested Cash-settled Restricted Stock | Total compensation cost for cash-settled restricted stock is recorded in the Consolidated Statements of Operations as follows: Years Ended December 31, 2019 2018 2017 (In thousands) Cost of goods sold $ 1,230 $ 809 $ 1,357 Selling, general and administrative expenses 4,118 2,391 3,241 Total expense before income taxes 5,348 3,200 4,598 Income tax benefit (509 ) (337 ) (808 ) Total expense after income taxes $ 4,839 $ 2,863 $ 3,790 |
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 as follows: Years Ended December 31, 2019 2018 2017 Weighted average fair value of grants $207.26 $216.59 $115.74 Dividend yield —% —% —% Volatility 19.11% 17.42% 17.36% Risk-free interest rate 2.49% 2.40% 1.45% Expected life (in years) 2.83 2.85 2.85 |
Schedule of Performance Shares Units Activity | A summary of the Company’s performance share unit activity as of December 31, 2019 , and changes during the year ending December 31, 2019 , is as follows: Performance Share Units Shares Weighted-Average Unvested at January 1, 2019 111,155 $ 142.42 Granted 56,860 207.26 Vested (54,545 ) 249.44 Forfeited (12,895 ) 125.03 Unvested at December 31, 2019 100,575 $ 178.97 |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs | Total compensation cost for performance share units is as follows: Years Ended December 31, 2019 2018 2017 (In thousands) Cost of goods sold $ — $ — $ — Selling, general and administrative expenses 8,383 8,203 6,925 Total expense before income taxes 8,383 8,203 6,925 Income tax benefit (641 ) (1,586 ) (2,342 ) Total expense after income taxes $ 7,742 $ 6,617 $ 4,583 |
Other Comprehensive Income (L_2
Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The components of Other comprehensive income (loss) are as follows: For the Year Ended December 31, 2019 For the Year Ended December 31, 2018 Pre-tax Tax Net of tax Pre-tax Tax Net of tax (In thousands) Cumulative translation adjustment $ 67 $ — $ 67 $ (48,114 ) $ — $ (48,114 ) Pension and other postretirement adjustments Net gain (loss) arising during the year (7,432 ) 2,497 (4,935 ) 9,963 (2,375 ) 7,588 Amortization/recognition of settlement loss 2,810 (944 ) 1,866 2,938 (701 ) 2,237 Pension and other postretirement adjustments (4,622 ) 1,553 (3,069 ) 12,901 (3,076 ) 9,825 Reclassification adjustments for derivatives 6,327 (1,445 ) 4,882 6,475 (1,469 ) 5,006 Total other comprehensive income (loss) $ 1,772 $ 108 $ 1,880 $ (28,738 ) $ (4,545 ) $ (33,283 ) For the Year Ended December 31, 2017 Pre-tax Tax Net of tax (In thousands) Foreign currency translation adjustments Cumulative translation adjustment $ 110,421 $ — $ 110,421 Reclassification of foreign currency translation to earnings upon sale of business 2,749 — 2,749 Tax effect of reversal of indefinite assertion on certain intercompany loans (3,932 ) — (3,932 ) Foreign currency translation adjustments 109,238 — 109,238 Pension and other postretirement adjustments Net gain (loss) arising during the year (5,355 ) 828 (4,527 ) Amortization/recognition of settlement loss 3,814 (589 ) 3,225 Pension and other postretirement adjustments (1,541 ) 239 (1,302 ) Reclassification adjustments for derivatives 6,655 (2,445 ) 4,210 Total other comprehensive income (loss) $ 114,352 $ (2,206 ) $ 112,146 |
Reclassification out of Accumulated Other Comprehensive Income | Amounts reclassified from accumulated other comprehensive income (loss) to net income are summarized as follows: For the Year Ended December 31, 2019 2018 2017 Income Statement Caption Foreign currency translation: Reclassification upon sale of business $ — $ — $ 2,749 Loss (gain) on sale of businesses - net Total before tax — — 2,749 Provision for income taxes — — — Total net of tax $ — $ — $ 2,749 Pension and other postretirement plans: Amortization of service cost $ 2,858 $ 3,246 $ 3,580 Other (income) expense - net Recognition of settlement loss (48 ) (308 ) 234 Other (income) expense - net Total before tax 2,810 2,938 3,814 Provision for income taxes (944 ) (701 ) (589 ) Total net of tax $ 1,866 $ 2,237 $ 3,225 Derivatives: Reclassification adjustments $ 6,327 $ 6,475 $ 6,655 Interest expense Total before tax 6,327 6,475 6,655 Provision for income taxes (1,445 ) (1,469 ) (2,445 ) Total net of tax $ 4,882 $ 5,006 $ 4,210 |
Retirement Benefits (Tables)
Retirement Benefits (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Retirement Benefits [Abstract] | |
Reconciliation of Changes in Benefit Obligations and Fair Value of Plan Assets | The following table provides a reconciliation of the changes in the benefit obligations and fair value of plan assets over the two-year period ended December 31, 2019 and a statement of the funded status at December 31 for both years. Pension Benefits Other Benefits 2019 2018 2019 2018 U.S. Non-U.S. U.S. Non-U.S. (In thousands) CHANGE IN BENEFIT OBLIGATION Obligation at January 1 $ 85,175 $ 89,789 $ 91,335 $ 97,451 $ 22,593 $ 26,068 Service cost 653 1,844 886 2,105 561 668 Interest cost 2,796 1,440 2,634 1,389 849 810 Plan amendments — (156 ) — 52 — — Benefits paid (3,520 ) (1,507 ) (5,171 ) (2,791 ) (676 ) (847 ) Actuarial loss (gain) 16,931 9,903 (4,497 ) (3,378 ) (161 ) (3,930 ) Currency translation — 66 — (3,335 ) 91 (176 ) Settlements (4,826 ) — (12 ) (2,313 ) — — Curtailments (1,538 ) — — — — — Acquisition/Divestiture — — — — — — Other 276 637 — 609 — — Obligation at December 31 $ 95,947 $ 102,016 $ 85,175 $ 89,789 $ 23,257 $ 22,593 CHANGE IN PLAN ASSETS Fair value of plan assets at January 1 $ 83,580 $ 33,532 $ 76,041 $ 36,316 $ — $ — Actual return on plan assets 17,446 3,406 2,070 496 — — Employer contributions 733 2,320 10,652 2,345 676 847 Benefits paid (3,520 ) (1,507 ) (5,171 ) (2,791 ) (676 ) (847 ) Currency translation — 916 — (1,130 ) — — Settlements (4,826 ) — — (2,313 ) — — Acquisition/Divestiture — — — — — — Other — 637 (12 ) 609 — — Fair value of plan assets at December 31 $ 93,413 $ 39,304 $ 83,580 $ 33,532 $ — $ — Funded status at December 31 $ (2,534 ) $ (62,712 ) $ (1,595 ) $ (56,257 ) $ (23,257 ) $ (22,593 ) COMPONENTS ON THE CONSOLIDATED BALANCE SHEETS Other noncurrent assets $ 1,921 $ 14 $ 3,058 $ — $ — $ — Current liabilities $ (564 ) $ (1,270 ) $ (556 ) $ (1,174 ) $ (1,127 ) $ (1,116 ) Other noncurrent liabilities (3,891 ) (61,456 ) (4,097 ) (55,083 ) (22,130 ) (21,477 ) Net liability at December 31 $ (2,534 ) $ (62,712 ) $ (1,595 ) $ (56,257 ) $ (23,257 ) $ (22,593 ) |
Weighted Average Assumptions Used in Measurement of Benefit Obligation | U.S. Plans Non-U.S. Plans 2019 2018 2017 2019 2018 2017 Discount rate 4.11%/2.99%* 3.46 % 3.91 % 2.07 % 1.82 % 1.76 % Expected return on plan assets 4.00 % 5.50 % 5.50 % 3.12 % 3.09 % 3.20 % Rate of compensation increase 4.00 % 4.00 % 4.00 % 2.13 % 2.37 % 2.29 % * A discount rate of 4.11% was used to determine the net periodic benefit cost for the period January 1, 2019 through August 31, 2019 and a discount rate of 2.99% was used to determine the net periodic benefit cost for the period September 1, 2019 through December 31, 2019 as a result of the remeasurement that occurred in conjunction with the decision to freeze the Plan. Other Benefits 2019 2018 2017 Discount rate 4.11 % 3.50 % 3.94 % Expected return on plan assets — % — % — % Rate of compensation increase 4.00 % 4.00 % 4.00 % The weighted average assumptions used in the measurement of the Company’s benefit obligation at December 31, 2019 and 2018 were as follows: U.S. Plans Non-U.S. Plans Other Benefits 2019 2018 2019 2018 2019 2018 Discount rate 3.06 % 4.10 % 1.33 % 2.07 % 3.09 % 4.11 % Rate of compensation increase — % 4.00 % 2.29 % 2.13 % 4.00 % 4.00 % |
Pretax Amounts Recognized in Accumulated Other Comprehensive Income (Loss) | The pretax amounts recognized in Accumulated other comprehensive income (loss) on the Consolidated Balance Sheets as of December 31, 2019 and 2018 were as follows: Pension Benefits Other Benefits 2019 2018 2019 2018 U.S. Non-U.S. U.S. Non-U.S. (In thousands) Prior service cost (credit) $ 46 $ (100 ) $ 62 $ 64 $ (46 ) $ (117 ) Net loss (gain) 21,432 19,304 22,478 12,955 (6,009 ) (6,386 ) Total $ 21,478 $ 19,204 $ 22,540 $ 13,019 $ (6,055 ) $ (6,503 ) The pretax change recognized in Accumulated other comprehensive income (loss) on the Consolidated Balance Sheet in 2019 is as follows: Pension Benefits Other U.S. Non-U.S. (In thousands) Net gain (loss) in current year $ (1,265 ) $ (7,544 ) $ 161 Prior service cost — 156 — Amortization of prior service cost (credit) 15 6 (70 ) Amortization of net loss (gain) 2,312 1,111 (565 ) Exchange rate effect on amounts in OCI — 86 26 Total $ 1,062 $ (6,185 ) $ (448 ) |
Amounts in Accumulated Other Comprehensive Income (Loss) Expected to Be Recognized as Components of Net Periodic Benefit Cost During 2012 | The amounts in Accumulated other comprehensive income (loss) on the Consolidated Balance Sheet as of December 31, 2019 that are expected to be recognized as components of net periodic benefit cost during 2020 are as follows: U.S. Pension Benefit Plans Non-U.S. Pension Benefit Plans Other Benefit Plans Total (In thousands) Prior service cost (credit) $ 13 $ (21 ) $ (37 ) $ (45 ) Net loss (gain) 1,755 1,726 (506 ) 2,975 Total $ 1,768 $ 1,705 $ (543 ) $ 2,930 |
Components of Net Periodic Benefit Cost for Defined Benefit Plans and Other Postretirement Plans | Other Benefits 2019 2018 2017 (In thousands) Service cost $ 561 $ 668 $ 610 Interest cost 849 810 818 Net amortization (635 ) (737 ) (795 ) Net periodic benefit cost $ 775 $ 741 $ 633 The components of, and the weighted average assumptions used to determine, the net periodic benefit cost for the plans in 2019 , 2018 and 2017 are as follows: Pension Benefits 2019 2018 2017 U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. (In thousands) Service cost $ 653 $ 1,844 $ 886 $ 2,105 $ 976 $ 1,975 Interest cost 2,796 1,440 2,634 1,389 2,677 1,283 Expected return on plan assets (3,319 ) (1,047 ) (3,943 ) (1,120 ) (3,832 ) (1,088 ) Settlement loss recognized 713 — (1 ) (307 ) — 234 Special termination benefit recognized 276 — — — — — Net amortization 1,614 1,117 2,712 1,271 2,566 1,809 Net periodic benefit cost $ 2,733 $ 3,354 $ 2,288 $ 3,338 $ 2,387 $ 4,213 |
Summary of Basis Used to Measure Defined Benefit Plans' Assets at Fair Value | The basis used to measure the defined benefit plans’ assets at fair value at December 31, 2019 and 2018 is summarized as follows: Basis of Fair Value Measurement Outstanding Balances Level 1 Level 2 Level 3 As of December 31, 2019 (In thousands) Equity U.S. Large Cap $ 4,734 $ 4,734 $ — $ — U.S. Small / Mid Cap 455 — 455 — International 10,845 5,258 5,587 — Fixed Income U.S. Intermediate 640 — 640 — U.S. Long Term 83,628 — 83,628 — U.S. High Yield 1,346 — 1,346 — International 7,516 296 7,220 — Other Commingled Funds (1) 19,438 — — 19,438 Cash and Equivalents 1,094 517 577 — Other 3,021 — 3,021 — $ 132,717 $ 10,805 $ 102,474 $ 19,438 (1) Other commingled funds represent pooled institutional investments in non-U.S. plans. Basis of Fair Value Measurement Outstanding Level 1 Level 2 Level 3 As of December 31, 2018 (In thousands) Equity U.S. Large Cap $ 3,759 $ 3,759 $ — $ — U.S. Small / Mid Cap 770 — 770 — International 7,532 4,445 3,087 — Fixed Income U.S. Intermediate 581 — 581 — U.S. Long Term 75,096 — 75,096 — U.S. High Yield 1,098 — 1,098 — International 8,604 244 8,360 — Other Commingled Funds (1) 15,555 — — 15,555 Cash and Equivalents 1,944 1,074 870 — Other 2,173 — 2,173 — $ 117,112 $ 9,522 $ 92,035 $ 15,555 (1) Other commingled funds represent pooled institutional investments in non-U.S. plans. The Company’s pension plan weighted average asset allocations at December 31, 2019 and 2018 , by asset category, were as follows: U.S. Plans Non-U.S. Plans 2019 2018 2019 2018 Equity securities 10 % 9 % 17 % 13 % Fixed income securities 90 % 90 % 24 % 31 % Cash/Commingled Funds/Other (1) — % 1 % 59 % 56 % Total 100 % 100 % 100 % 100 % |
Quarterly Results of Operatio_2
Quarterly Results of Operations (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summarized Quarterly Results of Operations | The unaudited quarterly results of operations for the years ended December 31, 2019 and 2018 are as follows: 2019 Quarters (1) 2018 Quarters (1) First Second Third Fourth First Second Third Fourth (In thousands, except per share amounts) Net sales $ 622,231 $ 642,099 $ 624,246 $ 605,997 $ 612,324 $ 634,360 $ 622,888 $ 614,094 Gross profit 283,834 292,337 281,978 266,885 276,652 287,367 280,233 273,643 Operating income 147,782 155,283 141,765 134,173 136,683 147,831 145,133 139,441 Net income 110,268 113,209 105,194 96,850 98,958 107,126 106,352 98,137 Basic EPS $ 1.46 $ 1.50 $ 1.39 $ 1.28 $ 1.29 $ 1.40 $ 1.39 $ 1.29 Diluted EPS $ 1.44 $ 1.48 $ 1.37 $ 1.26 $ 1.27 $ 1.38 $ 1.37 $ 1.27 Basic weighted average shares outstanding 75,442 75,460 75,698 75,779 76,419 76,539 76,562 76,128 Diluted weighted average shares outstanding 76,284 76,387 76,577 76,570 77,739 77,704 77,709 77,100 (1) Quarterly data includes acquisition of Finger Lakes Instrumentation (July 2018) and Velcora Holding AB (July 2019) from the date of acquisition. See Note 2 for further discussion. |
Significant Accounting Polici_4
Significant Accounting Policies - Business (Details) | 12 Months Ended |
Dec. 31, 2019segment | |
Accounting Policies [Abstract] | |
Number of reportable segments | 3 |
Significant Accounting Polici_5
Significant Accounting Policies - Advertising Costs (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Accounting Policies [Abstract] | |||
Advertising costs | $ 15.7 | $ 17 | $ 15.8 |
Significant Accounting Polici_6
Significant Accounting Policies - Impairment of Long-Lived Assets (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2019 | Sep. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Impaired Long-Lived Assets Held and Used [Line Items] | |||||
Impairment of definite-lived assets | $ 7,100,000 | ||||
Asset impairments | $ 10,155,000 | $ 0 | $ 0 | ||
HST | |||||
Impaired Long-Lived Assets Held and Used [Line Items] | |||||
Asset impairment charges | 9,700,000 | ||||
Operating lease, impairment | $ 400,000 | 600,000 | |||
HST | Property, plant and equipment | |||||
Impaired Long-Lived Assets Held and Used [Line Items] | |||||
Asset impairments | 2,000,000 | ||||
HST | Customer relationships | |||||
Impaired Long-Lived Assets Held and Used [Line Items] | |||||
Impairment of definite-lived assets | 6,100,000 | ||||
HST | Unpatented technology | |||||
Impaired Long-Lived Assets Held and Used [Line Items] | |||||
Impairment of definite-lived assets | $ 1,000,000 |
Significant Accounting Polici_7
Significant Accounting Policies - Goodwill and Indefinite-Lived Intangible Assets (Details) | 12 Months Ended |
Dec. 31, 2019unit | |
Accounting Policies [Abstract] | |
Number of reporting units | 13 |
Significant Accounting Polici_8
Significant Accounting Policies - Schedule of Basic Weighted Average Shares Reconciles to Diluted Weighted Average Shares Outstanding (Details) - shares shares in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Accounting Policies [Abstract] | |||||||||||
Basic weighted average common shares outstanding (in shares) | 75,779 | 75,698 | 75,460 | 75,442 | 76,128 | 76,562 | 76,539 | 76,419 | 75,594 | 76,412 | 76,232 |
Dilutive effect of stock options, restricted stock and performance share units (in shares) | 860 | 1,151 | 1,101 | ||||||||
Diluted weighted average common shares outstanding (in shares) | 76,570 | 76,577 | 76,387 | 76,284 | 77,100 | 77,709 | 77,704 | 77,739 | 76,454 | 77,563 | 77,333 |
Significant Accounting Polici_9
Significant Accounting Policies - Earnings per Common Share (Details) - shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Accounting Policies [Abstract] | |||
Option to purchase common stock shares not included in the computation of diluted EPS (in shares) | 300,000 | 300,000 | 0 |
Significant Accounting Polic_10
Significant Accounting Policies - Property And Equipment at Cost Depreciation and Amortization Estimated Useful Lives (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Land improvements | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 8 years |
Land improvements | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 12 years |
Buildings and improvements | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 8 years |
Buildings and improvements | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 30 years |
Machinery, equipment and other | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 3 years |
Machinery, equipment and other | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 12 years |
Office and transportation equipment | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 3 years |
Office and transportation equipment | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 10 years |
Significant Accounting Polic_11
Significant Accounting Policies - Intangible Asset Depreciation and Amortization Estimated Useful Lives (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Patents | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated useful life | 12 years |
Patents | Minimum | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated useful life | 5 years |
Patents | Maximum | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated useful life | 17 years |
Trade names | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated useful life | 16 years |
Trade names | Minimum | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated useful life | 5 years |
Trade names | Maximum | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated useful life | 20 years |
Customer relationships | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated useful life | 14 years |
Customer relationships | Minimum | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated useful life | 8 years |
Customer relationships | Maximum | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated useful life | 20 years |
Unpatented technology and other | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated useful life | 12 years |
Unpatented technology and other | Minimum | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated useful life | 3 years |
Unpatented technology and other | Maximum | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated useful life | 20 years |
Significant Accounting Polic_12
Significant Accounting Policies - Research and Development Expenditures (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Accounting Policies [Abstract] | |||
Engineering expense | $ 92.4 | $ 84.9 | $ 76.4 |
Research and development expense | $ 56.4 | $ 48 | $ 42.4 |
Significant Accounting Polic_13
Significant Accounting Policies - Foreign Currency (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Business Acquisition [Line Items] | |||
Foreign currency transaction (gain) loss | $ 3.3 | $ (2.4) | $ 20.5 |
SFC-Koenig | |||
Business Acquisition [Line Items] | |||
Foreign currency transaction (gain) loss | $ 20.2 |
Significant Accounting Polic_14
Significant Accounting Policies - Concentration of Credit Risk (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Percentage of concentration risk | 2.00% |
Significant Accounting Polic_15
Significant Accounting Policies - Recently Adopted Accounting Standards (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Other current assets | $ (37,211) | $ (33,938) | |||
Deferred income taxes | (146,574) | (128,007) | |||
Retained earnings | (2,615,131) | (2,342,079) | |||
Operating lease, right-of-use asset | 82,374 | ||||
Present value of lease liabilities | $ 85,163 | ||||
Accounting Standards Update 2018-02 | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Cumulative effect of new accounting principle in period of adoption | $ 0 | ||||
Accounting Standards Update 2016-16 | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Cumulative effect of new accounting principle in period of adoption | (645) | ||||
Other current assets | $ 7,300 | ||||
Deferred income taxes | 6,700 | ||||
Retained earnings | 600 | ||||
Accounting Standards Update 2016-02 | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Cumulative effect of new accounting principle in period of adoption | 28 | ||||
Operating lease, right-of-use asset | $ 68,000 | ||||
Present value of lease liabilities | 68,000 | ||||
Finance lease, liability | 68,000 | ||||
Finance lease, right-of-use asset | $ 68,000 | ||||
Retained Earnings | Accounting Standards Update 2018-02 | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Cumulative effect of new accounting principle in period of adoption | 6,435 | ||||
Retained Earnings | Accounting Standards Update 2018-02 | New Accounting Pronouncement, Early Adoption, Effect | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Cumulative effect of new accounting principle in period of adoption | (6,400) | ||||
Retained Earnings | Accounting Standards Update 2016-16 | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Cumulative effect of new accounting principle in period of adoption | $ (645) | ||||
Retained Earnings | Accounting Standards Update 2016-02 | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Cumulative effect of new accounting principle in period of adoption | $ 28 | ||||
AOCI Attributable to Parent | Accounting Standards Update 2018-02 | New Accounting Pronouncement, Early Adoption, Effect | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Cumulative effect of new accounting principle in period of adoption | $ 6,400 |
Acquisitions and Divestitures -
Acquisitions and Divestitures - Narrative (Details) - USD ($) $ in Thousands | Sep. 03, 2019 | Jul. 18, 2019 | Jul. 23, 2018 | Dec. 08, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Business Acquisition [Line Items] | |||||||
Debt acquired with acquisition of business | $ 51,130 | $ 0 | $ 0 | ||||
Goodwill | 1,779,745 | 1,697,955 | 1,704,158 | ||||
Acquisition-related transaction costs | 1,700 | ||||||
Fair value inventory step-up charge associated with acquisition | 3,300 | ||||||
Contingent consideration | $ 3,375 | 3,375 | |||||
Selling, general and administrative expenses | |||||||
Business Acquisition [Line Items] | |||||||
Acquisition-related transaction costs | $ 3,000 | $ 1,300 | |||||
Velcora Holding AB | |||||||
Business Acquisition [Line Items] | |||||||
Aggregate purchase price, cash paid | $ 87,200 | ||||||
Debt acquired with acquisition of business | 51,100 | ||||||
Goodwill | 85,939 | ||||||
Intangible assets | $ 48,183 | ||||||
Loss on extinguishment of debt | $ 700 | ||||||
Finger Lakes Instrumentation (FLI) | |||||||
Business Acquisition [Line Items] | |||||||
Aggregate purchase price, cash paid | $ 20,200 | ||||||
Goodwill | 12,400 | ||||||
Intangible assets | 7,900 | ||||||
Consideration transferred | 23,600 | ||||||
Contingent consideration | $ 3,400 | ||||||
Contingent consideration arrangements, period | 24 months | ||||||
thinXXS | |||||||
Business Acquisition [Line Items] | |||||||
Aggregate purchase price, cash paid | $ 38,200 | ||||||
Debt acquired with acquisition of business | 1,200 | ||||||
Goodwill | 25,200 | ||||||
Intangible assets | $ 10,600 |
Acquisitions and Divestitures_2
Acquisitions and Divestitures - Allocation of Acquisition Costs to Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Jul. 18, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Business Acquisition [Line Items] | ||||
Goodwill | $ 1,779,745 | $ 1,697,955 | $ 1,704,158 | |
Velcora Holding AB | ||||
Business Acquisition [Line Items] | ||||
Current assets, net of cash acquired | $ 20,457 | |||
Property, plant and equipment | 3,235 | |||
Goodwill | 85,939 | |||
Intangible assets | 48,183 | |||
Other noncurrent assets | 788 | |||
Total assets acquired | 158,602 | |||
Current liabilities | (7,607) | |||
Long-term borrowings | (51,130) | |||
Deferred income taxes | (12,231) | |||
Other noncurrent liabilities | (454) | |||
Net assets acquired | $ 87,180 |
Acquisitions and Divestitures_3
Acquisitions and Divestitures - Acquired Intangible Assets and Weighted Average Amortization Periods (Details) - Velcora Holding AB $ in Thousands | Jul. 18, 2019USD ($) |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Total | $ 48,183 |
Trade names | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Total | $ 7,089 |
Weighted Average Life | 15 years |
Customer relationships | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Total | $ 34,677 |
Weighted Average Life | 12 years |
Unpatented technology and other | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Total | $ 6,417 |
Weighted Average Life | 9 years |
Acquisitions and Divestitures_4
Acquisitions and Divestitures - Divestitures (Details) - USD ($) | Oct. 31, 2017 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Oct. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Proceeds from sale of businesses, net of cash sold | $ 0 | $ 0 | $ 21,795,000 | ||||||||||
Income tax expense | 107,382,000 | 118,366,000 | 118,016,000 | ||||||||||
Net sales | $ 605,997,000 | $ 624,246,000 | $ 642,099,000 | $ 622,231,000 | $ 614,094,000 | $ 622,888,000 | $ 634,360,000 | $ 612,324,000 | $ 2,494,573,000 | $ 2,483,666,000 | $ 2,287,312,000 | ||
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 businesses, net of cash sold | $ 21,800,000 | ||||||||||||
Gain on sale of businesses - net | 9,300,000 | ||||||||||||
Income tax expense | $ 0 | ||||||||||||
Net sales | $ 14,100,000 |
Balance Sheet Components - Comp
Balance Sheet Components - Components (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
RECEIVABLES | ||
Customers | $ 298,118 | $ 313,719 |
Other | 6,415 | 5,182 |
Total | 304,533 | 318,901 |
Less allowance for doubtful accounts | 6,347 | 6,709 |
Total receivables - net | 298,186 | 312,192 |
INVENTORIES | ||
Raw materials and components parts | 182,382 | 178,805 |
Work in process | 28,761 | 37,495 |
Finished goods | 82,324 | 63,695 |
Total | 293,467 | 279,995 |
PROPERTY, PLANT AND EQUIPMENT | ||
Land and improvements | 32,240 | 32,100 |
Buildings and improvements | 187,301 | 189,744 |
Machinery, equipment and other | 397,498 | 372,804 |
Office and transportation equipment | 95,759 | 96,350 |
Construction in progress | 24,546 | 24,328 |
Total | 737,344 | 715,326 |
Less accumulated depreciation and amortization | 457,028 | 434,106 |
Total property, plant and equipment - net | 280,316 | 281,220 |
ACCRUED EXPENSES | ||
Payroll and related items | 77,556 | 78,944 |
Management incentive compensation | 14,408 | 25,321 |
Income taxes payable | 9,905 | 23,844 |
Insurance | 8,240 | 10,422 |
Warranty | 5,581 | 5,303 |
Deferred revenue | 17,633 | 8,055 |
Lease liability | 15,235 | |
Restructuring | 6,110 | 6,170 |
Liability for uncertain tax positions | 890 | 980 |
Accrued interest | 1,735 | 1,759 |
Contingent consideration for acquisition | 3,375 | 0 |
Other | 19,622 | 26,738 |
Total accrued expenses | 180,290 | 187,536 |
OTHER NONCURRENT LIABILITIES | ||
Pension and retiree medical obligations | 87,478 | 80,667 |
Transition tax payable | 11,292 | 17,127 |
Liability for uncertain tax positions | 3,008 | 3,183 |
Deferred revenue | 2,129 | 3,027 |
Liability for construction of new leased facility | 0 | 11,616 |
Lease liability | 69,928 | |
Contingent consideration for acquisition | 0 | 3,375 |
Other | 23,533 | 19,219 |
Total other noncurrent liabilities | $ 197,368 | $ 138,214 |
Balance Sheet Components - Valu
Balance Sheet Components - Valuation And Qualifying Accounts (Details) - ALLOWANCE FOR DOUBTFUL ACCOUNTS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Beginning balance January 1 | $ 6,709 | $ 7,764 | $ 8,078 |
Charged to costs and expenses, net of recoveries | 1,181 | 290 | 720 |
Utilization | (1,443) | (1,396) | (1,418) |
Currency translation and other | (100) | 51 | 384 |
Ending balance December 31 | $ 6,347 | $ 6,709 | $ 7,764 |
Revenue - Revenue by Reporting
Revenue - Revenue by Reporting Unit (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disaggregation of Revenue [Line Items] | ||
Total net sales | $ 2,494,573 | $ 2,483,666 |
Intersegment elimination | ||
Disaggregation of Revenue [Line Items] | ||
Total net sales | (3,671) | (1,333) |
Fluid & Metering Technologies | Operating Segments | ||
Disaggregation of Revenue [Line Items] | ||
Total net sales | 956,523 | 951,275 |
Fluid & Metering Technologies | Intersegment elimination | ||
Disaggregation of Revenue [Line Items] | ||
Total net sales | (505) | (277) |
Fluid & Metering Technologies | Energy | Operating Segments | ||
Disaggregation of Revenue [Line Items] | ||
Total net sales | 164,825 | 163,996 |
Fluid & Metering Technologies | Valves | Operating Segments | ||
Disaggregation of Revenue [Line Items] | ||
Total net sales | 118,333 | 113,136 |
Fluid & Metering Technologies | Water | Operating Segments | ||
Disaggregation of Revenue [Line Items] | ||
Total net sales | 250,589 | 251,020 |
Fluid & Metering Technologies | Pumps | Operating Segments | ||
Disaggregation of Revenue [Line Items] | ||
Total net sales | 331,098 | 324,222 |
Fluid & Metering Technologies | Agriculture | Operating Segments | ||
Disaggregation of Revenue [Line Items] | ||
Total net sales | 92,183 | 99,178 |
Health & Science Technologies | Operating Segments | ||
Disaggregation of Revenue [Line Items] | ||
Total net sales | 912,623 | 895,970 |
Health & Science Technologies | Intersegment elimination | ||
Disaggregation of Revenue [Line Items] | ||
Total net sales | (1,823) | (449) |
Health & Science Technologies | Scientific Fluidics & Optics | Operating Segments | ||
Disaggregation of Revenue [Line Items] | ||
Total net sales | 434,623 | 417,859 |
Health & Science Technologies | Sealing Solutions | Operating Segments | ||
Disaggregation of Revenue [Line Items] | ||
Total net sales | 200,495 | 200,316 |
Health & Science Technologies | Gast | Operating Segments | ||
Disaggregation of Revenue [Line Items] | ||
Total net sales | 133,471 | 126,787 |
Health & Science Technologies | Micropump | Operating Segments | ||
Disaggregation of Revenue [Line Items] | ||
Total net sales | 32,216 | 36,827 |
Health & Science Technologies | Material Processing Technologies | Operating Segments | ||
Disaggregation of Revenue [Line Items] | ||
Total net sales | 113,641 | 114,630 |
Fire & Safety/ Diversified Products | Operating Segments | ||
Disaggregation of Revenue [Line Items] | ||
Total net sales | 625,427 | 636,421 |
Fire & Safety/ Diversified Products | Intersegment elimination | ||
Disaggregation of Revenue [Line Items] | ||
Total net sales | (1,343) | (607) |
Fire & Safety/ Diversified Products | Fire & Safety | Operating Segments | ||
Disaggregation of Revenue [Line Items] | ||
Total net sales | 403,949 | 396,926 |
Fire & Safety/ Diversified Products | Band-It | Operating Segments | ||
Disaggregation of Revenue [Line Items] | ||
Total net sales | 106,624 | 105,785 |
Fire & Safety/ Diversified Products | Dispensing | Operating Segments | ||
Disaggregation of Revenue [Line Items] | ||
Total net sales | $ 116,197 | $ 134,317 |
Revenue - Revenue by Geography
Revenue - Revenue by Geography (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disaggregation of Revenue [Line Items] | ||
Total net sales | $ 2,494,573 | $ 2,483,666 |
Intersegment elimination | ||
Disaggregation of Revenue [Line Items] | ||
Total net sales | (3,671) | (1,333) |
U.S. Plans | ||
Disaggregation of Revenue [Line Items] | ||
Total net sales | 1,257,253 | 1,230,554 |
North America, excluding U.S. | ||
Disaggregation of Revenue [Line Items] | ||
Total net sales | 106,319 | 105,466 |
Europe | ||
Disaggregation of Revenue [Line Items] | ||
Total net sales | 593,405 | 615,571 |
Asia | ||
Disaggregation of Revenue [Line Items] | ||
Total net sales | 430,175 | 420,333 |
Other | ||
Disaggregation of Revenue [Line Items] | ||
Total net sales | 111,092 | 113,075 |
FMT | Operating Segments | ||
Disaggregation of Revenue [Line Items] | ||
Total net sales | 956,523 | 951,275 |
FMT | Intersegment elimination | ||
Disaggregation of Revenue [Line Items] | ||
Total net sales | (505) | (277) |
FMT | U.S. Plans | Operating Segments | ||
Disaggregation of Revenue [Line Items] | ||
Total net sales | 541,994 | 540,697 |
FMT | North America, excluding U.S. | Operating Segments | ||
Disaggregation of Revenue [Line Items] | ||
Total net sales | 58,256 | 57,917 |
FMT | Europe | Operating Segments | ||
Disaggregation of Revenue [Line Items] | ||
Total net sales | 170,698 | 172,630 |
FMT | Asia | Operating Segments | ||
Disaggregation of Revenue [Line Items] | ||
Total net sales | 125,031 | 119,822 |
FMT | Other | Operating Segments | ||
Disaggregation of Revenue [Line Items] | ||
Total net sales | 61,049 | 60,486 |
HST | Operating Segments | ||
Disaggregation of Revenue [Line Items] | ||
Total net sales | 912,623 | 895,970 |
HST | Intersegment elimination | ||
Disaggregation of Revenue [Line Items] | ||
Total net sales | (1,823) | (449) |
HST | U.S. Plans | Operating Segments | ||
Disaggregation of Revenue [Line Items] | ||
Total net sales | 411,680 | 392,140 |
HST | North America, excluding U.S. | Operating Segments | ||
Disaggregation of Revenue [Line Items] | ||
Total net sales | 21,735 | 18,770 |
HST | Europe | Operating Segments | ||
Disaggregation of Revenue [Line Items] | ||
Total net sales | 263,523 | 278,634 |
HST | Asia | Operating Segments | ||
Disaggregation of Revenue [Line Items] | ||
Total net sales | 201,765 | 189,342 |
HST | Other | Operating Segments | ||
Disaggregation of Revenue [Line Items] | ||
Total net sales | 15,743 | 17,533 |
FSDP | Operating Segments | ||
Disaggregation of Revenue [Line Items] | ||
Total net sales | 625,427 | 636,421 |
FSDP | Intersegment elimination | ||
Disaggregation of Revenue [Line Items] | ||
Total net sales | (1,343) | (607) |
FSDP | U.S. Plans | Operating Segments | ||
Disaggregation of Revenue [Line Items] | ||
Total net sales | 303,579 | 297,717 |
FSDP | North America, excluding U.S. | Operating Segments | ||
Disaggregation of Revenue [Line Items] | ||
Total net sales | 26,328 | 28,779 |
FSDP | Europe | Operating Segments | ||
Disaggregation of Revenue [Line Items] | ||
Total net sales | 159,184 | 164,307 |
FSDP | Asia | Operating Segments | ||
Disaggregation of Revenue [Line Items] | ||
Total net sales | 103,379 | 111,169 |
FSDP | Other | Operating Segments | ||
Disaggregation of Revenue [Line Items] | ||
Total net sales | $ 34,300 | $ 35,056 |
Revenue - Receivables (Details)
Revenue - Receivables (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total customer receivables | $ 298,118 | $ 313,719 |
Unbilled receivables | 11,922 | 14,492 |
Billed receivables | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total customer receivables | $ 286,196 | $ 299,227 |
Revenue - Deferred Revenue (Det
Revenue - Deferred Revenue (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Revenue from Contract with Customer [Abstract] | ||
Deferred revenue - current | $ 17,633 | $ 8,055 |
Deferred revenue | 2,129 | 3,027 |
Total deferred revenue | $ 19,762 | $ 11,082 |
Revenue - Narrative (Details)
Revenue - Narrative (Details) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disaggregation of Revenue [Line Items] | ||
Revenue from products and services transferred to customers | 2.00% | |
Revenue from Contract with Customer | Product Concentration Risk | Transferred at Point in Time | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from products and services transferred to customers | 95.00% | 95.00% |
Revenue from Contract with Customer | Product Concentration Risk | Transferred over Time | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from products and services transferred to customers | 5.00% | 5.00% |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Schedule of Changes in Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Line Items] | |||
Goodwill | $ 1,904,789 | ||
Accumulated goodwill impairment losses | (200,631) | ||
Goodwill | |||
Beginning Balance | $ 1,697,955 | $ 1,704,158 | |
Foreign currency translation | (4,149) | (19,919) | |
Acquisitions | 85,939 | 12,399 | |
Acquisition adjustments | 1,317 | ||
Ending Balance | 1,779,745 | 1,697,955 | |
Fluid & Metering Technologies | |||
Goodwill and Intangible Assets Disclosure [Line Items] | |||
Goodwill | 606,785 | ||
Accumulated goodwill impairment losses | (20,721) | ||
Goodwill | |||
Beginning Balance | 581,041 | 586,064 | |
Foreign currency translation | (2,116) | (5,023) | |
Acquisitions | 0 | 0 | |
Acquisition adjustments | 0 | ||
Ending Balance | 578,925 | 581,041 | |
Health & Science Technologies | |||
Goodwill and Intangible Assets Disclosure [Line Items] | |||
Goodwill | 889,852 | ||
Accumulated goodwill impairment losses | (149,820) | ||
Goodwill | |||
Beginning Balance | 745,357 | 740,032 | |
Foreign currency translation | 476 | (8,391) | |
Acquisitions | 85,939 | 12,399 | |
Acquisition adjustments | 1,317 | ||
Ending Balance | 831,772 | 745,357 | |
Fire & Safety/ Diversified Products | |||
Goodwill and Intangible Assets Disclosure [Line Items] | |||
Goodwill | 408,152 | ||
Accumulated goodwill impairment losses | $ (30,090) | ||
Goodwill | |||
Beginning Balance | 371,557 | 378,062 | |
Foreign currency translation | (2,509) | (6,505) | |
Acquisitions | 0 | 0 | |
Acquisition adjustments | 0 | ||
Ending Balance | $ 369,048 | $ 371,557 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Schedule of Gross Carrying Value and Accumulated Amortization for Each Major Class of Intangible Asset (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Goodwill And Intangible Assets [Line Items] | ||
Amortized intangible assets - Gross Carrying Amount | $ 507,736 | $ 476,191 |
Intangible assets - Gross Carrying Amount | 598,636 | 567,091 |
Accumulated Amortization | (210,605) | (183,764) |
Amortized intangible assets - Net | 297,131 | 292,427 |
Intangible assets - Net | 388,031 | 383,327 |
Banjo trade name | ||
Goodwill And Intangible Assets [Line Items] | ||
Indefinite lived intangible assets | 62,100 | 62,100 |
Akron Brass trade name | ||
Goodwill And Intangible Assets [Line Items] | ||
Indefinite lived intangible assets | 28,800 | 28,800 |
Patents | ||
Goodwill And Intangible Assets [Line Items] | ||
Amortized intangible assets - Gross Carrying Amount | 6,678 | 6,468 |
Accumulated Amortization | (5,276) | (4,693) |
Amortized intangible assets - Net | $ 1,402 | 1,775 |
Amortized intangible assets - Weighted Average Life | 12 years | |
Trade names | ||
Goodwill And Intangible Assets [Line Items] | ||
Amortized intangible assets - Gross Carrying Amount | $ 123,062 | 115,899 |
Accumulated Amortization | (64,938) | (57,227) |
Amortized intangible assets - Net | $ 58,124 | 58,672 |
Amortized intangible assets - Weighted Average Life | 16 years | |
Customer relationships | ||
Goodwill And Intangible Assets [Line Items] | ||
Amortized intangible assets - Gross Carrying Amount | $ 275,575 | 256,202 |
Accumulated Amortization | (96,252) | (85,652) |
Amortized intangible assets - Net | $ 179,323 | 170,550 |
Amortized intangible assets - Weighted Average Life | 14 years | |
Unpatented technology and other | ||
Goodwill And Intangible Assets [Line Items] | ||
Amortized intangible assets - Gross Carrying Amount | $ 101,721 | 96,922 |
Accumulated Amortization | (43,561) | (35,685) |
Amortized intangible assets - Net | $ 58,160 | 61,237 |
Amortized intangible assets - Weighted Average Life | 12 years | |
Other | ||
Goodwill And Intangible Assets [Line Items] | ||
Amortized intangible assets - Gross Carrying Amount | $ 700 | 700 |
Accumulated Amortization | (578) | (507) |
Amortized intangible assets - Net | $ 122 | $ 193 |
Amortized intangible assets - Weighted Average Life | 10 years |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Thousands | Jun. 22, 2018 | Sep. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Goodwill and Intangible Assets Disclosure [Abstract] | |||||
Purchase of intellectual property | $ 4,000 | $ 0 | $ 4,000 | $ 0 | |
Finite-Lived Intangible Assets [Line Items] | |||||
Impairment of definite-lived assets | $ 7,100 | ||||
Amortization of intangible assets | 37,333 | $ 38,495 | $ 45,902 | ||
Expected amortization expense, 2020 | 38,400 | ||||
Expected amortization expense, 2021 | 37,100 | ||||
Expected amortization expense, 2022 | 35,200 | ||||
Expected amortization expense, 2023 | 32,400 | ||||
Expected amortization expense, 2024 | $ 30,500 |
Borrowings - Schedule of Borrow
Borrowings - Schedule of Borrowings (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Jun. 13, 2016 | Dec. 09, 2011 | Dec. 06, 2010 |
Debt Instrument [Line Items] | |||||
Total borrowings | $ 850,622 | $ 851,078 | |||
Less current portion | 388 | 483 | |||
Less deferred debt issuance costs | 983 | 1,593 | |||
Less unaccreted debt discount | 387 | 667 | |||
Long-term borrowings | 848,864 | 848,335 | |||
Revolving Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Total borrowings | $ 0 | $ 0 | |||
4.50% Senior Notes, due December 2020 | |||||
Debt Instrument [Line Items] | |||||
Stated interest rate | 4.50% | 4.50% | 4.50% | ||
4.20% Senior Notes, due December 2021 | |||||
Debt Instrument [Line Items] | |||||
Stated interest rate | 4.20% | 4.20% | 4.20% | ||
3.20% Senior Notes, due June 2023 | |||||
Debt Instrument [Line Items] | |||||
Stated interest rate | 3.20% | 3.20% | |||
3.37% Senior Notes, due June 2025 | |||||
Debt Instrument [Line Items] | |||||
Stated interest rate | 3.37% | 3.37% | |||
Senior Notes | 4.50% Senior Notes, due December 2020 | |||||
Debt Instrument [Line Items] | |||||
Stated interest rate | 4.50% | ||||
Total borrowings | $ 300,000 | $ 300,000 | |||
Senior Notes | 4.20% Senior Notes, due December 2021 | |||||
Debt Instrument [Line Items] | |||||
Stated interest rate | 4.20% | ||||
Total borrowings | $ 350,000 | 350,000 | |||
Senior Notes | 3.20% Senior Notes, due June 2023 | |||||
Debt Instrument [Line Items] | |||||
Stated interest rate | 3.20% | 3.20% | |||
Total borrowings | $ 100,000 | 100,000 | |||
Senior Notes | 3.37% Senior Notes, due June 2025 | |||||
Debt Instrument [Line Items] | |||||
Stated interest rate | 3.37% | 3.37% | |||
Total borrowings | $ 100,000 | 100,000 | |||
Other Borrowings | |||||
Debt Instrument [Line Items] | |||||
Total borrowings | $ 622 | $ 1,078 |
Borrowings - Narrative (Details
Borrowings - Narrative (Details) | Jun. 23, 2015USD ($) | Dec. 09, 2011USD ($) | Dec. 06, 2010USD ($) | Dec. 31, 2019USD ($) | May 31, 2019USD ($) | Dec. 31, 2018USD ($) | Jun. 13, 2016USD ($) |
Line of Credit Facility [Line Items] | |||||||
Credit facility, term | 5 years | ||||||
Balance outstanding | $ 850,622,000 | $ 851,078,000 | |||||
For 12 Months in Connection with Certain Acquisitions | |||||||
Line of Credit Facility [Line Items] | |||||||
Leverage ratio | 4 | ||||||
Minimum | |||||||
Line of Credit Facility [Line Items] | |||||||
Required percent for prepayment amount of aggregate principal amount | 5.00% | ||||||
Line of Credit | |||||||
Line of Credit Facility [Line Items] | |||||||
Current borrowing capacity | $ 700,000,000 | ||||||
Revolving facility, extension term | 1 year | ||||||
Revolving Credit Facility | |||||||
Line of Credit Facility [Line Items] | |||||||
Current borrowing capacity | $ 800,000,000 | ||||||
Aggregate lending commitments | $ 400,000,000 | ||||||
3.20% Senior Notes, due June 2023 | |||||||
Line of Credit Facility [Line Items] | |||||||
Stated interest rate | 3.20% | 3.20% | |||||
3.37% Senior Notes, due June 2025 | |||||||
Line of Credit Facility [Line Items] | |||||||
Stated interest rate | 3.37% | 3.37% | |||||
Revolving Credit Facility | |||||||
Line of Credit Facility [Line Items] | |||||||
Balance outstanding | $ 0 | $ 0 | |||||
Outstanding letters of credit | 8,500,000 | ||||||
Revolving Facility, amount available to borrow | $ 791,500,000 | ||||||
Revolving Credit Facility | Minimum | |||||||
Line of Credit Facility [Line Items] | |||||||
Interest coverage ratio | 3 | ||||||
Revolving Credit Facility | Maximum | |||||||
Line of Credit Facility [Line Items] | |||||||
Leverage ratio | 3.50 | ||||||
4.20% Senior Notes, due December 2021 | |||||||
Line of Credit Facility [Line Items] | |||||||
Stated interest rate | 4.20% | 4.20% | 4.20% | ||||
Principal amount of private placement | $ 350,000,000 | ||||||
Net proceeds from debt offering | 346,200,000 | ||||||
Debt offering initial discount | 900,000 | ||||||
Debt offering underwriting commission | 2,300,000 | ||||||
Estimated offering expenses | 600,000 | ||||||
Outstanding repayment of indebtedness | $ 306,000,000 | ||||||
Contingent percentage of principal amount plus accrued and unpaid interest | 101.00% | ||||||
4.50% Senior Notes, due December 2020 | |||||||
Line of Credit Facility [Line Items] | |||||||
Debt instrument face amount | $ 300,000,000 | ||||||
Stated interest rate | 4.50% | 4.50% | 4.50% | ||||
Net proceeds from debt offering | $ 295,700,000 | ||||||
Debt offering initial discount | 1,600,000 | ||||||
Debt offering underwriting commission | 1,900,000 | ||||||
Estimated offering expenses | 800,000 | ||||||
Outstanding repayment of indebtedness | $ 250,000,000 | ||||||
Contingent percentage of principal amount plus accrued and unpaid interest | 101.00% | ||||||
Senior Notes | Maximum | |||||||
Line of Credit Facility [Line Items] | |||||||
Limitation of outstanding principal of higher preference debt as percent of consolidated assets | 15.00% | ||||||
Senior Notes | 3.20% Senior Notes, due June 2023 | |||||||
Line of Credit Facility [Line Items] | |||||||
Debt instrument face amount | $ 100,000,000 | ||||||
Stated interest rate | 3.20% | 3.20% | |||||
Balance outstanding | $ 100,000,000 | $ 100,000,000 | |||||
Senior Notes | 3.37% Senior Notes, due June 2025 | |||||||
Line of Credit Facility [Line Items] | |||||||
Debt instrument face amount | $ 100,000,000 | ||||||
Stated interest rate | 3.37% | 3.37% | |||||
Balance outstanding | $ 100,000,000 | 100,000,000 | |||||
Senior Notes | 4.20% Senior Notes, due December 2021 | |||||||
Line of Credit Facility [Line Items] | |||||||
Stated interest rate | 4.20% | ||||||
Balance outstanding | $ 350,000,000 | 350,000,000 | |||||
Senior Notes | 4.50% Senior Notes, due December 2020 | |||||||
Line of Credit Facility [Line Items] | |||||||
Stated interest rate | 4.50% | ||||||
Balance outstanding | $ 300,000,000 | $ 300,000,000 | |||||
Letters Of Credit | Line of Credit | |||||||
Line of Credit Facility [Line Items] | |||||||
Current borrowing capacity | $ 75,000,000 | ||||||
Swing line Loans | Line of Credit | |||||||
Line of Credit Facility [Line Items] | |||||||
Current borrowing capacity | $ 50,000,000 |
Borrowings - Schedule of Maturi
Borrowings - Schedule of Maturities of Borrowings (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Disclosure [Abstract] | ||
2020 | $ 300,388 | |
2021 | 350,234 | |
2022 | 0 | |
2023 | 100,000 | |
2024 | 0 | |
Thereafter | 100,000 | |
Total borrowings | $ 850,622 | $ 851,078 |
Derivative Instruments (Details
Derivative Instruments (Details) $ in Thousands | Oct. 03, 2011USD ($) | Apr. 30, 2018USD ($) | Dec. 31, 2011USD ($) | Dec. 31, 2010USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Mar. 31, 2018EUR (€) | Dec. 09, 2011 | Sep. 29, 2011USD ($) | Jul. 12, 2011USD ($) | Dec. 06, 2010 | Apr. 15, 2010USD ($) |
Derivative [Line Items] | |||||||||||||
Notional amount | $ 350,000 | ||||||||||||
Amortization of interest expense | $ 1,355 | $ 1,332 | $ 1,320 | ||||||||||
Additional interest rate contract settlement | $ 4,000 | ||||||||||||
Non-cash interest expense associated with forward starting swaps | 6,327 | 6,475 | 6,655 | ||||||||||
Amount to be recognized from hedged transactions within 12 months, approximate | $ 6,000 | ||||||||||||
Other (Income) Expense Net | |||||||||||||
Derivative [Line Items] | |||||||||||||
Gain on derivatives | 19,800 | ||||||||||||
Foreign currency transaction loss | $ 900 | $ 20,200 | |||||||||||
Switzerland | |||||||||||||
Derivative [Line Items] | |||||||||||||
Stamp duty expense | $ 2,200 | ||||||||||||
4.50% Senior Notes, due December 2020 | |||||||||||||
Derivative [Line Items] | |||||||||||||
Interest rate on senior notes | 4.50% | 4.50% | 4.50% | ||||||||||
4.20% Senior Notes, due December 2021 | |||||||||||||
Derivative [Line Items] | |||||||||||||
Interest rate on senior notes | 4.20% | 4.20% | 4.20% | ||||||||||
Interest Rate Exchange Agreement Expiring 2010 | |||||||||||||
Derivative [Line Items] | |||||||||||||
Notional amount | $ 300,000 | ||||||||||||
Interest rate contract settlement amount | $ 31,000 | ||||||||||||
Amortization of interest expense | $ 31,000 | ||||||||||||
Term of amortized interest expense, years | 10 years | 10 years | |||||||||||
Interest rate | 5.80% | ||||||||||||
Interest Rate Exchange Agreement Expiring 2011 | |||||||||||||
Derivative [Line Items] | |||||||||||||
Notional amount | $ 350,000 | ||||||||||||
Interest rate contract settlement amount | $ 34,700 | ||||||||||||
Interest Rate Exchange Agreements Expiring 2011 And 2012 | |||||||||||||
Derivative [Line Items] | |||||||||||||
Amortization of interest expense | $ 37,900 | ||||||||||||
Interest rate | 5.30% | ||||||||||||
Settlement amount interest rate contract | 38,700 | ||||||||||||
Interest rate settlement recognized as other expense | $ 800 | ||||||||||||
Foreign currency exchange contracts | |||||||||||||
Derivative [Line Items] | |||||||||||||
Notional amount | € | € 180,000,000 | ||||||||||||
Cash received from settlement of contracts | $ 6,600 | ||||||||||||
Foreign currency exchange contracts | Other (Income) Expense Net | |||||||||||||
Derivative [Line Items] | |||||||||||||
Gain on derivatives | $ 900 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Company Financial Assets and Liabilities at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | $ 10,462 | $ 7,598 |
Contingent consideration | 3,375 | 3,375 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 10,462 | 7,598 |
Contingent consideration | 0 | 0 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 0 | 0 |
Contingent consideration | 0 | 0 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 0 | 0 |
Contingent consideration | $ 3,375 | $ 3,375 |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Jul. 23, 2018 | Dec. 09, 2011 | Dec. 06, 2010 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Contingent consideration | $ 3,375 | $ 3,375 | |||
Estimate of Fair Value Measurement | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Carrying value of our revolving facility and senior debt | 876,000 | 851,500 | |||
Reported Value Measurement | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Carrying value of our revolving facility and senior debt | $ 850,200 | $ 850,400 | |||
3.20% Senior Notes, due June 2023 | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Stated interest rate | 3.20% | 3.20% | |||
3.37% Senior Notes, due June 2025 | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Stated interest rate | 3.37% | 3.37% | |||
4.50% Senior Notes, due December 2020 | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Stated interest rate | 4.50% | 4.50% | 4.50% | ||
4.20% Senior Notes, due December 2021 | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Stated interest rate | 4.20% | 4.20% | 4.20% | ||
Finger Lakes Instrumentation (FLI) | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Contingent consideration | $ 3,400 | ||||
Finger Lakes Instrumentation (FLI) | Other Noncurrent Liabilities | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Contingent consideration | $ 3,400 |
Leases - Narrative (Details)
Leases - Narrative (Details) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2019USD ($)option | Sep. 30, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Lessee, Lease, Description [Line Items] | ||||
Options for renewal | option | 1 | |||
Rent expense | $ 21.8 | $ 19 | ||
HST | ||||
Lessee, Lease, Description [Line Items] | ||||
Operating lease, impairment | $ 0.4 | $ 0.6 |
Leases - Balance Sheet Composit
Leases - Balance Sheet Composition (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Finance Lease, Right-Of-Use Asset, After Accumulated Amortization [Abstract] | |
Operating lease, right-of-use asset | $ 82,374 |
Operating leases: | |
Current lease liabilities | 15,235 |
Noncurrent lease liabilities | 69,928 |
Total lease liabilities | 85,163 |
Building | |
Finance Lease, Right-Of-Use Asset, After Accumulated Amortization [Abstract] | |
Operating lease, right-of-use asset | 75,381 |
Equipment | |
Finance Lease, Right-Of-Use Asset, After Accumulated Amortization [Abstract] | |
Operating lease, right-of-use asset | $ 6,993 |
Leases - Lease Cost (Details)
Leases - Lease Cost (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Leases [Abstract] | |
Operating lease cost | $ 23,080 |
Variable lease cost | 2,265 |
Total lease expense | $ 25,345 |
Leases - Supplemental Informati
Leases - Supplemental Information (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Lessee, Lease, Description [Line Items] | |
Cash paid for amounts included in the measurement of operating lease liabilities | $ 22,888 |
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 25,878 |
Building And Equipment | |
Weighted Average Remaining Lease Term [Abstract] | |
Operating leases - building and equipment | 9 years 7 months 9 days |
Operating Lease, Weighted Average Discount Rate [Abstract] | |
Operating leases - vehicles | 4.08% |
Vehicles | |
Weighted Average Remaining Lease Term [Abstract] | |
Operating leases - building and equipment | 1 year 11 months 1 day |
Operating Lease, Weighted Average Discount Rate [Abstract] | |
Operating leases - vehicles | 2.99% |
Leases - Lease Liability Future
Leases - Lease Liability Future Payments (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Leases [Abstract] | |
2020 | $ 18,449 |
2021 | 15,070 |
2022 | 10,647 |
2023 | 8,894 |
2024 | 7,037 |
Thereafter | 44,284 |
Total lease payments | 104,381 |
Less: Imputed interest | 19,218 |
Present value of lease liabilities | 85,163 |
Lease payments for leases signed but not yet commenced | $ 6,400 |
Leases - Future Minimum Operati
Leases - Future Minimum Operating Lease Payments Under Topic 840 (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Leases [Abstract] | |
2020 | $ 17,509 |
2021 | 13,162 |
2022 | 10,516 |
2023 | 7,979 |
2024 | 6,535 |
Operating Leases, Future Minimum Payments, Due Thereafter | 29,658 |
Total lease payments | $ 85,359 |
Commitments and Contingencies_2
Commitments and Contingencies (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward] | |||
Beginning balance at January 1 | $ 5,303 | $ 6,281 | $ 5,628 |
Provision for warranties | 3,438 | 2,334 | 2,895 |
Claim settlements | (3,115) | (2,981) | (2,317) |
Other adjustments, including acquisitions, divestitures and currency translation | (45) | (331) | 75 |
Ending balance at December 31 | $ 5,581 | $ 5,303 | $ 6,281 |
Common and Preferred Stock (Det
Common and Preferred Stock (Details) - USD ($) | Dec. 01, 2015 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Nov. 30, 2014 |
Equity [Abstract] | |||||
Increase in share repurchase authorized amount | $ 300,000,000 | ||||
Authorized to be repurchased | $ 400,000,000 | ||||
Purchase of common stock (in shares) | 388,953 | 1,300,000 | 266,000 | ||
Repurchase of common stock | $ 54,668,000 | $ 173,926,000 | $ 29,074,000 | ||
Remaining authorized repurchase amount | $ 322,300,000 | ||||
Common stock, shares authorized (in shares) | 150,000,000 | 150,000,000 | |||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | |||
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 | |||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | |||
Preferred stock, shares issued (in shares) | 0 | 0 |
Income Taxes - Schedule Of Inco
Income Taxes - Schedule Of Income Before Income Tax (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
U.S. | $ 377,166 | $ 357,585 | $ 302,515 |
Foreign | 155,737 | 171,354 | 152,758 |
Income before income taxes | $ 532,903 | $ 528,939 | $ 455,273 |
Income Taxes - Provision Benefi
Income Taxes - Provision Benefit for Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Current | |||
U.S. | $ 49,819 | $ 67,793 | $ 91,641 |
State and local | 9,074 | 8,056 | 9,342 |
Foreign | 41,864 | 46,862 | 50,775 |
Total current | 100,757 | 122,711 | 151,758 |
Deferred | |||
U.S. | 10,158 | (5,471) | (36,390) |
State and local | (115) | (17) | 3,305 |
Foreign | (3,418) | 1,143 | (657) |
Total deferred | 6,625 | (4,345) | (33,742) |
Total provision for income taxes | $ 107,382 | $ 118,366 | $ 118,016 |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Income Tax Disclosure [Abstract] | ||
Employee and retiree benefit plans | $ 28,097 | $ 27,615 |
Capital loss and other carryforwards | 16,035 | 12,754 |
Operating lease assets | 20,036 | |
Operating lease liabilities | (19,530) | |
Depreciation and amortization | (175,904) | (168,485) |
Inventories | 7,699 | 5,969 |
Allowances and accruals | 7,765 | 11,540 |
Interest rate exchange agreement | 2,113 | 3,543 |
Other | (14,998) | (6,388) |
Total gross deferred tax (liabilities) | (128,687) | (113,452) |
Valuation allowance | (16,035) | (12,754) |
Total deferred tax (liabilities), net of valuation allowances | $ (144,722) | $ (126,206) |
Income Taxes - Deferred Tax A_2
Income Taxes - Deferred Tax Assets and Liabilities Recognized in Company's Consolidated Balance Sheets (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Income Tax Disclosure [Abstract] | ||
Noncurrent deferred tax asset - Other noncurrent assets | $ 1,852 | $ 1,801 |
Noncurrent deferred tax liabilities - Deferred income taxes | (146,574) | (128,007) |
Total deferred tax (liabilities), net of valuation allowances | $ (144,722) | $ (126,206) |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) | 3 Months Ended | 12 Months Ended | 24 Months Ended | |||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | |
Income Tax Disclosure [Line Items] | ||||||||
Permanently reinvested earnings of non-U.S. subsidiaries | $ 18,200,000 | $ 26,500,000 | $ 18,200,000 | $ 18,200,000 | ||||
Unrecognized deferred income tax liabilities on currently permanently reinvested earnings | 3,700,000 | 5,400,000 | 3,700,000 | 3,700,000 | ||||
Foreign earnings repatriated | 99,000,000 | 135,000,000 | $ 3,300,000 | |||||
Incremental income tax expense (benefit) | 0 | (6,400,000) | ||||||
Tax Cuts and Jobs Act of 2017, one time transition tax for accumulated foreign earnings, income tax expense | (3,900,000) | $ 100,000 | 30,300,000 | |||||
Transition Tax, obligation | 26,500,000 | 20,600,000 | 26,500,000 | 26,500,000 | ||||
Tax and Jobs Act of 2017, decrease in deferred tax liability | 1,100,000 | 40,600,000 | 41,700,000 | |||||
Tax Cuts and Jobs Act of 2017, provisional increase in its deferred tax liability | 9,200,000 | |||||||
Tax Cuts and Jobs Act of 2017, adjustment to deferred income tax expense | $ 9,200,000 | |||||||
Tax Cuts and Jobs Act of 2017, permanent reinvestment, deferred tax liability | $ 0 | 9,100,000 | ||||||
Tax Cuts and Jobs Act of 2017, global intangible low taxed income, benchmark of the aggregate of the U.S. shareholder’s pro rata share of the qualified business asset | 10.00% | |||||||
Accrued interest related to uncertain tax positions | 100,000 | 200,000 | 100,000 | $ 100,000 | 100,000 | |||
Accrued penalties related to uncertain tax positions | 0 | 0 | 0 | 0 | 0 | |||
Unrecognized tax benefits that would affect our effective tax rate | 3,000,000 | 3,000,000 | 3,000,000 | $ 900,000 | 3,000,000 | |||
Loss carry forwards for U.S. federal | 1,300,000 | 400,000 | 1,300,000 | 1,300,000 | ||||
Loss carry forwards for non-U.S. | 29,500,000 | 16,500,000 | 29,500,000 | 29,500,000 | ||||
Operating loss and credit carry forwards | 15,800,000 | 17,400,000 | 15,800,000 | 15,800,000 | ||||
Operating loss carryforwards, valuation allowance | 600,000 | 600,000 | 600,000 | 600,000 | ||||
Capital loss and other carryforwards | 12,754,000 | 16,035,000 | 12,754,000 | 12,754,000 | ||||
Foreign tax credit carryover for U.S. federal purposes | 6,600,000 | 3,300,000 | 6,600,000 | 6,600,000 | ||||
Federal | ||||||||
Income Tax Disclosure [Line Items] | ||||||||
Capital loss and other carryforwards | 46,100,000 | 45,600,000 | 46,100,000 | 46,100,000 | ||||
Capital loss carryforwards, valuation allowance | 9,700,000 | 9,600,000 | 9,700,000 | 9,700,000 | ||||
State and Local | ||||||||
Income Tax Disclosure [Line Items] | ||||||||
Capital loss and other carryforwards | 62,700,000 | 62,100,000 | 62,700,000 | 62,700,000 | ||||
Capital loss carryforwards, valuation allowance | 800,000 | 800,000 | 800,000 | 800,000 | ||||
Foreign | ||||||||
Income Tax Disclosure [Line Items] | ||||||||
Capital loss and other carryforwards | 13,400,000 | 13,800,000 | 13,400,000 | 13,400,000 | ||||
Minimum | ||||||||
Income Tax Disclosure [Line Items] | ||||||||
Tax Cuts and Jobs Act of 2017, permanent reinvestment, deferred tax liability | $ 1,400,000 | |||||||
Unrecognized tax benefits possible change | 0 | |||||||
Maximum | ||||||||
Income Tax Disclosure [Line Items] | ||||||||
Tax Cuts and Jobs Act of 2017, permanent reinvestment, deferred tax liability | $ 7,800,000 | |||||||
Unrecognized tax benefits possible change | 900,000 | |||||||
Other current assets | ||||||||
Income Tax Disclosure [Line Items] | ||||||||
Prepaid taxes | $ 8,300,000 | $ 13,400,000 | $ 8,300,000 | $ 8,300,000 |
Income Taxes - Computed Amount
Income Taxes - Computed Amount and Differences in Provision for Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Pretax income | $ 532,903 | $ 528,939 | $ 455,273 |
Computed amount at statutory rate | 111,910 | 111,077 | 159,346 |
State and local income tax (net of federal tax benefit) | 8,163 | 8,280 | 5,841 |
Taxes on non-U.S. earnings-net of foreign tax credits | 5,003 | 5,725 | (24,914) |
Global Intangible Lowed-Taxed Income | 2,324 | 2,725 | 0 |
Foreign-Derived Intangible Income Deduction | (5,811) | (5,410) | 0 |
Effect of flow-through entities | 1,316 | 1,215 | 192 |
U.S. business tax credits | (3,193) | (3,056) | (1,928) |
Domestic activities production deduction | 0 | 0 | (8,516) |
Capital loss on divestitures | 0 | 0 | (2,275) |
Share-based payments | (11,011) | (9,348) | (6,844) |
Valuation allowance | (117) | 0 | (361) |
Impact of Tax Act | (334) | 10,298 | (100) |
Other | (868) | (3,140) | (2,425) |
Total provision for income taxes | $ 107,382 | $ 118,366 | $ 118,016 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Beginning balance January 1 | $ 4,070 | $ 2,722 | $ 3,775 |
Gross increases for tax positions of prior years | 0 | 2,308 | 537 |
Gross decreases for tax positions of prior years | 0 | (229) | (587) |
Settlements | (140) | (160) | (604) |
Lapse of statute of limitations | (250) | (571) | (399) |
Ending balance December 31 | $ 3,680 | $ 4,070 | $ 2,722 |
Business Segments and Geograp_3
Business Segments and Geographic Information - Narrative (Details) | 12 Months Ended |
Dec. 31, 2019segment | |
Segment Reporting [Abstract] | |
Number of reportable business segments | 3 |
Business Segments and Geograp_4
Business Segments and Geographic Information - Schedule of Information on Company's Business Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||||||||||
Total net sales | $ 605,997 | $ 624,246 | $ 642,099 | $ 622,231 | $ 614,094 | $ 622,888 | $ 634,360 | $ 612,324 | $ 2,494,573 | $ 2,483,666 | $ 2,287,312 |
Total operating income | 134,173 | $ 141,765 | $ 155,283 | $ 147,782 | 139,441 | $ 145,133 | $ 147,831 | $ 136,683 | 579,003 | 569,088 | 502,556 |
Interest expense | 44,341 | 44,134 | 44,889 | ||||||||
Other (income) expense - net | 1,759 | (3,985) | 2,394 | ||||||||
Income before taxes | 532,903 | 528,939 | 455,273 | ||||||||
Total assets | 3,813,912 | 3,473,857 | 3,813,912 | 3,473,857 | 3,399,628 | ||||||
Depreciation and Amortization | 76,876 | 77,544 | 84,216 | ||||||||
Total capital expenditures | 50,912 | 56,089 | 43,858 | ||||||||
Gain (loss) on sale of business | 0 | 0 | 9,273 | ||||||||
Intersegment elimination | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total net sales | (3,671) | (1,333) | (1,309) | ||||||||
Corporate Office | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total operating income | (71,711) | (80,252) | (65,069) | ||||||||
Total assets | 330,694 | 230,637 | 330,694 | 230,637 | 230,160 | ||||||
Depreciation and Amortization | 670 | 742 | 801 | ||||||||
Total capital expenditures | 1,815 | 191 | 2,937 | ||||||||
Fluid & Metering Technologies | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total net sales | 956,523 | 951,275 | 880,648 | ||||||||
Total operating income | 285,256 | 275,060 | 241,030 | ||||||||
Total assets | 1,150,712 | 1,107,777 | 1,150,712 | 1,107,777 | 1,101,580 | ||||||
Depreciation and Amortization | 22,152 | 22,370 | 23,587 | ||||||||
Total capital expenditures | 17,285 | 19,541 | 18,218 | ||||||||
Fluid & Metering Technologies | Intersegment elimination | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total net sales | 505 | 277 | 309 | ||||||||
Fluid & Metering Technologies | Operating Segments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total net sales | 957,028 | 951,552 | 880,957 | ||||||||
Health & Science Technologies | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total net sales | 912,623 | 895,970 | 819,719 | ||||||||
Total operating income | 200,200 | 205,679 | 179,567 | ||||||||
Total assets | 1,507,108 | 1,329,368 | 1,507,108 | 1,329,368 | 1,323,373 | ||||||
Depreciation and Amortization | 39,721 | 39,939 | 45,287 | ||||||||
Total capital expenditures | 22,001 | 26,039 | 16,340 | ||||||||
Health & Science Technologies | Intersegment elimination | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total net sales | 1,823 | 449 | 412 | ||||||||
Health & Science Technologies | Operating Segments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total net sales | 914,446 | 896,419 | 820,131 | ||||||||
Fire & Safety/ Diversified Products | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total net sales | 625,427 | 636,421 | 586,945 | ||||||||
Total operating income | 165,258 | 168,601 | 147,028 | ||||||||
Total assets | $ 825,398 | $ 806,075 | 825,398 | 806,075 | 744,515 | ||||||
Depreciation and Amortization | 14,333 | 14,493 | 14,541 | ||||||||
Total capital expenditures | 9,811 | 10,318 | 6,363 | ||||||||
Fire & Safety/ Diversified Products | Intersegment elimination | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total net sales | 1,343 | 607 | 588 | ||||||||
Fire & Safety/ Diversified Products | Operating Segments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total net sales | $ 626,770 | $ 637,028 | $ 587,533 |
Business Segments and Geograp_5
Business Segments and Geographic Information - Schedule of Sales from External Customers and Long Lived Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total long-lived assets - net | $ 280,316 | $ 281,220 | $ 258,350 |
U.S. Plans | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total long-lived assets - net | 165,721 | 171,111 | 145,808 |
North America, excluding U.S. | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total long-lived assets - net | 3,829 | 3,398 | 3,627 |
Europe | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total long-lived assets - net | 88,104 | 85,100 | 85,932 |
Asia | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total long-lived assets - net | 22,505 | 21,355 | 22,613 |
Other | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total long-lived assets - net | $ 157 | $ 256 | $ 370 |
Restructuring - Narrative (Deta
Restructuring - Narrative (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2019 | Sep. 30, 2019 | Dec. 31, 2017 | Mar. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Restructuring Cost and Reserve [Line Items] | |||||||
Pre-tax restructuring expenses related to restructuring initiative | $ 3,700,000 | $ 4,800,000 | $ 21,044,000 | $ 12,083,000 | $ 8,455,000 | ||
Impairment of definite-lived assets | $ 7,100,000 | ||||||
Asset impairments | 10,155,000 | 0 | 0 | ||||
Restructuring accrual | $ 6,110,000 | $ 4,180,000 | $ 6,110,000 | $ 6,170,000 | $ 4,180,000 | ||
HST | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Asset impairment charges | 9,700,000 | ||||||
Operating lease, impairment | $ 400,000 | 600,000 | |||||
HST | Property, plant and equipment | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Asset impairments | 2,000,000 | ||||||
HST | Customer relationships | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Impairment of definite-lived assets | 6,100,000 | ||||||
HST | Unpatented technology | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Impairment of definite-lived assets | $ 1,000,000 |
Restructuring - Schedule of Pre
Restructuring - Schedule of Pre-Tax Restructuring Expenses by Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2019 | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring costs | $ 12,083 | $ 3,658 | $ 21,044 |
Severance Costs | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring costs | 11,480 | 3,067 | 9,795 |
Exit Costs | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring costs | 603 | 591 | 1,094 |
Asset Impairment | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring costs | 10,155 | ||
Operating Segments | Fluid & Metering Technologies | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring costs | 2,458 | 1,808 | 2,879 |
Operating Segments | Health & Science Technologies | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring costs | 5,904 | 1,668 | 14,249 |
Operating Segments | Fire & Safety/ Diversified Products | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring costs | 2,184 | 182 | 1,364 |
Operating Segments | Severance Costs | Fluid & Metering Technologies | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring costs | 2,305 | 1,375 | 2,879 |
Operating Segments | Severance Costs | Health & Science Technologies | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring costs | 5,454 | 1,510 | 3,000 |
Operating Segments | Severance Costs | Fire & Safety/ Diversified Products | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring costs | 2,184 | 182 | 1,364 |
Operating Segments | Exit Costs | Fluid & Metering Technologies | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring costs | 153 | 433 | 0 |
Operating Segments | Exit Costs | Health & Science Technologies | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring costs | 450 | 158 | 1,094 |
Operating Segments | Exit Costs | Fire & Safety/ Diversified Products | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring costs | 0 | 0 | 0 |
Operating Segments | Asset Impairment | Fluid & Metering Technologies | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring costs | 0 | ||
Operating Segments | Asset Impairment | Health & Science Technologies | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring costs | 10,155 | ||
Operating Segments | Asset Impairment | Fire & Safety/ Diversified Products | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring costs | 0 | ||
Corporate Office | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring costs | 1,537 | 0 | 2,552 |
Corporate Office | Severance Costs | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring costs | 1,537 | 0 | 2,552 |
Corporate Office | Exit Costs | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring costs | $ 0 | $ 0 | 0 |
Corporate Office | Asset Impairment | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring costs | $ 0 |
Restructuring - Schedule of Res
Restructuring - Schedule of Restructuring Accruals Expenses (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2017 | Mar. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Restructuring Reserve [Roll Forward] | |||||
Beginning balance | $ 6,170 | $ 4,180 | |||
Restructuring expenses | $ 3,700 | $ 4,800 | 21,044 | 12,083 | $ 8,455 |
Payments, utilization and other | (21,104) | (10,093) | |||
Ending balance | $ 4,180 | $ 6,110 | $ 6,170 | $ 4,180 |
Share-Based Compensation - Narr
Share-Based Compensation - Narrative (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019USD ($)share-based_compensation_planshares | Dec. 31, 2018USD ($)shares | Dec. 31, 2017USD ($)shares | Dec. 31, 2020shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of share-based compensation plans (in shares) | share-based_compensation_plan | 2 | |||
Number of shares authorized (in shares) | shares | 15,600,000 | |||
Number of shares available for future issuance (in shares) | shares | 3,400,000 | |||
Proceeds from stock option exercises | $ 38,809 | $ 27,639 | $ 22,935 | |
Forecast | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares issued (in shares) | shares | 136,370 | |||
Stock Option | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock option exercisable life | 10 years | |||
Total intrinsic value of options exercised | $ 49,500 | 38,000 | 26,100 | |
Proceeds from stock option exercises | 38,800 | 27,600 | 22,900 | |
Tax benefit realized for the tax deductions from stock options exercised | 10,400 | 8,000 | $ 9,500 | |
Total unrecognized compensation cost | $ 13,200 | |||
Weighted-average period of total unrecognized compensation cost, in years | 1 year 3 months 18 days | |||
Stock Option | Employees | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 4 years | |||
Restricted Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 3 years | |||
Total unrecognized compensation cost | $ 5,900 | |||
Weighted-average period of total unrecognized compensation cost, in years | 1 year 1 month 6 days | |||
Unvested shares, granted (in shares) | shares | 49,260 | |||
Cash-settled Restricted Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 3 years | |||
Share based compensation, accrued expenses | $ 5,500 | 4,500 | ||
Share based compensation, other noncurrent liabilities | $ 2,800 | $ 2,400 | ||
Unvested shares, granted (in shares) | shares | 25,950 | |||
Performance Shares Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total unrecognized compensation cost | $ 9,000 | |||
Weighted-average period of total unrecognized compensation cost, in years | 10 months 24 days | |||
Award requisite service period | 3 years | |||
Unvested shares, granted (in shares) | shares | 56,860 | 100,000 | 100,000 | |
Performance Shares Units | Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Target award | 0.00% | |||
Performance Shares Units | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Target award | 250.00% | |||
Target payout | 100.00% |
Share-Based Compensation - Sche
Share-Based Compensation - Schedule of Weighted Average Option Fair Values and Assumptions (Details) - Stock Option - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted average fair value of grants (in dollars per share) | $ 35.15 | $ 38.13 | $ 24.19 |
Dividend yield | 1.18% | 1.07% | 1.45% |
Volatility | 24.77% | 28.46% | 29.41% |
Risk-free interest rate, minimum | 2.53% | 2.03% | 0.83% |
Risk-free interest rate, maximum | 3.04% | 3.17% | 3.04% |
Expected life (in years) | 5 years 10 months 13 days | 5 years 9 months 29 days | 5 years 9 months 29 days |
Share-Based Compensation - Stoc
Share-Based Compensation - Stock Options Activity (Details) - Stock Option - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Shares | ||
Outstanding at January 1, 2019 (in shares) | 1,714,003 | |
Granted (in shares) | 336,385 | |
Exercised (in shares) | (559,725) | |
Forfeited (in shares) | (104,124) | |
Outstanding at December 31, 2019 (in shares) | 1,386,539 | 1,714,003 |
Vested and expected to vest at December 31, 2019 (in shares) | 1,275,591 | |
Exercisable at December 31, 2019 (in shares) | 578,542 | |
Weighted Average Price | ||
Outstanding at January 1, 2019 (in dollars per share) | $ 85.08 | |
Granted (in dollars per share) | 144.97 | |
Exercised (in dollars per share) | 69.34 | |
Forfeited (in dollars per share) | 116.94 | |
Outstanding at December 31, 2019 (in dollars per share) | 103.58 | $ 85.08 |
Vested and expected to vest at December 31, 2019 (in dollars per share) | 66.82 | |
Exercisable at December 31, 2019 (in dollars per share) | $ 79.52 | |
Weighted-Average Remaining Contractual Term | ||
Weighted-Average Remaining Contractual Term | 6 years 11 months 12 days | 6 years 8 months 12 days |
Vested and expected to vest at December 31, 2019 | 6 years 11 months 4 days | |
Exercisable at December 31, 2019 | 5 years 6 months 25 days | |
Aggregate Intrinsic Value | ||
Outstanding, intrinsic value | $ 94,764,140 | $ 74,191,783 |
Vested and expected to vest at December 31, 2019 | 88,158,634 | |
Exercisable at December 31, 2019 | $ 53,502,516 |
Share-Based Compensation - Sc_2
Share-Based Compensation - Schedule of Compensation Cost for Stock Options (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Total expense before income taxes | $ 27,669 | $ 24,754 | $ 24,405 |
Stock Option | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Total expense before income taxes | 9,150 | 8,783 | 7,775 |
Income tax benefit | (1,209) | (1,616) | (2,485) |
Total expense after income taxes | 7,941 | 7,167 | 5,290 |
Stock Option | Cost of goods sold | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Total expense before income taxes | 445 | 470 | 428 |
Stock Option | Selling, general and administrative expenses | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Total expense before income taxes | $ 8,705 | $ 8,313 | $ 7,347 |
Share-Based Compensation - Rest
Share-Based Compensation - Restricted Stock Units Activity (Details) - Restricted Stock | 12 Months Ended |
Dec. 31, 2019$ / sharesshares | |
Shares | |
Unvested at January 1, 2019 (in shares) | shares | 148,041 |
Granted (in shares) | shares | 49,260 |
Vested (in shares) | shares | (51,253) |
Forfeited (in shares) | shares | (15,800) |
Unvested at December 31, 2019 (in shares) | shares | 130,248 |
Weighted-Average Grant Date Fair Value | |
Unvested at January 1, 2019 (in dollars per share) | $ / shares | $ 101.50 |
Granted (in dollars per share) | $ / shares | 148.12 |
Vested (in dollars per share) | $ / shares | 80.64 |
Forfeited (in dollars per share) | $ / shares | 124.54 |
Unvested at December 31, 2019 (in dollars per share) | $ / shares | $ 124.61 |
Share-Based Compensation - Sc_3
Share-Based Compensation - Schedule of Compensation Cost for Restricted Stock Units (Details) - Restricted Stock - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Total expense before income taxes | $ 4,788 | $ 4,568 | $ 5,107 |
Income tax benefit | (920) | (825) | (1,654) |
Total expense after income taxes | 3,868 | 3,743 | 3,453 |
Cost of goods sold | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Total expense before income taxes | 261 | 367 | 335 |
Selling, general and administrative expenses | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Total expense before income taxes | $ 4,527 | $ 4,201 | $ 4,772 |
Share-Based Compensation Share-
Share-Based Compensation Share-Based Compensation - Cash-settled Restricted Stock Activity (Details) - Cash-settled Restricted Stock | 12 Months Ended |
Dec. 31, 2019$ / sharesshares | |
Shares | |
Unvested at January 1, 2019 (in shares) | shares | 88,225 |
Granted (in shares) | shares | 25,950 |
Vested (in shares) | shares | (29,445) |
Forfeited (in shares) | shares | (10,170) |
Unvested at December 31, 2019 (in shares) | shares | 74,560 |
Weighted-Average Grant Date Fair Value | |
Unvested at January 1, 2019 (in dollars per share) | $ / shares | $ 126.26 |
Granted (in dollars per share) | $ / shares | 145.38 |
Vested (in dollars per share) | $ / shares | 141.89 |
Forfeited (in dollars per share) | $ / shares | 159.78 |
Unvested at December 31, 2019 (in dollars per share) | $ / shares | $ 172.08 |
Share-Based Compensation - Sc_4
Share-Based Compensation - Schedule of Compensation Cost for Cash-settled Restricted Stock (Details) - Cash-settled Restricted Stock - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Total expense before income taxes | $ 5,348 | $ 3,200 | $ 4,598 |
Income tax benefit | (509) | (337) | (808) |
Total expense after income taxes | 4,839 | 2,863 | 3,790 |
Cost of goods sold | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Total expense before income taxes | 1,230 | 809 | 1,357 |
Selling, general and administrative expenses | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Total expense before income taxes | $ 4,118 | $ 2,391 | $ 3,241 |
Share-Based Compensation - Sc_5
Share-Based Compensation - Schedule of Weighted Average Performance Share Units Fair Values and Assumptions (Details) - Performance Shares Units - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted average fair value of grants (in dollars per share) | $ 207.26 | $ 216.59 | $ 115.74 |
Dividend yield | 0.00% | 0.00% | 0.00% |
Volatility | 19.11% | 17.42% | 17.36% |
Risk-free interest rate | 2.49% | 2.40% | 1.45% |
Expected life (in years) | 2 years 9 months 29 days | 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 | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Shares | |||
Unvested at January 1, 2019 (in shares) | 111,155 | ||
Granted (in shares) | 56,860 | 100,000 | 100,000 |
Vested (in shares) | (54,545) | ||
Forfeited (in shares) | (12,895) | ||
Unvested at December 31, 2019 (in shares) | 100,575 | 111,155 | |
Weighted-Average Grant Date Fair Value | |||
Unvested at January 1, 2019 (in dollars per share) | $ 142.42 | ||
Granted (in dollars per share) | 207.26 | ||
Vested (in dollars per share) | 249.44 | ||
Forfeited (in dollars per share) | 125.03 | ||
Unvested at December 31, 2019 (in dollars per share) | $ 178.97 | $ 142.42 |
Share-Based Compensation - Sc_6
Share-Based Compensation - Schedule of Compensation Cost for Performance Share Units (Details) - Performance Shares Units - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Total expense before income taxes | $ 8,383 | $ 8,203 | $ 6,925 |
Income tax benefit | (641) | (1,586) | (2,342) |
Total expense after income taxes | 7,742 | 6,617 | 4,583 |
Cost of goods sold | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Total expense before income taxes | 0 | 0 | 0 |
Selling, general and administrative expenses | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Total expense before income taxes | $ 8,383 | $ 8,203 | $ 6,925 |
Other Comprehensive Income (L_3
Other Comprehensive Income (Loss) - Components of Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Pre-tax | |||
Other comprehensive income (loss), pre,tax | $ 1,772 | $ (28,738) | $ 114,352 |
Tax | |||
Total other comprehensive income (loss), tax | 108 | (4,545) | (2,206) |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent [Abstract] | |||
Total other comprehensive income (loss), net of tax | 1,880 | (33,283) | 112,146 |
Foreign currency translation adjustments | |||
Pre-tax | |||
Other comprehensive income (loss) before reclassifications, before tax | 110,421 | ||
Reclassifications from AOCI before tax | 2,749 | ||
Other comprehensive income (loss), pre,tax | 67 | (48,114) | |
Tax | |||
Total other comprehensive income (loss), tax | 0 | 0 | (3,932) |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent [Abstract] | |||
Total other comprehensive income (loss), net of tax | 67 | (48,114) | 109,238 |
Net gain (loss) arising during the year | |||
Pre-tax | |||
Other comprehensive income (loss) before reclassifications, before tax | (7,432) | 9,963 | (5,355) |
Tax | |||
Other comprehensive income (loss) before reclassifications, tax | 2,497 | (2,375) | 828 |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent [Abstract] | |||
Other comprehensive income (loss) before reclassifications, net of tax | (4,935) | 7,588 | (4,527) |
Amortization/recognition of settlement loss | |||
Pre-tax | |||
Reclassifications from AOCI before tax | 2,810 | 2,938 | 3,814 |
Tax | |||
Reclassification from AOCI, tax | (944) | (701) | (589) |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent [Abstract] | |||
Reclassification from AOCI, net of tax | 1,866 | 2,237 | 3,225 |
Pension and other postretirement adjustments | |||
Pre-tax | |||
Other comprehensive income (loss), pre,tax | (4,622) | 12,901 | (1,541) |
Tax | |||
Total other comprehensive income (loss), tax | 1,553 | (3,076) | 239 |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent [Abstract] | |||
Total other comprehensive income (loss), net of tax | (3,069) | 9,825 | (1,302) |
Reclassification adjustments for derivatives | |||
Pre-tax | |||
Other comprehensive income (loss), pre,tax | 6,327 | 6,475 | 6,655 |
Tax | |||
Total other comprehensive income (loss), tax | (1,445) | (1,469) | (2,445) |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent [Abstract] | |||
Total other comprehensive income (loss), net of tax | $ 4,882 | $ 5,006 | $ 4,210 |
Other Comprehensive Income (L_4
Other Comprehensive Income (Loss) - Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Loss (gain) on sale of businesses - net | $ 0 | $ 0 | $ (9,273) | ||||||||
Other (income) expense - net | 1,759 | (3,985) | 2,394 | ||||||||
Interest expense | 44,341 | 44,134 | 44,889 | ||||||||
Total before tax | (532,903) | (528,939) | (455,273) | ||||||||
Provision for income taxes | 107,382 | 118,366 | 118,016 | ||||||||
Total net of tax | $ (96,850) | $ (105,194) | $ (113,209) | $ (110,268) | $ (98,137) | $ (106,352) | $ (107,126) | $ (98,958) | (425,521) | (410,573) | (337,257) |
Reclassification out of Accumulated Other Comprehensive Income | Foreign currency translation adjustments | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Loss (gain) on sale of businesses - net | 0 | 0 | 2,749 | ||||||||
Total before tax | 0 | 0 | 2,749 | ||||||||
Provision for income taxes | 0 | 0 | 0 | ||||||||
Total net of tax | 0 | 0 | 2,749 | ||||||||
Reclassification out of Accumulated Other Comprehensive Income | Retirement Benefits Adjustments | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Total before tax | 2,810 | 2,938 | 3,814 | ||||||||
Provision for income taxes | (944) | (701) | (589) | ||||||||
Total net of tax | 1,866 | 2,237 | 3,225 | ||||||||
Reclassification out of Accumulated Other Comprehensive Income | Amortization/recognition of settlement loss | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Other (income) expense - net | 2,858 | 3,246 | 3,580 | ||||||||
Reclassification out of Accumulated Other Comprehensive Income | Recognition of settlement loss | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Other (income) expense - net | (48) | (308) | 234 | ||||||||
Reclassification out of Accumulated Other Comprehensive Income | Cumulative Unrealized Gain (Loss) on Derivatives | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Interest expense | 6,327 | 6,475 | 6,655 | ||||||||
Total before tax | 6,327 | 6,475 | 6,655 | ||||||||
Provision for income taxes | (1,445) | (1,469) | (2,445) | ||||||||
Total net of tax | $ 4,882 | $ 5,006 | $ 4,210 |
Retirement Benefits - Narrative
Retirement Benefits - Narrative (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2019USD ($)shares | Dec. 31, 2019USD ($)employeeshares | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Sep. 30, 2019employee | |
Defined Benefit Plan Disclosure [Line Items] | |||||
Accumulated benefit obligation for all defined benefit pension plans | $ 193,300 | $ 193,300 | $ 169,500 | ||
Percentage of excess gains and losses over benefit obligation or market value of assets amortized | 10.00% | ||||
Costs of defined contribution plans | $ 12,400 | 12,200 | $ 10,200 | ||
Number of participants covering under multi employer pension plan | employee | 259 | ||||
Costs of bargaining unit-sponsored multi-employer plans and defined contribution plans | $ 1,100 | 1,100 | 1,000 | ||
Weighted average annual rate of increase in the per capita cost of covered health care benefits assumed | 5.84% | 5.84% | |||
Assumed decrease of weighted average health care cost trend rate | 4.45% | ||||
Year that reaches assumed decrease of weighted average health care cost trend rate | 2038 | ||||
Increase in service and interest cost components of the net periodic benefit cost, as 1% increase in health care cost trend rates | $ 100 | ||||
Increase in accumulated postretirement benefit obligation, as 1% increase in health care cost trend rates | 1,900 | ||||
Decrease in service and interest cost components of the net periodic benefit cost, as 1% decrease in health care cost trend rates | 100 | ||||
Decrease in accumulated postretirement benefit obligation, as 1% decrease in health care cost trend rates | $ 1,600 | ||||
Stock held in plan assets (in shares) | shares | 0 | 0 | |||
Estimated Future Benefit Payments | |||||
2020 | $ 49,400 | $ 49,400 | |||
2021 | 49,200 | 49,200 | |||
2022 | 5,700 | 5,700 | |||
2023 | 5,600 | 5,600 | |||
2024 | 5,900 | 5,900 | |||
2025 to 2029 | $ 30,700 | 30,700 | |||
Defined Contribution Plan | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined contribution plan, expected contribution for next fiscal year | 12,800 | ||||
401k | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined contribution plan, expected contribution for next fiscal year | $ 10,200 | ||||
U.S. | Equity Securities | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Target allocation of fund assets in equities | 10.00% | 10.00% | |||
U.S. | Fixed Income Securities | Minimum | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Target allocation of fund assets in equities | 90.00% | 90.00% | |||
UK | Equity Securities | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Target allocation of fund assets in equities | 40.00% | 40.00% | |||
UK | Equity Securities | Minimum | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Target allocation of fund assets in equities | 40.00% | 40.00% | |||
UK | Equity Securities | Maximum | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Target allocation of fund assets in equities | 50.00% | 50.00% | |||
UK | Fixed Income Securities | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Target allocation of fund assets in equities | 60.00% | 60.00% | |||
UK | Fixed Income Securities | Minimum | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Target allocation of fund assets in equities | 50.00% | 50.00% | |||
UK | Fixed Income Securities | Maximum | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Target allocation of fund assets in equities | 60.00% | 60.00% | |||
Pension Benefits | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Settlement loss recognized | $ 700 | ||||
Participants affected due to plan freeze | employee | 60 | ||||
Reduction in liabilities | 1,200 | $ 1,200 | |||
Defined benefit plan, expected contribution for next fiscal year | $ 3,000 | 3,000 | |||
Pension Benefits | U.S. | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Lump sum payment | 4,826 | 0 | |||
Settlement loss recognized | 713 | (1) | 0 | ||
Pension Benefits | Non-U.S. | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Lump sum payment | 0 | 2,313 | |||
Settlement loss recognized | $ 0 | (307) | $ 234 | ||
Pension Benefits | UK | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Target allocation of fund assets in equities | 2.50% | 2.50% | |||
Other Benefits | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Lump sum payment | $ 0 | $ 0 | |||
Defined benefit plan, expected contribution for next fiscal year | $ 1,100 | $ 1,100 |
Retirement Benefits - Reconcili
Retirement Benefits - Reconciliation Of Changes In Benefit Obligations And Fair Value Of Plan Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
CHANGE IN PLAN ASSETS | |||
Fair value of plan assets at January 1 | $ 117,112 | ||
Fair value of plan assets at December 31 | 132,717 | $ 117,112 | |
COMPONENTS ON THE CONSOLIDATED BALANCE SHEETS | |||
Other noncurrent liabilities | (87,478) | (80,667) | |
Pension Benefits | |||
CHANGE IN BENEFIT OBLIGATION | |||
Other | 276 | ||
Pension Benefits | U.S. | |||
CHANGE IN BENEFIT OBLIGATION | |||
Obligation at January 1 | 85,175 | 91,335 | |
Service cost | 653 | 886 | $ 976 |
Interest cost | 2,796 | 2,634 | 2,677 |
Plan amendments | 0 | 0 | |
Benefits paid | (3,520) | (5,171) | |
Actuarial loss (gain) | 16,931 | (4,497) | |
Currency translation | 0 | 0 | |
Settlements | (4,826) | (12) | |
Curtailments | (1,538) | 0 | |
Acquisition/Divestiture | 0 | 0 | |
Other | 0 | ||
Obligation at December 31 | 95,947 | 85,175 | 91,335 |
CHANGE IN PLAN ASSETS | |||
Fair value of plan assets at January 1 | 83,580 | 76,041 | |
Actual return on plan assets | 17,446 | 2,070 | |
Employer contributions | 733 | 10,652 | |
Benefits paid | (3,520) | (5,171) | |
Currency translation | 0 | 0 | |
Settlements | (4,826) | 0 | |
Acquisition/Divestiture | 0 | 0 | |
Other | 0 | (12) | |
Fair value of plan assets at December 31 | 93,413 | 83,580 | 76,041 |
Funded status at December 31 | (2,534) | (1,595) | |
COMPONENTS ON THE CONSOLIDATED BALANCE SHEETS | |||
Other noncurrent assets | 1,921 | 3,058 | |
Current liabilities | (564) | (556) | |
Other noncurrent liabilities | (3,891) | (4,097) | |
Net liability at December 31 | (2,534) | (1,595) | |
Pension Benefits | Non-U.S. | |||
CHANGE IN BENEFIT OBLIGATION | |||
Obligation at January 1 | 89,789 | 97,451 | |
Service cost | 1,844 | 2,105 | 1,975 |
Interest cost | 1,440 | 1,389 | 1,283 |
Plan amendments | (156) | 52 | |
Benefits paid | (1,507) | (2,791) | |
Actuarial loss (gain) | 9,903 | (3,378) | |
Currency translation | 66 | (3,335) | |
Settlements | 0 | (2,313) | |
Curtailments | 0 | 0 | |
Acquisition/Divestiture | 0 | 0 | |
Other | 637 | 609 | |
Obligation at December 31 | 102,016 | 89,789 | 97,451 |
CHANGE IN PLAN ASSETS | |||
Fair value of plan assets at January 1 | 33,532 | 36,316 | |
Actual return on plan assets | 3,406 | 496 | |
Employer contributions | 2,320 | 2,345 | |
Benefits paid | (1,507) | (2,791) | |
Currency translation | 916 | (1,130) | |
Settlements | 0 | (2,313) | |
Acquisition/Divestiture | 0 | 0 | |
Other | 637 | 609 | |
Fair value of plan assets at December 31 | 39,304 | 33,532 | 36,316 |
Funded status at December 31 | (62,712) | (56,257) | |
COMPONENTS ON THE CONSOLIDATED BALANCE SHEETS | |||
Other noncurrent assets | 14 | 0 | |
Current liabilities | (1,270) | (1,174) | |
Other noncurrent liabilities | (61,456) | (55,083) | |
Net liability at December 31 | (62,712) | (56,257) | |
Other Benefits | |||
CHANGE IN BENEFIT OBLIGATION | |||
Obligation at January 1 | 22,593 | 26,068 | |
Service cost | 561 | 668 | 610 |
Interest cost | 849 | 810 | 818 |
Plan amendments | 0 | 0 | |
Benefits paid | (676) | (847) | |
Actuarial loss (gain) | (161) | (3,930) | |
Currency translation | 91 | (176) | |
Settlements | 0 | 0 | |
Curtailments | 0 | 0 | |
Acquisition/Divestiture | 0 | 0 | |
Other | 0 | 0 | |
Obligation at December 31 | 23,257 | 22,593 | 26,068 |
CHANGE IN PLAN ASSETS | |||
Fair value of plan assets at January 1 | 0 | 0 | |
Actual return on plan assets | 0 | 0 | |
Employer contributions | 676 | 847 | |
Benefits paid | (676) | (847) | |
Currency translation | 0 | 0 | |
Settlements | 0 | 0 | |
Acquisition/Divestiture | 0 | 0 | |
Other | 0 | 0 | |
Fair value of plan assets at December 31 | 0 | 0 | $ 0 |
Funded status at December 31 | (23,257) | (22,593) | |
COMPONENTS ON THE CONSOLIDATED BALANCE SHEETS | |||
Other noncurrent assets | 0 | 0 | |
Current liabilities | (1,127) | (1,116) | |
Other noncurrent liabilities | (22,130) | (21,477) | |
Net liability at December 31 | $ (23,257) | $ (22,593) |
Retirement Benefits - Weighted
Retirement Benefits - Weighted Average Assumptions Used in the Measurement Of Benefit Obligation (Details) | Dec. 31, 2019 | Dec. 31, 2018 |
Pension Benefits | U.S. Plans | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Discount rate | 3.06% | 4.10% |
Rate of compensation increase | 0.00% | 4.00% |
Pension Benefits | Non-U.S. Plans | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Discount rate | 1.33% | 2.07% |
Rate of compensation increase | 2.29% | 2.13% |
Other Benefit Plans | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Discount rate | 3.09% | 4.11% |
Rate of compensation increase | 4.00% | 4.00% |
Retirement Benefits - Amounts i
Retirement Benefits - Amounts in Accumulated Other Comprehensive Income Loss Expected to be Recognized As Components of Net Periodic Benefit Cost During 2012 (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Prior service cost (credit) | $ (45) | |
Net loss (gain) | 2,975 | |
Total | 2,930 | |
Pension Benefits | U.S. | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Prior service cost (credit) | 46 | $ 62 |
Net loss (gain) | 21,432 | 22,478 |
Total | 21,478 | 22,540 |
Prior service cost (credit) | 13 | |
Net loss (gain) | 1,755 | |
Total | 1,768 | |
Pension Benefits | Non-U.S. | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Prior service cost (credit) | (100) | 64 |
Net loss (gain) | 19,304 | 12,955 |
Total | 19,204 | 13,019 |
Prior service cost (credit) | (21) | |
Net loss (gain) | 1,726 | |
Total | 1,705 | |
Other Benefits | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Prior service cost (credit) | (46) | (117) |
Net loss (gain) | (6,009) | (6,386) |
Total | (6,055) | $ (6,503) |
Prior service cost (credit) | (37) | |
Net loss (gain) | (506) | |
Total | $ (543) |
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 | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Pension Benefits | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Settlement loss recognized | $ 700 | |||
Pension Benefits | U.S. Plans | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Service cost | $ 653 | $ 886 | $ 976 | |
Interest cost | 2,796 | 2,634 | 2,677 | |
Expected return on plan assets | (3,319) | (3,943) | (3,832) | |
Settlement loss recognized | 713 | (1) | 0 | |
Special termination benefit recognized | 276 | 0 | 0 | |
Net amortization | 1,614 | 2,712 | 2,566 | |
Net periodic benefit cost | 2,733 | 2,288 | 2,387 | |
Pension Benefits | Non-U.S. Plans | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Service cost | 1,844 | 2,105 | 1,975 | |
Interest cost | 1,440 | 1,389 | 1,283 | |
Expected return on plan assets | (1,047) | (1,120) | (1,088) | |
Settlement loss recognized | 0 | (307) | 234 | |
Special termination benefit recognized | 0 | 0 | 0 | |
Net amortization | 1,117 | 1,271 | 1,809 | |
Net periodic benefit cost | 3,354 | 3,338 | 4,213 | |
Other Benefit Plans | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Service cost | 561 | 668 | 610 | |
Interest cost | 849 | 810 | 818 | |
Net amortization | (635) | (737) | (795) | |
Net periodic benefit cost | $ 775 | $ 741 | $ 633 |
Retirement Benefits - Weighte_2
Retirement Benefits - Weighted Average Assumptions Used to Determine Net Periodic Benefit Cost of Plans (Details) | 4 Months Ended | 8 Months Ended | 12 Months Ended | |||
Dec. 31, 2019 | Aug. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Other Benefit Plans | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Discount rate | 4.11% | 3.50% | 3.94% | |||
Expected return on plan assets | 0.00% | 0.00% | 0.00% | |||
Rate of compensation increase | 4.00% | 4.00% | 4.00% | |||
Pension Benefits | U.S. Plans | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Discount rate | 2.99% | 4.11% | 3.46% | 3.91% | ||
Expected return on plan assets | 4.00% | 5.50% | 5.50% | |||
Rate of compensation increase | 4.00% | 4.00% | 4.00% | |||
Pension Benefits | Non-U.S. Plans | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Discount rate | 2.07% | 1.82% | 1.76% | |||
Expected return on plan assets | 3.12% | 3.09% | 3.20% | |||
Rate of compensation increase | 2.13% | 2.37% | 2.29% |
Retirement Benefits - Pretax Am
Retirement Benefits - Pretax Amounts Recognized in Accumulated Other Comprehensive Income Loss (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Pension Benefits | U.S. Plans | |
Defined Benefit Plan Disclosure [Line Items] | |
Net gain (loss) in current year | $ (1,265) |
Prior service cost | 0 |
Amortization of prior service cost (credit) | 15 |
Amortization of net loss (gain) | 2,312 |
Exchange rate effect on amounts in OCI | 0 |
Total | 1,062 |
Pension Benefits | Non-U.S. Plans | |
Defined Benefit Plan Disclosure [Line Items] | |
Net gain (loss) in current year | (7,544) |
Prior service cost | 156 |
Amortization of prior service cost (credit) | 6 |
Amortization of net loss (gain) | 1,111 |
Exchange rate effect on amounts in OCI | 86 |
Total | (6,185) |
Other Benefit Plans | |
Defined Benefit Plan Disclosure [Line Items] | |
Net gain (loss) in current year | 161 |
Prior service cost | 0 |
Amortization of prior service cost (credit) | (70) |
Amortization of net loss (gain) | (565) |
Exchange rate effect on amounts in OCI | 26 |
Total | $ (448) |
Retirement Benefits - Pension P
Retirement Benefits - Pension Plan Weighted Average Asset Allocations (Details) - Pension Benefits | Dec. 31, 2019 | Dec. 31, 2018 |
U.S. Plans | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined benefit plan securities | 100.00% | 100.00% |
U.S. Plans | Equity Securities | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined benefit plan securities | 10.00% | 9.00% |
U.S. Plans | Fixed Income Securities | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined benefit plan securities | 90.00% | 90.00% |
U.S. Plans | Cash/Commingled Funds/Other | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined benefit plan securities | 0.00% | 1.00% |
Non-U.S. Plans | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined benefit plan securities | 100.00% | 100.00% |
Non-U.S. Plans | Equity Securities | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined benefit plan securities | 17.00% | 13.00% |
Non-U.S. Plans | Fixed Income Securities | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined benefit plan securities | 24.00% | 31.00% |
Non-U.S. Plans | Cash/Commingled Funds/Other | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined benefit plan securities | 59.00% | 56.00% |
Retirement Benefits - Summary o
Retirement Benefits - Summary of Basis Used to Measure Defined Benefit Plans Assets at Fair Value (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of plan assets | $ 132,717 | $ 117,112 |
U.S. Large Cap | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of plan assets | 4,734 | 3,759 |
U.S. Small / Mid Cap | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of plan assets | 455 | 770 |
International, Equity | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of plan assets | 10,845 | 7,532 |
U.S. Intermediate | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of plan assets | 640 | 581 |
U.S. Long Term | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of plan assets | 83,628 | 75,096 |
U.S. High Yield | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of plan assets | 1,346 | 1,098 |
International, Fixed Income | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of plan assets | 7,516 | 8,604 |
Other Commingled Funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of plan assets | 19,438 | 15,555 |
Cash and Cash Equivalents | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of plan assets | 1,094 | 1,944 |
Other | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of plan assets | 3,021 | 2,173 |
Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of plan assets | 10,805 | 9,522 |
Level 1 | U.S. Large Cap | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of plan assets | 4,734 | 3,759 |
Level 1 | U.S. Small / Mid Cap | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of plan assets | 0 | 0 |
Level 1 | International, Equity | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of plan assets | 5,258 | 4,445 |
Level 1 | U.S. Intermediate | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of plan assets | 0 | 0 |
Level 1 | U.S. Long Term | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of plan assets | 0 | 0 |
Level 1 | U.S. High Yield | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of plan assets | 0 | 0 |
Level 1 | International, Fixed Income | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of plan assets | 296 | 244 |
Level 1 | Other Commingled Funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of plan assets | 0 | 0 |
Level 1 | Cash and Cash Equivalents | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of plan assets | 517 | 1,074 |
Level 1 | Other | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of plan assets | 0 | 0 |
Level 2 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of plan assets | 102,474 | 92,035 |
Level 2 | U.S. Large Cap | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of plan assets | 0 | 0 |
Level 2 | U.S. Small / Mid Cap | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of plan assets | 455 | 770 |
Level 2 | International, Equity | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of plan assets | 5,587 | 3,087 |
Level 2 | U.S. Intermediate | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of plan assets | 640 | 581 |
Level 2 | U.S. Long Term | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of plan assets | 83,628 | 75,096 |
Level 2 | U.S. High Yield | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of plan assets | 1,346 | 1,098 |
Level 2 | International, Fixed Income | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of plan assets | 7,220 | 8,360 |
Level 2 | Other Commingled Funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of plan assets | 0 | 0 |
Level 2 | Cash and Cash Equivalents | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of plan assets | 577 | 870 |
Level 2 | Other | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of plan assets | 3,021 | 2,173 |
Level 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of plan assets | 19,438 | 15,555 |
Level 3 | U.S. Large Cap | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of plan assets | 0 | 0 |
Level 3 | U.S. Small / Mid Cap | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of plan assets | 0 | 0 |
Level 3 | International, Equity | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of plan assets | 0 | 0 |
Level 3 | U.S. Intermediate | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of plan assets | 0 | 0 |
Level 3 | U.S. Long Term | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of plan assets | 0 | 0 |
Level 3 | U.S. High Yield | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of plan assets | 0 | 0 |
Level 3 | International, Fixed Income | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of plan assets | 0 | 0 |
Level 3 | Other Commingled Funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of plan assets | 19,438 | 15,555 |
Level 3 | Cash and Cash Equivalents | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of plan assets | 0 | 0 |
Level 3 | Other | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of plan assets | $ 0 | $ 0 |
Quarterly Results of Operatio_3
Quarterly Results of Operations (Unaudited) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Net sales | $ 605,997 | $ 624,246 | $ 642,099 | $ 622,231 | $ 614,094 | $ 622,888 | $ 634,360 | $ 612,324 | $ 2,494,573 | $ 2,483,666 | $ 2,287,312 |
Gross profit | 266,885 | 281,978 | 292,337 | 283,834 | 273,643 | 280,233 | 287,367 | 276,652 | 1,125,034 | 1,117,895 | 1,026,678 |
Operating income | 134,173 | 141,765 | 155,283 | 147,782 | 139,441 | 145,133 | 147,831 | 136,683 | 579,003 | 569,088 | 502,556 |
Net income | $ 96,850 | $ 105,194 | $ 113,209 | $ 110,268 | $ 98,137 | $ 106,352 | $ 107,126 | $ 98,958 | $ 425,521 | $ 410,573 | $ 337,257 |
Basic EPS (in dollar per share) | $ 1.28 | $ 1.39 | $ 1.50 | $ 1.46 | $ 1.29 | $ 1.39 | $ 1.40 | $ 1.29 | $ 5.62 | $ 5.36 | $ 4.41 |
Diluted EPS (in dollar per share) | $ 1.26 | $ 1.37 | $ 1.48 | $ 1.44 | $ 1.27 | $ 1.37 | $ 1.38 | $ 1.27 | $ 5.56 | $ 5.29 | $ 4.36 |
Basic weighted average shares outstanding (in shares) | 75,779 | 75,698 | 75,460 | 75,442 | 76,128 | 76,562 | 76,539 | 76,419 | 75,594 | 76,412 | 76,232 |
Diluted weighted average shares outstanding (in shares) | 76,570 | 76,577 | 76,387 | 76,284 | 77,100 | 77,709 | 77,704 | 77,739 | 76,454 | 77,563 | 77,333 |
Subsequent Events (Details)
Subsequent Events (Details) $ in Millions | Jan. 29, 2020USD ($) |
Subsequent Event | Flow Management Devices LLC | |
Subsequent Event [Line Items] | |
Business combination, cash consideration paid | $ 125 |