Document and Entity Information
Document and Entity Information Document - USD ($) | 12 Months Ended | |||
Dec. 31, 2018 | Feb. 01, 2019 | Jun. 30, 2018 | Dec. 31, 2017 | |
Document and Entity Information | ||||
Entity Registrant Name | METTLER TOLEDO INTERNATIONAL INC/ | |||
Entity Central Index Key | 1,037,646 | |||
Current Fiscal Year End Date | --12-31 | |||
Entity Filer Category | Large Accelerated Filer | |||
Document Type | 10-K | |||
Document Period End Date | Dec. 31, 2018 | |||
Document Fiscal Year Focus | 2,018 | |||
Document Fiscal Period Focus | Q4 | |||
Amendment Flag | false | |||
Entity Common Stock, Shares Outstanding | 24,795,237 | |||
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | ||
Entity Well-known Seasoned Issuer | Yes | |||
Entity Voluntary Filers | No | |||
Entity Current Reporting Status | Yes | |||
Entity Shell Company | false | |||
Entity Small Business | false | |||
Entity Emerging Growth Company | false | |||
Entity Public Float | $ 14,589,477,296 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Revenues | $ 2,935,586 | $ 2,725,053 | $ 2,508,257 |
Gross profit | 1,684,378 | 1,575,751 | 1,437,732 |
Research and development | 141,071 | 128,308 | 119,196 |
Selling, general and administrative | 812,802 | 794,861 | 745,358 |
Amortization | 47,524 | 42,671 | 36,052 |
Interest Expense | 34,511 | 32,785 | 28,026 |
Restructuring Charges | 18,420 | 12,772 | 6,235 |
Other Charges (Income), Net | (21,808) | (9,868) | (1,328) |
Earnings Before Taxes | 651,858 | 574,222 | 504,193 |
Provision for taxes | 139,247 | 198,250 | 119,823 |
Net earnings | $ 512,611 | $ 375,972 | $ 384,370 |
Basic earnings per common share: | |||
Net earnings | $ 20.33 | $ 14.62 | $ 14.49 |
Weighted average number of common shares | 25,215,674 | 25,713,575 | 26,517,768 |
Diluted earnings per common share: | |||
Net earnings | $ 19.88 | $ 14.24 | $ 14.22 |
Weighted average number of common and common equivalent shares | 25,781,324 | 26,393,783 | 27,023,905 |
Product [Member] | |||
Revenues | $ 2,300,075 | $ 2,135,051 | $ 1,957,879 |
Cost of Sales | 914,086 | 831,355 | 765,608 |
Service [Member] | |||
Revenues | 635,511 | 590,002 | 550,378 |
Cost of Sales | $ 337,122 | $ 317,947 | $ 304,917 |
Statement of Comprehensive Inco
Statement of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Net earnings | $ 512,611 | $ 375,972 | $ 384,370 |
Other comprehensive income (loss), net of tax: | |||
Foreign currency translation adjustment | (32,573) | 83,982 | (57,928) |
Unrealized gains (losses) on cash flow hedging arrangements: | |||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | (658) | 1,424 | (513) |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax | 2,441 | (273) | (4,735) |
Net actuarial gains (losses) | (23,326) | (10,378) | (47,788) |
Plan amendments and prior service cost | (780) | 12,056 | 0 |
Amortization of actuarial (gains) losses and plan amendments and prior service cost | 14,366 | 14,873 | 16,730 |
Defined Benefit Plans, Impact of FX on Current Year Change in OCI, net of tax | 3,522 | (12,092) | 5,885 |
Total other comprehensive income (loss), net of tax | (37,008) | 89,592 | (88,349) |
Total other comprehensive income (loss), net of tax | $ 475,603 | $ 465,564 | $ 296,021 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 178,110 | $ 148,687 |
Trade accounts receivable, less allowances of $15,469 in 2018 and $15,549 in 2017 | 535,528 | 528,615 |
Inventories | 268,821 | 255,390 |
Other current assets and prepaid expenses | 63,401 | 74,031 |
Total current assets | 1,045,860 | 1,006,723 |
Property, plant and equipment, Net | 717,526 | 668,271 |
Goodwill | 534,780 | 539,838 |
Other intangible assets, net | 217,308 | 226,718 |
Non-current deferred tax assets, net | 35,066 | 41,425 |
Other non-current assets | 68,307 | 66,830 |
Total assets | 2,618,847 | 2,549,805 |
Current liabilities: | ||
Trade accounts payable | 196,641 | 167,627 |
Accrued and other liabilities | 156,449 | 152,834 |
Accrued compensation and related items | 152,516 | 170,159 |
Deferred revenue and customer prepayments | 105,381 | 107,166 |
Taxes payable | 73,777 | 72,210 |
Short-term borrowings and current maturities of long-term debt | 49,670 | 19,677 |
Total current liabilities | 734,434 | 689,673 |
Long-term debt | 985,021 | 960,170 |
Non-current deferred tax liabilities | 48,818 | 51,230 |
Other non-current liabilities | 260,511 | 301,452 |
Total liabilities | 2,028,784 | 2,002,525 |
Commitments and contingencies (Note 16) | ||
Shareholders’ equity: | ||
Preferred stock, $0.01 par value per share; authorized 10,000,000 shares | 0 | 0 |
Common stock, $0.01 par value per share; authorized 125,000,000 shares; issued 44,786,011 and 44,786,011 shares, outstanding 24,921,963 and 25,541,393 shares at December 31, 2018 and 2017, respectively | 448 | 448 |
Additional paid-in capital | 764,717 | 747,138 |
Treasury stock at cost (19,864,048 and 19,244,618 shares at December 31, 2018 and 2017, respectively) | (3,814,604) | (3,368,182) |
Retained earnings | 3,941,916 | 3,433,282 |
Accumulated Other Comprehensive Income (Loss), Net of Tax | (302,414) | (265,406) |
Total shareholders’ equity | 590,063 | 547,280 |
Total liabilities and shareholders’ equity | $ 2,618,847 | $ 2,549,805 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Allowance For Bad Debt | $ 15,469 | $ 15,549 |
Preferred stock - par value per share | $ 0.01 | $ 0.01 |
Preferred stock - authorized shares | 10,000,000 | 10,000,000 |
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Common stock - authorized shares | 125,000,000 | 125,000,000 |
Common stock - issued shares | 44,786,011 | 44,786,011 |
Common stock - outstanding shares | 24,921,963 | 25,541,393 |
Treasury shares | 19,864,048 | 19,244,618 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
Beginning balance at Dec. 31, 2015 | $ 580,457 | $ 448 | $ 697,570 | $ (2,543,229) | $ 2,692,317 | $ (266,649) |
Beginning balance, shares at Dec. 31, 2015 | 27,090,118 | |||||
Exercise of stock options and restricted stock units, shares | 278,623 | |||||
Exercise of stock options and restricted stock units, Value | (25,471) | (36,450) | (10,979) | |||
Repurchases of Common Stock, Shares | (1,348,507) | |||||
Repurchases of Common Stock, Value | (499,992) | (499,992) | ||||
Tax benefit resulting from exercise of certain employee stock options | 17,680 | 17,680 | ||||
Adjustments to Additional Paid in Capital, Share-based Compensation, Other Long-term Incentive Plans, Requisite Service Period Recognition | 15,306 | 15,306 | ||||
Net earnings | 384,370 | 384,370 | ||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (88,349) | (88,349) | ||||
Ending balance at Dec. 31, 2016 | $ 434,943 | $ 448 | 730,556 | (3,006,771) | 3,065,708 | (354,998) |
Ending balance, shares at Dec. 31, 2016 | 26,020,234 | |||||
Exercise of stock options and restricted stock units, shares | 270,413 | 270,413 | ||||
Exercise of stock options and restricted stock units, Value | $ (28,649) | (38,586) | (9,937) | |||
Repurchases of Common Stock, Shares | (749,254) | (749,254) | ||||
Repurchases of Common Stock, Value | $ (399,997) | (399,997) | ||||
Adjustments to Additional Paid in Capital, Share-based Compensation, Other Long-term Incentive Plans, Requisite Service Period Recognition | 16,582 | 16,582 | ||||
Net earnings | 375,972 | 375,972 | ||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 89,592 | 89,592 | ||||
Ending balance at Dec. 31, 2017 | $ 547,280 | $ 448 | 747,138 | (3,368,182) | 3,433,282 | (265,406) |
Ending balance, shares at Dec. 31, 2017 | 25,541,393 | 25,541,393 | ||||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ 1,539 | 1,539 | ||||
Exercise of stock options and restricted stock units, shares | 183,379 | 183,379 | ||||
Exercise of stock options and restricted stock units, Value | $ (24,600) | (28,577) | (3,977) | |||
Repurchases of Common Stock, Shares | (802,809) | (802,809) | ||||
Repurchases of Common Stock, Value | $ (474,999) | (474,999) | ||||
Adjustments to Additional Paid in Capital, Share-based Compensation, Other Long-term Incentive Plans, Requisite Service Period Recognition | 17,579 | 17,579 | ||||
Net earnings | 512,611 | 512,611 | ||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (37,008) | (37,008) | ||||
Ending balance at Dec. 31, 2018 | $ 590,063 | $ 448 | $ 764,717 | $ (3,814,604) | $ 3,941,916 | $ (302,414) |
Ending balance, shares at Dec. 31, 2018 | 24,921,963 | 24,921,963 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Cash flows from operating activities: | |||
Net earnings | $ 512,611 | $ 375,972 | $ 384,370 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||
Depreciation | 37,167 | 33,458 | 32,743 |
Amortization | 47,524 | 42,671 | 36,052 |
Deferred tax provision | 2,302 | (2,745) | 1,878 |
Share-based compensation | 17,579 | 16,582 | 15,306 |
Provisional one-time charge on US tax reform | 3,597 | 71,982 | 0 |
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | (18,674) | 0 | 0 |
Other Comprehensive Income (Loss), Defined Benefit Plan, Settlement and Curtailment Gain (Loss), before Tax | 0 | 0 | 8,189 |
Other | (2,559) | (3,151) | 181 |
Increase (decrease) in cash resulting from changes in: | |||
Trade accounts receivable, net | (19,540) | (38,985) | (52,151) |
Inventories | (21,195) | (13,680) | (12,431) |
Other current assets | 622 | (6,251) | 291 |
Trade accounts payable | 33,671 | 11,885 | 9,633 |
Taxes payable | (1,528) | 13,615 | (3,072) |
Accruals and other | (26,572) | 14,972 | 39,769 |
Net cash provided by operating activities | 565,005 | 516,325 | 460,758 |
Cash flows from investing activities: | |||
Proceeds from sale of property, plant and equipment | 8,190 | 11,973 | 423 |
Purchase of property, plant and equipment | (142,726) | (127,426) | (123,957) |
Acquisitions | (5,527) | (108,445) | (111,381) |
Net hedging settlements on intercompany loans | (1,119) | (6,554) | (3,459) |
Net cash used in investing activities | (138,944) | (217,344) | (231,456) |
Cash flows from financing activities: | |||
Proceeds from borrowings | 940,615 | 1,244,195 | 905,774 |
Repayments of borrowings | (876,324) | (1,185,172) | (594,178) |
Proceeds from exercise of stock options | 24,600 | 28,649 | 25,471 |
Repurchases of common stock | (474,999) | (399,997) | (499,992) |
Payments of Debt Issuance Costs | (1,914) | (7,205) | (680) |
Net cash provided by (used in) financing activities | (388,022) | (319,530) | (163,605) |
Effect of exchange rate changes on cash and cash equivalents | (8,616) | 10,562 | (5,910) |
Net increase (decrease) in cash and cash equivalents | 29,423 | (9,987) | 59,787 |
Cash and cash equivalents: | |||
Cash and Cash Equivalents, at Carrying Value, Beginning | 148,687 | 158,674 | 98,887 |
Cash and Cash Equivalents, at Carrying Value, End | 178,110 | 148,687 | 158,674 |
Supplemental disclosures of cash flow information: | |||
Interest | 34,451 | 33,333 | 28,025 |
Taxes | $ 132,410 | $ 109,730 | $ 92,586 |
Business Description and Basis
Business Description and Basis of Presentation | 12 Months Ended |
Dec. 31, 2018 | |
BUSINESS DESCRIPTION AND BASIS OF PRESENTATION [Abstract] | |
Business Description and Basis of Presentation Disclosure | BUSINESS DESCRIPTION AND BASIS OF PRESENTATION Mettler-Toledo International Inc. (“Mettler-Toledo” or the “Company”) is a leading global supplier of precision instruments and services. The Company manufactures weighing instruments for use in laboratory, industrial, packaging, logistics, and food retailing applications. The Company also manufactures several related analytical instruments and provides automated chemistry solutions used in drug and chemical compound discovery and development. In addition, the Company manufactures metal detection and other end-of-line inspection systems used in production and packaging and provides solutions for use in certain process analytics applications. The Company’s primary manufacturing facilities are located in China, Switzerland, the United States, Germany, the United Kingdom, and Mexico. The Company’s principal executive offices are located in Columbus, Ohio and Greifensee, Switzerland. The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and include all entities in which the Company has control, which are its wholly owned subsidiaries. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, as well as disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. Actual results may differ from those estimates. All intercompany transactions and balances have been eliminated. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Summary of Significant Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies Disclosure | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Cash and Cash Equivalents Cash and cash equivalents include highly liquid investments with original maturity dates of three months or less. The carrying value of these cash equivalents approximates fair value. Trade Accounts Receivable Trade accounts receivable are recorded at the invoiced amount and do not bear interest. The allowance for doubtful accounts represents the Company’s best estimate of probable credit losses in its existing trade accounts receivable. The Company determines the allowance based upon a review of both specific accounts for collection and the age of the accounts receivable portfolio. Inventories Inventories are valued at the lower of cost or net realizable value. Cost, which includes direct materials, labor, and overhead, is generally determined using the first in, first out (FIFO) method. The estimated net realizable value is based on assumptions for future demand and related pricing. Adjustments to the cost basis of the Company’s inventory are made for excess and obsolete items based on usage, orders, and technological obsolescence. If actual market conditions are less favorable than those projected by management, reductions in the value of inventory may be required. Long-Lived Assets a) Property, Plant, and Equipment Property, plant, and equipment are stated at cost less accumulated depreciation. Repair and maintenance costs are charged to expense as incurred. The Company expenses all internal-use software costs incurred in the preliminary project stage and capitalizes certain direct costs associated with the development and purchase of internal-use software within property, plant, and equipment. Capitalized costs are amortized on a straight-line basis over the estimated useful lives of the software, generally not exceeding 10 years. Depreciation and amortization are charged on a straight-line basis over the estimated useful lives of the assets as follows: Buildings and improvements 15 to 50 years Machinery and equipment 3 to 12 years Computer software 3 to 10 years Leasehold improvements Shorter of useful life or lease term b) Goodwill and Other Intangible Assets Goodwill, representing the excess of purchase price over the net asset value of companies acquired, and indefinite-lived intangible assets are not amortized, but are reviewed for impairment annually in the fourth quarter, or more frequently if events or changes in circumstances indicate that an asset might be impaired. The annual evaluations of goodwill and indefinite-lived intangible assets are generally based on an assessment of qualitative factors to determine whether it is more likely than not that the fair value of the asset is less than its carrying amount. If the Company is unable to conclude whether the goodwill asset is not impaired after considering the totality of events and circumstances during its qualitative assessment, the Company performs the first step of the two-step impairment test by estimating the fair value of the goodwill asset and comparing the fair value to the carrying amount of the goodwill asset. If the carrying amount of the goodwill asset exceeds its fair value, then the Company performs the second step of the impairment test to measure the amount of the impairment loss, if any. If the Company is unable to conclude whether the indefinite-lived intangible asset is not impaired after considering the totality of events and circumstances, the Company performs an impairment test to measure the amount of the impairment loss, if any. Other intangible assets include indefinite-lived assets and assets subject to amortization. Where applicable, amortization is charged on a straight-line basis over the expected period to be benefited. The straight-line method of amortization reflects an appropriate allocation of the cost of the intangible assets to earnings in proportion to the amount of economic benefits obtained by the Company in each reporting period. The Company assesses the initial acquisition of intangible assets in accordance with the provisions of ASC 805 "Business Combinations" and the continued accounting for previously recognized intangible assets and goodwill in accordance with the provisions of ASC 350 "Intangible - Goodwill and Other" and ASC 360 "Property, Plant, and Equipment." Accounting for Impairment of Long-Lived Assets The Company assesses the need to record impairment losses on long-lived assets (asset group) with finite lives when events or changes in circumstances indicate that the carrying amount of assets may not be recoverable. An impairment loss would be recognized when future estimated undiscounted cash flows expected to result from use and eventually disposition of that asset (asset group) are less than the asset’s carrying value, with the loss measured as the difference between carrying value and estimated fair value. Taxation The Company files tax returns in each jurisdiction in which it operates. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities, their respective tax bases, and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates in the respective jurisdictions in which the Company operates. In assessing the ability to realize deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred taxes are not provided on the unremitted earnings of subsidiaries outside of the United States when it is expected that these earnings are permanently reinvested. Such earnings may become taxable upon the sale or liquidation of these subsidiaries or upon the remittance of dividends. Deferred taxes are provided when the Company no longer considers subsidiary earnings to be permanently invested, such as in situations where the Company’s subsidiaries plan to make future dividend distributions. In accordance with the Tax Cuts and Jobs Act, the Company treats taxes due on future Global Intangible Low-Taxed Income ("GILTI") inclusions in U.S. taxable income as a current period expense when incurred. The Company recognizes accrued amounts of interest and penalties related to its uncertain tax positions as part of income tax expense within its consolidated statement of operations. Currency Translation and Transactions The reporting currency for the consolidated financial statements of the Company is the U.S. dollar. The functional currency for the Company’s operations is generally the applicable local currency. Accordingly, the assets and liabilities of companies whose functional currency is other than the U.S. dollar are included in the consolidated financial statements by translating the assets and liabilities into the reporting currency at the exchange rates applicable at the end of the reporting period. The statements of operations and cash flows of such non-U.S. dollar functional currency operations are translated at the monthly weighted average exchange rates during the year. Translation gains or losses are accumulated in other comprehensive income (loss) in the consolidated statements of shareholders’ equity. Transaction gains and losses are included as a component of net earnings or in certain circumstances as a component of other comprehensive income (loss) where the underlying item is considered a hedge of a net investment or relates to intercompany notes that are long-term in nature. Revenue Recognition Product revenue is recognized from contracts with customers when a customer has obtained control of a product. The Company considers control to have transferred based upon shipping terms. To the extent the Company’s contracts have a separate performance obligation, revenue related to any post-shipment performance obligation is deferred until completed. Shipping and handling costs charged to customers are included in total net sales and the associated expense is a component of cost of sales. Certain products are also sold through indirect distribution channels whereby the distributor assumes any further obligations to the end customer. Revenue is recognized on these distributor arrangements upon transfer of control to the distributor. Contracts do not contain variable pricing arrangements that are retrospective, except for rebate programs. Rebates are estimated based on expected sales volumes and offset against revenue at the time such revenue is recognized. The Company generally maintains the right to accept or reject a product return in its terms and conditions and also maintains appropriate accruals for outstanding credits. The related provisions for estimated returns and rebates are immaterial to the consolidated financial statements. Certain of the Company’s product arrangements include separate performance obligations, primarily related to installation. Such performance obligations are accounted for separately when the deliverables have stand-alone value and the satisfaction of the undelivered performance obligations is probable and within the Company's control. The allocation of revenue between the performance obligations is based on the observable stand-alone selling prices at the time of the sale in accordance with a number of factors including service technician billing rates, time to install, and geographic location. Software is generally not considered a distinct performance obligation with the exception of a few small software applications. The Company generally does not sell software products without the related hardware instrument as the software is embedded in the product. The Company’s products typically require no significant production, modification, or customization of the hardware or software that is essential to the functionality of the products. Service revenue not under contract is recognized upon the completion of the service performed. Revenue from spare parts sold on a stand-alone basis is recognized when control is transferred to the customer, which is generally at the time of shipment or delivery. Revenue from service contracts is recognized ratably over the contract period using a time-based method. These contracts represent an obligation to perform repair and other services including regulatory compliance qualification, calibration, certification, and preventative maintenance on a customer’s pre-defined equipment over the contract period. Research and Development Research and development costs primarily consist of salaries, consulting, and other costs. The Company expenses these costs as incurred. Warranty The Company generally offers one -year warranties on most of its products. Product warranties are recorded at the time revenue is recognized. While the Company engages in extensive product quality programs and processes, its warranty obligations are affected by product failure rates, material usage, and service costs incurred in correcting a product failure. Employee Termination Benefits In situations where contractual termination benefits exist, the Company records accruals for employee termination benefits when it is probable that a liability has been incurred and the amount of the liability is reasonably estimable. All other employee termination arrangements are recognized and measured at their fair value at the communication date unless the employee is required to render additional service beyond the legal notification period, in which case the liability is recognized ratably over the future service period. Earnings per Common Share In accordance with the treasury stock method, the Company has included 565,650 , 680,208 , and 506,137 common equivalent shares in the calculation of diluted weighted average number of common shares for the years ended December 31, 2018 , 2017 , and 2016 , respectively, relating to outstanding stock options and restricted stock units. Outstanding options and restricted stock units to purchase or receive 63,019 , 9,824 , and 102,017 shares of common stock for the years ended December 31, 2018 , 2017 , and 2016 , respectively, have been excluded from the calculation of diluted weighted average number of common and common equivalent shares as such options and restricted stock units would be anti-dilutive. Equity-Based Compensation The Company applies the fair value methodology in accounting for its equity-based compensation plan. Derivative Financial Instruments The Company has limited involvement with derivative financial instruments and does not use them for trading purposes. As described more fully in Note 6, the Company enters into foreign currency forward exchange contracts to economically hedge certain short-term intercompany balances involving its international businesses. Such contracts limit the Company’s exposure to currency fluctuations on the underlying hedged item. These contracts are adjusted to fair market value as of each balance sheet date, with the resulting changes in fair value being recognized in other charges (income), consistent with the underlying hedged item. The Company also enters into interest rate swap agreements and cross currency swaps in order to manage its exposure to changes in interest rates. The differential paid or received on interest rate swap agreements is recognized as incurred in interest expense over the life of the hedge agreements. Floating to fixed interest rate swap agreements are accounted for as cash flow hedges. Changes in fair value of outstanding interest rate swap agreements that are effective as cash flow hedges are initially recognized in other comprehensive income as incurred. Fair Value Measurements The Company measures or monitors certain assets and liabilities on a fair value basis. Fair value is used on a recurring basis for assets and liabilities in which fair value is the primary basis of accounting, mainly derivative instruments. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact and considers assumptions that market participants would use when pricing the asset or liability. The Company applies the fair value hierarchy established under U.S. GAAP and when possible looks to active and observable markets to price identical assets and liabilities. If identical assets and liabilities are not traded in active markets, the Company looks to observable market data for similar assets and liabilities. Business Combinations and Asset Acquisitions The Company accounts for business acquisitions under the accounting standards for business combinations. The results of each acquisition are included in the Company's consolidated results as of the acquisition date. The purchase price of an acquisition is allocated to tangible and intangible assets and assumed liabilities based on their estimated fair values and any consideration in excess of the net assets acquired is recognized as goodwill. Acquisition transaction costs are expensed when incurred. In circumstances where an acquisition involves a contingent consideration arrangement, the Company recognizes a liability equal to the fair value of the expected contingent payments as of the acquisition date. Subsequent changes in the fair value of the contingent consideration are recorded to other charges (income), net. Recent Accounting Pronouncements On January 1, 2018, the Company retrospectively implemented ASU 2017-07 to ASC 715 "Compensation - Retirement Benefits," which requires the Company to report the non-service cost components of net periodic benefit cost (pension cost) in other charges (income), net. These amounts were previously reported in selling, general, and administrative, cost of sales, and research and development in the consolidated statement of operations. Non-service pension benefits were $6.2 million , $4.0 million , and $9.8 million for December 31, 2018, 2017, and 2016, respectively. In February 2016 and July 2018, the FASB issued ASU 2016-02 and ASU 2018-11 to ASC 842 "Leases." The new accounting standard requires operating leases, which were historically off balance sheet, to be recognized on the balance sheet as a right-of-use asset and a lease liability. The Company has identified its leases by asset class and has elected to adopt the practical expedients package, which allows a company to not reassess the Company’s prior conclusions about lease identification, lease classification, and initial direct costs. The Company also expects to elect the short-term lease recognition exemption and the practical expedient to not separate nonlease components from lease components for real estate and other equipment. The Company will adopt the guidance January 1, 2019 using a modified retrospective approach without adjusting comparative periods. The Company has completed its assessment of the new standard and expects to recognize a right-of-use asset and a corresponding lease liability of approximately $90-$100 million. In February 2018, the FASB issued ASU 2018-02, "Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income" which allowed companies to reclassify certain stranded tax effects as a result of the Tax Cuts and Jobs Act of 2017 in accumulated other comprehensive income to retained earnings. The reclassification is optional, and therefore, the Company has elected to not reclassify it's stranded tax effects. |
Revenue from Contracts with Cus
Revenue from Contracts with Customers (Notes) | 12 Months Ended |
Dec. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer [Text Block] | 3. REVENUE On January 1, 2018, the Company adopted ASC 606 "Revenue from Contracts with Customers" and all the related amendments using the modified retrospective method, whereby the adoption did not impact any prior periods. The effect of adopting the new standard did not require any cumulative effect adjustment to retained earnings as of January 1, 2018. There was no impact to our consolidated statements of operations, balance sheet, or statement of cash flows as of and for the period ended December 31, 2018. The Company disaggregates revenue from contracts with customers by product, service, timing of revenue recognition, and geography. A summary by the Company’s reportable segments follows for the twelve months ended December 31, 2018: Twelve months ended December 31, 2018 U.S. Operations Swiss Operations Western European Operations Chinese Operations Other Operations Total Product Revenue $ 769,971 $ 106,400 $ 517,855 $ 475,025 $ 430,824 $ 2,300,075 Service Revenue: Point in time 196,314 19,430 134,052 38,528 100,638 488,962 Over time 41,512 8,234 66,881 11,556 18,366 146,549 Total $ 1,007,797 $ 134,064 $ 718,788 $ 525,109 $ 549,828 $ 2,935,586 The Company's global revenue mix by product category is laboratory ( 51% of sales), industrial ( 41% of sales), and retail ( 8% of sales). The Company's product revenue by reportable segment is proportionately similar to the Company's global mix except the Company's Swiss Operations, which is largely comprised of laboratory products while the Company's Chinese Operations has a slightly higher percentage of industrial products. A breakdown of the Company's sales by product category for the year ended December 31 follows: 2018 Laboratory $ 1,504,600 Industrial 1,211,362 Retail 219,624 Total net sales $ 2,935,586 In certain circumstances, our reporting units sell directly into other geographies. A breakdown of net sales to external customers by geographic customer destination, net for the year ended December 31 follows: 2018 Total Americas $ 1,105,956 Total Europe 908,773 Total Asia/Rest of World 920,857 Total $ 2,935,586 The payment terms in the Company’s contracts with customers do not exceed one year and therefore contracts do not contain a significant financing component. In most cases, after appropriate credit evaluations, payments are due in arrears and are recognized as receivables. Unbilled revenue is recorded when performance obligations have been satisfied, but not yet billed to the customer. Unbilled revenue as of December 31, 2018 was $12.4 million and is included within accounts receivable. Deferred revenue and customer prepayments are recorded when cash payments are received or due in advance of the performance obligation being satisfied. Deferred revenue primarily includes prepaid service contracts, as well as deferred installation. Changes in the components of deferred revenue and customer prepayments during the period are as follows: Deferred Revenue and Customer Pre-payments Beginning balances as of December 31, 2017 $ 107,166 Customer pre-payments/deferred revenue 619,257 Revenue recognized (618,002 ) Foreign currency translation (3,040 ) Ending balance as of December 31, 2018 $ 105,381 The Company generally expenses sales commissions when incurred because the contract period is one year or less. These costs are recorded within selling, general, and administrative expenses. The Company has not disclosed the value of unsatisfied performance obligations other than customer prepayments and deferred revenue as most contracts have an expected length of one year or less and amounts greater than one year are immaterial. |
Acquisitions (Notes)
Acquisitions (Notes) | 12 Months Ended |
Dec. 31, 2018 | |
Business Combinations [Abstract] | |
Business Combination Disclosure [Text Block] | ACQUISITIONS In 2018, the Company incurred cumulative acquisition payments totaling $ 5.5 million . The Company recorded $ 4.9 million of identified intangibles primarily pertaining to technology and patents in connection with these acquisitions, which will be amortized on a straight-line basis over 10 years. Goodwill recorded in connection with these acquisitions totaled $ 0.6 million . In September 2017, the Company acquired all of the shares of Biotix, Inc., a U.S.-based manufacturer and distributor of plastic consumables associated with pipettes, including tips, tubes, and reagent reservoirs used in the life sciences market. The initial cash payment was $105 million plus an initial contingent consideration obligation with an estimated fair value at the acquisition date of $30.7 million . The contingent consideration was initially determined using a Monte Carlo simulation based on a forecast of future results. The Company settled the obligation for cash consideration of $ 10 million (that will be paid in the first quarter of 2019) and the release of certain indemnifications that resulted in a one-time gain of $ 18.7 million in 2018. Goodwill recorded in connection with the acquisition totaled $51.7 million , which is included in the Company's U.S. Operations segment. Identified intangible finite-life assets acquired include customer relationships of $49.5 million , technology and patents of $8.0 million , indefinite-life tradenames of $7.1 million , and other intangibles of $0.6 million . The identifiable finite-life intangible assets will be amortized on a straight-line basis over periods ranging from 5 to 18 years and the annual aggregate amortization expense is estimated at $3.7 million . Net tangible assets acquired were $18.8 million and recorded at fair value in the consolidated financial statements. In 2017, the Company also incurred cumulative additional acquisition payments totaling $3.8 million . The Company recorded $3.1 million of identified intangibles primarily pertaining to technology and patents in connection with these acquisitions, which will be amortized on a straight-line basis over 12 years. Goodwill recorded in connection with these acquisitions totaled $0.3 million . In 2016, the Company incurred total acquisition payments of $ 111.4 million , including the acquisition of substantially all of the assets of Henry Troemner LLC (Troemner) for an aggregate purchase price of $95.8 million . The Company recorded $ 60.1 million of identified intangibles primarily pertaining to customer relationships and technology and patents in connection with these acquisitions, which will be amortized on a straight-line basis over 3 to 25 years. Goodwill recorded in connection with these acquisitions totaled $ 41.3 million . |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2018 | |
INVENTORIES [Abstract] | |
Inventory Disclosure | INVENTORIES Inventory consisted of the following at December 31 : 2018 2017 Raw materials and parts $ 122,945 $ 118,790 Work-in-progress 47,098 43,035 Finished goods 98,778 93,565 Total inventory $ 268,821 $ 255,390 |
Financial Instruments
Financial Instruments | 12 Months Ended |
Dec. 31, 2018 | |
Financial Instruments [Abstract] | |
Financial Instruments Disclosure | FINANCIAL INSTRUMENTS The Company has limited involvement with derivative financial instruments and does not use them for trading purposes. The Company enters into certain interest rate swap agreements in order to manage its exposure to changes in interest rates. At December 31, 2018 , the interest payments associated with 72% of the Company's debt are fixed obligations. The amount of the Company's fixed obligation interest payments may change based upon the expiration dates of its interest rate swap agreement and the level and composition of its debt. The Company also enters into certain foreign currency forward contracts to limit the Company's exposure to currency fluctuations on the respective hedged items. As also mentioned in Note 10, the Company has designated its euro-denominated debt as a hedge of a portion of its net investment in a euro-denominated foreign subsidiary. For additional disclosures on the fair value of financial instruments, see Note 7. Cash Flow Hedges In June 2017, the Company entered into a cross currency swap arrangement designated as a cash flow hedge. The agreement converts $100 million of borrowings under the Company's credit facility into synthetic Swiss franc debt which allows the Company to effectively change the floating rate LIBOR-based interest payment to a fixed Swiss franc income of 0.01% . The swap began in June 2017 and matures in June 2019. In June 2013, the Company entered into an interest rate swap agreement designated as a cash flow hedge. The agreement is a swap which has the effect of changing the floating rate LIBOR-based interest payments associated with $50 million in borrowings under the Company's credit agreement to a fixed obligation of 2.52% beginning in October 2015 and matures in October 2020. In March 2015, the Company entered into a forward-starting interest rate swap agreement. The agreement changes the floating rate LIBOR-based interest payments associated with $100 million in borrowings under the Company's credit agreement to a fixed obligation of 2.25% which began in February 2017 and matures in February 2022. The Company's cash flow hedges are recorded gross at fair value in the consolidated balance sheet at December 31, 2018 and 2017 and are disclosed in Note 7 to the consolidated financial statements. Amounts reclassified from other comprehensive income and the effective portions of the cash flow hedges are further disclosed in Note 10 to the consolidated financial statements. A derivative gain of $1.8 million based upon interest rates at December 31, 2018 is expected to be reclassified from other comprehensive income (loss) to earnings in the next twelve months. Through December 31, 2018 , no hedge ineffectiveness has occurred in relation to these cash flow hedges. Other Derivatives The Company enters into foreign currency forward contracts in order to economically hedge short-term trade and non-trade intercompany balances largely denominated in Swiss franc, other major European currencies, and the Chinese renminbi with its foreign businesses. In accordance with U.S. GAAP, these contracts are considered “derivatives not designated as hedging instruments.” Gains or losses on these instruments are reported in current earnings. The foreign currency forward contracts are recorded at fair value in the consolidated balance sheet at December 31, 2018 and 2017 , as disclosed in Note 7 to the consolidated financial statements. The Company recognized in other charges (income) a net loss of $1.2 million and a net gain of $9.4 million during the years ended December 31, 2018 and 2017 , respectively, which offset the related net transaction gains (losses) associated with these contracts. At December 31, 2018 and 2017 , these contracts had a notional value of $436.7 million and $394.8 million , respectively. The Company may be exposed to credit losses in the event of nonperformance by the counterparties to its derivative financial instrument contracts. Counterparties are established banks and financial institutions with high credit ratings. The Company believes that such counterparties will be able to fully satisfy their obligations under these contracts. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Measurements [Abstract] | |
Fair Value Disclosures | FAIR VALUE MEASUREMENTS At December 31, 2018 and 2017 , the Company had derivative assets totaling $3.2 million and $1.9 million , respectively, and derivative liabilities totaling $1.1 million and $2.4 million , respectively. The fair values of the interest rate swap agreements, the cross currency swap agreement, and foreign currency forward contracts that economically hedge short-term intercompany balances are estimated based upon inputs from current valuation information obtained from dealer quotes and priced with observable market assumptions and appropriate valuation adjustments for credit risk. The Company has evaluated the valuation methodologies used to develop the fair values by dealers in order to determine whether such valuations are representative of an exit price in the Company’s principal market. In addition, the Company uses an internally developed model to perform testing on the valuations received from brokers. The Company has also considered both its own credit risk and counterparty credit risk in determining fair value and determined these adjustments were insignificant for the years ended December 31, 2018 and 2017 . The Company had $9.0 million and $5.6 million of cash equivalents at December 31, 2018 and 2017 , respectively, the fair value of which is determined through quoted and corroborated prices in active markets. The fair value of cash equivalents approximates cost. The fair value of the Company's fixed interest rate debt was estimated using Level 2 inputs, primarily discounted cash flow models, based on estimated current rates offered for similar debt under current market conditions for the Company. The carrying value of the Company's fixed interest rate debt exceeds the fair value by approximately $1.5 million as of December 31, 2018 , while the fair value of the Company's fixed interest rate debt exceeded the carrying value by approximately $6.6 million as of December 31, 2017 . Under U.S. GAAP, fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A fair value measurement consists of observable and unobservable inputs that reflect the assumptions that a market participant would use in pricing an asset or liability. A fair value hierarchy has been established that categorizes these inputs into three levels: Level 1: Quoted prices in active markets for identical assets and liabilities Level 2: Observable inputs other than quoted prices in active markets for identical assets and liabilities Level 3: Unobservable inputs The following table presents, for each of these hierarchy levels, the Company’s assets and liabilities that are measured at fair value on a recurring basis at December 31, 2018 and 2017 : December 31, 2018 December 31, 2017 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Assets: Cash equivalents $ 9,026 $ — $ 9,026 $ — $ 5,616 $ — $ 5,616 $ — Interest rate swap agreements 545 — 545 — — — — — Cross currency swap agreements 1,154 — 1,154 — — — — — Foreign currency forward contracts not designated as hedging instruments 1,534 — 1,534 — 1,912 — 1,912 — Total $ 12,259 $ — $ 12,259 $ — $ 7,528 $ — $ 7,528 $ — Liabilities: Interest rate swap agreements $ 27 $ — $ 27 $ — $ 1,292 $ — $ 1,292 $ — Cross currency swap agreement — — — — 106 — 106 — Foreign currency forward contracts not designated as hedging instruments 1,059 — 1,059 — 986 — 986 — Total $ 1,086 $ — $ 1,086 $ — $ 2,384 $ — $ 2,384 $ — |
Property, Plant and Equipment,
Property, Plant and Equipment, Net | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment, Net [Abstract] | |
Property, Plant and Equipment Disclosure | PROPERTY, PLANT, AND EQUIPMENT, NET Property, plant, and equipment, net consisted of the following at December 31 : 2018 2017 Land $ 58,072 $ 58,046 Building and leasehold improvements 317,636 300,850 Machinery and equipment 386,504 382,233 Computer software 470,976 436,249 Property, plant, and equipment, gross 1,233,188 1,177,378 Less accumulated depreciation and amortization (515,662 ) (509,107 ) Property, plant, and equipment, net $ 717,526 $ 668,271 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets Disclosure | GOODWILL AND OTHER INTANGIBLE ASSETS The following table shows the changes in the carrying amount of goodwill for the years ended December 31 : 2018 2017 Balance at beginning of year $ 539,838 $ 476,378 Goodwill acquired 558 52,229 Foreign currency translation (5,616 ) 11,231 Balance at year end $ 534,780 $ 539,838 Goodwill and indefinite-lived assets are reviewed for impairment on an annual basis in the fourth quarter. The Company completed its impairment review and determined that there had been no impairment of these assets through December 31, 2018 . The Company identified no triggering events or other circumstances which indicated the carrying amount of goodwill or intangibles assets may not be recoverable. The components of other intangible assets as of December 31 are as follows: 2018 2017 Gross Amount Accumulated Amortization Intangibles, Net Gross Amount Accumulated Amortization Intangibles, Net Customer relationships $ 197,942 $ (49,887 ) $ 148,055 $ 198,527 $ (41,794 ) $ 156,733 Proven technology and patents 73,880 (42,750 ) 31,130 70,311 (38,890 ) 31,421 Tradenames (finite life) 4,504 (2,874 ) 1,630 4,518 (2,807 ) 1,711 Tradenames (indefinite life) 35,500 — 35,500 35,562 — 35,562 Other 3,684 (2,691 ) 993 3,490 (2,199 ) 1,291 $ 315,510 $ (98,202 ) $ 217,308 $ 312,408 $ (85,690 ) $ 226,718 The Company recognized amortization expense associated with the above intangible assets of $14.3 million , $11.5 million , and $8.3 million for the years ended December 31, 2018 , 2017 , and 2016 , respectively. The annual aggregate amortization expense based on the current balance of other intangible assets is estimated at $13.9 million for 2019 , $13.5 million for 2020 , $12.9 million for 2021 , $12.4 million for 2022 , and $12.3 million for 2023 . The finite-lived intangible assets are amortized on a straight-line basis over periods ranging from 3 to 45 years. The straight-line method of amortization reflects an appropriate allocation of the cost of the intangible assets to earnings in proportion to the amount of economic benefits obtained by the Company in each reporting period. Purchased intangibles amortization was $13.3 million , $10.0 million after tax, $10.9 million , $7.1 million after tax, and $7.4 million , $5.0 million after tax, for the years ended December 31, 2018 , 2017 , and 2016 , respectively. In addition to the above amortization, the Company recorded amortization expense associated with capitalized software of $33.0 million , $31.0 million , and $27.5 million for the years ended December 31, 2018 , 2017 , and 2016 , respectively. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Debt Disclosure | DEBT Debt consisted of the following at December 31 : 2018 2017 3.67% $50 million Senior Notes due December 17, 2022 $ 50,000 $ 50,000 4.10% $50 million Senior Notes due September 19, 2023 50,000 50,000 3.84% $125 million Senior Notes due September 19, 2024 125,000 125,000 4.24% $125 million Senior Notes due June 25, 2025 125,000 125,000 1.47% EUR 125 million Senior Notes due June 17, 2030 143,053 149,736 Senior notes debt issuance costs, net (1,234 ) (1,438 ) Total Senior Notes 491,819 498,298 $1.1 billion Credit Agreement, interest at LIBOR plus 87.5 basis points (1) 493,202 461,872 Other local arrangements 49,670 19,677 Total debt 1,034,691 979,847 Less: current portion (49,670 ) (19,677 ) Total long-term debt $ 985,021 $ 960,170 (1) See Note 6 for additional disclosures on the financial instruments associated with the Credit Agreement. 3.67% Senior Notes In 2012 , the Company issued and sold $50 million of 3.67% Senior Notes due December 17, 2022 in a private placement. The 3.67% Senior Notes are senior unsecured obligations of the Company. Interest is payable semi-annually in June and December. The 3.67% Senior Notes contain customary affirmative and negative covenants including, among others, limitations on the Company and its subsidiaries with respect to incurrence of liens and priority indebtedness, disposition of assets, mergers, and transactions with affiliates. The note purchase agreement also requires the Company to maintain a consolidated interest coverage ratio of not less than 3.5 to 1.0 and a consolidated leverage ratio of not more than 3.5 to 1.0 . The 3.67% Senior Notes also contain customary events of default with customary grace periods, as applicable. The Company was in compliance with its covenants at December 31, 2018. Issuance costs approximating $0.4 million are being amortized to interest expense over the ten -year term of the 3.67% Senior Notes. 4.10% Senior Notes In 2013, the Company issued and sold $50 million of 4.10% Senior Notes due September 19, 2023 in a private placement. The 4.10% Senior Notes are senior unsecured obligations of the Company. Interest on the 4.10% Senior Notes is payable semi-annually in March and September each year. The 4.10% Senior Notes contain customary affirmative and negative covenants, change in control, and prepayment provisions that are substantially similar to those contained in the previously issued debt of the Company as described above. The 4.10% Senior Notes also contain customary events of default with customary grace periods, as applicable. The Company was in compliance with its covenants at December 31, 2018. Issuance costs approximating $0.4 million are being amortized to interest expense over the ten -year term of the 4.10% Senior Notes. 3.84% Senior Notes and 4.24% Senior Notes In 2014, the Company entered into an agreement to issue and sell $250 million of ten -year Senior Notes in a private placement. The Company issued $125 million with a fixed interest rate of 3.84% (" 3.84% Senior Notes") in September 2014 and issued $125 million with a fixed interest rate of 4.24% (" 4.24% Senior Notes") in June 2015. The Senior Notes are senior unsecured obligations of the Company. Interest on the 3.84% Senior Notes is payable semi-annually in March and September each year, beginning in March 2015. Interest on the 4.24% Senior Notes is payable semi-annually in June and December of each year, beginning in December 2015. The 3.84% Senior Notes and 4.24% Senior Notes contain customary affirmative and negative covenants, change in control, and prepayment provisions that are substantially similar to those contained in the previously issued debt of the Company as described above. The 3.84% Senior Notes and 4.24% Senior Notes also contain customary events of default with customary grace periods, as applicable. The Company was in compliance with its covenants at December 31, 2018. Issuance costs approximating $0.9 million are being amortized to interest expense over the ten -year term of the Senior Notes. 1.47% Euro Senior Notes In 2015 , the Company issued in a private placement Euro 125 million with a fixed interest rate of 1.47% fifteen -year Senior Notes (" 1.47% Euro Senior Notes"). The Euro Senior Notes are senior unsecured obligations of the Company. The Company has designated the 1.47% Euro Senior Notes as a hedge of a portion of its net investment in a euro denominated foreign subsidiary to reduce foreign currency risk associated with this net investment. Changes in the carrying value of this debt resulting from fluctuations in the euro to U.S. dollar exchange rate are recorded as foreign currency translation adjustments within other comprehensive income (loss). The Company recorded in other comprehensive income (loss) related to this net investment hedge an unrealized gain of $6.7 million and an unrealized loss of $18.2 million for the years ended December 31, 2018 and 2017 , respectively. Interest on the 1.47% Senior Notes is payable in June and December each year. The 1.47% Senior Notes contain customary affirmative and negative covenants, change in control, and prepayment provisions that are substantially similar to those contained in the previously issued debt of the Company as described above. The 1.47% Senior Notes also contain customary events of default with customary grace periods, as applicable. The Company was in compliance with its covenants at December 31, 2018. Issuance costs approximating $0.4 million are being amortized to interest expense over the fifteen -year term of the Euro Senior Notes. Credit Agreement On June 15, 2018, the Company entered into an amended $1.1 billion Credit Agreement (the "Credit Agreement"), which amended its $800 million Amended and Restated Credit Agreement (the "Prior Credit Agreement"). As of December 31, 2018, the Company had $600.7 million of availability remaining under its Credit Agreement. The Credit Agreement is provided by a group of financial institutions (similar to the Company's Prior Credit Agreement) and has a maturity date of June 15, 2023 . It is a revolving credit facility and is not subject to any scheduled principal payments prior to maturity. The obligations under the Credit Agreement are unsecured. Borrowings under the Credit Agreement bear interest at current market rates plus a margin based on the Company’s consolidated leverage ratio, which was set at LIBOR plus 87.5 basis points as of June 15, 2018. The Company must also pay facility fees that are tied to its leverage ratio. The Credit Agreement contains covenants that are the same as those contained in the Prior Credit Agreement, with which the Company was in compliance as of December 31, 2018. The Company is required to maintain a ratio of funded debt to consolidated EBITDA of 3.5 to 1.0 or less and an interest coverage ratio of 3.5 to 1.0 or greater. The Credit Agreement also places certain limitations on the Company, including limiting the ability to incur liens or indebtedness at a subsidiary level. In addition, the Credit Agreement has several events of default. The Company capitalized $2.0 million in financing fees in other long-term assets during 2018 associated with the Credit Agreement which will be amortized to interest expense through 2023. Other Local Arrangements In April 2018, two of the Company's non-U.S. pension plans issued loans totaling $ 39.6 million (Swiss franc 38 million ) to a wholly owned subsidiary of the Company. The loans have the same terms and conditions which include an interest rate of Swiss franc LIBOR plus 87.5 basis points, a maturity date of April 2019, and a one year mutual renewal term and, as such, are classified as short-term debt on the Company's consolidated balance sheet. The proceeds were used to repay outstanding amounts on the Company's credit facility. The Company’s weighted average interest rate was 3.3% for the years ended December 31, 2018 and 2017 . |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2018 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity Note Disclosure | SHAREHOLDERS’ EQUITY Common Stock The number of authorized shares of the Company’s common stock is 125,000,000 shares with a par value of $0.01 per share. Holders of the Company’s common stock are entitled to one vote per share. At December 31, 2018 , 3,252,712 shares of the Company’s common stock were reserved for issuance pursuant to the Company’s stock option plans. Preferred Stock The Board of Directors, without further shareholder authorization, is authorized to issue up to 10,000,000 shares of preferred stock, par value $0.01 per share in one or more series and to determine and fix the rights, preferences, and privileges of each series, including dividend rights and preferences over dividends on the common stock and one or more series of the preferred stock, conversion rights, voting rights (in addition to those provided by law), redemption rights, and the terms of any sinking fund therefore, and rights upon liquidation, dissolution, or winding up, including preferences over the common stock and one or more series of the preferred stock. The issuance of shares of preferred stock, or the issuance of rights to purchase such shares, may have the effect of delaying, deferring, or preventing a change in control of the Company or an unsolicited acquisition proposal. Share Repurchase Program In November 2018, the Company's Board of Directors authorized an additional $2.0 billion to the share repurchase program which has $2.1 billion of remaining availability as of December 31, 2018. The share repurchases are expected to be funded from cash generated from operating activities, borrowings, and cash balances. Repurchases will be made through open market transactions, and the amount and timing of purchases will depend on business and market conditions, the stock price, trading restrictions, the level of acquisition activity, and other factors. The Company has purchased 27.5 million common shares since the inception of the program in 2004 through December 31, 2018 , at a total cost of $4.4 billion . During the years ended December 31, 2018 and 2017 , the Company spent $475 million and $400 million on the repurchase of 802,809 shares and 749,254 shares at an average price per share of $591.65 and $533.84 , respectively. The Company reissued 183,379 shares and 270,413 shares held in treasury for the exercise of stock options and restricted stock units during 2018 and 2017 , respectively. Accumulated Other Comprehensive Income (Loss) The following table presents changes in accumulated other comprehensive income by component for the period ended December 31, 2018 and 2017 : Currency Translation Adjustment, Net of Tax Net Unrealized Pension and Post-Retirement Benefit Related Items, Total Balance at December 31, 2016 $ (115,322 ) $ (2,232 ) $ (237,444 ) $ (354,998 ) Other comprehensive income (loss), net of tax: Net unrealized actuarial gains (loss), prior service costs, and plan amendments — — 1,678 1,678 Net unrealized gains (loss) on cash flow hedging arrangements — 1,424 — 1,424 Foreign currency translation adjustment 83,982 — (12,092 ) 71,890 Amounts recognized from accumulated other comprehensive income (loss), net of tax — (273 ) 14,873 14,600 Net change in other comprehensive income (loss), net of tax 83,982 1,151 4,459 89,592 Balance at December 31, 2017 $ (31,340 ) $ (1,081 ) $ (232,985 ) $ (265,406 ) Other comprehensive income (loss), net of tax: Net unrealized actuarial gains (loss), prior service costs, and plan amendments — — (24,106 ) (24,106 ) Net unrealized gains (loss) on cash flow hedging arrangements — (658 ) — (658 ) Foreign currency translation adjustment (32,573 ) — 3,522 (29,051 ) Amounts recognized from accumulated other comprehensive income (loss), net of tax — 2,441 14,366 16,807 Net change in other comprehensive income (loss), net of tax (32,573 ) 1,783 (6,218 ) (37,008 ) Balance at December 31, 2018 $ (63,913 ) $ 702 $ (239,203 ) $ (302,414 ) The following table presents amounts recognized from accumulated other comprehensive income (loss) for the twelve month period ended December 31, 2018 and 2017 : 2018 2017 Location of Amounts Recognized in Earnings Effective portion of losses (gains) on cash flow hedging arrangements: Interest rate swap agreements $ 539 $ 1,679 Interest expense Cross currency swap 2,212 (1,416 ) (a) Total before taxes 2,751 263 Provision for taxes 310 536 Provision for taxes Total, net of taxes $ 2,441 $ (273 ) Recognition of defined benefit pension and post-retirement items: Recognition of actuarial losses, plan amendments, prior service cost, and settlement charge before taxes $ 18,756 $ 20,137 (b) Provision for taxes 4,390 5,264 Provision for taxes Total, net of taxes $ 14,366 $ 14,873 (a) The cross currency swap reflects an unrealized loss of $0.8 million recorded in other charges (income) that was offset by the underlying unrealized gain on the hedged debt. The cross currency swap also reflects a realized gain of $3.0 million recorded in interest expense. (b) These accumulated other comprehensive income (loss) components are included in the computation of net periodic pension and post-retirement cost. See Note 13 for additional details for the year ended December 31, 2018. |
Equity Incentive Plan
Equity Incentive Plan | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Equity Incentive Disclosure | EQUITY INCENTIVE PLAN The Company’s equity incentive plan provides employees and directors of the Company additional incentives to join and/or remain in the service of the Company as well as to maintain and enhance the long-term performance and profitability of the Company. The Company’s 2013 equity incentive plan was approved by shareholders on May 2, 2013 and provides that 2 million shares of common stock, plus any shares that remained available for grant under the Company's prior equity incentive plan as well as options outstanding that terminate without being exercised, may be the subject of awards. The plan provides for the grant of options, restricted stock units, and other equity-based awards. The exercise price of options granted shall not be less than the fair market value of the common stock on the date of the award. Options primarily vest equally over a five -year period from the date of grant and have a maximum term of up to ten years and six months. Restricted units primarily vest equally over a five -year period from the date of grant. Performance share units generally vest after a three -year period from the date of the grant based upon satisfaction of the performance condition. The compensation committee of the Board of Directors has generally granted restricted share units to participating managers and non-qualified stock options and performance share units to executive officers. All share-based compensation arrangements granted to employees, including stock option grants, are recognized in the consolidated statement of operations based on the grant-date fair value of the award over the period during which an employee is required to provide service in exchange for the award. Share-based compensation expense is recorded within selling, general, and administrative in the consolidated statement of operations with a corresponding offset to additional paid-in capital in the consolidated balance sheet. The fair values of stock options granted were calculated using the Black-Scholes pricing model. The aggregate intrinsic value of an option is the amount by which the fair value of the underlying stock exceeds its exercise price. The following table summarizes all stock option activity from December 31, 2017 through December 31, 2018 : Number of Options Weighted Average Exercise Price Aggregate Intrinsic Value (in millions) Outstanding at December 31, 2017 1,008,476 $232.99 $392.2 Granted 43,943 595.31 Exercised (163,120 ) 150.81 Forfeited (41,469 ) 369.93 Outstanding at December 31, 2018 847,830 $260.88 $264.0 Options exercisable at December 31, 2018 676,202 $208.01 $242.8 The following table details the weighted average remaining contractual life of options outstanding at December 31, 2018 by range of exercise prices: Number of Options Outstanding Weighted Average Exercise Price Remaining Contractual Life of Options Outstanding Options Exercisable 74,868 $90.76 0.8 74,868 86,140 $133.00 1.8 86,140 214,451 $159.78 3.3 214,451 113,906 $244.99 4.9 113,906 358,465 $392.68 7.4 186,837 847,830 4.9 676,202 As of the date granted, the weighted average grant-date fair value of the options granted during the years ended December 31, 2018 , 2017 , and 2016 was $189.78 , $206.56 , and $118.31 , respectively. Such weighted average grant-date fair value was determined using the following assumptions: 2018 2017 2016 Risk-free interest rate 3.09 % 2.00 % 1.26 % Expected life in years 5.9 5.8 5.7 Expected volatility 26 % 28 % 29 % Expected dividend yield — — — The total intrinsic value of options exercised during the years ended December 31, 2018 , 2017 , and 2016 was approximately $74.3 million , $105.6 million , and $69.5 million , respectively. The total fair value of options vested during the years ended December 31, 2018 , 2017 , and 2016 was approximately $6.9 million , $8.3 million , and $7.4 million , respectively. During the fourth quarter of 2016, the Company granted 12,678 performance-based options, with a grant-date fair value of $1.5 million . Compensation expense is recognized over the five-year vesting provisions based upon the probability of the performance condition being met. The following table summarizes all restricted stock unit and performance share unit activity from December 31, 2017 through December 31, 2018 : Number of Restricted Stock Units Aggregate Intrinsic Value (in millions) Number of Performance Share Units Aggregate Intrinsic Value (in millions) Outstanding at December 31, 2017 56,389 $34.9 8,050 $5.0 Granted 16,380 4,912 Vested (20,259 ) — Forfeited (3,258 ) (148 ) Outstanding at December 31, 2018 49,252 $27.8 12,814 $7.2 The weighted average grant-date fair value of the restricted stock units granted during years ended 2018 and 2017 was $595.31 and $671.60 per unit, respectively, and the restricted units vest ratably primarily over a five -year period. The total fair value of the restricted stock units on the date of grant of $9.6 million for 2018 and $8.7 million for 2017 will be recorded as compensation expense on a straight-line basis over the vesting period. The total fair value of restricted stock units vested during the years ended December 31, 2018 , 2017 , and 2016 was approximately $7.2 million , $6.8 million , and $6.3 million , respectively. Approximately $6.8 million and $6.5 million of compensation expense was recognized during the years ended December 31, 2018 and 2017 , respectively. The Company granted performance share units with a market condition during 2018 and 2017, respectively. Grantees of performance share units will be eligible to receive shares of the Company's common stock depending upon the Company's total shareholder return relative to the performance of companies in the S&P 500 Healthcare and S&P 500 Industrials over a three-year period. The awards actually earned will range from zero to 200% of the targeted number of performance share units for the three-year performance period and will be paid, to the extent earned, in the fiscal quarter following the end of the applicable three-year performance period. These awards were valued using a Monte Carlo simulation based on the following assumptions: 2018 2017 Risk-free interest rate 3.03 % 1.73 % Expected life in years 3.0 3.0 Expected volatility 26 % 28 % Expected dividend yield — — As of the date granted, the fair value of the performance share units granted was $733.35 for 2018 and $844.39 for 2017, respectively. The total fair value of the performance share units on the date of the grant was $3.6 million for 2018 and $3.0 million for 2017 and will be recorded as compensation expense on a straight-line basis over the three -year period. At December 31, 2018 , a total of 2,182,289 shares of common stock were available for grant in the form of stock options, restricted stock units, or performance share units. As of December 31, 2018 , the unrecorded deferred share-based compensation balance related to stock options, restricted stock units, and performance share units was $51.3 million and will be recognized using a straight-line method over an estimated weighted average amortization period of 2.3 years . |
Benefit Plans
Benefit Plans | 12 Months Ended |
Dec. 31, 2018 | |
Defined Benefit Plan [Abstract] | |
Benefits Plans Disclosure | BENEFIT PLANS The Company maintains a number of retirement and other post-retirement employee benefit plans. Certain subsidiaries sponsor defined contribution plans. Benefits are determined and funded annually based upon the terms of the plans. Amounts recognized as cost under these plans amounted to $18.9 million , $17.2 million , and $15.4 million for the years ended December 31, 2018 , 2017 , and 2016 , respectively. Certain subsidiaries sponsor defined benefit plans. Benefits are provided to employees primarily based upon years of service and employees’ compensation for certain periods during the last years of employment. Prior to 2002, the Company’s U.S. operations also provided post-retirement medical benefits to their employees. Contributions for medical benefits are related to employee years of service. The following tables set forth the change in benefit obligation, the change in plan assets, the funded status, and amounts recognized in the consolidated financial statements for the Company’s defined benefit plans and post-retirement plan at December 31, 2018 and 2017 : U.S. Pension Benefits Non-U.S. Pension Benefits Other Benefits Total 2018 2017 2018 2017 2018 2017 2018 2017 Change in benefit obligation: Benefit obligation at beginning of year $ 142,571 $ 138,155 $ 918,478 $ 838,277 $ 2,673 $ 2,985 $ 1,063,722 $ 979,417 Service cost, gross 1,090 565 30,721 29,600 — — 31,811 30,165 Interest cost 4,242 4,374 8,630 8,511 66 70 12,938 12,955 Actuarial losses (gains) (10,019 ) 6,979 (40,469 ) 33,036 (167 ) 18 (50,655 ) 40,033 Plan amendments and other — — 974 (15,153 ) (8 ) 137 966 (15,016 ) Benefits paid (7,682 ) (7,502 ) (36,379 ) (30,356 ) (378 ) (537 ) (44,439 ) (38,395 ) Impact of foreign currency — — (17,860 ) 54,563 — — (17,860 ) 54,563 Benefit obligation at end of year $ 130,202 $ 142,571 $ 864,095 $ 918,478 $ 2,186 $ 2,673 $ 996,483 $ 1,063,722 Change in plan assets: Fair value of plan assets at beginning of year $ 111,567 $ 104,103 $ 808,215 $ 716,169 $ — $ — $ 919,782 $ 820,272 Actual return on plan assets (8,419 ) 14,869 (34,102 ) 49,055 — — (42,521 ) 63,924 Employer contributions 75 97 26,032 22,961 227 400 26,334 23,458 Plan participants’ contributions — — 15,176 13,503 151 137 15,327 13,640 Benefits paid (7,682 ) (7,502 ) (36,379 ) (30,356 ) (378 ) (537 ) (44,439 ) (38,395 ) Impact of foreign currency and other — — (11,532 ) 36,883 — — (11,532 ) 36,883 Fair value of plan assets at end of year $ 95,541 $ 111,567 $ 767,410 $ 808,215 $ — $ — $ 862,951 $ 919,782 Funded status $ (34,661 ) $ (31,004 ) $ (96,685 ) $ (110,263 ) $ (2,186 ) $ (2,673 ) $ (133,532 ) $ (143,940 ) Amounts recognized in the consolidated balance sheets consist of: U.S. Pension Benefits Non-U.S. Pension Benefits Other Benefits Total 2018 2017 2018 2017 2018 2017 2018 2017 Other non-current assets $ — $ — $ 46,014 $ 40,493 $ — $ — $ 46,014 $ 40,493 Accrued and other liabilities (110 ) (88 ) (4,884 ) (4,990 ) (431 ) (411 ) (5,425 ) (5,489 ) Pension and other post-retirement liabilities (34,551 ) (30,916 ) (137,815 ) (145,766 ) (1,755 ) (2,262 ) (174,121 ) (178,944 ) Accumulated other comprehensive loss (income) 61,344 61,819 260,820 254,870 (910 ) (2,365 ) 321,254 314,324 Total $ 26,683 $ 30,815 $ 164,135 $ 144,607 $ (3,096 ) $ (5,038 ) $ 187,722 $ 170,384 The following amounts have been recognized in accumulated other comprehensive income (loss), before taxes, at December 31, 2018 and have not yet been recognized as a component of net periodic pension cost: U.S. Pension Benefits Non-U.S. Pension Benefits Other Benefits Total Total, After Tax Plan amendments and prior service cost $ — $ (22,541 ) $ — $ (22,541 ) $ (17,873 ) Actuarial losses (gains) 61,344 283,361 (910 ) 343,795 266,332 Total $ 61,344 $ 260,820 $ (910 ) $ 321,254 $ 248,459 The following changes in plan assets and benefit obligations were recognized in other comprehensive income (loss), before taxes, for the year ended December 31, 2018 : U.S. Pension Benefits Non-U.S. Pension Benefits Other Benefits Total Total, After Tax Net actuarial losses (gains) $ 5,329 $ 24,637 $ (167 ) $ 29,799 $ 23,326 Plan amendment — 974 — 974 780 Amortization of: Actuarial (losses) gains (5,804 ) (21,521 ) 1,250 (26,075 ) (20,173 ) Plan amendments and prior service cost — 6,947 372 7,319 5,807 Impact of foreign currency — (5,087 ) — (5,087 ) (3,522 ) Total $ (475 ) $ 5,950 $ 1,455 $ 6,930 $ 6,218 The accumulated benefit obligations at December 31, 2018 and 2017 were $130.2 million and $142.6 million , respectively, for the U.S. defined benefit pension plan and $731.4 million and $785.7 million , respectively, for all non-U.S. plans. Certain of the plans included within non-U.S. pension benefits have accumulated benefit obligations which exceed the fair value of plan assets. The projected benefit obligation, the accumulated benefit obligation, and fair value of assets of these plans as of December 31, 2018 were $189.2 million , $179.0 million , and $46.5 million , respectively. The assumed discount rates and rates of increase in future compensation levels used in calculating the projected benefit obligations vary according to the economic conditions of the country in which the retirement plans are situated. The weighted average rates used for the purposes of the Company’s plans are as follows: U.S. Non-U.S. 2018 2017 2018 2017 Discount rate 4.11 % 3.49 % 1.22 % 0.97 % Compensation increase rate n/a n/a 0.87 % 0.87 % Expected long-term rate of return on plan assets 6.50 % 6.50 % 3.84 % 3.86 % The assumed discount rates, rates of increase in future compensation levels, and the long-term rate of return used in calculating the net periodic pension cost vary according to the economic conditions of the country in which the retirement plans are situated. The weighted average rates used for the purposes of the Company’s plans are as follows: U.S. Non-U.S. 2018 2017 2016 2018 2017 2016 Discount rate 3.49 % 3.97 % 4.27 % 0.97 % 0.98 % 1.31 % Compensation increase rate n/a n/a n/a 0.87 % 0.85 % 1.03 % Expected long-term rate of return on plan assets 6.50 % 6.75 % 7.25 % 3.86 % 4.09 % 4.58 % Net periodic pension cost and net periodic post-retirement benefit for the defined benefit plans and U.S. post-retirement plan include the following components for the years ended December 31 : U.S. Non-U.S. Other Benefits Total 2018 2017 2016 2018 2017 2016 2018 2017 2016 2018 2017 2016 Service cost, net $ 1,090 $ 565 $ 432 $ 15,545 $ 16,341 $ 16,804 $ — $ — $ — $ 16,635 $ 16,906 $ 17,236 Interest cost on projected benefit obligations 4,242 4,374 4,428 8,630 8,511 10,664 66 70 76 12,938 12,955 15,168 Expected return on plan assets (6,929 ) (6,737 ) (7,781 ) (31,005 ) (30,349 ) (33,168 ) — — — (37,934 ) (37,086 ) (40,949 ) Recognition of actuarial losses/(gains) and prior service costs 5,804 6,556 7,606 14,575 16,247 12,923 (1,623 ) (2,674 ) (4,567 ) 18,756 20,129 15,962 Settlement charge — — 7,963 — — — — — — — — 7,963 Net periodic pension cost / (benefit) $ 4,207 $ 4,758 $ 12,648 $ 7,745 $ 10,750 $ 7,223 $ (1,557 ) $ (2,604 ) $ (4,491 ) $ 10,395 $ 12,904 $ 15,380 The amounts remaining in accumulated other comprehensive income (loss) that are expected to be recognized as a component of net periodic pension cost during 2019 are as follows: U.S. Pension Benefits Non-U.S. Pension Benefits Other Benefits Total Plan amendments and prior service costs $ — $ (6,798 ) $ — $ (6,798 ) Actuarial losses (gains) 2,374 21,630 (691 ) 23,313 Total $ 2,374 $ 14,832 $ (691 ) $ 16,515 The projected post-retirement benefit obligation was principally determined using discount rates of 2.65% in 2018 and 2.55% in 2017 . Net periodic post-retirement benefit cost was principally determined using discount rates of 3.15% in 2018 , 3.41% in 2017 , and 3.54% in 2016 . The health care cost trend rate was 6.4% in 2018 , 7.0% in 2017 , and 7.5% in 2016 , decreasing to 4.50% in 2027. A one-percentage-point change in health care cost trend rates would have an immaterial impact on total service and interest cost components and the post-retirement benefit obligation. The Company’s overall asset investment strategy is to achieve long-term growth while minimizing volatility by widely diversifying among asset types and strategies. Target asset allocations and investment return criteria are established by the pension committee or designated officers of each plan. Target asset allocation ranges for the U.S. pension plan include 35 - 55% in equity securities, 18 - 28% in fixed income securities, and 20 - 40% in other types of investments. International plan assets relate primarily to the Company’s Swiss plan with target allocations of 24 - 45% in equities, 35 - 55% in fixed income securities, and 15 - 25% in other types of investments. Actual results are monitored against targets and the trustees are required to report to the members of each plan, including an analysis of investment performance on an annual basis at a minimum. Day-to-day asset management is typically performed by third-party asset managers, reporting to the pension committees or designated officers. The long-term rate of return on plan asset assumptions used to determine pension expense under U.S. GAAP is generally based on estimated future returns for the target investment mix determined by the trustees as well as historical investment performance. The following table presents the fair value measurement of the Company’s plan assets by hierarchy level: December 31, 2018 December 31, 2017 Quoted Prices in Active Markets for Identical Assets (Level 1) Observable Inputs for Identical Assets (Level 2) Unobservable Inputs (Level 3) Total Quoted Prices in Active Markets for Identical Assets (Level 1) Observable Inputs for Identical Assets (Level 2) Unobservable Inputs (Level 3) Total Asset Category: Cash and Cash Equivalents $ 111,484 $ — $ — $ 111,484 $ 154,751 $ — $ — $ 154,751 Equity Securities: Mettler-Toledo Stock 2,436 — — 2,436 3,154 — — 3,154 Equity Mutual Funds: U.S. (1) 4,989 22,569 — 27,558 6,011 27,984 — 33,995 International (2) 68,544 45,892 — 114,436 80,836 61,341 — 142,177 Emerging Markets (3) 95,146 692 — 95,838 100,346 1,096 — 101,442 Fixed Income Securities: Corporate/Government Bonds (4) 71,644 — — 71,644 72,334 — — 72,334 Fixed Income Mutual Funds: Insurance Contracts (5) — 22,852 1,461 24,313 — 23,421 1,514 24,935 Core Bond (6) 95,493 54,448 — 149,941 136,157 57,499 — 193,656 Real Asset Mutual Funds: Real Estate (7) 83,879 13,838 — 97,717 79,218 8,836 — 88,054 Commodities (8) 40,267 — — 40,267 37,302 — — 37,302 Other Types of Investments: Debt Securities (9) 38,616 — — 38,616 — — — — Global Allocation Funds (10) 11,195 10,562 — 21,757 11,781 12,545 — 24,326 Insurance Linked Securities (11) 18,664 — — 18,664 12,147 — — 12,147 Total assets in fair value hierarchy $ 642,357 $ 170,853 $ 1,461 $ 814,671 $ 694,037 $ 192,722 $ 1,514 $ 888,273 Investments measured at net asset value: International (2) 2,792 — Emerging Markets (3) 4,889 5,950 Multi-Strategy Fund of Hedge Funds (12) 40,599 25,559 Total pension assets at fair value $ 862,951 $ 919,782 _______________________________________ (1) Represents primarily large capitalization equity mutual funds tracking the S&P 500 Index. (2) Represents all capitalization core and value equity mutual funds located primarily in Switzerland, the United Kingdom, and Canada. (3) Represents core and growth mutual funds and funds of mutual funds invested in emerging markets primarily in Eastern Europe, Latin America, and Asia. (4) Represents investments in high-grade corporate and government bonds located in Switzerland and the European Union. (5) Represents fixed and variable rate annuity contracts provided by insurance companies. (6) Represents fixed income mutual funds invested in the U.S., the United Kingdom, Switzerland, and European government bonds, high-grade corporate bonds, mortgage-backed securities, and collateralized mortgage obligations. (7) Represents mutual funds invested in real estate located primarily in Switzerland. (8) Represents commodity funds invested across a broad range of sectors. (9) Represents a loan to a wholly owned subsidiary of the Company. See Note 10 for additional disclosure. (10) Represents mutual funds invested globally in both equities and fixed income securities. (11) Represents a broadly diversified portfolio of assets that carry exposure to insurance risks, particularly insurance linked securities. (12) Represents investments in underlying globally diversified hedge funds. Investments that are measured using the net asset value (NAV) per share practical expedient have not been categorized in the fair value hierarchy. The amounts presented above are intended to permit reconciliation of the fair value hierarchy to the fair value of total plan assets in order to determine the amounts included in the consolidated balance sheet. The fair value of the Company’s stock and corporate and government bonds are valued at the year-end closing price as reported on the securities exchange on which they are traded. Mutual funds are valued at the exchange-listed year end closing price or at the net asset value of shares held by the fund at the end of the year. Insurance contracts are valued by discounting the related cash flows using a current year end market rate or at cash surrender value, which is presumed to equal fair value. Funds of hedge funds are valued at the net asset value of shares held by the fund at the end of the year. The following table presents a roll-forward of activity for the years ended December 31, 2018 and 2017 for Level 3 asset categories: Commodities Insurance Contract Total Balance at December 31, 2016 $ 5,594 $ 1,300 $ 6,894 Actual return on plan assets related to assets held at end of year — 21 21 Sales (5,711 ) (98 ) (5,809 ) Purchases — 108 108 Impact of foreign currency 117 183 300 Balance at December 31, 2017 $ — $ 1,514 $ 1,514 Actual return on plan assets related to assets held at end of year — 14 14 Sales — (85 ) (85 ) Purchases — 82 82 Impact of foreign currency — (64 ) (64 ) Balance at December 31, 2018 $ — $ 1,461 $ 1,461 There were no transfers between any asset levels during the years ended December 31, 2018 and 2017 . The following benefit payments, which reflect expected future service as appropriate, are expected to be paid: U.S. Pension Benefits Non-U.S. Pension Benefits Other Benefits Net of Subsidy Total 2019 $ 8,051 $ 43,494 $ 431 $ 51,976 2020 8,247 43,111 249 51,607 2021 8,396 45,220 231 53,847 2022 8,546 43,543 207 52,296 2023 8,698 44,397 180 53,275 2024-2028 43,532 222,671 666 266,869 In 2019, the Company expects to make employer pension contributions of approximately $25.3 million to its non-U.S. pension plan and employer contributions of approximately $0.4 million to its U.S. post-retirement medical plan. |
Taxes
Taxes | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure | TAXES The sources of the Company’s earnings before taxes were as follows for the years ended December 31 : 2018 2017 2016 United States $ 60,043 $ 45,105 $ 37,363 Non-United States 591,815 529,117 466,830 Earnings before taxes $ 651,858 $ 574,222 $ 504,193 The provisions for taxes consist of: Current Deferred Total Year ended December 31, 2018: United States federal $ 3,422 $ (4,699 ) $ (1,277 ) State and local 5,073 (161 ) 4,912 Non-United States 128,450 7,162 135,612 Total $ 136,945 $ 2,302 $ 139,247 Year ended December 31, 2017: United States federal $ 55,660 $ 10,173 $ 65,833 State and local 361 3,471 3,832 Non-United States 144,974 (16,389 ) 128,585 Total $ 200,995 $ (2,745 ) $ 198,250 Year ended December 31, 2016: United States federal $ 20,116 $ (4,817 ) $ 15,299 State and local 2,947 1,149 4,096 Non-United States 94,882 5,546 100,428 Total $ 117,945 $ 1,878 $ 119,823 The provisions for tax expense differed from the amounts computed by applying the United States federal income tax rate of 21% for the year ended December 31, 2018 and 35% for the years ended December 31, 2017 and 2016 to earnings before taxes as a result of the following: 2018 2017 2016 Expected tax $ 136,890 $ 200,978 $ 176,467 United States state and local income taxes, net of federal income tax benefit 2,787 376 3,064 Net effect of U.S. tax reform (see below) 3,597 71,982 — Non-United States income taxes at other than U.S. federal rate 12,710 (43,691 ) (65,917 ) Excess tax benefits from stock option exercises (13,836 ) (35,171 ) — Effect of Biotix contingent consideration settlement (4,394 ) — — Other, net 1,493 3,776 6,209 Total provision for taxes $ 139,247 $ 198,250 $ 119,823 The Company's reported effective tax rate was 21.4% in 2018, 34.5% in 2017, and 23.8% in 2016. As discussed below, the provision for income taxes included charges of $3.6 million in 2018 and $72 million in 2017 related to the Tax Cuts and Jobs Act ("the Act") which had the effect of increasing our effective tax rate by 0.6% and 12.5% in 2018 and 2017, respectively. The 2018 effective tax rate also included a benefit of 0.7% associated with the one-time gain related to the settlement of the Biotix contingent consideration. On December 22, 2017, the Act significantly revised U.S. corporate income tax law. The Act included, among other things, a reduction in the U.S. federal corporate income tax rate from 35% to 21% effective for taxable years beginning after December 31, 2017, and the implementation of a modified territorial tax system that included a one-time transition tax on deemed repatriated earnings of foreign subsidiaries ("Transition Tax") that is payable over a period of up to eight years. The Company recorded charges of $3.6 million in 2018 and $72 million in 2017 relating to the Act. Of these amounts, $62 million is expected to be payable over a period of up to eight years of which $46 million is included as a component of other non-current liabilities, $8 million is included in deferred tax liabilities, $4 million is included in taxes payable and $4.2 million has been paid. The components of the Company's charges included: • Cash charges of $62 million for un-repatriated foreign earnings due to the estimated Transition Tax of $54 million , and $8 million of foreign withholding taxes, and U.S. federal, state, and local taxes related to the reassessment of planned repatriation of certain foreign earnings that were previously determined to be permanently reinvested. All other undistributed earnings were considered permanently reinvested. • A non-cash charge of $13 million primarily related to changes in the treatment of certain deferred tax items and other non-cash items. The effect of remeasuring the U.S. net deferred tax balances resulting from the reduction of the U.S. income tax rate from 35% to 21% was immaterial. The Company's accounting for the above items was based upon reasonable estimates of the tax effects of the Act, and its evaluation of recently issued regulatory guidance. During the fourth quarter of 2018, additional regulatory guidance was issued which clarified, among other things, the definition of cash equivalents used in the computation of the Transition Tax. As a result, the Company recorded a charge of $3.6 million during the year ended December 31, 2018 that primarily related to an increase in the Transition Tax obligation. The increased Transition Tax is payable over a period of eight years beginning in 2018. In January 2019, further interpretive regulatory guidance was issued relating to Transition Tax. The Company has yet to complete its analysis of this recently issued guidance, but does not expect a material impact to its financial position, results of operations, or cash flows. The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are presented below at December 31 : 2018 2017 Deferred tax assets: Inventory $ 15,078 $ 13,779 Accrued and other liabilities 65,879 62,175 Accrued post-retirement benefit and pension costs 50,496 55,545 Net operating loss and tax credit carryforwards 30,696 32,247 Other 17,397 12,099 Total deferred tax assets 179,546 175,845 Less valuation allowance (15,084 ) (12,857 ) Total deferred tax assets less valuation allowance 164,462 162,988 Deferred tax liabilities: Inventory 4,890 4,730 Property, plant, and equipment 47,451 50,440 Acquired intangibles amortization 66,386 66,755 Prepaid post-retirement benefit and pension costs 31,473 27,747 International earnings 18,680 23,121 Unrealized currency gains 9,334 — Total deferred tax liabilities 178,214 172,793 Net deferred tax (liability) asset $ (13,752 ) $ (9,805 ) The increase in the valuation allowance during 2018 is primarily attributable to increases in valuation allowances against the Company's foreign tax credit carryforwards. Upon adoption of ASU 2016-09 in the first quarter of 2017, the Company recorded $69 million in additional deferred tax assets related primarily to U.S. tax credit carryforwards which arose directly from tax deductions for share-based compensation arrangements, against which a full valuation allowance was recorded in the first quarter and subsequently released in the fourth quarter, along with $11 million of other pre-existing valuation allowances, in connection with the determination of the Transition Tax related to the Act as described above. The Company continues to record valuation allowances related to certain of its deferred income tax assets due to the uncertainty of the ultimate realization of future benefits from such assets. The potential decrease or increase of the valuation allowance in the near term is dependent on the future ability of the Company to realize the deferred tax assets that are affected by the future profitability of operations in various worldwide jurisdictions. A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows: 2018 2017 Unrecognized tax benefits at beginning of year $ 24,090 $ 20,240 Increases related to current tax positions 7,638 2,484 Increases (decreases) related to prior year tax positions (605 ) 1,434 Decreases relating to taxing authority settlements (4,454 ) (856 ) Decreases resulting from a lapse of the applicable statute of limitations (505 ) (186 ) Other, net (488 ) 974 Unrecognized tax benefits at end of year $ 25,676 $ 24,090 Included in the balance of unrecognized tax benefits at December 31, 2018 and 2017 were $25.7 million and $24.1 million , respectively, of tax benefits that if recognized would reduce the Company’s effective tax rate. The Company recognizes accrued amounts of interest and penalties related to its uncertain tax positions as part of its income tax expense within its consolidated statement of operations. The amount of accrued interest and penalties included within other non-current liabilities within the Company’s consolidated balance sheet as of December 31, 2018 and 2017 was $3.7 million and $2.8 million , respectively. The Company believes that it is reasonably possible that the unrecognized tax benefit balance could change over the next twelve months, primarily related to potential disputes raised by the taxing authorities over income and expense recognition. The Company does not expect a change would have a material impact on its financial position, results of operations, or cash flows. The Company plans to repatriate earnings from China, Switzerland, Germany, the United Kingdom, and certain other countries in future years and believes that there will be no additional tax costs associated with the repatriation of such foreign earnings other than non-U.S. withholding taxes, certain state taxes and U.S. taxes on currency gains, if any for which a deferred tax liability has been recorded. All other undistributed earnings not subject to the Transition Tax, any additional outside basis difference inherent in these entities and the contributed capital of our foreign subsidiaries, are considered to be permanently reinvested on which no U.S. deferred income taxes or foreign withholding taxes have been provided. It is not practicable to estimate the amount of deferred tax liability related to these undistributed earnings and additional outside basis differences in these entities due to the complexity of the calculation and the uncertainty regarding assumptions necessary to compute the tax. As of December 31, 2018 , the major jurisdictions for which the Company is subject to examinations are Germany for years after 2015 , the United States after 2014, France after 2017, Switzerland after 2016, the United Kingdom after 2016, and China after 2017. Additionally, the Company is currently under examination in various taxing jurisdictions in which it conducts business operations. While the Company has not yet received any material assessments from these taxing authorities, the Company believes that adequate amounts of taxes and related interest and penalties have been provided for any adverse adjustments as a result of these examinations and that the ultimate outcome of these examinations will not result in a material impact on the Company’s consolidated results of operations or financial position. |
Restructuring Charges
Restructuring Charges | 12 Months Ended |
Dec. 31, 2018 | |
Restructuring Charges [Abstract] | |
Restructuring and Related Activities Disclosure | RESTRUCTURING CHARGES During the past few years, we initiated cost reduction measures. For the years ended December 31, 2018 and 2017 , we have incurred $18.4 million and $12.8 million , respectively, of restructuring expenses which primarily comprise employee related costs. Liabilities related to restructuring activities are included in accrued and other liabilities in the consolidated balance sheet. A roll-forward of the Company’s accrual for restructuring activities for the years ended December 31, 2018 and 2017 is as follows: Total Balance at December 31, 2016 $ 9,531 Restructuring charges 12,772 Cash payments / utilization (12,663 ) Impact of foreign currency 980 Balance at December 31, 2017 $ 10,620 Restructuring charges 18,420 Cash payments / utilization (20,820 ) Impact of foreign currency (248 ) Balance at December 31, 2018 $ 7,972 |
Other Charges (Income), Net
Other Charges (Income), Net | 12 Months Ended |
Dec. 31, 2018 | |
Other Income and Expenses [Abstract] | |
Other Charges (Income), Net Disclosure | OTHER CHARGES (INCOME), NET Other charges (income), net consisted of net income of $21.8 million , $9.9 million and $1.3 million in 2018, 2017 and 2016 , respectively. Other charges (income), net includes non-service pension costs (benefits), net (gains) losses from foreign currency transactions and hedging activities, interest income, and other items. Non-service pension benefits were $6.2 million , $4.0 million and $9.8 million in 2018, 2017 and 2016, respectively. Other charges (income), net in 2018 also includes a one-time gain of $18.7 million associated with the settlement of the Biotix acquisition contingent consideration, as well as a one-time legal charge of $3.0 million . Other charges (income), net includes $1.7 million and $1.1 million of acquisition costs during 2017 and 2016, respectively. Other charges (income), net for 2017 also includes a one-time gain of $3.4 million relating to the sale of a facility in Switzerland in connection with our initiative to consolidate certain Swiss operations into a new facility, while 2016 includes a one-time non-cash pension settlement charge of $8.2 million related to a lump sum offering to former employees of our U.S. pension plan. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2018 | |
Leases, Operating [Abstract] | |
Commitments and Contingencies Disclosure | COMMITMENTS AND CONTINGENCIES Operating Leases The Company leases certain of its facilities and equipment under operating leases. The future minimum lease payments under non-cancelable operating leases are as follows at December 31, 2018 : 2019 $ 32,113 2020 23,771 2021 16,986 2022 9,855 2023 7,435 Thereafter 5,081 Total $ 95,241 Rent expense for operating leases amounted to $38.9 million , $36.9 million , and $34.9 million for the years ended December 31, 2018 , 2017 , and 2016 , respectively. Legal The Company is party to various legal proceedings, including certain environmental matters, incidental to the normal course of business. Management does not expect that any of such proceedings will have a material adverse effect on the Company’s financial condition, results of operations, or cash flows. |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure | SEGMENT REPORTING The Company has five reportable segments: U.S. Operations, Swiss Operations, Western European Operations, Chinese Operations, and Other. U.S. Operations represent certain of the Company’s marketing and producing organizations located in the United States. Western European Operations include the Company’s marketing and producing organizations in Western Europe, excluding operations located in Switzerland. Swiss Operations include marketing and producing organizations located in Switzerland as well as extensive R&D operations that are responsible for the development, production, and marketing of precision instruments, including weighing, analytical, and measurement technologies for use in a variety of laboratory and industrial applications. Chinese Operations represent the Company’s marketing and producing organizations located in China. The Company’s market organizations are geographically focused and are responsible for all aspects of the Company’s sales and service. Operations that exist outside these reportable segments are included in Other. The accounting policies of the operating segments are the same as those described in the summary of significant accounting policies. The Company evaluates performance based on segment profit for segment reporting (gross profit less research and development and selling, general, and administrative expenses, before amortization, interest expense, restructuring charges, other charges (income), net, and taxes). Inter-segment sales and transfers are priced to reflect consideration of market conditions and the regulations of the countries in which the transferring entities are located. The following tables show the operations of the Company’s reportable segments: For the Year Ended December 31, 2018 Net Sales to External Customers Net Sales to Other Segments Total Net Sales Segment Profit Depreciation Total Assets Purchase of Property, Plant, and Equipment Goodwill U.S. Operations $ 1,007,798 $ 104,458 $ 1,112,256 $ 161,615 $ 10,425 $ 2,113,268 $ (27,896 ) $ 410,021 Swiss Operations 134,064 628,529 762,593 202,027 5,835 1,471,625 (1,123 ) 21,994 Western European Operations 718,788 176,995 895,783 122,574 4,173 983,809 (16,879 ) 87,242 Chinese Operations 525,109 242,452 767,561 270,668 7,869 1,237,248 (13,248 ) 644 Other (a) 549,827 6,543 556,370 78,317 3,774 319,070 (8,342 ) 14,879 Eliminations and Corporate (b) — (1,158,977 ) (1,158,977 ) (104,696 ) 5,091 (3,506,173 ) (75,238 ) — Total $ 2,935,586 $ — $ 2,935,586 $ 730,505 $ 37,167 $ 2,618,847 $ (142,726 ) $ 534,780 For the Year Ended December 31, 2017 Net Sales to External Customers Net Sales to Other Segments Total Net Sales Segment Profit Depreciation Total Assets Purchase of Property, Plant, and Equipment Goodwill U.S. Operations $ 944,825 $ 99,117 $ 1,043,942 $ 177,705 $ 7,659 $ 1,937,688 $ (38,969 ) $ 409,520 Swiss Operations 133,925 563,083 697,008 174,447 5,551 1,374,150 (19,589 ) 22,171 Western European Operations 673,776 170,820 844,596 123,841 4,052 1,805,294 (7,094 ) 91,927 Chinese Operations 452,617 232,882 685,499 231,860 7,168 1,068,811 (13,246 ) 690 Other (a) 519,910 7,934 527,844 72,681 3,474 310,667 (4,131 ) 15,530 Eliminations and Corporate (b) — (1,073,836 ) (1,073,836 ) (127,952 ) 5,554 (3,946,805 ) (44,397 ) — Total $ 2,725,053 $ — $ 2,725,053 $ 652,582 $ 33,458 $ 2,549,805 $ (127,426 ) $ 539,838 For the Year Ended December 31, 2016 Net Sales to External Customers Net Sales to Other Segments Total Net Sales Segment Profit Depreciation Total Assets Purchase of Property, Plant, and Equipment Goodwill U.S. Operations $ 867,962 $ 90,580 $ 958,542 $ 161,539 $ 6,094 $ 1,747,338 $ (52,255 ) $ 357,785 Swiss Operations 130,674 524,983 655,657 163,663 6,199 1,212,637 (7,260 ) 21,239 Western European Operations 640,558 176,501 817,059 129,001 4,048 1,120,751 (6,857 ) 82,500 Chinese Operations 386,541 219,766 606,307 187,924 6,879 702,571 (16,288 ) 636 Other (a) 482,522 7,709 490,231 64,146 3,461 277,476 (4,540 ) 14,218 Eliminations and Corporate (b) — (1,019,539 ) (1,019,539 ) (133,095 ) 6,062 (2,893,996 ) (36,757 ) — Total $ 2,508,257 $ — $ 2,508,257 $ 573,178 $ 32,743 $ 2,166,777 $ (123,957 ) $ 476,378 (a) Other includes reporting units in Southeast Asia, Latin America, Eastern Europe, and other countries. (b) Eliminations and Corporate includes the elimination of inter-segment transactions as well as certain corporate expenses and intercompany investments, which are not included in the Company’s operating segments. A reconciliation of earnings before taxes to segment profit follows: 2018 2017 2016 Earnings before taxes $ 651,858 $ 574,222 $ 504,193 Amortization 47,524 42,671 36,052 Interest expense 34,511 32,785 28,026 Restructuring charges 18,420 12,772 6,235 Other charges (income), net (21,808 ) (9,868 ) (1,328 ) Segment profit $ 730,505 $ 652,582 $ 573,178 During 2018 , restructuring charges of $18.4 million were recognized, of which $11.0 million , $4.0 million , $2.8 million , $0.3 million , and $0.3 million relate to the Company’s U.S., Swiss, Western European, Chinese, and Other Operations, respectively. Restructuring charges of $12.8 million were recognized in 2017 , of which $6.2 million , $1.8 million , $3.0 million , $0.8 million , and $1.0 million relate to the Company's U.S., Swiss, Western European, Chinese, and Other Operations, respectively. The Company sells precision instruments, including weighing instruments and certain analytical and measurement technologies, and related services to a variety of customers and industries. None of these end-customers account for more than 1% of net sales. Service revenues are primarily derived from repair and other services including regulatory compliance qualification, calibration, certification, and preventative maintenance. A breakdown of the Company's sales by product category for the years ended December 31 follows: 2018 2017 2016 Laboratory $ 1,504,600 $ 1,358,493 $ 1,225,000 Industrial 1,211,362 1,158,335 1,067,858 Retail 219,624 208,225 215,399 Total net sales $ 2,935,586 $ 2,725,053 $ 2,508,257 In certain circumstances, our reporting units sell directly into other geographies. A breakdown of net sales to external customers by geographic customer destination and property, plant, and equipment by geographic destination for the years ended December 31 follows: Net Sales Property, Plant, and Equipment, Net 2018 2017 2016 2018 2017 United States $ 933,419 $ 888,241 $ 815,153 $ 234,395 $ 220,401 Other Americas 172,537 162,672 153,607 2,946 3,406 Total Americas 1,105,956 1,050,913 968,760 237,341 223,807 Germany 205,296 192,126 182,644 48,030 49,376 France 141,513 130,427 118,681 7,810 6,386 United Kingdom 70,378 64,361 61,513 17,347 19,617 Switzerland 65,377 63,090 62,115 293,388 259,007 Other Europe 426,209 399,923 374,008 12,791 8,050 Total Europe 908,773 849,927 798,961 379,366 342,436 China 506,360 439,373 374,996 87,643 92,269 Rest of World 414,497 384,840 365,540 13,176 9,759 Total Asia/Rest of World 920,857 824,213 740,536 100,819 102,028 Total $ 2,935,586 $ 2,725,053 $ 2,508,257 $ 717,526 $ 668,271 |
Quarterly Financial Data (Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2018 | |
QUARTERLY FINANCIAL DATA (UNAUDITED) [Abstract] | |
Quarterly Financial Information Disclosure | QUARTERLY FINANCIAL DATA (UNAUDITED) Quarterly financial data for the years ended December 31, 2018 and 2017 are as follows: First Quarter Second Quarter Third Quarter Fourth Quarter 2018 Net sales $ 660,821 $ 721,996 $ 734,846 $ 817,923 Gross profit $ 374,933 $ 412,625 $ 419,254 $ 477,566 Net earnings $ 93,304 $ 111,468 $ 126,653 $ 181,186 Basic earnings per common share: Net earnings $ 3.66 $ 4.41 $ 5.04 $ 7.25 Weighted average number of common shares 25,468,323 25,299,414 25,126,061 24,975,303 Diluted earnings per common share: Net earnings $ 3.58 $ 4.31 $ 4.93 $ 7.11 Weighted average number of common and common equivalent shares 26,095,647 25,867,383 25,683,365 25,490,270 Market price per share: High $ 692.30 $ 595.14 $ 617.94 $ 645.33 Low $ 566.87 $ 546.43 $ 559.44 $ 524.03 2017 Net sales $ 594,567 $ 653,656 $ 698,799 $ 778,031 Gross profit $ 343,389 $ 375,612 $ 400,975 $ 455,775 Net earnings $ 92,466 $ 101,580 $ 104,950 $ 76,976 Basic earnings per common share: Net earnings $ 3.57 $ 3.94 $ 4.10 $ 3.01 Weighted average number of common shares 25,932,112 25,751,374 25,613,433 25,562,542 Diluted earnings per common share: Net earnings $ 3.48 $ 3.84 $ 3.99 $ 2.93 Weighted average number of common and common equivalent shares 26,586,061 26,439,529 26,303,529 26,229,052 Market price per share: High $ 486.90 $ 601.16 $ 635.17 $ 689.11 Low $ 414.52 $ 473.87 $ 571.25 $ 606.80 |
Schedule II Valuation and Quali
Schedule II Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2018 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule of Valuation and Qualifying Accounts Disclosure | Schedule II — Valuation and Qualifying Accounts (in thousands) Column A Column B Column C Column D Column E Additions (1) (2) Balance at the Beginning of Period Charged to Costs and Expenses Charged to Other Accounts Balance at End of Period Description -Deductions- Note (A) Note (B) Accounts receivable — allowance for doubtful accounts: Year ended December 31, 2018 $ 15,549 $ 1,167 $ (678 ) $ 569 $ 15,469 Year ended December 31, 2017 $ 14,234 $ 1,403 $ 1,005 $ 1,093 $ 15,549 Year ended December 31, 2016 $ 14,435 $ 1,087 $ (760 ) $ 528 $ 14,234 Deferred tax valuation allowance: Year ended December 31, 2018 $ 12,857 $ — $ 3,023 $ 796 $ 15,084 Year ended December 31, 2017 $ 10,730 $ 9,513 $ 72,170 $ 79,556 $ 12,857 Year ended December 31, 2016 $ 25,435 $ — $ — $ 14,705 $ 10,730 _______________________________________ Note (A) For accounts receivable, amounts comprise currency translation adjustments. For deferred tax valuation allowance in 2018 , 2017 , and 2016 , amounts relate primarily to changes in foreign tax credit carryforwards and R&D credit carryforwards. Note (B) For accounts receivable, amounts represent excess of uncollectible balances written off over recoveries of accounts previously written off. For deferred tax valuation allowance, the decrease in 2017 and 2016 relates primarily to decreases in foreign tax credit and R&D credit carryforwards. Amounts in 2017 include certain excess tax benefits resulting from the adoption of ASU 2016-09, offset by the effects of the 2017 Tax Act. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Summary of Significant Accounting Policies [Abstract] | |
Cash and Cash Equivalents, Policy | Cash and Cash Equivalents Cash and cash equivalents include highly liquid investments with original maturity dates of three months or less. The carrying value of these cash equivalents approximates fair value. |
Trade Accounts Receivable, Policy | Trade Accounts Receivable Trade accounts receivable are recorded at the invoiced amount and do not bear interest. The allowance for doubtful accounts represents the Company’s best estimate of probable credit losses in its existing trade accounts receivable. The Company determines the allowance based upon a review of both specific accounts for collection and the age of the accounts receivable portfolio. |
Inventories, Policy | Inventories Inventories are valued at the lower of cost or net realizable value. Cost, which includes direct materials, labor, and overhead, is generally determined using the first in, first out (FIFO) method. The estimated net realizable value is based on assumptions for future demand and related pricing. Adjustments to the cost basis of the Company’s inventory are made for excess and obsolete items based on usage, orders, and technological obsolescence. If actual market conditions are less favorable than those projected by management, reductions in the value of inventory may be required. |
Property, Plant and Equipment, Policy | Long-Lived Assets a) Property, Plant, and Equipment Property, plant, and equipment are stated at cost less accumulated depreciation. Repair and maintenance costs are charged to expense as incurred. The Company expenses all internal-use software costs incurred in the preliminary project stage and capitalizes certain direct costs associated with the development and purchase of internal-use software within property, plant, and equipment. Capitalized costs are amortized on a straight-line basis over the estimated useful lives of the software, generally not exceeding 10 years. Depreciation and amortization are charged on a straight-line basis over the estimated useful lives of the assets as follows: Buildings and improvements 15 to 50 years Machinery and equipment 3 to 12 years Computer software 3 to 10 years Leasehold improvements Shorter of useful life or lease term |
Goodwill and Intangible Assets, Policy | b) Goodwill and Other Intangible Assets Goodwill, representing the excess of purchase price over the net asset value of companies acquired, and indefinite-lived intangible assets are not amortized, but are reviewed for impairment annually in the fourth quarter, or more frequently if events or changes in circumstances indicate that an asset might be impaired. The annual evaluations of goodwill and indefinite-lived intangible assets are generally based on an assessment of qualitative factors to determine whether it is more likely than not that the fair value of the asset is less than its carrying amount. If the Company is unable to conclude whether the goodwill asset is not impaired after considering the totality of events and circumstances during its qualitative assessment, the Company performs the first step of the two-step impairment test by estimating the fair value of the goodwill asset and comparing the fair value to the carrying amount of the goodwill asset. If the carrying amount of the goodwill asset exceeds its fair value, then the Company performs the second step of the impairment test to measure the amount of the impairment loss, if any. If the Company is unable to conclude whether the indefinite-lived intangible asset is not impaired after considering the totality of events and circumstances, the Company performs an impairment test to measure the amount of the impairment loss, if any. Other intangible assets include indefinite-lived assets and assets subject to amortization. Where applicable, amortization is charged on a straight-line basis over the expected period to be benefited. The straight-line method of amortization reflects an appropriate allocation of the cost of the intangible assets to earnings in proportion to the amount of economic benefits obtained by the Company in each reporting period. The Company assesses the initial acquisition of intangible assets in accordance with the provisions of ASC 805 "Business Combinations" and the continued accounting for previously recognized intangible assets and goodwill in accordance with the provisions of ASC 350 "Intangible - Goodwill and Other" and ASC 360 "Property, Plant, and Equipment." |
Accounting for Impairment of Long Lived Assets, Policy | Accounting for Impairment of Long-Lived Assets The Company assesses the need to record impairment losses on long-lived assets (asset group) with finite lives when events or changes in circumstances indicate that the carrying amount of assets may not be recoverable. An impairment loss would be recognized when future estimated undiscounted cash flows expected to result from use and eventually disposition of that asset (asset group) are less than the asset’s carrying value, with the loss measured as the difference between carrying value and estimated fair value. |
Income Tax, Policy | Taxation The Company files tax returns in each jurisdiction in which it operates. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities, their respective tax bases, and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates in the respective jurisdictions in which the Company operates. In assessing the ability to realize deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred taxes are not provided on the unremitted earnings of subsidiaries outside of the United States when it is expected that these earnings are permanently reinvested. Such earnings may become taxable upon the sale or liquidation of these subsidiaries or upon the remittance of dividends. Deferred taxes are provided when the Company no longer considers subsidiary earnings to be permanently invested, such as in situations where the Company’s subsidiaries plan to make future dividend distributions. In accordance with the Tax Cuts and Jobs Act, the Company treats taxes due on future Global Intangible Low-Taxed Income ("GILTI") inclusions in U.S. taxable income as a current period expense when incurred. The Company recognizes accrued amounts of interest and penalties related to its uncertain tax positions as part of income tax expense within its consolidated statement of operations. |
Currency Transactions and Translations Policy | Currency Translation and Transactions The reporting currency for the consolidated financial statements of the Company is the U.S. dollar. The functional currency for the Company’s operations is generally the applicable local currency. Accordingly, the assets and liabilities of companies whose functional currency is other than the U.S. dollar are included in the consolidated financial statements by translating the assets and liabilities into the reporting currency at the exchange rates applicable at the end of the reporting period. The statements of operations and cash flows of such non-U.S. dollar functional currency operations are translated at the monthly weighted average exchange rates during the year. Translation gains or losses are accumulated in other comprehensive income (loss) in the consolidated statements of shareholders’ equity. Transaction gains and losses are included as a component of net earnings or in certain circumstances as a component of other comprehensive income (loss) where the underlying item is considered a hedge of a net investment or relates to intercompany notes that are long-term in nature. |
Revenue Recognition, Policy | Revenue Recognition Product revenue is recognized from contracts with customers when a customer has obtained control of a product. The Company considers control to have transferred based upon shipping terms. To the extent the Company’s contracts have a separate performance obligation, revenue related to any post-shipment performance obligation is deferred until completed. Shipping and handling costs charged to customers are included in total net sales and the associated expense is a component of cost of sales. Certain products are also sold through indirect distribution channels whereby the distributor assumes any further obligations to the end customer. Revenue is recognized on these distributor arrangements upon transfer of control to the distributor. Contracts do not contain variable pricing arrangements that are retrospective, except for rebate programs. Rebates are estimated based on expected sales volumes and offset against revenue at the time such revenue is recognized. The Company generally maintains the right to accept or reject a product return in its terms and conditions and also maintains appropriate accruals for outstanding credits. The related provisions for estimated returns and rebates are immaterial to the consolidated financial statements. Certain of the Company’s product arrangements include separate performance obligations, primarily related to installation. Such performance obligations are accounted for separately when the deliverables have stand-alone value and the satisfaction of the undelivered performance obligations is probable and within the Company's control. The allocation of revenue between the performance obligations is based on the observable stand-alone selling prices at the time of the sale in accordance with a number of factors including service technician billing rates, time to install, and geographic location. Software is generally not considered a distinct performance obligation with the exception of a few small software applications. The Company generally does not sell software products without the related hardware instrument as the software is embedded in the product. The Company’s products typically require no significant production, modification, or customization of the hardware or software that is essential to the functionality of the products. Service revenue not under contract is recognized upon the completion of the service performed. Revenue from spare parts sold on a stand-alone basis is recognized when control is transferred to the customer, which is generally at the time of shipment or delivery. Revenue from service contracts is recognized ratably over the contract period using a time-based method. These contracts represent an obligation to perform repair and other services including regulatory compliance qualification, calibration, certification, and preventative maintenance on a customer’s pre-defined equipment over the contract period. |
Research and Development Expense, Policy | Research and Development Research and development costs primarily consist of salaries, consulting, and other costs. The Company expenses these costs as incurred. |
Warranty, Policy | Warranty The Company generally offers one -year warranties on most of its products. Product warranties are recorded at the time revenue is recognized. While the Company engages in extensive product quality programs and processes, its warranty obligations are affected by product failure rates, material usage, and service costs incurred in correcting a product failure. |
Employee Termination Benefits, Policy | Employee Termination Benefits In situations where contractual termination benefits exist, the Company records accruals for employee termination benefits when it is probable that a liability has been incurred and the amount of the liability is reasonably estimable. All other employee termination arrangements are recognized and measured at their fair value at the communication date unless the employee is required to render additional service beyond the legal notification period, in which case the liability is recognized ratably over the future service period. |
Earnings per Common Share, Policy | Earnings per Common Share In accordance with the treasury stock method, the Company has included 565,650 , 680,208 , and 506,137 common equivalent shares in the calculation of diluted weighted average number of common shares for the years ended December 31, 2018 , 2017 , and 2016 , respectively, relating to outstanding stock options and restricted stock units. Outstanding options and restricted stock units to purchase or receive 63,019 , 9,824 , and 102,017 shares of common stock for the years ended December 31, 2018 , 2017 , and 2016 , respectively, have been excluded from the calculation of diluted weighted average number of common and common equivalent shares as such options and restricted stock units would be anti-dilutive. |
Equity Based Compensation, Policy | Equity-Based Compensation The Company applies the fair value methodology in accounting for its equity-based compensation plan. |
Derivatives Financial Instruments, Policy | Derivative Financial Instruments The Company has limited involvement with derivative financial instruments and does not use them for trading purposes. As described more fully in Note 6, the Company enters into foreign currency forward exchange contracts to economically hedge certain short-term intercompany balances involving its international businesses. Such contracts limit the Company’s exposure to currency fluctuations on the underlying hedged item. These contracts are adjusted to fair market value as of each balance sheet date, with the resulting changes in fair value being recognized in other charges (income), consistent with the underlying hedged item. The Company also enters into interest rate swap agreements and cross currency swaps in order to manage its exposure to changes in interest rates. The differential paid or received on interest rate swap agreements is recognized as incurred in interest expense over the life of the hedge agreements. Floating to fixed interest rate swap agreements are accounted for as cash flow hedges. Changes in fair value of outstanding interest rate swap agreements that are effective as cash flow hedges are initially recognized in other comprehensive income as incurred. |
Fair Value Measurements, Policy | Fair Value Measurements The Company measures or monitors certain assets and liabilities on a fair value basis. Fair value is used on a recurring basis for assets and liabilities in which fair value is the primary basis of accounting, mainly derivative instruments. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact and considers assumptions that market participants would use when pricing the asset or liability. The Company applies the fair value hierarchy established under U.S. GAAP and when possible looks to active and observable markets to price identical assets and liabilities. If identical assets and liabilities are not traded in active markets, the Company looks to observable market data for similar assets and liabilities. |
Business Combinations Policy [Policy Text Block] | Business Combinations and Asset Acquisitions The Company accounts for business acquisitions under the accounting standards for business combinations. The results of each acquisition are included in the Company's consolidated results as of the acquisition date. The purchase price of an acquisition is allocated to tangible and intangible assets and assumed liabilities based on their estimated fair values and any consideration in excess of the net assets acquired is recognized as goodwill. Acquisition transaction costs are expensed when incurred. In circumstances where an acquisition involves a contingent consideration arrangement, the Company recognizes a liability equal to the fair value of the expected contingent payments as of the acquisition date. Subsequent changes in the fair value of the contingent consideration are recorded to other charges (income), net. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements On January 1, 2018, the Company retrospectively implemented ASU 2017-07 to ASC 715 "Compensation - Retirement Benefits," which requires the Company to report the non-service cost components of net periodic benefit cost (pension cost) in other charges (income), net. These amounts were previously reported in selling, general, and administrative, cost of sales, and research and development in the consolidated statement of operations. Non-service pension benefits were $6.2 million , $4.0 million , and $9.8 million for December 31, 2018, 2017, and 2016, respectively. In February 2016 and July 2018, the FASB issued ASU 2016-02 and ASU 2018-11 to ASC 842 "Leases." The new accounting standard requires operating leases, which were historically off balance sheet, to be recognized on the balance sheet as a right-of-use asset and a lease liability. The Company has identified its leases by asset class and has elected to adopt the practical expedients package, which allows a company to not reassess the Company’s prior conclusions about lease identification, lease classification, and initial direct costs. The Company also expects to elect the short-term lease recognition exemption and the practical expedient to not separate nonlease components from lease components for real estate and other equipment. The Company will adopt the guidance January 1, 2019 using a modified retrospective approach without adjusting comparative periods. The Company has completed its assessment of the new standard and expects to recognize a right-of-use asset and a corresponding lease liability of approximately $90-$100 million. In February 2018, the FASB issued ASU 2018-02, "Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income" which allowed companies to reclassify certain stranded tax effects as a result of the Tax Cuts and Jobs Act of 2017 in accumulated other comprehensive income to retained earnings. The reclassification is optional, and therefore, the Company has elected to not reclassify it's stranded tax effects. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Summary of Significant Accounting Policies [Abstract] | |
Property, Plant and Equipment Useful Life | Buildings and improvements 15 to 50 years Machinery and equipment 3 to 12 years Computer software 3 to 10 years Leasehold improvements Shorter of useful life or lease term |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue [Table Text Block] | A summary by the Company’s reportable segments follows for the twelve months ended December 31, 2018: Twelve months ended December 31, 2018 U.S. Operations Swiss Operations Western European Operations Chinese Operations Other Operations Total Product Revenue $ 769,971 $ 106,400 $ 517,855 $ 475,025 $ 430,824 $ 2,300,075 Service Revenue: Point in time 196,314 19,430 134,052 38,528 100,638 488,962 Over time 41,512 8,234 66,881 11,556 18,366 146,549 Total $ 1,007,797 $ 134,064 $ 718,788 $ 525,109 $ 549,828 $ 2,935,586 The Company's global revenue mix by product category is laboratory ( 51% of sales), industrial ( 41% of sales), and retail ( 8% of sales). The Company's product revenue by reportable segment is proportionately similar to the Company's global mix except the Company's Swiss Operations, which is largely comprised of laboratory products while the Company's Chinese Operations has a slightly higher percentage of industrial products. A breakdown of the Company's sales by product category for the year ended December 31 follows: 2018 Laboratory $ 1,504,600 Industrial 1,211,362 Retail 219,624 Total net sales $ 2,935,586 In certain circumstances, our reporting units sell directly into other geographies. A breakdown of net sales to external customers by geographic customer destination, net for the year ended December 31 follows: 2018 Total Americas $ 1,105,956 Total Europe 908,773 Total Asia/Rest of World 920,857 Total $ 2,935,586 |
Contract with Customer, Asset and Liability [Table Text Block] | Deferred Revenue and Customer Pre-payments Beginning balances as of December 31, 2017 $ 107,166 Customer pre-payments/deferred revenue 619,257 Revenue recognized (618,002 ) Foreign currency translation (3,040 ) Ending balance as of December 31, 2018 $ 105,381 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
INVENTORIES [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | 2018 2017 Raw materials and parts $ 122,945 $ 118,790 Work-in-progress 47,098 43,035 Finished goods 98,778 93,565 Total inventory $ 268,821 $ 255,390 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Measurements [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | December 31, 2018 December 31, 2017 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Assets: Cash equivalents $ 9,026 $ — $ 9,026 $ — $ 5,616 $ — $ 5,616 $ — Interest rate swap agreements 545 — 545 — — — — — Cross currency swap agreements 1,154 — 1,154 — — — — — Foreign currency forward contracts not designated as hedging instruments 1,534 — 1,534 — 1,912 — 1,912 — Total $ 12,259 $ — $ 12,259 $ — $ 7,528 $ — $ 7,528 $ — Liabilities: Interest rate swap agreements $ 27 $ — $ 27 $ — $ 1,292 $ — $ 1,292 $ — Cross currency swap agreement — — — — 106 — 106 — Foreign currency forward contracts not designated as hedging instruments 1,059 — 1,059 — 986 — 986 — Total $ 1,086 $ — $ 1,086 $ — $ 2,384 $ — $ 2,384 $ — |
Property, Plant and Equipment_2
Property, Plant and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment, Net [Abstract] | |
Property, Plant and Equipment [Table Text Block] | 2018 2017 Land $ 58,072 $ 58,046 Building and leasehold improvements 317,636 300,850 Machinery and equipment 386,504 382,233 Computer software 470,976 436,249 Property, plant, and equipment, gross 1,233,188 1,177,378 Less accumulated depreciation and amortization (515,662 ) (509,107 ) Property, plant, and equipment, net $ 717,526 $ 668,271 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill [Table Text Block] | 2018 2017 Balance at beginning of year $ 539,838 $ 476,378 Goodwill acquired 558 52,229 Foreign currency translation (5,616 ) 11,231 Balance at year end $ 534,780 $ 539,838 |
Schedule Of Finite Lived And Indefinite Lived Intangible Assets By Major Class [Table Text Block] | 2018 2017 Gross Amount Accumulated Amortization Intangibles, Net Gross Amount Accumulated Amortization Intangibles, Net Customer relationships $ 197,942 $ (49,887 ) $ 148,055 $ 198,527 $ (41,794 ) $ 156,733 Proven technology and patents 73,880 (42,750 ) 31,130 70,311 (38,890 ) 31,421 Tradenames (finite life) 4,504 (2,874 ) 1,630 4,518 (2,807 ) 1,711 Tradenames (indefinite life) 35,500 — 35,500 35,562 — 35,562 Other 3,684 (2,691 ) 993 3,490 (2,199 ) 1,291 $ 315,510 $ (98,202 ) $ 217,308 $ 312,408 $ (85,690 ) $ 226,718 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | . DEBT Debt consisted of the following at December 31 : 2018 2017 3.67% $50 million Senior Notes due December 17, 2022 $ 50,000 $ 50,000 4.10% $50 million Senior Notes due September 19, 2023 50,000 50,000 3.84% $125 million Senior Notes due September 19, 2024 125,000 125,000 4.24% $125 million Senior Notes due June 25, 2025 125,000 125,000 1.47% EUR 125 million Senior Notes due June 17, 2030 143,053 149,736 Senior notes debt issuance costs, net (1,234 ) (1,438 ) Total Senior Notes 491,819 498,298 $1.1 billion Credit Agreement, interest at LIBOR plus 87.5 basis points (1) 493,202 461,872 Other local arrangements 49,670 19,677 Total debt 1,034,691 979,847 Less: current portion (49,670 ) (19,677 ) Total long-term debt $ 985,021 $ 960,170 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Stockholders' Equity Note [Abstract] | |
Rollforward Of Accumulated Other Comprehensive Income [Table Text Block] | Currency Translation Adjustment, Net of Tax Net Unrealized Pension and Post-Retirement Benefit Related Items, Total Balance at December 31, 2016 $ (115,322 ) $ (2,232 ) $ (237,444 ) $ (354,998 ) Other comprehensive income (loss), net of tax: Net unrealized actuarial gains (loss), prior service costs, and plan amendments — — 1,678 1,678 Net unrealized gains (loss) on cash flow hedging arrangements — 1,424 — 1,424 Foreign currency translation adjustment 83,982 — (12,092 ) 71,890 Amounts recognized from accumulated other comprehensive income (loss), net of tax — (273 ) 14,873 14,600 Net change in other comprehensive income (loss), net of tax 83,982 1,151 4,459 89,592 Balance at December 31, 2017 $ (31,340 ) $ (1,081 ) $ (232,985 ) $ (265,406 ) Other comprehensive income (loss), net of tax: Net unrealized actuarial gains (loss), prior service costs, and plan amendments — — (24,106 ) (24,106 ) Net unrealized gains (loss) on cash flow hedging arrangements — (658 ) — (658 ) Foreign currency translation adjustment (32,573 ) — 3,522 (29,051 ) Amounts recognized from accumulated other comprehensive income (loss), net of tax — 2,441 14,366 16,807 Net change in other comprehensive income (loss), net of tax (32,573 ) 1,783 (6,218 ) (37,008 ) Balance at December 31, 2018 $ (63,913 ) $ 702 $ (239,203 ) $ (302,414 ) |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | 2018 2017 Location of Amounts Recognized in Earnings Effective portion of losses (gains) on cash flow hedging arrangements: Interest rate swap agreements $ 539 $ 1,679 Interest expense Cross currency swap 2,212 (1,416 ) (a) Total before taxes 2,751 263 Provision for taxes 310 536 Provision for taxes Total, net of taxes $ 2,441 $ (273 ) Recognition of defined benefit pension and post-retirement items: Recognition of actuarial losses, plan amendments, prior service cost, and settlement charge before taxes $ 18,756 $ 20,137 (b) Provision for taxes 4,390 5,264 Provision for taxes Total, net of taxes $ 14,366 $ 14,873 |
Equity Incentive Plan (Tables)
Equity Incentive Plan (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Table of Performance Share Unit Monte Carlo Assumptions [Table Text Block] | 2018 2017 Risk-free interest rate 3.03 % 1.73 % Expected life in years 3.0 3.0 Expected volatility 26 % 28 % Expected dividend yield — — |
Schedule of Stock Options, Activity | Number of Options Weighted Average Exercise Price Aggregate Intrinsic Value (in millions) Outstanding at December 31, 2017 1,008,476 $232.99 $392.2 Granted 43,943 595.31 Exercised (163,120 ) 150.81 Forfeited (41,469 ) 369.93 Outstanding at December 31, 2018 847,830 $260.88 $264.0 Options exercisable at December 31, 2018 676,202 $208.01 $242.8 |
Schedule Shares Outstanding under Stock Option Plans, by Exercise Price Range | Number of Options Outstanding Weighted Average Exercise Price Remaining Contractual Life of Options Outstanding Options Exercisable 74,868 $90.76 0.8 74,868 86,140 $133.00 1.8 86,140 214,451 $159.78 3.3 214,451 113,906 $244.99 4.9 113,906 358,465 $392.68 7.4 186,837 847,830 4.9 676,202 |
Schedule of Stock Options, Valuation Assumptions | 2018 2017 2016 Risk-free interest rate 3.09 % 2.00 % 1.26 % Expected life in years 5.9 5.8 5.7 Expected volatility 26 % 28 % 29 % Expected dividend yield — — — |
Schedule Restricted Stock Units, Activity | Number of Restricted Stock Units Aggregate Intrinsic Value (in millions) Number of Performance Share Units Aggregate Intrinsic Value (in millions) Outstanding at December 31, 2017 56,389 $34.9 8,050 $5.0 Granted 16,380 4,912 Vested (20,259 ) — Forfeited (3,258 ) (148 ) Outstanding at December 31, 2018 49,252 $27.8 12,814 $7.2 |
Benefit Plans (Tables)
Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Defined Benefit Plan [Abstract] | |
Schedule of Defined Benefit Plans Disclosures | U.S. Pension Benefits Non-U.S. Pension Benefits Other Benefits Total 2018 2017 2018 2017 2018 2017 2018 2017 Change in benefit obligation: Benefit obligation at beginning of year $ 142,571 $ 138,155 $ 918,478 $ 838,277 $ 2,673 $ 2,985 $ 1,063,722 $ 979,417 Service cost, gross 1,090 565 30,721 29,600 — — 31,811 30,165 Interest cost 4,242 4,374 8,630 8,511 66 70 12,938 12,955 Actuarial losses (gains) (10,019 ) 6,979 (40,469 ) 33,036 (167 ) 18 (50,655 ) 40,033 Plan amendments and other — — 974 (15,153 ) (8 ) 137 966 (15,016 ) Benefits paid (7,682 ) (7,502 ) (36,379 ) (30,356 ) (378 ) (537 ) (44,439 ) (38,395 ) Impact of foreign currency — — (17,860 ) 54,563 — — (17,860 ) 54,563 Benefit obligation at end of year $ 130,202 $ 142,571 $ 864,095 $ 918,478 $ 2,186 $ 2,673 $ 996,483 $ 1,063,722 Change in plan assets: Fair value of plan assets at beginning of year $ 111,567 $ 104,103 $ 808,215 $ 716,169 $ — $ — $ 919,782 $ 820,272 Actual return on plan assets (8,419 ) 14,869 (34,102 ) 49,055 — — (42,521 ) 63,924 Employer contributions 75 97 26,032 22,961 227 400 26,334 23,458 Plan participants’ contributions — — 15,176 13,503 151 137 15,327 13,640 Benefits paid (7,682 ) (7,502 ) (36,379 ) (30,356 ) (378 ) (537 ) (44,439 ) (38,395 ) Impact of foreign currency and other — — (11,532 ) 36,883 — — (11,532 ) 36,883 Fair value of plan assets at end of year $ 95,541 $ 111,567 $ 767,410 $ 808,215 $ — $ — $ 862,951 $ 919,782 Funded status $ (34,661 ) $ (31,004 ) $ (96,685 ) $ (110,263 ) $ (2,186 ) $ (2,673 ) $ (133,532 ) $ (143,940 ) |
Schedule of Amounts Recognized in Balance Sheet | U.S. Pension Benefits Non-U.S. Pension Benefits Other Benefits Total 2018 2017 2018 2017 2018 2017 2018 2017 Other non-current assets $ — $ — $ 46,014 $ 40,493 $ — $ — $ 46,014 $ 40,493 Accrued and other liabilities (110 ) (88 ) (4,884 ) (4,990 ) (431 ) (411 ) (5,425 ) (5,489 ) Pension and other post-retirement liabilities (34,551 ) (30,916 ) (137,815 ) (145,766 ) (1,755 ) (2,262 ) (174,121 ) (178,944 ) Accumulated other comprehensive loss (income) 61,344 61,819 260,820 254,870 (910 ) (2,365 ) 321,254 314,324 Total $ 26,683 $ 30,815 $ 164,135 $ 144,607 $ (3,096 ) $ (5,038 ) $ 187,722 $ 170,384 |
Schedule of Net Periodic Benefit Cost Not yet Recognized | U.S. Pension Benefits Non-U.S. Pension Benefits Other Benefits Total Total, After Tax Plan amendments and prior service cost $ — $ (22,541 ) $ — $ (22,541 ) $ (17,873 ) Actuarial losses (gains) 61,344 283,361 (910 ) 343,795 266,332 Total $ 61,344 $ 260,820 $ (910 ) $ 321,254 $ 248,459 |
Schedule of Changes in Accumulated Postemployment Benefit Obligations | U.S. Pension Benefits Non-U.S. Pension Benefits Other Benefits Total Total, After Tax Net actuarial losses (gains) $ 5,329 $ 24,637 $ (167 ) $ 29,799 $ 23,326 Plan amendment — 974 — 974 780 Amortization of: Actuarial (losses) gains (5,804 ) (21,521 ) 1,250 (26,075 ) (20,173 ) Plan amendments and prior service cost — 6,947 372 7,319 5,807 Impact of foreign currency — (5,087 ) — (5,087 ) (3,522 ) Total $ (475 ) $ 5,950 $ 1,455 $ 6,930 $ 6,218 |
Schedule of Assumptions Used in Computing Benefit Obligation | U.S. Non-U.S. 2018 2017 2018 2017 Discount rate 4.11 % 3.49 % 1.22 % 0.97 % Compensation increase rate n/a n/a 0.87 % 0.87 % Expected long-term rate of return on plan assets 6.50 % 6.50 % 3.84 % 3.86 % |
Schedule of Assumptions Used in Computing Pension Cost | U.S. Non-U.S. 2018 2017 2016 2018 2017 2016 Discount rate 3.49 % 3.97 % 4.27 % 0.97 % 0.98 % 1.31 % Compensation increase rate n/a n/a n/a 0.87 % 0.85 % 1.03 % Expected long-term rate of return on plan assets 6.50 % 6.75 % 7.25 % 3.86 % 4.09 % 4.58 % |
Schedule of Net Benefit Costs [Table Text Block] | Net periodic pension cost and net periodic post-retirement benefit for the defined benefit plans and U.S. post-retirement plan include the following components for the years ended December 31 : U.S. Non-U.S. Other Benefits Total 2018 2017 2016 2018 2017 2016 2018 2017 2016 2018 2017 2016 Service cost, net $ 1,090 $ 565 $ 432 $ 15,545 $ 16,341 $ 16,804 $ — $ — $ — $ 16,635 $ 16,906 $ 17,236 Interest cost on projected benefit obligations 4,242 4,374 4,428 8,630 8,511 10,664 66 70 76 12,938 12,955 15,168 Expected return on plan assets (6,929 ) (6,737 ) (7,781 ) (31,005 ) (30,349 ) (33,168 ) — — — (37,934 ) (37,086 ) (40,949 ) Recognition of actuarial losses/(gains) and prior service costs 5,804 6,556 7,606 14,575 16,247 12,923 (1,623 ) (2,674 ) (4,567 ) 18,756 20,129 15,962 Settlement charge — — 7,963 — — — — — — — — 7,963 Net periodic pension cost / (benefit) $ 4,207 $ 4,758 $ 12,648 $ 7,745 $ 10,750 $ 7,223 $ (1,557 ) $ (2,604 ) $ (4,491 ) $ 10,395 $ 12,904 $ 15,380 |
Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year | U.S. Pension Benefits Non-U.S. Pension Benefits Other Benefits Total Plan amendments and prior service costs $ — $ (6,798 ) $ — $ (6,798 ) Actuarial losses (gains) 2,374 21,630 (691 ) 23,313 Total $ 2,374 $ 14,832 $ (691 ) $ 16,515 |
Schedule of Allocation of Plan Assets | December 31, 2018 December 31, 2017 Quoted Prices in Active Markets for Identical Assets (Level 1) Observable Inputs for Identical Assets (Level 2) Unobservable Inputs (Level 3) Total Quoted Prices in Active Markets for Identical Assets (Level 1) Observable Inputs for Identical Assets (Level 2) Unobservable Inputs (Level 3) Total Asset Category: Cash and Cash Equivalents $ 111,484 $ — $ — $ 111,484 $ 154,751 $ — $ — $ 154,751 Equity Securities: Mettler-Toledo Stock 2,436 — — 2,436 3,154 — — 3,154 Equity Mutual Funds: U.S. (1) 4,989 22,569 — 27,558 6,011 27,984 — 33,995 International (2) 68,544 45,892 — 114,436 80,836 61,341 — 142,177 Emerging Markets (3) 95,146 692 — 95,838 100,346 1,096 — 101,442 Fixed Income Securities: Corporate/Government Bonds (4) 71,644 — — 71,644 72,334 — — 72,334 Fixed Income Mutual Funds: Insurance Contracts (5) — 22,852 1,461 24,313 — 23,421 1,514 24,935 Core Bond (6) 95,493 54,448 — 149,941 136,157 57,499 — 193,656 Real Asset Mutual Funds: Real Estate (7) 83,879 13,838 — 97,717 79,218 8,836 — 88,054 Commodities (8) 40,267 — — 40,267 37,302 — — 37,302 Other Types of Investments: Debt Securities (9) 38,616 — — 38,616 — — — — Global Allocation Funds (10) 11,195 10,562 — 21,757 11,781 12,545 — 24,326 Insurance Linked Securities (11) 18,664 — — 18,664 12,147 — — 12,147 Total assets in fair value hierarchy $ 642,357 $ 170,853 $ 1,461 $ 814,671 $ 694,037 $ 192,722 $ 1,514 $ 888,273 Investments measured at net asset value: International (2) 2,792 — Emerging Markets (3) 4,889 5,950 Multi-Strategy Fund of Hedge Funds (12) 40,599 25,559 Total pension assets at fair value $ 862,951 $ 919,782 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | Commodities Insurance Contract Total Balance at December 31, 2016 $ 5,594 $ 1,300 $ 6,894 Actual return on plan assets related to assets held at end of year — 21 21 Sales (5,711 ) (98 ) (5,809 ) Purchases — 108 108 Impact of foreign currency 117 183 300 Balance at December 31, 2017 $ — $ 1,514 $ 1,514 Actual return on plan assets related to assets held at end of year — 14 14 Sales — (85 ) (85 ) Purchases — 82 82 Impact of foreign currency — (64 ) (64 ) Balance at December 31, 2018 $ — $ 1,461 $ 1,461 |
Schedule of Expected Benefit Payments | U.S. Pension Benefits Non-U.S. Pension Benefits Other Benefits Net of Subsidy Total 2019 $ 8,051 $ 43,494 $ 431 $ 51,976 2020 8,247 43,111 249 51,607 2021 8,396 45,220 231 53,847 2022 8,546 43,543 207 52,296 2023 8,698 44,397 180 53,275 2024-2028 43,532 222,671 666 266,869 |
Taxes (Tables)
Taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income before Income Tax, Domestic and Foreign | 2018 2017 2016 United States $ 60,043 $ 45,105 $ 37,363 Non-United States 591,815 529,117 466,830 Earnings before taxes $ 651,858 $ 574,222 $ 504,193 |
Schedule of Components of Income Tax Expense (Benefit) | Current Deferred Total Year ended December 31, 2018: United States federal $ 3,422 $ (4,699 ) $ (1,277 ) State and local 5,073 (161 ) 4,912 Non-United States 128,450 7,162 135,612 Total $ 136,945 $ 2,302 $ 139,247 Year ended December 31, 2017: United States federal $ 55,660 $ 10,173 $ 65,833 State and local 361 3,471 3,832 Non-United States 144,974 (16,389 ) 128,585 Total $ 200,995 $ (2,745 ) $ 198,250 Year ended December 31, 2016: United States federal $ 20,116 $ (4,817 ) $ 15,299 State and local 2,947 1,149 4,096 Non-United States 94,882 5,546 100,428 Total $ 117,945 $ 1,878 $ 119,823 |
Schedule of Effective Income Tax Rate Reconciliation | 2018 2017 2016 Expected tax $ 136,890 $ 200,978 $ 176,467 United States state and local income taxes, net of federal income tax benefit 2,787 376 3,064 Net effect of U.S. tax reform (see below) 3,597 71,982 — Non-United States income taxes at other than U.S. federal rate 12,710 (43,691 ) (65,917 ) Excess tax benefits from stock option exercises (13,836 ) (35,171 ) — Effect of Biotix contingent consideration settlement (4,394 ) — — Other, net 1,493 3,776 6,209 Total provision for taxes $ 139,247 $ 198,250 $ 119,823 |
Schedule of Deferred Tax Assets and Liabilities | 2018 2017 Deferred tax assets: Inventory $ 15,078 $ 13,779 Accrued and other liabilities 65,879 62,175 Accrued post-retirement benefit and pension costs 50,496 55,545 Net operating loss and tax credit carryforwards 30,696 32,247 Other 17,397 12,099 Total deferred tax assets 179,546 175,845 Less valuation allowance (15,084 ) (12,857 ) Total deferred tax assets less valuation allowance 164,462 162,988 Deferred tax liabilities: Inventory 4,890 4,730 Property, plant, and equipment 47,451 50,440 Acquired intangibles amortization 66,386 66,755 Prepaid post-retirement benefit and pension costs 31,473 27,747 International earnings 18,680 23,121 Unrealized currency gains 9,334 — Total deferred tax liabilities 178,214 172,793 Net deferred tax (liability) asset $ (13,752 ) $ (9,805 ) |
Summary of Income Tax Contingencies | 2018 2017 Unrecognized tax benefits at beginning of year $ 24,090 $ 20,240 Increases related to current tax positions 7,638 2,484 Increases (decreases) related to prior year tax positions (605 ) 1,434 Decreases relating to taxing authority settlements (4,454 ) (856 ) Decreases resulting from a lapse of the applicable statute of limitations (505 ) (186 ) Other, net (488 ) 974 Unrecognized tax benefits at end of year $ 25,676 $ 24,090 |
Restructuring Charges (Tables)
Restructuring Charges (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Restructuring Charges [Abstract] | |
Schedule of Restructuring Reserve by Type of Cost | Total Balance at December 31, 2016 $ 9,531 Restructuring charges 12,772 Cash payments / utilization (12,663 ) Impact of foreign currency 980 Balance at December 31, 2017 $ 10,620 Restructuring charges 18,420 Cash payments / utilization (20,820 ) Impact of foreign currency (248 ) Balance at December 31, 2018 $ 7,972 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Leases, Operating [Abstract] | |
Lessee, Operating Lease, Disclosure [Table Text Block] | 2019 $ 32,113 2020 23,771 2021 16,986 2022 9,855 2023 7,435 Thereafter 5,081 Total $ 95,241 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | For the Year Ended December 31, 2018 Net Sales to External Customers Net Sales to Other Segments Total Net Sales Segment Profit Depreciation Total Assets Purchase of Property, Plant, and Equipment Goodwill U.S. Operations $ 1,007,798 $ 104,458 $ 1,112,256 $ 161,615 $ 10,425 $ 2,113,268 $ (27,896 ) $ 410,021 Swiss Operations 134,064 628,529 762,593 202,027 5,835 1,471,625 (1,123 ) 21,994 Western European Operations 718,788 176,995 895,783 122,574 4,173 983,809 (16,879 ) 87,242 Chinese Operations 525,109 242,452 767,561 270,668 7,869 1,237,248 (13,248 ) 644 Other (a) 549,827 6,543 556,370 78,317 3,774 319,070 (8,342 ) 14,879 Eliminations and Corporate (b) — (1,158,977 ) (1,158,977 ) (104,696 ) 5,091 (3,506,173 ) (75,238 ) — Total $ 2,935,586 $ — $ 2,935,586 $ 730,505 $ 37,167 $ 2,618,847 $ (142,726 ) $ 534,780 For the Year Ended December 31, 2017 Net Sales to External Customers Net Sales to Other Segments Total Net Sales Segment Profit Depreciation Total Assets Purchase of Property, Plant, and Equipment Goodwill U.S. Operations $ 944,825 $ 99,117 $ 1,043,942 $ 177,705 $ 7,659 $ 1,937,688 $ (38,969 ) $ 409,520 Swiss Operations 133,925 563,083 697,008 174,447 5,551 1,374,150 (19,589 ) 22,171 Western European Operations 673,776 170,820 844,596 123,841 4,052 1,805,294 (7,094 ) 91,927 Chinese Operations 452,617 232,882 685,499 231,860 7,168 1,068,811 (13,246 ) 690 Other (a) 519,910 7,934 527,844 72,681 3,474 310,667 (4,131 ) 15,530 Eliminations and Corporate (b) — (1,073,836 ) (1,073,836 ) (127,952 ) 5,554 (3,946,805 ) (44,397 ) — Total $ 2,725,053 $ — $ 2,725,053 $ 652,582 $ 33,458 $ 2,549,805 $ (127,426 ) $ 539,838 For the Year Ended December 31, 2016 Net Sales to External Customers Net Sales to Other Segments Total Net Sales Segment Profit Depreciation Total Assets Purchase of Property, Plant, and Equipment Goodwill U.S. Operations $ 867,962 $ 90,580 $ 958,542 $ 161,539 $ 6,094 $ 1,747,338 $ (52,255 ) $ 357,785 Swiss Operations 130,674 524,983 655,657 163,663 6,199 1,212,637 (7,260 ) 21,239 Western European Operations 640,558 176,501 817,059 129,001 4,048 1,120,751 (6,857 ) 82,500 Chinese Operations 386,541 219,766 606,307 187,924 6,879 702,571 (16,288 ) 636 Other (a) 482,522 7,709 490,231 64,146 3,461 277,476 (4,540 ) 14,218 Eliminations and Corporate (b) — (1,019,539 ) (1,019,539 ) (133,095 ) 6,062 (2,893,996 ) (36,757 ) — Total $ 2,508,257 $ — $ 2,508,257 $ 573,178 $ 32,743 $ 2,166,777 $ (123,957 ) $ 476,378 (a) Other includes reporting units in Southeast Asia, Latin America, Eastern Europe, and other countries. (b) Eliminations and Corporate includes the elimination of inter-segment transactions as well as certain corporate expenses and intercompany investments, which are not included in the Company’s operating segments. |
Reconciliation Of Operating Profit Loss From Segments To Consolidated Earnings Before Taxes [Table Text Block] | 2018 2017 2016 Earnings before taxes $ 651,858 $ 574,222 $ 504,193 Amortization 47,524 42,671 36,052 Interest expense 34,511 32,785 28,026 Restructuring charges 18,420 12,772 6,235 Other charges (income), net (21,808 ) (9,868 ) (1,328 ) Segment profit $ 730,505 $ 652,582 $ 573,178 |
Revenue from External Customers by Products and Services [Table Text Block] | 2018 2017 2016 Laboratory $ 1,504,600 $ 1,358,493 $ 1,225,000 Industrial 1,211,362 1,158,335 1,067,858 Retail 219,624 208,225 215,399 Total net sales $ 2,935,586 $ 2,725,053 $ 2,508,257 |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | A breakdown of net sales to external customers by geographic customer destination and property, plant, and equipment by geographic destination for the years ended December 31 follows: Net Sales Property, Plant, and Equipment, Net 2018 2017 2016 2018 2017 United States $ 933,419 $ 888,241 $ 815,153 $ 234,395 $ 220,401 Other Americas 172,537 162,672 153,607 2,946 3,406 Total Americas 1,105,956 1,050,913 968,760 237,341 223,807 Germany 205,296 192,126 182,644 48,030 49,376 France 141,513 130,427 118,681 7,810 6,386 United Kingdom 70,378 64,361 61,513 17,347 19,617 Switzerland 65,377 63,090 62,115 293,388 259,007 Other Europe 426,209 399,923 374,008 12,791 8,050 Total Europe 908,773 849,927 798,961 379,366 342,436 China 506,360 439,373 374,996 87,643 92,269 Rest of World 414,497 384,840 365,540 13,176 9,759 Total Asia/Rest of World 920,857 824,213 740,536 100,819 102,028 Total $ 2,935,586 $ 2,725,053 $ 2,508,257 $ 717,526 $ 668,271 |
Quarterly Financial Data (Una_2
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
QUARTERLY FINANCIAL DATA (UNAUDITED) [Abstract] | |
Schedule of Quarterly Financial Information [Table Text Block] | First Quarter Second Quarter Third Quarter Fourth Quarter 2018 Net sales $ 660,821 $ 721,996 $ 734,846 $ 817,923 Gross profit $ 374,933 $ 412,625 $ 419,254 $ 477,566 Net earnings $ 93,304 $ 111,468 $ 126,653 $ 181,186 Basic earnings per common share: Net earnings $ 3.66 $ 4.41 $ 5.04 $ 7.25 Weighted average number of common shares 25,468,323 25,299,414 25,126,061 24,975,303 Diluted earnings per common share: Net earnings $ 3.58 $ 4.31 $ 4.93 $ 7.11 Weighted average number of common and common equivalent shares 26,095,647 25,867,383 25,683,365 25,490,270 Market price per share: High $ 692.30 $ 595.14 $ 617.94 $ 645.33 Low $ 566.87 $ 546.43 $ 559.44 $ 524.03 2017 Net sales $ 594,567 $ 653,656 $ 698,799 $ 778,031 Gross profit $ 343,389 $ 375,612 $ 400,975 $ 455,775 Net earnings $ 92,466 $ 101,580 $ 104,950 $ 76,976 Basic earnings per common share: Net earnings $ 3.57 $ 3.94 $ 4.10 $ 3.01 Weighted average number of common shares 25,932,112 25,751,374 25,613,433 25,562,542 Diluted earnings per common share: Net earnings $ 3.48 $ 3.84 $ 3.99 $ 2.93 Weighted average number of common and common equivalent shares 26,586,061 26,439,529 26,303,529 26,229,052 Market price per share: High $ 486.90 $ 601.16 $ 635.17 $ 689.11 Low $ 414.52 $ 473.87 $ 571.25 $ 606.80 |
Schedule II Valuation and Qua_2
Schedule II Valuation and Qualifying Accounts Schedule II Valuation and Qualifying Accounts (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule of Valuation and Qualifying Accounts [Table Text Block] | Column A Column B Column C Column D Column E Additions (1) (2) Balance at the Beginning of Period Charged to Costs and Expenses Charged to Other Accounts Balance at End of Period Description -Deductions- Note (A) Note (B) Accounts receivable — allowance for doubtful accounts: Year ended December 31, 2018 $ 15,549 $ 1,167 $ (678 ) $ 569 $ 15,469 Year ended December 31, 2017 $ 14,234 $ 1,403 $ 1,005 $ 1,093 $ 15,549 Year ended December 31, 2016 $ 14,435 $ 1,087 $ (760 ) $ 528 $ 14,234 Deferred tax valuation allowance: Year ended December 31, 2018 $ 12,857 $ — $ 3,023 $ 796 $ 15,084 Year ended December 31, 2017 $ 10,730 $ 9,513 $ 72,170 $ 79,556 $ 12,857 Year ended December 31, 2016 $ 25,435 $ — $ — $ 14,705 $ 10,730 _______________________________________ Note (A) For accounts receivable, amounts comprise currency translation adjustments. For deferred tax valuation allowance in 2018 , 2017 , and 2016 , amounts relate primarily to changes in foreign tax credit carryforwards and R&D credit carryforwards. Note (B) For accounts receivable, amounts represent excess of uncollectible balances written off over recoveries of accounts previously written off. |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Property, Plant and Equipment Useful Life | |||
Impact of Adopting ASU 2017-07 ASC 715 Compensation Retirement Benefit | $ 6,200 | $ 4,000 | $ 9,800 |
Minimum Lease Liability and Right of Use Asset recorded for the adoption of ASC 842 | 90,000 | ||
Maximum lease liability and right of use asset expected to be recorded for adopting ASC 842 | $ 100,000 | ||
StandardWarrantyPeriod | 1 year | ||
Incremental Common Shares Attributable to Share-based Payment Arrangements | 565,650 | 680,208 | 506,137 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 63,019 | 9,824 | 102,017 |
Capitalized Software Costs [Member] | |||
Property, Plant and Equipment Useful Life | |||
Property, Plant and Equipment, Useful Life | 10 years | ||
Minimum [Member] | Building and Building Improvements | |||
Property, Plant and Equipment Useful Life | |||
Property, Plant and Equipment, Useful Life | 15 years | ||
Minimum [Member] | Machinery and Equipment | |||
Property, Plant and Equipment Useful Life | |||
Property, Plant and Equipment, Useful Life | 3 years | ||
Minimum [Member] | Software | |||
Property, Plant and Equipment Useful Life | |||
Property, Plant and Equipment, Useful Life | 3 years | ||
Maximum [Member] | Building and Building Improvements | |||
Property, Plant and Equipment Useful Life | |||
Property, Plant and Equipment, Useful Life | 50 years | ||
Maximum [Member] | Machinery and Equipment | |||
Property, Plant and Equipment Useful Life | |||
Property, Plant and Equipment, Useful Life | 12 years | ||
Maximum [Member] | Software | |||
Property, Plant and Equipment Useful Life | |||
Property, Plant and Equipment, Useful Life | 10 years |
Revenue from Contracts with C_3
Revenue from Contracts with Customers (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 2,935,586 | |
Contract with Customer, Asset, Net | 12,400 | |
Deferred revenue and customer prepayments | 105,381 | $ 107,166 |
Customer prepayments and deferred revenue | 619,257 | |
Contract with Customer, Liability, Revenue Recognized | (618,002) | |
Temporary Equity, Foreign Currency Translation Adjustments | (3,040) | |
Americas [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,105,956 | |
Europe [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 908,773 | |
Asia [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 920,857 | |
Product [Member] | Transferred at Point in Time [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 2,300,075 | |
Service [Member] | Transferred at Point in Time [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 488,962 | |
Service [Member] | Transferred over Time [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 146,549 | |
Laboratory products and services [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Percentage of Disaggregated Revenue in Relationship to Segments | 51.00% | |
Revenue from Contract with Customer, Excluding Assessed Tax | $ 1,504,600 | |
Industrial products and services [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Percentage of Disaggregated Revenue in Relationship to Segments | 41.00% | |
Revenue from Contract with Customer, Excluding Assessed Tax | $ 1,211,362 | |
Retail products and services [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Percentage of Disaggregated Revenue in Relationship to Segments | 8.00% | |
Revenue from Contract with Customer, Excluding Assessed Tax | $ 219,624 | |
US Operations [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,007,797 | |
US Operations [Member] | Product [Member] | Transferred at Point in Time [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 769,971 | |
US Operations [Member] | Service [Member] | Transferred at Point in Time [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 196,314 | |
US Operations [Member] | Service [Member] | Transferred over Time [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 41,512 | |
Swiss Operations [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 134,064 | |
Swiss Operations [Member] | Product [Member] | Transferred at Point in Time [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 106,400 | |
Swiss Operations [Member] | Service [Member] | Transferred at Point in Time [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 19,430 | |
Swiss Operations [Member] | Service [Member] | Transferred over Time [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 8,234 | |
Western European Operations [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 718,788 | |
Western European Operations [Member] | Product [Member] | Transferred at Point in Time [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 517,855 | |
Western European Operations [Member] | Service [Member] | Transferred at Point in Time [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 134,052 | |
Western European Operations [Member] | Service [Member] | Transferred over Time [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 66,881 | |
Chinese Operations [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 525,109 | |
Chinese Operations [Member] | Product [Member] | Transferred at Point in Time [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 475,025 | |
Chinese Operations [Member] | Service [Member] | Transferred at Point in Time [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 38,528 | |
Chinese Operations [Member] | Service [Member] | Transferred over Time [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 11,556 | |
Other Operations [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 549,828 | |
Other Operations [Member] | Product [Member] | Transferred at Point in Time [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 430,824 | |
Other Operations [Member] | Service [Member] | Transferred at Point in Time [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 100,638 | |
Other Operations [Member] | Service [Member] | Transferred over Time [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 18,366 |
Acquisitions Business Combinati
Acquisitions Business Combinations (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Sep. 01, 2017 | |
Business Acquisition [Line Items] | ||||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | $ (18,674) | $ 0 | $ 0 | |
Goodwill, Acquired During Period | 558 | 52,229 | ||
Amortization of Intangible Assets | 14,300 | 11,500 | 8,300 | |
BIOTIX [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Consideration Transferred | 105,000 | |||
Business Combination, Contingent Consideration, Liability | $ 30,700 | |||
Payment for Contingent Consideration Liability, Financing Activities | 10,000 | |||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | 18,700 | |||
Goodwill, Acquired During Period | 51,700 | |||
Amortization of Intangible Assets | 3,700 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | $ 18,800 | |||
Minimum Weighted Average Useful Lives | 5 years | |||
Maximum Weighted Average Useful Lives | 18 years | |||
Other Acquisitions [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Consideration Transferred | 5,500 | $ 3,800 | 111,400 | |
Goodwill, Acquired During Period | 600 | 300 | ||
Finite-lived Intangible Assets Acquired | $ 4,900 | $ 3,100 | ||
Maximum Weighted Average Useful Lives | 10 years | 12 | ||
Henry Troemner, LLC [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Consideration Transferred | 95,800 | |||
Goodwill, Acquired During Period | 41,300 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | $ 60,100 | |||
Minimum Weighted Average Useful Lives | 3 years | |||
Maximum Weighted Average Useful Lives | 25 years | |||
Customer Relationships [Member] | BIOTIX [Member] | ||||
Business Acquisition [Line Items] | ||||
Finite-lived Intangible Assets Acquired | $ 49,500 | |||
Technology-Based Intangible Assets [Member] | BIOTIX [Member] | ||||
Business Acquisition [Line Items] | ||||
Finite-lived Intangible Assets Acquired | 8,000 | |||
Other Intangible Assets [Member] | BIOTIX [Member] | ||||
Business Acquisition [Line Items] | ||||
Finite-lived Intangible Assets Acquired | 600 | |||
Trade Names [Member] | BIOTIX [Member] | ||||
Business Acquisition [Line Items] | ||||
Finite-lived Intangible Assets Acquired | $ 7,100 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
INVENTORIES [Abstract] | ||
Raw Materials and Supplies | $ 122,945 | $ 118,790 |
Work in Process | 47,098 | 43,035 |
Finished Goods | 98,778 | 93,565 |
Inventory, Net | $ 268,821 | $ 255,390 |
Financial Instruments (Details)
Financial Instruments (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Long Term Debt Percentage Bearing Fixed Interest Percentage | 72.00% | |
Gain/Loss on FX Effectiveness | $ 0 | |
Designated as Hedging Instrument [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | $ 1,800 | |
Designated as Hedging Instrument [Member] | Cross Currency Swap [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative, Amount of Hedged Item | $ 100,000 | |
Derivative, Fixed Interest Rate | 0.01% | |
Gain/Loss on FX Effectiveness | $ 0 | |
Designated as Hedging Instrument [Member] | 2.52% $50 Million Interest Rate Swap [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Line Of Credit Facility Forecasted Borrowing Amount | $ 50,000 | |
Derivative, Fixed Interest Rate | 2.52% | |
Gain/Loss on IR Effectiveness | $ 0 | 0 |
Designated as Hedging Instrument [Member] | 2.25% $100 Million Interest Rate Swap [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Line Of Credit Facility Forecasted Borrowing Amount | $ 100,000 | |
Derivative, Fixed Interest Rate | 2.25% | |
Not Designated as Hedging Instrument [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative, Notional Amount | $ 436,700 | 394,800 |
Gain (Loss) on Foreign Currency Derivative Instruments Not Designated as Hedging Instruments | $ 1,200 | $ 9,400 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | $ 3,200 | $ 1,900 |
Cash Equivalents, at Carrying Value | 9,026 | 5,616 |
Change in Carrying Value Verse Fair Value of Long Term Debt | 1,500 | 6,600 |
Interest Rate Cash Flow Hedge Asset at Fair Value | 545 | 0 |
Foreign Currency Cash Flow Hedge Asset at Fair Value | 1,154 | 0 |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 1,086 | 2,384 |
Foreign Currency Derivative Instruments Not Designated as Hedging Instruments, Asset at Fair Value | 1,534 | 1,912 |
Assets, Fair Value Disclosure | 12,259 | 7,528 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 |
Cash Equivalents, at Carrying Value | 0 | 0 |
Interest Rate Cash Flow Hedge Asset at Fair Value | 0 | 0 |
Foreign Currency Cash Flow Hedge Asset at Fair Value | 0 | 0 |
Foreign Currency Derivative Instruments Not Designated as Hedging Instruments, Asset at Fair Value | 0 | 0 |
Assets, Fair Value Disclosure | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 1,086 | 2,384 |
Cash Equivalents, at Carrying Value | 9,026 | 5,616 |
Interest Rate Cash Flow Hedge Asset at Fair Value | 545 | 0 |
Foreign Currency Cash Flow Hedge Asset at Fair Value | 1,154 | 0 |
Foreign Currency Derivative Instruments Not Designated as Hedging Instruments, Asset at Fair Value | 1,534 | 1,912 |
Assets, Fair Value Disclosure | 12,259 | 7,528 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 |
Cash Equivalents, at Carrying Value | 0 | 0 |
Interest Rate Cash Flow Hedge Asset at Fair Value | 0 | 0 |
Foreign Currency Cash Flow Hedge Asset at Fair Value | 0 | 0 |
Foreign Currency Derivative Instruments Not Designated as Hedging Instruments, Asset at Fair Value | 0 | 0 |
Assets, Fair Value Disclosure | $ 0 | $ 0 |
Fair Value Measurements Fair Va
Fair Value Measurements Fair Value Measurements (Detail 1) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
ASSETS | ||
Cash Equivalents, at Carrying Value | $ 9,026 | $ 5,616 |
Interest Rate Cash Flow Hedge Asset at Fair Value | 545 | 0 |
Foreign Currency Cash Flow Hedge Asset at Fair Value | 1,154 | 0 |
Fair Value, Measurements, Recurring [Member] | ||
ASSETS | ||
Foreign currency forward contracts not designated as hedging instrument | 1,534 | 1,912 |
Assets, Fair Value Disclosure | 12,259 | 7,528 |
Liabilities [Abstract] | ||
Interest Rate Derivative Liabilities, at Fair Value | 27 | 1,292 |
Foreign Currency Cash Flow Hedge Liability at Fair Value | 0 | 106 |
Foreign currency forward contracts not designated as hedging instrument | 1,059 | 986 |
Derivative Liability, Fair Value, Gross Liability | 1,086 | 2,384 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
ASSETS | ||
Cash Equivalents, at Carrying Value | 0 | 0 |
Interest Rate Cash Flow Hedge Asset at Fair Value | 0 | 0 |
Foreign Currency Cash Flow Hedge Asset at Fair Value | 0 | 0 |
Foreign currency forward contracts not designated as hedging instrument | 0 | 0 |
Assets, Fair Value Disclosure | 0 | 0 |
Liabilities [Abstract] | ||
Interest Rate Derivative Liabilities, at Fair Value | 0 | 0 |
Foreign Currency Cash Flow Hedge Liability at Fair Value | 0 | 0 |
Foreign currency forward contracts not designated as hedging instrument | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
ASSETS | ||
Cash Equivalents, at Carrying Value | 9,026 | 5,616 |
Interest Rate Cash Flow Hedge Asset at Fair Value | 545 | 0 |
Foreign Currency Cash Flow Hedge Asset at Fair Value | 1,154 | 0 |
Foreign currency forward contracts not designated as hedging instrument | 1,534 | 1,912 |
Assets, Fair Value Disclosure | 12,259 | 7,528 |
Liabilities [Abstract] | ||
Interest Rate Derivative Liabilities, at Fair Value | 27 | 1,292 |
Foreign Currency Cash Flow Hedge Liability at Fair Value | 0 | 106 |
Foreign currency forward contracts not designated as hedging instrument | 1,059 | 986 |
Derivative Liability, Fair Value, Gross Liability | 1,086 | 2,384 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
ASSETS | ||
Cash Equivalents, at Carrying Value | 0 | 0 |
Interest Rate Cash Flow Hedge Asset at Fair Value | 0 | 0 |
Foreign Currency Cash Flow Hedge Asset at Fair Value | 0 | 0 |
Foreign currency forward contracts not designated as hedging instrument | 0 | 0 |
Assets, Fair Value Disclosure | 0 | 0 |
Liabilities [Abstract] | ||
Interest Rate Derivative Liabilities, at Fair Value | 0 | 0 |
Foreign Currency Cash Flow Hedge Liability at Fair Value | 0 | 0 |
Foreign currency forward contracts not designated as hedging instrument | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability | $ 0 | $ 0 |
Property, Plant and Equipment_3
Property, Plant and Equipment, Net (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Property, Plant and Equipment | ||
Property, Plant and Equipment, Gross | $ 1,233,188 | $ 1,177,378 |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | (515,662) | (509,107) |
Total Property, Plant and Equipment, Net | 717,526 | 668,271 |
Land [Member] | ||
Property, Plant and Equipment | ||
Property, Plant and Equipment, Gross | 58,072 | 58,046 |
Building and Building Improvements [Member] | ||
Property, Plant and Equipment | ||
Property, Plant and Equipment, Gross | 317,636 | 300,850 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment | ||
Property, Plant and Equipment, Gross | 386,504 | 382,233 |
Computer Software, Intangible Asset [Member] | ||
Property, Plant and Equipment | ||
Property, Plant and Equipment, Gross | $ 470,976 | $ 436,249 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Goodwill [Roll Forward] | ||
Goodwill, Beginning | $ 539,838 | $ 476,378 |
Goodwill, Acquired During Period | 558 | 52,229 |
Goodwill, Translation Adjustments | (5,616) | 11,231 |
Goodwill, Ending | $ 534,780 | $ 539,838 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets Details 1 (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Finite Life and Indefinite Life Intangible Assets | ||
Intangible Assets, Net (Excluding Goodwill) | $ 217,308 | $ 226,718 |
Intangible Assets Excluding Goodwill Gross | 315,510 | 312,408 |
Intangible Assets Accumulated Amortization | (98,202) | (85,690) |
Customer Relationships [Member] | ||
Finite Life and Indefinite Life Intangible Assets | ||
Finite-Lived Intangible Assets, Gross | 197,942 | 198,527 |
Finite-Lived Intangible Assets, Accumulated Amortization | (49,887) | (41,794) |
Intangible Assets, Net (Excluding Goodwill) | 148,055 | 156,733 |
Proven technology and patents | ||
Finite Life and Indefinite Life Intangible Assets | ||
Finite-Lived Intangible Assets, Gross | 73,880 | 70,311 |
Finite-Lived Intangible Assets, Accumulated Amortization | (42,750) | (38,890) |
Intangible Assets, Net (Excluding Goodwill) | 31,130 | 31,421 |
Tradename (Finite Life) | ||
Finite Life and Indefinite Life Intangible Assets | ||
Finite-Lived Intangible Assets, Gross | 4,504 | 4,518 |
Finite-Lived Intangible Assets, Accumulated Amortization | (2,874) | (2,807) |
Intangible Assets, Net (Excluding Goodwill) | 1,630 | 1,711 |
Tradename (Indefinite Life) | ||
Finite Life and Indefinite Life Intangible Assets | ||
Intangible Assets, Net (Excluding Goodwill) | 35,500 | 35,562 |
Indefinite-lived Intangible Assets (Excluding Goodwill) | 35,500 | 35,562 |
Other Intangible Assets [Member] | ||
Finite Life and Indefinite Life Intangible Assets | ||
Finite-Lived Intangible Assets, Gross | 3,684 | 3,490 |
Finite-Lived Intangible Assets, Accumulated Amortization | (2,691) | (2,199) |
Intangible Assets, Net (Excluding Goodwill) | $ 993 | $ 1,291 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets Textuals (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Amortization of Intangible Assets | $ 14.3 | $ 11.5 | $ 8.3 |
Future Amortization Expense, Year One | 13.9 | ||
Future Amortization Expense, Year Two | 13.5 | ||
Future Amortization Expense, Year Three | 12.9 | ||
Future Amortization Expense, Year Four | 12.4 | ||
Future Amortization Expense, Year Five | 12.3 | ||
Amortization Of Acquired Intangible Asset Net Of Tax | 13.3 | 10.9 | 7.4 |
Purchased Intangibles, Net of Tax | 10 | 7.1 | 5 |
Capitalized Computer Software, Amortization | $ 33 | $ 31 | $ 27.5 |
Minimum [Member] | |||
Finite-Lived Intangible Assets, Useful Life, Minimum | 3 years | ||
Maximum [Member] | |||
Finite-Lived Intangible Assets, Useful Life, Minimum | 45 years |
Debt (Details)
Debt (Details) € in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018USD ($)Rate | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2018EUR (€) | |
Debt Instrument | ||||
Senior Notes | $ 491,819 | $ 498,298 | ||
Debt issuance costs, net | (1,234) | (1,438) | ||
Other Borrowings | 49,670 | 19,677 | ||
Total debt | 1,034,691 | 979,847 | ||
Less: current portion | (49,670) | (19,677) | ||
Long-term debt | 985,021 | 960,170 | ||
Payments of Debt Issuance Costs | $ 1,914 | 7,205 | $ 680 | |
Debt Instrument, Basis Spread on Variable Rate | Rate | 0.875% | |||
3.67% Senior Notes | ||||
Debt Instrument | ||||
Senior Notes | $ 50,000 | 50,000 | ||
Senior Notes, Stated Interest Rate | 3.67% | 3.67% | ||
Maturity Date | Dec. 17, 2022 | |||
Payments of Debt Issuance Costs | $ 400 | |||
4.10% Senior Notes [Member] | ||||
Debt Instrument | ||||
Senior Notes | $ 50,000 | 50,000 | ||
Senior Notes, Stated Interest Rate | 4.10% | 4.10% | ||
Maturity Date | Sep. 19, 2023 | |||
Payments of Debt Issuance Costs | $ 400 | |||
3.84% Senior Notes [Member] | ||||
Debt Instrument | ||||
Senior Notes | $ 125,000 | 125,000 | ||
Senior Notes, Stated Interest Rate | 3.84% | 3.84% | ||
Maturity Date | Sep. 19, 2024 | |||
Payments of Debt Issuance Costs | $ 900 | |||
4.24% Senior Notes [Member] | ||||
Debt Instrument | ||||
Senior Notes | $ 125,000 | 125,000 | ||
Senior Notes, Stated Interest Rate | 4.24% | 4.24% | ||
Maturity Date | Jun. 25, 2025 | |||
1.47% EURO Senior Notes [Member] | ||||
Debt Instrument | ||||
Senior Notes | $ 143,053 | 149,736 | € 125,000 | |
Senior Notes, Stated Interest Rate | 1.47% | 1.47% | ||
Maturity Date | Jun. 17, 2030 | |||
Payments of Debt Issuance Costs | $ 400 | |||
Line of Credit [Member] | ||||
Debt Instrument | ||||
$1.1 billion Credit Agreement, interest at LIBOR plus 87.5 basis points(1) | $ 493,202 | $ 461,872 | ||
Maturity Date | Jun. 15, 2023 | |||
Payments of Debt Issuance Costs | $ 2,000 |
Debt Textuals (Details)
Debt Textuals (Details) € in Thousands, $ in Thousands, SFr in Millions | 12 Months Ended | ||||
Dec. 31, 2018USD ($)Rate | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2018CHF (SFr)Rate | Dec. 31, 2018EUR (€)Rate | |
Debt Instrument | |||||
Senior Notes | $ 491,819 | $ 498,298 | |||
Combined Senior Notes | 250,000 | ||||
Derivatives used in Net Investment Hedge, Increase (Decrease), Gross of Tax | $ 6,700 | 18,200 | |||
Consolidated Interest Coverage Ratio Covenant | 3.5 to 1.0 | ||||
Consolidated Leverage Ratio Covenant | 3.5 to 1.0 | ||||
Payments of Debt Issuance Costs | $ 1,914 | 7,205 | $ 680 | ||
Credit Agreement Borrowing Capacity | $ 1,100,000 | ||||
Debt Instrument, Basis Spread on Variable Rate | Rate | 0.875% | ||||
Debt, Weighted Average Interest Rate | Rate | 3.31% | 3.31% | 3.31% | ||
Swiss Pension Loans [Member] | |||||
Debt Instrument | |||||
Swiss Pension Loans (local currency) | SFr | SFr 38 | ||||
Notes Payable, Related Parties | $ 39,600 | ||||
3.67% Senior Notes | |||||
Debt Instrument | |||||
Senior Notes, Stated Interest Rate | 3.67% | 3.67% | 3.67% | ||
Senior Notes | $ 50,000 | 50,000 | |||
Maturity Date | Dec. 17, 2022 | ||||
Debt Instrument, Covenant Compliance | The Company was in compliance with its covenants at December 31, 2018. | ||||
Payments of Debt Issuance Costs | $ 400 | ||||
Amortized Issuance Costs Period | 10 years | ||||
4.10% Senior Notes [Member] | |||||
Debt Instrument | |||||
Senior Notes, Stated Interest Rate | 4.10% | 4.10% | 4.10% | ||
Senior Notes | $ 50,000 | 50,000 | |||
Maturity Date | Sep. 19, 2023 | ||||
Debt Instrument, Covenant Compliance | The Company was in compliance with its covenants at December 31, 2018. | ||||
Payments of Debt Issuance Costs | $ 400 | ||||
Amortized Issuance Costs Period | 10 years | ||||
3.84% Senior Notes [Member] | |||||
Debt Instrument | |||||
Senior Notes, Stated Interest Rate | 3.84% | 3.84% | 3.84% | ||
Senior Notes | $ 125,000 | 125,000 | |||
Maturity Date | Sep. 19, 2024 | ||||
Debt Instrument, Covenant Compliance | The Company was in compliance with its covenants at December 31, 2018. | ||||
Payments of Debt Issuance Costs | $ 900 | ||||
Amortized Issuance Costs Period | 10 years | ||||
4.24% Senior Notes [Member] | |||||
Debt Instrument | |||||
Senior Notes, Stated Interest Rate | 4.24% | 4.24% | 4.24% | ||
Senior Notes | $ 125,000 | 125,000 | |||
Maturity Date | Jun. 25, 2025 | ||||
Debt Instrument, Covenant Compliance | The Company was in compliance with these covenants at December 31, 2018. | ||||
1.47% EURO Senior Notes [Member] | |||||
Debt Instrument | |||||
Senior Notes, Stated Interest Rate | 1.47% | 1.47% | 1.47% | ||
Senior Notes | $ 143,053 | 149,736 | € 125,000 | ||
Maturity Date | Jun. 17, 2030 | ||||
Debt Instrument, Covenant Compliance | The Company was in compliance with its covenants at December 31, 2018. | ||||
Payments of Debt Issuance Costs | $ 400 | ||||
Amortized Issuance Costs Period | 15 years | ||||
Line of Credit [Member] | |||||
Debt Instrument | |||||
Maturity Date | Jun. 15, 2023 | ||||
Consolidated Interest Coverage Ratio Covenant | 3.5 to 1.0 | ||||
Consolidated Leverage Ratio Covenant | 3.5 to 1.0 | ||||
Payments of Debt Issuance Costs | $ 2,000 | ||||
Credit Agreement Borrowing Capacity | $ 800,000 | ||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 601,000 |
Shareholders' Equity Details 1
Shareholders' Equity Details 1 (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Treasury Stock Acquired, Repurchase Authorization | 2 | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | $ (302,414) | $ (265,406) | $ (354,998) |
Other Comprehensive (Income) Loss, Defined Benefit Plan, before Reclassification Adjustment, after Tax | (24,106) | 1,678 | |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | (658) | 1,424 | (513) |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | (29,051) | 71,890 | |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax | (2,441) | 273 | 4,735 |
Reclassification from AOCI, Current Period, Net of Tax, Attributable to Parent | 16,807 | 14,600 | |
Other Comprehensive Income (Loss), Net of Tax | (37,008) | 89,592 | |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (63,913) | (31,340) | (115,322) |
Other Comprehensive (Income) Loss, Defined Benefit Plan, before Reclassification Adjustment, after Tax | 0 | 0 | |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | 0 | 0 | |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | (32,573) | 83,982 | |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, Net of Tax | 0 | 0 | |
Other Comprehensive Income (Loss), Net of Tax | (32,573) | 83,982 | |
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 702 | (1,081) | (2,232) |
Other Comprehensive (Income) Loss, Defined Benefit Plan, before Reclassification Adjustment, after Tax | 0 | 0 | |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | (658) | 1,424 | |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | 0 | 0 | |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax | 2,441 | (273) | |
Other Comprehensive Income (Loss), Net of Tax | 1,783 | 1,151 | |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (239,203) | (232,985) | $ (237,444) |
Other Comprehensive (Income) Loss, Defined Benefit Plan, before Reclassification Adjustment, after Tax | (24,106) | 1,678 | |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | 0 | 0 | |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | 3,522 | (12,092) | |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, after Tax | 14,366 | 14,873 | |
Other Comprehensive Income (Loss), Net of Tax | $ (6,218) | $ 4,459 |
Shareholders' Equity Details 2
Shareholders' Equity Details 2 (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Stockholders' Equity Note [Abstract] | |||
Interest Rate Cash Flow Hedge Gain (Loss) Reclassified to Earnings, Net | $ (539) | $ 1,679 | |
Cross Currency Cash Flow Hedge Gain (Loss) Reclassified to Earnings, Net | (2,212) | (1,416) | |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 2,751 | (263) | |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax | 310 | 536 | |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax | 2,441 | (273) | $ (4,735) |
Amortization of actuarial (gains) losses and plan amendments and prior service cost | 18,756 | 20,137 | |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax, Attributable to Parent | 4,390 | 5,264 | |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax | $ 14,366 | $ 14,873 |
Shareholders' Equity Textuals (
Shareholders' Equity Textuals (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||
Cross Currency Swap interest portion recognized in income | $ 800 | ||
Common Stock, Shares Authorized | 125,000,000 | 125,000,000 | |
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | |
Common Stock, Voting Rights | one | ||
Common Stock Reserved for Issuance to the Stock Option Plans | 3,252,712 | ||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 | |
Preferred Stock, Par Value | $ 0.01 | $ 0.01 | |
Share Repurchase Program and Treasury Stock [Abstract] | |||
Treasury Stock Acquired, Repurchase Authorization | 2 | ||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 2,100,000 | ||
Shares Repurchased Under Share Repurchase Program | 27,500,000 | ||
Share Repurchase Program, Total Cost Program to Date | $ 4,400,000 | ||
Repurchases of Common Stock, Value | $ (474,999) | $ (399,997) | $ (499,992) |
Repurchases of Common Stock, Shares | (802,809) | (749,254) | |
Treasury Stock Acquired, Average Cost Per Share | $ 591.65 | $ 533.84 | |
Exercise of stock options and restricted stock units, shares | 183,379 | 270,413 | |
Cross Currency Swap Revaluation Portion Recognized in Earnings | $ 3,000 |
Equity Incentive Plan (Details)
Equity Incentive Plan (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Options, Outstanding, Number, Beginning | 1,008,476 | |
Options, Grants in Period, Net of Forfeitures | 43,943 | |
Options, Exercises in Period | (163,120) | |
Options, Forfeitures in Period | (41,469) | |
Options, Outstanding, Number, Ending | 847,830 | |
Options, Exercisable, Number | 676,202 | |
Aggregate Intrinsic Value [Abstract] | ||
Options, Outstanding, Intrinsic Value | $ 264 | $ 392.2 |
Options, Exercisable, Intrinsic Value | $ 242.8 | |
Weighted Average Exercise Price [Abstract] | ||
Options, Outstanding, Weighted Average Exercise Price, Beginning | $ 232.99 | |
Options, Grants in Period, Weighted Average Exercise Price | 595.31 | |
Options, Exercises in Period, Weighted Average Exercise Price | 150.81 | |
Options, Forfeitures in Period, Weighted Average Exercise Price | 369.93 | |
Options, Outstanding, Weighted Average Exercise Price, Ending | 260.88 | |
Options, Exercisable, Weighted Average Exercise Price | $ 208.01 |
Equity Incentive Plan Details 1
Equity Incentive Plan Details 1 (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award | ||
Options, Outstanding, Number | 847,830 | 1,008,476 |
Options, Outstanding, Weighted Average Exercise Price | $ 260.88 | $ 232.99 |
Options, Outstanding, Weighted Average Remaining Contractual Term | 4 years 10 months 24 days | |
Options, Exercisable, Number | 676,202 | |
$0.0-$110.0 Range of Exercise Price | ||
Share-based Compensation Arrangement by Share-based Payment Award | ||
Options, Outstanding, Number | 74,868 | |
Options, Outstanding, Weighted Average Exercise Price | $ 90.76 | |
Options, Outstanding, Weighted Average Remaining Contractual Term | 9 months 18 days | |
Options, Exercisable, Number | 74,868 | |
$110.0-$135.0 Range of Exercise Price | ||
Share-based Compensation Arrangement by Share-based Payment Award | ||
Options, Outstanding, Number | 86,140 | |
Options, Outstanding, Weighted Average Exercise Price | $ 133 | |
Options, Outstanding, Weighted Average Remaining Contractual Term | 1 year 9 months 18 days | |
Options, Exercisable, Number | 86,140 | |
$135.0-$170.0 Range of Exercise Price | ||
Share-based Compensation Arrangement by Share-based Payment Award | ||
Options, Outstanding, Number | 214,451 | |
Options, Outstanding, Weighted Average Exercise Price | $ 159.78 | |
Options, Outstanding, Weighted Average Remaining Contractual Term | 3 years 3 months 18 days | |
Options, Exercisable, Number | 214,451 | |
$170.0-$250.0 Range of Exercise Price | ||
Share-based Compensation Arrangement by Share-based Payment Award | ||
Options, Outstanding, Number | 113,906 | |
Options, Outstanding, Weighted Average Exercise Price | $ 244.99 | |
Options, Outstanding, Weighted Average Remaining Contractual Term | 4 years 10 months 24 days | |
Options, Exercisable, Number | 113,906 | |
$250.0 and Greater Range of Exercise Price | ||
Share-based Compensation Arrangement by Share-based Payment Award | ||
Options, Outstanding, Number | 358,465 | |
Options, Outstanding, Weighted Average Exercise Price | $ 392.68 | |
Options, Outstanding, Weighted Average Remaining Contractual Term | 7 years 4 months 24 days | |
Options, Exercisable, Number | 186,837 |
Equity Incentive Plan Details 2
Equity Incentive Plan Details 2 (Details) | 12 Months Ended | ||
Dec. 31, 2018Rate | Dec. 31, 2017Rate | Dec. 31, 2016 | |
Employee Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 3.09% | 2.00% | 1.26% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 5 years 10 months 24 days | 5 years 9 months 18 days | 5 years 8 months 12 days |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 26.00% | 28.00% | 29.00% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | 0.00% | 0.00% |
Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 3.03% | 1.73% | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 3 years | 3 years | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 26.00% | 28.00% | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | 0.00% |
Equity Incentive Plan Details 3
Equity Incentive Plan Details 3 (Details) - $ / shares $ / shares in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Restricted Stock Units, Nonvested, Intrinsic Value | $ 27.8 | $ 34.9 |
Performance Stock Units, Grants in Period | 4,912 | |
Performance Share Unit, Nonvested, Number of Shares | 12,814 | 8,050 |
Performance Share units, Nonvested, Intrinsic Value | $ 7.2 | $ 5 |
Share Based Compensation, Performance Shares Vested in the Period | 0 | |
Share Based Compensation, Performance Shares Forfeited in the period | (148) | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||
Restricted Stock Units, Nonvested, Number, Beginning | 56,389 | |
Restricted Stock Units, Grants in Period | 16,380 | |
Restricted Stock Units, Vested in Period | (20,259) | |
Restricted Stock Units, Forfeited in Period | (3,258) | |
Restricted Stock Units, Nonvested, Number, Ending | 49,252 |
Equity Incentive Plan Textuals
Equity Incentive Plan Textuals (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years 6 months | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 595.31 | $ 671.60 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Intrinsic Value, Amount Per Share | $ 9,600,000 | 8,700,000 | |
Number of Shares Authorized for Stock Option Plan | 2,000,000 | ||
Options, Award Vesting Period | 5 years | ||
Restricted Stock Units, Vesting Period | 5 years | ||
Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 189.78 | $ 206.56 | $ 118.31 |
Options, Exercises in Period, Total Intrinsic Value | $ 74,300 | $ 105,600 | $ 69,500 |
Stock Options, Vested in Period, Total Fair Value | 6,900 | 8,300 | 7,400 |
Restricted Stock Units, Vested in Period, Total Fair Value | 7,200 | 6,800 | $ 6,300 |
Allocated Share-based Compensation Expense for Restricted Stock Units | $ 6,800 | $ 6,500 | |
Number of Shares Available for Grant | 2,182,289 | ||
Deferred Compensation Liability, Current and Noncurrent | $ 51,300 | ||
Estimated Weighted Average Amortization Period | 2 years 3 months 18 days | ||
Performance Share Units Vesting Period | 3 years | ||
Share Based Compensation Arrangements By Share Based Payment Award, Performance Options Grants in Period | 12,678 | ||
Performance Options Total Value of Grant | $ 1,500 | ||
Performance Share Unit Payout Percentage - Minimum | 0.00% | ||
Performance Share Units Payout Percentage - Maximum | 200.00% | ||
Performance Option Fair Value | $ 730 | $ 840 | |
Performance Share Unit Total Grant Value | $ 3,600 | $ 3,000 |
Benefit Plans Benefit Plans (De
Benefit Plans Benefit Plans (Detail 1) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Benefit Obligation | $ 996,483 | $ 1,063,722 | $ 979,417 |
Defined Benefit Plans, Service Cost and Other | 31,811 | 30,165 | |
Defined Benefit Plan, Interest Cost | 12,938 | 12,955 | 15,168 |
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | (50,655) | 40,033 | |
Defined Benefit Plan, Benefit Obligation, Increase (Decrease) for Plan Amendment | 966 | (15,016) | |
Defined Benefit Plan, Benefit Obligation, Benefits Paid | 44,439 | 38,395 | |
Defined Benefit Plan, Benefit Obligation, Foreign Currency Translation Gain (Loss) | (17,860) | 54,563 | |
Defined Benefit Plan, Plan Assets, Amount | 862,951 | 919,782 | 820,272 |
Defined Benefit Plan, Plan Assets, Increase (Decrease) for Actual Return (Loss) | (42,521) | 63,924 | |
Defined Benefit Plan, Plan Assets, Contributions by Employer | 26,334 | 23,458 | |
Defined Benefit Plan, Plan Assets, Contributions by Plan Participant | 15,327 | 13,640 | |
Defined Benefit Plan, Plan Assets, Benefits Paid | 44,439 | 38,395 | |
Defined Benefit Plan, Plan Assets, Foreign Currency Translation Gain (Loss) | (11,532) | 36,883 | |
Defined Benefit Plan, Funded (Unfunded) Status of Plan | (133,532) | (143,940) | |
Pension Plan [Member] | Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Benefit Obligation | 864,095 | 918,478 | 838,277 |
Defined Benefit Plans, Service Cost and Other | 30,721 | 29,600 | |
Defined Benefit Plan, Interest Cost | 8,630 | 8,511 | 10,664 |
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | (40,469) | 33,036 | |
Defined Benefit Plan, Benefit Obligation, Increase (Decrease) for Plan Amendment | 974 | (15,153) | |
Defined Benefit Plan, Benefit Obligation, Benefits Paid | 36,379 | 30,356 | |
Defined Benefit Plan, Benefit Obligation, Foreign Currency Translation Gain (Loss) | (17,860) | 54,563 | |
Defined Benefit Plan, Plan Assets, Amount | 767,410 | 808,215 | 716,169 |
Defined Benefit Plan, Plan Assets, Increase (Decrease) for Actual Return (Loss) | (34,102) | 49,055 | |
Defined Benefit Plan, Plan Assets, Contributions by Employer | 26,032 | 22,961 | |
Defined Benefit Plan, Plan Assets, Contributions by Plan Participant | 15,176 | 13,503 | |
Defined Benefit Plan, Plan Assets, Benefits Paid | 36,379 | 30,356 | |
Defined Benefit Plan, Plan Assets, Foreign Currency Translation Gain (Loss) | (11,532) | 36,883 | |
Defined Benefit Plan, Funded (Unfunded) Status of Plan | (96,685) | (110,263) | |
Pension Plan [Member] | Domestic Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Benefit Obligation | 130,202 | 142,571 | 138,155 |
Defined Benefit Plans, Service Cost and Other | 1,090 | 565 | |
Defined Benefit Plan, Interest Cost | 4,242 | 4,374 | 4,428 |
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | (10,019) | 6,979 | |
Defined Benefit Plan, Benefit Obligation, Increase (Decrease) for Plan Amendment | 0 | 0 | |
Defined Benefit Plan, Benefit Obligation, Benefits Paid | 7,682 | 7,502 | |
Defined Benefit Plan, Benefit Obligation, Foreign Currency Translation Gain (Loss) | 0 | 0 | |
Defined Benefit Plan, Plan Assets, Amount | 95,541 | 111,567 | 104,103 |
Defined Benefit Plan, Plan Assets, Increase (Decrease) for Actual Return (Loss) | (8,419) | 14,869 | |
Defined Benefit Plan, Plan Assets, Contributions by Employer | 75 | 97 | |
Defined Benefit Plan, Plan Assets, Contributions by Plan Participant | 0 | 0 | |
Defined Benefit Plan, Plan Assets, Benefits Paid | 7,682 | 7,502 | |
Defined Benefit Plan, Plan Assets, Foreign Currency Translation Gain (Loss) | 0 | 0 | |
Defined Benefit Plan, Funded (Unfunded) Status of Plan | (34,661) | (31,004) | |
Other Postretirement Benefits Plan [Member] | Domestic Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Benefit Obligation | 2,186 | 2,673 | 2,985 |
Defined Benefit Plans, Service Cost and Other | 0 | 0 | |
Defined Benefit Plan, Interest Cost | 66 | 70 | 76 |
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | (167) | 18 | |
Defined Benefit Plan, Benefit Obligation, Increase (Decrease) for Plan Amendment | (8) | 137 | |
Defined Benefit Plan, Benefit Obligation, Benefits Paid | 378 | 537 | |
Defined Benefit Plan, Benefit Obligation, Foreign Currency Translation Gain (Loss) | 0 | 0 | |
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | $ 0 |
Defined Benefit Plan, Plan Assets, Increase (Decrease) for Actual Return (Loss) | 0 | 0 | |
Defined Benefit Plan, Plan Assets, Contributions by Employer | 227 | 400 | |
Defined Benefit Plan, Plan Assets, Contributions by Plan Participant | 151 | 137 | |
Defined Benefit Plan, Plan Assets, Benefits Paid | 378 | 537 | |
Defined Benefit Plan, Plan Assets, Foreign Currency Translation Gain (Loss) | 0 | 0 | |
Defined Benefit Plan, Funded (Unfunded) Status of Plan | $ (2,186) | $ (2,673) |
Benefit Plans Benefit Plans (_2
Benefit Plans Benefit Plans (Detail 2) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Assets for Plan Benefits, Defined Benefit Plan | $ 46,014 | $ 40,493 |
Liability, Defined Benefit Plan, Current | 5,425 | 5,489 |
Liability, Defined Benefit Plan, Noncurrent | 174,121 | 178,944 |
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax | 321,254 | 314,324 |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), after Reclassification Adjustment, before Tax | 187,722 | 170,384 |
Pension Plan [Member] | Foreign Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Assets for Plan Benefits, Defined Benefit Plan | 46,014 | 40,493 |
Liability, Defined Benefit Plan, Current | 4,884 | 4,990 |
Liability, Defined Benefit Plan, Noncurrent | 137,815 | 145,766 |
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax | 260,820 | 254,870 |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), after Reclassification Adjustment, before Tax | 164,135 | 144,607 |
Pension Plan [Member] | Domestic Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Assets for Plan Benefits, Defined Benefit Plan | 0 | 0 |
Liability, Defined Benefit Plan, Current | 110 | 88 |
Liability, Defined Benefit Plan, Noncurrent | 34,551 | 30,916 |
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax | 61,344 | 61,819 |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), after Reclassification Adjustment, before Tax | 26,683 | 30,815 |
Other Postretirement Benefits Plan [Member] | Domestic Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Assets for Plan Benefits, Defined Benefit Plan | 0 | 0 |
Liability, Defined Benefit Plan, Current | 431 | 411 |
Liability, Defined Benefit Plan, Noncurrent | 1,755 | 2,262 |
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax | (910) | (2,365) |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), after Reclassification Adjustment, before Tax | $ (3,096) | $ (5,038) |
Benefit Plans Benefit Plans (_3
Benefit Plans Benefit Plans (Detail 3) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, Prior Service Cost (Credit), before Tax | $ (22,541) | |
Accumulated Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), after Tax | (17,873) | |
Defined Benefit Plan, Accumulated Other Comprehensive Income (Loss), Gain (Loss), before Tax | 343,795 | |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Gains (Losses), after tax | 266,332 | |
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax | 321,254 | $ 314,324 |
Accumulated Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax | 248,459 | |
Pension Plan [Member] | Domestic Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, Prior Service Cost (Credit), before Tax | 0 | |
Defined Benefit Plan, Accumulated Other Comprehensive Income (Loss), Gain (Loss), before Tax | 61,344 | |
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax | 61,344 | 61,819 |
Pension Plan [Member] | Foreign Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, Prior Service Cost (Credit), before Tax | (22,541) | |
Defined Benefit Plan, Accumulated Other Comprehensive Income (Loss), Gain (Loss), before Tax | 283,361 | |
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax | 260,820 | 254,870 |
Other Postretirement Benefits Plan [Member] | Domestic Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, Prior Service Cost (Credit), before Tax | 0 | |
Defined Benefit Plan, Accumulated Other Comprehensive Income (Loss), Gain (Loss), before Tax | (910) | |
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax | $ (910) | $ (2,365) |
Benefit Plans Benefit Plans (_4
Benefit Plans Benefit Plans (Detail 4) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, before Tax | $ 29,799 | ||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, after Tax | (23,326) | $ (10,378) | $ (47,788) |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), before Tax | 974 | ||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), after Tax | 780 | ||
Defined Benefit Plans, Amortization of Gains, Losses and Other Expenses | (26,075) | ||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, after Tax | (20,173) | ||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Reclassification Adjustment from AOCI, before Tax | 7,319 | ||
Other Comprehensive Income (Loss), Amortization, Pension and Other Postretirement Benefit Plans, Net Prior Service Cost Recognized in Net Periodic Benefit Cost, after tax | 5,807 | ||
Defined Benefit Plans, Impact of FX on Current Year Change in OCI | (5,087) | ||
Defined Benefit Plans, Impact of FX on Current Year Change in OCI, net of tax | 3,522 | $ (12,092) | $ 5,885 |
Defined Benefit Plan, Changes in OCI Arising During the Period | 6,930 | ||
Defined Benefit Plan, Changes in OCI Arising During the Period, net of tax | 6,218 | ||
Pension Plan [Member] | Domestic Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, before Tax | 5,329 | ||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), before Tax | 0 | ||
Defined Benefit Plans, Amortization of Gains, Losses and Other Expenses | (5,804) | ||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Reclassification Adjustment from AOCI, before Tax | 0 | ||
Defined Benefit Plans, Impact of FX on Current Year Change in OCI | 0 | ||
Defined Benefit Plan, Changes in OCI Arising During the Period | (475) | ||
Pension Plan [Member] | Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, before Tax | 24,637 | ||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), before Tax | 974 | ||
Defined Benefit Plans, Amortization of Gains, Losses and Other Expenses | (21,521) | ||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Reclassification Adjustment from AOCI, before Tax | 6,947 | ||
Defined Benefit Plans, Impact of FX on Current Year Change in OCI | (5,087) | ||
Defined Benefit Plan, Changes in OCI Arising During the Period | 5,950 | ||
Other Postretirement Benefits Plan [Member] | Domestic Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, before Tax | (167) | ||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), before Tax | 0 | ||
Defined Benefit Plans, Amortization of Gains, Losses and Other Expenses | 1,250 | ||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Reclassification Adjustment from AOCI, before Tax | 372 | ||
Defined Benefit Plans, Impact of FX on Current Year Change in OCI | 0 | ||
Defined Benefit Plan, Changes in OCI Arising During the Period | $ 1,455 |
Benefit Plans Benefit Plans (_5
Benefit Plans Benefit Plans (Detail 5) (Details) - Pension Plan [Member] | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Domestic Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 4.11% | 3.49% |
Defined Benefit Plan, Assumptions Used Calculating the projected benefit obligation, Expected Long-term Return on Assets | 6.50% | 6.50% |
Foreign Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 1.22% | 0.97% |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | 0.87% | 0.87% |
Defined Benefit Plan, Assumptions Used Calculating the projected benefit obligation, Expected Long-term Return on Assets | 3.84% | 3.86% |
Benefit Plans Benefit Plans (_6
Benefit Plans Benefit Plans (Detail 6) (Details) - Pension Plan [Member] | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Domestic Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 3.49% | 3.97% | 4.27% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets | 6.50% | 6.75% | 7.25% |
Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 0.97% | 0.98% | 1.31% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Rate of Compensation Increase | 0.87% | 0.85% | 1.03% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets | 3.86% | 4.09% | 4.58% |
Benefit Plans Benefit Plans (_7
Benefit Plans Benefit Plans (Detail 7) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Service Cost | $ 16,635 | $ 16,906 | $ 17,236 |
Defined Benefit Plan, Interest Cost | 12,938 | 12,955 | 15,168 |
Defined Benefit Plan, Expected Return (Loss) on Plan Assets | 37,934 | 37,086 | 40,949 |
Amortization of Actuarial (Gains) Losses and Plan Amendments | 18,756 | 20,129 | 15,962 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement and Curtailment | 0 | 0 | 7,963 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | 10,395 | 12,904 | 15,380 |
Pension Plan [Member] | Domestic Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Service Cost | 1,090 | 565 | 432 |
Defined Benefit Plan, Interest Cost | 4,242 | 4,374 | 4,428 |
Defined Benefit Plan, Expected Return (Loss) on Plan Assets | 6,929 | 6,737 | 7,781 |
Amortization of Actuarial (Gains) Losses and Plan Amendments | 5,804 | 6,556 | 7,606 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement and Curtailment | 0 | 0 | 7,963 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | 4,207 | 4,758 | 12,648 |
Pension Plan [Member] | Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Service Cost | 15,545 | 16,341 | 16,804 |
Defined Benefit Plan, Interest Cost | 8,630 | 8,511 | 10,664 |
Defined Benefit Plan, Expected Return (Loss) on Plan Assets | 31,005 | 30,349 | 33,168 |
Amortization of Actuarial (Gains) Losses and Plan Amendments | 14,575 | 16,247 | 12,923 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement and Curtailment | 0 | 0 | 0 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | 7,745 | 10,750 | 7,223 |
Other Postretirement Benefits Plan [Member] | Domestic Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Service Cost | 0 | 0 | 0 |
Defined Benefit Plan, Interest Cost | 66 | 70 | 76 |
Amortization of Actuarial (Gains) Losses and Plan Amendments | (1,623) | (2,674) | (4,567) |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement and Curtailment | 0 | 0 | 0 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | $ (1,557) | $ (2,604) | $ (4,491) |
Benefit Plans Benefit Plans (_8
Benefit Plans Benefit Plans (Detail 8) (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Amortization of Net Prior Service Cost (Credit) | $ (6,798) |
Amortization of Net Gains (Losses) | 23,313 |
Amounts that Will be Amortized from Accumulated Other Comprehensive Income (Loss) in Next Fiscal Year | 16,515 |
Domestic Plan [Member] | Pension Plan [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Amortization of Net Prior Service Cost (Credit) | 0 |
Amortization of Net Gains (Losses) | 2,374 |
Amounts that Will be Amortized from Accumulated Other Comprehensive Income (Loss) in Next Fiscal Year | 2,374 |
Domestic Plan [Member] | Other Postretirement Benefits Plan [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Amortization of Net Prior Service Cost (Credit) | 0 |
Amortization of Net Gains (Losses) | (691) |
Amounts that Will be Amortized from Accumulated Other Comprehensive Income (Loss) in Next Fiscal Year | (691) |
Foreign Plan [Member] | Pension Plan [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Amortization of Net Prior Service Cost (Credit) | (6,798) |
Amortization of Net Gains (Losses) | 21,630 |
Amounts that Will be Amortized from Accumulated Other Comprehensive Income (Loss) in Next Fiscal Year | $ 14,832 |
Benefit Plans Benefit Plans (_9
Benefit Plans Benefit Plans (Detail 9) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | $ 862,951 | $ 919,782 | $ 820,272 |
Defined Benefit Plan, Fair Value of Plan Assets excluding assets recorded at Net Asset Value | 814,671 | 888,273 | |
Defined Benefit Plan Fair Value of Plan Assets, including Assets recorded at Net Asset Value | 862,951 | 919,782 | |
Cash and Cash Equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 111,484 | 154,751 | |
Company Stock | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 2,436 | 3,154 | |
U.S. Equity Mutual Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 27,558 | 33,995 | |
International Equity Mutual Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 114,436 | 142,177 | |
Defined Benefit Plan Net Asset Value Assets | 2,792 | 0 | |
Emerging Markets Equity Mutual Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 95,838 | 101,442 | |
Defined Benefit Plan Net Asset Value Assets | 4,889 | 5,950 | |
Fixed Income Securities, Corporate and Government Bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 71,644 | 72,334 | |
Fixed Income Mutual Funds, Insurance Contracts | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 24,313 | 24,935 | |
Fixed Income Mutual Funds, Core Bond | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 149,941 | 193,656 | |
Real Estate | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 97,717 | 88,054 | |
Real Asset Mutual Funds, Commodities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 40,267 | 37,302 | |
Debt Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 38,616 | 0 | |
Other Types of Investments, Global Allocation Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 21,757 | 24,326 | |
Other Types of Investments Insurance linked securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 18,664 | 12,147 | |
Hedge Funds, Multi-strategy [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan Net Asset Value Assets | 40,599 | 25,559 | |
Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets excluding assets recorded at Net Asset Value | 642,357 | 694,037 | |
Fair Value, Inputs, Level 1 [Member] | Cash and Cash Equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 111,484 | 154,751 | |
Fair Value, Inputs, Level 1 [Member] | Company Stock | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 2,436 | 3,154 | |
Fair Value, Inputs, Level 1 [Member] | U.S. Equity Mutual Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 4,989 | 6,011 | |
Fair Value, Inputs, Level 1 [Member] | International Equity Mutual Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 68,544 | 80,836 | |
Fair Value, Inputs, Level 1 [Member] | Emerging Markets Equity Mutual Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 95,146 | 100,346 | |
Fair Value, Inputs, Level 1 [Member] | Fixed Income Securities, Corporate and Government Bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 71,644 | 72,334 | |
Fair Value, Inputs, Level 1 [Member] | Fixed Income Mutual Funds, Insurance Contracts | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Fair Value, Inputs, Level 1 [Member] | Fixed Income Mutual Funds, Core Bond | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 95,493 | 136,157 | |
Fair Value, Inputs, Level 1 [Member] | Real Estate | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 83,879 | 79,218 | |
Fair Value, Inputs, Level 1 [Member] | Real Asset Mutual Funds, Commodities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 40,267 | 37,302 | |
Fair Value, Inputs, Level 1 [Member] | Debt Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 38,616 | 0 | |
Fair Value, Inputs, Level 1 [Member] | Other Types of Investments, Global Allocation Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 11,195 | 11,781 | |
Fair Value, Inputs, Level 1 [Member] | Other Types of Investments Insurance linked securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 18,664 | 12,147 | |
Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets excluding assets recorded at Net Asset Value | 170,853 | 192,722 | |
Fair Value, Inputs, Level 2 [Member] | Cash and Cash Equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | Company Stock | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | U.S. Equity Mutual Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 22,569 | 27,984 | |
Fair Value, Inputs, Level 2 [Member] | International Equity Mutual Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 45,892 | 61,341 | |
Fair Value, Inputs, Level 2 [Member] | Emerging Markets Equity Mutual Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 692 | 1,096 | |
Fair Value, Inputs, Level 2 [Member] | Fixed Income Securities, Corporate and Government Bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | Fixed Income Mutual Funds, Insurance Contracts | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 22,852 | 23,421 | |
Fair Value, Inputs, Level 2 [Member] | Fixed Income Mutual Funds, Core Bond | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 54,448 | 57,499 | |
Fair Value, Inputs, Level 2 [Member] | Real Estate | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 13,838 | 8,836 | |
Fair Value, Inputs, Level 2 [Member] | Real Asset Mutual Funds, Commodities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | Debt Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | Other Types of Investments, Global Allocation Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 10,562 | 12,545 | |
Fair Value, Inputs, Level 2 [Member] | Other Types of Investments Insurance linked securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 1,461 | 1,514 | 6,894 |
Defined Benefit Plan, Fair Value of Plan Assets excluding assets recorded at Net Asset Value | 1,461 | 1,514 | |
Fair Value, Inputs, Level 3 [Member] | Cash and Cash Equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Company Stock | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | U.S. Equity Mutual Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | International Equity Mutual Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Emerging Markets Equity Mutual Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Fixed Income Securities, Corporate and Government Bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Fixed Income Mutual Funds, Insurance Contracts | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 1,461 | 1,514 | 1,300 |
Fair Value, Inputs, Level 3 [Member] | Fixed Income Mutual Funds, Core Bond | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Real Estate | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Real Asset Mutual Funds, Commodities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | $ 5,594 |
Fair Value, Inputs, Level 3 [Member] | Debt Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Other Types of Investments, Global Allocation Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Other Types of Investments Insurance linked securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | $ 0 | $ 0 |
Benefit Plans Benefit Plans _10
Benefit Plans Benefit Plans (Detail 10) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Actual return on plan assets: | |||
Defined Benefit Plan, Plan Assets, Foreign Currency Translation Gain (Loss) | $ (11,532) | $ 36,883 | |
Defined Benefit Plan, Plan Assets, Amount | 862,951 | 919,782 | $ 820,272 |
Fair Value, Inputs, Level 3 [Member] | |||
Actual return on plan assets: | |||
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Actual Return (Loss) on Plan Assets Still Held | 14 | 21 | |
Defined Benefit Plan Sales, Total | (85) | (5,809) | |
Defined Benefit Plan, Purchases, Total | 82 | 108 | |
Defined Benefit Plan, Plan Assets, Foreign Currency Translation Gain (Loss) | (64) | 300 | |
Defined Benefit Plan, Plan Assets, Amount | 1,461 | 1,514 | 6,894 |
Real Asset Mutual Funds, Commodities | |||
Actual return on plan assets: | |||
Defined Benefit Plan, Plan Assets, Amount | 40,267 | 37,302 | |
Real Asset Mutual Funds, Commodities | Fair Value, Inputs, Level 3 [Member] | |||
Actual return on plan assets: | |||
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Actual Return (Loss) on Plan Assets Still Held | 0 | 0 | |
Defined Benefit Plan Sales, Total | 0 | (5,711) | |
Defined Benefit Plan, Purchases, Total | 0 | 0 | |
Defined Benefit Plan, Plan Assets, Foreign Currency Translation Gain (Loss) | 0 | 117 | |
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | 5,594 |
Fixed Income Mutual Funds, Insurance Contracts | |||
Actual return on plan assets: | |||
Defined Benefit Plan, Plan Assets, Amount | 24,313 | 24,935 | |
Fixed Income Mutual Funds, Insurance Contracts | Fair Value, Inputs, Level 3 [Member] | |||
Actual return on plan assets: | |||
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Actual Return (Loss) on Plan Assets Still Held | 14 | 21 | |
Defined Benefit Plan Sales, Total | (85) | (98) | |
Defined Benefit Plan, Purchases, Total | 82 | 108 | |
Defined Benefit Plan, Plan Assets, Foreign Currency Translation Gain (Loss) | (64) | 183 | |
Defined Benefit Plan, Plan Assets, Amount | $ 1,461 | $ 1,514 | $ 1,300 |
Benefit Plans Benefit Plans _11
Benefit Plans Benefit Plans (Detail 11) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Expected Future Benefit Payment, Next Twelve Months | $ 51,976 | ||
Defined Benefit Plan, Expected Future Benefit Payment, Year Two | 51,607 | ||
Defined Benefit Plan, Expected Future Benefit Payment, Year Three | 53,847 | ||
Defined Benefit Plan, Expected Future Benefit Payment, Year Four | 52,296 | ||
Defined Benefit Plan, Expected Future Benefit Payment, Year Five | 53,275 | ||
Defined Benefit Plan, Expected Future Benefit Payment, Five Fiscal Years Thereafter | $ 266,869 | ||
Pension Plan [Member] | Domestic Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 4.11% | 3.49% | |
Defined Benefit Plan, Expected Future Benefit Payment, Next Twelve Months | $ 8,051 | ||
Defined Benefit Plan, Expected Future Benefit Payment, Year Two | 8,247 | ||
Defined Benefit Plan, Expected Future Benefit Payment, Year Three | 8,396 | ||
Defined Benefit Plan, Expected Future Benefit Payment, Year Four | 8,546 | ||
Defined Benefit Plan, Expected Future Benefit Payment, Year Five | 8,698 | ||
Defined Benefit Plan, Expected Future Benefit Payment, Five Fiscal Years Thereafter | $ 43,532 | ||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 3.49% | 3.97% | 4.27% |
Pension Plan [Member] | Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 1.22% | 0.97% | |
Defined Benefit Plan, Expected Future Benefit Payment, Next Twelve Months | $ 43,494 | ||
Defined Benefit Plan, Expected Future Benefit Payment, Year Two | 43,111 | ||
Defined Benefit Plan, Expected Future Benefit Payment, Year Three | 45,220 | ||
Defined Benefit Plan, Expected Future Benefit Payment, Year Four | 43,543 | ||
Defined Benefit Plan, Expected Future Benefit Payment, Year Five | 44,397 | ||
Defined Benefit Plan, Expected Future Benefit Payment, Five Fiscal Years Thereafter | $ 222,671 | ||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 0.97% | 0.98% | 1.31% |
Other Postretirement Benefits Plan [Member] | Domestic Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 2.65% | 2.55% | |
Defined Benefit Plan, Expected Future Benefit Payment, Next Twelve Months | $ 431 | ||
Defined Benefit Plan, Expected Future Benefit Payment, Year Two | 249 | ||
Defined Benefit Plan, Expected Future Benefit Payment, Year Three | 231 | ||
Defined Benefit Plan, Expected Future Benefit Payment, Year Four | 207 | ||
Defined Benefit Plan, Expected Future Benefit Payment, Year Five | 180 | ||
Defined Benefit Plan, Expected Future Benefit Payment, Five Fiscal Years Thereafter | $ 666 | ||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 3.15% | 3.41% | 3.54% |
Healthcare Cost Trend Rate Maximum | 6.40% | 7.50% | |
Healthcare Cost Trend Rate Minimum Percentage | 7.00% | ||
Defined Benefit Plan, Ultimate Health Care Cost Trend Rate | 4.50% |
Benefit Plans Textuals (Details
Benefit Plans Textuals (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Contribution Plan, Cost | $ 18.9 | $ 17.2 | $ 15.4 |
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets, Accumulated Benefit Obligation | 179 | ||
Defined Benefit Plan, Pension Plan with Accumulated Benefit Obligation in Excess of Plan Assets, Projected Benefit Obligation | 189.2 | ||
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets, Plan Assets | $ 46.5 | ||
Foreign Plan [Member] | Debt Securities [Member] | Minimum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Investment Policy and Strategy, Description | 0.35 | ||
Foreign Plan [Member] | Debt Securities [Member] | Maximum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Investment Policy and Strategy, Description | 0.55 | ||
Foreign Plan [Member] | Other Types of Investments [Member] | Minimum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Investment Policy and Strategy, Description | 0.15 | ||
Foreign Plan [Member] | Other Types of Investments [Member] | Maximum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Investment Policy and Strategy, Description | 0.25 | ||
Foreign Plan [Member] | Equity Securities [Member] | Minimum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Investment Policy and Strategy, Description | 0.24 | ||
Foreign Plan [Member] | Equity Securities [Member] | Maximum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Investment Policy and Strategy, Description | 0.45 | ||
Domestic Plan [Member] | Debt Securities [Member] | Minimum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Investment Policy and Strategy, Description | 0.18 | ||
Domestic Plan [Member] | Debt Securities [Member] | Maximum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Investment Policy and Strategy, Description | 0.28 | ||
Domestic Plan [Member] | Other Types of Investments [Member] | Minimum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Investment Policy and Strategy, Description | 0.2 | ||
Domestic Plan [Member] | Other Types of Investments [Member] | Maximum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Investment Policy and Strategy, Description | 0.4 | ||
Domestic Plan [Member] | Equity Securities [Member] | Minimum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Investment Policy and Strategy, Description | 0.35 | ||
Domestic Plan [Member] | Equity Securities [Member] | Maximum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Investment Policy and Strategy, Description | 0.55 | ||
Pension Plan [Member] | Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Accumulated Benefit Obligation | $ 731.4 | 785.7 | |
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | 25.3 | ||
Pension Plan [Member] | Domestic Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Accumulated Benefit Obligation | 130.2 | $ 142.6 | |
Other Postretirement Benefits Plan [Member] | Domestic Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | $ 0.4 |
Taxes (Details 1)
Taxes (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
Earnings Before Taxes, Domestic | $ 60,043 | $ 45,105 | $ 37,363 |
Earnings Before Taxes, Foreign | 591,815 | 529,117 | 466,830 |
Earnings Before Taxes | $ 651,858 | $ 574,222 | $ 504,193 |
Taxes (Details 2)
Taxes (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Current Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
Current Federal Tax Expense (Benefit) | $ 3,422 | $ 55,660 | $ 20,116 |
Current State and Local Tax Expense (Benefit) | 5,073 | 361 | 2,947 |
Current Foreign Tax Expense (Benefit) | 128,450 | 144,974 | 94,882 |
Current Income Tax Expense (Benefit) | 136,945 | 200,995 | 117,945 |
Deferred Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
Deferred Federal Income Tax Expense (Benefit) | (4,699) | 10,173 | (4,817) |
Deferred State and Local Income Tax Expense (Benefit) | (161) | 3,471 | 1,149 |
Deferred Foreign Income Tax Expense (Benefit) | 7,162 | (16,389) | 5,546 |
Deferred Income Tax Expense (Benefit) | 2,302 | (2,745) | 1,878 |
Federal Income Tax Expense (Benefit), Continuing Operations | (1,277) | 65,833 | 15,299 |
State and Local Income Tax Expense (Benefit), Continuing Operations | 4,912 | 3,832 | 4,096 |
Foreign Income Tax Expense (Benefit), Continuing Operations | 135,612 | 128,585 | 100,428 |
Provision for taxes | $ 139,247 | $ 198,250 | $ 119,823 |
Taxes (Details 3)
Taxes (Details 3) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
Effective Tax Rate Reconciliation, Excess Tax Benefits | $ (13,836) | $ (35,171) | $ 0 |
Effect of Biotix contingent consideration gain | (4,394) | 0 | 0 |
Income Tax Expense (Benefit), at Federal Statutory Income Tax Rate | 136,890 | 200,978 | 176,467 |
State and Local Income Taxes | 2,787 | 376 | 3,064 |
Provisional one-time charge on US tax reform | 3,597 | 71,982 | 0 |
Foreign Income Tax Rate Differential | 12,710 | (43,691) | (65,917) |
Other Adjustments | 1,493 | 3,776 | 6,209 |
Provision for taxes | $ 139,247 | $ 198,250 | $ 119,823 |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | 35.00% |
Taxes (Details 4)
Taxes (Details 4) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Income Tax Disclosure [Abstract] | ||
Inventory | $ 15,078 | $ 13,779 |
Accrued and other liabilities | 65,879 | 62,175 |
Accrued post-retirement benefit and pension costs | 50,496 | 55,545 |
Net operating loss and tax credit carryforwards | 30,696 | 32,247 |
Other | 17,397 | 12,099 |
Deferred Tax Assets, Gross | 179,546 | 175,845 |
Valuation Allowance | (15,084) | (12,857) |
Deferred Tax Assets, Net | 164,462 | 162,988 |
Inventory | 4,890 | 4,730 |
Property, Plant and Equipment | 47,451 | 50,440 |
Rainin Intangible Amortization | 66,386 | 66,755 |
Deferred Tax Liabilities, Tax Deferred Expense, Compensation and Benefits, Pension | 31,473 | 27,747 |
International earnings | 18,680 | 23,121 |
Deferred Tax Liabilities, Unrealized Currency Transaction Gains | 9,334 | 0 |
Deferred Tax Liabilities, Gross, Noncurrent | 178,214 | 172,793 |
Deferred Tax Liabilities | $ (13,752) | $ (9,805) |
Taxes (Details 5)
Taxes (Details 5) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | ||
Beginning Unrecognized Tax Benefits | $ 24,090 | $ 20,240 |
Increases related to current tax positions | 7,638 | 2,484 |
Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions | (605) | |
Unrecognized Tax Benefits, Increase Resulting from Prior Period Tax Positions | 1,434 | |
Decrease relating to taxing authority settlements | (4,454) | (856) |
Decreases resulting from a lapse of the applicable statue of limitations | (505) | (186) |
Unrecognized Tax Benefits, Foreign Currency Translation (decreases) increases to prior year tax positions | (488) | (974) |
Ending Unrecognized Tax Benefits | $ 25,676 | $ 24,090 |
Taxes (Textuals) (Details)
Taxes (Textuals) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
Effective Income Tax Rate Reconciliation, Percent | 21.40% | 34.50% | 23.80% |
Deferred tax asset related to U.S. tax credit carryforwards | $ 69,000 | ||
Provisional one-time charge on US tax reform | 3,597 | $ 71,982 | $ 0 |
Cash Tax Portion of the One Time Provisional Transition Tax Charge | 62,000 | ||
Unrepatriated foreign earnings due to the estimated Transition Tax | 54,000 | ||
Foreign withholdings taxes related to transition tax | 8,000 | ||
One-time non-cash charge related to tax changes in the current year | $ 13,000 | ||
Tax Cuts and Jobs Act Pay Period | 8 years | ||
Long Term Portion of Taxes Payable related to the Tax Cuts and Jobs Act | $ 46,000 | ||
Deferred Tax Portion of the taxes payable related to Tax Cuts and Jobs Act | 8,000 | ||
Short Term Portion of Taxes Payable related to the Tax Cuts and Jobs Act | 4,000 | ||
US Tax Reform Payment | $ 4,200 | ||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate | 35.00% | 35.00% | |
Impact on effective tax rate related to US Tax Reform, percent | 0.60% | 12.50% | |
US Federal Corporate Income Tax Rate | 21.00% | ||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $ 25,700 | $ 24,100 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 3,700 | $ 2,800 | |
Impact to Valuation Allowance due to Tax Cuts and Jobs Act | $ 11,000 | ||
Impact on tax rate related to Biotix Contingent Consideration Gain | 0.70% |
Restructuring Charges (Details)
Restructuring Charges (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Restructuring Cost and Reserve | |||
Restructuring Reserve, Beginning | $ 10,620 | $ 9,531 | |
Restructuring Charges | 18,420 | 12,772 | $ 6,235 |
Payments for Restructuring | (20,820) | (12,663) | |
Restructuring Reserve, Translation Adjustment | (248) | 980 | |
Restructuring Reserve, Ending | $ 7,972 | $ 10,620 | $ 9,531 |
Restructuring Charges Textuals
Restructuring Charges Textuals (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Restructuring Charges [Abstract] | |||
Restructuring Charges | $ 18,420 | $ 12,772 | $ 6,235 |
Other Charges (Income), Net (De
Other Charges (Income), Net (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | $ (18,674) | $ 0 | $ 0 |
Other Comprehensive Income (Loss), Defined Benefit Plan, Settlement and Curtailment Gain (Loss), before Tax | 0 | 0 | (8,189) |
Loss Contingency Accrual | 3,000 | ||
Other Nonoperating Income (Expense) | 21,808 | 9,868 | 1,328 |
Impact of Adopting ASU 2017-07 ASC 715 Compensation Retirement Benefit | 6,200 | 4,000 | 9,800 |
Business Acquisition, Transaction Costs | 1,700 | $ 1,100 | |
Gains (Losses) on Sales of Other Real Estate | $ 3,400 | ||
BIOTIX [Member] | |||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | $ 18,700 |
Commitments and Contingencies D
Commitments and Contingencies Detail 1 (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Future Minimum Lease Payments Schedule [Abstract] | |
Future Minimum Payments Due, Current | $ 32,113 |
Future Minimum Payments, Due in Two Years | 23,771 |
Future Minimum Payments, Due in Three Years | 16,986 |
Future Minimum Payments, Due in Four Years | 9,855 |
Future Minimum Payments, Due in Five Years | 7,435 |
Future Minimum Payments, Due Thereafter | 5,081 |
Future Minimum Payments Due | $ 95,241 |
Commitments and Contingencies T
Commitments and Contingencies Textuals (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Leases, Operating [Abstract] | |||
Operating Leases, Rent Expense | $ 38.9 | $ 36.9 | $ 34.9 |
Segment Reporting (Details)
Segment Reporting (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Revenues | $ 817,923 | $ 734,846 | $ 721,996 | $ 660,821 | $ 778,031 | $ 698,799 | $ 653,656 | $ 594,567 | $ 2,935,586 | $ 2,725,053 | $ 2,508,257 |
Revenue Transactions With Other Operating Segments | 0 | 0 | 0 | ||||||||
Net Sales | 2,935,586 | 2,725,053 | 2,508,257 | ||||||||
Total Segment Profit | 730,505 | 652,582 | 573,178 | ||||||||
Depreciation | 37,167 | 33,458 | 32,743 | ||||||||
Assets | 2,618,847 | 2,549,805 | 2,618,847 | 2,549,805 | 2,166,777 | ||||||
Purchase of property, plant and equipment | (142,726) | (127,426) | (123,957) | ||||||||
Goodwill | 534,780 | 539,838 | 534,780 | 539,838 | 476,378 | ||||||
U.S. Operations Segment | |||||||||||
Revenues | 1,007,798 | 944,825 | 867,962 | ||||||||
Revenue Transactions With Other Operating Segments | 104,458 | 99,117 | 90,580 | ||||||||
Net Sales | 1,112,256 | 1,043,942 | 958,542 | ||||||||
Segment Profit | 161,615 | 177,705 | 161,539 | ||||||||
Depreciation | 10,425 | 7,659 | 6,094 | ||||||||
Assets | 2,113,268 | 1,937,688 | 2,113,268 | 1,937,688 | 1,747,338 | ||||||
Purchase of property, plant and equipment | (27,896) | (38,969) | (52,255) | ||||||||
Goodwill | 410,021 | 409,520 | 410,021 | 409,520 | 357,785 | ||||||
Swiss Operations Segment | |||||||||||
Revenues | 134,064 | 133,925 | 130,674 | ||||||||
Revenue Transactions With Other Operating Segments | 628,529 | 563,083 | 524,983 | ||||||||
Net Sales | 762,593 | 697,008 | 655,657 | ||||||||
Segment Profit | 202,027 | 174,447 | 163,663 | ||||||||
Depreciation | 5,835 | 5,551 | 6,199 | ||||||||
Assets | 1,471,625 | 1,374,150 | 1,471,625 | 1,374,150 | 1,212,637 | ||||||
Purchase of property, plant and equipment | (1,123) | (19,589) | (7,260) | ||||||||
Goodwill | 21,994 | 22,171 | 21,994 | 22,171 | 21,239 | ||||||
Western European Operations Segment | |||||||||||
Revenues | 718,788 | 673,776 | 640,558 | ||||||||
Revenue Transactions With Other Operating Segments | 176,995 | 170,820 | 176,501 | ||||||||
Net Sales | 895,783 | 844,596 | 817,059 | ||||||||
Segment Profit | 122,574 | 123,841 | 129,001 | ||||||||
Depreciation | 4,173 | 4,052 | 4,048 | ||||||||
Assets | 983,809 | 1,805,294 | 983,809 | 1,805,294 | 1,120,751 | ||||||
Purchase of property, plant and equipment | (16,879) | (7,094) | (6,857) | ||||||||
Goodwill | 87,242 | 91,927 | 87,242 | 91,927 | 82,500 | ||||||
Chinese Operations Segment | |||||||||||
Revenues | 525,109 | 452,617 | 386,541 | ||||||||
Revenue Transactions With Other Operating Segments | 242,452 | 232,882 | 219,766 | ||||||||
Net Sales | 767,561 | 685,499 | 606,307 | ||||||||
Segment Profit | 270,668 | 231,860 | 187,924 | ||||||||
Depreciation | 7,869 | 7,168 | 6,879 | ||||||||
Assets | 1,237,248 | 1,068,811 | 1,237,248 | 1,068,811 | 702,571 | ||||||
Purchase of property, plant and equipment | (13,248) | (13,246) | (16,288) | ||||||||
Goodwill | 644 | 690 | 644 | 690 | 636 | ||||||
Other Operations Segment | |||||||||||
Revenues | 549,827 | 519,910 | 482,522 | ||||||||
Revenue Transactions With Other Operating Segments | 6,543 | 7,934 | 7,709 | ||||||||
Net Sales | 556,370 | 527,844 | 490,231 | ||||||||
Segment Profit | 78,317 | 72,681 | 64,146 | ||||||||
Depreciation | 3,774 | 3,474 | 3,461 | ||||||||
Assets | 319,070 | 310,667 | 319,070 | 310,667 | 277,476 | ||||||
Purchase of property, plant and equipment | (8,342) | (4,131) | (4,540) | ||||||||
Goodwill | 14,879 | 15,530 | 14,879 | 15,530 | 14,218 | ||||||
Eliminations and Corporate Segment | |||||||||||
Revenues | 0 | 0 | 0 | ||||||||
Revenue Transactions With Other Operating Segments | (1,158,977) | (1,073,836) | (1,019,539) | ||||||||
Net Sales | (1,158,977) | (1,073,836) | (1,019,539) | ||||||||
Segment Profit | (104,696) | (127,952) | (133,095) | ||||||||
Depreciation | 5,091 | 5,554 | 6,062 | ||||||||
Assets | (3,506,173) | (3,946,805) | (3,506,173) | (3,946,805) | (2,893,996) | ||||||
Purchase of property, plant and equipment | (75,238) | (44,397) | (36,757) | ||||||||
Goodwill | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Segment Reporting Details 1 (De
Segment Reporting Details 1 (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Segment Reporting [Abstract] | |||
Earnings Before Taxes | $ 651,858 | $ 574,222 | $ 504,193 |
Amortization | 47,524 | 42,671 | 36,052 |
Interest Expense | 34,511 | 32,785 | 28,026 |
Restructuring Charges | 18,420 | 12,772 | 6,235 |
Other Charges (Income), Net | (21,808) | (9,868) | (1,328) |
Total Segment Profit | $ 730,505 | $ 652,582 | $ 573,178 |
Segment Reporting Detail 2 (Det
Segment Reporting Detail 2 (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Segment Sales Information | |||||||||||
Revenues | $ 817,923 | $ 734,846 | $ 721,996 | $ 660,821 | $ 778,031 | $ 698,799 | $ 653,656 | $ 594,567 | $ 2,935,586 | $ 2,725,053 | $ 2,508,257 |
Laboratory Product and Service Sales [Member] | |||||||||||
Segment Sales Information | |||||||||||
Revenues | 1,358,493 | 1,225,000 | |||||||||
Industrial Product and Service Sales [Member] | |||||||||||
Segment Sales Information | |||||||||||
Revenues | 1,158,335 | 1,067,858 | |||||||||
Retail Product and Service Sales [Member] | |||||||||||
Segment Sales Information | |||||||||||
Revenues | $ 208,225 | $ 215,399 |
Segment Reporting Details 3 (De
Segment Reporting Details 3 (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Revenues from External Customers and Long-Lived Assets | |||
Net Sales | $ 2,935,586 | $ 2,725,053 | $ 2,508,257 |
Total Segments Property, Plant and Equipment, Net | 717,526 | 668,271 | |
UNITED STATES | |||
Revenues from External Customers and Long-Lived Assets | |||
Net Sales | 933,419 | 888,241 | 815,153 |
Total Segments Property, Plant and Equipment, Net | 234,395 | 220,401 | |
OTHER AMERICAS | |||
Revenues from External Customers and Long-Lived Assets | |||
Net Sales | 172,537 | 162,672 | 153,607 |
Total Segments Property, Plant and Equipment, Net | 2,946 | 3,406 | |
TOTAL AMERICAS | |||
Revenues from External Customers and Long-Lived Assets | |||
Net Sales | 1,050,913 | 968,760 | |
Total Segments Property, Plant and Equipment, Net | 237,341 | 223,807 | |
GERMANY | |||
Revenues from External Customers and Long-Lived Assets | |||
Net Sales | 205,296 | 192,126 | 182,644 |
Total Segments Property, Plant and Equipment, Net | 48,030 | 49,376 | |
FRANCE | |||
Revenues from External Customers and Long-Lived Assets | |||
Net Sales | 141,513 | 130,427 | 118,681 |
Total Segments Property, Plant and Equipment, Net | 7,810 | 6,386 | |
UNITED KINGDOM | |||
Revenues from External Customers and Long-Lived Assets | |||
Net Sales | 70,378 | 64,361 | 61,513 |
Total Segments Property, Plant and Equipment, Net | 17,347 | 19,617 | |
SWITZERLAND | |||
Revenues from External Customers and Long-Lived Assets | |||
Net Sales | 65,377 | 63,090 | 62,115 |
Total Segments Property, Plant and Equipment, Net | 293,388 | 259,007 | |
OTHER EUROPE | |||
Revenues from External Customers and Long-Lived Assets | |||
Net Sales | 426,209 | 399,923 | 374,008 |
Total Segments Property, Plant and Equipment, Net | 12,791 | 8,050 | |
TOTAL EUROPE | |||
Revenues from External Customers and Long-Lived Assets | |||
Net Sales | 849,927 | 798,961 | |
Total Segments Property, Plant and Equipment, Net | 379,366 | 342,436 | |
CHINA | |||
Revenues from External Customers and Long-Lived Assets | |||
Net Sales | 506,360 | 439,373 | 374,996 |
Total Segments Property, Plant and Equipment, Net | 87,643 | 92,269 | |
REST OF WORLD | |||
Revenues from External Customers and Long-Lived Assets | |||
Net Sales | 414,497 | 384,840 | 365,540 |
Total Segments Property, Plant and Equipment, Net | 13,176 | 9,759 | |
TOTAL ASIA REST OF WORLD | |||
Revenues from External Customers and Long-Lived Assets | |||
Net Sales | 824,213 | $ 740,536 | |
Total Segments Property, Plant and Equipment, Net | $ 100,819 | $ 102,028 |
Segment Reporting Textuals (Det
Segment Reporting Textuals (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Restructuring Charges | $ 18,420 | $ 12,772 | $ 6,235 |
Maximum Customer Percentage | 1.00% | ||
U.S. Operations Segment | |||
Restructuring Charges | $ 11,000 | 6,200 | |
Swiss Operations Segment | |||
Restructuring Charges | 4,000 | 1,800 | |
Western European Operations Segment | |||
Restructuring Charges | 2,800 | 3,000 | |
Chinese Operations Segment | |||
Restructuring Charges | 300 | 800 | |
Other Operations Segment | |||
Restructuring Charges | $ 300 | $ 1,000 |
Quarterly Financial Data (Una_3
Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Provisional one-time charge on US tax reform | $ 3,597 | $ 71,982 | $ 0 | ||||||||
Cash Tax Portion of the One Time Provisional Transition Tax Charge | $ 62,000 | 62,000 | |||||||||
Revenues | 817,923 | $ 734,846 | $ 721,996 | $ 660,821 | $ 778,031 | $ 698,799 | $ 653,656 | $ 594,567 | 2,935,586 | 2,725,053 | 2,508,257 |
Gross profit | 477,566 | 419,254 | 412,625 | 374,933 | 455,775 | 400,975 | 375,612 | 343,389 | 1,684,378 | 1,575,751 | 1,437,732 |
Net earnings | $ 181,186 | $ 126,653 | $ 111,468 | $ 93,304 | $ 76,976 | $ 104,950 | $ 101,580 | $ 92,466 | $ 512,611 | $ 375,972 | $ 384,370 |
Basic earnings per common share: | |||||||||||
Net earnings | $ 7.25 | $ 5.04 | $ 4.41 | $ 3.66 | $ 3.01 | $ 4.10 | $ 3.94 | $ 3.57 | $ 20.33 | $ 14.62 | $ 14.49 |
Weighted average number of common shares | 24,975,303 | 25,126,061 | 25,299,414 | 25,468,323 | 25,562,542 | 25,613,433 | 25,751,374 | 25,932,112 | 25,215,674 | 25,713,575 | 26,517,768 |
Diluted earnings per common share: | |||||||||||
Net earnings | $ 7.11 | $ 4.93 | $ 4.31 | $ 3.58 | $ 2.93 | $ 3.99 | $ 3.84 | $ 3.48 | $ 19.88 | $ 14.24 | $ 14.22 |
Weighted average number of common and common equivalent shares | 25,490,270 | 25,683,365 | 25,867,383 | 26,095,647 | 26,229,052 | 26,303,529 | 26,439,529 | 26,586,061 | 25,781,324 | 26,393,783 | 27,023,905 |
Market price per share: | |||||||||||
Common Stock Value During The Period Maximum | $ 645.33 | $ 617.94 | $ 595.14 | $ 692.30 | $ 689.11 | $ 635.17 | $ 601.16 | $ 486.90 | |||
Common Stock Value During The Period Mimimum | $ 524.03 | $ 559.44 | $ 546.43 | $ 566.87 | $ 606.80 | $ 571.25 | $ 473.87 | $ 414.52 |
Schedule II Valuation and Qua_3
Schedule II Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Allowance for Doubtful Accounts | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Valuation Allowances and Reserves, Balance, Beginning | $ 15,549 | $ 14,234 | $ 14,435 |
Valuation Allowances and Reserves, Charged to Cost and Expense | 1,167 | 1,403 | 1,087 |
Valuation Allowances and Reserves, Charged to Other Accounts | 678 | 1,005 | 760 |
SEC Schedule, 12-09, Valuation Allowances and Reserves, Deduction | 569 | 1,093 | 528 |
Valuation Allowances and Reserves, Balance, Ending | 15,469 | 15,549 | 14,234 |
Valuation Allowance of Deferred Tax Assets | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Valuation Allowances and Reserves, Balance, Beginning | 12,857 | 10,730 | 25,435 |
Valuation Allowances and Reserves, Charged to Cost and Expense | 0 | 9,513 | 0 |
Valuation Allowances and Reserves, Charged to Other Accounts | 3,023 | 72,170 | 0 |
SEC Schedule, 12-09, Valuation Allowances and Reserves, Deduction | 796 | 79,556 | 14,705 |
Valuation Allowances and Reserves, Balance, Ending | $ 15,084 | $ 12,857 | $ 10,730 |