Segment Information

12 Months Ended

Dec. 31, 2015

Segment Reporting [Abstract]

Segment Information

16. Segment Information

The Company's businesses are aligned around its key end markets to better focus on growth strategies and provide increased opportunities to leverage Dover's scale and capitalize on productivity initiatives. Operating segments are defined as the components of an enterprise with separate financial information available which is regularly evaluated by the entity's chief operating decision maker, or decision-making group, in making resource allocation decisions. Based on this guidance, the Company has four operating segments which are also its reportable segments as follows:

• The Energy segment, serving the Drilling & Production, Bearings & Compression, and Automation end markets, is a provider of customer-driven solutions and services for safe and efficient production and processing of fuels worldwide and has a strong presence in the bearings and compression components and automation markets.

• The Engineered Systems segment is comprised of two platforms, Printing & Identification and Industrials, and is focused on the design, manufacture and service of critical equipment and components serving the fast-moving consumer goods, digital textile printing, vehicle service, environmental solutions and industrials end markets.

• The Fluids segment, serving the Fluid Transfer and Pumps end markets, is focused on the safe handling of critical fluids across the retail fueling, chemical, hygienic, oil and gas and industrial end markets.

• The Refrigeration & Food Equipment segment is a provider of innovative and energy efficient equipment and systems serving the commercial refrigeration and food service end markets.

Segment financial information and a reconciliation of segment results to consolidated results follows:

	Years Ended December 31,
	2015			2014			2013
Revenue:
Energy	$	1,483,680		$	2,017,239		$	1,853,853
Engineered Systems	2,342,913			2,385,965			2,177,970
Fluids	1,399,273			1,430,566			1,236,838
Refrigeration & Food Equipment	1,731,430			1,921,189			1,887,840
Intra-segment eliminations	(985		)	(2,231		)	(1,405		)
Total consolidated revenue	$	6,956,311		$	7,752,728		$	7,155,096
Earnings from continuing operations:
Segment earnings:
Energy	$	173,190		$	461,815		$	459,649
Engineered Systems	376,961			386,998			347,497
Fluids	262,117			251,639			224,523
Refrigeration & Food Equipment	221,299			238,734			267,307
Total segments	1,033,567			1,339,186			1,298,976
Corporate expense / other (1)	105,700			117,800			132,336
Net interest expense	127,257			127,179			120,654
Earnings before provision for income taxes and discontinued operations	800,610			1,094,207			1,045,986
Provision for taxes	204,729			316,067			248,459
Earnings from continuing operations	$	595,881		$	778,140		$	797,527
Operating margins:
Energy	11.7		%	22.9		%	24.8		%
Engineered Systems	16.1		%	16.2		%	16.0		%
Fluids	18.7		%	17.6		%	18.2		%
Refrigeration & Food Equipment	12.8		%	12.4		%	14.2		%
Total Segments	14.9		%	17.3		%	18.2		%
Earnings from continuing operations	8.6		%	10.0		%	11.1		%
Depreciation and amortization:
Energy	$	141,779		$	111,956		$	99,075
Engineered Systems	59,914			61,946			59,058
Fluids	56,078			60,903			48,812
Refrigeration & Food Equipment	66,074			68,701			67,228
Corporate	3,244			3,682			3,860
Consolidated total	$	327,089		$	307,188		$	278,033
Capital expenditures:
Energy	$	33,692		$	66,998		$	60,756
Engineered Systems	37,109			29,749			29,145
Fluids	45,605			34,319			21,868
Refrigeration & Food Equipment	33,511			33,510			27,173
Corporate	4,334			1,457			2,752
Consolidated total	$	154,251		$	166,033		$	141,694

(1) Certain expenses are maintained at the corporate level and not allocated to the segments. These expenses include executive and functional compensation costs, non-service pension costs, non-operating insurance expenses, and various administrative expenses relating to the corporate headquarters.

Selected financial information by market segment (continued): 

Total assets at December 31:	2015		2014
Energy	$	2,369,600	$	2,640,731
Engineered Systems	2,741,594		2,346,148
Fluids	1,529,333		1,421,717
Refrigeration & Food Equipment	1,482,315		1,478,433
Corporate (2)	496,921		816,091
Total assets - continuing operations	8,619,763		8,703,120
Assets from discontinued operations	—		327,171
Consolidated total	$	8,619,763	$	9,030,291

(2) Corporate assets are principally cash and cash equivalents. Also included in corporate assets is an asset of $25,150 and $25,800 in 2015 and 2014, respectively, that represents the overfunded plan status of the U.S. defined benefit plan. Refer to Note 14 Employee Benefit Plans for additional information.

	Revenue						Long-Lived Assets
	Years Ended December 31,						At December 31,
	2015		2014		2013		2015		2014
United States	$	4,270,061	$	4,617,813	$	4,202,434	$	622,892	$	599,688
Europe	1,059,413		1,251,625		1,112,279		150,950		136,599
Other Americas	637,533		794,966		803,741		32,137		39,971
Asia	626,761		686,511		607,873		38,826		42,775
Other	362,543		401,813		428,769		9,464		18,036
Consolidated total	$	6,956,311	$	7,752,728	$	7,155,096	$	854,269	$	837,069

Revenue is attributed to regions based on the location of the Company’s customer, which in some instances is an intermediary and not necessarily the end user. Long-lived assets are comprised of net property, plant and equipment. The Company’s businesses are based primarily in the United States of America, Europe, and Asia. The Company’s businesses serve thousands of customers, none of which accounted for more than 10% of consolidated revenue.