Segment Information

12 Months Ended

Dec. 31, 2016

Segment Reporting [Abstract]

Segment Information

16. Segment Information

The Company's businesses are aligned around its key end markets to focus better 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 for which separate financial information is available and 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 equipment end markets.

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

	Years Ended December 31,
	2016			2015			2014
Revenue:
Energy	$	1,108,438		$	1,483,680		$	2,017,239
Engineered Systems	2,366,283			2,342,913			2,385,965
Fluids	1,700,574			1,399,273			1,430,566
Refrigeration & Food Equipment	1,620,339			1,731,430			1,921,189
Intra-segment eliminations	(1,292		)	(985		)	(2,231		)
Total consolidated revenue	$	6,794,342		$	6,956,311		$	7,752,728
Earnings from continuing operations:
Segment earnings: (1)
Energy	$	55,336		$	173,190		$	461,815
Engineered Systems	391,829			376,961			386,998
Fluids	200,921			262,117			251,639
Refrigeration & Food Equipment	283,628			221,299			238,734
Total segment earnings	931,714			1,033,567			1,339,186
Corporate expense / other (2)	112,740			105,700			117,800
Interest expense	136,401			131,676			131,689
Interest income	(6,759		)	(4,419		)	(4,510		)
Earnings before provision for income taxes and discontinued operations	689,332			800,610			1,094,207
Provision for income taxes	180,440			204,729			316,067
Earnings from continuing operations	$	508,892		$	595,881		$	778,140
Segment margins:
Energy	5.0		%	11.7		%	22.9		%
Engineered Systems	16.6		%	16.1		%	16.2		%
Fluids	11.8		%	18.7		%	17.6		%
Refrigeration & Food Equipment	17.5		%	12.8		%	12.4		%
Total Segments	13.7		%	14.9		%	17.3		%
Earnings from continuing operations	7.5		%	8.6		%	10.0		%
Depreciation and amortization:
Energy	$	131,420		$	141,779		$	111,956
Engineered Systems	73,947			59,914			61,946
Fluids	85,224			56,078			60,903
Refrigeration & Food Equipment	65,017			66,074			68,701
Corporate	5,131			3,244			3,682
Consolidated total	$	360,739		$	327,089		$	307,188
Capital expenditures:
Energy	$	32,938		$	33,692		$	66,998
Engineered Systems	31,121			37,109			29,749
Fluids	62,368			45,605			34,319
Refrigeration & Food Equipment	23,651			33,511			33,510
Corporate	15,127			4,334			1,457
Consolidated total	$	165,205		$	154,251		$	166,033

(1) Segment earnings includes non-operating income and expense directly attributable to the segments. Non-operating income and expense includes gain on sale of businesses and other income, net.

(2) 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:	2016		2015
Energy	$	2,209,230	$	2,369,600
Engineered Systems	3,002,629		2,741,594
Fluids	3,134,838		1,529,333
Refrigeration & Food Equipment	1,324,037		1,482,315
Corporate (3)	445,257		483,234
Consolidated total	$	10,115,991	$	8,606,076

(3) The significant portion of corporate assets are principally cash and cash equivalents.

	Revenue						Long-Lived Assets
	Years Ended December 31,						At December 31,
	2016		2015		2014		2016		2015
United States	$	3,910,733	$	4,270,061	$	4,617,813	$	640,802	$	622,892
Europe	1,261,232		1,059,413		1,251,625		211,238		150,950
Other Americas	594,838		637,533		794,966		28,288		32,137
Asia	675,995		626,761		686,511		56,614		38,826
Other	351,544		362,543		401,813		8,728		9,464
Consolidated total	$	6,794,342	$	6,956,311	$	7,752,728	$	945,670	$	854,269

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.