Segment Information (Tables)

12 Months Ended

Dec. 31, 2018

Schedule of Segment Reporting Information, by Segment [Table Text Block]

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


	Years Ended December 31,
	2018			2017			2016
Revenue:
Engineered Systems	$	2,742,948		$	2,667,984		$	2,446,665
Fluids	2,797,338			2,555,065			1,977,050
Refrigeration & Food Equipment	1,453,093			1,599,105			1,620,339

Intra-segment eliminations	(1,261)			(1,268)			(830)
Total consolidated revenue	$	6,992,118		$	6,820,886		$	6,043,224
Earnings from continuing operations:
Segment earnings: ⁽¹⁾
Engineered Systems	$	451,270		$	604,484		$	399,209
Fluids	389,804			368,630			246,545
Refrigeration & Food Equipment	136,119			193,822			283,628

Total segment earnings	977,193			1,166,936			929,382
Corporate expense / other ⁽²⁾	129,724			154,664			115,521
Interest expense	130,972			144,948			135,969
Interest income	(8,881)			(8,491)			(6,752)
Earnings before provision for income taxes and discontinued operations	725,378			875,815			684,644
Provision for income taxes	134,233			129,152			182,516
Earnings from continuing operations	$	591,145		$	746,663		$	502,128
Segment margins:
Engineered Systems	16.5		%	22.7		%	16.3		%
Fluids	13.9		%	14.4		%	12.5		%
Refrigeration & Food Equipment	9.4		%	12.1		%	17.5		%
Total Segments	14.0		%	17.1		%	15.4		%
Net earnings	8.5		%	10.9		%	8.3		%
Depreciation and amortization:
Engineered Systems	$	75,879		$	85,447		$	78,173
Fluids	140,444			135,821			101,266
Refrigeration & Food Equipment	60,477			57,207			65,018
Corporate	5,780			4,803			5,215
Consolidated total	$	282,580		$	283,278		$	249,672
Capital expenditures:
Engineered Systems	$	47,044		$	37,495		$	32,374
Fluids	86,566			90,625			68,147
Refrigeration & Food Equipment	32,482			32,541			23,651
Corporate	4,902			9,407			15,406
Consolidated total	$	170,994		$	170,068		$	139,578

⁽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 expense (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, shared business services costs and various administrative expenses relating to the corporate headquarters.

Reconciliation of Assets from Segment to Consolidated [Table Text Block]

Selected financial information by market segment (continued):


Total assets at December 31:	2018		2017
Engineered Systems	$	3,070,019	$	3,097,066
Fluids	3,458,153		3,410,634
Refrigeration & Food Equipment	1,252,870		1,284,852
Corporate ⁽³⁾	584,729		1,000,254
Total assets - continuing operations	8,365,771		8,792,806
Assets from discontinued operations	—		1,865,553
Consolidated total	$	8,365,771	$	10,658,359

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

Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block]


	Revenue										Long-Lived Assets
	Years Ended December 31,										At December 31,
	2018		2017		2016		2018		2017
United States	$	3,619,717	$	3,654,102	$	3,351,466	$	480,780	$	459,931
Europe	1,572,788		1,476,686		1,241,297		239,070		238,986
Asia	867,268		754,845		658,425		24,872		29,074
Other America	631,164		621,831		516,544		59,550		57,016
Other	301,181		313,422		275,492		2,225		2,933
Consolidated total	$	6,992,118	$	6,820,886	$	6,043,224	$	806,497	$	787,940

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, Europe and Asia. The Company’s businesses serve thousands of customers, none of which accounted for more than 10% of consolidated revenue.