XML 41 R26.htm IDEA: XBRL DOCUMENT
v3.10.0.1

Segment Information | 12 Months Ended
--- | ---
Dec. 31, 2018
Segment Reporting [Abstract] |
Segment Information | 18. Segment Information The Company's businesses are aligned around its key end markets to better focus on growth strategies, 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 ("CODM") or decision-making group composed of Dover's Chief Executive Officer and Chief Financial Officer, in making resource allocation decisions and evaluating performance. As described in Note 2 - Spin-off of Apergy Corporation, Dover completed the distribution of Apergy to its shareholders on May 9, 2018. Apergy holds entities conducting upstream energy businesses previously included in the Energy segment. Following completion of the spin-off, the retained Precision Components (Bearings & Compression) and Tulsa Winch Group businesses, which were historically reported within the former Energy segment, became part of the Fluids and Engineered Systems segments, respectively. As a result of the spin-off of Apergy, the Company no longer has the Energy segment. Effective the second quarter of 2018, the Company categorizes its operating companies into three reportable segments based on how the CODM analyze performance, allocate capital and make strategic and operational decisions. The three reportable segments are as follows: •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 industrial end markets. •Fluids segment, serving the Fueling & Transport, Pumps and Process Solutions end markets, is focused on the safe handling of critical fluids, and providing critical components to the retail fueling, chemical, hygienic, oil and gas, power generation and industrial end markets. •The Refrigeration & Food Equipment segment 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. 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. 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.
| 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.

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration