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QUARTERLY FINANCIAL DATA (Unaudited) (Tables) | 12 Months Ended
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Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract] |
Schedule of quarterly financial data (Unaudited) |
|  |  |  |  | Net Earnings |  |  |  |  |  |
|  |  | Gross |  |  |  | Per Share |  | Stock Price |  | Dividends
| Net Sales |  | Profit |  | Amount |  | Basic |  | Diluted |  | High |  | Low |  | Declared
2016 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
First | $ | 596,605 |  |  | $ | 160,968 |  |  | $ | 32,969 |  |  | $ | 1.45 |  |  | $ | 1.45 |  |  | $ | 125.69 |  |  | $ | 96.50 |  |  | $ | 0.375 |
Second | 640,249 |  |  | 175,117 |  |  | 42,026 |  |  | 1.86 |  |  | 1.85 |  |  | 145.94 |  |  | 117.10 |  |  | 0.375 |
Third | 610,247 |  |  | 155,023 |  |  | 28,173 |  |  | 1.25 |  |  | 1.24 |  |  | 139.62 |  |  | 125.60 |  |  | 0.375 |
Fourth (1) | 674,575 |  |  | 165,135 |  |  | 70,064 |  |  | 3.12 |  |  | 3.10 |  |  | 156.05 |  |  | 120.65 |  |  | 0.375 |
Year | $ | 2,521,676 |  |  | $ | 656,243 |  |  | $ | 173,232 |  |  | $ | 7.68 |  |  | $ | 7.63 |  |  | $ | 156.05 |  |  | $ | 96.50 |  |  | $ | 1.50 |
2015 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
First | $ | 670,398 |  |  | $ | 165,454 |  |  | $ | 30,739 |  |  | $ | 1.29 |  |  | $ | 1.28 |  |  | $ | 130.26 |  |  | $ | 117.56 |  |  | $ | 0.375 |
Second (2) | 682,123 |  |  | 169,548 |  |  | 27,873 |  |  | 1.19 |  |  | 1.19 |  |  | 128.26 |  |  | 118.09 |  |  | 0.375 |
Third (3) | 632,575 |  |  | 156,751 |  |  | 12,066 |  |  | 0.52 |  |  | 0.52 |  |  | 121.23 |  |  | 97.44 |  |  | 0.375 |
Fourth (4) | 633,828 |  |  | 129,280 |  |  | (30,561 | ) |  | (1.34 | ) |  | (1.34 | ) |  | 117.94 |  |  | 93.99 |  |  | 0.375 |
Year | $ | 2,618,924 |  |  | $ | 621,033 |  |  | $ | 40,117 |  |  | $ | 1.72 |  |  | $ | 1.71 |  |  | $ | 130.26 |  |  | $ | 93.99 |  |  | $ | 1.50 |
Earnings per share are computed independently for each of the quarters. Therefore, the sum of the quarterly earnings per share may not equal the total for the year. _______________________________
(1) | The fourth quarter of 2016 included a deferred income tax benefit of $30,590 ($1.35 per share)
primarily attributable to the re-measurement of the deferred tax asset related to the Company's U.K. defined benefit pension plan. In addition, fiscal 2016 included $9,888 ($0.44 per share) recorded as a valuation allowance against a tax credit asset. Finally, the fourth quarter of 2016 included the reversal of a contingent liability that was recognized as part of the Delta purchase accounting of $16,591 ($0.73 per share). (2) The second quarter of 2015 included costs associated with the restructuring plan (the "2015 Plan") that was approved by the Board of Directors in April 2015 of $9,828 after tax ($0.42 per share). (3) The third quarter of 2015 included costs associated with the Plan of $6,310 after tax ($0.27 per share) and non- cash impairments of goodwill and trade names of $13,370 after tax ($0.58 per share).
(4) | The fourth quarter of 2015 included costs associated with the Plan of $11,521 after tax ($0.50 per share) and non-cash impairments of goodwill and intangibles of $7,130 and $19,640 after tax (combined $1.16 per
share) related to our APAC Coatings and Access Systems businesses, respectively. In addition, the Company recorded a one time increase in its warranty reserve related to one large utility project of $11,135 after tax ($0.50 per share) and an increase to the bad debt allowance for a large international irrigation receivable of $5,110 after tax ($0.21 per share). Lastly, U.K. corporate tax rates were collectively reduced from 20% to 18% which reduced the value of our deferred tax assets associated with net operating loss carryforwards and certain timing differences which increased the Company's tax expense by $7,120 ($0.31 per share).

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- Definition Tabular disclosure of quarterly financial data. Includes, but is not limited to, financial information for fiscal quarters, cumulative effect of a change in accounting principle and earnings per share data. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a)-(j) -URI http://asc.fasb.org/extlink&oid=68076893&loc=d3e1280-108306 + Details
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