Dover (DOV) 10-Q 22 Jul 20 2020 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2020	Jul. 15, 2020
Cover [Abstract]
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2020
Document Transition Report	false
Entity File Number	1-4018
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	53-0257888
Entity Address, Address Line One	3005 Highland Parkway
Entity Address, City or Town	Downers Grove,
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60515
City Area Code	(630)
Local Phone Number	541-1540
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		143,970,164
Entity Registrant Name	DOVER Corp
Entity Central Index Key	0000029905
Current Fiscal Year End Date	--12-31
Entity Small Business	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Document Type	10-Q
Amendment Flag	false
Document Information [Line Items]
Document Type	10-Q
Common Stock
Cover [Abstract]
Title of 12(b) Security	Common Stock
Trading Symbol	DOV
Security Exchange Name	NYSE
Document Information [Line Items]
Title of 12(b) Security	Common Stock
Trading Symbol	DOV
Security Exchange Name	NYSE
1.250 Notes Due 2026 [Member]
Cover [Abstract]
Title of 12(b) Security	1.250% Notes due 2026
Trading Symbol	DOV 26
Security Exchange Name	NYSE
Document Information [Line Items]
Title of 12(b) Security	1.250% Notes due 2026
Trading Symbol	DOV 26
Security Exchange Name	NYSE
0.750 Notes due 2027 [Member]
Cover [Abstract]
Title of 12(b) Security	0.750% Notes due 2027
Trading Symbol	DOV 27
Security Exchange Name	NYSE
Document Information [Line Items]
Title of 12(b) Security	0.750% Notes due 2027
Trading Symbol	DOV 27
Security Exchange Name	NYSE

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Income Statement [Abstract]
Revenue	$ 1,499,175	$ 1,810,706	$ 3,155,114	$ 3,535,463
Cost of goods and services	947,577	1,138,113	1,991,273	2,239,328
Gross profit	551,598	672,593	1,163,841	1,296,135
Selling, General and Administrative Expense	366,740	396,634	753,681	805,100
Loss on assets held for sale	0	0	0	46,946
Operating earnings	184,858	275,959	410,160	444,089
Interest Expense	28,711	31,754	55,979	63,562
Interest Income	(728)	(945)	(1,911)	(1,835)
Gain on sale of businesses	781	0	(5,770)	0
Other income, net	(735)	(4,589)	(8,467)	(5,695)
Provision for income taxes	32,063	51,654	69,284	84,267
Net earnings	$ 124,766	$ 198,085	$ 301,045	$ 303,790
Net earnings per share:
Net earnings (in dollars per basic share)	$ 0.87	$ 1.36	$ 2.09	$ 2.09
Net earnings (in dollars per diluted share)	$ 0.86	$ 1.35	$ 2.07	$ 2.07
Weighted average shares outstanding:
Weighted average shares outstanding - basic	143,955,000	145,366,000	144,107,000	145,227,000
Weighted average shares outstanding - diluted	144,995,000	147,179,000	145,359,000	147,041,000
Earnings before provision for income taxes	$ 156,829	$ 249,739	$ 370,329	$ 388,057

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE EARNINGS (unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Statement of Comprehensive Income [Abstract]
Net earnings	$ 124,766	$ 198,085	$ 301,045	$ 303,790
Foreign currency translation adjustments [Abstract]
Foreign currency translation (losses) gains	44,569	(13,978)	(48,985)	9,722
Reclassification of foreign currency translation losses to earnings	0	0	0	25,339
Total foreign currency translation adjustment	44,569	(13,978)	(48,985)	35,061
Pension and other postretirement benefit plans [Abstract]
Amortization of actuarial losses included in net periodic pension cost	1,835	77	3,504	252
Amortization of prior service cost included in net periodic pension cost	259	512	544	1,084
Total pension and other postretirement benefit plans	2,094	589	4,048	1,336
Changes in fair value of cash flow hedges [Abstract]
Unrealized net gains (losses) arising during period	1,880	(3,362)	(3,194)	(768)
Net losses (gains) reclassified into earnings	(594)	(416)	528	(646)
Total cash flow hedges	1,286	(3,778)	(2,666)	(1,414)
Other comprehensive (loss) earnings	47,949	(17,167)	(47,603)	34,983
Comprehensive earnings	$ 172,715	$ 180,918	$ 253,442	$ 338,773

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 649,032	$ 397,253
Receivables, net of allowances	1,142,583	1,217,190
Inventories	885,972	806,141
Prepaid and other current assets	121,858	127,846
Total current assets	2,799,445	2,548,430
Property, plant and equipment, net	858,274	842,318
Goodwill	3,919,851	3,783,347
Intangible assets, net	1,084,834	1,055,014
Other assets and deferred charges	451,729	440,368
Total assets	9,114,133	8,669,477
Current liabilities:
Notes payable and current maturities of long-term debt	505,000	84,700
Accounts payable	912,588	983,293
Accrued compensation and employee benefits	176,767	226,658
Accrued insurance	108,068	98,432
Other accrued expenses	375,678	339,060
Federal and other income taxes	35,660	17,748
Total current liabilities	2,113,761	1,749,891
Long-term debt	3,000,870	2,985,716
Deferred Income Taxes	319,396	322,036
Noncurrent income tax payable	47,964	52,000
Other liabilities	542,615	527,174
Stockholders' Equity:
Total stockholders' equity	3,089,527	3,032,660
Total liabilities and stockholders' equity	$ 9,114,133	$ 8,669,477

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Current assets:
Allowance for doubtful accounts receivable	$ 38,825	$ 29,381

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (unaudited) - USD ($)	Total	Common Stock	Additional Paid-in Capital	Treasury Stock	Retained Earnings	Accumulated Other Comprehensive (Loss) Earnings
Balance at Dec. 31, 2018	$ 2,768,666,000	$ 257,822,000	$ 886,016,000	$ (5,947,562,000)	$ 7,815,486,000	$ (243,096,000)
As reported	303,790,000	0	0	0	303,790,000	0
Dividends paid	(139,730,000)	0	0	0	(139,730,000)	0
Common stock issued for the exercise of share-based awards	(21,209,000)	493,000	(21,702,000)	0	0	0
Share-based compensation expense	16,617,000	0	16,617,000	0	0	0
Other comprehensive loss, net of tax	34,983,000	0	0	0	0	34,983,000
Other, net	(7,846,000)	0	(7,897,000)	0	51,000	0
Balance at Jun. 30, 2019	$ 2,955,271,000	258,315,000	873,034,000	(5,947,562,000)	7,979,597,000	(208,113,000)
Dividends paid per common share (in dollars per share)	$ 0.96
Balance at Mar. 31, 2019	$ 2,837,453,000	258,214,000	866,365,000	(5,947,562,000)	7,851,382,000	(190,946,000)
As reported	198,085,000	0	0	0	198,085,000	0
Dividends paid	(69,921,000)	0	0	0	(69,921,000)	0
Common stock issued for the exercise of share-based awards	(1,601,000)	101,000	(1,702,000)	0	0	0
Share-based compensation expense	8,435,000	0	8,435,000	0	0	0
Other comprehensive loss, net of tax	(17,167,000)	0	0	0	0	(17,167,000)
Other, net	(13,000)	0	(64,000)	0	51,000	0
Balance at Jun. 30, 2019	$ 2,955,271,000	258,315,000	873,034,000	(5,947,562,000)	7,979,597,000	(208,113,000)
Dividends paid per common share (in dollars per share)	$ 0.48
Balance at Dec. 31, 2019	$ 3,032,660,000	258,552,000	869,719,000	(6,090,842,000)	8,211,257,000	(216,026,000)
As reported	301,045,000	0	0	0	301,045,000	0
Dividends paid	(141,570,000)	0	0	0	(141,570,000)	0
Common stock issued for the exercise of share-based awards	(11,217,000)	216,000	(11,433,000)	0	0	0
Share-based compensation expense	8,220,000	0	8,220,000	0	0	0
Common stock acquired, including accelerated share repurchase program	(52,916,000)	0	0	(52,916,000)	0	0
Other comprehensive loss, net of tax	(47,603,000)	0	0	0	0	(47,603,000)
Other, net	3,020,000	0	3,020,000	0	0	0
Balance at Jun. 30, 2020	$ 3,089,527,000	258,768,000	869,526,000	(6,143,758,000)	8,368,620,000	(263,629,000)
Dividends paid per common share (in dollars per share)	$ 0.98
Balance at Mar. 31, 2020	$ 2,980,681,000	258,745,000	862,747,000	(6,143,758,000)	8,314,525,000	(311,578,000)
As reported	124,766,000	0	0	0	124,766,000	0
Dividends paid	(70,671,000)	0	0	0	(70,671,000)	0
Common stock issued for the exercise of share-based awards	(1,198,000)	23,000	(1,221,000)	0	0	0
Share-based compensation expense	4,968,000	0	4,968,000	0	0	0
Other comprehensive loss, net of tax	47,949,000	0	0	0	0	47,949,000
Other, net	3,032,000	0	3,032,000	0	0	0
Balance at Jun. 30, 2020	$ 3,089,527,000	258,768,000	869,526,000	(6,143,758,000)	8,368,620,000	(263,629,000)
Dividends paid per common share (in dollars per share)	$ 0.49
Cumulative Effect of New Accounting Principle in Period of Adoption | Accounting Standards Update 2016-13	$ (2,112,000)	$ 0	$ 0	$ 0	$ (2,112,000)	$ 0

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (unaudited) (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Statement of Stockholders' Equity [Abstract]
Dividends paid per common share (in dollars per share)	$ 0.49	$ 0.48	$ 0.98	$ 0.96

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Operating Activities
Net earnings	$ 301,045	$ 303,790
Loss on assets held for sale	0	46,946
Adjustments to reconcile net earnings to cash from operating activities:
Depreciation and amortization	136,355	135,507
Share-based compensation expense	8,220	16,617
Gain on sale of businesses	(5,770)	0
Other, net	(9,021)	(5,373)
Cash effect of changes in assets and liabilities (excluding effects of acquisitions, dispositions and foreign exchange):
Accounts receivable, net	73,317	(63,228)
Inventories	(80,883)	(93,554)
Prepaid expenses and other assets	(12,975)	(23,359)
Accounts payable	(72,009)	(7,128)
Accrued compensation and employee benefits	(63,621)	(50,246)
Accrued expenses and other liabilities	55,736	(20,915)
Accrued and deferred taxes, net	17,278	(5,824)
Net cash provided by operating activities	347,672	233,233
Investing Activities
Additions to property, plant and equipment	(79,171)	(91,092)
Acquisitions, net of cash acquired	(238,839)	(215,304)
Proceeds from sale of property, plant, and equipment	2,886	2,633
Proceeds from sale of businesses	16,850	24,218
Other	0	(7,900)
Net cash (used in) provided by investing activities	(298,274)	(287,445)
Financing Activities
Repurchase of common stock, including prepayment under an accelerated share repurchase program	(52,916)	0
Change in commercial paper and notes payable	420,300	137,350
Dividends paid to stockholders	(141,570)	(139,730)
Payments to settle employee tax obligations on exercise of share-based awards	(11,217)	(21,209)
Other	(1,101)	(940)
Net cash used in by financing activities	213,496	(24,529)
Effect of Exchange Rate on Cash and Cash Equivalents	(11,115)	3,846
Net (decrease) increase in cash and cash equivalents	251,779	(74,895)
Cash and cash equivalents at beginning of period	397,253	396,221
Cash and cash equivalents at end of period	$ 649,032	$ 321,326

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	1. Basis of Presentation The accompanying unaudited interim Condensed Consolidated Financial Statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC") for interim periods and do not include all of the information and note disclosures required by accounting principles generally accepted in the United States of America ("GAAP") for complete financial statements. These unaudited interim Condensed Consolidated Financial Statements should therefore be read in conjunction with the Consolidated Financial Statements and Notes for Dover Corporation ("Dover" or the "Company") for the year ended December 31, 2019, included in the Company's Annual Report on Form 10-K filed with the SEC on February 14, 2020. The year end Condensed Consolidated Balance Sheet was derived from audited financial statements. Certain amounts in the prior periods have been reclassified to conform to the current year presentation. The accompanying unaudited interim Condensed Consolidated Financial Statements have been prepared in accordance with U.S. GAAP, which requires management to make estimates and assumptions that affect amounts reported in the Condensed Consolidated Financial Statements and accompanying disclosures. Although these estimates are based on management’s best knowledge of current events and actions that the Company may undertake in the future, actual results may differ from those estimates. The Condensed Consolidated Financial Statements reflect all adjustments of a normal, recurring nature that are, in the opinion of management, necessary for a fair statement of results for these interim periods. The results of operations of any interim period are not necessarily indicative of the results of operations for the full year.

Revenue

Revenue	6 Months Ended
	Jun. 30, 2020
Revenue from Contract with Customer [Abstract]
Revenue from Contract with Customer [Text Block]	2. Revenue A majority of the Company’s revenue is short cycle in nature with shipments within one year from order. A small portion of the Company’s revenue derives from contracts extending over one year. The Company's payment terms generally range between 30 to 90 days and vary by the location of businesses, the type of products manufactured to be sold and the volume of products sold, among other factors. Over 95% of the Company’s performance obligations are recognized at a point in time that relate to the manufacture and sale of a broad range of products and components. Revenue is recognized when control transfers to the customer upon shipment or completion of installation, testing, certification, or other substantive acceptance provisions required under the contract. Less than 5% of the Company’s revenue is recognized over time and generally relates to the sale of services or engineered to order equipment that have no alternative use and in which the contract specifies the Company has a right to payment for its costs, plus a reasonable margin. Revenue from contracts with customers is disaggregated by segments and geographic location, as it best depicts the nature and amount of the Company’s revenue. See Note 17 — Segment Information for revenue by segment and geographic locations. At June 30, 2020, we estimated that $155 million in revenue is expected to be recognized in the future related to performance obligations that are unsatisfied (or partially unsatisfied) at the end of the reporting period. We expect to recognize approximately 76% of our unsatisfied (or partially unsatisfied) performance obligations as revenue through 2021, with the remaining balance to be recognized in 2022 and thereafter. The following table provides information about contract assets and contract liabilities from contracts with customers: June 30, 2020 December 31, 2019 January 1, 2019 Contract assets $ 16,423 $ 14,894 $ 9,330 Contract liabilities - current 78,258 44,001 36,461 Contract liabilities - non-current 12,247 9,121 9,382 The revenue recognized during the six months ended June 30, 2020 and 2019 that was included in contract liabilities at the beginning of the period amounted to $26,113 and $27,701, respectively.

Acquisitions

Acquisitions	6 Months Ended
	Jun. 30, 2020
Business Combinations [Abstract]
Acquisitions	3. Acquisitions 2020 Acquisitions During the six months ended June 30, 2020, the Company acquired three businesses in separate transactions for total consideration of $238,839, net of cash acquired. These businesses were acquired to complement and expand upon existing operations within the Imaging & Identification, Engineered Products, and Pumps & Process Solutions segments. The goodwill recorded as a result of these acquisitions represents the economic benefits expected to be derived from product line expansions and operational synergies. Goodwill in the amount of $33,159 is deductible for income tax purposes and goodwill in the amount of $112,178 is non-deductible for income tax purposes for these acquisitions. On April 30, 2020, the Company acquired 100% of the voting stock of Em-tec GmbH ("Em-tec"), a leading designer and manufacturer of flow measurement devices that serve a wide array of medical and biopharmaceutical applications for $30,396, net of cash acquired. The Em-tec acquisition further expands the Company's reach into biopharma and other hygienic applications and enhances its portfolio of flow control technologies within the Pumps & Process Solutions segment. In connection with this acquisition, the Company recorded goodwill of $19,572 and intangible assets of $8,344, primarily related to customer intangibles. On February 18, 2020, the Company acquired 100% of the voting stock of So. Cal. Soft-Pak, Incorporated ("Soft-Pak") Software Solutions, a leading specialized provider of integrated back office, route management and customer relationship management software solutions to the waste and recycling fleet industry for $45,500, net of cash acquired. The Soft-Pak acquisition strengthens the digital offerings within the Engineered Products segment. In connection with this acquisition, the Company recorded goodwill of $33,159 and intangible assets of $12,800, primarily related to customer intangibles. On January 24, 2020, the Company acquired 100% of the voting stock of Sys-Tech Solutions, Inc. ("Systech"), a leading provider of product traceability, regulatory compliance and brand-protection software and solutions to pharmaceutical and consumer products manufacturers, for $162,943, net of cash acquired. The Systech acquisition strengthens the portfolio of solutions offered by the Imaging & Identification segment. In connection with this acquisition, the Company recorded goodwill of $92,606 and intangible assets of $76,100, primarily related to customer intangibles. The following presents the preliminary allocation of purchase price to the assets acquired and liabilities assumed, based on their estimated fair values at their acquisition dates: Total Current assets, net of cash acquired $ 25,699 Property, plant and equipment 3,783 Goodwill 145,337 Intangible assets 97,244 Current liabilities (18,380) Other liabilities (14,844) Net assets acquired $ 238,839 The amounts assigned to goodwill and major intangible asset classifications were as follows: Amount allocated Useful life Goodwill - tax deductible $ 33,159 na Goodwill - non deductible 112,178 na Customer intangibles 79,295 12 Trademarks 6,171 15 Other intangibles 11,778 6 - 9 $ 242,581 2019 Acquisitions During the six months ended June 30, 2019, the Company acquired two businesses in separate transactions for total consideration of $215,304, net of cash acquired. These businesses were acquired to complement and expand upon existing operations within the Fueling Solutions and Pumps & Process Solutions segment. The goodwill recorded as a result of these acquisitions represents the economic benefits expected to be derived from product line expansions and operational synergies. The goodwill is deductible for U.S. income tax purposes for these acquisitions. On May 7, 2019, the Company acquired the assets of the All-Flo Pump Company, Limited business ("All-Flo"), a growing manufacturer of specialty pumps for $39,954. The All-Flo acquisition strengthens Dover's position in the growing market for air-operated double-diaphragm pumps within the Pumps & Process Solutions segment. The Company recorded goodwill of $20,951 and intangible assets of $14,980. The intangible assets are being amortized over 13 to 15 years. On January 25, 2019, the Company acquired the assets of Belanger, Inc. ("Belanger"), a leading full-line car wash equipment manufacturer for $175,350, net of cash acquired. The Belanger acquisition strengthens Dover's position in the vehicle wash business within the Fueling Solutions segment. In connection with this acquisition, the Company recorded goodwill of $98,084 and intangible assets of $77,000, primarily related to customer intangibles. The intangible assets are being amortized over 9 to 15 years. Pro Forma Information The following unaudited pro forma information illustrates the impact of 2020 and 2019 acquisitions on the Company’s revenue and earnings from operations for the three and six months ended June 30, 2020 and 2019, respectively. The unaudited pro forma information assumes that the 2020 and 2019 acquisitions had taken place at the beginning of the prior year, 2019 and 2018, respectively. Unaudited pro forma earnings are adjusted to reflect the comparable impact of additional depreciation and amortization expense, net of tax, resulting from the fair value measurement of intangible and tangible assets relating to the year of acquisition. The unaudited pro forma effects for the three and six months ended June 30, 2020 and 2019 were as follows: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Revenue: As reported $ 1,499,175 $ 1,810,706 $ 3,155,114 $ 3,535,463 Pro forma 1,502,018 1,828,174 3,165,053 3,575,903 Net earnings: As reported $ 124,766 $ 198,085 $ 301,045 $ 303,790 Pro forma 128,377 198,659 308,844 304,881

Disposed and Discontinued Opera

Disposed and Discontinued Operations	6 Months Ended
	Jun. 30, 2020
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Discontinued Operations	4. Disposed Operations Management evaluates Dover's businesses periodically for their strategic fit within its operations and may from time to time sell or discontinue certain operations for various reasons. 2020 On March 6, 2020, the Company completed the sale of the Chino, California branch of The AMS Group ("AMS Chino"), a wholly owned subsidiary of the Company. The Company recognized total consideration of $15,400, which included a working capital adjustment recognized in the second quarter to be paid in the third quarter of 2020. This sale resulted in a pre-tax gain on sale of $5,770 included within the Condensed Consolidated Statements of Earnings and within the Refrigeration & Food Equipment Segment for the six months ended June 30, 2020. The sale does not represent a strategic shift that will have a major effect on operations and financial results and, therefore, did not qualify for presentation as a discontinued operation. 2019 On March 29, 2019, the Co mpany entered into a definitive agreement to sell Finder Pompe S.r.l ("Finder"), a wholly owned subsidiary, to Gruppo Aturia S.p.A (“Aturia”). As of March 31, 2019, Finder met the criteria to be classified as held for sale. The Company classified Finder's assets and liabilities separately on the consolidated balance sheet as of March 31, 2019. Based on the total consideration from the sale, net of selling costs, the Company recorded a loss on the assets held for sale of $46,946 in the Condensed Consolidated Statements of Earnings during the three months ended March 31, 2019. The loss was comprise d of an impairment on assets held for sale of $21,607 an d $25,339 of foreign currency translation losses reclassified out of accumulated other comprehensive losses. On April 2, 2019, Dover completed the sale of Finder to Aturia, which generated total cash proceeds of $24,218. The Finder business was included in the results of the Pumps & Process Solutions segment. The sale does not represent a strategic shift that will have a major effect on operations and financial results and, therefore, did not qualify for presentation as a discontinued operation.

Inventories

Inventories	6 Months Ended
	Jun. 30, 2020
Inventory, Net [Abstract]
Inventory Disclosure	5. Inventories June 30, 2020 December 31, 2019 Raw materials $ 510,602 $ 467,912 Work in progress 177,100 162,670 Finished goods 312,202 280,051 Subtotal 999,904 910,633 Less reserves (113,932) (104,492) Total $ 885,972 $ 806,141

Property, Plant and Equipment

Property, Plant and Equipment	6 Months Ended
	Jun. 30, 2020
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment Disclosure	6. Property, Plant and Equipment, net June 30, 2020 December 31, 2019 Land $ 57,857 $ 56,583 Buildings and improvements 541,860 527,192 Machinery, equipment and other 1,687,048 1,648,354 Property, plant and equipment, gross 2,286,765 2,232,129 Accumulated depreciation (1,428,491) (1,389,811) Property, plant and equipment, net $ 858,274 $ 842,318

Credit Losses

Credit Losses	6 Months Ended
	Jun. 30, 2020
Credit Loss [Abstract]
Allowance for Credit Losses	7. Credit Losses Effective January 1, 2020, the Company adopted ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments prospectively. This ASU replaces the incurred loss impairment model with an expected credit loss impairment model for financial instruments, including trade receivables. The amendment requires entities to consider forward-looking information to estimate expected credit losses, resulting in earlier recognition of losses for receivables that are current or not yet due, which were not considered under the previous accounting guidance. Upon adoption, the Company recorded a noncash cumulative effect adjustment to retained earnings of $2.1 million, net of $0.6 million of income taxes, on the opening consolidated balance sheet as of January 1, 2020. The Company is exposed to credit losses primarily through sales of products and services. The Company’s expected loss allowance methodology for accounts receivable is developed using historical collection experience, current and future economic and market conditions and a review of the current status of customers' trade accounts receivables. Due to the short-term nature of such receivables, the estimate of amount of accounts receivable that may not be collected is based on aging of the accounts receivable balances and the financial condition of customers. Additionally, specific allowance amounts are established to record the appropriate provision for customers that have a higher probability of default. The Company’s monitoring activities include timely account reconciliation, dispute resolution, payment confirmation, consideration of customers' financial condition and macroeconomic conditions. Balances are written off when determined to be uncollectible. The Company considered the current and expected future economic and market conditions surrounding the novel coronavirus ("COVID-19") pandemic and determined that the estimate of credit losses was not significantly impacted. Estimates are used to determine the allowance. It is based on assessment of anticipated payment and all other historical, current and future information that is reasonably available. The following table provides a roll-forward of the allowance for credit losses that is deducted from the amortized cost basis of accounts receivable to present the net amount expected to be collected. 2020 Beginning Balance, January 1, $ 29,381 Adoption of ASU 2016-13, cumulative-effect adjustment to retained earnings 2,706 Provision for expected credit losses 8,545 Amounts written off charged against the allowance (1,490) Other, including dispositions and foreign currency translation (317) Ending balance, June 30 $ 38,825

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	6 Months Ended
	Jun. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	8. Goodwill and Other Intangible Assets The changes in the carrying value of goodwill by reportable operating segments were as follows: Engineered Products Fueling Solutions Imaging & Identification Pumps & Process Solutions Refrigeration & Food Equipment Total Balance at December 31, 2019 $ 636,571 $ 873,381 $ 977,069 $ 750,627 $ 545,699 $ 3,783,347 Acquisitions 33,159 — 92,606 19,572 — 145,337 Disposition of business — — — — (2,597) (2,597) Foreign currency translation 390 (10,775) 3,722 237 190 (6,236) Balance at June 30, 2020 $ 670,120 $ 862,606 $ 1,073,397 $ 770,436 $ 543,292 $ 3,919,851 During the six months ended June 30, 2020, the Company recorded additions of $145,337 to goodwill as a result of the acquisitions within the Engineered Products, Imaging & Identification, and Pumps & Process Solutions segments discussed in Note 3 — Acquisitions . During the six months ended June 30, 2020, the Company disposed of $2,597 of the Refrigeration & Food Equipment segment goodwill as a result of the sale of a business as discussed in Note 4 — Disposed Operations. Dover performs its annual goodwill impairment testing in the fourth quarter of each year. During the 2019 impairment testing, all fifteen reporting units had fair values substantially in excess of their carrying values. In addition to the annual impairment test, the Company is required to regularly assess whether a triggering event has occurred which would require interim impairment testing. The Company considered the current and expected future economic and market conditions surrounding the COVID-19 pandemic and its impact on each of the reporting units. Further, the Company assessed the current market capitalization, forecasts and the amount of headroom in the 2019 impairment test. The Company determined that a triggering event has not occurred which would require an interim impairment test to be performed. Refer to "Segment Results of Operations" for further details on the COVID-19 impact to the Company's operations. The Company’s definite-lived and indefinite-lived intangible assets by major asset class were as follows: June 30, 2020 December 31, 2019 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Amortized intangible assets: Customer intangibles $ 1,491,875 $ 764,239 $ 727,636 $ 1,410,636 $ 714,566 $ 696,070 Trademarks 224,109 93,667 130,442 218,064 85,791 132,273 Patents 160,200 136,491 23,709 159,376 133,677 25,699 Unpatented technologies 166,681 104,655 62,026 154,505 99,276 55,229 Distributor relationships 82,196 47,159 35,037 82,779 44,202 38,577 Drawings & manuals 27,327 23,381 3,946 27,500 22,403 5,097 Other 23,508 18,114 5,394 22,355 16,939 5,416 Total 2,175,896 1,187,706 988,190 2,075,215 1,116,854 958,361 Unamortized intangible assets: Trademarks 96,644 — 96,644 96,653 — 96,653 Total intangible assets, net $ 2,272,540 $ 1,187,706 $ 1,084,834 $ 2,171,868 $ 1,116,854 $ 1,055,014

Restructuring Activities

Restructuring Activities	6 Months Ended
	Jun. 30, 2020
Restructuring and Related Activities [Abstract]
Restructuring and Related Activities Disclosure	9. Restructuring Activities The Company's restructuring charges by segment were as follows: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Engineered Products $ 4,160 $ 1,122 $ 4,518 $ 1,201 Fueling Solutions 911 1,776 2,386 2,514 Imaging & Identification (522) 1,386 (266) 1,677 Pumps & Process Solutions 4,706 501 8,552 882 Refrigeration & Food Equipment 2,213 227 2,773 1,639 Corporate 816 726 1,662 761 Total $ 12,284 $ 5,738 $ 19,625 $ 8,674 These amounts are classified in the Condensed Consolidated Statements of Earnings as follows: Cost of goods and services $ 7,557 $ 1,183 $ 9,099 $ 2,362 Selling, general and administrative expenses 4,727 4,555 10,526 6,312 Total $ 12,284 $ 5,738 $ 19,625 $ 8,674 The restructuring expenses of $12,284 and $19,625 incurred during the three and six months ended June 30, 2020, respectively, were a result of restructuring programs initiated primarily in 2020. Restructuring expense was comprised primarily of new actions in response to lower demand driven by COVID-19 and continuing broad-based selling, general and administrative expense reduction initiatives and broad-based operational efficiency initiatives focusing on footprint consolidation, and operational optimization and IT centralization. Additional programs, beyond the scope of the announced programs, may be implemented during 2020 with related restructuring charges. The $12,284 of restructuring charges incurred during the second quarter of 2020 primarily included the following items: • The Engineered Products segment recorded $4,160 of restructuring charges principally related to headcount reductions. • The Fueling Solutions segment recorded $911 of restructuring charges primarily due to facility restructuring costs. • The Imaging & Identification segment recorded a restructuring benefit of $522 principally related to updated headcount reduction estimates. • The Pumps & Process Solutions segment recorded $4,706 of restructuring expense primarily due to headcount reductions and facility restructuring costs. • The Refrigeration & Food Equipment segment recorded $2,213 of restructuring expense primarily due to headcount reductions and facility restructuring costs. • Corporate recorded $816 of restructuring charges primarily related to headcount reductions and associated exit costs related to IT centralization initiatives. The Company’s severance and exit accrual activities were as follows: Severance Exit Total Balance at December 31, 2019 $ 13,751 $ 2,639 $ 16,390 Restructuring charges 13,714 5,911 19,625 Payments (17,070) (2,293) (19,363) Other, including foreign currency translation 372 (4,045) (1) (3,673) Balance at June 30, 2020 $ 10,767 $ 2,212 $ 12,979 (1) Other activity in exit reserves primarily represents the non-cash write-off of certain long-lived assets in connection with certain facility closures.

Borrowings

Borrowings	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
Borrowings	10. Borrowings Borrowings consisted of the following: June 30, 2020 December 31, 2019 Short-term Commercial paper $ 505,000 $ 84,700 Notes payable $ 505,000 $ 84,700 Carrying amount (1) Principal June 30, 2020 December 31, 2019 Long-term 3.15% 10-year notes due November 15, 2025 $ 400,000 $ 396,379 $ 396,042 1.25% 10-year notes due November 9, 2026 (euro-denominated) € 600,000 665,896 658,089 0.750% 8-year notes due November 4, 2027 (euro denominated) € 500,000 554,458 548,008 6.65% 30-year debentures due June 1, 2028 $ 200,000 199,205 199,155 2.950% 10-year notes due November 4, 2029 $ 300,000 296,460 296,270 5.375% 30-year debentures due October 15, 2035 $ 300,000 296,185 296,060 6.60% 30-year notes due March 15, 2038 $ 250,000 247,996 247,939 5.375% 30-year notes due March 1, 2041 $ 350,000 344,291 344,153 Total long-term debt $ 3,000,870 $ 2,985,716 (1) Carrying amount is net of unamortized debt discount and deferred debt issuance costs. Total unamortized debt discounts were $18.0 million and $18.9 million as of June 30, 2020 and December 31, 2019, respectively. Total deferred debt issuance costs were $15.3 million and $16.2 million as of June 30, 2020 and December 31, 2019, respectively. As of June 30, 2020, the Company maintained a $1.0 billion five-year unsecured revolving credit facility (the "Credit Agreement") with a syndicate of banks which expires on October 4, 2024. The Company uses the Credit Agreement principally as liquidity back-up for it s commercial paper program. On March 16, 2020, the Company borrowed $500 million under the Credit Agreement. Proceeds from the borrowing were used to repay all of the Company's outstanding commercial paper and for general corporate purposes. As of June 30, 2020, the Company repaid the $500 million borrowed under the Credit Agreement by resumed commercial paper borrowings. On May 6, 2020, the Company entered into a $450.0 million 364-day revolving credit facility (the "Short-term Credit Agreement") with a syndicate of banks which expire s on May 5, 2021. The Short-term Credit Agreement is intended to be used primarily for working capital and general corporate purposes. The Company may elect to have loans under the Short-term Credit Agreement which bear interest at a base rate plus a specified applicable margin. The Short-term Credit Agreement requires the Company to pay a facility fee and imposes various restrictions on the Company such as, among other things, a requirement to maintain a minimum interest coverage ratio of EBITDA to consolidated net interest expense of not less than 3.0 to 1. The Company has not undertaken any borrowings under this facility. The Company was in compliance with all covenants in the Credit Agreement, the Short-term Credit Agreement, and other long-term debt covenants at June 30, 2020 and had an interest coverage ratio of consolidated EBITDA to consolidated net interest expense of 10.7 to 1. As of June 30, 2020, the Company had approximately $174.7 million outstanding in letters of credit, surety bonds, and performance and other guarantees which expire on various dates through 2029. These letters of credit and bonds are primarily issued as security for insurance, warranty and other performance obligations. In general, we would only be liable for the amount of these guarantees in the event of default in the performance of our obligations.

Financial Instruments

Financial Instruments	6 Months Ended
	Jun. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments and Hedging Activities Disclosure	11. Financial Instruments Derivatives The Company is exposed to market risk for changes in foreign currency exchange rates due to the global nature of its operations and certain commodity risks. In order to manage these risks, the Company has hedged portions of its forecasted sales and purchases to occur within the next twelve months that are denominated in non-functional currencies, with currency forward contracts designated as cash flow hedges. At June 30, 2020 and December 31, 2019, the Company had contracts with total notional amounts of $157,510 and $179,580, respectively, to exchange currencies, principally Euro, Pound Sterling, Swedish Krona, Chinese Yuan, Canadian Dollar, and Swiss Franc. The Company believes it is probable that all forecasted cash flow transactions will occur. In addition, the Company had outstanding contracts with a total notional amount of $91,419 and $79,707 as of June 30, 2020 and December 31, 2019, respectively, that are not designated as hedging instruments. These instruments are used to reduce the Company's exposure for operating receivables and payables that are denominated in non-functional currencies. Gains and losses on these contracts are recorded in other income, net in the Condensed Consolidated Statements of Earnings. The following table sets forth the fair values of derivative instruments held by the Company as of June 30, 2020 and December 31, 2019 and the balance sheet lines in which they are recorded: Fair Value Asset (Liability) June 30, 2020 December 31, 2019 Balance Sheet Caption Foreign currency forward $ 1,792 $ 2,892 Prepaid and other current assets Foreign currency forward (2,112) (476) Other accrued expenses For a cash flow hedge, the change in estimated fair value of a hedging instrument is recorded in accumulated other comprehensive (loss) earnings as a separate component of the Condensed Consolidated Statements of Stockholders' Equity and is reclassified into revenues and cost of goods and services in the Condensed Consolidated Statements of Earnings during the period in which the hedged transaction is recognized. The amount of gains or losses from hedging activity recorded in earnings is not significant, and the amount of unrealized gains and losses from cash flow hedges that are expected to be reclassified to earnings in the next twelve months is not significant; therefore, additional tabular disclosures are not presented. There are no amounts excluded from the assessment of hedge effectiveness and the Company's derivative instruments that are subject to credit risk contingent features were not significant. The Company is exposed to credit loss in the event of nonperformance by counterparties to the financial instrument contracts held by the Company; however, nonperformance by these counterparties is considered unlikely as the Company’s policy is to contract with highly-rated, diversified counterparties. The Company has designated the €600,000 and €500,000 of euro-denominated notes issued November 9, 2016 and November 4, 2019, respectively, as hedges of a portion of its net investment in euro-denominated operations. Changes in the value of the euro-denominated debt are recognized in foreign currency translation adjustments within other comprehensive earnings of the Condensed Consolidated Statements of Comprehensive Earnings to offset changes in the value of the net investment in euro-denominated operations. Amounts recognized in other comprehensive earnings for the gains (losses) on net investment hedges were as follows: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Loss on euro-denominated debt $ (36,904) $ (4,710) $ (13,280) $ (1,153) Tax benefit 8,028 989 2,889 242 Net loss on net investment hedges, net of tax $ (28,876) $ (3,721) $ (10,391) $ (911) Fair Value Measurements ASC 820, Fair Value Measurements and Disclosures, establishes a fair value hierarchy that requires the Company to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the hierarchy is based on the lowest level of input that is significant to the fair value measurement. ASC 820 establishes three levels of inputs that may be used to measure fair value. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs include inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices in active markets for similar assets and liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of assets or liabilities. Level 3 inputs are unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. The following table presents the Company’s assets and liabilities measured at fair value on a recurring basis as of June 30, 2020 and December 31, 2019: June 30, 2020 December 31, 2019 Level 2 Level 2 Assets: Foreign currency cash flow hedges $ 1,792 $ 2,892 Liabilities: Foreign currency cash flow hedges 2,112 476 In addition to fair value disclosure requirements related to financial instruments carried at fair value, accounting standards require interim disclosures regarding the fair value of all of the Company’s financial instruments. The estimated fair value of long-term debt, net at June 30, 2020 and December 31, 2019 , w as $3,421,108 and $3,322,033, respectively. The estimated fair value of long-term debt is based on quoted market prices for similar instruments and is, therefore, classified as Level 2 within the fair value hierarchy. The carrying values of cash and cash equivalents, trade receivables, accounts payable and notes payable are reasonable estimates of their fair values as of June 30, 2020 and December 31, 2019 due to the short-term nature of these instruments.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2020
Income Tax Disclosure [Abstract]
Income Taxes	12. Income Taxes The effective tax rates for the three months ended June 30, 2020 and 2019 were 20.4% and 20.7%, r espectively. The decrease in the effective tax rate for the three months ended June 30, 2020 relative to the prior comparable period is primarily driven by favorable audit settlements. The effective tax rates for the six months ended June 30, 2020 and 2019 were 18.7% and 21.7%, respectively. The decrease in the effective tax rate for the six months ended June 30, 2020 relative to the prior comparable period is primarily driven by the favorable audit settlements and the impact of the exclusion of capital loss on the sale of Finder under local law in 2019. Dover and its subsidiaries file tax returns in the U.S., including various state and local returns, and in other foreign jurisdictions. We believe adequate provision has been made for all income tax uncertainties. The Company is routinely audited by taxing authorities in its filing jurisdictions, and a number of these audits are currently underway. The Company believes that within the next twelve months uncertain tax positions may be resolved and statutes of limitations will expire, which could result in a decrease in the gross amount of unrecognized tax benefits of approximately zero to $9.6 million.

Equity Incentive Program

Equity Incentive Program	6 Months Ended
	Jun. 30, 2020
Share-based Payment Arrangement, Noncash Expense [Abstract]
Share-based Compensation	13. Equity Incentive Program The Company typically grants equity awards annually at its regularly scheduled first quarter meeting of the Compensation Committee of the Board of Directors. During the six months ended June 30, 2020, the Company issued stock-settled appreciation rights ("SARs") covering 390,780 shares, performance share awards of 49,056 and restricted stock units ("RSUs") of 79,024. The Company uses the Black-Scholes option pricing model to determine the fair value of each SAR on the date of grant. Expected volatilities are based on Dover's stock price history, including implied volatilities from traded options on Dover stock. The Company uses historical data to estimate SAR exercise and employee termination patterns within the valuation model. The expected life of SARs granted is derived from the output of the option valuation model and represents the average period of time that SARs granted are expected to be outstanding. The interest rate for periods within the contractual life of the SARs is based on the U.S. Treasury yield curve in effect at the time of grant. The assumptions used in determining the fair value of the SARs awarded during the respective periods were as follows: SARs 2020 2019 Risk-free interest rate 1.44 % 2.51 % Dividend yield 1.65 % 2.13 % Expected life (years) 5.5 5.6 Volatility 22.76 % 22.35 % Grant price $119.86 $91.20 Fair value per share at date of grant $22.54 $17.55 The performance share awards granted in 2020 are market condition awards as attainment is based on Dover's performance relative to its peer group (companies listed under the S&P 500 Industrials sector) for the relevant performance period. The performance period and vesting period for these awards is approximately three years. These awards were valued on the date of grant using the Monte Carlo simulation model (a binomial lattice-based valuation model), and are generally recognized ratably over the vesting period, and the fair value is not subject to change based on future market conditions. The assumptions used in determining the fair value of the performance shares granted in 2020 were as follows: Performance Shares 2020 Risk-free interest rate 1.40 % Dividend yield 1.65 % Expected life (years) 2.9 Volatility 23.30 % Grant price $119.86 Fair value per share at date of grant $165.71 The performance share awards granted in 2019 are considered performance condition awards as attainment is based on Dover's performance relative to established internal metrics. The fair value of these awards was determined using Dover's closing stock price on the date of grant. The expected attainment of the internal metrics for these awards is analyzed each reporting period, and the related expense is adjusted based on expected attainment, if that attainment differs from previous estimates. The cumulative effect on current and prior periods of a change in attainment is recognized in selling, general and administrative expenses in the Condensed Consolidated Statements of Earnings in the period of change. The fair value and average attainment used in determining stock-based compensation cost for the performance shares issued in 2019 is as follows for the six months ended June 30, 2020: Performance Shares 2019 Fair value per share at date of grant $91.20 Average attainment rate reflected in expense 205.54% The Company also has granted RSUs, and the fair value of these awards was determined using Dover's closing stock price on the date of grant. Stock-based compensation is reported within selling, general and administrative expenses in the Condensed Consolidated Statements of Earnings. The following table summarizes the Company’s compensation expense relating to all stock-based incentive plans: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Pre-tax stock-based compensation expense $ 4,968 $ 8,435 $ 8,220 $ 16,617 Tax benefit (619) (498) (968) (1,546) Total stock-based compensation expense, net of tax $ 4,349 $ 7,937 $ 7,252 $ 15,071

Commitments and Contingent Liab

Commitments and Contingent Liabilities	6 Months Ended
	Jun. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingent Liabilities	14. Commitments and Contingent Liabilities Litigation Certain of the Company’s subsidiaries are involved in legal proceedings relating to the cleanup of waste disposal sites identified under federal and state statutes that provide for the allocation of such costs among "potentially responsible parties." In each instance, the extent of the Company’s liability appears to be very small in relation to the total projected expenditures and the number of other "potentially responsible parties" involved and is anticipated to be immaterial to the Company. In addition, certain of the Company’s subsidiaries are involved in ongoing remedial activities at certain current and former plant sites, in cooperation with regulatory agencies, and appropriate estimated liabilities have been established. At June 30, 2020 and December 31, 2019, the Company had estimated liabilities totaling $31,892 and $30,608, respectively, for environmental and other matters, including private party claims for exposure to hazardous substances that are probable and estimable. The Company and certain of its subsidiaries are also parties to a number of other legal proceedings incidental to their businesses. These proceedings primarily involve claims by private parties alleging injury arising out of use of the Company’s products, patent infringement, employment matters, and commercial disputes. Management and legal counsel, at least quarterly, review the probable outcome of such proceedings, the costs and expenses reasonably expected to be incurred and currently accrued to-date, and the availability and extent of insurance coverage. The Company has estimated liabilities for legal matters that are probable and estimable, and at June 30, 2020 and December 31, 2019, these estimated liabilities were not significant. While it is not possible at this time to predict the outcome of these legal actions, in the opinion of management, based on the aforementioned reviews, the Company is not currently involved in any legal proceedings which, individually or in the aggregate, could have a material effect on its financial position, results of operations, or cash flows. Warranty Accruals Estimated warranty program claims are provided for at the time of sale of the Company's products. Amounts provided for are based on historical costs and adjusted for new claims and are included within other accrued expenses and other liabilities in the Condensed Consolidated Balance Sheet. The changes in the carrying amount of product warranties through June 30, 2020 and 2019, were as follows: 2020 2019 Beginning Balance, December 31 of the Prior Year $ 49,116 $ 50,073 Provision for warranties 25,341 29,364 Settlements made (28,104) (31,173) Other adjustments, including acquisitions and currency translation (455) (632) Ending balance, June 30 $ 45,898 $ 47,632

Employee Benefit Plans

Employee Benefit Plans	6 Months Ended
	Jun. 30, 2020
Defined Benefit Plan [Abstract]
Employee Benefit Plans	15. Employee Benefit Plans Retirement Plans The Company sponsors qualified defined benefit pension plans covering certain employees of the Company and its subsidiaries, although the U.S. qualified and non-qualified defined benefit plans are closed to new entrants. The plans’ benefits are generally based on years of service and employee compensation. The Company also provides to certain management employees, through non-qualified plans, supplemental retirement benefits in excess of qualified plan limits imposed by federal tax law. The tables below set forth the components of the Company’s net periodic (income) expense relating to retirement benefit plans. The service cost component is recognized within selling, general and administrative expenses and cost of goods and services, depending on the functional area of the underlying employees included in the plans, and the non-operating components of pension costs are included within other income, net in the Condensed Consolidated Statements of Earnings. Qualified Defined Benefits Three Months Ended June 30, Six Months Ended June 30, U.S. Plan Non-U.S. Plans U.S. Plan Non-U.S. Plans 2020 2019 2020 2019 2020 2019 2020 2019 Service cost $ 1,706 $ 1,754 $ 1,295 $ 1,291 $ 3,412 $ 3,508 $ 2,588 $ 2,836 Interest cost 4,068 4,756 796 1,207 8,136 9,513 1,621 2,448 Expected return on plan assets (7,869) (8,534) (1,637) (1,608) (15,738) (17,068) (3,314) (3,126) Amortization: Prior service cost (credit) 57 76 (120) (138) 114 151 (239) (196) Recognized actuarial loss 1,884 — 735 708 3,768 — 1,476 1,525 Net periodic (income) expense $ (154) $ (1,948) $ 1,069 $ 1,460 $ (308) $ (3,896) $ 2,132 $ 3,487 Non-Qualified Supplemental Benefits Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Service cost $ 318 $ 486 $ 636 $ 971 Interest cost 442 668 883 1,335 Amortization: Prior service cost 424 703 848 1,406 Recognized actuarial gain (465) (570) (929) (1,140) Net periodic expense $ 719 $ 1,287 $ 1,438 $ 2,572 Post-Retirement Benefit Plans The Company also maintains post-retirement benefit plans, although these plans are closed to new entrants. The supplemental and post-retirement benefit plans are supported by the general assets of the Company. The following table sets forth the components of the Company’s net periodic expense relating to its post-retirement benefit plans: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Service cost $ 5 $ 5 $ 10 $ 10 Interest cost 61 78 121 156 Amortization: Prior service cost 4 3 7 7 Recognized actuarial gain (4) (16) (8) (35) Net periodic expense $ 66 $ 70 $ 130 $ 138 The total amount amortized out of accumulated other comprehensive earnings into net periodic pension and post-retirement expense totaled $2,515 and $766 for the three months ended June 30, 2020 and 2019, respectively, and $5,037 and $1,718 for the six months ended June 30, 2020 and 2019, respectively. Defined Contribution Retirement Plans

Other Comprehensive Earnings

Other Comprehensive Earnings	6 Months Ended
	Jun. 30, 2020
Other Comprehensive Income (Loss), Net of Tax [Abstract]
Other Comprehensive Earnings	16. Other Comprehensive Earnings The amounts recognized in other comprehensive (loss) earnings were as follows: Three Months Ended Three Months Ended June 30, 2020 June 30, 2019 Pre-tax Tax Net of tax Pre-tax Tax Net of tax Foreign currency translation adjustments $ 36,541 $ 8,028 $ 44,569 $ (14,967) $ 989 $ (13,978) Pension and other post-retirement benefit plans 2,515 (421) 2,094 766 (177) 589 Changes in fair value of cash flow hedges 1,651 (365) 1,286 (4,780) 1,002 (3,778) Total other comprehensive (loss) earnings $ 40,707 $ 7,242 $ 47,949 $ (18,981) $ 1,814 $ (17,167) Six Months Ended Six Months Ended June 30, 2020 June 30, 2019 Pre-tax Tax Net of tax Pre-tax Tax Net of tax Foreign currency translation adjustments $ (51,874) $ 2,889 $ (48,985) $ 34,819 $ 242 $ 35,061 Pension and other post-retirement benefit plans 5,037 (989) 4,048 1,718 (382) 1,336 Changes in fair value of cash flow hedges (3,423) 757 (2,666) (1,787) 373 (1,414) Total other comprehensive (loss) earnings $ (50,260) $ 2,657 $ (47,603) $ 34,750 $ 233 $ 34,983 Total comprehensive earnings were as follows: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Net earnings $ 124,766 $ 198,085 $ 301,045 $ 303,790 Other comprehensive (loss) earnings 47,949 (17,167) (47,603) 34,983 Comprehensive earnings $ 172,715 $ 180,918 $ 253,442 $ 338,773 Amounts reclassified from accumulated other comprehensive loss to earnings during the three and six months ended June 30, 2020 and 2019 were as follows: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Foreign currency translation: Reclassification of foreign currency translation losses to earnings for assets held for sale $ — $ — $ — $ 25,339 Tax benefit — — — — Net of tax $ — $ — $ — $ 25,339 Pension and other postretirement benefit plans: Amortization of actuarial losses $ 2,150 $ 122 $ 4,307 $ 350 Amortization of prior service costs 365 644 730 1,368 Total before tax 2,515 766 5,037 1,718 Tax benefit (421) (177) (989) (382) Net of tax $ 2,094 $ 589 $ 4,048 $ 1,336 Cash flow hedges: Net losses (gains) reclassified into earnings $ (752) $ (524) $ 668 $ (815) Tax (benefit) provision 158 108 (140) 169 Net of tax $ (594) $ (416) $ 528 $ (646) The reclassification of foreign currency translation losses to earnings during the six months ended June 30, 2019 relates to the sale of Finder. See Note 4 — Disposed Operations for further details. The Company recognizes the amortization of net actuarial gains and losses and prior service costs in other income, net within the Condensed Consolidated Statements of Earnings.

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2020
Segment Reporting [Abstract]
Segment Information	17. Segment Information The Company categorizes its operating companies into five reportable segments as follows: • Engineered Products segment is a provider of a wide range of products, software and services that have broad customer applications across a number of markets, including aftermarket vehicle service, solid waste handling, industrial automation, aerospace and defense, industrial winch and hoist, and fluid dispensing. • Fueling Solutions segment is focused on providing components, equipment and software and service solutions enabling safe transport of fuels and other hazardous fluids along the supply chain, as well as the safe and efficient operation of retail fueling and vehicle wash establishments. • Imaging & Identification segment supplies precision marking and coding, product traceability and digital textile printing equipment, as well as related consumables, software and services. • Pumps & Process Solutions segment manufactures specialty pumps, fluid handling components, plastics and polymer processing equipment, and highly engineered components for rotating and reciprocating machines. • Refrigeration & Food Equipment segment is a provider of innovative and energy-efficient equipment and systems that serve the commercial refrigeration, heating and cooling and food equipment markets. Segment financial information and a reconciliation of segment results to consolidated results was as follows: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Revenue: Engineered Products $ 342,380 $ 429,928 $ 750,540 $ 848,779 Fueling Solutions 326,495 390,586 686,477 763,636 Imaging & Identification 227,977 266,588 484,742 534,942 Pumps & Process Solutions 309,095 338,924 628,631 669,143 Refrigeration & Food Equipment 293,527 385,474 605,440 720,117 Intra-segment eliminations (299) (794) (716) (1,154) Total consolidated revenue $ 1,499,175 $ 1,810,706 $ 3,155,114 $ 3,535,463 Net earnings: Segment earnings (EBIT): (1) Engineered Products $ 47,702 $ 77,129 $ 116,796 $ 144,248 Fueling Solutions 47,214 52,637 100,712 89,867 Imaging & Identification 38,046 54,641 89,528 110,596 Pumps & Process Solutions (2) 67,702 76,278 133,781 91,269 Refrigeration & Food Equipment (3) 11,459 44,375 34,988 69,182 Total segment earnings (EBIT) 212,123 305,060 475,805 505,162 Corporate expense / other (4) 27,311 24,512 51,408 55,378 Interest expense 28,711 31,754 55,979 63,562 Interest income (728) (945) (1,911) (1,835) Earnings before provision for income taxes 156,829 249,739 370,329 388,057 Provision for income taxes 32,063 51,654 69,284 84,267 Net earnings $ 124,766 $ 198,085 $ 301,045 $ 303,790 (1) Segment earnings (EBIT) includes non-operating income and expense directly attributable to the segments. Non-operating income and expense includes gain on sale of a business and other income, net. (2) The six months ended June 30, 2019 includes a $46,946 loss on assets held for sale for Finder. (3) The three and six months ended June 30, 2020 include a $781 expense and a $5,770 net gain on the sale of AMS Chino, respectively. The three and six months ended June 30, 2020 also include a $3,640 write-off of assets. (4) 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 overhead costs, deal related expenses and various administrative expenses relating to the corporate headquarters. The following table presents revenue disaggregated by geography based on the location of the Company's customer: Three Months Ended June 30, Six Months Ended June 30, Revenue by geography 2020 2019 2020 2019 United States $ 852,999 $ 960,906 $ 1,809,639 $ 1,880,798 Europe 320,076 405,274 681,242 807,919 Asia 164,009 198,278 318,284 394,628 Other Americas 112,995 178,216 242,044 316,334 Other 49,096 68,032 103,905 135,784 Total $ 1,499,175 $ 1,810,706 $ 3,155,114 $ 3,535,463

Share Repurchases

Share Repurchases	6 Months Ended
	Jun. 30, 2020
Stockholders' Equity Note [Abstract]
Share repurchases	18. Share Repurchases In February 2018, the Company's Board of Directors approved a standing share repurchase authorization, whereby the Company may repurchase up to 20 million shares of its common stock through December 31, 2020. This share repurchase authorization replaced the January 2015 share repurchase authorization. In the first quarter of 2020, the Company repurchased 548,659 shares of common stock at a total cost of $52,916, or $96.45 per share. The Company suspended share repurchases in the second quarter due to business uncertainty related to COVID-19 which resulted in no repurchases under the February 2018 authorization during the three months ended June 30, 2020. The Company lifted this suspension beginning in the second half of the year. There were no share repurchases during the three and six months ended June 30, 2019. As of June 30, 2020, 7,811,385 shares remain authorized for repurchase under the February 2018 share repurchase authorization.

Earnings per Share

Earnings per Share	6 Months Ended
	Jun. 30, 2020
Earnings Per Share [Abstract]
Earnings Per Share	19. Earnings per Share The following table sets forth a reconciliation of the information used in computing basic and diluted earnings per share: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Net earnings $ 124,766 $ 198,085 $ 301,045 $ 303,790 Basic earnings per common share: Net earnings $ 0.87 $ 1.36 $ 2.09 $ 2.09 Weighted average shares outstanding 143,955,000 145,366,000 144,107,000 145,227,000 Diluted earnings per common share: Net earnings $ 0.86 $ 1.35 $ 2.07 $ 2.07 Weighted average shares outstanding 144,995,000 147,179,000 145,359,000 147,041,000 The following table is a reconciliation of the share amounts used in computing earnings per share: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Weighted average shares outstanding - Basic 143,955,000 145,366,000 144,107,000 145,227,000 Dilutive effect of assumed exercise of SARs and vesting of performance shares and RSUs 1,040,000 1,813,000 1,252,000 1,814,000 Weighted average shares outstanding - Diluted 144,995,000 147,179,000 145,359,000 147,041,000 Diluted earnings per share amounts are computed using the weighted average number of common shares outstanding and, if dilutive, potential common shares outstanding during the period. Potential common shares consist of the incremental common shares issuable upon the exercise of SARs and vesting of performance shares and RSUs, as determined using the treasury stock method. The weighted average number of anti-dilutive potential common shares excluded from the calculation above were approximately 121,000 and 30,000 for the three months ended June 30, 2020 and 2019, respectively, and 130,000 and 1,200 for the six months ended June 30, 2020 and 2019, respectively.

Recent Accounting Standards

Recent Accounting Standards	6 Months Ended
	Jun. 30, 2020
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Recent Accounting Standards	20. Recent Accounting Pronouncements Recently Adopted Accounting Standards In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which amends the impairment model by requiring entities to use a forward-looking approach based on expected losses rather than incurred losses to estimate credit losses on certain types of financial instruments, including trade receivables. This resulted in the earlier recognition of allowances for losses. In addition, the FASB issued ASU 2019-04, Codification Improvements to Topic 326 which provides clarity on certain aspects of the amendments in ASU 2016-13. The Company adopted this guidance prospectively on January 1, 2020. Upon adoption, the Company recorded a noncash cumulative effect adjustment to retained earnings of $2.1 million, net of $0.6 million of income taxes, on the opening consolidated balance sheet as of January 1, 2020. See Note 7 — Credit Losses for further details.

Revenue (Tables)

Revenue (Tables)	6 Months Ended
	Jun. 30, 2020
Revenue from Contract with Customer [Abstract]
Contract with Customer, Asset and Liability [Table Text Block]	The following table provides information about contract assets and contract liabilities from contracts with customers: June 30, 2020 December 31, 2019 January 1, 2019 Contract assets $ 16,423 $ 14,894 $ 9,330 Contract liabilities - current 78,258 44,001 36,461 Contract liabilities - non-current 12,247 9,121 9,382

Acquisitions (Tables)

Acquisitions (Tables)	6 Months Ended
	Jun. 30, 2020
Business Combinations [Abstract]
Schedule of Business Acquisitions, by Acquisition [Table Text Block]	The following presents the preliminary allocation of purchase price to the assets acquired and liabilities assumed, based on their estimated fair values at their acquisition dates: Total Current assets, net of cash acquired $ 25,699 Property, plant and equipment 3,783 Goodwill 145,337 Intangible assets 97,244 Current liabilities (18,380) Other liabilities (14,844) Net assets acquired $ 238,839
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block]	The amounts assigned to goodwill and major intangible asset classifications were as follows: Amount allocated Useful life Goodwill - tax deductible $ 33,159 na Goodwill - non deductible 112,178 na Customer intangibles 79,295 12 Trademarks 6,171 15 Other intangibles 11,778 6 - 9 $ 242,581
Pro forma results of operations	The following unaudited pro forma information illustrates the impact of 2020 and 2019 acquisitions on the Company’s revenue and earnings from operations for the three and six months ended June 30, 2020 and 2019, respectively. The unaudited pro forma information assumes that the 2020 and 2019 acquisitions had taken place at the beginning of the prior year, 2019 and 2018, respectively. Unaudited pro forma earnings are adjusted to reflect the comparable impact of additional depreciation and amortization expense, net of tax, resulting from the fair value measurement of intangible and tangible assets relating to the year of acquisition. The unaudited pro forma effects for the three and six months ended June 30, 2020 and 2019 were as follows: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Revenue: As reported $ 1,499,175 $ 1,810,706 $ 3,155,114 $ 3,535,463 Pro forma 1,502,018 1,828,174 3,165,053 3,575,903 Net earnings: As reported $ 124,766 $ 198,085 $ 301,045 $ 303,790 Pro forma 128,377 198,659 308,844 304,881

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jun. 30, 2020
Inventory, Net [Abstract]
Components of Inventory	June 30, 2020 December 31, 2019 Raw materials $ 510,602 $ 467,912 Work in progress 177,100 162,670 Finished goods 312,202 280,051 Subtotal 999,904 910,633 Less reserves (113,932) (104,492) Total $ 885,972 $ 806,141

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	6 Months Ended
	Jun. 30, 2020
Property, Plant and Equipment [Abstract]
Components of property, plant and equipment, net	June 30, 2020 December 31, 2019 Land $ 57,857 $ 56,583 Buildings and improvements 541,860 527,192 Machinery, equipment and other 1,687,048 1,648,354 Property, plant and equipment, gross 2,286,765 2,232,129 Accumulated depreciation (1,428,491) (1,389,811) Property, plant and equipment, net $ 858,274 $ 842,318

Credit Losses (Tables)

Credit Losses (Tables)	6 Months Ended
	Jun. 30, 2020
Credit Loss [Abstract]
Accounts Receivable, Allowance for Credit Loss	The following table provides a roll-forward of the allowance for credit losses that is deducted from the amortized cost basis of accounts receivable to present the net amount expected to be collected. 2020 Beginning Balance, January 1, $ 29,381 Adoption of ASU 2016-13, cumulative-effect adjustment to retained earnings 2,706 Provision for expected credit losses 8,545 Amounts written off charged against the allowance (1,490) Other, including dispositions and foreign currency translation (317) Ending balance, June 30 $ 38,825

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 2020
Goodwill [Line Items]
Goodwill	The changes in the carrying value of goodwill by reportable operating segments were as follows: Engineered Products Fueling Solutions Imaging & Identification Pumps & Process Solutions Refrigeration & Food Equipment Total Balance at December 31, 2019 $ 636,571 $ 873,381 $ 977,069 $ 750,627 $ 545,699 $ 3,783,347 Acquisitions 33,159 — 92,606 19,572 — 145,337 Disposition of business — — — — (2,597) (2,597) Foreign currency translation 390 (10,775) 3,722 237 190 (6,236) Balance at June 30, 2020 $ 670,120 $ 862,606 $ 1,073,397 $ 770,436 $ 543,292 $ 3,919,851
Schedule of Intangible Assets	The Company’s definite-lived and indefinite-lived intangible assets by major asset class were as follows: June 30, 2020 December 31, 2019 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Amortized intangible assets: Customer intangibles $ 1,491,875 $ 764,239 $ 727,636 $ 1,410,636 $ 714,566 $ 696,070 Trademarks 224,109 93,667 130,442 218,064 85,791 132,273 Patents 160,200 136,491 23,709 159,376 133,677 25,699 Unpatented technologies 166,681 104,655 62,026 154,505 99,276 55,229 Distributor relationships 82,196 47,159 35,037 82,779 44,202 38,577 Drawings & manuals 27,327 23,381 3,946 27,500 22,403 5,097 Other 23,508 18,114 5,394 22,355 16,939 5,416 Total 2,175,896 1,187,706 988,190 2,075,215 1,116,854 958,361 Unamortized intangible assets: Trademarks 96,644 — 96,644 96,653 — 96,653 Total intangible assets, net $ 2,272,540 $ 1,187,706 $ 1,084,834 $ 2,171,868 $ 1,116,854 $ 1,055,014

Restructuring Activities (Table

Restructuring Activities (Tables)	6 Months Ended
	Jun. 30, 2020
Restructuring and Related Activities [Abstract]
Schedule of Restructuring and Related Costs	The Company's restructuring charges by segment were as follows: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Engineered Products $ 4,160 $ 1,122 $ 4,518 $ 1,201 Fueling Solutions 911 1,776 2,386 2,514 Imaging & Identification (522) 1,386 (266) 1,677 Pumps & Process Solutions 4,706 501 8,552 882 Refrigeration & Food Equipment 2,213 227 2,773 1,639 Corporate 816 726 1,662 761 Total $ 12,284 $ 5,738 $ 19,625 $ 8,674 These amounts are classified in the Condensed Consolidated Statements of Earnings as follows: Cost of goods and services $ 7,557 $ 1,183 $ 9,099 $ 2,362 Selling, general and administrative expenses 4,727 4,555 10,526 6,312 Total $ 12,284 $ 5,738 $ 19,625 $ 8,674
Schedule of Restructuring Reserve by Type of Cost	The Company’s severance and exit accrual activities were as follows: Severance Exit Total Balance at December 31, 2019 $ 13,751 $ 2,639 $ 16,390 Restructuring charges 13,714 5,911 19,625 Payments (17,070) (2,293) (19,363) Other, including foreign currency translation 372 (4,045) (1) (3,673) Balance at June 30, 2020 $ 10,767 $ 2,212 $ 12,979 (1) Other activity in exit reserves primarily represents the non-cash write-off of certain long-lived assets in connection with certain facility closures.

Borrowings (Tables)

Borrowings (Tables)	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
Schedule of Short-term Debt	Borrowings consisted of the following: June 30, 2020 December 31, 2019 Short-term Commercial paper $ 505,000 $ 84,700 Notes payable $ 505,000 $ 84,700
Schedule of Long-term Debt Instruments	Carrying amount (1) Principal June 30, 2020 December 31, 2019 Long-term 3.15% 10-year notes due November 15, 2025 $ 400,000 $ 396,379 $ 396,042 1.25% 10-year notes due November 9, 2026 (euro-denominated) € 600,000 665,896 658,089 0.750% 8-year notes due November 4, 2027 (euro denominated) € 500,000 554,458 548,008 6.65% 30-year debentures due June 1, 2028 $ 200,000 199,205 199,155 2.950% 10-year notes due November 4, 2029 $ 300,000 296,460 296,270 5.375% 30-year debentures due October 15, 2035 $ 300,000 296,185 296,060 6.60% 30-year notes due March 15, 2038 $ 250,000 247,996 247,939 5.375% 30-year notes due March 1, 2041 $ 350,000 344,291 344,153 Total long-term debt $ 3,000,870 $ 2,985,716 (1) Carrying amount is net of unamortized debt discount and deferred debt issuance costs. Total unamortized debt discounts were $18.0 million and $18.9 million as of June 30, 2020 and December 31, 2019, respectively. Total deferred debt issuance costs were $15.3 million and $16.2 million as of June 30, 2020 and December 31, 2019, respectively.

Financial Instruments (Tables)

Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Fair value of derivative instruments and the balance sheet lines in which they are recorded	The following table sets forth the fair values of derivative instruments held by the Company as of June 30, 2020 and December 31, 2019 and the balance sheet lines in which they are recorded: Fair Value Asset (Liability) June 30, 2020 December 31, 2019 Balance Sheet Caption Foreign currency forward $ 1,792 $ 2,892 Prepaid and other current assets Foreign currency forward (2,112) (476) Other accrued expenses
Schedule of net investment hedges in accumulated other comprehensive income (loss)	Amounts recognized in other comprehensive earnings for the gains (losses) on net investment hedges were as follows: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Loss on euro-denominated debt $ (36,904) $ (4,710) $ (13,280) $ (1,153) Tax benefit 8,028 989 2,889 242 Net loss on net investment hedges, net of tax $ (28,876) $ (3,721) $ (10,391) $ (911)
Assets and liabilities measured at fair value on a recurring basis	The following table presents the Company’s assets and liabilities measured at fair value on a recurring basis as of June 30, 2020 and December 31, 2019: June 30, 2020 December 31, 2019 Level 2 Level 2 Assets: Foreign currency cash flow hedges $ 1,792 $ 2,892 Liabilities: Foreign currency cash flow hedges 2,112 476

Equity Incentive Program (Table

Equity Incentive Program (Tables)	6 Months Ended
	Jun. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based incentive plans compensation expense	Stock-based compensation is reported within selling, general and administrative expenses in the Condensed Consolidated Statements of Earnings. The following table summarizes the Company’s compensation expense relating to all stock-based incentive plans: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Pre-tax stock-based compensation expense $ 4,968 $ 8,435 $ 8,220 $ 16,617 Tax benefit (619) (498) (968) (1,546) Total stock-based compensation expense, net of tax $ 4,349 $ 7,937 $ 7,252 $ 15,071
Stock Appreciation Rights (SARs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions	The assumptions used in determining the fair value of the SARs awarded during the respective periods were as follows: SARs 2020 2019 Risk-free interest rate 1.44 % 2.51 % Dividend yield 1.65 % 2.13 % Expected life (years) 5.5 5.6 Volatility 22.76 % 22.35 % Grant price $119.86 $91.20 Fair value per share at date of grant $22.54 $17.55
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions	The assumptions used in determining the fair value of the performance shares granted in 2020 were as follows: Performance Shares 2020 Risk-free interest rate 1.40 % Dividend yield 1.65 % Expected life (years) 2.9 Volatility 23.30 % Grant price $119.86 Fair value per share at date of grant $165.71
Valuation assumptions	The fair value and average attainment used in determining stock-based compensation cost for the performance shares issued in 2019 is as follows for the six months ended June 30, 2020: Performance Shares 2019 Fair value per share at date of grant $91.20 Average attainment rate reflected in expense 205.54%

Commitments and Contingent Li_2

Commitments and Contingent Liabilities (Tables)	6 Months Ended
	Jun. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Schedule of Product Warranty Liability	Estimated warranty program claims are provided for at the time of sale of the Company's products. Amounts provided for are based on historical costs and adjusted for new claims and are included within other accrued expenses and other liabilities in the Condensed Consolidated Balance Sheet. The changes in the carrying amount of product warranties through June 30, 2020 and 2019, were as follows: 2020 2019 Beginning Balance, December 31 of the Prior Year $ 49,116 $ 50,073 Provision for warranties 25,341 29,364 Settlements made (28,104) (31,173) Other adjustments, including acquisitions and currency translation (455) (632) Ending balance, June 30 $ 45,898 $ 47,632

Employee Benefit Plans (Tables)

Employee Benefit Plans (Tables)	6 Months Ended
	Jun. 30, 2020
Defined benefit pension plans
Defined Benefit Plan Disclosure [Line Items]
Schedule of Defined Benefit Plans Disclosures	The tables below set forth the components of the Company’s net periodic (income) expense relating to retirement benefit plans. The service cost component is recognized within selling, general and administrative expenses and cost of goods and services, depending on the functional area of the underlying employees included in the plans, and the non-operating components of pension costs are included within other income, net in the Condensed Consolidated Statements of Earnings. Qualified Defined Benefits Three Months Ended June 30, Six Months Ended June 30, U.S. Plan Non-U.S. Plans U.S. Plan Non-U.S. Plans 2020 2019 2020 2019 2020 2019 2020 2019 Service cost $ 1,706 $ 1,754 $ 1,295 $ 1,291 $ 3,412 $ 3,508 $ 2,588 $ 2,836 Interest cost 4,068 4,756 796 1,207 8,136 9,513 1,621 2,448 Expected return on plan assets (7,869) (8,534) (1,637) (1,608) (15,738) (17,068) (3,314) (3,126) Amortization: Prior service cost (credit) 57 76 (120) (138) 114 151 (239) (196) Recognized actuarial loss 1,884 — 735 708 3,768 — 1,476 1,525 Net periodic (income) expense $ (154) $ (1,948) $ 1,069 $ 1,460 $ (308) $ (3,896) $ 2,132 $ 3,487
Supplemental Employee Retirement Plans, Defined Benefit [Member]
Defined Benefit Plan Disclosure [Line Items]
Schedule of Defined Benefit Plans Disclosures	Non-Qualified Supplemental Benefits Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Service cost $ 318 $ 486 $ 636 $ 971 Interest cost 442 668 883 1,335 Amortization: Prior service cost 424 703 848 1,406 Recognized actuarial gain (465) (570) (929) (1,140) Net periodic expense $ 719 $ 1,287 $ 1,438 $ 2,572
Post-Retirement Benefits [Member]
Defined Benefit Plan Disclosure [Line Items]
Schedule of Defined Benefit Plans Disclosures	Post-Retirement Benefit Plans The Company also maintains post-retirement benefit plans, although these plans are closed to new entrants. The supplemental and post-retirement benefit plans are supported by the general assets of the Company. The following table sets forth the components of the Company’s net periodic expense relating to its post-retirement benefit plans: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Service cost $ 5 $ 5 $ 10 $ 10 Interest cost 61 78 121 156 Amortization: Prior service cost 4 3 7 7 Recognized actuarial gain (4) (16) (8) (35) Net periodic expense $ 66 $ 70 $ 130 $ 138

Other Comprehensive Earnings (T

Other Comprehensive Earnings (Tables)	6 Months Ended
	Jun. 30, 2020
Other Comprehensive Income (Loss), Net of Tax [Abstract]
Components of other comprehensive income	The amounts recognized in other comprehensive (loss) earnings were as follows: Three Months Ended Three Months Ended June 30, 2020 June 30, 2019 Pre-tax Tax Net of tax Pre-tax Tax Net of tax Foreign currency translation adjustments $ 36,541 $ 8,028 $ 44,569 $ (14,967) $ 989 $ (13,978) Pension and other post-retirement benefit plans 2,515 (421) 2,094 766 (177) 589 Changes in fair value of cash flow hedges 1,651 (365) 1,286 (4,780) 1,002 (3,778) Total other comprehensive (loss) earnings $ 40,707 $ 7,242 $ 47,949 $ (18,981) $ 1,814 $ (17,167) Six Months Ended Six Months Ended June 30, 2020 June 30, 2019 Pre-tax Tax Net of tax Pre-tax Tax Net of tax Foreign currency translation adjustments $ (51,874) $ 2,889 $ (48,985) $ 34,819 $ 242 $ 35,061 Pension and other post-retirement benefit plans 5,037 (989) 4,048 1,718 (382) 1,336 Changes in fair value of cash flow hedges (3,423) 757 (2,666) (1,787) 373 (1,414) Total other comprehensive (loss) earnings $ (50,260) $ 2,657 $ (47,603) $ 34,750 $ 233 $ 34,983
Schedule of comprehensive income (loss)	Total comprehensive earnings were as follows: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Net earnings $ 124,766 $ 198,085 $ 301,045 $ 303,790 Other comprehensive (loss) earnings 47,949 (17,167) (47,603) 34,983 Comprehensive earnings $ 172,715 $ 180,918 $ 253,442 $ 338,773
Schedule of amounts reclassified from accumulated other comprehensive income (loss) to earnings	Amounts reclassified from accumulated other comprehensive loss to earnings during the three and six months ended June 30, 2020 and 2019 were as follows: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Foreign currency translation: Reclassification of foreign currency translation losses to earnings for assets held for sale $ — $ — $ — $ 25,339 Tax benefit — — — — Net of tax $ — $ — $ — $ 25,339 Pension and other postretirement benefit plans: Amortization of actuarial losses $ 2,150 $ 122 $ 4,307 $ 350 Amortization of prior service costs 365 644 730 1,368 Total before tax 2,515 766 5,037 1,718 Tax benefit (421) (177) (989) (382) Net of tax $ 2,094 $ 589 $ 4,048 $ 1,336 Cash flow hedges: Net losses (gains) reclassified into earnings $ (752) $ (524) $ 668 $ (815) Tax (benefit) provision 158 108 (140) 169 Net of tax $ (594) $ (416) $ 528 $ (646)

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2020
Segment Reporting [Abstract]
Revenue and earnings from continuing operations by market segment	Segment financial information and a reconciliation of segment results to consolidated results was as follows: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Revenue: Engineered Products $ 342,380 $ 429,928 $ 750,540 $ 848,779 Fueling Solutions 326,495 390,586 686,477 763,636 Imaging & Identification 227,977 266,588 484,742 534,942 Pumps & Process Solutions 309,095 338,924 628,631 669,143 Refrigeration & Food Equipment 293,527 385,474 605,440 720,117 Intra-segment eliminations (299) (794) (716) (1,154) Total consolidated revenue $ 1,499,175 $ 1,810,706 $ 3,155,114 $ 3,535,463 Net earnings: Segment earnings (EBIT): (1) Engineered Products $ 47,702 $ 77,129 $ 116,796 $ 144,248 Fueling Solutions 47,214 52,637 100,712 89,867 Imaging & Identification 38,046 54,641 89,528 110,596 Pumps & Process Solutions (2) 67,702 76,278 133,781 91,269 Refrigeration & Food Equipment (3) 11,459 44,375 34,988 69,182 Total segment earnings (EBIT) 212,123 305,060 475,805 505,162 Corporate expense / other (4) 27,311 24,512 51,408 55,378 Interest expense 28,711 31,754 55,979 63,562 Interest income (728) (945) (1,911) (1,835) Earnings before provision for income taxes 156,829 249,739 370,329 388,057 Provision for income taxes 32,063 51,654 69,284 84,267 Net earnings $ 124,766 $ 198,085 $ 301,045 $ 303,790 (1) Segment earnings (EBIT) includes non-operating income and expense directly attributable to the segments. Non-operating income and expense includes gain on sale of a business and other income, net. (2) The six months ended June 30, 2019 includes a $46,946 loss on assets held for sale for Finder. (3) The three and six months ended June 30, 2020 include a $781 expense and a $5,770 net gain on the sale of AMS Chino, respectively. The three and six months ended June 30, 2020 also include a $3,640 write-off of assets. (4) 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 overhead costs, deal related expenses and various administrative expenses relating to the corporate headquarters.
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas	The following table presents revenue disaggregated by geography based on the location of the Company's customer: Three Months Ended June 30, Six Months Ended June 30, Revenue by geography 2020 2019 2020 2019 United States $ 852,999 $ 960,906 $ 1,809,639 $ 1,880,798 Europe 320,076 405,274 681,242 807,919 Asia 164,009 198,278 318,284 394,628 Other Americas 112,995 178,216 242,044 316,334 Other 49,096 68,032 103,905 135,784 Total $ 1,499,175 $ 1,810,706 $ 3,155,114 $ 3,535,463

Earnings per Share (Tables)

Earnings per Share (Tables)	6 Months Ended
	Jun. 30, 2020
Earnings Per Share [Abstract]
Reconciliation of information used in computing basic and diluted earnings per share	The following table sets forth a reconciliation of the information used in computing basic and diluted earnings per share: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Net earnings $ 124,766 $ 198,085 $ 301,045 $ 303,790 Basic earnings per common share: Net earnings $ 0.87 $ 1.36 $ 2.09 $ 2.09 Weighted average shares outstanding 143,955,000 145,366,000 144,107,000 145,227,000 Diluted earnings per common share: Net earnings $ 0.86 $ 1.35 $ 2.07 $ 2.07 Weighted average shares outstanding 144,995,000 147,179,000 145,359,000 147,041,000
Reconciliation of share amounts used in computing earnings per share	The following table is a reconciliation of the share amounts used in computing earnings per share: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Weighted average shares outstanding - Basic 143,955,000 145,366,000 144,107,000 145,227,000 Dilutive effect of assumed exercise of SARs and vesting of performance shares and RSUs 1,040,000 1,813,000 1,252,000 1,814,000 Weighted average shares outstanding - Diluted 144,995,000 147,179,000 145,359,000 147,041,000

Performance Obligations (Detail

Performance Obligations (Details)	6 Months Ended
	Jun. 30, 2020
Revenue from Contract with Customer Performance Obligations [Abstract]
Revenue Recognized Point-in-time, Percent	95.00%
Revenue Recognized Over-time, Percent	5.00%
Unsatisfied Performance Obligations Expected to Recognize as Revenue, Percent	76.00%

Remaining Performance Obligatio

Remaining Performance Obligation (Details) $ in Millions	Jun. 30, 2020USD ($)
Revenue from Contract with Customer [Abstract]
Revenue, Remaining Performance Obligation, Amount	$ 155

Contract Balances (Details)

Contract Balances (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019	Jan. 01, 2019
Change in Contract with Customer, Asset and Liability [Abstract]
Revenue recognized that was included in the contract liability balance at the beginning of the period	$ (26,113)	$ (27,701)
Contract with Customer, Asset and Liability [Abstract]
Contract assets balance	16,423		$ 14,894	$ 9,330
Contract liabilities - current	78,258		44,001	36,461
Contract liabilities - non-current	$ 12,247		$ 9,121	$ 9,382

Acquisitions (Details)

Acquisitions (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Business Acquisition [Line Items]
Current Assets	$ 25,699,000		$ 25,699,000
Property, Plant, and Equipment	3,783,000		3,783,000
Goodwill Acquired			145,337,000
Goodwill - tax deductible	33,159,000		33,159,000
Intangibles	97,244,000		97,244,000
Current Liabilities	18,380,000		18,380,000
Payments to Acquire Businesses, Net of Cash Acquired			238,839,000	$ 215,304
Goodwill and intangible assets	242,581,000		242,581,000
Other assets and deferred charges	14,844,000		14,844,000
Goodwill Acquired During Period, Non-deductible for Income Tax			112,178,000
Revenue [Abstract]
As reported	1,499,175,000	$ 1,810,706,000	3,155,114,000	3,535,463,000
Pro forma	1,502,018,000	1,828,174,000	3,165,053,000	3,575,903,000
Net earnings [Abstract]
As reported	124,766,000	198,085,000	301,045,000	303,790,000
Pro forma	128,377,000	198,659,000	308,844,000	304,881,000
Trademarks [Member]
Business Acquisition [Line Items]
Intangibles	6,171,000		$ 6,171,000
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life			15 years
Customer-Related Intangible Assets
Business Acquisition [Line Items]
Intangibles	79,295,000		$ 79,295,000
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life			12 years
Other Intangible Assets [Member]
Business Acquisition [Line Items]
Intangibles	11,778,000		$ 11,778,000
All-Flo [Member]
Business Acquisition [Line Items]
Goodwill - tax deductible		20,951,000		20,951,000
Intangibles		14,980,000		14,980,000
Payments to Acquire Businesses, Net of Cash Acquired				39,954,000
Belanger [Member]
Business Acquisition [Line Items]
Goodwill - tax deductible		98,084,000		98,084,000
Intangibles		$ 77,000,000		77,000,000
Payments to Acquire Businesses, Net of Cash Acquired				$ 175,350,000
Systech [Member]
Business Acquisition [Line Items]
Goodwill Acquired			92,606,000
Intangibles	76,100,000		76,100,000
Payments to Acquire Businesses, Net of Cash Acquired			162,943,000
Soft-Pak [Member]
Business Acquisition [Line Items]
Goodwill - tax deductible	33,159,000		33,159,000
Intangibles	12,800,000		12,800,000
Payments to Acquire Businesses, Net of Cash Acquired			45,500,000
Em-tec [Member]
Business Acquisition [Line Items]
Goodwill Acquired			19,572,000
Intangibles	$ 8,344,000		8,344,000
Payments to Acquire Businesses, Net of Cash Acquired			$ 30,396,000
Minimum [Member] | Other Intangible Assets [Member]
Business Acquisition [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life			6 years
Minimum [Member] | All-Flo [Member]
Business Acquisition [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life				13 years
Minimum [Member] | Belanger [Member]
Business Acquisition [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life				9 years
Maximum [Member] | Other Intangible Assets [Member]
Business Acquisition [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life			9 years
Maximum [Member] | All-Flo [Member]
Business Acquisition [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life				15 years
Maximum [Member] | Belanger [Member]
Business Acquisition [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life				15 years

Disposed Operations (Details)

Disposed Operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Disposal Group, Including Discontinued Operation, Balance Sheet Disclosures [Abstract]
Gain on sale of businesses	$ 781	$ 0	$ (5,770)	$ 0
Proceeds from sale of businesses	$ 15,400		$ 16,850	24,218
Impairment of Long-Lived Assets to be Disposed of				21,607
Foreign Currency Translation Gains (Losses)				25,339
Proceeds from Divestiture of Businesses, Net of Cash Divested				$ 24,218

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Inventory, Net [Abstract]
Raw materials	$ 510,602	$ 467,912
Work in progress	177,100	162,670
Finished goods	312,202	280,051
Subtotal	999,904	910,633
Less reserves	(113,932)	(104,492)
Total	$ 885,972	$ 806,141

Property, Plant and Equipment_2

Property, Plant and Equipment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Cost	$ 2,286,765		$ 2,286,765		$ 2,232,129
Accumulated depreciation	(1,428,491)		(1,428,491)		(1,389,811)
Total	858,274		858,274		842,318
Depreciation expense	33,365	$ 33,031	67,920	$ 65,219
Land [Member]
Property, Plant and Equipment [Line Items]
Cost	57,857		57,857		56,583
Buildings and improvements [Member]
Property, Plant and Equipment [Line Items]
Cost	541,860		541,860		527,192
Machinery, equipment and other [Member]
Property, Plant and Equipment [Line Items]
Cost	$ 1,687,048		$ 1,687,048		$ 1,648,354

Credit Losses (Details)

Credit Losses (Details) - USD ($)	6 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Credit Loss [Abstract]
Allowance for doubtful accounts receivable	$ 38,825,000	$ 29,381,000
Cumulative Effect on Retained Earnings, before Tax	2,706,000
Provision for Other Credit Losses	8,545,000
Accounts Receivable, Credit Loss Expense (Reversal)	(1,490,000)
Accounts Receivable, Other, Including Dispositions and Foreign Currency	(317,000)
Cumulative Effect on Retained Earnings, Tax	600,000
Cumulative Effect on Retained Earnings, Net of Tax	$ 2,100,000

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets - Goodwill (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Goodwill [Roll Forward]
Goodwill Balance	$ 3,919,851	$ 3,783,347
Goodwill Acquired	145,337
Goodwill, Written off Related to Sale of Business Unit	(2,597)
Foreign Currency Translation	(6,236)
Balance	3,919,851
Engineered Products Segment [Member]
Goodwill [Roll Forward]
Goodwill Balance	670,120	636,571
Goodwill Acquired	33,159
Goodwill, Written off Related to Sale of Business Unit	0
Foreign Currency Translation	390
Balance	670,120
Fueling Solutions Segment [Member]
Goodwill [Roll Forward]
Goodwill Balance	862,606	873,381
Goodwill Acquired	0
Goodwill, Written off Related to Sale of Business Unit	0
Foreign Currency Translation	(10,775)
Balance	862,606
Imaging & Identification Segment
Goodwill [Roll Forward]
Goodwill Balance	1,073,397	977,069
Goodwill Acquired	92,606
Goodwill, Written off Related to Sale of Business Unit	0
Foreign Currency Translation	3,722
Balance	1,073,397
Pumps & Process Solutions Segment
Goodwill [Roll Forward]
Goodwill Balance	770,436	750,627
Goodwill Acquired	19,572
Goodwill, Written off Related to Sale of Business Unit	0
Foreign Currency Translation	237
Balance	770,436
Refrigeration and Food Equipment Segment [Member]
Goodwill [Roll Forward]
Goodwill Balance	543,292	$ 545,699
Goodwill Acquired	0
Goodwill, Written off Related to Sale of Business Unit	(2,597)
Foreign Currency Translation	190
Balance	$ 543,292

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets - Intangible Assets and Amortization Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	$ 2,175,896		$ 2,175,896		$ 2,075,215
Accumulated amortization	1,187,706		1,187,706		1,116,854
Finite-Lived Intangible Assets, Net	988,190		988,190		958,361
Intangible Assets, Gross (Excluding Goodwill)	2,272,540		2,272,540		2,171,868
Intangible assets, net	1,084,834		1,084,834		1,055,014
Amortization expense	34,238	$ 34,738	68,435	$ 70,288
Acquisition-related amortization expense	33,829	$ 34,219	67,646	$ 69,374
Trademarks [Member]
Finite-Lived Intangible Assets [Line Items]
Accumulated amortization	0		0		0
Customer Intangibles [Member]
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	1,491,875		1,491,875		1,410,636
Accumulated amortization	764,239		764,239		714,566
Finite-Lived Intangible Assets, Net	727,636		727,636		696,070
Trademarks [Member]
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	224,109		224,109		218,064
Accumulated amortization	93,667		93,667		85,791
Finite-Lived Intangible Assets, Net	130,442		130,442		132,273
Patents [Member]
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	160,200		160,200		159,376
Accumulated amortization	136,491		136,491		133,677
Finite-Lived Intangible Assets, Net	23,709		23,709		25,699
Unpatented Technologies [Member]
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	166,681		166,681		154,505
Accumulated amortization	104,655		104,655		99,276
Finite-Lived Intangible Assets, Net	62,026		62,026		55,229
Distributor Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	82,196		82,196		82,779
Accumulated amortization	47,159		47,159		44,202
Finite-Lived Intangible Assets, Net	35,037		35,037		38,577
Drawings and Manuals [Member]
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	27,327		27,327		27,500
Accumulated amortization	23,381		23,381		22,403
Finite-Lived Intangible Assets, Net	3,946		3,946		5,097
Other Intangible Assets [Member]
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	23,508		23,508		22,355
Accumulated amortization	18,114		18,114		16,939
Finite-Lived Intangible Assets, Net	$ 5,394		$ 5,394		$ 5,416

Goodwill and Other Intangible_5

Goodwill and Other Intangible Assets - Indefinite-lived Intangibles (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Trademarks [Member]
Unamortized Intangible Assets [Abstract]
Gross carrying amount	$ 96,644	$ 96,653

Restructuring Activities (Detai

Restructuring Activities (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 12,284	$ 5,738	$ 19,625	$ 8,674
Restructuring Reserve [Roll Forward]
Severance and other restructuring reserve, beginning balance			16,390
Provision			19,625
Payments			(19,363)
Other, including foreign currency translation			(3,673)
Severance and other restructuring reserve, ending balance	12,979		12,979
Engineered Products Segment [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges	4,160	1,122	4,518	1,201
Fueling Solutions Segment [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges	911	1,776	2,386	2,514
Imaging & Identification Segment
Restructuring Cost and Reserve [Line Items]
Restructuring charges	(522)	1,386	(266)	1,677
Pumps & Process Solutions Segment
Restructuring Cost and Reserve [Line Items]
Restructuring charges	4,706	501	8,552	882
Refrigeration and Food Equipment Segment [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges	2,213	227	2,773	1,639
Corporate, Non-Segment [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges	816	726	1,662	761
Employee Severance [Member]
Restructuring Reserve [Roll Forward]
Severance and other restructuring reserve, beginning balance			13,751
Provision			13,714
Payments			(17,070)
Other, including foreign currency translation			372
Severance and other restructuring reserve, ending balance	10,767		10,767
Facility Closing [Member]
Restructuring Reserve [Roll Forward]
Severance and other restructuring reserve, beginning balance			2,639
Provision			5,911
Payments			(2,293)
Other, including foreign currency translation			(4,045)
Severance and other restructuring reserve, ending balance	2,212		2,212
Cost of Sales [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges	7,557	1,183	9,099	2,362
Selling, General and Administrative Expenses [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 4,727	$ 4,555	$ 10,526	$ 6,312

Borrowings (Details)

Borrowings (Details) € in Thousands, $ in Thousands	6 Months Ended
	Jun. 30, 2020USD ($)	Jun. 30, 2020EUR (€)	Dec. 31, 2019USD ($)
Short-term borrowings [Abstract]
Commercial Paper	$ 505,000		$ 84,700
Notes payable and current maturities of long-term debt	505,000		84,700
Long-term borrowings [Abstract]
Net long-term debt	3,000,870		2,985,716
Unamortized debt discounts	18,000		18,900
Deferred debt issuance costs	15,300		16,200
Line of Credit Facility [Abstract]
Unsecured revolving credit facility, maximum borrowing capacity	$ 1,000,000
Line of Credit Facility, Covenant Compliance	The Company was in compliance with all covenants in the Credit Agreement, the Short-term Credit Agreement, and other long-term debt covenants at June 30, 2020 and had an interest coverage ratio of consolidated EBITDA to consolidated net interest expense of 10.7 to 1.
Letters of Credit Outstanding, Amount	$ 174,700
Current poriton of long-term debt and short-term borrowings	500,000
Line of Credit Facility, Current Borrowing Capacity	450,000
Note due 2025 [Member]
Long-term borrowings [Abstract]
Long-term debt	396,379		396,042
Debt Instrument, Face Amount	$ 400,000
Debt Instrument, Interest Rate, Stated Percentage	3.15%	3.15%
Line of Credit Facility [Abstract]
Debt Instrument, Term	10 years
Debt Instrument, Maturity Date	Nov. 15, 2025
Note due 2026 [Member]
Long-term borrowings [Abstract]
Long-term debt	$ 665,896		658,089
Debt Instrument, Face Amount | €		€ 600,000
Debt Instrument, Interest Rate, Stated Percentage	1.25%	1.25%
Line of Credit Facility [Abstract]
Debt Instrument, Term	10 years
Debt Instrument, Maturity Date	Nov. 9, 2026
Note due 2027 [Member]
Long-term borrowings [Abstract]
Long-term debt	$ 554,458		548,008
Debt Instrument, Face Amount | €		€ 500,000
Debt Instrument, Interest Rate, Stated Percentage	0.75%	0.75%
Line of Credit Facility [Abstract]
Debt Instrument, Term	8 years
Debt Instrument, Maturity Date	Nov. 4, 2027
Debentures due 2028 [Member]
Long-term borrowings [Abstract]
Long-term debt	$ 199,205		199,155
Debt Instrument, Face Amount	$ 200,000
Debt Instrument, Interest Rate, Stated Percentage	6.65%	6.65%
Line of Credit Facility [Abstract]
Debt Instrument, Term	30 years
Debt Instrument, Maturity Date	Jun. 1, 2028
Note due 2029
Long-term borrowings [Abstract]
Long-term debt	$ 296,460		296,270
Debt Instrument, Face Amount	$ 300,000
Debt Instrument, Interest Rate, Stated Percentage	2.95%	2.95%
Line of Credit Facility [Abstract]
Debt Instrument, Term	10 years
Debt Instrument, Maturity Date	Nov. 4, 2029
Debenture due 2035 [Member]
Long-term borrowings [Abstract]
Long-term debt	$ 296,185		296,060
Debt Instrument, Face Amount	$ 300,000
Debt Instrument, Interest Rate, Stated Percentage	5.375%	5.375%
Line of Credit Facility [Abstract]
Debt Instrument, Term	30 years
Debt Instrument, Maturity Date	Oct. 15, 2035
Note due 2038 [Member]
Long-term borrowings [Abstract]
Long-term debt	$ 247,996		247,939
Debt Instrument, Face Amount	$ 250,000
Debt Instrument, Interest Rate, Stated Percentage	6.60%	6.60%
Line of Credit Facility [Abstract]
Debt Instrument, Term	30 years
Debt Instrument, Maturity Date	Mar. 15, 2038
Note due 2041 [Member]
Long-term borrowings [Abstract]
Long-term debt	$ 344,291		$ 344,153
Debt Instrument, Face Amount	$ 350,000
Debt Instrument, Interest Rate, Stated Percentage	5.375%	5.375%
Line of Credit Facility [Abstract]
Debt Instrument, Term	30 years
Debt Instrument, Maturity Date	Mar. 1, 2041

Financial Instruments (Details)

Financial Instruments (Details) € in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2020EUR (€)	Dec. 31, 2019USD ($)
Derivatives, Fair Value [Line Items]
Gain (loss) on euro-denominated debt	$ (36,904)	$ (4,710)	$ (13,280)	$ (1,153)
Tax (expense) benefit	8,028	989	2,889	242
Net gain (loss) on net investment hedge, net of tax	(28,876)	$ (3,721)	(10,391)	$ (911)
Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	157,510		157,510			$ 179,580
Not Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	91,419		91,419			79,707
Foreign Exchange Forward [Member] | Designated as Hedging Instrument [Member] | Prepaid Expenses and Other Current Assets [Member]
Derivatives, Fair Value [Line Items]
Fair Value - Asset	1,792		1,792			2,892
Foreign Exchange Forward [Member] | Designated as Hedging Instrument [Member] | Other Accrued Expenses [Member]
Derivatives, Fair Value [Line Items]
Fair Value - Liability	$ 2,112		$ 2,112			$ 476
Note due 2026 [Member]
Derivatives, Fair Value [Line Items]
Debt Instrument, Face Amount | €					€ 600,000
Note due 2026 [Member] | Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Debt Instrument, Face Amount | €					600,000
Note due 2027 [Member]
Derivatives, Fair Value [Line Items]
Debt Instrument, Face Amount | €					500,000
Note due 2027 [Member] | Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Debt Instrument, Face Amount | €					€ 500,000

Financial Instruments - Balance

Financial Instruments - Balance Sheet Location (Details) - Fair Value, Measurements, Recurring [Member] - Fair Value, Inputs, Level 2 [Member] - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Assets [Abstract]
Foreign currency cash flow hedges - asset	$ 1,792	$ 2,892
Liabilities [Abstract]
Foreign currency cash flow hedges - liability	$ 2,112	$ 476

Financial Instruments - Fair Va

Financial Instruments - Fair Value Measurements (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	$ 3,000,870	$ 2,985,716
Estimate of Fair Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt, Fair Value	3,421,108	3,322,033
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Foreign currency cash flow hedges - asset	1,792	2,892
Foreign currency cash flow hedges - liability	$ (2,112)	$ (476)

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Effective tax rate (in hundredths)	20.40%	20.70%	18.70%	21.70%
Minimum [Member]
Significant change in unrecognized tax benefits is reasonably possible, estimated range of change, lower bound	$ 0		$ 0
Maximum [Member]
Significant change in unrecognized tax benefits is reasonably possible, estimated range of change, lower bound	$ 9,600		$ 9,600

Equity Incentive Program (Detai

Equity Incentive Program (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Stock-based compensation expense [Abstract]
Pre-tax stock-based compensation expense	$ 4,968	$ 8,435	$ 8,220	$ 16,617
Tax benefit	(619)	(498)	(968)	(1,546)
Total stock-based compensation expense, net of tax	$ 4,349	$ 7,937	$ 7,252	$ 15,071
Stock Appreciation Rights (SARs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity awards issued during period (in shares)			390,780
Risk-free interest rate (in hundredths)			1.44%	2.51%
Dividend yield (in hundredths)			1.65%	2.13%
Expected life (in years)			5 years 6 months	5 years 7 months 6 days
Volatility (in hundredths)			22.76%	22.35%
Grant price (in dollars per share)			$ 119.86	$ 91.20
Fair value at date of grant (in dollars per share)			$ 22.54	17.55
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity awards issued during period (in shares)			79,024
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity awards issued during period (in shares)			49,056
Risk-free interest rate (in hundredths)			1.40%
Dividend yield (in hundredths)			1.65%
Expected life (in years)			2 years 10 months 24 days
Volatility (in hundredths)			23.30%
Grant price (in dollars per share)			$ 119.86
Fair value at date of grant (in dollars per share)			$ 165.71	$ 91.20
Performance share attainment				205.54%

Commitments and Contingent Li_3

Commitments and Contingent Liabilities (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Accrual for environmental loss contingencies	$ 31,892		$ 30,608
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward]
Beginning balance	49,116	$ 50,073
Provision for warranties	25,341	29,364
Settlements made	(28,104)	(31,173)
Other adjustments, including acquisitions and currency translation	(455)	(632)
Ending balance	$ 45,898	$ 47,632

Employee Benefit Plans (Details

Employee Benefit Plans (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2020	Jun. 30, 2019
Net periodic benefit cost [Abstract]
Total amount amortized out of accumulated other comprehensive income	$ 2,515	$ 766		$ 5,037	$ 1,718
Defined contribution plan expense	12,493	13,247	$ 26,153	26,541
Post-Retirement Benefits [Member]
Net periodic benefit cost [Abstract]
Service cost	5	5		10	10
Interest cost	61	78		121	156
Prior service cost (credit)	4	3		7	7
Recognized actuarial loss	(4)	(16)		(8)	(35)
Net periodic (income)/expense	66	70		130	138
Qualified Plan [Member] | Defined benefit pension plans | United States
Net periodic benefit cost [Abstract]
Service cost	1,706	1,754		3,412	3,508
Interest cost	4,068	4,756		8,136	9,513
Expected return on plan assets	(7,869)	(8,534)		(15,738)	(17,068)
Prior service cost (credit)	57	76		114	151
Recognized actuarial loss	1,884	0		3,768	0
Net periodic (income)/expense	(154)	(1,948)		(308)	(3,896)
Qualified Plan [Member] | Defined benefit pension plans | Foreign Pension Plans, Defined Benefit [Member]
Net periodic benefit cost [Abstract]
Service cost	1,295	1,291		2,588	2,836
Interest cost	796	1,207		1,621	2,448
Expected return on plan assets	(1,637)	(1,608)		(3,314)	(3,126)
Prior service cost (credit)	(120)	(138)		(239)	(196)
Recognized actuarial loss	735	708		1,476	1,525
Net periodic (income)/expense	1,069	1,460		2,132	3,487
Nonqualified Plan [Member] | Supplemental Employee Retirement Plans, Defined Benefit [Member]
Net periodic benefit cost [Abstract]
Service cost	318	486		636	971
Interest cost	442	668		883	1,335
Prior service cost (credit)	424	703		848	1,406
Recognized actuarial loss	(465)	(570)		(929)	(1,140)
Net periodic (income)/expense	$ 719	$ 1,287		$ 1,438	$ 2,572

Other Comprehensive Earnings (D

Other Comprehensive Earnings (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Foreign currency translation adjustments [Abstract]
Foreign currency translation adjustments, before tax	$ 36,541	$ (14,967)	$ (51,874)	$ 34,819
Foreign currency translation adjustments, tax	8,028	989	2,889	242
Total foreign currency translation adjustment	44,569	(13,978)	(48,985)	35,061
Pension and other postretirement benefit plans [Abstract]
Pension and other postretirement benefit plans, before tax	2,515	766	5,037	1,718
Pension and other postretirement benefit plans, tax	(421)	(177)	(989)	(382)
Total pension and other postretirement benefit plans	2,094	589	4,048	1,336
Changes in fair value of cash flow hedges [Abstract]
Changes in fair value of cash flow hedges, before tax	1,651	(4,780)	(3,423)	(1,787)
Changes in fair value of cash flow hedges, tax	(365)	1,002	757	373
Total cash flow hedges	1,286	(3,778)	(2,666)	(1,414)
Total other comprehensive earnings [Abstract]
Other comprehensive earnings (loss), before Tax	40,707	(18,981)	(50,260)	34,750
Other comprehensive earnings (loss), tax	7,242	1,814	2,657	233
Other comprehensive (loss) earnings	47,949	(17,167)	(47,603)	34,983
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]
Net earnings	124,766	198,085	301,045	303,790
Other comprehensive earnings (loss)	47,949	(17,167)	(47,603)	34,983
Comprehensive earnings	172,715	180,918	253,442	338,773
Other Comprehensive Income Loss Reclassification Adjustment from AOCI Foreign Currency Translation Net of Tax [Abstract]
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, before Tax	0	0	0	(25,339)
Tax benefit	0	0	0	0
Net of tax	0	0	0	25,339
Other Comprehensive Income Loss Reclassification Adjustment From AOCI Pension And Other Postretirement Benefit Plans Net Of Tax Abstract [Abstract]
Amortization of actuarial losses	2,150	122	4,307	350
Amortization of prior service costs	365	644	730	1,368
Total before tax	2,515	766	5,037	1,718
Tax (benefit) provision	(421)	(177)	(989)	(382)
Net of tax	2,094	589	4,048	1,336
Other Comprehensive Income Loss Reclassification Adjustment From AOCI Derivatives Net of Tax [Abstract]
Net (gains) losses reclassified into earnings	(752)	(524)	668	(815)
Tax expense (benefit)	158	108	(140)	169
Net of tax	$ (594)	$ (416)	$ 528	$ (646)

Segment Information (Details)

Segment Information (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)segments	Jun. 30, 2019USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments | segments			5
Reconciliation from Segment Totals to Consolidated [Abstract]
Revenue	$ 1,499,175,000	$ 1,810,706,000	$ 3,155,114,000	$ 3,535,463,000
Interest Expense	28,711,000	31,754,000	55,979,000	63,562,000
Interest Income	(728,000)	(945,000)	(1,911,000)	(1,835,000)
Earnings before provision for income taxes	156,829,000	249,739,000	370,329,000	388,057,000
Provision for income taxes	32,063,000	51,654,000	69,284,000	84,267,000
Net earnings	124,766,000	198,085,000	301,045,000	303,790,000
Loss on assets held for sale	0	0	0	46,946,000
Gain on sale of businesses	781,000	0	(5,770,000)	0
Asset Impairment Charges			3,640
United States
Reconciliation from Segment Totals to Consolidated [Abstract]
Revenue	852,999,000	960,906,000	1,809,639,000	1,880,798,000
Europe [Member]
Reconciliation from Segment Totals to Consolidated [Abstract]
Revenue	320,076,000	405,274,000	681,242,000	807,919,000
Asia [Member]
Reconciliation from Segment Totals to Consolidated [Abstract]
Revenue	164,009,000	198,278,000	318,284,000	394,628,000
Other Americas [Member]
Reconciliation from Segment Totals to Consolidated [Abstract]
Revenue	112,995,000	178,216,000	242,044,000	316,334,000
Other [Member]
Reconciliation from Segment Totals to Consolidated [Abstract]
Revenue	49,096,000	68,032,000	103,905,000	135,784,000
Engineered Products Segment [Member]
Reconciliation from Segment Totals to Consolidated [Abstract]
Revenue	342,380,000	429,928,000	750,540,000	848,779,000
Earnings before provision for income taxes	47,702,000	77,129,000	116,796,000	144,248,000
Fueling Solutions Segment [Member]
Reconciliation from Segment Totals to Consolidated [Abstract]
Revenue	326,495,000	390,586,000	686,477,000	763,636,000
Earnings before provision for income taxes	47,214,000	52,637,000	100,712,000	89,867,000
Imaging & Identification Segment
Reconciliation from Segment Totals to Consolidated [Abstract]
Revenue	227,977,000	266,588,000	484,742,000	534,942,000
Earnings before provision for income taxes	38,046,000	54,641,000	89,528,000	110,596,000
Pumps & Process Solutions Segment
Reconciliation from Segment Totals to Consolidated [Abstract]
Revenue	309,095,000	338,924,000	628,631,000	669,143,000
Earnings before provision for income taxes	67,702,000	76,278,000	133,781,000	91,269,000
Refrigeration and Food Equipment Segment [Member]
Reconciliation from Segment Totals to Consolidated [Abstract]
Revenue	293,527,000	385,474,000	605,440,000	720,117,000
Earnings before provision for income taxes	11,459,000	44,375,000	34,988,000	69,182,000
Intersegment Eliminations [Member]
Reconciliation from Segment Totals to Consolidated [Abstract]
Revenue	(299,000)	(794,000)	(716,000)	(1,154,000)
Total segments [Member]
Reconciliation from Segment Totals to Consolidated [Abstract]
Earnings before provision for income taxes	212,123,000	305,060,000	475,805,000	505,162,000
Corporate expense / other [Member]
Reconciliation from Segment Totals to Consolidated [Abstract]
Earnings before provision for income taxes	$ 27,311,000	$ 24,512,000	$ 51,408,000	$ 55,378,000

Share Repurchases (Details)

Share Repurchases (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Share Repurchases [Line Items]
Purchase of common stock	$ 52,916	$ 0
February 2018 Authorization [Member]
Share Repurchases [Line Items]
Number of shares authorized to be repurchased		20,000,000
Share repurchases	548,659
Purchase of common stock	$ 52,916
Treasury Stock Acquired, Average Cost Per Share	$ 96.45
Remaining number of shares authorized to be repurchased	7,811,385

Earnings per Share (Details)

Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Earnings Per Share [Abstract]
Net earnings	$ 124,766	$ 198,085	$ 301,045	$ 303,790
Basic earnings (loss) per common share:
Net earnings (in dollars per basic share)	$ 0.87	$ 1.36	$ 2.09	$ 2.09
Weighted average shares outstanding - basic (in shares)	143,955,000	145,366,000	144,107,000	145,227,000
Diluted earnings (loss) per common share:
Net earnings (in dollars per diluted share)	$ 0.86	$ 1.35	$ 2.07	$ 2.07
Weighted average shares outstanding - diluted (in shares)	144,995,000	147,179,000	145,359,000	147,041,000
Reconciliation Of Share Amounts Used In Computing Earnings Per Share [Abstract]
Weighted average shares outstanding - basic (in shares)	143,955,000	145,366,000	144,107,000	145,227,000
Dilutive effect of assumed exercise of SAR's and vesting of performance shares (in shares)	1,040,000	1,813,000	1,252,000	1,814,000
Weighted average shares outstanding - diluted (in shares)	144,995,000	147,179,000	145,359,000	147,041,000
Antidilutive securities excluded from computation of earnings per share	121,000	30,000	130,000	1,200

Recent Accounting Standards (De

Recent Accounting Standards (Details)	6 Months Ended
	Jun. 30, 2020USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative Effect on Retained Earnings, Net of Tax	$ 2,100,000
Cumulative Effect on Retained Earnings, Tax	$ 600,000