Dover (DOV) 10-Q 21 Apr 22 2022 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2022	Apr. 14, 2022
Cover [Abstract]
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
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		144,163,424
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	2022
Document Fiscal Period Focus	Q1
Document Type	10-Q
Amendment Flag	false
Document Information [Line Items]
Document Type	10-Q
Common stock $1 par value
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
	Mar. 31, 2022	Mar. 31, 2021
Income Statement [Abstract]
Revenue	$ 2,051,901	$ 1,867,901
Cost of goods and services	1,308,707	1,146,353
Gross profit	743,194	721,548
Selling, general and administrative expenses	443,843	408,998
Operating earnings	299,351	312,550
Interest expense	26,552	26,823
Interest income	(775)	(680)
Other income, net	(2,129)	(2,843)
Earnings before provision for income taxes	275,703	289,250
Provision for income taxes	49,550	56,481
Net earnings	$ 226,153	$ 232,769
Net earnings per share:
Net earnings (in dollars per basic share)	$ 1.57	$ 1.62
Net earnings (in dollars per diluted share)	$ 1.56	$ 1.61
Weighted average shares outstanding:
Weighted average shares outstanding - basic	144,087,000	143,765,000
Weighted average shares outstanding - diluted	145,329,000	144,938,000

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Comprehensive Income [Abstract]
Net earnings	$ 226,153	$ 232,769
Foreign currency translation adjustments:
Foreign currency translation losses	(21,653)	(12,971)
Reclassification of foreign currency translation losses to earnings	5,915	0
Total foreign currency translation adjustments (net of $(8,431) and $(10,492) tax provision, respectively)	(15,738)	(12,971)
Pension and other post-retirement benefit plans:
Amortization of actuarial losses included in net periodic pension cost	360	2,374
Amortization of prior service costs included in net periodic pension cost	221	208
Total pension and other post-retirement benefit plans (net of $(208) and $(773) tax provision, respectively)	581	2,582
Changes in fair value of cash flow hedges:
Unrealized net gains arising during period	1,964	4,324
Net gains reclassified into earnings	(1,576)	(1,411)
Total cash flow hedges (net of $(112) and $(871) tax provision, respectively)	388	2,913
Other comprehensive (loss) earnings, net of tax	(14,769)	(7,476)
Comprehensive earnings	$ 211,384	$ 225,293

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 289,984	$ 385,504
Receivables, net	1,446,670	1,347,514
Inventories, net	1,322,347	1,191,095
Prepaid and other current assets	173,483	137,596
Total current assets	3,232,484	3,061,709
Property, plant and equipment, net	960,130	957,310
Goodwill	4,526,137	4,558,822
Intangible assets, net	1,311,688	1,359,522
Other assets and deferred charges	470,608	466,264
Total assets	10,501,047	10,403,627
Current liabilities:
Notes payable	113,480	105,702
Accounts payable	1,136,553	1,073,568
Accrued compensation and employee benefits	203,416	302,978
Deferred revenue	245,274	227,549
Accrued insurance	101,157	101,448
Other accrued expenses	328,992	347,097
Federal and other income taxes	118,050	91,999
Total current liabilities	2,246,922	2,250,341
Long-term debt	2,981,922	3,018,714
Deferred income taxes	369,107	364,117
Noncurrent income tax payable	48,376	48,385
Other liabilities	524,944	532,542
Stockholders' equity:
Total stockholders' equity	4,329,776	4,189,528
Total liabilities and stockholders' equity	$ 10,501,047	$ 10,403,627

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (unaudited) - USD ($) $ in Thousands	Total	Common stock $1 par value	Additional paid-in capital	Retained earnings	Accumulated other comprehensive loss	Treasury stock
Balance at Dec. 31, 2020	$ 3,385,773	$ 258,982	$ 868,882	$ 8,608,284	$ (153,254)	$ (6,197,121)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	232,769			232,769
Dividends paid	(71,344)			(71,344)
Common stock issued for the exercise of share-based awards	(30,453)	356	(30,809)
Stock-based compensation expense	11,521		11,521
Common stock acquired	(21,637)					(21,637)
Other comprehensive loss, net of tax	(7,476)				(7,476)
Other, net	(9)		(9)
Balance at Mar. 31, 2021	3,499,144	259,338	849,585	8,769,709	(160,730)	(6,218,758)
Balance at Dec. 31, 2021	4,189,528	259,457	857,636	9,445,245	(154,052)	(6,218,758)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	226,153			226,153
Dividends paid	(72,203)			(72,203)
Common stock issued for the exercise of share-based awards	(10,046)	116	(10,162)
Stock-based compensation expense	11,113		11,113
Other comprehensive loss, net of tax	(14,769)				(14,769)
Balance at Mar. 31, 2022	$ 4,329,776	$ 259,573	$ 858,587	$ 9,599,195	$ (168,821)	$ (6,218,758)

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Stockholders' Equity [Abstract]
Dividends paid per common share (in dollars per share)	$ 0.50	$ 0.495

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Operating Activities:
Net earnings	$ 226,153	$ 232,769
Adjustments to reconcile net earnings to cash from operating activities:
Depreciation and amortization	79,003	73,806
Stock-based compensation expense	11,113	11,521
Reclassification of foreign currency translation losses to earnings	5,915	0
Other, net	(5,593)	(9,031)
Cash effect of changes in assets and liabilities:
Accounts receivable, net	(97,220)	(116,320)
Inventories	(136,722)	(75,421)
Prepaid expenses and other assets	(23,524)	(22,005)
Accounts payable	58,484	63,766
Accrued compensation and employee benefits	(98,602)	(34,894)
Accrued expenses and other liabilities	(1,463)	22,945
Accrued and deferred taxes, net	6,139	30,048
Net cash provided by operating activities	23,683	177,184
Investing Activities:
Additions to property, plant and equipment	(50,381)	(31,260)
Proceeds from sale of property, plant and equipment	3,177	5,845
Other	241	(4,157)
Net cash used in investing activities	(46,963)	(29,572)
Financing Activities:
Repurchase of common stock	0	(21,637)
Borrowings in commercial paper and notes payable, net	7,778	0
Dividends paid to stockholders	(72,203)	(71,344)
Payments to settle employee tax obligations on exercise of share-based awards	(10,046)	(30,453)
Other	(733)	(805)
Net cash used in financing activities	(75,204)	(124,239)
Effect of exchange rate changes on cash and cash equivalents	2,964	64
Net (decrease) increase in cash and cash equivalents	(95,520)	23,437
Cash and cash equivalents at beginning of period	385,504	513,075
Cash and cash equivalents at end of period	$ 289,984	$ 536,512

CONDENSED CONSOLIDATED STATEM_6

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE EARNINGS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Comprehensive Income [Abstract]
Foreign currency translation adjustments, tax benefit (provision)	$ (8,431)	$ (10,492)
Pension and other postretirement benefit plans tax (provision) benefit	(208)	(773)
Cash flow hedges tax benefit (provision)	$ (112)	$ (871)

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2022
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, 2021, included in the Company's Annual Report on Form 10-K filed with the SEC on February 11, 2022. The year-end Condensed Consolidated Balance Sheet was derived from audited financial statements. 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	3 Months Ended
	Mar. 31, 2022
Revenue from Contract with Customer [Abstract]
Revenue	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 revenue is recognized at a point in time rather than over time as the Company completes its performance obligations. Specifically, revenue is recognized when control transfers to the customer, typically 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 relates to the sale of equipment or services in which the Company transfers control of a good or service over time and the customer simultaneously receives and consumes the benefits provided by the Company's performance as the Company performs, or our performance creates or enhances an asset the customer controls as the asset is created or enhanced, or our performance does not create an asset with an alternative use to the Company and the Company has an enforceable right to payment for its performance to date plus a reasonable margin. Revenue from contracts with customers is disaggregated by segment and geographic location, as they best depict the nature and amount of the Company’s revenue. See Note 16 — Segment Information for further details for revenue by segment and geographic location. At March 31, 2022, we estimated that $303 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 80% of our unsatisfied (or partially unsatisfied) performance obligations as revenue through 2023, with the remaining balance to be recognized in 2024 and thereafter. The following table provides information about contract assets and contract liabilities from contracts with customers: March 31, 2022 December 31, 2021 December 31, 2020 Contract assets $ 14,359 $ 11,440 $ 15,020 Contract liabilities - current 245,274 227,549 184,845 Contract liabilities - non-current 27,985 21,513 13,921 The revenue recognized during the three months ended March 31, 2022 and 2021 that was included in contract liabilities at the beginning of the period, inclusive of adjustments, amounted to $104,008 and $104,617, respectively.

Acquisitions

Acquisitions	3 Months Ended
	Mar. 31, 2022
Business Combination and Asset Acquisition [Abstract]
Acquisitions	3. Acquisitions 2022 Acquisitions There were no acquisitions during the three months ended March 31, 2022. 2021 Acquisitions There were no acquisitions during the three months ended March 31, 2021. RegO On December 28, 2021, the Company acquired 100% of the voting stock of ECI Holding Company, LLC ("RegO"), a provider of highly-engineered components and services that facilitate the production, storage, and distribution of cryogenic gases, for $624,693, net of cash acquired and inclusive of the impact of measurement period adjustments discussed below. In connection with this acquisition, the Company recorded goodwill of $154,445 deductible for income tax purposes and $118,075 non-deductible for income tax purposes. The Company also recorded intangible assets of $173,000 for customer intangibles, $40,000 for patents, and $21,000 for trademarks. The fair value of customer intangibles at the acquisition date was determined using the multi-period excess earnings method under the income approach. The fair value measurements of intangible assets are based on significant unobservable inputs and thus represent Level 3 inputs. Significant assumptions used in assessing the fair values of intangible assets include discounted future cash flows, customer attrition rates and discount rates. The fair value of assets acquired also includes trade receivables of $34,283. The gross amount is $34,612, of which $329 is expected to be uncollectible. The fair values of the assets acquired and liabilities assumed, and the related tax balances, are based on preliminary estimates and assumptions. These preliminary estimates and assumptions could change during the measurement period as the Company finalizes the valuations of the assets acquired and liabilities assumed, and the related tax balances. During the three months ended March 31, 2022, the Company recorded measurement period adjustments primarily related to its preliminary estimates of deferred taxes and property, plant and equipment. These adjustments are based on facts and circumstances that existed as of the acquisition date which resulted in a decrease in goodwill of $4,456. The following presents the updated preliminary allocation of purchase price, net of cash acquired of $10,382, to the assets acquired and liabilities assumed under the RegO acquisition, based on their estimated fair values at their acquisition dates: Total Accounts receivable $ 34,283 Inventories 77,775 Other current assets 2,958 Property, plant and equipment 52,873 Goodwill 272,520 Intangible assets 234,000 Other assets and deferred charges 884 Current liabilities (20,152) Non-current liabilities (30,448) Net assets acquired $ 624,693 The amounts assigned to goodwill and major intangible asset classifications were as follows: Amount allocated Useful life Goodwill - tax deductible $ 154,445 na Goodwill - non-deductible 118,075 na Customer intangibles 173,000 15 Patents 40,000 12 Trademarks 21,000 16 $ 506,520 Acme Cryogenics On December 16, 2021, the Company acquired 100% of the voting stock of Acme Cryo Intermediate Inc. ("Acme Cryogenics"), a provider of highly-engineered components and services that facilitate the production, storage, and distribution of cryogenic gases, for $292,285, net of cash acquired and inclusive of the impact of measurement period adjustments discussed below. In connection with this acquisition, the Company recorded goodwill of $167,269 non-deductible for income tax purposes. The Company also recorded intangible assets of $99,000 for customer intangibles, $21,800 for unpatented technology and $6,500 for trademarks. The fair value of customer intangibles at the acquisition date was determined using the multi-period excess earnings method under the income approach. The fair value measurements of intangible assets are based on significant unobservable inputs and thus represent Level 3 inputs. Significant assumptions used in assessing the fair values of intangible assets include discounted future cash flows, customer attrition rates and discount rates. The fair value of assets acquired also includes trade receivables of $14,677. The gross amount is $14,912, of which $235 is expected to be uncollectible. The fair values of the assets acquired and liabilities assumed, and the related tax balances, are based on preliminary estimates and assumptions. These preliminary estimates and assumptions could change during the measurement period as the Company finalizes the valuations of the assets acquired and liabilities assumed, and the related tax balances. During the three months ended March 31, 2022, the Company recorded measurement period adjustments primarily related to changes in net working capital. These adjustments are based on facts and circumstances that existed as of the acquisition date which resulted in a decrease in goodwill of $1,940. The following presents the updated preliminary allocation of purchase price to the assets acquired and liabilities assumed under the Acme Cryogenics acquisition, based on their estimated fair values at acquisition date: Total Current assets, net of cash acquired $ 30,184 Property, plant and equipment 8,640 Goodwill 167,269 Intangible assets 127,300 Other assets and deferred charges 5,057 Current liabilities (9,085) Non-current liabilities (37,080) Net assets acquired $ 292,285 The amounts assigned to goodwill and major intangible asset classifications were as follows: Amount allocated Useful life Goodwill - non-deductible $ 167,269 na Customer intangibles 99,000 15 Unpatented technologies 21,800 12 Trademarks 6,500 16 $ 294,569

Inventories, net

Inventories, net	3 Months Ended
	Mar. 31, 2022
Inventory, Net [Abstract]
Inventories, net	4. Inventories, net March 31, 2022 December 31, 2021 Raw materials $ 750,559 $ 671,195 Work in progress 291,601 271,659 Finished goods 413,721 377,800 Subtotal 1,455,881 1,320,654 Less reserves (133,534) (129,559) Total $ 1,322,347 $ 1,191,095

Property, Plant and Equipment,

Property, Plant and Equipment, net	3 Months Ended
	Mar. 31, 2022
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment, net	5. Property, Plant and Equipment, net March 31, 2022 December 31, 2021 Land $ 64,746 $ 63,656 Buildings and improvements 586,083 582,314 Machinery, equipment and other 1,829,690 1,816,473 Property, plant and equipment, gross 2,480,519 2,462,443 Accumulated depreciation (1,520,389) (1,505,133) Property, plant and equipment, net $ 960,130 $ 957,310

Credit Losses

Credit Losses	3 Months Ended
	Mar. 31, 2022
Credit Loss [Abstract]
Credit Losses	6. Credit Losses The Company is exposed to credit losses primarily through sales of products and services. Due to the short-term nature of such receivables, the estimate of the amount of accounts receivable that may not be collected is based on the aging of the accounts receivable balances and other historical and forward-looking information on the financial condition of customers. Balances are written off when determined to be uncollectible. 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. 2022 2021 Beginning Balance, December 31 of the Prior Year $ 40,126 $ 40,474 Provision for expected credit losses, net of recoveries 1,185 112 Amounts written off charged against the allowance (603) (973) Other, including foreign currency translation (387) 28 Ending balance, March 31 $ 40,321 $ 39,641

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	3 Months Ended
	Mar. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	7. Goodwill and Other Intangible Assets The changes in the carrying value of goodwill by reportable operating segments were as follows: Engineered Products Clean Energy & Fueling Imaging & Identification Pumps & Process Solutions Climate & Sustainability Technologies Total Balance at December 31, 2021 $ 723,283 $ 1,427,691 $ 1,106,202 $ 792,839 $ 508,807 $ 4,558,822 Measurement period adjustments — (6,233) — — — (6,233) Foreign currency translation (3,821) (6,243) (11,741) (4,141) (506) (26,452) Balance at March 31, 2022 $ 719,462 $ 1,415,215 $ 1,094,461 $ 788,698 $ 508,301 $ 4,526,137 During the three months ended March 31, 2022, the Company recorded measurement period adjustments that reduced goodwill by $6,233, principally related to deferred taxes, working capital adjustments, and property, plant and equipment for 2021 acquisitions within the Clean Energy & Fueling segment. The Company’s definite-lived and indefinite-lived intangible assets by major asset class were as follows: March 31, 2022 December 31, 2021 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Amortized intangible assets: Customer intangibles $ 1,817,332 $ 930,841 $ 886,491 $ 1,829,492 $ 909,776 $ 919,716 Trademarks 261,857 121,672 140,185 263,367 116,633 146,734 Patents 205,312 140,374 64,938 205,910 140,327 65,583 Unpatented technologies 219,562 126,163 93,399 221,239 123,464 97,775 Distributor relationships 82,745 55,706 27,039 84,204 55,260 28,944 Drawings and manuals 26,816 26,816 — 27,792 27,303 489 Other 21,316 18,355 2,961 22,347 18,775 3,572 Total 2,634,940 1,419,927 1,215,013 2,654,351 1,391,538 1,262,813 Unamortized intangible assets: Trademarks 96,675 — 96,675 96,709 — 96,709 Total intangible assets, net $ 2,731,615 $ 1,419,927 $ 1,311,688 $ 2,751,060 $ 1,391,538 $ 1,359,522

Restructuring Activities

Restructuring Activities	3 Months Ended
	Mar. 31, 2022
Restructuring and Related Activities [Abstract]
Restructuring Activities	8. Restructuring Activities The Company's restructuring charges by segment were as follows: Three Months Ended March 31, 2022 2021 Engineered Products $ 457 $ 3,991 Clean Energy & Fueling 196 49 Imaging & Identification 1,191 690 Pumps & Process Solutions 685 (17) Climate & Sustainability Technologies 5,716 1,061 Corporate (88) 661 Total $ 8,157 $ 6,435 These amounts are classified in the Condensed Consolidated Statements of Earnings as follows: Cost of goods and services $ 207 $ 3,907 Selling, general and administrative expenses 7,950 2,528 Total $ 8,157 $ 6,435 The restructuring expenses of $8,157 incurred during the three months ended March 31, 2022 were primarily the result of restructuring pro grams initiated in 2021 in response to demand conditions and broad-based operational efficiency initiatives focusing on footprint consolidation and IT centralization. The $8,157 of restructuring charges incurred during the first quarter of 2022 primarily included the following items: • The Engineered Products segment recorded $457 of restructuring charges related primarily to headcount reduction. • The Clean Energy & Fueling segment recorded $196 of restructuring charges primarily due to headcount reductions. • The Imaging & Identification segment recorded $1,191 of restructuring charges related primarily to exit costs and asset charges. • The Pumps & Process Solutions segment recorded $685 of restructuring charges related primarily to headcount reductions and asset charges. • The Climate & Sustainability Technologies segment recorded $5,716 of restructuring charges related primarily to non-cash foreign currency translation losses due to the substantial liquidation of businesses in certain Latin America countries. The Company’s severance and exit accrual activities were as follows: Severance Exit Total Balance at December 31, 2021 $ 10,730 $ 3,067 $ 13,797 Restructuring charges 778 7,379 (1) 8,157 Payments (3,132) (795) (3,927) Other, including foreign currency translation (114) (6,703) (1) (6,817) Balance at March 31, 2022 $ 8,262 $ 2,948 $ 11,210 (1) Other activity includes non-cash foreign currency translation losses recorded as restructuring charges due to the substantial liquidation of businesses in certain Latin America countries.

Borrowings

Borrowings	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Borrowings	9. Borrowings Borrowings consisted of the following: March 31, 2022 December 31, 2021 Short-term: Short-term borrowings $ 680 $ 702 Commercial paper 112,800 105,000 Notes payable $ 113,480 $ 105,702 Carrying amount (1) Principal March 31, 2022 December 31, 2021 Long-term 3.15% 10-year notes due November 15, 2025 $ 400,000 $ 397,558 $ 397,389 1.25% 10-year notes due November 9, 2026 (euro-denominated) € 600,000 653,913 674,217 0.750% 8-year notes due November 4, 2027 (euro denominated) € 500,000 544,357 561,293 6.65% 30-year debentures due June 1, 2028 $ 200,000 199,381 199,356 2.950% 10-year notes due November 4, 2029 $ 300,000 297,123 297,029 5.375% 30-year debentures due October 15, 2035 $ 300,000 296,621 296,559 6.60% 30-year notes due March 15, 2038 $ 250,000 248,194 248,166 5.375% 30-year notes due March 1, 2041 $ 350,000 344,775 344,705 Total long-term debt $ 2,981,922 $ 3,018,714 (1) Carrying amount is net of unamortized debt discount and deferred debt issuance costs. Total unamortized debt discounts were $14.4 million and $15.1 million as of March 31, 2022 and December 31, 2021, respectively. Total deferred debt issuance costs were $12.1 million and $12.5 million as of March 31, 2022 and December 31, 2021, respectively. As of March 31, 2022, 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 its commercial paper program and for general corporate purposes. At the Company's election, loans under the Credit Agreement will bear interest at a base rate plus an applicable margin. The 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 consolidated EBITDA to consolidated net interest expense of not less than 3.0 to 1. As of March 31, 2022 and December 31, 2021, there were no borrowings under the Credit Agreement. The Company was in compliance with all covenants in the Credit Agreement and other long-term debt covenants at March 31, 2022 and had an interest coverage ratio of consolidated EBITDA to consolidated net interest expense of 17.7 to 1. Letters of Credit and other Guarantees As of March 31, 2022, the Company had approximately $149.7 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	3 Months Ended
	Mar. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Financial Instruments	10. 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 March 31, 2022 and December 31, 2021, the Company had contracts with total notional amounts of $169,157 and $180,929, respectively, to exchange currencies, principally euro, pound sterling, Swedish krona, Canadian dollar, Chinese yuan, 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 $97,921 and $108,736 as of March 31, 2022 and December 31, 2021, 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 March 31, 2022 and December 31, 2021 and the balance sheet lines in which they are recorded: Fair Value Asset (Liability) March 31, 2022 December 31, 2021 Balance Sheet Caption Foreign currency forward $ 3,822 $ 2,825 Prepaid and other current assets Foreign currency forward (229) (433) 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 settled. 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 €500,000 and €600,000 of euro-denominated notes issued November 4, 2019 and November 9, 2016, 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 March 31, 2022 2021 Gain on euro-denominated debt $ 37,748 $ 46,433 Tax expense (8,431) (10,492) Net gain on net investment hedges, net of tax $ 29,317 $ 35,941 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 March 31, 2022 and December 31, 2021: March 31, 2022 December 31, 2021 Level 2 Level 2 Assets: Foreign currency cash flow hedges $ 3,822 $ 2,825 Liabilities: Foreign currency cash flow hedges 229 433 The estimated fair value of long-term debt at March 31, 2022 and December 31, 2021 , w as $3,167,903 and $3,440,501, 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 March 31, 2022 and December 31, 2021 due to the short-term nature of these instruments.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	11. Income Taxes The effective tax rates for the three months ended March 31, 2022 and 2021 were 18.0% and 19.5%, respectively. The decrease in the effective tax rate for the three months ended March 31, 2022 relative to the prior year comparable period was primarily driven by favorable audit resolutions. 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 $30.6 million.

Equity Incentive Program

Equity Incentive Program	3 Months Ended
	Mar. 31, 2022
Share-based Payment Arrangement, Noncash Expense [Abstract]
Equity Incentive Program	12. Equity Incentive Program The Company typically makes its annual grants of equity awards pursuant to actions taken by the Compensation Committee of the Board of Directors at its regularly scheduled first quarter meeting. During the three months ended March 31, 2022, the Company issued stock-settled appreciation rights ("SARs") covering 327,940 shares, performance share awards of 40,087 and restricted stock units ("RSUs") of 71,961. 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 2022 2021 Risk-free interest rate 1.86 % 0.59 % Dividend yield 1.25 % 1.62 % Expected life (years) 5.4 5.5 Volatility 29.46 % 30.49 % Grant price $160.21 $122.73 Fair value per share at date of grant $42.07 $29.08 The performance share awards granted in 2022 and 2021 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 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 the respective periods were as follows: Performance Shares 2022 2021 Risk-free interest rate 1.68 % 0.19 % Dividend yield 1.25 % 1.62 % Expected life (years) 2.9 2.9 Volatility 31.10 % 31.90 % Grant price $160.21 $122.73 Fair value per share at date of grant $196.40 $148.29 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 March 31, 2022 2021 Pre-tax stock-based compensation expense $ 11,113 $ 11,521 Tax benefit (1,115) (1,222) Total stock-based compensation expense, net of tax $ 9,998 $ 10,299

Commitments and Contingent Liab

Commitments and Contingent Liabilities	3 Months Ended
	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingent Liabilities	13. 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 March 31, 2022 and December 31, 2021, these estimated liabilities for environmental and other matters, including private party claims for exposure to hazardous substances that are probable and estimable, were not significant. 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 March 31, 2022 and December 31, 2021, 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 March 31, 2022 and 2021, were as follows: 2022 2021 Beginning Balance, December 31 of the Prior Year $ 48,568 $ 51,088 Provision for warranties 16,052 18,897 Settlements made (15,485) (17,760) Other adjustments, including acquisitions and currency translation 255 (839) Ending balance, March 31 $ 49,390 $ 51,386

Employee Benefit Plans

Employee Benefit Plans	3 Months Ended
	Mar. 31, 2022
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]
Employee Benefit Plans	14. 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 March 31, U.S. Plan Non-U.S. Plans 2022 2021 2022 2021 Service cost $ 1,426 $ 1,784 $ 1,221 $ 1,442 Interest cost 3,436 3,401 884 667 Expected return on plan assets (7,276) (7,245) (1,891) (1,799) Amortization: Prior service cost (credit) 27 53 (134) (169) Recognized actuarial loss 575 2,503 458 1,000 Net periodic (income) expense $ (1,812) $ 496 $ 538 $ 1,141 Non-Qualified Supplemental Benefits Three Months Ended March 31, 2022 2021 Service cost $ 356 $ 390 Interest cost 304 308 Amortization: Prior service cost 372 383 Recognized actuarial gain (504) (418) Net periodic expense $ 528 $ 663 Defined Contribution Retirement Plans The Company also offers defined contribution retirement plans which cover the majority of its U.S. employees, as well as employees in certain other countries. The related expense 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. The Company’s expense relating to defined contribution plans was $17,673 and $15,061 for the three months ended March 31, 2022 and 2021, respectively.

Other Comprehensive Earnings

Other Comprehensive Earnings	3 Months Ended
	Mar. 31, 2022
Other Comprehensive Income (Loss), Net of Tax [Abstract]
Other Comprehensive Earnings	15. Other Comprehensive Earnings Amounts reclassified from accumulated other comprehensive loss to earnings during the three months ended March 31, 2022 and 2021 were as follows: Three Months Ended March 31, 2022 2021 Foreign currency translation: Reclassification of foreign currency translation losses to earnings for the substantial liquidation of businesses $ 5,915 $ — Tax benefit — — Net of tax $ 5,915 $ — Pension plans: Amortization of actuarial losses $ 521 $ 3,085 Amortization of prior service costs 268 270 Total before tax 789 3,355 Tax benefit (208) (773) Net of tax $ 581 $ 2,582 Cash flow hedges: Net gains reclassified into earnings $ (2,029) $ (1,833) Tax provision 453 422 Net of tax $ (1,576) $ (1,411) Foreign currency translation losses were recognized in selling, general and administrative expenses within the Condensed Consolidated Statement of Earnings as a result of the substantial liquidation of certain businesses. 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	3 Months Ended
	Mar. 31, 2022
Segment Reporting [Abstract]
Segment Information	16. Segment Information The Company categorizes its operating companies into five reportable segments as follows: • Engineered Products segment provides a wide range of equipment, components, software, solutions and services for vehicle aftermarket, waste handling, industrial automation, aerospace and defense, industrial winch and hoist, and fluid dispensing end-markets. • Clean Energy & Fueling segment provides components, equipment, and software and service solutions enabling safe transport of traditional and clean fuels and other hazardous substances along the supply chain, as well as the safe and efficient operation of convenience retail, retail fueling and vehicle wash establishments. • Imaging & Identification segment supplies precision marking and coding, packaging intelligence, product traceability, brand protection and digital textile printing equipment, as well as related consumables, software and services to the global packaged and consumer goods, pharmaceutical, industrial manufacturing, fashion and apparel and other end-markets. • Pumps & Process Solutions segment manufactures specialty pumps and flow meters, fluid connecting solutions, plastics and polymer processing equipment, and highly-engineered precision components for rotating and reciprocating machines serving single-use biopharmaceutical production, diversified industrial manufacturing, polymer processing, midstream and downstream oil and gas and other end-markets. • Climate & Sustainability Technologies segment is a provider of innovative and energy-efficient equipment and systems that serve the commercial refrigeration, heating and cooling and beverage container-making equipment markets. Segment financial information and a reconciliation of segment results to consolidated results was as follows: Three Months Ended March 31, 2022 2021 Revenue: Engineered Products $ 487,647 $ 428,127 Clean Energy & Fueling 458,395 389,678 Imaging & Identification 272,255 284,328 Pumps & Process Solutions 435,195 394,377 Climate & Sustainability Technologies 399,078 372,077 Intercompany eliminations (669) (686) Total consolidated revenue $ 2,051,901 $ 1,867,901 Net earnings: Segment earnings (EBIT): (1) Engineered Products $ 66,134 $ 68,779 Clean Energy & Fueling 41,442 66,480 Imaging & Identification 51,529 56,992 Pumps & Process Solutions 139,340 123,645 Climate & Sustainability Technologies (2) 40,396 38,117 Total segment earnings (EBIT) 338,841 354,013 Corporate expense / other (3) 37,361 38,620 Interest expense 26,552 26,823 Interest income (775) (680) Earnings before provision for income taxes 275,703 289,250 Provision for income taxes 49,550 56,481 Net earnings $ 226,153 $ 232,769 (1) Segment earnings (EBIT) includes non-operating income and expense directly attributable to the segments. (2) Q1 2022 includes $5,457 of non-cash foreign currency translation losses reclassified to earnings included within restructuring costs and a $2,117 write-off of assets related to an exit from certain Latin America countries. (3) 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 March 31, Revenue by geography 2022 2021 United States $ 1,151,500 $ 1,036,014 Europe 447,565 445,295 Asia 229,386 192,107 Other Americas 151,592 130,177 Other 71,858 64,308 Total $ 2,051,901 $ 1,867,901

Share Repurchases

Share Repurchases	3 Months Ended
	Mar. 31, 2022
Stockholders' Equity Note [Abstract]
Share Repurchases	17. Share Repurchases In November 2020, the Company's Board of Directors approved a new standing share repurchase authorization, whereby the Company may repurchase up to 20 million shares beginning on January 1, 2021 through December 31, 2023. This share repurchase authorization replaced the February 2018 share repurchase authorization. In the three months ended March 31, 2022 , no shares were repurchased. During the three months ended March 31, 2021, t he Company repurchased 182,951 shares of common stock at a total cost of $21,637, or $118.27 per share. As of March 31, 2022, 19,817,049 shares remain authorized for repurchase under the November 2020 share repurchase authorization.

Earnings per Share

Earnings per Share	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Earnings Per Share	18. 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 March 31, 2022 2021 Net earnings $ 226,153 $ 232,769 Basic earnings per common share: Net earnings $ 1.57 $ 1.62 Weighted average shares outstanding 144,087,000 143,765,000 Diluted earnings per common share: Net earnings $ 1.56 $ 1.61 Weighted average shares outstanding 145,329,000 144,938,000 The following table is a reconciliation of the share amounts used in computing earnings per share: Three Months Ended March 31, 2022 2021 Weighted average shares outstanding - Basic 144,087,000 143,765,000 Dilutive effect of assumed exercise of SARs and vesting of performance shares and RSUs 1,242,000 1,173,000 Weighted average shares outstanding - Diluted 145,329,000 144,938,000 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.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Recent Accounting Pronouncements	19. Recent Accounting Pronouncements Recently Adopted Accounting Standards In October 2021, the FASB issued ASU 2021-08 Business Combinations (Topic 805) - Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. The amendments in this update require that an acquirer recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606, Revenue from Contracts with Customers, as if the acquirer had originated the contracts. The Company early adopted the guidance during the first quarter of 2022. Prior to adoption, the acquirer recognized such contract assets and contract liabilities at fair value on the acquisition date. The adoption did not have a material impact on the Company's Condensed Consolidated Financial Statements.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2022
Subsequent Events [Abstract]
Subsequent Events	20. Subsequent Events On April 6, 2022, the Company completed the acquisition of certain intellectual property assets related to electric refuse collection vehicles for approximately $9.75 million, plus potential contingent consideration of up to $20 million. These assets will be included in the Engineered Products segment.

Accounting Policies (Policies)

Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Recently Adopted Accounting Standards	Recently Adopted Accounting Standards In October 2021, the FASB issued ASU 2021-08 Business Combinations (Topic 805) - Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. The amendments in this update require that an acquirer recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606, Revenue from Contracts with Customers, as if the acquirer had originated the contracts. The Company early adopted the guidance during the first quarter of 2022. Prior to adoption, the acquirer recognized such contract assets and contract liabilities at fair value on the acquisition date. The adoption did not have a material impact on the Company's Condensed Consolidated Financial Statements.

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Mar. 31, 2022
Revenue from Contract with Customer [Abstract]
Summary of Contract Assets and Contracts Liabilities	The following table provides information about contract assets and contract liabilities from contracts with customers: March 31, 2022 December 31, 2021 December 31, 2020 Contract assets $ 14,359 $ 11,440 $ 15,020 Contract liabilities - current 245,274 227,549 184,845 Contract liabilities - non-current 27,985 21,513 13,921

Acquisitions (Tables)

Acquisitions (Tables)	3 Months Ended
	Mar. 31, 2022
Business Combination and Asset Acquisition [Abstract]
Preliminary Allocation of Purchase Price	The following presents the updated preliminary allocation of purchase price, net of cash acquired of $10,382, to the assets acquired and liabilities assumed under the RegO acquisition, based on their estimated fair values at their acquisition dates: Total Accounts receivable $ 34,283 Inventories 77,775 Other current assets 2,958 Property, plant and equipment 52,873 Goodwill 272,520 Intangible assets 234,000 Other assets and deferred charges 884 Current liabilities (20,152) Non-current liabilities (30,448) Net assets acquired $ 624,693 The following presents the updated preliminary allocation of purchase price to the assets acquired and liabilities assumed under the Acme Cryogenics acquisition, based on their estimated fair values at acquisition date: Total Current assets, net of cash acquired $ 30,184 Property, plant and equipment 8,640 Goodwill 167,269 Intangible assets 127,300 Other assets and deferred charges 5,057 Current liabilities (9,085) Non-current liabilities (37,080) Net assets acquired $ 292,285
Goodwill and Major Intangible Assets Acquired	The amounts assigned to goodwill and major intangible asset classifications were as follows: Amount allocated Useful life Goodwill - tax deductible $ 154,445 na Goodwill - non-deductible 118,075 na Customer intangibles 173,000 15 Patents 40,000 12 Trademarks 21,000 16 $ 506,520 The amounts assigned to goodwill and major intangible asset classifications were as follows: Amount allocated Useful life Goodwill - non-deductible $ 167,269 na Customer intangibles 99,000 15 Unpatented technologies 21,800 12 Trademarks 6,500 16 $ 294,569

Inventories, net (Tables)

Inventories, net (Tables)	3 Months Ended
	Mar. 31, 2022
Inventory, Net [Abstract]
Components of Inventory	March 31, 2022 December 31, 2021 Raw materials $ 750,559 $ 671,195 Work in progress 291,601 271,659 Finished goods 413,721 377,800 Subtotal 1,455,881 1,320,654 Less reserves (133,534) (129,559) Total $ 1,322,347 $ 1,191,095

Property, Plant and Equipment_2

Property, Plant and Equipment, net (Tables)	3 Months Ended
	Mar. 31, 2022
Property, Plant and Equipment [Abstract]
Components of property, plant and equipment, net	March 31, 2022 December 31, 2021 Land $ 64,746 $ 63,656 Buildings and improvements 586,083 582,314 Machinery, equipment and other 1,829,690 1,816,473 Property, plant and equipment, gross 2,480,519 2,462,443 Accumulated depreciation (1,520,389) (1,505,133) Property, plant and equipment, net $ 960,130 $ 957,310

Credit Losses (Tables)

Credit Losses (Tables)	3 Months Ended
	Mar. 31, 2022
Credit Loss [Abstract]
Rollforward of Allowance for Credit Losses	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. 2022 2021 Beginning Balance, December 31 of the Prior Year $ 40,126 $ 40,474 Provision for expected credit losses, net of recoveries 1,185 112 Amounts written off charged against the allowance (603) (973) Other, including foreign currency translation (387) 28 Ending balance, March 31 $ 40,321 $ 39,641

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	The changes in the carrying value of goodwill by reportable operating segments were as follows: Engineered Products Clean Energy & Fueling Imaging & Identification Pumps & Process Solutions Climate & Sustainability Technologies Total Balance at December 31, 2021 $ 723,283 $ 1,427,691 $ 1,106,202 $ 792,839 $ 508,807 $ 4,558,822 Measurement period adjustments — (6,233) — — — (6,233) Foreign currency translation (3,821) (6,243) (11,741) (4,141) (506) (26,452) Balance at March 31, 2022 $ 719,462 $ 1,415,215 $ 1,094,461 $ 788,698 $ 508,301 $ 4,526,137
Schedule of Intangible Assets	The Company’s definite-lived and indefinite-lived intangible assets by major asset class were as follows: March 31, 2022 December 31, 2021 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Amortized intangible assets: Customer intangibles $ 1,817,332 $ 930,841 $ 886,491 $ 1,829,492 $ 909,776 $ 919,716 Trademarks 261,857 121,672 140,185 263,367 116,633 146,734 Patents 205,312 140,374 64,938 205,910 140,327 65,583 Unpatented technologies 219,562 126,163 93,399 221,239 123,464 97,775 Distributor relationships 82,745 55,706 27,039 84,204 55,260 28,944 Drawings and manuals 26,816 26,816 — 27,792 27,303 489 Other 21,316 18,355 2,961 22,347 18,775 3,572 Total 2,634,940 1,419,927 1,215,013 2,654,351 1,391,538 1,262,813 Unamortized intangible assets: Trademarks 96,675 — 96,675 96,709 — 96,709 Total intangible assets, net $ 2,731,615 $ 1,419,927 $ 1,311,688 $ 2,751,060 $ 1,391,538 $ 1,359,522

Restructuring Activities (Table

Restructuring Activities (Tables)	3 Months Ended
	Mar. 31, 2022
Restructuring and Related Activities [Abstract]
Restructuring Charges by Segment	The Company's restructuring charges by segment were as follows: Three Months Ended March 31, 2022 2021 Engineered Products $ 457 $ 3,991 Clean Energy & Fueling 196 49 Imaging & Identification 1,191 690 Pumps & Process Solutions 685 (17) Climate & Sustainability Technologies 5,716 1,061 Corporate (88) 661 Total $ 8,157 $ 6,435 These amounts are classified in the Condensed Consolidated Statements of Earnings as follows: Cost of goods and services $ 207 $ 3,907 Selling, general and administrative expenses 7,950 2,528 Total $ 8,157 $ 6,435
Severance and Exit Accrual Activities	The Company’s severance and exit accrual activities were as follows: Severance Exit Total Balance at December 31, 2021 $ 10,730 $ 3,067 $ 13,797 Restructuring charges 778 7,379 (1) 8,157 Payments (3,132) (795) (3,927) Other, including foreign currency translation (114) (6,703) (1) (6,817) Balance at March 31, 2022 $ 8,262 $ 2,948 $ 11,210 (1) Other activity includes non-cash foreign currency translation losses recorded as restructuring charges due to the substantial liquidation of businesses in certain Latin America countries.

Borrowings (Tables)

Borrowings (Tables)	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Short-term Debt	Borrowings consisted of the following: March 31, 2022 December 31, 2021 Short-term: Short-term borrowings $ 680 $ 702 Commercial paper 112,800 105,000 Notes payable $ 113,480 $ 105,702
Long-term Debt	Carrying amount (1) Principal March 31, 2022 December 31, 2021 Long-term 3.15% 10-year notes due November 15, 2025 $ 400,000 $ 397,558 $ 397,389 1.25% 10-year notes due November 9, 2026 (euro-denominated) € 600,000 653,913 674,217 0.750% 8-year notes due November 4, 2027 (euro denominated) € 500,000 544,357 561,293 6.65% 30-year debentures due June 1, 2028 $ 200,000 199,381 199,356 2.950% 10-year notes due November 4, 2029 $ 300,000 297,123 297,029 5.375% 30-year debentures due October 15, 2035 $ 300,000 296,621 296,559 6.60% 30-year notes due March 15, 2038 $ 250,000 248,194 248,166 5.375% 30-year notes due March 1, 2041 $ 350,000 344,775 344,705 Total long-term debt $ 2,981,922 $ 3,018,714 (1) Carrying amount is net of unamortized debt discount and deferred debt issuance costs. Total unamortized debt discounts were $14.4 million and $15.1 million as of March 31, 2022 and December 31, 2021, respectively. Total deferred debt issuance costs were $12.1 million and $12.5 million as of March 31, 2022 and December 31, 2021, respectively.

Financial Instruments (Tables)

Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 and December 31, 2021 and the balance sheet lines in which they are recorded: Fair Value Asset (Liability) March 31, 2022 December 31, 2021 Balance Sheet Caption Foreign currency forward $ 3,822 $ 2,825 Prepaid and other current assets Foreign currency forward (229) (433) 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 March 31, 2022 2021 Gain on euro-denominated debt $ 37,748 $ 46,433 Tax expense (8,431) (10,492) Net gain on net investment hedges, net of tax $ 29,317 $ 35,941
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 March 31, 2022 and December 31, 2021: March 31, 2022 December 31, 2021 Level 2 Level 2 Assets: Foreign currency cash flow hedges $ 3,822 $ 2,825 Liabilities: Foreign currency cash flow hedges 229 433

Equity Incentive Program (Table

Equity Incentive Program (Tables)	3 Months Ended
	Mar. 31, 2022
Share-based Payment Arrangement, Noncash Expense [Abstract]
Assumptions Used in Determining the Fair Value	The assumptions used in determining the fair value of the SARs awarded during the respective periods were as follows: SARs 2022 2021 Risk-free interest rate 1.86 % 0.59 % Dividend yield 1.25 % 1.62 % Expected life (years) 5.4 5.5 Volatility 29.46 % 30.49 % Grant price $160.21 $122.73 Fair value per share at date of grant $42.07 $29.08 Performance Shares 2022 2021 Risk-free interest rate 1.68 % 0.19 % Dividend yield 1.25 % 1.62 % Expected life (years) 2.9 2.9 Volatility 31.10 % 31.90 % Grant price $160.21 $122.73 Fair value per share at date of grant $196.40 $148.29
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 March 31, 2022 2021 Pre-tax stock-based compensation expense $ 11,113 $ 11,521 Tax benefit (1,115) (1,222) Total stock-based compensation expense, net of tax $ 9,998 $ 10,299

Commitments and Contingent Li_2

Commitments and Contingent Liabilities (Tables)	3 Months Ended
	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Schedule of Product Warranty Liability	The changes in the carrying amount of product warranties through March 31, 2022 and 2021, were as follows: 2022 2021 Beginning Balance, December 31 of the Prior Year $ 48,568 $ 51,088 Provision for warranties 16,052 18,897 Settlements made (15,485) (17,760) Other adjustments, including acquisitions and currency translation 255 (839) Ending balance, March 31 $ 49,390 $ 51,386

Employee Benefit Plans (Tables)

Employee Benefit Plans (Tables)	3 Months Ended
	Mar. 31, 2022
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]
Defined Benefit Plans	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 March 31, U.S. Plan Non-U.S. Plans 2022 2021 2022 2021 Service cost $ 1,426 $ 1,784 $ 1,221 $ 1,442 Interest cost 3,436 3,401 884 667 Expected return on plan assets (7,276) (7,245) (1,891) (1,799) Amortization: Prior service cost (credit) 27 53 (134) (169) Recognized actuarial loss 575 2,503 458 1,000 Net periodic (income) expense $ (1,812) $ 496 $ 538 $ 1,141 Non-Qualified Supplemental Benefits Three Months Ended March 31, 2022 2021 Service cost $ 356 $ 390 Interest cost 304 308 Amortization: Prior service cost 372 383 Recognized actuarial gain (504) (418) Net periodic expense $ 528 $ 663

Other Comprehensive Earnings (T

Other Comprehensive Earnings (Tables)	3 Months Ended
	Mar. 31, 2022
Other Comprehensive Income (Loss), Net of Tax [Abstract]
Schedule of amounts reclassified from accumulated other comprehensive income (loss) to earnings	Amounts reclassified from accumulated other comprehensive loss to earnings during the three months ended March 31, 2022 and 2021 were as follows: Three Months Ended March 31, 2022 2021 Foreign currency translation: Reclassification of foreign currency translation losses to earnings for the substantial liquidation of businesses $ 5,915 $ — Tax benefit — — Net of tax $ 5,915 $ — Pension plans: Amortization of actuarial losses $ 521 $ 3,085 Amortization of prior service costs 268 270 Total before tax 789 3,355 Tax benefit (208) (773) Net of tax $ 581 $ 2,582 Cash flow hedges: Net gains reclassified into earnings $ (2,029) $ (1,833) Tax provision 453 422 Net of tax $ (1,576) $ (1,411)

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 2021 Revenue: Engineered Products $ 487,647 $ 428,127 Clean Energy & Fueling 458,395 389,678 Imaging & Identification 272,255 284,328 Pumps & Process Solutions 435,195 394,377 Climate & Sustainability Technologies 399,078 372,077 Intercompany eliminations (669) (686) Total consolidated revenue $ 2,051,901 $ 1,867,901 Net earnings: Segment earnings (EBIT): (1) Engineered Products $ 66,134 $ 68,779 Clean Energy & Fueling 41,442 66,480 Imaging & Identification 51,529 56,992 Pumps & Process Solutions 139,340 123,645 Climate & Sustainability Technologies (2) 40,396 38,117 Total segment earnings (EBIT) 338,841 354,013 Corporate expense / other (3) 37,361 38,620 Interest expense 26,552 26,823 Interest income (775) (680) Earnings before provision for income taxes 275,703 289,250 Provision for income taxes 49,550 56,481 Net earnings $ 226,153 $ 232,769 (1) Segment earnings (EBIT) includes non-operating income and expense directly attributable to the segments. (2) Q1 2022 includes $5,457 of non-cash foreign currency translation losses reclassified to earnings included within restructuring costs and a $2,117 write-off of assets related to an exit from certain Latin America countries. (3) 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 March 31, Revenue by geography 2022 2021 United States $ 1,151,500 $ 1,036,014 Europe 447,565 445,295 Asia 229,386 192,107 Other Americas 151,592 130,177 Other 71,858 64,308 Total $ 2,051,901 $ 1,867,901

Earnings per Share (Tables)

Earnings per Share (Tables)	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 2021 Net earnings $ 226,153 $ 232,769 Basic earnings per common share: Net earnings $ 1.57 $ 1.62 Weighted average shares outstanding 144,087,000 143,765,000 Diluted earnings per common share: Net earnings $ 1.56 $ 1.61 Weighted average shares outstanding 145,329,000 144,938,000
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 March 31, 2022 2021 Weighted average shares outstanding - Basic 144,087,000 143,765,000 Dilutive effect of assumed exercise of SARs and vesting of performance shares and RSUs 1,242,000 1,173,000 Weighted average shares outstanding - Diluted 145,329,000 144,938,000

Revenue - Narrative (Details)

Revenue - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Future performance obligation	$ 303,000
Revenue recognized that was included in the contract liability balance at the beginning of the period	$ 104,008	$ 104,617
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation (in percent)	80.00%
Revenue recognized during the period	12 months
Transferred at Point in Time
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation (in percent)	95.00%
Transferred over Time
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation (in percent)	5.00%

Contract Balances (Details)

Contract Balances (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]
Contract assets balance	$ 14,359	$ 11,440	$ 15,020
Contract liabilities - current	245,274	227,549	184,845
Contract liabilities - non-current	$ 27,985	$ 21,513	$ 13,921

Acquisitions - Narrative (Detai

Acquisitions - Narrative (Details) $ in Thousands	Dec. 28, 2021USD ($)	Dec. 16, 2021USD ($)	Mar. 31, 2022USD ($)acquisition	Mar. 31, 2021acquisition
Business Acquisition [Line Items]
Number Of Acquisitions | acquisition			0	0
Measurement period adjustments			$ (6,233)
RegO
Business Acquisition [Line Items]
Percentage acquired (in percent)	100.00%
Total consideration, net of cash acquired	$ 624,693
Goodwill - tax deductible	154,445
Goodwill - non deductible	118,075
Intangible assets	234,000
Accounts receivable	34,283
Fair value of trade receivables acquired	34,612
Allowance for uncollectable accounts	329
Measurement period adjustments			(4,456)
Cash acquired	10,382
RegO | Customer intangibles
Business Acquisition [Line Items]
Intangible assets	173,000
RegO | Patents
Business Acquisition [Line Items]
Intangible assets	40,000
RegO | Trademarks
Business Acquisition [Line Items]
Intangible assets	$ 21,000
Acme Cryogenics
Business Acquisition [Line Items]
Percentage acquired (in percent)		100.00%
Total consideration, net of cash acquired		$ 292,285
Goodwill - non deductible		167,269
Intangible assets		127,300
Allowance for uncollectable accounts		235
Measurement period adjustments			$ (1,940)
Gross trade receivables acquired		14,912
Acme Cryogenics | Other Current Assets
Business Acquisition [Line Items]
Accounts receivable		14,677
Acme Cryogenics | Customer intangibles
Business Acquisition [Line Items]
Intangible assets		99,000
Acme Cryogenics | Trademarks
Business Acquisition [Line Items]
Intangible assets		6,500
Acme Cryogenics | Unpatented technologies
Business Acquisition [Line Items]
Intangible assets		$ 21,800

Acquisitions - Purchase Price A

Acquisitions - Purchase Price Allocation (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Dec. 28, 2021	Dec. 16, 2021
Business Acquisition [Line Items]
Goodwill	$ 4,526,137	$ 4,558,822
RegO
Business Acquisition [Line Items]
Accounts receivable			$ 34,283
Inventories			77,775
Other current assets			2,958
Property, plant and equipment			52,873
Goodwill			272,520
Intangible assets			234,000
Other assets and deferred charges			884
Current liabilities			(20,152)
Non-current liabilities			(30,448)
Net assets acquired			$ 624,693
Acme Cryogenics
Business Acquisition [Line Items]
Current assets, net of cash acquired				$ 30,184
Property, plant and equipment				8,640
Goodwill				167,269
Intangible assets				127,300
Other assets and deferred charges				5,057
Current liabilities				(9,085)
Non-current liabilities				(37,080)
Net assets acquired				$ 292,285

Acquisitions - Goodwill and Int

Acquisitions - Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 28, 2021	Dec. 16, 2021
RegO
Business Acquisition [Line Items]
Goodwill - tax deductible	$ 154,445
Goodwill - non deductible	118,075
Intangible assets	234,000
Goodwill and intangible assets	506,520
Acme Cryogenics
Business Acquisition [Line Items]
Goodwill - non deductible		$ 167,269
Intangible assets		127,300
Goodwill and intangible assets		294,569
Customer intangibles | RegO
Business Acquisition [Line Items]
Intangible assets	$ 173,000
Weighted average lives of finite-lived intangible assets acquired	15 years
Customer intangibles | Acme Cryogenics
Business Acquisition [Line Items]
Intangible assets		$ 99,000
Weighted average lives of finite-lived intangible assets acquired		15 years
Patents | RegO
Business Acquisition [Line Items]
Intangible assets	$ 40,000
Weighted average lives of finite-lived intangible assets acquired	12 years
Unpatented technologies | Acme Cryogenics
Business Acquisition [Line Items]
Intangible assets		$ 21,800
Weighted average lives of finite-lived intangible assets acquired		12 years
Trademarks | RegO
Business Acquisition [Line Items]
Intangible assets	$ 21,000
Weighted average lives of finite-lived intangible assets acquired	16 years
Trademarks | Acme Cryogenics
Business Acquisition [Line Items]
Intangible assets		$ 6,500
Weighted average lives of finite-lived intangible assets acquired		16 years

Inventories, net (Details)

Inventories, net (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Inventory, Net [Abstract]
Raw materials	$ 750,559	$ 671,195
Work in progress	291,601	271,659
Finished goods	413,721	377,800
Subtotal	1,455,881	1,320,654
Less reserves	(133,534)	(129,559)
Total	$ 1,322,347	$ 1,191,095

Property, Plant and Equipment_3

Property, Plant and Equipment, net (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 2,480,519		$ 2,462,443
Accumulated depreciation	(1,520,389)		(1,505,133)
Property, plant and equipment, net	960,130		957,310
Depreciation expense	37,812	$ 38,194
Land
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	64,746		63,656
Buildings and improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	586,083		582,314
Machinery, equipment and other
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 1,829,690		$ 1,816,473

Credit Losses - Rollforward (De

Credit Losses - Rollforward (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at December 31, 2021	$ 40,126	$ 40,474
Provision for expected credit losses, net of recoveries	1,185	112
Amounts written off charged against the allowance	(603)	(973)
Other, including foreign currency translation	(387)	28
Ending balance, March 31	$ 40,321	$ 39,641

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets - Goodwill (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)
Goodwill [Roll Forward]
Beginning balance	$ 4,558,822
Measurement period adjustments	(6,233)
Foreign currency translation	(26,452)
Ending balance	4,526,137
Engineered Products
Goodwill [Roll Forward]
Beginning balance	723,283
Measurement period adjustments	0
Foreign currency translation	(3,821)
Ending balance	719,462
Clean Energy & Fueling
Goodwill [Roll Forward]
Beginning balance	1,427,691
Measurement period adjustments	(6,233)
Foreign currency translation	(6,243)
Ending balance	1,415,215
Imaging & Identification
Goodwill [Roll Forward]
Beginning balance	1,106,202
Measurement period adjustments	0
Foreign currency translation	(11,741)
Ending balance	1,094,461
Pumps & Process Solutions
Goodwill [Roll Forward]
Beginning balance	792,839
Measurement period adjustments	0
Foreign currency translation	(4,141)
Ending balance	788,698
Climate & Sustainability Technologies
Goodwill [Roll Forward]
Beginning balance	508,807
Measurement period adjustments	0
Foreign currency translation	(506)
Ending balance	$ 508,301

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Measurement period adjustments	$ (6,233)
Amortization of Intangible Assets	41,191	$ 35,612
Acquisition-related amortization expense	$ 40,799	$ 35,173

Goodwill and Other Intangible_5

Goodwill and Other Intangible Assets - Intangibles and Amortization Expense (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 2,634,940	$ 2,654,351
Accumulated Amortization	1,419,927	1,391,538
Net Carrying Amount	1,215,013	1,262,813
Total, Gross Carrying Amount	2,731,615	2,751,060
Total, Net Carrying Amount	1,311,688	1,359,522
Trademarks
Finite-Lived Intangible Assets [Line Items]
Unamortized intangible assets:	96,675	96,709
Customer intangibles
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	1,817,332	1,829,492
Accumulated Amortization	930,841	909,776
Net Carrying Amount	886,491	919,716
Trademarks
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	261,857	263,367
Accumulated Amortization	121,672	116,633
Net Carrying Amount	140,185	146,734
Patents
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	205,312	205,910
Accumulated Amortization	140,374	140,327
Net Carrying Amount	64,938	65,583
Unpatented technologies
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	219,562	221,239
Accumulated Amortization	126,163	123,464
Net Carrying Amount	93,399	97,775
Distributor relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	82,745	84,204
Accumulated Amortization	55,706	55,260
Net Carrying Amount	27,039	28,944
Drawings and manuals
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	26,816	27,792
Accumulated Amortization	26,816	27,303
Net Carrying Amount	0	489
Other
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	21,316	22,347
Accumulated Amortization	18,355	18,775
Net Carrying Amount	$ 2,961	$ 3,572

Restructuring Activities (Detai

Restructuring Activities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 8,157	$ 6,435
Restructuring Reserve [Roll Forward]
Balance at December 31, 2021	13,797
Restructuring charges	8,157
Payments	(3,927)
Other, including foreign currency translation	(6,817)
Balance at March 31, 2022	11,210
Corporate
Restructuring Cost and Reserve [Line Items]
Restructuring charges	(88)	661
Engineered Products | Operating Segments
Restructuring Cost and Reserve [Line Items]
Restructuring charges	457	3,991
Clean Energy & Fueling | Operating Segments
Restructuring Cost and Reserve [Line Items]
Restructuring charges	196	49
Imaging & Identification | Operating Segments
Restructuring Cost and Reserve [Line Items]
Restructuring charges	1,191	690
Pumps & Process Solutions | Operating Segments
Restructuring Cost and Reserve [Line Items]
Restructuring charges	685	(17)
Climate & Sustainability Technologies | Operating Segments
Restructuring Cost and Reserve [Line Items]
Restructuring charges	5,716	1,061
Severance
Restructuring Reserve [Roll Forward]
Balance at December 31, 2021	10,730
Restructuring charges	778
Payments	(3,132)
Other, including foreign currency translation	(114)
Balance at March 31, 2022	8,262
Exit
Restructuring Reserve [Roll Forward]
Balance at December 31, 2021	3,067
Restructuring charges	7,379
Payments	(795)
Other, including foreign currency translation	(6,703)
Balance at March 31, 2022	2,948
Cost of goods and services
Restructuring Cost and Reserve [Line Items]
Restructuring charges	207	3,907
Selling, general and administrative expenses
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 7,950	$ 2,528

Borrowings - Short Term Debt (D

Borrowings - Short Term Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Short-term Debt [Line Items]
Notes payable	$ 113,480	$ 105,702
Short-term borrowings
Short-term Debt [Line Items]
Notes payable	680	702
Commercial paper
Short-term Debt [Line Items]
Notes payable	$ 112,800	$ 105,000

Borrowings - Long Term Debt (De

Borrowings - Long Term Debt (Details) € in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)	Mar. 31, 2022EUR (€)	Dec. 31, 2021USD ($)
Long-term borrowings [Abstract]
Total long-term debt	$ 2,981,922,000		$ 3,018,714,000
Unamortized debt discounts	14,400,000		15,100,000
Deferred debt issuance costs	12,100,000		12,500,000
Maximum borrowing capacity	1,000,000,000
Outstanding letters of credit	$ 149,700,000
Interest coverage ratio	1770.00%
3.15% 10-year notes due November 15, 2025
Long-term borrowings [Abstract]
Principal	$ 400,000,000
Total long-term debt	$ 397,558,000		397,389,000
Stated interest rate	3.15%	3.15%
Term of debt	10 years
1.25% 10-year notes due November 9, 2026 (euro-denominated)
Long-term borrowings [Abstract]
Principal | €		€ 600,000
Total long-term debt	$ 653,913,000		674,217,000
Stated interest rate	1.25%	1.25%
Term of debt	10 years
0.750% 8-year notes due November 4, 2027 (euro denominated)
Long-term borrowings [Abstract]
Principal | €		€ 500,000
Total long-term debt	$ 544,357,000		561,293,000
Stated interest rate	0.75%	0.75%
Term of debt	8 years
6.65% 30-year debentures due June 1, 2028
Long-term borrowings [Abstract]
Principal	$ 200,000,000
Total long-term debt	$ 199,381,000		199,356,000
Stated interest rate	6.65%	6.65%
Term of debt	30 years
2.950% 10-year notes due November 4, 2029
Long-term borrowings [Abstract]
Principal	$ 300,000,000
Total long-term debt	$ 297,123,000		297,029,000
Stated interest rate	2.95%	2.95%
Term of debt	10 years
5.375% 30-year debentures due October 15, 2035
Long-term borrowings [Abstract]
Principal	$ 300,000,000
Total long-term debt	$ 296,621,000		296,559,000
Stated interest rate	5.375%	5.375%
Term of debt	30 years
6.60% 30-year notes due March 15, 2038
Long-term borrowings [Abstract]
Principal	$ 250,000,000
Total long-term debt	$ 248,194,000		248,166,000
Stated interest rate	6.60%	6.60%
Term of debt	30 years
5.375% 30-year notes due March 1, 2041
Long-term borrowings [Abstract]
Principal	$ 350,000,000
Total long-term debt	$ 344,775,000		344,705,000
Stated interest rate	5.375%	5.375%
Term of debt	30 years
Credit Agreement | Revolving Credit Facility
Long-term borrowings [Abstract]
Term of debt	5 years
Borrowings under credit facility	$ 0		$ 0
Interest coverage ratio required	300.00%

Financial Instruments - Narrati

Financial Instruments - Narrative (Details) € in Thousands, $ in Thousands	Mar. 31, 2022USD ($)	Mar. 31, 2022EUR (€)	Dec. 31, 2021USD ($)
Estimate of Fair Value Measurement
Derivatives, Fair Value [Line Items]
Fair value of long-term debt	$ 3,167,903		$ 3,440,501
Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Notional Amount	169,157		180,929
Not Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Notional Amount	$ 97,921		$ 108,736
1.25% 10-year notes due November 9, 2026 (euro-denominated) | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Principal | €		€ 600,000
0.750% 8-year notes due November 4, 2027 (euro denominated) | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Principal | €		€ 500,000

Financial Instruments - Balance

Financial Instruments - Balance Sheet Location (Details) - Foreign currency forward - Designated as Hedging Instrument - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Prepaid and other current assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Asset	$ 3,822	$ 2,825
Other accrued expenses
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Liability	$ (229)	$ (433)

Financial Instruments - Gain (D

Financial Instruments - Gain (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Gain on euro-denominated debt	$ 37,748	$ 46,433
Tax expense	(8,431)	(10,492)
Net gain on net investment hedges, net of tax	$ 29,317	$ 35,941

Financial Instruments - Fair Va

Financial Instruments - Fair Value (Details) - Level 2 - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Assets:
Foreign currency cash flow hedges	$ 3,822	$ 2,825
Liabilities:
Foreign currency cash flow hedges	$ 229	$ 433

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Effective tax rate (in percent)	18.00%	19.50%
Minimum
Significant change in unrecognized tax benefits is reasonably possible, estimated range of change, lower bound	$ 0
Maximum
Significant change in unrecognized tax benefits is reasonably possible, estimated range of change, lower bound	$ 30,600

Equity Incentive Program (Detai

Equity Incentive Program (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Stock-based compensation expense [Abstract]
Pre-tax stock-based compensation expense	$ 11,113	$ 11,521
Tax benefit	(1,115)	(1,222)
Total stock-based compensation expense, net of tax	$ 9,998	$ 10,299
Stock Appreciation Rights (SARs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity awards issued during period (in shares)	327,940
Risk-free interest rate (in percent)	1.86%	0.59%
Dividend yield (in percent)	1.25%	1.62%
Expected life (years)	5 years 4 months 24 days	5 years 6 months
Volatility (in percent)	29.46%	30.49%
Grant price (in dollars per share)	$ 160.21	$ 122.73
Fair value at date of grant (in dollars per share)	$ 42.07	$ 29.08
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity awards issued during period (in shares)	40,087
Risk-free interest rate (in percent)	1.68%	0.19%
Dividend yield (in percent)	1.25%	1.62%
Expected life (years)	2 years 10 months 24 days	2 years 10 months 24 days
Volatility (in percent)	31.10%	31.90%
Grant price (in dollars per share)	$ 160.21	$ 122.73
Fair value at date of grant (in dollars per share)	$ 196.40	$ 148.29
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity awards issued during period (in shares)	71,961

Commitments and Contingent Li_3

Commitments and Contingent Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward]
Balance at December 31, 2021	$ 48,568	$ 51,088
Provision for warranties	16,052	18,897
Settlements made	(15,485)	(17,760)
Other adjustments, including acquisitions and currency translation	255	(839)
Ending balance, March 31	$ 49,390	$ 51,386

Employee Benefit Plans (Details

Employee Benefit Plans (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Net periodic benefit cost [Abstract]
Defined contribution plan expense	$ 17,673	$ 15,061
Defined benefit pension plans | U.S. Plan
Net periodic benefit cost [Abstract]
Service cost	1,426	1,784
Interest cost	3,436	3,401
Expected return on plan assets	(7,276)	(7,245)
Prior service cost (credit)	27	53
Recognized actuarial loss	575	2,503
Net periodic (income) expense	(1,812)	496
Defined benefit pension plans | Non-U.S. Plans
Net periodic benefit cost [Abstract]
Service cost	1,221	1,442
Interest cost	884	667
Expected return on plan assets	(1,891)	(1,799)
Prior service cost (credit)	(134)	(169)
Recognized actuarial loss	458	1,000
Net periodic (income) expense	538	1,141
Supplemental Employee Retirement Plans, Defined Benefit
Net periodic benefit cost [Abstract]
Service cost	356	390
Interest cost	304	308
Prior service cost (credit)	372	383
Recognized actuarial loss	(504)	(418)
Net periodic (income) expense	$ 528	$ 663

Other Comprehensive Earnings (D

Other Comprehensive Earnings (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Selling, general and administrative expenses	$ 443,843	$ 408,998
Other income, net	(2,129)	(2,843)
Earnings before provision for income taxes	275,703	289,250
Tax benefit	(49,550)	(56,481)
Net earnings	226,153	232,769
Reclassification out of Accumulated Other Comprehensive Income | Foreign currency translation:
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Selling, general and administrative expenses	5,915	0
Tax benefit	0	0
Net earnings	5,915	0
Reclassification out of Accumulated Other Comprehensive Income | Pension plans:
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Earnings before provision for income taxes	789	3,355
Tax benefit	(208)	(773)
Net earnings	581	2,582
Reclassification out of Accumulated Other Comprehensive Income | Amortization of actuarial losses
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other income, net	521	3,085
Reclassification out of Accumulated Other Comprehensive Income | Amortization of prior service costs
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other income, net	268	270
Reclassification out of Accumulated Other Comprehensive Income | Cash flow hedges:
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Earnings before provision for income taxes	(2,029)	(1,833)
Tax benefit	453	422
Net earnings	$ (1,576)	$ (1,411)

Segment Information (Details)

Segment Information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)segment	Mar. 31, 2021USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments | segment	5
Reconciliation from Segment Totals to Consolidated [Abstract]
Revenue	$ 2,051,901	$ 1,867,901
Earnings before provision for income taxes	275,703	289,250
Interest expense	26,552	26,823
Interest income	(775)	(680)
Earnings before provision for income taxes	275,703	289,250
Provision for income taxes	49,550	56,481
Net earnings	226,153	232,769
Reclassification of foreign currency translation losses to earnings	5,915	0
Intercompany eliminations
Reconciliation from Segment Totals to Consolidated [Abstract]
Revenue	(669)	(686)
Operating Segments
Reconciliation from Segment Totals to Consolidated [Abstract]
Earnings before provision for income taxes	338,841	354,013
Reclassification of foreign currency translation losses to earnings	5,457
Corporate
Reconciliation from Segment Totals to Consolidated [Abstract]
Earnings before provision for income taxes	37,361	38,620
United States
Reconciliation from Segment Totals to Consolidated [Abstract]
Revenue	1,151,500	1,036,014
Europe
Reconciliation from Segment Totals to Consolidated [Abstract]
Revenue	447,565	445,295
Asia
Reconciliation from Segment Totals to Consolidated [Abstract]
Revenue	229,386	192,107
Other Americas
Reconciliation from Segment Totals to Consolidated [Abstract]
Revenue	151,592	130,177
Other
Reconciliation from Segment Totals to Consolidated [Abstract]
Revenue	71,858	64,308
Engineered Products | Operating Segments
Reconciliation from Segment Totals to Consolidated [Abstract]
Revenue	487,647	428,127
Earnings before provision for income taxes	66,134	68,779
Clean Energy & Fueling | Operating Segments
Reconciliation from Segment Totals to Consolidated [Abstract]
Revenue	458,395	389,678
Earnings before provision for income taxes	41,442	66,480
Imaging & Identification | Operating Segments
Reconciliation from Segment Totals to Consolidated [Abstract]
Revenue	272,255	284,328
Earnings before provision for income taxes	51,529	56,992
Pumps & Process Solutions | Operating Segments
Reconciliation from Segment Totals to Consolidated [Abstract]
Revenue	435,195	394,377
Earnings before provision for income taxes	139,340	123,645
Climate & Sustainability Technologies | Operating Segments
Reconciliation from Segment Totals to Consolidated [Abstract]
Revenue	399,078	372,077
Earnings before provision for income taxes	40,396	$ 38,117
Write off of assets	$ 2,117

Share Repurchases (Details)

Share Repurchases (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share Repurchases [Line Items]
Share repurchases	0	182,951
Purchase of common stock	$ 0	$ 21,637
Treasury Stock Acquired, Average Cost Per Share		$ 118.27
November 2020 Authorization
Share Repurchases [Line Items]
Number of shares authorized to be repurchased	20,000,000
Remaining number of shares authorized to be repurchased	19,817,049

Earnings per Share (Details)

Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Reconciliation of information used in computing basic and diluted earnings per share [Abstract]
Net earnings	$ 226,153	$ 232,769
Basic earnings per common share:
Net earnings (in dollars per basic share)	$ 1.57	$ 1.62
Weighted average shares outstanding - basic (in shares)	144,087,000	143,765,000
Diluted earnings per common share:
Net earnings (in dollars per diluted share)	$ 1.56	$ 1.61
Weighted average shares outstanding - diluted (in shares)	145,329,000	144,938,000
Reconciliation Of Share Amounts Used In Computing Earnings Per Share [Abstract]
Weighted average shares outstanding - basic (in shares)	144,087,000	143,765,000
Dilutive effect of assumed exercise of SAR's and vesting of performance shares (in shares)	1,242,000	1,173,000
Weighted average shares outstanding - diluted (in shares)	145,329,000	144,938,000
Antidilutive securities excluded from computation of earnings per share	58,000	88,000

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event [Member] - Electric Refuse Collection Vehicles $ in Thousands	Apr. 06, 2022USD ($)
Subsequent Event [Line Items]
Purchase price	$ 9,750
Contingent consideration	$ 20,000