Dover (DOV) 10-Q 21 Jul 22 2022 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2022	Jul. 14, 2022
Cover [Abstract]
Document Quarterly Report	true
Document Period End Date	Jun. 30, 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		143,549,312
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	Q2
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 - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Statement [Abstract]
Revenue	$ 2,158,715	$ 2,031,676	$ 4,210,616	$ 3,899,577
Cost of goods and services	1,377,432	1,259,504	2,686,139	2,405,857
Gross profit	781,283	772,172	1,524,477	1,493,720
Selling, general and administrative expenses	424,433	428,042	868,276	837,040
Operating earnings	356,850	344,130	656,201	656,680
Interest expense	26,989	26,661	53,541	53,484
Interest income	(949)	(942)	(1,724)	(1,622)
Other income, net	(4,546)	(4,933)	(6,675)	(7,776)
Earnings before provision for income taxes	335,356	323,344	611,059	612,594
Provision for income taxes	45,738	58,836	95,288	115,317
Net earnings	$ 289,618	$ 264,508	$ 515,771	$ 497,277
Net earnings per share:
Net earnings (in dollars per basic share)	$ 2.01	$ 1.84	$ 3.58	$ 3.46
Net earnings (in dollars per diluted share)	$ 2	$ 1.82	$ 3.56	$ 3.43
Weighted average shares outstanding:
Weighted average shares outstanding - basic	143,832,000	143,941,000	143,959,000	143,854,000
Weighted average shares outstanding - diluted	144,669,000	145,118,000	144,998,000	145,040,000

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Statement of Comprehensive Income [Abstract]
Net earnings	$ 289,618	$ 264,508	$ 515,771	$ 497,277
Foreign currency translation adjustments:
Foreign currency translation (losses) gains	(77,552)	21,559	(99,205)	8,588
Reclassification of foreign currency translation losses to earnings	0	0	5,915	0
Total foreign currency translation adjustments (net of $(10,539), $4,269, $(18,970) and $(6,223) tax benefit (provision), respectively)	(77,552)	21,559	(93,290)	8,588
Pension and other post-retirement benefit plans:
Amortization of actuarial losses included in net periodic pension cost	345	2,353	705	4,727
Amortization of prior service costs included in net periodic pension cost	226	224	447	432
Total pension and other post-retirement benefit plans (net of $(202), $(774), $(410) and $(1,548) tax provision, respectively)	571	2,577	1,152	5,159
Changes in fair value of cash flow hedges:
Unrealized net (losses) gains arising during period	(1,150)	(5)	814	4,319
Net gains reclassified into earnings	(1,045)	(1,460)	(2,621)	(2,871)
Total cash flow hedges (net of $631, $447, $519 and $(424) tax benefit (provision), respectively)	(2,195)	(1,465)	(1,807)	1,448
Other comprehensive (loss) earnings, net of tax	(79,176)	22,671	(93,945)	15,195
Comprehensive earnings	$ 210,442	$ 287,179	$ 421,826	$ 512,472

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 515,371	$ 385,504
Receivables, net	1,514,455	1,347,514
Inventories, net	1,381,607	1,191,095
Prepaid and other current assets	179,563	137,596
Total current assets	3,590,996	3,061,709
Property, plant and equipment, net	963,780	957,310
Goodwill	4,481,451	4,558,822
Intangible assets, net	1,294,626	1,359,522
Other assets and deferred charges	476,568	466,264
Total assets	10,807,421	10,403,627
Current liabilities:
Notes payable	393,654	105,702
Accounts payable	1,200,612	1,073,568
Accrued compensation and employee benefits	224,244	302,978
Deferred revenue	253,632	227,549
Accrued insurance	105,823	101,448
Other accrued expenses	316,209	347,097
Federal and other income taxes	53,461	91,999
Total current liabilities	2,547,635	2,250,341
Long-term debt	2,936,124	3,018,714
Deferred income taxes	366,498	364,117
Noncurrent income tax payable	44,313	48,385
Other liabilities	524,328	532,542
Stockholders' equity:
Total stockholders' equity	4,388,523	4,189,528
Total liabilities and stockholders' equity	$ 10,807,421	$ 10,403,627

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common stock $1 par value	Additional paid-in capital	Retained earnings	Accumulated other comprehensive (loss) earnings	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	497,277			497,277
Dividends paid	(142,698)			(142,698)
Common stock issued for the exercise of share-based awards	(33,068)	389	(33,457)
Stock-based compensation expense	18,393		18,393
Common stock acquired	(21,637)					(21,637)
Other comprehensive (loss) earnings, net of tax	15,195				15,195
Other, net	69		69
Balance at Jun. 30, 2021	3,719,304	259,371	853,887	8,962,863	(138,059)	(6,218,758)
Balance at Mar. 31, 2021	3,499,144	259,338	849,585	8,769,709	(160,730)	(6,218,758)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	264,508			264,508
Dividends paid	(71,354)			(71,354)
Common stock issued for the exercise of share-based awards	(2,615)	33	(2,648)
Stock-based compensation expense	6,872		6,872
Other comprehensive (loss) earnings, net of tax	22,671				22,671
Other, net	78		78
Balance at Jun. 30, 2021	3,719,304	259,371	853,887	8,962,863	(138,059)	(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	515,771			515,771
Dividends paid	(144,056)			(144,056)
Common stock issued for the exercise of share-based awards	(12,106)	144	(12,250)
Stock-based compensation expense	18,331		18,331
Common stock acquired	(85,000)					(85,000)
Other comprehensive (loss) earnings, net of tax	(93,945)				(93,945)
Balance at Jun. 30, 2022	4,388,523	259,601	863,717	9,816,960	(247,997)	(6,303,758)
Balance at Mar. 31, 2022	4,329,776	259,573	858,587	9,599,195	(168,821)	(6,218,758)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	289,618			289,618
Dividends paid	(71,853)			(71,853)
Common stock issued for the exercise of share-based awards	(2,060)	28	(2,088)
Stock-based compensation expense	7,218		7,218
Common stock acquired	(85,000)					(85,000)
Other comprehensive (loss) earnings, net of tax	(79,176)				(79,176)
Balance at Jun. 30, 2022	$ 4,388,523	$ 259,601	$ 863,717	$ 9,816,960	$ (247,997)	$ (6,303,758)

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Statement of Stockholders' Equity [Abstract]
Common stock, par value per share (in dollars per share)	$ 1	$ 1	$ 1	$ 1	$ 1	$ 1	$ 1	$ 1
Dividends paid per common share (in dollars per share)	$ 0.50	$ 0.495	$ 1	$ 0.99

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Operating Activities:
Net earnings	$ 515,771	$ 497,277
Adjustments to reconcile net earnings to cash from operating activities:
Depreciation and amortization	154,294	145,325
Stock-based compensation expense	18,331	18,393
Reclassification of foreign currency translation losses to earnings	5,915	0
Other, net	(8,152)	(9,493)
Cash effect of changes in assets and liabilities:
Accounts receivable, net	(204,676)	(192,192)
Inventories	(223,804)	(144,903)
Prepaid expenses and other assets	(17,923)	(23,133)
Accounts payable	147,829	149,588
Accrued compensation and employee benefits	(72,802)	(13,566)
Accrued expenses and other liabilities	(4,937)	14,289
Accrued and deferred taxes, net	(107,390)	(4,328)
Net cash provided by operating activities	202,456	437,257
Investing Activities:
Additions to property, plant and equipment	(100,577)	(73,231)
Acquisitions, net of cash acquired	(8,453)	(81,187)
Proceeds from sale of property, plant and equipment	3,898	6,088
Other	(10,721)	(2,873)
Net cash used in investing activities	(115,853)	(151,203)
Financing Activities:
Repurchase of common stock	(85,000)	(21,637)
Borrowings in commercial paper and notes payable, net	287,952	0
Dividends paid to stockholders	(144,056)	(142,698)
Payments to settle employee tax obligations on exercise of share-based awards	(12,106)	(33,068)
Other	(1,525)	(2,785)
Net cash provided by (used in) financing activities	45,265	(200,188)
Effect of exchange rate changes on cash and cash equivalents	(2,001)	2,418
Net increase in cash and cash equivalents	129,867	88,284
Cash and cash equivalents at beginning of period	385,504	513,075
Cash and cash equivalents at end of period	$ 515,371	$ 601,359

CONDENSED CONSOLIDATED STATEM_6

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE EARNINGS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Statement of Comprehensive Income [Abstract]
Foreign currency translation adjustments, tax benefit (provision)	$ (10,539)	$ 4,269	$ (18,970)	$ (6,223)
Pension and other postretirement benefit plans tax provision	(202)	(774)	(410)	(1,548)
Cash flow hedges tax benefit (provision)	$ 631	$ 447	$ 519	$ (424)

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 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	6 Months Ended
	Jun. 30, 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 June 30, 2022, we estimated that $287 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 78% 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: June 30, 2022 December 31, 2021 December 31, 2020 Contract assets $ 14,789 $ 11,440 $ 15,020 Contract liabilities - current 253,632 227,549 184,845 Contract liabilities - non-current 23,520 21,513 13,921 The revenue recognized during the six months ended June 30, 2022 and 2021 that was included in contract liabilities at the beginning of the period, inclusive of adjustments, amounted to $157,175 and $139,891, respectively.

Acquisitions

Acquisitions	6 Months Ended
	Jun. 30, 2022
Business Combination and Asset Acquisition [Abstract]
Acquisitions	3. Acquisitions 2022 Acquisitions During the six months ended June 30, 2022, the Company completed one acquisition. On May 2, 2022, the Company acquired 100% of the voting stock of AMN DPI ("AMN"), a designer and manufacturer of polymer pelletizing tools, for $8,453, net of cash acquired. The AMN acquisition extends the Company's reach into polymer processing equipment production within the Pumps & Process Solutions segment. In connection with this acquisition, the Company recorded goodwill of $2,315 and intangible assets o f $5,349, primarily related to customer intangibles. The goodwill recorded as a result of this acquisition reflects the benefits expected to be derived from product line expansions and operational synergies. The goodwill is non-deductible for U.S. income tax purposes for this acquisition. 2021 Acquisitions During the six months ended June 30, 2021, the Company acquired four businesses in separate transactions for total consideration of $88,457, net of cash acquired and including contingent consideration. These businesses were acquired to complement and expand upon existing operations within the Imaging & Identification, Pumps & Process Solutions, and Clean Energy & Fueling segments. The goodwill recorded as a result of these acquisitions represents the economic benefits expected to be derived from product line expansions and operational synergies. The goodwill is non-deductible for U.S. income tax purposes for these acquisitions. On June 24, 2021, the Company acquired 100% of the voting stock of Blue Bite LLC ("Blue Bite"), a leading provider of consumer engagement and brand protection software solutions, for $29,035, net of cash acquired and including contingent consideration. The Blue Bite acquisition strengthens the Company's offering of product traceability and authentication solutions within the Imaging & Identification segment. In connection with this acquisition, the Company recorded goodwill of $19,705 and intangible assets of $13,250, primarily related to technology. On June 23, 2021, the Company acquired 100% of the voting stock of Quantex Arc Limited ("Quantex"), a leading provider of single-use, recyclable pumps, for $23,896, net of cash acquired and including contingent consideration. The Quantex acquisition enhances the offering of single-use pumps for biopharma and other hygienic applications within the Pumps & Process Solutions segment. In connection with this acquisition, the Company recorded goodwill of $15,596 and intangible assets of $11,034, primarily related to patented technology. On April 19, 2021, the Company acquired 100% of the voting stock of AvaLAN Wireless Systems, Incorporated ("AvaLAN"), a leading provider of secure wireless communications solutions for the convenience and fuel retail industry, for $34,003, net of cash acquired. The AvaLAN acquisition extends the Company's reach into the systems and software offering within the Clean Energy & Fueling segment. In connection with this acquisition, the Company recorded goodwill of $26,495 and intangible assets of $14,630, primarily related to customer intangibles. One other immaterial acquisition was completed during the six months ended June 30, 2021 within the Pumps & Process Solutions segment. 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 $626,620, 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 $158,212 deductible for income tax purposes and $121,616 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 $33,900. The gross amount is $34,606, of which $706 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 six months ended June 30, 2022, the Company recorded measurement period adjustments primarily related to its preliminary estimates of deferred taxes and changes in net working capital. These adjustments are based on facts and circumstances that existed as of the acquisition date which resulted in an increase in goodwill of $2,852. 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 $ 33,900 Inventories 74,484 Other current assets 2,958 Property, plant and equipment 51,157 Goodwill 279,828 Intangible assets 234,000 Other assets and deferred charges 884 Current liabilities (20,150) Non-current liabilities (30,441) Net assets acquired $ 626,620 The amounts assigned to goodwill and major intangible asset classifications were as follows: Amount allocated Useful life Goodwill - tax deductible $ 158,212 na Goodwill - non-deductible 121,616 na Customer intangibles 173,000 15 Patents 40,000 12 Trademarks 21,000 16 $ 513,828 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 $169,685 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 $14,143. The gross amount is $14,912, of which $769 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 six months ended June 30, 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 an increase in goodwill of $476. 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 $ 27,907 Property, plant and equipment 8,640 Goodwill 169,685 Intangible assets 127,300 Other assets and deferred charges 5,057 Current liabilities (9,085) Non-current liabilities (37,219) 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 $ 169,685 na Customer intangibles 99,000 15 Unpatented technologies 21,800 12 Trademarks 6,500 16 $ 296,985

Inventories, net

Inventories, net	6 Months Ended
	Jun. 30, 2022
Inventory, Net [Abstract]
Inventories, net	4. Inventories, net June 30, 2022 December 31, 2021 Raw materials $ 762,068 $ 671,195 Work in progress 308,706 271,659 Finished goods 442,045 377,800 Subtotal 1,512,819 1,320,654 Less reserves (131,212) (129,559) Total $ 1,381,607 $ 1,191,095

Property, Plant and Equipment,

Property, Plant and Equipment, net	6 Months Ended
	Jun. 30, 2022
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment, net	5. Property, Plant and Equipment, net June 30, 2022 December 31, 2021 Land $ 63,198 $ 63,656 Buildings and improvements 586,545 582,314 Machinery, equipment and other 1,844,918 1,816,473 Property, plant and equipment, gross 2,494,661 2,462,443 Accumulated depreciation (1,530,881) (1,505,133) Property, plant and equipment, net $ 963,780 $ 957,310 Depreciation expense totaled $36,573 and $36,045 for the three months ended June 30, 2022 and 2021, respectively. For the six months ended June 30, 2022 and 2021, depreciation expense totaled $74,385 and $74,239, respectively.

Credit Losses

Credit Losses	6 Months Ended
	Jun. 30, 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 (57) 2,209 Amounts written off charged against the allowance (1,041) (2,460) Other, including foreign currency translation (1,640) 311 Ending balance, June 30 $ 37,388 $ 40,534

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	6 Months Ended
	Jun. 30, 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 Acquisitions — — — 2,315 — 2,315 Measurement period adjustments 51 3,491 (1,544) — — 1,998 Foreign currency translation (9,990) (30,913) (26,778) (12,875) (1,128) (81,684) Balance at June 30, 2022 $ 713,344 $ 1,400,269 $ 1,077,880 $ 782,279 $ 507,679 $ 4,481,451 During the six months ended June 30, 2022, the Company recognized additions of $2,315 to goodwill as a result of an acquisition as discussed in Note 3 — Acquisitions. During the six months ended June 30, 2022, the Company recorded measurement period adjustments that increased goodwill by $1,998, principally related to deferred taxes and working capital adjustments for 2021 acquisitions within the Clean Energy & Fueling and Imaging & Identification segments. The Company’s definite-lived and indefinite-lived intangible assets by major asset class were as follows: June 30, 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 $ 1,796,305 $ 942,681 $ 853,624 $ 1,829,492 $ 909,776 $ 919,716 Trademarks 258,892 124,256 134,636 263,367 116,633 146,734 Patents 203,314 141,449 61,865 205,910 140,327 65,583 Unpatented technologies 248,534 128,700 119,834 221,239 123,464 97,775 Distributor relationships 79,873 55,325 24,548 84,204 55,260 28,944 Drawings and manuals 25,757 25,757 — 27,792 27,303 489 Other 21,986 18,448 3,538 22,347 18,775 3,572 Total 2,634,661 1,436,616 1,198,045 2,654,351 1,391,538 1,262,813 Unamortized intangible assets: Trademarks 96,581 — 96,581 96,709 — 96,709 Total intangible assets, net $ 2,731,242 $ 1,436,616 $ 1,294,626 $ 2,751,060 $ 1,391,538 $ 1,359,522 For the three months ended June 30, 2022 and 2021, amortization expense was $38,718 and $35,474, respectively. For the six months ended June 30, 2022 and 2021, amortization expense was $79,909 and $71,086, respectively. Amortization expense is primarily comprised of acquisition-related intangible amortization. During the six months ended June 30, 2022, the Company acquired certain intellectual property assets related to electric refuse collection vehicles for approximately $29,750, including contingent consideration of up to $20,000. These assets were classified as unpatented technologies and included in the Engineered Products segment.

Restructuring Activities

Restructuring Activities	6 Months Ended
	Jun. 30, 2022
Restructuring and Related Activities [Abstract]
Restructuring Activities	8. Restructuring Activities The Company's restructuring charges by segment were as follows: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Engineered Products $ 524 $ 4,339 $ 981 $ 8,330 Clean Energy & Fueling 1,423 1,415 1,619 1,464 Imaging & Identification 344 174 1,535 864 Pumps & Process Solutions 1,476 904 2,161 887 Climate & Sustainability Technologies 159 2,283 5,875 3,344 Corporate 383 321 295 982 Total $ 4,309 $ 9,436 $ 12,466 $ 15,871 These amounts are classified in the Condensed Consolidated Statements of Earnings as follows: Cost of goods and services $ 1,037 $ 4,839 $ 1,244 $ 8,746 Selling, general and administrative expenses 3,272 4,597 11,222 7,125 Total $ 4,309 $ 9,436 $ 12,466 $ 15,871 The restructuring expenses of $4,309 and $12,466 incurred during the three and six months ended June 30, 2022 were primarily the result of restructuring pro grams initiated in 2021 and 2022 in response to demand conditions and broad-based operational efficiency initiatives focusing on footprint consolidation and IT centralization. The $4,309 of restructuring charges incurred during the second quarter of 2022 primarily included the following items: • The Engineered Products segment recorded $524 of restructuring charges related primarily to headcount reductions and exit costs. • The Clean Energy & Fueling segment recorded $1,423 of restructuring charges primarily due to headcount reductions and exit costs. • The Imaging & Identification segment recorded $344 of restructuring charges related primarily to headcount reductions and asset charges. • The Pumps & Process Solutions segment recorded $1,476 of restructuring charges related primarily to headcount reductions. • The Climate & Sustainability Technologies segment recorded $159 of restructuring charges related primarily to headcount reductions. • Corporate recorded $383 of restructuring charges related primarily to simplification of organizational structure and headcount reductions. 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 3,838 8,628 (1) 12,466 Payments (6,837) (1,941) (8,778) Other, including foreign currency translation (226) (7,075) (1) (7,301) Balance at June 30, 2022 $ 7,505 $ 2,679 $ 10,184 (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	6 Months Ended
	Jun. 30, 2022
Debt Disclosure [Abstract]
Borrowings	9. Borrowings Borrowings consisted of the following: June 30, 2022 December 31, 2021 Short-term: Short-term borrowings $ 654 $ 702 Commercial paper 393,000 105,000 Notes payable $ 393,654 $ 105,702 Carrying amount (1) Principal June 30, 2022 December 31, 2021 Long-term 3.15% 10-year notes due November 15, 2025 $ 400,000 $ 397,726 $ 397,389 1.25% 10-year notes due November 9, 2026 (euro-denominated) € 600,000 628,695 674,217 0.750% 8-year notes due November 4, 2027 (euro denominated) € 500,000 523,329 561,293 6.65% 30-year debentures due June 1, 2028 $ 200,000 199,406 199,356 2.950% 10-year notes due November 4, 2029 $ 300,000 297,218 297,029 5.375% 30-year debentures due October 15, 2035 $ 300,000 296,684 296,559 6.60% 30-year notes due March 15, 2038 $ 250,000 248,222 248,166 5.375% 30-year notes due March 1, 2041 $ 350,000 344,844 344,705 Total long-term debt $ 2,936,124 $ 3,018,714 (1) Carrying amount is net of unamortized debt discount and deferred debt issuance costs. Total unamortized debt discounts were $13.7 million and $15.1 million as of June 30, 2022 and December 31, 2021, respectively. Total deferred debt issuance costs were $11.6 million and $12.5 million as of June 30, 2022 and December 31, 2021, respectively. During the six months ended June 30, 2022, commercial paper borrowings increased $288,000. The borrowings outstanding under the commercial paper program had a weighted average annual interest rate of 1.90% and 0.38% as of June 30, 2022 and December 31, 2021, respectively. As of June 30, 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 June 30, 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 June 30, 2022 and had an interest coverage ratio of consolidated EBITDA to consolidated net interest expense of 17.8 to 1. Letters of Credit and other Guarantees As of June 30, 2022, the Company had approximately $166 million outstanding in letters of credit, surety bonds, and performance and other guarantees which expire on various dates through 2039. These letters of credit and bonds are primarily issued as security for insurance, warranty and other performance obligations. In general, we would only be liable for the amount of these guarantees in the event of default in the performance of our obligations.

Financial Instruments

Financial Instruments	6 Months Ended
	Jun. 30, 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 June 30, 2022 and December 31, 2021, the Company had contracts with total notional amounts of $173,852 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 $112,640 and $108,736 as of June 30, 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 June 30, 2022 and December 31, 2021 and the balance sheet lines in which they are recorded: Fair Value Asset (Liability) June 30, 2022 December 31, 2021 Balance Sheet Caption Foreign currency forward $ 2,095 $ 2,825 Prepaid and other current assets Foreign currency forward (1,659) (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, cost of goods and services, or selling, general and administrative expenses 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 June 30, Six Months Ended June 30, 2022 2021 2022 2021 Gain (loss) on euro-denominated debt $ 46,742 $ (18,894) $ 84,490 $ 27,539 Tax (expense) benefit (10,539) 4,269 (18,970) (6,223) Net gain (loss) on net investment hedges, net of tax $ 36,203 $ (14,625) $ 65,520 $ 21,316 Fair Value Measurements ASC 820, Fair Value Measurements and Disclosures, establishes a fair value hierarchy that requires the Company to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the hierarchy is based on the lowest level of input that is significant to the fair value measurement. ASC 820 establishes three levels of inputs that may be used to measure fair value. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs include inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices in active markets for similar assets and liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of assets or liabilities. Level 3 inputs are unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. The following table presents the Company’s assets and liabilities measured at fair value on a recurring basis as of June 30, 2022 and December 31, 2021: June 30, 2022 December 31, 2021 Level 2 Level 2 Assets: Foreign currency cash flow hedges $ 2,095 $ 2,825 Liabilities: Foreign currency cash flow hedges 1,659 433 The estimated fair value of long-term debt at June 30, 2022 and December 31, 2021 , w as $2,879,335 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 June 30, 2022 and December 31, 2021 due to the short-term nature of these instruments.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Income Taxes	11. Income Taxes The effective tax rates for the three months ended June 30, 2022 and 2021 were 13.6% and 18.2%, r espectively. The decrease in the effective tax rate for the three months ended June 30, 2022 relative to the prior comparable period was primarily driven by favorable audit resolutions, including $22.6 million related to the Tax Cuts and Jobs Act. The effective tax rates for the six months ended June 30, 2022 and 2021 were 15.6% and 18.8%, respectively. The decrease in the effective tax rate for the six months ended June 30, 2022 relative to the prior year comparable period was primarily driven by favorable audit resolutions, including $22.6 million related to the Tax Cuts and Jobs Act. 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 $4.5 million.

Equity Incentive Program

Equity Incentive Program	6 Months Ended
	Jun. 30, 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 six months ended June 30, 2022, the Company issued stock-settled appreciation rights ("SARs") covering 335,285 shares, performance share awards of 40,087 and restricted stock units ("RSUs") of 76,509. 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, which was $160.21 and $122.73 for RSUs granted in 2022 and 2021, respectively. Stock-based compensation is reported within selling, general and administrative expenses in the Condensed Consolidated Statements of Earnings. The following table summarizes the Company’s compensation expense relating to all stock-based incentive plans: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Pre-tax stock-based compensation expense $ 7,218 $ 6,872 $ 18,331 $ 18,393 Tax benefit (731) (559) (1,846) (1,781) Total stock-based compensation expense, net of tax $ 6,487 $ 6,313 $ 16,485 $ 16,612

Commitments and Contingent Liab

Commitments and Contingent Liabilities	6 Months Ended
	Jun. 30, 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 June 30, 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 material. The Company and certain of its subsidiaries are also parties to a number of other legal proceedings incidental to their businesses. These proceedings primarily involve claims by private parties alleging injury arising out of use of the Company’s products, patent infringement, employment matters, and commercial disputes. Management and legal counsel, at least quarterly, review the probable outcome of such proceedings, the costs and expenses reasonably expected to be incurred and currently accrued to-date, and the availability and extent of insurance coverage. The Company has estimated liabilities for legal matters that are probable and estimable, and at June 30, 2022 and December 31, 2021, these estimated liabilities were not material. While it is not possible at this time to predict the outcome of these legal actions, in the opinion of management, based on the aforementioned reviews, the Company is not currently involved in any legal proceedings which, individually or in the aggregate, could have a material effect on its financial position, results of operations, or cash flows. Warranty Accruals Estimated warranty program claims are provided for at the time of sale of the Company's products. Amounts provided for are based on historical costs and adjusted for new claims and are included within other accrued expenses and other liabilities in the Condensed Consolidated Balance Sheet. The changes in the carrying amount of product warranties through June 30, 2022 and 2021, were as follows: 2022 2021 Beginning Balance, December 31 of the Prior Year $ 48,568 $ 51,088 Provision for warranties 31,112 34,900 Settlements made (30,955) (34,424) Other adjustments, including acquisitions and currency translation (721) (528) Ending balance, June 30 $ 48,004 $ 51,036

Employee Benefit Plans

Employee Benefit Plans	6 Months Ended
	Jun. 30, 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 June 30, Six Months Ended June 30, U.S. Plan Non-U.S. Plans U.S. Plan Non-U.S. Plans 2022 2021 2022 2021 2022 2021 2022 2021 Service cost $ 1,426 $ 1,784 $ 1,173 $ 1,397 $ 2,852 $ 3,567 $ 2,394 $ 2,839 Interest cost 3,437 3,401 846 695 6,873 6,803 1,730 1,363 Expected return on plan assets (7,276) (7,245) (1,815) (1,820) (14,552) (14,490) (3,706) (3,619) Amortization: Prior service cost (credit) 28 53 (130) (162) 55 106 (264) (330) Recognized actuarial loss 575 2,503 436 989 1,150 5,006 894 1,989 Net periodic (income) expense $ (1,810) $ 496 $ 510 $ 1,099 $ (3,622) $ 992 $ 1,048 $ 2,242 Non-Qualified Supplemental Benefits Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Service cost $ 357 $ 390 $ 713 $ 781 Interest cost 304 308 608 616 Amortization: Prior service cost 373 383 745 766 Recognized actuarial gain (504) (418) (1,008) (836) Net periodic expense $ 530 $ 663 $ 1,058 $ 1,327 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 $14,584 and $16,052 for the three months ended June 30, 2022 and 2021, respectively, and $32,257 and $31,113 for the six months ended June 30, 2022 and 2021, respectively.

Other Comprehensive Earnings

Other Comprehensive Earnings	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2022 and 2021 were as follows: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 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 $ 499 $ 3,074 $ 1,020 $ 6,159 Amortization of prior service costs 274 277 542 548 Total before tax 773 3,351 1,562 6,707 Tax benefit (202) (774) (410) (1,548) Net of tax $ 571 $ 2,577 $ 1,152 $ 5,159 Cash flow hedges: Net gains reclassified into earnings $ (1,345) $ (1,877) $ (3,374) $ (3,710) Tax provision 300 417 753 839 Net of tax $ (1,045) $ (1,460) $ (2,621) $ (2,871) 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	6 Months Ended
	Jun. 30, 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 can-making equipment markets. The Company's Chief Operating Decision Maker ("CODM") uses segment earnings to evaluate segment performance and allocate resources. Segment earnings is defined as earnings before purchase accounting expenses, restructuring and other costs (benefits), loss (gain) on dispositions, corporate expenses/other, interest expense, interest income and provision for income taxes. During the three month period ended June 30, 2022, the segment measure of profit and loss used by the CODM was changed to segment earnings from segment earnings (EBIT), defined as earnings before corporate expenses/other, interest expense, interest income and provision for income taxes. This change in segment measure allows the CODM to better assess operating results over time and is consistent with how the CODM evaluates our businesses. Accordingly, we have updated our segment earnings for the three and six months ended June 30, 2021 to conform to the new presentation. Segment financial information and a reconciliation of segment results to consolidated results were as follows: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Revenue: Engineered Products $ 514,436 $ 442,091 $ 1,002,083 $ 870,218 Clean Energy & Fueling 494,075 437,042 952,470 826,720 Imaging & Identification 275,951 294,076 548,206 578,404 Pumps & Process Solutions 441,127 428,701 876,322 823,078 Climate & Sustainability Technologies 434,164 430,506 833,242 802,583 Intersegment eliminations (1,038) (740) (1,707) (1,426) Total consolidated revenue $ 2,158,715 $ 2,031,676 $ 4,210,616 $ 3,899,577 Net earnings: Segment earnings: Engineered Products $ 81,671 $ 71,255 $ 152,801 $ 147,939 Clean Energy & Fueling 99,034 93,430 171,996 173,002 Imaging & Identification 61,392 66,565 119,990 130,183 Pumps & Process Solutions 138,048 146,759 284,665 275,654 Climate & Sustainability Technologies 64,181 56,905 117,790 100,380 Total segment earnings 444,326 434,914 847,242 827,158 Purchase accounting expenses (1) 47,019 35,162 100,305 70,678 Restructuring and other costs (2) 7,944 10,779 18,496 14,941 Loss on dispositions (3) — — 194 — Corporate expense / other (4) 27,967 39,910 65,371 77,083 Interest expense 26,989 26,661 53,541 53,484 Interest income (949) (942) (1,724) (1,622) Earnings before provision for income taxes 335,356 323,344 611,059 612,594 Provision for income taxes 45,738 58,836 95,288 115,317 Net earnings $ 289,618 $ 264,508 $ 515,771 $ 497,277 (1) Purchase accounting expenses are primarily comprised of amortization of intangible assets and charges related to fair value step-ups for acquired inventory sold during the period. (2) Restructuring and other costs relate to actions taken for employee reductions, facility consolidations and site closures, product line exits, and other asset charges. Restructuring and other costs consist of the following: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Restructuring $ 4,309 $ 9,436 $ 12,466 $ 15,871 Other costs (benefits), net 3,635 1,343 6,030 (930) Restructuring and other costs $ 7,944 $ 10,779 $ 18,496 $ 14,941 (3) Loss on disposition includes working capital adjustments related to dispositions. (4) Certain expenses are maintained at the corporate level and not allocated to the segments. These expenses include executive and functional compensation costs, non-service pension costs, non-operating insurance expenses, shared business services overhead costs, deal-related expenses and various administrative expenses relating to the corporate headquarters. The following table presents revenue disaggregated by geography based on the location of the Company's customers: Three Months Ended June 30, Six Months Ended June 30, Revenue by geography 2022 2021 2022 2021 United States $ 1,253,061 $ 1,091,015 $ 2,404,561 $ 2,127,029 Europe 458,263 459,074 905,828 904,369 Asia 229,116 236,008 458,502 428,115 Other Americas 149,728 171,891 301,320 302,068 Other 68,547 73,688 140,405 137,996 Total $ 2,158,715 $ 2,031,676 $ — $ 4,210,616 $ 3,899,577

Share Repurchases

Share Repurchases	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2022 , the Company repurchased 641,428 shares of common stock at a total cost of $85,000, or $132.52 per share. In the first quarter of 2021, t he Company repurchased 182,951 shares of common stock at a total cost of $21,637, or $118.27 per share. There were no repurchases during the three months ended June 30, 2021. As of June 30, 2022, 19,175,621 shares remain authorized for repurchase under the November 2020 share repurchase authorization.

Earnings per Share

Earnings per Share	6 Months Ended
	Jun. 30, 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 June 30, Six Months Ended June 30, 2022 2021 2022 2021 Net earnings $ 289,618 $ 264,508 $ 515,771 $ 497,277 Basic earnings per common share: Net earnings $ 2.01 $ 1.84 $ 3.58 $ 3.46 Weighted average shares outstanding 143,832,000 143,941,000 143,959,000 143,854,000 Diluted earnings per common share: Net earnings $ 2.00 $ 1.82 $ 3.56 $ 3.43 Weighted average shares outstanding 144,669,000 145,118,000 144,998,000 145,040,000 The following table is a reconciliation of the share amounts used in computing earnings per share: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Weighted average shares outstanding - Basic 143,832,000 143,941,000 143,959,000 143,854,000 Dilutive effect of assumed exercise of SARs and vesting of performance shares and RSUs 837,000 1,177,000 1,039,000 1,186,000 Weighted average shares outstanding - Diluted 144,669,000 145,118,000 144,998,000 145,040,000 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	6 Months Ended
	Jun. 30, 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	6 Months Ended
	Jun. 30, 2022
Subsequent Events [Abstract]
Subsequent Events	20. Subsequent Events On July 1, 2022, the Company completed the acquisition of Malema Engineering Corporation ("Malema"), a designer and manufacturer of flow measurement and control instruments serving customers in the biopharmaceutical, semiconductor and industrial sectors, for approximately $224,000, subject to customary post-closing adjustments, and contingent consideration of up to $50,000. At the closing of the transaction, the Company acquired 99.7% of the equity interests in the Malema group. The acquisition of the remaining equity interests is expected to occur during the third quarter. The Malema acquisition expands the Company's biopharma single-use production offering within the Pumps & Process Solutions segment. The initial accounting for the Malema acquisition is incomplete as a result of the timing of the acquisition. Accordingly, it is impracticable for us to make certain business combination disclosures such as the estimated fair values of assets and liabilities acquired and the amount of goodwill expected to be deductible for tax purposes.

Accounting Policies (Policies)

Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 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)	6 Months Ended
	Jun. 30, 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: June 30, 2022 December 31, 2021 December 31, 2020 Contract assets $ 14,789 $ 11,440 $ 15,020 Contract liabilities - current 253,632 227,549 184,845 Contract liabilities - non-current 23,520 21,513 13,921

Acquisitions (Tables)

Acquisitions (Tables)	6 Months Ended
	Jun. 30, 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 $ 33,900 Inventories 74,484 Other current assets 2,958 Property, plant and equipment 51,157 Goodwill 279,828 Intangible assets 234,000 Other assets and deferred charges 884 Current liabilities (20,150) Non-current liabilities (30,441) Net assets acquired $ 626,620 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 $ 27,907 Property, plant and equipment 8,640 Goodwill 169,685 Intangible assets 127,300 Other assets and deferred charges 5,057 Current liabilities (9,085) Non-current liabilities (37,219) 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 $ 158,212 na Goodwill - non-deductible 121,616 na Customer intangibles 173,000 15 Patents 40,000 12 Trademarks 21,000 16 $ 513,828 The amounts assigned to goodwill and major intangible asset classifications were as follows: Amount allocated Useful life Goodwill - non-deductible $ 169,685 na Customer intangibles 99,000 15 Unpatented technologies 21,800 12 Trademarks 6,500 16 $ 296,985

Inventories, net (Tables)

Inventories, net (Tables)	6 Months Ended
	Jun. 30, 2022
Inventory, Net [Abstract]
Components of Inventory	June 30, 2022 December 31, 2021 Raw materials $ 762,068 $ 671,195 Work in progress 308,706 271,659 Finished goods 442,045 377,800 Subtotal 1,512,819 1,320,654 Less reserves (131,212) (129,559) Total $ 1,381,607 $ 1,191,095

Property, Plant and Equipment_2

Property, Plant and Equipment, net (Tables)	6 Months Ended
	Jun. 30, 2022
Property, Plant and Equipment [Abstract]
Components of property, plant and equipment, net	June 30, 2022 December 31, 2021 Land $ 63,198 $ 63,656 Buildings and improvements 586,545 582,314 Machinery, equipment and other 1,844,918 1,816,473 Property, plant and equipment, gross 2,494,661 2,462,443 Accumulated depreciation (1,530,881) (1,505,133) Property, plant and equipment, net $ 963,780 $ 957,310

Credit Losses (Tables)

Credit Losses (Tables)	6 Months Ended
	Jun. 30, 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 (57) 2,209 Amounts written off charged against the allowance (1,041) (2,460) Other, including foreign currency translation (1,640) 311 Ending balance, June 30 $ 37,388 $ 40,534

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 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 Acquisitions — — — 2,315 — 2,315 Measurement period adjustments 51 3,491 (1,544) — — 1,998 Foreign currency translation (9,990) (30,913) (26,778) (12,875) (1,128) (81,684) Balance at June 30, 2022 $ 713,344 $ 1,400,269 $ 1,077,880 $ 782,279 $ 507,679 $ 4,481,451
Schedule of Intangible Assets	The Company’s definite-lived and indefinite-lived intangible assets by major asset class were as follows: June 30, 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 $ 1,796,305 $ 942,681 $ 853,624 $ 1,829,492 $ 909,776 $ 919,716 Trademarks 258,892 124,256 134,636 263,367 116,633 146,734 Patents 203,314 141,449 61,865 205,910 140,327 65,583 Unpatented technologies 248,534 128,700 119,834 221,239 123,464 97,775 Distributor relationships 79,873 55,325 24,548 84,204 55,260 28,944 Drawings and manuals 25,757 25,757 — 27,792 27,303 489 Other 21,986 18,448 3,538 22,347 18,775 3,572 Total 2,634,661 1,436,616 1,198,045 2,654,351 1,391,538 1,262,813 Unamortized intangible assets: Trademarks 96,581 — 96,581 96,709 — 96,709 Total intangible assets, net $ 2,731,242 $ 1,436,616 $ 1,294,626 $ 2,751,060 $ 1,391,538 $ 1,359,522

Restructuring Activities (Table

Restructuring Activities (Tables)	6 Months Ended
	Jun. 30, 2022
Restructuring and Related Activities [Abstract]
Restructuring Charges by Segment	The Company's restructuring charges by segment were as follows: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Engineered Products $ 524 $ 4,339 $ 981 $ 8,330 Clean Energy & Fueling 1,423 1,415 1,619 1,464 Imaging & Identification 344 174 1,535 864 Pumps & Process Solutions 1,476 904 2,161 887 Climate & Sustainability Technologies 159 2,283 5,875 3,344 Corporate 383 321 295 982 Total $ 4,309 $ 9,436 $ 12,466 $ 15,871 These amounts are classified in the Condensed Consolidated Statements of Earnings as follows: Cost of goods and services $ 1,037 $ 4,839 $ 1,244 $ 8,746 Selling, general and administrative expenses 3,272 4,597 11,222 7,125 Total $ 4,309 $ 9,436 $ 12,466 $ 15,871
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 3,838 8,628 (1) 12,466 Payments (6,837) (1,941) (8,778) Other, including foreign currency translation (226) (7,075) (1) (7,301) Balance at June 30, 2022 $ 7,505 $ 2,679 $ 10,184 (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)	6 Months Ended
	Jun. 30, 2022
Debt Disclosure [Abstract]
Short-term Debt	Borrowings consisted of the following: June 30, 2022 December 31, 2021 Short-term: Short-term borrowings $ 654 $ 702 Commercial paper 393,000 105,000 Notes payable $ 393,654 $ 105,702
Long-term Debt	Carrying amount (1) Principal June 30, 2022 December 31, 2021 Long-term 3.15% 10-year notes due November 15, 2025 $ 400,000 $ 397,726 $ 397,389 1.25% 10-year notes due November 9, 2026 (euro-denominated) € 600,000 628,695 674,217 0.750% 8-year notes due November 4, 2027 (euro denominated) € 500,000 523,329 561,293 6.65% 30-year debentures due June 1, 2028 $ 200,000 199,406 199,356 2.950% 10-year notes due November 4, 2029 $ 300,000 297,218 297,029 5.375% 30-year debentures due October 15, 2035 $ 300,000 296,684 296,559 6.60% 30-year notes due March 15, 2038 $ 250,000 248,222 248,166 5.375% 30-year notes due March 1, 2041 $ 350,000 344,844 344,705 Total long-term debt $ 2,936,124 $ 3,018,714 (1) Carrying amount is net of unamortized debt discount and deferred debt issuance costs. Total unamortized debt discounts were $13.7 million and $15.1 million as of June 30, 2022 and December 31, 2021, respectively. Total deferred debt issuance costs were $11.6 million and $12.5 million as of June 30, 2022 and December 31, 2021, respectively.

Financial Instruments (Tables)

Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2022 and December 31, 2021 and the balance sheet lines in which they are recorded: Fair Value Asset (Liability) June 30, 2022 December 31, 2021 Balance Sheet Caption Foreign currency forward $ 2,095 $ 2,825 Prepaid and other current assets Foreign currency forward (1,659) (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 June 30, Six Months Ended June 30, 2022 2021 2022 2021 Gain (loss) on euro-denominated debt $ 46,742 $ (18,894) $ 84,490 $ 27,539 Tax (expense) benefit (10,539) 4,269 (18,970) (6,223) Net gain (loss) on net investment hedges, net of tax $ 36,203 $ (14,625) $ 65,520 $ 21,316
Assets and liabilities measured at fair value on a recurring basis	The following table presents the Company’s assets and liabilities measured at fair value on a recurring basis as of June 30, 2022 and December 31, 2021: June 30, 2022 December 31, 2021 Level 2 Level 2 Assets: Foreign currency cash flow hedges $ 2,095 $ 2,825 Liabilities: Foreign currency cash flow hedges 1,659 433

Equity Incentive Program (Table

Equity Incentive Program (Tables)	6 Months Ended
	Jun. 30, 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 June 30, Six Months Ended June 30, 2022 2021 2022 2021 Pre-tax stock-based compensation expense $ 7,218 $ 6,872 $ 18,331 $ 18,393 Tax benefit (731) (559) (1,846) (1,781) Total stock-based compensation expense, net of tax $ 6,487 $ 6,313 $ 16,485 $ 16,612

Commitments and Contingent Li_2

Commitments and Contingent Liabilities (Tables)	6 Months Ended
	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Schedule of Product Warranty Liability	The changes in the carrying amount of product warranties through June 30, 2022 and 2021, were as follows: 2022 2021 Beginning Balance, December 31 of the Prior Year $ 48,568 $ 51,088 Provision for warranties 31,112 34,900 Settlements made (30,955) (34,424) Other adjustments, including acquisitions and currency translation (721) (528) Ending balance, June 30 $ 48,004 $ 51,036

Employee Benefit Plans (Tables)

Employee Benefit Plans (Tables)	6 Months Ended
	Jun. 30, 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 June 30, Six Months Ended June 30, U.S. Plan Non-U.S. Plans U.S. Plan Non-U.S. Plans 2022 2021 2022 2021 2022 2021 2022 2021 Service cost $ 1,426 $ 1,784 $ 1,173 $ 1,397 $ 2,852 $ 3,567 $ 2,394 $ 2,839 Interest cost 3,437 3,401 846 695 6,873 6,803 1,730 1,363 Expected return on plan assets (7,276) (7,245) (1,815) (1,820) (14,552) (14,490) (3,706) (3,619) Amortization: Prior service cost (credit) 28 53 (130) (162) 55 106 (264) (330) Recognized actuarial loss 575 2,503 436 989 1,150 5,006 894 1,989 Net periodic (income) expense $ (1,810) $ 496 $ 510 $ 1,099 $ (3,622) $ 992 $ 1,048 $ 2,242 Non-Qualified Supplemental Benefits Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Service cost $ 357 $ 390 $ 713 $ 781 Interest cost 304 308 608 616 Amortization: Prior service cost 373 383 745 766 Recognized actuarial gain (504) (418) (1,008) (836) Net periodic expense $ 530 $ 663 $ 1,058 $ 1,327

Other Comprehensive Earnings (T

Other Comprehensive Earnings (Tables)	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2022 and 2021 were as follows: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 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 $ 499 $ 3,074 $ 1,020 $ 6,159 Amortization of prior service costs 274 277 542 548 Total before tax 773 3,351 1,562 6,707 Tax benefit (202) (774) (410) (1,548) Net of tax $ 571 $ 2,577 $ 1,152 $ 5,159 Cash flow hedges: Net gains reclassified into earnings $ (1,345) $ (1,877) $ (3,374) $ (3,710) Tax provision 300 417 753 839 Net of tax $ (1,045) $ (1,460) $ (2,621) $ (2,871)

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 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 were as follows: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Revenue: Engineered Products $ 514,436 $ 442,091 $ 1,002,083 $ 870,218 Clean Energy & Fueling 494,075 437,042 952,470 826,720 Imaging & Identification 275,951 294,076 548,206 578,404 Pumps & Process Solutions 441,127 428,701 876,322 823,078 Climate & Sustainability Technologies 434,164 430,506 833,242 802,583 Intersegment eliminations (1,038) (740) (1,707) (1,426) Total consolidated revenue $ 2,158,715 $ 2,031,676 $ 4,210,616 $ 3,899,577 Net earnings: Segment earnings: Engineered Products $ 81,671 $ 71,255 $ 152,801 $ 147,939 Clean Energy & Fueling 99,034 93,430 171,996 173,002 Imaging & Identification 61,392 66,565 119,990 130,183 Pumps & Process Solutions 138,048 146,759 284,665 275,654 Climate & Sustainability Technologies 64,181 56,905 117,790 100,380 Total segment earnings 444,326 434,914 847,242 827,158 Purchase accounting expenses (1) 47,019 35,162 100,305 70,678 Restructuring and other costs (2) 7,944 10,779 18,496 14,941 Loss on dispositions (3) — — 194 — Corporate expense / other (4) 27,967 39,910 65,371 77,083 Interest expense 26,989 26,661 53,541 53,484 Interest income (949) (942) (1,724) (1,622) Earnings before provision for income taxes 335,356 323,344 611,059 612,594 Provision for income taxes 45,738 58,836 95,288 115,317 Net earnings $ 289,618 $ 264,508 $ 515,771 $ 497,277 (1) Purchase accounting expenses are primarily comprised of amortization of intangible assets and charges related to fair value step-ups for acquired inventory sold during the period. (2) Restructuring and other costs relate to actions taken for employee reductions, facility consolidations and site closures, product line exits, and other asset charges. Restructuring and other costs consist of the following: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Restructuring $ 4,309 $ 9,436 $ 12,466 $ 15,871 Other costs (benefits), net 3,635 1,343 6,030 (930) Restructuring and other costs $ 7,944 $ 10,779 $ 18,496 $ 14,941 (3) Loss on disposition includes working capital adjustments related to dispositions. (4) Certain expenses are maintained at the corporate level and not allocated to the segments. These expenses include executive and functional compensation costs, non-service pension costs, non-operating insurance expenses, shared business services overhead costs, deal-related expenses and various administrative expenses relating to the corporate headquarters.
Schedule of Restructuring and Other Cost	The Company's restructuring charges by segment were as follows: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Engineered Products $ 524 $ 4,339 $ 981 $ 8,330 Clean Energy & Fueling 1,423 1,415 1,619 1,464 Imaging & Identification 344 174 1,535 864 Pumps & Process Solutions 1,476 904 2,161 887 Climate & Sustainability Technologies 159 2,283 5,875 3,344 Corporate 383 321 295 982 Total $ 4,309 $ 9,436 $ 12,466 $ 15,871 These amounts are classified in the Condensed Consolidated Statements of Earnings as follows: Cost of goods and services $ 1,037 $ 4,839 $ 1,244 $ 8,746 Selling, general and administrative expenses 3,272 4,597 11,222 7,125 Total $ 4,309 $ 9,436 $ 12,466 $ 15,871
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 customers: Three Months Ended June 30, Six Months Ended June 30, Revenue by geography 2022 2021 2022 2021 United States $ 1,253,061 $ 1,091,015 $ 2,404,561 $ 2,127,029 Europe 458,263 459,074 905,828 904,369 Asia 229,116 236,008 458,502 428,115 Other Americas 149,728 171,891 301,320 302,068 Other 68,547 73,688 140,405 137,996 Total $ 2,158,715 $ 2,031,676 $ — $ 4,210,616 $ 3,899,577

Earnings per Share (Tables)

Earnings per Share (Tables)	6 Months Ended
	Jun. 30, 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 June 30, Six Months Ended June 30, 2022 2021 2022 2021 Net earnings $ 289,618 $ 264,508 $ 515,771 $ 497,277 Basic earnings per common share: Net earnings $ 2.01 $ 1.84 $ 3.58 $ 3.46 Weighted average shares outstanding 143,832,000 143,941,000 143,959,000 143,854,000 Diluted earnings per common share: Net earnings $ 2.00 $ 1.82 $ 3.56 $ 3.43 Weighted average shares outstanding 144,669,000 145,118,000 144,998,000 145,040,000
Reconciliation of share amounts used in computing earnings per share	The following table is a reconciliation of the share amounts used in computing earnings per share: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Weighted average shares outstanding - Basic 143,832,000 143,941,000 143,959,000 143,854,000 Dilutive effect of assumed exercise of SARs and vesting of performance shares and RSUs 837,000 1,177,000 1,039,000 1,186,000 Weighted average shares outstanding - Diluted 144,669,000 145,118,000 144,998,000 145,040,000

Revenue - Narrative (Details)

Revenue - Narrative (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Future performance obligation	$ 287,000
Revenue recognized that was included in the contract liability balance at the beginning of the period	$ 157,175	$ 139,891
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation (in percent)	78%
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%
Transferred over Time
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation (in percent)	5%

Contract Balances (Details)

Contract Balances (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021	Dec. 31, 2020
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]
Contract assets balance	$ 14,789	$ 11,440	$ 15,020
Contract liabilities - current	253,632	227,549	184,845
Contract liabilities - non-current	$ 23,520	$ 21,513	$ 13,921

Acquisitions - Narrative (Detai

Acquisitions - Narrative (Details) $ in Thousands							3 Months Ended	6 Months Ended
	May 02, 2022 USD ($)	Dec. 28, 2021 USD ($)	Dec. 16, 2021 USD ($)	Jun. 24, 2021 USD ($)	Jun. 23, 2021 USD ($)	Apr. 19, 2021 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2022 USD ($) acquisition	Jun. 30, 2021 USD ($) acquisition
Business Acquisition [Line Items]
Goodwill acquired								$ 2,315
Measurement period adjustments								1,998
Pumps & Process Solutions
Business Acquisition [Line Items]
Number of business acquisitions (in businesses) | acquisition									1
Goodwill acquired								2,315
Measurement period adjustments								$ 0
Series of individually immaterial acquistions
Business Acquisition [Line Items]
Number of business acquisitions (in businesses) | acquisition								1	4
Total consideration, net of cash acquired									$ 88,457
AMN DPI
Business Acquisition [Line Items]
Percentage acquired (in percent)	100%
Total consideration, net of cash acquired	$ 8,453
Goodwill acquired	2,315
Intangible assets	$ 5,349
Blue Bite
Business Acquisition [Line Items]
Percentage acquired (in percent)				100%
Total consideration, net of cash acquired				$ 29,035
Goodwill acquired				19,705
Intangible assets				$ 13,250
Quantex
Business Acquisition [Line Items]
Percentage acquired (in percent)					100%
Total consideration, net of cash acquired					$ 23,896
Goodwill acquired					15,596
Intangible assets					$ 11,034
AvaLAN
Business Acquisition [Line Items]
Percentage acquired (in percent)						100%
Total consideration, net of cash acquired						$ 34,003
Goodwill acquired						26,495
Intangible assets						$ 14,630
RegO
Business Acquisition [Line Items]
Percentage acquired (in percent)		100%
Total consideration, net of cash acquired		$ 626,620
Intangible assets		234,000
Goodwill - tax deductible		158,212
Goodwill - non deductible		121,616
Accounts receivable		33,900
Fair value of trade receivables acquired		34,606
Allowance for uncollectable accounts		706
Measurement period adjustments							$ 2,852
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%
Total consideration, net of cash acquired			$ 292,285
Intangible assets			127,300
Goodwill - non deductible			169,685
Allowance for uncollectable accounts			769
Measurement period adjustments							$ 476
Gross trade receivables acquired			14,912
Acme Cryogenics | Other Current Assets
Business Acquisition [Line Items]
Accounts receivable			14,143
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	Jun. 30, 2022	Dec. 31, 2021	Dec. 28, 2021	Dec. 16, 2021
Business Acquisition [Line Items]
Goodwill	$ 4,481,451	$ 4,558,822
RegO
Business Acquisition [Line Items]
Accounts receivable			$ 33,900
Inventories			74,484
Other current assets			2,958
Property, plant and equipment			51,157
Goodwill			279,828
Intangible assets			234,000
Other assets and deferred charges			884
Current liabilities			(20,150)
Non-current liabilities			(30,441)
Net assets acquired			$ 626,620
Acme Cryogenics
Business Acquisition [Line Items]
Current assets, net of cash acquired				$ 27,907
Property, plant and equipment				8,640
Goodwill				169,685
Intangible assets				127,300
Other assets and deferred charges				5,057
Current liabilities				(9,085)
Non-current liabilities				(37,219)
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	$ 158,212
Goodwill - non deductible	121,616
Intangible assets	234,000
Goodwill and intangible assets	513,828
Acme Cryogenics
Business Acquisition [Line Items]
Goodwill - non deductible		$ 169,685
Intangible assets		127,300
Goodwill and intangible assets		296,985
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	Jun. 30, 2022	Dec. 31, 2021
Inventory, Net [Abstract]
Raw materials	$ 762,068	$ 671,195
Work in progress	308,706	271,659
Finished goods	442,045	377,800
Subtotal	1,512,819	1,320,654
Less reserves	(131,212)	(129,559)
Total	$ 1,381,607	$ 1,191,095

Property, Plant and Equipment_3

Property, Plant and Equipment, net (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 2,494,661		$ 2,494,661		$ 2,462,443
Accumulated depreciation	(1,530,881)		(1,530,881)		(1,505,133)
Property, plant and equipment, net	963,780		963,780		957,310
Depreciation expense	36,573	$ 36,045	74,385	$ 74,239
Land
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	63,198		63,198		63,656
Buildings and improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	586,545		586,545		582,314
Machinery, equipment and other
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 1,844,918		$ 1,844,918		$ 1,816,473

Credit Losses - Rollforward (De

Credit Losses - Rollforward (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 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	(57)	2,209
Amounts written off charged against the allowance	(1,041)	(2,460)
Other, including foreign currency translation	(1,640)	311
Ending balance, June 30	$ 37,388	$ 40,534

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets - Goodwill (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2022 USD ($)
Goodwill [Roll Forward]
Beginning balance	$ 4,558,822
Goodwill acquired	2,315
Measurement period adjustments	1,998
Foreign currency translation	(81,684)
Ending balance	4,481,451
Engineered Products
Goodwill [Roll Forward]
Beginning balance	723,283
Goodwill acquired	0
Measurement period adjustments	51
Foreign currency translation	(9,990)
Ending balance	713,344
Clean Energy & Fueling
Goodwill [Roll Forward]
Beginning balance	1,427,691
Goodwill acquired	0
Measurement period adjustments	3,491
Foreign currency translation	(30,913)
Ending balance	1,400,269
Imaging & Identification
Goodwill [Roll Forward]
Beginning balance	1,106,202
Goodwill acquired	0
Measurement period adjustments	(1,544)
Foreign currency translation	(26,778)
Ending balance	1,077,880
Pumps & Process Solutions
Goodwill [Roll Forward]
Beginning balance	792,839
Goodwill acquired	2,315
Measurement period adjustments	0
Foreign currency translation	(12,875)
Ending balance	782,279
Climate & Sustainability Technologies
Goodwill [Roll Forward]
Beginning balance	508,807
Goodwill acquired	0
Measurement period adjustments	0
Foreign currency translation	(1,128)
Ending balance	$ 507,679

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Finite-Lived Intangible Assets [Line Items]
Goodwill acquired			$ 2,315
Measurement period adjustments			1,998
Amortization of Intangible Assets	$ 38,718	$ 35,474	79,909	$ 71,086
Electric Refuse Collection Vehicles
Finite-Lived Intangible Assets [Line Items]
Purchase price			29,750
Contingent consideration			$ 20,000

Goodwill and Other Intangible_5

Goodwill and Other Intangible Assets - Intangibles and Amortization Expense (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 2,634,661	$ 2,654,351
Accumulated Amortization	1,436,616	1,391,538
Net Carrying Amount	1,198,045	1,262,813
Total, Gross Carrying Amount	2,731,242	2,751,060
Total, Net Carrying Amount	1,294,626	1,359,522
Trademarks
Finite-Lived Intangible Assets [Line Items]
Unamortized intangible assets:	96,581	96,709
Customer intangibles
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	1,796,305	1,829,492
Accumulated Amortization	942,681	909,776
Net Carrying Amount	853,624	919,716
Trademarks
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	258,892	263,367
Accumulated Amortization	124,256	116,633
Net Carrying Amount	134,636	146,734
Patents
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	203,314	205,910
Accumulated Amortization	141,449	140,327
Net Carrying Amount	61,865	65,583
Unpatented technologies
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	248,534	221,239
Accumulated Amortization	128,700	123,464
Net Carrying Amount	119,834	97,775
Distributor relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	79,873	84,204
Accumulated Amortization	55,325	55,260
Net Carrying Amount	24,548	28,944
Drawings and manuals
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	25,757	27,792
Accumulated Amortization	25,757	27,303
Net Carrying Amount	0	489
Other
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	21,986	22,347
Accumulated Amortization	18,448	18,775
Net Carrying Amount	$ 3,538	$ 3,572

Restructuring Activities (Detai

Restructuring Activities (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 4,309	$ 9,436	$ 12,466	$ 15,871
Restructuring Reserve [Roll Forward]
Balance at December 31, 2021			13,797
Restructuring charges			12,466
Payments			(8,778)
Other, including foreign currency translation			(7,301)
Balance at June 30, 2022	10,184		10,184
Gain (loss) on euro-denominated debt	46,742	(18,894)	84,490	27,539
Foreign currency translation adjustments, tax benefit (provision)	(10,539)	4,269	(18,970)	(6,223)
Gain (Loss) on Derivative Used in Net Investment Hedge, after Tax	36,203	(14,625)	65,520	21,316
Corporate
Restructuring Cost and Reserve [Line Items]
Restructuring charges	383	321	295	982
Engineered Products | Operating Segments
Restructuring Cost and Reserve [Line Items]
Restructuring charges	524	4,339	981	8,330
Clean Energy & Fueling | Operating Segments
Restructuring Cost and Reserve [Line Items]
Restructuring charges	1,423	1,415	1,619	1,464
Imaging & Identification | Operating Segments
Restructuring Cost and Reserve [Line Items]
Restructuring charges	344	174	1,535	864
Pumps & Process Solutions | Operating Segments
Restructuring Cost and Reserve [Line Items]
Restructuring charges	1,476	904	2,161	887
Climate & Sustainability Technologies | Operating Segments
Restructuring Cost and Reserve [Line Items]
Restructuring charges	159	2,283	5,875	3,344
Severance
Restructuring Reserve [Roll Forward]
Balance at December 31, 2021			10,730
Restructuring charges			3,838
Payments			(6,837)
Other, including foreign currency translation			(226)
Balance at June 30, 2022	7,505		7,505
Exit
Restructuring Reserve [Roll Forward]
Balance at December 31, 2021			3,067
Restructuring charges			8,628
Payments			(1,941)
Other, including foreign currency translation			(7,075)
Balance at June 30, 2022	2,679		2,679
Cost of goods and services
Restructuring Cost and Reserve [Line Items]
Restructuring charges	1,037	4,839	1,244	8,746
Selling, general and administrative expenses
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 3,272	$ 4,597	$ 11,222	$ 7,125

Borrowings - Short Term Debt (D

Borrowings - Short Term Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Short-term Debt [Line Items]
Notes payable	$ 393,654	$ 105,702
Short-term borrowings
Short-term Debt [Line Items]
Notes payable	654	702
Commercial paper
Short-term Debt [Line Items]
Notes payable	$ 393,000	$ 105,000

Borrowings - Long Term Debt (De

Borrowings - Long Term Debt (Details) € in Thousands	6 Months Ended
	Jun. 30, 2022 USD ($)	Jun. 30, 2022 EUR (€)	Dec. 31, 2021 USD ($)
Long-term borrowings [Abstract]
Total long-term debt	$ 2,936,124,000		$ 3,018,714,000
Unamortized debt discounts	13,700,000		15,100,000
Deferred debt issuance costs	11,600,000		$ 12,500,000
Maximum borrowing capacity	1,000,000,000
Outstanding letters of credit	$ 166,000,000
Interest coverage ratio	1,780%
Commercial paper
Long-term borrowings [Abstract]
Increase in borrowings	$ 288,000,000
Weighted average interest rate	1.90%	1.90%	0.38%
3.15% 10-year notes due November 15, 2025
Long-term borrowings [Abstract]
Principal	$ 400,000,000
Total long-term debt	$ 397,726,000		$ 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	$ 628,695,000		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	$ 523,329,000		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	$ 199,406,000		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	$ 297,218,000		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	$ 296,684,000		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	$ 248,222,000		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	$ 344,844,000		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%

Financial Instruments - Narrati

Financial Instruments - Narrative (Details) € in Thousands, $ in Thousands	Jun. 30, 2022 USD ($)	Jun. 30, 2022 EUR (€)	Dec. 31, 2021 USD ($)
Estimate of Fair Value Measurement
Derivatives, Fair Value [Line Items]
Fair value of long-term debt	$ 2,879,335		$ 3,440,501
Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Notional Amount	173,852		180,929
Not Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Notional Amount	$ 112,640		$ 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	Jun. 30, 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	$ 2,095	$ 2,825
Other accrued expenses
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Liability	$ (1,659)	$ (433)

Financial Instruments - Gain (D

Financial Instruments - Gain (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Gain (loss) on euro-denominated debt	$ 46,742	$ (18,894)	$ 84,490	$ 27,539
Tax (expense) benefit	(10,539)	4,269	(18,970)	(6,223)
Net gain (loss) on net investment hedges, net of tax	$ 36,203	$ (14,625)	$ 65,520	$ 21,316

Financial Instruments - Fair Va

Financial Instruments - Fair Value (Details) - Level 2 - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Assets:
Foreign currency cash flow hedges	$ 2,095	$ 2,825
Liabilities:
Foreign currency cash flow hedges	$ 1,659	$ 433

Income Taxes (Details)

Income Taxes (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Effective tax rate (in percent)	13.60%	18.20%	15.60%	18.80%
Tax expense (benefit) from Tax Cuts and Jobs Act	$ (22,600,000)		$ (22,600,000)
Minimum
Significant change in unrecognized tax benefits is reasonably possible, estimated range of change, lower bound	0		0
Maximum
Significant change in unrecognized tax benefits is reasonably possible, estimated range of change, lower bound	$ 4,500,000		$ 4,500,000

Equity Incentive Program (Detai

Equity Incentive Program (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Stock-based compensation expense [Abstract]
Pre-tax stock-based compensation expense	$ 7,218	$ 6,872	$ 18,331	$ 18,393
Tax benefit	(731)	(559)	(1,846)	(1,781)
Total stock-based compensation expense, net of tax	$ 6,487	$ 6,313	$ 16,485	$ 16,612
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity awards issued during period (in shares)			76,509
Fair value at date of grant (in dollars per share)			$ 160.21	$ 122.73
Stock Appreciation Rights (SARs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity awards issued during period (in shares)			335,285
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
Award vesting period			3 years

Commitments and Contingent Li_3

Commitments and Contingent Liabilities (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward]
Balance at December 31, 2021	$ 48,568	$ 51,088
Provision for warranties	31,112	34,900
Settlements made	(30,955)	(34,424)
Other adjustments, including acquisitions and currency translation	(721)	(528)
Ending balance, June 30	$ 48,004	$ 51,036

Employee Benefit Plans (Details

Employee Benefit Plans (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Net periodic benefit cost [Abstract]
Defined contribution plan expense	$ 14,584	$ 16,052	$ 32,257	$ 31,113
Nonqualified Plan
Net periodic benefit cost [Abstract]
Service cost	357	390	713	781
Interest cost	304	308	608	616
Prior service cost (credit)	373	383	745	766
Recognized actuarial loss	(504)	(418)	(1,008)	(836)
Net periodic (income) expense	530	663	1,058	1,327
U.S. Plan | Qualified Plan
Net periodic benefit cost [Abstract]
Service cost	1,426	1,784	2,852	3,567
Interest cost	3,437	3,401	6,873	6,803
Expected return on plan assets	(7,276)	(7,245)	(14,552)	(14,490)
Prior service cost (credit)	28	53	55	106
Recognized actuarial loss	575	2,503	1,150	5,006
Net periodic (income) expense	(1,810)	496	(3,622)	992
Foreign Plan | Qualified Plan
Net periodic benefit cost [Abstract]
Service cost	1,173	1,397	2,394	2,839
Interest cost	846	695	1,730	1,363
Expected return on plan assets	(1,815)	(1,820)	(3,706)	(3,619)
Prior service cost (credit)	(130)	(162)	(264)	(330)
Recognized actuarial loss	436	989	894	1,989
Net periodic (income) expense	$ 510	$ 1,099	$ 1,048	$ 2,242

Other Comprehensive Earnings (D

Other Comprehensive Earnings (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Selling, general and administrative expenses	$ 424,433	$ 428,042	$ 868,276	$ 837,040
Other income, net	(4,546)	(4,933)	(6,675)	(7,776)
Earnings before provision for income taxes	335,356	323,344	611,059	612,594
Tax benefit	(45,738)	(58,836)	(95,288)	(115,317)
Net earnings	289,618	264,508	515,771	497,277
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	0	0	5,915	0
Tax benefit	0	0	0	0
Net earnings	0	0	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	773	3,351	1,562	6,707
Tax benefit	(202)	(774)	(410)	(1,548)
Net earnings	571	2,577	1,152	5,159
Reclassification out of Accumulated Other Comprehensive Income | Amortization of actuarial losses
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other income, net	499	3,074	1,020	6,159
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	274	277	542	548
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	(1,345)	(1,877)	(3,374)	(3,710)
Tax benefit	300	417	753	839
Net earnings	$ (1,045)	$ (1,460)	$ (2,621)	$ (2,871)

Segment Information (Details)

Segment Information (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) segment	Jun. 30, 2021 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments | segment			5
Reconciliation from Segment Totals to Consolidated [Abstract]
Revenue	$ 2,158,715	$ 2,031,676	$ 4,210,616	$ 3,899,577
Earnings before provision for income taxes	335,356	323,344	611,059	612,594
Purchase accounting expenses	47,019	35,162	100,305	70,678
Restructuring and other costs	7,944	10,779	18,496	14,941
Loss on dispositions	0	0	194	0
Interest expense	26,989	26,661	53,541	53,484
Interest income	(949)	(942)	(1,724)	(1,622)
Provision for income taxes	45,738	58,836	95,288	115,317
Net earnings	289,618	264,508	515,771	497,277
Restructuring	4,309	9,436	12,466	15,871
Other costs (benefits), net	3,635	1,343	6,030	(930)
Restructuring Costs and Asset Impairment Charges	7,944	10,779	18,496	14,941
Intersegment eliminations
Reconciliation from Segment Totals to Consolidated [Abstract]
Revenue	(1,038)	(740)	(1,707)	(1,426)
Operating Segments
Reconciliation from Segment Totals to Consolidated [Abstract]
Earnings before provision for income taxes	444,326	434,914	847,242	827,158
Corporate
Reconciliation from Segment Totals to Consolidated [Abstract]
Corporate expense / other	27,967	39,910	65,371	77,083
Restructuring	383	321	295	982
United States
Reconciliation from Segment Totals to Consolidated [Abstract]
Revenue	1,253,061	1,091,015	2,404,561	2,127,029
Europe
Reconciliation from Segment Totals to Consolidated [Abstract]
Revenue	458,263	459,074	905,828	904,369
Asia
Reconciliation from Segment Totals to Consolidated [Abstract]
Revenue	229,116	236,008	458,502	428,115
Other Americas
Reconciliation from Segment Totals to Consolidated [Abstract]
Revenue	149,728	171,891	301,320	302,068
Other
Reconciliation from Segment Totals to Consolidated [Abstract]
Revenue	68,547	73,688	140,405	137,996
Engineered Products | Operating Segments
Reconciliation from Segment Totals to Consolidated [Abstract]
Revenue	514,436	442,091	1,002,083	870,218
Earnings before provision for income taxes	81,671	71,255	152,801	147,939
Restructuring	524	4,339	981	8,330
Clean Energy & Fueling | Operating Segments
Reconciliation from Segment Totals to Consolidated [Abstract]
Revenue	494,075	437,042	952,470	826,720
Earnings before provision for income taxes	99,034	93,430	171,996	173,002
Restructuring	1,423	1,415	1,619	1,464
Imaging & Identification | Operating Segments
Reconciliation from Segment Totals to Consolidated [Abstract]
Revenue	275,951	294,076	548,206	578,404
Earnings before provision for income taxes	61,392	66,565	119,990	130,183
Restructuring	344	174	1,535	864
Pumps & Process Solutions | Operating Segments
Reconciliation from Segment Totals to Consolidated [Abstract]
Revenue	441,127	428,701	876,322	823,078
Earnings before provision for income taxes	138,048	146,759	284,665	275,654
Restructuring	1,476	904	2,161	887
Climate & Sustainability Technologies | Operating Segments
Reconciliation from Segment Totals to Consolidated [Abstract]
Revenue	434,164	430,506	833,242	802,583
Earnings before provision for income taxes	64,181	56,905	117,790	100,380
Restructuring	$ 159	$ 2,283	$ 5,875	$ 3,344

Share Repurchases (Details)

Share Repurchases (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021
Share Repurchases [Line Items]
Share repurchases	641,428	0	182,951	641,428
Purchase of common stock	$ 85,000		$ 21,637	$ 85,000	$ 21,637
Treasury Stock Acquired, Average Cost Per Share	$ 132.52		$ 118.27	$ 132.52
Remaining number of shares authorized to be repurchased	19,175,621			19,175,621
November 2020 Authorization
Share Repurchases [Line Items]
Number of shares authorized to be repurchased	20,000,000			20,000,000

Earnings per Share (Details)

Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Reconciliation of information used in computing basic and diluted earnings per share [Abstract]
Net earnings	$ 289,618	$ 264,508	$ 515,771	$ 497,277
Basic earnings per common share:
Net earnings (in dollars per basic share)	$ 2.01	$ 1.84	$ 3.58	$ 3.46
Weighted average shares outstanding - basic (in shares)	143,832,000	143,941,000	143,959,000	143,854,000
Diluted earnings per common share:
Net earnings (in dollars per diluted share)	$ 2	$ 1.82	$ 3.56	$ 3.43
Weighted average shares outstanding - diluted (in shares)	144,669,000	145,118,000	144,998,000	145,040,000
Reconciliation Of Share Amounts Used In Computing Earnings Per Share [Abstract]
Weighted average shares outstanding - basic (in shares)	143,832,000	143,941,000	143,959,000	143,854,000
Dilutive effect of assumed exercise of SAR's and vesting of performance shares (in shares)	837,000	1,177,000	1,039,000	1,186,000
Weighted average shares outstanding - diluted (in shares)	144,669,000	145,118,000	144,998,000	145,040,000
Antidilutive securities excluded from computation of earnings per share	6,000	0	32,000	34,000

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ in Thousands		6 Months Ended
	Jul. 01, 2022	Jun. 30, 2022	Jun. 30, 2021
Subsequent Event [Line Items]
Acquisitions, net of cash acquired		$ 8,453	$ 81,187
Subsequent Event | Malema Engineering Corporation
Subsequent Event [Line Items]
Acquisitions, net of cash acquired	$ 224,000
Contingent consideration	$ 50,000
Percentage acquired (in percent)	99.70%