0000029905-21-000020 | 10-Q | XBRL Viewer

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Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2021	Apr. 13, 2021
Cover [Abstract]
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2021
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		143,927,272
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	2021
Document Fiscal Period Focus	Q1
Document Type	10-Q
Amendment Flag	false
Document Information [Line Items]
Document Type	10-Q
Common Stock
Cover [Abstract]
Title of 12(b) Security	Common Stock
Trading Symbol	DOV
Security Exchange Name	NYSE
Document Information [Line Items]
Title of 12(b) Security	Common Stock
Trading Symbol	DOV
Security Exchange Name	NYSE
1.250 Notes Due 2026 [Member]
Cover [Abstract]
Title of 12(b) Security	1.250% Notes due 2026
Trading Symbol	DOV 26
Security Exchange Name	NYSE
Document Information [Line Items]
Title of 12(b) Security	1.250% Notes due 2026
Trading Symbol	DOV 26
Security Exchange Name	NYSE
0.750 Notes due 2027 [Member]
Cover [Abstract]
Title of 12(b) Security	0.750% Notes due 2027
Trading Symbol	DOV 27
Security Exchange Name	NYSE
Document Information [Line Items]
Title of 12(b) Security	0.750% Notes due 2027
Trading Symbol	DOV 27
Security Exchange Name	NYSE

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Income Statement [Abstract]
Revenue	$ 1,867,901	$ 1,655,939
Cost of goods and services	1,146,353	1,043,696
Gross profit	721,548	612,243
Selling, General and Administrative Expense	408,998	386,941
Operating earnings	312,550	225,302
Interest Expense	26,823	27,268
Interest Income	(680)	(1,183)
Gain on sale of businesses	0	(6,551)
Other income, net	(2,843)	(7,732)
Income (Loss) Attributable to Parent, before Tax, Total	289,250	213,500
Provision for income taxes	56,481	37,221
Net earnings	$ 232,769	$ 176,279
Net earnings per share:
Net earnings (in dollars per basic share)	$ 1.62	$ 1.22
Net earnings (in dollars per diluted share)	$ 1.61	$ 1.21
Weighted average shares outstanding:
Weighted average shares outstanding - basic	143,765,000	144,259,000
Weighted average shares outstanding - diluted	144,938,000	145,782,000

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE EARNINGS (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement of Comprehensive Income [Abstract]
Net earnings	$ 232,769	$ 176,279
Foreign currency translation adjustments [Abstract]
Foreign currency translation (losses) gains	(12,971)	(93,554)
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax	10,492	5,139
Total foreign currency translation adjustment	(12,971)	(93,554)
Pension and other postretirement benefit plans [Abstract]
Amortization of actuarial losses included in net periodic pension cost	2,374	1,669
Amortization of prior service cost included in net periodic pension cost	208	286
Pension and other postretirement benefit plans, tax	(773)	(568)
Total pension and other postretirement benefit plans	2,582	1,955
Changes in fair value of cash flow hedges [Abstract]
Unrealized net gains (losses) arising during period	4,324	(5,074)
Net losses (gains) reclassified into earnings	(1,411)	1,121
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Tax	871	(1,121)
Total cash flow hedges	2,913	(3,953)
Other comprehensive (loss) earnings	(7,476)	(95,552)
Comprehensive earnings	$ 225,293	$ 80,727

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 536,512	$ 513,075
Receivables, net of allowances	1,240,516	1,137,223
Inventories	900,607	835,804
Prepaid and other current assets	137,450	133,085
Total current assets	2,815,085	2,619,187
Property, plant and equipment, net	881,131	897,326
Goodwill	4,046,552	4,072,542
Intangible assets, net	1,040,057	1,083,772
Other assets and deferred charges	488,068	479,247
Total assets	9,270,893	9,152,074
Current liabilities:
Accounts payable	911,074	853,942
Accrued compensation and employee benefits	202,096	239,750
Deferred Revenue, Current	195,201	184,845
Accrued insurance	102,000	98,954
Other accrued expenses	335,555	343,637
Federal and other income taxes	29,436	17,670
Total current liabilities	1,775,362	1,738,798
Long-term debt	3,063,374	3,108,829
Deferred Income Taxes	314,165	298,423
Noncurrent income tax payable	49,937	49,937
Other liabilities	568,911	570,314
Stockholders' Equity:
Total stockholders' equity	3,499,144	3,385,773
Total liabilities and stockholders' equity	$ 9,270,893	$ 9,152,074

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Current assets:
Allowance for doubtful accounts receivable	$ 39,641	$ 40,474	$ 33,901	$ 29,381

CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Treasury Stock	Retained Earnings	Accumulated Other Comprehensive (Loss) Earnings
Balance at Dec. 31, 2019	$ 3,032,660	$ 258,552	$ 869,719	$ (6,090,842)	$ 8,211,257	$ (216,026)
Net earnings	176,279	0	0	0	176,279	0
Dividends paid	(70,899)	0	0	0	(70,899)	0
Common stock issued for the exercise of share-based awards	(10,019)	193	(10,212)	0	0	0
Share-based compensation expense	3,252	0	3,252	0	0	0
Common stock acquired, including accelerated share repurchase program	(52,916)	0	0	(52,916)	0	0
Other comprehensive loss, net of tax	(95,552)	0	0	0	0	(95,552)
Other, net	(12)	0	(12)	0	0	0
Balance at Mar. 31, 2020	2,980,681	258,745	862,747	(6,143,758)	8,314,525	(311,578)
Retained Earnings (Accumulated Deficit) \| Accounting Standards Update 2016-13	(2,112)	0	0	0	(2,112)	0
Balance at Dec. 31, 2020	3,385,773	258,982	868,882	(6,197,121)	8,608,284	(153,254)
Net earnings	232,769	0	0	0	232,769	0
Dividends paid	(71,344)	0	0	0	(71,344)	0
Common stock issued for the exercise of share-based awards	(30,453)	356	(30,809)	0	0	0
Share-based compensation expense	11,521	0	11,521	0	0	0
Common stock acquired, including accelerated share repurchase program	(21,637)	0	0	(21,637)	0	0
Other comprehensive loss, net of tax	(7,476)	0	0	0	0	(7,476)
Other, net	(9)	0	(9)	0	0	0
Balance at Mar. 31, 2021	$ 3,499,144	$ 259,338	$ 849,585	$ (6,218,758)	$ 8,769,709	$ (160,730)

CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement of Stockholders' Equity [Abstract]
Dividends paid per common share (in dollars per share)	$ 0.495	$ 0.49

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Operating Activities
Net earnings	$ 232,769	$ 176,279
Adjustments to reconcile net earnings to cash from operating activities:
Depreciation and amortization	73,806	68,752
Share-based compensation expense	11,521	3,252
Gain on sale of businesses	0	6,551
Other, net	(9,031)	(17,358)
Cash effect of changes in assets and liabilities (excluding effects of acquisitions, dispositions and foreign exchange):
Accounts receivable, net	(116,320)	(25,313)
Inventories	(75,421)	(61,936)
Prepaid expenses and other assets	(22,005)	(8,654)
Accounts payable	63,766	(34,945)
Accrued compensation and employee benefits	(34,894)	(67,247)
Accrued expenses and other liabilities	22,945	35,021
Accrued and deferred taxes, net	30,048	14,563
Net cash provided by operating activities	177,184	75,863
Investing Activities
Additions to property, plant and equipment	(31,260)	(40,172)
Acquisitions, net of cash acquired	0	(208,421)
Proceeds from sale of property, plant, and equipment	5,845	1,232
Proceeds from sale of businesses	0	16,850
Other	(4,157)	0
Net Cash Provided by (Used in) Investing Activities	(29,572)	(230,511)
Financing Activities
Repurchase of common stock, including prepayment under an accelerated share repurchase program	(21,637)	(52,916)
Change in commercial paper and notes payable	0	415,300
Dividends paid to stockholders	(71,344)	(70,899)
Payments to settle employee tax obligations on exercise of share-based awards	(30,453)	(10,019)
Other	(805)	(512)
Net cash used in by financing activities	(124,239)	280,954
Effect of Exchange Rate on Cash and Cash Equivalents	64	(14,652)
Net (decrease) increase in cash and cash equivalents	23,437	111,654
Cash and cash equivalents at beginning of period	513,075	397,253
Cash and cash equivalents at end of period	$ 536,512	$ 508,907

Basis of Presentation	3 Months Ended
Basis of Presentation	Mar. 31, 2021
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, 2020, included in the Company's Annual Report on Form 10-K filed with the SEC on February 12, 2021. The year end Condensed Consolidated Balance Sheet was derived from audited financial statements. Certain amounts in the prior periods have been reclassified to conform to the current year presentation. The accompanying unaudited interim Condensed Consolidated Financial Statements have been prepared in accordance with U.S. GAAP, which requires management to make estimates and assumptions that affect amounts reported in the Condensed Consolidated Financial Statements and accompanying disclosures. Although these estimates are based on management’s best knowledge of current events and actions that the Company may undertake in the future, actual results may differ from those estimates. The Condensed Consolidated Financial Statements reflect all adjustments of a normal, recurring nature that are, in the opinion of management, necessary for a fair statement of results for these interim periods. The results of operations of any interim period are not necessarily indicative of the results of operations for the full year.

Revenue

3 Months Ended

Mar. 31, 2021

Revenue from Contract with Customer [Abstract]

Revenue from Contract with Customer [Text Block]

2. Revenue

A majority of the Company’s revenue is short cycle in nature with shipments within one year from order. A small portion of the Company’s revenue derives from contracts extending over one year. The Company's payment terms generally range between 30 to 90 days and vary by the location of businesses, the type of products manufactured to be sold and the volume of products sold, among other factors.

Over 95% of the Company’s performance obligations are recognized at a point in time that relate to the manufacture and sale of a broad range of products and components. Revenue is recognized when control transfers to the customer upon shipment or completion of installation, testing, certification, or other substantive acceptance provisions required under the contract. Less than 5% of the Company’s revenue is recognized over time and relates to the sale of equipment or services in which the customer receives the benefit as they are performed or controls the assets being created, or engineered to order equipment that have no alternative use and in which the contract specifies the Company has a right to payment for its costs, plus a reasonable margin.

Revenue from contracts with customers is disaggregated by segment and geographic location, as they best depict the nature and amount of the Company’s revenue. See Note 17 — Segment Information for revenue by segment and geographic location.

At March 31, 2021, we estimated that $291 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 77% of our unsatisfied (or partially unsatisfied) performance obligations as revenue through 2022, with the remaining balance to be recognized in 2023 and thereafter.

The following table provides information about contract assets and contract liabilities from contracts with customers:


	March 31, 2021		December 31, 2020		December 31, 2019

Contract assets	$	14,483	$	15,020	$	14,894
Contract liabilities - current	195,201		184,845		104,901
Contract liabilities - non-current	20,811		13,921		10,921

In the fourth quarter of 2020, the Company adjusted its prior year balance sheet classification and footnote disclosure related to certain upfront cash consideration received from customers that should have been classified as contract liabilities (included in deferred revenue or other liabilities) rather than customer deposits (included in accounts payable).

The revenue recognized during the three months ended March 31, 2021 and 2020 that was included in contract liabilities at the beginning of the period, inclusive of adjustments, amounted to $104,617 and $51,905, respectively.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

+ Details

Acquisitions	3 Months Ended
Acquisitions	Mar. 31, 2021
Business Combinations [Abstract]
Acquisitions	3. Acquisitions 2021 Acquisitions There were no acquisitions during the three months ended March 31, 2021. 2020 Acquisitions During the three months ended March 31, 2020, the Company acquired two businesses in separate transactions for total consideration of $208,421, net of cash acquired. These businesses were acquired to complement and expand upon existing operations within the Engineered Products and Imaging & Identification segments. The goodwill recorded as a result of these acquisitions represents the economic benefits expected to be derived from product line expansions and operational synergies. Goodwill in the amount of $33,125 is deductible for U.S. income tax purposes and goodwill in the amount of $92,256 is non-deductible for U.S. income tax purposes for these acquisitions. On February 18, 2020, the Company acquired 100% of the voting stock of So. Cal. Soft-Pak, Incorporated ("Soft-Pak") Software Solutions, a leading specialized provider of integrated back office, route management and customer relationship management software solutions to the waste and recycling fleet industry for $45,479, net of cash acquired. The Soft-Pak acquisition strengthens the digital offerings within the Engineered Products segment. In connection with this acquisition, the Company recorded goodwill of $33,125 and intangible assets of $12,800, primarily related to customer intangibles. On January 24, 2020, the Company acquired 100% of the voting stock of Sys-Tech Solutions, Inc. ("Systech"), a leading provider of product traceability, regulatory compliance and brand-protection software and solutions to pharmaceutical and consumer products manufacturers, for $162,942, net of cash acquired. The Systech acquisition strengthens the portfolio of solutions offered by the Imaging & Identification segment. In connection with this acquisition, the Company recorded goodwill of $92,256 and intangible assets of $76,100, primarily related to customer intangibles. The pro forma effects of acquisitions are not material to the Company's Consolidated Statements of Earnings.

Disposed Operations	3 Months Ended
Disposed Operations	Mar. 31, 2021
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposed Operations	4. Disposed Operations Management evaluates Dover's businesses periodically for their strategic fit within its operations and may from time to time sell or discontinue certain operations for various reasons. 2021 There were no dispositions for the three months ended March 31, 2021. 2020 On March 6, 2020, the Company completed the sale of the Chino, California branch of The AMS Group ("AMS Chino"), a wholly owned subsidiary of the Company. The Company recognized total consideration of $16,850, which included a working capital adjustment. This sale resulted in a pre-tax gain on sale of $6,551 included within the Condensed Consolidated Statements of Earnings and within the Refrigeration & Food Equipment Segment for the three months ended March 31, 2020. The sale did not represent a strategic shift that had a major effect on operations and financial results and, therefore, did not qualify for presentation as a discontinued operation.

Inventories

3 Months Ended

Mar. 31, 2021

Inventory, Net [Abstract]

Inventory Disclosure

5. Inventories, net


	March 31, 2021		December 31, 2020
Raw materials	$	516,008	$	497,604
Work in progress	193,691		152,360
Finished goods	314,525		304,760
Subtotal	1,024,224		954,724
Less reserves	(123,617)		(118,920)
Total	$	900,607	$	835,804

Property, Plant and Equipment

3 Months Ended

Mar. 31, 2021

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment Disclosure

6. Property, Plant and Equipment, net


	March 31, 2021		December 31, 2020
Land	$	60,567	$	60,287
Buildings and improvements	569,109		570,366
Machinery, equipment and other	1,767,836		1,772,772
Property, plant and equipment, gross	2,397,512		2,403,425
Accumulated depreciation	(1,516,381)		(1,506,099)
Property, plant and equipment, net	$	881,131	$	897,326

Depreciation expense totaled $38,194 and $34,555 for the three months ended March 31, 2021 and 2020, respectively.

Credit Losses

3 Months Ended

Mar. 31, 2021

Credit Loss [Abstract]

Allowance for Credit Losses

7. Credit Losses

Effective January 1, 2020, the Company adopted ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments prospectively. This ASU replaces the incurred loss impairment model with an expected credit loss impairment model for financial instruments, including trade receivables. The amendment requires entities to consider forward-looking information to estimate expected credit losses, resulting in earlier recognition of losses for receivables that are current or not yet due, which were not considered under the previous accounting guidance. Upon adoption, the Company recorded a noncash cumulative effect adjustment to retained earnings of $2.1 million, net of $0.6 million of income taxes, on the opening consolidated balance sheet as of January 1, 2020.

The Company is exposed to credit losses primarily through sales of products and services. Due to the short-term nature of such receivables, the estimate of amount of accounts receivable that may not be collected is based on aging of the accounts receivable balances and 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.


	2021		2020
Beginning Balance, December 31 of the Prior Year	$	40,474	$	29,381
Adoption of ASU 2016-13, cumulative-effect adjustment to retained earnings	—		2,706
Provision for expected credit losses, net of recoveries	112		3,703
Amounts written off charged against the allowance	(973)		(811)
Other, including dispositions and foreign currency translation	28		(1,078)
Ending balance, March 31	$	39,641	$	33,901

Goodwill and Other Intangible Assets

3 Months Ended

Mar. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

8. Goodwill and Other Intangible Assets

The changes in the carrying value of goodwill by reportable operating segments were as follows:


	Engineered Products		Fueling Solutions		Imaging & Identification		Pumps & Process Solutions		Refrigeration & Food Equipment		Total
Balance at December 31, 2020	$	682,985	$	940,973	$	1,117,589	$	786,280	$	544,715	$	4,072,542

Purchase price adjustments	—		843		(1,926)		(225)		—		(1,308)

Foreign currency translation	(4,401)		(684)		(15,222)		(3,761)		(614)		(24,682)
Balance at March 31, 2021	$	678,584	$	941,132	$	1,100,441	$	782,294	$	544,101	$	4,046,552

During the three months ended March 31, 2021, the Company recorded purchase price adjustments that reduced goodwill by $1,308, principally related to working capital adjustments for 2020 acquisitions within the Fueling Solutions, Imaging & Identification, and Pumps & Process Solutions segments.

The Company’s definite-lived and indefinite-lived intangible assets by major asset class were as follows:


	March 31, 2021						December 31, 2020
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Amortized intangible assets:
Customer intangibles	$	1,545,214	$	851,227	$	693,987	$	1,559,771	$	834,798	$	724,973
Trademarks	231,560		107,093		124,467		233,205		103,907		129,298
Patents	162,185		141,440		20,745		163,299		141,182		22,117
Unpatented technologies	179,039		115,129		63,910		180,947		113,404		67,543
Distributor relationships	86,108		52,474		33,634		87,028		51,611		35,417
Drawings & manuals	28,135		25,851		2,284		29,198		26,193		3,005
Other	23,897		19,657		4,240		23,901		19,324		4,577
Total	2,256,138		1,312,871		943,267		2,277,349		1,290,419		986,930
Unamortized intangible assets:
Trademarks	96,790		—		96,790		96,842		—		96,842
Total intangible assets, net	$	2,352,928	$	1,312,871	$	1,040,057	$	2,374,191	$	1,290,419	$	1,083,772

Amortization expense was $35,612 and $34,197, respectively, including acquisition-related intangible amortization of $35,173 and $33,817 for the three months ended March 31, 2021 and 2020, respectively.

Restructuring Activities

3 Months Ended

Mar. 31, 2021

Restructuring and Related Activities [Abstract]

Restructuring and Related Activities Disclosure

9. Restructuring Activities

The Company's restructuring charges by segment were as follows:


	Three Months Ended March 31,
	2021		2020
Engineered Products	$	3,991	$	358
Fueling Solutions	49		1,475
Imaging & Identification	690		256
Pumps & Process Solutions	(17)		3,846
Refrigeration & Food Equipment	1,061		560
Corporate	661		846
Total	$	6,435	$	7,341

These amounts are classified in the Condensed Consolidated Statements of Earnings as follows:
Cost of goods and services	$	3,907	$	1,542
Selling, general and administrative expenses	2,528		5,799
Total	$	6,435	$	7,341

The restructuring expenses of $6,435 incurred during the three months ended March 31, 2021 were primarily the result of restructuring programs initiated in 2020 in response to lower demand conditions, asset charges related to a product line exit and broad-based operational efficiency initiatives focusing on footprint consolidation and IT centralization. Additional programs, beyond the scope of the announced programs, may be implemented during 2021 with related restructuring charges.

The $6,435 of restructuring charges incurred during the first quarter of 2021 primarily included the following items:

•The Engineered Products segment recorded $3,991 of restructuring charges related principally to asset charges related to a product line exit.

•The Fueling Solutions segment recorded $49 of restructuring charges primarily due to headcount reductions.

•The Imaging & Identification segment recorded restructuring charges of $690 principally related to headcount reductions.

•The Pumps & Process Solutions segment recorded $17 of restructuring benefit primarily due to a true-up of facility exit costs.

•The Refrigeration & Food Equipment segment recorded $1,061 of restructuring expense primarily due to headcount reductions and facility restructuring costs.

•Corporate recorded $661 of restructuring charges primarily related to exit costs associated with IT centralization initiatives.

The Company’s severance and exit accrual activities were as follows:


	Severance		Exit			Total
Balance at December 31, 2020	$	10,547	$	4,366		$	14,913
Restructuring charges	2,055		4,380			6,435
Payments	(5,105)		(2,595)			(7,700)


Other, including foreign currency translation	(207)		(4,061)		(1)	(4,268)
Balance at March 31, 2021	$	7,290	$	2,090		$	9,380

(1) Other activity in exit reserves primarily represents asset charges related to a product line exit.

Borrowings

3 Months Ended

Mar. 31, 2021

Debt Disclosure [Abstract]

Borrowings

10. Borrowings

Borrowings consisted of the following:


			Carrying amount (1)
	Principal		March 31, 2021		December 31, 2020
Long-term
3.15% 10-year notes due November 15, 2025	$	400,000	$	396,884	$	396,716
1.25% 10-year notes due November 9, 2026 (euro-denominated)	€	600,000	699,283		724,310
0.750% 8-year notes due November 4, 2027 (euro denominated)	€	500,000	582,232		603,107
6.65% 30-year debentures due June 1, 2028	$	200,000	199,280		199,255
2.950% 10-year notes due November 4, 2029	$	300,000	296,744		296,650
5.375% 30-year debentures due October 15, 2035	$	300,000	296,372		296,309
6.60% 30-year notes due March 15, 2038	$	250,000	248,081		248,053
5.375% 30-year notes due March 1, 2041	$	350,000	344,498		344,429



Total long-term debt			$	3,063,374	$	3,108,829

(1) Carrying amount is net of unamortized debt discount and deferred debt issuance costs. Total unamortized debt discounts were

$16.8 million and $17.6 million as of March 31, 2021 and December 31, 2020, respectively. Total deferred debt issuance costs were $13.9 million and $14.4 million as of March 31, 2021 and December 31, 2020, respectively.

As of March 31, 2021, 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. 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 EBITDA to consolidated net interest expense of not less than 3.0 to 1. The Company uses the Credit Agreement principally as liquidity back-up for its commercial paper program. On March 16, 2020, the Company borrowed $500 million under the Credit Agreement, which was subsequently repaid in full during the second quarter with proceeds from resumed commercial paper borrowings. Proceeds from the Credit Agreement borrowing were used to repay all of the Company's outstanding commercial paper and for general corporate purposes.

The Company was in compliance with all covenants in the Credit Agreement and other long-term debt covenants at March 31, 2021 and had an interest coverage ratio of consolidated EBITDA to consolidated net interest expense of 12.1 to 1.

As of March 31, 2021, the Company had approximately $145.7 million outstanding in letters of credit, surety bonds, and performance and other guarantees which expire on various dates through 2029. These letters of credit and bonds are primarily issued as security for insurance, warranty and other performance obligations. In general, we would only be liable for the amount of these guarantees in the event of default in the performance of our obligations.

Financial Instruments

3 Months Ended

Mar. 31, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments and Hedging Activities Disclosure

11. Financial Instruments

Derivatives

The Company is exposed to market risk for changes in foreign currency exchange rates due to the global nature of its operations and certain commodity risks. In order to manage these risks, the Company has hedged portions of its forecasted sales and purchases to occur within the next twelve months that are denominated in non-functional currencies, with currency forward contracts designated as cash flow hedges. At March 31, 2021 and December 31, 2020, the Company had contracts with total notional amounts of $177,216 and $173,674, respectively, to exchange currencies, principally Euro, Pound Sterling, Swedish Krona, Chinese Yuan, Canadian Dollar, and Swiss Franc. The Company believes it is probable that all forecasted cash flow transactions will occur.

In addition, the Company had outstanding contracts with a total notional amount of $77,916 and $73,755 as of March 31, 2021 and December 31, 2020, respectively, that are not designated as hedging instruments. These instruments are used to reduce the Company's exposure for operating receivables and payables that are denominated in non-functional currencies. Gains and losses on these contracts are recorded in other income, net in the Condensed Consolidated Statements of Earnings.

The following table sets forth the fair values of derivative instruments held by the Company as of March 31, 2021 and December 31, 2020 and the balance sheet lines in which they are recorded:


	Fair Value Asset (Liability)
	March 31, 2021		December 31, 2020		Balance Sheet Caption
Foreign currency forward	$	4,184	$	2,325	Prepaid and other current assets
Foreign currency forward	(744)		(2,057)		Other accrued expenses

For a cash flow hedge, the change in estimated fair value of a hedging instrument is recorded in accumulated other comprehensive (loss) earnings as a separate component of the Condensed Consolidated Statements of Stockholders' Equity and is reclassified into revenues and cost of goods and services in the Condensed Consolidated Statements of Earnings during the period in which the hedged transaction is settled. The amount of gains or losses from hedging activity recorded in earnings is not significant, and the amount of unrealized gains and losses from cash flow hedges that are expected to be reclassified to earnings in the next twelve months is not significant; therefore, additional tabular disclosures are not presented. There are no amounts excluded from the assessment of hedge effectiveness and the Company's derivative instruments that are subject to credit risk contingent features were not significant.

The Company is exposed to credit loss in the event of nonperformance by counterparties to the financial instrument contracts held by the Company; however, nonperformance by these counterparties is considered unlikely as the Company’s policy is to contract with highly-rated, diversified counterparties.

The Company has designated the €600,000 and €500,000 of euro-denominated notes issued November 9, 2016 and November 4, 2019, respectively, as hedges of a portion of its net investment in euro-denominated operations. Changes in the value of the euro-denominated debt are recognized in foreign currency translation adjustments within other comprehensive earnings of the Condensed Consolidated Statements of Comprehensive Earnings to offset changes in the value of the net investment in euro-denominated operations.

Amounts recognized in other comprehensive earnings for the gains (losses) on net investment hedges were as follows:


	Three Months Ended March 31,
	2021		2020
Gain on euro-denominated debt	$	46,433	$	23,624
Tax expense	(10,492)		(5,139)
Net gain on net investment hedges, net of tax	$	35,941	$	18,485

Fair Value Measurements

ASC 820, Fair Value Measurements and Disclosures, establishes a fair value hierarchy that requires the Company to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the hierarchy is based on the lowest level of input that is significant to the fair value measurement. ASC 820 establishes three levels of inputs that may be used to measure fair value.

Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2 inputs include inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices in active markets for similar assets and liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of assets or liabilities.

Level 3 inputs are unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions.

The following table presents the Company’s assets and liabilities measured at fair value on a recurring basis as of March 31, 2021 and December 31, 2020:


	March 31, 2021		December 31, 2020
	Level 2			Level 2
Assets:
Foreign currency cash flow hedges	$	4,184		$	2,325
Liabilities:
Foreign currency cash flow hedges	744			2,057

In addition to fair value disclosure requirements related to financial instruments carried at fair value, accounting standards require interim disclosures regarding the fair value of all of the Company’s financial instruments.

The estimated fair value of long-term debt, net at March 31, 2021 and December 31, 2020, was $3,460,123 and $3,635,673, respectively. The estimated fair value of long-term debt is based on quoted market prices for similar instruments and is, therefore, classified as Level 2 within the fair value hierarchy.

The carrying values of cash and cash equivalents, trade receivables, accounts payable and notes payable are reasonable estimates of their fair values as of March 31, 2021 and December 31, 2020 due to the short-term nature of these instruments.

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Income Taxes	12. Income Taxes The effective tax rates for the three months ended March 31, 2021 and 2020 were 19.5% and 17.4%, respectively. The increase in the effective tax rate for the three months ended March 31, 2021 relative to the prior comparable period was primarily driven by favorable audit settlements in the prior year. 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 $13.4 million.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Equity Incentive Program

3 Months Ended

Mar. 31, 2021

Share-based Payment Arrangement, Noncash Expense [Abstract]

Share-based Compensation

13. Equity Incentive Program

The Company typically grants equity awards annually at its regularly scheduled first quarter meeting of the Compensation Committee of the Board of Directors. During the three months ended March 31, 2021, the Company issued stock-settled appreciation rights ("SARs") covering 411,814 shares, performance share awards of 50,371 and restricted stock units ("RSUs") of 82,469.

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
	2021		2020
Risk-free interest rate	0.59	%	1.44	%
Dividend yield	1.62	%	1.65	%
Expected life (years)	5.5		5.5
Volatility	30.49	%	22.76	%

Grant price	$122.73		$119.86
Fair value per share at date of grant	$29.08		$22.54

The performance share awards granted in 2021 and 2020 are market condition awards as attainment is based on Dover's performance relative to its peer group (companies listed under the S&P 500 Industrials sector) for the relevant performance period. The performance period and vesting period for these awards is 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
	2021		2020
Risk-free interest rate	0.19	%	1.40	%
Dividend yield	1.62	%	1.65	%
Expected life (years)	2.9		2.9
Volatility	31.90	%	23.30	%

Grant price	$122.73		$119.86
Fair value per share at date of grant	$148.29		$165.71

The Company also has granted RSUs, and the fair value of these awards was determined using Dover's closing stock price on the date of grant.

Stock-based compensation is reported within selling, general and administrative expenses in the Condensed Consolidated Statements of Earnings. The following table summarizes the Company’s compensation expense relating to all stock-based incentive plans:


	Three Months Ended March 31,
	2021		2020
Pre-tax stock-based compensation expense	$	11,521	$	3,252
Tax benefit	(1,222)		(349)
Total stock-based compensation expense, net of tax	$	10,299	$	2,903

Commitments and Contingent Liabilities

3 Months Ended

Mar. 31, 2021

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingent Liabilities

14. Commitments and Contingent Liabilities

Litigation

Certain of the Company’s subsidiaries are involved in legal proceedings relating to the cleanup of waste disposal sites identified under federal and state statutes that provide for the allocation of such costs among "potentially responsible parties." In each instance, the extent of the Company’s liability appears to be very small in relation to the total projected expenditures and the number of other "potentially responsible parties" involved and is anticipated to be immaterial to the Company. In addition, certain of the Company’s subsidiaries are involved in ongoing remedial activities at certain current and former plant sites, in cooperation with regulatory agencies, and appropriate estimated liabilities have been established. At March 31, 2021 and December 31, 2020, the Company had estimated liabilities totaling $29,296 and $30,431, respectively, for environmental and other matters, including private party claims for exposure to hazardous substances that are probable and estimable.

The Company and certain of its subsidiaries are also parties to a number of other legal proceedings incidental to their businesses. These proceedings primarily involve claims by private parties alleging injury arising out of use of the Company’s products, patent infringement, employment matters, and commercial disputes. Management and legal counsel, at least quarterly, review the probable outcome of such proceedings, the costs and expenses reasonably expected to be incurred and currently accrued to-date, and the availability and extent of insurance coverage. The Company has estimated liabilities for legal matters that are probable and estimable, and at March 31, 2021 and December 31, 2020, these estimated liabilities were not significant. While it is not possible at this time to predict the outcome of these legal actions, in the opinion of management, based on the aforementioned reviews, the Company is not currently involved in any legal proceedings which, individually or in the aggregate, could have a material effect on its financial position, results of operations, or cash flows.

Warranty Accruals

Estimated warranty program claims are provided for at the time of sale of the Company's products. Amounts provided for are based on historical costs and adjusted for new claims and are included within other accrued expenses and other liabilities in the Condensed Consolidated Balance Sheet. The changes in the carrying amount of product warranties through March 31, 2021 and 2020, were as follows:


	2021		2020
Beginning Balance, December 31 of the Prior Year	$	51,088	$	49,116
Provision for warranties	18,897		13,360
Settlements made	(17,760)		(15,526)
Other adjustments, including acquisitions and currency translation	(839)		(1,079)
Ending balance, March 31	$	51,386	$	45,871

Employee Benefit Plans

3 Months Ended

Mar. 31, 2021

Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]

Employee Benefit Plans

15. Employee Benefit Plans

Retirement Plans

The Company sponsors qualified defined benefit pension plans covering certain employees of the Company and its subsidiaries, although the U.S. qualified and non-qualified defined benefit plans are closed to new entrants. The plans’ benefits are generally based on years of service and employee compensation. The Company also provides to certain management employees, through non-qualified plans, supplemental retirement benefits in excess of qualified plan limits imposed by federal tax law.

The tables below set forth the components of the Company’s net periodic expense (income) relating to retirement benefit plans. The service cost component is recognized within selling, general and administrative expenses and cost of goods and services, depending on the functional area of the underlying employees included in the plans, and the non-operating components of pension costs are included within other income, net in the Condensed Consolidated Statements of Earnings.

Qualified Defined Benefits


	Three Months Ended March 31,
	U.S. Plan				Non-U.S. Plans
	2021		2020		2021		2020
Service cost	$	1,784	$	1,706	$	1,442	$	1,293
Interest cost	3,401		4,068		667		825
Expected return on plan assets	(7,245)		(7,869)		(1,799)		(1,677)
Amortization:
Prior service cost (credit)	53		57		(169)		(119)
Recognized actuarial loss	2,503		1,884		1,000		742



Net periodic expense (income)	$	496	$	(154)	$	1,141	$	1,064

Non-Qualified Supplemental Benefits


	Three Months Ended March 31,
	2021		2020
Service cost	$	390	$	318
Interest cost	308		441
Amortization:
Prior service cost	383		424
Recognized actuarial gain	(418)		(464)

Net periodic expense	$	663	$	719

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 $15,061 and $14,048 for the three months ended March 31, 2021 and 2020.

- Definition

The entire disclosure for retirement benefits.

+ References

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+ Details

Other Comprehensive Earnings

3 Months Ended

Mar. 31, 2021

Other Comprehensive Income (Loss), Net of Tax [Abstract]

Other Comprehensive Earnings

16. Other Comprehensive Earnings

Amounts reclassified from accumulated other comprehensive loss to earnings during the three months ended March 31, 2021 and 2020 were as follows:


	Three Months Ended March 31,
	2021		2020




Pension and other postretirement benefit plans:
Amortization of actuarial losses	$	3,085	$	2,158
Amortization of prior service costs	270		365

Total before tax	3,355		2,523
Tax benefit	(773)		(568)
Net of tax	$	2,582	$	1,955
Cash flow hedges:
Net (gains) losses reclassified into earnings	$	(1,833)	$	1,420
Tax provision (benefit)	422		(299)
Net of tax	$	(1,411)	$	1,121

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.

Cash flow hedges consist mainly of foreign currency forward contracts. The Company recognizes the realized gains and losses on its cash flow hedges in the same line item as the hedged transaction, such as revenue, cost of goods and services, or selling, general and administrative expenses.

Segment Information

3 Months Ended

Mar. 31, 2021

Segment Reporting [Abstract]

Segment Information

17. Segment Information

The Company categorizes its operating companies into five reportable segments as follows:

•Engineered Products segment is a provider of a wide range of products, software and services that have broad customer applications across a number of markets, including aftermarket vehicle service, solid waste handling, industrial automation, aerospace and defense, industrial winch and hoist, and fluid dispensing.

•Fueling Solutions segment is focused on providing components, equipment and software and service solutions enabling safe transport of fuels and other hazardous fluids along the supply chain, as well as the safe and efficient operation of retail fueling and vehicle wash establishments.

•Imaging & Identification segment supplies precision marking and coding, product traceability and digital textile printing equipment, as well as related consumables, software and services.

•Pumps & Process Solutions segment manufactures specialty pumps, fluid handling components, plastics and polymer processing equipment, single use pumps, flow meters and connectors, and highly engineered components for rotating and reciprocating machines.

•Refrigeration & Food Equipment segment is a provider of innovative and energy-efficient equipment and systems that serve the commercial refrigeration, heating and cooling and food equipment markets.

Segment financial information and a reconciliation of segment results to consolidated results was as follows:


	Three Months Ended March 31,
	2021		2020
Revenue:
Engineered Products	$	428,127	$	408,160
Fueling Solutions	389,678		359,982
Imaging & Identification	284,328		256,765
Pumps & Process Solutions	394,377		319,536
Refrigeration & Food Equipment	372,077		311,913
Intra-segment eliminations	(686)		(417)
Total consolidated revenue	$	1,867,901	$	1,655,939
Net earnings:
Segment earnings (EBIT): (1)
Engineered Products	$	68,779	$	69,094
Fueling Solutions	66,480		53,498
Imaging & Identification	56,992		51,482
Pumps & Process Solutions	123,645		66,079
Refrigeration & Food Equipment(2)	38,117		23,529
Total segment earnings (EBIT)	354,013		263,682
Corporate expense / other (3)	38,620		24,097
Interest expense	26,823		27,268
Interest income	(680)		(1,183)
Earnings before provision for income taxes	289,250		213,500
Provision for income taxes	56,481		37,221
Net earnings	$	232,769	$	176,279

(1) Segment earnings (EBIT) includes non-operating income and expense directly attributable to the segments. Non-operating income and expense includes gain on sale of a business and other income, net.

(2) The three months ended March 31, 2020 includes a $6,551 gain on the sale of AMS Chino.

(3) Certain expenses are maintained at the corporate level and not allocated to the segments. These expenses include executive and functional compensation costs, non-service pension costs, non-operating insurance expenses, shared business services overhead costs, deal related expenses and various administrative expenses relating to the corporate headquarters.

The following table presents revenue disaggregated by geography based on the location of the Company's customer:


	Three Months Ended March 31,
Revenue by geography	2021		2020
United States	$	1,036,014	$	956,640
Europe	445,295		361,166
Asia	192,107		154,275
Other Americas	130,177		129,049
Other	64,308		54,809
Total	$	1,867,901	$	1,655,939

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Share Repurchases	3 Months Ended
Share Repurchases	Mar. 31, 2021
Stockholders' Equity Note [Abstract]
Share repurchases	18. 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. During the three months ended March 31, 2021, the Company repurchased 182,951 shares of common stock at a total cost of $21,637, or $118.27 per share. During the three months ended March 31, 2020, the Company repurchased 548,659 shares of common stock at a total cost of $52,916, or $96.45. As of March 31, 2021, 19,817,049 shares remain authorized for repurchase under the November 2020 share repurchase authorization.

Earnings per Share

3 Months Ended

Mar. 31, 2021

Earnings Per Share [Abstract]

Earnings Per Share

19. Earnings per Share

The following table sets forth a reconciliation of the information used in computing basic and diluted earnings per share:


	Three Months Ended March 31,
	2021		2020


Net earnings	$	232,769	$	176,279
Basic earnings per common share:


Net earnings	$	1.62	$	1.22

Weighted average shares outstanding	143,765,000		144,259,000
Diluted earnings per common share:


Net earnings	$	1.61	$	1.21

Weighted average shares outstanding	144,938,000		145,782,000

The following table is a reconciliation of the share amounts used in computing earnings per share:


	Three Months Ended March 31,
	2021	2020
Weighted average shares outstanding - Basic	143,765,000	144,259,000
Dilutive effect of assumed exercise of SARs and vesting of performance shares and RSUs	1,173,000	1,523,000
Weighted average shares outstanding - Diluted	144,938,000	145,782,000

Diluted earnings per share amounts are computed using the weighted average number of common shares outstanding and, if dilutive, potential common shares outstanding during the period. Potential common shares consist of the incremental common shares issuable upon the exercise of SARs and vesting of performance shares and RSUs, as determined using the treasury stock method.

The weighted average number of anti-dilutive potential common shares excluded from the calculation above were approximately 88,000 and 65,000 for the three months ended March 31, 2021 and 2020, respectively.

Recent Accounting Standards	3 Months Ended
Recent Accounting Standards	Mar. 31, 2021
Accounting Standards Update and Change in Accounting Principle [Abstract]
Recent Accounting Standards	20. Recent Accounting Pronouncements Recently Issued Accounting Standards In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848) Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The purpose of this update is to provide optional guidance for a limited time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. The amendments provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments in this update are elective and are effective upon issuance for all entities. Management is evaluating the impact of this ASU and does not expect this update to have a material impact on the Company's Consolidated Financial Statements.

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2021
Subsequent Events [Abstract]
Subsequent Events [Text Block]	21. Subsequent EventOn April 19, 2021, the Company completed the acquisition of AvaLAN Wireless Systems Incorporated ("AvaLAN"), a leading provider of highly-secure wireless and wired Ethernet solutions, managed routers, software-as-a-service and cloud-based services, for approximately $40.0 million. AvaLAN will be included in the Fueling Solutions segment.

Revenue (Tables)

3 Months Ended

Mar. 31, 2021

Revenue from Contract with Customer [Abstract]

Contract with Customer, Asset and Liability [Table Text Block]

The following table provides information about contract assets and contract liabilities from contracts with customers:


	March 31, 2021		December 31, 2020		December 31, 2019

Contract assets	$	14,483	$	15,020	$	14,894
Contract liabilities - current	195,201		184,845		104,901
Contract liabilities - non-current	20,811		13,921		10,921

Inventories (Tables)

3 Months Ended

Mar. 31, 2021

Inventory, Net [Abstract]

Components of Inventory


	March 31, 2021		December 31, 2020
Raw materials	$	516,008	$	497,604
Work in progress	193,691		152,360
Finished goods	314,525		304,760
Subtotal	1,024,224		954,724
Less reserves	(123,617)		(118,920)
Total	$	900,607	$	835,804

Property, Plant and Equipment (Tables)

3 Months Ended

Mar. 31, 2021

Property, Plant and Equipment [Abstract]

Components of property, plant and equipment, net


	March 31, 2021		December 31, 2020
Land	$	60,567	$	60,287
Buildings and improvements	569,109		570,366
Machinery, equipment and other	1,767,836		1,772,772
Property, plant and equipment, gross	2,397,512		2,403,425
Accumulated depreciation	(1,516,381)		(1,506,099)
Property, plant and equipment, net	$	881,131	$	897,326

Credit Losses (Tables)

3 Months Ended

Mar. 31, 2021

Credit Loss [Abstract]

Accounts Receivable, Allowance for Credit Loss


	2021		2020
Beginning Balance, December 31 of the Prior Year	$	40,474	$	29,381
Adoption of ASU 2016-13, cumulative-effect adjustment to retained earnings	—		2,706
Provision for expected credit losses, net of recoveries	112		3,703
Amounts written off charged against the allowance	(973)		(811)
Other, including dispositions and foreign currency translation	28		(1,078)
Ending balance, March 31	$	39,641	$	33,901

Goodwill and Other Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2021

Goodwill [Line Items]

Goodwill

The changes in the carrying value of goodwill by reportable operating segments were as follows:


	Engineered Products		Fueling Solutions		Imaging & Identification		Pumps & Process Solutions		Refrigeration & Food Equipment		Total
Balance at December 31, 2020	$	682,985	$	940,973	$	1,117,589	$	786,280	$	544,715	$	4,072,542

Purchase price adjustments	—		843		(1,926)		(225)		—		(1,308)

Foreign currency translation	(4,401)		(684)		(15,222)		(3,761)		(614)		(24,682)
Balance at March 31, 2021	$	678,584	$	941,132	$	1,100,441	$	782,294	$	544,101	$	4,046,552

Schedule of Intangible Assets

The Company’s definite-lived and indefinite-lived intangible assets by major asset class were as follows:


	March 31, 2021						December 31, 2020
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Amortized intangible assets:
Customer intangibles	$	1,545,214	$	851,227	$	693,987	$	1,559,771	$	834,798	$	724,973
Trademarks	231,560		107,093		124,467		233,205		103,907		129,298
Patents	162,185		141,440		20,745		163,299		141,182		22,117
Unpatented technologies	179,039		115,129		63,910		180,947		113,404		67,543
Distributor relationships	86,108		52,474		33,634		87,028		51,611		35,417
Drawings & manuals	28,135		25,851		2,284		29,198		26,193		3,005
Other	23,897		19,657		4,240		23,901		19,324		4,577
Total	2,256,138		1,312,871		943,267		2,277,349		1,290,419		986,930
Unamortized intangible assets:
Trademarks	96,790		—		96,790		96,842		—		96,842
Total intangible assets, net	$	2,352,928	$	1,312,871	$	1,040,057	$	2,374,191	$	1,290,419	$	1,083,772

Restructuring Activities (Tables)

3 Months Ended

Mar. 31, 2021

Restructuring and Related Activities [Abstract]

Schedule of Restructuring and Related Costs

The Company's restructuring charges by segment were as follows:


	Three Months Ended March 31,
	2021		2020
Engineered Products	$	3,991	$	358
Fueling Solutions	49		1,475
Imaging & Identification	690		256
Pumps & Process Solutions	(17)		3,846
Refrigeration & Food Equipment	1,061		560
Corporate	661		846
Total	$	6,435	$	7,341

These amounts are classified in the Condensed Consolidated Statements of Earnings as follows:
Cost of goods and services	$	3,907	$	1,542
Selling, general and administrative expenses	2,528		5,799
Total	$	6,435	$	7,341

Schedule of Restructuring Reserve by Type of Cost

The Company’s severance and exit accrual activities were as follows:


	Severance		Exit			Total
Balance at December 31, 2020	$	10,547	$	4,366		$	14,913
Restructuring charges	2,055		4,380			6,435
Payments	(5,105)		(2,595)			(7,700)


Other, including foreign currency translation	(207)		(4,061)		(1)	(4,268)
Balance at March 31, 2021	$	7,290	$	2,090		$	9,380

(1) Other activity in exit reserves primarily represents asset charges related to a product line exit.

Borrowings (Tables)

3 Months Ended

Mar. 31, 2021

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments


			Carrying amount (1)
	Principal		March 31, 2021		December 31, 2020
Long-term
3.15% 10-year notes due November 15, 2025	$	400,000	$	396,884	$	396,716
1.25% 10-year notes due November 9, 2026 (euro-denominated)	€	600,000	699,283		724,310
0.750% 8-year notes due November 4, 2027 (euro denominated)	€	500,000	582,232		603,107
6.65% 30-year debentures due June 1, 2028	$	200,000	199,280		199,255
2.950% 10-year notes due November 4, 2029	$	300,000	296,744		296,650
5.375% 30-year debentures due October 15, 2035	$	300,000	296,372		296,309
6.60% 30-year notes due March 15, 2038	$	250,000	248,081		248,053
5.375% 30-year notes due March 1, 2041	$	350,000	344,498		344,429



Total long-term debt			$	3,063,374	$	3,108,829

(1) Carrying amount is net of unamortized debt discount and deferred debt issuance costs. Total unamortized debt discounts were

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Fair value of derivative instruments and the balance sheet lines in which they are recorded

The following table sets forth the fair values of derivative instruments held by the Company as of March 31, 2021 and December 31, 2020 and the balance sheet lines in which they are recorded:


	Fair Value Asset (Liability)
	March 31, 2021		December 31, 2020		Balance Sheet Caption
Foreign currency forward	$	4,184	$	2,325	Prepaid and other current assets
Foreign currency forward	(744)		(2,057)		Other accrued expenses

Schedule of net investment hedges in accumulated other comprehensive income (loss)

Amounts recognized in other comprehensive earnings for the gains (losses) on net investment hedges were as follows:


	Three Months Ended March 31,
	2021		2020
Gain on euro-denominated debt	$	46,433	$	23,624
Tax expense	(10,492)		(5,139)
Net gain on net investment hedges, net of tax	$	35,941	$	18,485

Assets and liabilities measured at fair value on a recurring basis

The following table presents the Company’s assets and liabilities measured at fair value on a recurring basis as of March 31, 2021 and December 31, 2020:


	March 31, 2021		December 31, 2020
	Level 2			Level 2
Assets:
Foreign currency cash flow hedges	$	4,184		$	2,325
Liabilities:
Foreign currency cash flow hedges	744			2,057

Equity Incentive Program (Tables)

3 Months Ended

Mar. 31, 2021

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Stock-based incentive plans compensation expense


	Three Months Ended March 31,
	2021		2020
Pre-tax stock-based compensation expense	$	11,521	$	3,252
Tax benefit	(1,222)		(349)
Total stock-based compensation expense, net of tax	$	10,299	$	2,903

Stock Appreciation Rights (SARs) [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

The assumptions used in determining the fair value of the SARs awarded during the respective periods were as follows:


	SARs
	2021		2020
Risk-free interest rate	0.59	%	1.44	%
Dividend yield	1.62	%	1.65	%
Expected life (years)	5.5		5.5
Volatility	30.49	%	22.76	%

Grant price	$122.73		$119.86
Fair value per share at date of grant	$29.08		$22.54

Performance Shares [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

The assumptions used in determining the fair value of the performance shares granted in the respective periods were as follows:


	Performance Shares
	2021		2020
Risk-free interest rate	0.19	%	1.40	%
Dividend yield	1.62	%	1.65	%
Expected life (years)	2.9		2.9
Volatility	31.90	%	23.30	%

Grant price	$122.73		$119.86
Fair value per share at date of grant	$148.29		$165.71

Commitments and Contingent Liabilities (Tables)

3 Months Ended

Mar. 31, 2021

Commitments and Contingencies Disclosure [Abstract]

Schedule of Product Warranty Liability


	2021		2020
Beginning Balance, December 31 of the Prior Year	$	51,088	$	49,116
Provision for warranties	18,897		13,360
Settlements made	(17,760)		(15,526)
Other adjustments, including acquisitions and currency translation	(839)		(1,079)
Ending balance, March 31	$	51,386	$	45,871

Employee Benefit Plans (Tables)

3 Months Ended

Mar. 31, 2021

Defined benefit pension plans

Defined Benefit Plan Disclosure [Line Items]

Schedule of Defined Benefit Plans Disclosures

Qualified Defined Benefits


	Three Months Ended March 31,
	U.S. Plan				Non-U.S. Plans
	2021		2020		2021		2020
Service cost	$	1,784	$	1,706	$	1,442	$	1,293
Interest cost	3,401		4,068		667		825
Expected return on plan assets	(7,245)		(7,869)		(1,799)		(1,677)
Amortization:
Prior service cost (credit)	53		57		(169)		(119)
Recognized actuarial loss	2,503		1,884		1,000		742



Net periodic expense (income)	$	496	$	(154)	$	1,141	$	1,064

Supplemental Employee Retirement Plans, Defined Benefit [Member]

Defined Benefit Plan Disclosure [Line Items]

Schedule of Defined Benefit Plans Disclosures

Non-Qualified Supplemental Benefits


	Three Months Ended March 31,
	2021		2020
Service cost	$	390	$	318
Interest cost	308		441
Amortization:
Prior service cost	383		424
Recognized actuarial gain	(418)		(464)

Net periodic expense	$	663	$	719

Other Comprehensive Earnings (Tables)

3 Months Ended

Mar. 31, 2021

Other Comprehensive Income (Loss), Net of Tax [Abstract]

Schedule of amounts reclassified from accumulated other comprehensive income (loss) to earnings

Amounts reclassified from accumulated other comprehensive loss to earnings during the three months ended March 31, 2021 and 2020 were as follows:


	Three Months Ended March 31,
	2021		2020




Pension and other postretirement benefit plans:
Amortization of actuarial losses	$	3,085	$	2,158
Amortization of prior service costs	270		365

Total before tax	3,355		2,523
Tax benefit	(773)		(568)
Net of tax	$	2,582	$	1,955
Cash flow hedges:
Net (gains) losses reclassified into earnings	$	(1,833)	$	1,420
Tax provision (benefit)	422		(299)
Net of tax	$	(1,411)	$	1,121

Segment Information (Tables)

3 Months Ended

Mar. 31, 2021

Segment Reporting [Abstract]

Revenue and earnings from continuing operations by market segment

Segment financial information and a reconciliation of segment results to consolidated results was as follows:


	Three Months Ended March 31,
	2021		2020
Revenue:
Engineered Products	$	428,127	$	408,160
Fueling Solutions	389,678		359,982
Imaging & Identification	284,328		256,765
Pumps & Process Solutions	394,377		319,536
Refrigeration & Food Equipment	372,077		311,913
Intra-segment eliminations	(686)		(417)
Total consolidated revenue	$	1,867,901	$	1,655,939
Net earnings:
Segment earnings (EBIT): (1)
Engineered Products	$	68,779	$	69,094
Fueling Solutions	66,480		53,498
Imaging & Identification	56,992		51,482
Pumps & Process Solutions	123,645		66,079
Refrigeration & Food Equipment(2)	38,117		23,529
Total segment earnings (EBIT)	354,013		263,682
Corporate expense / other (3)	38,620		24,097
Interest expense	26,823		27,268
Interest income	(680)		(1,183)
Earnings before provision for income taxes	289,250		213,500
Provision for income taxes	56,481		37,221
Net earnings	$	232,769	$	176,279

(2) The three months ended March 31, 2020 includes a $6,551 gain on the sale of AMS Chino.

Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas

The following table presents revenue disaggregated by geography based on the location of the Company's customer:


	Three Months Ended March 31,
Revenue by geography	2021		2020
United States	$	1,036,014	$	956,640
Europe	445,295		361,166
Asia	192,107		154,275
Other Americas	130,177		129,049
Other	64,308		54,809
Total	$	1,867,901	$	1,655,939

Earnings per Share (Tables)

3 Months Ended

Mar. 31, 2021

Earnings Per Share [Abstract]

Reconciliation of information used in computing basic and diluted earnings per share

The following table sets forth a reconciliation of the information used in computing basic and diluted earnings per share:


	Three Months Ended March 31,
	2021		2020


Net earnings	$	232,769	$	176,279
Basic earnings per common share:


Net earnings	$	1.62	$	1.22

Weighted average shares outstanding	143,765,000		144,259,000
Diluted earnings per common share:


Net earnings	$	1.61	$	1.21

Weighted average shares outstanding	144,938,000		145,782,000

Reconciliation of share amounts used in computing earnings per share

The following table is a reconciliation of the share amounts used in computing earnings per share:


	Three Months Ended March 31,
	2021	2020
Weighted average shares outstanding - Basic	143,765,000	144,259,000
Dilutive effect of assumed exercise of SARs and vesting of performance shares and RSUs	1,173,000	1,523,000
Weighted average shares outstanding - Diluted	144,938,000	145,782,000

Performance Obligations (Details)	3 Months Ended
Performance Obligations (Details)	Mar. 31, 2021
Revenue from Contract with Customer Performance Obligations [Abstract]
Revenue Recognized Point-in-time, Percent	95.00%
Revenue Recognized Over-time, Percent	5.00%
Unsatisfied Performance Obligations Expected to Recognize as Revenue, Percent	77.00%

Remaining Performance Obligation (Details) $ in Millions	Mar. 31, 2021 USD ($)
Revenue from Contract with Customer [Abstract]
Revenue, Remaining Performance Obligation, Amount	$ 291.0

Contract Balances (Details) - USD ($) $ in Thousands	3 Months Ended
Contract Balances (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020	Dec. 31, 2019
Change in Contract with Customer, Asset and Liability [Abstract]
Revenue recognized that was included in the contract liability balance at the beginning of the period	$ (104,617)	$ (51,905)
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]
Contract assets balance	14,483		$ 15,020	$ 14,894
Contract liabilities - current	195,201		184,845	104,901
Contract liabilities - non-current	$ 20,811		$ 13,921	$ 10,921

Acquisitions (Details)	3 Months Ended
Acquisitions (Details)	Mar. 31, 2020 USD ($)
Business Acquisition [Line Items]
Payments to Acquire Businesses, Net of Cash Acquired	$ 208,421,000
Systech [Member]
Business Acquisition [Line Items]
Payments to Acquire Businesses, Net of Cash Acquired	162,942,000
Goodwill Acquired	92,256,000
Intangibles	76,100,000
Soft-Pak [Member]
Business Acquisition [Line Items]
Payments to Acquire Businesses, Net of Cash Acquired	45,479,000
Goodwill - tax deductible	33,125,000
Intangibles	$ 12,800,000

Disposed Operations (Details) - USD ($) $ in Thousands	3 Months Ended
Disposed Operations (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Mar. 31, 2020
Discontinued Operations and Disposal Groups [Abstract]
Gain on sale of businesses	$ 0	$ (6,551)
Proceeds from sale of businesses	$ 0	$ 16,850

Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Inventory, Net [Abstract]
Raw materials	$ 516,008	$ 497,604
Work in progress	193,691	152,360
Finished goods	314,525	304,760
Subtotal	1,024,224	954,724
Less reserves	(123,617)	(118,920)
Total	$ 900,607	$ 835,804

Property, Plant and Equipment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Cost	$ 2,397,512		$ 2,403,425
Accumulated depreciation	(1,516,381)		(1,506,099)
Total	881,131		897,326
Depreciation expense	38,194	$ 34,555
Land [Member]
Property, Plant and Equipment [Line Items]
Cost	60,567		60,287
Buildings and improvements [Member]
Property, Plant and Equipment [Line Items]
Cost	569,109		570,366
Machinery, equipment and other [Member]
Property, Plant and Equipment [Line Items]
Cost	$ 1,767,836		$ 1,772,772

Credit Losses (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
Credit Losses (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020	Jan. 01, 2020	Dec. 31, 2019
Allowance for doubtful accounts receivable	$ 39,641	$ 33,901	$ 40,474		$ 29,381
Cumulative Effect on Retained Earnings, before Tax	0	2,706
Provision for Other Credit Losses	112	3,703
Accounts Receivable, Credit Loss Expense (Reversal)	(973)	(811)
Accounts Receivable, Other, Including Dispositions and Foreign Currency	$ 28	(1,078)
Accounting Standards Update 2016-13
Retained Earnings (Accumulated Deficit)		$ (2,112)		$ 2,100
Retained Earnings Effect, Tax			$ 600

Goodwill and Other Intangible Assets - Goodwill (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Goodwill [Roll Forward]
Goodwill Balance	$ 4,046,552	$ 4,072,542
Purchase Price Adjustments	(1,308)
Foreign Currency Translation	(24,682)
Balance	4,046,552
Engineered Products Segment [Member]
Goodwill [Roll Forward]
Goodwill Balance	678,584	682,985
Purchase Price Adjustments	0
Foreign Currency Translation	(4,401)
Balance	678,584
Fueling Solutions Segment [Member]
Goodwill [Roll Forward]
Goodwill Balance	941,132	940,973
Purchase Price Adjustments	843
Foreign Currency Translation	(684)
Balance	941,132
Imaging & Identification Segment
Goodwill [Roll Forward]
Goodwill Balance	1,100,441	1,117,589
Purchase Price Adjustments	(1,926)
Foreign Currency Translation	(15,222)
Balance	1,100,441
Pumps & Process Solutions Segment
Goodwill [Roll Forward]
Goodwill Balance	782,294	786,280
Purchase Price Adjustments	(225)
Foreign Currency Translation	(3,761)
Balance	782,294
Refrigeration and Food Equipment Segment [Member]
Goodwill [Roll Forward]
Goodwill Balance	544,101	$ 544,715
Purchase Price Adjustments	0
Foreign Currency Translation	(614)
Balance	$ 544,101

Goodwill and Other Intangible Assets - Intangible Assets and Amortization Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	$ 2,256,138		$ 2,277,349
Accumulated amortization	1,312,871		1,290,419
Finite-Lived Intangible Assets, Net	943,267		986,930
Intangible Assets, Gross (Excluding Goodwill)	2,352,928		2,374,191
Intangible assets, net	1,040,057		1,083,772
Amortization expense	35,612	$ 34,197
Acquisition-related amortization expense	35,173	$ 33,817
Trademarks [Member]
Finite-Lived Intangible Assets [Line Items]
Accumulated amortization	0		0
Customer Intangibles [Member]
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	1,545,214		1,559,771
Accumulated amortization	851,227		834,798
Finite-Lived Intangible Assets, Net	693,987		724,973
Trademarks [Member]
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	231,560		233,205
Accumulated amortization	107,093		103,907
Finite-Lived Intangible Assets, Net	124,467		129,298
Patents [Member]
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	162,185		163,299
Accumulated amortization	141,440		141,182
Finite-Lived Intangible Assets, Net	20,745		22,117
Unpatented Technologies [Member]
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	179,039		180,947
Accumulated amortization	115,129		113,404
Finite-Lived Intangible Assets, Net	63,910		67,543
Distributor Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	86,108		87,028
Accumulated amortization	52,474		51,611
Finite-Lived Intangible Assets, Net	33,634		35,417
Drawings and Manuals [Member]
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	28,135		29,198
Accumulated amortization	25,851		26,193
Finite-Lived Intangible Assets, Net	2,284		3,005
Other Intangible Assets [Member]
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	23,897		23,901
Accumulated amortization	19,657		19,324
Finite-Lived Intangible Assets, Net	$ 4,240		$ 4,577

Goodwill and Other Intangible Assets - Indefinite-lived Intangibles (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Trademarks [Member]
Unamortized Intangible Assets [Abstract]
Gross carrying amount	$ 96,790	$ 96,842

Restructuring Activities (Details) - USD ($) $ in Thousands	3 Months Ended
Restructuring Activities (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Mar. 31, 2020
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 6,435	$ 7,341
Restructuring Reserve [Roll Forward]
Severance and other restructuring reserve, beginning balance	14,913
Provision	6,435
Payments	(7,700)
Other, including foreign currency translation	(4,268)
Severance and other restructuring reserve, ending balance	9,380
Engineered Products Segment [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges	3,991	358
Fueling Solutions Segment [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges	49	1,475
Imaging & Identification Segment
Restructuring Cost and Reserve [Line Items]
Restructuring charges	690	256
Pumps & Process Solutions Segment
Restructuring Cost and Reserve [Line Items]
Restructuring charges	(17)	3,846
Refrigeration and Food Equipment Segment [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges	1,061	560
Corporate expense / other [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges	661	846
Employee Severance [Member]
Restructuring Reserve [Roll Forward]
Severance and other restructuring reserve, beginning balance	10,547
Provision	2,055
Payments	(5,105)
Other, including foreign currency translation	(207)
Severance and other restructuring reserve, ending balance	7,290
Facility Closing [Member]
Restructuring Reserve [Roll Forward]
Severance and other restructuring reserve, beginning balance	4,366
Provision	4,380
Payments	(2,595)
Other, including foreign currency translation	(4,061)
Severance and other restructuring reserve, ending balance	2,090
Cost of Sales [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges	3,907	1,542
Selling, General and Administrative Expenses [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 2,528	$ 5,799

Borrowings (Details) € in Thousands, $ in Thousands	3 Months Ended
Borrowings (Details) € in Thousands, $ in Thousands	Mar. 31, 2021 USD ($)	Mar. 31, 2021 EUR (€)	Dec. 31, 2020 USD ($)
Long-term borrowings [Abstract]
Net long-term debt	$ 3,063,374		$ 3,108,829
Unamortized debt discounts	16,800		17,600
Deferred debt issuance costs	13,900		14,400
Line of Credit Facility [Abstract]
Unsecured revolving credit facility, maximum borrowing capacity	1,000,000
Letters of Credit Outstanding, Amount	145,700
Current poriton of long-term debt and short-term borrowings	$ 500,000
Note due 2025 [Member]
Long-term borrowings [Abstract]
Debt Instrument, Interest Rate, Stated Percentage	3.15%	3.15%
Debt Instrument, Term	10 years
Debt Instrument, Maturity Date	Nov. 15, 2025
Long-term debt	$ 396,884		396,716
Debt Instrument, Face Amount	$ 400,000
Note due 2026 [Member]
Long-term borrowings [Abstract]
Debt Instrument, Interest Rate, Stated Percentage	1.25%	1.25%
Debt Instrument, Term	10 years
Debt Instrument, Maturity Date	Nov. 09, 2026
Long-term debt	$ 699,283		724,310
Debt Instrument, Face Amount \| €		€ 600,000
Note due 2027 [Member]
Long-term borrowings [Abstract]
Debt Instrument, Interest Rate, Stated Percentage	0.75%	0.75%
Debt Instrument, Term	8 years
Debt Instrument, Maturity Date	Nov. 04, 2027
Long-term debt	$ 582,232		603,107
Debt Instrument, Face Amount \| €		€ 500,000
Debentures due 2028 [Member]
Long-term borrowings [Abstract]
Debt Instrument, Interest Rate, Stated Percentage	6.65%	6.65%
Debt Instrument, Term	30 years
Debt Instrument, Maturity Date	Jun. 01, 2028
Long-term debt	$ 199,280		199,255
Debt Instrument, Face Amount	$ 200,000
Note due 2029
Long-term borrowings [Abstract]
Debt Instrument, Interest Rate, Stated Percentage	2.95%	2.95%
Debt Instrument, Term	10 years
Debt Instrument, Maturity Date	Nov. 04, 2029
Long-term debt	$ 296,744		296,650
Debt Instrument, Face Amount	$ 300,000
Debenture due 2035 [Member]
Long-term borrowings [Abstract]
Debt Instrument, Interest Rate, Stated Percentage	5.375%	5.375%
Debt Instrument, Term	30 years
Debt Instrument, Maturity Date	Oct. 15, 2035
Long-term debt	$ 296,372		296,309
Debt Instrument, Face Amount	$ 300,000
Note due 2038 [Member]
Long-term borrowings [Abstract]
Debt Instrument, Interest Rate, Stated Percentage	6.60%	6.60%
Debt Instrument, Term	30 years
Debt Instrument, Maturity Date	Mar. 15, 2038
Long-term debt	$ 248,081		248,053
Debt Instrument, Face Amount	$ 250,000
Note due 2041 [Member]
Long-term borrowings [Abstract]
Debt Instrument, Interest Rate, Stated Percentage	5.375%	5.375%
Debt Instrument, Term	30 years
Debt Instrument, Maturity Date	Mar. 01, 2041
Long-term debt	$ 344,498		$ 344,429
Debt Instrument, Face Amount	$ 350,000

Financial Instruments (Details) € in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2021 USD ($)	Mar. 31, 2020 USD ($)	Mar. 31, 2021 EUR (€)	Dec. 31, 2020 USD ($)
Derivatives, Fair Value [Line Items]
Gain (loss) on euro-denominated debt	$ 46,433	$ 23,624
Tax (expense) benefit	(10,492)	(5,139)
Net gain (loss) on net investment hedge, net of tax	35,941	$ 18,485
Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	177,216			$ 173,674
Not Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	77,916			73,755
Foreign Exchange Forward [Member] \| Designated as Hedging Instrument [Member] \| Prepaid Expenses and Other Current Assets [Member]
Derivatives, Fair Value [Line Items]
Fair Value - Asset	4,184			2,325
Foreign Exchange Forward [Member] \| Designated as Hedging Instrument [Member] \| Other Accrued Expenses [Member]
Derivatives, Fair Value [Line Items]
Fair Value - Liability	$ 744			$ 2,057
Note due 2026 [Member]
Derivatives, Fair Value [Line Items]
Debt Instrument, Face Amount \| €			€ 600,000
Note due 2026 [Member] \| Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Debt Instrument, Face Amount \| €			600,000
Note due 2027 [Member]
Derivatives, Fair Value [Line Items]
Debt Instrument, Face Amount \| €			500,000
Note due 2027 [Member] \| Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Debt Instrument, Face Amount \| €			€ 500,000

Financial Instruments - Balance Sheet Location (Details) - Fair Value, Measurements, Recurring [Member] - Fair Value, Inputs, Level 2 [Member] - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Assets [Abstract]
Foreign currency cash flow hedges - asset	$ 4,184	$ 2,325
Liabilities [Abstract]
Foreign currency cash flow hedges - liability	$ 744	$ 2,057

Financial Instruments - Fair Value Measurements (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	$ 3,063,374	$ 3,108,829
Estimate of Fair Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt, Fair Value	3,460,123	3,635,673
Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Foreign currency cash flow hedges - asset	4,184	2,325
Foreign currency cash flow hedges - liability	$ (744)	$ (2,057)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Mar. 31, 2020
Effective tax rate (in hundredths)	19.50%	17.40%
Minimum [Member]
Significant change in unrecognized tax benefits is reasonably possible, estimated range of change, lower bound	$ 0
Maximum [Member]
Significant change in unrecognized tax benefits is reasonably possible, estimated range of change, lower bound	$ 13,400

Equity Incentive Program (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Stock-based compensation expense [Abstract]
Pre-tax stock-based compensation expense	$ 11,521	$ 3,252
Tax benefit	(1,222)	(349)
Total stock-based compensation expense, net of tax	$ 10,299	$ 2,903
Stock Appreciation Rights (SARs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity awards issued during period (in shares)	411,814
Risk-free interest rate (in hundredths)	0.59%	1.44%
Dividend yield (in hundredths)	1.62%	1.65%
Expected life (in years)	5 years 6 months	5 years 6 months
Volatility (in hundredths)	30.49%	22.76%
Grant price (in dollars per share)	$ 122.73	$ 119.86
Fair value at date of grant (in dollars per share)	$ 29.08	$ 22.54
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity awards issued during period (in shares)	50,371
Risk-free interest rate (in hundredths)	0.19%	1.40%
Dividend yield (in hundredths)	1.62%	1.65%
Expected life (in years)	2 years 10 months 24 days	2 years 10 months 24 days
Volatility (in hundredths)	31.90%	23.30%
Grant price (in dollars per share)	$ 122.73	$ 119.86
Fair value at date of grant (in dollars per share)	$ 148.29	$ 165.71
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity awards issued during period (in shares)	82,469

Commitments and Contingent Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Accrual for environmental loss contingencies	$ 29,296		$ 30,431
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward]
Beginning balance	51,088	$ 49,116
Provision for warranties	18,897	13,360
Settlements made	(17,760)	(15,526)
Other adjustments, including acquisitions and currency translation	(839)	(1,079)
Ending balance	$ 51,386	$ 45,871

Employee Benefit Plans (Details) - USD ($) $ in Thousands	3 Months Ended
Employee Benefit Plans (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Mar. 31, 2020
Net periodic benefit cost [Abstract]
Defined contribution plan expense	$ 15,061	$ 14,048
Qualified Plan [Member] \| Defined benefit pension plans \| United States
Net periodic benefit cost [Abstract]
Service cost	1,784	1,706
Interest cost	3,401	4,068
Expected return on plan assets	(7,245)	(7,869)
Prior service cost (credit)	53	57
Recognized actuarial loss	2,503	1,884
Net periodic (income)/expense	496	(154)
Qualified Plan [Member] \| Defined benefit pension plans \| Foreign Pension Plans, Defined Benefit [Member]
Net periodic benefit cost [Abstract]
Service cost	1,442	1,293
Interest cost	667	825
Expected return on plan assets	(1,799)	(1,677)
Prior service cost (credit)	(169)	(119)
Recognized actuarial loss	1,000	742
Net periodic (income)/expense	1,141	1,064
Nonqualified Plan [Member] \| Supplemental Employee Retirement Plans, Defined Benefit [Member]
Net periodic benefit cost [Abstract]
Service cost	390	318
Interest cost	308	441
Prior service cost (credit)	383	424
Recognized actuarial loss	(418)	(464)
Net periodic (income)/expense	$ 663	$ 719

Other Comprehensive Earnings (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Other Comprehensive Income Loss Reclassification Adjustment From AOCI Pension And Other Postretirement Benefit Plans Net Of Tax Abstract [Abstract]
Amortization of actuarial losses	$ 3,085	$ 2,158
Amortization of prior service costs	270	365
Total before tax	3,355	2,523
Tax (benefit) provision	(773)	(568)
Net of tax	2,582	1,955
Other Comprehensive Income Loss Reclassification Adjustment From AOCI Derivatives Net of Tax [Abstract]
Net (gains) losses reclassified into earnings	(1,833)	1,420
Tax expense (benefit)	422	(299)
Net of tax	$ (1,411)	$ 1,121

Segment Information (Details) $ in Thousands	3 Months Ended
Segment Information (Details) $ in Thousands	Mar. 31, 2021 USD ($) segments	Mar. 31, 2020 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments \| segments	5
Reconciliation from Segment Totals to Consolidated [Abstract]
Revenue	$ 1,867,901	$ 1,655,939
Interest Expense	26,823	27,268
Interest Income	(680)	(1,183)
Earnings before provision for income taxes	289,250	213,500
Provision for income taxes	56,481	37,221
Net earnings	232,769	176,279
Gain on sale of businesses	0	(6,551)
Intersegment Eliminations [Member]
Reconciliation from Segment Totals to Consolidated [Abstract]
Revenue	(686)	(417)
United States
Reconciliation from Segment Totals to Consolidated [Abstract]
Revenue	1,036,014	956,640
Europe [Member]
Reconciliation from Segment Totals to Consolidated [Abstract]
Revenue	445,295	361,166
Asia [Member]
Reconciliation from Segment Totals to Consolidated [Abstract]
Revenue	192,107	154,275
Other Americas [Member]
Reconciliation from Segment Totals to Consolidated [Abstract]
Revenue	130,177	129,049
Other [Member]
Reconciliation from Segment Totals to Consolidated [Abstract]
Revenue	64,308	54,809
Engineered Products Segment [Member]
Reconciliation from Segment Totals to Consolidated [Abstract]
Revenue	428,127	408,160
Earnings before provision for income taxes	68,779	69,094
Fueling Solutions Segment [Member]
Reconciliation from Segment Totals to Consolidated [Abstract]
Revenue	389,678	359,982
Earnings before provision for income taxes	66,480	53,498
Imaging & Identification Segment
Reconciliation from Segment Totals to Consolidated [Abstract]
Revenue	284,328	256,765
Earnings before provision for income taxes	56,992	51,482
Pumps & Process Solutions Segment
Reconciliation from Segment Totals to Consolidated [Abstract]
Revenue	394,377	319,536
Earnings before provision for income taxes	123,645	66,079
Refrigeration and Food Equipment Segment [Member]
Reconciliation from Segment Totals to Consolidated [Abstract]
Revenue	372,077	311,913
Earnings before provision for income taxes	38,117	23,529
Total segments [Member]
Reconciliation from Segment Totals to Consolidated [Abstract]
Earnings before provision for income taxes	354,013	263,682
Corporate expense / other [Member]
Reconciliation from Segment Totals to Consolidated [Abstract]
Earnings before provision for income taxes	$ 38,620	$ 24,097

Share Repurchases (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Share Repurchases [Line Items]
Purchase of common stock	$ 21,637	$ 52,916
February 2018 Authorization [Member]
Share Repurchases [Line Items]
Share repurchases		548,659
Purchase of common stock		$ 52,916
Treasury Stock Acquired, Average Cost Per Share		$ 96.45
November 2020 Authorization
Share Repurchases [Line Items]
Number of shares authorized to be repurchased	20,000,000
Share repurchases	182,951
Purchase of common stock	$ 21,637
Treasury Stock Acquired, Average Cost Per Share	$ 118.27
Remaining number of shares authorized to be repurchased	19,817,049

Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Earnings Per Share [Abstract]
Net earnings	$ 232,769	$ 176,279
Basic earnings (loss) per common share:
Net earnings (in dollars per basic share)	$ 1.62	$ 1.22
Weighted average shares outstanding - basic (in shares)	143,765,000	144,259,000
Diluted earnings (loss) per common share:
Net earnings (in dollars per diluted share)	$ 1.61	$ 1.21
Weighted average shares outstanding - diluted (in shares)	144,938,000	145,782,000
Reconciliation Of Share Amounts Used In Computing Earnings Per Share [Abstract]
Weighted average shares outstanding - basic (in shares)	143,765,000	144,259,000
Dilutive effect of assumed exercise of SAR's and vesting of performance shares (in shares)	1,173,000	1,523,000
Weighted average shares outstanding - diluted (in shares)	144,938,000	145,782,000
Antidilutive securities excluded from computation of earnings per share	88,000	65,000

Subsequent Events (Details) - USD ($)		3 Months Ended
Subsequent Events (Details) - USD ($)	Apr. 19, 2021	Mar. 31, 2020
Subsequent Events [Abstract]
Payments to Acquire Businesses, Net of Cash Acquired		$ 208,421,000
Subsequent Event [Line Items]
Payments to Acquire Businesses, Net of Cash Acquired		$ 208,421,000
Subsequent Event [Member]
Subsequent Events [Abstract]
Payments to Acquire Businesses, Net of Cash Acquired	$ 40,000,000.0
Subsequent Event [Line Items]
Payments to Acquire Businesses, Net of Cash Acquired	$ 40,000,000.0