0000029905-21-000036 | 10-Q | XBRL Viewer

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Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2021	Jul. 13, 2021
Cover [Abstract]
Document Quarterly Report	true
Document Period End Date	Jun. 30, 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		143,960,933
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	Q2
Document Type	10-Q
Amendment Flag	false
Document Information [Line Items]
Document Type	10-Q
Common Stock
Cover [Abstract]
Title of 12(b) Security	Common Stock
Trading Symbol	DOV
Security Exchange Name	NYSE
Document Information [Line Items]
Title of 12(b) Security	Common Stock
Trading Symbol	DOV
Security Exchange Name	NYSE
1.250 Notes Due 2026 [Member]
Cover [Abstract]
Title of 12(b) Security	1.250% Notes due 2026
Trading Symbol	DOV 26
Security Exchange Name	NYSE
Document Information [Line Items]
Title of 12(b) Security	1.250% Notes due 2026
Trading Symbol	DOV 26
Security Exchange Name	NYSE
0.750 Notes due 2027 [Member]
Cover [Abstract]
Title of 12(b) Security	0.750% Notes due 2027
Trading Symbol	DOV 27
Security Exchange Name	NYSE
Document Information [Line Items]
Title of 12(b) Security	0.750% Notes due 2027
Trading Symbol	DOV 27
Security Exchange Name	NYSE

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Statement [Abstract]
Revenue	$ 2,031,676	$ 1,499,175	$ 3,899,577	$ 3,155,114
Cost of goods and services	1,259,504	947,577	2,405,857	1,991,273
Gross profit	772,172	551,598	1,493,720	1,163,841
Selling, General and Administrative Expense	428,042	366,740	837,040	753,681
Operating earnings	344,130	184,858	656,680	410,160
Interest Expense	26,661	28,711	53,484	55,979
Interest Income	(942)	(728)	(1,622)	(1,911)
Gain on sale of businesses	0	781	0	(5,770)
Other income, net	(4,933)	(735)	(7,776)	(8,467)
Income (Loss) Attributable to Parent, before Tax, Total	323,344	156,829	612,594	370,329
Provision for income taxes	58,836	32,063	115,317	69,284
Net earnings	$ 264,508	$ 124,766	$ 497,277	$ 301,045
Net earnings per share:
Net earnings (in dollars per basic share)	$ 1.84	$ 0.87	$ 3.46	$ 2.09
Net earnings (in dollars per diluted share)	$ 1.82	$ 0.86	$ 3.43	$ 2.07
Weighted average shares outstanding:
Weighted average shares outstanding - basic	143,941,000	143,955,000	143,854,000	144,107,000
Weighted average shares outstanding - diluted	145,118,000	144,995,000	145,040,000	145,359,000

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE EARNINGS (unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Statement of Comprehensive Income [Abstract]
Net earnings	$ 264,508	$ 124,766	$ 497,277	$ 301,045
Foreign currency translation adjustments [Abstract]
Foreign currency translation (losses) gains	21,559	44,569	8,588	(48,985)
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax	(4,269)	(8,028)	6,223	(2,889)
Total foreign currency translation adjustment	21,559	44,569	8,588	(48,985)
Pension and other postretirement benefit plans [Abstract]
Amortization of actuarial losses included in net periodic pension cost	2,353	1,835	4,727	3,504
Amortization of prior service cost included in net periodic pension cost	224	259	432	544
Pension and other postretirement benefit plans, tax	(774)	(421)	(1,548)	(989)
Total pension and other postretirement benefit plans	2,577	2,094	5,159	4,048
Changes in fair value of cash flow hedges [Abstract]
Unrealized net gains (losses) arising during period	(5)	1,880	4,319	(3,194)
Net losses (gains) reclassified into earnings	(1,460)	(594)	(2,871)	528
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Tax	(447)	365	424	(757)
Total cash flow hedges	(1,465)	1,286	1,448	(2,666)
Other comprehensive (loss) earnings	22,671	47,949	15,195	(47,603)
Comprehensive earnings	$ 287,179	$ 172,715	$ 512,472	$ 253,442

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 601,359	$ 513,075
Receivables, net of allowances	1,329,051	1,137,223
Inventories	977,831	835,804
Prepaid and other current assets	151,291	133,085
Total current assets	3,059,532	2,619,187
Property, plant and equipment, net	895,551	897,326
Goodwill	4,126,691	4,072,542
Intangible assets, net	1,049,109	1,083,772
Other assets and deferred charges	499,117	479,247
Total assets	9,630,000	9,152,074
Current liabilities:
Accounts payable	1,006,557	853,942
Accrued compensation and employee benefits	235,258	239,750
Deferred Revenue, Current	189,317	184,845
Accrued insurance	105,895	98,954
Other accrued expenses	333,772	343,637
Federal and other income taxes	30,612	17,670
Total current liabilities	1,901,411	1,738,798
Long-term debt	3,083,246	3,108,829
Deferred Income Taxes	311,496	298,423
Noncurrent income tax payable	49,937	49,937
Other liabilities	564,606	570,314
Stockholders' Equity:
Total stockholders' equity	3,719,304	3,385,773
Total liabilities and stockholders' equity	$ 9,630,000	$ 9,152,074

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2020	Dec. 31, 2019
Current assets:
Allowance for doubtful accounts receivable	$ 40,534	$ 40,474	$ 38,825	$ 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	301,045	0	0	0	301,045	0
Dividends paid	(141,570)	0	0	0	(141,570)	0
Common stock issued for the exercise of share-based awards	(11,217)	216	(11,433)	0	0	0
Share-based compensation expense	8,220	0	8,220	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	(47,603)	0	0	0	0	(47,603)
Other, net	3,020	0	3,020	0	0	0
Balance at Jun. 30, 2020	3,089,527	258,768	869,526	(6,143,758)	8,368,620	(263,629)
Balance at Mar. 31, 2020	2,980,681	258,745	862,747	(6,143,758)	8,314,525	(311,578)
Net earnings	124,766	0	0	0	124,766	0
Dividends paid	(70,671)	0	0	0	(70,671)	0
Common stock issued for the exercise of share-based awards	(1,198)	23	(1,221)	0	0	0
Share-based compensation expense	4,968	0	4,968	0	0	0
Other comprehensive loss, net of tax	47,949	0	0	0	0	47,949
Other, net	3,032	0	3,032	0	0	0
Balance at Jun. 30, 2020	3,089,527	258,768	869,526	(6,143,758)	8,368,620	(263,629)
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	497,277	0	0	0	497,277	0
Dividends paid	(142,698)	0	0	0	(142,698)	0
Common stock issued for the exercise of share-based awards	(33,068)	389	(33,457)	0	0	0
Share-based compensation expense	18,393	0	18,393	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	15,195	0	0	0	0	15,195
Other, net	69	0	69	0	0	0
Balance at Jun. 30, 2021	3,719,304	259,371	853,887	(6,218,758)	8,962,863	(138,059)
Balance at Mar. 31, 2021	3,499,144	259,338	849,585	(6,218,758)	8,769,709	(160,730)
Net earnings	264,508	0	0	0	264,508	0
Dividends paid	(71,354)	0	0	0	(71,354)	0
Common stock issued for the exercise of share-based awards	(2,615)	33	(2,648)	0	0	0
Share-based compensation expense	6,872	0	6,872	0	0	0
Other comprehensive loss, net of tax	22,671	0	0	0	0	22,671
Other, net	78	0	78	0	0	0
Balance at Jun. 30, 2021	$ 3,719,304	$ 259,371	$ 853,887	$ (6,218,758)	$ 8,962,863	$ (138,059)

CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (unaudited) (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Statement of Stockholders' Equity [Abstract]
Dividends paid per common share (in dollars per share)	$ 0.495	$ 0.49	$ 0.99	$ 0.98

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Operating Activities
Net earnings	$ 497,277	$ 301,045
Adjustments to reconcile net earnings to cash from operating activities:
Depreciation and amortization	145,325	136,355
Share-based compensation expense	18,393	8,220
Gain on sale of businesses	0	5,770
Other, net	(9,493)	(9,021)
Cash effect of changes in assets and liabilities (excluding effects of acquisitions, dispositions and foreign exchange):
Accounts receivable, net	(192,192)	73,317
Inventories	(144,903)	(80,883)
Prepaid expenses and other assets	(23,133)	(12,975)
Accounts payable	149,588	(93,609)
Accrued compensation and employee benefits	(13,566)	(63,621)
Accrued expenses and other liabilities	14,289	77,336
Accrued and deferred taxes, net	(4,328)	17,278
Net cash provided by operating activities	437,257	347,672
Investing Activities
Additions to property, plant and equipment	(73,231)	(79,171)
Acquisitions, net of cash acquired	(81,187)	(238,839)
Proceeds from sale of property, plant, and equipment	6,088	2,886
Proceeds from sale of businesses	0	16,850
Other	(2,873)	0
Net Cash Provided by (Used in) Investing Activities	(151,203)	(298,274)
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	420,300
Dividends paid to stockholders	(142,698)	(141,570)
Payments to settle employee tax obligations on exercise of share-based awards	(33,068)	(11,217)
Other	(2,785)	(1,101)
Net cash used in by financing activities	(200,188)	213,496
Effect of Exchange Rate on Cash and Cash Equivalents	2,418	(11,115)
Net (decrease) increase in cash and cash equivalents	88,284	251,779
Cash and cash equivalents at beginning of period	513,075	397,253
Cash and cash equivalents at end of period	$ 601,359	$ 649,032

Basis of Presentation	6 Months Ended
Basis of Presentation	Jun. 30, 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

6 Months Ended

Jun. 30, 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 Company transfers control of a good or service over time and the customer simultaneously receives and consumes the benefits provided by the Company's performance as the Company performs, or our performance creates or enhances an asset the customer controls as the asset is created or enhanced, or our performance does not create an asset with an alternative use to the Company and the Company has an enforceable right to payment for its performance to date plus a reasonable margin.

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

At June 30, 2021, we estimated that $272 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 58% 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:


	June 30, 2021		December 31, 2020		December 31, 2019

Contract assets	$	15,079	$	15,020	$	14,894
Contract liabilities - current	189,317		184,845		104,901
Contract liabilities - non-current	22,534		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 six months ended June 30, 2021 and 2020 that was included in contract liabilities at the beginning of the period, inclusive of adjustments, amounted to $139,891 and $63,778, 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
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-Section 50
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-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

6 Months Ended

Jun. 30, 2021

Business Combinations [Abstract]

Acquisitions

3. Acquisitions

2021 Acquisitions

During the six months ended June 30, 2021, the Company acquired four businesses in separate transactions for total consideration of $88,457, net of cash acquired and including contingent consideration. These businesses were acquired to complement and expand upon existing operations within the Imaging & Identification, Pumps & Process Solutions, and Fueling Solutions segments. The goodwill recorded as a result of these acquisitions represents the economic benefits expected to be derived from product line expansions and operational synergies. The goodwill is non-deductible for U.S. income tax purposes for these acquisitions.

On June 24, 2021, the Company acquired 100% of the voting stock of Blue Bite LLC ("Blue Bite"), a leading provider of consumer engagement and brand protection software solutions, for $29,035, net of cash acquired and including contingent consideration. The Blue Bite acquisition strengthens the Company's offering of product traceability and authentication solutions within the Imaging & Identification segment. In connection with this acquisition, the Company recorded goodwill of $19,705 and intangible assets of $13,250, primarily related to technology.

On June 23, 2021, the Company acquired 100% of the voting stock of Quantex Arc Limited ("Quantex"), a leading provider of single-use, recyclable pumps, for $23,896, net of cash acquired and including contingent consideration. The Quantex acquisition enhances the offering of single-use pumps for biopharma and other hygienic applications within the Pumps & Process Solutions segment. In connection with this acquisition, the Company recorded goodwill of $15,596 and intangible assets of $11,034, primarily related to patented technology.

On April 19, 2021, the Company acquired 100% of the voting stock of AvaLAN Wireless Systems, Incorporated ("AvaLAN"), a leading provider of secure wireless communications solutions for the convenience and fuel retail industry, for $34,003, net of cash acquired. The AvaLAN acquisition extends the Company's reach into the systems and software offering within the Fueling Solutions segment. In connection with this acquisition, the Company recorded goodwill of $26,495 and intangible assets of $14,630, primarily related to customer intangibles.

One other immaterial acquisition was completed during the six months ended June 30, 2021 within the Pumps & Process Solutions segment.

The following presents the preliminary allocation of purchase price to the assets acquired and liabilities assumed, based on their estimated fair values at their acquisition dates:


	Total
Current assets, net of cash acquired	$	5,128
Property, plant and equipment	1,854
Goodwill	62,487
Intangible assets	38,914
Other assets and deferred charges	415
Current liabilities	(11,604)
Other liabilities	(8,737)
Net assets acquired	$	88,457

The amounts assigned to goodwill and major intangible asset classifications were as follows:


	Amount allocated		Useful life (in years)

Goodwill - non-deductible	$	62,487	na
Customer intangibles	18,892		12	-	15
Unpatented technologies	9,710		7	-	8
Patents	6,006		9
Trademarks	4,306		15

	$	101,401

2020 Acquisitions

During the six months ended June 30, 2020, the Company acquired three businesses in separate transactions for total consideration of $238,839, net of cash acquired. These businesses were acquired to complement and expand upon existing operations within the Imaging & Identification, Engineered Products and Pumps & Process Solutions segments. The goodwill recorded as a result of these acquisitions represents the economic benefits expected to be derived from product line expansions and operational synergies. Goodwill in the amount of $33,159 is deductible for U.S. income tax purposes and goodwill in the amount of $112,178 is non-deductible for U.S. income tax purposes for these acquisitions.

On April 30, 2020, the Company acquired 100% of the voting stock of em-tec GmbH ("Em-tec"), a leading designer and manufacturer of flow measurement devices that serve a wide array of medical and biopharmaceutical applications for $30,396, net of cash acquired. The Em-tec acquisition further expands the Company's reach into biopharma and other hygienic applications and enhances its portfolio of flow control technologies within the Pumps & Process Solutions segment. In connection with this acquisition, the Company recorded goodwill of $19,572 and intangible assets of $8,344, primarily related to customer intangibles.

On February 18, 2020, the Company acquired 100% of the voting stock of So. Cal. Soft-Pak, Incorporated ("Soft-Pak"), a leading specialized provider of integrated back office, route management and customer relationship management software solutions to the waste and recycling fleet industry for $45,500, net of cash acquired. The Soft-Pak acquisition strengthens the digital offerings within the Engineered Products segment. In connection with this acquisition, the Company recorded goodwill of $33,159 and intangible assets of $12,800, primarily related to customer intangibles.

On January 24, 2020, the Company acquired 100% of the voting stock of Sys-Tech Solutions, Inc. ("Systech"), a leading provider of product traceability, regulatory compliance and brand-protection software and solutions to pharmaceutical and consumer products manufacturers, for $162,943, net of cash acquired. The Systech acquisition strengthens the portfolio of solutions offered by the Imaging & Identification segment. In connection with this acquisition, the Company recorded goodwill of $92,606 and intangible assets of $76,100, primarily related to customer intangibles.

The pro forma effects of the 2021 and 2020 acquisitions are not material to the Company's Consolidated Statements of Earnings.

Disposed Operations	6 Months Ended
Disposed Operations	Jun. 30, 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 six months ended June 30, 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 a net consideration of $15,400, which included a working capital adjustment recognized in the second quarter and paid in the third quarter of 2020. This sale resulted in a pre-tax gain on sale of $5,770 included within the Condensed Consolidated Statements of Earnings and within the Refrigeration & Food Equipment Segment for the six months ended June 30, 2020. The sale 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

6 Months Ended

Jun. 30, 2021

Inventory, Net [Abstract]

Inventory Disclosure

5. Inventories, net


	June 30, 2021		December 31, 2020
Raw materials	$	569,178	$	497,604
Work in progress	206,293		152,360
Finished goods	332,474		304,760
Subtotal	1,107,945		954,724
Less reserves	(130,114)		(118,920)
Total	$	977,831	$	835,804

Property, Plant and Equipment

6 Months Ended

Jun. 30, 2021

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment Disclosure

6. Property, Plant and Equipment, net


	June 30, 2021		December 31, 2020
Land	$	61,598	$	60,287
Buildings and improvements	571,326		570,366
Machinery, equipment and other	1,797,637		1,772,772
Property, plant and equipment, gross	2,430,561		2,403,425
Accumulated depreciation	(1,535,010)		(1,506,099)
Property, plant and equipment, net	$	895,551	$	897,326

Depreciation expense totaled $36,045 and $33,365 for the three months ended June 30, 2021 and 2020, respectively. For the six months ended June 30, 2021 and 2020, depreciation expense was $74,239 and $67,920, respectively.

Credit Losses

6 Months Ended

Jun. 30, 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	2,209		8,545
Amounts written off charged against the allowance	(2,460)		(1,490)
Other, including dispositions and foreign currency translation	311		(317)
Ending balance, June 30	$	40,534	$	38,825

Goodwill and Other Intangible Assets

6 Months Ended

Jun. 30, 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
Acquisitions	—		26,495		19,705		16,287		—		62,487
Purchase price adjustments	—		1,084		(1,926)		—		—		(842)

Foreign currency translation	(1,958)		5,022		(9,007)		(1,190)		(363)		(7,496)
Balance at June 30, 2021	$	681,027	$	973,574	$	1,126,361	$	801,377	$	544,352	$	4,126,691

During the six months ended June 30, 2021, the Company recognized additions of $62,487 to goodwill as a result of acquisitions as discussed in Note 3 — Acquisitions. During the six months ended June 30, 2021, the Company recorded purchase price adjustments that reduced goodwill by $842, principally related to working capital adjustments for 2020 acquisitions within the Fueling Solutions and Imaging & Identification segments.

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


	June 30, 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	$	1,572,396	$	880,801	$	691,595	$	1,559,771	$	834,798	$	724,973
Trademarks	237,022		111,620		125,402		233,205		103,907		129,298
Patents	168,644		143,022		25,622		163,299		141,182		22,117
Unpatented technologies	189,731		118,689		71,042		180,947		113,404		67,543
Distributor relationships	86,888		54,077		32,811		87,028		51,611		35,417
Drawings and manuals	28,581		26,862		1,719		29,198		26,193		3,005
Other	23,996		19,915		4,081		23,901		19,324		4,577
Total	2,307,258		1,354,986		952,272		2,277,349		1,290,419		986,930
Unamortized intangible assets:
Trademarks	96,837		—		96,837		96,842		—		96,842
Total intangible assets, net	$	2,404,095	$	1,354,986	$	1,049,109	$	2,374,191	$	1,290,419	$	1,083,772

For the three months ended June 30, 2021 and 2020, amortization expense was $35,474 and $34,238, respectively, including acquisition-related intangible amortization of $35,048 and $33,829, respectively. For the six months ended June 30, 2021 and 2020, amortization expense was $71,086 and $68,435, respectively, including acquisition-related intangible amortization of $70,221 and $67,646, respectively.

Restructuring Activities

6 Months Ended

Jun. 30, 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 June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Engineered Products	$	4,339	$	4,160	$	8,330	$	4,518
Fueling Solutions	1,415		911		1,464		2,386
Imaging & Identification	174		(522)		864		(266)
Pumps & Process Solutions	904		4,706		887		8,552
Refrigeration & Food Equipment	2,283		2,213		3,344		2,773
Corporate	321		816		982		1,662
Total	$	9,436	$	12,284	$	15,871	$	19,625

These amounts are classified in the Condensed Consolidated Statements of Earnings as follows:
Cost of goods and services	$	4,839	$	7,557	$	8,746	$	9,099
Selling, general and administrative expenses	4,597		4,727		7,125		10,526
Total	$	9,436	$	12,284	$	15,871	$	19,625

The restructuring expenses of $9,436 and $15,871 incurred during the three and six months ended June 30, 2021 were primarily the result of restructuring programs initiated in 2020 and 2021 in response to 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 $9,436 of restructuring charges incurred during the second quarter of 2021 primarily included the following items:

•The Engineered Products segment recorded $4,339 of restructuring charges related principally to asset charges related to a product line exit.

•The Fueling Solutions segment recorded $1,415 of restructuring charges primarily due to headcount reductions.

•The Imaging & Identification segment recorded restructuring charges of $174 principally related to asset charges of a production plant exit.

•The Pumps & Process Solutions segment recorded $904 of restructuring charges primarily related to headcount reductions.

•The Refrigeration & Food Equipment segment recorded $2,283 of restructuring expense primarily due to headcount reductions.

•Corporate recorded $321 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	6,680		9,191			15,871
Payments	(7,483)		(3,625)			(11,108)


Other, including foreign currency translation	(66)		(6,718)		(1)	(6,784)
Balance at June 30, 2021	$	9,678	$	3,214		$	12,892

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

Borrowings

6 Months Ended

Jun. 30, 2021

Debt Disclosure [Abstract]

Borrowings

10. Borrowings

Borrowings consisted of the following:


			Carrying amount (1)
	Principal		June 30, 2021		December 31, 2020
Long-term
3.15% 10-year notes due November 15, 2025	$	400,000	$	397,053	$	396,716
1.25% 10-year notes due November 9, 2026 (euro-denominated)	€	600,000	709,887		724,310
0.750% 8-year notes due November 4, 2027 (euro denominated)	€	500,000	591,052		603,107
6.65% 30-year debentures due June 1, 2028	$	200,000	199,305		199,255
2.950% 10-year notes due November 4, 2029	$	300,000	296,839		296,650
5.375% 30-year debentures due October 15, 2035	$	300,000	296,434		296,309
6.60% 30-year notes due March 15, 2038	$	250,000	248,109		248,053
5.375% 30-year notes due March 1, 2041	$	350,000	344,567		344,429



Total long-term debt			$	3,083,246	$	3,108,829

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

$16.4 million and $17.6 million as of June 30, 2021 and December 31, 2020, respectively. Total deferred debt issuance costs were $13.5 million and $14.4 million as of June 30, 2021 and December 31, 2020, respectively.

As of June 30, 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 and for general corporate purposes.

The Company was in compliance with all covenants in the Credit Agreement and other long-term debt covenants at June 30, 2021 and had an interest coverage ratio of consolidated EBITDA to consolidated net interest expense of 13.9 to 1.

As of June 30, 2021, the Company had approximately $153.2 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

6 Months Ended

Jun. 30, 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 June 30, 2021 and December 31, 2020, the Company had contracts with total notional amounts of $184,212 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 $90,842 and $73,755 as of June 30, 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 June 30, 2021 and December 31, 2020 and the balance sheet lines in which they are recorded:


	Fair Value Asset (Liability)
	June 30, 2021		December 31, 2020		Balance Sheet Caption
Foreign currency forward	$	2,191	$	2,325	Prepaid and other current assets
Foreign currency forward	(549)		(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 June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
(Loss) gain on euro-denominated debt	$	(18,894)	$	(36,904)	$	27,539	$	(13,280)
Tax benefit (expense)	4,269		8,028		(6,223)		2,889
Net (loss) gain on net investment hedges, net of tax	$	(14,625)	$	(28,876)	$	21,316	$	(10,391)

Fair Value Measurements

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

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

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

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

The following table presents the Company’s assets and liabilities measured at fair value on a recurring basis as of June 30, 2021 and December 31, 2020:


	June 30, 2021		December 31, 2020
	Level 2			Level 2
Assets:
Foreign currency cash flow hedges	$	2,191		$	2,325
Liabilities:
Foreign currency cash flow hedges	549			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 at June 30, 2021 and December 31, 2020, was $3,555,797 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 June 30, 2021 and December 31, 2020 due to the short-term nature of these instruments.

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Income Taxes	12. Income Taxes The effective tax rates for the three months ended June 30, 2021 and 2020 were 18.2% and 20.4%, respectively. The decrease in the effective tax rate for the three months ended June 30, 2021 relative to the prior comparable period was primarily driven by favorable audit settlements. The effective tax rates for the six months ended June 30, 2021 and 2020 were 18.8% and 18.7%, respectively. The increase in the effective tax rate for the six months ended June 30, 2021 relative to the prior year comparable period was primarily driven by an increase in earnings base. 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 $3.7 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

6 Months Ended

Jun. 30, 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 six months ended June 30, 2021, the Company issued stock-settled appreciation rights ("SARs") covering 412,531 shares, performance share awards of 50,371 and restricted stock units ("RSUs") of 83,001.

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 June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Pre-tax stock-based compensation expense	$	6,872	$	4,968	$	18,393	$	8,220
Tax benefit	(559)		(619)		(1,781)		(968)
Total stock-based compensation expense, net of tax	$	6,313	$	4,349	$	16,612	$	7,252

Commitments and Contingent Liabilities

6 Months Ended

Jun. 30, 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 June 30, 2021 and December 31, 2020, the Company had estimated liabilities totaling $28,921 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 June 30, 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 June 30, 2021 and 2020, were as follows:


	2021		2020
Beginning Balance, December 31 of the Prior Year	$	51,088	$	49,116
Provision for warranties	34,900		25,341
Settlements made	(34,424)		(28,104)
Other adjustments, including acquisitions and currency translation	(528)		(455)
Ending balance, June 30	$	51,036	$	45,898

Employee Benefit Plans

6 Months Ended

Jun. 30, 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 June 30,								Six Months Ended June 30,
	U.S. Plan				Non-U.S. Plans				U.S. Plan				Non-U.S. Plans
	2021		2020		2021		2020		2021		2020		2021		2020
Service cost	$	1,784	$	1,706	$	1,397	$	1,295	$	3,567	$	3,412	$	2,839	$	2,588
Interest cost	3,401		4,068		695		796		6,803		8,136		1,363		1,621
Expected return on plan assets	(7,245)		(7,869)		(1,820)		(1,637)		(14,490)		(15,738)		(3,619)		(3,314)
Amortization:
Prior service cost (credit)	53		57		(162)		(120)		106		114		(330)		(239)
Recognized actuarial loss	2,503		1,884		989		735		5,006		3,768		1,989		1,476



Net periodic expense (income)	$	496	$	(154)	$	1,099	$	1,069	$	992	$	(308)	$	2,242	$	2,132

Non-Qualified Supplemental Benefits


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Service cost	$	390	$	318	$	781	$	636
Interest cost	308		442		616		883
Amortization:
Prior service cost	383		424		766		848
Recognized actuarial gain	(418)		(465)		(836)		(929)

Net periodic expense	$	663	$	719	$	1,327	$	1,438

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 $16,052 and $12,493 for the three months ended June 30, 2021 and 2020, respectively, and $31,113 and $26,541 for the six months ended June 30, 2021 and 2020, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

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+ Details

Other Comprehensive Earnings

6 Months Ended

Jun. 30, 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 and six months ended June 30, 2021 and 2020 were as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020




Pension plans:
Amortization of actuarial losses	$	3,074	$	2,150	$	6,159	$	4,307
Amortization of prior service costs	277		365		548		730

Total before tax	3,351		2,515		6,707		5,037
Tax benefit	(774)		(421)		(1,548)		(989)
Net of tax	$	2,577	$	2,094	$	5,159	$	4,048
Cash flow hedges:
Net (gains) losses reclassified into earnings	$	(1,877)	$	(752)	$	(3,710)	$	668
Tax provision (benefit)	417		158		839		(140)
Net of tax	$	(1,460)	$	(594)	$	(2,871)	$	528

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

6 Months Ended

Jun. 30, 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 industrial pumps, fluid handling components, plastics and polymer processing equipment, single use pumps, flow meters and connectors for biopharma and other hygienic applications, and highly engineered components for rotating and reciprocating machines.

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

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Revenue:
Engineered Products	$	442,091	$	342,380	$	870,218	$	750,540
Fueling Solutions	437,042		326,495		826,720		686,477
Imaging & Identification	294,076		227,977		578,404		484,742
Pumps & Process Solutions	428,701		309,095		823,078		628,631
Refrigeration & Food Equipment	430,506		293,527		802,583		605,440
Intra-segment eliminations	(740)		(299)		(1,426)		(716)
Total consolidated revenue	$	2,031,676	$	1,499,175	$	3,899,577	$	3,155,114
Net earnings:
Segment earnings (EBIT): (1)
Engineered Products	$	62,720	$	47,702	$	131,499	$	116,796
Fueling Solutions	78,755		47,214		145,235		100,712
Imaging & Identification	60,747		38,046		117,739		89,528
Pumps & Process Solutions	138,632		67,702		262,277		133,781
Refrigeration & Food Equipment(2)	48,971		11,459		87,088		34,988
Total segment earnings (EBIT)	389,825		212,123		743,838		475,805
Corporate expense / other (3)	40,762		27,311		79,382		51,408
Interest expense	26,661		28,711		53,484		55,979
Interest income	(942)		(728)		(1,622)		(1,911)
Earnings before provision for income taxes	323,344		156,829		612,594		370,329
Provision for income taxes	58,836		32,063		115,317		69,284
Net earnings	$	264,508	$	124,766	$	497,277	$	301,045

(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 and six months ended June 30, 2020 include a $781 expense and a $5,770 gain on the sale of AMS Chino, respectively. The three and six months ended June 30, 2020 also include a $3,640 write-off of assets.

(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 June 30,				Six Months Ended June 30,
Revenue by geography	2021		2020		2021		2020
United States	$	1,091,015	$	852,999	$	2,127,029	$	1,809,639
Europe	459,074		320,076		904,369		681,242
Asia	236,008		164,009		428,115		318,284
Other Americas	171,891		112,995		302,068		242,044
Other	73,688		49,096		137,996		103,905
Total	$	2,031,676	$	1,499,175	$	3,899,577	$	3,155,114

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Share Repurchases	6 Months Ended
Share Repurchases	Jun. 30, 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. In the first quarter of 2021, the Company repurchased 182,951 shares of common stock at a total cost of $21,637, or $118.27 per share. There were no repurchases during the three months ended June 30, 2021. In the first quarter of 2020, the Company repurchased 548,659 shares of common stock at a total cost of $52,916, or $96.45. There were no repurchases during the three months ended June 30, 2020. As of June 30, 2021, 19,817,049 shares remain authorized for repurchase under the November 2020 share repurchase authorization.

Earnings per Share

6 Months Ended

Jun. 30, 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 June 30,				Six Months Ended June 30,
	2021		2020		2021		2020


Net earnings	$	264,508	$	124,766	$	497,277	$	301,045
Basic earnings per common share:


Net earnings	$	1.84	$	0.87	$	3.46	$	2.09

Weighted average shares outstanding	143,941,000		143,955,000		143,854,000		144,107,000
Diluted earnings per common share:


Net earnings	$	1.82	$	0.86	$	3.43	$	2.07

Weighted average shares outstanding	145,118,000		144,995,000		145,040,000		145,359,000

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


	Three Months Ended June 30,		Six Months Ended June 30,
	2021	2020	2021	2020
Weighted average shares outstanding - Basic	143,941,000	143,955,000	143,854,000	144,107,000
Dilutive effect of assumed exercise of SARs and vesting of performance shares and RSUs	1,177,000	1,040,000	1,186,000	1,252,000
Weighted average shares outstanding - Diluted	145,118,000	144,995,000	145,040,000	145,359,000

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.

There were no anti-dilutive potential common shares excluded from the calculation above for the three months ended June 30, 2021. The weighted average number of anti-dilutive potential common shares excluded from the calculation above were approximately 121,000 for the three months ended June 30, 2020, and 34,000 and 130,000 for the six months ended June 30, 2021 and 2020, respectively.

Recent Accounting Standards	6 Months Ended
Recent Accounting Standards	Jun. 30, 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. The Company 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.

Revenue (Tables)

6 Months Ended

Jun. 30, 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:


	June 30, 2021		December 31, 2020		December 31, 2019

Contract assets	$	15,079	$	15,020	$	14,894
Contract liabilities - current	189,317		184,845		104,901
Contract liabilities - non-current	22,534		13,921		10,921

Acquisitions (Tables)

6 Months Ended

Jun. 30, 2021

Business Combinations [Abstract]

Schedule of Business Acquisitions, by Acquisition [Table Text Block]

The following presents the preliminary allocation of purchase price to the assets acquired and liabilities assumed, based on their estimated fair values at their acquisition dates:


	Total
Current assets, net of cash acquired	$	5,128
Property, plant and equipment	1,854
Goodwill	62,487
Intangible assets	38,914
Other assets and deferred charges	415
Current liabilities	(11,604)
Other liabilities	(8,737)
Net assets acquired	$	88,457

Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block]

The amounts assigned to goodwill and major intangible asset classifications were as follows:


	Amount allocated		Useful life (in years)

Goodwill - non-deductible	$	62,487	na
Customer intangibles	18,892		12	-	15
Unpatented technologies	9,710		7	-	8
Patents	6,006		9
Trademarks	4,306		15

	$	101,401

Inventories (Tables)

6 Months Ended

Jun. 30, 2021

Inventory, Net [Abstract]

Components of Inventory


	June 30, 2021		December 31, 2020
Raw materials	$	569,178	$	497,604
Work in progress	206,293		152,360
Finished goods	332,474		304,760
Subtotal	1,107,945		954,724
Less reserves	(130,114)		(118,920)
Total	$	977,831	$	835,804

Property, Plant and Equipment (Tables)

6 Months Ended

Jun. 30, 2021

Property, Plant and Equipment [Abstract]

Components of property, plant and equipment, net


	June 30, 2021		December 31, 2020
Land	$	61,598	$	60,287
Buildings and improvements	571,326		570,366
Machinery, equipment and other	1,797,637		1,772,772
Property, plant and equipment, gross	2,430,561		2,403,425
Accumulated depreciation	(1,535,010)		(1,506,099)
Property, plant and equipment, net	$	895,551	$	897,326

Credit Losses (Tables)

6 Months Ended

Jun. 30, 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	2,209		8,545
Amounts written off charged against the allowance	(2,460)		(1,490)
Other, including dispositions and foreign currency translation	311		(317)
Ending balance, June 30	$	40,534	$	38,825

Goodwill and Other Intangible Assets (Tables)

6 Months Ended

Jun. 30, 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
Acquisitions	—		26,495		19,705		16,287		—		62,487
Purchase price adjustments	—		1,084		(1,926)		—		—		(842)

Foreign currency translation	(1,958)		5,022		(9,007)		(1,190)		(363)		(7,496)
Balance at June 30, 2021	$	681,027	$	973,574	$	1,126,361	$	801,377	$	544,352	$	4,126,691

Schedule of Intangible Assets

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


	June 30, 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	$	1,572,396	$	880,801	$	691,595	$	1,559,771	$	834,798	$	724,973
Trademarks	237,022		111,620		125,402		233,205		103,907		129,298
Patents	168,644		143,022		25,622		163,299		141,182		22,117
Unpatented technologies	189,731		118,689		71,042		180,947		113,404		67,543
Distributor relationships	86,888		54,077		32,811		87,028		51,611		35,417
Drawings and manuals	28,581		26,862		1,719		29,198		26,193		3,005
Other	23,996		19,915		4,081		23,901		19,324		4,577
Total	2,307,258		1,354,986		952,272		2,277,349		1,290,419		986,930
Unamortized intangible assets:
Trademarks	96,837		—		96,837		96,842		—		96,842
Total intangible assets, net	$	2,404,095	$	1,354,986	$	1,049,109	$	2,374,191	$	1,290,419	$	1,083,772

Restructuring Activities (Tables)

6 Months Ended

Jun. 30, 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 June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Engineered Products	$	4,339	$	4,160	$	8,330	$	4,518
Fueling Solutions	1,415		911		1,464		2,386
Imaging & Identification	174		(522)		864		(266)
Pumps & Process Solutions	904		4,706		887		8,552
Refrigeration & Food Equipment	2,283		2,213		3,344		2,773
Corporate	321		816		982		1,662
Total	$	9,436	$	12,284	$	15,871	$	19,625

These amounts are classified in the Condensed Consolidated Statements of Earnings as follows:
Cost of goods and services	$	4,839	$	7,557	$	8,746	$	9,099
Selling, general and administrative expenses	4,597		4,727		7,125		10,526
Total	$	9,436	$	12,284	$	15,871	$	19,625

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	6,680		9,191			15,871
Payments	(7,483)		(3,625)			(11,108)


Other, including foreign currency translation	(66)		(6,718)		(1)	(6,784)
Balance at June 30, 2021	$	9,678	$	3,214		$	12,892

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

Borrowings (Tables)

6 Months Ended

Jun. 30, 2021

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments


			Carrying amount (1)
	Principal		June 30, 2021		December 31, 2020
Long-term
3.15% 10-year notes due November 15, 2025	$	400,000	$	397,053	$	396,716
1.25% 10-year notes due November 9, 2026 (euro-denominated)	€	600,000	709,887		724,310
0.750% 8-year notes due November 4, 2027 (euro denominated)	€	500,000	591,052		603,107
6.65% 30-year debentures due June 1, 2028	$	200,000	199,305		199,255
2.950% 10-year notes due November 4, 2029	$	300,000	296,839		296,650
5.375% 30-year debentures due October 15, 2035	$	300,000	296,434		296,309
6.60% 30-year notes due March 15, 2038	$	250,000	248,109		248,053
5.375% 30-year notes due March 1, 2041	$	350,000	344,567		344,429



Total long-term debt			$	3,083,246	$	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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

Financial Instruments (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2021 and December 31, 2020 and the balance sheet lines in which they are recorded:


	Fair Value Asset (Liability)
	June 30, 2021		December 31, 2020		Balance Sheet Caption
Foreign currency forward	$	2,191	$	2,325	Prepaid and other current assets
Foreign currency forward	(549)		(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 June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
(Loss) gain on euro-denominated debt	$	(18,894)	$	(36,904)	$	27,539	$	(13,280)
Tax benefit (expense)	4,269		8,028		(6,223)		2,889
Net (loss) gain on net investment hedges, net of tax	$	(14,625)	$	(28,876)	$	21,316	$	(10,391)

Assets and liabilities measured at fair value on a recurring basis

The following table presents the Company’s assets and liabilities measured at fair value on a recurring basis as of June 30, 2021 and December 31, 2020:


	June 30, 2021		December 31, 2020
	Level 2			Level 2
Assets:
Foreign currency cash flow hedges	$	2,191		$	2,325
Liabilities:
Foreign currency cash flow hedges	549			2,057

Equity Incentive Program (Tables)

6 Months Ended

Jun. 30, 2021

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

Stock-based incentive plans compensation expense


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Pre-tax stock-based compensation expense	$	6,872	$	4,968	$	18,393	$	8,220
Tax benefit	(559)		(619)		(1,781)		(968)
Total stock-based compensation expense, net of tax	$	6,313	$	4,349	$	16,612	$	7,252

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)

6 Months Ended

Jun. 30, 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	34,900		25,341
Settlements made	(34,424)		(28,104)
Other adjustments, including acquisitions and currency translation	(528)		(455)
Ending balance, June 30	$	51,036	$	45,898

Employee Benefit Plans (Tables)

6 Months Ended

Jun. 30, 2021

Defined benefit pension plans

Defined Benefit Plan Disclosure [Line Items]

Schedule of Defined Benefit Plans Disclosures


	Three Months Ended June 30,								Six Months Ended June 30,
	U.S. Plan				Non-U.S. Plans				U.S. Plan				Non-U.S. Plans
	2021		2020		2021		2020		2021		2020		2021		2020
Service cost	$	1,784	$	1,706	$	1,397	$	1,295	$	3,567	$	3,412	$	2,839	$	2,588
Interest cost	3,401		4,068		695		796		6,803		8,136		1,363		1,621
Expected return on plan assets	(7,245)		(7,869)		(1,820)		(1,637)		(14,490)		(15,738)		(3,619)		(3,314)
Amortization:
Prior service cost (credit)	53		57		(162)		(120)		106		114		(330)		(239)
Recognized actuarial loss	2,503		1,884		989		735		5,006		3,768		1,989		1,476



Net periodic expense (income)	$	496	$	(154)	$	1,099	$	1,069	$	992	$	(308)	$	2,242	$	2,132

Supplemental Employee Retirement Plans, Defined Benefit [Member]

Defined Benefit Plan Disclosure [Line Items]

Schedule of Defined Benefit Plans Disclosures

Non-Qualified Supplemental Benefits


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Service cost	$	390	$	318	$	781	$	636
Interest cost	308		442		616		883
Amortization:
Prior service cost	383		424		766		848
Recognized actuarial gain	(418)		(465)		(836)		(929)

Net periodic expense	$	663	$	719	$	1,327	$	1,438

Other Comprehensive Earnings (Tables)

6 Months Ended

Jun. 30, 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 and six months ended June 30, 2021 and 2020 were as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020




Pension plans:
Amortization of actuarial losses	$	3,074	$	2,150	$	6,159	$	4,307
Amortization of prior service costs	277		365		548		730

Total before tax	3,351		2,515		6,707		5,037
Tax benefit	(774)		(421)		(1,548)		(989)
Net of tax	$	2,577	$	2,094	$	5,159	$	4,048
Cash flow hedges:
Net (gains) losses reclassified into earnings	$	(1,877)	$	(752)	$	(3,710)	$	668
Tax provision (benefit)	417		158		839		(140)
Net of tax	$	(1,460)	$	(594)	$	(2,871)	$	528

Segment Information (Tables)

6 Months Ended

Jun. 30, 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 June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Revenue:
Engineered Products	$	442,091	$	342,380	$	870,218	$	750,540
Fueling Solutions	437,042		326,495		826,720		686,477
Imaging & Identification	294,076		227,977		578,404		484,742
Pumps & Process Solutions	428,701		309,095		823,078		628,631
Refrigeration & Food Equipment	430,506		293,527		802,583		605,440
Intra-segment eliminations	(740)		(299)		(1,426)		(716)
Total consolidated revenue	$	2,031,676	$	1,499,175	$	3,899,577	$	3,155,114
Net earnings:
Segment earnings (EBIT): (1)
Engineered Products	$	62,720	$	47,702	$	131,499	$	116,796
Fueling Solutions	78,755		47,214		145,235		100,712
Imaging & Identification	60,747		38,046		117,739		89,528
Pumps & Process Solutions	138,632		67,702		262,277		133,781
Refrigeration & Food Equipment(2)	48,971		11,459		87,088		34,988
Total segment earnings (EBIT)	389,825		212,123		743,838		475,805
Corporate expense / other (3)	40,762		27,311		79,382		51,408
Interest expense	26,661		28,711		53,484		55,979
Interest income	(942)		(728)		(1,622)		(1,911)
Earnings before provision for income taxes	323,344		156,829		612,594		370,329
Provision for income taxes	58,836		32,063		115,317		69,284
Net earnings	$	264,508	$	124,766	$	497,277	$	301,045

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

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


	Three Months Ended June 30,				Six Months Ended June 30,
Revenue by geography	2021		2020		2021		2020
United States	$	1,091,015	$	852,999	$	2,127,029	$	1,809,639
Europe	459,074		320,076		904,369		681,242
Asia	236,008		164,009		428,115		318,284
Other Americas	171,891		112,995		302,068		242,044
Other	73,688		49,096		137,996		103,905
Total	$	2,031,676	$	1,499,175	$	3,899,577	$	3,155,114

Earnings per Share (Tables)

6 Months Ended

Jun. 30, 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 June 30,				Six Months Ended June 30,
	2021		2020		2021		2020


Net earnings	$	264,508	$	124,766	$	497,277	$	301,045
Basic earnings per common share:


Net earnings	$	1.84	$	0.87	$	3.46	$	2.09

Weighted average shares outstanding	143,941,000		143,955,000		143,854,000		144,107,000
Diluted earnings per common share:


Net earnings	$	1.82	$	0.86	$	3.43	$	2.07

Weighted average shares outstanding	145,118,000		144,995,000		145,040,000		145,359,000

Reconciliation of share amounts used in computing earnings per share

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


	Three Months Ended June 30,		Six Months Ended June 30,
	2021	2020	2021	2020
Weighted average shares outstanding - Basic	143,941,000	143,955,000	143,854,000	144,107,000
Dilutive effect of assumed exercise of SARs and vesting of performance shares and RSUs	1,177,000	1,040,000	1,186,000	1,252,000
Weighted average shares outstanding - Diluted	145,118,000	144,995,000	145,040,000	145,359,000

Performance Obligations (Details)	6 Months Ended
Performance Obligations (Details)	Jun. 30, 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	58.00%

Remaining Performance Obligation (Details) $ in Millions	Jun. 30, 2021 USD ($)
Revenue from Contract with Customer [Abstract]
Revenue, Remaining Performance Obligation, Amount	$ 272.0

Contract Balances (Details) - USD ($) $ in Thousands	6 Months Ended
Contract Balances (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Dec. 31, 2019
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]
Revenue recognized that was included in the contract liability balance at the beginning of the period	$ (139,891)	$ (63,778)
Contract assets balance	15,079		$ 15,020	$ 14,894
Contract liabilities - current	189,317		184,845	104,901
Contract liabilities - non-current	$ 22,534		$ 13,921	$ 10,921

Acquisitions (Details) - USD ($)	6 Months Ended
Acquisitions (Details) - USD ($)	Jun. 30, 2021	Jun. 30, 2020
Business Acquisition [Line Items]
Payments to Acquire Businesses, Net of Cash Acquired	$ 88,457,000	$ 238,839
Current Assets	5,128,000
Property, Plant, and Equipment	1,854,000
Goodwill - tax deductible		33,159,000
Goodwill Acquired	62,487,000
Intangibles	38,914,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Assets	415,000
Current Liabilities	11,604,000
Goodwill and intangible assets	101,401,000
Other assets and deferred charges	8,737,000
Goodwill Acquired During Period, Non-deductible for Income Tax	62,487,000	112,178,000
Patents [Member]
Business Acquisition [Line Items]
Intangibles	$ 6,006,000
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	9 years
Trademarks [Member]
Business Acquisition [Line Items]
Intangibles	$ 4,306,000
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	15 years
Customer-Related Intangible Assets
Business Acquisition [Line Items]
Intangibles	$ 18,892,000
Unpatented Technologies [Member]
Business Acquisition [Line Items]
Intangibles	9,710,000
Systech [Member]
Business Acquisition [Line Items]
Payments to Acquire Businesses, Net of Cash Acquired		162,943,000
Goodwill Acquired		92,606,000
Intangibles		76,100,000
Soft-Pak [Member]
Business Acquisition [Line Items]
Payments to Acquire Businesses, Net of Cash Acquired		45,500,000
Goodwill - tax deductible		33,159,000
Intangibles		12,800,000
Em-tec [Member]
Business Acquisition [Line Items]
Payments to Acquire Businesses, Net of Cash Acquired		30,396,000
Goodwill - tax deductible		19,572,000
Intangibles		$ 8,344,000
Blue Bite
Business Acquisition [Line Items]
Payments to Acquire Businesses, Net of Cash Acquired	29,035,000
Goodwill Acquired	19,705,000
Intangibles	13,250,000
Quantex
Business Acquisition [Line Items]
Payments to Acquire Businesses, Net of Cash Acquired	23,896,000
Goodwill Acquired	15,596,000
Intangibles	11,034,000
AvaLAN
Business Acquisition [Line Items]
Payments to Acquire Businesses, Net of Cash Acquired	34,003,000
Goodwill Acquired	26,495,000
Intangibles	$ 14,630,000
Minimum [Member] \| Customer-Related Intangible Assets
Business Acquisition [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	12 years
Minimum [Member] \| Unpatented Technologies [Member]
Business Acquisition [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	7 years
Maximum [Member] \| Customer-Related Intangible Assets
Business Acquisition [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	15 years
Maximum [Member] \| Unpatented Technologies [Member]
Business Acquisition [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	8 years

Disposed Operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Disposed Operations (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Discontinued Operations and Disposal Groups [Abstract]
Gain on sale of businesses	$ 0	$ 781	$ 0	$ (5,770)
Proceeds from sale of businesses		$ 15,400	$ 0	$ 16,850

Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Inventory, Net [Abstract]
Raw materials	$ 569,178	$ 497,604
Work in progress	206,293	152,360
Finished goods	332,474	304,760
Subtotal	1,107,945	954,724
Less reserves	(130,114)	(118,920)
Total	$ 977,831	$ 835,804

Property, Plant and Equipment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Cost	$ 2,430,561		$ 2,430,561		$ 2,403,425
Accumulated depreciation	(1,535,010)		(1,535,010)		(1,506,099)
Total	895,551		895,551		897,326
Depreciation expense	36,045	$ 33,365	74,239	$ 67,920
Land [Member]
Property, Plant and Equipment [Line Items]
Cost	61,598		61,598		60,287
Buildings and improvements [Member]
Property, Plant and Equipment [Line Items]
Cost	571,326		571,326		570,366
Machinery, equipment and other [Member]
Property, Plant and Equipment [Line Items]
Cost	$ 1,797,637		$ 1,797,637		$ 1,772,772

Credit Losses (Details) - USD ($) $ in Thousands	6 Months Ended
Credit Losses (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Jan. 01, 2020	Dec. 31, 2019
Allowance for doubtful accounts receivable	$ 40,534	$ 38,825	$ 40,474		$ 29,381
Cumulative Effect on Retained Earnings, before Tax	0	2,706
Provision for Other Credit Losses	2,209	8,545
Accounts Receivable, Credit Loss Expense (Reversal)	(2,460)	(1,490)
Accounts Receivable, Other, Including Dispositions and Foreign Currency	311	(317)
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	6 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Goodwill [Roll Forward]
Goodwill Balance	$ 4,126,691	$ 4,072,542
Goodwill Acquired	62,487
Purchase Price Adjustments	(842)
Foreign Currency Translation	(7,496)
Balance	4,126,691
Engineered Products Segment [Member]
Goodwill [Roll Forward]
Goodwill Balance	681,027	682,985
Goodwill Acquired	0
Purchase Price Adjustments	0
Foreign Currency Translation	(1,958)
Balance	681,027
Fueling Solutions Segment [Member]
Goodwill [Roll Forward]
Goodwill Balance	973,574	940,973
Goodwill Acquired	26,495
Purchase Price Adjustments	1,084
Foreign Currency Translation	5,022
Balance	973,574
Imaging & Identification Segment
Goodwill [Roll Forward]
Goodwill Balance	1,126,361	1,117,589
Goodwill Acquired	19,705
Purchase Price Adjustments	(1,926)
Foreign Currency Translation	(9,007)
Balance	1,126,361
Pumps & Process Solutions Segment
Goodwill [Roll Forward]
Goodwill Balance	801,377	786,280
Goodwill Acquired	16,287
Purchase Price Adjustments	0
Foreign Currency Translation	(1,190)
Balance	801,377
Refrigeration and Food Equipment Segment [Member]
Goodwill [Roll Forward]
Goodwill Balance	544,352	$ 544,715
Goodwill Acquired	0
Purchase Price Adjustments	0
Foreign Currency Translation	(363)
Balance	$ 544,352

Goodwill and Other Intangible Assets - Intangible Assets and Amortization Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	$ 2,307,258		$ 2,307,258		$ 2,277,349
Accumulated amortization	1,354,986		1,354,986		1,290,419
Finite-Lived Intangible Assets, Net	952,272		952,272		986,930
Intangible Assets, Gross (Excluding Goodwill)	2,404,095		2,404,095		2,374,191
Intangible assets, net	1,049,109		1,049,109		1,083,772
Amortization expense	35,474	$ 34,238	71,086	$ 68,435
Acquisition-related amortization expense	35,048	$ 33,829	70,221	$ 67,646
Trademarks [Member]
Finite-Lived Intangible Assets [Line Items]
Accumulated amortization	0		0		0
Customer Intangibles [Member]
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	1,572,396		1,572,396		1,559,771
Accumulated amortization	880,801		880,801		834,798
Finite-Lived Intangible Assets, Net	691,595		691,595		724,973
Trademarks [Member]
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	237,022		237,022		233,205
Accumulated amortization	111,620		111,620		103,907
Finite-Lived Intangible Assets, Net	125,402		125,402		129,298
Patents [Member]
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	168,644		168,644		163,299
Accumulated amortization	143,022		143,022		141,182
Finite-Lived Intangible Assets, Net	25,622		25,622		22,117
Unpatented Technologies [Member]
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	189,731		189,731		180,947
Accumulated amortization	118,689		118,689		113,404
Finite-Lived Intangible Assets, Net	71,042		71,042		67,543
Distributor Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	86,888		86,888		87,028
Accumulated amortization	54,077		54,077		51,611
Finite-Lived Intangible Assets, Net	32,811		32,811		35,417
Drawings and Manuals [Member]
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	28,581		28,581		29,198
Accumulated amortization	26,862		26,862		26,193
Finite-Lived Intangible Assets, Net	1,719		1,719		3,005
Other Intangible Assets [Member]
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	23,996		23,996		23,901
Accumulated amortization	19,915		19,915		19,324
Finite-Lived Intangible Assets, Net	$ 4,081		$ 4,081		$ 4,577

Goodwill and Other Intangible Assets - Indefinite-lived Intangibles (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Trademarks [Member]
Unamortized Intangible Assets [Abstract]
Gross carrying amount	$ 96,837	$ 96,842

Restructuring Activities (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Restructuring Activities (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ (9,436)	$ (12,284)	$ (15,871)	$ (19,625)
Restructuring Reserve [Roll Forward]
Severance and other restructuring reserve, beginning balance			14,913
Provision			15,871
Payments			(11,108)
Other, including foreign currency translation			(6,784)
Severance and other restructuring reserve, ending balance	12,892		12,892
Engineered Products Segment [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges	(4,339)	(4,160)	(8,330)	(4,518)
Fueling Solutions Segment [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges	(1,415)	(911)	(1,464)	(2,386)
Imaging & Identification Segment
Restructuring Cost and Reserve [Line Items]
Restructuring charges	(174)	(522)	(864)	(266)
Pumps & Process Solutions Segment
Restructuring Cost and Reserve [Line Items]
Restructuring charges	(904)	(4,706)	(887)	(8,552)
Refrigeration and Food Equipment Segment [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges	(2,283)	(2,213)	(3,344)	(2,773)
Corporate expense / other [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges	(321)	(816)	(982)	(1,662)
Employee Severance [Member]
Restructuring Reserve [Roll Forward]
Severance and other restructuring reserve, beginning balance			10,547
Provision			6,680
Payments			(7,483)
Other, including foreign currency translation			(66)
Severance and other restructuring reserve, ending balance	9,678		9,678
Facility Closing [Member]
Restructuring Reserve [Roll Forward]
Severance and other restructuring reserve, beginning balance			4,366
Provision			9,191
Payments			(3,625)
Other, including foreign currency translation			(6,718)
Severance and other restructuring reserve, ending balance	3,214		3,214
Cost of Sales [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges	(4,839)	(7,557)	(8,746)	(9,099)
Selling, General and Administrative Expenses [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ (4,597)	$ (4,727)	$ (7,125)	$ (10,526)

Borrowings (Details) € in Thousands, $ in Thousands	6 Months Ended
Borrowings (Details) € in Thousands, $ in Thousands	Jun. 30, 2021 USD ($)	Jun. 30, 2021 EUR (€)	Dec. 31, 2020 USD ($)
Long-term borrowings [Abstract]
Net long-term debt	$ 3,083,246		$ 3,108,829
Unamortized debt discounts	16,400		17,600
Deferred debt issuance costs	13,500		14,400
Line of Credit Facility [Abstract]
Unsecured revolving credit facility, maximum borrowing capacity	$ 1,000,000
Line of Credit Facility, Covenant Compliance	The Company was in compliance with all covenants in the Credit Agreement and other long-term debt covenants at June 30, 2021 and had an interest coverage ratio of consolidated EBITDA to consolidated net interest expense of 13.9 to 1.
Letters of Credit Outstanding, Amount	$ 153,200
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	$ 397,053		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	$ 709,887		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	$ 591,052		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	$ 199,305		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	$ 296,839		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	$ 296,434		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	$ 248,109		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	$ 344,567		$ 344,429
Debt Instrument, Face Amount	$ 350,000

Financial Instruments (Details) € in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021 USD ($)	Jun. 30, 2020 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2020 USD ($)	Jun. 30, 2021 EUR (€)	Dec. 31, 2020 USD ($)
Derivatives, Fair Value [Line Items]
Gain (loss) on euro-denominated debt	$ (18,894)	$ (36,904)	$ 27,539	$ (13,280)
Tax (expense) benefit	4,269	8,028	(6,223)	2,889
Net gain (loss) on net investment hedge, net of tax	(14,625)	$ (28,876)	21,316	$ (10,391)
Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	184,212		184,212			$ 173,674
Not Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	90,842		90,842			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	2,191		2,191			2,325
Foreign Exchange Forward [Member] \| Designated as Hedging Instrument [Member] \| Other Accrued Expenses [Member]
Derivatives, Fair Value [Line Items]
Fair Value - Liability	$ 549		$ 549			$ 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	Jun. 30, 2021	Dec. 31, 2020
Assets [Abstract]
Foreign currency cash flow hedges - asset	$ 2,191	$ 2,325
Liabilities [Abstract]
Foreign currency cash flow hedges - liability	$ 549	$ 2,057

Financial Instruments - Fair Value Measurements (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	$ 3,083,246	$ 3,108,829
Estimate of Fair Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt, Fair Value	3,555,797	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	2,191	2,325
Foreign currency cash flow hedges - liability	$ (549)	$ (2,057)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Effective tax rate (in hundredths)	18.20%	20.40%	18.80%	18.70%
Minimum [Member]
Significant change in unrecognized tax benefits is reasonably possible, estimated range of change, lower bound	$ 0		$ 0
Maximum [Member]
Significant change in unrecognized tax benefits is reasonably possible, estimated range of change, lower bound	$ 3,700		$ 3,700

Equity Incentive Program (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Stock-based compensation expense [Abstract]
Pre-tax stock-based compensation expense	$ 6,872	$ 4,968	$ 18,393	$ 8,220
Tax benefit	(559)	(619)	(1,781)	(968)
Total stock-based compensation expense, net of tax	$ 6,313	$ 4,349	$ 16,612	$ 7,252
Stock Appreciation Rights (SARs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity awards issued during period (in shares)			412,531
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)			83,001

Commitments and Contingent Liabilities (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Accrual for environmental loss contingencies	$ 28,921		$ 30,431
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward]
Beginning balance	51,088	$ 49,116
Provision for warranties	34,900	25,341
Settlements made	(34,424)	(28,104)
Other adjustments, including acquisitions and currency translation	(528)	(455)
Ending balance	$ 51,036	$ 45,898

Employee Benefit Plans (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
Employee Benefit Plans (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020
Net periodic benefit cost [Abstract]
Defined contribution plan expense	$ 16,052	$ 12,493	$ 26,541	$ 31,113
Qualified Plan [Member] \| Defined benefit pension plans \| United States
Net periodic benefit cost [Abstract]
Service cost	1,784	1,706		3,567	$ 3,412
Interest cost	3,401	4,068		6,803	8,136
Expected return on plan assets	(7,245)	(7,869)		(14,490)	(15,738)
Prior service cost (credit)	53	57		106	114
Recognized actuarial loss	2,503	1,884		5,006	3,768
Net periodic (income)/expense	496	(154)		992	(308)
Qualified Plan [Member] \| Defined benefit pension plans \| Foreign Pension Plans, Defined Benefit [Member]
Net periodic benefit cost [Abstract]
Service cost	1,397	1,295		2,839	2,588
Interest cost	695	796		1,363	1,621
Expected return on plan assets	(1,820)	(1,637)		(3,619)	(3,314)
Prior service cost (credit)	(162)	(120)		(330)	(239)
Recognized actuarial loss	989	735		1,989	1,476
Net periodic (income)/expense	1,099	1,069		2,242	2,132
Nonqualified Plan [Member] \| Supplemental Employee Retirement Plans, Defined Benefit [Member]
Net periodic benefit cost [Abstract]
Service cost	390	318		781	636
Interest cost	308	442		616	883
Prior service cost (credit)	383	424		766	848
Recognized actuarial loss	(418)	(465)		(836)	(929)
Net periodic (income)/expense	$ 663	$ 719		$ 1,327	$ 1,438

Other Comprehensive Earnings (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Other Comprehensive Income Loss Reclassification Adjustment From AOCI Pension And Other Postretirement Benefit Plans Net Of Tax Abstract [Abstract]
Amortization of actuarial losses	$ 3,074	$ 2,150	$ 6,159	$ 4,307
Amortization of prior service costs	277	365	548	730
Total before tax	3,351	2,515	6,707	5,037
Tax (benefit) provision	(774)	(421)	(1,548)	(989)
Net of tax	2,577	2,094	5,159	4,048
Other Comprehensive Income Loss Reclassification Adjustment From AOCI Derivatives Net of Tax [Abstract]
Net (gains) losses reclassified into earnings	(1,877)	(752)	(3,710)	668
Tax expense (benefit)	417	158	839	(140)
Net of tax	$ (1,460)	$ (594)	$ (2,871)	$ 528

Segment Information (Details)	3 Months Ended		6 Months Ended
Segment Information (Details)	Jun. 30, 2021 USD ($)	Jun. 30, 2020 USD ($)	Jun. 30, 2021 USD ($) segments	Jun. 30, 2020 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments \| segments			5
Reconciliation from Segment Totals to Consolidated [Abstract]
Revenue	$ 2,031,676,000	$ 1,499,175,000	$ 3,899,577,000	$ 3,155,114,000
Interest Expense	26,661,000	28,711,000	53,484,000	55,979,000
Interest Income	(942,000)	(728,000)	(1,622,000)	(1,911,000)
Earnings before provision for income taxes	323,344,000	156,829,000	612,594,000	370,329,000
Provision for income taxes	58,836,000	32,063,000	115,317,000	69,284,000
Net earnings	264,508,000	124,766,000	497,277,000	301,045,000
Gain on sale of businesses	0	781,000	0	(5,770,000)
Asset Impairment Charges				3,640
Intersegment Eliminations [Member]
Reconciliation from Segment Totals to Consolidated [Abstract]
Revenue	(740,000)	(299,000)	(1,426,000)	(716,000)
United States
Reconciliation from Segment Totals to Consolidated [Abstract]
Revenue	1,091,015,000	852,999,000	2,127,029,000	1,809,639,000
Europe [Member]
Reconciliation from Segment Totals to Consolidated [Abstract]
Revenue	459,074,000	320,076,000	904,369,000	681,242,000
Asia [Member]
Reconciliation from Segment Totals to Consolidated [Abstract]
Revenue	236,008,000	164,009,000	428,115,000	318,284,000
Other Americas [Member]
Reconciliation from Segment Totals to Consolidated [Abstract]
Revenue	171,891,000	112,995,000	302,068,000	242,044,000
Other [Member]
Reconciliation from Segment Totals to Consolidated [Abstract]
Revenue	73,688,000	49,096,000	137,996,000	103,905,000
Engineered Products Segment [Member]
Reconciliation from Segment Totals to Consolidated [Abstract]
Revenue	442,091,000	342,380,000	870,218,000	750,540,000
Earnings before provision for income taxes	62,720,000	47,702,000	131,499,000	116,796,000
Fueling Solutions Segment [Member]
Reconciliation from Segment Totals to Consolidated [Abstract]
Revenue	437,042,000	326,495,000	826,720,000	686,477,000
Earnings before provision for income taxes	78,755,000	47,214,000	145,235,000	100,712,000
Imaging & Identification Segment
Reconciliation from Segment Totals to Consolidated [Abstract]
Revenue	294,076,000	227,977,000	578,404,000	484,742,000
Earnings before provision for income taxes	60,747,000	38,046,000	117,739,000	89,528,000
Pumps & Process Solutions Segment
Reconciliation from Segment Totals to Consolidated [Abstract]
Revenue	428,701,000	309,095,000	823,078,000	628,631,000
Earnings before provision for income taxes	138,632,000	67,702,000	262,277,000	133,781,000
Refrigeration and Food Equipment Segment [Member]
Reconciliation from Segment Totals to Consolidated [Abstract]
Revenue	430,506,000	293,527,000	802,583,000	605,440,000
Earnings before provision for income taxes	48,971,000	11,459,000	87,088,000	34,988,000
Total segments [Member]
Reconciliation from Segment Totals to Consolidated [Abstract]
Earnings before provision for income taxes	389,825,000	212,123,000	743,838,000	475,805,000
Corporate expense / other [Member]
Reconciliation from Segment Totals to Consolidated [Abstract]
Earnings before provision for income taxes	$ 40,762,000	$ 27,311,000	$ 79,382,000	$ 51,408,000

Share Repurchases (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Share Repurchases [Line Items]
Purchase of common stock	$ 21,637	$ 52,916
February 2018 Authorization [Member]
Share Repurchases [Line Items]
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
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		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Earnings Per Share [Abstract]
Net earnings	$ 264,508	$ 124,766	$ 497,277	$ 301,045
Basic earnings (loss) per common share:
Net earnings (in dollars per basic share)	$ 1.84	$ 0.87	$ 3.46	$ 2.09
Weighted average shares outstanding - basic (in shares)	143,941,000	143,955,000	143,854,000	144,107,000
Diluted earnings (loss) per common share:
Net earnings (in dollars per diluted share)	$ 1.82	$ 0.86	$ 3.43	$ 2.07
Weighted average shares outstanding - diluted (in shares)	145,118,000	144,995,000	145,040,000	145,359,000
Reconciliation Of Share Amounts Used In Computing Earnings Per Share [Abstract]
Weighted average shares outstanding - basic (in shares)	143,941,000	143,955,000	143,854,000	144,107,000
Dilutive effect of assumed exercise of SAR's and vesting of performance shares (in shares)	1,177,000	1,040,000	1,186,000	1,252,000
Weighted average shares outstanding - diluted (in shares)	145,118,000	144,995,000	145,040,000	145,359,000
Antidilutive securities excluded from computation of earnings per share		121,000	34,000	130,000

Subsequent Events (Details) - USD ($)	6 Months Ended
Subsequent Events (Details) - USD ($)	Jun. 30, 2021	Jun. 30, 2020
Subsequent Events [Abstract]
Payments to Acquire Businesses, Net of Cash Acquired	$ 88,457,000	$ 238,839
Subsequent Event [Line Items]
Payments to Acquire Businesses, Net of Cash Acquired	$ 88,457,000	$ 238,839