0000029905-22-000009 | 10-K | XBRL Viewer

Equity and Cash Incentive Program

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

15. Equity and Cash Incentive Program

The Company's share-based awards are typically granted annually at its regularly scheduled first quarter Compensation Committee meeting. For the years presented herein, employee awards were made pursuant to the terms of the Company's 2021 Omnibus Incentive Plan (the "2021 Plan") and 2012 Equity and Cash Incentive Plan (the "2012 Plan").

On May 7, 2021, the shareholders approved the 2021 Plan, to replace the 2012 Plan, which otherwise would have terminated according to its terms on May 3, 2022. Upon approval of the 2021 Plan, no additional awards could be granted under the 2012 Plan, and the remaining 4,888,197 shares available for additional award grant purposes under the former 2012 Plan became available for issuance under the 2021 Plan. The 2021 Plan provides for stock options and stock-settled appreciation rights ("SARs"), restricted stock awards, restricted stock unit awards, performance share awards, cash performance awards, directors' shares and deferred stock units. Under the 2021 Plan, a total of 8,300,000 newly authorized shares of common stock are reserved for issuance, resulting in a total of 13,188,197 authorized shares available for issuance. These shares are subject to adjustments resulting from stock dividends, stock splits, recapitalizations, reorganizations and other similar changes.

Under the 2012 Plan, which was approved by shareholders on May 3, 2012 to replace the 2005 Equity and Cash Incentive Plan (the "2005 Plan"), a total of 17,000,000 shares of common stock were reserved for grants (stock options and SARs, restricted stock unit awards, performance share awards, cash performance awards, directors' shares and deferred stock units) to key personnel. Of these 17,000,000 shares, 4,888,197 shares remained available under the 2012 Plan as of the date that shareholders approved the 2021 Plan, and those remaining shares became available for issuance under the 2021 Plan.

Officers and other key employees, as well as non-employee directors, are eligible to participate in the 2021 Plan, and were also eligible under the 2012 Plan, which had a ten-year term between May 3, 2012 to May 3, 2022.

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


	Years Ended December 31,
	2021		2020		2019
Pre-tax stock-based compensation expense	$	31,111	$	25,026	$	29,702
Tax benefit	(2,859)		(2,731)		(2,490)
Total stock-based compensation expense, net of tax	$	28,252	$	22,295	$	27,212

SARs

The exercise price per share for SARs is equal to the closing price of the Company’s stock on the New York Stock Exchange on the date of grant. New common shares are issued when SARs are exercised. The period during which SARs are exercisable is fixed by the Company’s Compensation Committee at the time of grant. Generally, the SARs vest after three years of service and expire at the end of ten years.

In 2021, 2020 and 2019, the Company issued SARs covering 413,173, 390,780 and 615,089 shares, respectively. The fair value of each SAR grant was estimated on the date of grant using a Black-Scholes option-pricing model with the following assumptions:


	2021		2020		2019
Risk-free interest rate	0.59	%	1.44	%	2.51	%
Dividend yield	1.62	%	1.65	%	2.13	%
Expected life (years)	5.5		5.5		5.6
Volatility	30.49	%	22.76	%	22.35	%
Grant price	$122.73		$119.86		$91.20
Fair value at date of grant	$29.08		$22.54		$17.55

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 awards is based on the U.S. Treasury yield curve in effect at the time of grant.

A summary of activity relating to SARs granted under the 2021 Plan and the predecessor plans for the year ended December 31, 2021 is as follows:


	SARs
	Number of Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)
Outstanding at January 1, 2021	2,979,933	$	79.36
Granted	413,173	122.73


Forfeited / expired	(89,899)	110.58
Exercised	(925,823)	69.99
Outstanding at December 31, 2021	2,377,384	89.49		6.5

Exercisable at December 31, 2021	1,125,435	$	67.69	4.8

The following table summarizes information about outstanding SARs at December 31, 2021:


	SARs Outstanding						SARs Exercisable
Range of Exercise Prices	Number of Shares	Weighted Average Exercise Price		Weighted Average Remaining Life in Years	Aggregate Intrinsic Value		Number of Shares	Weighted Average Exercise Price		Weighted Average Remaining Life in Years	Aggregate Intrinsic Value
$48.28 - $82.51	1,125,435	$	67.69	4.8	$	128,213	1,125,435	$	67.69	4.8	$	128,213
$84.94 - $119.86	868,923	$	103.04	7.5	68,262		—	$	—	0	—
$122.73 - $155.65	383,026	$	122.82	9.1	22,516		—	$	—	0	—
	2,377,384				$	218,991	1,125,435				$	128,213

Unrecognized compensation expense related to SARs not yet exercisable was $8,800 at December 31, 2021. This cost is expected to be recognized over a weighted average period of 1.7 years.

Other information regarding the exercise of SARs is listed below:


	2021		2020		2019
Fair value of SARs that became exercisable	$	10,199	$	8,585	$	8,611
Aggregate intrinsic value of SARs exercised	$	62,895	$	55,031	$	89,473

Performance Share Awards

Performance share awards granted are expensed over the three-year requisite performance and service period. Awards become vested if (1) the Company achieves certain market conditions or specified internal metrics and (2) the employee remains continuously employed by the Company during the performance period. Partial vesting may occur after separation from service in the case of certain terminations not for cause and for retirements.

In 2021, 2020 and 2019, the Company issued performance shares covering 50,371, 49,056 and 35,172 shares, respectively.

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 approximately three years. These awards were valued on the date of grant using the Monte Carlo simulation model (a binomial lattice-based valuation model), and are generally recognized ratably over the vesting period, and the fair value is not subject to change based on future market conditions. The assumptions used in determining the fair value of the performance shares granted in 2021 and 2020 were as follows:


	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 performance share awards granted in 2019 are considered performance condition awards as attainment is based on Dover's performance relative to established internal metrics. The fair value of these awards was determined using Dover's closing stock price on the date of grant. The expected attainment of the internal metrics for these awards is analyzed each reporting period, and the related expense is adjusted up or down based on expected attainment, if that attainment differs from previous estimates. The cumulative effect on current and prior periods of a change in attainment is recognized in selling, general and administrative expenses in the Consolidated Statements of Earnings in the period of change.

The fair value and average attainment used in determining compensation cost of the performance shares issued in 2019 are as follows for the year ended December 31, 2021:



	2019
Fair value per share at date of grant	$91.20
Average attainment rate reflected in expense	260.6	%

A summary of activity for performance share awards for the year ended December 31, 2021 is as follows:


	Number of Shares	Weighted Average Grant-Date Fair Value
Unvested at January 1, 2021	77,979	$	138.14
Granted	50,371	148.29



Vested	(27,031)	91.37
Unvested at December 31, 2021	96,129	$	156.88

Unrecognized compensation expense related to unvested performance shares as of December 31, 2021 was $7,743, which will be recognized over a weighted average period of 1.7 years.

Restricted Stock Units

The Company also has restricted stock authorized for grant. Common stock of the Company may be granted at no cost to certain officers and key employees. In general, restrictions limit the sale or transfer of these shares during a three-year period, and restrictions lapse proportionately over the three-year period. The Company granted 87,177, 83,512 and 124,929 of restricted stock units in 2021, 2020 and 2019, respectively. The fair value of these awards was determined using Dover's closing stock price on the date of grant, which were $122.73, $119.86, and $91.20 in 2021, 2020 and 2019, respectively.

A summary of activity for restricted stock units for the year ended December 31, 2021 is as follows:


	Number of Shares	Weighted Average Grant-Date Fair Value
Unvested at January 1, 2021	252,907	$	93.43
Granted	87,177	122.73


Forfeited	(10,741)	114.85
Vested	(126,661)	91.75
Unvested at December 31, 2021	202,682	$	107.03

Unrecognized compensation expense relating to unvested restricted stock units as of December 31, 2021 was $12,013, which will be recognized over a weighted average period of 1.3 years.

Directors' Shares

The Company issued the following shares to its non-employee directors as partial compensation for serving as directors of the Company:


	Years ended December 31,
	2021	2020	2019
Aggregate shares granted	7,917	9,854	10,838
Deferred stock units	(5,322)	(6,278)	(6,168)

Net shares issued	2,595	3,576	4,670

Financial Instruments - Narrative (Details) € in Thousands, $ in Thousands	Dec. 31, 2021 USD ($)	Dec. 31, 2021 EUR (€)	Dec. 31, 2020 USD ($)
Estimate of Fair Value Measurement
Derivatives, Fair Value [Line Items]
Fair value of long-term debt	$ 3,440,501		$ 3,635,673
Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Notional amount	180,929		173,674
Not Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Notional amount	$ 108,736		$ 73,755
1.25% 10-year notes due November 9, 2026 (euro-denominated)
Derivatives, Fair Value [Line Items]
Principal \| €		€ 600,000
0.750% 8-year notes due November 4, 2027 (euro denominated)
Derivatives, Fair Value [Line Items]
Principal \| €		€ 500,000

Equity and Cash Incentive Program - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	May 03, 2012	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	May 07, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for grant					13,188,197
Plan expiration period	10 years
Service requisite period		3 years
Award term		10 years
2021 Plan - Rollover from 2012 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for grant					4,888,197
2021 Plan - New Issuance
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for grant					8,300,000
2012 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for grant	17,000,000
Stock Appreciation Rights (SARs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)		413,173	390,780	615,089
Unrecognized compensation expense		$ 8,800
Unrecognized compensation expense period of recognition		1 year 8 months 12 days
Fair value per share at date of grant (in dollars per share)		$ 29.08	$ 22.54	$ 17.55
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Service requisite period		3 years
Granted (in shares)		50,371	49,056	35,172
Vesting period		3 years
Unrecognized compensation expense		$ 7,743
Unrecognized compensation expense period of recognition		1 year 8 months 12 days
Fair value per share at date of grant (in dollars per share)		$ 148.29	$ 165.71	$ 91.20
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)		87,177	83,512	124,929
Vesting period		3 years
Unrecognized compensation expense		$ 12,013
Unrecognized compensation expense period of recognition		1 year 3 months 18 days
Fair value per share at date of grant (in dollars per share)		$ 122.73	$ 119.86	$ 91.2

Accrued Expenses and Other Liabilities

12 Months Ended

Dec. 31, 2021

Accrued Liabilities and Other Liabilities [Abstract]

Accrued Expenses and Other Liabilities

10. Accrued Expenses and Other Liabilities

The following table details the major components of other accrued expenses:


	December 31, 2021		December 31, 2020

Accrued rebates and volume discounts	$	52,909	$	49,929
Taxes other than income (1)	49,992		52,829
Warranty	43,449		45,433
Operating lease liability	43,086		48,834
Accrued interest	20,426		20,822
Accrued commissions (non-employee)	16,273		14,243
Restructuring and exit costs	13,797		14,913



Other (none of which are individually significant)	107,165		96,634
Total other accrued expenses	$	347,097	$	343,637

(1) Taxes other than income includes a $15.3 million and $15.8 million deferral of employment taxes related to the U.S. CARES Act as of December 31, 2021 and 2020, respectively.

The following table details the major components of other liabilities (non-current):


	December 31, 2021		December 31, 2020
Defined benefit and other post-retirement benefit plans	$	138,992	$	177,623

Operating lease liabilities	134,448		133,989
Deferred compensation	88,681		82,814
Unrecognized tax benefits	79,757		90,097
Legal and environmental	31,304		28,483
Deferred revenue	21,513		13,921
Warranty	5,119		5,655
Deferred employment taxes (1)	—		15,783
Other	32,728		21,949
Total other liabilities	$	532,542	$	570,314

(1) Balance as of December 31, 2020 includes deferred employment taxes of $15.8 million related to the U.S. CARES Act.

Warranty

Estimated warranty program claims are provided for at the time of sale. Amounts provided for are based on historical costs and adjusted for new claims. The changes in the carrying amount of product warranties were as follows:


	Years Ended December 31,
	2021		2020		2019
Beginning Balance, December 31 of the Prior Year	$	51,088	$	49,116	$	50,073
Provision for warranties	67,212		60,902		63,957
Settlements made	(65,498)		(60,853)		(63,574)
Other adjustments, including acquisitions and currency translation	(4,234)		1,923		(1,340)
Ending Balance, December 31	$	48,568	$	51,088	$	49,116

Employee Benefit Plans - Plan Asset Rollforward (Details) - Level 3 - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward]
Fair value of plan assets at beginning of year	$ 21,276	$ 18,597
Relating to assets still held at December 31, 2020	48	349
Relating to assets sold during the period	0	6
Purchases	1,664	1,715
Sales and settlements		(1,111)
Sales and settlements	(2,158)
Foreign currency translation	(578)	1,720
Fair value of plan assets at end of year	$ 20,252	$ 21,276

- Definition

Amount of asset segregated and restricted to provide benefit under defined benefit plan. Asset includes, but is not limited to, stock, bond, other investment, earning from investment, and contribution by employer and employee.

+ References + Details

Goodwill and Other Intangible Assets - Intangibles and Amortization Expense (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Gross Amount	$ 2,654,351	$ 2,277,349
Accumulated Amortization	1,391,538	1,290,419
Net Carrying Amount	1,262,813	986,930
Unamortized intangible assets:	96,709	96,842
Total, Gross Carrying Amount	2,751,060	2,374,191
Total, Net Carrying Amount	1,359,522	1,083,772
Customer intangibles
Finite-Lived Intangible Assets [Line Items]
Gross Amount	1,829,492	1,559,771
Accumulated Amortization	909,776	834,798
Net Carrying Amount	919,716	724,973
Trademarks
Finite-Lived Intangible Assets [Line Items]
Gross Amount	263,367	233,205
Accumulated Amortization	116,633	103,907
Net Carrying Amount	146,734	129,298
Patents
Finite-Lived Intangible Assets [Line Items]
Gross Amount	205,910	163,299
Accumulated Amortization	140,327	141,182
Net Carrying Amount	65,583	22,117
Unpatented technology
Finite-Lived Intangible Assets [Line Items]
Gross Amount	221,239	180,947
Accumulated Amortization	123,464	113,404
Net Carrying Amount	97,775	67,543
Distributor relationships
Finite-Lived Intangible Assets [Line Items]
Gross Amount	84,204	87,028
Accumulated Amortization	55,260	51,611
Net Carrying Amount	28,944	35,417
Drawings & manuals
Finite-Lived Intangible Assets [Line Items]
Gross Amount	27,792	29,198
Accumulated Amortization	27,303	26,193
Net Carrying Amount	489	3,005
Other intangibles
Finite-Lived Intangible Assets [Line Items]
Gross Amount	22,347	23,901
Accumulated Amortization	18,775	19,324
Net Carrying Amount	3,572	4,577
Trademarks
Finite-Lived Intangible Assets [Line Items]
Accumulated Amortization	0	0
Unamortized intangible assets:	$ 96,709	$ 96,842

Inventories, net (Tables)

12 Months Ended

Dec. 31, 2021

Inventory, Net [Abstract]

Components of Inventory

The components of inventories, net were as follows:


	December 31, 2021		December 31, 2020
Raw materials	$	671,195	$	497,604
Work in progress	271,659		152,360
Finished goods	377,800		304,760
Subtotal	1,320,654		954,724
Less reserves	(129,559)		(118,920)
Total	$	1,191,095	$	835,804

Acquisitions (Tables)

12 Months Ended

Dec. 31, 2021

Business Combination and Asset Acquisition [Abstract]

Purchase Price Allocation

The following presents the preliminary allocation of purchase price, net of cash acquired of $10,382, to the assets acquired and liabilities assumed under the RegO acquisition, based on their estimated fair values at acquisition date:


	Total
Accounts receivable	$	34,252
Inventories	77,954
Other current assets	2,958
Property, plant and equipment	52,053
Goodwill	276,976
Intangible assets	234,000
Other assets and deferred charges	884
Current liabilities	(19,480)
Non-current liabilities	(34,904)
Net assets acquired	$	624,693

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


	Total
Current assets, net of cash acquired	$	29,345
Property, plant and equipment	8,750
Goodwill	169,209
Intangible assets	127,300
Other assets and deferred charges	5,057
Current liabilities	(9,072)
Non-current liabilities	(37,067)
Net assets acquired	$	293,522

The following presents, for the seven acquisitions other than RegO and Acme Cryogenics, the preliminary allocation of purchase price to the assets acquired and liabilities assumed, based on their estimated fair values at acquisition date:


	Total
Current assets, net of cash acquired	$	12,751
Property, plant and equipment	8,272
Goodwill	135,932
Intangible assets	78,179
Other assets and deferred charges	4,485
Current liabilities	(15,368)
Non-current liabilities	(17,389)
Net assets acquired	$	206,862

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


	Total
Current assets, net of cash acquired	$	44,159
Property, plant and equipment	8,424
Goodwill	205,805
Intangible assets	134,049
Other assets and deferred charges	12,986
Current liabilities	(34,803)
Non-current liabilities	(34,834)
Net assets acquired	$	335,786

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


	Total
Current assets, net of cash acquired	$	14,018
Property, plant and equipment	1,030
Goodwill	119,512
Intangible assets	91,980
Other assets and deferred charges	20
Current liabilities	(10,162)

Net assets acquired	$	216,398

Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination

The amounts assigned to goodwill and major intangible asset classifications for all 2021 acquisitions were as follows:


	Amount allocated		Useful life (in years)
Goodwill - tax deductible	$	195,127	na
Goodwill - non deductible	386,990		na
Customer intangibles	310,819		12	-	15
Patents	49,056		7	-	12
Unpatented technology	44,180		7	-	12
Trademarks	35,424		15	-	16

	$	1,021,596

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


	Amount allocated		Useful life (in years)
Goodwill - tax deductible	$	33,183	na
Goodwill - non deductible	172,622		na
Customer intangibles	103,310		10	-	14

Unpatented technology	21,125		5	-	9
Trademarks	9,614		15

	$	339,854

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


	Amount allocated		Useful life (in years)
Goodwill	$	119,512	na

Customer intangibles	68,500		9	-	13
Patents	16,000		9

Trademarks	7,480		15

	$	211,492

Pro forma results of operations

The following unaudited pro forma results of operations reflect the 2021 acquisitions of RegO and Acme Cryogenics as if they had occurred on January 1, 2020. The pro forma information is not necessarily indicative of the results that actually would have occurred, nor does it indicate future operating results of the combined companies. The pro forma earnings are adjusted to reflect the comparable impact of additional depreciation and amortization expense, net of tax, resulting from the fair value measurement of tangible and intangible assets; nonrecurring acquisition-related costs, net of tax, of $5,855; and inventory step-up charges, net of tax, of $15,082. These unaudited pro forma adjustments are based upon preliminary purchase price allocations. The actual revenues and earnings for RegO and Acme Cryogenics from the date of acquisition on December 28, 2021 and December 16, 2021, respectively, to December 31, 2021 were not material.


	Years Ended December 31,
	2021		2020
Revenue:
As reported	$	7,907,081	$	6,683,760
Pro forma (unaudited)	8,163,185		6,920,929
Earnings:
As reported	$	1,123,818	$	683,451
Pro forma (unaudited)	1,145,106		669,458

Equity and Cash Incentive Program - Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Payment Arrangement [Abstract]
Pre-tax stock-based compensation expense	$ 31,111	$ 25,026	$ 29,702
Tax benefit	(2,859)	(2,731)	(2,490)
Total stock-based compensation expense, net of tax	$ 28,252	$ 22,295	$ 27,212

Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Deferred Tax Assets:
Accrued compensation, principally postretirement and other employee benefits	$ 61,388	$ 60,797
Accrued expenses, principally for state income taxes, interest and warranty	30,143	32,418
Net operating loss and other carryforwards	334,483	319,291
Inventories, principally due to reserves for financial reporting purposes and capitalization for tax purposes	28,698	23,723
Accounts receivable, principally due to allowance for doubtful accounts	9,988	7,118
Accrued insurance	4,708	4,165
Long-term liabilities, principally warranty, environmental and exit costs	3,043	2,273
Lease obligations	41,653	40,984
Total gross deferred tax assets	514,104	490,769
Valuation allowance	(306,066)	(287,679)
Total deferred tax assets, net of valuation allowances	208,038	203,090
Deferred Tax Liabilities:
Intangible assets, principally due to different tax and financial reporting bases and amortization lives	(392,208)	(387,897)
Property, plant and equipment, principally due to differences in depreciation	(77,918)	(62,667)
Lease right-of-use assets	(40,181)	(38,742)
Other liabilities	(28,786)	9,992
Total gross deferred tax liabilities	(539,093)	(479,314)
Net deferred tax liability	(331,055)	(276,224)
Classified as follows in the Consolidated Balance Sheets:
Other assets and deferred charges	33,062	22,199
Deferred income taxes	$ (364,117)	$ (298,423)

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 385,504	$ 513,075
Receivables, net	1,347,514	1,137,223
Inventories, net	1,191,095	835,804
Prepaid and other current assets	137,596	133,085
Total current assets	3,061,709	2,619,187
Property, plant and equipment, net	957,310	897,326
Goodwill	4,558,822	4,072,542
Intangible assets, net	1,359,522	1,083,772
Other assets and deferred charges	466,264	479,247
Total assets	10,403,627	9,152,074
Current liabilities:
Notes payable	105,702	0
Accounts payable	1,073,568	853,942
Accrued compensation and employee benefits	302,978	239,750
Deferred revenue	227,549	184,845
Accrued insurance	101,448	98,954
Other accrued expenses	347,097	343,637
Federal and other income taxes	91,999	17,670
Total current liabilities	2,250,341	1,738,798
Long-term debt	3,018,714	3,108,829
Deferred income taxes	364,117	298,423
Noncurrent income tax payable	48,385	49,937
Other liabilities	532,542	570,314
Stockholders' equity:
Preferred stock - $100 par value; 100,000 shares authorized; none issued	0	0
Common stock - $1 par value; 500,000,000 shares authorized; 259,457,233 and 258,981,638 shares issued at December 31, 2021 and 2020	259,457	258,982
Additional paid-in capital	857,636	868,882
Retained earnings	9,445,245	8,608,284
Accumulated other comprehensive loss	(154,052)	(153,254)
Treasury stock, at cost: 115,411,548 and 115,228,597 shares at December 31, 2021 and 2020	(6,218,758)	(6,197,121)
Total stockholders' equity	4,189,528	3,385,773
Total liabilities and stockholders' equity	$ 10,403,627	$ 9,152,074

Accrued Expenses and Other Liabilities (Tables)

12 Months Ended

Dec. 31, 2021

Accrued Liabilities and Other Liabilities [Abstract]

Major components of other accrued expenses

The following table details the major components of other accrued expenses:


	December 31, 2021		December 31, 2020

Accrued rebates and volume discounts	$	52,909	$	49,929
Taxes other than income (1)	49,992		52,829
Warranty	43,449		45,433
Operating lease liability	43,086		48,834
Accrued interest	20,426		20,822
Accrued commissions (non-employee)	16,273		14,243
Restructuring and exit costs	13,797		14,913



Other (none of which are individually significant)	107,165		96,634
Total other accrued expenses	$	347,097	$	343,637

(1) Taxes other than income includes a $15.3 million and $15.8 million deferral of employment taxes related to the U.S. CARES Act as of December 31, 2021 and 2020, respectively.

Major components of other liabilities

The following table details the major components of other liabilities (non-current):


	December 31, 2021		December 31, 2020
Defined benefit and other post-retirement benefit plans	$	138,992	$	177,623

Operating lease liabilities	134,448		133,989
Deferred compensation	88,681		82,814
Unrecognized tax benefits	79,757		90,097
Legal and environmental	31,304		28,483
Deferred revenue	21,513		13,921
Warranty	5,119		5,655
Deferred employment taxes (1)	—		15,783
Other	32,728		21,949
Total other liabilities	$	532,542	$	570,314

(1) Balance as of December 31, 2020 includes deferred employment taxes of $15.8 million related to the U.S. CARES Act.

Carrying amount of product warranties

Warranty


	Years Ended December 31,
	2021		2020		2019
Beginning Balance, December 31 of the Prior Year	$	51,088	$	49,116	$	50,073
Provision for warranties	67,212		60,902		63,957
Settlements made	(65,498)		(60,853)		(63,574)
Other adjustments, including acquisitions and currency translation	(4,234)		1,923		(1,340)
Ending Balance, December 31	$	48,568	$	51,088	$	49,116

Income Taxes - Rate Reconciliation (Details)	12 Months Ended
Income Taxes - Rate Reconciliation (Details)	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation [Abstract]
U.S. federal income tax rate	21.00%	21.00%	21.00%
State and local taxes, net of federal income tax benefit	1.80%	1.70%	1.70%
Foreign operations tax effect	(0.20%)	(0.80%)	(1.30%)
Foreign tax credits	0.00%	0.00%	(0.10%)
Foreign-derived intangible income	(0.80%)	(1.10%)	(1.00%)
Share awards	(0.80%)	(1.20%)	(1.70%)
Dispositions	0.30%	0.00%	1.20%
Audit resolutions	(1.40%)	(0.90%)	0.30%
Other	(0.10%)	0.10%	(0.50%)
Effective tax rate	19.80%	18.80%	19.60%

Accumulated Other Comprehensive Earnings (Loss)

12 Months Ended

Dec. 31, 2021

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

Accumulated Other Comprehensive Earnings (Loss)

18. Accumulated Other Comprehensive Earnings (Loss)

The components of accumulated other comprehensive earnings (loss) are as follows:


	December 31, 2021		December 31, 2020
Cumulative foreign currency translation adjustments	$	(107,130)	$	(66,802)
Pension and other postretirement benefit plans	(50,448)		(88,126)
Changes in fair value of cash flow hedges and other	3,526		1,674
	$	(154,052)	$	(153,254)

Amounts reclassified from accumulated other comprehensive earnings (loss) to earnings (loss) during the year ended December 31, 2021, 2020 and 2019 were as follows:


	Years Ended December 31,
	2021		2020		2019
Foreign currency translation:
Reclassification of foreign currency translation losses to earnings	$	—	$	—	$	25,339
Tax benefit	—		—		—
Net of tax	$	—	$	—	$	25,339
Pension and other postretirement benefit plans:
Amortization of actuarial losses	$	12,278	$	8,583	$	759
Amortization of prior service costs and transition obligation	1,304		1,442		2,729
Settlement and curtailment	1,482		25		961
Total before tax	15,064		10,050		4,449
Tax benefit	(3,423)		(2,184)		(906)
Net of tax	$	11,641	$	7,866	$	3,543
Cash flow hedges:
Net gains reclassified into earnings	$	(6,271)	$	(817)	$	(186)
Tax expense	1,400		185		39
Net of tax	$	(4,871)	$	(632)	$	(147)

The Company recognizes the amortization of net actuarial losses, prior service costs and transition obligation as well as settlements and curtailments, in other income, net in the 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 in the Consolidated Statements of Earnings.

Segment Information

12 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

Segment Information

19. Segment Information

The Company categorizes its operating companies into five reportable segments: Engineered Products, Clean Energy & Fueling, Imaging & Identification, Pumps & Process Solutions, and Climate & Sustainability Technologies. The Company's businesses are structured around similar business models, go-to market strategies, manufacturing practices and product categories which increases management efficiency and better aligns Dover's operations with its strategic initiatives and capital allocation priorities, and provides greater transparency about performance. Operating segments are defined as the components of an enterprise for which separate financial information is available, engages in business activities from which it may recognize revenues and incur expenses, and regularly evaluated by the entity's chief operating decision maker or decision-making group, which is composed of Dover's executive leadership team, in making resource allocation decisions and evaluating performance.

The five reportable segments are as follows:

•Engineered Products segment provides a wide range of equipment, components, software, solutions and services vehicle aftermarket, waste handling, industrial automation, aerospace and defense, industrial winch and hoist, and fluid dispensing end-markets.

•Clean Energy & Fueling segment provides components, equipment, and software and service solutions enabling safe transport of traditional and clean fuels and other hazardous substances along the supply chain, as well as the safe and efficient operation of convenience retail, retail fueling and vehicle wash establishments.

•Imaging & Identification segment supplies precision marking and coding, product traceability and digital textile printing equipment, as well as related consumables, software and services to the global packaged and consumer goods, pharmaceutical, industrial manufacturing, fashion and apparel and other end-markets.

•Pumps & Process Solutions segment manufactures specialty pumps and flow meters, fluid connecting solutions, plastics and polymer processing equipment, and highly engineered precision components for rotating and reciprocating machines serving single-use biopharmaceutical production, diversified industrial manufacturing, polymer processing, midstream and downstream oil and gas and other end-markets.

•Climate & Sustainability Technologies segment is a provider of innovative and energy-efficient equipment and systems that serve the commercial refrigeration, heating and cooling and beverage container-making equipment markets.

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


	Years Ended December 31,
	2021		2020		2019
Revenue:
Engineered Products	$	1,780,827	$	1,531,277	$	1,697,557
Clean Energy & Fueling	1,648,153		1,476,282		1,620,177
Imaging & Identification	1,163,367		1,038,178		1,084,471
Pumps & Process Solutions	1,708,634		1,324,003		1,338,528
Climate & Sustainability Technologies	1,608,175		1,316,090		1,396,617
Intercompany eliminations	(2,075)		(2,070)		(953)
Total consolidated revenue	$	7,907,081	$	6,683,760	$	7,136,397
Net earnings:
Segment earnings (EBIT): (1)
Engineered Products (2)	$	285,511	$	238,167	$	291,848
Clean Energy & Fueling	271,388		236,974		231,873
Imaging & Identification	237,147		193,473		229,484
Pumps & Process Solutions (3)	546,863		305,276		240,081
Climate & Sustainability Technologies (4)	322,622		102,872		118,832
Total segment earnings (EBIT)	1,663,531		1,076,762		1,112,118
Corporate expense / other (5)	160,827		126,662		124,274
Interest expense	106,319		111,937		125,818
Interest income	(4,441)		(3,571)		(4,526)
Loss on extinguishment of debt	—		—		23,543
Earnings before provision for income taxes	1,400,826		841,734		843,009
Provision for income taxes	277,008		158,283		165,091
Net earnings	$	1,123,818	$	683,451	$	677,918
Segment margins:
Engineered Products (2)	16.0%		15.6%		17.2%
Clean Energy & Fueling	16.5%		16.1%		14.3%
Imaging & Identification	20.4%		18.6%		21.2%
Pumps & Process Solutions (3)	32.0%		23.1%		17.9%
Climate & Sustainability Technologies (4)	20.1%		7.8%		8.5%
Total Segments	21.0%		16.1%		15.6%
Net earnings	14.2%		10.2%		9.5%
Depreciation and amortization:
Engineered Products	$	48,644	$	42,603	$	41,032
Clean Energy & Fueling	78,010		72,803		75,045
Imaging & Identification	38,510		38,378		30,530
Pumps & Process Solutions	69,075		72,191		67,584
Climate & Sustainability Technologies	48,634		46,541		51,360
Corporate	7,250		6,535		6,736
Consolidated total	$	290,123	$	279,051	$	272,287
Capital expenditures:
Engineered Products	$	48,453	$	23,515	$	38,049
Clean Energy & Fueling	25,167		26,903		21,780
Imaging & Identification	10,671		10,690		18,593
Pumps & Process Solutions	44,578		52,804		50,442
Climate & Sustainability Technologies	34,335		42,923		51,052
Corporate	8,261		8,857		6,888
Consolidated total	$	171,465	$	165,692	$	186,804

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

(2) For the year ended December 31, 2021, includes a $24,723 gain related to the sale of RWB equity method investment.

(3) For the year ended December 31, 2019, includes a $46,946 loss on assets held for sale for Finder.

(4) For the year ended December 31, 2021, includes a pre-tax $181,615 gain on the disposition of UB, a $12,073 other than temporary impairment charge related to an equity method investment, and a $6,072 write-off of assets related to an exit from certain Latin America countries. For the year ended December 31, 2020, includes a $5,213 pre-tax gain on the sale of AMS Chino and a $3,640 write-off of assets.

(5) 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.

Selected financial information by segment (continued):


Total assets at December 31:	2021		2020
Engineered Products	$	1,678,317	$	1,482,430
Clean Energy & Fueling (6)	3,201,504		2,125,900
Imaging & Identification	1,871,039		1,919,223
Pumps & Process Solutions	1,709,852		1,591,441
Climate & Sustainability Technologies	1,358,118		1,320,950
Corporate (7)	584,797		712,130


Total assets	$	10,403,627	$	9,152,074

(6) Increase primarily driven by 2021 acquisitions. See Note 3 — Acquisitions for additional information.

(7) The significant portion of corporate assets are principally cash and cash equivalents.


	Revenue						Long-Lived Assets (8)
	Years Ended December 31,						At December 31,
	2021		2020		2019		2021		2020
United States	$	4,305,957	$	3,677,285	$	3,806,033	$	584,948	$	518,679
Europe	1,797,138		1,482,520		1,571,901		283,952		289,657
Asia	901,141		745,150		863,050		62,210		61,235
Other Americas	612,751		535,091		625,707		20,627		21,174
Other	290,094		243,714		269,706		5,573		6,581
Consolidated total	$	7,907,081	$	6,683,760	$	7,136,397	$	957,310	$	897,326

(8) Long-lived assets are comprised of net property, plant and equipment.

The U.S. was the largest geographical market for the Engineered Products, Clean Energy & Fueling, Pumps & Process Solutions, and Climate & Sustainability Technologies segments, and Europe was the largest market for the Imaging & Identification segment.

Revenue is attributed to regions based on the location of the Company’s customer, which in some instances is an intermediary and not necessarily the end user. The Company’s businesses serve thousands of customers, none of which accounted for more than 10% of consolidated revenue.

- 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
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Operating Activities:
Net earnings	$ 1,123,818	$ 683,451	$ 677,918
Adjustments to reconcile net earnings to cash from operating activities:
Depreciation and amortization	290,123	279,051	272,287
Stock-based compensation	31,111	25,026	29,702
Gain on dispositions	(206,338)	(5,213)	0
Provision for losses on accounts receivable (net of recoveries)	5,053	11,171	5,933
Deferred income taxes	(48,322)	(25,643)	(11,966)
Employee benefit plan expense	11,897	7,205	5,844
Loss on assets held for sale	0	0	46,946
Loss on extinguishment of debt	0	0	23,543
Other, net	(7,368)	(6,593)	(3,652)
Cash effect of changes in assets and liabilities (excluding effects of acquisitions, dispositions and foreign exchange):
Accounts receivable	(201,540)	122,407	(7,903)
Inventories	(297,623)	10,519	(56,870)
Prepaid expenses and other assets	(14,303)	(17,915)	(25,797)
Accounts payable	229,334	(95,636)	12,670
Accrued compensation and employee benefits	65,482	12,277	15,580
Accrued expenses and other liabilities	60,734	129,916	(7,056)
Accrued taxes	88,190	(5,412)	(10,437)
Contributions to employee benefit plans	(14,383)	(19,801)	(21,436)
Net cash provided by operating activities	1,115,865	1,104,810	945,306
Investing Activities:
Additions to property, plant and equipment	(171,465)	(165,692)	(186,804)
Acquisitions (net of cash and cash equivalents acquired)	(1,112,075)	(335,786)	(215,687)
Proceeds from sale of property, plant and equipment	7,070	7,207	4,168
Proceeds from dispositions	274,982	15,400	24,218
Other	8,735	(2,508)	(10,150)
Net cash used in investing activities	(992,753)	(481,379)	(384,255)
Financing Activities:
Change in commercial paper and notes payable, net	105,000	(84,700)	(135,650)
Proceeds from long-term debt	0	0	847,469
Repayment of long-term debt	0	0	(805,112)
Dividends to stockholders	(286,896)	(284,312)	(282,197)
Purchase of common stock	(21,637)	(106,279)	(143,280)
Payments for employee tax obligations upon exercise of share-based awards	(41,924)	(28,476)	(37,370)
Other	(4,423)	(2,523)	(1,902)
Net cash used in financing activities	(249,880)	(506,290)	(558,042)
Effect of exchange rate changes on cash and cash equivalents	(803)	(1,319)	(1,977)
Net (decrease) increase in cash and cash equivalents	(127,571)	115,822	1,032
Cash and cash equivalents at beginning of year	513,075	397,253	396,221
Cash and cash equivalents at end of year	385,504	513,075	397,253
Supplemental information - cash paid during the year for:
Income taxes	233,631	199,657	191,084
Interest	$ 102,139	$ 108,119	$ 126,753

Equity and Cash Incentive Program - Fair Value Assumptions (Details) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Stock Appreciation Rights (SARs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	0.59%	1.44%	2.51%
Dividend yield	1.62%	1.65%	2.13%
Expected life (years)	5 years 6 months	5 years 6 months	5 years 7 months 6 days
Volatility	30.49%	22.76%	22.35%
Grant price (in dollars per share)	$ 122.73	$ 119.86	$ 91.20
Fair value per share at date of grant (in dollars per share)	$ 29.08	$ 22.54	17.55
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	0.19%	1.40%
Dividend yield	1.62%	1.65%
Expected life (years)	2 years 10 months 24 days	2 years 10 months 24 days
Volatility	31.90%	23.30%
Grant price (in dollars per share)	$ 122.73	$ 119.86
Fair value per share at date of grant (in dollars per share)	$ 148.29	$ 165.71	$ 91.20

Financial Instruments - Fair Value (Details) - Level 2 - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Assets:
Foreign currency cash flow hedges	$ 2,825	$ 2,325
Liabilities:
Foreign currency cash flow hedges	$ 433	$ 2,057

Property, Plant and Equipment

12 Months Ended

Dec. 31, 2021

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment, net

6. Property, Plant and Equipment, net

The components of property, plant and equipment, net were as follows:


	December 31, 2021		December 31, 2020
Land	$	63,656	$	60,287
Buildings and improvements	582,314		570,366
Machinery, equipment and other	1,816,473		1,772,772
Property, plant and equipment, gross	2,462,443		2,403,425
Total accumulated depreciation	(1,505,133)		(1,506,099)
Property, plant and equipment, net	$	957,310	$	897,326

Total depreciation expense was $147,309, $140,008 and $133,340 for the years ended December 31, 2021, 2020 and 2019, respectively.

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule Of Earnings Before Provision For Income Taxes And Discontinued Operations

Income taxes have been based on the following components of earnings before provision for income taxes in the Consolidated Statements of Earnings:


	Years Ended December 31,
	2021		2020		2019
Domestic	$	835,773	$	464,145	$	448,301
Foreign	565,053		377,589		394,708
Total	$	1,400,826	$	841,734	$	843,009

Schedule of Components of Income Tax Expense (Benefit)

Income tax expense (benefit) for the years ended December 31, 2021, 2020 and 2019 is comprised of the following:


	Years Ended December 31,
	2021		2020		2019
Current:
U.S. federal	$	150,990	$	79,305	$	71,069
State and local	28,106		13,312		16,709
Foreign	154,147		97,106		102,284
Total current	333,243		189,723		190,062
Deferred:
U.S. federal	(14,143)		2,777		(6,033)
State and local	3,165		(10,526)		1,770
Foreign	(45,257)		(23,691)		(20,708)
Total deferred	(56,235)		(31,440)		(24,971)
Total expense	$	277,008	$	158,283	$	165,091

Schedule of Effective Income Tax Rate Reconciliation

Differences between the effective income tax rate and the U.S. federal income statutory tax rate are as follows:


	Years Ended December 31,
	2021		2020		2019
U.S. federal income tax rate	21.0	%	21.0	%	21.0	%
State and local taxes, net of federal income tax benefit	1.8		1.7		1.7
Foreign operations tax effect	(0.2)		(0.8)		(1.3)

Foreign tax credits	—		—		(0.1)

Foreign-derived intangible income	(0.8)		(1.1)		(1.0)
Share awards	(0.8)		(1.2)		(1.7)

Dispositions	0.3		—		1.2
Audit resolutions	(1.4)		(0.9)		0.3
Other	(0.1)		0.1		(0.5)
Effective tax rate	19.8	%	18.8	%	19.6	%

Schedule of Deferred Tax Assets and Liabilities

The tax effects of temporary differences that give rise to deferred tax assets and liabilities are as follows:


	December 31, 2021		December 31, 2020
Deferred Tax Assets:
Accrued compensation, principally postretirement and other employee benefits	$	61,388	$	60,797
Accrued expenses, principally for state income taxes, interest and warranty	30,143		32,418
Net operating loss and other carryforwards	334,483		319,291
Inventories, principally due to reserves for financial reporting purposes and capitalization for tax purposes	28,698		23,723
Accounts receivable, principally due to allowance for doubtful accounts	9,988		7,118
Accrued insurance	4,708		4,165

Long-term liabilities, principally warranty, environmental and exit costs	3,043		2,273
Lease obligations	41,653		40,984

Total gross deferred tax assets	514,104		490,769
Valuation allowance	(306,066)		(287,679)
Total deferred tax assets, net of valuation allowances	$	208,038	$	203,090
Deferred Tax Liabilities:
Intangible assets, principally due to different tax and financial reporting bases and amortization lives	$	(392,208)	$	(387,897)
Property, plant and equipment, principally due to differences in depreciation	(77,918)		(62,667)
Lease right-of-use assets	(40,181)		(38,742)
Other liabilities	(28,786)		9,992
Total gross deferred tax liabilities	(539,093)		(479,314)
Net deferred tax liability	$	(331,055)	$	(276,224)

Classified as follows in the Consolidated Balance Sheets:

Other assets and deferred charges	$	33,062	$	22,199

Deferred income taxes	(364,117)		(298,423)
	$	(331,055)	$	(276,224)

Schedule Of Unrecognized Tax Benefits

The following table is a reconciliation of the beginning and ending balances of the Company’s unrecognized tax benefits:


	Total
Unrecognized tax benefits at January 1, 2019	$	93,461
Additions based on tax positions related to the current year	4,493
Additions for tax positions of prior years	6,668
Reductions for tax positions of prior years	(9,217)
Cash settlements	(922)
Lapse of statutes	(11,269)
Unrecognized tax benefits at December 31, 2019	83,214
Additions based on tax positions related to the current year	3,134
Additions for tax positions of prior years	5,490
Reductions for tax positions of prior years	(3,599)
Cash settlements	(6,214)
Lapse of statutes	(9,687)
Unrecognized tax benefits at December 31, 2020 (1)	72,338
Additions based on tax positions related to the current year	5,859
Additions for tax positions of prior years	3,784
Reductions for tax positions of prior years	(13,008)
Cash settlements	(1,490)
Lapse of statutes	(2,831)
Unrecognized tax benefits at December 31, 2021 (1)	$	64,652

(1) If recognized, the net amount of potential tax benefits that would impact the Company’s effective tax rate is $58.0 million. During the years ended December 31, 2021, 2020 and 2019, the Company recorded income of $2.7 million, $0.1 million and $0.6 million, respectively, as a component of provision for income taxes related to the accrued interest and penalties on net reductions to unrecognized tax benefits. The Company had accrued interest and penalties of $15.1 million at December 31, 2021 and $17.8 million at December 31, 2020, which are not included in the above table.

CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (Parentheticals) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of Stockholders' Equity [Abstract]
Dividends paid per common share (in dollars per share)	$ 1.99	$ 1.97	$ 1.94

Credit Losses

12 Months Ended

Dec. 31, 2021

Credit Loss [Abstract]

Credit Losses

8. 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. 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 the customers. Balances are written off when determined to be uncollectible.

Estimates are used to determine the allowance. It is based on assessment of anticipated payment and all other historical, current and forward-looking information that is reasonably available.

The following table provides a roll-forward of the allowance for credit losses that is deducted from the amortized cost basis of accounts receivable to present the net amount expected to be collected. The period prior to January 1, 2020 is presented in accordance with pre-adoption methodology of incurred loss impairment model.


	2021		2020		2019
Beginning Balance, January 1,	$	40,474	$	29,381	$	28,469
Adoption of ASU 2016-13, cumulative-effect adjustment to retained earnings	—		2,706		—
Provision for expected credit losses, net of recoveries	5,053		11,171		5,933
Amounts written off charged against the allowance	(5,307)		(3,863)		(3,464)
Other, including dispositions and foreign currency translation	(94)		1,079		(1,557)
Ending balance, December 31	$	40,126	$	40,474	$	29,381

- Definition

The entire disclosure for credit loss on financial instrument measured at amortized cost basis, net investment in lease, off-balance sheet credit exposure, and available-for-sale debt security.

+ References + Details

Financial Instruments - Gain/Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Gain (loss) on euro-denominated debt	$ 94,003	$ (119,298)	$ 22,449
Tax (expense) benefit	(20,976)	26,957	(4,714)
Net gain (loss) on net investment hedges, net of tax	$ 73,027	$ (92,341)	$ 17,735

Employee Benefit Plans - Accumulated Benefit Obligations (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Retirement Benefits [Abstract]
Projected benefit obligation (PBO)	$ 244,837	$ 383,244
Accumulated benefit obligation (ABO)	234,820	364,895
Fair value of plan assets	$ 106,519	$ 203,314

Credit Losses - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2021	Jan. 01, 2020	Dec. 31, 2019	Dec. 31, 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total stockholders equity	$ 3,385,773	$ 4,189,528		$ 3,032,660	$ 2,768,666
Retained Earnings
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total stockholders equity	8,608,284	$ 9,445,245		8,211,257	$ 7,815,486
Cumulative Effect, Period of Adoption, Adjustment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total stockholders equity				(2,112)
Cumulative Effect, Period of Adoption, Adjustment \| Retained Earnings
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total stockholders equity				$ (2,112)
Cumulative Effect, Period of Adoption, Adjustment \| Accounting Standards Update 2016-13
Accounts, Notes, Loans and Financing Receivable [Line Items]
Retained earnings effect, tax	600
Cumulative Effect, Period of Adoption, Adjustment \| Accounting Standards Update 2016-13 \| Retained Earnings
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total stockholders equity			$ (2,100)
Retained earnings effect, tax	$ 600

- Definition

Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity.

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+ Details

Dispositions (Details) - USD ($) $ in Thousands		12 Months Ended
Dispositions (Details) - USD ($) $ in Thousands	Nov. 16, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from dispositions			$ 15,400
Gain (loss) on assets held for sale		$ 0	$ 0	$ (46,946)
Impairment of Long-Lived Assets to be Disposed of				(21,607)
Foreign currency translation losses				25,339
Net cash proceeds from sale of business				$ 24,218
Race Winning Brands
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on sale of equity method investment	$ 24,723
Unified Brands
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from dispositions		229,024
Unified Brands \| Climate & Sustainability Technologies
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on sale of businesses		$ 181,615
Race Winning Brands
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of equity method investment	$ 45,958

Income Taxes - Earnings (Details) - USD ($) $ in Thousands	12 Months Ended
Income Taxes - Earnings (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Earnings before provision for income taxes and discontinued operations [Abstract]
Domestic	$ 835,773	$ 464,145	$ 448,301
Foreign	565,053	377,589	394,708
Earnings before provision for income taxes	$ 1,400,826	$ 841,734	$ 843,009

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Equity and Cash Incentive Program (Tables)

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Stock-based incentive plans compensation expense


	Years Ended December 31,
	2021		2020		2019
Pre-tax stock-based compensation expense	$	31,111	$	25,026	$	29,702
Tax benefit	(2,859)		(2,731)		(2,490)
Total stock-based compensation expense, net of tax	$	28,252	$	22,295	$	27,212

Fair Value Assumptions

The fair value of each SAR grant was estimated on the date of grant using a Black-Scholes option-pricing model with the following assumptions:


	2021		2020		2019
Risk-free interest rate	0.59	%	1.44	%	2.51	%
Dividend yield	1.62	%	1.65	%	2.13	%
Expected life (years)	5.5		5.5		5.6
Volatility	30.49	%	22.76	%	22.35	%
Grant price	$122.73		$119.86		$91.20
Fair value at date of grant	$29.08		$22.54		$17.55

The assumptions used in determining the fair value of the performance shares granted in 2021 and 2020 were as follows:


	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 fair value and average attainment used in determining compensation cost of the performance shares issued in 2019 are as follows for the year ended December 31, 2021:



	2019
Fair value per share at date of grant	$91.20
Average attainment rate reflected in expense	260.6	%

Summary of activity relating to SARs and stock options

A summary of activity relating to SARs granted under the 2021 Plan and the predecessor plans for the year ended December 31, 2021 is as follows:


	SARs
	Number of Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)
Outstanding at January 1, 2021	2,979,933	$	79.36
Granted	413,173	122.73


Forfeited / expired	(89,899)	110.58
Exercised	(925,823)	69.99
Outstanding at December 31, 2021	2,377,384	89.49		6.5

Exercisable at December 31, 2021	1,125,435	$	67.69	4.8

Awards outstanding, vested and exercisable

The following table summarizes information about outstanding SARs at December 31, 2021:


	SARs Outstanding						SARs Exercisable
Range of Exercise Prices	Number of Shares	Weighted Average Exercise Price		Weighted Average Remaining Life in Years	Aggregate Intrinsic Value		Number of Shares	Weighted Average Exercise Price		Weighted Average Remaining Life in Years	Aggregate Intrinsic Value
$48.28 - $82.51	1,125,435	$	67.69	4.8	$	128,213	1,125,435	$	67.69	4.8	$	128,213
$84.94 - $119.86	868,923	$	103.04	7.5	68,262		—	$	—	0	—
$122.73 - $155.65	383,026	$	122.82	9.1	22,516		—	$	—	0	—
	2,377,384				$	218,991	1,125,435				$	128,213

Other information for SARs and stock options

Other information regarding the exercise of SARs is listed below:


	2021		2020		2019
Fair value of SARs that became exercisable	$	10,199	$	8,585	$	8,611
Aggregate intrinsic value of SARs exercised	$	62,895	$	55,031	$	89,473

Summary of activity for performance share awards

A summary of activity for performance share awards for the year ended December 31, 2021 is as follows:


	Number of Shares	Weighted Average Grant-Date Fair Value
Unvested at January 1, 2021	77,979	$	138.14
Granted	50,371	148.29



Vested	(27,031)	91.37
Unvested at December 31, 2021	96,129	$	156.88

Summary of activity for restricted stock units

A summary of activity for restricted stock units for the year ended December 31, 2021 is as follows:


	Number of Shares	Weighted Average Grant-Date Fair Value
Unvested at January 1, 2021	252,907	$	93.43
Granted	87,177	122.73


Forfeited	(10,741)	114.85
Vested	(126,661)	91.75
Unvested at December 31, 2021	202,682	$	107.03

Shares granted to directors

The Company issued the following shares to its non-employee directors as partial compensation for serving as directors of the Company:


	Years ended December 31,
	2021	2020	2019
Aggregate shares granted	7,917	9,854	10,838
Deferred stock units	(5,322)	(6,278)	(6,168)

Net shares issued	2,595	3,576	4,670

Segment Information - Reconciliation (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Total assets	$ 10,403,627	$ 9,152,074
Corporate
Segment Reporting Information [Line Items]
Total assets	584,797	712,130
Engineered Products \| Total segments
Segment Reporting Information [Line Items]
Total assets	1,678,317	1,482,430
Clean Energy & Fueling \| Total segments
Segment Reporting Information [Line Items]
Total assets	3,201,504	2,125,900
Imaging & Identification \| Total segments
Segment Reporting Information [Line Items]
Total assets	1,871,039	1,919,223
Pumps & Process Solutions \| Total segments
Segment Reporting Information [Line Items]
Total assets	1,709,852	1,591,441
Climate & Sustainability Technologies \| Total segments
Segment Reporting Information [Line Items]
Total assets	$ 1,358,118	$ 1,320,950

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

Earnings per Share

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

Earnings Per Share

20. Earnings per Share

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


	Years Ended December 31,
	2021		2020		2019


Net earnings	$	1,123,818	$	683,451	$	677,918

Basic earnings per common share:


Net earnings	$	7.81	$	4.74	$	4.67

Weighted average basic shares outstanding	143,923,000		144,050,000		145,198,000
Diluted earnings per common share:


Net earnings	$	7.74	$	4.70	$	4.61

Weighted average diluted shares outstanding	145,273,000		145,393,000		146,992,000

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


	Years Ended December 31,
	2021	2020	2019
Weighted average shares outstanding - Basic	143,923,000	144,050,000	145,198,000
Dilutive effect of assumed exercise of SARs and vesting of performance shares and RSUs	1,350,000	1,343,000	1,794,000
Weighted average shares outstanding - Diluted	145,273,000	145,393,000	146,992,000

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. For the years ended December 31, 2021, 2020 and 2019, the weighted average number of anti-dilutive potential common shares excluded from the calculation above totaled 1,072, 30,378 and 28,096, respectively.

Property, Plant and Equipment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 2,462,443	$ 2,403,425
Total accumulated depreciation	(1,505,133)	(1,506,099)
Property, plant and equipment, net	957,310	897,326
Depreciation	147,309	140,008	$ 133,340
Land
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	63,656	60,287
Buildings and improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	582,314	570,366
Machinery, equipment and other
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 1,816,473	$ 1,772,772

Accumulated Other Comprehensive Earnings (Loss) (Tables)

12 Months Ended

Dec. 31, 2021

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

Components of Accumulated Other Comprehensive Income (Loss)

The components of accumulated other comprehensive earnings (loss) are as follows:


	December 31, 2021		December 31, 2020
Cumulative foreign currency translation adjustments	$	(107,130)	$	(66,802)
Pension and other postretirement benefit plans	(50,448)		(88,126)
Changes in fair value of cash flow hedges and other	3,526		1,674
	$	(154,052)	$	(153,254)

Amounts Reclassified from Accumulated Other Comprehensive Earnings (Loss) to Earnings (Loss)

Amounts reclassified from accumulated other comprehensive earnings (loss) to earnings (loss) during the year ended December 31, 2021, 2020 and 2019 were as follows:


	Years Ended December 31,
	2021		2020		2019
Foreign currency translation:
Reclassification of foreign currency translation losses to earnings	$	—	$	—	$	25,339
Tax benefit	—		—		—
Net of tax	$	—	$	—	$	25,339
Pension and other postretirement benefit plans:
Amortization of actuarial losses	$	12,278	$	8,583	$	759
Amortization of prior service costs and transition obligation	1,304		1,442		2,729
Settlement and curtailment	1,482		25		961
Total before tax	15,064		10,050		4,449
Tax benefit	(3,423)		(2,184)		(906)
Net of tax	$	11,641	$	7,866	$	3,543
Cash flow hedges:
Net gains reclassified into earnings	$	(6,271)	$	(817)	$	(186)
Tax expense	1,400		185		39
Net of tax	$	(4,871)	$	(632)	$	(147)

Accumulated Other Comprehensive Earnings (Loss) - Summary (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total stockholders equity	$ 4,189,528	$ 3,385,773	$ 3,032,660	$ 2,768,666
Accumulated Other Comprehensive Earnings (Loss)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total stockholders equity	(154,052)	(153,254)	$ (216,026)	$ (243,096)
Cumulative foreign currency translation adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total stockholders equity	(107,130)	(66,802)
Pension and other postretirement benefit plans
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total stockholders equity	(50,448)	(88,126)
Changes in fair value of cash flow hedges and other
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total stockholders equity	$ 3,526	$ 1,674

- Definition

+ References

+ Details

Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2021

Retirement Benefits [Abstract]

Defined Benefit Plans Disclosures

The following tables summarize the change in benefit obligations, change in plan assets, and funded status associated with the Company's significant defined benefit plans and the amounts recognized in the consolidated balance sheets at December 31, 2021 and 2020:


	Qualified Defined Benefits								Non-Qualified Supplemental Benefits
	U.S. Plan				Non-U.S. Plans
	2021		2020		2021		2020		2021		2020
Change in benefit obligation:
Benefit obligation at beginning of year	$	524,181	$	490,228	$	340,829	$	296,534	$	51,194	$	60,183
Service cost	7,134		6,824		5,749		5,345		1,561		1,272
Interest cost	13,605		16,272		3,590		3,697		1,232		1,765
Plan participants' contributions	—		—		2,009		1,707		—		—
Benefits paid	(18,221)		(36,303)		(7,519)		(8,613)		(5,331)		(12,324)
Actuarial (gain) loss(1)	(19,393)		47,160		(20,766)		19,558		(4,568)		298

Amendments	—		—		1,828		(1,401)		—		—
Settlements and curtailments	(28,960)		—		(3,517)		(294)		(1,183)		—
Currency translation and other	—		—		(7,488)		24,296		—		—

Benefit obligation at end of year	478,346		524,181		314,715		340,829		42,905		51,194
Change in plan assets:
Fair value of plan assets at beginning of year	606,896		550,238		212,748		185,590		—		—
Actual return on plan assets	13,385		92,961		10,664		13,560		—		—
Company contributions	—		—		8,121		7,315		6,262		12,324
Plan participants' contributions	—		—		2,009		1,707		—		—
Benefits paid	(18,221)		(36,303)		(7,519)		(8,613)		(5,331)		(12,324)

Settlements and curtailments	(28,960)		—		(2,287)		(294)		(931)		—
Currency translation and other	—		—		(4,059)		13,483		—		—

Fair value of plan assets at end of year	573,100		606,896		219,677		212,748		—		—
Funded (Unfunded) status	$	94,754	$	82,715	$	(95,038)	$	(128,081)	$	(42,905)	$	(51,194)
Amounts recognized in the consolidated balance sheets consist of:
Assets and Liabilities:
Other assets and deferred charges	$	94,754	$	82,715	$	1,575	$	653	$	—	$	—
Accrued compensation and employee benefits	—		—		(1,729)		(1,691)		(4,776)		(4,899)
Other liabilities (deferred compensation)	—		—		(94,884)		(127,043)		(38,129)		(46,295)

Total assets (liabilities)	94,754		82,715		(95,038)		(128,081)		(42,905)		(51,194)
Accumulated Other Comprehensive Loss (Earnings):
Net actuarial losses (gains)	33,545		49,386		50,878		80,472		(20,724)		(18,400)
Prior service cost (credit)	110		322		(1,303)		(3,632)		2,980		4,593

Tax (benefit) expense	(6,686)		(10,272)		(11,836)		(17,144)		3,840		2,961
Total accumulated other comprehensive loss (earnings), net of tax	26,969		39,436		37,739		59,696		(13,904)		(10,846)
Net amount recognized at December 31,	$	121,723	$	122,151	$	(57,299)	$	(68,385)	$	(56,809)	$	(62,040)

Accumulated benefit obligations	$	471,871	$	511,292	$	302,929	$	326,317	$	41,110	$	47,358

(1) The actuarial gains and losses were primarily due to discount rate fluctuations.

Projected Benefit Obligations and Accumulated Benefit Obligations in Excess of Plan Assets

Pension plans with projected benefit obligations and accumulated benefit obligations in excess of plan assets consist of the following at December 31, 2021 and 2020:


	2021		2020
Projected benefit obligation (PBO)	$	244,837	$	383,244
Accumulated benefit obligation (ABO)	234,820		364,895
Fair value of plan assets	106,519		203,314

Schedule of Net Periodic Benefit Costs

Components of the net periodic benefit cost were as follows:

Defined Benefit Plans


	Qualified Defined Benefits												Non-Qualified Supplemental Benefits
	U.S. Plan						Non-U.S. Plans
	2021		2020		2019		2021		2020		2019		2021		2020		2019
Service cost	$	7,134	$	6,824	$	7,016	$	5,749	$	5,345	$	5,665	$	1,561	$	1,272	$	1,942
Interest cost	13,605		16,272		19,026		3,590		3,697		5,101		1,232		1,765		2,670
Expected return on plan assets	(28,980)		(31,475)		(34,136)		(7,188)		(6,837)		(6,220)		—		—		—
Amortization of:
Prior service cost (credit)	212		227		303		(453)		(493)		(398)		1,531		1,695		2,811
Recognized actuarial loss (gain)	10,012		7,536		—		3,938		3,047		3,109		(1,672)		(1,857)		(2,280)

Settlement and curtailment loss (gain)	2,031		—		—		194		25		961		(743)		—		—

Net periodic expense (benefit)	$	4,014	$	(616)	$	(7,791)	$	5,830	$	4,784	$	8,218	$	1,909	$	2,875	$	5,143

Weighted-Average Assumptions Used in Benefit Obligations

The weighted average assumptions used in determining the benefit obligations were as follows:


	Qualified Defined Benefits								Non-Qualified Supplemental Benefits
	U.S. Plan				Non-U.S. Plans
	2021		2020		2021		2020		2021		2020
Discount rate	2.95	%	2.65	%	1.18	%	0.79	%	2.90	%	2.45	%
Average wage increase	4.00	%	4.00	%	1.53	%	1.51	%	4.50	%	4.50	%

Weighted-Average Assumptions Used Calculating Net Periodic Cost

The weighted average assumptions used in determining the net periodic benefit cost were as follows:


	Qualified Defined Benefits												Non- Qualified Supplemental Benefits
	U.S. Plan						Non-U.S. Plans
	2021		2020		2019		2021		2020		2019		2021		2020		2019
Discount rate	2.65	%	3.40	%	4.35	%	0.79	%	1.18	%	1.83	%	2.45	%	3.20	%	4.30	%
Average wage increase	4.00	%	4.00	%	4.00	%	1.51	%	1.80	%	2.10	%	4.50	%	4.50	%	4.50	%
Expected return on plan assets	5.60	%	6.30	%	6.80	%	3.40	%	3.69	%	3.67	%	na		na		na

Weighted-Average Asset Allocation Actual and Target

The Company’s actual and target weighted average asset allocation for our U.S. Qualified Defined Benefits Plan was as follows:


	2021		2020		Current Target
Return-seeking investments	29	%	22	%	30	%
Liability hedging investments	69	%	77	%	70	%
Other	2	%	1	%	—	%
Total	100	%	100	%	100	%

Plan Assets by Asset Category

The fair values of both U.S. and non-U.S. pension plan assets by asset category within the fair value hierarchy (as defined in Note 13 — Financial Instruments) were as follows:


	U.S. Qualified Defined Benefits Plan
	12/31/2021				12/31/2020
	Level 1		Level 2		Total Fair Value		Level 1		Level 2		Total Fair Value



Corporate bonds	$	—	$	316,367	$	316,367	$	—	$	329,800	$	329,800
Government securities	—		73,115		73,115		8,533		72,018		80,551
Interest-bearing cash and short-term investments	3,227		—		3,227		3,117		—		3,117
Total investments at fair value	3,227		389,482		392,709		11,650		401,818		413,468
Investments measured at net asset value*
Collective funds	—		—		167,551		—		—		180,103


Short-term investment funds	—		—		12,840		—		—		13,325

Total investments	$	3,227	$	389,482	$	573,100	$	11,650	$	401,818	$	606,896


	Non-U.S. Plans
	12/31/2021								12/31/2020
	Level 1		Level 2		Level 3		Total Fair Value		Level 1		Level 2		Level 3		Total Fair Value
Common stocks	$	58,054	$	—	$	—	$	58,054	$	52,865	$	—	$	—	$	52,865
Fixed income investments	—		27,034		—		27,034		—		26,068		—		26,068
Mutual funds	30,675		—		—		30,675		29,413		—		—		29,413


Cash and cash equivalents	3,634		—		—		3,634		2,822		—		—		2,822
Other	—		2,877		20,252		23,129		—		1,181		21,276		22,457
Total investments at fair value	92,363		29,911		20,252		142,526		85,100		27,249		21,276		133,625
Investments measured at net asset value*
Collective funds	—		—		—		72,235		—		—		—		74,138
Other	—		—		—		4,916		—		—		—		4,985
Total investments	$	92,363	$	29,911	$	20,252	$	219,677	$	85,100	$	27,249	$	21,276	$	212,748

* In accordance with Fair Value Measurement Topic 820 (Subtopic 820-10), certain investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient were not classified in the fair value hierarchy. These are included to permit reconciliation of the fair value hierarchy to the aggregate pension plan assets.

Measurement of Plan Assets use Significant Unobservable Inputs

The fair value measurement of plan assets using significant unobservable inputs (Level 3) changed during 2020 and 2021, due to the following:


	Level 3
Balance at December 31, 2019	$	18,597
Actual return on plan assets:

Relating to assets still held at December 31, 2020	349


Relating to assets sold during the period	6
Purchases	1,715
Sales and settlements	(1,111)
Foreign currency translation	1,720
Balance at December 31, 2020	21,276
Actual return on plan assets:
Relating to assets still held at December 31, 2021	48
Relating to assets sold during the period	—
Purchases	1,664
Sales and settlements	(2,158)
Foreign currency translation	(578)
Balance at December 31, 2021	$	20,252

Expected Future Benefit Payments

Benefit Payments

Estimated future benefit payments to retirees, which reflect expected future service except to the extent frozen, are as follows:


	Qualified Defined Benefits				Non-Qualified Supplemental Benefits
	U.S. Plan		Non-U.S. Plans
2022	$	36,495	$	11,003	$	4,845
2023	33,845		11,554		4,039
2024	34,445		12,872		5,699
2025	32,670		11,534		2,297
2026	31,727		12,674		5,856
2027 - 2031	134,159		72,555		15,140

Leases - Cost (Details) - USD ($) $ in Thousands	12 Months Ended
Leases - Cost (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Operating Lease Costs:
Fixed	$ 54,397	$ 52,875	$ 52,317
Variable	6,281	5,973	6,584
Short-term	17,847	18,436	17,387
Total	$ 78,525	$ 77,284	$ 76,288
Operating leases	5 years 9 months 18 days	5 years 10 months 24 days	5 years 10 months 24 days
Finance leases	4 years 2 months 12 days	4 years 9 months 18 days	5 years 10 months 24 days
Operating leases	2.70%	2.90%	3.20%
Finance leases	3.40%	3.60%	4.10%

Accrued Expenses and Other Liabilities - Warranty Program (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward]
Beginning Balance	$ 51,088	$ 49,116	$ 50,073
Provision for warranties	67,212	60,902	63,957
Settlements made	(65,498)	(60,853)	(63,574)
Other adjustments, including acquisitions and currency translation	(4,234)	1,923	(1,340)
Ending Balance	$ 48,568	$ 51,088	$ 49,116

Borrowings - Short Term (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Debt Disclosure [Abstract]
Short-term Debt	$ 702	$ 0
Commercial paper	105,000	0
Notes payable	$ 105,702	$ 0

Schedule II Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Deferred Tax Valuation Allowance
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Balance at Beginning of Year	$ 287,679	$ 244,153	$ 264,398
Additions	38,514	49,130	14,189
Reductions	(20,127)	(5,604)	(34,434)
Balance at End of Year	306,066	287,679	244,153
LIFO Reserve
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Balance at Beginning of Year	7,149	11,428	20,020
Charged to Cost and Expense	7,220	357	491
Reductions	(1,214)	(4,636)	(9,083)
Balance at End of Year	$ 13,155	$ 7,149	$ 11,428

Earnings per Share - Narrative (Details) - shares	12 Months Ended
Earnings per Share - Narrative (Details) - shares	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Earnings Per Share [Abstract]
Weighted average number of anti-dilutive potential common shares excluded from reconciliation calculations (in shares)	1,072	30,378	28,096

Leases - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Jan. 01, 2019
Lessee, Lease, Description [Line Items]
Right-of-use asset	$ 169,022	$ 170,089
Total operating lease liabilities	$ 177,534	$ 182,823
Cumulative Effect, Period of Adoption, Adjustment \| Accounting Standards Update 2016-02
Lessee, Lease, Description [Line Items]
Right-of-use asset			$ 163,000
Total operating lease liabilities			$ 163,000

Employee Benefit Plans - Actual and Target Allocations of Plan Assets (Details)	Dec. 31, 2021	Dec. 31, 2020
Defined Benefit Plan, Plan Assets, Allocations [Abstract]
Actual plan asset allocations	100.00%	100.00%
Target plan asset allocations	100.00%
Return-seeking investments
Defined Benefit Plan, Plan Assets, Allocations [Abstract]
Actual plan asset allocations	29.00%	22.00%
Target plan asset allocations	30.00%
Liability hedging investments
Defined Benefit Plan, Plan Assets, Allocations [Abstract]
Actual plan asset allocations	69.00%	77.00%
Target plan asset allocations	70.00%
Other
Defined Benefit Plan, Plan Assets, Allocations [Abstract]
Actual plan asset allocations	2.00%	1.00%
Target plan asset allocations	0.00%

Goodwill and Other Intangible Assets - Future Amortization (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2022	$ 153,937
2023	144,167
2024	139,696
2025	135,608
2026	$ 127,539

Financial Instruments - Balance Sheet Location (Details) - Foreign currency forward - Designated as Hedging Instrument - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Prepaid and other current assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Asset	$ 2,825	$ 2,325
Other accrued expenses
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Liability	$ (433)	$ (2,057)

CONSOLIDATED STATEMENTS OF EARNINGS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Statement [Abstract]
Revenue	$ 7,907,081	$ 6,683,760	$ 7,136,397
Cost of goods and services	4,937,295	4,209,741	4,515,459
Gross profit	2,969,786	2,474,019	2,620,938
Selling, general and administrative expenses	1,688,278	1,541,032	1,599,098
Loss on assets held for sale	0	0	46,946
Operating earnings	1,281,508	932,987	974,894
Interest expense	106,319	111,937	125,818
Interest income	(4,441)	(3,571)	(4,526)
Loss on extinguishment of debt	0	0	23,543
Gain on dispositions	(206,338)	(5,213)	0
Other income, net	(14,858)	(11,900)	(12,950)
Earnings before provision for income taxes	1,400,826	841,734	843,009
Provision for income taxes	277,008	158,283	165,091
Net earnings	$ 1,123,818	$ 683,451	$ 677,918
Net earnings per share:
Net earnings per share, Basic (in dollars per share)	$ 7.81	$ 4.74	$ 4.67
Net earnings per share, Diluted (in dollars per share)	$ 7.74	$ 4.70	$ 4.61
Weighted average shares outstanding:
Weighted average shares outstanding - Basic	143,923,000	144,050,000	145,198,000
Weighted average shares outstanding - Diluted	145,273,000	145,393,000	146,992,000

Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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

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


	Fair Value Asset (Liability)
	December 31, 2021		December 31, 2020		Balance Sheet Caption
Foreign currency forward	$	2,825	$	2,325	Prepaid and other current assets
Foreign currency forward	(433)		(2,057)		Other accrued expenses

Amounts recognized in other comprehensive earnings

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


	2021		2020		2019
Gain (loss) on euro-denominated debt	$	94,003	$	(119,298)	$	22,449


Tax (expense) benefit	(20,976)		26,957		(4,714)
Net gain (loss) on net investment hedges, net of tax	$	73,027	$	(92,341)	$	17,735

Assets and liabilities measured at fair value on a recurring basis

The Company's assets and liabilities measured at fair value on a recurring basis as of December 31, 2021 and 2020 were as follows:


	December 31, 2021		December 31, 2020
	Level 2			Level 2
Assets:
Foreign currency cash flow hedges	$	2,825		$	2,325
Liabilities:
Foreign currency cash flow hedges	433			2,057

Borrowings - Maturity (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Debt Disclosure [Abstract]
2022	$ 0
2023	0
2024	0
2025	400,000
2026	679,810
2027 and thereafter	1,966,508
Total	$ 3,046,318

Leases (Tables)

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Components of Lease Cost, Supplemental Cash Flow, and Balance Sheet, and Lease Assumptions

The components of lease costs were as follows:


	Years Ended December 31,
	2021		2020		2019
Operating Lease Costs:
Fixed	$	54,397	$	52,875	$	52,317
Variable	6,281		5,973		6,584
Short-term	17,847		18,436		17,387
Total(1)	$	78,525	$	77,284	$	76,288

(1) Finance lease cost and sublease income were immaterial.

Supplemental cash flow information related to leases was as follows:


	Years Ended December 31,
	2021		2020		2019

Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	55,921	$	53,903	$	53,450
Operating cash flows for finance leases	357		434		425
Financing cash flows for finance leases	3,073		2,523		1,915
Total	$	59,351	$	56,860	$	55,790
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	47,666	$	21,381	$	41,598
Financing leases	2,016		3,708		1,542
Total	$	49,682	$	25,089	$	43,140

Supplemental balance sheet information related to leases were as follows:


	December 31, 2021		December 31, 2020

Operating Leases
Right-of-use assets:
Other assets and deferred charges	$	169,022	$	170,089

Lease liabilities:
Other accrued expenses	$	43,086	$	48,834
Other liabilities	134,448		133,989
Total operating lease liabilities	$	177,534	$	182,823

Finance Leases
Right-of-use assets:


Property, plant and equipment, net (1)	$	8,588	$	10,388

Lease liabilities:
Other accrued expenses	$	2,475	$	2,641
Other liabilities	6,767		8,709
Total financing lease liabilities	$	9,242	$	11,350

(1) Finance lease right-of-use assets are recorded net of accumulated depreciation of $7,675 and $7,205 for the years ended December 31, 2021 and December 31, 2020, respectively.

Average lease terms and discount rates were as follows:


	December 31, 2021	December 31, 2020	December 31, 2019
Weighted-average remaining lease term (years)
Operating leases	5.8	5.9	5.9
Finance leases	4.2	4.8	5.9
Weighted-average discount rate
Operating leases	2.7%	2.9%	3.2%
Finance leases	3.4%	3.6%	4.1%

Maturity of Operating Lease Liability

The aggregate future lease payments for operating and finance leases as of December 31, 2021 were as follows:


	Operating		Finance
2022	$	47,649	$	2,822
2023	35,713		2,372
2024	28,124		1,845
2025	23,756		1,433
2026	16,058		1,204
Thereafter	39,539		767
Total lease payments	190,839		10,443
Less interest	(13,305)		(1,201)
Present value of lease liabilities	$	177,534	$	9,242

Maturity of Finance Lease Liability

The aggregate future lease payments for operating and finance leases as of December 31, 2021 were as follows:


	Operating		Finance
2022	$	47,649	$	2,822
2023	35,713		2,372
2024	28,124		1,845
2025	23,756		1,433
2026	16,058		1,204
Thereafter	39,539		767
Total lease payments	190,839		10,443
Less interest	(13,305)		(1,201)
Present value of lease liabilities	$	177,534	$	9,242

Commitments and Contingent Liabilities	12 Months Ended
Commitments and Contingent Liabilities	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingent Liabilities	16. Commitments and Contingent Liabilities Guarantees The Company has provided typical indemnities in connection with sales of certain businesses and assets, including representations and warranties and related indemnities for environmental, health and safety, tax and employment matters. The Company does not have any material liabilities recorded for these indemnifications and is not aware of any claims or other information that would give rise to material payments under such indemnities. Litigation A few of the Company’s subsidiaries are involved in legal proceedings relating to the cleanup of waste disposal sites identified under federal and state statutes which provide for the allocation of such costs among “potentially responsible parties.” In each instance, the extent of the Company’s liability appears to be relatively insignificant 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, a few 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. See Note 10 — Accrued Expenses and Other Liabilities for additional details. The Company and some 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 consider the availability and extent of insurance coverage. The Company has estimated liabilities for these other legal matters that are probable and estimable, and at December 31, 2021 and 2020, these liabilities were immaterial. 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.

Acquisitions - Narrative (Details) $ in Thousands																12 Months Ended
Acquisitions - Narrative (Details) $ in Thousands	Dec. 28, 2021 USD ($)	Dec. 16, 2021 USD ($)	Oct. 15, 2021 USD ($)	Sep. 15, 2021 USD ($)	Jul. 23, 2021 USD ($)	Jun. 24, 2021 USD ($)	Jun. 23, 2021 USD ($)	Apr. 19, 2021 USD ($)	Dec. 30, 2020 USD ($)	Aug. 20, 2020 USD ($)	Apr. 30, 2020 USD ($)	Feb. 18, 2020 USD ($)	Jan. 24, 2020 USD ($)	May 07, 2019 USD ($)	Jan. 25, 2019 USD ($)	Dec. 31, 2021 USD ($) business	Dec. 31, 2020 USD ($) business	Dec. 31, 2019 USD ($) business
Business Acquisition [Line Items]
Number of business acquisitions (in businesses) \| business																9,000	6,000	3,000
Consideration transferred																$ 1,125,077		$ 216,398
Cash acquired																19,040
Contingent consideration																13,002
Total consideration, net of cash acquired																1,112,075	$ 335,786	215,687
Intangible assets																439,479
Goodwill recorded in acquisition																4,558,822	4,072,542	3,783,347
Acquisition-related Costs
Business Acquisition [Line Items]
Revenue																5,855
Fair Value Adjustment to Inventory
Business Acquisition [Line Items]
Revenue																$ 15,082
RegO
Business Acquisition [Line Items]
Cash acquired	$ 10,382
Goodwill - tax deductible	165,810
Goodwill - non deductible	$ 111,166
Percentage acquired (in percent)	100.00%
Total consideration, net of cash acquired	$ 624,693
Intangible assets	234,000
Accounts receivable	34,252
Allowance for uncollectable accounts	371
Goodwill recorded in acquisition	276,976
Fair value of trade receivables acquired	34,623
RegO \| Customer intangibles
Business Acquisition [Line Items]
Intangible assets	173,000
RegO \| Patents
Business Acquisition [Line Items]
Intangible assets	40,000
RegO \| Trademarks
Business Acquisition [Line Items]
Intangible assets	$ 21,000
Acme Cryogenics
Business Acquisition [Line Items]
Goodwill - non deductible		$ 169,209
Percentage acquired (in percent)		100.00%
Total consideration, net of cash acquired		$ 293,522
Intangible assets		127,300
Accounts receivable		15,130
Gross trade receivables acquired		15,798
Allowance for uncollectable accounts		668
Acme Cryogenics \| Customer intangibles
Business Acquisition [Line Items]
Intangible assets		99,000
Acme Cryogenics \| Trademarks
Business Acquisition [Line Items]
Intangible assets		6,500
Acme Cryogenics \| Unpatented technology
Business Acquisition [Line Items]
Intangible assets		$ 21,800
LIQAL
Business Acquisition [Line Items]
Consideration transferred			$ 27,701
Percentage acquired (in percent)			100.00%
Intangible assets			$ 8,235
Goodwill recorded in acquisition			$ 23,473
Espy
Business Acquisition [Line Items]
Percentage acquired (in percent)				100.00%
Total consideration, net of cash acquired				$ 60,457
Intangible assets				21,100
Goodwill recorded in acquisition				$ 29,317
CDS Visual
Business Acquisition [Line Items]
Percentage acquired (in percent)					100.00%
Total consideration, net of cash acquired					$ 29,147
Intangible assets					9,930
Goodwill recorded in acquisition					$ 20,863
Blue Bite
Business Acquisition [Line Items]
Consideration transferred						$ 30,143
Percentage acquired (in percent)						100.00%
Intangible assets						$ 13,250
Goodwill recorded in acquisition						$ 20,458
Quantex
Business Acquisition [Line Items]
Consideration transferred							$ 23,747
Percentage acquired (in percent)							100.00%
Intangible assets							$ 11,034
Goodwill recorded in acquisition							$ 14,327
AvaLAN
Business Acquisition [Line Items]
Percentage acquired (in percent)								100.00%
Total consideration, net of cash acquired								$ 34,144
Intangible assets								14,630
Goodwill recorded in acquisition								$ 26,803
Series of individually immaterial acquistions
Business Acquisition [Line Items]
Number of business acquisitions (in businesses) \| business																7
Goodwill - tax deductible																$ 195,127	33,183
Goodwill - non deductible																386,990	172,622
Intangible assets																78,179	134,049	91,980
Goodwill recorded in acquisition																135,932	205,805	119,512
Series of individually immaterial acquistions \| Customer intangibles
Business Acquisition [Line Items]
Intangible assets																310,819	103,310	68,500
Series of individually immaterial acquistions \| Patents
Business Acquisition [Line Items]
Intangible assets																49,056		16,000
Series of individually immaterial acquistions \| Trademarks
Business Acquisition [Line Items]
Intangible assets																35,424	9,614	$ 7,480
Series of individually immaterial acquistions \| Unpatented technology
Business Acquisition [Line Items]
Intangible assets																$ 44,180	$ 21,125
ICS
Business Acquisition [Line Items]
Percentage acquired (in percent)									100.00%
Total consideration, net of cash acquired									$ 77,030
Intangible assets									33,525
Goodwill recorded in acquisition									$ 47,339
Solaris
Business Acquisition [Line Items]
Percentage acquired (in percent)										100.00%
Total consideration, net of cash acquired										$ 18,680
Intangible assets										3,280
Goodwill recorded in acquisition										$ 12,230
Em-tec
Business Acquisition [Line Items]
Percentage acquired (in percent)											100.00%
Total consideration, net of cash acquired											$ 30,396
Intangible assets											8,344
Goodwill recorded in acquisition											$ 19,572
Soft-Pak
Business Acquisition [Line Items]
Percentage acquired (in percent)												100.00%
Total consideration, net of cash acquired												$ 45,500
Intangible assets												12,800
Goodwill recorded in acquisition												$ 33,183
Systech
Business Acquisition [Line Items]
Percentage acquired (in percent)													100.00%
Total consideration, net of cash acquired													$ 161,830
Intangible assets													76,100
Goodwill recorded in acquisition													$ 91,493
All-Flo
Business Acquisition [Line Items]
Total consideration, net of cash acquired														$ 39,954
Belanger
Business Acquisition [Line Items]
Total consideration, net of cash acquired															$ 175,350

Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Beginning balance	$ 72,338	$ 83,214	$ 93,461
Additions based on tax positions related to the current year	5,859	3,134	4,493
Additions for tax positions of prior years	3,784	5,490	6,668
Reductions for tax positions of prior years	(13,008)	(3,599)	(9,217)
Cash settlements	(1,490)	(6,214)	(922)
Lapse of statutes	(2,831)	(9,687)	(11,269)
Ending balance	64,652	72,338	83,214
Unrecognized potential tax benefits that would impact effective tax rate	58,000
Potential interest and penalty expense (income)	(2,700)	(100)	$ (600)
Accrued interest and penalties	$ 15,100	$ 17,800

Stockholders' Equity	12 Months Ended
Stockholders' Equity	Dec. 31, 2021
Stockholders' Equity Note [Abstract]
Stockholders' Equity	21. Stockholders' Equity 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. The Company's prior February 2018 share repurchase authorization, whereby the Company was authorized to repurchase up to 20 million shares of its common stock, expired on December 31, 2020. Upon expiration, there were 7,380,879 shares remaining. During the year ended December 31, 2021 and 2020 the Company repurchased 182,951 and 979,165 shares of common stock at a total cost of $21,637 and $106,279 or $118.27 and $108.54 per share, respectively. As of December 31, 2021, 19,817,049 shares remain authorized for repurchase under the November 2020 share repurchase authorization.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ 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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Goodwill and Other Intangible Assets - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Goodwill [Line Items]
Acquisitions	$ 582,117	$ 205,805
Disposition of business	(34,662)	(2,597)
Intangible assets	439,479
Amortization expense	142,814	139,043	$ 138,947
Acquisition-related amortization expense	$ 141,134	137,071	$ 136,963
Minimum
Goodwill [Line Items]
Fair value discount rate, percent	8.00%
Maximum
Goodwill [Line Items]
Fair value discount rate, percent	9.00%
Imaging & Identification
Goodwill [Line Items]
Acquisitions	$ 20,458	103,723
Disposition of business	$ 0	$ 0

Accumulated Other Comprehensive Earnings (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Foreign currency translation:
Reclassification of foreign currency translation losses to earnings	$ 0	$ 0	$ (25,339)
Tax benefit	0	0	0
Reclassification of foreign currency translation losses to earnings	0	0	25,339
Pension and other postretirement benefit plans:
Amortization of actuarial losses	12,278	8,583	759
Amortization of prior service costs and transition obligation	1,304	1,442	2,729
Settlement and curtailment	1,482	25	961
Total before tax	15,064	10,050	4,449
Tax benefit	(3,423)	(2,184)	(906)
Net of tax	11,641	7,866	3,543
Cash flow hedges:
Net gains reclassified into earnings	(6,271)	(817)	(186)
Tax expense	1,400	185	39
Net gains reclassified into earnings	$ (4,871)	$ (632)	$ (147)

Equity and Cash Incentive Program - Outstanding and Exercisable Awards (Details) - Stock Appreciation Rights (SARs) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($) $ / shares shares
Exercise Price Range [Line Items]
Outstanding, Number of Shares \| shares	2,377,384
Outstanding, Aggregate Intrinsic Value \| $	$ 218,991
Exercisable, Number of Shares \| shares	1,125,435
Exercisable, Aggregate Intrinsic Value \| $	$ 128,213
$48.28 - $82.51
Exercise Price Range [Line Items]
Range of Exercise, lower range limit (in dollars per share)	$ 48.28
Range of Exercise, upper range limit (in dollars per share)	$ 82.51
Outstanding, Number of Shares \| shares	1,125,435
Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 67.69
Outstanding, Weighted Average Remaining Life in Years	4 years 9 months 18 days
Outstanding, Aggregate Intrinsic Value \| $	$ 128,213
Exercisable, Number of Shares \| shares	1,125,435
Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 67.69
Exercisable , Weighted Average Remaining Life in Years	4 years 9 months 18 days
Exercisable, Aggregate Intrinsic Value \| $	$ 128,213
$84.94 - $119.86
Exercise Price Range [Line Items]
Range of Exercise, lower range limit (in dollars per share)	$ 84.94
Range of Exercise, upper range limit (in dollars per share)	$ 119.86
Outstanding, Number of Shares \| shares	868,923
Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 103.04
Outstanding, Weighted Average Remaining Life in Years	7 years 6 months
Outstanding, Aggregate Intrinsic Value \| $	$ 68,262
Exercisable, Number of Shares \| shares	0
Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 0
Exercisable , Weighted Average Remaining Life in Years	0 days
Exercisable, Aggregate Intrinsic Value \| $	$ 0
$122.73 - $155.65
Exercise Price Range [Line Items]
Range of Exercise, lower range limit (in dollars per share)	$ 122.73
Range of Exercise, upper range limit (in dollars per share)	$ 155.65
Outstanding, Number of Shares \| shares	383,026
Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 122.82
Outstanding, Weighted Average Remaining Life in Years	9 years 1 month 6 days
Outstanding, Aggregate Intrinsic Value \| $	$ 22,516
Exercisable, Number of Shares \| shares	0
Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 0
Exercisable , Weighted Average Remaining Life in Years	0 days
Exercisable, Aggregate Intrinsic Value \| $	$ 0

Segment Information (Tables)

12 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

Segment Financial Information

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


	Years Ended December 31,
	2021		2020		2019
Revenue:
Engineered Products	$	1,780,827	$	1,531,277	$	1,697,557
Clean Energy & Fueling	1,648,153		1,476,282		1,620,177
Imaging & Identification	1,163,367		1,038,178		1,084,471
Pumps & Process Solutions	1,708,634		1,324,003		1,338,528
Climate & Sustainability Technologies	1,608,175		1,316,090		1,396,617
Intercompany eliminations	(2,075)		(2,070)		(953)
Total consolidated revenue	$	7,907,081	$	6,683,760	$	7,136,397
Net earnings:
Segment earnings (EBIT): (1)
Engineered Products (2)	$	285,511	$	238,167	$	291,848
Clean Energy & Fueling	271,388		236,974		231,873
Imaging & Identification	237,147		193,473		229,484
Pumps & Process Solutions (3)	546,863		305,276		240,081
Climate & Sustainability Technologies (4)	322,622		102,872		118,832
Total segment earnings (EBIT)	1,663,531		1,076,762		1,112,118
Corporate expense / other (5)	160,827		126,662		124,274
Interest expense	106,319		111,937		125,818
Interest income	(4,441)		(3,571)		(4,526)
Loss on extinguishment of debt	—		—		23,543
Earnings before provision for income taxes	1,400,826		841,734		843,009
Provision for income taxes	277,008		158,283		165,091
Net earnings	$	1,123,818	$	683,451	$	677,918
Segment margins:
Engineered Products (2)	16.0%		15.6%		17.2%
Clean Energy & Fueling	16.5%		16.1%		14.3%
Imaging & Identification	20.4%		18.6%		21.2%
Pumps & Process Solutions (3)	32.0%		23.1%		17.9%
Climate & Sustainability Technologies (4)	20.1%		7.8%		8.5%
Total Segments	21.0%		16.1%		15.6%
Net earnings	14.2%		10.2%		9.5%
Depreciation and amortization:
Engineered Products	$	48,644	$	42,603	$	41,032
Clean Energy & Fueling	78,010		72,803		75,045
Imaging & Identification	38,510		38,378		30,530
Pumps & Process Solutions	69,075		72,191		67,584
Climate & Sustainability Technologies	48,634		46,541		51,360
Corporate	7,250		6,535		6,736
Consolidated total	$	290,123	$	279,051	$	272,287
Capital expenditures:
Engineered Products	$	48,453	$	23,515	$	38,049
Clean Energy & Fueling	25,167		26,903		21,780
Imaging & Identification	10,671		10,690		18,593
Pumps & Process Solutions	44,578		52,804		50,442
Climate & Sustainability Technologies	34,335		42,923		51,052
Corporate	8,261		8,857		6,888
Consolidated total	$	171,465	$	165,692	$	186,804

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

(2) For the year ended December 31, 2021, includes a $24,723 gain related to the sale of RWB equity method investment.

(3) For the year ended December 31, 2019, includes a $46,946 loss on assets held for sale for Finder.

Reconciliation of Assets from Segment to Consolidated

Selected financial information by segment (continued):


Total assets at December 31:	2021		2020
Engineered Products	$	1,678,317	$	1,482,430
Clean Energy & Fueling (6)	3,201,504		2,125,900
Imaging & Identification	1,871,039		1,919,223
Pumps & Process Solutions	1,709,852		1,591,441
Climate & Sustainability Technologies	1,358,118		1,320,950
Corporate (7)	584,797		712,130


Total assets	$	10,403,627	$	9,152,074

(6) Increase primarily driven by 2021 acquisitions. See Note 3 — Acquisitions for additional information.

(7) The significant portion of corporate assets are principally cash and cash equivalents.

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


	Revenue						Long-Lived Assets (8)
	Years Ended December 31,						At December 31,
	2021		2020		2019		2021		2020
United States	$	4,305,957	$	3,677,285	$	3,806,033	$	584,948	$	518,679
Europe	1,797,138		1,482,520		1,571,901		283,952		289,657
Asia	901,141		745,150		863,050		62,210		61,235
Other Americas	612,751		535,091		625,707		20,627		21,174
Other	290,094		243,714		269,706		5,573		6,581
Consolidated total	$	7,907,081	$	6,683,760	$	7,136,397	$	957,310	$	897,326

(8) Long-lived assets are comprised of net property, plant and equipment.

Restructuring Activities (Details) - USD ($) $ in Thousands	12 Months Ended
Restructuring Activities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Restructuring Cost and Reserve [Line Items]
Restructuring charges, actual	$ 26,705	$ 44,468	$ 26,822
Restructuring Reserve [Roll Forward]
Beginning balance	14,913	16,390	28,164
Restructuring charges	26,705	44,468	26,822
Payments	(17,122)	(35,803)	(33,270)
Other, including foreign currency translation	(10,699)	(10,142)	(5,326)
Ending balance	13,797	14,913	16,390
Severance
Restructuring Reserve [Roll Forward]
Beginning balance	10,547	13,751	24,284
Restructuring charges	11,561	25,716	20,271
Payments	(10,951)	(29,768)	(29,887)
Other, including foreign currency translation	(427)	848	(917)
Ending balance	10,730	10,547	13,751
Exit
Restructuring Reserve [Roll Forward]
Beginning balance	4,366	2,639	3,880
Restructuring charges	15,144	18,752	6,551
Payments	(6,171)	(6,035)	(3,383)
Other, including foreign currency translation	(10,272)	(10,990)	(4,409)
Ending balance	3,067	4,366	2,639
Cost of goods and services
Restructuring Cost and Reserve [Line Items]
Restructuring charges, actual	12,895	18,895	8,910
Selling, general and administrative expenses
Restructuring Cost and Reserve [Line Items]
Restructuring charges, actual	13,810	25,573	17,912
Corporate
Restructuring Cost and Reserve [Line Items]
Restructuring charges, actual	2,021	4,145	2,961
Engineered Products \| Total segments
Restructuring Cost and Reserve [Line Items]
Restructuring charges, actual	9,507	10,307	3,155
Clean Energy & Fueling \| Total segments
Restructuring Cost and Reserve [Line Items]
Restructuring charges, actual	3,609	6,681	4,943
Imaging & Identification \| Total segments
Restructuring Cost and Reserve [Line Items]
Restructuring charges, actual	4,589	5,946	6,426
Pumps & Process Solutions \| Total segments
Restructuring Cost and Reserve [Line Items]
Restructuring charges, actual	1,911	13,374	5,666
Climate & Sustainability Technologies \| Total segments
Restructuring Cost and Reserve [Line Items]
Restructuring charges, actual	$ 5,068	$ 4,015	$ 3,671

Employee Benefit Plans - Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Net periodic benefit cost [Abstract]
Settlement and curtailment impact	$ (1,167)	$ (18)	$ (806)
Employee benefit plan expense	11,897	7,205	5,844
Non-Qualified Supplemental Benefits \| Non-Qualified Supplemental Benefits
Net periodic benefit cost [Abstract]
Service cost	1,561	1,272	1,942
Interest cost	1,232	1,765	2,670
Expected return on plan assets	0	0	0
Prior service cost (credit)	1,531	1,695	2,811
Recognized actuarial loss (gain)	(1,672)	(1,857)	(2,280)
Settlement and curtailment impact	(743)	0	0
Employee benefit plan expense	1,909	2,875	5,143
United States \| Qualified Defined Benefits \| Qualified Defined Benefits
Net periodic benefit cost [Abstract]
Service cost	7,134	6,824	7,016
Interest cost	13,605	16,272	19,026
Expected return on plan assets	(28,980)	(31,475)	(34,136)
Prior service cost (credit)	212	227	303
Recognized actuarial loss (gain)	10,012	7,536	0
Settlement and curtailment impact	2,031	0	0
Employee benefit plan expense	4,014	(616)	(7,791)
Foreign Plan \| Qualified Defined Benefits \| Qualified Defined Benefits
Net periodic benefit cost [Abstract]
Service cost	5,749	5,345	5,665
Interest cost	3,590	3,697	5,101
Expected return on plan assets	(7,188)	(6,837)	(6,220)
Prior service cost (credit)	(453)	(493)	(398)
Recognized actuarial loss (gain)	3,938	3,047	3,109
Settlement and curtailment impact	194	25	961
Employee benefit plan expense	$ 5,830	$ 4,784	$ 8,218

Leases - Maturity Table (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Operating
2022	$ 47,649
2023	35,713
2024	28,124
2025	23,756
2026	16,058
Thereafter	39,539
Present value of lease liabilities	190,839
Less interest	(13,305)
Total operating lease liabilities	177,534	$ 182,823
Finance
2022	2,822
2023	2,372
2024	1,845
2025	1,433
2026	1,204
Thereafter	767
Total lease payments	10,443
Less interest	(1,201)
Present value of lease liabilities	$ 9,242	$ 11,350

Acquisitions - Pro Forma (Details) - USD ($) $ in Thousands	12 Months Ended
Acquisitions - Pro Forma (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Earnings:
Net earnings	$ 1,123,818	$ 683,451	$ 677,918
RegO and Acme
Revenue:
As reported	7,907,081	6,683,760
Pro forma (unaudited)	8,163,185	6,920,929
Earnings:
Net earnings	1,123,818	683,451
Pro forma (unaudited)	$ 1,145,106	$ 669,458

- Definition

Amount after tax of income (loss) from continuing operations attributable to the parent.

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-Paragraph 2
-Subparagraph (SX 210.5-03(1))
-URI http://asc.fasb.org/extlink&oid=123367319&loc=SL114868664-224227

+ Details

Equity and Cash Incentive Program - SARs Activity (Details) - Stock Appreciation Rights (SARs) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Number of Shares
Outstanding, beginning balance (in shares)	2,979,933
Granted (in shares)	413,173	390,780	615,089
Forfeited/expired (in shares)	(89,899)
Exercised (in shares)	(925,823)
Outstanding, ending balance (in shares)	2,377,384	2,979,933
Exercisable (in shares)	1,125,435
Weighted Average Exercise Price
Beginning balance (in dollars per share)	$ 79.36
Granted (in dollars per share)	122.73	$ 119.86	$ 91.20
Forfeited/Expired (in dollars per share)	110.58
Exercised (in dollars per share)	69.99
Ending balance (in dollars per share)	89.49	$ 79.36
Weighted Average Exercise Price, Exercisable (in dollars per share)	$ 67.69
Weighted Average Remaining Contractual Term (Years)
Outstanding	6 years 6 months
Exercisable	4 years 9 months 18 days

Income Taxes - Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Current:
U.S. federal	$ 150,990	$ 79,305	$ 71,069
State and local	28,106	13,312	16,709
Foreign	154,147	97,106	102,284
Total current	333,243	189,723	190,062
Deferred:
U.S. federal	(14,143)	2,777	(6,033)
State and local	3,165	(10,526)	1,770
Foreign	(45,257)	(23,691)	(20,708)
Total deferred	(56,235)	(31,440)	(24,971)
Total expense	$ 277,008	$ 158,283	$ 165,091

Property, Plant and Equipment (Tables)

12 Months Ended

Dec. 31, 2021

Property, Plant and Equipment [Abstract]

Components of property, plant and equipment, net

The components of property, plant and equipment, net were as follows:


	December 31, 2021		December 31, 2020
Land	$	63,656	$	60,287
Buildings and improvements	582,314		570,366
Machinery, equipment and other	1,816,473		1,772,772
Property, plant and equipment, gross	2,462,443		2,403,425
Total accumulated depreciation	(1,505,133)		(1,506,099)
Property, plant and equipment, net	$	957,310	$	897,326

CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjustment	Common Stock, par value $1	Additional Paid-In Capital	Retained Earnings	Retained Earnings Cumulative Effect, Period of Adoption, Adjustment	Accumulated Other Comprehensive Earnings (Loss)	Treasury Stock
Balance at beginning of year at Dec. 31, 2018	$ 2,768,666		$ 257,822	$ 886,016	$ 7,815,486		$ (243,096)	$ (5,947,562)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	677,918				677,918
Dividends paid	(282,197)				(282,197)
Common stock issued for the exercise of share-based awards	(37,370)		730	(38,100)
Stock-based compensation expense	29,702			29,702
Common stock acquired	(143,280)							(143,280)
Other comprehensive (loss) earnings, net of tax	27,070						27,070
Other	(7,849)			(7,899)	50
Balance at end of year at Dec. 31, 2019	3,032,660	$ (2,112)	258,552	869,719	8,211,257	$ (2,112)	(216,026)	(6,090,842)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	683,451				683,451
Dividends paid	(284,312)				(284,312)
Common stock issued for the exercise of share-based awards	(28,476)		430	(28,906)
Stock-based compensation expense	25,026			25,026
Common stock acquired	(106,279)							(106,279)
Other comprehensive (loss) earnings, net of tax	62,772						62,772
Other	3,043			3,043
Balance at end of year at Dec. 31, 2020	$ 3,385,773		258,982	868,882	8,608,284		(153,254)	(6,197,121)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accounting Standards Update [Extensible Enumeration]	Accounting Standards Update 2016-13
Net earnings	$ 1,123,818				1,123,818
Dividends paid	(286,896)				(286,896)
Common stock issued for the exercise of share-based awards	(41,924)		475	(42,399)
Stock-based compensation expense	31,111			31,111
Common stock acquired	(21,637)							(21,637)
Other comprehensive (loss) earnings, net of tax	(798)						(798)
Other	81			42	39
Balance at end of year at Dec. 31, 2021	$ 4,189,528		$ 259,457	$ 857,636	$ 9,445,245		$ (154,052)	$ (6,218,758)

Borrowings

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Borrowings

12. Borrowings

Borrowings consist of the following:


	December 31, 2021		December 31, 2020
Short-term:
Short-term borrowings	$	702	$	—
Commercial paper	105,000		—
Notes payable	$	105,702	$	—


			Carrying amount (1)
	Principal		December 31, 2021		December 31, 2020
Long-term:
3.15% 10-year notes due November 15, 2025	$	400,000	$	397,389	$	396,716
1.25% 10-year notes due November 9, 2026 (euro-denominated)	€	600,000	674,217		724,310
0.750% 8-year notes due November 4, 2027 (euro denominated)	€	500,000	561,293		603,107
6.65% 30-year debentures due June 1, 2028	$	200,000	199,356		199,255
2.950% 10-year notes due November 4, 2029	$	300,000	297,029		296,650
5.375% 30-year debentures due October 15, 2035	$	300,000	296,559		296,309
6.60% 30-year notes due March 15, 2038	$	250,000	248,166		248,053
5.375% 30-year notes due March 1, 2041	$	350,000	344,705		344,429

Total long-term debt			$	3,018,714	$	3,108,829

(1) Carrying amount is net of unamortized debt discount and deferred debt issuance costs. Total unamortized debt discounts were $15.1 million and $17.6 million as of December 31, 2021 and 2020, respectively. Total deferred debt issuance costs were $12.5 million and $14.4 million as of December 31, 2021 and 2020, respectively.

The discounts are being amortized to interest expense using the effective interest method over the life of the issuances. The deferred issuance costs are amortized on a straight-line basis over the life of the debt, as this approximates the effective interest method.

As of December 31, 2021, the Company maintained a $1 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 primarily uses this facility as liquidity back-up for its commercial paper program and for general corporate purposes. As of December 31, 2021, there were no outstanding borrowings under the Credit Agreement.

The Company was in compliance with all covenants in the Credit Agreement and other long-term debt covenants at December 31, 2021 and had an interest coverage ratio of consolidated EBITDA to consolidated net interest expense of 17.6 to 1.

As of December 31, 2021, the future maturities of long-term debt were as follows:


	Future Maturities
2022	$	—
2023	—
2024	—
2025	400,000
2026	679,810
2027 and thereafter	1,966,508
Total	$	3,046,318

Letters of Credit and other GuaranteesAs of December 31, 2021, the Company had approximately $155.9 million outstanding in letters of credit, surety bonds, and performance and other guarantees with financial institutions, 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, the Company would only be liable for the amount of these guarantees in the event of default in the performance of its obligations, the probability of which is believed to be remote.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI http://asc.fasb.org/topic&trid=2208564

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (h)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (g)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1E
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (i)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

Schedule II Valuation and Qualifying Accounts

12 Months Ended

Dec. 31, 2021

Schedule II Valuation and Qualifying Accounts [Abstract]

Schedule II Valuation and Qualifying Accounts

SCHEDULE II

VALUATION AND QUALIFYING ACCOUNTS

Years Ended December 31, 2021, 2020 and 2019

(In thousands)











Deferred Tax Valuation Allowance	Balance at Beginning of Year		Additions	Reductions	Balance at End of Year

Year Ended December 31, 2021	$	287,679	38,514	(20,127)	$	306,066

Year Ended December 31, 2020	$	244,153	49,130	(5,604)	$	287,679

Year Ended December 31, 2019	$	264,398	14,189	(34,434)	$	244,153

LIFO Reserve	Balance at Beginning of Year		Charged to Cost and Expense	Reductions	Balance at End of Year

Year Ended December 31, 2021	$	7,149	7,220	(1,214)	$	13,155

Year Ended December 31, 2020	$	11,428	357	(4,636)	$	7,149

Year Ended December 31, 2019	$	20,020	491	(9,083)	$	11,428

Leases

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Leases

7. Leases

The Company adopted ASC Topic 842, Leases as of January 1, 2019, using the transition method per ASU No. 2018-11 wherein entities were allowed to initially apply the new leases standard at adoption date. Adoption of ASC Topic 842 resulted in an increase to total assets and liabilities due to the recording of operating lease ROU assets and operating lease liabilities of approximately $163 million, as of January 1, 2019. The adoption did not materially impact the Company’s Consolidated Statements of Earnings or Cash Flows. See Note 1 — Description of Business and Summary of Significant Accounting Policies for further detail on ROU assets and lease liabilities.

The components of lease costs were as follows:


	Years Ended December 31,
	2021		2020		2019
Operating Lease Costs:
Fixed	$	54,397	$	52,875	$	52,317
Variable	6,281		5,973		6,584
Short-term	17,847		18,436		17,387
Total(1)	$	78,525	$	77,284	$	76,288

(1) Finance lease cost and sublease income were immaterial.

Supplemental cash flow information related to leases was as follows:


	Years Ended December 31,
	2021		2020		2019

Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	55,921	$	53,903	$	53,450
Operating cash flows for finance leases	357		434		425
Financing cash flows for finance leases	3,073		2,523		1,915
Total	$	59,351	$	56,860	$	55,790
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	47,666	$	21,381	$	41,598
Financing leases	2,016		3,708		1,542
Total	$	49,682	$	25,089	$	43,140

Supplemental balance sheet information related to leases were as follows:


	December 31, 2021		December 31, 2020

Operating Leases
Right-of-use assets:
Other assets and deferred charges	$	169,022	$	170,089

Lease liabilities:
Other accrued expenses	$	43,086	$	48,834
Other liabilities	134,448		133,989
Total operating lease liabilities	$	177,534	$	182,823

Finance Leases
Right-of-use assets:


Property, plant and equipment, net (1)	$	8,588	$	10,388

Lease liabilities:
Other accrued expenses	$	2,475	$	2,641
Other liabilities	6,767		8,709
Total financing lease liabilities	$	9,242	$	11,350

(1) Finance lease right-of-use assets are recorded net of accumulated depreciation of $7,675 and $7,205 for the years ended December 31, 2021 and December 31, 2020, respectively.

The aggregate future lease payments for operating and finance leases as of December 31, 2021 were as follows:


	Operating		Finance
2022	$	47,649	$	2,822
2023	35,713		2,372
2024	28,124		1,845
2025	23,756		1,433
2026	16,058		1,204
Thereafter	39,539		767
Total lease payments	190,839		10,443
Less interest	(13,305)		(1,201)
Present value of lease liabilities	$	177,534	$	9,242

Average lease terms and discount rates were as follows:


	December 31, 2021	December 31, 2020	December 31, 2019
Weighted-average remaining lease term (years)
Operating leases	5.8	5.9	5.9
Finance leases	4.2	4.8	5.9
Weighted-average discount rate
Operating leases	2.7%	2.9%	3.2%
Finance leases	3.4%	3.6%	4.1%

Leases

7. Leases

The components of lease costs were as follows:


	Years Ended December 31,
	2021		2020		2019
Operating Lease Costs:
Fixed	$	54,397	$	52,875	$	52,317
Variable	6,281		5,973		6,584
Short-term	17,847		18,436		17,387
Total(1)	$	78,525	$	77,284	$	76,288

(1) Finance lease cost and sublease income were immaterial.

Supplemental cash flow information related to leases was as follows:


	Years Ended December 31,
	2021		2020		2019

Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	55,921	$	53,903	$	53,450
Operating cash flows for finance leases	357		434		425
Financing cash flows for finance leases	3,073		2,523		1,915
Total	$	59,351	$	56,860	$	55,790
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	47,666	$	21,381	$	41,598
Financing leases	2,016		3,708		1,542
Total	$	49,682	$	25,089	$	43,140

Supplemental balance sheet information related to leases were as follows:


	December 31, 2021		December 31, 2020

Operating Leases
Right-of-use assets:
Other assets and deferred charges	$	169,022	$	170,089

Lease liabilities:
Other accrued expenses	$	43,086	$	48,834
Other liabilities	134,448		133,989
Total operating lease liabilities	$	177,534	$	182,823

Finance Leases
Right-of-use assets:


Property, plant and equipment, net (1)	$	8,588	$	10,388

Lease liabilities:
Other accrued expenses	$	2,475	$	2,641
Other liabilities	6,767		8,709
Total financing lease liabilities	$	9,242	$	11,350

(1) Finance lease right-of-use assets are recorded net of accumulated depreciation of $7,675 and $7,205 for the years ended December 31, 2021 and December 31, 2020, respectively.

The aggregate future lease payments for operating and finance leases as of December 31, 2021 were as follows:


	Operating		Finance
2022	$	47,649	$	2,822
2023	35,713		2,372
2024	28,124		1,845
2025	23,756		1,433
2026	16,058		1,204
Thereafter	39,539		767
Total lease payments	190,839		10,443
Less interest	(13,305)		(1,201)
Present value of lease liabilities	$	177,534	$	9,242

Average lease terms and discount rates were as follows:


	December 31, 2021	December 31, 2020	December 31, 2019
Weighted-average remaining lease term (years)
Operating leases	5.8	5.9	5.9
Finance leases	4.2	4.8	5.9
Weighted-average discount rate
Operating leases	2.7%	2.9%	3.2%
Finance leases	3.4%	3.6%	4.1%

Leases - Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Right-of-use assets:
Other assets and deferred charges	$ 169,022	$ 170,089
Lease liabilities:
Other accrued expenses	43,086	48,834
Other liabilities	134,448	133,989
Total operating lease liabilities	$ 177,534	$ 182,823
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization	Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Other accrued expenses	Other accrued expenses
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other liabilities	Other liabilities
Right-of-use assets:
Property and equipment, net	$ 8,588	$ 10,388
Lease liabilities:
Other accrued expenses	2,475	2,641
Other liabilities	6,767	8,709
Total financing lease liabilities	9,242	11,350
Accumulated depreciation	$ 7,675	$ 7,205
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets, Noncurrent	Other Assets, Noncurrent
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Other accrued expenses	Other accrued expenses
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other liabilities	Other liabilities

Dispositions	12 Months Ended
Dispositions	Dec. 31, 2021
Discontinued Operations and Disposal Groups [Abstract]
Dispositions	4. Dispositions 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 On December 1, 2021, the Company completed the sale of Unified Brands ("UB"), a wholly owned subsidiary of the Company. The Company recognized total consideration of $229,024. This sale resulted in a preliminary pre-tax gain on disposition of $181,615 included within the Consolidated Statements of Earnings and within the Climate & Sustainability Technologies segment for the year ended December 31, 2021. The preliminary total consideration and preliminary pre-tax gain on disposition are subject to standard working capital adjustments. The sale does not represent a strategic shift that will have a major effect on operations and financial results and, therefore, did not qualify for presentation as a discontinued operation. On November 16, 2021, the Company disposed its equity method investment in Race Winning Brands ("RWB") for a total consideration of $45,958, resulting in a recognized gain of $24,723 included within the Consolidated Statements of Earnings and within the Engineered Products segment for the year ended December 31, 2021. 2020 On March 6, 2020, the Company completed the sale of the Chino, California branch of The AMS Group ("AMS Chino"), a wholly owned subsidiary of the Company. The Company recognized total consideration of $15,400, which included a working capital adjustment. This sale resulted in a pre-tax gain on disposition of $5,213 included within the Consolidated Statements of Earnings and within the Climate & Sustainability Technologies segment for the year ended December 31, 2020. The sale did not represent a strategic shift that had a major effect on operations and financial results and, therefore, did not qualify for presentation as a discontinued operation. 2019 On March 29, 2019, the Company entered into a definitive agreement to sell Finder Pompe S.r.l ("Finder"), a wholly owned subsidiary, to Gruppo Aturia S.p.A (“Aturia”). As of March 31, 2019, Finder met the criteria to be classified as held for sale. The Company classified Finder's assets and liabilities separately on the consolidated balance sheet as of March 31, 2019. Based on the total consideration from the sale, net of selling costs, the Company recorded a loss on the assets held for sale of $46,946 in the Consolidated Statements of Earnings during the three months ended March 31, 2019. The loss was comprised of an impairment on assets held for sale of $21,607 and $25,339 of foreign currency translation losses reclassified out of accumulated other comprehensive losses. On April 2, 2019, Dover completed the sale of Finder to Aturia, which generated total cash proceeds of $24,218. The Finder business was included in the results of the Pumps & Process Solutions segment. The sale 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, net (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Inventory, Net [Abstract]
Raw materials	$ 671,195	$ 497,604
Work in progress	271,659	152,360
Finished goods	377,800	304,760
Subtotal	1,320,654	954,724
Less reserves	(129,559)	(118,920)
Total	$ 1,191,095	$ 835,804
Percentage of LIFO Inventory	4.00%	4.00%

Employee Benefit Plans

12 Months Ended

Dec. 31, 2021

Retirement Benefits [Abstract]

Employee Benefit Plans

17. Employee Benefit Plans

The Company offers defined contribution retirement plans which cover the majority of its U.S. employees, as well as employees in certain other countries. The Company’s expense relating to defined contribution plans was $59,719, $52,629 and $50,031 for the years ended December 31, 2021, 2020 and 2019, respectively.

The Company sponsors qualified defined benefit pension plans covering certain employees of the Company and its subsidiaries. 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.

In July 2013, the Company announced that, after December 31, 2013, the U.S. qualified and non-qualified defined benefit plans would be closed to new employees. All pension-eligible employees as of December 31, 2013 will continue to earn a pension benefit through December 31, 2023 as long as they remain employed by an operating company participating in the impacted plans. The Company also announced that effective January 1, 2024, the plans would be frozen to any future benefit accruals.

The Company also maintains other post-retirement benefit plans. These plans are closed to new entrants and not considered to be significant. The supplemental and other post-retirement benefit plans are supported by the general assets of the Company.

Obligations and Funded Status


	Qualified Defined Benefits								Non-Qualified Supplemental Benefits
	U.S. Plan				Non-U.S. Plans
	2021		2020		2021		2020		2021		2020
Change in benefit obligation:
Benefit obligation at beginning of year	$	524,181	$	490,228	$	340,829	$	296,534	$	51,194	$	60,183
Service cost	7,134		6,824		5,749		5,345		1,561		1,272
Interest cost	13,605		16,272		3,590		3,697		1,232		1,765
Plan participants' contributions	—		—		2,009		1,707		—		—
Benefits paid	(18,221)		(36,303)		(7,519)		(8,613)		(5,331)		(12,324)
Actuarial (gain) loss(1)	(19,393)		47,160		(20,766)		19,558		(4,568)		298

Amendments	—		—		1,828		(1,401)		—		—
Settlements and curtailments	(28,960)		—		(3,517)		(294)		(1,183)		—
Currency translation and other	—		—		(7,488)		24,296		—		—

Benefit obligation at end of year	478,346		524,181		314,715		340,829		42,905		51,194
Change in plan assets:
Fair value of plan assets at beginning of year	606,896		550,238		212,748		185,590		—		—
Actual return on plan assets	13,385		92,961		10,664		13,560		—		—
Company contributions	—		—		8,121		7,315		6,262		12,324
Plan participants' contributions	—		—		2,009		1,707		—		—
Benefits paid	(18,221)		(36,303)		(7,519)		(8,613)		(5,331)		(12,324)

Settlements and curtailments	(28,960)		—		(2,287)		(294)		(931)		—
Currency translation and other	—		—		(4,059)		13,483		—		—

Fair value of plan assets at end of year	573,100		606,896		219,677		212,748		—		—
Funded (Unfunded) status	$	94,754	$	82,715	$	(95,038)	$	(128,081)	$	(42,905)	$	(51,194)
Amounts recognized in the consolidated balance sheets consist of:
Assets and Liabilities:
Other assets and deferred charges	$	94,754	$	82,715	$	1,575	$	653	$	—	$	—
Accrued compensation and employee benefits	—		—		(1,729)		(1,691)		(4,776)		(4,899)
Other liabilities (deferred compensation)	—		—		(94,884)		(127,043)		(38,129)		(46,295)

Total assets (liabilities)	94,754		82,715		(95,038)		(128,081)		(42,905)		(51,194)
Accumulated Other Comprehensive Loss (Earnings):
Net actuarial losses (gains)	33,545		49,386		50,878		80,472		(20,724)		(18,400)
Prior service cost (credit)	110		322		(1,303)		(3,632)		2,980		4,593

Tax (benefit) expense	(6,686)		(10,272)		(11,836)		(17,144)		3,840		2,961
Total accumulated other comprehensive loss (earnings), net of tax	26,969		39,436		37,739		59,696		(13,904)		(10,846)
Net amount recognized at December 31,	$	121,723	$	122,151	$	(57,299)	$	(68,385)	$	(56,809)	$	(62,040)

Accumulated benefit obligations	$	471,871	$	511,292	$	302,929	$	326,317	$	41,110	$	47,358

(1) The actuarial gains and losses were primarily due to discount rate fluctuations.

The Company’s net unfunded status at December 31, 2021 and 2020 includes net liabilities of $95,038 and $128,081, respectively, relating to the Company’s significant international qualified plans, some in locations where it is not economically advantageous to pre-fund the plans due to local regulations. The majority of the international obligations relate to defined pension plans operated by the Company’s businesses in Germany, France, the United Kingdom, Italy, and Switzerland.

The accumulated benefit obligation for all defined benefit pension plans was $815,910 and $884,967 at December 31, 2021 and 2020, respectively. Pension plans with projected benefit obligations and accumulated benefit obligations in excess of plan assets consist of the following at December 31, 2021 and 2020:


	2021		2020
Projected benefit obligation (PBO)	$	244,837	$	383,244
Accumulated benefit obligation (ABO)	234,820		364,895
Fair value of plan assets	106,519		203,314

Net Periodic Benefit Cost

The operating expense component of net periodic benefit cost (service cost) is reported with similar compensation costs in the Company's Consolidated Statement of Earnings. The non-operating components (all other components of net periodic benefit expense, including interest cost, amortization of prior service cost, curtailments and settlements, etc.) are reported outside of operating income in other income, net in the Consolidated Statement of Earnings.

Components of the net periodic benefit cost were as follows:

Defined Benefit Plans


	Qualified Defined Benefits												Non-Qualified Supplemental Benefits
	U.S. Plan						Non-U.S. Plans
	2021		2020		2019		2021		2020		2019		2021		2020		2019
Service cost	$	7,134	$	6,824	$	7,016	$	5,749	$	5,345	$	5,665	$	1,561	$	1,272	$	1,942
Interest cost	13,605		16,272		19,026		3,590		3,697		5,101		1,232		1,765		2,670
Expected return on plan assets	(28,980)		(31,475)		(34,136)		(7,188)		(6,837)		(6,220)		—		—		—
Amortization of:
Prior service cost (credit)	212		227		303		(453)		(493)		(398)		1,531		1,695		2,811
Recognized actuarial loss (gain)	10,012		7,536		—		3,938		3,047		3,109		(1,672)		(1,857)		(2,280)

Settlement and curtailment loss (gain)	2,031		—		—		194		25		961		(743)		—		—

Net periodic expense (benefit)	$	4,014	$	(616)	$	(7,791)	$	5,830	$	4,784	$	8,218	$	1,909	$	2,875	$	5,143

Assumptions

The Company determines actuarial assumptions on an annual basis. The weighted average assumptions used in determining the benefit obligations were as follows:


	Qualified Defined Benefits								Non-Qualified Supplemental Benefits
	U.S. Plan				Non-U.S. Plans
	2021		2020		2021		2020		2021		2020
Discount rate	2.95	%	2.65	%	1.18	%	0.79	%	2.90	%	2.45	%
Average wage increase	4.00	%	4.00	%	1.53	%	1.51	%	4.50	%	4.50	%

The weighted average assumptions used in determining the net periodic benefit cost were as follows:


	Qualified Defined Benefits												Non- Qualified Supplemental Benefits
	U.S. Plan						Non-U.S. Plans
	2021		2020		2019		2021		2020		2019		2021		2020		2019
Discount rate	2.65	%	3.40	%	4.35	%	0.79	%	1.18	%	1.83	%	2.45	%	3.20	%	4.30	%
Average wage increase	4.00	%	4.00	%	4.00	%	1.51	%	1.80	%	2.10	%	4.50	%	4.50	%	4.50	%
Expected return on plan assets	5.60	%	6.30	%	6.80	%	3.40	%	3.69	%	3.67	%	na		na		na

The Company’s discount rate assumption is determined by developing a yield curve based on high quality corporate bonds with maturities matching the plans’ expected benefit payment streams. The plans’ expected cash flows are then discounted by the resulting year-by-year spot rates.

Plan Assets

The primary financial objective of the plans is to secure participant retirement benefits. Accordingly, the key objective in the plans’ financial management is to promote stability and, to the extent appropriate, growth in the funded status. Related and supporting financial objectives are established in conjunction with a review of current and projected plan financial requirements.

As it relates to the funded defined benefit pension plans, the Company’s funding policy is consistent with the funding requirements of the Employment Retirement Income Security Act ("ERISA") and applicable international laws. The Company is responsible for overseeing the management of the investments of the plans’ assets and otherwise ensuring that the plans’ investment programs are in compliance with ERISA, other relevant legislation and related plan documents. Where relevant, the Company has retained professional investment managers to manage the plans’ assets and implement the investment process. The investment managers, in implementing their investment processes, have the authority and responsibility to select appropriate investments in the asset classes specified by the terms of their applicable prospectus or investment manager agreements with the plans.

The assets of the plans are invested to achieve an appropriate return for the plans consistent with a prudent level of risk. The plans' long-term investment objective is to generate investment returns that provide adequate assets to meet all benefit obligations in accordance with applicable regulations. The expected return on assets assumption used for net periodic benefit cost is developed through analysis of historical and forecasted market returns, statistical analysis, current market conditions and the past experience of plan asset investments.

The Company’s actual and target weighted average asset allocation for our U.S. Qualified Defined Benefits Plan was as follows:


	2021		2020		Current Target
Return-seeking investments	29	%	22	%	30	%
Liability hedging investments	69	%	77	%	70	%
Other	2	%	1	%	—	%
Total	100	%	100	%	100	%

Return-seeking investments include diversified foreign and domestic equities, U.S. high yield fixed income investments, and emerging market debt. Liability hedging investments primarily include a diversified portfolio of U.S. long duration fixed income assets. While the non-U.S. investment policies are different for each country, the long-term objectives are generally the same as for the U.S. pension assets.

The fair values of both U.S. and non-U.S. pension plan assets by asset category within the fair value hierarchy (as defined in Note 13 — Financial Instruments) were as follows:


	U.S. Qualified Defined Benefits Plan
	12/31/2021				12/31/2020
	Level 1		Level 2		Total Fair Value		Level 1		Level 2		Total Fair Value



Corporate bonds	$	—	$	316,367	$	316,367	$	—	$	329,800	$	329,800
Government securities	—		73,115		73,115		8,533		72,018		80,551
Interest-bearing cash and short-term investments	3,227		—		3,227		3,117		—		3,117
Total investments at fair value	3,227		389,482		392,709		11,650		401,818		413,468
Investments measured at net asset value*
Collective funds	—		—		167,551		—		—		180,103


Short-term investment funds	—		—		12,840		—		—		13,325

Total investments	$	3,227	$	389,482	$	573,100	$	11,650	$	401,818	$	606,896


	Non-U.S. Plans
	12/31/2021								12/31/2020
	Level 1		Level 2		Level 3		Total Fair Value		Level 1		Level 2		Level 3		Total Fair Value
Common stocks	$	58,054	$	—	$	—	$	58,054	$	52,865	$	—	$	—	$	52,865
Fixed income investments	—		27,034		—		27,034		—		26,068		—		26,068
Mutual funds	30,675		—		—		30,675		29,413		—		—		29,413


Cash and cash equivalents	3,634		—		—		3,634		2,822		—		—		2,822
Other	—		2,877		20,252		23,129		—		1,181		21,276		22,457
Total investments at fair value	92,363		29,911		20,252		142,526		85,100		27,249		21,276		133,625
Investments measured at net asset value*
Collective funds	—		—		—		72,235		—		—		—		74,138
Other	—		—		—		4,916		—		—		—		4,985
Total investments	$	92,363	$	29,911	$	20,252	$	219,677	$	85,100	$	27,249	$	21,276	$	212,748

Common stocks represent investments in domestic and foreign equities, which are publicly traded on active exchanges and are valued based on quoted market prices.

Fixed income investments include bonds and notes, which are valued based on quoted market prices, as well as investments in other government and municipal securities and corporate bonds, which are valued based on yields currently available on comparable securities of issuers with similar credit ratings.

Mutual funds are categorized as either Level 1, 2 or Net Asset Value ("NAV") as a practical expedient depending on the nature of the observable inputs. Collective funds and short-term investment funds are valued using NAV as a practical expedient as of the last business day of the year. The NAV is based on the underlying value of the assets owned by the fund, minus its liabilities, and then divided by the number of shares outstanding.

The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Company believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.

The availability of observable data is monitored by plan management to assess appropriate classification of financial instruments within the fair value hierarchy. Depending upon the availability of such inputs, specific securities may transfer between levels. In such instances, the transfer is reported at the end of the reporting period.

The fair value measurement of plan assets using significant unobservable inputs (Level 3) changed during 2020 and 2021, due to the following:


	Level 3
Balance at December 31, 2019	$	18,597
Actual return on plan assets:

Relating to assets still held at December 31, 2020	349


Relating to assets sold during the period	6
Purchases	1,715
Sales and settlements	(1,111)
Foreign currency translation	1,720
Balance at December 31, 2020	21,276
Actual return on plan assets:
Relating to assets still held at December 31, 2021	48
Relating to assets sold during the period	—
Purchases	1,664
Sales and settlements	(2,158)
Foreign currency translation	(578)
Balance at December 31, 2021	$	20,252

Future Estimates

Benefit Payments

Estimated future benefit payments to retirees, which reflect expected future service except to the extent frozen, are as follows:


	Qualified Defined Benefits				Non-Qualified Supplemental Benefits
	U.S. Plan		Non-U.S. Plans
2022	$	36,495	$	11,003	$	4,845
2023	33,845		11,554		4,039
2024	34,445		12,872		5,699
2025	32,670		11,534		2,297
2026	31,727		12,674		5,856
2027 - 2031	134,159		72,555		15,140

Contributions

In 2022, the Company expects to make payments of approximately $7.7 million to its non-US plans and $4.8 million to its non-qualified U.S. plan. No payments are expected for the qualified U.S. plan in 2022.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 55
-Paragraph 17
-URI http://asc.fasb.org/extlink&oid=123450688&loc=d3e4179-114921

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 715
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

+ Details

CONSOLIDATED STATEMENT OF COMPREHENSIVE EARNINGS (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of Comprehensive Income [Abstract]
Foreign currency translation adjustments, tax benefit (provision)	$ (20,976)	$ 26,957	$ (4,714)
Pension and other postretirement benefit plans tax (provision) benefit	(9,868)	(3,197)	(1,184)
Cash flow hedges tax benefit (provision)	$ (532)	$ 607	$ (359)

Stockholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Feb. 28, 2018
Schedule of share repurchases [Line Items]
Shares repurchased	182,951	979,165
Payments for repurchase of common stock (in dollars)	$ 21,637	$ 106,279	$ 143,280
Average price per share for repurchased shares (in dollars per share)	$ 118.27	$ 108.54
February 2018 Authorization
Schedule of share repurchases [Line Items]
Number of shares authorized to be repurchased				20,000,000
Remaining number of shares authorized to be repurchased		7,380,879
November 2020 Authorization
Schedule of share repurchases [Line Items]
Remaining number of shares authorized to be repurchased	19,817,049

Employee Benefit Plans - Benefit Payments and Contributions (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Non-Qualified Supplemental Benefits \| Non-Qualified Supplemental Benefits
Expected Future Benefit Payments by Fiscal Year [Abstract]
2022	$ 4,845
2023	4,039
2024	5,699
2025	2,297
2026	5,856
2027 - 2031	15,140
United States \| Qualified Defined Benefits \| Qualified Defined Benefits
Expected Future Benefit Payments by Fiscal Year [Abstract]
2022	36,495
2023	33,845
2024	34,445
2025	32,670
2026	31,727
2027 - 2031	134,159
Foreign Plan \| Qualified Defined Benefits \| Qualified Defined Benefits
Expected Future Benefit Payments by Fiscal Year [Abstract]
2022	11,003
2023	11,554
2024	12,872
2025	11,534
2026	12,674
2027 - 2031	$ 72,555

Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

9. Goodwill and Other Intangible Assets

Goodwill

ASC 350, Intangibles - Goodwill and Other Intangibles, provides guidance on an entity's subsequent measurement and recognition of goodwill and other intangibles, including subsequent changes to carrying amounts, including impairment and fair value adjustments.

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


	Engineered Products		Clean Energy & Fueling		Imaging & Identification		Pumps & Process Solutions		Climate & Sustainability Technologies		Total
Goodwill	$	647,162	$	873,381	$	977,069	$	810,597	$	545,699	$	3,853,908
Accumulated impairment loss	(10,591)		—		—		(59,970)		—		(70,561)
Balance at January 1, 2020	636,571		873,381		977,069		750,627		545,699		3,783,347
Acquisitions	33,183		47,339		103,723		21,560		—		205,805

Disposition of business	—		—		—		—		(2,597)		(2,597)
Foreign currency translation	13,231		20,253		36,797		14,093		1,613		85,987
Balance at December 31, 2020	682,985		940,973		1,117,589		786,280		544,715		4,072,542
Acquisitions	50,180		496,461		20,458		15,018		—		582,117
Purchase price adjustments	—		2,640		(1,926)		—		—		714

Disposition of business	—		—		—		—		(34,662)		(34,662)
Foreign currency translation	(9,882)		(12,383)		(29,919)		(8,459)		(1,246)		(61,889)
Balance at December 31, 2021 (1)	$	723,283	$	1,427,691	$	1,106,202	$	792,839	$	508,807	$	4,558,822

(1) The accumulated impairment loss as of December 31, 2021 was $70,561, of which $59,970 was associated with the Pumps & Process Solutions segment and $10,591 was associated with the Engineered Products segment. These impairment losses were incurred prior to January 1, 2020.

During 2021 and 2020, the Company recognized additions of $582,117 and $205,805, respectively, to goodwill as a result of acquisitions as discussed in Note 3 — Acquisitions. During 2021 and 2020, the Company disposed of $34,662 and $2,597, respectively, of goodwill as a result of dispositions of businesses as discussed in Note 4 — Dispositions. The Company reallocated goodwill upon disposal based upon the fair value of the disposed business relative to the remaining entities in its reporting unit.

Annual impairment testing

The Company tests goodwill for impairment annually in the fourth quarter of each year, whenever events or circumstances indicate an impairment may have occurred, or when a change in the composition of reporting units occurs for other reasons, such as a change in segments.

The Company performed its annual goodwill impairment test during the fourth quarter of 2021 using a discounted cash flow analysis as discussed in Note 1 — Description of Business and Summary of Significant Accounting Policies. The Company performed a quantitative goodwill impairment test for each of its reporting units, concluding that the fair values of all of its reporting units were substantially in excess of their carrying values. No impairment of goodwill was required. As previously noted, the fair values of each of the Company’s reporting units was determined using a discounted cash flow analysis which includes management’s current assumptions as to future cash flows and long-term growth rates. The discount rates used in these analyses varied by reporting unit and were based on a capital asset pricing model and published relevant industry rates. The Company used discount rates commensurate with the risks and uncertainties inherent to each reporting unit and in our internally developed forecasts. Discount rates used in the 2021 reporting unit valuations ranged from 8.0% to 9.0%. Further, the Company assessed the current market capitalization, forecasts and the amount of headroom in the 2021 impairment test.

While the Company believes the assumptions used in the 2021 impairment analysis are reasonable and representative of expected results, actual results may differ from expectations.

Intangible Assets

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


	December 31, 2021						December 31, 2020
	Gross Amount		Accumulated Amortization		Net Carrying Amount		Gross Amount		Accumulated Amortization		Net Carrying Amount
Amortized intangible assets:
Customer intangibles	$	1,829,492	$	909,776	$	919,716	$	1,559,771	$	834,798	$	724,973
Trademarks	263,367		116,633		146,734		233,205		103,907		129,298
Patents	205,910		140,327		65,583		163,299		141,182		22,117
Unpatented technologies	221,239		123,464		97,775		180,947		113,404		67,543
Distributor relationships	84,204		55,260		28,944		87,028		51,611		35,417
Drawings & manuals	27,792		27,303		489		29,198		26,193		3,005
Other	22,347		18,775		3,572		23,901		19,324		4,577
Total	2,654,351		1,391,538		1,262,813		2,277,349		1,290,419		986,930
Unamortized intangible assets:
Trademarks	96,709		—		96,709		96,842		—		96,842
Total intangible assets, net	$	2,751,060	$	1,391,538	$	1,359,522	$	2,374,191	$	1,290,419	$	1,083,772

The Company recorded $439,479 of acquired intangible assets in 2021. See Note 3 — Acquisitions for further information.

Amortization expense was $142,814, $139,043 and $138,947, including acquisition-related intangible amortization of $141,134, $137,071 and $136,963, for the years ended December 31, 2021, 2020 and 2019, respectively.

Estimated future amortization expense related to intangible assets held at December 31, 2021 is as follows:


	Estimated Amortization
2022	$	153,937
2023	144,167
2024	139,696
2025	135,608
2026	127,539

Restructuring Activities (Tables)

12 Months Ended

Dec. 31, 2021

Restructuring and Related Activities [Abstract]

Summary of Restructuring Programs

The Company initiated various restructuring programs and incurred severance and other restructuring costs by segment as follows:


	Years Ended December 31,
	2021		2020		2019
Engineered Products	$	9,507	$	10,307	$	3,155
Clean Energy & Fueling	3,609		6,681		4,943
Imaging & Identification	4,589		5,946		6,426
Pumps & Process Solutions	1,911		13,374		5,666
Climate & Sustainability Technologies	5,068		4,015		3,671
Corporate	2,021		4,145		2,961
Total	$	26,705	$	44,468	$	26,822
These amounts are classified in the Consolidated Statements of Earnings as follows:
Cost of goods and services	$	12,895	$	18,895	$	8,910
Selling, general and administrative expenses	13,810		25,573		17,912

Total	$	26,705	$	44,468	$	26,822

Severance and Other Restructuring Accrual Activities

The following table details the Company’s severance and other restructuring accrual activities:


	Severance		Exit			Total
Balance at January 1, 2019	$	24,284	$	3,880		$	28,164
Restructuring charges	20,271		6,551			26,822
Payments	(29,887)		(3,383)			(33,270)
Other, including foreign currency translation	(917)		(4,409)		(1)	(5,326)
Balance at December 31, 2019	13,751		2,639			16,390
Restructuring charges	25,716		18,752			44,468
Payments	(29,768)		(6,035)			(35,803)
Other, including foreign currency translation	848		(10,990)		(1)	(10,142)
Balance at December 31, 2020	10,547		4,366			14,913
Restructuring charges	11,561		15,144			26,705
Payments	(10,951)		(6,171)			(17,122)
Other, including foreign currency translation	(427)		(10,272)		(2)	(10,699)
Balance at December 31, 2021	$	10,730	$	3,067		$	13,797

(1) Other activity in exit reserves primarily represents the non-cash write-off of certain long-lived assets and inventory in connection with certain facility closures and product exits.

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

Equity and Cash Incentive Program - Fair Value and Average Attainment (Details) - Performance Shares - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in dollars per share)	$ 148.29	$ 165.71	$ 91.20
Average attainment rate reflected in expense (in percent)			260.60%

Financial Instruments

12 Months Ended

Dec. 31, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Financial Instruments

13. 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, which occur within the next twelve months that are denominated in non-functional currencies, with currency forward contracts designated as cash flow hedges. At December 31, 2021 and 2020, the Company had contracts with U.S. dollar equivalent notional amounts of $180,929 and $173,674, respectively, to exchange foreign currencies, principally the euro, pound sterling, Swedish krona, Canadian dollar, Chinese yuan, and Swiss franc. The Company believes it is probable that all forecasted cash flow transactions will occur.

In addition, the Company had outstanding contracts at December 31, 2021 and 2020 with a total notional amount of $108,736 and $73,755, respectively, that are not designated as hedging instruments. These instruments are used to reduce the Company's exposure to 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 Consolidated Statements of Earnings.

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


	Fair Value Asset (Liability)
	December 31, 2021		December 31, 2020		Balance Sheet Caption
Foreign currency forward	$	2,825	$	2,325	Prepaid and other current assets
Foreign currency forward	(433)		(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 earnings (loss), net of tax as a separate component of the Consolidated Statements of Stockholders' Equity and is reclassified into revenues and cost of goods and services in the Consolidated Statements of Earnings during the period in which the hedged transaction is recognized. The amount of gains or losses from hedging activity recorded in earnings is not significant and the amount of unrealized gains and losses from cash flow hedges that are expected to be reclassified to earnings in the next twelve months, is not significant; therefore, additional tabular disclosures are not presented. There are no amounts excluded from the assessment of hedge effectiveness, and the Company's derivative instruments that are subject to credit risk contingent features were not significant.

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

The Company has designated the €600,000 and €500,000 of euro-denominated notes issued November 9, 2016 and November 4, 2019, respectively, as hedges of 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 (loss) of the Consolidated Statements of Comprehensive Earnings to offset changes in the value of the net investment in euro-denominated operations. Changes in the value of the euro-denominated debt resulting from exchange rate differences are offset by changes in the net investment due to the high degree of effectiveness between the hedging instruments and the exposure being hedged.

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


	2021		2020		2019
Gain (loss) on euro-denominated debt	$	94,003	$	(119,298)	$	22,449


Tax (expense) benefit	(20,976)		26,957		(4,714)
Net gain (loss) on net investment hedges, net of tax	$	73,027	$	(92,341)	$	17,735

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 as follows:

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 Company's assets and liabilities measured at fair value on a recurring basis as of December 31, 2021 and 2020 were as follows:


	December 31, 2021		December 31, 2020
	Level 2			Level 2
Assets:
Foreign currency cash flow hedges	$	2,825		$	2,325
Liabilities:
Foreign currency cash flow hedges	433			2,057

The derivative contracts are measured at fair value using models based on observable market inputs such as foreign currency exchange rates and interest rates; therefore, they are classified within Level 2 of the fair value hierarchy.

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

The estimated fair value of long-term debt at December 31, 2021 and 2020 was $3,440,501 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 equivalents, trade receivables, accounts payable and notes payable are reasonable estimates of their fair values as of December 31, 2021 and 2020 due to the short-term nature of these instruments.

Inventories, net

12 Months Ended

Dec. 31, 2021

Inventory, Net [Abstract]

Inventories, net

5. Inventories, net

The components of inventories, net were as follows:


	December 31, 2021		December 31, 2020
Raw materials	$	671,195	$	497,604
Work in progress	271,659		152,360
Finished goods	377,800		304,760
Subtotal	1,320,654		954,724
Less reserves	(129,559)		(118,920)
Total	$	1,191,095	$	835,804

At December 31, 2021 and 2020, approximately 4% of the Company's total inventories were accounted for using the LIFO method.

Equity and Cash Incentive Program - Other Information (Details) - Stock Appreciation Rights (SARs) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of SARs that became exercisable	$ 10,199	$ 8,585	$ 8,611
Aggregate intrinsic value of SARs exercised	$ 62,895	$ 55,031	$ 89,473

Borrowings (Tables)

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Schedule of short-term debt

Borrowings consist of the following:


	December 31, 2021		December 31, 2020
Short-term:
Short-term borrowings	$	702	$	—
Commercial paper	105,000		—
Notes payable	$	105,702	$	—

Borrowings


			Carrying amount (1)
	Principal		December 31, 2021		December 31, 2020
Long-term:
3.15% 10-year notes due November 15, 2025	$	400,000	$	397,389	$	396,716
1.25% 10-year notes due November 9, 2026 (euro-denominated)	€	600,000	674,217		724,310
0.750% 8-year notes due November 4, 2027 (euro denominated)	€	500,000	561,293		603,107
6.65% 30-year debentures due June 1, 2028	$	200,000	199,356		199,255
2.950% 10-year notes due November 4, 2029	$	300,000	297,029		296,650
5.375% 30-year debentures due October 15, 2035	$	300,000	296,559		296,309
6.60% 30-year notes due March 15, 2038	$	250,000	248,166		248,053
5.375% 30-year notes due March 1, 2041	$	350,000	344,705		344,429

Total long-term debt			$	3,018,714	$	3,108,829

Scheduled maturities

As of December 31, 2021, the future maturities of long-term debt were as follows:


	Future Maturities
2022	$	—
2023	—
2024	—
2025	400,000
2026	679,810
2027 and thereafter	1,966,508
Total	$	3,046,318

- 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

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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

Acquisitions

12 Months Ended

Dec. 31, 2021

Business Combination and Asset Acquisition [Abstract]

Acquisitions

2021

During the year ended December 31, 2021, the Company acquired nine businesses in separate transactions for total consideration of $1,125,077, net of cash acquired of $19,040 and including contingent consideration of $13,002. These businesses were acquired to complement and expand upon existing operations within the Clean Energy & Fueling, Engineered Products, Imaging & Identification, and Pumps & Process Solutions segments. The goodwill recorded as a result of these acquisitions represents the economic benefits expected to be derived from the workforce of the acquired businesses and operational synergies. Goodwill of $195,127 is deductible for income tax purposes and $386,990 is non-deductible for income tax purposes for these acquisitions.

RegO

On December 28, 2021, the Company acquired 100% of the voting stock of ECI Holding Company, LLC ("RegO"), a provider of highly-engineered, mission-critical components and services that facilitate the production, storage, and distribution of cryogenic gases, for $624,693, net of cash acquired. The RegO acquisition strengthens the Company's offering for the hydrogen ("H2"), liquefied natural gas ("LNG"), and liquefied petroleum gas ("LPG") applications, as well as Dover's participation in the attractive cryogenic industrial gases end market within the Clean Energy & Fueling segment. In connection with this acquisition, the Company recorded goodwill of $165,810 deductible for income tax purposes and $111,166 non-deductible for income tax purposes and intangible assets of $173,000 for customer intangibles, $40,000 for patents and $21,000 for trademarks. The fair value for customer intangibles at the acquisition date was determined using the multi-period excess earnings method under the income approach. The fair value measurements of intangible assets are based on significant unobservable inputs, and thus represent Level 3 inputs. Significant assumptions used in assessing the fair values of intangible assets include discounted future cash flows, customer attrition rates and discount rates. The fair value of assets acquired also includes trade receivables of $34,252. The gross amount is $34,623, of which $371 is expected to be uncollectible. The fair values of the assets acquired and liabilities assumed, and the related tax balances, are based on preliminary estimates and assumptions. These preliminary estimates and assumptions could change significantly during the measurement period as the Company finalizes the valuations of the assets acquired and liabilities assumed, and the related tax balances.


	Total
Accounts receivable	$	34,252
Inventories	77,954
Other current assets	2,958
Property, plant and equipment	52,053
Goodwill	276,976
Intangible assets	234,000
Other assets and deferred charges	884
Current liabilities	(19,480)
Non-current liabilities	(34,904)
Net assets acquired	$	624,693

Acme Cryogenics

On December 16, 2021, the Company acquired 100% of the voting stock of Acme Cryo Intermediate Inc. ("Acme Cryogenics"), a provider of highly-engineered, mission-critical components and services that facilitate the production, storage, and distribution of cryogenic gases, for $293,522, net of cash acquired. The Acme Cryogenics acquisition strengthens the Company's offering for the H2, LNG, and LPG applications, as well as Dover's participation in the attractive cryogenic industrial gases end market within the Clean Energy & Fueling segment. In connection with this acquisition, the Company recorded goodwill of $169,209 non-deductible for income tax purposes and intangible assets of $99,000 for customer intangibles, $21,800 for unpatented technology and $6,500 for trademarks. The fair value for customer intangibles at the acquisition date was determined using the multi-period excess earnings method under the income approach. The fair value measurements of intangible assets are based on significant unobservable inputs, and thus represent Level 3 inputs. Significant assumptions used in assessing the fair values of intangible assets include discounted future cash flows, customer attrition rates and discount rates. The fair value of assets acquired also includes trade receivables of $15,130. The gross amount is $15,798, of which $668 is expected to be uncollectible. The fair values of the assets acquired and liabilities assumed, and the related tax balances, are based on preliminary estimates and assumptions. These preliminary estimates and assumptions could change significantly during the measurement period as the Company finalizes the valuations of the assets acquired and liabilities assumed, and the related tax balances.


	Total
Current assets, net of cash acquired	$	29,345
Property, plant and equipment	8,750
Goodwill	169,209
Intangible assets	127,300
Other assets and deferred charges	5,057
Current liabilities	(9,072)
Non-current liabilities	(37,067)
Net assets acquired	$	293,522

Other acquisitions

On October 15, 2021, the Company acquired 100% of the voting stock of LIQAL B.V. ("LIQAL"), a turnkey supplier of LNG, hydrogen refueling equipment and solutions, and micro liquefaction solutions, for $27,701, net of cash acquired and including contingent consideration. The LIQAL acquisition strengthens the Company's offering of LNG and hydrogen products and solutions, as well as significant innovation capabilities and proprietary technologies, within the Clean Energy & Fueling segment. In connection with this acquisition, the Company recorded goodwill of $23,473 and intangible assets of $8,235, primarily related to customer intangibles.

On September 15, 2021, the Company acquired 100% of the voting stock of The Espy Corporation ("Espy"), a manufacturer of advanced electronic radio frequency sensor systems, for $60,457, net of cash acquired. The Espy acquisition strengthens the Company's offering of complete signal intelligence systems with integrated software within the Engineered Products segment. In connection with this acquisition, the Company recorded goodwill of $29,317 and intangible assets of $21,100, primarily related to customer intangibles. The Espy acquisition will be treated as an asset acquisition for U.S. income tax purposes, resulting in the goodwill and intangibles being classified as tax deductible.

On July 23, 2021, the Company acquired 100% of the voting stock of CDS Visual, Inc. ("CDS Visual"), a leading provider of 3D visualization solutions tailored for industrial applications, for $29,147, net of cash acquired. The CDS Visual acquisition extends the Company's reach of customer-facing digital capabilities within the Engineered Products segment. In connection with this acquisition, the Company recorded goodwill of $20,863 and intangible assets of $9,930, primarily related to technology.

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 $30,143, 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 $20,458 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 $23,747, 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 $14,327 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 $34,144, net of cash acquired. The AvaLAN acquisition extends the Company's reach into the systems and software offering within the Clean Energy & Fueling segment. In connection with this acquisition, the Company recorded goodwill of $26,803 and intangible assets of $14,630, primarily related to customer intangibles.

One other immaterial acquisition was completed during the year ended December 31, 2021, within the Pumps & Process Solutions segment.


	Total
Current assets, net of cash acquired	$	12,751
Property, plant and equipment	8,272
Goodwill	135,932
Intangible assets	78,179
Other assets and deferred charges	4,485
Current liabilities	(15,368)
Non-current liabilities	(17,389)
Net assets acquired	$	206,862

The acquisition-related costs incurred for all 2021 acquisitions are not material.

The amounts assigned to goodwill and major intangible asset classifications for all 2021 acquisitions were as follows:


	Amount allocated		Useful life (in years)
Goodwill - tax deductible	$	195,127	na
Goodwill - non deductible	386,990		na
Customer intangibles	310,819		12	-	15
Patents	49,056		7	-	12
Unpatented technology	44,180		7	-	12
Trademarks	35,424		15	-	16

	$	1,021,596

2020

During the year ended December 31, 2020, the Company acquired six businesses in separate transactions for total consideration of $335,786, net of cash acquired. These businesses were acquired to complement and expand upon existing operations within the Clean Energy & Fueling, Imaging & Identification, Pumps & Process Solutions, and Engineered Products 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.

On December 30, 2020, the Company acquired 100% of the voting stock of Innovative Control Systems, Inc. (“ICS”), a leading provider of car wash controllers, payment terminals, point-of-sale and wash site management software solutions, for $77,030, net of cash acquired. The ICS acquisition enhances the Clean Energy & Fueling segment's participation in the growing vehicle wash market and enhances the Company's offerings, business mix and recurring revenue stream with high-value hardware and software solutions critical to vehicle wash workflows and operations. In connection with this acquisition, the Company recorded goodwill of $47,339 and intangible assets of $33,525, primarily related to customer intangibles.

On August 20, 2020, the Company acquired 100% of the voting stock of Solaris Laser S.A. ("Solaris"), a global manufacturer of product identification and traceability solutions, for $18,680, net of cash acquired. The Solaris acquisition enhances the Imaging & Identification segment's growing laser technology product line and further strengthens its position as a leading provider of marking and coding equipment and solutions. In connection with this acquisition, the Company recorded goodwill of $12,230 and intangible assets of $3,280, primarily related to unpatented technology.

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 $33,183 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 $161,830, 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 $91,493 and intangible assets of $76,100, primarily related to customer intangibles.

One other immaterial acquisition was completed during the year ended December 31, 2020, within the Pumps & Process Solutions segment.

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


	Total
Current assets, net of cash acquired	$	44,159
Property, plant and equipment	8,424
Goodwill	205,805
Intangible assets	134,049
Other assets and deferred charges	12,986
Current liabilities	(34,803)
Non-current liabilities	(34,834)
Net assets acquired	$	335,786

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


	Amount allocated		Useful life (in years)
Goodwill - tax deductible	$	33,183	na
Goodwill - non deductible	172,622		na
Customer intangibles	103,310		10	-	14

Unpatented technology	21,125		5	-	9
Trademarks	9,614		15

	$	339,854

2019

During the year ended December 31, 2019, the Company acquired three businesses in separate transactions for total consideration of $216,398, net of cash acquired and including contingent consideration. On May 7, 2019, the Company acquired the assets of the All-Flo Pump Company, Limited business, within the Pumps & Process Solutions segment, for total consideration of $39,954. On January 25, 2019, the Company acquired the assets of Belanger, Inc., within the Clean Energy & Fueling segment for $175,350, net of cash acquired.

One other immaterial acquisition was completed during the year ended December 31, 2019, which included contingent consideration, within the Pumps & Process Solutions segment.

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


	Total
Current assets, net of cash acquired	$	14,018
Property, plant and equipment	1,030
Goodwill	119,512
Intangible assets	91,980
Other assets and deferred charges	20
Current liabilities	(10,162)

Net assets acquired	$	216,398

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


	Amount allocated		Useful life (in years)
Goodwill	$	119,512	na

Customer intangibles	68,500		9	-	13
Patents	16,000		9

Trademarks	7,480		15

	$	211,492

Pro forma Information (Unaudited)


	Years Ended December 31,
	2021		2020
Revenue:
As reported	$	7,907,081	$	6,683,760
Pro forma (unaudited)	8,163,185		6,920,929
Earnings:
As reported	$	1,123,818	$	683,451
Pro forma (unaudited)	1,145,106		669,458

The pro forma results for the remaining seven acquisitions in 2021, as well as the acquisitions in 2020 and 2019 are not presented as they are not considered material.

Description of Business and Summary of Significant Accounting Policies (Details)	12 Months Ended
	Dec. 31, 2021 USD ($) segment	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Jan. 01, 2020 USD ($)	Dec. 31, 2018 USD ($)
Goodwill [Line Items]
Number of reportable segments \| segment	5
Impairment loss on goodwill	$ 0	$ 0	$ 0
Impairment loss on indefinite-lived intangible assets	$ 0	0	0
Service requisite period	3 years
Research and development expense	$ 157,826,000	$ 142,101,000	$ 140,957,000
Research and development expense as a percent of revenue (in percent)	0.02	0.021	0.02
Advertising expense	$ 23,685,000	$ 21,375,000	$ 24,609,000
Maximum limit for self insurance product commercial general liability claims	5,000,000
Maximum limit for self insurance workers compensation claims expected	800,000
Maximum limit for self insurance automobile liability claims	1,000,000
Total stockholders equity	$ 4,189,528,000	3,385,773,000	3,032,660,000		$ 2,768,666,000
Service Revenue
Goodwill [Line Items]
Description of Business and Summary of Significant Accounting Policies	1. Description of Business and Summary of Significant Accounting Policies Description of Business Dover Corporation ("Dover" or "Company") is a diversified global manufacturer and solutions provider delivering innovative equipment and components, consumable supplies, aftermarket parts, software and digital solutions and support services. The Company’s businesses are based primarily in the United States and Europe with manufacturing and other operations throughout the world. In view of recent changes to the Company's business portfolio and to better reflect the markets and customers served, the name of the Fueling Solutions segment was changed to Clean Energy & Fueling and the name of the Refrigeration & Food Equipment segment was changed to Climate & Sustainability Technologies. The Company operates through five business segments that are structured around similar business models, go-to market strategies and manufacturing practices: Engineered Products, Clean Energy & Fueling, Imaging & Identification, Pumps & Process Solutions and Climate & Sustainability Technologies. For additional information on the Company’s segments, see Note 19 — Segment Information. Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. Intercompany accounts and transactions have been eliminated in consolidation. The results of operations of acquired businesses are included from the dates of acquisitions. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the Consolidated Financial Statements and accompanying disclosures. These estimates may be adjusted due to changes in future economic, industry, or customer financial conditions, as well as changes in technology or demand. Estimates are used for, but not limited to, allowances for doubtful accounts receivable, net realizable value of inventories, restructuring reserves, warranty reserves, pension and post-retirement plans, stock-based compensation, useful lives for depreciation and amortization of long-lived assets, future cash flows associated with impairment testing for goodwill, indefinite-lived intangible assets and other long-lived assets, deferred tax assets, unrecognized tax benefits and contingencies. Actual results may ultimately differ from estimates, although management does not believe such differences would materially affect the consolidated financial statements in any individual year. Estimates and assumptions are periodically reviewed and the effects of revisions are reflected in the Consolidated Financial Statements in the period that they are determined. Cash and Cash Equivalents Cash and cash equivalents include cash on hand, demand deposits and short-term investments, which are highly liquid in nature and have original maturities at the time of purchase of three months or less. The carrying value of cash and cash equivalents approximate fair value. Accounts Receivable and Allowance for Doubtful Accounts Accounts receivable are recorded at face amounts less an allowance for doubtful accounts. Effective January 1, 2020, the Company adopted Accounting Standards Update ("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 allowance is an estimate based on historical collection experience, current and future economic and market conditions and a review of the current status of each customer's trade accounts receivable. Management evaluates the aging of the accounts receivable balances and the financial condition of its customers and all other forward-looking information that is reasonably available to estimate the amount of accounts receivable that may not be collected in the future and records the appropriate provision. See Note 8 — Credit Losses for additional information. Inventories Inventories are stated at the lower of cost, determined on the first-in, first-out (FIFO) basis, or net realizable value. An immaterial portion of domestic inventories are stated at cost, determined on the last-in, first-out (LIFO) basis, which is less than market value. Property, Plant and Equipment Property, plant and equipment includes the historical cost of land, buildings, machinery and equipment, purchased software, finance lease assets and significant improvements to existing plant and equipment or, in the case of acquisitions, the fair value of acquired assets. Expenditures for maintenance, repairs and minor renewals are expensed as incurred. When property or equipment is sold or otherwise disposed of, the related cost and accumulated depreciation are removed from the respective accounts and the gain or loss realized on disposition is reflected in earnings. The Company depreciates its assets on a straight-line basis over their estimated useful lives as follows: buildings and improvements 5 to 31.5 years; machinery and equipment 3 to 15 years; furniture and fixtures 3 to 7 years; vehicles 3 to 7 years; and software 3 to 10 years. Derivative Financial Instruments The Company uses derivative financial instruments to hedge its exposures to various risks, including foreign currency exchange rate risk. The Company does not enter into derivative financial instruments for speculative purposes and does not have a material portfolio of derivative financial instruments. Derivative financial instruments used for hedging purposes must be designated and effective as a hedge of the identified risk exposure at inception of the contract. The Company recognizes all derivatives as either assets or liabilities on the consolidated balance sheet and measures those instruments at fair value. For derivatives designated as hedges of the fair value of assets or liabilities, the changes in fair value of both the derivatives and of the hedged items are recorded in current earnings. For derivatives designated as cash flow hedges, the change in the fair value of the derivatives is recorded as a component of other comprehensive earnings and subsequently recognized in net earnings when the hedged items impact earnings. Goodwill and Other Intangible Assets Goodwill represents the excess of purchase price over the fair value of net assets acquired. Goodwill and certain other intangible assets deemed to have indefinite lives (primarily trademarks) are not amortized. For goodwill, impairment tests are required at least annually, or more frequently if events or circumstances indicate that it may be impaired, when some portion but not all of a reporting unit is disposed of or classified as assets held for sale, or when a change in the composition of reporting units occurs for other reasons, such as a change in segments. Based on its current organizational structure, the Company identified reporting units for which cash flows are determinable and to which goodwill was allocated. The Company performs its goodwill impairment test annually in the fourth quarter at the reporting unit level. A quantitative test is used to determine existence of goodwill impairment and the amount of the impairment loss at the reporting unit level. The quantitative test compares the fair value of a reporting unit with its carrying amount, including goodwill. The Company uses an income-based valuation method, determining the present value of estimated future cash flows, to estimate the fair value of a reporting unit. If the fair value of a reporting unit exceeds its carrying amount, goodwill of the reporting unit is not impaired. If the carrying amount of a reporting unit exceeds its fair value, an impairment loss shall be recognized in an amount equal to that excess, limited to the total amount of goodwill allocated to that reporting unit. Factors used in the impairment analysis require significant judgment, and actual results may differ from assumed and estimated amounts. The Company uses its own market assumptions including internal projections of future cash flows, discount rates and other assumptions considered reasonable in the analysis and reflective of market participant assumptions. These forecasts are based on historical performance and future estimated results. The discount rates used in these analyses vary by reporting unit and are based on a capital asset pricing model and published relevant industry rates. The Company uses discount rates commensurate with the risks and uncertainties inherent to each reporting unit and in the internally developed forecasts. See Note 9 — Goodwill and Other Intangible Assets for further discussion of the Company's annual goodwill impairment test and results. No impairment of goodwill was required for the years ended December 31, 2021, 2020, or 2019. The Company uses an income-based valuation method to annually test its indefinite-lived intangible assets for impairment. The fair value of the intangible asset is compared to its carrying value. This method uses the Company’s own market assumptions, which are considered reasonable. Any excess of carrying value over the estimated fair value is recognized as an impairment loss. No impairment of indefinite-lived intangible assets was required for the years ended December 31, 2021, 2020, or 2019. Other intangible assets with determinable lives primarily consist of customer intangibles, unpatented technologies, patents and trademarks. The other intangible assets are amortized over their estimated useful lives, ranging from 5 to 20 years. Long-lived assets (including definite-lived intangible assets) are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable, such as a significant sustained change in the business climate. If an indicator of impairment exists for any grouping of assets, an estimate of undiscounted future cash flows is produced and compared to its carrying value. If an asset group is determined to be impaired, the loss is measured by the excess of the carrying amount of the asset group over its fair value, as determined by an estimate of discounted future cash flows. Leases Effective January 1, 2019, the Company adopted Accounting Standard Codification ("ASC") Topic 842, Leases, which requires the recording of operating lease right-of-use assets ("ROU") and operating lease liabilities. Finance leases were not impacted by the adoption of ASC Topic 842, as finance lease liabilities and the corresponding ROU assets were already recorded in the balance sheet under the previous guidance, ASC Topic 840. The Company has operating and finance leases for corporate offices, manufacturing plants, research and development facilities, shared services facilities, vehicle fleets and certain office and manufacturing equipment. Leases with an initial term of 12 months or less are not recorded in the balance sheet. The Company elected practical expedients under the standard which allow the Company to carry forward historical lease classifications and also account for each separate lease component of a contract and its associated non-lease components as a single lease component, thus causing all fixed payments to be capitalized. Variable lease payment amounts that cannot be determined at the commencement of the lease, such as increases in lease payments based on changes in index rates or usage, are not included in the ROU assets or liabilities. These are expensed as incurred and recorded as variable lease expense. The Company determines if an arrangement is a lease at inception of a contract. Operating lease ROU assets are included in other assets and deferred charges and operating lease liabilities are included in other accrued expenses and other liabilities in the Consolidated Balance Sheet. Finance lease ROU assets are included in property, plant and equipment, and the related lease liabilities are included in other accrued expenses and other liabilities in the Consolidated Balance Sheet. ROU assets represent the Company's right to use an underlying asset during the lease term and lease liabilities represent the Company's obligation to make lease payments arising from the lease. ROU assets and liabilities are recognized at the commencement date based on the net present value of fixed lease payments over the lease term. The lease term includes options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. ROU assets also include any advance lease payments made and exclude lease incentives. As most of the Company's operating leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. Finance lease agreements include an interest rate that is used to determine the present value of future lease payments. Fixed operating lease expense and finance lease depreciation expense are recognized on a straight-line basis over the lease term. Restructuring Accruals The Company takes actions to reduce headcount, close facilities, or otherwise exit operations. Such restructuring activities at an operation are recorded when management has committed to an exit or reorganization plan and when termination benefits are probable and can be reasonably estimated based on circumstances at the time the restructuring plan is approved by management or when termination benefits are communicated. Exit costs may include contractual terminations and asset impairments as a result of an approved restructuring plan. The accrual of both severance and exit costs requires the use of estimates. Though the Company believes that its estimates accurately reflect the anticipated costs; actual results may be different from the original estimated amounts. Foreign Currency Assets and liabilities of non-U.S. subsidiaries, where the functional currency is not the U.S. dollar, have been translated at year-end exchange rates and profit and loss accounts have been translated using weighted-average monthly exchange rates. Foreign currency translation gains and losses are included in the Consolidated Statements of Comprehensive Earnings as a component of other comprehensive earnings (loss). Assets and liabilities of an entity that are denominated in currencies other than an entity’s functional currency are re-measured into the functional currency using end of period exchange rates, where applicable to certain balances. Gains and losses related to these re-measurements are recorded within the Consolidated Statements of Earnings as a component of other income, net. Gains and losses arising from intercompany foreign currency transactions that are of a long-term investment in nature are reported in the same manner as translation adjustments. Revenue Recognition The majority of the Company’s revenue is generated through the manufacture and sale of a broad range of specialized products and components, with revenue recognized upon transfer of control, title and risk of loss, which is generally upon shipment. Service revenue represents less than 5% of total revenue and is recognized as the services are performed. In limited cases, revenue arrangements with customers require delivery, installation, testing, certification, or other acceptance provisions to be satisfied before revenue is recognized. The Company includes shipping costs billed to customers in revenue and the related shipping costs in cost of goods and services. Stock-Based Compensation The principal awards issued under the Company’s stock-based compensation plans include non-qualified stock appreciation rights ("SARs"), restricted stock units and performance share awards. The cost for such awards is measured at the grant date based on the fair value of the award. At the time of grant, the Company estimates forfeitures, based on historical experience, in order to estimate the portion of the award that will ultimately vest. The value of the portion of the award that is expected to ultimately vest is recognized as expense on a straight-line basis, generally over the explicit service period of three years (except for retirement-eligible employees) and is included in selling, general and administrative expenses in the Consolidated Statements of Earnings. Expense for awards granted to retirement-eligible employees is recorded over the period from the date of grant through the date the employee first becomes eligible to retire and is no longer required to provide service. See Note 15 — Equity and Cash Incentive Program for additional information related to the Company’s stock-based compensation. Income Taxes The provision for income taxes includes federal, state, local and non-U.S. taxes. Tax credits, primarily for research and experimentation, are recognized as a reduction of the provision for income taxes in the year in which they are available for tax purposes. Deferred taxes are provided using enacted rates on the future tax consequences of temporary differences. Temporary differences include the differences between the financial statement carrying amounts of assets and liabilities and their respective tax basis and the tax benefit of carryforwards. A valuation allowance is established for deferred tax assets for which it is more likely than not that some portion or all of the deferred tax benefit will not be realized. In assessing the need for a valuation allowance, management considers all available evidence, including the future reversal of existing taxable temporary differences, taxable income in carryback periods, prudent and feasible tax planning strategies and estimated future taxable income. The valuation allowance can be affected by changes to tax regulations, interpretations and rulings, changes to enacted statutory tax rates and changes to future taxable income estimates. Tax benefits are recognized from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position in consideration of applicable tax statutes and related interpretations and precedents. Tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than 50% likelihood of being realized on ultimate settlement. Research and Development Costs Research and development costs, including qualifying engineering costs, are expensed when incurred and amounted to $157,826 in 2021, $142,101 in 2020 and $140,957 in 2019. These costs as a percent of revenue were 2.0% in 2021, 2.1% in 2020 and 2.0% in 2019. Research and development costs are reported within selling, general and administrative expenses in the Consolidated Statements of Earnings. Advertising Costs Advertising costs are expensed when incurred and amounted to $23,685 in 2021, $21,375 in 2020 and $24,609 in 2019. Advertising costs are reported within selling, general and administrative expenses in the Consolidated Statements of Earnings. Risk, Retention, Insurance The Company has deductibles for its product and commercial general liability claims up to $5.0 million per occurrence, its workers’ compensation claims up to $0.8 million per occurrence and its automobile liability claims up to $1.0 million per occurrence. Third-party insurance provides primary-level coverage in excess of these amounts up to certain specified limits. In addition, the Company has excess liability insurance from third-party insurers on both an individual occurrence and an aggregate basis well in excess of the limits of the primary coverage. A worldwide program of property insurance covers the Company’s owned and leased property for claims, including business interruption that may occur due to an insured hazard affecting those properties, subject to reasonable deductibles and aggregate limits. The Company’s property and casualty insurance programs contain various deductibles that, based on the Company’s experience, are typical and customary for a company of its size and risk profile. The Company does not consider any of the deductibles to represent a material risk to the Company. The Company generally maintains deductibles for claims and liabilities related primarily to workers’ compensation, health and welfare claims, general commercial, product and automobile liability, cybersecurity risks, property damage and business interruption resulting from certain events. The Company accrues for claim exposures that are probable of occurrence and can be reasonably estimated. As part of the Company’s risk management program, insurance is maintained to transfer risk beyond the level of self-retention and provide protection on both an individual claim and annual aggregate basis. Recent Accounting Pronouncements Recently Issued Accounting Standards The following standards, issued by the Financial Accounting Standards Board ("FASB"), will, or are expected to, result in a change in practice and/or have a financial impact to the Company’s Consolidated Financial Statements: In October 2021, the FASB issued ASU 2021-08 Business Combinations (Topic 805)-Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. The amendments in this update require that an acquirer recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606, Revenue from Contracts with Customers, as if the acquirer had originated the contracts. Under current guidance, the acquirer generally recognizes such contract assets and contract liabilities at fair value on the acquisition date. The amendments in this update are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The amendments in this update should be applied prospectively to business combinations occurring on or after the effective date of the amendments. Early adoption of the amendments is permitted, including adoption in an interim period. The Company is in the process of assessing the impact of this ASU on its Consolidated Financial Statements, but does not expect this update to have a material impact. Recently Adopted Accounting Standards In March 2020 and January 2021, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848) Facilitation of the Effects of Reference Rate Reform on Financial Reporting and ASU 2021-01, Reference Rate Reform, Scope, respectively. These updates provide optional guidance for a limited time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform, including 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 these updates are elective and are effective upon issuance for all entities. The Company adopted the guidance during the third quarter of 2021. The adoption did not have a material impact the Company's Consolidated Financial Statements. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which amends the impairment model by requiring entities to use a forward-looking approach based on expected losses rather than incurred losses to estimate credit losses on certain types of financial instruments, including trade receivables. This may result in the earlier recognition of allowances for losses. In addition, the FASB issued ASU 2019-04, Codification Improvements to Topic 326 which provides clarity on certain aspects of the amendments in ASU 2016-13. The Company adopted this guidance on January 1, 2020 prospectively. Upon adoption, the Company recorded a noncash cumulative effect adjustment to retained earnings of $2.1 million, net of $0.6 million of income taxes, on the opening consolidated balance sheet as of January 1, 2020. See Note 8 — Credit Losses for further details.
Revenue Recognition	Revenue Recognition The majority of the Company’s revenue is generated through the manufacture and sale of a broad range of specialized products and components, with revenue recognized upon transfer of control, title and risk of loss, which is generally upon shipment. Service revenue represents less than 5% of total revenue and is recognized as the services are performed. In limited cases, revenue arrangements with customers require delivery, installation, testing, certification, or other acceptance provisions to be satisfied before revenue is recognized. The Company includes shipping costs billed to customers in revenue and the related shipping costs in cost of goods and services.
Product Concentration Risk \| Revenue Benchmark \| Service Revenue
Goodwill [Line Items]
Concentration risk (in percent)	5.00%
Retained Earnings
Goodwill [Line Items]
Total stockholders equity	$ 9,445,245,000	8,608,284,000	8,211,257,000		$ 7,815,486,000
Cumulative Effect, Period of Adoption, Adjustment
Goodwill [Line Items]
Total stockholders equity			(2,112,000)
Cumulative Effect, Period of Adoption, Adjustment \| Retained Earnings
Goodwill [Line Items]
Total stockholders equity			$ (2,112,000)
Cumulative Effect, Period of Adoption, Adjustment \| Accounting Standards Update 2016-13
Goodwill [Line Items]
Retained earnings effect, tax		600,000
Cumulative Effect, Period of Adoption, Adjustment \| Accounting Standards Update 2016-13 \| Retained Earnings
Goodwill [Line Items]
Total stockholders equity				$ (2,100,000)
Retained earnings effect, tax		$ 600,000
Minimum \| Buildings and improvements
Goodwill [Line Items]
Property, plant and equipment useful life	5 years
Minimum \| Machinery and Equipment
Goodwill [Line Items]
Property, plant and equipment useful life	3 years
Minimum \| Furniture and Fixtures
Goodwill [Line Items]
Property, plant and equipment useful life	3 years
Minimum \| Vehicles
Goodwill [Line Items]
Property, plant and equipment useful life	3 years
Minimum \| Software
Goodwill [Line Items]
Property, plant and equipment useful life	3 years
Maximum \| Buildings and improvements
Goodwill [Line Items]
Property, plant and equipment useful life	31 years 6 months
Maximum \| Machinery and Equipment
Goodwill [Line Items]
Property, plant and equipment useful life	15 years
Maximum \| Furniture and Fixtures
Goodwill [Line Items]
Property, plant and equipment useful life	7 years
Maximum \| Vehicles
Goodwill [Line Items]
Property, plant and equipment useful life	7 years
Maximum \| Software
Goodwill [Line Items]
Property, plant and equipment useful life	10 years
Other intangibles \| Minimum
Goodwill [Line Items]
Other intangible assets, useful life	5 years
Other intangibles \| Maximum
Goodwill [Line Items]
Other intangible assets, useful life	20 years

Segment Information- Reporting Information by Segment (Details) $ in Thousands		12 Months Ended
	Nov. 16, 2021 USD ($)	Dec. 31, 2021 USD ($) segment	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Segment Reporting [Abstract]
Number of reportable segments \| segment		5
Reconciliation from Segment Totals to Consolidated [Abstract]
Revenue		$ 7,907,081	$ 6,683,760	$ 7,136,397
Net earnings:
Earnings before provision for income taxes		1,400,826	841,734	843,009
Interest expense		106,319	111,937	125,818
Interest income		4,441	3,571	4,526
Loss on extinguishment of debt		0	0	23,543
Provision for income taxes		277,008	158,283	165,091
Net earnings		$ 1,123,818	$ 683,451	$ 677,918
Segment margins:
Net earnings (in percent)		14.20%	10.20%	9.50%
Depreciation and amortization:
Depreciation and amortization:		$ 290,123	$ 279,051	$ 272,287
Capital expenditures:
Capital expenditures:		171,465	165,692	186,804
Loss on assets held for sale		0	0	(46,946)
Race Winning Brands
Capital expenditures:
Gain on sale of equity method investment	$ 24,723
Total segments
Net earnings:
Earnings before provision for income taxes		$ 1,663,531	$ 1,076,762	$ 1,112,118
Segment margins:
Total Segments (in percent)		21.00%	16.10%	15.60%
Intercompany eliminations
Reconciliation from Segment Totals to Consolidated [Abstract]
Revenue		$ (2,075)	$ (2,070)	$ (953)
Corporate
Net earnings:
Earnings before provision for income taxes		160,827	126,662	124,274
Depreciation and amortization:
Depreciation and amortization:		7,250	6,535	6,736
Capital expenditures:
Capital expenditures:		8,261	8,857	6,888
Engineered Products \| Race Winning Brands
Capital expenditures:
Gain on sale of equity method investment		24,723
Engineered Products \| Total segments
Reconciliation from Segment Totals to Consolidated [Abstract]
Revenue		1,780,827	1,531,277	1,697,557
Net earnings:
Earnings before provision for income taxes		$ 285,511	$ 238,167	$ 291,848
Segment margins:
Total Segments (in percent)		16.00%	15.60%	17.20%
Depreciation and amortization:
Depreciation and amortization:		$ 48,644	$ 42,603	$ 41,032
Capital expenditures:
Capital expenditures:		48,453	23,515	38,049
Clean Energy & Fueling \| Total segments
Reconciliation from Segment Totals to Consolidated [Abstract]
Revenue		1,648,153	1,476,282	1,620,177
Net earnings:
Earnings before provision for income taxes		$ 271,388	$ 236,974	$ 231,873
Segment margins:
Total Segments (in percent)		16.50%	16.10%	14.30%
Depreciation and amortization:
Depreciation and amortization:		$ 78,010	$ 72,803	$ 75,045
Capital expenditures:
Capital expenditures:		25,167	26,903	21,780
Imaging & Identification \| Total segments
Reconciliation from Segment Totals to Consolidated [Abstract]
Revenue		1,163,367	1,038,178	1,084,471
Net earnings:
Earnings before provision for income taxes		$ 237,147	$ 193,473	$ 229,484
Segment margins:
Total Segments (in percent)		20.40%	18.60%	21.20%
Depreciation and amortization:
Depreciation and amortization:		$ 38,510	$ 38,378	$ 30,530
Capital expenditures:
Capital expenditures:		10,671	10,690	18,593
Pumps & Process Solutions
Capital expenditures:
Loss on assets held for sale			(46,946)
Pumps & Process Solutions \| Total segments
Reconciliation from Segment Totals to Consolidated [Abstract]
Revenue		1,708,634	1,324,003	1,338,528
Net earnings:
Earnings before provision for income taxes		$ 546,863	$ 305,276	$ 240,081
Segment margins:
Total Segments (in percent)		32.00%	23.10%	17.90%
Depreciation and amortization:
Depreciation and amortization:		$ 69,075	$ 72,191	$ 67,584
Capital expenditures:
Capital expenditures:		44,578	52,804	50,442
Climate & Sustainability Technologies
Capital expenditures:
Other than temporary impairment		12,073
Write-off of assets		6,072	3,640
Climate & Sustainability Technologies \| Total segments
Reconciliation from Segment Totals to Consolidated [Abstract]
Revenue		1,608,175	1,316,090	1,396,617
Net earnings:
Earnings before provision for income taxes		$ 322,622	$ 102,872	$ 118,832
Segment margins:
Total Segments (in percent)		20.10%	7.80%	8.50%
Depreciation and amortization:
Depreciation and amortization:		$ 48,634	$ 46,541	$ 51,360
Capital expenditures:
Capital expenditures:		$ 34,335	$ 42,923	$ 51,052

Equity and Cash Incentive Program - Shares Issued to Non-Employee Directors (Details) - shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Payment Arrangement [Abstract]
Aggregate shares granted	7,917	9,854	10,838
Deferred stock units	(5,322)	(6,278)	(6,168)
Net shares issued	2,595	3,576	4,670

Revenue

12 Months Ended

Dec. 31, 2021

Revenue from Contract with Customer [Abstract]

Revenue

2. Revenue

Revenue from contracts with customers

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.

Disaggregation of Revenue

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 19 — Segment Information for revenue by segment and geographic location.

Performance Obligations

A majority of the Company’s contracts have a single performance obligation which represents, in most cases, the equipment or product being sold to the customer. Some contracts include multiple performance obligations such as a product and the related installation, extended warranty, software and digital solutions, and/or maintenance services. These contracts require judgment in determining the number of performance obligations.

The Company has elected to use the practical expedient to not adjust the promised amount of consideration for the effects of a significant financing component if it is expected, at contract inception, that the period between when the Company transfers a promised good or service to a customer, and when the customer pays for that good or service, will be one year or less. Thus, the Company may not consider an advance payment to be a significant financing component, if it is received less than one year before product completion.

The majority of the Company’s contracts offer assurance-type warranties in connection with the sale of a product to a customer. Assurance-type warranties provide a customer with assurance that the related product will function as the parties intended because it complies with agreed-upon specifications. Such warranties do not represent a separate performance obligation.

The Company may also offer service-type warranties that provide services to the customer, in addition to the assurance that the product complies with agreed-upon specifications. If a warranty is determined to be a service-type warranty, it represents a distinct service and is treated as a separate performance obligation.

For contracts with multiple performance obligations, the Company allocates the total transaction price to each performance obligation in an amount based on the estimated relative standalone selling prices of the promised goods or services underlying each performance obligation. The Company uses an observable price to determine the standalone selling price for separate performance obligations or a cost plus margin approach when one is not available.

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 as the Company performs, or the Company's performance creates or enhances an asset the customer controls as the asset is created or enhanced, or the Company's 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.

For revenue recognized over time, there are two types of methods for measuring progress and both are relevant to the Company: (1) input methods and (2) output methods. Although this may vary by business, input methods generally are based on costs incurred relative to estimated total costs. Output methods generally are based on a measurement of progress, such as milestone achievement. The businesses use the method and measure of progress that best depicts the transfer of control to the customer of the goods or services to date relative to the remaining goods or services promised under the contract.

Transaction Price Allocated to the Remaining Performance Obligations

At December 31, 2021, we estimated that $263,085 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 43% of our unsatisfied (or partially unsatisfied) performance obligations as revenue in 2022, with the remaining balance to be recognized in 2023 and thereafter.

Remaining consideration, including variable consideration, from contracts with customers is included in the amounts presented in the preceding paragraph and pertains to contracts with multiple performance obligations, extended warranties on products and multi-year maintenance agreements, which are typically recognized as the performance obligation is satisfied.

The Company applied the standard's practical expedient that permits the omission of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less and (ii) contracts for which the Company recognizes revenue at the amount to which the Company has the right to invoice for services performed.

Contract Balances

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


	12/31/2021		12/31/2020		12/31/2019

Contract assets	$	11,440	$	15,020	$	14,894
Contract liabilities - current	227,549		184,845		104,901
Contract liabilities - non-current	21,513		13,921		10,921

Contract assets primarily relate to the Company's right to consideration for work completed but not billed at the reporting date and are recorded in prepaid and other current assets in the Consolidated Balance Sheet. Contract assets are transferred to receivables when the right to consideration becomes unconditional. Contract liabilities relate to advance consideration received from customers or advance billings for which revenue has not been recognized. Current contract liabilities are recorded in deferred revenue and non-current contract liabilities are recorded in other liabilities in the Consolidated Balance Sheet. Contract liabilities are reduced when the associated revenue from the contract is recognized. The increase in current contract liabilities balance as of December 31, 2021 primarily relates to advance payments received from customers.

The revenue recognized during 2021 and 2020 that was included in the contract liabilities at the beginning of the respective periods amounted to $163.5 million and $99.6 million.

Contract Costs

Costs incurred to obtain a customer contract are not material to the Company. The Company elected to apply the practical expedient to not capitalize contract costs to obtain contracts with a duration of one year or less, which are expensed and included within cost of goods and services in the Consolidated Statements of Earnings.

Critical Accounting Estimates

Estimates are used to determine the amount of variable consideration in contracts, the standalone selling price among separate performance obligations and the measure of progress for contracts where revenue is recognized over time. The Company reviews and updates these estimates regularly.

Some contracts with customers include variable consideration primarily related to volume rebates. The Company estimates variable consideration at the most likely amount to determine the total consideration which the Company expects to be entitled. Estimated amounts are included in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. The Company’s estimates of variable consideration and determination of whether to include estimated amounts in the transaction price are based largely on an assessment of anticipated performance and all information (historical, current and forecasted) that is reasonably available.

- 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=123351226&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=123351226&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=123351226&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=123351226&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=123351226&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=123351226&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=123351226&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=123351226&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=123351226&loc=SL49130554-203045

+ Details

Acquisitions - Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Business Acquisition [Line Items]
Goodwill	$ 4,558,822	$ 4,072,542	$ 3,783,347
Intangible assets	439,479
Series of individually immaterial acquistions
Business Acquisition [Line Items]
Goodwill - tax deductible	195,127	33,183
Goodwill - non deductible	386,990	172,622
Goodwill	135,932	205,805	119,512
Intangible assets	78,179	134,049	91,980
Goodwill and intangible assets	1,021,596	339,854	211,492
Customer intangibles \| Series of individually immaterial acquistions
Business Acquisition [Line Items]
Intangible assets	$ 310,819	$ 103,310	$ 68,500
Customer intangibles \| Minimum \| Series of individually immaterial acquistions
Business Acquisition [Line Items]
Weighted average lives of finite-lived intangible assets acquired	12 years	10 years	9 years
Customer intangibles \| Maximum \| Series of individually immaterial acquistions
Business Acquisition [Line Items]
Weighted average lives of finite-lived intangible assets acquired	15 years	14 years	13 years
Patents \| Series of individually immaterial acquistions
Business Acquisition [Line Items]
Intangible assets	$ 49,056		$ 16,000
Weighted average lives of finite-lived intangible assets acquired			9 years
Patents \| Minimum \| Series of individually immaterial acquistions
Business Acquisition [Line Items]
Weighted average lives of finite-lived intangible assets acquired	7 years
Patents \| Maximum \| Series of individually immaterial acquistions
Business Acquisition [Line Items]
Weighted average lives of finite-lived intangible assets acquired	12 years
Unpatented technology \| Series of individually immaterial acquistions
Business Acquisition [Line Items]
Intangible assets	$ 44,180	$ 21,125
Unpatented technology \| Minimum \| Series of individually immaterial acquistions
Business Acquisition [Line Items]
Weighted average lives of finite-lived intangible assets acquired	7 years	5 years
Unpatented technology \| Maximum \| Series of individually immaterial acquistions
Business Acquisition [Line Items]
Weighted average lives of finite-lived intangible assets acquired	12 years	9 years
Trademarks \| Series of individually immaterial acquistions
Business Acquisition [Line Items]
Intangible assets	$ 35,424	$ 9,614	$ 7,480
Weighted average lives of finite-lived intangible assets acquired		15 years	15 years
Trademarks \| Minimum \| Series of individually immaterial acquistions
Business Acquisition [Line Items]
Weighted average lives of finite-lived intangible assets acquired	15 years
Trademarks \| Maximum \| Series of individually immaterial acquistions
Business Acquisition [Line Items]
Weighted average lives of finite-lived intangible assets acquired	16 years

Earnings per Share (Tables)

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

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

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


	Years Ended December 31,
	2021		2020		2019


Net earnings	$	1,123,818	$	683,451	$	677,918

Basic earnings per common share:


Net earnings	$	7.81	$	4.74	$	4.67

Weighted average basic shares outstanding	143,923,000		144,050,000		145,198,000
Diluted earnings per common share:


Net earnings	$	7.74	$	4.70	$	4.61

Weighted average diluted shares outstanding	145,273,000		145,393,000		146,992,000

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:


	Years Ended December 31,
	2021	2020	2019
Weighted average shares outstanding - Basic	143,923,000	144,050,000	145,198,000
Dilutive effect of assumed exercise of SARs and vesting of performance shares and RSUs	1,350,000	1,343,000	1,794,000
Weighted average shares outstanding - Diluted	145,273,000	145,393,000	146,992,000

Income Taxes - Narrative (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Operating Loss Carryforwards [Line Items]
State loss carryforward subject to expiration	$ 289,300
State tax carryforward not subject to expiration	15,800
Minimum
Operating Loss Carryforwards [Line Items]
Possible change in unrecognized tax benefits balance	0
Maximum
Operating Loss Carryforwards [Line Items]
Possible change in unrecognized tax benefits balance	30,600
Internal Revenue Service (IRS)
Operating Loss Carryforwards [Line Items]
Loss carryforwards	1,128,700
Foreign Tax Authority
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards subject to expiration	274,400
Operating loss carryforward not subject to expiration	854,300
State and Local Jurisdiction
Operating Loss Carryforwards [Line Items]
Loss carryforwards	$ 305,100

Borrowings - Narrative (Details)	12 Months Ended
Borrowings - Narrative (Details)	Dec. 31, 2021 USD ($)
Line of Credit Facility [Line Items]
Letters of credit outstanding	$ 155,900,000
Interest coverage ratio	1760.00%
Revolving Credit Facility \| Credit Agreement
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 1,000,000,000
Term	5 years
Interest coverage ratio required	300.00%
Outstanding borrowings	$ 0

- Definition

The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details

Employee Benefit Plans - Obligations and Funded Status (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Change in benefit obligation:
Settlements and curtailments	$ (1,482)	$ (25)	$ (961)
Change in plan assets:
Benefits paid		(36,303)
Amounts recognized in the consolidated balance sheets consist of:
Other liabilities (deferred compensation)	138,992	177,623
Accumulated Other Comprehensive Loss (Earnings):
Accumulated benefit obligations	815,910	884,967
Qualified Defined Benefits \| Qualified Defined Benefits \| United States
Change in benefit obligation:
Benefit obligation at beginning of year	524,181	490,228
Service cost	7,134	6,824	7,016
Interest cost	13,605	16,272	19,026
Plan participants' contributions	0	0
Benefits paid	(18,221)	(36,303)
Actuarial loss	(19,393)	47,160
Amendments	0	0
Settlements and curtailments	(28,960)	0
Currency translation and other	0	0
Benefit obligation at end of year	478,346	524,181	490,228
Change in plan assets:
Fair value of plan assets at beginning of year	606,896	550,238
Actual return on plan assets	13,385	92,961
Company contributions	0	0
Plan participants' contributions	0	0
Benefits paid	(18,221)	(36,303)
Settlements and curtailments	(28,960)	0
Currency translation and other	0	0
Fair value of plan assets at end of year	573,100	606,896	550,238
Funded (Unfunded) status	94,754	82,715
Amounts recognized in the consolidated balance sheets consist of:
Other assets and deferred charges	94,754	82,715
Accrued compensation and employee benefits	0	0
Other liabilities (deferred compensation)	0	0
Total assets (liabilities)	94,754	82,715
Accumulated Other Comprehensive Loss (Earnings):
Net actuarial losses (gains)	33,545	49,386
Prior service cost (credit)	110	322
Tax (benefit) expense	(6,686)	(10,272)
Total accumulated other comprehensive loss (earnings), net of tax	26,969	39,436
Net amount recognized at December 31,	121,723	122,151
Accumulated benefit obligations	471,871	511,292
Qualified Defined Benefits \| Qualified Defined Benefits \| Foreign Plan
Change in benefit obligation:
Benefit obligation at beginning of year	340,829	296,534
Service cost	5,749	5,345	5,665
Interest cost	3,590	3,697	5,101
Plan participants' contributions	2,009	1,707
Benefits paid	(7,519)	(8,613)
Actuarial loss	(20,766)	19,558
Amendments	1,828	(1,401)
Settlements and curtailments	(3,517)	(294)
Currency translation and other	(7,488)	24,296
Benefit obligation at end of year	314,715	340,829	296,534
Change in plan assets:
Fair value of plan assets at beginning of year	212,748	185,590
Actual return on plan assets	10,664	13,560
Company contributions	8,121	7,315
Plan participants' contributions	2,009	1,707
Benefits paid	(7,519)	(8,613)
Settlements and curtailments	(2,287)	(294)
Currency translation and other	(4,059)	13,483
Fair value of plan assets at end of year	219,677	212,748	185,590
Funded (Unfunded) status	(95,038)	(128,081)
Amounts recognized in the consolidated balance sheets consist of:
Other assets and deferred charges	1,575	653
Accrued compensation and employee benefits	1,729	1,691
Other liabilities (deferred compensation)	94,884	127,043
Total assets (liabilities)	(95,038)	(128,081)
Accumulated Other Comprehensive Loss (Earnings):
Net actuarial losses (gains)	50,878	80,472
Prior service cost (credit)	(1,303)	(3,632)
Tax (benefit) expense	(11,836)	(17,144)
Total accumulated other comprehensive loss (earnings), net of tax	37,739	59,696
Net amount recognized at December 31,	(57,299)	(68,385)
Accumulated benefit obligations	302,929	326,317
Non-Qualified Supplemental Benefits \| Non-Qualified Supplemental Benefits
Change in benefit obligation:
Benefit obligation at beginning of year	51,194	60,183
Service cost	1,561	1,272	1,942
Interest cost	1,232	1,765	2,670
Plan participants' contributions	0	0
Benefits paid	(5,331)	(12,324)
Actuarial loss	(4,568)	298
Amendments	0	0
Settlements and curtailments	(1,183)	0
Currency translation and other	0	0
Benefit obligation at end of year	42,905	51,194	60,183
Change in plan assets:
Fair value of plan assets at beginning of year	0	0
Actual return on plan assets	0	0
Company contributions	6,262	12,324
Plan participants' contributions	0	0
Benefits paid	(5,331)	(12,324)
Settlements and curtailments	(931)	0
Currency translation and other	0	0
Fair value of plan assets at end of year	0	0	$ 0
Funded (Unfunded) status	(42,905)	(51,194)
Amounts recognized in the consolidated balance sheets consist of:
Other assets and deferred charges	0	0
Accrued compensation and employee benefits	4,776	4,899
Other liabilities (deferred compensation)	38,129	46,295
Total assets (liabilities)	(42,905)	(51,194)
Accumulated Other Comprehensive Loss (Earnings):
Net actuarial losses (gains)	(20,724)	(18,400)
Prior service cost (credit)	2,980	4,593
Tax (benefit) expense	3,840	2,961
Total accumulated other comprehensive loss (earnings), net of tax	(13,904)	(10,846)
Net amount recognized at December 31,	(56,809)	(62,040)
Accumulated benefit obligations	$ 41,110	$ 47,358

Acquisitions - Purchase Price Allocation (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 28, 2021	Dec. 16, 2021	Dec. 31, 2020	Dec. 31, 2019
Business Acquisition [Line Items]
Goodwill	$ 4,558,822			$ 4,072,542	$ 3,783,347
Intangible assets	439,479
RegO
Business Acquisition [Line Items]
Accounts receivable		$ 34,252
Inventories		77,954
Other current assets		2,958
Property, plant and equipment		52,053
Goodwill		276,976
Intangible assets		234,000
Other assets and deferred charges		884
Current liabilities		(19,480)
Non-current liabilities		(34,904)
Net assets acquired		$ 624,693
Acme Cryogenics
Business Acquisition [Line Items]
Accounts receivable			$ 15,130
Current assets, net of cash acquired			29,345
Property, plant and equipment			8,750
Intangible assets			127,300
Other assets and deferred charges			5,057
Current liabilities			(9,072)
Non-current liabilities			(37,067)
Net assets acquired			$ 293,522
Series of individually immaterial acquistions
Business Acquisition [Line Items]
Current assets, net of cash acquired	12,751			44,159	14,018
Property, plant and equipment	8,272			8,424	1,030
Goodwill	135,932			205,805	119,512
Intangible assets	78,179			134,049	91,980
Other assets and deferred charges	4,485			12,986	20
Current liabilities	(15,368)			(34,803)	(10,162)
Non-current liabilities	(17,389)			(34,834)
Net assets acquired	$ 206,862			$ 335,786	$ 216,398

Segment Information - Revenue and Long-Lived Assets by Geography (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 7,907,081	$ 6,683,760	$ 7,136,397
Long-Lived Assets	957,310	897,326
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	4,305,957	3,677,285	3,806,033
Long-Lived Assets	584,948	518,679
Europe
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	1,797,138	1,482,520	1,571,901
Long-Lived Assets	283,952	289,657
Asia
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	901,141	745,150	863,050
Long-Lived Assets	62,210	61,235
Other Americas
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	612,751	535,091	625,707
Long-Lived Assets	20,627	21,174
Other
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	290,094	243,714	$ 269,706
Long-Lived Assets	$ 5,573	$ 6,581

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130543-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 22
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Leases - Assumptions (Details)	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Weighted-average remaining lease term (years)
Operating leases	5 years 9 months 18 days	5 years 10 months 24 days	5 years 10 months 24 days
Finance leases	4 years 2 months 12 days	4 years 9 months 18 days	5 years 10 months 24 days
Weighted-average discount rate
Operating leases	2.70%	2.90%	3.20%
Finance leases	3.40%	3.60%	4.10%

Revenue (Tables)

12 Months Ended

Dec. 31, 2021

Revenue from Contract with Customer [Abstract]

Contract Assets and Contract Liabilities From Contracts With Customers

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


	12/31/2021		12/31/2020		12/31/2019

Contract assets	$	11,440	$	15,020	$	14,894
Contract liabilities - current	227,549		184,845		104,901
Contract liabilities - non-current	21,513		13,921		10,921

Equity and Cash Incentive Program - Performance Shares and RSU Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Performance Shares
Number of Shares
Unvested, beginning balance (in shares)	77,979
Granted (in shares)	50,371	49,056	35,172
Vested (in shares)	(27,031)
Unvested, ending balance (in shares)	96,129	77,979
Weighted Average Grant-Date Fair Value
Unvested, beginning balance (in dollars per share)	$ 138.14
Granted (in dollars per share)	148.29	$ 165.71	$ 91.20
Vested (in dollars per share)	91.37
Unvested, ending balance (in dollars per share)	$ 156.88	$ 138.14
Restricted Stock Units (RSUs)
Number of Shares
Unvested, beginning balance (in shares)	252,907
Granted (in shares)	87,177	83,512	124,929
Forfeited (in shares)	(10,741)
Vested (in shares)	(126,661)
Unvested, ending balance (in shares)	202,682	252,907
Weighted Average Grant-Date Fair Value
Unvested, beginning balance (in dollars per share)	$ 93.43
Granted (in dollars per share)	122.73	$ 119.86	$ 91.2
Forfeited (in dollars per share)	114.85
Vested (in dollars per share)	91.75
Unvested, ending balance (in dollars per share)	$ 107.03	$ 93.43

Credit Losses (Details) - USD ($) $ in Thousands	12 Months Ended
Credit Losses (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance, January 1,	$ 40,474	$ 29,381	$ 28,469
Adoption of ASU 2016-13, cumulative-effect adjustment to retained earnings	0	2,706	0
Provision for expected credit losses, net of recoveries	5,053	11,171	5,933
Amounts written off charged against the allowance	(5,307)	(3,863)	(3,464)
Other, including dispositions and foreign currency translation	(94)	1,079	(1,557)
Ending balance, December 31	$ 40,126	$ 40,474	$ 29,381

Revenue - Contract Balances (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenue from Contract with Customer [Abstract]
Contract assets	$ 11,440	$ 15,020	$ 14,894
Contract liabilities - current	227,549	184,845	104,901
Contract liabilities - non-current	$ 21,513	$ 13,921	$ 10,921

Goodwill and Other Intangible Assets - Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Goodwill [Roll Forward]
Goodwill			$ 3,853,908
Accumulated impairment loss	$ (70,561)		(70,561)
Beginning balance	4,072,542	$ 3,783,347
Acquisitions	582,117	205,805
Disposition of business	(34,662)	(2,597)
Purchase price adjustments	714
Foreign currency translation	(61,889)	(85,987)
Ending balance	4,558,822	4,072,542
Engineered Products
Goodwill [Roll Forward]
Goodwill			647,162
Accumulated impairment loss	(10,591)		(10,591)
Beginning balance	682,985	636,571
Acquisitions	50,180	33,183
Disposition of business	0	0
Purchase price adjustments	0
Foreign currency translation	(9,882)	(13,231)
Ending balance	723,283	682,985
Clean Energy & Fueling
Goodwill [Roll Forward]
Goodwill			873,381
Accumulated impairment loss			0
Beginning balance	940,973	873,381
Acquisitions	496,461	47,339
Disposition of business	0	0
Purchase price adjustments	2,640
Foreign currency translation	(12,383)	(20,253)
Ending balance	1,427,691	940,973
Imaging & Identification
Goodwill [Roll Forward]
Goodwill			977,069
Accumulated impairment loss			0
Beginning balance	1,117,589	977,069
Acquisitions	20,458	103,723
Disposition of business	0	0
Purchase price adjustments	(1,926)
Foreign currency translation	(29,919)	(36,797)
Ending balance	1,106,202	1,117,589
Pumps & Process Solutions
Goodwill [Roll Forward]
Goodwill			810,597
Accumulated impairment loss	(59,970)		(59,970)
Beginning balance	786,280	750,627
Acquisitions	15,018	21,560
Disposition of business	0	0
Purchase price adjustments	0
Foreign currency translation	(8,459)	(14,093)
Ending balance	792,839	786,280
Climate & Sustainability Technologies
Goodwill [Roll Forward]
Goodwill			545,699
Accumulated impairment loss			$ 0
Beginning balance	544,715	545,699
Acquisitions	0	0
Disposition of business	(34,662)	(2,597)
Purchase price adjustments	0
Foreign currency translation	(1,246)	(1,613)
Ending balance	$ 508,807	$ 544,715

Accrued Expenses and Other Liabilities - Other Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accrued Liabilities and Other Liabilities [Abstract]
Defined benefit and other post-retirement benefit plans	$ 138,992	$ 177,623
Operating lease liabilities	134,448	133,989
Deferred compensation	88,681	82,814
Unrecognized tax benefits	79,757	90,097
Legal and environmental	31,304	28,483
Deferred revenue	21,513	13,921	$ 10,921
Warranty	5,119	5,655
Deferred employment taxes	0	15,783
Other	32,728	21,949
Other liabilities	$ 532,542	$ 570,314

CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of Comprehensive Income [Abstract]
Net earnings	$ 1,123,818	$ 683,451	$ 677,918
Foreign currency translation adjustments:
Foreign currency translation (losses) gains	(39,819)	55,450	(5,025)
Reclassification of foreign currency translation losses to earnings	0	0	25,339
Total foreign currency translation adjustments (net of $(20,976), $26,957 and $(4,714) tax (provision) benefit, respectively)	(39,819)	55,450	20,314
Pension and other postretirement benefit plans:
Actuarial gains	26,960	705	47
Prior service (cost) credit	(1,433)	828	1,818
Amortization of actuarial losses included in net periodic pension cost	9,451	6,695	596
Amortization of prior service costs included in net periodic pension cost	1,023	1,153	2,141
Settlement and curtailment impact	1,167	18	806
Total pension and other postretirement benefit plans (net of $(9,868), $(3,197) and $(1,184) tax (provision) benefit, respectively)	37,168	9,399	5,408
Changes in fair value of cash flow hedges:
Unrealized net gains (losses)	6,724	(1,445)	1,495
Net gains reclassified into earnings	(4,871)	(632)	(147)
Total cash flow hedges (net of $(532), $607 and $(359) tax (provision) benefit, respectively)	1,853	(2,077)	1,348
Other comprehensive (loss) earnings, net of tax	(798)	62,772	27,070
Comprehensive earnings	$ 1,123,020	$ 746,223	$ 704,988

Leases - Cash Flow (Details) - USD ($) $ in Thousands	12 Months Ended
Leases - Cash Flow (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$ 55,921	$ 53,903	$ 53,450
Operating cash flows for finance leases	357	434	425
Financing cash flows for finance leases	3,073	2,523	1,915
Total	59,351	56,860	55,790
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	47,666	21,381	41,598
Financing leases	2,016	3,708	1,542
Total	$ 49,682	$ 25,089	$ 43,140

Goodwill and Other Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill Rollforward by Segment

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


	Engineered Products		Clean Energy & Fueling		Imaging & Identification		Pumps & Process Solutions		Climate & Sustainability Technologies		Total
Goodwill	$	647,162	$	873,381	$	977,069	$	810,597	$	545,699	$	3,853,908
Accumulated impairment loss	(10,591)		—		—		(59,970)		—		(70,561)
Balance at January 1, 2020	636,571		873,381		977,069		750,627		545,699		3,783,347
Acquisitions	33,183		47,339		103,723		21,560		—		205,805

Disposition of business	—		—		—		—		(2,597)		(2,597)
Foreign currency translation	13,231		20,253		36,797		14,093		1,613		85,987
Balance at December 31, 2020	682,985		940,973		1,117,589		786,280		544,715		4,072,542
Acquisitions	50,180		496,461		20,458		15,018		—		582,117
Purchase price adjustments	—		2,640		(1,926)		—		—		714

Disposition of business	—		—		—		—		(34,662)		(34,662)
Foreign currency translation	(9,882)		(12,383)		(29,919)		(8,459)		(1,246)		(61,889)
Balance at December 31, 2021 (1)	$	723,283	$	1,427,691	$	1,106,202	$	792,839	$	508,807	$	4,558,822

Schedule of Intangible Assets

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


	December 31, 2021						December 31, 2020
	Gross Amount		Accumulated Amortization		Net Carrying Amount		Gross Amount		Accumulated Amortization		Net Carrying Amount
Amortized intangible assets:
Customer intangibles	$	1,829,492	$	909,776	$	919,716	$	1,559,771	$	834,798	$	724,973
Trademarks	263,367		116,633		146,734		233,205		103,907		129,298
Patents	205,910		140,327		65,583		163,299		141,182		22,117
Unpatented technologies	221,239		123,464		97,775		180,947		113,404		67,543
Distributor relationships	84,204		55,260		28,944		87,028		51,611		35,417
Drawings & manuals	27,792		27,303		489		29,198		26,193		3,005
Other	22,347		18,775		3,572		23,901		19,324		4,577
Total	2,654,351		1,391,538		1,262,813		2,277,349		1,290,419		986,930
Unamortized intangible assets:
Trademarks	96,709		—		96,709		96,842		—		96,842
Total intangible assets, net	$	2,751,060	$	1,391,538	$	1,359,522	$	2,374,191	$	1,290,419	$	1,083,772

Future Amortization Expense

Estimated future amortization expense related to intangible assets held at December 31, 2021 is as follows:


	Estimated Amortization
2022	$	153,937
2023	144,167
2024	139,696
2025	135,608
2026	127,539

Borrowings - Summary (Details) € in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($)	Dec. 31, 2021 EUR (€)	Dec. 31, 2020 USD ($)
Debt Instrument [Line Items]
Total long-term debt	$ 3,018,714		$ 3,108,829
Unamortized discount	15,100		17,600
Deferred debt issuance cost	12,500		14,400
3.15% 10-year notes due November 15, 2025
Debt Instrument [Line Items]
Principal	400,000
Total long-term debt	$ 397,389		396,716
Debt instrument, stated interest rate	3.15%	3.15%
Term	10 years
1.25% 10-year notes due November 9, 2026 (euro-denominated)
Debt Instrument [Line Items]
Principal \| €		€ 600,000
Total long-term debt	$ 674,217		724,310
Debt instrument, stated interest rate	1.25%	1.25%
Term	10 years
0.750% 8-year notes due November 4, 2027 (euro denominated)
Debt Instrument [Line Items]
Principal \| €		€ 500,000
Total long-term debt	$ 561,293		603,107
Debt instrument, stated interest rate	0.75%	0.75%
Term	8 years
6.65% 30-year debentures due June 1, 2028
Debt Instrument [Line Items]
Principal	$ 200,000
Total long-term debt	$ 199,356		199,255
Debt instrument, stated interest rate	6.65%	6.65%
Term	30 years
2.950% 10-year notes due November 4, 2029
Debt Instrument [Line Items]
Principal			300,000
Total long-term debt	$ 297,029		296,650
Debt instrument, stated interest rate	2.95%	2.95%
Term	10 years
5.375% 30-year debentures due October 15, 2035
Debt Instrument [Line Items]
Principal	$ 300,000
Total long-term debt	$ 296,559		296,309
Debt instrument, stated interest rate	5.375%	5.375%
Term	30 years
6.60% 30-year notes due March 15, 2038
Debt Instrument [Line Items]
Principal	$ 250,000
Total long-term debt	$ 248,166		248,053
Debt instrument, stated interest rate	6.60%	6.60%
Term	30 years
5.375% 30-year notes due March 1, 2041
Debt Instrument [Line Items]
Principal	$ 350,000
Total long-term debt	$ 344,705		$ 344,429
Debt instrument, stated interest rate	5.375%	5.375%
Term	30 years

Income Taxes

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Income Taxes

14. Income Taxes

Income taxes have been based on the following components of earnings before provision for income taxes in the Consolidated Statements of Earnings:


	Years Ended December 31,
	2021		2020		2019
Domestic	$	835,773	$	464,145	$	448,301
Foreign	565,053		377,589		394,708
Total	$	1,400,826	$	841,734	$	843,009

Income tax expense (benefit) for the years ended December 31, 2021, 2020 and 2019 is comprised of the following:


	Years Ended December 31,
	2021		2020		2019
Current:
U.S. federal	$	150,990	$	79,305	$	71,069
State and local	28,106		13,312		16,709
Foreign	154,147		97,106		102,284
Total current	333,243		189,723		190,062
Deferred:
U.S. federal	(14,143)		2,777		(6,033)
State and local	3,165		(10,526)		1,770
Foreign	(45,257)		(23,691)		(20,708)
Total deferred	(56,235)		(31,440)		(24,971)
Total expense	$	277,008	$	158,283	$	165,091

Differences between the effective income tax rate and the U.S. federal income statutory tax rate are as follows:


	Years Ended December 31,
	2021		2020		2019
U.S. federal income tax rate	21.0	%	21.0	%	21.0	%
State and local taxes, net of federal income tax benefit	1.8		1.7		1.7
Foreign operations tax effect	(0.2)		(0.8)		(1.3)

Foreign tax credits	—		—		(0.1)

Foreign-derived intangible income	(0.8)		(1.1)		(1.0)
Share awards	(0.8)		(1.2)		(1.7)

Dispositions	0.3		—		1.2
Audit resolutions	(1.4)		(0.9)		0.3
Other	(0.1)		0.1		(0.5)
Effective tax rate	19.8	%	18.8	%	19.6	%

The tax effects of temporary differences that give rise to deferred tax assets and liabilities are as follows:


	December 31, 2021		December 31, 2020
Deferred Tax Assets:
Accrued compensation, principally postretirement and other employee benefits	$	61,388	$	60,797
Accrued expenses, principally for state income taxes, interest and warranty	30,143		32,418
Net operating loss and other carryforwards	334,483		319,291
Inventories, principally due to reserves for financial reporting purposes and capitalization for tax purposes	28,698		23,723
Accounts receivable, principally due to allowance for doubtful accounts	9,988		7,118
Accrued insurance	4,708		4,165

Long-term liabilities, principally warranty, environmental and exit costs	3,043		2,273
Lease obligations	41,653		40,984

Total gross deferred tax assets	514,104		490,769
Valuation allowance	(306,066)		(287,679)
Total deferred tax assets, net of valuation allowances	$	208,038	$	203,090
Deferred Tax Liabilities:
Intangible assets, principally due to different tax and financial reporting bases and amortization lives	$	(392,208)	$	(387,897)
Property, plant and equipment, principally due to differences in depreciation	(77,918)		(62,667)
Lease right-of-use assets	(40,181)		(38,742)
Other liabilities	(28,786)		9,992
Total gross deferred tax liabilities	(539,093)		(479,314)
Net deferred tax liability	$	(331,055)	$	(276,224)

Classified as follows in the Consolidated Balance Sheets:

Other assets and deferred charges	$	33,062	$	22,199

Deferred income taxes	(364,117)		(298,423)
	$	(331,055)	$	(276,224)

As of December 31, 2021, the Company had non-U.S loss carryforwards of $1,128.7 million primarily resulting from non-operating activities. The entire balance of the non-U.S. losses as of December 31, 2021 is available to be carried forward, with $274.4 million of these losses expiring during the years 2022 through 2042. The remaining $854.3 million of such losses can be carried forward indefinitely.

The Company has $305.1 million of state tax loss carryovers as of December 31, 2021. The balance of the state losses as of December 31, 2021 is available for carry over, with $289.3 million of these losses expiring during the years 2022 and 2042, and the remaining $15.8 million being carried over indefinitely.

The Company maintains valuation allowances by jurisdiction against the deferred tax assets related to certain of these carryforwards for which it is more likely than not that some portion or all will not be realized.

Unrecognized Tax Benefits

The Company files federal, state, local and foreign tax returns. The Company is routinely audited by the tax authorities in these jurisdictions, and a number of audits are currently underway. It is reasonably possible during the next twelve months that uncertain tax positions may be settled, which could result in a decrease in the gross amount of unrecognized tax benefits. This decrease may result in an income tax benefit. Due to the potential for resolution of federal, state and foreign examinations, and the expiration of various statutes of limitation, the Company's gross unrecognized tax benefits balance may change within the next twelve months by a range of zero to $30.6 million. All significant federal, state, local and international matters have been concluded through 2016. The Company believes adequate provision has been made for all income tax uncertainties.

The following table is a reconciliation of the beginning and ending balances of the Company’s unrecognized tax benefits:


	Total
Unrecognized tax benefits at January 1, 2019	$	93,461
Additions based on tax positions related to the current year	4,493
Additions for tax positions of prior years	6,668
Reductions for tax positions of prior years	(9,217)
Cash settlements	(922)
Lapse of statutes	(11,269)
Unrecognized tax benefits at December 31, 2019	83,214
Additions based on tax positions related to the current year	3,134
Additions for tax positions of prior years	5,490
Reductions for tax positions of prior years	(3,599)
Cash settlements	(6,214)
Lapse of statutes	(9,687)
Unrecognized tax benefits at December 31, 2020 (1)	72,338
Additions based on tax positions related to the current year	5,859
Additions for tax positions of prior years	3,784
Reductions for tax positions of prior years	(13,008)
Cash settlements	(1,490)
Lapse of statutes	(2,831)
Unrecognized tax benefits at December 31, 2021 (1)	$	64,652

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI http://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Description of Business and Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Principles of Consolidation	Principles of ConsolidationThe consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. Intercompany accounts and transactions have been eliminated in consolidation. The results of operations of acquired businesses are included from the dates of acquisitions.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the Consolidated Financial Statements and accompanying disclosures. These estimates may be adjusted due to changes in future economic, industry, or customer financial conditions, as well as changes in technology or demand. Estimates are used for, but not limited to, allowances for doubtful accounts receivable, net realizable value of inventories, restructuring reserves, warranty reserves, pension and post-retirement plans, stock-based compensation, useful lives for depreciation and amortization of long-lived assets, future cash flows associated with impairment testing for goodwill, indefinite-lived intangible assets and other long-lived assets, deferred tax assets, unrecognized tax benefits and contingencies. Actual results may ultimately differ from estimates, although management does not believe such differences would materially affect the consolidated financial statements in any individual year. Estimates and assumptions are periodically reviewed and the effects of revisions are reflected in the Consolidated Financial Statements in the period that they are determined.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents include cash on hand, demand deposits and short-term investments, which are highly liquid in nature and have original maturities at the time of purchase of three months or less. The carrying value of cash and cash equivalents approximate fair value.
Accounts Receivable and Allowance for Doubtful Accounts	Accounts Receivable and Allowance for Doubtful Accounts Accounts receivable are recorded at face amounts less an allowance for doubtful accounts. Effective January 1, 2020, the Company adopted Accounting Standards Update ("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 allowance is an estimate based on historical collection experience, current and future economic and market conditions and a review of the current status of each customer's trade accounts receivable. Management evaluates the aging of the accounts receivable balances and the financial condition of its customers and all other forward-looking information that is reasonably available to estimate the amount of accounts receivable that may not be collected in the future and records the appropriate provision. See Note 8 — Credit Losses for additional information.
Inventories	Inventories Inventories are stated at the lower of cost, determined on the first-in, first-out (FIFO) basis, or net realizable value. An immaterial portion of domestic inventories are stated at cost, determined on the last-in, first-out (LIFO) basis, which is less than market value.
Property, Plant and Equipment	Property, Plant and EquipmentProperty, plant and equipment includes the historical cost of land, buildings, machinery and equipment, purchased software, finance lease assets and significant improvements to existing plant and equipment or, in the case of acquisitions, the fair value of acquired assets. Expenditures for maintenance, repairs and minor renewals are expensed as incurred. When property or equipment is sold or otherwise disposed of, the related cost and accumulated depreciation are removed from the respective accounts and the gain or loss realized on disposition is reflected in earnings. The Company depreciates its assets on a straight-line basis over their estimated useful lives as follows: buildings and improvements 5 to 31.5 years; machinery and equipment 3 to 15 years; furniture and fixtures 3 to 7 years; vehicles 3 to 7 years; and software 3 to 10 years.
Derivative Financial Instruments	Derivative Financial Instruments The Company uses derivative financial instruments to hedge its exposures to various risks, including foreign currency exchange rate risk. The Company does not enter into derivative financial instruments for speculative purposes and does not have a material portfolio of derivative financial instruments. Derivative financial instruments used for hedging purposes must be designated and effective as a hedge of the identified risk exposure at inception of the contract. The Company recognizes all derivatives as either assets or liabilities on the consolidated balance sheet and measures those instruments at fair value. For derivatives designated as hedges of the fair value of assets or liabilities, the changes in fair value of both the derivatives and of the hedged items are recorded in current earnings. For derivatives designated as cash flow hedges, the change in the fair value of the derivatives is recorded as a component of other comprehensive earnings and subsequently recognized in net earnings when the hedged items impact earnings.
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets Goodwill represents the excess of purchase price over the fair value of net assets acquired. Goodwill and certain other intangible assets deemed to have indefinite lives (primarily trademarks) are not amortized. For goodwill, impairment tests are required at least annually, or more frequently if events or circumstances indicate that it may be impaired, when some portion but not all of a reporting unit is disposed of or classified as assets held for sale, or when a change in the composition of reporting units occurs for other reasons, such as a change in segments. Based on its current organizational structure, the Company identified reporting units for which cash flows are determinable and to which goodwill was allocated. The Company performs its goodwill impairment test annually in the fourth quarter at the reporting unit level. A quantitative test is used to determine existence of goodwill impairment and the amount of the impairment loss at the reporting unit level. The quantitative test compares the fair value of a reporting unit with its carrying amount, including goodwill. The Company uses an income-based valuation method, determining the present value of estimated future cash flows, to estimate the fair value of a reporting unit. If the fair value of a reporting unit exceeds its carrying amount, goodwill of the reporting unit is not impaired. If the carrying amount of a reporting unit exceeds its fair value, an impairment loss shall be recognized in an amount equal to that excess, limited to the total amount of goodwill allocated to that reporting unit. Factors used in the impairment analysis require significant judgment, and actual results may differ from assumed and estimated amounts. The Company uses its own market assumptions including internal projections of future cash flows, discount rates and other assumptions considered reasonable in the analysis and reflective of market participant assumptions. These forecasts are based on historical performance and future estimated results. The discount rates used in these analyses vary by reporting unit and are based on a capital asset pricing model and published relevant industry rates. The Company uses discount rates commensurate with the risks and uncertainties inherent to each reporting unit and in the internally developed forecasts. See Note 9 — Goodwill and Other Intangible Assets for further discussion of the Company's annual goodwill impairment test and results. No impairment of goodwill was required for the years ended December 31, 2021, 2020, or 2019. The Company uses an income-based valuation method to annually test its indefinite-lived intangible assets for impairment. The fair value of the intangible asset is compared to its carrying value. This method uses the Company’s own market assumptions, which are considered reasonable. Any excess of carrying value over the estimated fair value is recognized as an impairment loss. No impairment of indefinite-lived intangible assets was required for the years ended December 31, 2021, 2020, or 2019.
Other Intangible Assets	Other intangible assets with determinable lives primarily consist of customer intangibles, unpatented technologies, patents and trademarks. The other intangible assets are amortized over their estimated useful lives, ranging from 5 to 20 years.
Long-Lived Assets	Long-lived assets (including definite-lived intangible assets) are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable, such as a significant sustained change in the business climate. If an indicator of impairment exists for any grouping of assets, an estimate of undiscounted future cash flows is produced and compared to its carrying value. If an asset group is determined to be impaired, the loss is measured by the excess of the carrying amount of the asset group over its fair value, as determined by an estimate of discounted future cash flows.
Leases	Leases Effective January 1, 2019, the Company adopted Accounting Standard Codification ("ASC") Topic 842, Leases, which requires the recording of operating lease right-of-use assets ("ROU") and operating lease liabilities. Finance leases were not impacted by the adoption of ASC Topic 842, as finance lease liabilities and the corresponding ROU assets were already recorded in the balance sheet under the previous guidance, ASC Topic 840. The Company has operating and finance leases for corporate offices, manufacturing plants, research and development facilities, shared services facilities, vehicle fleets and certain office and manufacturing equipment. Leases with an initial term of 12 months or less are not recorded in the balance sheet. The Company elected practical expedients under the standard which allow the Company to carry forward historical lease classifications and also account for each separate lease component of a contract and its associated non-lease components as a single lease component, thus causing all fixed payments to be capitalized. Variable lease payment amounts that cannot be determined at the commencement of the lease, such as increases in lease payments based on changes in index rates or usage, are not included in the ROU assets or liabilities. These are expensed as incurred and recorded as variable lease expense. The Company determines if an arrangement is a lease at inception of a contract. Operating lease ROU assets are included in other assets and deferred charges and operating lease liabilities are included in other accrued expenses and other liabilities in the Consolidated Balance Sheet. Finance lease ROU assets are included in property, plant and equipment, and the related lease liabilities are included in other accrued expenses and other liabilities in the Consolidated Balance Sheet. ROU assets represent the Company's right to use an underlying asset during the lease term and lease liabilities represent the Company's obligation to make lease payments arising from the lease. ROU assets and liabilities are recognized at the commencement date based on the net present value of fixed lease payments over the lease term. The lease term includes options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. ROU assets also include any advance lease payments made and exclude lease incentives. As most of the Company's operating leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. Finance lease agreements include an interest rate that is used to determine the present value of future lease payments. Fixed operating lease expense and finance lease depreciation expense are recognized on a straight-line basis over the lease term.
Restructuring Accruals	Restructuring Accruals The Company takes actions to reduce headcount, close facilities, or otherwise exit operations. Such restructuring activities at an operation are recorded when management has committed to an exit or reorganization plan and when termination benefits are probable and can be reasonably estimated based on circumstances at the time the restructuring plan is approved by management or when termination benefits are communicated. Exit costs may include contractual terminations and asset impairments as a result of an approved restructuring plan. The accrual of both severance and exit costs requires the use of estimates. Though the Company believes that its estimates accurately reflect the anticipated costs; actual results may be different from the original estimated amounts.
Foreign Currency	Foreign Currency Assets and liabilities of non-U.S. subsidiaries, where the functional currency is not the U.S. dollar, have been translated at year-end exchange rates and profit and loss accounts have been translated using weighted-average monthly exchange rates. Foreign currency translation gains and losses are included in the Consolidated Statements of Comprehensive Earnings as a component of other comprehensive earnings (loss). Assets and liabilities of an entity that are denominated in currencies other than an entity’s functional currency are re-measured into the functional currency using end of period exchange rates, where applicable to certain balances. Gains and losses related to these re-measurements are recorded within the Consolidated Statements of Earnings as a component of other income, net. Gains and losses arising from intercompany foreign currency transactions that are of a long-term investment in nature are reported in the same manner as translation adjustments.
Share-based Compensation	Stock-Based Compensation The principal awards issued under the Company’s stock-based compensation plans include non-qualified stock appreciation rights ("SARs"), restricted stock units and performance share awards. The cost for such awards is measured at the grant date based on the fair value of the award. At the time of grant, the Company estimates forfeitures, based on historical experience, in order to estimate the portion of the award that will ultimately vest. The value of the portion of the award that is expected to ultimately vest is recognized as expense on a straight-line basis, generally over the explicit service period of three years (except for retirement-eligible employees) and is included in selling, general and administrative expenses in the Consolidated Statements of Earnings. Expense for awards granted to retirement-eligible employees is recorded over the period from the date of grant through the date the employee first becomes eligible to retire and is no longer required to provide service. See Note 15 — Equity and Cash Incentive Program for additional information related to the Company’s stock-based compensation.
Income Taxes	Income Taxes The provision for income taxes includes federal, state, local and non-U.S. taxes. Tax credits, primarily for research and experimentation, are recognized as a reduction of the provision for income taxes in the year in which they are available for tax purposes. Deferred taxes are provided using enacted rates on the future tax consequences of temporary differences. Temporary differences include the differences between the financial statement carrying amounts of assets and liabilities and their respective tax basis and the tax benefit of carryforwards. A valuation allowance is established for deferred tax assets for which it is more likely than not that some portion or all of the deferred tax benefit will not be realized. In assessing the need for a valuation allowance, management considers all available evidence, including the future reversal of existing taxable temporary differences, taxable income in carryback periods, prudent and feasible tax planning strategies and estimated future taxable income. The valuation allowance can be affected by changes to tax regulations, interpretations and rulings, changes to enacted statutory tax rates and changes to future taxable income estimates. Tax benefits are recognized from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position in consideration of applicable tax statutes and related interpretations and precedents. Tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than 50% likelihood of being realized on ultimate settlement.
Research and Development Costs	Research and Development Costs Research and development costs, including qualifying engineering costs, are expensed when incurred and amounted to $157,826 in 2021, $142,101 in 2020 and $140,957 in 2019. These costs as a percent of revenue were 2.0% in 2021, 2.1% in 2020 and 2.0% in 2019. Research and development costs are reported within selling, general and administrative expenses in the Consolidated Statements of Earnings.
Advertising cost	Advertising Costs Advertising costs are expensed when incurred and amounted to $23,685 in 2021, $21,375 in 2020 and $24,609 in 2019. Advertising costs are reported within selling, general and administrative expenses in the Consolidated Statements of Earnings.
Risk, Retention, Insurance	Risk, Retention, InsuranceThe Company has deductibles for its product and commercial general liability claims up to $5.0 million per occurrence, its workers’ compensation claims up to $0.8 million per occurrence and its automobile liability claims up to $1.0 million per occurrence. Third-party insurance provides primary-level coverage in excess of these amounts up to certain specified limits. In addition, the Company has excess liability insurance from third-party insurers on both an individual occurrence and an aggregate basis well in excess of the limits of the primary coverage. A worldwide program of property insurance covers the Company’s owned and leased property for claims, including business interruption that may occur due to an insured hazard affecting those properties, subject to reasonable deductibles and aggregate limits. The Company’s property and casualty insurance programs contain various deductibles that, based on the Company’s experience, are typical and customary for a company of its size and risk profile. The Company does not consider any of the deductibles to represent a material risk to the Company. The Company generally maintains deductibles for claims and liabilities related primarily to workers’ compensation, health and welfare claims, general commercial, product and automobile liability, cybersecurity risks, property damage and business interruption resulting from certain events. The Company accrues for claim exposures that are probable of occurrence and can be reasonably estimated. As part of the Company’s risk management program, insurance is maintained to transfer risk beyond the level of self-retention and provide protection on both an individual claim and annual aggregate basis.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Recently Issued Accounting Standards The following standards, issued by the Financial Accounting Standards Board ("FASB"), will, or are expected to, result in a change in practice and/or have a financial impact to the Company’s Consolidated Financial Statements: In October 2021, the FASB issued ASU 2021-08 Business Combinations (Topic 805)-Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. The amendments in this update require that an acquirer recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606, Revenue from Contracts with Customers, as if the acquirer had originated the contracts. Under current guidance, the acquirer generally recognizes such contract assets and contract liabilities at fair value on the acquisition date. The amendments in this update are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The amendments in this update should be applied prospectively to business combinations occurring on or after the effective date of the amendments. Early adoption of the amendments is permitted, including adoption in an interim period. The Company is in the process of assessing the impact of this ASU on its Consolidated Financial Statements, but does not expect this update to have a material impact. Recently Adopted Accounting Standards In March 2020 and January 2021, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848) Facilitation of the Effects of Reference Rate Reform on Financial Reporting and ASU 2021-01, Reference Rate Reform, Scope, respectively. These updates provide optional guidance for a limited time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform, including 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 these updates are elective and are effective upon issuance for all entities. The Company adopted the guidance during the third quarter of 2021. The adoption did not have a material impact the Company's Consolidated Financial Statements. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which amends the impairment model by requiring entities to use a forward-looking approach based on expected losses rather than incurred losses to estimate credit losses on certain types of financial instruments, including trade receivables. This may result in the earlier recognition of allowances for losses. In addition, the FASB issued ASU 2019-04, Codification Improvements to Topic 326 which provides clarity on certain aspects of the amendments in ASU 2016-13. The Company adopted this guidance on January 1, 2020 prospectively. Upon adoption, the Company recorded a noncash cumulative effect adjustment to retained earnings of $2.1 million, net of $0.6 million of income taxes, on the opening consolidated balance sheet as of January 1, 2020. See Note 8 — Credit Losses for further details.

Earnings per Share - Reconciliation (Details) - shares	12 Months Ended
Earnings per Share - Reconciliation (Details) - shares	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Earnings Per Share [Abstract]
Weighted average shares outstanding - Basic	143,923,000	144,050,000	145,198,000
Dilutive effect of assumed exercise of SARs and vesting of performance shares and RSUs	1,350,000	1,343,000	1,794,000
Weighted average shares outstanding - Diluted	145,273,000	145,393,000	146,992,000

Credit Losses (Tables)

12 Months Ended

Dec. 31, 2021

Credit Loss [Abstract]

Roll-forward of the allowance for credit losses


	2021		2020		2019
Beginning Balance, January 1,	$	40,474	$	29,381	$	28,469
Adoption of ASU 2016-13, cumulative-effect adjustment to retained earnings	—		2,706		—
Provision for expected credit losses, net of recoveries	5,053		11,171		5,933
Amounts written off charged against the allowance	(5,307)		(3,863)		(3,464)
Other, including dispositions and foreign currency translation	(94)		1,079		(1,557)
Ending balance, December 31	$	40,126	$	40,474	$	29,381

Revenue - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
Revenue - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Future performance obligation	$ 263,085
Revenue recognized during the period	$ 163,500	$ 99,600
Recognized at a point in time
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Remaining performance obligation (in percent)	95.00%
Recognized over time
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Remaining performance obligation (in percent)	5.00%
Minimum
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
General range of payment terms	30 days
Maximum
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
General range of payment terms	90 days
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Remaining performance obligation (in percent)	43.00%
Expected timing of performance obligation satisfaction	12 months

Employee Benefit Plans - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Defined Benefit Plan Disclosure [Line Items]
Defined contribution plan expense	$ 59,719	$ 52,629	$ 50,031
Accumulated benefit obligations	815,910	884,967
United States \| Qualified Defined Benefits
Defined Benefit Plan Disclosure [Line Items]
Estimated future employer contributions in next fiscal year	0
United States \| Qualified Defined Benefits \| Qualified Defined Benefits
Defined Benefit Plan Disclosure [Line Items]
Total assets (liabilities)	94,754	82,715
Accumulated benefit obligations	471,871	511,292
United States \| Non-Qualified Supplemental Benefits
Defined Benefit Plan Disclosure [Line Items]
Estimated future employer contributions in next fiscal year	4,800
Foreign Plan
Defined Benefit Plan Disclosure [Line Items]
Estimated future employer contributions in next fiscal year	7,700
Foreign Plan \| Qualified Defined Benefits \| Qualified Defined Benefits
Defined Benefit Plan Disclosure [Line Items]
Total assets (liabilities)	(95,038)	(128,081)
Accumulated benefit obligations	$ 302,929	$ 326,317

Employee Benefit Plans - Assumptions (Details)	12 Months Ended
Employee Benefit Plans - Assumptions (Details)	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Non-Qualified Supplemental Benefits \| Non-Qualified Supplemental Benefits
Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract]
Discount rate	2.90%	2.45%
Average wage increase	4.50%	4.50%
Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract]
Discount rate	2.45%	3.20%	4.30%
Average wage increase	4.50%	4.50%	4.50%
United States \| Qualified Defined Benefits \| Qualified Defined Benefits
Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract]
Discount rate	2.95%	2.65%
Average wage increase	4.00%	4.00%
Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract]
Discount rate	2.65%	3.40%	4.35%
Average wage increase	4.00%	4.00%	4.00%
Expected return on plan assets	5.60%	6.30%	6.80%
Foreign Plan \| Qualified Defined Benefits \| Qualified Defined Benefits
Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract]
Discount rate	1.18%	0.79%
Average wage increase	1.53%	1.51%
Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract]
Discount rate	0.79%	1.18%	1.83%
Average wage increase	1.51%	1.80%	2.10%
Expected return on plan assets	3.40%	3.69%	3.67%

Restructuring Activities

12 Months Ended

Dec. 31, 2021

Restructuring and Related Activities [Abstract]

Restructuring Activities

11. Restructuring Activities

The Company initiated various restructuring programs and incurred severance and other restructuring costs by segment as follows:


	Years Ended December 31,
	2021		2020		2019
Engineered Products	$	9,507	$	10,307	$	3,155
Clean Energy & Fueling	3,609		6,681		4,943
Imaging & Identification	4,589		5,946		6,426
Pumps & Process Solutions	1,911		13,374		5,666
Climate & Sustainability Technologies	5,068		4,015		3,671
Corporate	2,021		4,145		2,961
Total	$	26,705	$	44,468	$	26,822
These amounts are classified in the Consolidated Statements of Earnings as follows:
Cost of goods and services	$	12,895	$	18,895	$	8,910
Selling, general and administrative expenses	13,810		25,573		17,912

Total	$	26,705	$	44,468	$	26,822

Total restructuring charges of $26,705 incurred during the year ended December 31, 2021, were primarily a result of restructuring programs initiated in 2020 and 2021 in response to demand conditions, asset charges related to a product line exit, as well as 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 2022 with related restructuring charges.

The $26,705 of restructuring charges incurred during 2021 primarily included the following items:

•The Engineered Products segment recorded $9,507 of restructuring charges related primarily to asset charges related to a product line exit.

•The Clean Energy & Fueling segment recorded $3,609 of restructuring charges primarily due to asset charges, headcount reductions and facility exit costs.

•The Imaging & Identification segment recorded $4,589 of restructuring charges related primarily to headcount reductions.

•The Pumps & Process Solutions segment recorded $1,911 of restructuring charges related primarily to headcount reductions and asset charges.

•The Climate & Sustainability Technologies segment recorded $5,068 of restructuring charges related primarily to headcount reductions and asset charges.

•Corporate recorded $2,021 of restructuring charges primarily related to exit costs related to IT centralization initiatives.

Restructuring expenses incurred in 2020 and 2019 also included headcount reduction, targeted facility consolidations at certain businesses, and actions taken to optimize the Company's cost structure.

The following table details the Company’s severance and other restructuring accrual activities:


	Severance		Exit			Total
Balance at January 1, 2019	$	24,284	$	3,880		$	28,164
Restructuring charges	20,271		6,551			26,822
Payments	(29,887)		(3,383)			(33,270)
Other, including foreign currency translation	(917)		(4,409)		(1)	(5,326)
Balance at December 31, 2019	13,751		2,639			16,390
Restructuring charges	25,716		18,752			44,468
Payments	(29,768)		(6,035)			(35,803)
Other, including foreign currency translation	848		(10,990)		(1)	(10,142)
Balance at December 31, 2020	10,547		4,366			14,913
Restructuring charges	11,561		15,144			26,705
Payments	(10,951)		(6,171)			(17,122)
Other, including foreign currency translation	(427)		(10,272)		(2)	(10,699)
Balance at December 31, 2021	$	10,730	$	3,067		$	13,797

(1) Other activity in exit reserves primarily represents the non-cash write-off of certain long-lived assets and inventory in connection with certain facility closures and product exits.

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

The restructuring accrual balances at December 31, 2021 primarily reflect restructuring plans initiated during the year.

Accrued Expenses and Other Liabilities - Accrued Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Accrued Liabilities and Other Liabilities [Abstract]
Accrued rebates and volume discounts	$ 52,909	$ 49,929
Taxes other than income	49,992	52,829
Warranty	43,449	45,433
Operating lease liability	43,086	48,834
Accrued interest	20,426	20,822
Accrued commissions (non-employee)	16,273	14,243
Restructuring and exit costs	13,797	14,913
Other (none of which are individually significant)	107,165	96,634
Total other accrued expenses	347,097	343,637
Deferral of employment taxes related to U.S. CARES Act	$ 15,300	$ 15,800

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Preferred stock, par value per share	$ 100	$ 100
Preferred stock, shares authorized	100,000	100,000
Preferred stock, shares issued	0	0
Common stock, par value per share	$ 1	$ 1
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	259,457,233	258,981,638
Treasury stock, shares	115,411,548	115,228,597

Earnings per Share - Calculation (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Earnings Per Share [Abstract]
Net earnings	$ 1,123,818	$ 683,451	$ 677,918
Basic earnings per common share:
Net earnings (in dollars per basic share)	$ 7.81	$ 4.74	$ 4.67
Weighted average basic shares outstanding (in shares)	143,923,000	144,050,000	145,198,000
Diluted earnings per common share:
Net earnings (in dollars per diluted share)	$ 7.74	$ 4.70	$ 4.61
Weighted average diluted shares outstanding (in shares)	145,273,000	145,393,000	146,992,000

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

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