0000029905-23-000014 | 10-Q | XBRL Viewer

Print Document View Excel Document

Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2023	Apr. 19, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
Document Transition Report	false
Entity File Number	1-4018
Entity Registrant Name	DOVER Corp
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	53-0257888
Entity Address, Address Line One	3005 Highland Parkway
Entity Address, City or Town	Downers Grove,
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60515
City Area Code	(630)
Local Phone Number	541-1540
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		139,851,298
Entity Central Index Key	0000029905
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Amendment Flag	false
Common stock $1 par value
Document Information [Line Items]
Title of 12(b) Security	Common Stock
Trading Symbol	DOV
Security Exchange Name	NYSE
1.250% Notes due 2026
Document Information [Line Items]
Title of 12(b) Security	1.250% Notes due 2026
Trading Symbol	DOV 26
Security Exchange Name	NYSE
0.750% Notes due 2027
Document Information [Line Items]
Title of 12(b) Security	0.750% Notes due 2027
Trading Symbol	DOV 27
Security Exchange Name	NYSE

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Statement [Abstract]
Revenue	$ 2,079,023	$ 2,051,901
Cost of goods and services	1,332,004	1,308,707
Gross profit	747,019	743,194
Selling, general and administrative expenses	432,414	443,843
Operating earnings	314,605	299,351
Interest expense	34,214	26,552
Interest income	(2,091)	(775)
Other income, net	(3,808)	(2,129)
Earnings before provision for income taxes	286,290	275,703
Provision for income taxes	57,716	49,550
Net earnings	$ 228,574	$ 226,153
Net earnings per share:
Basic (in dollars per share)	$ 1.64	$ 1.57
Diluted (in dollars per share)	$ 1.63	$ 1.56
Weighted average shares outstanding:
Basic (in shares)	139,757	144,087
Diluted (in shares)	140,616	145,329

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Net earnings	$ 228,574	$ 226,153
Foreign currency translation adjustments:
Foreign currency translation gain (loss)	16,572	(21,653)
Reclassification of foreign currency translation losses to earnings	0	5,915
Total foreign currency translation adjustments (net of $4,050 and $(8,431) tax benefit (provision), respectively)	16,572	(15,738)
Pension and other post-retirement benefit plans:
Amortization of actuarial (gain) loss included in net periodic pension cost	(534)	360
Amortization of prior service costs included in net periodic pension cost	264	221
Total pension and other post-retirement benefit plans (net of $82 and $(208) tax benefit (provision), respectively)	(270)	581
Changes in fair value of cash flow hedges:
Unrealized net (loss) gain arising during period	(73)	1,964
Net loss (gain) reclassified into earnings	846	(1,576)
Total cash flow hedges (net of $(220) and $(112) tax provision, respectively)	773	388
Other comprehensive earnings (loss), net of tax	17,075	(14,769)
Comprehensive earnings	$ 245,649	$ 211,384

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Foreign currency translation adjustments, tax benefit (provision)	$ 4,050	$ (8,431)
Pension and other postretirement benefit plans tax benefit (provision)	82	(208)
Cash flow hedges tax benefit (provision)	$ (220)	$ (112)

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 272,426	$ 380,868
Receivables, net	1,460,970	1,516,871
Inventories, net	1,405,416	1,366,608
Prepaid and other current assets	177,038	159,118
Total current assets	3,315,850	3,423,465
Property, plant and equipment, net	1,011,707	1,004,825
Goodwill	4,680,713	4,669,494
Intangible assets, net	1,301,696	1,333,735
Other assets and deferred charges	494,679	465,000
Total assets	10,804,645	10,896,519
Current liabilities:
Short-term borrowings	514,567	735,772
Accounts payable	1,039,162	1,068,144
Accrued compensation and employee benefits	191,687	269,785
Deferred revenue	285,209	256,933
Accrued insurance	94,573	92,876
Other accrued expenses	320,435	318,337
Federal and other income taxes	62,860	31,427
Total current liabilities	2,508,493	2,773,274
Long-term debt	2,961,362	2,942,513
Deferred income taxes	358,831	375,150
Noncurrent income tax payable	44,313	44,313
Other liabilities	471,085	474,903
Stockholders' equity:
Total stockholders' equity	4,460,561	4,286,366
Total liabilities and stockholders' equity	$ 10,804,645	$ 10,896,519

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common stock $1 par value	Additional paid-in capital	Retained earnings	Accumulated other comprehensive loss	Treasury stock
Beginning balance at Dec. 31, 2021	$ 4,189,528	$ 259,457	$ 857,636	$ 9,445,245	$ (154,052)	$ (6,218,758)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	226,153			226,153
Dividends paid	(72,203)			(72,203)
Common stock issued for the exercise of share-based awards	(10,046)	116	(10,162)
Stock-based compensation expense	11,113		11,113
Other comprehensive earning (loss), net of tax	(14,769)				(14,769)
Ending balance at Mar. 31, 2022	4,329,776	259,573	858,587	9,599,195	(168,821)	(6,218,758)
Beginning balance at Dec. 31, 2022	4,286,366	259,644	867,560	10,223,070	(266,223)	(6,797,685)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	228,574			228,574
Dividends paid	(70,773)			(70,773)
Common stock issued for the exercise of share-based awards	(12,987)	150	(13,137)
Stock-based compensation expense	12,282		12,282
Other comprehensive earning (loss), net of tax	17,075				17,075
Other, net	24			24
Ending balance at Mar. 31, 2023	$ 4,460,561	$ 259,794	$ 866,705	$ 10,380,895	$ (249,148)	$ (6,797,685)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-URI https://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 4
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22595-107794

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-URI https://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=126732423&loc=SL123482106-238011

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 50
-Paragraph 6
-URI https://asc.fasb.org/extlink&oid=124431353&loc=SL124452729-227067

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-URI https://asc.fasb.org/extlink&oid=126953954&loc=SL114868664-224227

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 28
-URI https://asc.fasb.org/extlink&oid=126954810&loc=d3e3602-108585

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22499-107794

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 9
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22663-107794

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 17: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=123596393&loc=d3e14064-108612

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22583-107794

Reference 20: 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(g)(1)(ii))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 60B
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126958026&loc=SL5780133-109256

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 8
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22658-107794

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1A
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126968391&loc=SL7669619-108580

Reference 25: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22694-107794

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22694-107794

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 7
-URI https://asc.fasb.org/extlink&oid=109222650&loc=SL51721683-107760

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1B
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126968391&loc=SL7669625-108580

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

+ Details

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 852
-SubTopic 10
-Section 55
-Paragraph 10
-URI https://asc.fasb.org/extlink&oid=84165509&loc=d3e56426-112766

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 4.E)
-URI https://asc.fasb.org/extlink&oid=122038336&loc=d3e74512-122707

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(31))
-URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(30))
-URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=123596393&loc=d3e14064-108612

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

+ Details

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2021
Statement of Stockholders' Equity [Abstract]
Common stock, par value per share (in dollars per share)	$ 1	$ 1	$ 1	$ 1
Dividends paid per common share (in dollars per share)	$ 0.505	$ 0.500

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Operating Activities:
Net earnings	$ 228,574	$ 226,153
Adjustments to reconcile net earnings to cash provided by operating activities:
Depreciation and amortization	77,896	79,003
Stock-based compensation expense	12,282	11,113
Reclassification of foreign currency translation losses to earnings	0	5,915
Other, net	6,188	(5,593)
Cash effect of changes in assets and liabilities:
Accounts receivable, net	64,929	(97,220)
Inventories	(29,213)	(136,722)
Prepaid expenses and other assets	(30,944)	(23,524)
Accounts payable	(30,271)	58,484
Accrued compensation and employee benefits	(98,791)	(98,602)
Accrued expenses and other liabilities	16,553	(1,463)
Accrued and deferred taxes, net	24,081	6,139
Net cash provided by operating activities	241,284	23,683
Investing Activities:
Additions to property, plant and equipment	(48,375)	(50,381)
Proceeds from sale of property, plant and equipment	2,007	3,177
Other	2,812	241
Net cash used in investing activities	(43,556)	(46,963)
Financing Activities:
Change in commercial paper and other short-term borrowings, net	(221,205)	7,778
Dividends paid to stockholders	(70,773)	(72,203)
Payments to settle employee tax obligations on exercise of share-based awards	(12,987)	(10,046)
Other	(1,600)	(733)
Net cash used in financing activities	(306,565)	(75,204)
Effect of exchange rate changes on cash and cash equivalents	395	2,964
Net decrease in cash and cash equivalents	(108,442)	(95,520)
Cash and cash equivalents at beginning of period	380,868	385,504
Cash and cash equivalents at end of period	$ 272,426	$ 289,984

Basis of Presentation	3 Months Ended
Basis of Presentation	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	1. Basis of Presentation The accompanying unaudited interim condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC") for interim periods and do not include all of the information and note disclosures required by accounting principles generally accepted in the United States of America ("GAAP") for complete financial statements. These unaudited interim condensed consolidated financial statements should therefore be read in conjunction with the Consolidated Financial Statements and Notes for Dover Corporation ("Dover" or the "Company") for the year ended December 31, 2022, included in the Company's Annual Report on Form 10-K filed with the SEC on February 10, 2023. The year-end condensed consolidated balance sheet was derived from audited financial statements. The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with U.S. GAAP, which requires management to make estimates and assumptions that affect amounts reported in the condensed consolidated financial statements and accompanying disclosures. Although these estimates are based on management’s best knowledge of current events and actions that the Company may undertake in the future, actual results may differ from those estimates. The condensed consolidated financial statements reflect all adjustments of a normal, recurring nature that are, in the opinion of management, necessary for a fair statement of results for these interim periods. The results of operations of any interim period are not necessarily indicative of the results of operations for the full year.

Revenue

3 Months Ended

Mar. 31, 2023

Revenue from Contract with Customer [Abstract]

Revenue

2. Revenue

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

Over 95% of the Company’s revenue is recognized at a point in time, rather than over time, as the Company completes its performance obligations. Specifically, revenue is recognized when control transfers to the customer, typically upon shipment or completion of installation, testing, certification, or other substantive acceptance provisions required under the contract. Less than 5% of the Company’s revenue is recognized over time and relates to the sale of equipment or services, including software solutions and services, in which the Company transfers control of a good or service over time and the customer simultaneously receives and consumes the benefits provided by the Company's performance as the Company performs, or our performance creates or enhances an asset the customer controls as the asset is created or enhanced, or our performance does not create an asset with an alternative use to the Company and the Company has an enforceable right to payment for its performance to date plus a reasonable margin.

Revenue from contracts with customers is disaggregated by segment and geographic location, as they best depict the nature and amount of the Company’s revenue. See Note 14 — Segment Information for further details for revenue by segment and geographic location.

At March 31, 2023, we estimated that $285,778 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 79.4% of our unsatisfied (or partially unsatisfied) performance obligations as revenue through 2024, with the remaining balance to be recognized in 2025 and thereafter.

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


	March 31, 2023		December 31, 2022		December 31, 2021

Contract assets	$	19,170	$	11,074	$	11,440
Contract liabilities - current	285,209		256,933		227,549
Contract liabilities - non-current	19,593		19,879		21,513

The revenue recognized during the three months ended March 31, 2023 and 2022 that was included in contract liabilities at the beginning of the period amounted to $131,563 and $104,008, respectively.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI https://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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

+ Details

Inventories, net

3 Months Ended

Mar. 31, 2023

Inventory, Net [Abstract]

Inventories, net

3. Inventories, net


	March 31, 2023		December 31, 2022
Raw materials	$	816,558	$	812,066
Work in progress	254,141		230,865
Finished goods	476,026		458,881
Subtotal	1,546,725		1,501,812
Less reserves	(141,309)		(135,204)
Total	$	1,405,416	$	1,366,608

Property, Plant and Equipment, net

3 Months Ended

Mar. 31, 2023

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment, net

4. Property, Plant and Equipment, net


	March 31, 2023		December 31, 2022
Land	$	65,331	$	62,495
Buildings and improvements	629,465		620,500
Machinery, equipment and other	1,955,889		1,895,502
Property, plant and equipment, gross	2,650,685		2,578,497
Accumulated depreciation	(1,638,978)		(1,573,672)
Property, plant and equipment, net	$	1,011,707	$	1,004,825

Depreciation expense totaled $37,530 and $37,812 for the three months ended March 31, 2023 and 2022, respectively.

Credit Losses

3 Months Ended

Mar. 31, 2023

Credit Loss [Abstract]

Credit Losses

5. Credit Losses

The Company is exposed to credit losses primarily through sales of products and services. Due to the short-term nature of such receivables, the estimate of the amount of accounts receivable that may not be collected is based on the aging of the accounts receivable balances and other historical and forward-looking information on the financial condition of customers. Balances are written off when determined to be uncollectible.

The following table provides a roll-forward of the allowance for credit losses that is deducted from the amortized cost basis of accounts receivable to present the net amount expected to be collected.


	2023		2022
Balance at January 1	$	39,399	$	40,126

Provision for expected credit losses, net of recoveries	1,422		1,185
Amounts written off charged against the allowance	(727)		(603)
Other, including foreign currency translation	235		(387)
Balance at March 31	$	40,329	$	40,321

Goodwill and Other Intangible Assets

3 Months Ended

Mar. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

6. Goodwill and Other Intangible Assets

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


	Engineered Products		Clean Energy & Fueling		Imaging & Identification		Pumps & Process Solutions		Climate & Sustainability Technologies		Total
Balance at January 1, 2023	$	712,542	$	1,391,418	$	1,078,259	$	979,535	$	507,740	$	4,669,494

Measurement period adjustments	—		—		—		(2,709)		—		(2,709)

Foreign currency translation	1,997		5,291		5,196		1,215		229		13,928
Balance at March 31, 2023	$	714,539	$	1,396,709	$	1,083,455	$	978,041	$	507,969	$	4,680,713

During the three months ended March 31, 2023, the Company recorded measurement period adjustments that decreased goodwill by $2,709, principally related to working capital adjustments for 2022 acquisitions within the Pumps & Process Solutions segment.

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


	March 31, 2023						December 31, 2022
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Amortized intangible assets:
Customer intangibles	$	1,888,873	$	1,027,837	$	861,036	$	1,881,402	$	996,947	$	884,455
Trademarks	266,520		138,203		128,317		265,466		132,791		132,675
Patents	219,878		149,117		70,761		219,199		146,337		72,862
Unpatented technologies	258,414		143,160		115,254		257,428		137,750		119,678
Distributor relationships	80,456		59,025		21,431		79,622		57,299		22,323
Drawings and manuals	26,383		26,383		—		26,062		26,062		—
Other	24,358		16,027		8,331		20,818		15,620		5,198
Total	2,764,882		1,559,752		1,205,130		2,749,997		1,512,806		1,237,191
Unamortized intangible assets:
Trademarks	96,566		—		96,566		96,544		—		96,544
Total intangible assets, net	$	2,861,448	$	1,559,752	$	1,301,696	$	2,846,541	$	1,512,806	$	1,333,735

For the three months ended March 31, 2023 and 2022, amortization expense was $40,366 and $41,191, respectively. Amortization expense is primarily comprised of acquisition-related intangible amortization.

Restructuring Activities

3 Months Ended

Mar. 31, 2023

Restructuring and Related Activities [Abstract]

Restructuring Activities

7. Restructuring Activities

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


	Three Months Ended March 31,
	2023		2022
Engineered Products	$	539	$	457
Clean Energy & Fueling	10,144		196
Imaging & Identification	339		1,191
Pumps & Process Solutions	1,326		685
Climate & Sustainability Technologies	242		5,716
Corporate	(114)		(88)
Total	$	12,476	$	8,157

These amounts are classified in the condensed consolidated statements of earnings as follows:
Cost of goods and services	$	3,473	$	207
Selling, general and administrative expenses	9,003		7,950
Total	$	12,476	$	8,157

The restructuring expenses of $12,476 incurred during the three months ended March 31, 2023 were primarily related to headcount reductions and exit costs in the Clean Energy & Fueling segment. These programs were initiated in 2022 and 2023 and were undertaken in light of current market conditions. The Company will continue to make proactive adjustments to its cost structure through restructuring and other programs to align with current demand trends.

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


	Severance		Exit		Total
Balance at January 1, 2023	$	12,007	$	2,503	$	14,510
Restructuring charges	11,635		841		12,476
Payments	(6,728)		(2,207)		(8,935)


Other, including foreign currency translation	179		12		191
Balance at March 31, 2023	$	17,093	$	1,149	$	18,242

Borrowings

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Borrowings

8. Borrowings

Borrowings consist of the following:


	March 31, 2023		December 31, 2022
Short-term:
Commercial paper	$	513,900	$	734,936
Other	667		836

Short-term borrowings	$	514,567	$	735,772

During the three months ended March 31, 2023, commercial paper borrowings decreased $221,036. The borrowings outstanding under the commercial paper program had a weighted average annual interest rate of 5.19% and 4.61% as of March 31, 2023 and December 31, 2022, respectively.


			Carrying amount (1)
	Principal		March 31, 2023		December 31, 2022
Long-term
3.15% 10-year notes due November 15, 2025	$	400,000	$	398,232	$	398,063
1.25% 10-year notes due November 9, 2026 (euro-denominated)	€	600,000	641,754		631,522
0.750% 8-year notes due November 4, 2027 (euro-denominated)	€	500,000	534,164		525,654
6.65% 30-year debentures due June 1, 2028	$	200,000	199,481		199,456
2.950% 10-year notes due November 4, 2029	$	300,000	297,502		297,408
5.375% 30-year debentures due October 15, 2035	$	300,000	296,871		296,808
6.60% 30-year notes due March 15, 2038	$	250,000	248,307		248,279
5.375% 30-year notes due March 1, 2041	$	350,000	345,051		344,982
Other			—		341


Total long-term debt			$	2,961,362	$	2,942,513

(1) Carrying amount is net of unamortized debt discount and deferred debt issuance costs. Total unamortized debt discounts were $12.3 million and $12.7 million as of March 31, 2023 and December 31, 2022, respectively. Total deferred debt issuance costs were $10.3 million and $10.7 million as of March 31, 2023 and December 31, 2022, 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 March 31, 2023, the Company maintained a $1.0 billion five-year unsecured revolving credit facility (the "Credit Agreement") with a syndicate of banks which expires on October 4, 2024. The Company uses the Credit Agreement principally as liquidity back-up for its commercial paper program and for general corporate purposes. At the Company's election, loans under the Credit Agreement will bear interest at a base rate plus an applicable margin. The Credit Agreement requires the Company to pay a facility fee and imposes various restrictions on the Company such as, among other things, a requirement to maintain a minimum interest coverage ratio of consolidated EBITDA to consolidated net interest expense of not less than 3.0 to 1. As of March 31, 2023 and December 31, 2022, there were no outstanding borrowings under the Credit Agreement.

On April 6, 2023, the Company entered into a new $1 billion five-year unsecured revolving credit facility, which has substantially similar terms to the existing Credit Agreement, and a $500 million 364-day unsecured revolving credit facility. The new five-year credit facility replaced the existing Credit Agreement. See Note 18 — Subsequent Events for additional details.

The Company was in compliance with all covenants in the Credit Agreement and other long-term debt covenants at March 31, 2023 and had an interest coverage ratio of consolidated EBITDA to consolidated net interest expense of 14.6 to 1.

Letters of Credit and other Guarantees

As of March 31, 2023, the Company had approximately $184.6 million outstanding in letters of credit, surety bonds, and performance and other guarantees which primarily expire on various dates through 2029. These letters of credit and bonds are primarily issued as security for insurance, warranty and other performance obligations. In general, we would only be liable for the amount of these guarantees in the event of default in the performance of our obligations, 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 https://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 https://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 https://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 https://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 https://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 https://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 https://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 https://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 https://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 https://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 https://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 https://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 https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

Financial Instruments

3 Months Ended

Mar. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Financial Instruments

9. 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 March 31, 2023 and December 31, 2022, the Company had contracts with total notional amounts of $187,875 and $184,565, respectively, to exchange currencies, principally euro, pound sterling, Swedish krona, Canadian dollar, Chinese yuan, and Swiss franc. The Company believes it is probable that all forecasted cash flow transactions will occur.

In addition, the Company had outstanding contracts with a total notional amount of $105,736 and $102,509 as of March 31, 2023 and December 31, 2022, respectively, that are not designated as hedging instruments. These instruments are used to reduce the Company's exposure for operating receivables and payables that are denominated in non-functional currencies. Gains and losses on these contracts are recorded in other income, net in the condensed consolidated statements of earnings.

The following table sets forth the fair values of derivative instruments held by the Company as of March 31, 2023 and December 31, 2022 and the balance sheet lines in which they are recorded:


	Fair Value Asset (Liability)
	March 31, 2023		December 31, 2022		Balance Sheet Caption
Foreign currency forward	$	857	$	944	Prepaid and other current assets
Foreign currency forward	(2,025)		(2,760)		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) as a separate component of the condensed consolidated statements of stockholders' equity and is reclassified into revenues, cost of goods and services, or selling, general and administrative expenses in the condensed consolidated statements of earnings during the period in which the hedged transaction is settled. The amount of gains or losses from hedging activity recorded in earnings is not significant, and the amount of unrealized gains and losses from cash flow hedges that are expected to be reclassified to earnings in the next twelve months is not significant; therefore, additional tabular disclosures are not presented. There are no amounts excluded from the assessment of hedge effectiveness, and the Company's derivative instruments that are subject to credit risk contingent features were not significant.

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

The Company has designated the €600,000 and €500,000 of euro-denominated notes issued November 9, 2016 and November 4, 2019, respectively, as hedges of a portion of its net investment in euro-denominated operations. Changes in the value of the euro-denominated debt are recognized in foreign currency translation adjustments within other comprehensive earnings (loss) of the condensed 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 for the gains on net investment hedges were as follows:


	Three Months Ended March 31,
	2023		2022
(Loss) gain on euro-denominated debt	$	(18,247)	$	37,748
Tax benefit (expense)	4,050		(8,431)
Net (loss) gain on net investment hedges, net of tax	$	(14,197)	$	29,317

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 following table presents the Company’s assets and liabilities measured at fair value on a recurring basis as of March 31, 2023 and December 31, 2022:


	March 31, 2023		December 31, 2022
	Level 2			Level 2
Assets:
Foreign currency cash flow hedges	$	857		$	944
Liabilities:
Foreign currency cash flow hedges	2,025			2,760

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 March 31, 2023 and December 31, 2022, was $2,892,395 and $2,786,862, respectively. The estimated fair value of long-term debt is based on quoted market prices for similar instruments and is, therefore, classified as Level 2 within the fair value hierarchy.

The carrying values of cash and cash equivalents, trade receivables, accounts payable and short-term borrowings approximate their fair values as of March 31, 2023 and December 31, 2022 due to the short-term nature of these instruments.

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	10. Income Taxes The effective tax rates for the three months ended March 31, 2023 and 2022 were 20.2% and 18.0%, respectively. The increase in the effective tax rate for the three months ended March 31, 2023 relative to the prior year comparable period was primarily driven by favorable audit resolutions in 2022. Dover and its subsidiaries file tax returns in the U.S., including various state and local returns, and in other foreign jurisdictions. We believe adequate provision has been made for all income tax uncertainties. The Company is routinely audited by taxing authorities in its filing jurisdictions, and a number of these audits are currently underway. The Company believes that within the next twelve months uncertain tax positions may be resolved and statutes of limitations will expire, which could result in a decrease in the gross amount of unrecognized tax benefits of approximately $0 to $5,890.

- 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 https://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 https://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 https://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 https://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 https://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 https://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 https://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 https://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 https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Equity Incentive Program

3 Months Ended

Mar. 31, 2023

Share-Based Payment Arrangement [Abstract]

Equity Incentive Program

11. Equity Incentive Program

The Company typically makes its annual grants of equity awards pursuant to actions taken by the Compensation Committee of the Board of Directors at its regularly scheduled first quarter meeting. During the three months ended March 31, 2023, the Company issued stock-settled appreciation rights ("SARs") covering 358,322 shares, performance share awards ("PSAs") of 43,656 and restricted stock units ("RSUs") of 78,029. During the three months ended March 31, 2022, the Company issued SARs covering 327,940 shares, PSAs of 40,087 and RSUs of 71,961.

The Company uses the Black-Scholes option pricing model to determine the fair value of each SAR on the date of grant. Expected volatilities are based on Dover's stock price history, including implied volatilities from traded options on Dover stock. The Company uses historical data to estimate SAR exercise and employee termination patterns within the valuation model. The expected life of SARs granted is derived from the output of the option valuation model and represents the average period of time that SARs granted are expected to be outstanding. The interest rate for periods within the contractual life of the awards is based on the U.S. Treasury yield curve in effect at the time of grant.

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


	SARs
	2023		2022
Risk-free interest rate	3.91	%	1.86	%
Dividend yield	1.32	%	1.25	%
Expected life (years)	5.4		5.4
Volatility	30.65	%	29.46	%

Grant price	$153.25		$160.21
Fair value per share at date of grant	$47.27		$42.07

The PSAs granted in 2023 and 2022 are market condition awards as attainment is based on Dover's performance relative to its peer group (companies listed under the S&P 500 Industrials sector) for the relevant performance period. The performance period and vesting period for these awards is three years. These awards were valued on the date of grant using the Monte Carlo simulation model (a binomial lattice-based valuation model) and are generally recognized ratably over the vesting period, and the fair value is not subject to change based on future market conditions. The assumptions used in determining the fair value of the PSAs granted in the respective periods were as follows:


	PSAs
	2023		2022
Risk-free interest rate	4.28	%	1.68	%
Dividend yield	1.32	%	1.25	%
Expected life (years)	2.9		2.9
Volatility	27.30	%	31.10	%

Grant price	$153.25		$160.21
Fair value per share at date of grant	$249.48		$196.40

The Company also has granted RSUs, and the fair value of these awards was determined using Dover's closing stock price on the date of grant, which was $153.25 and $160.21 for RSUs granted in 2023 and 2022, respectively.

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


	Three Months Ended March 31,
		2023		2022
Pre-tax stock-based compensation expense		$	12,282	$	11,113
Tax benefit		(1,364)		(1,115)
Total stock-based compensation expense, net of tax		$	10,918	$	9,998

Commitments and Contingent Liabilities

3 Months Ended

Mar. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingent Liabilities

12. Commitments and Contingent Liabilities

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. At March 31, 2023 and December 31, 2022, these estimated liabilities for environmental and other matters, including private party claims for exposure to hazardous substances that are probable and estimable, were not significant.

The Company and 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 March 31, 2023 and December 31, 2022, these estimated 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.

Warranty Accruals

Estimated warranty program claims are provided for at the time of sale of the Company's products. Amounts provided for are based on historical costs and adjusted for new claims and are included within other accrued expenses and other liabilities in the condensed consolidated balance sheet. The changes in the carrying amount of product warranties through March 31, 2023 and 2022, were as follows:


	2023		2022
Balance at January 1	$	48,449	$	48,568
Provision for warranties	16,166		16,052
Settlements made	(15,812)		(15,485)
Other adjustments, including acquisitions and currency translation	311		255
Balance at March 31	$	49,114	$	49,390

Other Comprehensive Earnings

3 Months Ended

Mar. 31, 2023

Equity [Abstract]

Other Comprehensive Earnings

13. Other Comprehensive Earnings

Amounts reclassified from accumulated other comprehensive loss to earnings during the three months ended March 31, 2023 and 2022 were as follows:


	Three Months Ended March 31,
		2023		2022
Foreign currency translation:
Reclassification of foreign currency translation losses to earnings for the substantial liquidation of businesses		$	—	$	5,915
Tax benefit		—		—
Net of tax		$	—	$	5,915
Pension plans:
Amortization of actuarial (gain) loss		$	(641)	$	521
Amortization of prior service costs		289		268

Total before tax		(352)		789
Tax provision (benefit)		82		(208)
Net of tax		$	(270)	$	581
Cash flow hedges:
Net loss (gain) reclassified into earnings		$	1,073	$	(2,029)
Tax (benefit) provision		(227)		453
Net of tax		$	846	$	(1,576)

Foreign currency translation losses were recognized in selling, general and administrative expenses within the condensed consolidated statement of earnings as a result of the substantial liquidation of certain businesses.

The Company recognizes the amortization of net actuarial gains and losses and prior service costs in other income, net within the condensed consolidated statements of earnings.

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

Segment Information

3 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

Segment Information

14. Segment Information

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

•Engineered Products segment provides a wide range of equipment, components, software, solutions and services to the 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, software, solutions and services enabling safe and reliable storage, transport and dispensing of traditional and clean fuels (including liquefied natural gas, hydrogen, and electric vehicle charging), cryogenic gases, and other hazardous substances along the supply chain, and safe and efficient operation of convenience retail, retail fueling and vehicle wash establishments.

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

•Pumps & Process Solutions segment manufactures specialty pumps and flow meters, highly engineered precision components for rotating and reciprocating machines, fluid connecting solutions and plastics and polymer processing equipment, serving single-use biopharmaceutical production, diversified industrial manufacturing, chemical production, plastics and 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, components and parts for the commercial refrigeration, equipment and systems, heating and cooling and beverage can-making equipment markets.

Management uses segment earnings to evaluate segment performance and allocate resources. Segment earnings is defined as earnings before purchase accounting expenses, restructuring and other costs (benefits), loss (gain) on dispositions, corporate expenses/other, interest expense, interest income and provision for income taxes.

In the second quarter of 2022, the segment measure of profit and loss used by the Company's Chief Operating Decision Maker ("CODM") was changed to segment earnings from segment earnings (EBIT), defined as earnings before corporate expenses/other, interest expense, interest income and provision for income taxes. This change in segment measure allows the CODM to better assess operating results over time and is consistent with how the CODM evaluates our businesses. Accordingly, we have updated our segment earnings for the three months ended March 31, 2022 to conform to the new presentation.

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


	Three Months Ended March 31,
	2023		2022
Revenue:
Engineered Products	$	497,549	$	487,647
Clean Energy & Fueling	430,729		458,395
Imaging & Identification	283,091		272,255
Pumps & Process Solutions	413,881		435,195
Climate & Sustainability Technologies	455,325		399,078
Intersegment eliminations	(1,552)		(669)
Total consolidated revenue	$	2,079,023	$	2,051,901
Net earnings:
Segment earnings:
Engineered Products	$	84,275	$	71,130
Clean Energy & Fueling	73,605		72,962
Imaging & Identification	68,315		58,598
Pumps & Process Solutions	115,244		146,617
Climate & Sustainability Technologies	73,778		53,609
Total segment earnings	415,217		402,916
Purchase accounting expenses (1)	42,679		53,286
Restructuring and other costs (2)	14,053		10,552
Loss on dispositions (3)	—		194
Corporate expense / other (4)	40,072		37,404
Interest expense	34,214		26,552
Interest income	(2,091)		(775)
Earnings before provision for income taxes	286,290		275,703
Provision for income taxes	57,716		49,550
Net earnings	$	228,574	$	226,153

(1) Purchase accounting expenses are primarily comprised of amortization of intangible assets and charges related to fair value step-ups for acquired inventory sold during the period.

(2) Restructuring and other costs relate to actions taken for headcount reductions, facility consolidations and site closures, product line exits, and other asset charges. Restructuring and other costs consist of the following:


	Three Months Ended March 31,
	2023		2022
Restructuring	$	12,476	$	8,157
Other costs, net	1,577		2,395
Restructuring and other costs	$	14,053	$	10,552

(3) Loss on dispositions includes working capital adjustments related to dispositions.

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

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


	Three Months Ended March 31,
Revenue by geography	2023		2022
United States	$	1,171,364	$	1,151,500
Europe	432,841		447,565
Asia	214,850		229,386
Other Americas	172,185		151,592
Other	87,783		71,858
Total	$	2,079,023	$	2,051,901

- 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 https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 15
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8657-108599

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI https://asc.fasb.org/topic&trid=2134510

+ Details

Share Repurchases	3 Months Ended
Share Repurchases	Mar. 31, 2023
Equity [Abstract]
Share Repurchases	15. Share Repurchases In November 2020, the Company's Board of Directors approved a new standing share repurchase authorization, whereby the Company may repurchase up to 20 million shares beginning on January 1, 2021 through December 31, 2023. This share repurchase authorization replaced the February 2018 share repurchase authorization. In the three months ended March 31, 2023 and 2022, there were no share repurchases. As of March 31, 2023, 15,283,326 shares remain authorized for repurchase under the November 2020 share repurchase authorization.

Earnings per Share

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

Earnings per Share

16. Earnings per Share

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


	Three Months Ended March 31,
	2023		2022


Net earnings	$	228,574	$	226,153
Basic earnings per common share:


Net earnings	$	1.64	$	1.57

Weighted average shares outstanding	139,757,000		144,087,000
Diluted earnings per common share:


Net earnings	$	1.63	$	1.56

Weighted average shares outstanding	140,616,000		145,329,000

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


	Three Months Ended March 31,
	2023	2022
Weighted average shares outstanding - Basic	139,757,000	144,087,000
Dilutive effect of assumed exercise of SARs and vesting of performance shares and RSUs	859,000	1,242,000
Weighted average shares outstanding - Diluted	140,616,000	145,329,000

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

The weighted average number of anti-dilutive potential common shares excluded from the calculation above were approximately 88,000 and 58,000 for the three months ended March 31, 2023 and 2022, respectively.

Recent Accounting Pronouncements	3 Months Ended
Recent Accounting Pronouncements	Mar. 31, 2023
Accounting Policies [Abstract]
Recent Accounting Pronouncements	17. Recent Accounting Pronouncements Recently Adopted Accounting Standard In September 2022, the FASB issued ASU No. 2022-04 Liabilities-Supplier Finance Programs (Topic 405-50): Disclosure of Supplier Finance Program Obligations. The amendments in this update require a buyer in a supplier finance program to disclose information about the program's nature, activity during the period, changes from period to period, and potential magnitude. The Company adopted the guidance when it became effective on January 1, 2023, except for the rollforward requirement, which becomes effective January 1, 2024. The adoption did not have a material impact on the Company's condensed consolidated financial statements. The Company facilitates the opportunity for suppliers to participate in a voluntary supply chain financing ("SCF") program with a third-party financial institution. Participating suppliers are paid directly by the SCF financial institution and, in addition, may elect to sell receivables due from the Company to the SCF financial institution for early payment. Thus, participating suppliers have additional potential flexibility in managing their liquidity by accelerating, at their option and cost, collection of receivables due from the Company. The Company and its suppliers agree on commercial terms, including payment terms, for the goods and services the Company procures, regardless of whether the supplier participates in SCF. For participating suppliers, the Company’s responsibility is limited to making all payments to the SCF financial institution on the terms originally negotiated with the supplier, irrespective of whether the supplier elects to sell receivables to the SCF financial institution. The Company does not determine the terms or conditions of the arrangement between the SCF financial institution and the Company's suppliers. The SCF financial institution pays the supplier on the invoice due date for any invoices that were not previously sold by the supplier. The agreement between the Company and the SCF financial institution does not require the Company to provide assets pledged as security or other forms of guarantees. Outstanding payments related to the SCF program are recorded within accounts payable in our condensed consolidated balance sheets. As of March 31, 2023 and December 31, 2022, amounts due to the SCF financial institution were approximately $189,296 and $194,362, respectively.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-URI https://asc.fasb.org/topic&trid=2122394

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 105
-SubTopic 10
-Section 65
-Paragraph 6
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=126987489&loc=SL124442142-165695

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 20
-Section 65
-Paragraph 2
-Subparagraph (d)(1)
-URI https://asc.fasb.org/extlink&oid=126986314&loc=SL124402458-218513

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(iii)
-URI https://asc.fasb.org/extlink&oid=124501264&loc=SL117420844-207641

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (b)(4)
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22499-107794

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(ii)
-URI https://asc.fasb.org/extlink&oid=124501264&loc=SL117420844-207641

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(i)
-URI https://asc.fasb.org/extlink&oid=124501264&loc=SL117420844-207641

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (e)(1)
-URI https://asc.fasb.org/extlink&oid=126732423&loc=SL123482106-238011

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 20
-Section 65
-Paragraph 2
-Subparagraph (d)(2)
-URI https://asc.fasb.org/extlink&oid=126986314&loc=SL124402458-218513

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(iv)
-URI https://asc.fasb.org/extlink&oid=124501264&loc=SL117420844-207641

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section S99
-Paragraph 5
-Subparagraph (SAB Topic 11.M.Q2)
-URI https://asc.fasb.org/extlink&oid=122038215&loc=d3e31137-122693

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 10
-Section 65
-Paragraph 4
-Subparagraph (e)(1)
-URI https://asc.fasb.org/extlink&oid=122640432&loc=SL121648383-210437

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (h)(2)
-URI https://asc.fasb.org/extlink&oid=124501264&loc=SL117420844-207641

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 10
-Section 65
-Paragraph 4
-Subparagraph (e)(2)
-URI https://asc.fasb.org/extlink&oid=122640432&loc=SL121648383-210437

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 848
-SubTopic 10
-Section 65
-Paragraph 1
-Subparagraph (e)(1)
-URI https://asc.fasb.org/extlink&oid=125980421&loc=SL122150809-237846

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 65
-Paragraph 8
-Subparagraph (e)(2)
-URI https://asc.fasb.org/extlink&oid=126983759&loc=SL121830611-158277

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section S99
-Paragraph 6
-URI https://asc.fasb.org/extlink&oid=122038215&loc=SL108384541-122693

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 10
-Section 65
-Paragraph 5
-Subparagraph (f)(1)
-URI https://asc.fasb.org/extlink&oid=128293352&loc=SL126838806-209984

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 65
-Paragraph 6
-Subparagraph (e)(2)
-URI https://asc.fasb.org/extlink&oid=126983955&loc=SL121967933-165497

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (c)(2)
-URI https://asc.fasb.org/extlink&oid=126732423&loc=SL126732908-238011

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 10
-Section 65
-Paragraph 5
-Subparagraph (f)(3)
-URI https://asc.fasb.org/extlink&oid=128293352&loc=SL126838806-209984

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (c)(1)
-URI https://asc.fasb.org/extlink&oid=126732423&loc=SL126732908-238011

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 65
-Paragraph 6
-Subparagraph (e)(1)
-URI https://asc.fasb.org/extlink&oid=126983955&loc=SL121967933-165497

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 65
-Paragraph 8
-Subparagraph (e)(1)
-URI https://asc.fasb.org/extlink&oid=126983759&loc=SL121830611-158277

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (c)(3)
-URI https://asc.fasb.org/extlink&oid=126732423&loc=SL126732908-238011

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 926
-SubTopic 20
-Section 65
-Paragraph 2
-Subparagraph (f)(1)
-URI https://asc.fasb.org/extlink&oid=120154821&loc=SL120154904-197079

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 926
-SubTopic 20
-Section 65
-Paragraph 2
-Subparagraph (f)(2)
-URI https://asc.fasb.org/extlink&oid=120154821&loc=SL120154904-197079

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22499-107794

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 926
-SubTopic 20
-Section 65
-Paragraph 2
-Subparagraph (f)(3)
-URI https://asc.fasb.org/extlink&oid=120154821&loc=SL120154904-197079

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 65
-Paragraph 6
-Subparagraph (e)(3)
-URI https://asc.fasb.org/extlink&oid=126983955&loc=SL121967933-165497

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 848
-SubTopic 10
-Section 65
-Paragraph 2
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=125980421&loc=SL125981372-237846

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (c)(1)
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22499-107794

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (b)(1)
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22499-107794

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 65
-Paragraph 8
-Subparagraph (e)(3)
-URI https://asc.fasb.org/extlink&oid=126983759&loc=SL121830611-158277

+ Details

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	18. Subsequent EventsOn April 6, 2023, the Company entered into a new $1 billion five-year unsecured revolving credit facility with a syndicate of banks on substantially similar terms as the existing Credit Agreement. The new five-year revolving credit facility replaced the existing $1 billion five-year Credit Agreement, which was terminated by the Company upon execution of the new credit facility. The lenders' commitments under the new five-year credit agreement will terminate, and the loans under that credit agreement will mature, on April 6, 2028. Also on April 6, 2023, the Company entered into a $500 million 364-day unsecured revolving credit facility with the same syndicate of banks. The lenders' commitments under the 364-day credit agreement will terminate, and the loans under that credit agreement will mature, on April 4, 2024. The Company may elect to extend the maturity date of any loans under the 364-day credit agreement until April 4, 2025, subject to the conditions specified therein. As of April 26, 2023, there are no outstanding loans under these new revolving credit facilities.

Recent Accounting Pronouncements (Policies)	3 Months Ended
Recent Accounting Pronouncements (Policies)	Mar. 31, 2023
Accounting Policies [Abstract]
Recently Adopted Accounting Standard	Recently Adopted Accounting Standard In September 2022, the FASB issued ASU No. 2022-04 Liabilities-Supplier Finance Programs (Topic 405-50): Disclosure of Supplier Finance Program Obligations. The amendments in this update require a buyer in a supplier finance program to disclose information about the program's nature, activity during the period, changes from period to period, and potential magnitude. The Company adopted the guidance when it became effective on January 1, 2023, except for the rollforward requirement, which becomes effective January 1, 2024. The adoption did not have a material impact on the Company's condensed consolidated financial statements. The Company facilitates the opportunity for suppliers to participate in a voluntary supply chain financing ("SCF") program with a third-party financial institution. Participating suppliers are paid directly by the SCF financial institution and, in addition, may elect to sell receivables due from the Company to the SCF financial institution for early payment. Thus, participating suppliers have additional potential flexibility in managing their liquidity by accelerating, at their option and cost, collection of receivables due from the Company. The Company and its suppliers agree on commercial terms, including payment terms, for the goods and services the Company procures, regardless of whether the supplier participates in SCF. For participating suppliers, the Company’s responsibility is limited to making all payments to the SCF financial institution on the terms originally negotiated with the supplier, irrespective of whether the supplier elects to sell receivables to the SCF financial institution. The Company does not determine the terms or conditions of the arrangement between the SCF financial institution and the Company's suppliers. The SCF financial institution pays the supplier on the invoice due date for any invoices that were not previously sold by the supplier. The agreement between the Company and the SCF financial institution does not require the Company to provide assets pledged as security or other forms of guarantees. Outstanding payments related to the SCF program are recorded within accounts payable in our condensed consolidated balance sheets. As of March 31, 2023 and December 31, 2022, amounts due to the SCF financial institution were approximately $189,296 and $194,362, respectively.

Revenue (Tables)

3 Months Ended

Mar. 31, 2023

Revenue from Contract with Customer [Abstract]

Schedule of Contract Assets and Contracts Liabilities

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


	March 31, 2023		December 31, 2022		December 31, 2021

Contract assets	$	19,170	$	11,074	$	11,440
Contract liabilities - current	285,209		256,933		227,549
Contract liabilities - non-current	19,593		19,879		21,513

Inventories, net (Tables)

3 Months Ended

Mar. 31, 2023

Inventory, Net [Abstract]

Schedule of Components of Inventory


	March 31, 2023		December 31, 2022
Raw materials	$	816,558	$	812,066
Work in progress	254,141		230,865
Finished goods	476,026		458,881
Subtotal	1,546,725		1,501,812
Less reserves	(141,309)		(135,204)
Total	$	1,405,416	$	1,366,608

Property, Plant and Equipment, net (Tables)

3 Months Ended

Mar. 31, 2023

Property, Plant and Equipment [Abstract]

Schedule of Components of Property, Plant and Equipment, net


	March 31, 2023		December 31, 2022
Land	$	65,331	$	62,495
Buildings and improvements	629,465		620,500
Machinery, equipment and other	1,955,889		1,895,502
Property, plant and equipment, gross	2,650,685		2,578,497
Accumulated depreciation	(1,638,978)		(1,573,672)
Property, plant and equipment, net	$	1,011,707	$	1,004,825

Credit Losses (Tables)

3 Months Ended

Mar. 31, 2023

Credit Loss [Abstract]

Schedule of Rollforward of Allowance for Credit Losses


	2023		2022
Balance at January 1	$	39,399	$	40,126

Provision for expected credit losses, net of recoveries	1,422		1,185
Amounts written off charged against the allowance	(727)		(603)
Other, including foreign currency translation	235		(387)
Balance at March 31	$	40,329	$	40,321

Goodwill and Other Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Changes in the Carrying Value of Goodwill

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


	Engineered Products		Clean Energy & Fueling		Imaging & Identification		Pumps & Process Solutions		Climate & Sustainability Technologies		Total
Balance at January 1, 2023	$	712,542	$	1,391,418	$	1,078,259	$	979,535	$	507,740	$	4,669,494

Measurement period adjustments	—		—		—		(2,709)		—		(2,709)

Foreign currency translation	1,997		5,291		5,196		1,215		229		13,928
Balance at March 31, 2023	$	714,539	$	1,396,709	$	1,083,455	$	978,041	$	507,969	$	4,680,713

Schedule of Definite-lived Intangible Assets

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


	March 31, 2023						December 31, 2022
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Amortized intangible assets:
Customer intangibles	$	1,888,873	$	1,027,837	$	861,036	$	1,881,402	$	996,947	$	884,455
Trademarks	266,520		138,203		128,317		265,466		132,791		132,675
Patents	219,878		149,117		70,761		219,199		146,337		72,862
Unpatented technologies	258,414		143,160		115,254		257,428		137,750		119,678
Distributor relationships	80,456		59,025		21,431		79,622		57,299		22,323
Drawings and manuals	26,383		26,383		—		26,062		26,062		—
Other	24,358		16,027		8,331		20,818		15,620		5,198
Total	2,764,882		1,559,752		1,205,130		2,749,997		1,512,806		1,237,191
Unamortized intangible assets:
Trademarks	96,566		—		96,566		96,544		—		96,544
Total intangible assets, net	$	2,861,448	$	1,559,752	$	1,301,696	$	2,846,541	$	1,512,806	$	1,333,735

Schedule of Indefinite-lived Intangible Assets

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


	March 31, 2023						December 31, 2022
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Amortized intangible assets:
Customer intangibles	$	1,888,873	$	1,027,837	$	861,036	$	1,881,402	$	996,947	$	884,455
Trademarks	266,520		138,203		128,317		265,466		132,791		132,675
Patents	219,878		149,117		70,761		219,199		146,337		72,862
Unpatented technologies	258,414		143,160		115,254		257,428		137,750		119,678
Distributor relationships	80,456		59,025		21,431		79,622		57,299		22,323
Drawings and manuals	26,383		26,383		—		26,062		26,062		—
Other	24,358		16,027		8,331		20,818		15,620		5,198
Total	2,764,882		1,559,752		1,205,130		2,749,997		1,512,806		1,237,191
Unamortized intangible assets:
Trademarks	96,566		—		96,566		96,544		—		96,544
Total intangible assets, net	$	2,861,448	$	1,559,752	$	1,301,696	$	2,846,541	$	1,512,806	$	1,333,735

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1A
-URI https://asc.fasb.org/extlink&oid=121556970&loc=SL108378252-109267

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13854-109267

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 55
-Paragraph 24
-URI https://asc.fasb.org/extlink&oid=122137925&loc=d3e14258-109268

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

+ Details

Restructuring Activities (Tables)

3 Months Ended

Mar. 31, 2023

Restructuring and Related Activities [Abstract]

Schedule of Restructuring Charges by Segment

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


	Three Months Ended March 31,
	2023		2022
Engineered Products	$	539	$	457
Clean Energy & Fueling	10,144		196
Imaging & Identification	339		1,191
Pumps & Process Solutions	1,326		685
Climate & Sustainability Technologies	242		5,716
Corporate	(114)		(88)
Total	$	12,476	$	8,157

These amounts are classified in the condensed consolidated statements of earnings as follows:
Cost of goods and services	$	3,473	$	207
Selling, general and administrative expenses	9,003		7,950
Total	$	12,476	$	8,157

Schedule of Severance and Exit Accrual Activities

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


	Severance		Exit		Total
Balance at January 1, 2023	$	12,007	$	2,503	$	14,510
Restructuring charges	11,635		841		12,476
Payments	(6,728)		(2,207)		(8,935)


Other, including foreign currency translation	179		12		191
Balance at March 31, 2023	$	17,093	$	1,149	$	18,242

Borrowings (Tables)

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Schedule of Short-term Debt

Borrowings consist of the following:


	March 31, 2023		December 31, 2022
Short-term:
Commercial paper	$	513,900	$	734,936
Other	667		836

Short-term borrowings	$	514,567	$	735,772

Schedule of Long-term Debt


			Carrying amount (1)
	Principal		March 31, 2023		December 31, 2022
Long-term
3.15% 10-year notes due November 15, 2025	$	400,000	$	398,232	$	398,063
1.25% 10-year notes due November 9, 2026 (euro-denominated)	€	600,000	641,754		631,522
0.750% 8-year notes due November 4, 2027 (euro-denominated)	€	500,000	534,164		525,654
6.65% 30-year debentures due June 1, 2028	$	200,000	199,481		199,456
2.950% 10-year notes due November 4, 2029	$	300,000	297,502		297,408
5.375% 30-year debentures due October 15, 2035	$	300,000	296,871		296,808
6.60% 30-year notes due March 15, 2038	$	250,000	248,307		248,279
5.375% 30-year notes due March 1, 2041	$	350,000	345,051		344,982
Other			—		341


Total long-term debt			$	2,961,362	$	2,942,513

- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI https://asc.fasb.org/extlink&oid=124435984&loc=d3e28541-108399

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI https://asc.fasb.org/extlink&oid=126973232&loc=d3e21506-112644

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 55
-Paragraph 69B
-URI https://asc.fasb.org/extlink&oid=123466577&loc=SL123495735-112612

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI https://asc.fasb.org/extlink&oid=124435984&loc=d3e28551-108399

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 55
-Paragraph 69E
-URI https://asc.fasb.org/extlink&oid=123466577&loc=SL123495743-112612

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI https://asc.fasb.org/extlink&oid=126973232&loc=d3e21521-112644

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI https://asc.fasb.org/extlink&oid=126973232&loc=d3e21538-112644

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI https://asc.fasb.org/extlink&oid=123599511&loc=d3e64711-112823

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI https://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI https://asc.fasb.org/extlink&oid=126973232&loc=d3e21475-112644

+ Details

Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Fair Value of Derivative Instruments and the Balance Sheet Lines in Which They Are Recorded

The following table sets forth the fair values of derivative instruments held by the Company as of March 31, 2023 and December 31, 2022 and the balance sheet lines in which they are recorded:


	Fair Value Asset (Liability)
	March 31, 2023		December 31, 2022		Balance Sheet Caption
Foreign currency forward	$	857	$	944	Prepaid and other current assets
Foreign currency forward	(2,025)		(2,760)		Other accrued expenses

Schedule of Other Comprehensive Earnings for the Gains on Net Investment Hedges

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


	Three Months Ended March 31,
	2023		2022
(Loss) gain on euro-denominated debt	$	(18,247)	$	37,748
Tax benefit (expense)	4,050		(8,431)
Net (loss) gain on net investment hedges, net of tax	$	(14,197)	$	29,317

Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following table presents the Company’s assets and liabilities measured at fair value on a recurring basis as of March 31, 2023 and December 31, 2022:


	March 31, 2023		December 31, 2022
	Level 2			Level 2
Assets:
Foreign currency cash flow hedges	$	857		$	944
Liabilities:
Foreign currency cash flow hedges	2,025			2,760

Equity Incentive Program (Tables)

3 Months Ended

Mar. 31, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Assumptions Used in Determining the Fair Value

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


	SARs
	2023		2022
Risk-free interest rate	3.91	%	1.86	%
Dividend yield	1.32	%	1.25	%
Expected life (years)	5.4		5.4
Volatility	30.65	%	29.46	%

Grant price	$153.25		$160.21
Fair value per share at date of grant	$47.27		$42.07

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


	PSAs
	2023		2022
Risk-free interest rate	4.28	%	1.68	%
Dividend yield	1.32	%	1.25	%
Expected life (years)	2.9		2.9
Volatility	27.30	%	31.10	%

Grant price	$153.25		$160.21
Fair value per share at date of grant	$249.48		$196.40

Schedule of Stock-based Incentive Plans Compensation Expense

The following table summarizes the Company’s compensation expense relating to all stock-based incentive plans:


	Three Months Ended March 31,
		2023		2022
Pre-tax stock-based compensation expense		$	12,282	$	11,113
Tax benefit		(1,364)		(1,115)
Total stock-based compensation expense, net of tax		$	10,918	$	9,998

Commitments and Contingent Liabilities (Tables)

3 Months Ended

Mar. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Schedule of Changes in the Carrying Amount of Product Warranties

The changes in the carrying amount of product warranties through March 31, 2023 and 2022, were as follows:


	2023		2022
Balance at January 1	$	48,449	$	48,568
Provision for warranties	16,166		16,052
Settlements made	(15,812)		(15,485)
Other adjustments, including acquisitions and currency translation	311		255
Balance at March 31	$	49,114	$	49,390

Other Comprehensive Earnings (Tables)

3 Months Ended

Mar. 31, 2023

Equity [Abstract]

Schedule of Amounts Reclassified From Accumulated Other Comprehensive Loss to Earnings

Amounts reclassified from accumulated other comprehensive loss to earnings during the three months ended March 31, 2023 and 2022 were as follows:


	Three Months Ended March 31,
		2023		2022
Foreign currency translation:
Reclassification of foreign currency translation losses to earnings for the substantial liquidation of businesses		$	—	$	5,915
Tax benefit		—		—
Net of tax		$	—	$	5,915
Pension plans:
Amortization of actuarial (gain) loss		$	(641)	$	521
Amortization of prior service costs		289		268

Total before tax		(352)		789
Tax provision (benefit)		82		(208)
Net of tax		$	(270)	$	581
Cash flow hedges:
Net loss (gain) reclassified into earnings		$	1,073	$	(2,029)
Tax (benefit) provision		(227)		453
Net of tax		$	846	$	(1,576)

Segment Information (Tables)

3 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

Schedule of Segment Financial Information and a Reconciliation of Segment

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


	Three Months Ended March 31,
	2023		2022
Revenue:
Engineered Products	$	497,549	$	487,647
Clean Energy & Fueling	430,729		458,395
Imaging & Identification	283,091		272,255
Pumps & Process Solutions	413,881		435,195
Climate & Sustainability Technologies	455,325		399,078
Intersegment eliminations	(1,552)		(669)
Total consolidated revenue	$	2,079,023	$	2,051,901
Net earnings:
Segment earnings:
Engineered Products	$	84,275	$	71,130
Clean Energy & Fueling	73,605		72,962
Imaging & Identification	68,315		58,598
Pumps & Process Solutions	115,244		146,617
Climate & Sustainability Technologies	73,778		53,609
Total segment earnings	415,217		402,916
Purchase accounting expenses (1)	42,679		53,286
Restructuring and other costs (2)	14,053		10,552
Loss on dispositions (3)	—		194
Corporate expense / other (4)	40,072		37,404
Interest expense	34,214		26,552
Interest income	(2,091)		(775)
Earnings before provision for income taxes	286,290		275,703
Provision for income taxes	57,716		49,550
Net earnings	$	228,574	$	226,153

(1) Purchase accounting expenses are primarily comprised of amortization of intangible assets and charges related to fair value step-ups for acquired inventory sold during the period.


	Three Months Ended March 31,
	2023		2022
Restructuring	$	12,476	$	8,157
Other costs, net	1,577		2,395
Restructuring and other costs	$	14,053	$	10,552

(3) Loss on dispositions includes working capital adjustments related to dispositions.

Schedule of Revenue Disaggregated by Geography based on the Location

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


	Three Months Ended March 31,
Revenue by geography	2023		2022
United States	$	1,171,364	$	1,151,500
Europe	432,841		447,565
Asia	214,850		229,386
Other Americas	172,185		151,592
Other	87,783		71,858
Total	$	2,079,023	$	2,051,901

Earnings per Share (Tables)

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

Schedule of Reconciliation of Information Used in Computing Basic and Diluted Earnings Per Share

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


	Three Months Ended March 31,
	2023		2022


Net earnings	$	228,574	$	226,153
Basic earnings per common share:


Net earnings	$	1.64	$	1.57

Weighted average shares outstanding	139,757,000		144,087,000
Diluted earnings per common share:


Net earnings	$	1.63	$	1.56

Weighted average shares outstanding	140,616,000		145,329,000

Schedule of Reconciliation of Share Amounts Used in Computing Earnings Per Share

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


	Three Months Ended March 31,
	2023	2022
Weighted average shares outstanding - Basic	139,757,000	144,087,000
Dilutive effect of assumed exercise of SARs and vesting of performance shares and RSUs	859,000	1,242,000
Weighted average shares outstanding - Diluted	140,616,000	145,329,000

Revenue - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
Revenue - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022
Disaggregation of Revenue [Line Items]
Future performance obligation	$ 285,778
Revenue recognized that was included in the contract liability balance at the beginning of the period	$ 131,563	$ 104,008
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01
Disaggregation of Revenue [Line Items]
Remaining performance obligation (in percent)	79.40%
Revenue recognized during the period	21 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Disaggregation of Revenue [Line Items]
Revenue recognized during the period
Transferred at Point in Time
Disaggregation of Revenue [Line Items]
Remaining performance obligation (in percent)	95.00%
Transferred over Time
Disaggregation of Revenue [Line Items]
Remaining performance obligation (in percent)	5.00%

Revenue - Contract Balances (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Contract assets	$ 19,170	$ 11,074	$ 11,440
Contract liabilities - current	285,209	256,933	227,549
Contract liabilities - non-current	$ 19,593	$ 19,879	$ 21,513

Inventories, net (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Inventory, Net [Abstract]
Raw materials	$ 816,558	$ 812,066
Work in progress	254,141	230,865
Finished goods	476,026	458,881
Subtotal	1,546,725	1,501,812
Less reserves	(141,309)	(135,204)
Total	$ 1,405,416	$ 1,366,608

Property, Plant and Equipment, net (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 2,650,685		$ 2,578,497
Accumulated depreciation	(1,638,978)		(1,573,672)
Property, plant and equipment, net	1,011,707		1,004,825
Depreciation expense	37,530	$ 37,812
Land
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	65,331		62,495
Buildings and improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	629,465		620,500
Machinery, equipment and other
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 1,955,889		$ 1,895,502

Credit Losses - Rollforward (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	$ 39,399	$ 40,126
Provision for expected credit losses, net of recoveries	1,422	1,185
Amounts written off charged against the allowance	(727)	(603)
Other, including foreign currency translation	235	(387)
Ending Balance	$ 40,329	$ 40,321

Goodwill and Other Intangible Assets - Changes in the Carrying Value of Goodwill (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Goodwill [Roll Forward]
Beginning balance	$ 4,669,494
Measurement period adjustments	(2,709)
Foreign currency translation	13,928
Ending balance	4,680,713
Engineered Products
Goodwill [Roll Forward]
Beginning balance	712,542
Measurement period adjustments	0
Foreign currency translation	1,997
Ending balance	714,539
Clean Energy & Fueling
Goodwill [Roll Forward]
Beginning balance	1,391,418
Measurement period adjustments	0
Foreign currency translation	5,291
Ending balance	1,396,709
Imaging & Identification
Goodwill [Roll Forward]
Beginning balance	1,078,259
Measurement period adjustments	0
Foreign currency translation	5,196
Ending balance	1,083,455
Pumps & Process Solutions
Goodwill [Roll Forward]
Beginning balance	979,535
Measurement period adjustments	(2,709)
Foreign currency translation	1,215
Ending balance	978,041
Climate & Sustainability Technologies
Goodwill [Roll Forward]
Beginning balance	507,740
Measurement period adjustments	0
Foreign currency translation	229
Ending balance	$ 507,969

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Goodwill and Other Intangible Assets - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Measurement period adjustments	$ (2,709)
Amortization of Intangible Assets	$ 40,366	$ 41,191

Goodwill and Other Intangible Assets - Intangibles and Amortization Expense (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 2,764,882	$ 2,749,997
Accumulated Amortization	1,559,752	1,512,806
Net Carrying Amount	1,205,130	1,237,191
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Total, Gross Carrying Amount	2,861,448	2,846,541
Accumulated Amortization	1,559,752	1,512,806
Total, Net Carrying Amount	1,301,696	1,333,735
Trademarks
Indefinite-lived Intangible Assets by Major Class [Line Items]
Unamortized intangible assets:	96,566	96,544
Customer intangibles
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	1,888,873	1,881,402
Accumulated Amortization	1,027,837	996,947
Net Carrying Amount	861,036	884,455
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	1,027,837	996,947
Trademarks
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	266,520	265,466
Accumulated Amortization	138,203	132,791
Net Carrying Amount	128,317	132,675
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	138,203	132,791
Patents
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	219,878	219,199
Accumulated Amortization	149,117	146,337
Net Carrying Amount	70,761	72,862
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	149,117	146,337
Unpatented technologies
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	258,414	257,428
Accumulated Amortization	143,160	137,750
Net Carrying Amount	115,254	119,678
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	143,160	137,750
Distributor relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	80,456	79,622
Accumulated Amortization	59,025	57,299
Net Carrying Amount	21,431	22,323
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	59,025	57,299
Drawings and manuals
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	26,383	26,062
Accumulated Amortization	26,383	26,062
Net Carrying Amount	0	0
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	26,383	26,062
Other
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	24,358	20,818
Accumulated Amortization	16,027	15,620
Net Carrying Amount	8,331	5,198
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	$ 16,027	$ 15,620

Restructuring Activities (Details) - USD ($) $ in Thousands	3 Months Ended
Restructuring Activities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 12,476	$ 8,157
Restructuring Reserve [Roll Forward]
Beginning Balance	14,510
Restructuring charges	12,476
Payments	(8,935)
Other, including foreign currency translation	191
Ending Balance	18,242
Corporate
Restructuring Cost and Reserve [Line Items]
Restructuring charges	(114)	(88)
Severance
Restructuring Reserve [Roll Forward]
Beginning Balance	12,007
Restructuring charges	11,635
Payments	(6,728)
Other, including foreign currency translation	179
Ending Balance	17,093
Exit
Restructuring Reserve [Roll Forward]
Beginning Balance	2,503
Restructuring charges	841
Payments	(2,207)
Other, including foreign currency translation	12
Ending Balance	1,149
Cost of goods and services
Restructuring Cost and Reserve [Line Items]
Restructuring charges	3,473	207
Selling, general and administrative expenses
Restructuring Cost and Reserve [Line Items]
Restructuring charges	9,003	7,950
Engineered Products \| Operating Segments
Restructuring Cost and Reserve [Line Items]
Restructuring charges	539	457
Clean Energy & Fueling \| Operating Segments
Restructuring Cost and Reserve [Line Items]
Restructuring charges	10,144	196
Imaging & Identification \| Operating Segments
Restructuring Cost and Reserve [Line Items]
Restructuring charges	339	1,191
Pumps & Process Solutions \| Operating Segments
Restructuring Cost and Reserve [Line Items]
Restructuring charges	1,326	685
Climate & Sustainability Technologies \| Operating Segments
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 242	$ 5,716

Borrowings - Short Term Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Short-term Debt [Line Items]
Short-term borrowings	$ 514,567	$ 735,772
Commercial paper
Short-term Debt [Line Items]
Short-term borrowings	513,900	734,936
Other
Short-term Debt [Line Items]
Short-term borrowings	$ 667	$ 836

Borrowings - Narrative (Details) - USD ($)			3 Months Ended
Borrowings - Narrative (Details) - USD ($)	Apr. 06, 2023	Apr. 05, 2023	Mar. 31, 2023	Dec. 31, 2022
Line of Credit Facility [Line Items]
Maximum borrowing capacity			$ 1,000,000,000
Interest coverage ratio			1460.00%
Outstanding letters of credit			$ 184,600,000
Revolving Credit Facility \| Credit Agreement
Line of Credit Facility [Line Items]
Term of debt			5 years
Interest coverage ratio required			300.00%
Borrowings under credit facility			$ 0	$ 0
Revolving Credit Facility \| Credit Agreement \| Subsequent Event
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 1,000,000,000	$ 1,000,000,000
Term of debt	5 years	5 years
Revolving Credit Facility \| Credit Facility Maturing April 2024 \| Subsequent Event
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 500,000,000
Term of debt	364 days
Commercial paper
Line of Credit Facility [Line Items]
Increase (decrease) in borrowings			$ (221,036,000)
Weighted average interest rate			5.19%	4.61%

Borrowings - Long Term Debt (Details) € in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)	Mar. 31, 2023 EUR (€)	Dec. 31, 2022 USD ($)
Long-term borrowings [Abstract]
Total long-term debt	$ 2,961,362		$ 2,942,513
Unamortized debt discounts	12,300		12,700
Deferred debt issuance costs	$ 10,300		10,700
3.15% 10-year notes due November 15, 2025
Long-term borrowings [Abstract]
Stated interest rate	3.15%	3.15%
Term of debt	10 years
Principal	$ 400,000
Total long-term debt	$ 398,232		398,063
1.25% 10-year notes due November 9, 2026 (euro-denominated)
Long-term borrowings [Abstract]
Stated interest rate	1.25%	1.25%
Term of debt	10 years
Principal \| €		€ 600,000
Total long-term debt	$ 641,754		631,522
0.750% 8-year notes due November 4, 2027 (euro-denominated)
Long-term borrowings [Abstract]
Stated interest rate	0.75%	0.75%
Term of debt	8 years
Principal \| €		€ 500,000
Total long-term debt	$ 534,164		525,654
6.65% 30-year debentures due June 1, 2028
Long-term borrowings [Abstract]
Stated interest rate	6.65%	6.65%
Term of debt	30 years
Principal	$ 200,000
Total long-term debt	$ 199,481		199,456
2.950% 10-year notes due November 4, 2029
Long-term borrowings [Abstract]
Stated interest rate	2.95%	2.95%
Term of debt	10 years
Principal	$ 300,000
Total long-term debt	$ 297,502		297,408
5.375% 30-year debentures due October 15, 2035
Long-term borrowings [Abstract]
Stated interest rate	5.375%	5.375%
Term of debt	30 years
Principal	$ 300,000
Total long-term debt	$ 296,871		296,808
6.60% 30-year notes due March 15, 2038
Long-term borrowings [Abstract]
Stated interest rate	6.60%	6.60%
Term of debt	30 years
Principal	$ 250,000
Total long-term debt	$ 248,307		248,279
5.375% 30-year notes due March 1, 2041
Long-term borrowings [Abstract]
Stated interest rate	5.375%	5.375%
Term of debt	30 years
Principal	$ 350,000
Total long-term debt	345,051		344,982
Other
Long-term borrowings [Abstract]
Total long-term debt	$ 0		$ 341

Financial Instruments - Narrative (Details) $ in Thousands	Mar. 31, 2023 USD ($)	Mar. 31, 2023 EUR (€)	Dec. 31, 2022 USD ($)
Estimate of Fair Value Measurement
Derivatives, Fair Value [Line Items]
Fair value of long-term debt	$ 2,892,395		$ 2,786,862
Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Notional Amount	187,875		184,565
Designated as Hedging Instrument \| 0.750% 8-year notes due November 4, 2027 (euro denominated)
Derivatives, Fair Value [Line Items]
Principal \| €		€ 500,000,000
Designated as Hedging Instrument \| 1.25% 10-year notes due November 9, 2026 (euro-denominated)
Derivatives, Fair Value [Line Items]
Principal \| €		€ 600,000,000
Not Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Notional Amount	$ 105,736		$ 102,509

Financial Instruments - Balance Sheet Location (Details) - Foreign currency forward - Designated as Hedging Instrument - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Prepaid and other current assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Asset	$ 857	$ 944
Other accrued expenses
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Liability	$ (2,025)	$ (2,760)

Financial Instruments - Gain (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
(Loss) gain on euro-denominated debt	$ (18,247)	$ 37,748
Tax benefit (expense)	4,050	(8,431)
Net (loss) gain on net investment hedges, net of tax	$ (14,197)	$ 29,317

Financial Instruments - Fair Value (Details) - Level 2 - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Assets:
Foreign currency cash flow hedges	$ 857	$ 944
Liabilities:
Foreign currency cash flow hedges	$ 2,025	$ 2,760

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022
Income Tax Contingency [Line Items]
Effective tax rate	20.20%	18.00%
Minimum
Income Tax Contingency [Line Items]
Significant change in unrecognized tax benefits is reasonably possible, estimated range of change	$ 0
Maximum
Income Tax Contingency [Line Items]
Significant change in unrecognized tax benefits is reasonably possible, estimated range of change	$ 5,890

Equity Incentive Program (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Stock-based compensation expense [Abstract]
Pre-tax stock-based compensation expense	$ 12,282	$ 11,113
Tax benefit	(1,364)	(1,115)
Total stock-based compensation expense, net of tax	$ 10,918	$ 9,998
Stock Appreciation Rights (SARs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity awards issued during period (in shares)	358,322	327,940
Risk-free interest rate	3.91%	1.86%
Dividend yield	1.32%	1.25%
Expected life (years)	5 years 4 months 24 days	5 years 4 months 24 days
Volatility	30.65%	29.46%
Grant price (in dollars per share)	$ 153.25	$ 160.21
Fair value at date of grant (in dollars per share)	$ 47.27	$ 42.07
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity awards issued during period (in shares)	43,656	40,087
Risk-free interest rate	4.28%	1.68%
Dividend yield	1.32%	1.25%
Expected life (years)	2 years 10 months 24 days	2 years 10 months 24 days
Volatility	27.30%	31.10%
Grant price (in dollars per share)	$ 153.25	$ 160.21
Fair value at date of grant (in dollars per share)	$ 249.48	$ 196.40
Award vesting period	3 years
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity awards issued during period (in shares)	78,029	71,961
Fair value at date of grant (in dollars per share)	$ 153.25	$ 160.21

Commitments and Contingent Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward]
Beginning Balance	$ 48,449	$ 48,568
Provision for warranties	16,166	16,052
Settlements made	(15,812)	(15,485)
Other adjustments, including acquisitions and currency translation	311	255
Ending Balance	$ 49,114	$ 49,390

Other Comprehensive Earnings (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Selling, general and administrative expenses	$ 432,414	$ 443,843
Other income, net	(3,808)	(2,129)
Earnings before provision for income taxes	(286,290)	(275,703)
Tax provision (benefit)	57,716	49,550
Net earnings	(228,574)	(226,153)
Reclassification out of Accumulated Other Comprehensive Income \| Foreign currency translation:
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Selling, general and administrative expenses	0	5,915
Tax provision (benefit)	0	0
Net earnings	0	5,915
Reclassification out of Accumulated Other Comprehensive Income \| Pension plans:
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Earnings before provision for income taxes	(352)	789
Tax provision (benefit)	82	(208)
Net earnings	(270)	581
Reclassification out of Accumulated Other Comprehensive Income \| Amortization of actuarial (gain) loss
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other income, net	(641)	521
Reclassification out of Accumulated Other Comprehensive Income \| Amortization of prior service costs
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other income, net	289	268
Reclassification out of Accumulated Other Comprehensive Income \| Cash flow hedges:
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Earnings before provision for income taxes	1,073	(2,029)
Tax provision (benefit)	(227)	453
Net earnings	$ 846	$ (1,576)

Segment Information (Details) $ in Thousands	3 Months Ended
Segment Information (Details) $ in Thousands	Mar. 31, 2023 USD ($) segment	Mar. 31, 2022 USD ($)
Segment Reporting [Abstract]
Number of reportable segments \| segment	5
Reconciliation from Segment Totals to Consolidated [Abstract]
Revenue	$ 2,079,023	$ 2,051,901
Purchase accounting expenses	42,679	53,286
Restructuring and other costs	14,053	10,552
Loss on dispositions	0	194
Interest expense	34,214	26,552
Interest income	(2,091)	(775)
Earnings before provision for income taxes	286,290	275,703
Provision for income taxes	57,716	49,550
Net earnings	228,574	226,153
Restructuring	12,476	8,157
Other costs, net	1,577	2,395
Restructuring and other costs	14,053	10,552
Operating Segments
Reconciliation from Segment Totals to Consolidated [Abstract]
Earnings before provision for income taxes	415,217	402,916
Intersegment eliminations
Reconciliation from Segment Totals to Consolidated [Abstract]
Revenue	(1,552)	(669)
Corporate expense / other
Reconciliation from Segment Totals to Consolidated [Abstract]
Corporate expense / other	40,072	37,404
Restructuring	(114)	(88)
United States
Reconciliation from Segment Totals to Consolidated [Abstract]
Revenue	1,171,364	1,151,500
Europe
Reconciliation from Segment Totals to Consolidated [Abstract]
Revenue	432,841	447,565
Asia
Reconciliation from Segment Totals to Consolidated [Abstract]
Revenue	214,850	229,386
Other Americas
Reconciliation from Segment Totals to Consolidated [Abstract]
Revenue	172,185	151,592
Other
Reconciliation from Segment Totals to Consolidated [Abstract]
Revenue	87,783	71,858
Engineered Products \| Operating Segments
Reconciliation from Segment Totals to Consolidated [Abstract]
Revenue	497,549	487,647
Earnings before provision for income taxes	84,275	71,130
Restructuring	539	457
Clean Energy & Fueling \| Operating Segments
Reconciliation from Segment Totals to Consolidated [Abstract]
Revenue	430,729	458,395
Earnings before provision for income taxes	73,605	72,962
Restructuring	10,144	196
Imaging & Identification \| Operating Segments
Reconciliation from Segment Totals to Consolidated [Abstract]
Revenue	283,091	272,255
Earnings before provision for income taxes	68,315	58,598
Restructuring	339	1,191
Pumps & Process Solutions \| Operating Segments
Reconciliation from Segment Totals to Consolidated [Abstract]
Revenue	413,881	435,195
Earnings before provision for income taxes	115,244	146,617
Restructuring	1,326	685
Climate & Sustainability Technologies \| Operating Segments
Reconciliation from Segment Totals to Consolidated [Abstract]
Revenue	455,325	399,078
Earnings before provision for income taxes	73,778	53,609
Restructuring	$ 242	$ 5,716

Share Repurchases (Details) - shares	3 Months Ended
Share Repurchases (Details) - shares	Mar. 31, 2023	Mar. 31, 2022
Share Repurchases [Line Items]
Remaining number of shares authorized to be repurchased (in shares)	15,283,326
November 2020 Authorization
Share Repurchases [Line Items]
Number of shares authorized to be repurchased (in shares)	20,000,000
Share repurchases (in shares)	0	0

Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Reconciliation of information used in computing basic and diluted earnings per share [Abstract]
Net earnings	$ 228,574	$ 226,153
Basic earnings per common share:
Net earnings (in dollars per share)	$ 1.64	$ 1.57
Weighted average shares outstanding (in shares)	139,757	144,087
Diluted earnings per common share:
Net earnings (in dollars per share)	$ 1.63	$ 1.56
Weighted average shares outstanding (in shares)	140,616	145,329
Reconciliation Of Share Amounts Used In Computing Earnings Per Share [Abstract]
Weighted average shares outstanding - basic (in shares)	139,757	144,087
Dilutive effect of assumed exercise of SARs and vesting of performance shares and RSUs (in shares)	859	1,242
Weighted average shares outstanding - diluted (in shares)	140,616	145,329
Antidilutive securities excluded from computation of earnings per share	88	58

Recent Accounting Pronouncements (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Supplier Finance Program [Line Items]
Accounts payable	$ 1,039,162	$ 1,068,144
SCF Program
Supplier Finance Program [Line Items]
Accounts payable	$ 189,296	$ 194,362

Subsequent Events (Details) - USD ($) $ in Millions			3 Months Ended
Subsequent Events (Details) - USD ($) $ in Millions	Apr. 06, 2023	Apr. 05, 2023	Mar. 31, 2023
Subsequent Event [Line Items]
Maximum borrowing capacity			$ 1,000
Revolving Credit Facility \| Credit Agreement
Subsequent Event [Line Items]
Term of debt			5 years
Revolving Credit Facility \| Credit Agreement \| Subsequent Event
Subsequent Event [Line Items]
Maximum borrowing capacity	$ 1,000	$ 1,000
Term of debt	5 years	5 years
Revolving Credit Facility \| Credit Facility Maturing April 2024 \| Subsequent Event
Subsequent Event [Line Items]
Maximum borrowing capacity	$ 500
Term of debt	364 days
Option to extend maturity date, period of extension.	364 days