0000029905-24-000008 | 10-K | XBRL Viewer

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Revenue - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
Revenue - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Future performance obligation	$ 202,762
Revenue recognized during the period	$ 238,842	$ 196,891
Recognized at a point in time
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation (in percent)	95.00%
Recognized over time
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation (in percent)	5.00%
Minimum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
General range of payment terms	30 days
Maximum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
General range of payment terms	90 days
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation (in percent)	48.20%
Expected timing of performance obligation satisfaction	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Expected timing of performance obligation satisfaction

Credit Losses (Details) - USD ($) $ in Thousands	12 Months Ended
Credit Losses (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at January 1	$ 39,399	$ 40,126	$ 40,474
Provision for expected credit losses, net of recoveries	2,881	5,552	5,053
Amounts written off charged against the allowance	(10,395)	(4,462)	(5,307)
Other, including dispositions and foreign currency translation	(373)	(1,817)	(94)
Balance at December 31	$ 31,512	$ 39,399	$ 40,126

Employee Benefit Plans - Plan Asset Rollforward (Details) - Level 3 - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward]
Fair value of plan assets at beginning of year	$ 16,294	$ 20,252
Relating to assets still held at December 31, 2022	(417)	(382)
Relating to assets sold during the period	(17)	0
Purchases	1,746	1,852
Sales and settlements	(346)	(4,808)
Foreign currency translation	1,392	(620)
Fair value of plan assets at end of year	$ 18,652	$ 16,294

- Definition

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

+ References + Details

Leases - Cost (Details) - USD ($) $ in Thousands	12 Months Ended
Leases - Cost (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating Lease Costs:
Fixed	$ 58,665	$ 53,428	$ 54,397
Variable	8,318	7,512	6,281
Short-term	22,392	22,097	17,847
Total	$ 89,375	$ 83,037	$ 78,525

Description of Business and Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. Intercompany accounts and transactions have been eliminated in consolidation. The results of operations of acquired businesses are included from the dates of acquisitions.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the Consolidated Financial Statements and accompanying disclosures. These estimates may be adjusted due to changes in future economic, industry, or customer financial conditions, as well as changes in technology or demand. Estimates are used for, but not limited to, allowances for doubtful accounts receivable, net realizable value of inventories, restructuring reserves, warranty reserves, pension and post-retirement plans, stock-based compensation, useful lives for depreciation and amortization of long-lived assets including finite-lived intangibles, future cash flows associated with impairment testing for goodwill, indefinite-lived intangible assets and other long-lived assets, deferred tax assets, unrecognized tax benefits and contingencies. Actual results may ultimately differ from these estimates, although management does not believe such differences would materially affect the consolidated financial statements in any individual year. Estimates and assumptions are periodically reviewed and the effects of changes in these estimates and assumptions are reflected in the Consolidated Financial Statements in the period that they are determined.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents include cash on hand, demand deposits and short-term investments, which are highly liquid in nature and have original maturities at the time of purchase of three months or less. The carrying value of cash and cash equivalents approximates fair value.
Accounts Receivable and Allowance for Credit Losses	Accounts Receivable and Allowance for Credit Losses Accounts receivable are recorded at face amounts less an allowance for credit losses. The allowance is an estimate based on historical collection experience, current and future economic and market conditions and a review of the current status of each customer's trade accounts receivable. Management evaluates the aging of the accounts receivable balances and the financial condition of its customers and all other forward-looking information that is reasonably available to estimate the amount of accounts receivable that may not be collected in the future and records the appropriate provision.
Inventories	Inventories Inventories are stated at the lower of cost, determined on the first-in, first-out ("FIFO") basis, or net realizable value. As of December 31, 2022 and through the third quarter of 2023, approximately 4% of inventories were stated at the lower of cost, determined on the last-in, first-out ("LIFO") basis, or market. During the fourth quarter of 2023, the Company changed the method of accounting for these remaining LIFO inventories to FIFO. The Company believes the FIFO method is preferable because it better reflects the current value of inventories in the consolidated balance sheet and results in a uniform method across our businesses, which in turn provides more useful financial information to the Company's investors and creditors. The change in accounting method, which was effected in the fourth quarter of 2023, did not have a material impact on any prior periods’ consolidated financial statements and therefore, the Company did not apply the change retrospectively. The cumulative effect of the change resulted in a fourth quarter pre-tax benefit of $14,448 ($10,796 after-tax) recognized as a reduction in costs of goods and services within the consolidated statement of earnings for the year ended December 31, 2023 and a corresponding increase in inventories within the consolidated balance sheet as of December 31, 2023.
Property, Plant and Equipment	Property, Plant and Equipment Property, plant and equipment includes the historical cost of land, buildings, machinery and equipment, purchased and internally developed software, finance lease assets and significant improvements to existing plant and equipment or, in the case of acquisitions, the fair value of acquired assets. Expenditures for maintenance, repairs and minor renewals are expensed as incurred. When property or equipment is sold or otherwise disposed of, the related cost and accumulated depreciation are removed from the respective accounts and the gain or loss realized on disposition is reflected in earnings. The Company depreciates its assets on a straight-line basis over their estimated useful lives as follows: buildings and improvements 5 to 31.5 years; machinery and equipment 3 to 15 years; furniture and fixtures 3 to 7 years; vehicles 3 to 7 years; and software 3 to 10 years.
Derivative Financial Instruments	Derivative Financial Instruments The Company uses derivative financial instruments to hedge its exposures to various risks, including foreign currency exchange rate risk. The Company does not enter into derivative financial instruments for speculative purposes and does not have a material portfolio of derivative financial instruments. Derivative financial instruments used for hedging purposes must be designated and effective as a hedge of the identified risk exposure at inception of the contract. The Company recognizes all derivatives as either assets or liabilities on the consolidated balance sheet and measures those instruments at fair value. For derivatives designated as hedges of the fair value of assets or liabilities, the changes in fair value of both the derivatives and of the hedged items are recorded in current earnings. For derivatives designated as cash flow hedges, the change in the fair value of the derivatives is recorded as a component of other comprehensive earnings and subsequently recognized in net earnings when the hedged items impact earnings.
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets Goodwill represents the excess of purchase price over the fair value of net assets acquired. Goodwill and certain other intangible assets deemed to have indefinite lives (primarily trademarks) are not amortized. For goodwill, impairment tests are required at least annually, or more frequently if events or circumstances indicate that it may be impaired, when some portion but not all of a reporting unit is disposed of or classified as assets held for sale, or when a change in the composition of reporting units occurs for other reasons, such as a change in segments. Based on its current organizational structure, the Company identified reporting units for which cash flows are determinable and to which goodwill was allocated. The Company performs its goodwill impairment test annually in the fourth quarter. A quantitative test is used to determine existence of goodwill impairment and the amount of the impairment loss at the reporting unit level. The quantitative test compares the fair value of a reporting unit with its carrying amount, including goodwill. The Company uses an income-based valuation method, determining the present value of estimated future cash flows, to estimate the fair value of a reporting unit. If the fair value of a reporting unit exceeds its carrying amount, goodwill of the reporting unit is not impaired. If the carrying amount of a reporting unit exceeds its fair value, an impairment loss shall be recognized in an amount equal to that excess, limited to the total amount of goodwill allocated to that reporting unit. Factors used in the impairment analysis require significant judgment, and actual results may differ from assumed and estimated amounts. The Company uses its own market assumptions including internal projections of future cash flows, discount rates and other assumptions considered reasonable in the analysis and reflective of market participant assumptions. These forecasts are based on historical performance and future estimated results. The discount rates utilized are based on a capital asset pricing model and published relevant industry rates, which take into consideration the risks and uncertainties inherent to the reporting units and in the internally developed forecasts. See Note 9 — Goodwill and Other Intangible Assets for further discussion of the Company's annual goodwill impairment test and results. No impairment of goodwill was required for the years ended December 31, 2023, 2022, or 2021. The Company uses an income-based valuation method to annually test its indefinite-lived intangible assets for impairment. The fair value of the intangible asset is compared to its carrying value. This method uses the Company's own market assumptions, which are considered reasonable. Any excess of carrying value over the estimated fair value is recognized as an impairment loss.
Other Intangible Assets	Other intangible assets with determinable lives primarily consist of customer intangibles, unpatented technologies, patents and trademarks. The other intangible assets are amortized over their estimated useful lives, ranging from 5 to 20 years.
Long-Lived Assets	Long-lived assets (including definite-lived intangible assets) are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable, such as a significant sustained change in the business climate. If an indicator of impairment exists for any grouping of assets, an estimate of undiscounted future cash flows is prepared and compared to its carrying value. If an asset group is determined to be impaired, the loss is measured by the excess of the carrying amount of the asset group over its fair value, as determined by an estimate of discounted future cash flows.
Leases	Leases The Company determines if an arrangement is a lease at inception of a contract. The Company has operating and finance leases for corporate offices, manufacturing plants, research and development facilities, shared services facilities, vehicle fleets and certain office and manufacturing equipment. Operating lease right-of-use ("ROU") assets are included in other assets and deferred charges and operating lease liabilities are included in other accrued expenses and other liabilities in the consolidated balance sheet. Finance lease ROU assets are included in property, plant and equipment, and the related lease liabilities are included in other accrued expenses and other liabilities in the consolidated balance sheet. Leases with an initial term of 12 months or less are not recorded in the balance sheet. The Company accounts for each separate lease component of a contract and its associated non-lease components as a single lease component, thus causing all fixed payments to be capitalized. Variable lease payment amounts that cannot be determined at the commencement of the lease, such as increases in lease payments based on changes in index rates or usage, are not included in the ROU assets or lease liabilities. These are expensed as incurred and recorded as variable lease expense. ROU assets represent the Company's right to use an underlying asset during the lease term and lease liabilities represent the Company's obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at the commencement date based on the net present value of fixed lease payments over the lease term. The lease term includes options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. ROU assets also include any advance lease payments made and exclude lease incentives. As most of the Company's operating leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. Finance lease agreements include an interest rate that is used to determine the present value of future lease payments. Fixed operating lease expense and finance lease depreciation expense are recognized on a straight-line basis over the lease term.
Supply Chain Financing	Supply Chain Financing 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, the 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
Restructuring Accruals	Restructuring Accruals The Company takes actions to reduce headcount, close facilities, or otherwise exit operations. Such restructuring activities at an operation are recorded when management has committed to an exit or reorganization plan and when termination benefits are probable and can be reasonably estimated based on circumstances at the time the restructuring plan is approved by management or when termination benefits are communicated. Exit costs may include contractual terminations and asset impairments as a result of an approved restructuring plan. The accrual of both severance and exit costs requires the use of estimates. Though the Company believes that its estimates accurately reflect the anticipated costs, actual results may be different from the original estimated amounts.
Foreign Currency	Foreign Currency Assets and liabilities of non-U.S. subsidiaries, where the functional currency is not the U.S. dollar, have been translated at year-end exchange rates and profit and loss accounts have been translated using weighted-average monthly exchange rates. Foreign currency translation gains and losses are included in the consolidated statements of comprehensive earnings as a component of other comprehensive earnings (loss). Assets and liabilities of an entity that are denominated in currencies other than an entity's functional currency are re-measured into the functional currency using end of period exchange rates, where applicable to certain balances. Gains and losses related to these re-measurements are recorded within the consolidated statements of earnings as a component of other income, net. Gains and losses arising from intercompany foreign currency transactions that are of a long-term investment in nature are reported in the same manner as translation adjustments.
Revenue Recognition	Revenue Recognition The majority of the Company's revenue is generated through the manufacture and sale of a broad range of specialized products and components, with revenue recognized upon transfer of control, title and risk of loss, which is generally upon shipment. Service revenue represents approximately 5% of total revenue and is recognized as the services are performed. In limited cases, revenue arrangements with customers require delivery, installation, testing, certification, or other acceptance provisions to be satisfied before revenue is recognized. The Company includes shipping costs billed to customers in revenue and the related shipping costs in cost of goods and services.
Share-Based Compensation	Stock-Based Compensation The principal awards issued under the Company's stock-based compensation plans include non-qualified stock appreciation rights ("SARs"), restricted stock units ("RSUs") and performance share awards ("PSAs"). The cost for such awards is measured at the grant date based on the fair value of the award. At the time of grant, the Company estimates forfeitures, based on historical experience, in order to estimate the portion of the award that will ultimately vest. The value of the portion of the award that is expected to ultimately vest is recognized as expense on a straight-line basis, generally over the explicit service period of three years (except for retirement-eligible employees) and is included in selling, general and administrative expenses in the consolidated statements of earnings. Expense for awards granted to retirement-eligible employees is recorded over the period from the date of grant through the date the employee first becomes eligible to retire and is no longer required to provide service.
Income Taxes	Income Taxes The provision for income taxes includes federal, state, local and non-U.S. taxes. Tax credits, primarily for research and experimentation, are recognized as a reduction of the provision for income taxes in the year in which they are available for tax purposes. Deferred taxes are provided using enacted rates on the future tax consequences of temporary differences. Temporary differences include the differences between the financial statement carrying amounts of assets and liabilities and their respective tax basis and the tax benefit of carryforwards. A valuation allowance is established for deferred tax assets for which it is more likely than not that some portion or all of the deferred tax benefit will not be realized. In assessing the need for a valuation allowance, management considers all available evidence, including the future reversal of existing taxable temporary differences, taxable income in carryback periods, prudent and feasible tax planning strategies and estimated future taxable income. The valuation allowance can be affected by changes to tax regulations, interpretations and rulings, changes to enacted statutory tax rates and changes to future taxable income estimates. Tax benefits are recognized from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position in consideration of applicable tax statutes and related interpretations and precedents. Tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than 50% likelihood of being realized on ultimate settlement.
Research and Development Costs	Research and Development Costs Research and development costs, including qualifying engineering costs, are expensed when incurred
Advertising cost	Advertising Costs Advertising costs are expensed when incurred and amounted to $23,860 in 2023, $25,905 in 2022 and $23,685 in 2021. Advertising costs are reported within selling, general and administrative expenses in the consolidated statements of earnings.
Risk, Retention, Insurance	Risk, Retention, Insurance The Company's insurance programs contain various deductibles that, based on the Company's experience, are typical and customary for a company of its size and risk profile. The Company does not consider any of the deductibles to represent a material risk to the Company. The Company generally maintains insurance policies with deductibles for claims and liabilities related primarily to workers' compensation, health and welfare claims, general liability, product and automobile liability, cybersecurity risks, property damage and business interruption resulting from certain events. The Company accrues for claim exposures that are probable of occurrence and can be reasonably estimated.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Recently Issued Accounting Standards The following accounting standards updates ("ASU"), issued by the Financial Accounting Standards Board ("FASB"), will, or are expected to, result in a change in practice and/or have a financial impact to the Company's Consolidated Financial Statements: In December 2023, the FASB issued ASU No. 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which expands the disclosures required in an entity’s income tax rate reconciliation table and requires disclosure of income taxes paid both in U.S. and foreign jurisdictions. The amendments are effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating this ASU to determine its impact on the Company's disclosures. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The amendment requires disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items, and interim disclosures of a reportable segment’s profit or loss and assets. The amendments are effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating this ASU to determine its impact on the Company's disclosures. In October 2023, the FASB issued ASU No. 2023-06 Disclosure Improvements: Codification Amendments in Response to the Securities and Exchange Commission’s ("SEC") Disclosure Update and Simplification Initiative. The amendments in this update require modification of certain disclosure and presentation requirements for a variety of ASU topics in response to the SEC’s Release No. 33-10532. The effective date for each amended topic in the ASC is the date on which the SEC’s removal of the related disclosure requirement from Regulation S-X or Regulation S-K becomes effective. However, if by June 30, 2027, the SEC has not removed the related disclosure from its regulations, the amendments will be removed from the Codification and not become effective. Early adoption is prohibited. The Company does not expect the adoption of this standard to have a material impact on the Company's disclosures. Recently Adopted Accounting Standards 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 consolidated financial statements. See required disclosure within the Supply Chain Financing section of Note 1 — Basis of Presentation. In October 2021, the FASB issued ASU No. 2021-08 Business Combinations (Topic 805)-Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. The amendments in this update require that an acquirer recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606, Revenue from Contracts with Customers, as if the acquirer had originated the contracts. The amendments in this update are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The amendments in this update should be applied prospectively to business combinations occurring on or after the effective date of the amendments. The Company early adopted the guidance as of January 1, 2022, which did not have a material impact on the Company's Consolidated Financial Statements.

Employee Benefit Plans - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Defined Benefit Plan Disclosure [Line Items]
Defined contribution plan expense	$ 61,032	$ 57,543	$ 59,719
Accumulated benefit obligations	591,114	560,057
United States \| Qualified Defined Benefits
Defined Benefit Plan Disclosure [Line Items]
Estimated future employer contributions in next fiscal year	0
United States \| Qualified Defined Benefits \| Qualified Defined Benefits
Defined Benefit Plan Disclosure [Line Items]
Total assets (liabilities)	73,213	74,152
Accumulated benefit obligations	319,306	318,275
United States \| Non-Qualified Supplemental Benefits
Defined Benefit Plan Disclosure [Line Items]
Estimated future employer contributions in next fiscal year	5,600
Foreign Plan
Defined Benefit Plan Disclosure [Line Items]
Estimated future employer contributions in next fiscal year	8,200
Foreign Plan \| Qualified Defined Benefits \| Qualified Defined Benefits
Defined Benefit Plan Disclosure [Line Items]
Total assets (liabilities)	(74,264)	(62,457)
Accumulated benefit obligations	$ 242,619	$ 210,259

Borrowings - Summary (Details) - USD ($) $ in Thousands	12 Months Ended
Borrowings - Summary (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Total long-term debt	$ 2,991,759	$ 2,942,513
Unamortized discount	10,900	12,700
Deferred debt issuance cost	8,900	10,700
3.15% 10-year notes due November 15, 2025
Debt Instrument [Line Items]
Principal	400,000
Total long-term debt	$ 398,737	398,063
Debt instrument, stated interest rate	3.15%
Term	10 years
1.25% 10-year notes due November 9, 2026 (euro-denominated)
Debt Instrument [Line Items]
Total long-term debt	$ 657,628	631,522
Debt instrument, stated interest rate	1.25%
Term	10 years
0.750% 8-year notes due November 4, 2027 (euro denominated)
Debt Instrument [Line Items]
Total long-term debt	$ 547,342	525,654
Debt instrument, stated interest rate	0.75%
Term	8 years
6.65% 30-year debentures due June 1, 2028
Debt Instrument [Line Items]
Principal	$ 200,000
Total long-term debt	$ 199,557	199,456
Debt instrument, stated interest rate	6.65%
Term	30 years
2.950% 10-year notes due November 4, 2029
Debt Instrument [Line Items]
Principal	$ 300,000
Total long-term debt	$ 297,787	297,408
Debt instrument, stated interest rate	2.95%
Term	10 years
5.375% 30-year debentures due October 15, 2035
Debt Instrument [Line Items]
Principal	$ 300,000
Total long-term debt	$ 297,058	296,808
Debt instrument, stated interest rate	5.375%
Term	30 years
6.60% 30-year notes due March 15, 2038
Debt Instrument [Line Items]
Principal	$ 250,000
Total long-term debt	$ 248,392	248,279
Debt instrument, stated interest rate	6.60%
Term	30 years
5.375% 30-year notes due March 1, 2041
Debt Instrument [Line Items]
Principal	$ 350,000
Total long-term debt	$ 345,258	344,982
Debt instrument, stated interest rate	5.375%
Term	30 years
Other
Debt Instrument [Line Items]
Total long-term debt	$ 0	$ 341

Leases

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Leases

7. Leases

The Company's ROU assets and lease liabilities are discussed in detail in Note 1 — Description of Business and Summary of Significant Accounting Policies.

The components of lease costs were as follows:


	Years Ended December 31,
	2023		2022		2021
Operating Lease Costs:
Fixed	$	58,665	$	53,428	$	54,397
Variable	8,318		7,512		6,281
Short-term	22,392		22,097		17,847
Total(1)	$	89,375	$	83,037	$	78,525

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

Supplemental cash flow information related to leases was as follows:


	Years Ended December 31,
	2023		2022		2021

Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	58,846	$	54,268	$	55,921
Operating cash flows for finance leases	318		335		357
Financing cash flows for finance leases	3,231		2,917		3,073
Total	$	62,395	$	57,520	$	59,351
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	50,997	$	57,190	$	47,666
Financing leases	3,539		3,149		2,016
Total	$	54,536	$	60,339	$	49,682

Supplemental balance sheet information related to leases were as follows:


	December 31, 2023		December 31, 2022

Operating Leases
Right-of-use assets:
Other assets and deferred charges	$	209,729	$	197,058

Lease liabilities:
Other accrued expenses	$	48,790	$	42,649
Other liabilities	172,983		165,741
Total operating lease liabilities	$	221,773	$	208,390

Finance Leases
Right-of-use assets:


Property, plant and equipment, net (1)	$	7,992	$	7,846

Lease liabilities:
Other accrued expenses	$	3,070	$	2,554
Other liabilities	5,897		6,189
Total finance lease liabilities	$	8,967	$	8,743

(1) Finance lease right-of-use assets are recorded net of accumulated depreciation of $10,302 and $8,017 for the years ended December 31, 2023 and December 31, 2022, respectively.

The aggregate future lease payments for operating and finance leases as of December 31, 2023 were as follows:


	Operating		Finance
2024	$	55,883	$	3,397
2025	46,650		2,885
2026	34,209		2,249
2027	28,089		1,222
2028	21,688		118
Thereafter	76,345		26
Total lease payments	262,864		9,897
Less interest	(41,091)		(930)
Present value of lease liabilities	$	221,773	$	8,967

Average lease terms and discount rates were as follows:


	December 31, 2023		December 31, 2022		December 31, 2021
Weighted-average remaining lease term (years)
Operating leases	7.2		7.8		5.8
Finance leases	3.0		3.6		4.2
Weighted-average discount rate
Operating leases	4.0	%	3.5	%	2.7	%
Finance leases	3.9	%	3.4	%	3.4	%

Leases

7. Leases

The Company's ROU assets and lease liabilities are discussed in detail in Note 1 — Description of Business and Summary of Significant Accounting Policies.

The components of lease costs were as follows:


	Years Ended December 31,
	2023		2022		2021
Operating Lease Costs:
Fixed	$	58,665	$	53,428	$	54,397
Variable	8,318		7,512		6,281
Short-term	22,392		22,097		17,847
Total(1)	$	89,375	$	83,037	$	78,525

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

Supplemental cash flow information related to leases was as follows:


	Years Ended December 31,
	2023		2022		2021

Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	58,846	$	54,268	$	55,921
Operating cash flows for finance leases	318		335		357
Financing cash flows for finance leases	3,231		2,917		3,073
Total	$	62,395	$	57,520	$	59,351
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	50,997	$	57,190	$	47,666
Financing leases	3,539		3,149		2,016
Total	$	54,536	$	60,339	$	49,682

Supplemental balance sheet information related to leases were as follows:


	December 31, 2023		December 31, 2022

Operating Leases
Right-of-use assets:
Other assets and deferred charges	$	209,729	$	197,058

Lease liabilities:
Other accrued expenses	$	48,790	$	42,649
Other liabilities	172,983		165,741
Total operating lease liabilities	$	221,773	$	208,390

Finance Leases
Right-of-use assets:


Property, plant and equipment, net (1)	$	7,992	$	7,846

Lease liabilities:
Other accrued expenses	$	3,070	$	2,554
Other liabilities	5,897		6,189
Total finance lease liabilities	$	8,967	$	8,743

(1) Finance lease right-of-use assets are recorded net of accumulated depreciation of $10,302 and $8,017 for the years ended December 31, 2023 and December 31, 2022, respectively.

The aggregate future lease payments for operating and finance leases as of December 31, 2023 were as follows:


	Operating		Finance
2024	$	55,883	$	3,397
2025	46,650		2,885
2026	34,209		2,249
2027	28,089		1,222
2028	21,688		118
Thereafter	76,345		26
Total lease payments	262,864		9,897
Less interest	(41,091)		(930)
Present value of lease liabilities	$	221,773	$	8,967

Average lease terms and discount rates were as follows:


	December 31, 2023		December 31, 2022		December 31, 2021
Weighted-average remaining lease term (years)
Operating leases	7.2		7.8		5.8
Finance leases	3.0		3.6		4.2
Weighted-average discount rate
Operating leases	4.0	%	3.5	%	2.7	%
Finance leases	3.9	%	3.4	%	3.4	%

Description of Business and Summary of Significant Accounting Policies (Details)	3 Months Ended		12 Months Ended
	Dec. 31, 2023 USD ($)	Sep. 30, 2023	Dec. 31, 2023 USD ($) segment	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Goodwill [Line Items]
Number of reportable segments \| segment			5
Inventory stated percentage		0.04
Earnings before provision for income taxes			$ 1,270,006,000	$ 1,287,505,000	$ 1,400,826,000
As reported			1,056,828,000	1,065,376,000	1,123,818,000
Impairment loss on goodwill			0	0	0
Impairment loss on indefinite-lived intangible assets			0	0	0
Accounts payable	$ 958,542,000		$ 958,542,000	1,068,144,000
Service requisite period			3 years
Research and development expense			$ 153,111,000	$ 163,300,000	$ 157,826,000
Research and development expense as a percent of revenue (in percent)			0.018	0.019	0.02
Advertising expense			$ 23,860,000	$ 25,905,000	$ 23,685,000
Service Revenue \| Revenue Benchmark \| Product Concentration Risk
Goodwill [Line Items]
Concentration risk (in percent)			5.00%
SCF Program
Goodwill [Line Items]
Accounts payable	$ 193,600,000		$ 193,600,000	194,362,000
Minimum \| Other
Goodwill [Line Items]
Other intangible assets, useful life	5 years		5 years
Minimum \| Buildings and improvements
Goodwill [Line Items]
Property, plant and equipment useful life	5 years		5 years
Minimum \| Machinery and Equipment
Goodwill [Line Items]
Property, plant and equipment useful life	3 years		3 years
Minimum \| Furniture and Fixtures
Goodwill [Line Items]
Property, plant and equipment useful life	3 years		3 years
Minimum \| Vehicles
Goodwill [Line Items]
Property, plant and equipment useful life	3 years		3 years
Minimum \| Software
Goodwill [Line Items]
Property, plant and equipment useful life	3 years		3 years
Maximum \| Other
Goodwill [Line Items]
Other intangible assets, useful life	20 years		20 years
Maximum \| Buildings and improvements
Goodwill [Line Items]
Property, plant and equipment useful life	31 years 6 months		31 years 6 months
Maximum \| Machinery and Equipment
Goodwill [Line Items]
Property, plant and equipment useful life	15 years		15 years
Maximum \| Furniture and Fixtures
Goodwill [Line Items]
Property, plant and equipment useful life	7 years		7 years
Maximum \| Vehicles
Goodwill [Line Items]
Property, plant and equipment useful life	7 years		7 years
Maximum \| Software
Goodwill [Line Items]
Property, plant and equipment useful life	10 years		10 years
Total segments
Goodwill [Line Items]
Earnings before provision for income taxes			$ 1,768,326,000	1,755,098,000	1,633,080,000
Total segments \| Engineered Products
Goodwill [Line Items]
Earnings before provision for income taxes			$ 377,425,000	$ 346,519,000	$ 277,852,000
Total segments \| Engineered Products \| Change in Accounting Method Accounted for as Change in Estimate
Goodwill [Line Items]
Earnings before provision for income taxes	$ 14,448,000
As reported	$ 10,796,000

Property, Plant and Equipment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 2,651,567	$ 2,578,497
Accumulated depreciation	(1,619,751)	(1,573,672)
Property, plant and equipment, net	1,031,816	1,004,825
Depreciation	157,347	148,910	$ 147,309
Land
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	66,443	62,495
Buildings and improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	640,654	620,500
Machinery, equipment and other
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 1,944,470	$ 1,895,502

Dispositions (Tables)

12 Months Ended

Dec. 31, 2023

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Assets and Liabilities Classified as Held for Sale

The following table presents the assets and liabilities associated with the De-Sta-Co business classified as held for sale as of December 31, 2023.


	December 31, 2023
Assets held for sale
Cash and cash equivalents	$	17,300
Receivables, net	30,442
Inventories, net	46,159

Property, plant and equipment, net	21,035
Goodwill	58,897
Other assets held for sale	18,811

Total assets held for sale	$	192,644

Liabilities held for sale
Accounts payable	$	20,080
Accrued expenses and deferred revenue	17,000
Other liabilities held for sale	27,488


Total liabilities held for sale	$	64,568

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

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+ Details

Credit Losses

12 Months Ended

Dec. 31, 2023

Credit Loss [Abstract]

Credit Losses

8. 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 amount of accounts receivable that may not be collected is based on aging of the accounts receivable balances and other historical and forward-looking information on the financial condition of the customers. Balances are written off when determined to be uncollectible.

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

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


	2023		2022		2021
Balance at January 1	$	39,399	$	40,126	$	40,474

Provision for expected credit losses, net of recoveries	2,881		5,552		5,053
Amounts written off charged against the allowance	(10,395)		(4,462)		(5,307)
Other, including dispositions and foreign currency translation	(373)		(1,817)		(94)
Balance at December 31	$	31,512	$	39,399	$	40,126

Equity and Cash Incentive Program

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Equity and Cash Incentive Program

15. Equity and Cash 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. For the years presented herein, employee awards were made pursuant to the terms of the Company's 2021 Omnibus Incentive Plan (the "2021 Plan") and 2012 Equity and Cash Incentive Plan (the "2012 Plan").

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

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

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


	Years Ended December 31,
	2023		2022		2021
Pre-tax stock-based compensation expense	$	31,465	$	30,821	$	31,111
Tax benefit	(3,266)		(2,993)		(2,859)
Total stock-based compensation expense, net of tax	$	28,199	$	27,828	$	28,252

SARs

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

In 2023, 2022 and 2021, the Company issued SARs covering 359,715, 335,285 and 413,173 shares, respectively. The fair value of each SAR grant was estimated on the date of grant using a Black-Scholes option-pricing model with the following assumptions:


	2023		2022		2021
Risk-free interest rate	3.91	%	1.86	%	0.59	%
Dividend yield	1.32	%	1.25	%	1.62	%
Expected life (years)	5.4		5.4		5.5
Volatility	30.65	%	29.46	%	30.49	%
Grant price	$153.25		$160.21		$122.73
Fair value per share at date of grant	$47.27		$42.07		$29.08

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 exercises and employee termination patterns within the valuation model. The expected life of SARs granted is derived from the output of the option valuation model and represents the average period of time that SARs granted are expected to be outstanding. The interest rate for periods within the contractual life of the awards is based on the U.S. Treasury yield curve in effect at the time of grant.

A summary of activity relating to SARs granted under the 2021 Plan and the 2012 Plan for the year ended December 31, 2023 is as follows:


	SARs
	Number of Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value
Outstanding at January 1, 2023	2,444,542	$	98.70
Granted	359,715	153.25


Forfeited / expired	(65,178)	142.25
Exercised	(329,469)	69.93
Outstanding at December 31, 2023	2,409,610	109.65		5.8	$	108,242

Exercisable at December 31, 2023	1,446,739	$	86.31	4.3	$	97,651

Unrecognized compensation expense related to SARs not yet exercisable was $10,967 at December 31, 2023. This cost is expected to be recognized over a weighted average period of 1.5 years.

Other information regarding the exercise of SARs is listed below:


	2023		2022		2021
Fair value of SARs that became exercisable	$	7,492	$	8,939	$	10,199
Aggregate intrinsic value of SARs exercised	$	26,041	$	11,992	$	62,895

PSAs

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

In 2023, 2022 and 2021, the Company issued PSAs covering 43,656, 40,087 and 50,371 shares, respectively.

The PSAs granted are market condition awards as attainment is based on Dover's performance relative to its peer group (companies listed under the S&P 500 Industrials sector) for the relevant performance period. The performance period and vesting period for these awards is approximately three years. These awards were valued on the date of grant using the Monte Carlo simulation model (a binomial lattice-based valuation model), and are generally recognized ratably over the vesting period. 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 were as follows:


	2023		2022		2021
Risk-free interest rate	4.28	%	1.68	%	0.19	%
Dividend yield	1.32	%	1.25	%	1.62	%
Expected life (years)	2.9		2.9		2.9
Volatility	27.30	%	31.10	%	31.90	%

Grant price	$153.25		$160.21		$122.73
Fair value per share at date of grant	$249.48		$196.40		$148.29

A summary of activity for PSAs for the year ended December 31, 2023 is as follows:


	Number of Shares	Weighted Average Grant-Date Fair Value
Unvested at January 1, 2023	85,807	$	170.03
Granted	43,656	249.48


Forfeited	(7,360)	197.65
Vested	(44,342)	148.29
Unvested at December 31, 2023	77,761	$	224.42

Unrecognized compensation expense related to unvested PSAs as of December 31, 2023 was $9,599, which will be recognized over a weighted average period of 1.8 years.

RSUs

The Company also has restricted stock authorized for grant. Common stock of the Company may be granted at no cost to certain officers and key employees. In general, restrictions limit the sale or transfer of these shares during a three-year period, and restrictions lapse proportionately over the three-year period. The Company granted 91,439, 79,556 and 87,177 of RSUs in 2023, 2022 and 2021, respectively. The fair value of these awards was determined using Dover's closing stock price on the date of grant, which was $153.25, $160.21, and $122.73 in 2023, 2022 and 2021, respectively.

A summary of activity for RSUs for the year ended December 31, 2023 is as follows:


	Number of Shares	Weighted Average Grant-Date Fair Value
Unvested at January 1, 2023	147,676	$	135.98
Granted	91,439	153.25


Forfeited	(12,513)	148.95
Vested	(73,628)	133.83
Unvested at December 31, 2023	152,974	$	145.45

Unrecognized compensation expense relating to unvested RSUs as of December 31, 2023 was $10,387, which will be recognized over a weighted average period of 1.4 years.

Directors' Shares

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


	Years ended December 31,
	2023	2022	2021
Aggregate shares granted	11,309	10,730	7,917
Deferred stock units	(7,487)	(7,247)	(5,322)

Net shares issued	3,822	3,483	2,595

Restructuring Activities (Tables)

12 Months Ended

Dec. 31, 2023

Restructuring and Related Activities [Abstract]

Schedule of Restructuring Charges by Segment

The Company's restructuring charges by segment as follows:


	Years Ended December 31,
	2023		2022		2021
Engineered Products	$	9,510	$	3,194	$	9,507
Clean Energy & Fueling	20,336		9,571		3,609
Imaging & Identification	5,918		4,702		4,589
Pumps & Process Solutions	7,686		4,685		1,911
Climate & Sustainability Technologies	4,541		6,007		5,068
Corporate	2,444		2,321		2,021
Total	$	50,435	$	30,480	$	26,705
These amounts are classified in the consolidated statements of earnings as follows:
Cost of goods and services	$	19,352	$	6,855	$	12,895
Selling, general and administrative expenses	31,083		23,625		13,810

Total	$	50,435	$	30,480	$	26,705

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, 2021	$	10,547	$	4,366	$	14,913
Restructuring charges	11,561		15,144		26,705
Payments	(10,951)		(6,171)		(17,122)
Other, including foreign currency translation	(427)		(10,272)		(10,699)
Balance at December 31, 2021	10,730		3,067		13,797
Restructuring charges	15,388		15,092		30,480
Payments	(13,975)		(8,159)		(22,134)
Other, including foreign currency translation	(136)		(7,497)		(7,633)
Balance at December 31, 2022	12,007		2,503		14,510
Restructuring charges	37,433		13,002		50,435
Payments	(31,364)		(9,945)		(41,309)
Other, including foreign currency translation	570		(2,447)		(1,877)
Balance at December 31, 2023	$	18,646	$	3,113	$	21,759

Income Taxes - Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current:
U.S. federal	$ 143,294	$ 106,768	$ 150,990
State and local	18,873	1,450	28,106
Foreign	143,216	140,696	154,147
Total current	305,383	248,914	333,243
Deferred:
U.S. federal	(28,471)	(4,760)	(14,143)
State and local	4,047	303	3,165
Foreign	(67,781)	(22,328)	(45,257)
Total deferred	(92,205)	(26,785)	(56,235)
Total expense	$ 213,178	$ 222,129	$ 277,008

Borrowings - Narrative (Details)			12 Months Ended
Borrowings - Narrative (Details)	Apr. 06, 2023 USD ($)	Apr. 05, 2023 USD ($)	Dec. 31, 2023 USD ($)	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Line of Credit Facility [Line Items]
Interest coverage ratio			14.5
Letters of credit outstanding			$ 180,000,000
Revolving Credit Facility \| Credit Agreement
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 1,000,000,000	$ 1,000,000,000
Term	5 years	5 years
Interest coverage ratio required			3
Outstanding borrowings			$ 0			$ 0
Revolving Credit Facility \| Credit Facility Maturing April 2024
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 500,000,000
Term	364 days
Option to extend maturity date, period of extension	364 days
Commercial paper
Line of Credit Facility [Line Items]
Increase in borrowings			$ (267,336,000)
Weighted average interest rate			5.51%			4.61%
Principal				$ 1,500,000,000	$ 1,000,000,000

Employee Benefit Plans - Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Net periodic benefit cost [Abstract]
Net periodic (benefit) expense	$ 5,679	$ 3,096	$ 11,897
Non-Qualified Supplemental Benefits \| Non-Qualified Supplemental Benefits
Net periodic benefit cost [Abstract]
Service cost	970	1,426	1,561
Interest cost	1,636	1,215	1,232
Expected return on plan assets	0	0	0
Prior service cost (credit)	1,874	1,490	1,531
Actuarial loss (gain)	(3,207)	(2,016)	(1,672)
Settlement and curtailment loss (gain)	0	0	(743)
Net periodic (benefit) expense	1,273	2,115	1,909
United States \| Qualified Defined Benefits \| Qualified Defined Benefits
Net periodic benefit cost [Abstract]
Service cost	2,867	5,703	7,134
Interest cost	17,203	13,745	13,605
Expected return on plan assets	(26,208)	(29,104)	(28,980)
Prior service cost (credit)	0	110	212
Actuarial loss (gain)	0	2,300	10,012
Settlement and curtailment loss (gain)	4,434	6,276	2,031
Net periodic (benefit) expense	(1,704)	(970)	4,014
Foreign Plan \| Qualified Defined Benefits \| Qualified Defined Benefits
Net periodic benefit cost [Abstract]
Service cost	3,712	4,675	5,749
Interest cost	10,591	5,220	3,590
Expected return on plan assets	(7,331)	(7,191)	(7,188)
Prior service cost (credit)	(717)	(526)	(453)
Actuarial loss (gain)	656	1,747	3,938
Settlement and curtailment loss (gain)	(801)	(393)	194
Net periodic (benefit) expense	$ 6,110	$ 3,532	$ 5,830

Leases - Assumptions (Details)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Weighted-average remaining lease term (years)
Operating leases	7 years 2 months 12 days	7 years 9 months 18 days	5 years 9 months 18 days
Finance leases	3 years	3 years 7 months 6 days	4 years 2 months 12 days
Weighted-average discount rate
Operating leases	4.00%	3.50%	2.70%
Finance leases	3.90%	3.40%	3.40%

Equity and Cash Incentive Program - Shares Issued to Non-Employee Directors (Details) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-Based Payment Arrangement [Abstract]
Aggregate shares granted	11,309	10,730	7,917
Deferred stock units	(7,487)	(7,247)	(5,322)
Net shares issued	3,822	3,483	2,595

Earnings per Share - Reconciliation (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Earnings Per Share [Abstract]
Weighted average shares outstanding - basic (in shares)	139,848	142,681	143,923
Dilutive effect of assumed exercise of SARs and vesting of PSAs and RSUs (in shares)	751	914	1,350
Weighted average shares outstanding - Diluted (in shares)	140,599	143,595	145,273

Leases (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

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

The components of lease costs were as follows:


	Years Ended December 31,
	2023		2022		2021
Operating Lease Costs:
Fixed	$	58,665	$	53,428	$	54,397
Variable	8,318		7,512		6,281
Short-term	22,392		22,097		17,847
Total(1)	$	89,375	$	83,037	$	78,525

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

Supplemental cash flow information related to leases was as follows:


	Years Ended December 31,
	2023		2022		2021

Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	58,846	$	54,268	$	55,921
Operating cash flows for finance leases	318		335		357
Financing cash flows for finance leases	3,231		2,917		3,073
Total	$	62,395	$	57,520	$	59,351
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	50,997	$	57,190	$	47,666
Financing leases	3,539		3,149		2,016
Total	$	54,536	$	60,339	$	49,682

Supplemental balance sheet information related to leases were as follows:


	December 31, 2023		December 31, 2022

Operating Leases
Right-of-use assets:
Other assets and deferred charges	$	209,729	$	197,058

Lease liabilities:
Other accrued expenses	$	48,790	$	42,649
Other liabilities	172,983		165,741
Total operating lease liabilities	$	221,773	$	208,390

Finance Leases
Right-of-use assets:


Property, plant and equipment, net (1)	$	7,992	$	7,846

Lease liabilities:
Other accrued expenses	$	3,070	$	2,554
Other liabilities	5,897		6,189
Total finance lease liabilities	$	8,967	$	8,743

(1) Finance lease right-of-use assets are recorded net of accumulated depreciation of $10,302 and $8,017 for the years ended December 31, 2023 and December 31, 2022, respectively.

Average lease terms and discount rates were as follows:


	December 31, 2023		December 31, 2022		December 31, 2021
Weighted-average remaining lease term (years)
Operating leases	7.2		7.8		5.8
Finance leases	3.0		3.6		4.2
Weighted-average discount rate
Operating leases	4.0	%	3.5	%	2.7	%
Finance leases	3.9	%	3.4	%	3.4	%

Schedule of Maturity of Operating Lease Liability

The aggregate future lease payments for operating and finance leases as of December 31, 2023 were as follows:


	Operating		Finance
2024	$	55,883	$	3,397
2025	46,650		2,885
2026	34,209		2,249
2027	28,089		1,222
2028	21,688		118
Thereafter	76,345		26
Total lease payments	262,864		9,897
Less interest	(41,091)		(930)
Present value of lease liabilities	$	221,773	$	8,967

Schedule of Maturity of Finance Lease Liability

The aggregate future lease payments for operating and finance leases as of December 31, 2023 were as follows:


	Operating		Finance
2024	$	55,883	$	3,397
2025	46,650		2,885
2026	34,209		2,249
2027	28,089		1,222
2028	21,688		118
Thereafter	76,345		26
Total lease payments	262,864		9,897
Less interest	(41,091)		(930)
Present value of lease liabilities	$	221,773	$	8,967

Other Accrued Expenses and Other Liabilities - Other Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accrued Liabilities and Other Liabilities [Abstract]
Operating lease liabilities	$ 172,983	$ 165,741
Defined benefit and other post-retirement benefit plans	86,066	92,630
Deferred compensation	79,268	82,479
Unrecognized tax benefits	27,307	34,361
Legal and environmental	26,991	30,139
Deferred revenue	19,544	19,879	$ 21,513
Warranty	7,117	5,098
Other	42,696	44,576
Other liabilities	$ 461,972	$ 474,903

Leases - Cash Flow (Details) - USD ($) $ in Thousands	12 Months Ended
Leases - Cash Flow (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$ 58,846	$ 54,268	$ 55,921
Operating cash flows for finance leases	318	335	357
Financing cash flows for finance leases	3,231	2,917	3,073
Total	62,395	57,520	59,351
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	50,997	57,190	47,666
Financing leases	3,539	3,149	2,016
Total	$ 54,536	$ 60,339	$ 49,682

Financial Instruments (Tables)

12 Months Ended

Dec. 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 December 31, 2023 and 2022 and the balance sheet lines in which they are recorded:


	Fair Value Asset (Liability)
	December 31, 2023		December 31, 2022		Balance Sheet Caption
Foreign currency forward	$	1,675	$	944	Prepaid and other current assets
Foreign currency forward	(874)		(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 (losses) on net investment hedges were as follows:


	2023		2022		2021
(Loss) gain on euro-denominated debt	$	(45,805)	$	80,301	$	94,003


Tax benefit (expense)	10,438		(17,824)		(20,976)
Net (loss) gain on net investment hedges, net of tax	$	(35,367)	$	62,477	$	73,027

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 December 31, 2023 and 2022:


	December 31, 2023		December 31, 2022
	Level 2			Level 2
Assets:
Foreign currency cash flow hedges	$	1,675		$	944
Liabilities:
Foreign currency cash flow hedges	874			2,760

Financial Instruments - Balance Sheet Location (Details) - Foreign currency forward - Designated as Hedging Instrument - USD ($) $ in Thousands	Dec. 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	$ 1,675	$ 944
Other accrued expenses
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Liability	$ (874)	$ (2,760)

Income Taxes - Rate Reconciliation (Details)	12 Months Ended
Income Taxes - Rate Reconciliation (Details)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation [Abstract]
U.S. federal income tax rate	21.00%	21.00%	21.00%
State and local taxes, net of federal income tax benefit	1.60%	1.60%	1.80%
Foreign operations tax effect	0.40%	0.10%	(0.20%)
Foreign-derived intangible income	(1.30%)	(1.30%)	(0.80%)
Share awards	(0.40%)	(0.20%)	(0.80%)
Withholding tax	0.024	0.001	0.001
Change in valuation allowance	(5.50%)	(0.70%)	0.00%
Dispositions	0.00%	0.00%	0.30%
Audit resolutions	(0.60%)	(3.20%)	(1.40%)
Other	(0.80%)	(0.10%)	(0.20%)
Effective tax rate	16.80%	17.30%	19.80%

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Preferred stock, par value per share (in dollars per share)	$ 100	$ 100
Preferred stock, shares authorized (in shares)	100,000	100,000
Preferred stock, shares issued (in shares)	0	0
Common stock, par value per share (in dollars per share)	$ 1	$ 1
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	259,841,534	259,643,756
Treasury stock, shares (in shares)	119,945,271	119,945,271

Other Accrued Expenses and Other Liabilities (Tables)

12 Months Ended

Dec. 31, 2023

Accrued Liabilities and Other Liabilities [Abstract]

Schedule of Major Components of Other Accrued Expenses

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


	December 31, 2023		December 31, 2022

Operating lease liabilities	$	48,790	$	42,649
Accrued rebates and volume discounts	43,941		47,660
Warranty	43,747		43,351
Taxes other than income	31,439		33,782
Restructuring and exit costs	21,759		14,510
Accrued interest	20,723		20,591
Accrued commissions (non-employee)	15,370		15,808



Other	89,758		99,986
Total other accrued expenses	$	315,527	$	318,337

Schedule of Major Components of Other Liabilities

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


	December 31, 2023		December 31, 2022
Operating lease liabilities	$	172,983	$	165,741
Defined benefit and other post-retirement benefit plans	86,066		92,630

Deferred compensation	79,268		82,479
Unrecognized tax benefits	27,307		34,361
Legal and environmental	26,991		30,139
Deferred revenue	19,544		19,879
Warranty	7,117		5,098

Other	42,696		44,576
Total other liabilities	$	461,972	$	474,903

Schedule of Carrying Amount of Product Warranties

Warranty

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


	Years Ended December 31,
	2023		2022		2021
Beginning Balance, January 1,	$	48,449	$	48,568	$	51,088
Provision for warranties	65,003		60,758		67,212
Settlements made	(62,911)		(59,612)		(65,498)
Other adjustments, including acquisitions and currency translation	323		(1,265)		(4,234)
Ending Balance, December 31	$	50,864	$	48,449	$	48,568

Inventories, net

12 Months Ended

Dec. 31, 2023

Inventory, Net [Abstract]

Inventories, net

5. Inventories, net


	December 31, 2023		December 31, 2022
Raw materials	$	696,220	$	812,066
Work in progress	223,655		230,865
Finished goods	425,561		458,881
Subtotal	1,345,436		1,501,812
Less reserves	(119,984)		(135,204)
Total	$	1,225,452	$	1,366,608

At December 31, 2022, approximately 4%, of the Company's total inventories were accounted for using the LIFO method. During the fourth quarter of 2023, the Company changed the method of accounting for the inventories previously accounted for under LIFO to FIFO. As of December 31, 2023 no inventories are accounted for under the LIFO method. See Note 1 — Description of Business and Summary of Significant Accounting Policies

Restructuring Activities (Details) - USD ($) $ in Thousands	12 Months Ended
Restructuring Activities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Restructuring Cost and Reserve [Line Items]
Restructuring	$ 50,435	$ 30,480	$ 26,705
Cost of goods and services
Restructuring Cost and Reserve [Line Items]
Restructuring	19,352	6,855	12,895
Selling, general and administrative expenses
Restructuring Cost and Reserve [Line Items]
Restructuring	31,083	23,625	13,810
Corporate
Restructuring Cost and Reserve [Line Items]
Restructuring	2,444	2,321	2,021
Engineered Products \| Total segments
Restructuring Cost and Reserve [Line Items]
Restructuring	9,510	3,194	9,507
Clean Energy & Fueling \| Total segments
Restructuring Cost and Reserve [Line Items]
Restructuring	20,336	9,571	3,609
Imaging & Identification \| Total segments
Restructuring Cost and Reserve [Line Items]
Restructuring	5,918	4,702	4,589
Pumps & Process Solutions \| Total segments
Restructuring Cost and Reserve [Line Items]
Restructuring	7,686	4,685	1,911
Climate & Sustainability Technologies \| Total segments
Restructuring Cost and Reserve [Line Items]
Restructuring	$ 4,541	$ 6,007	$ 5,068

Credit Losses (Tables)

12 Months Ended

Dec. 31, 2023

Credit Loss [Abstract]

Schedule of Rollforward of Allowance for Credit Losses


	2023		2022		2021
Balance at January 1	$	39,399	$	40,126	$	40,474

Provision for expected credit losses, net of recoveries	2,881		5,552		5,053
Amounts written off charged against the allowance	(10,395)		(4,462)		(5,307)
Other, including dispositions and foreign currency translation	(373)		(1,817)		(94)
Balance at December 31	$	31,512	$	39,399	$	40,126

Goodwill and Other Intangible Assets - Future Amortization (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2024	$ 173,935
2025	170,536
2026	161,908
2027	158,340
2028	$ 126,227

Financial Instruments - Narrative (Details) € in Thousands, $ in Thousands	Dec. 31, 2023 USD ($)	Dec. 31, 2023 EUR (€)	Dec. 31, 2022 USD ($)
Estimate of Fair Value Measurement
Derivatives, Fair Value [Line Items]
Fair value of long-term debt	$ 2,950,401		$ 2,786,862
Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Notional amount	171,425		184,565
Not Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Notional amount	$ 84,867		$ 102,509
1.25% 10-year notes due November 9, 2026 (euro-denominated) \| Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Principal \| €		€ 600,000
0.750% 8-year notes due November 4, 2027 (euro denominated) \| Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Principal \| €		€ 500,000

Income Taxes

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Income Taxes

14. Income Taxes

Income taxes have been based on the following components of earnings before provision for income taxes in the consolidated statements of earnings:


	Years Ended December 31,
	2023		2022		2021
Domestic	$	755,429	$	731,796	$	835,773
Foreign	514,577		555,709		565,053
Total	$	1,270,006	$	1,287,505	$	1,400,826

Income tax expense (benefit) for the years ended December 31, 2023, 2022 and 2021 is comprised of the following:


	Years Ended December 31,
	2023		2022		2021
Current:
U.S. federal	$	143,294	$	106,768	$	150,990
State and local	18,873		1,450		28,106
Foreign	143,216		140,696		154,147
Total current	305,383		248,914		333,243
Deferred:
U.S. federal	(28,471)		(4,760)		(14,143)
State and local	4,047		303		3,165
Foreign	(67,781)		(22,328)		(45,257)
Total deferred	(92,205)		(26,785)		(56,235)
Total expense	$	213,178	$	222,129	$	277,008

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


	Years Ended December 31,
	2023		2022		2021
U.S. federal income tax rate	21.0	%	21.0	%	21.0	%
State and local taxes, net of federal income tax benefit	1.6		1.6		1.8
Foreign operations tax effect	0.4		0.1		(0.2)



Foreign-derived intangible income	(1.3)		(1.3)		(0.8)
Share awards	(0.4)		(0.2)		(0.8)
Withholding tax	2.4		0.1		0.1
Change in valuation allowance	(5.5)		(0.7)		—

Dispositions	—		—		0.3
Audit resolutions	(0.6)		(3.2)		(1.4)
Other	(0.8)		(0.1)		(0.2)
Effective tax rate	16.8	%	17.3	%	19.8	%

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


	December 31, 2023		December 31, 2022
Deferred Tax Assets:
Accrued compensation, postretirement and other employee benefits	$	46,068	$	46,008
Accrued expenses	20,154		20,608
Net operating loss and other carryforwards	326,437		317,186
Inventories	28,729		30,569
Allowance for credit losses	7,679		9,224
Accrued insurance	4,574		3,978

Long-term liabilities, warranty and environmental costs	1,864		2,851
Lease obligations	55,634		47,887
Capitalized research and development	54,397		26,548
Total gross deferred tax assets	545,536		504,859
Valuation allowance	(209,931)		(271,203)
Total deferred tax assets, net of valuation allowances	$	335,605	$	233,656
Deferred Tax Liabilities:
Intangible assets	$	(405,504)	$	(417,809)
Property, plant and equipment	(78,668)		(82,658)
Lease right-of-use assets	(52,769)		(45,202)

Other liabilities	(34,642)		(27,447)
Total deferred tax liabilities	(571,583)		(573,116)
Net deferred tax liability	$	(235,978)	$	(339,460)

Classified as follows in the Consolidated Balance Sheets:

Other assets and deferred charges	$	110,405	$	35,690

Deferred income taxes	(346,383)		(375,150)
	$	(235,978)	$	(339,460)

As of December 31, 2023, the Company has $271,255 of deferred tax assets recorded related to non-U.S. tax loss carryforwards primarily resulting from non-operating activities and tax credit carryforwards. The non-U.S. losses and credits as of December 31, 2023 are available to be carried forward, with $59,816 expiring during the years 2024 through 2043, and the remaining $211,439 carried forward indefinitely.

As of December 31, 2023, the Company has $55,182 of deferred tax assets recorded related to U.S. federal and state tax loss and tax credit carryforwards. The U.S. federal and state tax losses and credits as of December 31, 2023 are available to be carried forward, with $52,206 expiring during the years 2024 through 2043, and the remaining $2,976 carried forward indefinitely.

The Company maintains valuation allowances by jurisdiction against the deferred tax assets related to certain of these carryforwards for which it is more likely than not that some portion or all will not be realized. For the year ended December 31, 2023, the Company recorded a net valuation allowance release of $69,716 against non-U.S. tax loss carryforwards mainly related to an internal reorganization on the basis of management’s reassessment of the amount of its deferred tax assets that are more likely than not to be realized.

In 2023, the Company recorded $30,413 of withholding taxes on current and future distributions from certain foreign subsidiaries. If management decides to repatriate additional foreign earnings, the Company would need to adjust the income tax provision in the period that management makes that decision.

Unrecognized Tax Benefits

The Company files U.S federal, state, local and non-U.S. tax returns. The Company is routinely audited by the tax authorities in these jurisdictions, and a number of audits are currently underway. It is reasonably possible during the next twelve months that uncertain tax positions may be settled, which could result in a decrease in the gross amount of unrecognized tax benefits. This decrease may result in an income tax benefit. Due to the potential for resolution of U.S federal, state and non-U.S. examinations, and the expiration of various statutes of limitation, the Company's gross unrecognized tax benefits balance may change within the next twelve months by a range of zero to $4,578. All significant U.S. federal, state, local and non-U.S. matters have been concluded through 2020. The Company believes adequate provision has been made for all income tax uncertainties.

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


	Total
Unrecognized tax benefits at January 1, 2021	$	72,338
Additions based on tax positions related to the current year	5,859
Additions for tax positions of prior years	3,784
Reductions for tax positions of prior years	(13,008)
Cash settlements	(1,490)
Lapse of statutes	(2,831)
Unrecognized tax benefits at December 31, 2021 (1)	64,652
Additions based on tax positions related to the current year	3,315
Additions for tax positions of prior years	3,421
Reductions for tax positions of prior years	(39,439)
Cash settlements	(411)
Lapse of statutes	(3,352)
Unrecognized tax benefits at December 31, 2022 (1)	28,186
Additions based on tax positions related to the current year	1,235
Additions for tax positions of prior years	2,223
Reductions for tax positions of prior years	(3,361)
Cash settlements	(1,791)
Lapse of statutes	(3,983)
Unrecognized tax benefits at December 31, 2023 (1)	$	22,509

(1) If recognized, the net amount of potential tax benefits as of December 31, 2023 that would impact the Company's effective tax rate is $18,367. During the years ended December 31, 2023, 2022 and 2021, the Company recorded income of $1,378, $8,931 and $2,654, respectively, as a component of provision for income taxes related to the accrued interest and penalties on net reductions to unrecognized tax benefits. The Company had accrued interest and penalties of $4,798 at December 31, 2023 and $6,175 at December 31, 2022, which are not included in the above table.

- 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
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Financial Instruments - Gain/Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
(Loss) gain on euro-denominated debt	$ (45,805)	$ 80,301	$ 94,003
Tax benefit (expense)	10,438	(17,824)	(20,976)
Net (loss) gain on net investment hedges, net of tax	$ (35,367)	$ 62,477	$ 73,027

Borrowings (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Schedule of Short-term Debt

Borrowings consist of the following:


	December 31, 2023		December 31, 2022
Short-term
Commercial paper	$	467,600	$	734,936
Other	682		836

Short-term borrowings	$	468,282	$	735,772

Schedule of Long-term Debt


			Carrying amount (1)
	Principal		December 31, 2023		December 31, 2022
Long-term
3.15% 10-year notes due November 15, 2025	$	400,000	$	398,737	$	398,063
1.25% 10-year notes due November 9, 2026 (euro-denominated)	€	600,000	657,628		631,522
0.750% 8-year notes due November 4, 2027 (euro denominated)	€	500,000	547,342		525,654
6.65% 30-year debentures due June 1, 2028	$	200,000	199,557		199,456
2.950% 10-year notes due November 4, 2029	$	300,000	297,787		297,408
5.375% 30-year debentures due October 15, 2035	$	300,000	297,058		296,808
6.60% 30-year notes due March 15, 2038	$	250,000	248,392		248,279
5.375% 30-year notes due March 1, 2041	$	350,000	345,258		344,982
Other			—		341
Total long-term debt			$	2,991,759	$	2,942,513

(1) Carrying amount is net of unamortized debt discount and deferred debt issuance costs. Total unamortized debt discounts were $10.9 million and $12.7 million as of December 31, 2023 and December 31, 2022, respectively. Total deferred debt issuance costs were $8.9 million and $10.7 million as of December 31, 2023 and December 31, 2022, respectively.

Scheduled Maturities

As of December 31, 2023, the future maturities of long-term debt were as follows:


	Future Maturities
2024	$	—
2025	400,000
2026	660,866
2027	550,721
2028	200,000
2029 and thereafter	1,200,000
Total	$	3,011,587

- 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://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69B

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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-7

+ Details

Acquisitions

12 Months Ended

Dec. 31, 2023

Business Combination and Asset Acquisition [Abstract]

Acquisitions

3. Acquisitions

2023 Acquisitions

During the year ended December 31, 2023, the Company acquired two businesses in separate transactions for total consideration of $535,290, net of cash acquired and inclusive of contingent consideration. These businesses were acquired to complement and expand upon existing operations within the Pumps & Process Solutions and Climate & Sustainability Technologies segments. The goodwill recorded as a result of these acquisitions represents the economic benefits expected to be derived from product line expansions and operational synergies. Goodwill of $224,771 is deductible for income tax purposes and $2,990 is non-deductible for income tax purposes for these acquisitions.

FW Murphy

On December 4, 2023, the Company acquired 100% of the assets, and assumed certain liabilities, of the FW Murphy Production Controls business ("FW Murphy"), a provider of control and optimization solutions for the reciprocating compression industry, for $526,457. The FW Murphy acquisition strengthens the Company's position in compression technologies for natural gas and clean energy applications, and adds complementary offerings within the Pumps & Process Solutions segment. In connection with this acquisition, the Company recorded goodwill of $224,771 and intangible assets of $254,000 for customer intangibles, $11,100 for unpatented technology and $10,400 for trademarks. The fair value for customer intangibles at the acquisition date was determined using the multi-period excess earnings method under the income approach. The fair value measurements of intangible assets are based on significant unobservable inputs, and thus represent Level 3 inputs. Significant assumptions used in assessing the fair values of intangible assets include discounted future cash flows, customer attrition rates and discount rates. The fair values of the assets acquired and liabilities assumed are based on preliminary estimates and assumptions. These preliminary estimates and assumptions could change significantly during the measurement period as the Company finalizes the valuations of the assets acquired and liabilities assumed.

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


	Total
Current assets	$	26,564



Goodwill	224,771
Intangible assets	275,500
Other assets and deferred charges	9,508
Current liabilities	(1,316)
Non-current liabilities	(8,570)
Net assets acquired	$	526,457

Other Acquisitions

On August 28, 2023, the Company acquired 100% of the equity interests in the Arc Pacific group ("Arc Pacific"), a global supplier of can washers, dry-off, pin and internal bake ovens for the metal packaging industry, for $8,833, net of cash acquired and including contingent consideration. The Arc Pacific acquisition extends the Company's reach into can processing equipment production within the Climate & Sustainability Technologies segment. In connection with this acquisition, the Company recorded goodwill of $2,990 and intangible assets of $7,670, primarily related to customer intangibles.

The amounts assigned to goodwill and major intangible asset classifications for all 2023 acquisitions were as follows:


	Amount allocated		Useful life (in years)
Goodwill	$	224,771	na
Goodwill - non-deductible	2,990		na
Customer intangibles	259,700		9	-	15

Unpatented technology	12,510		7	-	8
Trademarks	10,960		15

	$	510,931

2022 Acquisitions

During the year ended December 31, 2022, the Company acquired three businesses in separate transactions for total consideration of $309,504, net of cash acquired and inclusive of measurement period adjustments. Of these transactions, one includes additional consideration contingent on achieving certain financial performance targets. These businesses were acquired to complement and expand upon existing operations within the Pumps & Process Solutions segment. The goodwill recorded as a result of these acquisitions represents the economic benefits expected to be derived from product line expansions and operational synergies. The goodwill is non-deductible for income tax purposes for these acquisitions.

Malema

On July 1, 2022, the Company acquired 99.7% of the equity interests in Malema Engineering Corporation and its related foreign entities ("Malema"), a designer and manufacturer of flow measurement and control instruments serving customers in the biopharmaceutical, semiconductor and industrial sectors, for $223,462, net of cash acquired and inclusive of the impact of measurement period adjustments discussed below, subject to contingent consideration. During the fourth quarter of 2022, the Company acquired the remaining 0.3% of equity interests in Malema. The Malema acquisition expands the Company's biopharma single-use production offering within the Pumps & Process Solutions segment. The contingent consideration is based upon meeting certain financial performance targets by March 31, 2024 with a maximum potential payout of $50,000. As of December 31, 2023, the estimated payout is zero as no payment is expected to be required. In connection with this acquisition, the Company recorded goodwill of $153,082 and intangible assets of $64,000 for customer intangibles, $16,000 for patents, and $4,000 for trademarks. The fair value for customer intangibles at the acquisition date was determined using the multi-period excess earnings method under the income approach. The fair value measurements of intangible assets are based on significant unobservable inputs, and thus represent Level 3 inputs. Significant assumptions used in assessing the fair values of intangible assets include discounted future cash flows, customer attrition rates and discount rates. During the year ended December 31, 2023 the Company recorded measurement period adjustments primarily related to its treatment of certain liabilities. These adjustments are based on facts and circumstances that existed, but were not known, as of the acquisition date which resulted in an increase in goodwill of $1,381.

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


	Total
Current assets, net of cash acquired	$	8,985
Property, plant and equipment	2,733
Goodwill	153,082
Intangible assets	84,000
Other assets and deferred charges	1,159
Current liabilities	(4,487)
Non-current liabilities	(22,010)
Net assets acquired	$	223,462

Other acquisitions

On December 14, 2022, the Company acquired 100% of the equity interests in Witte Pumps & Technology GmbH ("Witte"), a manufacturer of precision gear pumps, for $77,942, net of cash acquired. The Witte acquisition expands the Company's reach into gear pump manufacturing and associated spare parts and services for the chemical, plastics and polymer processing, food and beverage, and pharmaceutical industries within the Pumps & Process Solutions segment. In connection with this acquisition, the Company recorded goodwill of $41,779 and intangible assets of $34,812, primarily related to customer intangibles. The Company recorded measurement period adjustments primarily related to current assets. These adjustments are based on facts and circumstances that existed, but were not known, as of the acquisition date which resulted in a decrease in goodwill of $3,749.

On May 2, 2022, the Company acquired 100% of the equity interests in AMN DPI ("AMN"), a designer and manufacturer of polymer pelletizing tools, for $8,100, net of cash acquired. The AMN acquisition extends the Company's reach into polymer processing equipment production within the Pumps & Process Solutions segment. In connection with this acquisition, the Company recorded goodwill of $1,903 and intangible assets of $5,625, primarily related to customer intangibles.

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


	Total
Current assets, net of cash acquired	$	28,435
Property, plant and equipment	4,222
Goodwill	43,682
Intangible assets	40,437
Other assets and deferred charges	3,580
Current liabilities	(19,172)
Non-current liabilities	(15,142)
Net assets acquired	$	86,042

The amounts assigned to goodwill and major intangible asset classifications for all 2022 acquisitions were as follows:


	Amount allocated		Useful life (in years)

Goodwill - non-deductible	$	196,764	na
Customer intangibles	90,742		10	-	15
Patents	16,000		10
Unpatented technology	10,302		8
Trademarks	7,393		15

	$	321,201

2021 Acquisitions

During the year ended December 31, 2021, the Company acquired nine businesses in separate transactions for total consideration of $1,125,786, net of cash acquired of $18,475, including contingent consideration of $13,002 and measurement period adjustments discussed below. These businesses were acquired to complement and expand upon existing operations within the Clean Energy & Fueling, Engineered Products, Imaging & Identification, and Pumps & Process Solutions segments. The goodwill recorded as a result of these acquisitions represents the economic benefits expected to be derived from product line expansions and operational synergies. Goodwill of $200,117 is deductible for income tax purposes and $384,269 is non-deductible for income tax purposes for these acquisitions.

RegO

On December 28, 2021, the Company acquired 100% of the voting stock of ECI Holding Company, LLC ("RegO"), a provider of highly-engineered components and services that facilitate the production, storage, and distribution of cryogenic gases, for $626,618, net of cash acquired and inclusive of the impact of measurement period adjustments discussed below. The RegO acquisition strengthens the Company's offering for the hydrogen ("H2"), liquefied natural gas ("LNG"), and liquefied petroleum gas ("LPG") applications, as well as Dover's participation in the attractive cryogenic industrial gases end market within the Clean Energy & Fueling segment. In connection with this acquisition, the Company recorded goodwill of $170,800 deductible for income tax purposes and $110,363 non-deductible for income tax purposes and intangible assets of $173,000 for customer intangibles, $40,000 for patents and $21,000 for trademarks. The fair value for customer intangibles at the acquisition date was determined using the multi-period excess earnings method under the income approach. The fair value measurements of intangible assets are based on significant unobservable inputs, and thus represent Level 3 inputs. Significant assumptions used in assessing the fair values of intangible assets include discounted future cash flows, customer attrition rates and discount rates. The fair value of assets acquired also includes trade receivables of $33,900. The gross amount is $34,606, of which $706 is expected to be uncollectible. During the year ended December 31, 2022, the Company recorded measurement period adjustments primarily related to deferred taxes and changes in net working capital. These adjustments are based on facts and circumstances that existed, but were not known, as of the acquisition date which resulted in an increase in goodwill of $4,187.

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


	Total
Accounts receivable	$	33,900
Inventories	71,529
Other current assets	2,958
Property, plant and equipment	50,027
Goodwill	281,163
Intangible assets	234,000
Other assets and deferred charges	884
Current liabilities	(20,150)
Non-current liabilities	(27,693)
Net assets acquired	$	626,618

Acme Cryogenics

On December 16, 2021, the Company acquired 100% of the voting stock of Acme Cryo Intermediate Inc. ("Acme Cryogenics"), a provider of highly-engineered components and services that facilitate the production, storage, and distribution of cryogenic gases, for $292,306, net of cash acquired and inclusive of the impact of measurement period adjustments discussed below. The Acme Cryogenics acquisition strengthens the Company's offering for the H2, LNG, and LPG applications, as well as Dover's participation in the attractive cryogenic industrial gases end market within the Clean Energy & Fueling segment. In connection with this acquisition, the Company recorded goodwill of $167,291 non-deductible for income tax purposes and intangible assets of $99,000 for customer intangibles, $21,800 for unpatented technology and $6,500 for trademarks. The fair value for customer intangibles at the acquisition date was determined using the multi-period excess earnings method under the income approach. The fair value measurements of intangible assets are based on significant unobservable inputs and thus represent Level 3 inputs. Significant assumptions used in assessing the fair values of intangible assets include discounted future cash flows, customer attrition rates and discount rates. The fair value of assets acquired also includes trade receivables of $14,644. The gross amount is $14,912, of which $268 is expected to be uncollectible. During the year ended December 31, 2022, the Company recorded measurement period adjustments primarily related to deferred taxes and changes in net working capital. These adjustments are based on facts and circumstances that existed, but were not known, as of the acquisition date which resulted in a decrease in goodwill of $1,918.

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


	Total
Current assets, net of cash acquired	$	25,932
Property, plant and equipment	8,640
Goodwill	167,291
Intangible assets	127,300
Other assets and deferred charges	5,057
Current liabilities	(7,286)
Non-current liabilities	(34,628)
Net assets acquired	$	292,306

Other acquisitions

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

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

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

On June 24, 2021, the Company acquired 100% of the voting stock of Blue Bite LLC ("Blue Bite"), a provider of consumer engagement and brand protection software solutions, for $30,143, net of cash acquired and including contingent consideration. The Blue Bite acquisition strengthens the Company's offering of product traceability and authentication solutions within the Imaging & Identification segment. In connection with this acquisition, the Company recorded goodwill of $20,458 and intangible assets of $13,250, primarily related to technology.

On June 23, 2021, the Company acquired 100% of the voting stock of Quantex Arc Limited ("Quantex"), a provider of single-use, recyclable pumps, for $23,747, net of cash acquired and including contingent consideration. The Quantex acquisition enhances the offering of single-use pumps for biopharma and other hygienic applications within the Pumps & Process Solutions segment. In connection with this acquisition, the Company recorded goodwill of $14,327 and intangible assets of $11,034, primarily related to patented technology.

On April 19, 2021, the Company acquired 100% of the voting stock of AvaLAN Wireless Systems Incorporated ("AvaLAN"), a provider of secure wireless communications solutions for the convenience and fuel retail industry, for $34,144, net of cash acquired. The AvaLAN acquisition extends the Company's reach into the systems and software offering within the Clean Energy & Fueling segment. In connection with this acquisition, the Company recorded goodwill of $26,803 and intangible assets of $14,630, primarily related to customer intangibles.

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

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


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

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


	Amount allocated		Useful life (in years)
Goodwill - tax deductible	$	200,117	na
Goodwill - non deductible	384,269		na
Customer intangibles	310,819		12	-	15
Patents	49,056		7	-	12
Unpatented technology	44,180		7	-	12
Trademarks	35,424		15	-	16

	$	1,023,865

Pro forma Information (Unaudited)

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


	Year Ended December 31, 2021

Revenue:
As reported	$	7,907,081
Pro forma (unaudited)	8,163,185
Earnings:
As reported	$	1,123,818
Pro forma (unaudited)	1,145,106

The pro forma results for the remaining seven acquisitions in 2021, as well as the acquisitions in 2022 and 2023 are not presented as they are not considered material.

Equity and Cash Incentive Program - Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-Based Payment Arrangement [Abstract]
Pre-tax stock-based compensation expense	$ 31,465	$ 30,821	$ 31,111
Tax benefit	(3,266)	(2,993)	(2,859)
Total stock-based compensation expense, net of tax	$ 28,199	$ 27,828	$ 28,252

Property, Plant and Equipment

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment, net

6. Property, Plant and Equipment, net


	December 31, 2023		December 31, 2022
Land	$	66,443	$	62,495
Buildings and improvements	640,654		620,500
Machinery, equipment and other	1,944,470		1,895,502
Property, plant and equipment, gross	2,651,567		2,578,497
Accumulated depreciation	(1,619,751)		(1,573,672)
Property, plant and equipment, net	$	1,031,816	$	1,004,825

Depreciation expense totaled $157,347, $148,910 and $147,309 for the years ended December 31, 2023, 2022 and 2021, respectively.

Equity and Cash Incentive Program - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	May 03, 2012	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	May 07, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for grant (in shares)					13,188,197
Plan expiration period	10 years
Service requisite period		3 years
Award term		10 years
Stock Appreciation Rights (SARs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)		359,715	335,285	413,173
Unrecognized compensation expense		$ 10,967
Unrecognized compensation expense period of recognition		1 year 6 months
Granted (in dollars per share)		$ 47.27	$ 42.07	$ 29.08
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Service requisite period		3 years
Granted (in shares)		43,656	40,087	50,371
Unrecognized compensation expense		$ 9,599
Unrecognized compensation expense period of recognition		1 year 9 months 18 days
Vesting period		3 years
Granted (in dollars per share)		$ 249.48	$ 196.40	$ 148.29
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)		91,439	79,556	87,177
Unrecognized compensation expense		$ 10,387
Unrecognized compensation expense period of recognition		1 year 4 months 24 days
Vesting period		3 years
Granted (in dollars per share)		$ 153.25	$ 160.21	$ 122.73
2021 Plan - Rollover from 2012 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for grant (in shares)					4,888,197
2021 Plan - New Issuance
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for grant (in shares)					8,300,000

Inventories, net (Tables)

12 Months Ended

Dec. 31, 2023

Inventory, Net [Abstract]

Schedule of Components of Inventory


	December 31, 2023		December 31, 2022
Raw materials	$	696,220	$	812,066
Work in progress	223,655		230,865
Finished goods	425,561		458,881
Subtotal	1,345,436		1,501,812
Less reserves	(119,984)		(135,204)
Total	$	1,225,452	$	1,366,608

Equity and Cash Incentive Program - Performance Shares and RSU Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Performance Shares
Number of Shares
Unvested, beginning balance (in shares)	85,807
Granted (in shares)	43,656	40,087	50,371
Forfeited (in shares)	(7,360)
Vested (in shares)	(44,342)
Unvested, ending balance (in shares)	77,761	85,807
Weighted Average Grant-Date Fair Value
Unvested, beginning balance (in dollars per share)	$ 170.03
Granted (in dollars per share)	249.48	$ 196.40	$ 148.29
Forfeited (in dollars per share)	197.65
Vested (in dollars per share)	148.29
Unvested, ending balance (in dollars per share)	$ 224.42	$ 170.03
Restricted Stock Units (RSUs)
Number of Shares
Unvested, beginning balance (in shares)	147,676
Granted (in shares)	91,439	79,556	87,177
Forfeited (in shares)	(12,513)
Vested (in shares)	(73,628)
Unvested, ending balance (in shares)	152,974	147,676
Weighted Average Grant-Date Fair Value
Unvested, beginning balance (in dollars per share)	$ 135.98
Granted (in dollars per share)	153.25	$ 160.21	$ 122.73
Forfeited (in dollars per share)	148.95
Vested (in dollars per share)	133.83
Unvested, ending balance (in dollars per share)	$ 145.45	$ 135.98

Financial Instruments - Fair Value (Details) - Level 2 - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Assets:
Foreign currency cash flow hedges	$ 1,675	$ 944
Liabilities:
Foreign currency cash flow hedges	$ 874	$ 2,760

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net earnings	$ 1,056,828	$ 1,065,376	$ 1,123,818

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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+ Details

Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

9. Goodwill and Other Intangible Assets

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
Goodwill	$	733,874	$	1,427,691	$	1,106,202	$	852,809	$	508,807	$	4,629,383
Accumulated impairment loss (1)	(10,591)		—		—		(59,970)		—		(70,561)
Balance at January 1, 2022	723,283		1,427,691		1,106,202		792,839		508,807		4,558,822

Acquisitions	—		—		—		200,513		—		200,513
Measurement period adjustments	(286)		2,432		(1,544)		968		—		1,570

Foreign currency translation	(10,455)		(38,705)		(26,399)		(14,785)		(1,067)		(91,411)
Balance at December 31, 2022	712,542		1,391,418		1,078,259		979,535		507,740		4,669,494

Acquisitions	—		—		—		224,771		2,990		227,761
Measurement period adjustments	—		—		—		(5,103)		—		(5,103)
Held for sale	(58,897)		—		—		—		—		(58,897)
Foreign currency translation	5,736		17,884		14,701		9,368		743		48,432
Balance at December 31, 2023	$	659,381	$	1,409,302	$	1,092,960	$	1,208,571	$	511,473	$	4,881,687

(1) Accumulated impairment loss as of December 31, 2023 is not subject to foreign currency translation.

During 2023 and 2022, the Company recognized additions of $227,761 and $200,513, respectively, to goodwill as a result of acquisitions as discussed in Note 3 — Acquisitions. During the year ended December 31, 2023, the Company recorded measurement period adjustments that decreased goodwill by $5,103, principally related to working capital adjustments for 2022 acquisitions within the Pumps & Process Solutions segment. As noted in Note 4 — Dispositions, the Company classified De-Sta-Co's assets and liabilities separately as current assets and current liabilities held for sale within the consolidated balance sheets as of December 31, 2023. As a result, the Engineered Products segment goodwill balance was reduced by $58,897. There were no dispositions of goodwill during 2023 or 2022.

Annual impairment testing

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

The Company performed its annual goodwill impairment test during the fourth quarter of 2023 using a discounted cash flow analysis as discussed in Note 1 — Description of Business and Summary of Significant Accounting Policies. The Company performed a quantitative goodwill impairment test for each of its reporting units, concluding that the fair values of all of its reporting units were in excess of their carrying values. No impairment of goodwill was required. The discounted cash flow analysis includes management's current assumptions as to future cash flows and long-term growth rates. The discount rates utilized are based on a capital asset pricing model and published relevant industry rates, which take into consideration the risks and uncertainties inherent to the reporting units and in the internally developed forecasts. The discount rate used in the 2023 reporting unit valuations was 10.6%. Further, the Company assessed the current market capitalization, forecasts and the amount of headroom in the 2023 impairment test.

While the Company believes the assumptions used in the 2023 impairment analysis are reasonable and representative of expected results, actual results may differ from expectations.

Intangible Assets

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


	December 31, 2023						December 31, 2022
	Gross Amount		Accumulated Amortization		Net Carrying Amount		Gross Amount		Accumulated Amortization		Net Carrying Amount
Amortized intangible assets:
Customer intangibles	$	2,138,788	$	1,094,053	$	1,044,735	$	1,881,402	$	996,947	$	884,455
Trademarks	274,711		147,212		127,499		265,466		132,791		132,675
Patents	206,871		142,719		64,152		219,199		146,337		72,862
Unpatented technologies	277,198		159,148		118,050		257,428		137,750		119,678
Distributor relationships	82,031		63,343		18,688		79,622		57,299		22,323

Other	24,211		10,053		14,158		46,880		41,682		5,198
Total	3,003,810		1,616,528		1,387,282		2,749,997		1,512,806		1,237,191
Unamortized intangible assets:
Trademarks	96,631		—		96,631		96,544		—		96,544
Total intangible assets, net	$	3,100,441	$	1,616,528	$	1,483,913	$	2,846,541	$	1,512,806	$	1,333,735

The Company recorded $283,170 of acquired intangible assets in 2023. See Note 3 — Acquisitions for further information. In addition, during the year ended December 31, 2023, the Company acquired certain intellectual property assets through an immaterial asset acquisition. These assets were classified as unpatented technologies and included in the Imaging & Identification segment.

For the years ended December 31, 2023, 2022 and 2021, amortization expense was $160,116, $158,628 and $142,814 respectively. Amortization expense is primarily comprised of acquisition-related intangible amortization.

Estimated future amortization expense related to intangible assets held at December 31, 2023 for the next five years is as follows:


	Estimated Amortization
2024	$	173,935
2025	170,536
2026	161,908
2027	158,340
2028	126,227

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parentheticals) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Stockholders' Equity [Abstract]
Common stock, par value per share (in dollars per share)	$ 1	$ 1	$ 1
Dividends paid per common share (in dollars per share)	$ 2.03	$ 2.01	$ 1.99

Leases - Maturity Table (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Operating
2024	$ 55,883
2025	46,650
2026	34,209
2027	28,089
2028	21,688
Thereafter	76,345
Total lease payments	262,864
Less interest	(41,091)
Total operating lease liabilities	221,773	$ 208,390
Finance
2024	3,397
2025	2,885
2026	2,249
2027	1,222
2028	118
Thereafter	26
Total lease payments	9,897
Less interest	(930)
Present value of lease liabilities	$ 8,967	$ 8,743

Employee Benefit Plans - Actual and Target Allocations of Plan Assets (Details)	Dec. 31, 2023	Dec. 31, 2022
Defined Benefit Plan, Plan Assets, Allocations [Abstract]
Actual plan asset allocations	100.00%	100.00%
Target plan asset allocations	100.00%
Return-seeking investments
Defined Benefit Plan, Plan Assets, Allocations [Abstract]
Actual plan asset allocations	28.00%	27.00%
Target plan asset allocations	30.00%
Liability hedging investments
Defined Benefit Plan, Plan Assets, Allocations [Abstract]
Actual plan asset allocations	72.00%	73.00%
Target plan asset allocations	70.00%
Other
Defined Benefit Plan, Plan Assets, Allocations [Abstract]
Actual plan asset allocations	0.00%	0.00%
Target plan asset allocations	0.00%

Inventories, net (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Inventory, Net [Abstract]
Raw materials	$ 696,220	$ 812,066
Work in progress	223,655	230,865
Finished goods	425,561	458,881
Subtotal	1,345,436	1,501,812
Less reserves	(119,984)	(135,204)
Total	1,225,452	$ 1,366,608
Percentage of LIFO inventory		4.00%
LIFO inventory amount	$ 0

Financial Instruments

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Financial Instruments

13. Financial Instruments

Derivatives

The Company is exposed to market risk for changes in foreign currency exchange rates due to the global nature of its operations and certain commodity risks. In order to manage these risks, the Company has hedged portions of its forecasted sales and purchases, which occur within the next twelve months that are denominated in non-functional currencies, with currency forward contracts designated as cash flow hedges. At December 31, 2023 and 2022, the Company had contracts with total notional amounts of $171,425 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 $84,867 and $102,509 as of December 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 consolidated statements of earnings.

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


	Fair Value Asset (Liability)
	December 31, 2023		December 31, 2022		Balance Sheet Caption
Foreign currency forward	$	1,675	$	944	Prepaid and other current assets
Foreign currency forward	(874)		(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), net of tax as a separate component of the consolidated statements of stockholders' equity and is reclassified into revenues or cost of goods and services in the 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 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 (losses) on net investment hedges were as follows:


	2023		2022		2021
(Loss) gain on euro-denominated debt	$	(45,805)	$	80,301	$	94,003


Tax benefit (expense)	10,438		(17,824)		(20,976)
Net (loss) gain on net investment hedges, net of tax	$	(35,367)	$	62,477	$	73,027

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 December 31, 2023 and 2022:


	December 31, 2023		December 31, 2022
	Level 2			Level 2
Assets:
Foreign currency cash flow hedges	$	1,675		$	944
Liabilities:
Foreign currency cash flow hedges	874			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 December 31, 2023 and 2022 was $2,950,401 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 December 31, 2023 and 2022 due to the short-term nature of these instruments.

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating Activities:
Net earnings	$ 1,056,828	$ 1,065,376	$ 1,123,818
Adjustments to reconcile net earnings to cash provided by operating activities:
Depreciation and amortization	317,463	307,538	290,123
Stock-based compensation	31,465	30,821	31,111
Gain on dispositions	0	0	(206,338)
Provision for losses on accounts receivable (net of recoveries)	2,881	5,552	5,053
Deferred income taxes	(99,286)	(28,138)	(48,322)
Employee benefit plan expense	5,679	3,096	11,897
Other, net	(12,385)	(18,218)	(7,368)
Cash effect of changes in assets and liabilities (excluding effects of acquisitions, dispositions and foreign exchange):
Accounts receivable	86,501	(209,021)	(201,540)
Inventories	145,451	(199,033)	(297,623)
Prepaid expenses and other assets	10,158	(3,494)	(14,303)
Accounts payable	(104,576)	15,422	229,334
Accrued compensation and employee benefits	4,222	(34,803)	65,482
Accrued expenses and other liabilities	(75,160)	(54,067)	60,734
Accrued taxes	(16,798)	(62,417)	88,190
Contributions to employee benefit plans	(16,098)	(12,890)	(14,383)
Net cash provided by operating activities	1,336,345	805,724	1,115,865
Investing Activities:
Additions to property, plant and equipment	(192,592)	(220,962)	(171,465)
Acquisitions, net of cash and cash equivalents acquired	(533,623)	(312,855)	(1,112,075)
Proceeds from sale of property, plant and equipment	4,234	6,061	7,070
Proceeds from dispositions	0	0	274,982
Other	(4,649)	(13,168)	8,735
Net cash used in investing activities	(726,630)	(540,924)	(992,753)
Financing Activities:
Change in commercial paper and other short-term borrowings, net	(267,490)	629,891	105,000
Dividends paid to stockholders	(284,297)	(287,551)	(286,896)
Repurchase of common stock, including payment under accelerated share repurchase program	0	(585,000)	(21,637)
Payments to settle employee tax obligations on exercise of share-based awards	(12,137)	(14,637)	(41,924)
Other	(4,132)	(2,968)	(4,423)
Net cash used in financing activities	(568,056)	(260,265)	(249,880)
Effect of exchange rate changes on cash and cash equivalents	(6,666)	(9,171)	(803)
Net increase (decrease) in cash and cash equivalents, including cash held for sale	34,993	(4,636)	(127,571)
Cash and cash equivalents at beginning of year	380,868	385,504	513,075
Cash and cash equivalents, including cash held for sale, at end of year	415,861	380,868	385,504
Supplemental information - cash paid during the year for:
Income taxes	332,192	354,468	233,631
Interest	126,704	112,469	102,139
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations [Abstract]
Cash and cash equivalents	398,561	380,868	385,504
Cash and cash equivalents held for sale	17,300	0	0
Cash and cash equivalents, including cash held for sale	$ 415,861	$ 380,868	$ 385,504

Borrowings

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Borrowings

12. Borrowings

Borrowings consist of the following:


	December 31, 2023		December 31, 2022
Short-term
Commercial paper	$	467,600	$	734,936
Other	682		836

Short-term borrowings	$	468,282	$	735,772

During the year ended December 31, 2023, commercial paper borrowings decreased $267,336. The borrowings outstanding under the commercial paper program had a weighted average annual interest rate of 5.51% and 4.61% as of December 31, 2023 and December 31, 2022, respectively.


			Carrying amount (1)
	Principal		December 31, 2023		December 31, 2022
Long-term
3.15% 10-year notes due November 15, 2025	$	400,000	$	398,737	$	398,063
1.25% 10-year notes due November 9, 2026 (euro-denominated)	€	600,000	657,628		631,522
0.750% 8-year notes due November 4, 2027 (euro denominated)	€	500,000	547,342		525,654
6.65% 30-year debentures due June 1, 2028	$	200,000	199,557		199,456
2.950% 10-year notes due November 4, 2029	$	300,000	297,787		297,408
5.375% 30-year debentures due October 15, 2035	$	300,000	297,058		296,808
6.60% 30-year notes due March 15, 2038	$	250,000	248,392		248,279
5.375% 30-year notes due March 1, 2041	$	350,000	345,258		344,982
Other			—		341
Total long-term debt			$	2,991,759	$	2,942,513

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.

On April 6, 2023, the Company entered into new $1.0 billion five-year and $500.0 million 364-day unsecured revolving credit facilities ("Credit Agreements") with a syndicate of banks. The new five-year credit facility replaced the previous $1 billion five-year unsecured revolving credit facility, which was set to expire on October 4, 2024 and was terminated by the Company upon execution of the new five-year credit facility. The lenders' commitments under the five-year and 364-day Credit Agreements will terminate and the loans under the Credit Agreements will mature on April 6, 2028 and April 4, 2024, respectively. The Company may elect to extend the maturity date of any loans under the 364-day credit facility until April 4, 2025, subject to conditions specified therein. The Credit Agreements are designated as a liquidity back-stop for the Company's commercial paper program, which was upsized from $1.0 billion to $1.5 billion during the second quarter of 2023, and also are available for general corporate purposes. At the Company's election, loans under the Credit Agreements will bear interest at a base rate plus an applicable margin. The Credit Agreements require the Company to pay facility fees and impose 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 December 31, 2023 and December 31, 2022, there were no outstanding borrowings under the new Credit Agreements or the previous five-year credit facility.

The Company was in compliance with all covenants in the Credit Agreements and other long-term debt covenants at December 31, 2023 and had an interest coverage ratio of consolidated EBITDA to consolidated net interest expense of 14.5 to 1.

As of December 31, 2023, the future maturities of long-term debt were as follows:


	Future Maturities
2024	$	—
2025	400,000
2026	660,866
2027	550,721
2028	200,000
2029 and thereafter	1,200,000
Total	$	3,011,587

Letters of Credit and other Guarantees

As of December 31, 2023, the Company had approximately $180.0 million outstanding in letters of credit, surety bonds, and performance and other guarantees which primarily expire on various dates through 2031. 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.

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+ Details

Restructuring Activities (Details) - USD ($) $ in Thousands	12 Months Ended
Restructuring Activities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Restructuring Reserve [Roll Forward]
Beginning balance	$ 14,510	$ 13,797	$ 14,913
Restructuring charges	50,435	30,480	26,705
Payments	(41,309)	(22,134)	(17,122)
Other, including foreign currency translation	(1,877)	(7,633)	(10,699)
Ending balance	21,759	14,510	13,797
Severance
Restructuring Reserve [Roll Forward]
Beginning balance	12,007	10,730	10,547
Restructuring charges	37,433	15,388	11,561
Payments	(31,364)	(13,975)	(10,951)
Other, including foreign currency translation	570	(136)	(427)
Ending balance	18,646	12,007	10,730
Exit
Restructuring Reserve [Roll Forward]
Beginning balance	2,503	3,067	4,366
Restructuring charges	13,002	15,092	15,144
Payments	(9,945)	(8,159)	(6,171)
Other, including foreign currency translation	(2,447)	(7,497)	(10,272)
Ending balance	$ 3,113	$ 2,503	$ 3,067

Earnings per Share - Reconciliation of the information (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Earnings Per Share [Abstract]
Net earnings	$ 1,056,828	$ 1,065,376	$ 1,123,818
Basic earnings per common share:
Net earnings basic (in dollars per share)	$ 7.56	$ 7.47	$ 7.81
Weighted average basic shares outstanding (in shares)	139,848	142,681	143,923
Diluted earnings per common share:
Net earnings diluted (in dollars per share)	$ 7.52	$ 7.42	$ 7.74
Weighted average diluted shares outstanding (in shares)	140,599	143,595	145,273

- Definition

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

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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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

+ References

+ Details

Borrowings - Short Term (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Short-term borrowings	$ 468,282	$ 735,772
Commercial paper
Debt Instrument [Line Items]
Short-term borrowings	467,600	734,936
Other
Debt Instrument [Line Items]
Short-term borrowings	$ 682	$ 836

- Definition

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+ Details

Stockholders' Equity	12 Months Ended
Stockholders' Equity	Dec. 31, 2023
Equity [Abstract]
Stockholders' Equity	21. Stockholders' Equity Share Repurchases In November 2020, the Company's Board of Directors approved a standing share repurchase authorization whereby the Company may repurchase up to 20 million shares beginning on January 1, 2021 through December 31, 2023. On August 31, 2022, the Company entered into a $500,000 accelerated share repurchase agreement (the "ASR Agreement") with Bank of America N.A. ("Bank of America") to repurchase its shares in an accelerated share repurchase program (the "ASR Program"). The ASR Program is classified as equity, initially recorded at fair value with no subsequent remeasurement. The Company conducted the ASR Program under the November 2020 share repurchase authorization. The Company funded the ASR Program with net proceeds from commercial paper. Under the terms of the ASR Agreement, the Company paid Bank of America $500,000 on September 1, 2022 and on that date received initial deliveries of 3,201,025 shares, representing a substantial majority of the shares expected to be retired over the course of the ASR Agreement. In December 2022, Bank of America delivered 691,270 additional shares which completed the ASR Program. During 2022, the Company received a total of 3,892,295 shares upon completion of the ASR Agreement. The total number of shares ultimately repurchased under the ASR Agreement was based on the volume-weighted average share price of Dover's common stock during the calculation period of the ASR Program, less a discount, which was $128.46 over the term of the ASR Program. During the year ended December 31, 2023, the Company had no share repurchases. During the years ended 2022, and 2021, exclusive of the ASR Program, the Company repurchased 641,428, and 182,951 shares of common stock at a total cost of $85,000, and $21,637 or $132.52, and $118.27 per share, respectively. Upon expiration of the November 2020 share repurchase authorization on December 31, 2023, 15,283,326 shares remained unused. In August 2023, 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, 2024 through December 31, 2026.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1
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-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

Employee Benefit Plans

12 Months Ended

Dec. 31, 2023

Retirement Benefits [Abstract]

Employee Benefit Plans

17. Employee Benefit Plans

The Company offers defined contribution retirement plans which cover the majority of its U.S. employees, as well as employees in certain other countries. The Company’s expense relating to defined contribution plans was $61,032, $57,543 and $59,719 for the years ended December 31, 2023, 2022 and 2021, respectively.

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

The U.S. qualified and non-qualified defined benefit plans were closed to new employees after December 31, 2013. All pension-eligible employees as of December 31, 2013 continued to earn a pension benefit through December 31, 2023 as long as they remained employed by the Company participating in the impacted plans. Effective January 1, 2024, the plans will be frozen for any future benefit accruals.

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

Obligations and Funded Status

The following tables summarize the change in benefit obligations, change in plan assets, and funded status associated with the Company's significant defined benefit plans and the amounts recognized in the consolidated balance sheets at December 31, 2023 and 2022:


	Qualified Defined Benefits								Non-Qualified Supplemental Benefits
	U.S. Plan				Non-U.S. Plans
	2023		2022		2023		2022		2023		2022
Change in benefit obligation:
Benefit obligation at beginning of year	$	319,901	$	478,346	$	215,317	$	314,715	$	32,503	$	42,905
Service cost	2,867		5,703		3,712		4,675		970		1,426
Interest cost	17,203		13,745		10,591		5,220		1,636		1,215
Plan participants' contributions	—		—		2,251		2,186		—		—
Benefits paid	(17,701)		(17,680)		(11,953)		(9,756)		(6,582)		(3,831)
Actuarial loss (gain)(1)	22,384		(126,985)		16,884		(72,977)		662		(9,596)

Amendments	—		—		41		(2,291)		—		384
Settlements and curtailments	(25,348)		(33,228)		(1,116)		(8,849)		—		—
Currency translation and other	—		—		14,302		(17,606)		—		—

Benefit obligation at end of year	319,306		319,901		250,029		215,317		29,189		32,503
Change in plan assets:
Fair value of plan assets at beginning of year	394,053		573,100		152,860		219,677		—		—
Actual return on plan assets	40,633		(125,011)		11,935		(48,147)		—		—
Company contributions	—		—		9,516		9,059		6,582		3,831
Plan participants' contributions	—		—		2,251		2,186		—		—
Benefits paid	(17,701)		(17,680)		(11,953)		(9,756)		(6,582)		(3,831)

Settlements and curtailments	(24,466)		(36,356)		(298)		(8,640)		—		—
Currency translation and other	—		—		11,454		(11,519)		—		—

Fair value of plan assets at end of year	392,519		394,053		175,765		152,860		—		—
Funded (Unfunded) status	$	73,213	$	74,152	$	(74,264)	$	(62,457)	$	(29,189)	$	(32,503)
Amounts recognized in the consolidated balance sheets consist of:
Assets and Liabilities:
Other assets and deferred charges	$	73,213	$	74,152	$	1,938	$	1,863	$	—	$	—
Accrued compensation and employee benefits	—		—		(731)		(1,774)		(5,477)		(7,243)
Liabilities held for sale (2)	—		—		(18,044)		—		—		—
Defined benefit and other post-retirement benefit plans	—		—		(57,427)		(62,546)		(23,712)		(25,260)

Total assets (liabilities)	73,213		74,152		(74,264)		(62,457)		(29,189)		(32,503)
Accumulated Other Comprehensive Loss (Earnings):
Net actuarial losses (gains)	57,870		55,227		42,926		31,607		(24,435)		(28,304)
Prior service cost (credit)	—		—		(2,222)		(3,006)		—		1,874

Tax (benefit) expense	(12,075)		(11,474)		(8,947)		(6,434)		5,313		5,768
Total accumulated other comprehensive loss (earnings), net of tax	45,795		43,753		31,757		22,167		(19,122)		(20,662)
Net amount recognized at December 31,	$	119,008	$	117,905	$	(42,507)	$	(40,290)	$	(48,311)	$	(53,165)

Accumulated benefit obligations	$	319,306	$	318,275	$	242,619	$	210,259	$	29,189	$	31,523

(1) The actuarial loss (gain) were primarily due to discount rate fluctuations and plan experience.

(2) De-Sta-Co assets and liabilities are classified as held for sale as of December 31, 2023. See Note 4 — Dispositions for further details.

The Company's net unfunded status at December 31, 2023 and 2022 includes net liabilities of $74,264 and $62,457, respectively, relating to the Company's significant international qualified plans, some in locations where it is not economically advantageous to pre-fund the plans due to local regulations. The majority of the international obligations relate to defined pension plans operated by the Company's businesses in Germany, France, the United Kingdom, and Italy.

The accumulated benefit obligation for all defined benefit pension plans was $591,114 and $560,057 at December 31, 2023 and 2022, respectively.

Non-U.S. pension plans with accumulated benefit obligations in excess of plan assets consist of the following at December 31, 2023 and 2022:


	2023		2022

Accumulated benefit obligation	$	227,442	$	124,082
Fair value of plan assets	158,653		64,112

Non-U.S. pension plans with projected benefit obligations in excess of plan assets consist of the following at December 31, 2023 and 2022:


	2023		2022
Projected benefit obligation	$	234,854	$	200,671

Fair value of plan assets	158,653		136,351

Net Periodic Benefit Cost

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

Components of the net periodic benefit cost were as follows:

Defined Benefit Plans


	Qualified Defined Benefits												Non-Qualified Supplemental Benefits
	U.S. Plan						Non-U.S. Plans
	2023		2022		2021		2023		2022		2021		2023		2022		2021
Service cost	$	2,867	$	5,703	$	7,134	$	3,712	$	4,675	$	5,749	$	970	$	1,426	$	1,561
Interest cost	17,203		13,745		13,605		10,591		5,220		3,590		1,636		1,215		1,232
Expected return on plan assets	(26,208)		(29,104)		(28,980)		(7,331)		(7,191)		(7,188)		—		—		—
Amortization of:
Prior service cost (credit)	—		110		212		(717)		(526)		(453)		1,874		1,490		1,531
Actuarial loss (gain)	—		2,300		10,012		656		1,747		3,938		(3,207)		(2,016)		(1,672)

Settlement and curtailment loss (gain)	4,434		6,276		2,031		(801)		(393)		194		—		—		(743)

Net periodic (benefit) expense	$	(1,704)	$	(970)	$	4,014	$	6,110	$	3,532	$	5,830	$	1,273	$	2,115	$	1,909

Assumptions

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


	Qualified Defined Benefits								Non-Qualified Supplemental Benefits
	U.S. Plan				Non-U.S. Plans
	2023		2022		2023		2022		2023		2022
Discount rate	5.20	%	5.55	%	2.80	%	3.57	%	5.15	%	5.50	%
Average wage increase	4.00	%	4.00	%	1.65	%	1.70	%	4.50	%	4.50	%

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


	Qualified Defined Benefits												Non- Qualified Supplemental Benefits
	U.S. Plan						Non-U.S. Plans
	2023		2022		2021		2023		2022		2021		2023		2022		2021
Discount rate	5.55	%	2.95	%	2.65	%	3.57	%	1.18	%	0.79	%	5.50	%	2.90	%	2.45	%
Average wage increase	4.00	%	4.00	%	4.00	%	1.67	%	1.53	%	1.51	%	4.50	%	4.50	%	4.50	%
Expected return on plan assets	5.60	%	5.60	%	5.60	%	4.69	%	3.47	%	3.40	%	na		na		na

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

Plan Assets

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

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

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

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


	2023		2022		Current Target
Return-seeking investments	28	%	27	%	30	%
Liability hedging investments	72	%	73	%	70	%
Other	—	%	—	%	—	%
Total	100	%	100	%	100	%

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

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


	U.S. Qualified Defined Benefits Plan
	December 31, 2023				December 31, 2022
	Level 1		Level 2		Total Fair Value		Level 1		Level 2		Total Fair Value



Corporate bonds	$	—	$	215,631	$	215,631	$	—	$	201,203	$	201,203
Government securities	—		52,862		52,862		—		56,978		56,978
Interest-bearing cash and short-term investments	3,901		—		3,901		2,900		—		2,900
Total investments at fair value	$	3,901	$	268,493	272,394		$	2,900	$	258,181	261,081
Investments measured at net asset value*
Collective funds					110,582						106,273


Short-term investment funds					9,543						26,699

Total investments					$	392,519					$	394,053


	Non-U.S. Plans
	December 31, 2023								December 31, 2022
	Level 1		Level 2		Level 3		Total Fair Value		Level 1		Level 2		Level 3		Total Fair Value
Common stocks	$	54,557	$	—	$	—	$	54,557	$	46,618	$	—	$	—	$	46,618
Fixed income investments	—		32,421		—		32,421		—		25,168		—		25,168
Mutual funds	20,628		—		—		20,628		20,031		—		—		20,031


Cash and cash equivalents	2,237		—		—		2,237		909		—		—		909
Other	—		499		18,652		19,151		—		996		16,294		17,290
Total investments at fair value	$	77,422	$	32,920	$	18,652	128,994		$	67,558	$	26,164	$	16,294	110,016
Investments measured at net asset value*
Collective funds							41,502								39,675
Other							5,269								3,169
Total investments							$	175,765							$	152,860

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

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

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

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

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

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

The fair value measurement of plan assets using significant unobservable inputs (Level 3) changed during 2022 and 2023, due to the following:


	Level 3
Balance at December 31, 2021	$	20,252
Actual return on plan assets:

Relating to assets still held at December 31, 2022	(382)


Relating to assets sold during the period	—
Purchases	1,852
Sales and settlements	(4,808)
Foreign currency translation	(620)
Balance at December 31, 2022	16,294
Actual return on plan assets:
Relating to assets still held at December 31, 2023	(417)
Relating to assets sold during the period	(17)
Purchases	1,746
Sales and settlements	(346)
Foreign currency translation	1,392
Balance at December 31, 2023	$	18,652

Future Estimates

Benefit Payments

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


	Qualified Defined Benefits				Non-Qualified Supplemental Benefits
	U.S. Plan		Non-U.S. Plans
2024	$	30,930	$	11,964	$	5,616
2025	29,031		11,379		2,366
2026	27,631		12,489		4,626
2027	26,842		15,279		1,841
2028	25,629		14,037		5,795
2029 - 2033	115,629		71,276		10,268

Contributions

In 2024, the Company expects to make payments of approximately $8.2 million to its non-US plans and $5.6 million to its non-qualified U.S. plan. No payments are expected for the qualified U.S. plan in 2024.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480482/715-20-55-17

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (q)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//715/tableOfContent

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (o)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (p)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480126/715-20-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480266/715-60-50-3

+ Details

Employee Benefit Plans - Assumptions (Details)	12 Months Ended
Employee Benefit Plans - Assumptions (Details)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Non-Qualified Supplemental Benefits \| Non-Qualified Supplemental Benefits
Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract]
Discount rate	5.15%	5.50%
Average wage increase	4.50%	4.50%
Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract]
Discount rate	5.50%	2.90%	2.45%
Average wage increase	4.50%	4.50%	4.50%
United States \| Qualified Defined Benefits \| Qualified Defined Benefits
Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract]
Discount rate	5.20%	5.55%
Average wage increase	4.00%	4.00%
Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract]
Discount rate	5.55%	2.95%	2.65%
Average wage increase	4.00%	4.00%	4.00%
Expected return on plan assets	5.60%	5.60%	5.60%
Foreign Plan \| Qualified Defined Benefits \| Qualified Defined Benefits
Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract]
Discount rate	2.80%	3.57%
Average wage increase	1.65%	1.70%
Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract]
Discount rate	3.57%	1.18%	0.79%
Average wage increase	1.67%	1.53%	1.51%
Expected return on plan assets	4.69%	3.47%	3.40%

Earnings per Share - Narrative (Details) - shares	12 Months Ended
Earnings per Share - Narrative (Details) - shares	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Earnings Per Share [Abstract]
Weighted average number of anti-dilutive potential common shares excluded from reconciliation calculations (in shares)	48,000	21,173	1,072

Commitments and Contingent Liabilities	12 Months Ended
Commitments and Contingent Liabilities	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingent Liabilities	16. Commitments and Contingent Liabilities Guarantees The Company has provided typical indemnities in connection with sales of certain businesses and assets, including representations and warranties and related indemnities for environmental, health and safety, tax and employment matters. The Company does not have any material liabilities recorded for these indemnifications and is not aware of any claims or other information that would give rise to material payments under such indemnities. Litigation A few of the Company's subsidiaries are involved in legal proceedings relating to the cleanup of waste disposal sites identified under federal and state statutes which provide for the allocation of such costs among "potentially responsible parties." In each instance, the extent of the Company's liability appears to be relatively insignificant in relation to the total projected expenditures and the number of other "potentially responsible parties" involved and is anticipated to be immaterial to the Company. In addition, a few of the Company's subsidiaries are involved in ongoing remedial activities at certain current and former plant sites, in cooperation with regulatory agencies, and appropriate estimated liabilities have been established. At December 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. See Note 10 — Other Accrued Expenses and Other Liabilities for additional details. The Company and some of its subsidiaries are also parties to a number of other legal proceedings incidental to their businesses. These proceedings primarily involve claims by private parties alleging injury arising out of use of the Company's products, patent infringement, employment matters and commercial disputes. Management and legal counsel, at least quarterly, review the probable outcome of such proceedings, the costs and expenses reasonably expected to be incurred and currently accrued to-date and consider the availability and extent of insurance coverage. The Company has estimated liabilities for these other legal matters that are probable and estimable, and at December 31, 2023 and 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.

Segment Information (Tables)

12 Months Ended

Dec. 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 follows:


	Years Ended December 31,
	2023			2022			2021
Revenue:
Engineered Products	$	2,004,587		$	2,043,632		$	1,780,827
Clean Energy & Fueling	1,788,277			1,878,507			1,648,153
Imaging & Identification	1,116,732			1,123,815			1,163,367
Pumps & Process Solutions	1,755,691			1,728,235			1,708,634
Climate & Sustainability Technologies	1,778,582			1,737,724			1,608,175
Intersegment eliminations	(5,735)			(3,825)			(2,075)
Total consolidated revenue	$	8,438,134		$	8,508,088		$	7,907,081
Net earnings:
Segment earnings:
Engineered Products (1)	$	377,425		$	346,519		$	277,852
Clean Energy & Fueling	328,604			352,993			327,186
Imaging & Identification	272,512			268,084			266,932
Pumps & Process Solutions	484,405			533,018			575,593
Climate & Sustainability Technologies	305,380			254,484			185,517
Total segment earnings	1,768,326			1,755,098			1,633,080
Purchase accounting expenses (2)	164,943			181,103			141,980
Restructuring and other costs (3)	63,673			38,990			38,436
Disposition costs (4)	1,302			—			—
Loss (gain) on dispositions (5)	—			194			(206,338)
Corporate expense / other (6)	150,593			135,280			156,298
Interest expense	131,305			116,456			106,319
Interest income	(13,496)			(4,430)			(4,441)

Earnings before provision for income taxes	1,270,006			1,287,505			1,400,826
Provision for income taxes	213,178			222,129			277,008
Net earnings	$	1,056,828		$	1,065,376		$	1,123,818
Segment margins:
Engineered Products	18.8		%	17.0		%	15.6		%
Clean Energy & Fueling	18.4		%	18.8		%	19.9		%
Imaging & Identification	24.4		%	23.9		%	22.9		%
Pumps & Process Solutions	27.6		%	30.8		%	33.7		%
Climate & Sustainability Technologies	17.2		%	14.6		%	11.5		%
Total segments	21.0		%	20.6		%	20.7		%
Net earnings	12.5		%	12.5		%	14.2		%
Depreciation and amortization:
Other depreciation and amortization (7):
Engineered Products	$	28,073		$	27,745		$	27,036
Clean Energy & Fueling	30,117			28,815			25,842
Imaging & Identification	15,293			14,185			14,189
Pumps & Process Solutions	46,344			40,839			39,272
Climate & Sustainability Technologies	27,557			26,204			26,987
Total other depreciation and amortization	147,384			137,788			133,326
Corporate depreciation and amortization	6,040			8,137			7,250
Depreciation and amortization included in purchase accounting expenses and restructuring and other	164,039			161,613			149,547
Consolidated depreciation and amortization total	$	317,463		$	307,538		$	290,123

(1) Segment earnings include a fourth quarter benefit of $14,448 as a result of the change from the LIFO method to FIFO method of inventory costing for an immaterial portion of inventories. See Note 1 — Description of Business and Summary of Significant Accounting Policies.

(2) 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.

(3) 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:


	Years Ended December 31,
	2023		2022		2021
Restructuring	$	50,435	$	30,480	$	26,705
Other costs, net	13,238		8,510		11,731
Restructuring and other costs	$	63,673	$	38,990	$	38,436

(4) Disposition costs related to the sale of De-Sta-Co which is expected to close in Q1 2024.

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

(6) 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.

(7) Other depreciation and amortization relates to property, plant, and equipment and intangibles, and excludes amounts related to purchase accounting expenses and restructuring and other costs.

Schedule of Reconciliation of Assets from Segment to Consolidated

Selected financial information by segment (continued):


Capital expenditures:	2023		2022		2021
Engineered Products	$	26,643	$	39,765	$	48,453
Clean Energy & Fueling	25,421		33,489		25,167
Imaging & Identification	11,598		14,695		10,671
Pumps & Process Solutions	60,860		82,817		44,578
Climate & Sustainability Technologies	61,790		41,426		34,335
Corporate	6,280		8,770		8,261
Total capital expenditures	$	192,592	$	220,962	$	171,465


Total assets at December 31:	2023		2022
Engineered Products (8)	$	1,797,242	$	1,771,689
Clean Energy & Fueling	3,020,621		3,068,260
Imaging & Identification	1,812,704		1,821,649
Pumps & Process Solutions (9)	2,654,421		2,161,210
Climate & Sustainability Technologies	1,466,141		1,525,449
Corporate (10)	597,384		548,262


Total assets	$	11,348,513	$	10,896,519

(8) Engineered Products includes De-Sta-Co assets classified as held for sale. See Note 4 — Dispositions for additional information.

(9) Increase primarily driven by 2023 acquisition. See Note 3 — Acquisitions for additional information.

(10) Corporate assets are comprised primarily of cash and cash equivalents.

Schedule of Revenue Disaggregated by Geography based on the Location


	Revenue						Long-Lived Assets (11)
	Years Ended December 31,						At December 31,
	2023		2022		2021		2023		2022
United States	$	4,711,019	$	4,847,321	$	4,305,957	$	623,693	$	629,140
Europe	1,757,118		1,792,020		1,797,138		321,628		291,921
Asia	924,539		939,093		901,141		59,496		57,253
Other Americas	683,573		667,673		612,751		22,936		21,763
Other	361,885		261,981		290,094		4,063		4,748
Consolidated total	$	8,438,134	$	8,508,088	$	7,907,081	$	1,031,816	$	1,004,825

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

Equity and Cash Incentive Program (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Stock-based Incentive Plans Compensation Expense


	Years Ended December 31,
	2023		2022		2021
Pre-tax stock-based compensation expense	$	31,465	$	30,821	$	31,111
Tax benefit	(3,266)		(2,993)		(2,859)
Total stock-based compensation expense, net of tax	$	28,199	$	27,828	$	28,252

Schedule of Assumptions Used in Determining the Fair Value

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


	2023		2022		2021
Risk-free interest rate	3.91	%	1.86	%	0.59	%
Dividend yield	1.32	%	1.25	%	1.62	%
Expected life (years)	5.4		5.4		5.5
Volatility	30.65	%	29.46	%	30.49	%
Grant price	$153.25		$160.21		$122.73
Fair value per share at date of grant	$47.27		$42.07		$29.08

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


	2023		2022		2021
Risk-free interest rate	4.28	%	1.68	%	0.19	%
Dividend yield	1.32	%	1.25	%	1.62	%
Expected life (years)	2.9		2.9		2.9
Volatility	27.30	%	31.10	%	31.90	%

Grant price	$153.25		$160.21		$122.73
Fair value per share at date of grant	$249.48		$196.40		$148.29

Schedule of Activity Relating to SARs and Stock Options

A summary of activity relating to SARs granted under the 2021 Plan and the 2012 Plan for the year ended December 31, 2023 is as follows:


	SARs
	Number of Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value
Outstanding at January 1, 2023	2,444,542	$	98.70
Granted	359,715	153.25


Forfeited / expired	(65,178)	142.25
Exercised	(329,469)	69.93
Outstanding at December 31, 2023	2,409,610	109.65		5.8	$	108,242

Exercisable at December 31, 2023	1,446,739	$	86.31	4.3	$	97,651

Schedule of Other Information for SARs and Stock Options

Other information regarding the exercise of SARs is listed below:


	2023		2022		2021
Fair value of SARs that became exercisable	$	7,492	$	8,939	$	10,199
Aggregate intrinsic value of SARs exercised	$	26,041	$	11,992	$	62,895

Schedule of Activity for Performance Share Awards

A summary of activity for PSAs for the year ended December 31, 2023 is as follows:


	Number of Shares	Weighted Average Grant-Date Fair Value
Unvested at January 1, 2023	85,807	$	170.03
Granted	43,656	249.48


Forfeited	(7,360)	197.65
Vested	(44,342)	148.29
Unvested at December 31, 2023	77,761	$	224.42

Schedule of Activity for Restricted Stock Units

A summary of activity for RSUs for the year ended December 31, 2023 is as follows:


	Number of Shares	Weighted Average Grant-Date Fair Value
Unvested at January 1, 2023	147,676	$	135.98
Granted	91,439	153.25


Forfeited	(12,513)	148.95
Vested	(73,628)	133.83
Unvested at December 31, 2023	152,974	$	145.45

Schedule of Shares Granted to Directors

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


	Years ended December 31,
	2023	2022	2021
Aggregate shares granted	11,309	10,730	7,917
Deferred stock units	(7,487)	(7,247)	(5,322)

Net shares issued	3,822	3,483	2,595

Subsequent Events (Details) - USD ($) $ in Thousands			12 Months Ended
Subsequent Events (Details) - USD ($) $ in Thousands	Jan. 31, 2024	Jan. 17, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Subsequent Event [Line Items]
Consideration, net of cash acquired			$ 533,623	$ 312,855	$ 1,112,075
Transchem \| Subsequent Event
Subsequent Event [Line Items]
Consideration, net of cash acquired		$ 29,600
Contingent consideration		$ 18,600
Bulloch \| Subsequent Event
Subsequent Event [Line Items]
Consideration, net of cash acquired	$ 111,000
Contingent consideration	$ 14,800

Description of Business and Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Description of Business and Summary of Significant Accounting Policies	1. Description of Business and Summary of Significant Accounting Policies Description of Business Dover Corporation ("Dover" or "Company") is a diversified global manufacturer and solutions provider delivering innovative equipment and components, consumable supplies, aftermarket parts, software and digital solutions and support services. The Company's businesses are based primarily in the United States and Europe with manufacturing and other operations throughout the world. The Company operates through five business segments that are structured around similar business models, go-to market strategies and manufacturing practices: Engineered Products, Clean Energy & Fueling, Imaging & Identification, Pumps & Process Solutions and Climate & Sustainability Technologies. For additional information on the Company's segments, see Note 19 — Segment Information. Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. Intercompany accounts and transactions have been eliminated in consolidation. The results of operations of acquired businesses are included from the dates of acquisitions. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the Consolidated Financial Statements and accompanying disclosures. These estimates may be adjusted due to changes in future economic, industry, or customer financial conditions, as well as changes in technology or demand. Estimates are used for, but not limited to, allowances for doubtful accounts receivable, net realizable value of inventories, restructuring reserves, warranty reserves, pension and post-retirement plans, stock-based compensation, useful lives for depreciation and amortization of long-lived assets including finite-lived intangibles, future cash flows associated with impairment testing for goodwill, indefinite-lived intangible assets and other long-lived assets, deferred tax assets, unrecognized tax benefits and contingencies. Actual results may ultimately differ from these estimates, although management does not believe such differences would materially affect the consolidated financial statements in any individual year. Estimates and assumptions are periodically reviewed and the effects of changes in these estimates and assumptions are reflected in the Consolidated Financial Statements in the period that they are determined. Cash and Cash Equivalents Cash and cash equivalents include cash on hand, demand deposits and short-term investments, which are highly liquid in nature and have original maturities at the time of purchase of three months or less. The carrying value of cash and cash equivalents approximates fair value. Accounts Receivable and Allowance for Credit Losses Accounts receivable are recorded at face amounts less an allowance for credit losses. The allowance is an estimate based on historical collection experience, current and future economic and market conditions and a review of the current status of each customer's trade accounts receivable. Management evaluates the aging of the accounts receivable balances and the financial condition of its customers and all other forward-looking information that is reasonably available to estimate the amount of accounts receivable that may not be collected in the future and records the appropriate provision. See Note 8 — Credit Losses for additional information. Inventories Inventories are stated at the lower of cost, determined on the first-in, first-out ("FIFO") basis, or net realizable value. As of December 31, 2022 and through the third quarter of 2023, approximately 4% of inventories were stated at the lower of cost, determined on the last-in, first-out ("LIFO") basis, or market. During the fourth quarter of 2023, the Company changed the method of accounting for these remaining LIFO inventories to FIFO. The Company believes the FIFO method is preferable because it better reflects the current value of inventories in the consolidated balance sheet and results in a uniform method across our businesses, which in turn provides more useful financial information to the Company's investors and creditors. The change in accounting method, which was effected in the fourth quarter of 2023, did not have a material impact on any prior periods’ consolidated financial statements and therefore, the Company did not apply the change retrospectively. The cumulative effect of the change resulted in a fourth quarter pre-tax benefit of $14,448 ($10,796 after-tax) recognized as a reduction in costs of goods and services within the consolidated statement of earnings for the year ended December 31, 2023 and a corresponding increase in inventories within the consolidated balance sheet as of December 31, 2023. Property, Plant and Equipment Property, plant and equipment includes the historical cost of land, buildings, machinery and equipment, purchased and internally developed software, finance lease assets and significant improvements to existing plant and equipment or, in the case of acquisitions, the fair value of acquired assets. Expenditures for maintenance, repairs and minor renewals are expensed as incurred. When property or equipment is sold or otherwise disposed of, the related cost and accumulated depreciation are removed from the respective accounts and the gain or loss realized on disposition is reflected in earnings. The Company depreciates its assets on a straight-line basis over their estimated useful lives as follows: buildings and improvements 5 to 31.5 years; machinery and equipment 3 to 15 years; furniture and fixtures 3 to 7 years; vehicles 3 to 7 years; and software 3 to 10 years. Derivative Financial Instruments The Company uses derivative financial instruments to hedge its exposures to various risks, including foreign currency exchange rate risk. The Company does not enter into derivative financial instruments for speculative purposes and does not have a material portfolio of derivative financial instruments. Derivative financial instruments used for hedging purposes must be designated and effective as a hedge of the identified risk exposure at inception of the contract. The Company recognizes all derivatives as either assets or liabilities on the consolidated balance sheet and measures those instruments at fair value. For derivatives designated as hedges of the fair value of assets or liabilities, the changes in fair value of both the derivatives and of the hedged items are recorded in current earnings. For derivatives designated as cash flow hedges, the change in the fair value of the derivatives is recorded as a component of other comprehensive earnings and subsequently recognized in net earnings when the hedged items impact earnings. Goodwill and Other Intangible Assets Goodwill represents the excess of purchase price over the fair value of net assets acquired. Goodwill and certain other intangible assets deemed to have indefinite lives (primarily trademarks) are not amortized. For goodwill, impairment tests are required at least annually, or more frequently if events or circumstances indicate that it may be impaired, when some portion but not all of a reporting unit is disposed of or classified as assets held for sale, or when a change in the composition of reporting units occurs for other reasons, such as a change in segments. Based on its current organizational structure, the Company identified reporting units for which cash flows are determinable and to which goodwill was allocated. The Company performs its goodwill impairment test annually in the fourth quarter. A quantitative test is used to determine existence of goodwill impairment and the amount of the impairment loss at the reporting unit level. The quantitative test compares the fair value of a reporting unit with its carrying amount, including goodwill. The Company uses an income-based valuation method, determining the present value of estimated future cash flows, to estimate the fair value of a reporting unit. If the fair value of a reporting unit exceeds its carrying amount, goodwill of the reporting unit is not impaired. If the carrying amount of a reporting unit exceeds its fair value, an impairment loss shall be recognized in an amount equal to that excess, limited to the total amount of goodwill allocated to that reporting unit. Factors used in the impairment analysis require significant judgment, and actual results may differ from assumed and estimated amounts. The Company uses its own market assumptions including internal projections of future cash flows, discount rates and other assumptions considered reasonable in the analysis and reflective of market participant assumptions. These forecasts are based on historical performance and future estimated results. The discount rates utilized are based on a capital asset pricing model and published relevant industry rates, which take into consideration the risks and uncertainties inherent to the reporting units and in the internally developed forecasts. See Note 9 — Goodwill and Other Intangible Assets for further discussion of the Company's annual goodwill impairment test and results. No impairment of goodwill was required for the years ended December 31, 2023, 2022, or 2021. The Company uses an income-based valuation method to annually test its indefinite-lived intangible assets for impairment. The fair value of the intangible asset is compared to its carrying value. This method uses the Company's own market assumptions, which are considered reasonable. Any excess of carrying value over the estimated fair value is recognized as an impairment loss. No impairment of indefinite-lived intangible assets was required for the years ended December 31, 2023, 2022, or 2021. Other intangible assets with determinable lives primarily consist of customer intangibles, unpatented technologies, patents and trademarks. The other intangible assets are amortized over their estimated useful lives, ranging from 5 to 20 years. Long-lived assets (including definite-lived intangible assets) are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable, such as a significant sustained change in the business climate. If an indicator of impairment exists for any grouping of assets, an estimate of undiscounted future cash flows is prepared and compared to its carrying value. If an asset group is determined to be impaired, the loss is measured by the excess of the carrying amount of the asset group over its fair value, as determined by an estimate of discounted future cash flows. Leases The Company determines if an arrangement is a lease at inception of a contract. The Company has operating and finance leases for corporate offices, manufacturing plants, research and development facilities, shared services facilities, vehicle fleets and certain office and manufacturing equipment. Operating lease right-of-use ("ROU") assets are included in other assets and deferred charges and operating lease liabilities are included in other accrued expenses and other liabilities in the consolidated balance sheet. Finance lease ROU assets are included in property, plant and equipment, and the related lease liabilities are included in other accrued expenses and other liabilities in the consolidated balance sheet. Leases with an initial term of 12 months or less are not recorded in the balance sheet. The Company accounts for each separate lease component of a contract and its associated non-lease components as a single lease component, thus causing all fixed payments to be capitalized. Variable lease payment amounts that cannot be determined at the commencement of the lease, such as increases in lease payments based on changes in index rates or usage, are not included in the ROU assets or lease liabilities. These are expensed as incurred and recorded as variable lease expense. ROU assets represent the Company's right to use an underlying asset during the lease term and lease liabilities represent the Company's obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at the commencement date based on the net present value of fixed lease payments over the lease term. The lease term includes options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. ROU assets also include any advance lease payments made and exclude lease incentives. As most of the Company's operating leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. Finance lease agreements include an interest rate that is used to determine the present value of future lease payments. Fixed operating lease expense and finance lease depreciation expense are recognized on a straight-line basis over the lease term. Supply Chain Financing 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, the 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 consolidated balance sheets. As of December 31, 2023 and December 31, 2022, amounts due to the SCF financial institution were approximately $193,600 and $194,362, respectively. Restructuring Accruals The Company takes actions to reduce headcount, close facilities, or otherwise exit operations. Such restructuring activities at an operation are recorded when management has committed to an exit or reorganization plan and when termination benefits are probable and can be reasonably estimated based on circumstances at the time the restructuring plan is approved by management or when termination benefits are communicated. Exit costs may include contractual terminations and asset impairments as a result of an approved restructuring plan. The accrual of both severance and exit costs requires the use of estimates. Though the Company believes that its estimates accurately reflect the anticipated costs, actual results may be different from the original estimated amounts. Foreign Currency Assets and liabilities of non-U.S. subsidiaries, where the functional currency is not the U.S. dollar, have been translated at year-end exchange rates and profit and loss accounts have been translated using weighted-average monthly exchange rates. Foreign currency translation gains and losses are included in the consolidated statements of comprehensive earnings as a component of other comprehensive earnings (loss). Assets and liabilities of an entity that are denominated in currencies other than an entity's functional currency are re-measured into the functional currency using end of period exchange rates, where applicable to certain balances. Gains and losses related to these re-measurements are recorded within the consolidated statements of earnings as a component of other income, net. Gains and losses arising from intercompany foreign currency transactions that are of a long-term investment in nature are reported in the same manner as translation adjustments. Revenue Recognition The majority of the Company's revenue is generated through the manufacture and sale of a broad range of specialized products and components, with revenue recognized upon transfer of control, title and risk of loss, which is generally upon shipment. Service revenue represents approximately 5% of total revenue and is recognized as the services are performed. In limited cases, revenue arrangements with customers require delivery, installation, testing, certification, or other acceptance provisions to be satisfied before revenue is recognized. The Company includes shipping costs billed to customers in revenue and the related shipping costs in cost of goods and services. Stock-Based Compensation The principal awards issued under the Company's stock-based compensation plans include non-qualified stock appreciation rights ("SARs"), restricted stock units ("RSUs") and performance share awards ("PSAs"). The cost for such awards is measured at the grant date based on the fair value of the award. At the time of grant, the Company estimates forfeitures, based on historical experience, in order to estimate the portion of the award that will ultimately vest. The value of the portion of the award that is expected to ultimately vest is recognized as expense on a straight-line basis, generally over the explicit service period of three years (except for retirement-eligible employees) and is included in selling, general and administrative expenses in the consolidated statements of earnings. Expense for awards granted to retirement-eligible employees is recorded over the period from the date of grant through the date the employee first becomes eligible to retire and is no longer required to provide service. See Note 15 — Equity and Cash Incentive Program for additional information related to the Company's stock-based compensation. Income Taxes The provision for income taxes includes federal, state, local and non-U.S. taxes. Tax credits, primarily for research and experimentation, are recognized as a reduction of the provision for income taxes in the year in which they are available for tax purposes. Deferred taxes are provided using enacted rates on the future tax consequences of temporary differences. Temporary differences include the differences between the financial statement carrying amounts of assets and liabilities and their respective tax basis and the tax benefit of carryforwards. A valuation allowance is established for deferred tax assets for which it is more likely than not that some portion or all of the deferred tax benefit will not be realized. In assessing the need for a valuation allowance, management considers all available evidence, including the future reversal of existing taxable temporary differences, taxable income in carryback periods, prudent and feasible tax planning strategies and estimated future taxable income. The valuation allowance can be affected by changes to tax regulations, interpretations and rulings, changes to enacted statutory tax rates and changes to future taxable income estimates. Tax benefits are recognized from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position in consideration of applicable tax statutes and related interpretations and precedents. Tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than 50% likelihood of being realized on ultimate settlement. Research and Development Costs Research and development costs, including qualifying engineering costs, are expensed when incurred and amounted to $153,111 in 2023, $163,300 in 2022 and $157,826 in 2021. These costs as a percent of revenue were 1.8% in 2023, 1.9% in 2022 and 2.0% in 2021. Research and development costs are reported within selling, general and administrative expenses in the consolidated statements of earnings. Advertising Costs Advertising costs are expensed when incurred and amounted to $23,860 in 2023, $25,905 in 2022 and $23,685 in 2021. Advertising costs are reported within selling, general and administrative expenses in the consolidated statements of earnings. Risk, Retention, Insurance The Company's insurance programs contain various deductibles that, based on the Company's experience, are typical and customary for a company of its size and risk profile. The Company does not consider any of the deductibles to represent a material risk to the Company. The Company generally maintains insurance policies with deductibles for claims and liabilities related primarily to workers' compensation, health and welfare claims, general liability, product and automobile liability, cybersecurity risks, property damage and business interruption resulting from certain events. The Company accrues for claim exposures that are probable of occurrence and can be reasonably estimated. Recent Accounting Pronouncements Recently Issued Accounting Standards The following accounting standards updates ("ASU"), issued by the Financial Accounting Standards Board ("FASB"), will, or are expected to, result in a change in practice and/or have a financial impact to the Company's Consolidated Financial Statements: In December 2023, the FASB issued ASU No. 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which expands the disclosures required in an entity’s income tax rate reconciliation table and requires disclosure of income taxes paid both in U.S. and foreign jurisdictions. The amendments are effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating this ASU to determine its impact on the Company's disclosures. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The amendment requires disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items, and interim disclosures of a reportable segment’s profit or loss and assets. The amendments are effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating this ASU to determine its impact on the Company's disclosures. In October 2023, the FASB issued ASU No. 2023-06 Disclosure Improvements: Codification Amendments in Response to the Securities and Exchange Commission’s ("SEC") Disclosure Update and Simplification Initiative. The amendments in this update require modification of certain disclosure and presentation requirements for a variety of ASU topics in response to the SEC’s Release No. 33-10532. The effective date for each amended topic in the ASC is the date on which the SEC’s removal of the related disclosure requirement from Regulation S-X or Regulation S-K becomes effective. However, if by June 30, 2027, the SEC has not removed the related disclosure from its regulations, the amendments will be removed from the Codification and not become effective. Early adoption is prohibited. The Company does not expect the adoption of this standard to have a material impact on the Company's disclosures. Recently Adopted Accounting Standards 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 consolidated financial statements. See required disclosure within the Supply Chain Financing section of Note 1 — Basis of Presentation. In October 2021, the FASB issued ASU No. 2021-08 Business Combinations (Topic 805)-Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. The amendments in this update require that an acquirer recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606, Revenue from Contracts with Customers, as if the acquirer had originated the contracts. The amendments in this update are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The amendments in this update should be applied prospectively to business combinations occurring on or after the effective date of the amendments. The Company early adopted the guidance as of January 1, 2022, which did not have a material impact on the Company's Consolidated Financial Statements.

Cover - USD ($)	12 Months Ended
Cover - USD ($)	Dec. 31, 2023	Jan. 29, 2024	Jun. 30, 2023
Document Information [Line Items]
Document Type	10-K
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
Entity File Number	1-4018
Entity Registrant Name	Dover Corporation
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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 20,558,274,097
Entity Common Stock, Shares Outstanding		139,896,670
Documents Incorporated by Reference	Certain Portions of the Proxy Statement for Annual Meeting of Shareholders to be held on May 3, 2024 (the "2024 Proxy Statement").
Entity Central Index Key	0000029905
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Document Annual Report	true
Document Transition Report	false
Amendment Flag	false
Common Stock, par value $1
Document Information [Line Items]
Title of 12(b) Security	Common Stock, par value $1
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

Acquisitions - Purchase Price Allocation (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 04, 2023	Dec. 31, 2022	Jul. 01, 2022	Dec. 31, 2021	Dec. 28, 2021	Dec. 16, 2021
Business Acquisition [Line Items]
Goodwill	$ 4,881,687		$ 4,669,494		$ 4,558,822
Intangible assets	$ 283,170
FW Murphy
Business Acquisition [Line Items]
Current assets, net of cash acquired		$ 26,564
Goodwill		224,771
Intangible assets		275,500
Other assets and deferred charges		9,508
Current liabilities		(1,316)
Non-current liabilities		(8,570)
Net assets acquired		$ 526,457
Series of individually immaterial acquistions
Business Acquisition [Line Items]
Current assets, net of cash acquired			28,435		12,751
Property, plant and equipment			4,222		8,272
Goodwill			43,682		135,932
Intangible assets			40,437		78,179
Other assets and deferred charges			3,580		4,485
Current liabilities			(19,172)		(15,368)
Non-current liabilities			(15,142)		(17,389)
Net assets acquired			$ 86,042		$ 206,862
Malema Engineering Corporation
Business Acquisition [Line Items]
Current assets, net of cash acquired				$ 8,985
Property, plant and equipment				2,733
Goodwill				153,082
Intangible assets				84,000
Other assets and deferred charges				1,159
Current liabilities				(4,487)
Non-current liabilities				(22,010)
Net assets acquired				$ 223,462
RegO
Business Acquisition [Line Items]
Accounts receivable						$ 33,900
Inventories						71,529
Other current assets						2,958
Property, plant and equipment						50,027
Goodwill						281,163
Intangible assets						234,000
Other assets and deferred charges						884
Current liabilities						(20,150)
Non-current liabilities						(27,693)
Net assets acquired						$ 626,618
Acme Cryogenics
Business Acquisition [Line Items]
Accounts receivable							$ 14,644
Current assets, net of cash acquired							25,932
Property, plant and equipment							8,640
Goodwill							167,291
Intangible assets							127,300
Other assets and deferred charges							5,057
Current liabilities							(7,286)
Non-current liabilities							(34,628)
Net assets acquired							$ 292,306

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 398,561	$ 380,868
Receivables, net	1,432,040	1,516,871
Inventories, net	1,225,452	1,366,608
Prepaid and other current assets	141,538	159,118
Assets held for sale	192,644	0
Total current assets	3,390,235	3,423,465
Property, plant and equipment, net	1,031,816	1,004,825
Goodwill	4,881,687	4,669,494
Intangible assets, net	1,483,913	1,333,735
Other assets and deferred charges	560,862	465,000
Total assets	11,348,513	10,896,519
Current liabilities:
Short-term borrowings	468,282	735,772
Accounts payable	958,542	1,068,144
Accrued compensation and employee benefits	272,507	269,785
Deferred revenue	211,292	256,933
Accrued insurance	86,174	92,876
Other accrued expenses	315,527	318,337
Federal and other income taxes	36,878	31,427
Liabilities held for sale	64,568	0
Total current liabilities	2,413,770	2,773,274
Long-term debt	2,991,759	2,942,513
Deferred income taxes	346,383	375,150
Noncurrent income tax payable	28,024	44,313
Other liabilities	461,972	474,903
Stockholders' equity:
Preferred stock - $100 par value; 100,000 shares authorized; none issued	0	0
Common stock - $1 par value; 500,000,000 shares authorized; 259,841,534 and 259,643,756 shares issued at December 31, 2023 and 2022	259,842	259,644
Additional paid-in capital	886,690	867,560
Retained earnings	10,995,624	10,223,070
Accumulated other comprehensive loss	(237,866)	(266,223)
Treasury stock, at cost: 119,945,271 and 119,945,271 shares at December 31, 2023 and 2022	(6,797,685)	(6,797,685)
Total stockholders' equity	5,106,605	4,286,366
Total liabilities and stockholders' equity	$ 11,348,513	$ 10,896,519

Equity and Cash Incentive Program - Fair Value Assumptions (Details) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Stock Appreciation Rights (SARs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	3.91%	1.86%	0.59%
Dividend yield	1.32%	1.25%	1.62%
Expected life (years)	5 years 4 months 24 days	5 years 4 months 24 days	5 years 6 months
Volatility	30.65%	29.46%	30.49%
Grant price (in dollars per share)	$ 153.25	$ 160.21	$ 122.73
Fair value per share at date of grant (in dollars per share)	$ 47.27	$ 42.07	$ 29.08
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	4.28%	1.68%	0.19%
Dividend yield	1.32%	1.25%	1.62%
Expected life (years)	2 years 10 months 24 days	2 years 10 months 24 days	2 years 10 months 24 days
Volatility	27.30%	31.10%	31.90%
Grant price (in dollars per share)	$ 153.25	$ 160.21	$ 122.73
Fair value per share at date of grant (in dollars per share)	$ 249.48	$ 196.40	$ 148.29

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Equity and Cash Incentive Program - Other Information (Details) - Stock Appreciation Rights (SARs) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of SARs that became exercisable	$ 7,492	$ 8,939	$ 10,199
Aggregate intrinsic value of SARs exercised	$ 26,041	$ 11,992	$ 62,895

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Deferred Tax Valuation Allowance
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Year	$ 271,203	$ 306,066	$ 287,679
Additions	31,388	4,960	38,514
Reductions	(92,660)	(39,823)	(20,127)
Balance at End of Year	209,931	271,203	306,066
LIFO Reserve
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Year	14,151	13,155	7,149
Charged to Cost and Expense	316	2,329	7,220
Reductions	(14,467)	(1,333)	(1,214)
Balance at End of Year	$ 0	$ 14,151	$ 13,155

Other Accrued Expenses and Other Liabilities - Accrued Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Accrued Liabilities and Other Liabilities [Abstract]
Operating lease liabilities	$ 48,790	$ 42,649
Accrued rebates and volume discounts	43,941	47,660
Warranty	43,747	43,351
Taxes other than income	31,439	33,782
Restructuring and exit costs	21,759	14,510
Accrued interest	20,723	20,591
Accrued commissions (non-employee)	15,370	15,808
Other	89,758	99,986
Total other accrued expenses	$ 315,527	$ 318,337

Other Accrued Expenses and Other Liabilities - Warranty Program (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward]
Beginning Balance	$ 48,449	$ 48,568	$ 51,088
Provision for warranties	65,003	60,758	67,212
Settlements made	(62,911)	(59,612)	(65,498)
Other adjustments, including acquisitions and currency translation	323	(1,265)	(4,234)
Ending Balance	$ 50,864	$ 48,449	$ 48,568

Revenue

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Revenue

2. Revenue

Revenue from Contracts with Customers

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

Disaggregation of Revenue

Revenue from contracts with customers is disaggregated by segment and geographic location, as they best depict the nature and amount of the Company's revenue. See Note 19 — Segment Information for further details.

Performance Obligations

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

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

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

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

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

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

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

Approximately 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. Approximately 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 the Company's performance creates or enhances an asset the customer controls as the asset is created or enhanced, or the Company's performance does not create an asset with an alternative use to the Company and the Company has an enforceable right to payment for its performance to date plus a reasonable margin.

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

Transaction Price Allocated to the Remaining Performance Obligations

At December 31, 2023, we estimated that $202,762 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 48.2% of the Company's unsatisfied (or partially unsatisfied) performance obligations as revenue in 2024, with the remaining balance to be recognized in 2025 and thereafter.

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

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

Contract Balances

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


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

Contract assets	$	19,561	$	11,074	$	11,440
Contract liabilities - current	211,292		256,933		227,549
Contract liabilities - non-current	19,544		19,879		21,513

Contract assets primarily relate to the Company's right to consideration for work completed but not billed at the reporting date and are recorded in prepaid and other current assets in the consolidated balance sheets. Contract assets are transferred to receivables when the right to consideration becomes unconditional. Contract liabilities relate to advance consideration received from customers or advance billings for which revenue has not been recognized. Current contract liabilities are recorded in deferred revenue and non-current contract liabilities are recorded in other liabilities in the consolidated balance sheets. Contract liabilities are reduced when the associated revenue from the contract is recognized.

The revenue recognized during 2023 and 2022 that was included in the contract liabilities at the beginning of the respective periods amounted to $238,842 and $196,891, respectively.

Contract Costs

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

- 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
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
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-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Dispositions - Business Classified as Held for Sale (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Assets held for sale
Total assets held for sale		$ 0
Liabilities held for sale
Total liabilities held for sale		$ 0
Disposal Group, Held-for-Sale, Not Discontinued Operations \| De-Sta-Co
Assets held for sale
Cash and cash equivalents	$ 17,300,000
Receivables, net	30,442,000
Inventories, net	46,159,000
Property, plant and equipment, net	21,035,000
Goodwill	58,897,000
Other assets held for sale	18,811,000
Total assets held for sale	192,644,000
Liabilities held for sale
Accounts payable	20,080,000
Accrued expenses and deferred revenue	17,000,000
Other liabilities held for sale	27,488,000
Total liabilities held for sale	$ 64,568,000

Borrowings - Maturity (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Debt Disclosure [Abstract]
2024	$ 0
2025	400,000
2026	660,866
2027	550,721
2028	200,000
2029 and thereafter	1,200,000
Total	$ 3,011,587

Acquisitions - Pro Forma (Details) - USD ($) $ in Thousands	12 Months Ended
Acquisitions - Pro Forma (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Earnings:
As reported	$ 1,056,828	$ 1,065,376	$ 1,123,818
Acquisition-related Costs
Revenue:
As reported			5,855
Fair Value Adjustment to Inventory
Revenue:
As reported			15,082
RegO and Acme
Revenue:
As reported			7,907,081
Pro forma (unaudited)			8,163,185
Earnings:
As reported			1,123,818
Pro forma (unaudited)			$ 1,145,106

- Definition

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

+ References

+ Details

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

+ Details

Dispositions - Narrative (Details)			12 Months Ended
Dispositions - Narrative (Details)	Dec. 01, 2021 USD ($)	Nov. 16, 2021 USD ($)	Dec. 31, 2023 USD ($) disposition	Dec. 31, 2022 USD ($) disposition	Dec. 31, 2021 USD ($)	Oct. 11, 2023 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total assets held for sale				$ 0
Total liabilities held for sale				$ 0
Number of immaterial disposition \| disposition			1	1
Loss (gain) on dispositions			$ 0	$ 194,000	$ (206,338,000)
Race Winning Brands
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on sale of equity method investment					24,723,000
Unified Brands
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Recognized consideration	$ 229,024,000
Unified Brands \| Climate & Sustainability Technologies
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Loss (gain) on dispositions					$ 181,615,000
Race Winning Brands
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of equity method investment		$ 45,958,000
Disposal Group, Held-for-Sale, Not Discontinued Operations \| De-Sta-Co
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total consideration, net of estimated selling cost						$ 680,000,000
Total assets held for sale			192,644,000
Total liabilities held for sale			$ 64,568,000

CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Net earnings	$ 1,056,828	$ 1,065,376	$ 1,123,818
Foreign currency translation adjustments:
Foreign currency translation gains (losses)	38,893	(119,010)	(39,819)
Reclassification of foreign currency translation losses to earnings	0	5,915	0
Total foreign currency translation adjustments (net of $10,438, $(17,824) and $(20,976) tax benefit (provision), respectively)	38,893	(113,095)	(39,819)
Pension and other post-retirement benefit plans:
Actuarial (losses) gains	(14,820)	(2,658)	26,960
Prior service (costs) credit	(53)	1,370	(1,433)
Amortization of actuarial (gains) losses included in net periodic pension cost	(1,982)	1,903	9,451
Amortization of prior service costs included in net periodic pension cost	852	888	1,023
Settlement and curtailment impact	2,831	3,688	1,167
Total pension and other post-retirement benefit plans (net of $3,569, $(2,230) and $(9,868) tax benefit (provision), respectively)	(13,172)	5,191	37,168
Changes in fair value of cash flow hedges:
Unrealized net gains (losses) arising during period	682	(535)	6,724
Net losses (gains) reclassified into earnings	1,954	(3,732)	(4,871)
Total cash flow hedges (net of $(778), $1,217 and $(532) tax (provision) benefit, respectively)	2,636	(4,267)	1,853
Other comprehensive earnings (loss), net of tax	28,357	(112,171)	(798)
Comprehensive earnings	$ 1,085,185	$ 953,205	$ 1,123,020

Acquisitions - Narrative (Details)														12 Months Ended
Acquisitions - Narrative (Details)	Dec. 04, 2023 USD ($)	Aug. 28, 2023 USD ($)	Dec. 14, 2022 USD ($)	Jul. 01, 2022 USD ($)	May 02, 2022 USD ($)	Dec. 28, 2021 USD ($)	Dec. 16, 2021 USD ($)	Oct. 15, 2021 USD ($)	Sep. 15, 2021 USD ($)	Jul. 23, 2021 USD ($)	Jun. 24, 2021 USD ($)	Jun. 23, 2021 USD ($)	Apr. 19, 2021 USD ($)	Dec. 31, 2023 USD ($) business	Dec. 31, 2022 USD ($) business	Dec. 31, 2021 USD ($) business
Business Acquisition [Line Items]
Number of business acquisitions \| business														2	3
Consideration transferred														$ 535,290,000	$ 309,504,000
Goodwill recorded in acquisition														4,881,687,000	$ 4,669,494,000	$ 4,558,822,000
Intangible assets														283,170,000
Number of business acquisitions with contingent consideration \| business															1
Measurement period adjustments														(5,103,000)	$ 1,570,000
Pumps & Process Solutions
Business Acquisition [Line Items]
Goodwill recorded in acquisition														1,208,571,000	979,535,000	$ 792,839,000
Measurement period adjustments														(5,103,000)	$ 968,000
Series of individually immaterial acquistions
Business Acquisition [Line Items]
Number of business acquisitions \| business															2	7
Goodwill - tax deductible														224,771,000		$ 200,117,000
Goodwill - non deductible														2,990,000	$ 196,764,000	384,269,000
Goodwill recorded in acquisition															43,682,000	135,932,000
Intangible assets															40,437,000	$ 78,179,000
Series of individually immaterial acquistions \| Pumps & Process Solutions
Business Acquisition [Line Items]
Number of business acquisitions \| business																1
Series of individually immaterial acquistions \| Customer intangibles
Business Acquisition [Line Items]
Intangible assets														259,700,000	90,742,000	$ 310,819,000
Series of individually immaterial acquistions \| Unpatented technologies
Business Acquisition [Line Items]
Intangible assets														12,510,000	10,302,000	44,180,000
Series of individually immaterial acquistions \| Trademarks
Business Acquisition [Line Items]
Intangible assets														10,960,000	7,393,000	35,424,000
Series of individually immaterial acquistions \| Patents
Business Acquisition [Line Items]
Intangible assets															$ 16,000,000	$ 49,056,000
FW Murphy
Business Acquisition [Line Items]
Consideration transferred	$ 526,457,000
Percentage acquired (in percent)	100.00%
Goodwill recorded in acquisition	$ 224,771,000
Intangible assets	275,500,000
FW Murphy \| Customer intangibles
Business Acquisition [Line Items]
Intangible assets	254,000,000
FW Murphy \| Unpatented technologies
Business Acquisition [Line Items]
Intangible assets	11,100,000
FW Murphy \| Trademarks
Business Acquisition [Line Items]
Intangible assets	$ 10,400,000
Arc Pacific Company Ltd
Business Acquisition [Line Items]
Consideration transferred		$ 8,833,000
Percentage acquired (in percent)		100.00%
Goodwill recorded in acquisition		$ 2,990,000
Intangible assets		$ 7,670,000
Malema Engineering Corporation
Business Acquisition [Line Items]
Consideration transferred				$ 223,462,000
Percentage acquired (in percent)				99.70%											0.30%
Goodwill recorded in acquisition				$ 153,082,000
Intangible assets				84,000,000
Contingent consideration payout maximum				50,000,000
Contingent consideration, estimated payout														$ 0
Measurement period adjustments				1,381,000
Malema Engineering Corporation \| Customer intangibles
Business Acquisition [Line Items]
Intangible assets				64,000,000
Malema Engineering Corporation \| Trademarks
Business Acquisition [Line Items]
Intangible assets				4,000,000
Malema Engineering Corporation \| Patents
Business Acquisition [Line Items]
Intangible assets				$ 16,000,000
Witte Pumps & Technology GmbH
Business Acquisition [Line Items]
Consideration transferred			$ 77,942,000
Percentage acquired (in percent)			100.00%
Goodwill recorded in acquisition			$ 41,779,000
Intangible assets			34,812,000
Measurement period adjustments			$ 3,749,000
AMN DPI
Business Acquisition [Line Items]
Consideration transferred					$ 8,100,000
Percentage acquired (in percent)					100.00%
Goodwill recorded in acquisition					$ 1,903,000
Intangible assets					$ 5,625,000
2021 Acquisitions
Business Acquisition [Line Items]
Number of business acquisitions \| business																9
Consideration transferred																$ 1,125,786,000
Goodwill - tax deductible																200,117,000
Goodwill - non deductible																384,269,000
Cash acquired																18,475,000
Contingent consideration, liability																$ 13,002,000
RegO
Business Acquisition [Line Items]
Consideration transferred						$ 626,618,000
Goodwill - tax deductible						170,800,000
Goodwill - non deductible						$ 110,363,000
Percentage acquired (in percent)						100.00%
Goodwill recorded in acquisition						$ 281,163,000
Intangible assets						234,000,000
Measurement period adjustments						4,187,000
Cash acquired						10,382,000
Accounts receivable						33,900,000
Fair value of trade receivables acquired						34,606,000
Allowance for uncollectable accounts						706,000
RegO \| Customer intangibles
Business Acquisition [Line Items]
Intangible assets						173,000,000
RegO \| Trademarks
Business Acquisition [Line Items]
Intangible assets						21,000,000
RegO \| Patents
Business Acquisition [Line Items]
Intangible assets						$ 40,000,000
Acme Cryogenics
Business Acquisition [Line Items]
Consideration transferred							$ 292,306,000
Goodwill - non deductible							$ 167,291,000
Percentage acquired (in percent)							100.00%
Goodwill recorded in acquisition							$ 167,291,000
Intangible assets							127,300,000
Measurement period adjustments							1,918,000
Accounts receivable							14,644,000
Fair value of trade receivables acquired							14,912,000
Allowance for uncollectable accounts							268,000
Acme Cryogenics \| Customer intangibles
Business Acquisition [Line Items]
Intangible assets							99,000,000
Acme Cryogenics \| Trademarks
Business Acquisition [Line Items]
Intangible assets							6,500,000
Acme Cryogenics \| Patents
Business Acquisition [Line Items]
Intangible assets							$ 21,800,000
LIQAL
Business Acquisition [Line Items]
Consideration transferred								$ 27,701,000
Percentage acquired (in percent)								100.00%
Goodwill recorded in acquisition								$ 23,473,000
Intangible assets								$ 8,235,000
Espy
Business Acquisition [Line Items]
Consideration transferred									$ 60,457,000
Percentage acquired (in percent)									100.00%
Goodwill recorded in acquisition									$ 29,317,000
Intangible assets									$ 21,100,000
CDS Visual
Business Acquisition [Line Items]
Consideration transferred										$ 29,147,000
Percentage acquired (in percent)										100.00%
Goodwill recorded in acquisition										$ 20,863,000
Intangible assets										$ 9,930,000
Blue Bite
Business Acquisition [Line Items]
Consideration transferred											$ 30,143,000
Percentage acquired (in percent)											100.00%
Goodwill recorded in acquisition											$ 20,458,000
Intangible assets											$ 13,250,000
Quantex
Business Acquisition [Line Items]
Consideration transferred												$ 23,747,000
Percentage acquired (in percent)												100.00%
Goodwill recorded in acquisition												$ 14,327,000
Intangible assets												$ 11,034,000
AvaLAN
Business Acquisition [Line Items]
Consideration transferred													$ 34,144,000
Percentage acquired (in percent)													100.00%
Goodwill recorded in acquisition													$ 26,803,000
Intangible assets													$ 14,630,000

Income Taxes - Earnings (Details) - USD ($) $ in Thousands	12 Months Ended
Income Taxes - Earnings (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Earnings before provision for income taxes and discontinued operations [Abstract]
Domestic	$ 755,429	$ 731,796	$ 835,773
Foreign	514,577	555,709	565,053
Earnings before provision for income taxes	$ 1,270,006	$ 1,287,505	$ 1,400,826

- Definition

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

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+ Details

Accumulated Other Comprehensive Earnings (Loss) - Summary (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Accumulated other comprehensive earnings (loss)	$ 5,106,605	$ 4,286,366	$ 4,189,528	$ 3,385,773
Cumulative foreign currency translation adjustments
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Accumulated other comprehensive earnings (loss)	(181,331)	(220,224)
Pension and other postretirement benefit plans
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Accumulated other comprehensive earnings (loss)	(58,430)	(45,258)
Cash flow hedges:
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Accumulated other comprehensive earnings (loss)	1,895	(741)
Accumulated Other Comprehensive Earnings (Loss)
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Accumulated other comprehensive earnings (loss)	$ (237,866)	$ (266,223)	$ (154,052)	$ (153,254)

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

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+ Details

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Operating Loss Carryforwards [Line Items]
Non-U.S. operating loss carryforwards	$ 271,255
Deferred tax assets related to U.S. federal and state tax loss and tax credit carryforward	55,182
Valuation allowance	69,716
Deferred tax liabilities	235,978	$ 339,460
Minimum
Operating Loss Carryforwards [Line Items]
Possible change in unrecognized tax benefits balance	0
Maximum
Operating Loss Carryforwards [Line Items]
Possible change in unrecognized tax benefits balance	4,578
Foreign Tax Authority
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards subject to expiration	59,816
Operating loss carryforward not subject to expiration	211,439
Deferred tax liabilities	30,413
Domestic Tax Authority
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards subject to expiration	52,206
Operating loss carryforward not subject to expiration	$ 2,976

Employee Benefit Plans - Benefit Payments and Contributions (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Non-Qualified Supplemental Benefits \| Non-Qualified Supplemental Benefits
Expected Future Benefit Payments by Fiscal Year [Abstract]
2024	$ 5,616
2025	2,366
2026	4,626
2027	1,841
2028	5,795
2029 - 2033	10,268
United States \| Qualified Defined Benefits \| Qualified Defined Benefits
Expected Future Benefit Payments by Fiscal Year [Abstract]
2024	30,930
2025	29,031
2026	27,631
2027	26,842
2028	25,629
2029 - 2033	115,629
Foreign Plan \| Qualified Defined Benefits \| Qualified Defined Benefits
Expected Future Benefit Payments by Fiscal Year [Abstract]
2024	11,964
2025	11,379
2026	12,489
2027	15,279
2028	14,037
2029 - 2033	$ 71,276

Restructuring Activities

12 Months Ended

Dec. 31, 2023

Restructuring and Related Activities [Abstract]

Restructuring Activities

11. Restructuring Activities

The Company's restructuring charges by segment as follows:


	Years Ended December 31,
	2023		2022		2021
Engineered Products	$	9,510	$	3,194	$	9,507
Clean Energy & Fueling	20,336		9,571		3,609
Imaging & Identification	5,918		4,702		4,589
Pumps & Process Solutions	7,686		4,685		1,911
Climate & Sustainability Technologies	4,541		6,007		5,068
Corporate	2,444		2,321		2,021
Total	$	50,435	$	30,480	$	26,705
These amounts are classified in the consolidated statements of earnings as follows:
Cost of goods and services	$	19,352	$	6,855	$	12,895
Selling, general and administrative expenses	31,083		23,625		13,810

Total	$	50,435	$	30,480	$	26,705

The restructuring expenses of $50,435 incurred during the year ended December 31, 2023 were primarily related to headcount reductions and exit costs in the Clean Energy & Fueling, Engineered Products and Pumps & Process Solutions segments. These restructuring programs were initiated in 2022 and 2023 and were undertaken in light of current market conditions. The expected costs related to these announced restructuring programs have been incurred primarily through 2023. However, the Company will continue to make proactive adjustments to its cost structure to align with current demand trends and additional programs, beyond the scope of the announced programs, may be implemented during 2024 with related restructuring charges.

Restructuring expenses incurred in 2022 and 2021 also included headcount reductions, exit costs, asset charges related to a product line exit, and substantial liquidation of businesses in certain Latin America countries.

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


	Severance		Exit		Total
Balance at January 1, 2021	$	10,547	$	4,366	$	14,913
Restructuring charges	11,561		15,144		26,705
Payments	(10,951)		(6,171)		(17,122)
Other, including foreign currency translation	(427)		(10,272)		(10,699)
Balance at December 31, 2021	10,730		3,067		13,797
Restructuring charges	15,388		15,092		30,480
Payments	(13,975)		(8,159)		(22,134)
Other, including foreign currency translation	(136)		(7,497)		(7,633)
Balance at December 31, 2022	12,007		2,503		14,510
Restructuring charges	37,433		13,002		50,435
Payments	(31,364)		(9,945)		(41,309)
Other, including foreign currency translation	570		(2,447)		(1,877)
Balance at December 31, 2023	$	18,646	$	3,113	$	21,759

The restructuring accrual balances at December 31, 2023 primarily reflect restructuring plans initiated during the year.

Revenue (Tables)

12 Months Ended

Dec. 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:


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

Contract assets	$	19,561	$	11,074	$	11,440
Contract liabilities - current	211,292		256,933		227,549
Contract liabilities - non-current	19,544		19,879		21,513

Goodwill and Other Intangible Assets - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Acquisitions	$ 227,761	$ 200,513
Measurement period adjustments	(5,103)	1,570
Goodwill balance	$ 0	0
Fair value discount rate, percent	10.60%
Intangible assets	$ 283,170
Amortization expense	$ 160,116	$ 158,628	$ 142,814

Segment Information

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Segment Information

19. Segment Information

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

The five reportable segments are as follows:

•Engineered Products segment provides a wide range of equipment, components, software, solutions and services 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, specialized instrumentation and digital controls 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, energy transition, thermal management applications and other end-markets.

•Climate & Sustainability Technologies segment is a provider of innovative and energy-efficient equipment, components and parts for the commercial refrigeration, heating and cooling and beverage can-making equipment end-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), disposition costs, loss (gain) on dispositions, corporate expenses/other, interest expense, interest income and provision for income taxes.

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


	Years Ended December 31,
	2023			2022			2021
Revenue:
Engineered Products	$	2,004,587		$	2,043,632		$	1,780,827
Clean Energy & Fueling	1,788,277			1,878,507			1,648,153
Imaging & Identification	1,116,732			1,123,815			1,163,367
Pumps & Process Solutions	1,755,691			1,728,235			1,708,634
Climate & Sustainability Technologies	1,778,582			1,737,724			1,608,175
Intersegment eliminations	(5,735)			(3,825)			(2,075)
Total consolidated revenue	$	8,438,134		$	8,508,088		$	7,907,081
Net earnings:
Segment earnings:
Engineered Products (1)	$	377,425		$	346,519		$	277,852
Clean Energy & Fueling	328,604			352,993			327,186
Imaging & Identification	272,512			268,084			266,932
Pumps & Process Solutions	484,405			533,018			575,593
Climate & Sustainability Technologies	305,380			254,484			185,517
Total segment earnings	1,768,326			1,755,098			1,633,080
Purchase accounting expenses (2)	164,943			181,103			141,980
Restructuring and other costs (3)	63,673			38,990			38,436
Disposition costs (4)	1,302			—			—
Loss (gain) on dispositions (5)	—			194			(206,338)
Corporate expense / other (6)	150,593			135,280			156,298
Interest expense	131,305			116,456			106,319
Interest income	(13,496)			(4,430)			(4,441)

Earnings before provision for income taxes	1,270,006			1,287,505			1,400,826
Provision for income taxes	213,178			222,129			277,008
Net earnings	$	1,056,828		$	1,065,376		$	1,123,818
Segment margins:
Engineered Products	18.8		%	17.0		%	15.6		%
Clean Energy & Fueling	18.4		%	18.8		%	19.9		%
Imaging & Identification	24.4		%	23.9		%	22.9		%
Pumps & Process Solutions	27.6		%	30.8		%	33.7		%
Climate & Sustainability Technologies	17.2		%	14.6		%	11.5		%
Total segments	21.0		%	20.6		%	20.7		%
Net earnings	12.5		%	12.5		%	14.2		%
Depreciation and amortization:
Other depreciation and amortization (7):
Engineered Products	$	28,073		$	27,745		$	27,036
Clean Energy & Fueling	30,117			28,815			25,842
Imaging & Identification	15,293			14,185			14,189
Pumps & Process Solutions	46,344			40,839			39,272
Climate & Sustainability Technologies	27,557			26,204			26,987
Total other depreciation and amortization	147,384			137,788			133,326
Corporate depreciation and amortization	6,040			8,137			7,250
Depreciation and amortization included in purchase accounting expenses and restructuring and other	164,039			161,613			149,547
Consolidated depreciation and amortization total	$	317,463		$	307,538		$	290,123

(2) 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.


	Years Ended December 31,
	2023		2022		2021
Restructuring	$	50,435	$	30,480	$	26,705
Other costs, net	13,238		8,510		11,731
Restructuring and other costs	$	63,673	$	38,990	$	38,436

(4) Disposition costs related to the sale of De-Sta-Co which is expected to close in Q1 2024.

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

(7) Other depreciation and amortization relates to property, plant, and equipment and intangibles, and excludes amounts related to purchase accounting expenses and restructuring and other costs.

Selected financial information by segment (continued):


Capital expenditures:	2023		2022		2021
Engineered Products	$	26,643	$	39,765	$	48,453
Clean Energy & Fueling	25,421		33,489		25,167
Imaging & Identification	11,598		14,695		10,671
Pumps & Process Solutions	60,860		82,817		44,578
Climate & Sustainability Technologies	61,790		41,426		34,335
Corporate	6,280		8,770		8,261
Total capital expenditures	$	192,592	$	220,962	$	171,465


Total assets at December 31:	2023		2022
Engineered Products (8)	$	1,797,242	$	1,771,689
Clean Energy & Fueling	3,020,621		3,068,260
Imaging & Identification	1,812,704		1,821,649
Pumps & Process Solutions (9)	2,654,421		2,161,210
Climate & Sustainability Technologies	1,466,141		1,525,449
Corporate (10)	597,384		548,262


Total assets	$	11,348,513	$	10,896,519

(8) Engineered Products includes De-Sta-Co assets classified as held for sale. See Note 4 — Dispositions for additional information.

(9) Increase primarily driven by 2023 acquisition. See Note 3 — Acquisitions for additional information.

(10) Corporate assets are comprised primarily of cash and cash equivalents.


	Revenue						Long-Lived Assets (11)
	Years Ended December 31,						At December 31,
	2023		2022		2021		2023		2022
United States	$	4,711,019	$	4,847,321	$	4,305,957	$	623,693	$	629,140
Europe	1,757,118		1,792,020		1,797,138		321,628		291,921
Asia	924,539		939,093		901,141		59,496		57,253
Other Americas	683,573		667,673		612,751		22,936		21,763
Other	361,885		261,981		290,094		4,063		4,748
Consolidated total	$	8,438,134	$	8,508,088	$	7,907,081	$	1,031,816	$	1,004,825

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

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

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

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Equity and Cash Incentive Program - SARs Activity (Details) - Stock Appreciation Rights (SARs) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Number of Shares
Outstanding, beginning balance (in shares)	2,444,542
Granted (in shares)	359,715	335,285	413,173
Forfeited/expired (in shares)	(65,178)
Exercised (in shares)	(329,469)
Outstanding, ending balance (in shares)	2,409,610	2,444,542
Exercisable (in shares)	1,446,739
Weighted Average Exercise Price
Beginning balance (in dollars per share)	$ 98.70
Granted (in dollars per share)	153.25	$ 160.21	$ 122.73
Forfeited/Expired (in dollars per share)	142.25
Exercised (in dollars per share)	69.93
Ending balance (in dollars per share)	109.65	$ 98.70
Weighted Average Exercise Price, Exercisable (in dollars per share)	$ 86.31
Weighted Average Remaining Contractual Term (Years)
Outstanding	5 years 9 months 18 days
Exercisable	4 years 3 months 18 days
Outstanding, Aggregate Intrinsic Value	$ 108,242
Exercisable, Aggregate Intrinsic Value	$ 97,651

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule Of Earnings Before Provision For Income Taxes And Discontinued Operations

Income taxes have been based on the following components of earnings before provision for income taxes in the consolidated statements of earnings:


	Years Ended December 31,
	2023		2022		2021
Domestic	$	755,429	$	731,796	$	835,773
Foreign	514,577		555,709		565,053
Total	$	1,270,006	$	1,287,505	$	1,400,826

Schedule of Components of Income Tax Expense (Benefit)

Income tax expense (benefit) for the years ended December 31, 2023, 2022 and 2021 is comprised of the following:


	Years Ended December 31,
	2023		2022		2021
Current:
U.S. federal	$	143,294	$	106,768	$	150,990
State and local	18,873		1,450		28,106
Foreign	143,216		140,696		154,147
Total current	305,383		248,914		333,243
Deferred:
U.S. federal	(28,471)		(4,760)		(14,143)
State and local	4,047		303		3,165
Foreign	(67,781)		(22,328)		(45,257)
Total deferred	(92,205)		(26,785)		(56,235)
Total expense	$	213,178	$	222,129	$	277,008

Schedule of Effective Income Tax Rate Reconciliation

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


	Years Ended December 31,
	2023		2022		2021
U.S. federal income tax rate	21.0	%	21.0	%	21.0	%
State and local taxes, net of federal income tax benefit	1.6		1.6		1.8
Foreign operations tax effect	0.4		0.1		(0.2)



Foreign-derived intangible income	(1.3)		(1.3)		(0.8)
Share awards	(0.4)		(0.2)		(0.8)
Withholding tax	2.4		0.1		0.1
Change in valuation allowance	(5.5)		(0.7)		—

Dispositions	—		—		0.3
Audit resolutions	(0.6)		(3.2)		(1.4)
Other	(0.8)		(0.1)		(0.2)
Effective tax rate	16.8	%	17.3	%	19.8	%

Schedule of Deferred Tax Assets and Liabilities

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


	December 31, 2023		December 31, 2022
Deferred Tax Assets:
Accrued compensation, postretirement and other employee benefits	$	46,068	$	46,008
Accrued expenses	20,154		20,608
Net operating loss and other carryforwards	326,437		317,186
Inventories	28,729		30,569
Allowance for credit losses	7,679		9,224
Accrued insurance	4,574		3,978

Long-term liabilities, warranty and environmental costs	1,864		2,851
Lease obligations	55,634		47,887
Capitalized research and development	54,397		26,548
Total gross deferred tax assets	545,536		504,859
Valuation allowance	(209,931)		(271,203)
Total deferred tax assets, net of valuation allowances	$	335,605	$	233,656
Deferred Tax Liabilities:
Intangible assets	$	(405,504)	$	(417,809)
Property, plant and equipment	(78,668)		(82,658)
Lease right-of-use assets	(52,769)		(45,202)

Other liabilities	(34,642)		(27,447)
Total deferred tax liabilities	(571,583)		(573,116)
Net deferred tax liability	$	(235,978)	$	(339,460)

Classified as follows in the Consolidated Balance Sheets:

Other assets and deferred charges	$	110,405	$	35,690

Deferred income taxes	(346,383)		(375,150)
	$	(235,978)	$	(339,460)

Schedule Of Unrecognized Tax Benefits

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


	Total
Unrecognized tax benefits at January 1, 2021	$	72,338
Additions based on tax positions related to the current year	5,859
Additions for tax positions of prior years	3,784
Reductions for tax positions of prior years	(13,008)
Cash settlements	(1,490)
Lapse of statutes	(2,831)
Unrecognized tax benefits at December 31, 2021 (1)	64,652
Additions based on tax positions related to the current year	3,315
Additions for tax positions of prior years	3,421
Reductions for tax positions of prior years	(39,439)
Cash settlements	(411)
Lapse of statutes	(3,352)
Unrecognized tax benefits at December 31, 2022 (1)	28,186
Additions based on tax positions related to the current year	1,235
Additions for tax positions of prior years	2,223
Reductions for tax positions of prior years	(3,361)
Cash settlements	(1,791)
Lapse of statutes	(3,983)
Unrecognized tax benefits at December 31, 2023 (1)	$	22,509

Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deferred Tax Assets:
Accrued compensation, postretirement and other employee benefits	$ 46,068	$ 46,008
Accrued expenses	20,154	20,608
Net operating loss and other carryforwards	326,437	317,186
Inventories	28,729	30,569
Allowance for credit losses	7,679	9,224
Accrued insurance	4,574	3,978
Long-term liabilities, warranty and environmental costs	1,864	2,851
Lease obligations	55,634	47,887
Capitalized research and development	54,397	26,548
Total gross deferred tax assets	545,536	504,859
Valuation allowance	(209,931)	(271,203)
Total deferred tax assets, net of valuation allowances	335,605	233,656
Deferred Tax Liabilities:
Intangible assets	(405,504)	(417,809)
Property, plant and equipment	(78,668)	(82,658)
Lease right-of-use assets	(52,769)	(45,202)
Other liabilities	(34,642)	(27,447)
Total deferred tax liabilities	(571,583)	(573,116)
Net deferred tax liability	(235,978)	(339,460)
Classified as follows in the Consolidated Balance Sheets:
Other assets and deferred charges	110,405	35,690
Deferred income taxes	$ (346,383)	$ (375,150)

Acquisitions - Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Intangible assets	$ 283,170
Series of individually immaterial acquistions
Business Acquisition [Line Items]
Goodwill - tax deductible	224,771		$ 200,117
Goodwill - non deductible	2,990	$ 196,764	384,269
Intangible assets		40,437	78,179
Goodwill and intangible assets	510,931	321,201	1,023,865
Customer intangibles \| Series of individually immaterial acquistions
Business Acquisition [Line Items]
Intangible assets	$ 259,700	$ 90,742	$ 310,819
Customer intangibles \| Minimum \| Series of individually immaterial acquistions
Business Acquisition [Line Items]
Useful life (in years)	9 years	10 years	12 years
Customer intangibles \| Maximum \| Series of individually immaterial acquistions
Business Acquisition [Line Items]
Useful life (in years)	15 years	15 years	15 years
Patents \| Series of individually immaterial acquistions
Business Acquisition [Line Items]
Intangible assets		$ 16,000	$ 49,056
Useful life (in years)		10 years
Patents \| Minimum \| Series of individually immaterial acquistions
Business Acquisition [Line Items]
Useful life (in years)			7 years
Patents \| Maximum \| Series of individually immaterial acquistions
Business Acquisition [Line Items]
Useful life (in years)			12 years
Unpatented technologies \| Series of individually immaterial acquistions
Business Acquisition [Line Items]
Intangible assets	$ 12,510	$ 10,302	$ 44,180
Useful life (in years)		8 years
Unpatented technologies \| Minimum \| Series of individually immaterial acquistions
Business Acquisition [Line Items]
Useful life (in years)	7 years		7 years
Unpatented technologies \| Maximum \| Series of individually immaterial acquistions
Business Acquisition [Line Items]
Useful life (in years)	8 years		12 years
Trademarks \| Series of individually immaterial acquistions
Business Acquisition [Line Items]
Intangible assets	$ 10,960	$ 7,393	$ 35,424
Useful life (in years)		15 years
Trademarks \| Minimum \| Series of individually immaterial acquistions
Business Acquisition [Line Items]
Useful life (in years)			15 years
Trademarks \| Maximum \| Series of individually immaterial acquistions
Business Acquisition [Line Items]
Useful life (in years)	15 years		16 years

Stockholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended	12 Months Ended
	Sep. 01, 2022	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Aug. 31, 2023	Nov. 30, 2020
Schedule of share repurchases [Line Items]
Payments for repurchase of common stock (in dollars)			$ 0	$ 585,000	$ 21,637
November 2020 Authorization
Schedule of share repurchases [Line Items]
Number of shares authorized to be repurchased (in shares)							20,000,000
Shares repurchased (in shares)			0	641,428	182,951
Average price per share for repurchased shares (in dollars per share)				$ 132.52	$ 118.27
Payments for repurchase of common stock (in dollars)				$ 85,000	$ 21,637
Remaining number of shares authorized to be repurchased (in shares)			15,283,326
August 2022 ASR Agreement
Schedule of share repurchases [Line Items]
Shares repurchased (in shares)	3,201,025	691,270		3,892,295
Payment for ASR agreement	$ 500,000
Average price per share for repurchased shares (in dollars per share)				$ 128.46
August 2023 Authorization
Schedule of share repurchases [Line Items]
Number of shares authorized to be repurchased (in shares)						20,000,000

Employee Benefit Plans - Accumulated Benefit Obligations (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets [Abstract]
Accumulated benefit obligation	$ 227,442	$ 124,082
Fair value of plan assets	158,653	64,112
Defined Benefit Plan, Pension Plan with Project Benefit Obligation in Excess of Plan Assets [Abstract]
Projected benefit obligation	234,854	200,671
Fair value of plan assets	$ 158,653	$ 136,351

Accumulated Other Comprehensive Earnings (Loss) - Reclassifications (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Reclassification of foreign currency translation losses to earnings	$ 1,718,290	$ 1,684,226	$ 1,688,278
Tax benefit	213,178	222,129	277,008
Net of tax	(1,056,828)	(1,065,376)	(1,123,818)
Other income, net	(21,472)	(20,201)	(14,858)
Earnings before provision for income taxes	(1,270,006)	(1,287,505)	(1,400,826)
Reclassification out of Accumulated Other Comprehensive Income \| Cumulative foreign currency translation adjustments
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Reclassification of foreign currency translation losses to earnings	0	5,915	0
Tax benefit	0	0	0
Net of tax	0	5,915	0
Reclassification out of Accumulated Other Comprehensive Income \| Pension and other postretirement benefit plans
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Tax benefit	(538)	(1,842)	(3,423)
Net of tax	1,701	6,479	11,641
Earnings before provision for income taxes	2,239	8,321	15,064
Reclassification out of Accumulated Other Comprehensive Income \| Amortization of actuarial (gains) losses
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other income, net	(2,551)	2,965	12,278
Reclassification out of Accumulated Other Comprehensive Income \| Amortization of prior service costs and transition obligation
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other income, net	1,157	1,074	1,304
Reclassification out of Accumulated Other Comprehensive Income \| Settlement and curtailment
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other income, net	3,633	4,282	1,482
Reclassification out of Accumulated Other Comprehensive Income \| Cash flow hedges:
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Tax benefit	(483)	1,065	1,400
Net of tax	1,954	(3,732)	(4,871)
Earnings before provision for income taxes	$ 2,437	$ (4,797)	$ (6,271)

CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Foreign currency translation adjustments, tax benefit (provision)	$ 10,438	$ (17,824)	$ (20,976)
Pension and other postretirement benefit plans tax benefit (provision)	3,569	(2,230)	(9,868)
Cash flow hedges tax benefit (provision)	$ (778)	$ 1,217	$ (532)

Accumulated Other Comprehensive Earnings (Loss) (Tables)

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Schedule of Components of Accumulated Other Comprehensive Income (Loss)

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


	December 31, 2023		December 31, 2022
Cumulative foreign currency translation adjustments	$	(181,331)	$	(220,224)
Pension and other postretirement benefit plans	(58,430)		(45,258)
Changes in fair value of cash flow hedges and other	1,895		(741)
	$	(237,866)	$	(266,223)

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

Amounts reclassified from accumulated other comprehensive earnings (loss) to earnings (loss) during the year ended December 31, 2023, 2022 and 2021 were as follows:


	Years Ended December 31,
	2023		2022		2021
Foreign currency translation:
Reclassification of foreign currency translation losses to earnings	$	—	$	5,915	$	—
Tax benefit	—		—		—
Net of tax	$	—	$	5,915	$	—
Pension and other postretirement benefit plans:
Amortization of actuarial (gains) losses	$	(2,551)	$	2,965	$	12,278
Amortization of prior service costs and transition obligation	1,157		1,074		1,304
Settlement and curtailment	3,633		4,282		1,482
Total before tax	2,239		8,321		15,064
Tax benefit	(538)		(1,842)		(3,423)
Net of tax	$	1,701	$	6,479	$	11,641
Cash flow hedges:
Net losses (gains) reclassified into earnings	$	2,437	$	(4,797)	$	(6,271)
Tax (benefit) expense	(483)		1,065		1,400
Net of tax	$	1,954	$	(3,732)	$	(4,871)

Earnings per Share (Tables)

12 Months Ended

Dec. 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:


	Years Ended December 31,
	2023		2022		2021


Net earnings	$	1,056,828	$	1,065,376	$	1,123,818

Basic earnings per common share:


Net earnings	$	7.56	$	7.47	$	7.81

Weighted average basic shares outstanding	139,848,000		142,681,000		143,923,000
Diluted earnings per common share:


Net earnings	$	7.52	$	7.42	$	7.74

Weighted average shares outstanding	140,599,000		143,595,000		145,273,000

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:


	Years Ended December 31,
	2023	2022	2021
Weighted average shares outstanding - Basic	139,848,000	142,681,000	143,923,000
Dilutive effect of assumed exercise of SARs and vesting of PSAs and RSUs	751,000	914,000	1,350,000
Weighted average shares outstanding - Diluted	140,599,000	143,595,000	145,273,000

Accumulated Other Comprehensive Earnings (Loss)

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Accumulated Other Comprehensive Earnings (Loss)

18. Accumulated Other Comprehensive Earnings (Loss)

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


	December 31, 2023		December 31, 2022
Cumulative foreign currency translation adjustments	$	(181,331)	$	(220,224)
Pension and other postretirement benefit plans	(58,430)		(45,258)
Changes in fair value of cash flow hedges and other	1,895		(741)
	$	(237,866)	$	(266,223)

Amounts reclassified from accumulated other comprehensive earnings (loss) to earnings (loss) during the year ended December 31, 2023, 2022 and 2021 were as follows:


	Years Ended December 31,
	2023		2022		2021
Foreign currency translation:
Reclassification of foreign currency translation losses to earnings	$	—	$	5,915	$	—
Tax benefit	—		—		—
Net of tax	$	—	$	5,915	$	—
Pension and other postretirement benefit plans:
Amortization of actuarial (gains) losses	$	(2,551)	$	2,965	$	12,278
Amortization of prior service costs and transition obligation	1,157		1,074		1,304
Settlement and curtailment	3,633		4,282		1,482
Total before tax	2,239		8,321		15,064
Tax benefit	(538)		(1,842)		(3,423)
Net of tax	$	1,701	$	6,479	$	11,641
Cash flow hedges:
Net losses (gains) reclassified into earnings	$	2,437	$	(4,797)	$	(6,271)
Tax (benefit) expense	(483)		1,065		1,400
Net of tax	$	1,954	$	(3,732)	$	(4,871)

Foreign currency translation losses were recognized in selling, general and administrative expenses within the 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 consolidated statements of earnings.

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

Revenue - Contract Balances (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Contract assets	$ 19,561	$ 11,074	$ 11,440
Contract liabilities - current	211,292	256,933	227,549
Contract liabilities - non-current	$ 19,544	$ 19,879	$ 21,513

Earnings per Share

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Earnings per Share

20. Earnings per Share

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


	Years Ended December 31,
	2023		2022		2021


Net earnings	$	1,056,828	$	1,065,376	$	1,123,818

Basic earnings per common share:


Net earnings	$	7.56	$	7.47	$	7.81

Weighted average basic shares outstanding	139,848,000		142,681,000		143,923,000
Diluted earnings per common share:


Net earnings	$	7.52	$	7.42	$	7.74

Weighted average shares outstanding	140,599,000		143,595,000		145,273,000

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


	Years Ended December 31,
	2023	2022	2021
Weighted average shares outstanding - Basic	139,848,000	142,681,000	143,923,000
Dilutive effect of assumed exercise of SARs and vesting of PSAs and RSUs	751,000	914,000	1,350,000
Weighted average shares outstanding - Diluted	140,599,000	143,595,000	145,273,000

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 PSAs and RSUs, as determined using the treasury stock method. For the years ended December 31, 2023, 2022 and 2021, the weighted average number of anti-dilutive potential common shares excluded from the calculation above totaled 48,000, 21,173 and 1,072, respectively.

Segment Information - Reporting Information by Segment (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 31, 2023 USD ($) segment	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Segment Reporting [Abstract]
Number of reportable segments \| segment		5
Reconciliation from Segment Totals to Consolidated [Abstract]
Revenue		$ 8,438,134	$ 8,508,088	$ 7,907,081
Earnings before provision for income taxes		1,270,006	1,287,505	1,400,826
Purchase accounting expenses		164,943	181,103	141,980
Restructuring and other costs		63,673	38,990	38,436
Disposition costs		1,302	0	0
Loss (gain) on dispositions		0	194	(206,338)
Interest expense		131,305	116,456	106,319
Interest income		(13,496)	(4,430)	(4,441)
Provision for income taxes		213,178	222,129	277,008
Net earnings		$ 1,056,828	$ 1,065,376	$ 1,123,818
Segment margins:
Net earnings (in percent)		12.50%	12.50%	14.20%
Consolidated depreciation and amortization total		$ 317,463	$ 307,538	$ 290,123
Restructuring		50,435	30,480	26,705
Other costs, net		13,238	8,510	11,731
Restructuring and other costs		63,673	38,990	38,436
Total segments
Reconciliation from Segment Totals to Consolidated [Abstract]
Earnings before provision for income taxes		$ 1,768,326	$ 1,755,098	$ 1,633,080
Segment margins:
Total Segments (in percent)		21.00%	20.60%	20.70%
Other depreciation and amortization		$ 147,384	$ 137,788	$ 133,326
Intersegment eliminations
Reconciliation from Segment Totals to Consolidated [Abstract]
Revenue		(5,735)	(3,825)	(2,075)
Corporate
Reconciliation from Segment Totals to Consolidated [Abstract]
Other Nonoperating Expense		150,593	135,280	156,298
Segment margins:
Other depreciation and amortization		6,040	8,137	7,250
Depreciation and amortization included in purchase accounting expenses and restructuring and other		164,039	161,613	149,547
Restructuring		2,444	2,321	2,021
Engineered Products \| Total segments
Reconciliation from Segment Totals to Consolidated [Abstract]
Revenue		2,004,587	2,043,632	1,780,827
Earnings before provision for income taxes		$ 377,425	$ 346,519	$ 277,852
Segment margins:
Total Segments (in percent)		18.80%	17.00%	15.60%
Other depreciation and amortization		$ 28,073	$ 27,745	$ 27,036
Restructuring		9,510	3,194	9,507
Engineered Products \| Total segments \| Change in Accounting Method Accounted for as Change in Estimate
Reconciliation from Segment Totals to Consolidated [Abstract]
Earnings before provision for income taxes	$ 14,448
Net earnings	$ 10,796
Clean Energy & Fueling \| Total segments
Reconciliation from Segment Totals to Consolidated [Abstract]
Revenue		1,788,277	1,878,507	1,648,153
Earnings before provision for income taxes		$ 328,604	$ 352,993	$ 327,186
Segment margins:
Total Segments (in percent)		18.40%	18.80%	19.90%
Other depreciation and amortization		$ 30,117	$ 28,815	$ 25,842
Restructuring		20,336	9,571	3,609
Imaging & Identification \| Total segments
Reconciliation from Segment Totals to Consolidated [Abstract]
Revenue		1,116,732	1,123,815	1,163,367
Earnings before provision for income taxes		$ 272,512	$ 268,084	$ 266,932
Segment margins:
Total Segments (in percent)		24.40%	23.90%	22.90%
Other depreciation and amortization		$ 15,293	$ 14,185	$ 14,189
Restructuring		5,918	4,702	4,589
Pumps & Process Solutions \| Total segments
Reconciliation from Segment Totals to Consolidated [Abstract]
Revenue		1,755,691	1,728,235	1,708,634
Earnings before provision for income taxes		$ 484,405	$ 533,018	$ 575,593
Segment margins:
Total Segments (in percent)		27.60%	30.80%	33.70%
Other depreciation and amortization		$ 46,344	$ 40,839	$ 39,272
Restructuring		7,686	4,685	1,911
Climate & Sustainability Technologies \| Total segments
Reconciliation from Segment Totals to Consolidated [Abstract]
Revenue		1,778,582	1,737,724	1,608,175
Earnings before provision for income taxes		$ 305,380	$ 254,484	$ 185,517
Segment margins:
Total Segments (in percent)		17.20%	14.60%	11.50%
Other depreciation and amortization		$ 27,557	$ 26,204	$ 26,987
Restructuring		$ 4,541	$ 6,007	$ 5,068

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS

12 Months Ended

Dec. 31, 2023

Schedule II Valuation and Qualifying Accounts [Abstract]

SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS

SCHEDULE II

VALUATION AND QUALIFYING ACCOUNTS

Years Ended December 31, 2023, 2022 and 2021

(In thousands)











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

Year Ended December 31, 2023	$	271,203	31,388	(92,660)	$	209,931

Year Ended December 31, 2022	$	306,066	4,960	(39,823)	$	271,203

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

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

Year Ended December 31, 2023(1)	$	14,151	316	(14,467)	$	—

Year Ended December 31, 2022	$	13,155	2,329	(1,333)	$	14,151

Year Ended December 31, 2021	$	7,149	7,220	(1,214)	$	13,155
(1) During the fourth quarter of 2023, the Company changed the method of accounting for the inventories previously accounted for under LIFO to FIFO. See Note 1 — Description of Business and Summary of Significant Accounting Policies.

Property, Plant and Equipment (Tables)

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Schedule of Components of Property, Plant and Equipment, net


	December 31, 2023		December 31, 2022
Land	$	66,443	$	62,495
Buildings and improvements	640,654		620,500
Machinery, equipment and other	1,944,470		1,895,502
Property, plant and equipment, gross	2,651,567		2,578,497
Accumulated depreciation	(1,619,751)		(1,573,672)
Property, plant and equipment, net	$	1,031,816	$	1,004,825

Other Accrued Expenses and Other Liabilities

12 Months Ended

Dec. 31, 2023

Accrued Liabilities and Other Liabilities [Abstract]

Other Accrued Expenses and Other Liabilities

10. Other Accrued Expenses and Other Liabilities

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


	December 31, 2023		December 31, 2022

Operating lease liabilities	$	48,790	$	42,649
Accrued rebates and volume discounts	43,941		47,660
Warranty	43,747		43,351
Taxes other than income	31,439		33,782
Restructuring and exit costs	21,759		14,510
Accrued interest	20,723		20,591
Accrued commissions (non-employee)	15,370		15,808



Other	89,758		99,986
Total other accrued expenses	$	315,527	$	318,337

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


	December 31, 2023		December 31, 2022
Operating lease liabilities	$	172,983	$	165,741
Defined benefit and other post-retirement benefit plans	86,066		92,630

Deferred compensation	79,268		82,479
Unrecognized tax benefits	27,307		34,361
Legal and environmental	26,991		30,139
Deferred revenue	19,544		19,879
Warranty	7,117		5,098

Other	42,696		44,576
Total other liabilities	$	461,972	$	474,903

Warranty


	Years Ended December 31,
	2023		2022		2021
Beginning Balance, January 1,	$	48,449	$	48,568	$	51,088
Provision for warranties	65,003		60,758		67,212
Settlements made	(62,911)		(59,612)		(65,498)
Other adjustments, including acquisitions and currency translation	323		(1,265)		(4,234)
Ending Balance, December 31	$	50,864	$	48,449	$	48,568

Goodwill and Other Intangible Assets - Intangibles and Amortization Expense (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Gross Amount	$ 3,003,810	$ 2,749,997
Accumulated Amortization	1,616,528	1,512,806
Net Carrying Amount	1,387,282	1,237,191
Unamortized intangible assets:	96,631
Total, Gross Carrying Amount	3,100,441	2,846,541
Total, Net Carrying Amount	1,483,913	1,333,735
Trademarks
Finite-Lived Intangible Assets [Line Items]
Unamortized intangible assets:	96,631	96,544
Customer intangibles
Finite-Lived Intangible Assets [Line Items]
Gross Amount	2,138,788	1,881,402
Accumulated Amortization	1,094,053	996,947
Net Carrying Amount	1,044,735	884,455
Trademarks
Finite-Lived Intangible Assets [Line Items]
Gross Amount	274,711	265,466
Accumulated Amortization	147,212	132,791
Net Carrying Amount	127,499	132,675
Patents
Finite-Lived Intangible Assets [Line Items]
Gross Amount	206,871	219,199
Accumulated Amortization	142,719	146,337
Net Carrying Amount	64,152	72,862
Unpatented technologies
Finite-Lived Intangible Assets [Line Items]
Gross Amount	277,198	257,428
Accumulated Amortization	159,148	137,750
Net Carrying Amount	118,050	119,678
Distributor relationships
Finite-Lived Intangible Assets [Line Items]
Gross Amount	82,031	79,622
Accumulated Amortization	63,343	57,299
Net Carrying Amount	18,688	22,323
Other
Finite-Lived Intangible Assets [Line Items]
Gross Amount	24,211	46,880
Accumulated Amortization	10,053	41,682
Net Carrying Amount	$ 14,158	$ 5,198

CONSOLIDATED STATEMENTS OF EARNINGS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Statement [Abstract]
Revenue	$ 8,438,134	$ 8,508,088	$ 7,907,081
Cost of goods and services	5,353,501	5,444,532	4,937,295
Gross profit	3,084,633	3,063,556	2,969,786
Selling, general and administrative expenses	1,718,290	1,684,226	1,688,278
Operating earnings	1,366,343	1,379,330	1,281,508
Interest expense	131,305	116,456	106,319
Interest income	(13,496)	(4,430)	(4,441)
Gain on dispositions	0	0	(206,338)
Other income, net	(21,472)	(20,201)	(14,858)
Earnings before provision for income taxes	1,270,006	1,287,505	1,400,826
Provision for income taxes	213,178	222,129	277,008
Net earnings	$ 1,056,828	$ 1,065,376	$ 1,123,818
Net earnings per share:
Basic (in dollars per share)	$ 7.56	$ 7.47	$ 7.81
Diluted (in dollars per share)	$ 7.52	$ 7.42	$ 7.74
Weighted average shares outstanding:
Basic (in shares)	139,848	142,681	143,923
Diluted (in shares)	140,599	143,595	145,273

Employee Benefit Plans - Obligations and Funded Status (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Change in plan assets:
Benefits paid		$ (17,680)
Amounts recognized in the consolidated balance sheets consist of:
Defined benefit and other post-retirement benefit plans	$ (86,066)	(92,630)
Accumulated Other Comprehensive Loss (Earnings):
Accumulated benefit obligations	591,114	560,057
Qualified Defined Benefits \| United States
Change in plan assets:
Fair value of plan assets at beginning of year	394,053	573,100
Fair value of plan assets at end of year	392,519	394,053	$ 573,100
Qualified Defined Benefits \| Foreign Plan
Change in plan assets:
Fair value of plan assets at beginning of year	152,860	219,677
Fair value of plan assets at end of year	175,765	152,860	219,677
Qualified Defined Benefits \| Qualified Defined Benefits \| United States
Change in benefit obligation:
Benefit obligation at beginning of year	319,901	478,346
Service cost	2,867	5,703	7,134
Interest cost	17,203	13,745	13,605
Plan participants' contributions	0	0
Benefits paid	(17,701)	(17,680)
Actuarial (loss) gains	22,384	(126,985)
Amendments	0	0
Settlements and curtailments	(25,348)	(33,228)
Currency translation and other	0	0
Benefit obligation at end of year	319,306	319,901	478,346
Change in plan assets:
Fair value of plan assets at beginning of year	394,053
Actual return on plan assets	40,633	(125,011)
Company contributions	0	0
Plan participants' contributions	0	0
Benefits paid	(17,701)
Settlements and curtailments	(24,466)	(36,356)
Currency translation and other	0	0
Fair value of plan assets at end of year	392,519	394,053
Funded (Unfunded) status	73,213	74,152
Amounts recognized in the consolidated balance sheets consist of:
Other assets and deferred charges	73,213	74,152
Accrued compensation and employee benefits	0	0
Liabilities held for sale	0	0
Defined benefit and other post-retirement benefit plans	0	0
Total assets (liabilities)	73,213	74,152
Accumulated Other Comprehensive Loss (Earnings):
Net actuarial losses (gains)	57,870	55,227
Prior service cost (credit)	0	0
Tax (benefit) expense	(12,075)	(11,474)
Total accumulated other comprehensive loss (earnings), net of tax	45,795	43,753
Net amount recognized at December 31,	119,008	117,905
Accumulated benefit obligations	319,306	318,275
Qualified Defined Benefits \| Qualified Defined Benefits \| Foreign Plan
Change in benefit obligation:
Benefit obligation at beginning of year	215,317	314,715
Service cost	3,712	4,675	5,749
Interest cost	10,591	5,220	3,590
Plan participants' contributions	2,251	2,186
Benefits paid	(11,953)	(9,756)
Actuarial (loss) gains	16,884	(72,977)
Amendments	41	(2,291)
Settlements and curtailments	(1,116)	(8,849)
Currency translation and other	14,302	(17,606)
Benefit obligation at end of year	250,029	215,317	314,715
Change in plan assets:
Fair value of plan assets at beginning of year	152,860
Actual return on plan assets	11,935	(48,147)
Company contributions	9,516	9,059
Plan participants' contributions	2,251	2,186
Benefits paid	(11,953)	(9,756)
Settlements and curtailments	(298)	(8,640)
Currency translation and other	11,454	(11,519)
Fair value of plan assets at end of year	175,765	152,860
Funded (Unfunded) status	(74,264)	(62,457)
Amounts recognized in the consolidated balance sheets consist of:
Other assets and deferred charges	1,938	1,863
Accrued compensation and employee benefits	(731)	(1,774)
Liabilities held for sale	(18,044)	0
Defined benefit and other post-retirement benefit plans	(57,427)	(62,546)
Total assets (liabilities)	(74,264)	(62,457)
Accumulated Other Comprehensive Loss (Earnings):
Net actuarial losses (gains)	42,926	31,607
Prior service cost (credit)	(2,222)	(3,006)
Tax (benefit) expense	(8,947)	(6,434)
Total accumulated other comprehensive loss (earnings), net of tax	31,757	22,167
Net amount recognized at December 31,	(42,507)	(40,290)
Accumulated benefit obligations	242,619	210,259
Non-Qualified Supplemental Benefits \| Non-Qualified Supplemental Benefits
Change in benefit obligation:
Benefit obligation at beginning of year	32,503	42,905
Service cost	970	1,426	1,561
Interest cost	1,636	1,215	1,232
Plan participants' contributions	0	0
Benefits paid	(6,582)	(3,831)
Actuarial (loss) gains	662	(9,596)
Amendments	0	384
Settlements and curtailments	0	0
Currency translation and other	0	0
Benefit obligation at end of year	29,189	32,503	42,905
Change in plan assets:
Fair value of plan assets at beginning of year	0	0
Actual return on plan assets	0	0
Company contributions	6,582	3,831
Plan participants' contributions	0	0
Benefits paid	(6,582)	(3,831)
Settlements and curtailments	0	0
Currency translation and other	0	0
Fair value of plan assets at end of year	0	0	$ 0
Funded (Unfunded) status	(29,189)	(32,503)
Amounts recognized in the consolidated balance sheets consist of:
Other assets and deferred charges	0	0
Accrued compensation and employee benefits	(5,477)	(7,243)
Liabilities held for sale	0	0
Defined benefit and other post-retirement benefit plans	(23,712)	(25,260)
Total assets (liabilities)	(29,189)	(32,503)
Accumulated Other Comprehensive Loss (Earnings):
Net actuarial losses (gains)	(24,435)	(28,304)
Prior service cost (credit)	0	1,874
Tax (benefit) expense	5,313	5,768
Total accumulated other comprehensive loss (earnings), net of tax	(19,122)	(20,662)
Net amount recognized at December 31,	(48,311)	(53,165)
Accumulated benefit obligations	$ 29,189	$ 31,523

Goodwill and Other Intangible Assets - Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Goodwill [Roll Forward]
Goodwill			$ 4,629,383
Accumulated impairment loss			(70,561)
Beginning balance	$ 4,669,494	$ 4,558,822
Acquisitions	227,761	200,513
Measurement period adjustments	(5,103)	1,570
Held for sale	(58,897)
Foreign currency translation	48,432	(91,411)
Ending balance	4,881,687	4,669,494
Engineered Products
Goodwill [Roll Forward]
Goodwill			733,874
Accumulated impairment loss			(10,591)
Beginning balance	712,542	723,283
Acquisitions	0	0
Measurement period adjustments	0	(286)
Held for sale	(58,897)
Foreign currency translation	5,736	(10,455)
Ending balance	659,381	712,542
Clean Energy & Fueling
Goodwill [Roll Forward]
Goodwill			1,427,691
Accumulated impairment loss			0
Beginning balance	1,391,418	1,427,691
Acquisitions	0	0
Measurement period adjustments	0	2,432
Held for sale	0
Foreign currency translation	17,884	(38,705)
Ending balance	1,409,302	1,391,418
Imaging & Identification
Goodwill [Roll Forward]
Goodwill			1,106,202
Accumulated impairment loss			0
Beginning balance	1,078,259	1,106,202
Acquisitions	0	0
Measurement period adjustments	0	(1,544)
Held for sale	0
Foreign currency translation	14,701	(26,399)
Ending balance	1,092,960	1,078,259
Pumps & Process Solutions
Goodwill [Roll Forward]
Goodwill			852,809
Accumulated impairment loss			(59,970)
Beginning balance	979,535	792,839
Acquisitions	224,771	200,513
Measurement period adjustments	(5,103)	968
Held for sale	0
Foreign currency translation	9,368	(14,785)
Ending balance	1,208,571	979,535
Climate & Sustainability Technologies
Goodwill [Roll Forward]
Goodwill			508,807
Accumulated impairment loss			$ 0
Beginning balance	507,740	508,807
Acquisitions	2,990	0
Measurement period adjustments	0	0
Held for sale	0
Foreign currency translation	743	(1,067)
Ending balance	$ 511,473	$ 507,740

Goodwill and Other Intangible Assets (Tables)

12 Months Ended

Dec. 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
Goodwill	$	733,874	$	1,427,691	$	1,106,202	$	852,809	$	508,807	$	4,629,383
Accumulated impairment loss (1)	(10,591)		—		—		(59,970)		—		(70,561)
Balance at January 1, 2022	723,283		1,427,691		1,106,202		792,839		508,807		4,558,822

Acquisitions	—		—		—		200,513		—		200,513
Measurement period adjustments	(286)		2,432		(1,544)		968		—		1,570

Foreign currency translation	(10,455)		(38,705)		(26,399)		(14,785)		(1,067)		(91,411)
Balance at December 31, 2022	712,542		1,391,418		1,078,259		979,535		507,740		4,669,494

Acquisitions	—		—		—		224,771		2,990		227,761
Measurement period adjustments	—		—		—		(5,103)		—		(5,103)
Held for sale	(58,897)		—		—		—		—		(58,897)
Foreign currency translation	5,736		17,884		14,701		9,368		743		48,432
Balance at December 31, 2023	$	659,381	$	1,409,302	$	1,092,960	$	1,208,571	$	511,473	$	4,881,687

(1) Accumulated impairment loss as of December 31, 2023 is not subject to foreign currency translation.

Schedule of Intangible Assets

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


	December 31, 2023						December 31, 2022
	Gross Amount		Accumulated Amortization		Net Carrying Amount		Gross Amount		Accumulated Amortization		Net Carrying Amount
Amortized intangible assets:
Customer intangibles	$	2,138,788	$	1,094,053	$	1,044,735	$	1,881,402	$	996,947	$	884,455
Trademarks	274,711		147,212		127,499		265,466		132,791		132,675
Patents	206,871		142,719		64,152		219,199		146,337		72,862
Unpatented technologies	277,198		159,148		118,050		257,428		137,750		119,678
Distributor relationships	82,031		63,343		18,688		79,622		57,299		22,323

Other	24,211		10,053		14,158		46,880		41,682		5,198
Total	3,003,810		1,616,528		1,387,282		2,749,997		1,512,806		1,237,191
Unamortized intangible assets:
Trademarks	96,631		—		96,631		96,544		—		96,544
Total intangible assets, net	$	3,100,441	$	1,616,528	$	1,483,913	$	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:


	December 31, 2023						December 31, 2022
	Gross Amount		Accumulated Amortization		Net Carrying Amount		Gross Amount		Accumulated Amortization		Net Carrying Amount
Amortized intangible assets:
Customer intangibles	$	2,138,788	$	1,094,053	$	1,044,735	$	1,881,402	$	996,947	$	884,455
Trademarks	274,711		147,212		127,499		265,466		132,791		132,675
Patents	206,871		142,719		64,152		219,199		146,337		72,862
Unpatented technologies	277,198		159,148		118,050		257,428		137,750		119,678
Distributor relationships	82,031		63,343		18,688		79,622		57,299		22,323

Other	24,211		10,053		14,158		46,880		41,682		5,198
Total	3,003,810		1,616,528		1,387,282		2,749,997		1,512,806		1,237,191
Unamortized intangible assets:
Trademarks	96,631		—		96,631		96,544		—		96,544
Total intangible assets, net	$	3,100,441	$	1,616,528	$	1,483,913	$	2,846,541	$	1,512,806	$	1,333,735

Schedule of Future Amortization Expense

Estimated future amortization expense related to intangible assets held at December 31, 2023 for the next five years is as follows:


	Estimated Amortization
2024	$	173,935
2025	170,536
2026	161,908
2027	158,340
2028	126,227

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Name Accounting Standards Codification
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-Paragraph 1
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-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Paragraph 1
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Beginning balance	$ 28,186	$ 64,652	$ 72,338
Additions based on tax positions related to the current year	1,235	3,315	5,859
Additions for tax positions of prior years	2,223	3,421	3,784
Reductions for tax positions of prior years	(3,361)	(39,439)	(13,008)
Cash settlements	(1,791)	(411)	(1,490)
Lapse of statutes	(3,983)	(3,352)	(2,831)
Ending balance	22,509	28,186	64,652
Unrecognized potential tax benefits that would impact effective tax rate	18,367
Potential interest and penalty expense (income)	1,378	8,931	$ 2,654
Accrued interest and penalties	$ 4,798	$ 6,175

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock, par value $1	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Earnings (Loss)	Treasury Stock
Balance at beginning of year at Dec. 31, 2020	$ 3,385,773	$ 258,982	$ 868,882	$ 8,608,284	$ (153,254)	$ (6,197,121)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	1,123,818			1,123,818
Dividends paid	(286,896)			(286,896)
Common stock issued for the exercise of share-based awards	(41,924)	475	(42,399)
Stock-based compensation expense	31,111		31,111
Common stock acquired, including accelerated share repurchase program	(21,637)					(21,637)
Other comprehensive (loss) earnings , net of tax	(798)				(798)
Other	81		42	39
Balance at end of year at Dec. 31, 2021	4,189,528	259,457	857,636	9,445,245	(154,052)	(6,218,758)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	1,065,376			1,065,376
Dividends paid	(287,551)			(287,551)
Common stock issued for the exercise of share-based awards	(14,637)	187	(14,824)
Stock-based compensation expense	30,821		30,821
Common stock acquired, including accelerated share repurchase program	(585,000)		(6,073)			(578,927)
Other comprehensive (loss) earnings , net of tax	(112,171)				(112,171)
Balance at end of year 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	1,056,828			1,056,828
Dividends paid	(284,297)			(284,297)
Common stock issued for the exercise of share-based awards	(12,137)	198	(12,335)
Stock-based compensation expense	31,465		31,465
Other comprehensive (loss) earnings , net of tax	28,357				28,357
Other	23			23
Balance at end of year at Dec. 31, 2023	$ 5,106,605	$ 259,842	$ 886,690	$ 10,995,624	$ (237,866)	$ (6,797,685)

- Definition

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

+ References

+ Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

+ Details

Employee Benefit Plans - Fair Value of Plan Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Level 3
Defined Benefit Plan Disclosure [Line Items]
Total investments	$ 18,652	$ 16,294	$ 20,252
United States \| Qualified Defined Benefits
Defined Benefit Plan Disclosure [Line Items]
Total investments	392,519	394,053	573,100
Total investments at fair value	272,394	261,081
United States \| Qualified Defined Benefits \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Total investments
Total investments at fair value	3,901	2,900
United States \| Qualified Defined Benefits \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Total investments
Total investments at fair value	268,493	258,181
United States \| Qualified Defined Benefits \| Corporate bonds
Defined Benefit Plan Disclosure [Line Items]
Total investments	215,631	201,203
United States \| Qualified Defined Benefits \| Corporate bonds \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Total investments	0	0
United States \| Qualified Defined Benefits \| Corporate bonds \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Total investments	215,631	201,203
United States \| Qualified Defined Benefits \| Government securities
Defined Benefit Plan Disclosure [Line Items]
Total investments	52,862	56,978
United States \| Qualified Defined Benefits \| Government securities \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Total investments	0	0
United States \| Qualified Defined Benefits \| Government securities \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Total investments	52,862	56,978
United States \| Qualified Defined Benefits \| Interest-bearing cash and short-term investments
Defined Benefit Plan Disclosure [Line Items]
Total investments	3,901	2,900
United States \| Qualified Defined Benefits \| Interest-bearing cash and short-term investments \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Total investments	3,901	2,900
United States \| Qualified Defined Benefits \| Interest-bearing cash and short-term investments \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Total investments	0	0
United States \| Qualified Defined Benefits \| Collective funds
Defined Benefit Plan Disclosure [Line Items]
Total investments	110,582	106,273
United States \| Qualified Defined Benefits \| Collective funds \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Total investments
United States \| Qualified Defined Benefits \| Collective funds \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Total investments
United States \| Qualified Defined Benefits \| Short-term investment funds
Defined Benefit Plan Disclosure [Line Items]
Total investments	9,543	26,699
United States \| Qualified Defined Benefits \| Short-term investment funds \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Total investments
United States \| Qualified Defined Benefits \| Short-term investment funds \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Total investments
United States \| Qualified Defined Benefits \| Qualified Defined Benefits
Defined Benefit Plan Disclosure [Line Items]
Total investments	392,519	394,053
Foreign Plan \| Qualified Defined Benefits
Defined Benefit Plan Disclosure [Line Items]
Total investments	175,765	152,860	$ 219,677
Total investments at fair value	128,994	110,016
Foreign Plan \| Qualified Defined Benefits \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Total investments
Total investments at fair value	77,422	67,558
Foreign Plan \| Qualified Defined Benefits \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Total investments
Total investments at fair value	32,920	26,164
Foreign Plan \| Qualified Defined Benefits \| Level 3
Defined Benefit Plan Disclosure [Line Items]
Total investments
Total investments at fair value	18,652	16,294
Foreign Plan \| Qualified Defined Benefits \| Collective funds
Defined Benefit Plan Disclosure [Line Items]
Total investments	41,502	39,675
Foreign Plan \| Qualified Defined Benefits \| Common stocks
Defined Benefit Plan Disclosure [Line Items]
Total investments	54,557	46,618
Foreign Plan \| Qualified Defined Benefits \| Common stocks \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Total investments	54,557	46,618
Foreign Plan \| Qualified Defined Benefits \| Common stocks \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Total investments	0	0
Foreign Plan \| Qualified Defined Benefits \| Common stocks \| Level 3
Defined Benefit Plan Disclosure [Line Items]
Total investments	0	0
Foreign Plan \| Qualified Defined Benefits \| Fixed income investments
Defined Benefit Plan Disclosure [Line Items]
Total investments	32,421	25,168
Foreign Plan \| Qualified Defined Benefits \| Fixed income investments \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Total investments	0	0
Foreign Plan \| Qualified Defined Benefits \| Fixed income investments \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Total investments	32,421	25,168
Foreign Plan \| Qualified Defined Benefits \| Fixed income investments \| Level 3
Defined Benefit Plan Disclosure [Line Items]
Total investments	0	0
Foreign Plan \| Qualified Defined Benefits \| Mutual funds
Defined Benefit Plan Disclosure [Line Items]
Total investments	20,628	20,031
Foreign Plan \| Qualified Defined Benefits \| Mutual funds \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Total investments	20,628	20,031
Foreign Plan \| Qualified Defined Benefits \| Mutual funds \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Total investments	0	0
Foreign Plan \| Qualified Defined Benefits \| Mutual funds \| Level 3
Defined Benefit Plan Disclosure [Line Items]
Total investments	0	0
Foreign Plan \| Qualified Defined Benefits \| Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Total investments	2,237	909
Foreign Plan \| Qualified Defined Benefits \| Cash and cash equivalents \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Total investments	2,237	909
Foreign Plan \| Qualified Defined Benefits \| Cash and cash equivalents \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Total investments	0	0
Foreign Plan \| Qualified Defined Benefits \| Cash and cash equivalents \| Level 3
Defined Benefit Plan Disclosure [Line Items]
Total investments	0	0
Foreign Plan \| Qualified Defined Benefits \| Other
Defined Benefit Plan Disclosure [Line Items]
Total investments	19,151	17,290
Foreign Plan \| Qualified Defined Benefits \| Other \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Total investments	0	0
Foreign Plan \| Qualified Defined Benefits \| Other \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Total investments	499	996
Foreign Plan \| Qualified Defined Benefits \| Other \| Level 3
Defined Benefit Plan Disclosure [Line Items]
Total investments	18,652	16,294
Foreign Plan \| Qualified Defined Benefits \| Other
Defined Benefit Plan Disclosure [Line Items]
Total investments	5,269	3,169
Foreign Plan \| Qualified Defined Benefits \| Qualified Defined Benefits
Defined Benefit Plan Disclosure [Line Items]
Total investments	$ 175,765	$ 152,860

Acquisitions (Tables)

12 Months Ended

Dec. 31, 2023

Business Combination and Asset Acquisition [Abstract]

Schedule of Purchase Price Allocation


	Total
Current assets	$	26,564



Goodwill	224,771
Intangible assets	275,500
Other assets and deferred charges	9,508
Current liabilities	(1,316)
Non-current liabilities	(8,570)
Net assets acquired	$	526,457

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


	Total
Current assets, net of cash acquired	$	8,985
Property, plant and equipment	2,733
Goodwill	153,082
Intangible assets	84,000
Other assets and deferred charges	1,159
Current liabilities	(4,487)
Non-current liabilities	(22,010)
Net assets acquired	$	223,462


	Total
Current assets, net of cash acquired	$	28,435
Property, plant and equipment	4,222
Goodwill	43,682
Intangible assets	40,437
Other assets and deferred charges	3,580
Current liabilities	(19,172)
Non-current liabilities	(15,142)
Net assets acquired	$	86,042


	Total
Accounts receivable	$	33,900
Inventories	71,529
Other current assets	2,958
Property, plant and equipment	50,027
Goodwill	281,163
Intangible assets	234,000
Other assets and deferred charges	884
Current liabilities	(20,150)
Non-current liabilities	(27,693)
Net assets acquired	$	626,618

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


	Total
Current assets, net of cash acquired	$	25,932
Property, plant and equipment	8,640
Goodwill	167,291
Intangible assets	127,300
Other assets and deferred charges	5,057
Current liabilities	(7,286)
Non-current liabilities	(34,628)
Net assets acquired	$	292,306


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

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

The amounts assigned to goodwill and major intangible asset classifications for all 2023 acquisitions were as follows:


	Amount allocated		Useful life (in years)
Goodwill	$	224,771	na
Goodwill - non-deductible	2,990		na
Customer intangibles	259,700		9	-	15

Unpatented technology	12,510		7	-	8
Trademarks	10,960		15

	$	510,931

The amounts assigned to goodwill and major intangible asset classifications for all 2022 acquisitions were as follows:


	Amount allocated		Useful life (in years)

Goodwill - non-deductible	$	196,764	na
Customer intangibles	90,742		10	-	15
Patents	16,000		10
Unpatented technology	10,302		8
Trademarks	7,393		15

	$	321,201

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


	Amount allocated		Useful life (in years)
Goodwill - tax deductible	$	200,117	na
Goodwill - non deductible	384,269		na
Customer intangibles	310,819		12	-	15
Patents	49,056		7	-	12
Unpatented technology	44,180		7	-	12
Trademarks	35,424		15	-	16

	$	1,023,865

Schedule of Pro Forma Results of Operations


	Year Ended December 31, 2021

Revenue:
As reported	$	7,907,081
Pro forma (unaudited)	8,163,185
Earnings:
As reported	$	1,123,818
Pro forma (unaudited)	1,145,106

Segment Information - Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Capital expenditures:
Capital expenditures:	$ 192,592	$ 220,962	$ 171,465
Total assets	11,348,513	10,896,519
Corporate
Capital expenditures:
Capital expenditures:	6,280	8,770	8,261
Total assets	597,384	548,262
Engineered Products \| Total segments
Capital expenditures:
Capital expenditures:	26,643	39,765	48,453
Total assets	1,797,242	1,771,689
Clean Energy & Fueling \| Total segments
Capital expenditures:
Capital expenditures:	25,421	33,489	25,167
Total assets	3,020,621	3,068,260
Imaging & Identification \| Total segments
Capital expenditures:
Capital expenditures:	11,598	14,695	10,671
Total assets	1,812,704	1,821,649
Pumps & Process Solutions \| Total segments
Capital expenditures:
Capital expenditures:	60,860	82,817	44,578
Total assets	2,654,421	2,161,210
Climate & Sustainability Technologies \| Total segments
Capital expenditures:
Capital expenditures:	61,790	41,426	$ 34,335
Total assets	$ 1,466,141	$ 1,525,449

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2023
Audit Information [Abstract]
Auditor Name	PricewaterhouseCoopers LLP
Auditor Firm ID	238
Auditor Location	Chicago, Illinois

Segment Information - Revenue and Long-Lived Assets by Geography (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 8,438,134	$ 8,508,088	$ 7,907,081
Long-lived assets	1,031,816	1,004,825
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	4,711,019	4,847,321	4,305,957
Long-lived assets	623,693	629,140
Europe
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	1,757,118	1,792,020	1,797,138
Long-lived assets	321,628	291,921
Asia
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	924,539	939,093	901,141
Long-lived assets	59,496	57,253
Other Americas
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	683,573	667,673	612,751
Long-lived assets	22,936	21,763
Other
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	361,885	261,981	$ 290,094
Long-lived assets	$ 4,063	$ 4,748

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	22. Subsequent Events On January 17, 2024, the Company completed the acquisition of Transchem Group ("Transchem"), a supplier of car wash chemicals and associated solutions, for approximately $29.6 million, net of cash acquired, plus potential contingent consideration of up to approximately $18.6 million and subject to customary post-closing adjustments. Transchem will expand the Company's chemical product offerings in the Clean Energy & Fueling segment, specializing in wash performance and water reclaim technology that reduces water usage and lowers operators' costs. On January 31, 2024, the Company completed the acquisition of Bulloch Technologies, Inc. ("Bulloch"), a provider of point-of-sale ("POS"), forecourt controller and electronic payment server solutions to the convenience retail industry, for approximately $111.0 million, net of cash acquired, plus potential contingent consideration of up to approximately $14.8 million and subject to customary post-closing adjustments. The acquisition of Bulloch expands our offering in North America with highly complementary POS and forecourt solutions within the Clean Energy & Fueling segment.

Dispositions

12 Months Ended

Dec. 31, 2023

Discontinued Operations and Disposal Groups [Abstract]

Dispositions

4. Dispositions

Management evaluates Dover's businesses periodically for their strategic fit within its operations and may from time to time sell or discontinue certain operations for various reasons.

2023

On October 11, 2023, the Company entered into a definitive agreement to sell De-Sta-Co, an operating company within the Engineered Products segment, for approximately $680,000 enterprise value, subject to customary post-closing adjustments. The transaction is expected to close in the first quarter of 2024, subject to customary closing conditions, including receipt of regulatory approvals. De-Sta-Co met the criteria to be classified as held for sale beginning September 30, 2023. The Company classified De-Sta-Co's assets and liabilities separately as current assets and current liabilities held for sale within the consolidated balance sheets as of December 31, 2023. The Company had no assets or liabilities classified as held for sale as of December 31, 2022.

The following table presents the assets and liabilities associated with the De-Sta-Co business classified as held for sale as of December 31, 2023.


	December 31, 2023
Assets held for sale
Cash and cash equivalents	$	17,300
Receivables, net	30,442
Inventories, net	46,159

Property, plant and equipment, net	21,035
Goodwill	58,897
Other assets held for sale	18,811

Total assets held for sale	$	192,644

Liabilities held for sale
Accounts payable	$	20,080
Accrued expenses and deferred revenue	17,000
Other liabilities held for sale	27,488


Total liabilities held for sale	$	64,568

The sale does not represent a strategic shift that will have a major effect on the Company's operations and financial results and, therefore, did not qualify for presentation as a discontinued operation.

There was one additional immaterial disposition in 2023.

2022

There was one immaterial disposition in 2022.

2021

On December 1, 2021, the Company completed the sale of UB, a wholly owned subsidiary of the Company within the Climate & Sustainability Technologies segment. The Company recognized total consideration of $229,024. This sale resulted in a pre-tax gain on disposition of $181,615 included within the consolidated statements of earnings for the year ended December 31, 2021. The sale did not represent a strategic shift that had a major effect on operations and financial results and, therefore, did not qualify for presentation as a discontinued operation.

On November 16, 2021, the Company disposed RWB, an equity method investment within the Engineered Products segment for a total consideration of $45,958, resulting in a recognized gain of $24,723 included within the consolidated statements of earnings for the year ended December 31, 2021.

Leases - Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Right-of-use assets:
Other assets and deferred charges	$ 209,729	$ 197,058
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets, Noncurrent	Other Assets, Noncurrent
Lease liabilities:
Other accrued expenses	$ 48,790	$ 42,649
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Other accrued expenses	Other accrued expenses
Other liabilities	$ 172,983	$ 165,741
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other liabilities	Other liabilities
Total operating lease liabilities	$ 221,773	$ 208,390
Right-of-use assets:
Property and equipment, net	$ 7,992	$ 7,846
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization	Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization
Lease liabilities:
Other accrued expenses	$ 3,070	$ 2,554
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Other accrued expenses	Other accrued expenses
Other liabilities	$ 5,897	$ 6,189
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other liabilities	Other liabilities
Total finance lease liabilities	$ 8,967	$ 8,743
Accumulated depreciation	$ 10,302	$ 8,017

Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2023

Retirement Benefits [Abstract]

Schedule of Defined Benefit Plans Disclosures


	Qualified Defined Benefits								Non-Qualified Supplemental Benefits
	U.S. Plan				Non-U.S. Plans
	2023		2022		2023		2022		2023		2022
Change in benefit obligation:
Benefit obligation at beginning of year	$	319,901	$	478,346	$	215,317	$	314,715	$	32,503	$	42,905
Service cost	2,867		5,703		3,712		4,675		970		1,426
Interest cost	17,203		13,745		10,591		5,220		1,636		1,215
Plan participants' contributions	—		—		2,251		2,186		—		—
Benefits paid	(17,701)		(17,680)		(11,953)		(9,756)		(6,582)		(3,831)
Actuarial loss (gain)(1)	22,384		(126,985)		16,884		(72,977)		662		(9,596)

Amendments	—		—		41		(2,291)		—		384
Settlements and curtailments	(25,348)		(33,228)		(1,116)		(8,849)		—		—
Currency translation and other	—		—		14,302		(17,606)		—		—

Benefit obligation at end of year	319,306		319,901		250,029		215,317		29,189		32,503
Change in plan assets:
Fair value of plan assets at beginning of year	394,053		573,100		152,860		219,677		—		—
Actual return on plan assets	40,633		(125,011)		11,935		(48,147)		—		—
Company contributions	—		—		9,516		9,059		6,582		3,831
Plan participants' contributions	—		—		2,251		2,186		—		—
Benefits paid	(17,701)		(17,680)		(11,953)		(9,756)		(6,582)		(3,831)

Settlements and curtailments	(24,466)		(36,356)		(298)		(8,640)		—		—
Currency translation and other	—		—		11,454		(11,519)		—		—

Fair value of plan assets at end of year	392,519		394,053		175,765		152,860		—		—
Funded (Unfunded) status	$	73,213	$	74,152	$	(74,264)	$	(62,457)	$	(29,189)	$	(32,503)
Amounts recognized in the consolidated balance sheets consist of:
Assets and Liabilities:
Other assets and deferred charges	$	73,213	$	74,152	$	1,938	$	1,863	$	—	$	—
Accrued compensation and employee benefits	—		—		(731)		(1,774)		(5,477)		(7,243)
Liabilities held for sale (2)	—		—		(18,044)		—		—		—
Defined benefit and other post-retirement benefit plans	—		—		(57,427)		(62,546)		(23,712)		(25,260)

Total assets (liabilities)	73,213		74,152		(74,264)		(62,457)		(29,189)		(32,503)
Accumulated Other Comprehensive Loss (Earnings):
Net actuarial losses (gains)	57,870		55,227		42,926		31,607		(24,435)		(28,304)
Prior service cost (credit)	—		—		(2,222)		(3,006)		—		1,874

Tax (benefit) expense	(12,075)		(11,474)		(8,947)		(6,434)		5,313		5,768
Total accumulated other comprehensive loss (earnings), net of tax	45,795		43,753		31,757		22,167		(19,122)		(20,662)
Net amount recognized at December 31,	$	119,008	$	117,905	$	(42,507)	$	(40,290)	$	(48,311)	$	(53,165)

Accumulated benefit obligations	$	319,306	$	318,275	$	242,619	$	210,259	$	29,189	$	31,523

(1) The actuarial loss (gain) were primarily due to discount rate fluctuations and plan experience.

(2) De-Sta-Co assets and liabilities are classified as held for sale as of December 31, 2023. See Note 4 — Dispositions for further details.

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

Non-U.S. pension plans with accumulated benefit obligations in excess of plan assets consist of the following at December 31, 2023 and 2022:


	2023		2022

Accumulated benefit obligation	$	227,442	$	124,082
Fair value of plan assets	158,653		64,112

Non-U.S. pension plans with projected benefit obligations in excess of plan assets consist of the following at December 31, 2023 and 2022:


	2023		2022
Projected benefit obligation	$	234,854	$	200,671

Fair value of plan assets	158,653		136,351

Schedule of Net Periodic Benefit Costs

Components of the net periodic benefit cost were as follows:

Defined Benefit Plans


	Qualified Defined Benefits												Non-Qualified Supplemental Benefits
	U.S. Plan						Non-U.S. Plans
	2023		2022		2021		2023		2022		2021		2023		2022		2021
Service cost	$	2,867	$	5,703	$	7,134	$	3,712	$	4,675	$	5,749	$	970	$	1,426	$	1,561
Interest cost	17,203		13,745		13,605		10,591		5,220		3,590		1,636		1,215		1,232
Expected return on plan assets	(26,208)		(29,104)		(28,980)		(7,331)		(7,191)		(7,188)		—		—		—
Amortization of:
Prior service cost (credit)	—		110		212		(717)		(526)		(453)		1,874		1,490		1,531
Actuarial loss (gain)	—		2,300		10,012		656		1,747		3,938		(3,207)		(2,016)		(1,672)

Settlement and curtailment loss (gain)	4,434		6,276		2,031		(801)		(393)		194		—		—		(743)

Net periodic (benefit) expense	$	(1,704)	$	(970)	$	4,014	$	6,110	$	3,532	$	5,830	$	1,273	$	2,115	$	1,909

Schedule of Weighted-Average Assumptions Used in Benefit Obligations

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


	Qualified Defined Benefits								Non-Qualified Supplemental Benefits
	U.S. Plan				Non-U.S. Plans
	2023		2022		2023		2022		2023		2022
Discount rate	5.20	%	5.55	%	2.80	%	3.57	%	5.15	%	5.50	%
Average wage increase	4.00	%	4.00	%	1.65	%	1.70	%	4.50	%	4.50	%

Schedule of Weighted-Average Assumptions Used Calculating Net Periodic Cost

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


	Qualified Defined Benefits												Non- Qualified Supplemental Benefits
	U.S. Plan						Non-U.S. Plans
	2023		2022		2021		2023		2022		2021		2023		2022		2021
Discount rate	5.55	%	2.95	%	2.65	%	3.57	%	1.18	%	0.79	%	5.50	%	2.90	%	2.45	%
Average wage increase	4.00	%	4.00	%	4.00	%	1.67	%	1.53	%	1.51	%	4.50	%	4.50	%	4.50	%
Expected return on plan assets	5.60	%	5.60	%	5.60	%	4.69	%	3.47	%	3.40	%	na		na		na

Schedule of Weighted-Average Asset Allocation Actual and Target

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


	2023		2022		Current Target
Return-seeking investments	28	%	27	%	30	%
Liability hedging investments	72	%	73	%	70	%
Other	—	%	—	%	—	%
Total	100	%	100	%	100	%

Schedule of Plan Assets by Asset Category

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


	U.S. Qualified Defined Benefits Plan
	December 31, 2023				December 31, 2022
	Level 1		Level 2		Total Fair Value		Level 1		Level 2		Total Fair Value



Corporate bonds	$	—	$	215,631	$	215,631	$	—	$	201,203	$	201,203
Government securities	—		52,862		52,862		—		56,978		56,978
Interest-bearing cash and short-term investments	3,901		—		3,901		2,900		—		2,900
Total investments at fair value	$	3,901	$	268,493	272,394		$	2,900	$	258,181	261,081
Investments measured at net asset value*
Collective funds					110,582						106,273


Short-term investment funds					9,543						26,699

Total investments					$	392,519					$	394,053


	Non-U.S. Plans
	December 31, 2023								December 31, 2022
	Level 1		Level 2		Level 3		Total Fair Value		Level 1		Level 2		Level 3		Total Fair Value
Common stocks	$	54,557	$	—	$	—	$	54,557	$	46,618	$	—	$	—	$	46,618
Fixed income investments	—		32,421		—		32,421		—		25,168		—		25,168
Mutual funds	20,628		—		—		20,628		20,031		—		—		20,031


Cash and cash equivalents	2,237		—		—		2,237		909		—		—		909
Other	—		499		18,652		19,151		—		996		16,294		17,290
Total investments at fair value	$	77,422	$	32,920	$	18,652	128,994		$	67,558	$	26,164	$	16,294	110,016
Investments measured at net asset value*
Collective funds							41,502								39,675
Other							5,269								3,169
Total investments							$	175,765							$	152,860

Schedule of Measurement of Plan Assets use Significant Unobservable Inputs

The fair value measurement of plan assets using significant unobservable inputs (Level 3) changed during 2022 and 2023, due to the following:


	Level 3
Balance at December 31, 2021	$	20,252
Actual return on plan assets:

Relating to assets still held at December 31, 2022	(382)


Relating to assets sold during the period	—
Purchases	1,852
Sales and settlements	(4,808)
Foreign currency translation	(620)
Balance at December 31, 2022	16,294
Actual return on plan assets:
Relating to assets still held at December 31, 2023	(417)
Relating to assets sold during the period	(17)
Purchases	1,746
Sales and settlements	(346)
Foreign currency translation	1,392
Balance at December 31, 2023	$	18,652

Schedule of Expected Future Benefit Payments

Benefit Payments

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


	Qualified Defined Benefits				Non-Qualified Supplemental Benefits
	U.S. Plan		Non-U.S. Plans
2024	$	30,930	$	11,964	$	5,616
2025	29,031		11,379		2,366
2026	27,631		12,489		4,626
2027	26,842		15,279		1,841
2028	25,629		14,037		5,795
2029 - 2033	115,629		71,276		10,268