0000029905-25-000006 | 10-K | XBRL Viewer

Earnings per Share

12 Months Ended

Dec. 31, 2024

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,
	2024		2023		2022
Earnings from continuing operations	$	1,399,968	$	943,864	$	989,912
Earnings from discontinued operations, net	1,297,158		112,964		75,464
Net earnings	$	2,697,126	$	1,056,828	$	1,065,376

Basic earnings per common share:
Earnings from continuing operations	$	10.16	$	6.75	$	6.94
Earnings from discontinued operations, net	$	9.42	$	0.81	$	0.53
Net earnings	$	19.58	$	7.56	$	7.47

Weighted average basic shares outstanding	137,735,000		139,848,000		142,681,000
Diluted earnings per common share:
Earnings from continuing operations	$	10.09	$	6.71	$	6.89
Earnings from discontinued operations, net	$	9.35	$	0.80	$	0.53
Net earnings	$	19.45	$	7.52	$	7.42

Weighted average shares outstanding	138,696,000		140,599,000		143,595,000

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


	Years Ended December 31,
	2024	2023	2022
Weighted average shares outstanding - Basic	137,735,000	139,848,000	142,681,000
Dilutive effect of assumed exercise of SARs and vesting of PSAs and RSUs	961,000	751,000	914,000
Weighted average shares outstanding - Diluted	138,696,000	140,599,000	143,595,000

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, 2024, 2023 and 2022, the weighted average number of anti-dilutive potential common shares excluded from the calculation above totaled 48,000, 48,000 and 21,173, respectively.

Inventories, net (Tables)

12 Months Ended

Dec. 31, 2024

Inventory, Net [Abstract]

Schedule of Components of Inventory


	December 31, 2024		December 31, 2023
Raw materials	$	649,993	$	648,896
Work in progress	233,544		214,934
Finished goods	390,625		395,617
Subtotal	1,274,162		1,259,447
Less reserves	(129,324)		(115,358)
Total	$	1,144,838	$	1,144,089

Acquisitions

12 Months Ended

Dec. 31, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Acquisitions

3. Acquisitions

2024 Acquisitions

During the year ended December 31, 2024, the Company acquired eight businesses in separate transactions for total consideration of $674,005, net of cash acquired and inclusive of measurement period adjustments and contingent consideration of $38,736 (a non-cash financing activity). These businesses were acquired to complement and expand upon existing operations within the Clean Energy & Fueling, Engineered Products, Imaging & Identification and Pumps and 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 $14,188 is deductible for income tax purposes and $323,063 is non-deductible for income tax purposes for these acquisitions. The fair values of the assets acquired and liabilities assumed, and the related tax balances, are based on preliminary estimates and assumptions. These preliminary estimates and assumptions could change significantly during the measurement period as the Company finalizes the valuations of the assets acquired and liabilities assumed, and the related tax balances.

On July 19, 2024, the Company acquired 100% of the equity interests in the Marshall Excelsior Company ("MEC"), a supplier of highly-engineered flow control components for transportation, storage, and use in liquefied petroleum gas and other industrial gases, for $395,809, net of cash acquired and inclusive of measurement period adjustments. The MEC acquisition expands the Company's critical flow control capabilities in the Clean Energy & Fueling segment. In connection with this acquisition, the Company recorded goodwill of $187,923 and intangible assets of $194,100, primarily related to customer intangibles. 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 following presents the preliminary allocation of purchase price to the assets acquired and liabilities assumed, for the MEC acquisition, based on the estimated fair values at acquisition date:


	Total
Current assets, net of cash acquired	$	58,695
Property, plant and equipment	10,300
Goodwill	187,923
Intangible assets	194,100
Other assets and deferred charges	5,602
Current liabilities	(15,959)
Non-current liabilities	(44,852)

Net assets acquired	$	395,809

On January 17, 2024, the Company acquired 100% of the equity interests in the Transchem Group ("Transchem"), a supplier of car wash chemicals and associated solutions, for $48,241, net of cash acquired and inclusive of contingent consideration and measurement period adjustments. The Transchem acquisition expands 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 car wash operators' cost. In connection with this acquisition, the Company recorded goodwill of $25,132 and intangible assets of $26,309, primarily related to customer intangibles.

On January 31, 2024, the Company acquired 100% of the equity interests in Bulloch Technologies, Inc. ("Bulloch"), a provider of point-of-sale ("POS"), forecourt controller and electronic payment server solutions to the convenience retail industry, for $121,917, net of cash acquired and inclusive of contingent consideration and measurement period adjustments. The acquisition of Bulloch expands the Company's offering in North America with highly complementary POS and forecourt solutions within the Clean Energy & Fueling segment. In connection with this acquisition, the Company recorded goodwill of $73,850 and intangible assets of $62,417, primarily related to customer intangibles.

On July 18, 2024, the Company acquired 100% of the equity interests in Demaco Holland B.V. ("Demaco"), a provider of critical flow control components for cryogenic applications used in a wide range of end markets, for $42,556, net of cash acquired and inclusive of contingent consideration. The acquisition of Demaco expands the Company's offering within the Clean Energy & Fueling segment. In connection with this acquisition, the Company recorded goodwill of $23,788 and intangible assets of $20,159, primarily related to customer intangibles.

On August 9, 2024, the Company acquired 100% of the equity interest in Criteria Labs, Inc. ("Criteria Labs"), a provider of radio frequency devices and microelectronic engineering solutions tailored for high-reliability applications, for $14,737, net of cash acquired and inclusive of contingent consideration and measurement period adjustments. The acquisition of Criteria Labs expands the Company's offerings within the Engineered Products segment. In connection with this acquisition, the Company recorded goodwill of $7,252 and intangible assets of $7,900, primarily related to unpatented technologies.

On August 9, 2024, the Company acquired 100% of the equity interest in SPS Cryogenics B.V. and Special Gas Systems B.V ("SPS Cryogenics"), a designer, manufacturer, and supplier of vacuum-insulated piping systems for a wide variety of liquefied gases, for $11,080, net of cash acquired and inclusive of measurement period adjustments. The acquisition of SPS Cryogenics expands the Company's presence in Europe with highly complementary offerings within the Clean Energy & Fueling segment. In connection with this acquisition, the Company recorded goodwill of $5,118 and intangible assets of $5,677, primarily related to customer intangibles.

On December 20, 2024, the Company acquired certain assets from Carter Day International, Inc.'s petrochemical division for $33,968, inclusive of contingent consideration. The acquisition of these assets expands the Company's pelletizing-system portfolio of dewatering and drying equipment and includes complementary high-volume dryer technology to offerings in the Pumps & Process Solutions segment. In connection with this acquisition, the Company recorded goodwill of $14,188 and intangible assets of $19,780, primarily related to unpatented technologies and customer intangibles.

One other immaterial acquisition was completed during the year ended December 31, 2024, within the Imaging & Identification segment. The acquisition is highly complementary to our existing track and trace solutions business, grows our presence in the European market and adds complementary offerings to our portfolio.

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


	Total
Current assets, net of cash acquired	$	25,356
Property, plant and equipment	4,530
Goodwill	149,328
Intangible assets	146,138
Other assets and deferred charges	9,520
Current liabilities	(15,438)
Non-current liabilities	(41,238)

Net assets acquired	$	278,196

The amounts assigned to goodwill and major intangible asset classifications for all 2024 acquisitions were as follows:


	Amount Allocated		Weighted Average Useful Life (in years)
Goodwill - deductible	$	14,188	na
Goodwill - non-deductible	323,063		na
Customer intangibles	282,915		14
Unpatented technologies	38,401		7

Trademarks	18,922		15

	$	677,489

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. During the year ended December 31, 2024, the Company recorded measurement period adjustments resulting in an increase to the goodwill disclosed above of $227 and a decrease to the purchase price disclosed above of $288.

The following presents the 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 interest 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 inclusive of 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. During the year ended December 31, 2024, the Company recorded measurement period adjustments resulting in an increase to the goodwill and purchase price disclosed above of $371 and $250, respectively.

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


	Amount Allocated		Weighted Average Useful Life (in years)
Goodwill - deductible	$	224,771	na
Goodwill - non-deductible	2,990		na
Customer intangibles	259,700		15

Unpatented technology	12,510		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 included 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. No value was attributed to the contingent consideration, which had a maximum potential payout of $50,000 and was based upon meeting certain financial performance targets by March 31, 2024, which were not met. 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		Weighted Average Useful Life (in years)

Goodwill - non-deductible	$	196,764	na
Customer intangibles	90,742		14
Patents	16,000		10
Unpatented technology	10,302		8
Trademarks	7,393		15

	$	321,201

Label	Element	Value
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Disposal Group, Including Discontinued Operations	us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsDisposalGroupIncludingDiscontinuedOperations	$ 0

Accumulated Other Comprehensive Earnings (Loss) - Summary (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Accumulated other comprehensive earnings (loss)	$ 6,953,996	$ 5,106,605	$ 4,286,366	$ 4,189,528
Cumulative foreign currency translation adjustments
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Accumulated other comprehensive earnings (loss)	(265,815)	(181,331)
Pension and other postretirement benefit plans
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Accumulated other comprehensive earnings (loss)	(64,238)	(58,430)
Changes in fair value of cash flow hedges and other
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Accumulated other comprehensive earnings (loss)	2,277	1,895
Accumulated Other Comprehensive Earnings (Loss)
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Accumulated other comprehensive earnings (loss)	$ (327,776)	$ (237,866)	$ (266,223)	$ (154,052)

- Definition

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

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+ Details

Cover - USD ($)	12 Months Ended
Cover - USD ($)	Dec. 31, 2024	Feb. 03, 2025	Jun. 30, 2024
Document Information [Line Items]
Document Type	10-K
Document Period End Date	Dec. 31, 2024
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			$ 24,714,803,907
Entity Common Stock, Shares Outstanding		137,225,409
Documents Incorporated by Reference	Certain Portions of the Proxy Statement for Annual Meeting of Shareholders to be held on May 2, 2025 (the "2025 Proxy Statement").
Entity Central Index Key	0000029905
Document Fiscal Year Focus	2024
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

Goodwill and Other Intangible Assets - Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Goodwill [Roll Forward]
Goodwill			$ 4,495,932
Accumulated impairment loss			(70,561)
Beginning balance	$ 4,637,564	$ 4,425,371
Acquisitions	337,251	227,761
Measurement period adjustments	598	(5,103)
Held for sale		(58,897)
Foreign currency translation	(69,711)	48,432
Ending balance	4,905,702	4,637,564
Engineered Products
Goodwill [Roll Forward]
Goodwill			479,010
Accumulated impairment loss			(10,591)
Beginning balance	415,258	468,419
Acquisitions	7,252	0
Measurement period adjustments	0	0
Held for sale		(58,897)
Foreign currency translation	(7,246)	5,736
Ending balance	415,264	415,258
Clean Energy & Fueling
Goodwill [Roll Forward]
Goodwill			1,391,418
Accumulated impairment loss			0
Beginning balance	1,409,302	1,391,418
Acquisitions	315,811	0
Measurement period adjustments	0	0
Held for sale		0
Foreign currency translation	(29,716)	17,884
Ending balance	1,695,397	1,409,302
Imaging & Identification
Goodwill [Roll Forward]
Goodwill			1,078,259
Accumulated impairment loss			0
Beginning balance	1,092,960	1,078,259
Acquisitions	0	0
Measurement period adjustments	0	0
Held for sale		0
Foreign currency translation	(20,929)	14,701
Ending balance	1,072,031	1,092,960
Pumps & Process Solutions
Goodwill [Roll Forward]
Goodwill			1,039,505
Accumulated impairment loss			(59,970)
Beginning balance	1,208,571	979,535
Acquisitions	14,188	224,771
Measurement period adjustments	227	(5,103)
Held for sale		0
Foreign currency translation	(10,944)	9,368
Ending balance	1,212,042	1,208,571
Climate & Sustainability Technologies
Goodwill [Roll Forward]
Goodwill			507,740
Accumulated impairment loss			$ 0
Beginning balance	511,473	507,740
Acquisitions	0	2,990
Measurement period adjustments	371	0
Held for sale		0
Foreign currency translation	(876)	743
Ending balance	$ 510,968	$ 511,473

Inventories, net (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Inventory, Net [Abstract]
Raw materials	$ 649,993	$ 648,896
Work in progress	233,544	214,934
Finished goods	390,625	395,617
Subtotal	1,274,162	1,259,447
Less reserves	(129,324)	(115,358)
Total	$ 1,144,838	$ 1,144,089

CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of Comprehensive Income [Abstract]
Net earnings	$ 2,697,126	$ 1,056,828	$ 1,065,376
Foreign currency translation adjustments:
Foreign currency translation (losses) gains	(98,415)	38,893	(119,010)
Reclassification of foreign currency translation losses to earnings	13,931	0	5,915
Total foreign currency translation adjustments (net of $(14,996), $10,438 and $(17,824) tax (provision) benefit, respectively)	(84,484)	38,893	(113,095)
Pension and other post-retirement benefit plans:
Actuarial losses	(4,111)	(14,820)	(2,658)
Prior service credit (costs)	318	(53)	1,370
Amortization of actuarial (gains) losses included in net periodic pension cost	(1,478)	(1,982)	1,903
Amortization of prior service (credit) costs included in net periodic pension cost	(620)	852	888
Settlement and curtailment impact	83	2,831	3,688
Total pension and other post-retirement benefit plans (net of $1,134, $3,569 and $(2,230) tax benefit (provision), respectively)	(5,808)	(13,172)	5,191
Changes in fair value of cash flow hedges:
Unrealized net gains (losses) arising during period	1,572	682	(535)
Net (gains) losses reclassified into earnings	(1,190)	1,954	(3,732)
Total cash flow hedges (net of $(111), $(778) and $1,217 tax (provision) benefit, respectively)	382	2,636	(4,267)
Other comprehensive (loss) earnings, net of tax	(89,910)	28,357	(112,171)
Comprehensive earnings	$ 2,607,216	$ 1,085,185	$ 953,205

Discontinued and Disposed Operations - Narrative (Details) $ in Thousands		3 Months Ended	12 Months Ended
	Sep. 30, 2024 USD ($)	Jun. 30, 2024 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($) disposition	Dec. 31, 2022 USD ($) disposition	Oct. 08, 2024 USD ($)	Mar. 31, 2024 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on disposition			$ 597,798	$ 0	$ (194)
Discontinued Operation, Gain (Loss) on Disposal, Statement of Income or Comprehensive Income [Extensible Enumeration]			Earnings from discontinued operations, net
Assets of discontinued operations - current			$ 0	194,486
Liabilities of discontinued operations - current			0	153,013
Assets of discontinued operations - non-current			0	341,954
Liabilities of discontinued operations - non-current			0	$ 35,058
Number of dispositions \| disposition				1	1
Discontinued Operations, Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets of discontinued operations - current			0
Liabilities of discontinued operations - current			0
Assets of discontinued operations - non-current			0
Liabilities of discontinued operations - non-current			0
Discontinued Operations, Disposed of by Sale \| Environmental Solutions Group
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total consideration, net of cash transferred						$ 2,000,000
Gain on disposition			1,640,948	$ 0	$ 0
Gain on disposition, after-tax			1,200,000
Assets of discontinued operations - current				194,486
Liabilities of discontinued operations - current				153,013
Assets of discontinued operations - non-current				341,954
Liabilities of discontinued operations - non-current				35,058
Disposal Group, Disposed of by 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 cash transferred							$ 675,885
Gain on disposition			530,349
Gain on disposition, after-tax			415,376
Recognized consideration		$ 63,000
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Climate & Sustainability Technologies
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of minority ownership investment	$ 92,962
Preliminary pre-tax gain			67,449
Gain from disposal of before income tax			$ 47,008
Discontinued Operations, Held-for-Sale \| De-Sta-Co
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets of discontinued operations - current				192,644
Liabilities of discontinued operations - current				$ 64,568

Goodwill and Other Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2024

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	$	479,010	$	1,391,418	$	1,078,259	$	1,039,505	$	507,740	$	4,495,932
Accumulated impairment loss (1)	(10,591)		—		—		(59,970)		—		(70,561)
Balance at January 1, 2023	468,419		1,391,418		1,078,259		979,535		507,740		4,425,371

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	415,258		1,409,302		1,092,960		1,208,571		511,473		4,637,564

Acquisitions	7,252		315,811		—		14,188		—		337,251
Measurement period adjustments	—		—		—		227		371		598

Foreign currency translation	(7,246)		(29,716)		(20,929)		(10,944)		(876)		(69,711)
Balance at December 31, 2024	$	415,264	$	1,695,397	$	1,072,031	$	1,212,042	$	510,968	$	4,905,702

(1) Accumulated impairment loss as of December 31, 2024 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, 2024						December 31, 2023
	Gross Amount		Accumulated Amortization		Net Carrying Amount		Gross Amount		Accumulated Amortization		Net Carrying Amount
Amortized intangible assets:
Customer intangibles	$	2,343,823	$	1,174,195	$	1,169,628	$	2,097,985	$	1,064,609	$	1,033,376
Trademarks	283,216		156,745		126,471		268,605		142,505		126,100
Patents	201,828		146,271		55,557		204,591		140,438		64,153
Unpatented technologies	277,945		169,310		108,635		244,042		151,944		92,098
Distributor relationships	79,855		66,469		13,386		82,031		63,343		18,688

Other	22,100		11,400		10,700		24,211		10,053		14,158
Total	3,208,767		1,724,390		1,484,377		2,921,465		1,572,892		1,348,573
Unamortized intangible assets:
Trademarks	96,477		—		96,477		96,631		—		96,631
Total intangible assets, net	$	3,305,244	$	1,724,390	$	1,580,854	$	3,018,096	$	1,572,892	$	1,445,204

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, 2024						December 31, 2023
	Gross Amount		Accumulated Amortization		Net Carrying Amount		Gross Amount		Accumulated Amortization		Net Carrying Amount
Amortized intangible assets:
Customer intangibles	$	2,343,823	$	1,174,195	$	1,169,628	$	2,097,985	$	1,064,609	$	1,033,376
Trademarks	283,216		156,745		126,471		268,605		142,505		126,100
Patents	201,828		146,271		55,557		204,591		140,438		64,153
Unpatented technologies	277,945		169,310		108,635		244,042		151,944		92,098
Distributor relationships	79,855		66,469		13,386		82,031		63,343		18,688

Other	22,100		11,400		10,700		24,211		10,053		14,158
Total	3,208,767		1,724,390		1,484,377		2,921,465		1,572,892		1,348,573
Unamortized intangible assets:
Trademarks	96,477		—		96,477		96,631		—		96,631
Total intangible assets, net	$	3,305,244	$	1,724,390	$	1,580,854	$	3,018,096	$	1,572,892	$	1,445,204

Schedule of Future Amortization Expense

Estimated future amortization expense related to intangible assets held at December 31, 2024 for the next five years is as follows:


	Estimated Amortization
2025	$	188,976
2026	180,521
2027	177,158
2028	146,012
2029	136,646

- 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
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1A

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

Financial Instruments - Gain/Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Gain (loss) on euro-denominated debt	$ 66,789	$ (45,805)	$ 80,301
Tax (expense) benefit	(14,996)	10,438	(17,824)
Net gain (loss) on net investment hedges, net of tax	$ 51,793	$ (35,367)	$ 62,477

Acquisitions (Tables)

12 Months Ended

Dec. 31, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

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


	Total
Current assets, net of cash acquired	$	58,695
Property, plant and equipment	10,300
Goodwill	187,923
Intangible assets	194,100
Other assets and deferred charges	5,602
Current liabilities	(15,959)
Non-current liabilities	(44,852)

Net assets acquired	$	395,809


	Total
Current assets, net of cash acquired	$	25,356
Property, plant and equipment	4,530
Goodwill	149,328
Intangible assets	146,138
Other assets and deferred charges	9,520
Current liabilities	(15,438)
Non-current liabilities	(41,238)

Net assets acquired	$	278,196

The following presents the 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

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

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 2024 acquisitions were as follows:


	Amount Allocated		Weighted Average Useful Life (in years)
Goodwill - deductible	$	14,188	na
Goodwill - non-deductible	323,063		na
Customer intangibles	282,915		14
Unpatented technologies	38,401		7

Trademarks	18,922		15

	$	677,489

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


	Amount Allocated		Weighted Average Useful Life (in years)
Goodwill - deductible	$	224,771	na
Goodwill - non-deductible	2,990		na
Customer intangibles	259,700		15

Unpatented technology	12,510		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		Weighted Average Useful Life (in years)

Goodwill - non-deductible	$	196,764	na
Customer intangibles	90,742		14
Patents	16,000		10
Unpatented technology	10,302		8
Trademarks	7,393		15

	$	321,201

Earnings per Share (Tables)

12 Months Ended

Dec. 31, 2024

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,
	2024		2023		2022
Earnings from continuing operations	$	1,399,968	$	943,864	$	989,912
Earnings from discontinued operations, net	1,297,158		112,964		75,464
Net earnings	$	2,697,126	$	1,056,828	$	1,065,376

Basic earnings per common share:
Earnings from continuing operations	$	10.16	$	6.75	$	6.94
Earnings from discontinued operations, net	$	9.42	$	0.81	$	0.53
Net earnings	$	19.58	$	7.56	$	7.47

Weighted average basic shares outstanding	137,735,000		139,848,000		142,681,000
Diluted earnings per common share:
Earnings from continuing operations	$	10.09	$	6.71	$	6.89
Earnings from discontinued operations, net	$	9.35	$	0.80	$	0.53
Net earnings	$	19.45	$	7.52	$	7.42

Weighted average shares outstanding	138,696,000		140,599,000		143,595,000

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,
	2024	2023	2022
Weighted average shares outstanding - Basic	137,735,000	139,848,000	142,681,000
Dilutive effect of assumed exercise of SARs and vesting of PSAs and RSUs	961,000	751,000	914,000
Weighted average shares outstanding - Diluted	138,696,000	140,599,000	143,595,000

Financial Instruments - Balance Sheet Location (Details) - Foreign currency forward - Designated as Hedging Instrument - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Prepaid and other current assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Asset	$ 2,258	$ 1,675
Other accrued expenses
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Liability	$ (888)	$ (874)

Financial Instruments - Fair Value (Details) - Level 2 - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Assets:
Foreign currency cash flow hedges	$ 2,258	$ 1,675
Liabilities:
Foreign currency cash flow hedges	$ 888	$ 874

Financial Instruments - Narrative (Details) € in Thousands, $ in Thousands	Dec. 31, 2024 USD ($)	Dec. 31, 2024 EUR (€)	Dec. 31, 2023 USD ($)
Estimate of Fair Value Measurement
Derivatives, Fair Value [Line Items]
Fair value of long-term debt	$ 2,492,535		$ 2,950,401
Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Notional amount	142,835		171,425
Not Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Notional amount	$ 75,784		$ 84,867
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

Description of Business and Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

Schedule of Outstanding Obligations Under the SCF Program

Outstanding payments related to the SCF program are recorded within accounts payable in our consolidated balance sheets. Amounts due to the SCF financial institutions as of December 31, 2024 and 2023, and the rollforward of our outstanding obligations under the SCF program for the year ended December 31, 2024 are as follows:


	Total
Balance at December 31, 2023	$	156,245
Disposition of business	(2,785)
Invoices confirmed during the period	579,481
Confirmed invoices paid during the period	(575,968)
Balance at December 31, 2024	$	156,973

Revenue (Tables)

12 Months Ended

Dec. 31, 2024

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, 2024		December 31, 2023		December 31, 2022

Contract assets - current	$	22,413	$	19,561	$	11,074
Contract liabilities - current	198,629		194,798		241,595
Contract liabilities - non-current	4,452		7,098		6,417

Restructuring Activities

12 Months Ended

Dec. 31, 2024

Restructuring and Related Activities [Abstract]

Restructuring Activities

11. Restructuring Activities

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


	Years Ended December 31,
	2024		2023		2022
Engineered Products	$	7,847	$	8,976	$	3,194
Clean Energy & Fueling	30,858		20,336		9,571
Imaging & Identification	9,960		5,918		4,702
Pumps & Process Solutions	4,956		7,686		4,685
Climate & Sustainability Technologies	15,197		4,541		6,007
Corporate	992		2,444		2,321
Total	$	69,810	$	49,901	$	30,480
These amounts are classified in the consolidated statements of earnings as follows:
Cost of goods and services	$	37,993	$	19,352	$	6,855
Selling, general and administrative expenses	31,817		30,549		23,625

Total	$	69,810	$	49,901	$	30,480

The restructuring expenses of $69,810 incurred during the year ended December 31, 2024 were primarily related to headcount reductions and product line and other exit costs in the Clean Energy & Fueling and Climate & Sustainability Technologies segments. These restructuring programs were initiated in 2023 and 2024 and were undertaken in light of current market conditions. The expected costs related to these announced restructuring programs have been incurred primarily through 2024. 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 2025 with related restructuring charges.

Restructuring expenses incurred in 2023 and 2022 also included headcount reductions, exit costs, 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, 2022	$	10,730	$	2,925		$	13,655
Restructuring charges	15,388		15,092			30,480
Payments	(13,975)		(8,052)			(22,027)
Other, including foreign currency translation	(136)		(7,497)			(7,633)
Balance at December 31, 2022	12,007		2,468			14,475
Restructuring charges	36,899		13,002			49,901
Payments	(31,133)		(9,910)			(41,043)
Other, including foreign currency translation	873		(2,447)			(1,574)
Balance at December 31, 2023	18,646		3,113			21,759
Restructuring charges	28,917		40,893		(1)	69,810
Payments	(33,514)		(10,481)			(43,995)
Other, including foreign currency translation	(505)		(27,634)		(1)	(28,139)
Balance at December 31, 2024	$	13,544	$	5,891		$	19,435

(1) Exit reserves activity includes non-cash asset charges related to a product line exit within the Climate & Sustainability Technologies segment.

The restructuring accrual balances at December 31, 2024 primarily reflect restructuring plans initiated during the year.

Other Accrued Expenses and Other Liabilities (Tables)

12 Months Ended

Dec. 31, 2024

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, 2024		December 31, 2023

Accrued rebates and volume discounts	$	52,067	$	43,866
Operating lease liabilities	49,646		47,973
Taxes other than income	39,486		30,180
Warranty	36,503		35,126
Accrued interest	20,620		20,723
Restructuring and exit costs	18,466		21,759
Accrued commissions (non-employee)	12,243		13,277



Other	106,295		83,991
Total other accrued expenses	$	335,326	$	296,895

Schedule of Major Components of Other Liabilities

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


	December 31, 2024		December 31, 2023
Operating lease liabilities	$	174,905	$	170,822
Deferred compensation	88,464		78,805

Defined benefit and other postretirement benefit plans	87,019		86,066
Unrecognized tax benefits	53,927		27,307
Legal and environmental	26,045		26,991
Deferred revenue	4,452		7,098
Warranty	5,552		7,117

Other	30,763		22,708
Total other liabilities	$	471,127	$	426,914

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,
	2024		2023		2022
Balance at January 1	$	42,243	$	43,056	$	43,269
Provision for warranties	55,442		49,708		51,172
Settlements made	(52,562)		(50,769)		(50,100)
Other adjustments, including acquisitions and currency translation	(3,068)		248		(1,285)
Balance at December 31	$	42,055	$	42,243	$	43,056

Leases

12 Months Ended

Dec. 31, 2024

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,
	2024		2023		2022
Operating Lease Costs:
Fixed	$	61,464	$	57,409	$	52,303
Variable	8,890		8,243		7,433
Short-term	20,564		20,550		20,291
Total(1)	$	90,918	$	86,202	$	80,027

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

Supplemental cash flow information related to leases were as follows:


	Years Ended December 31,
	2024		2023		2022

Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	63,093	$	57,607	$	52,973
Operating cash flows for finance leases	443		318		335
Financing cash flows for finance leases	4,316		3,231		2,917
Total	$	67,852	$	61,156	$	56,225
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	49,021	$	50,997	$	55,916
Financing leases	4,469		3,539		3,149
Total	$	53,490	$	54,536	$	59,065

Supplemental balance sheet information related to leases were as follows:


	December 31, 2024		December 31, 2023

Operating Leases
Right-of-use assets:
Other assets and deferred charges	$	208,379	$	206,802

Lease liabilities:
Other accrued expenses	$	49,646	$	47,973
Other liabilities	174,905		170,822
Total operating lease liabilities	$	224,551	$	218,795

Finance Leases
Right-of-use assets:


Property, plant and equipment, net (1)	$	9,044	$	7,987

Lease liabilities:
Other accrued expenses	$	3,543	$	3,065
Other liabilities	5,603		5,896
Total finance lease liabilities	$	9,146	$	8,961

(1) Finance lease right-of-use assets are recorded net of accumulated depreciation of $12,378 and $10,206 for the years ended December 31, 2024 and December 31, 2023, respectively.

The aggregate future lease payments for operating and finance leases as of December 31, 2024 were as follows:


	Operating		Finance
2025	$	57,586	$	4,356
2026	45,225		3,687
2027	38,118		1,646
2028	30,332		516
2029	21,623		131
Thereafter	70,820		61
Total lease payments	263,704		10,397
Less interest	(39,153)		(1,251)
Present value of lease liabilities	$	224,551	$	9,146

Average lease terms and discount rates were as follows:


	December 31, 2024		December 31, 2023		December 31, 2022
Weighted-average remaining lease term (years)
Operating leases	6.9		7.2		7.8
Finance leases	2.7		3.0		3.6
Weighted-average discount rate
Operating leases	4.1	%	4.0	%	3.5	%
Finance leases	4.2	%	3.9	%	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,
	2024		2023		2022
Operating Lease Costs:
Fixed	$	61,464	$	57,409	$	52,303
Variable	8,890		8,243		7,433
Short-term	20,564		20,550		20,291
Total(1)	$	90,918	$	86,202	$	80,027

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

Supplemental cash flow information related to leases were as follows:


	Years Ended December 31,
	2024		2023		2022

Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	63,093	$	57,607	$	52,973
Operating cash flows for finance leases	443		318		335
Financing cash flows for finance leases	4,316		3,231		2,917
Total	$	67,852	$	61,156	$	56,225
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	49,021	$	50,997	$	55,916
Financing leases	4,469		3,539		3,149
Total	$	53,490	$	54,536	$	59,065

Supplemental balance sheet information related to leases were as follows:


	December 31, 2024		December 31, 2023

Operating Leases
Right-of-use assets:
Other assets and deferred charges	$	208,379	$	206,802

Lease liabilities:
Other accrued expenses	$	49,646	$	47,973
Other liabilities	174,905		170,822
Total operating lease liabilities	$	224,551	$	218,795

Finance Leases
Right-of-use assets:


Property, plant and equipment, net (1)	$	9,044	$	7,987

Lease liabilities:
Other accrued expenses	$	3,543	$	3,065
Other liabilities	5,603		5,896
Total finance lease liabilities	$	9,146	$	8,961

(1) Finance lease right-of-use assets are recorded net of accumulated depreciation of $12,378 and $10,206 for the years ended December 31, 2024 and December 31, 2023, respectively.

The aggregate future lease payments for operating and finance leases as of December 31, 2024 were as follows:


	Operating		Finance
2025	$	57,586	$	4,356
2026	45,225		3,687
2027	38,118		1,646
2028	30,332		516
2029	21,623		131
Thereafter	70,820		61
Total lease payments	263,704		10,397
Less interest	(39,153)		(1,251)
Present value of lease liabilities	$	224,551	$	9,146

Average lease terms and discount rates were as follows:


	December 31, 2024		December 31, 2023		December 31, 2022
Weighted-average remaining lease term (years)
Operating leases	6.9		7.2		7.8
Finance leases	2.7		3.0		3.6
Weighted-average discount rate
Operating leases	4.1	%	4.0	%	3.5	%
Finance leases	4.2	%	3.9	%	3.4	%

Earnings per Share - Narrative (Details) - shares	12 Months Ended
Earnings per Share - Narrative (Details) - shares	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Earnings Per Share [Abstract]
Weighted average number of anti-dilutive potential common shares excluded from reconciliation calculations (in shares)	48,000	48,000	21,173

Segment Information - Reporting Information by Segment (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) segment	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Segment Reporting [Abstract]
Number of reportable segments \| segment	5
Reconciliation from Segment Totals to Consolidated [Abstract]
Revenue	$ 7,745,909	$ 7,684,476	$ 7,844,174
Earnings before provision for income taxes	1,757,016	1,123,000	1,190,203
Purchase accounting expenses	186,241	158,582	174,397
Restructuring and other costs	84,983	62,927	36,209
Disposition costs	0	1,302	0
(Gain) loss on dispositions	(597,798)	0	194
Interest expense	131,171	131,304	116,456
Interest income	(37,158)	(13,496)	(4,429)
Earnings before provision for income taxes	1,757,016	1,123,000	1,190,203
Provision for income taxes	357,048	179,136	200,291
Earnings from continuing operations	1,399,968	943,864	989,912
Restructuring charges	69,810	49,901	30,480
Other costs, net	15,173	13,026	5,729
Restructuring and other costs	84,983	62,927	36,209
Segment margins:
Consolidated depreciation and amortization total	337,842	305,046	295,660
Total segments
Reconciliation from Segment Totals to Consolidated [Abstract]
Revenue	7,750,621	7,690,207	7,847,793
Adjusted cost of goods and services	4,707,075	4,758,342	4,877,097
Adjusted selling, general and administrative expenses	1,363,128	1,316,913	1,321,621
Earnings before provision for income taxes	$ 1,680,418	$ 1,614,952	$ 1,649,075
Segment margins:
Total Segments (in percent)	21.70%	21.00%	21.00%
Other depreciation and amortization	$ 145,072	$ 141,323	$ 132,614
Total segments \| Engineered Products
Reconciliation from Segment Totals to Consolidated [Abstract]
Revenue	1,202,457	1,250,925	1,379,512
Adjusted cost of goods and services	806,133	834,095	935,128
Adjusted selling, general and administrative expenses	165,087	192,779	203,888
Earnings before provision for income taxes	231,237	224,051	240,496
Restructuring charges	$ 7,847	$ 8,976	$ 3,194
Segment margins:
Total Segments (in percent)	19.20%	17.90%	17.40%
Other depreciation and amortization	$ 19,259	$ 22,012	$ 22,571
Total segments \| Clean Energy & Fueling
Reconciliation from Segment Totals to Consolidated [Abstract]
Revenue	1,936,784	1,788,277	1,878,507
Adjusted cost of goods and services	1,232,836	1,155,988	1,212,716
Adjusted selling, general and administrative expenses	343,955	303,685	312,798
Earnings before provision for income taxes	359,993	328,604	352,993
Restructuring charges	$ 30,858	$ 20,336	$ 9,571
Segment margins:
Total Segments (in percent)	18.60%	18.40%	18.80%
Other depreciation and amortization	$ 31,976	$ 30,117	$ 28,815
Total segments \| Imaging & Identification
Reconciliation from Segment Totals to Consolidated [Abstract]
Revenue	1,137,165	1,116,732	1,123,815
Adjusted cost of goods and services	520,748	531,194	550,634
Adjusted selling, general and administrative expenses	314,710	313,026	305,097
Earnings before provision for income taxes	301,707	272,512	268,084
Restructuring charges	$ 9,960	$ 5,918	$ 4,702
Segment margins:
Total Segments (in percent)	26.50%	24.40%	23.90%
Other depreciation and amortization	$ 14,648	$ 15,293	$ 14,185
Total segments \| Pumps & Process Solutions
Reconciliation from Segment Totals to Consolidated [Abstract]
Revenue	1,894,566	1,755,691	1,728,235
Adjusted cost of goods and services	1,016,622	955,472	885,903
Adjusted selling, general and administrative expenses	341,338	315,814	309,314
Earnings before provision for income taxes	536,606	484,405	533,018
Restructuring charges	$ 4,956	$ 7,686	$ 4,685
Segment margins:
Total Segments (in percent)	28.30%	27.60%	30.80%
Other depreciation and amortization	$ 50,050	$ 46,344	$ 40,839
Total segments \| Climate & Sustainability Technologies
Reconciliation from Segment Totals to Consolidated [Abstract]
Revenue	1,579,649	1,778,582	1,737,724
Adjusted cost of goods and services	1,130,736	1,281,593	1,292,716
Adjusted selling, general and administrative expenses	198,038	191,609	190,524
Earnings before provision for income taxes	250,875	305,380	254,484
Restructuring charges	$ 15,197	$ 4,541	$ 6,007
Segment margins:
Total Segments (in percent)	15.90%	17.20%	14.60%
Other depreciation and amortization	$ 29,139	$ 27,557	$ 26,204
Intersegment eliminations
Reconciliation from Segment Totals to Consolidated [Abstract]
Revenue	(4,712)	(5,731)	(3,619)
Corporate expense / other
Reconciliation from Segment Totals to Consolidated [Abstract]
Corporate expense / other	155,963	151,333	136,045
Restructuring charges	992	2,444	2,321
Segment margins:
Other depreciation and amortization	7,030	6,046	8,144
Depreciation and amortization included in purchase accounting expenses and restructuring and other	$ 185,740	$ 157,677	$ 154,902

Property, Plant and Equipment, net

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment, net

6. Property, Plant and Equipment, net


	December 31, 2024		December 31, 2023
Land	$	62,270	$	64,722
Buildings and improvements	626,075		592,136
Machinery, equipment and other	1,945,479		1,860,315
Property, plant and equipment, gross	2,633,824		2,517,173
Accumulated depreciation	(1,645,900)		(1,538,701)
Property, plant and equipment, net	$	987,924	$	978,472

Depreciation expense totaled $154,449, $151,271 and $143,722 for the years ended December 31, 2024, 2023 and 2022, respectively.

Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2024

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, 2024 and 2023 and the balance sheet lines in which they are recorded:


	Fair Value Asset (Liability)
	December 31, 2024		December 31, 2023		Balance Sheet Caption
Foreign currency forward	$	2,258	$	1,675	Prepaid and other current assets
Foreign currency forward	(888)		(874)		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:


	2024		2023		2022
Gain (loss) on euro-denominated debt	$	66,789	$	(45,805)	$	80,301


Tax (expense) benefit	(14,996)		10,438		(17,824)
Net gain (loss) on net investment hedges, net of tax	$	51,793	$	(35,367)	$	62,477

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, 2024 and 2023:


	December 31, 2024		December 31, 2023
	Level 2			Level 2
Assets:
Foreign currency cash flow hedges	$	2,258		$	1,675
Liabilities:
Foreign currency cash flow hedges	888			874

Credit Losses (Details) - USD ($) $ in Thousands	12 Months Ended
Credit Losses (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at January 1	$ 30,679	$ 38,504	$ 39,277
Provision for expected credit losses, net of recoveries	5,329	2,644	5,499
Amounts written off charged against the allowance	(6,492)	(10,096)	(4,440)
Other, including dispositions and foreign currency translation	(722)	(373)	(1,832)
Balance at December 31	$ 28,794	$ 30,679	$ 38,504

Leases - Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Right-of-use assets:
Other assets and deferred charges	$ 208,379	$ 206,802
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets, Noncurrent	Other Assets, Noncurrent
Lease liabilities:
Other accrued expenses	$ 49,646	$ 47,973
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Other accrued expenses	Other accrued expenses
Other liabilities	$ 174,905	$ 170,822
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other liabilities	Other liabilities
Total operating lease liabilities	$ 224,551	$ 218,795
Right-of-use assets:
Property and equipment, net	$ 9,044	$ 7,987
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	$ 3,543	$ 3,065
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Other accrued expenses	Other accrued expenses
Other liabilities	$ 5,603	$ 5,896
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other liabilities	Other liabilities
Total finance lease liabilities	$ 9,146	$ 8,961
Accumulated depreciation	$ 12,378	$ 10,206

Employee Benefit Plans - Plan Asset Rollforward (Details) - Level 3 - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward]
Fair value of plan assets at beginning of year	$ 18,652	$ 16,294
Relating to assets still held at December 31, 2023	623	(417)
Relating to assets sold during the period	7	(17)
Purchases	2,154	1,746
Sales and settlements	1,090	(346)
Foreign currency translation	(868)	1,392
Fair value of plan assets at end of year	$ 21,658	$ 18,652

- 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

Discontinued and Disposed Operations - Assets and Liabilities Classified as Discontinued Operations (Details) - Discontinued Operations, Disposed of by Sale - Environmental Solutions Group $ in Thousands	Dec. 31, 2023 USD ($)
Assets of discontinued operations
Receivables, net	$ 110,933
Inventories, net	81,363
Prepaid and other current assets	2,190
Property, plant and equipment, net	53,344
Goodwill	244,123
Intangible assets, net	38,709
Other assets and deferred charges	5,778
Total assets of discontinued operations	536,440
Liabilities of discontinued operations
Accounts payable	104,077
Other current liabilities	48,936
Other non-current liabilities	35,058
Total liabilities of discontinued operations	$ 188,071

Equity and Cash Incentive Program - Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
Pre-tax stock-based compensation expense	$ 40,359	$ 30,766	$ 30,075
Tax benefit	(3,792)	(3,106)	(2,827)
Total stock-based compensation expense, net of tax	$ 36,567	$ 27,660	$ 27,248

Discontinued and Disposed Operations (Tables)

12 Months Ended

Dec. 31, 2024

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Company Discontinued Operation And Assets and Liabilities Classified as Held for Sale

Summarized results of the Company's discontinued operations are as follows:


	Years Ended December 31,
	2024 (1)		2023		2022
Revenue	$	678,415	$	753,658	$	663,914
Cost of goods and services	479,671		536,569		505,311
Gross profit	198,744		217,089		158,603
Selling, general and administrative expenses	68,677		70,086		58,914

Operating earnings	130,067		147,003		99,689


Gain on disposition	(1,640,948)		—		—
Other expense (income), net	704		(3)		2,387
Earnings from discontinued operations before provision for income taxes	1,770,311		147,006		97,302
Provision for income taxes	473,153		34,042		21,838
Earnings from discontinued operations, net	$	1,297,158	$	112,964	$	75,464

(1) Reflects the operating results of the ESG business through the date of disposition on October 8th, 2024.

Assets and liabilities classified as discontinued operations are summarized below:


	December 31, 2023

Assets of discontinued operations


Receivables, net	$	110,933
Inventories, net	81,363
Prepaid and other current assets	2,190




Property, plant and equipment, net	53,344

Goodwill	244,123
Intangible assets, net	38,709
Other assets and deferred charges	5,778
Total assets of discontinued operations	$	536,440



Liabilities of discontinued operations
Accounts payable	$	104,077



Other current liabilities	48,936






Other non-current liabilities	35,058
Total liabilities of discontinued operations	$	188,071

- 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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-SubTopic 10
-Topic 360
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482099/360-10-50-3

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483475/205-20-45-11

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3A
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-URI https://asc.fasb.org/1943274/2147483499/205-20-50-3A

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 4A
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-URI https://asc.fasb.org/1943274/2147483499/205-20-50-4A

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 4B
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-URI https://asc.fasb.org/1943274/2147483499/205-20-50-4B

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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-Paragraph 5A
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-URI https://asc.fasb.org/1943274/2147483499/205-20-50-5A

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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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
-Topic 205
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-5D

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/1943274/2147483499/205-20-50-7

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 360
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147482099/360-10-50-3A

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI https://asc.fasb.org/1943274/2147483499/205-20-50-3

+ Details

Subsequent Events (Details) $ in Millions	Jan. 17, 2025 USD ($)
Subsequent Event \| Cryo-Mach
Subsequent Event [Line Items]
Net assets acquired	$ 32.0

Borrowings

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Borrowings

12. Borrowings

Borrowings consist of the following:


	December 31, 2024		December 31, 2023
Short-term
Current portion of long-term debt	$	399,411	$	—
Commercial paper	—		467,600
Other	645		682

Short-term borrowings and current portion of long-term debt	$	400,056	$	468,282

The weighted average annual interest rate for borrowings outstanding under the commercial paper program as of December 31, 2023 was 5.51%.


			Carrying amount (1)
	Principal		December 31, 2024		December 31, 2023
Long-term
3.15% 10-year notes due November 15, 2025	$	400,000	$	399,411	$	398,737
1.25% 10-year notes due November 9, 2026 (euro-denominated)	€	600,000	622,313		657,628
0.750% 8-year notes due November 4, 2027 (euro denominated)	€	500,000	517,863		547,342
6.65% 30-year debentures due June 1, 2028	$	200,000	199,657		199,557
2.950% 10-year notes due November 4, 2029	$	300,000	298,166		297,787
5.375% 30-year debentures due October 15, 2035	$	300,000	297,308		297,058
6.60% 30-year notes due March 15, 2038	$	250,000	248,505		248,392
5.375% 30-year notes due March 1, 2041	$	350,000	345,534		345,258

Total long-term debt			$	2,928,757	$	2,991,759
Less current portion of long-term debt			(399,411)		—
Net long-term debt			$	2,529,346	$	2,991,759

(1) Carrying amount is net of unamortized debt discount and deferred debt issuance costs. Total unamortized debt discounts were $8.5 million and $10.9 million as of December 31, 2024 and December 31, 2023, respectively. Total deferred debt issuance costs were $6.8 million and $8.9 million as of December 31, 2024 and December 31, 2023, respectively.

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

On April 6, 2023, the Company entered into new $1.0 billion five-year unsecured revolving credit facility and on April 4, 2024, the Company entered into a new $500.0 million 364-day unsecured revolving credit facility (together, the "Credit Agreements") with a syndicate of banks. The current 364-day credit facility replaced the previous $500.0 million 364-day credit facility, which expired on April 4, 2024. The lenders' commitments under the Credit Agreements will terminate and any outstanding loans under the Credit Agreements will mature on April 6, 2028 and April 3, 2025, respectively. The Company may elect to extend the maturity date of any loans under the new 364-day credit facility until April 3, 2026, subject to conditions specified therein. The Credit Agreements are designated as a liquidity back-stop for the Company's commercial paper program 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, 2024 and December 31, 2023, there were no outstanding borrowings under the five-year, current or previous 364-day credit facilities.

The Company was in compliance with all covenants in the Credit Agreements and other long-term debt covenants at December 31, 2024 and had an interest coverage ratio of consolidated EBITDA to consolidated net interest expense of 42.5 to 1.

As of December 31, 2024, the future maturities of long-term debt were as follows:


	Future Maturities
2025	$	400,000
2026	624,350
2027	520,291
2028	200,000
2029	300,000
2030 and thereafter	900,000
Total	$	2,944,641

Letters of Credit and other Guarantees

As of December 31, 2024, the Company had approximately $160.0 million outstanding in letters of credit, surety bonds, and performance and other guarantees which primarily expire on various dates through 2035. These letters of credit and bonds are primarily issued as security for insurance, warranty and other performance obligations. In general, we would only be liable for the amount of these guarantees in the event of default in the performance of our obligations, the probability of which is believed to be remote.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
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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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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI https://asc.fasb.org/470/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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-Paragraph 1B
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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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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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Segment Information (Tables)

12 Months Ended

Dec. 31, 2024

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,
	2024		2023		2022
Revenue:
Engineered Products	$	1,202,457	$	1,250,925	$	1,379,512
Clean Energy & Fueling	1,936,784		1,788,277		1,878,507
Imaging & Identification	1,137,165		1,116,732		1,123,815
Pumps & Process Solutions	1,894,566		1,755,691		1,728,235
Climate & Sustainability Technologies	1,579,649		1,778,582		1,737,724
Total segment revenues	7,750,621		7,690,207		7,847,793
Intersegment eliminations	(4,712)		(5,731)		(3,619)
Total consolidated revenue	$	7,745,909	$	7,684,476	$	7,844,174
Adjusted cost of goods and services:(1)
Engineered Products	$	806,133	$	834,095	$	935,128
Clean Energy & Fueling	1,232,836		1,155,988		1,212,716
Imaging & Identification	520,748		531,194		550,634
Pumps & Process Solutions	1,016,622		955,472		885,903
Climate & Sustainability Technologies	1,130,736		1,281,593		1,292,716
Total adjusted segment cost of goods and services	$	4,707,075	$	4,758,342	$	4,877,097
Adjusted selling, general and administrative expenses:(2)
Engineered Products	$	165,087	$	192,779	$	203,888
Clean Energy & Fueling	343,955		303,685		312,798
Imaging & Identification	314,710		313,026		305,097
Pumps & Process Solutions	341,338		315,814		309,314
Climate & Sustainability Technologies	198,038		191,609		190,524
Total adjusted segment selling, general and administrative expenses	$	1,363,128	$	1,316,913	$	1,321,621
Earnings from continuing operations:
Segment earnings:
Engineered Products	$	231,237	$	224,051	$	240,496
Clean Energy & Fueling	359,993		328,604		352,993
Imaging & Identification	301,707		272,512		268,084
Pumps & Process Solutions	536,606		484,405		533,018
Climate & Sustainability Technologies	250,875		305,380		254,484
Total segment earnings	1,680,418		1,614,952		1,649,075
Purchase accounting expenses (3)	186,241		158,582		174,397
Restructuring and other costs (4)	84,983		62,927		36,209
Disposition costs (5)	—		1,302		—
(Gain) loss on dispositions (6)	(597,798)		—		194
Corporate expense / other (7)	155,963		151,333		136,045
Interest expense	131,171		131,304		116,456
Interest income	(37,158)		(13,496)		(4,429)

Earnings before provision for income taxes	1,757,016		1,123,000		1,190,203
Provision for income taxes	357,048		179,136		200,291
Earnings from continuing operations	$	1,399,968	$	943,864	$	989,912

(1) Adjusted cost of goods and services exclude expenses related to purchase accounting and restructuring and other costs.

(2) Adjusted selling, general and administrative expenses exclude expenses related to purchase accounting, restructuring and other costs, disposition costs, and (gain) loss on dispositions and include other income, net.

(3) 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.

(4) 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,
	2024		2023		2022
Restructuring	$	69,810	$	49,901	$	30,480
Other costs, net	15,173		13,026		5,729
Restructuring and other costs	$	84,983	$	62,927	$	36,209

(5) Disposition costs related to the sale of De-Sta-Co in our Engineered Products segment.

(6) (Gain) loss on dispositions includes post-closing adjustments, see Note 4 — Discontinued and Disposed Operations.

(7) 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 and IT overhead costs, deal-related expenses and various administrative expenses relating to the corporate headquarters.

Segment margin and a reconciliation of segment depreciation and amortization to consolidated results follows:


	Years Ended December 31,
	2024			2023			2022
Segment margins:
Engineered Products	19.2		%	17.9		%	17.4		%
Clean Energy & Fueling	18.6		%	18.4		%	18.8		%
Imaging & Identification	26.5		%	24.4		%	23.9		%
Pumps & Process Solutions	28.3		%	27.6		%	30.8		%
Climate & Sustainability Technologies	15.9		%	17.2		%	14.6		%
Total segments	21.7		%	21.0		%	21.0		%

Depreciation and amortization:
Other depreciation and amortization:(8)
Engineered Products	$	19,259		$	22,012		$	22,571
Clean Energy & Fueling	31,976			30,117			28,815
Imaging & Identification	14,648			15,293			14,185
Pumps & Process Solutions	50,050			46,344			40,839
Climate & Sustainability Technologies	29,139			27,557			26,204
Total other depreciation and amortization	145,072			141,323			132,614
Corporate depreciation and amortization	7,030			6,046			8,144
Depreciation and amortization included in purchase accounting expenses and restructuring and other	185,740			157,677			154,902
Consolidated depreciation and amortization total	$	337,842		$	305,046		$	295,660

(8) 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):


	Years Ended December 31,
Capital expenditures:	2024		2023		2022
Engineered Products	$	21,353	$	17,457	$	29,885
Clean Energy & Fueling	37,340		25,421		33,489
Imaging & Identification	13,173		11,598		14,695
Pumps & Process Solutions	55,397		60,860		82,817
Climate & Sustainability Technologies	35,445		61,790		41,426
Corporate	4,825		6,280		8,770
Total capital expenditures	$	167,533	$	183,406	$	211,082


Total assets at December 31:	2024		2023
Engineered Products (9)	$	1,063,292	$	1,260,549
Clean Energy & Fueling (10)	3,601,573		3,020,621
Imaging & Identification	1,749,028		1,812,704
Pumps & Process Solutions	2,613,405		2,654,421
Climate & Sustainability Technologies	1,293,132		1,466,141
Corporate (11)	2,188,730		597,637
Total assets from continuing operations	12,509,160		10,812,073
Assets from discontinued operations	—		536,440
Total assets	$	12,509,160	$	11,348,513

(9) Engineered Products includes De-Sta-Co assets classified as held for sale at December 31, 2023. See Note 4 — Discontinued and Disposed Operations for additional information.

(10) Increase primarily driven by 2024 acquisitions. See Note 3 — Acquisitions for additional information.

(11) Corporate assets are comprised primarily of cash and cash equivalents. The increase in Corporate assets at December 31, 2024 is driven by the cash proceeds from the disposition of ESG.

Schedule of Revenue Disaggregated by Geography based on the Location


	Revenue						Long-Lived Assets (12)
	Years Ended December 31,						At December 31,
	2024		2023		2022		2024		2023
United States	$	4,201,427	$	3,970,828	$	4,197,423	$	599,090	$	570,349
Europe	1,676,209		1,756,999		1,791,806		302,129		321,628
Asia	832,764		923,890		938,699		57,113		59,496
Other Americas	729,709		671,162		653,777		26,431		22,936
Other	305,800		361,597		262,469		3,161		4,063
Consolidated total	$	7,745,909	$	7,684,476	$	7,844,174	$	987,924	$	978,472

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

Goodwill and Other Intangible Assets - Future Amortization (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2025	$ 188,976
2026	180,521
2027	177,158
2028	146,012
2029	$ 136,646

Income Taxes - Rate Reconciliation (Details)	12 Months Ended
Income Taxes - Rate Reconciliation (Details)	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
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	1.00%	1.50%	1.50%
Foreign operations tax effect	0.60%	0.50%	0.20%
Foreign-derived intangible income	(1.00%)	(1.50%)	(1.40%)
Share awards	(0.30%)	(0.40%)	(0.20%)
Withholding tax	0.001	0.027	0.002
Change in valuation allowance	(0.40%)	(6.20%)	(0.80%)
Dispositions	0.60%	0.00%	0.00%
Tax credits	(0.40%)	(0.60%)	(0.50%)
Audit resolutions	(0.20%)	(0.70%)	(3.50%)
Other	(0.70%)	(0.30%)	0.30%
Effective tax rate	20.30%	16.00%	16.80%

Income Taxes - Operating Loss Carryforwards (Details) - Deferred Tax Valuation Allowance - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Year	$ 209,931	$ 271,203	$ 306,066
Additions	27,192	31,388	4,960
Reductions	(39,041)	(92,660)	(39,823)
Balance at End of Year	$ 198,082	$ 209,931	$ 271,203

Employee Benefit Plans - Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Net periodic benefit cost [Abstract]
Net periodic (benefit) expense	$ (9,946)	$ 5,679	$ 3,096
Non-Qualified Supplemental Benefits \| Non-Qualified Supplemental Benefits
Net periodic benefit cost [Abstract]
Service cost	0	970	1,426
Interest cost	1,359	1,636	1,215
Expected return on plan assets	0	0	0
Prior service cost (credit)	0	1,874	1,490
Actuarial loss (gain)	(2,959)	(3,207)	(2,016)
Settlement and curtailment loss (gain)	0	0	0
Net periodic (benefit) expense	(1,600)	1,273	2,115
United States \| Qualified Defined Benefits \| Qualified Defined Benefits
Net periodic benefit cost [Abstract]
Service cost	0	2,867	5,703
Interest cost	15,810	17,203	13,745
Expected return on plan assets	(27,653)	(26,208)	(29,104)
Prior service cost (credit)	0	0	110
Actuarial loss (gain)	0	0	2,300
Settlement and curtailment loss (gain)	0	4,434	6,276
Net periodic (benefit) expense	(11,843)	(1,704)	(970)
Foreign Plan \| Qualified Defined Benefits \| Qualified Defined Benefits
Net periodic benefit cost [Abstract]
Service cost	4,853	3,712	4,675
Interest cost	6,091	10,591	5,220
Expected return on plan assets	(7,868)	(7,331)	(7,191)
Prior service cost (credit)	(760)	(717)	(526)
Actuarial loss (gain)	1,069	656	1,747
Settlement and curtailment loss (gain)	112	(801)	(393)
Net periodic (benefit) expense	$ 3,497	$ 6,110	$ 3,532

Income Taxes - Narrative (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Operating Loss Carryforwards [Line Items]
Non-U.S. operating loss carryforwards	$ 263,742
Deferred tax assets related to U.S. federal and state tax loss and tax credit carryforward	47,301
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	3,699
Foreign Tax Jurisdiction
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards subject to expiration	112,438
Operating loss carryforward not subject to expiration	151,304
Domestic Tax Jurisdiction
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards subject to expiration	41,840
Operating loss carryforward not subject to expiration	$ 5,461

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Equity and Cash Incentive Program - Performance Shares and RSU Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Performance Shares
Number of Shares
Unvested, beginning balance (in shares)	77,761
Granted (in shares)	43,602	43,656	40,087
Forfeited (in shares)	(2,938)
Vested (in shares)	(39,350)
Unvested, ending balance (in shares)	79,075	77,761
Weighted Average Grant-Date Fair Value
Unvested, beginning balance (in dollars per share)	$ 224.42
Granted (in dollars per share)	232.41
Forfeited (in dollars per share)	232.71
Vested (in dollars per share)	200.18
Unvested, ending balance (in dollars per share)	$ 240.59	$ 224.42
Restricted Stock Units (RSUs)
Number of Shares
Unvested, beginning balance (in shares)	152,974
Granted (in shares)	94,307	91,439	79,556
Forfeited (in shares)	(13,352)
Vested (in shares)	(70,329)
Unvested, ending balance (in shares)	163,600	152,974
Weighted Average Grant-Date Fair Value
Unvested, beginning balance (in dollars per share)	$ 145.45
Granted (in dollars per share)	160.11	$ 153.25	$ 160.21
Forfeited (in dollars per share)	156.15
Vested (in dollars per share)	145.52
Unvested, ending balance (in dollars per share)	$ 155.62	$ 145.45

Borrowings - Narrative (Details)			12 Months Ended
Borrowings - Narrative (Details)	Apr. 04, 2024 USD ($)	Apr. 06, 2023 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Line of Credit Facility [Line Items]
Interest coverage ratio			42.5
Letters of credit outstanding			$ 160,000,000
Revolving Credit Facility \| Credit Agreement
Line of Credit Facility [Line Items]
Maximum borrowing capacity		$ 1,000,000,000
Term		5 years
Interest coverage ratio required			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
Commercial paper
Line of Credit Facility [Line Items]
Weighted average interest rate				5.51%

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock $1 Par Value	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Earnings (Loss)	Treasury Stock
Balance at beginning 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 and excise tax	(585,000)		(6,073)			(578,927)
Other comprehensive loss, 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, 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)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	2,697,126			2,697,126
Dividends paid	(283,117)			(283,117)
Common stock issued for the exercise of share-based awards	(13,076)	189	(13,265)
Stock-based compensation expense	41,032		41,032
Common stock acquired, including accelerated share repurchase program and excise tax	(504,664)		(21,771)			(482,893)
Other comprehensive loss, net of tax	(89,910)				(89,910)
Balance at end of year at Dec. 31, 2024	$ 6,953,996	$ 260,031	$ 892,686	$ 13,409,633	$ (327,776)	$ (7,280,578)

- Definition

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

+ References

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+ Details

- Definition

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

+ References

+ Details

Other Accrued Expenses and Other Liabilities - Accrued Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Accrued Liabilities and Other Liabilities [Abstract]
Operating lease liabilities	$ 49,646	$ 47,973
Accrued rebates and volume discounts	52,067	43,866
Warranty	36,503	35,126
Taxes other than income	39,486	30,180
Restructuring and exit costs	18,466	21,759
Accrued interest	20,620	20,723
Accrued commissions (non-employee)	12,243	13,277
Other	106,295	83,991
Total other accrued expenses	$ 335,326	$ 296,895

Description of Business and Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2024

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 businesses with similar business models, go-to market strategies, product categories 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.

The Environmental Solutions Group ("ESG") business, an operating company within the Engineered Products segment, was sold during the fourth quarter of 2024 and reported as discontinued operations. Therefore, the Company has classified the results of operations prior to the sale as discontinued operations in the consolidated statements of earnings and the consolidated statements of cash flows and classified the assets and liabilities prior to the sale as discontinued operations in the consolidated balance sheets for all periods presented. The discussion in the notes to these consolidated financial statements, unless otherwise noted, relates solely to our continuing operations. See Note 4 — Discontinued and Disposed Operations for further details.

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, contingencies and purchase price allocations. Actual results may 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.

Through the third quarter of 2023, approximately 4% of inventories, comprised entirely of ESG 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 cumulative effect of the change resulted in a fourth quarter of 2023 pre-tax benefit of $14,448 ($10,796 after-tax) recognized as an increase to earnings from discontinued operations, net within the consolidated statement of earnings for the year ended December 31, 2023 and a corresponding increase in assets of discontinued operations within the consolidated balance sheet as of December 31, 2023. The Company believed the FIFO method was preferable because it better reflected the current value of inventories in the consolidated balance sheet and resulted in a uniform method across its businesses, which in turn provided more useful financial information to the Company's investors and creditors.

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, 2024, 2023, or 2022.

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, 2024, 2023, or 2022.

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.


	Total
Balance at December 31, 2023	$	156,245
Disposition of business	(2,785)
Invoices confirmed during the period	579,481
Confirmed invoices paid during the period	(575,968)
Balance at December 31, 2024	$	156,973

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. 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 $149,601 in 2024, $139,058 in 2023 and $151,351 in 2022. These costs as a percent of revenue were 1.9% in 2024, 1.8% in 2023 and 1.9% in 2022. 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 $23,166 in 2024, $22,112 in 2023 and $24,421 in 2022. 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 2024, the FASB issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income (Subtopic 220-40): Expense Disaggregation Disclosures, which expands disclosures of specific expense categories at interim and annual reporting periods. The amendments are effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating this ASU to determine its 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 was adopted when it became 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 — Description of Business and Summary of Significant Accounting Policies.

In November 2023, the FASB issued ASU No. 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. The Company adopted the guidance during the fourth quarter of 2024. See Note 19 — Segment Information for further details.

Employee Benefit Plans - Obligations and Funded Status (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Amounts recognized in the consolidated balance sheets consist of:
Defined benefit and other post-retirement benefit plans	$ (87,019)	$ (86,066)
Accumulated other comprehensive loss (earnings):
Accumulated benefit obligations	547,719	591,114
Qualified Defined Benefits \| United States
Change in plan assets:
Fair value of plan assets at beginning of year	392,519
Fair value of plan assets at end of year	371,966	392,519
Qualified Defined Benefits \| Foreign Plan
Change in plan assets:
Fair value of plan assets at beginning of year	175,765
Fair value of plan assets at end of year	176,230	175,765
Qualified Defined Benefits \| Qualified Defined Benefits \| United States
Change in benefit obligation:
Benefit obligation at beginning of year	319,306	319,901
Service cost	0	2,867	$ 5,703
Interest cost	15,810	17,203	13,745
Plan participants' contributions	0	0
Benefits paid	(27,725)	(17,701)
Actuarial loss (gain)	(16,635)	22,384
Disposition	0	0
Amendments	0	0
Settlements and curtailments	0	(25,348)
Currency translation and other	0	0
Benefit obligation at end of year	290,756	319,306	319,901
Change in plan assets:
Fair value of plan assets at beginning of year	392,519	394,053
Actual return on plan assets	7,172	40,633
Company contributions	0	0
Plan participants' contributions	0	0
Benefits paid	(27,725)	(17,701)
Settlements and curtailments	0	(24,466)
Currency translation and other	0	0
Fair value of plan assets at end of year	371,966	392,519	394,053
Funded (unfunded) status	81,210	73,213
Amounts recognized in the consolidated balance sheets consist of:
Other assets and deferred charges	81,210	73,213
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)	81,210	73,213
Accumulated other comprehensive loss (earnings):
Net actuarial losses (gains)	61,715	57,870
Prior service cost (credit)	0	0
Tax (benefit) expense	(12,945)	(12,075)
Total accumulated other comprehensive loss (earnings), net of tax	48,770	45,795
Net amount recognized at December 31,	129,980	119,008
Accumulated benefit obligations	290,756	319,306
Qualified Defined Benefits \| Qualified Defined Benefits \| Foreign Plan
Change in benefit obligation:
Benefit obligation at beginning of year	250,029	215,317
Service cost	4,853	3,712	4,675
Interest cost	6,091	10,591	5,220
Plan participants' contributions	2,481	2,251
Benefits paid	(8,477)	(11,953)
Actuarial loss (gain)	3,288	16,884
Disposition	(4,226)	0
Amendments	(364)	41
Settlements and curtailments	(2,118)	(1,116)
Currency translation and other	(10,126)	14,302
Benefit obligation at end of year	241,431	250,029	215,317
Change in plan assets:
Fair value of plan assets at beginning of year	175,765	152,860
Actual return on plan assets	6,770	11,935
Company contributions	8,594	9,516
Plan participants' contributions	2,481	2,251
Benefits paid	(8,477)	(11,953)
Settlements and curtailments	(2,118)	(298)
Currency translation and other	(6,785)	11,454
Fair value of plan assets at end of year	176,230	175,765	152,860
Funded (unfunded) status	(65,201)	(74,264)
Amounts recognized in the consolidated balance sheets consist of:
Other assets and deferred charges	2,080	1,938
Accrued compensation and employee benefits	(1,601)	(731)
Liabilities held for sale	0	(18,044)
Defined benefit and other post-retirement benefit plans	(65,680)	(57,427)
Total assets (liabilities)	(65,201)	(74,264)
Accumulated other comprehensive loss (earnings):
Net actuarial losses (gains)	45,986	42,926
Prior service cost (credit)	(1,825)	(2,222)
Tax (benefit) expense	(9,293)	(8,947)
Total accumulated other comprehensive loss (earnings), net of tax	34,868	31,757
Net amount recognized at December 31,	(30,333)	(42,507)
Accumulated benefit obligations	233,921	242,619
Non-Qualified Supplemental Benefits \| Non-Qualified Supplemental Benefits
Change in benefit obligation:
Benefit obligation at beginning of year	29,189	32,503
Service cost	0	970	1,426
Interest cost	1,359	1,636	1,215
Plan participants' contributions	0	0
Benefits paid	(4,188)	(6,582)
Actuarial loss (gain)	(3,318)	662
Disposition	0	0
Amendments	0	0
Settlements and curtailments	0	0
Currency translation and other	0	0
Benefit obligation at end of year	23,042	29,189	32,503
Change in plan assets:
Fair value of plan assets at beginning of year	0	0
Actual return on plan assets	0	0
Company contributions	4,188	6,582
Plan participants' contributions	0	0
Benefits paid	(4,188)	(6,582)
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	(23,042)	(29,189)
Amounts recognized in the consolidated balance sheets consist of:
Other assets and deferred charges	0	0
Accrued compensation and employee benefits	(6,481)	(5,477)
Liabilities held for sale	0	0
Defined benefit and other post-retirement benefit plans	(16,561)	(23,712)
Total assets (liabilities)	(23,042)	(29,189)
Accumulated other comprehensive loss (earnings):
Net actuarial losses (gains)	(24,795)	(24,435)
Prior service cost (credit)	0	0
Tax (benefit) expense	5,395	5,313
Total accumulated other comprehensive loss (earnings), net of tax	(19,400)	(19,122)
Net amount recognized at December 31,	(42,442)	(48,311)
Accumulated benefit obligations	$ 23,042	$ 29,189

Equity and Cash Incentive Program (Tables)

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Stock-based Incentive Plans Compensation Expense

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,
	2024		2023		2022
Pre-tax stock-based compensation expense	$	40,359	$	30,766	$	30,075
Tax benefit	(3,792)		(3,106)		(2,827)
Total stock-based compensation expense, net of tax	$	36,567	$	27,660	$	27,248

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:


	2024		2023		2022
Risk-free interest rate	4.13	%	3.91	%	1.86	%
Dividend yield	1.28	%	1.32	%	1.25	%
Expected life (years)	5.5		5.4		5.4
Volatility	31.32	%	30.65	%	29.46	%
Grant price	$160.11		$153.25		$160.21
Fair value per share at date of grant	$51.17		$47.27		$42.07

The assumptions used in the Monte Carlo model to determine the fair value of the PSAs granted in the respective periods were as follows:


	2024		2023		2022
Risk-free interest rate	4.37	%	4.28	%	1.68	%
Dividend yield	1.15	%	1.32	%	1.25	%
Expected life (years)	2.8		2.9		2.9
Volatility	23.30	%	27.30	%	31.10	%

Grant price	$177.19		$153.25		$160.21
Fair value per share at date of grant	$287.62		$249.48		$196.40

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, 2024 is as follows:


	Number of Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value
Outstanding at January 1, 2024	2,409,610	$	109.65
Granted	355,685	160.11


Forfeited / expired	(53,889)	157.74
Exercised	(309,760)	86.27
Outstanding at December 31, 2024	2,401,646	119.11		5.6	$	164,481

Exercisable at December 31, 2024	1,468,033	$	94.54	4.0	$	136,613

Schedule of Other Information for SARs and Stock Options

Other information regarding the exercise of SARs is listed below:


	2024		2023		2022
Fair value of SARs that became exercisable	$	9,629	$	7,492	$	8,939
Aggregate intrinsic value of SARs exercised	28,833		26,041		11,992

Schedule of Activity for Performance Share Awards

A summary of activity for PSAs for the year ended December 31, 2024 is as follows:


	Number of Shares	Weighted Average Grant-Date Fair Value
Unvested at January 1, 2024	77,761	$	224.42
Granted	43,602	232.41


Forfeited	(2,938)	232.71
Vested	(39,350)	200.18
Unvested at December 31, 2024	79,075	$	240.59

Schedule of Activity for Restricted Stock Units

A summary of activity for RSUs for the year ended December 31, 2024 is as follows:


	Number of Shares	Weighted Average Grant-Date Fair Value
Unvested at January 1, 2024	152,974	$	145.45
Granted	94,307	160.11


Forfeited	(13,352)	156.15
Vested	(70,329)	145.52
Unvested at December 31, 2024	163,600	$	155.62

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,
	2024	2023	2022
Aggregate shares granted	8,259	11,309	10,730
Deferred stock units	(5,242)	(7,487)	(7,247)

Net shares issued	3,017	3,822	3,483

Credit Losses

12 Months Ended

Dec. 31, 2024

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 estimated 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.


	2024		2023		2022
Balance at January 1	$	30,679	$	38,504	$	39,277

Provision for expected credit losses, net of recoveries	5,329		2,644		5,499
Amounts written off charged against the allowance	(6,492)		(10,096)		(4,440)
Other, including dispositions and foreign currency translation	(722)		(373)		(1,832)
Balance at December 31	$	28,794	$	30,679	$	38,504

Restructuring Activities (Tables)

12 Months Ended

Dec. 31, 2024

Restructuring and Related Activities [Abstract]

Schedule of Restructuring Charges by Segment

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


	Years Ended December 31,
	2024		2023		2022
Engineered Products	$	7,847	$	8,976	$	3,194
Clean Energy & Fueling	30,858		20,336		9,571
Imaging & Identification	9,960		5,918		4,702
Pumps & Process Solutions	4,956		7,686		4,685
Climate & Sustainability Technologies	15,197		4,541		6,007
Corporate	992		2,444		2,321
Total	$	69,810	$	49,901	$	30,480
These amounts are classified in the consolidated statements of earnings as follows:
Cost of goods and services	$	37,993	$	19,352	$	6,855
Selling, general and administrative expenses	31,817		30,549		23,625

Total	$	69,810	$	49,901	$	30,480

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, 2022	$	10,730	$	2,925		$	13,655
Restructuring charges	15,388		15,092			30,480
Payments	(13,975)		(8,052)			(22,027)
Other, including foreign currency translation	(136)		(7,497)			(7,633)
Balance at December 31, 2022	12,007		2,468			14,475
Restructuring charges	36,899		13,002			49,901
Payments	(31,133)		(9,910)			(41,043)
Other, including foreign currency translation	873		(2,447)			(1,574)
Balance at December 31, 2023	18,646		3,113			21,759
Restructuring charges	28,917		40,893		(1)	69,810
Payments	(33,514)		(10,481)			(43,995)
Other, including foreign currency translation	(505)		(27,634)		(1)	(28,139)
Balance at December 31, 2024	$	13,544	$	5,891		$	19,435

(1) Exit reserves activity includes non-cash asset charges related to a product line exit within the Climate & Sustainability Technologies segment.

Property, Plant and Equipment, net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 2,633,824	$ 2,517,173
Accumulated depreciation	(1,645,900)	(1,538,701)
Property, plant and equipment, net	987,924	978,472
Depreciation	154,449	151,271	$ 143,722
Land
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	62,270	64,722
Buildings and improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	626,075	592,136
Machinery, equipment and other
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 1,945,479	$ 1,860,315

Borrowings - Maturity (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Debt Disclosure [Abstract]
2025	$ 400,000
2026	624,350
2027	520,291
2028	200,000
2029	300,000
2030 and thereafter	900,000
Total	$ 2,944,641

Leases - Cost (Details) - USD ($) $ in Thousands	12 Months Ended
Leases - Cost (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Operating Lease Costs:
Fixed	$ 61,464	$ 57,409	$ 52,303
Variable	8,890	8,243	7,433
Short-term	20,564	20,550	20,291
Total	$ 90,918	$ 86,202	$ 80,027

Leases - Assumptions (Details)	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Weighted-average remaining lease term (years)
Operating leases	6 years 10 months 24 days	7 years 2 months 12 days	7 years 9 months 18 days
Finance leases	2 years 8 months 12 days	3 years	3 years 7 months 6 days
Weighted-average discount rate
Operating leases	4.10%	4.00%	3.50%
Finance leases	4.20%	3.90%	3.40%

Goodwill and Other Intangible Assets - Intangibles and Amortization Expense (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Gross Amount	$ 3,208,767	$ 2,921,465
Accumulated Amortization	1,724,390	1,572,892
Net Carrying Amount	1,484,377	1,348,573
Unamortized intangible assets:	96,477
Total, Gross Carrying Amount	3,305,244	3,018,096
Total, Net Carrying Amount	1,580,854	1,445,204
Trademarks
Finite-Lived Intangible Assets [Line Items]
Unamortized intangible assets:	96,477	96,631
Customer intangibles
Finite-Lived Intangible Assets [Line Items]
Gross Amount	2,343,823	2,097,985
Accumulated Amortization	1,174,195	1,064,609
Net Carrying Amount	1,169,628	1,033,376
Trademarks
Finite-Lived Intangible Assets [Line Items]
Gross Amount	283,216	268,605
Accumulated Amortization	156,745	142,505
Net Carrying Amount	126,471	126,100
Patents
Finite-Lived Intangible Assets [Line Items]
Gross Amount	201,828	204,591
Accumulated Amortization	146,271	140,438
Net Carrying Amount	55,557	64,153
Unpatented technologies
Finite-Lived Intangible Assets [Line Items]
Gross Amount	277,945	244,042
Accumulated Amortization	169,310	151,944
Net Carrying Amount	108,635	92,098
Distributor relationships
Finite-Lived Intangible Assets [Line Items]
Gross Amount	79,855	82,031
Accumulated Amortization	66,469	63,343
Net Carrying Amount	13,386	18,688
Other
Finite-Lived Intangible Assets [Line Items]
Gross Amount	22,100	24,211
Accumulated Amortization	11,400	10,053
Net Carrying Amount	$ 10,700	$ 14,158

CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of Comprehensive Income [Abstract]
Foreign currency translation adjustments, tax benefit (provision)	$ (14,996)	$ 10,438	$ (17,824)
Pension and other postretirement benefit plans tax benefit (provision)	1,134	3,569	(2,230)
Cash flow hedges tax benefit (provision)	$ (111)	$ (778)	$ 1,217

Equity and Cash Incentive Program - SARs Activity (Details) - Stock Appreciation Rights (SARs) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Number of Shares
Outstanding, beginning balance (in shares)	2,409,610
Granted (in shares)	355,685	359,715	335,285
Forfeited/expired (in shares)	(53,889)
Exercised (in shares)	(309,760)
Outstanding, ending balance (in shares)	2,401,646	2,409,610
Exercisable (in shares)	1,468,033
Weighted Average Exercise Price
Beginning balance (in dollars per share)	$ 109.65
Granted (in dollars per share)	160.11	$ 153.25	$ 160.21
Forfeited/Expired (in dollars per share)	157.74
Exercised (in dollars per share)	86.27
Ending balance (in dollars per share)	119.11	$ 109.65
Weighted Average Exercise Price, Exercisable (in dollars per share)	$ 94.54
Weighted Average Remaining Contractual Term (Years)
Outstanding	5 years 7 months 6 days
Exercisable	4 years
Outstanding, Aggregate Intrinsic Value	$ 164,481
Exercisable, Aggregate Intrinsic Value	$ 136,613

Employee Benefit Plans - Fair Value of Plan Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Level 3
Defined Benefit Plan Disclosure [Line Items]
Total investments	$ 21,658	$ 18,652	$ 16,294
United States \| Qualified Defined Benefits
Defined Benefit Plan Disclosure [Line Items]
Total investments	371,966	392,519
Total investments at fair value	252,561	272,394
United States \| Qualified Defined Benefits \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Total investments at fair value	3,189	3,901
United States \| Qualified Defined Benefits \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Total investments at fair value	249,372	268,493
United States \| Qualified Defined Benefits \| Corporate bonds
Defined Benefit Plan Disclosure [Line Items]
Total investments	196,492	215,631
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	196,492	215,631
United States \| Qualified Defined Benefits \| Government securities
Defined Benefit Plan Disclosure [Line Items]
Total investments	52,880	52,862
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	52,880	52,862
United States \| Qualified Defined Benefits \| Interest-bearing cash and short-term investments
Defined Benefit Plan Disclosure [Line Items]
Total investments	3,189	3,901
United States \| Qualified Defined Benefits \| Interest-bearing cash and short-term investments \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Total investments	3,189	3,901
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	110,020	110,582
United States \| Qualified Defined Benefits \| Short-term investment funds
Defined Benefit Plan Disclosure [Line Items]
Total investments	9,385	9,543
Foreign Plan \| Qualified Defined Benefits
Defined Benefit Plan Disclosure [Line Items]
Total investments	176,230	175,765
Total investments at fair value	132,642	128,994
Foreign Plan \| Qualified Defined Benefits \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Total investments at fair value	71,478	77,422
Foreign Plan \| Qualified Defined Benefits \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Total investments at fair value	39,506	32,920
Foreign Plan \| Qualified Defined Benefits \| Level 3
Defined Benefit Plan Disclosure [Line Items]
Total investments at fair value	21,658	18,652
Foreign Plan \| Qualified Defined Benefits \| Collective funds
Defined Benefit Plan Disclosure [Line Items]
Total investments	39,339	41,502
Foreign Plan \| Qualified Defined Benefits \| Common stocks
Defined Benefit Plan Disclosure [Line Items]
Total investments	56,976	54,557
Foreign Plan \| Qualified Defined Benefits \| Common stocks \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Total investments	56,976	54,557
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	35,936	32,421
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	35,936	32,421
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	12,118	20,628
Foreign Plan \| Qualified Defined Benefits \| Mutual funds \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Total investments	12,118	20,628
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	2,384	2,237
Foreign Plan \| Qualified Defined Benefits \| Cash and cash equivalents \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Total investments	2,384	2,237
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	25,228	19,151
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	3,570	499
Foreign Plan \| Qualified Defined Benefits \| Other \| Level 3
Defined Benefit Plan Disclosure [Line Items]
Total investments	21,658	18,652
Foreign Plan \| Qualified Defined Benefits \| Other
Defined Benefit Plan Disclosure [Line Items]
Total investments	$ 4,249	$ 5,269

Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2024

Retirement Benefits [Abstract]

Schedule of Defined Benefit Plans Disclosures

The following tables summarize the change in benefit obligations, change in plan assets, and funded status associated with the Company's significant defined benefit plans and the amounts recognized in the consolidated balance sheets at December 31, 2024 and 2023:


	Qualified Defined Benefits								Non-Qualified Supplemental Benefits
	U.S. Plan				Non-U.S. Plans
	2024		2023		2024		2023		2024		2023
Change in benefit obligation:
Benefit obligation at beginning of year	$	319,306	$	319,901	$	250,029	$	215,317	$	29,189	$	32,503
Service cost	—		2,867		4,853		3,712		—		970
Interest cost	15,810		17,203		6,091		10,591		1,359		1,636
Plan participants' contributions	—		—		2,481		2,251		—		—
Benefits paid	(27,725)		(17,701)		(8,477)		(11,953)		(4,188)		(6,582)
Actuarial loss (gain)(1)	(16,635)		22,384		3,288		16,884		(3,318)		662
Disposition	—		—		(4,226)		—		—		—
Amendments	—		—		(364)		41		—		—
Settlements and curtailments	—		(25,348)		(2,118)		(1,116)		—		—
Currency translation and other	—		—		(10,126)		14,302		—		—

Benefit obligation at end of year	290,756		319,306		241,431		250,029		23,042		29,189
Change in plan assets:
Fair value of plan assets at beginning of year	392,519		394,053		175,765		152,860		—		—
Actual return on plan assets	7,172		40,633		6,770		11,935		—		—
Company contributions	—		—		8,594		9,516		4,188		6,582
Plan participants' contributions	—		—		2,481		2,251		—		—
Benefits paid	(27,725)		(17,701)		(8,477)		(11,953)		(4,188)		(6,582)

Settlements and curtailments	—		(24,466)		(2,118)		(298)		—		—
Currency translation and other	—		—		(6,785)		11,454		—		—

Fair value of plan assets at end of year	371,966		392,519		176,230		175,765		—		—
Funded (unfunded) status	$	81,210	$	73,213	$	(65,201)	$	(74,264)	$	(23,042)	$	(29,189)
Amounts recognized in the consolidated balance sheets consist of:
Assets and Liabilities:
Other assets and deferred charges	$	81,210	$	73,213	$	2,080	$	1,938	$	—	$	—
Accrued compensation and employee benefits	—		—		(1,601)		(731)		(6,481)		(5,477)
Liabilities held for sale (2)	—		—		—		(18,044)		—		—
Defined benefit and other post-retirement benefit plans	—		—		(65,680)		(57,427)		(16,561)		(23,712)

Total assets (liabilities)	81,210		73,213		(65,201)		(74,264)		(23,042)		(29,189)
Accumulated other comprehensive loss (earnings):
Net actuarial losses (gains)	61,715		57,870		45,986		42,926		(24,795)		(24,435)
Prior service cost (credit)	—		—		(1,825)		(2,222)		—		—

Tax (benefit) expense	(12,945)		(12,075)		(9,293)		(8,947)		5,395		5,313
Total accumulated other comprehensive loss (earnings), net of tax	48,770		45,795		34,868		31,757		(19,400)		(19,122)
Net amount recognized at December 31,	$	129,980	$	119,008	$	(30,333)	$	(42,507)	$	(42,442)	$	(48,311)

Accumulated benefit obligations	$	290,756	$	319,306	$	233,921	$	242,619	$	23,042	$	29,189

(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 — Discontinued and Disposed Operations 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, 2024 and 2023:


	2024		2023

Accumulated benefit obligation	$	228,977	$	227,442
Fair value of plan assets	169,207		158,653

Non-U.S. pension plans with projected benefit obligations in excess of plan assets consist of the following at December 31, 2024 and 2023:


	2024		2023
Projected benefit obligation	$	236,488	$	234,854

Fair value of plan assets	169,207		158,653

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
	2024		2023		2022		2024		2023		2022		2024		2023		2022
Service cost	$	—	$	2,867	$	5,703	$	4,853	$	3,712	$	4,675	$	—	$	970	$	1,426
Interest cost	15,810		17,203		13,745		6,091		10,591		5,220		1,359		1,636		1,215
Expected return on plan assets	(27,653)		(26,208)		(29,104)		(7,868)		(7,331)		(7,191)		—		—		—
Amortization of:
Prior service cost (credit)	—		—		110		(760)		(717)		(526)		—		1,874		1,490
Actuarial loss (gain)	—		—		2,300		1,069		656		1,747		(2,959)		(3,207)		(2,016)

Settlement and curtailment loss (gain)	—		4,434		6,276		112		(801)		(393)		—		—		—

Net periodic (benefit) expense	$	(11,843)	$	(1,704)	$	(970)	$	3,497	$	6,110	$	3,532	$	(1,600)	$	1,273	$	2,115

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
	2024		2023		2024		2023		2024		2023
Discount rate	5.70	%	5.20	%	2.64	%	2.80	%	5.50	%	5.15	%
Average wage increase	N/A		4.00	%	1.36	%	1.65	%	N/A		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
	2024		2023		2022		2024		2023		2022		2024		2023		2022
Discount rate	5.20	%	5.55	%	2.95	%	2.80	%	3.57	%	1.18	%	5.15	%	5.50	%	2.90	%
Average wage increase	4.00	%	4.00	%	4.00	%	1.65	%	1.67	%	1.53	%	4.50	%	4.50	%	4.50	%
Expected return on plan assets	6.30	%	5.60	%	5.60	%	4.59	%	4.69	%	3.47	%	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:


	2024		2023		Current Target
Return-seeking investments	30	%	28	%	30	%
Liability hedging investments	70	%	72	%	70	%

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, 2024				December 31, 2023
	Level 1		Level 2		Total Fair Value		Level 1		Level 2		Total Fair Value



Corporate bonds	$	—	$	196,492	$	196,492	$	—	$	215,631	$	215,631
Government securities	—		52,880		52,880		—		52,862		52,862
Interest-bearing cash and short-term investments	3,189		—		3,189		3,901		—		3,901
Total investments at fair value	$	3,189	$	249,372	252,561		$	3,901	$	268,493	272,394
Investments measured at net asset value*
Collective funds					110,020						110,582


Short-term investment funds					9,385						9,543

Total investments					$	371,966					$	392,519


	Non-U.S. Plans
	December 31, 2024								December 31, 2023
	Level 1		Level 2		Level 3		Total Fair Value		Level 1		Level 2		Level 3		Total Fair Value
Common stocks	$	56,976	$	—	$	—	$	56,976	$	54,557	$	—	$	—	$	54,557
Fixed income investments	—		35,936		—		35,936		—		32,421		—		32,421
Mutual funds	12,118		—		—		12,118		20,628		—		—		20,628


Cash and cash equivalents	2,384		—		—		2,384		2,237		—		—		2,237
Other	—		3,570		21,658		25,228		—		499		18,652		19,151
Total investments at fair value	$	71,478	$	39,506	$	21,658	132,642		$	77,422	$	32,920	$	18,652	128,994
Investments measured at net asset value*
Collective funds							39,339								41,502
Other							4,249								5,269
Total investments							$	176,230							$	175,765

* 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.

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 2023 and 2024, due to the following:


	Level 3
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
Actual return on plan assets:
Relating to assets still held at December 31, 2024	623
Relating to assets sold during the period	7
Purchases	2,154
Sales and settlements	1,090
Foreign currency translation	(868)
Balance at December 31, 2024	$	21,658

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
2025	$	32,185	$	12,261	$	6,657
2026	27,402		12,221		3,727
2027	26,139		14,861		1,888
2028	24,919		12,877		3,737
2029	24,405		12,369		1,676
2030 - 2034	108,965		67,017		7,157

Acquisitions - Narrative (Details) $ in Thousands												12 Months Ended
Acquisitions - Narrative (Details) $ in Thousands	Dec. 20, 2024 USD ($)	Aug. 09, 2024 USD ($)	Jul. 19, 2024 USD ($)	Jul. 18, 2024 USD ($)	Jan. 31, 2024 USD ($)	Jan. 17, 2024 USD ($)	Dec. 04, 2023 USD ($)	Aug. 28, 2023 USD ($)	Dec. 14, 2022 USD ($)	Jul. 01, 2022 USD ($)	May 02, 2022 USD ($)	Dec. 31, 2024 USD ($) business	Dec. 31, 2023 USD ($) business	Dec. 31, 2022 USD ($) business
Business Acquisition [Line Items]
Goodwill												$ 4,905,702	$ 4,637,564	$ 4,425,371
Intangible assets												340,238
Consideration, net of cash acquired												635,269	533,623	$ 312,855
Measurement period adjustments												598	(5,103)
Number of business acquisitions with contingent consideration \| business														1
Imaging & Identification
Business Acquisition [Line Items]
Goodwill												1,072,031	1,092,960	$ 1,078,259
Measurement period adjustments												$ 0	$ 0
Series of individually immaterial acquistions
Business Acquisition [Line Items]
Number of business acquisitions \| business												8	2	3
Net assets acquired												$ 674,005	$ 535,290	$ 309,504
Contingent consideration, liability												38,736
Expected goodwill deducible amount												14,188	224,771
Goodwill - non-deductible												$ 323,063	2,990
Series of individually immaterial acquistions \| Imaging & Identification
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
Series of individually immaterial acquistions \| Unpatented technologies
Business Acquisition [Line Items]
Intangible assets													12,510
Series of individually immaterial acquistions \| Trademarks
Business Acquisition [Line Items]
Intangible assets													$ 10,960
Marshall Excelsior Company
Business Acquisition [Line Items]
Net assets acquired			$ 395,809
Percentage acquired (in percent)			100.00%
Goodwill			$ 187,923
Marshall Excelsior Company \| Customer intangibles
Business Acquisition [Line Items]
Intangible assets			$ 194,100
Transchem
Business Acquisition [Line Items]
Net assets acquired						$ 48,241
Percentage acquired (in percent)						100.00%
Goodwill						$ 25,132
Intangible assets						$ 26,309
Bulloch Technologies, Inc
Business Acquisition [Line Items]
Net assets acquired					$ 121,917
Percentage acquired (in percent)					100.00%
Goodwill					$ 73,850
Bulloch Technologies, Inc \| Customer intangibles
Business Acquisition [Line Items]
Intangible assets					$ 62,417
Demaco Holland D.V.
Business Acquisition [Line Items]
Net assets acquired				$ 42,556
Percentage acquired (in percent)				100.00%
Goodwill				$ 23,788
Demaco Holland D.V. \| Customer intangibles
Business Acquisition [Line Items]
Intangible assets				$ 20,159
Criteria Labs, Inc
Business Acquisition [Line Items]
Net assets acquired		$ 14,737
Percentage acquired (in percent)		100.00%
Goodwill		$ 7,252
Criteria Labs, Inc \| Customer intangibles
Business Acquisition [Line Items]
Intangible assets		7,900
SPS Cryogenics B.V
Business Acquisition [Line Items]
Net assets acquired		$ 11,080
Percentage acquired (in percent)		100.00%
Goodwill		$ 5,118
SPS Cryogenics B.V \| Customer intangibles
Business Acquisition [Line Items]
Intangible assets		$ 5,677
Carter Day International, Inc.
Business Acquisition [Line Items]
Goodwill - non-deductible	$ 14,188
Intangible assets	19,780
Consideration, net of cash acquired	$ 33,968
Series of Individually Immaterial Business Acquisitions, Other Than MCE
Business Acquisition [Line Items]
Number of business acquisitions \| business												7
Expected goodwill deducible amount												$ 14,188
Goodwill - non-deductible												323,063
Goodwill												149,328
Intangible assets												146,138
Series of Individually Immaterial Business Acquisitions, Other Than MCE \| Customer intangibles
Business Acquisition [Line Items]
Intangible assets												282,915
Series of Individually Immaterial Business Acquisitions, Other Than MCE \| Unpatented technologies
Business Acquisition [Line Items]
Intangible assets												38,401
Series of Individually Immaterial Business Acquisitions, Other Than MCE \| Trademarks
Business Acquisition [Line Items]
Intangible assets												18,922
FW Murphy
Business Acquisition [Line Items]
Percentage acquired (in percent)							100.00%
Goodwill							$ 224,771
Intangible assets							275,500
Consideration, net of cash acquired							526,457
Measurement period adjustments												227
Measurement period adjustments purchase price												288
FW Murphy \| Customer intangibles
Business Acquisition [Line Items]
Intangible assets							254,000
FW Murphy \| Unpatented technologies
Business Acquisition [Line Items]
Intangible assets							11,100
FW Murphy \| Trademarks
Business Acquisition [Line Items]
Intangible assets							$ 10,400
Arc Pacific group
Business Acquisition [Line Items]
Percentage acquired (in percent)								100.00%
Goodwill								$ 2,990
Consideration, net of cash acquired								8,833
Measurement period adjustments												371
Measurement period adjustments purchase price												$ 250
Arc Pacific group \| Customer intangibles
Business Acquisition [Line Items]
Intangible assets								$ 7,670
Malema Engineering Corporation
Business Acquisition [Line Items]
Net assets acquired										$ 223,462
Percentage acquired (in percent)										99.70%				0.30%
Goodwill										$ 153,082
Intangible assets										84,000
Measurement period adjustments										1,381
Contingent consideration, estimated payout										50,000
Malema Engineering Corporation \| Customer intangibles
Business Acquisition [Line Items]
Intangible assets										64,000
Malema Engineering Corporation \| Trademarks
Business Acquisition [Line Items]
Intangible assets										4,000
Malema Engineering Corporation \| Patents
Business Acquisition [Line Items]
Intangible assets										$ 16,000
Witte Pumps & Technology GmbH
Business Acquisition [Line Items]
Net assets acquired									$ 77,942
Percentage acquired (in percent)									100.00%
Goodwill									$ 41,779
Intangible assets									34,812
Measurement period adjustments									$ 3,749
AMN DPI
Business Acquisition [Line Items]
Net assets acquired											$ 8,100
Percentage acquired (in percent)											100.00%
Goodwill											$ 1,903
Intangible assets											$ 5,625
Series of Individually Immaterial Business Acquisitions, Other Than Malema
Business Acquisition [Line Items]
Number of business acquisitions \| business														2
Goodwill - non-deductible														$ 196,764
Goodwill														43,682
Intangible assets														40,437
Series of Individually Immaterial Business Acquisitions, Other Than Malema \| Customer intangibles
Business Acquisition [Line Items]
Intangible assets														90,742
Series of Individually Immaterial Business Acquisitions, Other Than Malema \| Unpatented technologies
Business Acquisition [Line Items]
Intangible assets														10,302
Series of Individually Immaterial Business Acquisitions, Other Than Malema \| Trademarks
Business Acquisition [Line Items]
Intangible assets														7,393
Series of Individually Immaterial Business Acquisitions, Other Than Malema \| Patents
Business Acquisition [Line Items]
Intangible assets														$ 16,000

Leases - Maturity Table (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Operating
2025	$ 57,586
2026	45,225
2027	38,118
2028	30,332
2029	21,623
Thereafter	70,820
Total lease payments	263,704
Less interest	(39,153)
Total operating lease liabilities	224,551	$ 218,795
Finance
2025	4,356
2026	3,687
2027	1,646
2028	516
2029	131
Thereafter	61
Total lease payments	10,397
Less interest	(1,251)
Present value of lease liabilities	$ 9,146	$ 8,961

Equity and Cash Incentive Program

12 Months Ended

Dec. 31, 2024

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.


	Years Ended December 31,
	2024		2023		2022
Pre-tax stock-based compensation expense	$	40,359	$	30,766	$	30,075
Tax benefit	(3,792)		(3,106)		(2,827)
Total stock-based compensation expense, net of tax	$	36,567	$	27,660	$	27,248

Pre-tax stock-based compensation expense attributable to discontinued operations was $673, $699 and $746 for the years ended December 31, 2024, 2023 and 2022, respectively. These expenses are included within stock-based compensation expense in the consolidated statements of stockholders' equity. See Note 4 — Discontinued and Disposed Operations for further details.

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 2024, 2023 and 2022, the Company issued SARs covering 355,685, 359,715 and 335,285 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:


	2024		2023		2022
Risk-free interest rate	4.13	%	3.91	%	1.86	%
Dividend yield	1.28	%	1.32	%	1.25	%
Expected life (years)	5.5		5.4		5.4
Volatility	31.32	%	30.65	%	29.46	%
Grant price	$160.11		$153.25		$160.21
Fair value per share at date of grant	$51.17		$47.27		$42.07

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

A summary of activity relating to SARs granted under the 2021 Plan and the 2012 Plan for the year ended December 31, 2024 is as follows:


	Number of Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value
Outstanding at January 1, 2024	2,409,610	$	109.65
Granted	355,685	160.11


Forfeited / expired	(53,889)	157.74
Exercised	(309,760)	86.27
Outstanding at December 31, 2024	2,401,646	119.11		5.6	$	164,481

Exercisable at December 31, 2024	1,468,033	$	94.54	4.0	$	136,613

Unrecognized compensation expense related to SARs not yet exercisable was $8,387 at December 31, 2024. This cost is expected to be recognized over a weighted average period of 1.3 years.

Other information regarding the exercise of SARs is listed below:


	2024		2023		2022
Fair value of SARs that became exercisable	$	9,629	$	7,492	$	8,939
Aggregate intrinsic value of SARs exercised	28,833		26,041		11,992

PSAs

PSAs granted are expensed over the three-year requisite performance and service period. Awards become vested if (1) the Company achieves certain conditions, discussed below, 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 2024, 2023 and 2022, the Company issued PSAs covering 43,602, 43,656 and 40,087 shares, respectively.

The PSAs granted in 2024 vest based on the attainment of two equally weighted measures: (i) Dover’s performance relative to established internal metrics (performance condition) and (ii) Dover's performance relative to its peer group (companies listed under the S&P 500 Industrials sector; market condition). The PSAs granted in 2023 and 2022 vest solely on the attainment of Dover's performance relative to its peer group (same aforementioned market condition).

The grant date fair value of the performance condition portion is determined using Dover’s closing stock price at the date of grant and the amount of expense recognized over the vesting period is subject to adjustment based on the expected attainment of the performance condition. The fair value per share at the date of grant for the 2024 performance condition portion is $177.19.

The grant date fair value of the 2024 market condition portion, and all 2023 and 2022 PSAs, is determined using the Monte Carlo simulation model. The amount of expense recognized over the vesting period is not subject to change based on future market conditions. The assumptions used in the Monte Carlo model to determine the fair value of the PSAs granted in the respective periods were as follows:


	2024		2023		2022
Risk-free interest rate	4.37	%	4.28	%	1.68	%
Dividend yield	1.15	%	1.32	%	1.25	%
Expected life (years)	2.8		2.9		2.9
Volatility	23.30	%	27.30	%	31.10	%

Grant price	$177.19		$153.25		$160.21
Fair value per share at date of grant	$287.62		$249.48		$196.40

A summary of activity for PSAs for the year ended December 31, 2024 is as follows:


	Number of Shares	Weighted Average Grant-Date Fair Value
Unvested at January 1, 2024	77,761	$	224.42
Granted	43,602	232.41


Forfeited	(2,938)	232.71
Vested	(39,350)	200.18
Unvested at December 31, 2024	79,075	$	240.59

Unrecognized compensation expense related to unvested PSAs as of December 31, 2024 was $10,235, which will be recognized over a weighted average period of 1.7 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 94,307, 91,439 and 79,556 of RSUs in 2024, 2023 and 2022, respectively. The fair value of these awards was determined using Dover's closing stock price on the date of grant, which was $160.11, $153.25, and $160.21 in 2024, 2023 and 2022, respectively.

A summary of activity for RSUs for the year ended December 31, 2024 is as follows:


	Number of Shares	Weighted Average Grant-Date Fair Value
Unvested at January 1, 2024	152,974	$	145.45
Granted	94,307	160.11


Forfeited	(13,352)	156.15
Vested	(70,329)	145.52
Unvested at December 31, 2024	163,600	$	155.62

Unrecognized compensation expense relating to unvested RSUs as of December 31, 2024 was $10,609, which will be recognized over a weighted average period of 1.5 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,
	2024	2023	2022
Aggregate shares granted	8,259	11,309	10,730
Deferred stock units	(5,242)	(7,487)	(7,247)

Net shares issued	3,017	3,822	3,483

Income Taxes - Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Current:
U.S. federal	$ 233,348	$ 114,195	$ 87,950
State and local	47,199	13,930	(1,570)
Foreign	168,151	143,216	140,696
Total current	448,698	271,341	227,076
Deferred:
U.S. federal	(35,304)	(28,471)	(4,760)
State and local	(12,362)	4,047	303
Foreign	(43,984)	(67,781)	(22,328)
Total deferred	(91,650)	(92,205)	(26,785)
Provision for income taxes	$ 357,048	$ 179,136	$ 200,291

Stockholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands			1 Months Ended		12 Months Ended
	Mar. 01, 2024	Sep. 01, 2022	Jul. 31, 2024	Dec. 31, 2022	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Aug. 31, 2024	Feb. 29, 2024	Nov. 30, 2020
Schedule of share repurchases [Line Items]
Payments for repurchase of common stock (in dollars)					$ 500,000	$ 0	$ 585,000
August 2023 Authorization
Schedule of share repurchases [Line Items]
Number of shares authorized to be repurchased (in shares)								20,000,000		20,000,000
Shares repurchased (in shares)					0	0	641,428
Average price per share for repurchased shares (in dollars per share)							$ 132.52
Payments for repurchase of common stock (in dollars)							$ 85,000
Remaining number of shares authorized to be repurchased (in shares)					17,130,718
August 2022 ASR Agreement
Schedule of share repurchases [Line Items]
Payment for ASR agreement		$ 500,000
Shares repurchased (in shares)		3,201,025		691,270			3,892,295
Average price per share for repurchased shares (in dollars per share)							$ 128.46
February 2024 ASR Agreement
Schedule of share repurchases [Line Items]
Payment for ASR agreement	$ 500,000								$ 500,000
Shares repurchased (in shares)	2,569,839		299,443		2,869,282
Average price per share for repurchased shares (in dollars per share)					$ 174.26

Employee Benefit Plans - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Defined Benefit Plan Disclosure [Line Items]
Defined contribution plan expense	$ 61,384	$ 56,597	$ 53,508
Accumulated benefit obligations	547,719	591,114
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)	81,210	73,213
Accumulated benefit obligations	290,756	319,306
United States \| Non-Qualified Supplemental Benefits
Defined Benefit Plan Disclosure [Line Items]
Estimated future employer contributions in next fiscal year	6,700
Foreign Plan
Defined Benefit Plan Disclosure [Line Items]
Estimated future employer contributions in next fiscal year	8,700
Foreign Plan \| Qualified Defined Benefits \| Qualified Defined Benefits
Defined Benefit Plan Disclosure [Line Items]
Total assets (liabilities)	(65,201)	(74,264)
Accumulated benefit obligations	$ 233,921	$ 242,619

Revenue - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
Revenue - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Future performance obligation	$ 186,829
Revenue recognized during the period	$ 182,846	$ 224,355
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]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation (in percent)	53.60%
Expected timing of performance obligation satisfaction	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation (in percent)	22.00%
Expected timing of performance obligation satisfaction

Segment Information

12 Months Ended

Dec. 31, 2024

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 Group Executive Committee ("GEC"), 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, 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, fluid transfer connectors, highly engineered precision components, instruments and digital controls for rotating and reciprocating machines, and polymer processing equipment, serving single-use biopharmaceutical production, diversified industrial manufacturing applications, chemical production, plastics and polymer processing, midstream and downstream oil and gas, clean energy markets, thermal management, food and beverage, semiconductor production and medical applications and other end-markets.

•Climate & Sustainability Technologies segment is a provider of innovative and energy-efficient equipment, components, solutions, services 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, (gain) loss 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,
	2024		2023		2022
Revenue:
Engineered Products	$	1,202,457	$	1,250,925	$	1,379,512
Clean Energy & Fueling	1,936,784		1,788,277		1,878,507
Imaging & Identification	1,137,165		1,116,732		1,123,815
Pumps & Process Solutions	1,894,566		1,755,691		1,728,235
Climate & Sustainability Technologies	1,579,649		1,778,582		1,737,724
Total segment revenues	7,750,621		7,690,207		7,847,793
Intersegment eliminations	(4,712)		(5,731)		(3,619)
Total consolidated revenue	$	7,745,909	$	7,684,476	$	7,844,174
Adjusted cost of goods and services:(1)
Engineered Products	$	806,133	$	834,095	$	935,128
Clean Energy & Fueling	1,232,836		1,155,988		1,212,716
Imaging & Identification	520,748		531,194		550,634
Pumps & Process Solutions	1,016,622		955,472		885,903
Climate & Sustainability Technologies	1,130,736		1,281,593		1,292,716
Total adjusted segment cost of goods and services	$	4,707,075	$	4,758,342	$	4,877,097
Adjusted selling, general and administrative expenses:(2)
Engineered Products	$	165,087	$	192,779	$	203,888
Clean Energy & Fueling	343,955		303,685		312,798
Imaging & Identification	314,710		313,026		305,097
Pumps & Process Solutions	341,338		315,814		309,314
Climate & Sustainability Technologies	198,038		191,609		190,524
Total adjusted segment selling, general and administrative expenses	$	1,363,128	$	1,316,913	$	1,321,621
Earnings from continuing operations:
Segment earnings:
Engineered Products	$	231,237	$	224,051	$	240,496
Clean Energy & Fueling	359,993		328,604		352,993
Imaging & Identification	301,707		272,512		268,084
Pumps & Process Solutions	536,606		484,405		533,018
Climate & Sustainability Technologies	250,875		305,380		254,484
Total segment earnings	1,680,418		1,614,952		1,649,075
Purchase accounting expenses (3)	186,241		158,582		174,397
Restructuring and other costs (4)	84,983		62,927		36,209
Disposition costs (5)	—		1,302		—
(Gain) loss on dispositions (6)	(597,798)		—		194
Corporate expense / other (7)	155,963		151,333		136,045
Interest expense	131,171		131,304		116,456
Interest income	(37,158)		(13,496)		(4,429)

Earnings before provision for income taxes	1,757,016		1,123,000		1,190,203
Provision for income taxes	357,048		179,136		200,291
Earnings from continuing operations	$	1,399,968	$	943,864	$	989,912

(1) Adjusted cost of goods and services exclude expenses related to purchase accounting and restructuring and other costs.

(3) 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,
	2024		2023		2022
Restructuring	$	69,810	$	49,901	$	30,480
Other costs, net	15,173		13,026		5,729
Restructuring and other costs	$	84,983	$	62,927	$	36,209

(5) Disposition costs related to the sale of De-Sta-Co in our Engineered Products segment.

(6) (Gain) loss on dispositions includes post-closing adjustments, see Note 4 — Discontinued and Disposed Operations.

Segment margin and a reconciliation of segment depreciation and amortization to consolidated results follows:


	Years Ended December 31,
	2024			2023			2022
Segment margins:
Engineered Products	19.2		%	17.9		%	17.4		%
Clean Energy & Fueling	18.6		%	18.4		%	18.8		%
Imaging & Identification	26.5		%	24.4		%	23.9		%
Pumps & Process Solutions	28.3		%	27.6		%	30.8		%
Climate & Sustainability Technologies	15.9		%	17.2		%	14.6		%
Total segments	21.7		%	21.0		%	21.0		%

Depreciation and amortization:
Other depreciation and amortization:(8)
Engineered Products	$	19,259		$	22,012		$	22,571
Clean Energy & Fueling	31,976			30,117			28,815
Imaging & Identification	14,648			15,293			14,185
Pumps & Process Solutions	50,050			46,344			40,839
Climate & Sustainability Technologies	29,139			27,557			26,204
Total other depreciation and amortization	145,072			141,323			132,614
Corporate depreciation and amortization	7,030			6,046			8,144
Depreciation and amortization included in purchase accounting expenses and restructuring and other	185,740			157,677			154,902
Consolidated depreciation and amortization total	$	337,842		$	305,046		$	295,660

(8) 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):


	Years Ended December 31,
Capital expenditures:	2024		2023		2022
Engineered Products	$	21,353	$	17,457	$	29,885
Clean Energy & Fueling	37,340		25,421		33,489
Imaging & Identification	13,173		11,598		14,695
Pumps & Process Solutions	55,397		60,860		82,817
Climate & Sustainability Technologies	35,445		61,790		41,426
Corporate	4,825		6,280		8,770
Total capital expenditures	$	167,533	$	183,406	$	211,082


Total assets at December 31:	2024		2023
Engineered Products (9)	$	1,063,292	$	1,260,549
Clean Energy & Fueling (10)	3,601,573		3,020,621
Imaging & Identification	1,749,028		1,812,704
Pumps & Process Solutions	2,613,405		2,654,421
Climate & Sustainability Technologies	1,293,132		1,466,141
Corporate (11)	2,188,730		597,637
Total assets from continuing operations	12,509,160		10,812,073
Assets from discontinued operations	—		536,440
Total assets	$	12,509,160	$	11,348,513

(9) Engineered Products includes De-Sta-Co assets classified as held for sale at December 31, 2023. See Note 4 — Discontinued and Disposed Operations for additional information.

(10) Increase primarily driven by 2024 acquisitions. See Note 3 — Acquisitions for additional information.

(11) Corporate assets are comprised primarily of cash and cash equivalents. The increase in Corporate assets at December 31, 2024 is driven by the cash proceeds from the disposition of ESG.


	Revenue						Long-Lived Assets (12)
	Years Ended December 31,						At December 31,
	2024		2023		2022		2024		2023
United States	$	4,201,427	$	3,970,828	$	4,197,423	$	599,090	$	570,349
Europe	1,676,209		1,756,999		1,791,806		302,129		321,628
Asia	832,764		923,890		938,699		57,113		59,496
Other Americas	729,709		671,162		653,777		26,431		22,936
Other	305,800		361,597		262,469		3,161		4,063
Consolidated total	$	7,745,909	$	7,684,476	$	7,844,174	$	987,924	$	978,472

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

For the years ended December 31, 2024, 2023 and 2022, 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.

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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Publisher FASB
-URI https://asc.fasb.org/280/tableOfContent

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 280
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-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

+ Details

Income Taxes

12 Months Ended

Dec. 31, 2024

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 and discontinued operations in the consolidated statements of earnings:


	Years Ended December 31,
	2024		2023		2022
Domestic	$	1,127,389	$	608,423	$	634,494
Foreign	629,627		514,577		555,709
Total	$	1,757,016	$	1,123,000	$	1,190,203

Income tax expense (benefit) related to continuing operations for the years ended December 31, 2024, 2023 and 2022 is comprised of the following:


	Years Ended December 31,
	2024		2023		2022
Current:
U.S. federal	$	233,348	$	114,195	$	87,950
State and local	47,199		13,930		(1,570)
Foreign	168,151		143,216		140,696
Total current	448,698		271,341		227,076
Deferred:
U.S. federal	(35,304)		(28,471)		(4,760)
State and local	(12,362)		4,047		303
Foreign	(43,984)		(67,781)		(22,328)
Total deferred	(91,650)		(92,205)		(26,785)
Provision for income taxes	$	357,048	$	179,136	$	200,291

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


	Years Ended December 31,
	2024		2023		2022
U.S. federal income tax rate	21.0	%	21.0	%	21.0	%
State and local taxes, net of federal income tax benefit	1.0		1.5		1.5
Foreign operations tax effect	0.6		0.5		0.2



Foreign-derived intangible income	(1.0)		(1.5)		(1.4)
Share awards	(0.3)		(0.4)		(0.2)
Withholding tax	0.1		2.7		0.2
Change in valuation allowance	(0.4)		(6.2)		(0.8)

Dispositions	0.6		—		—
Tax credits	(0.4)		(0.6)		(0.5)
Audit resolutions	(0.2)		(0.7)		(3.5)
Other	(0.7)		(0.3)		0.3
Effective tax rate	20.3	%	16.0	%	16.8	%

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


	December 31, 2024		December 31, 2023
Deferred Tax Assets:
Accrued compensation, postretirement and other employee benefits	$	45,145	$	46,068
Accrued expenses	17,218		20,154
Net operating loss and other carryforwards	311,043		326,437
Inventories	31,583		28,729
Allowance for credit losses	8,428		7,679
Accrued insurance	2,340		4,574

Long-term liabilities, warranty and environmental costs	6,818		1,864
Lease obligations	51,837		55,634
Capitalized research and development	68,240		54,397
Total gross deferred tax assets	542,652		545,536
Valuation allowance	(198,082)		(209,931)
Total deferred tax assets, net of valuation allowances	$	344,570	$	335,605
Deferred Tax Liabilities:
Intangible assets	$	(440,946)	$	(405,504)
Property, plant and equipment	(69,920)		(78,668)
Lease right-of-use assets	(48,088)		(52,769)

Other liabilities	(21,250)		(34,642)
Total deferred tax liabilities	(580,204)		(571,583)
Net deferred tax liability	$	(235,634)	$	(235,978)

Classified as follows in the Consolidated Balance Sheets:

Other assets and deferred charges	$	116,372	$	110,405

Deferred income taxes	(352,006)		(346,383)
	$	(235,634)	$	(235,978)

As of December 31, 2024, the Company has $263,742 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, 2024 are available to be carried forward, with $112,438 expiring during the years 2025 through 2044, and the remaining $151,304 carried forward indefinitely.

As of December 31, 2024, the Company has $47,301 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, 2024 are available to be carried forward, with $41,840 expiring during the years 2025 through 2044, and the remaining $5,461 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. The following table is a reconciliation of the beginning and ending balances of the Company's valuation allowance on deferred tax assets:


	Total
Balance at January 1, 2022	$	306,066
Additions	4,960
Reductions	(39,823)
Balance at December 31, 2022	271,203
Additions	31,388
Reductions	(92,660)
Balance at December 31, 2023	209,931
Additions	27,192
Reductions	(39,041)
Balance at December 31, 2024	$	198,082

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 $3,699. All significant U.S. federal, state, local and non-U.S. matters have been concluded through 2021. 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, 2022	$	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	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	22,509
Additions based on tax positions related to the current year	33,688
Additions for tax positions of prior years	507
Reductions for tax positions of prior years	(337)
Cash settlements	(2,307)
Lapse of statutes	(4,314)
Unrecognized tax benefits at December 31, 2024	$	49,746

If recognized, the net amount of potential tax benefits as of December 31, 2024 that would impact the Company's effective tax rate is $42,913. During the years ended December 31, 2024, 2023 and 2022, the Company recorded income of $617, $1,378 and $8,931, 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 $4,181 at December 31, 2024 and $4,798 at December 31, 2023, which are not included in the unrecognized tax benefits table above.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
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-Name Accounting Standards Codification
-Section 55
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 12B
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/740/tableOfContent

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

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2024	Dec. 31, 2023
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)	260,031,000	259,841,534
Treasury stock, shares (in shares)	122,814,553	119,945,271

Accumulated Other Comprehensive Earnings (Loss) - Reclassifications (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Reclassification of foreign currency translation losses to earnings	$ 1,752,266	$ 1,648,204	$ 1,625,312
Tax benefit	357,048	179,136	200,291
Net of tax	(2,697,126)	(1,056,828)	(1,065,376)
Other income, net	(46,876)	(21,468)	(22,589)
Earnings before provision for income taxes	(1,757,016)	(1,123,000)	(1,190,203)
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	13,931	0	5,915
Tax benefit	0	0	0
Net of tax	13,931	0	5,915
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	522	(538)	(1,842)
Net of tax	(2,015)	1,701	6,479
Earnings before provision for income taxes	(2,537)	2,239	8,321
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	(1,890)	(2,551)	2,965
Reclassification out of Accumulated Other Comprehensive Income \| Amortization of prior service (credit) costs and transition obligation
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other income, net	(760)	1,157	1,074
Reclassification out of Accumulated Other Comprehensive Income \| Settlement and curtailment
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other income, net	113	3,633	4,282
Reclassification out of Accumulated Other Comprehensive Income \| Cash flow hedges:
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Tax benefit	290	(483)	1,065
Net of tax	(1,190)	1,954	(3,732)
Earnings before provision for income taxes	$ (1,480)	$ 2,437	$ (4,797)

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Operating Activities:
Net earnings	$ 2,697,126	$ 1,056,828	$ 1,065,376
Adjustments to reconcile net earnings to cash provided by operating activities:
Earnings from discontinued operations, net	(1,297,158)	(112,964)	(75,464)
Depreciation and amortization	337,842	305,046	295,660
Stock-based compensation expense	40,359	30,766	30,075
Gain on dispositions	(597,798)	0	0
Provision for losses on accounts receivable (net of recoveries)	5,329	2,644	5,499
Deferred income taxes	(89,657)	(99,286)	(28,138)
Employee benefit plan (benefit) expense	(9,946)	5,679	3,096
Other, net	27,255	1,802	(18,208)
Cash effect of changes in assets and liabilities (excluding effects of acquisitions, dispositions and foreign exchange):
Accounts receivable	(43,894)	100,393	(184,562)
Inventories	4,418	141,747	(190,731)
Prepaid expenses and other assets	(26,938)	10,738	(5,348)
Accounts payable	9,076	(114,198)	17,268
Accrued compensation and employee benefits	39,243	1,488	(36,306)
Accrued expenses and other liabilities	28,603	(78,218)	(56,140)
Accrued taxes	(23,245)	(16,821)	(62,433)
Contributions to employee benefit plans	(12,782)	(16,098)	(12,890)
Net cash provided by operating activities	1,087,833	1,219,546	746,754
Investing Activities:
Additions to property, plant and equipment	(167,533)	(183,406)	(211,082)
Acquisitions, net of cash and cash equivalents acquired	(635,269)	(533,623)	(312,855)
Proceeds from dispositions, net of cash transferred	768,847	0	0
Other, net	6,972	(686)	3,093
Net cash used in investing activities	(26,983)	(717,715)	(520,844)
Financing Activities:
Change in commercial paper and other short-term borrowings, net	(467,637)	(267,490)	629,891
Dividends paid to stockholders	(283,117)	(284,297)	(287,551)
Repurchase of common stock, including payment under accelerated share repurchase program	(500,000)	0	(585,000)
Payments to settle employee tax obligations on exercise of share-based awards	(16,603)	(12,137)	(14,637)
Other, net	(4,316)	(4,132)	(2,968)
Net cash used in financing activities	(1,271,673)	(568,056)	(260,265)
Cash Flows from Discontinued Operations:
Net cash (used in) provided by operating activities of discontinued operations	(339,454)	116,799	58,971
Net cash provided by (used in) investing activities of discontinued operations	1,985,641	(8,915)	(20,079)
Net cash provided by discontinued operations	1,646,187	107,884	38,892
Effect of exchange rate changes on cash and cash equivalents	(6,348)	(6,666)	(9,173)
Net increase (decrease) in cash and cash equivalents, including cash held for sale	1,429,016	34,993	(4,636)
Cash and cash equivalents at beginning of year, including cash held for sale	415,861	380,868	385,504
Cash and cash equivalents at end of year, including cash held for sale	1,844,877	415,861	380,868
Supplemental information - cash paid during the year for:
Income taxes	907,791	332,192	354,468
Interest	126,434	126,704	112,469
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Disposal Group, Including Discontinued Operations	$ 0	$ 17,300	$ 0

Property, Plant and Equipment, net (Tables)

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

Schedule of Components of Property, Plant and Equipment, net


	December 31, 2024		December 31, 2023
Land	$	62,270	$	64,722
Buildings and improvements	626,075		592,136
Machinery, equipment and other	1,945,479		1,860,315
Property, plant and equipment, gross	2,633,824		2,517,173
Accumulated depreciation	(1,645,900)		(1,538,701)
Property, plant and equipment, net	$	987,924	$	978,472

Description of Business and Summary of Significant Accounting Policies (Details)	3 Months Ended		12 Months Ended
	Dec. 31, 2023 USD ($)	Sep. 30, 2023	Dec. 31, 2024 USD ($) segment	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Goodwill [Line Items]
Number of reportable segments \| segment			5
Inventory stated percentage		0.04
Earnings before provision for income taxes			$ 1,757,016,000	$ 1,123,000,000	$ 1,190,203,000
Earnings from continuing operations			1,399,968,000	943,864,000	989,912,000
Impairment loss on goodwill			0	0	0
Impairment loss on indefinite-lived intangible assets			$ 0	0	0
Service requisite period			3 years
Research and development expense			$ 149,601,000	$ 139,058,000	$ 151,351,000
Research and development expense as a percent of revenue (in percent)			0.019	0.018	0.019
Advertising expense			$ 23,166,000	$ 22,112,000	$ 24,421,000
Service Revenue \| Revenue Benchmark \| Product Concentration Risk
Goodwill [Line Items]
Concentration risk (in percent)			5.00%
Minimum \| Other
Goodwill [Line Items]
Other intangible assets, useful life			5 years
Minimum \| Buildings and improvements
Goodwill [Line Items]
Property, plant and equipment useful life			5 years
Minimum \| Machinery and Equipment
Goodwill [Line Items]
Property, plant and equipment useful life			3 years
Minimum \| Furniture and Fixtures
Goodwill [Line Items]
Property, plant and equipment useful life			3 years
Minimum \| Vehicles
Goodwill [Line Items]
Property, plant and equipment useful life			3 years
Minimum \| Software
Goodwill [Line Items]
Property, plant and equipment useful life			3 years
Maximum \| Other
Goodwill [Line Items]
Other intangible assets, useful life			20 years
Maximum \| Buildings and improvements
Goodwill [Line Items]
Property, plant and equipment useful life			31 years 6 months
Maximum \| Machinery and Equipment
Goodwill [Line Items]
Property, plant and equipment useful life			15 years
Maximum \| Furniture and Fixtures
Goodwill [Line Items]
Property, plant and equipment useful life			7 years
Maximum \| Vehicles
Goodwill [Line Items]
Property, plant and equipment useful life			7 years
Maximum \| Software
Goodwill [Line Items]
Property, plant and equipment useful life			10 years
Total segments
Goodwill [Line Items]
Earnings before provision for income taxes			$ 1,680,418,000	1,614,952,000	1,649,075,000
Total segments \| Engineered Products
Goodwill [Line Items]
Earnings before provision for income taxes			$ 231,237,000	$ 224,051,000	$ 240,496,000
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
Earnings from continuing operations	$ 10,796,000

Equity and Cash Incentive Program - Fair Value Assumptions (Details) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Stock Appreciation Rights (SARs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	4.13%	3.91%	1.86%
Dividend yield	1.28%	1.32%	1.25%
Expected life (years)	5 years 6 months	5 years 4 months 24 days	5 years 4 months 24 days
Volatility	31.32%	30.65%	29.46%
Grant price (in dollars per share)	$ 160.11	$ 153.25	$ 160.21
Fair value per share at date of grant (in dollars per share)	$ 51.17	$ 47.27	$ 42.07
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	4.37%	4.28%	1.68%
Dividend yield	1.15%	1.32%	1.25%
Expected life (years)	2 years 9 months 18 days	2 years 10 months 24 days	2 years 10 months 24 days
Volatility	23.30%	27.30%	31.10%
Grant price (in dollars per share)	$ 177.19	$ 153.25	$ 160.21
Fair value per share at date of grant (in dollars per share)	232.41
Fair value per share at date of grant (in dollars per share)	$ 287.62	$ 249.48	$ 196.40

Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Deferred Tax Assets:
Accrued compensation, postretirement and other employee benefits	$ 45,145	$ 46,068
Accrued expenses	17,218	20,154
Net operating loss and other carryforwards	311,043	326,437
Inventories	31,583	28,729
Allowance for credit losses	8,428	7,679
Accrued insurance	2,340	4,574
Long-term liabilities, warranty and environmental costs	6,818	1,864
Lease obligations	51,837	55,634
Capitalized research and development	68,240	54,397
Total gross deferred tax assets	542,652	545,536
Valuation allowance	(198,082)	(209,931)
Total deferred tax assets, net of valuation allowances	344,570	335,605
Deferred Tax Liabilities:
Intangible assets	(440,946)	(405,504)
Property, plant and equipment	(69,920)	(78,668)
Lease right-of-use assets	(48,088)	(52,769)
Other liabilities	(21,250)	(34,642)
Total deferred tax liabilities	(580,204)	(571,583)
Net deferred tax liability	(235,634)	(235,978)
Classified as follows in the Consolidated Balance Sheets:
Other assets and deferred charges	116,372	110,405
Deferred income taxes	$ (352,006)	$ (346,383)

Accumulated Other Comprehensive Earnings (Loss) (Tables)

12 Months Ended

Dec. 31, 2024

Equity [Abstract]

Schedule of Components of Accumulated Other Comprehensive Income (Loss)

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


	December 31, 2024		December 31, 2023
Cumulative foreign currency translation adjustments	$	(265,815)	$	(181,331)
Pension and other postretirement benefit plans	(64,238)		(58,430)
Changes in fair value of cash flow hedges and other	2,277		1,895
	$	(327,776)	$	(237,866)

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

Amounts reclassified from accumulated other comprehensive earnings (loss) to earnings from continuing operations during the years ended December 31, 2024, 2023 and 2022 were as follows:


	Years Ended December 31,
	2024		2023		2022
Foreign currency translation:
Reclassification of foreign currency translation losses to earnings	$	13,931	$	—	$	5,915
Tax benefit	—		—		—
Net of tax	$	13,931	$	—	$	5,915
Pension and other postretirement benefit plans:
Amortization of actuarial (gains) losses	$	(1,890)	$	(2,551)	$	2,965
Amortization of prior service (credit) costs and transition obligation	(760)		1,157		1,074
Settlement and curtailment	113		3,633		4,282
Total before tax	(2,537)		2,239		8,321
Tax expense (benefit)	522		(538)		(1,842)
Net of tax	$	(2,015)	$	1,701	$	6,479
Cash flow hedges:
Net (gains) losses reclassified into earnings	$	(1,480)	$	2,437	$	(4,797)
Tax expense (benefit)	290		(483)		1,065
Net of tax	$	(1,190)	$	1,954	$	(3,732)

Employee Benefit Plans

12 Months Ended

Dec. 31, 2024

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 $61,384, $56,597 and $53,508 for the years ended December 31, 2024, 2023 and 2022, 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 have been 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


	Qualified Defined Benefits								Non-Qualified Supplemental Benefits
	U.S. Plan				Non-U.S. Plans
	2024		2023		2024		2023		2024		2023
Change in benefit obligation:
Benefit obligation at beginning of year	$	319,306	$	319,901	$	250,029	$	215,317	$	29,189	$	32,503
Service cost	—		2,867		4,853		3,712		—		970
Interest cost	15,810		17,203		6,091		10,591		1,359		1,636
Plan participants' contributions	—		—		2,481		2,251		—		—
Benefits paid	(27,725)		(17,701)		(8,477)		(11,953)		(4,188)		(6,582)
Actuarial loss (gain)(1)	(16,635)		22,384		3,288		16,884		(3,318)		662
Disposition	—		—		(4,226)		—		—		—
Amendments	—		—		(364)		41		—		—
Settlements and curtailments	—		(25,348)		(2,118)		(1,116)		—		—
Currency translation and other	—		—		(10,126)		14,302		—		—

Benefit obligation at end of year	290,756		319,306		241,431		250,029		23,042		29,189
Change in plan assets:
Fair value of plan assets at beginning of year	392,519		394,053		175,765		152,860		—		—
Actual return on plan assets	7,172		40,633		6,770		11,935		—		—
Company contributions	—		—		8,594		9,516		4,188		6,582
Plan participants' contributions	—		—		2,481		2,251		—		—
Benefits paid	(27,725)		(17,701)		(8,477)		(11,953)		(4,188)		(6,582)

Settlements and curtailments	—		(24,466)		(2,118)		(298)		—		—
Currency translation and other	—		—		(6,785)		11,454		—		—

Fair value of plan assets at end of year	371,966		392,519		176,230		175,765		—		—
Funded (unfunded) status	$	81,210	$	73,213	$	(65,201)	$	(74,264)	$	(23,042)	$	(29,189)
Amounts recognized in the consolidated balance sheets consist of:
Assets and Liabilities:
Other assets and deferred charges	$	81,210	$	73,213	$	2,080	$	1,938	$	—	$	—
Accrued compensation and employee benefits	—		—		(1,601)		(731)		(6,481)		(5,477)
Liabilities held for sale (2)	—		—		—		(18,044)		—		—
Defined benefit and other post-retirement benefit plans	—		—		(65,680)		(57,427)		(16,561)		(23,712)

Total assets (liabilities)	81,210		73,213		(65,201)		(74,264)		(23,042)		(29,189)
Accumulated other comprehensive loss (earnings):
Net actuarial losses (gains)	61,715		57,870		45,986		42,926		(24,795)		(24,435)
Prior service cost (credit)	—		—		(1,825)		(2,222)		—		—

Tax (benefit) expense	(12,945)		(12,075)		(9,293)		(8,947)		5,395		5,313
Total accumulated other comprehensive loss (earnings), net of tax	48,770		45,795		34,868		31,757		(19,400)		(19,122)
Net amount recognized at December 31,	$	129,980	$	119,008	$	(30,333)	$	(42,507)	$	(42,442)	$	(48,311)

Accumulated benefit obligations	$	290,756	$	319,306	$	233,921	$	242,619	$	23,042	$	29,189

(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 — Discontinued and Disposed Operations for further details.

The Company's net unfunded status at December 31, 2024 and 2023 includes net liabilities of $65,201 and $74,264, 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, Switzerland and Canada.

The accumulated benefit obligation for all defined benefit pension plans was $547,719 and $591,114 at December 31, 2024 and 2023, respectively.

Non-U.S. pension plans with accumulated benefit obligations in excess of plan assets consist of the following at December 31, 2024 and 2023:


	2024		2023

Accumulated benefit obligation	$	228,977	$	227,442
Fair value of plan assets	169,207		158,653

Non-U.S. pension plans with projected benefit obligations in excess of plan assets consist of the following at December 31, 2024 and 2023:


	2024		2023
Projected benefit obligation	$	236,488	$	234,854

Fair value of plan assets	169,207		158,653

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 cost, 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
	2024		2023		2022		2024		2023		2022		2024		2023		2022
Service cost	$	—	$	2,867	$	5,703	$	4,853	$	3,712	$	4,675	$	—	$	970	$	1,426
Interest cost	15,810		17,203		13,745		6,091		10,591		5,220		1,359		1,636		1,215
Expected return on plan assets	(27,653)		(26,208)		(29,104)		(7,868)		(7,331)		(7,191)		—		—		—
Amortization of:
Prior service cost (credit)	—		—		110		(760)		(717)		(526)		—		1,874		1,490
Actuarial loss (gain)	—		—		2,300		1,069		656		1,747		(2,959)		(3,207)		(2,016)

Settlement and curtailment loss (gain)	—		4,434		6,276		112		(801)		(393)		—		—		—

Net periodic (benefit) expense	$	(11,843)	$	(1,704)	$	(970)	$	3,497	$	6,110	$	3,532	$	(1,600)	$	1,273	$	2,115

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
	2024		2023		2024		2023		2024		2023
Discount rate	5.70	%	5.20	%	2.64	%	2.80	%	5.50	%	5.15	%
Average wage increase	N/A		4.00	%	1.36	%	1.65	%	N/A		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
	2024		2023		2022		2024		2023		2022		2024		2023		2022
Discount rate	5.20	%	5.55	%	2.95	%	2.80	%	3.57	%	1.18	%	5.15	%	5.50	%	2.90	%
Average wage increase	4.00	%	4.00	%	4.00	%	1.65	%	1.67	%	1.53	%	4.50	%	4.50	%	4.50	%
Expected return on plan assets	6.30	%	5.60	%	5.60	%	4.59	%	4.69	%	3.47	%	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 discount 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:


	2024		2023		Current Target
Return-seeking investments	30	%	28	%	30	%
Liability hedging investments	70	%	72	%	70	%

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, 2024				December 31, 2023
	Level 1		Level 2		Total Fair Value		Level 1		Level 2		Total Fair Value



Corporate bonds	$	—	$	196,492	$	196,492	$	—	$	215,631	$	215,631
Government securities	—		52,880		52,880		—		52,862		52,862
Interest-bearing cash and short-term investments	3,189		—		3,189		3,901		—		3,901
Total investments at fair value	$	3,189	$	249,372	252,561		$	3,901	$	268,493	272,394
Investments measured at net asset value*
Collective funds					110,020						110,582


Short-term investment funds					9,385						9,543

Total investments					$	371,966					$	392,519


	Non-U.S. Plans
	December 31, 2024								December 31, 2023
	Level 1		Level 2		Level 3		Total Fair Value		Level 1		Level 2		Level 3		Total Fair Value
Common stocks	$	56,976	$	—	$	—	$	56,976	$	54,557	$	—	$	—	$	54,557
Fixed income investments	—		35,936		—		35,936		—		32,421		—		32,421
Mutual funds	12,118		—		—		12,118		20,628		—		—		20,628


Cash and cash equivalents	2,384		—		—		2,384		2,237		—		—		2,237
Other	—		3,570		21,658		25,228		—		499		18,652		19,151
Total investments at fair value	$	71,478	$	39,506	$	21,658	132,642		$	77,422	$	32,920	$	18,652	128,994
Investments measured at net asset value*
Collective funds							39,339								41,502
Other							4,249								5,269
Total investments							$	176,230							$	175,765

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 2023 and 2024, due to the following:


	Level 3
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
Actual return on plan assets:
Relating to assets still held at December 31, 2024	623
Relating to assets sold during the period	7
Purchases	2,154
Sales and settlements	1,090
Foreign currency translation	(868)
Balance at December 31, 2024	$	21,658

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
2025	$	32,185	$	12,261	$	6,657
2026	27,402		12,221		3,727
2027	26,139		14,861		1,888
2028	24,919		12,877		3,737
2029	24,405		12,369		1,676
2030 - 2034	108,965		67,017		7,157

Contributions

In 2025, the Company expects to make payments of approximately $8.7 million to its non-US plans and $6.7 million to its non-qualified U.S. plan. No payments are expected for the qualified U.S. plan in 2025.

- Definition

The entire disclosure for retirement benefits.

+ References

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

Borrowings (Tables)

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Schedule of Short-term Debt

Borrowings consist of the following:


	December 31, 2024		December 31, 2023
Short-term
Current portion of long-term debt	$	399,411	$	—
Commercial paper	—		467,600
Other	645		682

Short-term borrowings and current portion of long-term debt	$	400,056	$	468,282

Schedule of Long-term Debt


			Carrying amount (1)
	Principal		December 31, 2024		December 31, 2023
Long-term
3.15% 10-year notes due November 15, 2025	$	400,000	$	399,411	$	398,737
1.25% 10-year notes due November 9, 2026 (euro-denominated)	€	600,000	622,313		657,628
0.750% 8-year notes due November 4, 2027 (euro denominated)	€	500,000	517,863		547,342
6.65% 30-year debentures due June 1, 2028	$	200,000	199,657		199,557
2.950% 10-year notes due November 4, 2029	$	300,000	298,166		297,787
5.375% 30-year debentures due October 15, 2035	$	300,000	297,308		297,058
6.60% 30-year notes due March 15, 2038	$	250,000	248,505		248,392
5.375% 30-year notes due March 1, 2041	$	350,000	345,534		345,258

Total long-term debt			$	2,928,757	$	2,991,759
Less current portion of long-term debt			(399,411)		—
Net long-term debt			$	2,529,346	$	2,991,759

Scheduled Maturities

As of December 31, 2024, the future maturities of long-term debt were as follows:


	Future Maturities
2025	$	400,000
2026	624,350
2027	520,291
2028	200,000
2029	300,000
2030 and thereafter	900,000
Total	$	2,944,641

- Definition

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

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+ Details

Financial Instruments

12 Months Ended

Dec. 31, 2024

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, 2024 and 2023, the Company had contracts with total notional amounts of $142,835 and $171,425, 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 $75,784 and $84,867 as of December 31, 2024 and December 31, 2023, 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, 2024 and 2023 and the balance sheet lines in which they are recorded:


	Fair Value Asset (Liability)
	December 31, 2024		December 31, 2023		Balance Sheet Caption
Foreign currency forward	$	2,258	$	1,675	Prepaid and other current assets
Foreign currency forward	(888)		(874)		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:


	2024		2023		2022
Gain (loss) on euro-denominated debt	$	66,789	$	(45,805)	$	80,301


Tax (expense) benefit	(14,996)		10,438		(17,824)
Net gain (loss) on net investment hedges, net of tax	$	51,793	$	(35,367)	$	62,477

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, 2024 and 2023:


	December 31, 2024		December 31, 2023
	Level 2			Level 2
Assets:
Foreign currency cash flow hedges	$	2,258		$	1,675
Liabilities:
Foreign currency cash flow hedges	888			874

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, 2024 and 2023 was $2,492,535 and $2,950,401, 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, short-term borrowings and current portion of long-term debt approximate their fair values as of December 31, 2024 and 2023 due to the short-term nature of these instruments.

Employee Benefit Plans - Accumulated Benefit Obligations (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets [Abstract]
Accumulated benefit obligation	$ 228,977	$ 227,442
Fair value of plan assets	169,207	158,653
Defined Benefit Plan, Pension Plan with Project Benefit Obligation in Excess of Plan Assets [Abstract]
Projected benefit obligation	236,488	234,854
Fair value of plan assets	$ 169,207	$ 158,653

Restructuring Activities - Severance and Exit Accrual Activities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Restructuring Reserve [Roll Forward]
Beginning balance	$ 21,759	$ 14,475	$ 13,655
Restructuring charges	69,810	49,901	30,480
Payments	(43,995)	(41,043)	(22,027)
Other, including foreign currency translation	(28,139)	(1,574)	(7,633)
Ending balance	19,435	21,759	14,475
Severance
Restructuring Reserve [Roll Forward]
Beginning balance	18,646	12,007	10,730
Restructuring charges	28,917	36,899	15,388
Payments	(33,514)	(31,133)	(13,975)
Other, including foreign currency translation	(505)	873	(136)
Ending balance	13,544	18,646	12,007
Exit
Restructuring Reserve [Roll Forward]
Beginning balance	3,113	2,468	2,925
Restructuring charges	40,893	13,002	15,092
Payments	(10,481)	(9,910)	(8,052)
Other, including foreign currency translation	(27,634)	(2,447)	(7,497)
Ending balance	$ 5,891	$ 3,113	$ 2,468

Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2024

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	$	479,010	$	1,391,418	$	1,078,259	$	1,039,505	$	507,740	$	4,495,932
Accumulated impairment loss (1)	(10,591)		—		—		(59,970)		—		(70,561)
Balance at January 1, 2023	468,419		1,391,418		1,078,259		979,535		507,740		4,425,371

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	415,258		1,409,302		1,092,960		1,208,571		511,473		4,637,564

Acquisitions	7,252		315,811		—		14,188		—		337,251
Measurement period adjustments	—		—		—		227		371		598

Foreign currency translation	(7,246)		(29,716)		(20,929)		(10,944)		(876)		(69,711)
Balance at December 31, 2024	$	415,264	$	1,695,397	$	1,072,031	$	1,212,042	$	510,968	$	4,905,702

(1) Accumulated impairment loss as of December 31, 2024 is not subject to foreign currency translation.

During 2024 and 2023, the Company recognized additions of $337,251 and $227,761, respectively, to goodwill as a result of acquisitions as discussed in Note 3 — Acquisitions.

During the year ended December 31, 2024, the Company disposed of goodwill related to the disposition of De-Sta-Co that was previously classified as held for sale as of December 31, 2023. See Note 4 — Discontinued and Disposed Operations for further information.

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 2024 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 2024 reporting unit valuations was 10.1%. Further, the Company assessed the current market capitalization, forecasts and the amount of headroom in the 2024 impairment test.

While the Company believes the assumptions used in the 2024 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, 2024						December 31, 2023
	Gross Amount		Accumulated Amortization		Net Carrying Amount		Gross Amount		Accumulated Amortization		Net Carrying Amount
Amortized intangible assets:
Customer intangibles	$	2,343,823	$	1,174,195	$	1,169,628	$	2,097,985	$	1,064,609	$	1,033,376
Trademarks	283,216		156,745		126,471		268,605		142,505		126,100
Patents	201,828		146,271		55,557		204,591		140,438		64,153
Unpatented technologies	277,945		169,310		108,635		244,042		151,944		92,098
Distributor relationships	79,855		66,469		13,386		82,031		63,343		18,688

Other	22,100		11,400		10,700		24,211		10,053		14,158
Total	3,208,767		1,724,390		1,484,377		2,921,465		1,572,892		1,348,573
Unamortized intangible assets:
Trademarks	96,477		—		96,477		96,631		—		96,631
Total intangible assets, net	$	3,305,244	$	1,724,390	$	1,580,854	$	3,018,096	$	1,572,892	$	1,445,204

The Company recorded $340,238 of acquired intangible assets in 2024. See Note 3 — Acquisitions for further information.

For the years ended December 31, 2024, 2023 and 2022, amortization expense was $183,393, $153,775 and $151,938 respectively. Amortization expense is primarily comprised of acquisition-related intangible amortization.

Estimated future amortization expense related to intangible assets held at December 31, 2024 for the next five years is as follows:


	Estimated Amortization
2025	$	188,976
2026	180,521
2027	177,158
2028	146,012
2029	136,646

Employee Benefit Plans - Benefit Payments and Contributions (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Non-Qualified Supplemental Benefits \| Non-Qualified Supplemental Benefits
Expected Future Benefit Payments by Fiscal Year [Abstract]
2025	$ 6,657
2026	3,727
2027	1,888
2028	3,737
2029	1,676
2030 - 2034	7,157
United States \| Qualified Defined Benefits \| Qualified Defined Benefits
Expected Future Benefit Payments by Fiscal Year [Abstract]
2025	32,185
2026	27,402
2027	26,139
2028	24,919
2029	24,405
2030 - 2034	108,965
Foreign Plan \| Qualified Defined Benefits \| Qualified Defined Benefits
Expected Future Benefit Payments by Fiscal Year [Abstract]
2025	12,261
2026	12,221
2027	14,861
2028	12,877
2029	12,369
2030 - 2034	$ 67,017

Discontinued and Disposed Operations

12 Months Ended

Dec. 31, 2024

Discontinued Operations and Disposal Groups [Abstract]

Discontinued and Disposed Operations

4. Discontinued and Disposed Operations

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

Discontinued Operations

On October 8, 2024 the Company completed the sale of the ESG business, an operating company within the Engineered Products segment, to Terex Corporation for total consideration, net of cash transferred, of $2.0 billion, an investing activity of discontinued operations within the consolidated statements of cash flows for the year ended December 31, 2024. This sale resulted in a preliminary pre-tax gain on disposition of $1.6 billion ($1.2 billion after-tax), included within earnings from discontinued operations, net in the consolidated statements of earnings for the year ended December 31, 2024. The preliminary total consideration and preliminary pre-tax gain on disposition are subject to standard working capital adjustments. The ESG sale qualifies for discontinued operations reporting because its disposal represented a strategic shift with a major effect on the Company's operations and financial results.

Summarized results of the Company's discontinued operations are as follows:


	Years Ended December 31,
	2024 (1)		2023		2022
Revenue	$	678,415	$	753,658	$	663,914
Cost of goods and services	479,671		536,569		505,311
Gross profit	198,744		217,089		158,603
Selling, general and administrative expenses	68,677		70,086		58,914

Operating earnings	130,067		147,003		99,689


Gain on disposition	(1,640,948)		—		—
Other expense (income), net	704		(3)		2,387
Earnings from discontinued operations before provision for income taxes	1,770,311		147,006		97,302
Provision for income taxes	473,153		34,042		21,838
Earnings from discontinued operations, net	$	1,297,158	$	112,964	$	75,464

(1) Reflects the operating results of the ESG business through the date of disposition on October 8th, 2024.

Assets and liabilities classified as discontinued operations are summarized below:


	December 31, 2023

Assets of discontinued operations


Receivables, net	$	110,933
Inventories, net	81,363
Prepaid and other current assets	2,190




Property, plant and equipment, net	53,344

Goodwill	244,123
Intangible assets, net	38,709
Other assets and deferred charges	5,778
Total assets of discontinued operations	$	536,440



Liabilities of discontinued operations
Accounts payable	$	104,077



Other current liabilities	48,936






Other non-current liabilities	35,058
Total liabilities of discontinued operations	$	188,071

As of December 31, 2024, no assets or liabilities were classified as discontinued operations. As of December 31, 2023, current assets and liabilities of discontinued operations of $194,486 and $153,013, respectively, and non-current assets and liabilities of discontinued operations of $341,954 and $35,058, respectively, are presented in the consolidated balance sheets.

2024 Dispositions

On March 31, 2024, the Company completed the sale of the De-Sta-Co business, an operating company within the Engineered Products segment, for total consideration, net of cash transferred, of $675,885. Of the total consideration, $63,000 was received upon finalization of closing activities in India and China, which occurred during the second quarter. This sale resulted in a pre-tax gain on disposition of $530,349 ($415,376 after-tax) included within the consolidated statements of earnings for the year ended December 31, 2024. The sale did not meet the criteria to be classified as a discontinued operation, as it did not represent a strategic shift that would have a major effect on operations and financial results.

De-Sta-Co met the criteria to be classified as held for sale beginning September 30, 2023. As of December 31, 2023, current assets and liabilities held for sale of $192,644 and $64,568, respectively, are presented in the consolidated balance sheets.

On September 30, 2024, a minority owned equity method investment held within the Climate & Sustainability Technologies segment was sold and the Company received its proportionate share of the proceeds amounting to $92,962. The sale resulted in a preliminary pre-tax gain of $67,449 ($47,008 after-tax), subject to customary post-closing adjustments and included within the consolidated statements of earnings for the year ended December 31, 2024.

2023 Dispositions

There was one immaterial disposition in 2023.

2022 Dispositions

There was one immaterial disposition in 2022.

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net earnings	$ 2,697,126	$ 1,056,828	$ 1,065,376

- Definition

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

+ References

+ Details

Equity and Cash Incentive Program - Other Information (Details) - Stock Appreciation Rights (SARs) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of SARs that became exercisable	$ 9,629	$ 7,492	$ 8,939
Aggregate intrinsic value of SARs exercised	$ 28,833	$ 26,041	$ 11,992

- 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
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
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-URI https://asc.fasb.org/1943274/2147480483/718-10-35-1D

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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(ii)
-Publisher FASB
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Equity and Cash Incentive Program - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	May 03, 2012	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	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
Total stock based compensation expense, before tax		$ 673	$ 699	$ 746
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)		355,685	359,715	335,285
Granted (in dollars per share)		$ 51.17	$ 47.27	$ 42.07
Unrecognized compensation expense		$ 8,387
Unrecognized compensation expense period of recognition		1 year 3 months 18 days
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Service requisite period		3 years
Granted (in shares)		43,602	43,656	40,087
Granted (in dollars per share)		$ 232.41
Unrecognized compensation expense		$ 10,235
Unrecognized compensation expense period of recognition		1 year 8 months 12 days
Performance Condition
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in dollars per share)		$ 177.19
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)		94,307	91,439	79,556
Granted (in dollars per share)		$ 160.11	$ 153.25	$ 160.21
Unrecognized compensation expense		$ 10,609
Unrecognized compensation expense period of recognition		1 year 6 months
Vesting period		3 years
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

Commitments and Contingent Liabilities	12 Months Ended
Commitments and Contingent Liabilities	Dec. 31, 2024
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, 2024 and December 31, 2023, 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, 2024 and 2023, 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.

Credit Losses (Tables)

12 Months Ended

Dec. 31, 2024

Credit Loss [Abstract]

Schedule of Rollforward of Allowance for Credit Losses


	2024		2023		2022
Balance at January 1	$	30,679	$	38,504	$	39,277

Provision for expected credit losses, net of recoveries	5,329		2,644		5,499
Amounts written off charged against the allowance	(6,492)		(10,096)		(4,440)
Other, including dispositions and foreign currency translation	(722)		(373)		(1,832)
Balance at December 31	$	28,794	$	30,679	$	38,504

Segment Information - Selected Financial Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Capital expenditures:
Capital expenditures:	$ 167,533	$ 183,406	$ 211,082
Total assets	12,509,160	11,348,513
Continuing Operations
Capital expenditures:
Total assets	12,509,160	10,812,073
Discontinued Operations
Capital expenditures:
Total assets	0	536,440
Corporate
Capital expenditures:
Capital expenditures:	4,825	6,280	8,770
Total assets	2,188,730	597,637
Engineered Products \| Total segments
Capital expenditures:
Capital expenditures:	21,353	17,457	29,885
Total assets	1,063,292	1,260,549
Clean Energy & Fueling \| Total segments
Capital expenditures:
Capital expenditures:	37,340	25,421	33,489
Total assets	3,601,573	3,020,621
Imaging & Identification \| Total segments
Capital expenditures:
Capital expenditures:	13,173	11,598	14,695
Total assets	1,749,028	1,812,704
Pumps & Process Solutions \| Total segments
Capital expenditures:
Capital expenditures:	55,397	60,860	82,817
Total assets	2,613,405	2,654,421
Climate & Sustainability Technologies \| Total segments
Capital expenditures:
Capital expenditures:	35,445	61,790	$ 41,426
Total assets	$ 1,293,132	$ 1,466,141

Goodwill and Other Intangible Assets - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Acquisitions	$ 337,251	$ 227,761
Fair value discount rate, percent	10.10%
Intangible assets	$ 340,238
Amortization expense	$ 183,393	$ 153,775	$ 151,938

Revenue

12 Months Ended

Dec. 31, 2024

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, 2024, we estimated that $186,829 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 53.6% of the Company's unsatisfied (or partially unsatisfied) performance obligations as revenue in 2025, 22.0% in 2026, with the remaining balance to be recognized in 2027 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, 2024		December 31, 2023		December 31, 2022

Contract assets - current	$	22,413	$	19,561	$	11,074
Contract liabilities - current	198,629		194,798		241,595
Contract liabilities - non-current	4,452		7,098		6,417

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 2024 and 2023 that was included in the contract liabilities at the beginning of the respective periods amounted to $182,846 and $224,355, 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
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-Section 50
-Paragraph 9
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

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
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Inventories, net

12 Months Ended

Dec. 31, 2024

Inventory, Net [Abstract]

Inventories, net

5. Inventories, net


	December 31, 2024		December 31, 2023
Raw materials	$	649,993	$	648,896
Work in progress	233,544		214,934
Finished goods	390,625		395,617
Subtotal	1,274,162		1,259,447
Less reserves	(129,324)		(115,358)
Total	$	1,144,838	$	1,144,089

Segment Information - Revenue and Long-Lived Assets by Geography (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 7,745,909	$ 7,684,476	$ 7,844,174
Long-lived assets	987,924	978,472
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	4,201,427	3,970,828	4,197,423
Long-lived assets	599,090	570,349
Europe
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	1,676,209	1,756,999	1,791,806
Long-lived assets	302,129	321,628
Asia
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	832,764	923,890	938,699
Long-lived assets	57,113	59,496
Other Americas
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	729,709	671,162	653,777
Long-lived assets	26,431	22,936
Other
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	305,800	361,597	$ 262,469
Long-lived assets	$ 3,161	$ 4,063

- 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 280
-SubTopic 10
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-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-4

+ Details

Equity and Cash Incentive Program - Shares Issued to Non-Employee Directors (Details) - shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
Aggregate shares granted	8,259	11,309	10,730
Deferred stock units	(5,242)	(7,487)	(7,247)
Net shares issued	3,017	3,822	3,483

Accumulated Other Comprehensive Earnings (Loss)

12 Months Ended

Dec. 31, 2024

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, 2024		December 31, 2023
Cumulative foreign currency translation adjustments	$	(265,815)	$	(181,331)
Pension and other postretirement benefit plans	(64,238)		(58,430)
Changes in fair value of cash flow hedges and other	2,277		1,895
	$	(327,776)	$	(237,866)

Amounts reclassified from accumulated other comprehensive earnings (loss) to earnings from continuing operations during the years ended December 31, 2024, 2023 and 2022 were as follows:


	Years Ended December 31,
	2024		2023		2022
Foreign currency translation:
Reclassification of foreign currency translation losses to earnings	$	13,931	$	—	$	5,915
Tax benefit	—		—		—
Net of tax	$	13,931	$	—	$	5,915
Pension and other postretirement benefit plans:
Amortization of actuarial (gains) losses	$	(1,890)	$	(2,551)	$	2,965
Amortization of prior service (credit) costs and transition obligation	(760)		1,157		1,074
Settlement and curtailment	113		3,633		4,282
Total before tax	(2,537)		2,239		8,321
Tax expense (benefit)	522		(538)		(1,842)
Net of tax	$	(2,015)	$	1,701	$	6,479
Cash flow hedges:
Net (gains) losses reclassified into earnings	$	(1,480)	$	2,437	$	(4,797)
Tax expense (benefit)	290		(483)		1,065
Net of tax	$	(1,190)	$	1,954	$	(3,732)

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.

Acquisitions - Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Intangible assets	$ 340,238
Series of Individually Immaterial Business Acquisitions, Other Than MCE
Business Acquisition [Line Items]
Goodwill - deductible	14,188
Goodwill - non-deductible	323,063
Intangible assets	146,138
Goodwill and intangible assets	677,489
Series of individually immaterial acquistions
Business Acquisition [Line Items]
Goodwill - deductible	14,188	$ 224,771
Goodwill - non-deductible	323,063	2,990
Goodwill and intangible assets		510,931
Series of Individually Immaterial Business Acquisitions, Other Than Malema
Business Acquisition [Line Items]
Goodwill - non-deductible			$ 196,764
Intangible assets			40,437
Goodwill and intangible assets			321,201
Customer intangibles \| Series of Individually Immaterial Business Acquisitions, Other Than MCE
Business Acquisition [Line Items]
Intangible assets	$ 282,915
Weighted Average Useful Life (in years)	14 years
Customer intangibles \| Series of individually immaterial acquistions
Business Acquisition [Line Items]
Intangible assets		$ 259,700
Weighted Average Useful Life (in years)		15 years
Customer intangibles \| Series of Individually Immaterial Business Acquisitions, Other Than Malema
Business Acquisition [Line Items]
Intangible assets			$ 90,742
Weighted Average Useful Life (in years)			14 years
Patents \| Series of Individually Immaterial Business Acquisitions, Other Than Malema
Business Acquisition [Line Items]
Intangible assets			$ 16,000
Weighted Average Useful Life (in years)			10 years
Unpatented technologies \| Series of Individually Immaterial Business Acquisitions, Other Than MCE
Business Acquisition [Line Items]
Intangible assets	$ 38,401
Weighted Average Useful Life (in years)	7 years
Unpatented technologies \| Series of individually immaterial acquistions
Business Acquisition [Line Items]
Intangible assets		$ 12,510
Weighted Average Useful Life (in years)		8 years
Unpatented technologies \| Series of Individually Immaterial Business Acquisitions, Other Than Malema
Business Acquisition [Line Items]
Intangible assets			$ 10,302
Weighted Average Useful Life (in years)			8 years
Trademarks \| Series of Individually Immaterial Business Acquisitions, Other Than MCE
Business Acquisition [Line Items]
Intangible assets	$ 18,922
Weighted Average Useful Life (in years)	15 years
Trademarks \| Series of individually immaterial acquistions
Business Acquisition [Line Items]
Intangible assets		$ 10,960
Weighted Average Useful Life (in years)		15 years
Trademarks \| Series of Individually Immaterial Business Acquisitions, Other Than Malema
Business Acquisition [Line Items]
Intangible assets			$ 7,393
Weighted Average Useful Life (in years)			15 years

Employee Benefit Plans - Assumptions (Details)	12 Months Ended
Employee Benefit Plans - Assumptions (Details)	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Non-Qualified Supplemental Benefits \| Non-Qualified Supplemental Benefits
Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract]
Discount rate	5.50%	5.15%
Average wage increase		4.50%
Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract]
Discount rate	5.15%	5.50%	2.90%
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	5.70%	5.20%
Average wage increase		4.00%
Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract]
Discount rate	5.20%	5.55%	2.95%
Average wage increase	4.00%	4.00%	4.00%
Expected return on plan assets	6.30%	5.60%	5.60%
Foreign Plan \| Qualified Defined Benefits \| Qualified Defined Benefits
Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract]
Discount rate	2.64%	2.80%
Average wage increase	1.36%	1.65%
Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract]
Discount rate	2.80%	3.57%	1.18%
Average wage increase	1.65%	1.67%	1.53%
Expected return on plan assets	4.59%	4.69%	3.47%

Description of Business and Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2024
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. The Environmental Solutions Group ("ESG") business, an operating company within the Engineered Products segment, was sold during the fourth quarter of 2024 and reported as discontinued operations. Therefore, the Company has classified the results of operations prior to the sale as discontinued operations in the consolidated statements of earnings and the consolidated statements of cash flows and classified the assets and liabilities prior to the sale as discontinued operations in the consolidated balance sheets for all periods presented. The discussion in the notes to these consolidated financial statements, unless otherwise noted, relates solely to our continuing operations. See Note 4 — Discontinued and Disposed Operations for further details.
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, contingencies and purchase price allocations. Actual results may 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. Through the third quarter of 2023, approximately 4% of inventories, comprised entirely of ESG 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 cumulative effect of the change resulted in a fourth quarter of 2023 pre-tax benefit of $14,448 ($10,796 after-tax) recognized as an increase to earnings from discontinued operations, net within the consolidated statement of earnings for the year ended December 31, 2023 and a corresponding increase in assets of discontinued operations within the consolidated balance sheet as of December 31, 2023. The Company believed the FIFO method was preferable because it better reflected the current value of inventories in the consolidated balance sheet and resulted in a uniform method across its businesses, which in turn provided more useful financial information to the Company's investors and creditors.
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, 2024, 2023, or 2022. 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. 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 $23,166 in 2024, $22,112 in 2023 and $24,421 in 2022. 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 2024, the FASB issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income (Subtopic 220-40): Expense Disaggregation Disclosures, which expands disclosures of specific expense categories at interim and annual reporting periods. The amendments are effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating this ASU to determine its 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 was adopted when it became 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 — Description of Business and Summary of Significant Accounting Policies. In November 2023, the FASB issued ASU No. 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. The Company adopted the guidance during the fourth quarter of 2024. See Note 19 — Segment Information for further details.

Earnings per Share - Reconciliation (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Earnings Per Share [Abstract]
Weighted average shares outstanding - basic (in shares)	137,735	139,848	142,681
Dilutive effect of assumed exercise of SARs and vesting of PSAs and RSUs (in shares)	961	751	914
Weighted average shares outstanding - Diluted (in shares)	138,696	140,599	143,595

Discontinued and Disposed Operations - Discontinued Operations Results (ESG) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on disposition	$ (597,798)	$ 0	$ 194
Earnings from discontinued operations, net	1,297,158	112,964	75,464
Discontinued Operations, Disposed of by Sale \| Environmental Solutions Group
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenue	678,415	753,658	663,914
Cost of goods and services	479,671	536,569	505,311
Gross profit	198,744	217,089	158,603
Selling, general and administrative expenses	68,677	70,086	58,914
Operating earnings	130,067	147,003	99,689
Gain on disposition	(1,640,948)	0	0
Other expense (income), net	704	(3)	2,387
Earnings from discontinued operations before provision for income taxes	1,770,311	147,006	97,302
Provision for income taxes	473,153	34,042	21,838
Earnings from discontinued operations, net	$ 1,297,158	$ 112,964	$ 75,464

Other Accrued Expenses and Other Liabilities - Warranty Program (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward]
Beginning Balance	$ 42,243	$ 43,056	$ 43,269
Provision for warranties	55,442	49,708	51,172
Settlements made	(52,562)	(50,769)	(50,100)
Other adjustments, including acquisitions and currency translation	(3,068)	248	(1,285)
Ending Balance	$ 42,055	$ 42,243	$ 43,056

Leases (Tables)

12 Months Ended

Dec. 31, 2024

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,
	2024		2023		2022
Operating Lease Costs:
Fixed	$	61,464	$	57,409	$	52,303
Variable	8,890		8,243		7,433
Short-term	20,564		20,550		20,291
Total(1)	$	90,918	$	86,202	$	80,027

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

Supplemental cash flow information related to leases were as follows:


	Years Ended December 31,
	2024		2023		2022

Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	63,093	$	57,607	$	52,973
Operating cash flows for finance leases	443		318		335
Financing cash flows for finance leases	4,316		3,231		2,917
Total	$	67,852	$	61,156	$	56,225
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	49,021	$	50,997	$	55,916
Financing leases	4,469		3,539		3,149
Total	$	53,490	$	54,536	$	59,065

Supplemental balance sheet information related to leases were as follows:


	December 31, 2024		December 31, 2023

Operating Leases
Right-of-use assets:
Other assets and deferred charges	$	208,379	$	206,802

Lease liabilities:
Other accrued expenses	$	49,646	$	47,973
Other liabilities	174,905		170,822
Total operating lease liabilities	$	224,551	$	218,795

Finance Leases
Right-of-use assets:


Property, plant and equipment, net (1)	$	9,044	$	7,987

Lease liabilities:
Other accrued expenses	$	3,543	$	3,065
Other liabilities	5,603		5,896
Total finance lease liabilities	$	9,146	$	8,961

(1) Finance lease right-of-use assets are recorded net of accumulated depreciation of $12,378 and $10,206 for the years ended December 31, 2024 and December 31, 2023, respectively.

Average lease terms and discount rates were as follows:


	December 31, 2024		December 31, 2023		December 31, 2022
Weighted-average remaining lease term (years)
Operating leases	6.9		7.2		7.8
Finance leases	2.7		3.0		3.6
Weighted-average discount rate
Operating leases	4.1	%	4.0	%	3.5	%
Finance leases	4.2	%	3.9	%	3.4	%

Schedule of Maturity of Operating Lease Liability

The aggregate future lease payments for operating and finance leases as of December 31, 2024 were as follows:


	Operating		Finance
2025	$	57,586	$	4,356
2026	45,225		3,687
2027	38,118		1,646
2028	30,332		516
2029	21,623		131
Thereafter	70,820		61
Total lease payments	263,704		10,397
Less interest	(39,153)		(1,251)
Present value of lease liabilities	$	224,551	$	9,146

Schedule of Maturity of Finance Lease Liability

The aggregate future lease payments for operating and finance leases as of December 31, 2024 were as follows:


	Operating		Finance
2025	$	57,586	$	4,356
2026	45,225		3,687
2027	38,118		1,646
2028	30,332		516
2029	21,623		131
Thereafter	70,820		61
Total lease payments	263,704		10,397
Less interest	(39,153)		(1,251)
Present value of lease liabilities	$	224,551	$	9,146

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2024
Audit Information [Abstract]
Auditor Name	PricewaterhouseCoopers LLP
Auditor Firm ID	238
Auditor Location	Chicago, Illinois

Other Accrued Expenses and Other Liabilities

12 Months Ended

Dec. 31, 2024

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, 2024		December 31, 2023

Accrued rebates and volume discounts	$	52,067	$	43,866
Operating lease liabilities	49,646		47,973
Taxes other than income	39,486		30,180
Warranty	36,503		35,126
Accrued interest	20,620		20,723
Restructuring and exit costs	18,466		21,759
Accrued commissions (non-employee)	12,243		13,277



Other	106,295		83,991
Total other accrued expenses	$	335,326	$	296,895

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


	December 31, 2024		December 31, 2023
Operating lease liabilities	$	174,905	$	170,822
Deferred compensation	88,464		78,805

Defined benefit and other postretirement benefit plans	87,019		86,066
Unrecognized tax benefits	53,927		27,307
Legal and environmental	26,045		26,991
Deferred revenue	4,452		7,098
Warranty	5,552		7,117

Other	30,763		22,708
Total other liabilities	$	471,127	$	426,914

Warranty


	Years Ended December 31,
	2024		2023		2022
Balance at January 1	$	42,243	$	43,056	$	43,269
Provision for warranties	55,442		49,708		51,172
Settlements made	(52,562)		(50,769)		(50,100)
Other adjustments, including acquisitions and currency translation	(3,068)		248		(1,285)
Balance at December 31	$	42,055	$	42,243	$	43,056

CONSOLIDATED STATEMENTS OF EARNINGS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Statement [Abstract]
Revenue	$ 7,745,909	$ 7,684,476	$ 7,844,174
Cost of goods and services	4,787,288	4,816,932	4,939,221
Gross profit	2,958,621	2,867,544	2,904,953
Selling, general and administrative expenses	1,752,266	1,648,204	1,625,312
Operating earnings	1,206,355	1,219,340	1,279,641
Interest expense	131,171	131,304	116,456
Interest income	(37,158)	(13,496)	(4,429)
Gain on dispositions	(597,798)	0	0
Other income, net	(46,876)	(21,468)	(22,589)
Earnings before provision for income taxes	1,757,016	1,123,000	1,190,203
Provision for income taxes	357,048	179,136	200,291
Earnings from continuing operations	1,399,968	943,864	989,912
Earnings from discontinued operations, net	1,297,158	112,964	75,464
Net earnings	$ 2,697,126	$ 1,056,828	$ 1,065,376
Earnings per share from continuing operations:
Earnings from continuing operations (in dollars per share)	$ 10.16	$ 6.75	$ 6.94
Earnings from continuing operations (in dollars per share)	10.09	6.71	6.89
Earnings per share from discontinued operations:
Earnings from discontinued operations, net (in dollars per share)	9.42	0.81	0.53
Earnings from discontinued operations, net (in dollars per share)	9.35	0.80	0.53
Net earnings per share:
Basic (in dollars per share)	19.58	7.56	7.47
Diluted (in dollars per share)	$ 19.45	$ 7.52	$ 7.42
Weighted average shares outstanding:
Basic (in shares)	137,735	139,848	142,681
Diluted (in shares)	138,696	140,599	143,595

Leases - Cash Flow (Details) - USD ($) $ in Thousands	12 Months Ended
Leases - Cash Flow (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$ 63,093	$ 57,607	$ 52,973
Operating cash flows for finance leases	443	318	335
Financing cash flows for finance leases	4,316	3,231	2,917
Total	67,852	61,156	56,225
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	49,021	50,997	55,916
Financing leases	4,469	3,539	3,149
Total	$ 53,490	$ 54,536	$ 59,065

Earnings per Share - Reconciliation of the information (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Earnings from continuing operations	$ 1,399,968	$ 943,864	$ 989,912
Earnings from discontinued operations, net	1,297,158	112,964	75,464
Net earnings	$ 2,697,126	$ 1,056,828	$ 1,065,376
Basic earnings per common share:
Earnings from continuing operations (in dollars per share)	$ 10.16	$ 6.75	$ 6.94
Earnings from discontinued operations, net (in dollars per share)	9.42	0.81	0.53
Basic (in dollars per share)	$ 19.58	$ 7.56	$ 7.47
Weighted average basic shares outstanding (in shares)	137,735	139,848	142,681
Diluted earnings per common share:
Earnings from continuing operations (in dollars per share)	$ 10.09	$ 6.71	$ 6.89
Earnings from discontinued operations, net (in dollars per share)	9.35	0.80	0.53
Diluted (in dollars per share)	$ 19.45	$ 7.52	$ 7.42
Weighted average diluted shares outstanding (in shares)	138,696	140,599	143,595
RegO and Acme
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Earnings from continuing operations	$ 1,399,968	$ 943,864

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

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 and discontinued operations in the consolidated statements of earnings:


	Years Ended December 31,
	2024		2023		2022
Domestic	$	1,127,389	$	608,423	$	634,494
Foreign	629,627		514,577		555,709
Total	$	1,757,016	$	1,123,000	$	1,190,203

Schedule of Components of Income Tax Expense (Benefit)

Income tax expense (benefit) related to continuing operations for the years ended December 31, 2024, 2023 and 2022 is comprised of the following:


	Years Ended December 31,
	2024		2023		2022
Current:
U.S. federal	$	233,348	$	114,195	$	87,950
State and local	47,199		13,930		(1,570)
Foreign	168,151		143,216		140,696
Total current	448,698		271,341		227,076
Deferred:
U.S. federal	(35,304)		(28,471)		(4,760)
State and local	(12,362)		4,047		303
Foreign	(43,984)		(67,781)		(22,328)
Total deferred	(91,650)		(92,205)		(26,785)
Provision for income taxes	$	357,048	$	179,136	$	200,291

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,
	2024		2023		2022
U.S. federal income tax rate	21.0	%	21.0	%	21.0	%
State and local taxes, net of federal income tax benefit	1.0		1.5		1.5
Foreign operations tax effect	0.6		0.5		0.2



Foreign-derived intangible income	(1.0)		(1.5)		(1.4)
Share awards	(0.3)		(0.4)		(0.2)
Withholding tax	0.1		2.7		0.2
Change in valuation allowance	(0.4)		(6.2)		(0.8)

Dispositions	0.6		—		—
Tax credits	(0.4)		(0.6)		(0.5)
Audit resolutions	(0.2)		(0.7)		(3.5)
Other	(0.7)		(0.3)		0.3
Effective tax rate	20.3	%	16.0	%	16.8	%

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, 2024		December 31, 2023
Deferred Tax Assets:
Accrued compensation, postretirement and other employee benefits	$	45,145	$	46,068
Accrued expenses	17,218		20,154
Net operating loss and other carryforwards	311,043		326,437
Inventories	31,583		28,729
Allowance for credit losses	8,428		7,679
Accrued insurance	2,340		4,574

Long-term liabilities, warranty and environmental costs	6,818		1,864
Lease obligations	51,837		55,634
Capitalized research and development	68,240		54,397
Total gross deferred tax assets	542,652		545,536
Valuation allowance	(198,082)		(209,931)
Total deferred tax assets, net of valuation allowances	$	344,570	$	335,605
Deferred Tax Liabilities:
Intangible assets	$	(440,946)	$	(405,504)
Property, plant and equipment	(69,920)		(78,668)
Lease right-of-use assets	(48,088)		(52,769)

Other liabilities	(21,250)		(34,642)
Total deferred tax liabilities	(580,204)		(571,583)
Net deferred tax liability	$	(235,634)	$	(235,978)

Classified as follows in the Consolidated Balance Sheets:

Other assets and deferred charges	$	116,372	$	110,405

Deferred income taxes	(352,006)		(346,383)
	$	(235,634)	$	(235,978)

Summary of Valuation Allowance

The following table is a reconciliation of the beginning and ending balances of the Company's valuation allowance on deferred tax assets:


	Total
Balance at January 1, 2022	$	306,066
Additions	4,960
Reductions	(39,823)
Balance at December 31, 2022	271,203
Additions	31,388
Reductions	(92,660)
Balance at December 31, 2023	209,931
Additions	27,192
Reductions	(39,041)
Balance at December 31, 2024	$	198,082

Schedule of Unrecognized Tax Benefits Roll Forward

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, 2022	$	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	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	22,509
Additions based on tax positions related to the current year	33,688
Additions for tax positions of prior years	507
Reductions for tax positions of prior years	(337)
Cash settlements	(2,307)
Lapse of statutes	(4,314)
Unrecognized tax benefits at December 31, 2024	$	49,746

Description of Business and Summary of Significant Accounting Policies - Schedule of Outstanding Obligations Under the SCF Program (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($)
Accounting Policies [Abstract]
Supplier Finance Program, Obligation, Statement of Financial Position [Extensible Enumeration]	Accounts Payable, Current
Supplier Finance Program, Obligation [Roll Forward]
Beginning balance	$ 156,245
Disposition of business	(2,785)
Invoices confirmed during the period	579,481
Confirmed invoices paid during the period	(575,968)
Ending balance	$ 156,973

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parentheticals) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
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)	$ 2.05	$ 2.03	$ 2.01

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2024
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

Stockholders' Equity	12 Months Ended
Stockholders' Equity	Dec. 31, 2024
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 was authorized to 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 "2022 ASR Agreement") with Bank of America N.A. ("Bank of America") to repurchase its shares in an accelerated share repurchase program (the "2022 ASR Program"). The 2022 ASR Program is classified as equity, initially recorded at fair value with no subsequent remeasurement. The Company conducted the 2022 ASR Program under the November 2020 share repurchase authorization. The Company funded the 2022 ASR Program with net proceeds from commercial paper. Under the terms of the 2022 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 2022 ASR Program. In December 2022, Bank of America delivered 691,270 additional shares which completed the 2022 ASR Program. During 2022, the Company received a total of 3,892,295 shares upon completion of the 2022 ASR Program. The total number of shares ultimately repurchased under the 2022 ASR Program was based on the volume-weighted average share price of Dover's common stock during the calculation period of the 2022 ASR Program, less a discount, which was $128.46 over the term of the 2022 ASR Program. In August 2023, 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, 2024 through December 31, 2026. This share repurchase authorization replaced the November 2020 share repurchase authorization. On February 29, 2024, the Company entered into a $500,000 accelerated share repurchase agreement (the "2024 ASR Agreement") with Citibank, N.A. ("Citibank") to repurchase its shares in an accelerated share repurchase program (the "2024 ASR Program"). The 2024 ASR Program is classified as equity, initially recorded at fair value with no subsequent remeasurement. The Company conducted the 2024 ASR Program under the current share repurchase authorization. The Company funded the 2024 ASR Program with net proceeds from commercial paper. Under the terms of the 2024 ASR Agreement, the Company paid Citibank $500,000 on March 1, 2024 and on that date received initial delivery of 2,569,839 shares, representing a substantial majority of the shares expected to be retired over the course of the 2024 ASR Program. In July 2024, Citibank delivered 299,443 additional shares which completed the 2024 ASR Program totaling 2,869,282 repurchased shares. The total number of shares ultimately repurchased under the 2024 ASR Program was based on the volume-weighted average share price of Dover's common stock during the calculation period of the 2024 ASR Program, less a discount, which was $174.26 over the term of the ASR Program. During the years ended December 31, 2024, and 2023, exclusive of any ASR Programs, there were no share repurchases. During the year ended 2022, exclusive of the 2022 ASR Program, the Company repurchased 641,428 shares of common stock at a total cost of $85,000 or $132.52 per share. As of December 31, 2024, 17,130,718 shares remain authorized for repurchase under the August 2023 share repurchase authorization.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Paragraph 1
-Subparagraph (SX 210.3-04)
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-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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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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-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

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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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Subparagraph (i)
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

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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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

Restructuring Activities - Restructuring Charges by Segment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 69,810	$ 49,901	$ 30,480
Cost of goods and services
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 37,993	$ 19,352	$ 6,855
Restructuring Charges, Statement of Income or Comprehensive Income [Extensible Enumeration]	Cost of goods and services	Cost of goods and services	Cost of goods and services
Selling, general and administrative expenses
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 31,817	$ 30,549	$ 23,625
Restructuring Charges, Statement of Income or Comprehensive Income [Extensible Enumeration]	Selling, general and administrative expenses	Selling, general and administrative expenses	Selling, general and administrative expenses
Corporate
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 992	$ 2,444	$ 2,321
Engineered Products \| Total segments
Restructuring Cost and Reserve [Line Items]
Restructuring charges	7,847	8,976	3,194
Clean Energy & Fueling \| Total segments
Restructuring Cost and Reserve [Line Items]
Restructuring charges	30,858	20,336	9,571
Imaging & Identification \| Total segments
Restructuring Cost and Reserve [Line Items]
Restructuring charges	9,960	5,918	4,702
Pumps & Process Solutions \| Total segments
Restructuring Cost and Reserve [Line Items]
Restructuring charges	4,956	7,686	4,685
Climate & Sustainability Technologies \| Total segments
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 15,197	$ 4,541	$ 6,007

Employee Benefit Plans - Actual and Target Allocations of Plan Assets (Details)	Dec. 31, 2024	Dec. 31, 2023
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	30.00%	28.00%
Target plan asset allocations	30.00%
Liability hedging investments
Defined Benefit Plan, Plan Assets, Allocations [Abstract]
Actual plan asset allocations	70.00%	72.00%
Target plan asset allocations	70.00%

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 1,844,877	$ 398,561
Receivables, net	1,354,225	1,321,107
Inventories, net	1,144,838	1,144,089
Prepaid and other current assets	140,557	139,348
Assets of discontinued operations - current	0	194,486
Assets held for sale - current	0	192,644
Total current assets	4,484,497	3,390,235
Property, plant and equipment, net	987,924	978,472
Goodwill	4,905,702	4,637,564
Intangible assets, net	1,580,854	1,445,204
Other assets and deferred charges	550,183	555,084
Assets of discontinued operations - non-current	0	341,954
Total assets	12,509,160	11,348,513
Current liabilities:
Short-term borrowings and current portion of long-term debt	400,056	468,282
Accounts payable	848,006	854,465
Accrued compensation and employee benefits	292,371	258,786
Deferred revenue	198,629	194,798
Accrued insurance	87,952	86,085
Other accrued expenses	335,326	296,895
Federal and other income taxes	34,187	36,878
Liabilities of discontinued operations - current	0	153,013
Liabilities held for sale - current	0	64,568
Total current liabilities	2,196,527	2,413,770
Long-term debt	2,529,346	2,991,759
Deferred income taxes	352,006	346,383
Non-current income tax payable	6,158	28,024
Other liabilities	471,127	426,914
Liabilities of discontinued operations - non-current	0	35,058
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; 260,031,000 and 259,841,534 shares issued at December 31, 2024 and 2023	260,031	259,842
Additional paid-in capital	892,686	886,690
Retained earnings	13,409,633	10,995,624
Accumulated other comprehensive loss	(327,776)	(237,866)
Treasury stock, at cost: 122,814,553 and 119,945,271 shares at December 31, 2024 and 2023	(7,280,578)	(6,797,685)
Total stockholders' equity	6,953,996	5,106,605
Total liabilities and stockholders' equity	$ 12,509,160	$ 11,348,513

Acquisitions - Purchase Price Allocation (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Jul. 19, 2024	Dec. 31, 2023	Dec. 04, 2023	Dec. 31, 2022	Jul. 01, 2022
Business Acquisition [Line Items]
Goodwill	$ 4,905,702		$ 4,637,564		$ 4,425,371
Intangible assets	340,238
Marshall Excelsior Company
Business Acquisition [Line Items]
Current assets, net of cash acquired		$ 58,695
Property, plant and equipment		10,300
Goodwill		187,923
Other assets and deferred charges		5,602
Current liabilities		(15,959)
Non-current liabilities		(44,852)
Marshall Excelsior Company \| Customer intangibles
Business Acquisition [Line Items]
Intangible assets		$ 194,100
Series of Individually Immaterial Business Acquisitions, Other Than MCE
Business Acquisition [Line Items]
Current assets, net of cash acquired	25,356
Property, plant and equipment	4,530
Goodwill	149,328
Intangible assets	146,138
Other assets and deferred charges	9,520
Current liabilities	(15,438)
Non-current liabilities	(41,238)
Net assets acquired	278,196
Series of Individually Immaterial Business Acquisitions, Other Than MCE \| Customer intangibles
Business Acquisition [Line Items]
Intangible assets	$ 282,915
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
FW Murphy \| Customer intangibles
Business Acquisition [Line Items]
Intangible assets				$ 254,000
Series of individually immaterial acquistions \| Customer intangibles
Business Acquisition [Line Items]
Intangible assets			$ 259,700
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
Malema Engineering Corporation \| Customer intangibles
Business Acquisition [Line Items]
Intangible assets						$ 64,000
Series of Individually Immaterial Business Acquisitions, Other Than Malema
Business Acquisition [Line Items]
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
Series of Individually Immaterial Business Acquisitions, Other Than Malema \| Customer intangibles
Business Acquisition [Line Items]
Intangible assets					$ 90,742

Revenue - Contract Balances (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Contract assets - current	$ 22,413	$ 19,561	$ 11,074
Contract liabilities - current	198,629	194,798	241,595
Contract liabilities - non-current	$ 4,452	$ 7,098	$ 6,417

Borrowings - Short Term (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Current portion of long-term debt	$ 399,411	$ 0
Short-term borrowings and current portion of long-term debt	400,056	468,282
Commercial paper
Debt Instrument [Line Items]
Short-term borrowings and current portion of long-term debt	0	467,600
Other
Debt Instrument [Line Items]
Short-term borrowings and current portion of long-term debt	$ 645	$ 682

- 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.

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+ Details

Borrowings - Summary (Details) € in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($)	Dec. 31, 2024 EUR (€)	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Total long-term debt	$ 2,928,757		$ 2,991,759
Less current portion of long-term debt	(399,411)		0
Net long-term debt	2,529,346		2,991,759
Unamortized discount	8,500		10,900
Deferred debt issuance cost	6,800		8,900
3.15% 10-year notes due November 15, 2025
Debt Instrument [Line Items]
Principal	400,000
Total long-term debt	$ 399,411		398,737
Debt instrument, stated interest rate	3.15%	3.15%
Term	10 years
1.25% 10-year notes due November 9, 2026 (euro-denominated)
Debt Instrument [Line Items]
Total long-term debt	$ 622,313		657,628
Debt instrument, stated interest rate	1.25%	1.25%
Term	10 years
1.25% 10-year notes due November 9, 2026 (euro-denominated) \| Designated as Hedging Instrument
Debt Instrument [Line Items]
Principal \| €		€ 600,000
0.750% 8-year notes due November 4, 2027 (euro denominated)
Debt Instrument [Line Items]
Total long-term debt	$ 517,863		547,342
Debt instrument, stated interest rate	0.75%	0.75%
Term	8 years
0.750% 8-year notes due November 4, 2027 (euro denominated) \| Designated as Hedging Instrument
Debt Instrument [Line Items]
Principal \| €		€ 500,000
6.65% 30-year debentures due June 1, 2028
Debt Instrument [Line Items]
Principal	$ 200,000
Total long-term debt	$ 199,657		199,557
Debt instrument, stated interest rate	6.65%	6.65%
Term	30 years
2.950% 10-year notes due November 4, 2029
Debt Instrument [Line Items]
Principal	$ 300,000
Total long-term debt	$ 298,166		297,787
Debt instrument, stated interest rate	2.95%	2.95%
Term	10 years
5.375% 30-year debentures due October 15, 2035
Debt Instrument [Line Items]
Principal	$ 300,000
Total long-term debt	$ 297,308		297,058
Debt instrument, stated interest rate	5.375%	5.375%
Term	30 years
6.60% 30-year notes due March 15, 2038
Debt Instrument [Line Items]
Principal	$ 250,000
Total long-term debt	$ 248,505		248,392
Debt instrument, stated interest rate	6.60%	6.60%
Term	30 years
5.375% 30-year notes due March 1, 2041
Debt Instrument [Line Items]
Principal	$ 350,000
Total long-term debt	$ 345,534		$ 345,258
Debt instrument, stated interest rate	5.375%	5.375%
Term	30 years

Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Unrecognized Tax Benefits [Roll Forward]
Beginning balance	$ 22,509	$ 28,186	$ 64,652
Additions based on tax positions related to the current year	33,688	1,235	3,315
Additions for tax positions of prior years	507	2,223	3,421
Reductions for tax positions of prior years	(337)	(3,361)	(39,439)
Cash settlements	(2,307)	(1,791)	(411)
Lapse of statutes	(4,314)	(3,983)	(3,352)
Ending balance	49,746	22,509	28,186
Unrecognized potential tax benefits that would impact effective tax rate	42,913
Potential interest and penalty expense (income)	617	1,378	$ 8,931
Accrued interest and penalties	$ 4,181	$ 4,798

Other Accrued Expenses and Other Liabilities - Other Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Accrued Liabilities and Other Liabilities [Abstract]
Operating lease liabilities	$ 174,905	$ 170,822
Deferred compensation	88,464	78,805
Defined benefit and other postretirement benefit plans	87,019	86,066
Unrecognized tax benefits	53,927	27,307
Legal and environmental	26,045	26,991
Deferred revenue	5,552	7,117
Warranty	4,452	7,098	$ 6,417
Other	30,763	22,708
Other liabilities	$ 471,127	$ 426,914

Income Taxes - Earnings (Details) - USD ($) $ in Thousands	12 Months Ended
Income Taxes - Earnings (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Earnings before provision for income taxes and discontinued operations [Abstract]
Domestic	$ 1,127,389	$ 608,423	$ 634,494
Foreign	629,627	514,577	555,709
Earnings before provision for income taxes	$ 1,757,016	$ 1,123,000	$ 1,190,203

- Definition

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

+ References

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+ Details

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	22. Subsequent EventsOn January 17, 2025, the Company completed the acquisition of Cryogenic Machinery Corp. ("Cryo-Mach"), a provider of cryogenic centrifugal pumps, mechanical seals, and accessories, for approximately $32.0 million, subject to post-closing adjustments. Cryo-Mach will be included in the Pumps & Process Solutions segment.