Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2023 | Jul. 18, 2023 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2023 | |
Document Transition Report | false | |
Entity File Number | 1-4018 | |
Entity Registrant Name | DOVER Corp | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 53-0257888 | |
Entity Address, Address Line One | 3005 Highland Parkway | |
Entity Address, City or Town | Downers Grove, | |
Entity Address, State or Province | IL | |
Entity Address, Postal Zip Code | 60515 | |
City Area Code | (630) | |
Local Phone Number | 541-1540 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 139,873,825 | |
Entity Central Index Key | 0000029905 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Common stock $1 par value | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Common Stock | |
Trading Symbol | DOV | |
Security Exchange Name | NYSE | |
1.250% Notes due 2026 | ||
Document Information [Line Items] | ||
Title of 12(b) Security | 1.250% Notes due 2026 | |
Trading Symbol | DOV 26 | |
Security Exchange Name | NYSE | |
0.750% Notes due 2027 | ||
Document Information [Line Items] | ||
Title of 12(b) Security | 0.750% Notes due 2027 | |
Trading Symbol | DOV 27 | |
Security Exchange Name | NYSE |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Income Statement [Abstract] | ||||
Revenue | $ 2,100,086 | $ 2,158,715 | $ 4,179,109 | $ 4,210,616 |
Cost of goods and services | 1,341,250 | 1,377,432 | 2,673,254 | 2,686,139 |
Gross profit | 758,836 | 781,283 | 1,505,855 | 1,524,477 |
Selling, general and administrative expenses | 434,340 | 424,433 | 866,754 | 868,276 |
Operating earnings | 324,496 | 356,850 | 639,101 | 656,201 |
Interest expense | 33,804 | 26,989 | 68,018 | 53,541 |
Interest income | (2,653) | (949) | (4,744) | (1,724) |
Other income, net | (6,678) | (4,546) | (10,486) | (6,675) |
Earnings before provision for income taxes | 300,023 | 335,356 | 586,313 | 611,059 |
Provision for income taxes | 57,784 | 45,738 | 115,500 | 95,288 |
Net earnings | $ 242,239 | $ 289,618 | $ 470,813 | $ 515,771 |
Net earnings per share: | ||||
Basic (in dollars per share) | $ 1.73 | $ 2.01 | $ 3.37 | $ 3.58 |
Diluted (in dollars per share) | $ 1.72 | $ 2 | $ 3.35 | $ 3.56 |
Weighted average shares outstanding: | ||||
Basic (in shares) | 139,862 | 143,832 | 139,810 | 143,959 |
Diluted (in shares) | 140,578 | 144,669 | 140,597 | 144,998 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Statement of Comprehensive Income [Abstract] | ||||
Net earnings | $ 242,239 | $ 289,618 | $ 470,813 | $ 515,771 |
Foreign currency translation adjustments: | ||||
Foreign currency translation gain (loss) | 21,335 | (77,552) | 37,907 | (99,205) |
Reclassification of foreign currency translation losses to earnings | 0 | 0 | 0 | 5,915 |
Total foreign currency translation adjustments (net of $3,166, $(10,539), $7,216 and $(18,970) tax benefit (provision), respectively) | 21,335 | (77,552) | 37,907 | (93,290) |
Pension and other post-retirement benefit plans: | ||||
Amortization of actuarial (gain) loss included in net periodic pension cost | (528) | 345 | (1,062) | 705 |
Amortization of prior service costs included in net periodic pension cost | 255 | 226 | 519 | 447 |
Total pension and other post-retirement benefit plans (net of $83, $(202), $165 and $(410) tax benefit (provision), respectively) | (273) | 571 | (543) | 1,152 |
Changes in fair value of cash flow hedges: | ||||
Unrealized net (loss) gain arising during period | (268) | (1,150) | (341) | 814 |
Net loss (gain) reclassified into earnings | 852 | (1,045) | 1,698 | (2,621) |
Total cash flow hedges (net of $(167), $631, $(387) and $519 tax (provision) benefit, respectively) | 584 | (2,195) | 1,357 | (1,807) |
Other comprehensive earnings (loss), net of tax | 21,646 | (79,176) | 38,721 | (93,945) |
Comprehensive earnings | $ 263,885 | $ 210,442 | $ 509,534 | $ 421,826 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Statement of Comprehensive Income [Abstract] | ||||
Foreign currency translation adjustments, tax benefit (provision) | $ 3,166 | $ (10,539) | $ 7,216 | $ (18,970) |
Pension and other postretirement benefit plans tax benefit (provision) | 83 | (202) | 165 | (410) |
Cash flow hedges tax provision (benefit) | $ (167) | $ 631 | $ (387) | $ 519 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 285,777 | $ 380,868 |
Receivables, net | 1,561,162 | 1,516,871 |
Inventories, net | 1,396,260 | 1,366,608 |
Prepaid and other current assets | 171,478 | 159,118 |
Total current assets | 3,414,677 | 3,423,465 |
Property, plant and equipment, net | 1,016,206 | 1,004,825 |
Goodwill | 4,698,604 | 4,669,494 |
Intangible assets, net | 1,274,179 | 1,333,735 |
Other assets and deferred charges | 497,920 | 465,000 |
Total assets | 10,901,586 | 10,896,519 |
Current liabilities: | ||
Short-term borrowings | 446,175 | 735,772 |
Accounts payable | 1,028,928 | 1,068,144 |
Accrued compensation and employee benefits | 235,773 | 269,785 |
Deferred revenue | 261,202 | 256,933 |
Accrued insurance | 87,464 | 92,876 |
Other accrued expenses | 319,263 | 318,337 |
Federal and other income taxes | 45,291 | 31,427 |
Total current liabilities | 2,424,096 | 2,773,274 |
Long-term debt | 2,976,573 | 2,942,513 |
Deferred income taxes | 340,554 | 375,150 |
Noncurrent income tax payable | 28,024 | 44,313 |
Other liabilities | 470,234 | 474,903 |
Stockholders' equity: | ||
Total stockholders' equity | 4,662,105 | 4,286,366 |
Total liabilities and stockholders' equity | $ 10,901,586 | $ 10,896,519 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Common stock $1 par value | Additional paid-in capital | Retained earnings | Accumulated other comprehensive loss | Treasury stock |
Beginning balance at Dec. 31, 2021 | $ 4,189,528 | $ 259,457 | $ 857,636 | $ 9,445,245 | $ (154,052) | $ (6,218,758) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net earnings | 515,771 | 515,771 | ||||
Dividends paid | (144,056) | (144,056) | ||||
Common stock issued for the exercise of share-based awards | (12,106) | 144 | (12,250) | |||
Stock-based compensation expense | 18,331 | 18,331 | ||||
Common stock acquired | (85,000) | (85,000) | ||||
Other comprehensive earning (loss), net of tax | (93,945) | (93,945) | ||||
Ending balance at Jun. 30, 2022 | 4,388,523 | 259,601 | 863,717 | 9,816,960 | (247,997) | (6,303,758) |
Beginning balance at Mar. 31, 2022 | 4,329,776 | 259,573 | 858,587 | 9,599,195 | (168,821) | (6,218,758) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net earnings | 289,618 | 289,618 | ||||
Dividends paid | (71,853) | (71,853) | ||||
Common stock issued for the exercise of share-based awards | (2,060) | 28 | (2,088) | |||
Stock-based compensation expense | 7,218 | 7,218 | ||||
Common stock acquired | (85,000) | (85,000) | ||||
Other comprehensive earning (loss), net of tax | (79,176) | |||||
Ending balance at Jun. 30, 2022 | 4,388,523 | 259,601 | 863,717 | 9,816,960 | (247,997) | (6,303,758) |
Beginning balance at Dec. 31, 2022 | 4,286,366 | 259,644 | 867,560 | 10,223,070 | (266,223) | (6,797,685) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net earnings | 470,813 | 470,813 | ||||
Dividends paid | (141,474) | (141,474) | ||||
Common stock issued for the exercise of share-based awards | (11,068) | 174 | (11,242) | |||
Stock-based compensation expense | 18,723 | 18,723 | ||||
Other comprehensive earning (loss), net of tax | 38,721 | 38,721 | ||||
Other, net | 24 | 24 | ||||
Ending balance at Jun. 30, 2023 | 4,662,105 | 259,818 | 875,041 | 10,552,433 | (227,502) | (6,797,685) |
Beginning balance at Mar. 31, 2023 | 4,460,561 | 259,794 | 866,705 | 10,380,895 | (249,148) | (6,797,685) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net earnings | 242,239 | 242,239 | ||||
Dividends paid | (70,701) | (70,701) | ||||
Common stock issued for the exercise of share-based awards | 1,919 | 24 | 1,895 | |||
Stock-based compensation expense | 6,441 | 6,441 | ||||
Other comprehensive earning (loss), net of tax | 21,646 | 21,646 | ||||
Ending balance at Jun. 30, 2023 | $ 4,662,105 | $ 259,818 | $ 875,041 | $ 10,552,433 | $ (227,502) | $ (6,797,685) |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | |
Statement of Stockholders' Equity [Abstract] | ||||||||
Common stock, par value per share | $ 1 | $ 1 | $ 1 | $ 1 | $ 1 | $ 1 | $ 1 | $ 1 |
Dividends paid per common share | $ 0.505 | $ 0.50 | $ 1.01 | $ 1 |
CONDENSED CONSOLIDATED STATEM_6
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Operating Activities: | ||
Net earnings | $ 470,813 | $ 515,771 |
Adjustments to reconcile net earnings to cash provided by operating activities: | ||
Depreciation and amortization | 156,687 | 154,294 |
Stock-based compensation expense | 18,723 | 18,331 |
Reclassification of foreign currency translation losses to earnings | 0 | 5,915 |
Other, net | 16,404 | (8,152) |
Cash effect of changes in assets and liabilities: | ||
Accounts receivable, net | (32,060) | (204,676) |
Inventories | (15,957) | (223,804) |
Prepaid expenses and other assets | (18,390) | (17,923) |
Accounts payable | (40,216) | 147,829 |
Accrued compensation and employee benefits | (52,545) | (72,802) |
Accrued expenses and other liabilities | (30,635) | (4,937) |
Accrued and deferred taxes, net | (36,286) | (107,390) |
Net cash provided by operating activities | 436,538 | 202,456 |
Investing Activities: | ||
Additions to property, plant and equipment | (88,454) | (100,577) |
Acquisitions, net of cash and cash equivalents acquired | 0 | (8,453) |
Proceeds from sale of property, plant and equipment | 3,171 | 3,898 |
Other | (727) | (10,721) |
Net cash used in investing activities | (86,010) | (115,853) |
Financing Activities: | ||
Repurchase of common stock | 0 | (85,000) |
Change in commercial paper and other short-term borrowings, net | (289,597) | 287,952 |
Dividends paid to stockholders | (141,474) | (144,056) |
Payments to settle employee tax obligations on exercise of share-based awards | (11,068) | (12,106) |
Other | (2,350) | (1,525) |
Net cash (used in) provided by financing activities | (444,489) | 45,265 |
Effect of exchange rate changes on cash and cash equivalents | (1,130) | (2,001) |
Net (decrease) increase in cash and cash equivalents | (95,091) | 129,867 |
Cash and cash equivalents at beginning of period | 380,868 | 385,504 |
Cash and cash equivalents at end of period | $ 285,777 | $ 515,371 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | 1. Basis of Presentation The accompanying unaudited interim condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC") for interim periods and do not include all of the information and note disclosures required by accounting principles generally accepted in the United States of America ("GAAP") for complete financial statements. These unaudited interim condensed consolidated financial statements should therefore be read in conjunction with the Consolidated Financial Statements and Notes for Dover Corporation ("Dover" or the "Company") for the year ended December 31, 2022, included in the Company's Annual Report on Form 10-K filed with the SEC on February 10, 2023. The year-end condensed consolidated balance sheet was derived from audited financial statements. The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with U.S. GAAP, which requires management to make estimates and assumptions that affect amounts reported in the condensed consolidated financial statements and accompanying disclosures. Although these estimates are based on management’s best knowledge of current events and actions that the Company may undertake in the future, actual results may differ from those estimates. The condensed consolidated financial statements reflect all adjustments of a normal, recurring nature that are, in the opinion of management, necessary for a fair statement of results for these interim periods. The results of operations of any interim period are not necessarily indicative of the results of operations for the full year. |
Revenue
Revenue | 6 Months Ended |
Jun. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | 2. Revenue Revenue from Contracts with Customers A majority of the Company’s revenue is short cycle in nature with shipments within one year from order. A small portion of the Company’s revenue derives from contracts extending over one year. The Company's payment terms generally range between 30 to 90 days and vary by the location of businesses, the type of products manufactured to be sold and the volume of products sold, among other factors. 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 15 — Segment Information for further details for revenue by segment and geographic location. Performance Obligations 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. 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. 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. At June 30, 2023, we estimated that $235,410 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. The Company expects to recognize approximately 73.8% of the Company's unsatisfied (or partially unsatisfied) performance obligations as revenue through 2024, with the remaining balance to be recognized in 2025 and thereafter. The Company applied the 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 Contract assets primarily relate to the Company's right to consideration for work completed but not billed at the reporting date. Contract liabilities relate to advance consideration received from customers or advance billings for which revenue has not been recognized and are reduced when the associated revenue from the contract is recognized. The following table provides information about contract assets and contract liabilities from contracts with customers: June 30, 2023 December 31, 2022 December 31, 2021 Contract assets $ 15,484 $ 11,074 $ 11,440 Contract liabilities - current 261,202 256,933 227,549 Contract liabilities - non-current 17,305 19,879 21,513 The revenue recognized during the six months ended June 30, 2023 and 2022 that was included in contract liabilities at the beginning of the period amounted to $185,028 and $157,175, respectively. |
Acquisitions
Acquisitions | 6 Months Ended |
Jun. 30, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Acquisitions | 3. Acquisitions 2023 Acquisitions There were no acquisitions during the six months ended June 30, 2023. 2022 Acquisitions During the six months ended June 30, 2022, the Company completed one acquisition. On May 2, 2022, the Company acquired 100% of the equity interests of AMN DPI ("AMN"), a designer and manufacturer of polymer pelletizing tools, for $8,100, net of cash acquired. The AMN acquisition extended 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 o f $5,625, primarily related to customer intangibles. |
Inventories, net
Inventories, net | 6 Months Ended |
Jun. 30, 2023 | |
Inventory, Net [Abstract] | |
Inventories, net | 4. Inventories, net June 30, 2023 December 31, 2022 Raw materials $ 800,200 $ 812,066 Work in progress 260,241 230,865 Finished goods 477,598 458,881 Subtotal 1,538,039 1,501,812 Less reserves (141,779) (135,204) Total $ 1,396,260 $ 1,366,608 |
Property, Plant and Equipment,
Property, Plant and Equipment, net | 6 Months Ended |
Jun. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment, net | 5. Property, Plant and Equipment, net June 30, 2023 December 31, 2022 Land $ 65,982 $ 62,495 Buildings and improvements 634,994 620,500 Machinery, equipment and other 1,987,086 1,895,502 Property, plant and equipment, gross 2,688,062 2,578,497 Accumulated depreciation (1,671,856) (1,573,672) Property, plant and equipment, net $ 1,016,206 $ 1,004,825 Depreciation expense totaled $39,840 and $36,573 for the three months ended June 30, 2023 and 2022, respectively. For the six months ended June 30, 2023 and 2022, depreciation expense totaled $77,370 and $74,385, respectively. |
Credit Losses
Credit Losses | 6 Months Ended |
Jun. 30, 2023 | |
Credit Loss [Abstract] | |
Credit Losses | 6. Credit Losses The Company is exposed to credit losses primarily through sales of products and services. Due to the short-term nature of such receivables, the estimate of the amount of accounts receivable that may not be collected is based on the aging of the accounts receivable balances and other historical and forward-looking information on the financial condition of customers. Balances are written off when determined to be uncollectible. The following table provides a roll-forward of the allowance for credit losses that is deducted from the amortized cost basis of accounts receivable to present the net amount expected to be collected. 2023 2022 Balance at January 1 $ 39,399 $ 40,126 Provision for expected credit losses, net of recoveries 433 (57) Amounts written off charged against the allowance (1,371) (1,041) Other, including foreign currency translation (9) (1,640) Balance at June 30 $ 38,452 $ 37,388 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 6 Months Ended |
Jun. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | 7. Goodwill and Other Intangible Assets The changes in the carrying value of goodwill by reportable operating segments were as follows: Engineered Products Clean Energy & Fueling Imaging & Identification Pumps & Process Solutions Climate & Sustainability Technologies Total Balance at January 1, 2023 $ 712,542 $ 1,391,418 $ 1,078,259 $ 979,535 $ 507,740 $ 4,669,494 Measurement period adjustments — — — (3,820) — (3,820) Foreign currency translation 4,442 15,966 9,184 2,913 425 32,930 Balance at June 30, 2023 $ 716,984 $ 1,407,384 $ 1,087,443 $ 978,628 $ 508,165 $ 4,698,604 During the six months ended June 30, 2023, the Company recorded measurement period adjustments that decreased goodwill by $3,820, principally related to working capital adjustments for 2022 acquisitions within the Pumps & Process Solutions segment. The Company’s definite-lived and indefinite-lived intangible assets by major asset class were as follows: June 30, 2023 December 31, 2022 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Amortized intangible assets: Customer intangibles $ 1,897,641 $ 1,059,509 $ 838,132 $ 1,881,402 $ 996,947 $ 884,455 Trademarks 267,800 142,842 124,958 265,466 132,791 132,675 Patents 214,426 145,885 68,541 219,199 146,337 72,862 Unpatented technologies 263,228 148,466 114,762 257,428 137,750 119,678 Distributor relationships 81,672 60,976 20,696 79,622 57,299 22,323 Other 27,564 17,091 10,473 46,880 41,682 5,198 Total 2,752,331 1,574,769 1,177,562 2,749,997 1,512,806 1,237,191 Unamortized intangible assets: Trademarks 96,617 — 96,617 96,544 — 96,544 Total intangible assets, net $ 2,848,948 $ 1,574,769 $ 1,274,179 $ 2,846,541 $ 1,512,806 $ 1,333,735 |
Restructuring Activities
Restructuring Activities | 6 Months Ended |
Jun. 30, 2023 | |
Restructuring and Related Activities [Abstract] | |
Restructuring Activities | 8. Restructuring Activities The Company's restructuring charges by segment were as follows: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Engineered Products $ 3,938 $ 524 $ 4,477 $ 981 Clean Energy & Fueling 5,847 1,423 15,991 1,619 Imaging & Identification 865 344 1,204 1,535 Pumps & Process Solutions 3,303 1,476 4,629 2,161 Climate & Sustainability Technologies 1,205 159 1,447 5,875 Corporate 1,241 383 1,127 295 Total $ 16,399 $ 4,309 $ 28,875 $ 12,466 These amounts are classified in the condensed consolidated statements of earnings as follows: Cost of goods and services $ 5,682 $ 1,037 $ 9,155 $ 1,244 Selling, general and administrative expenses 10,717 3,272 19,720 11,222 Total $ 16,399 $ 4,309 $ 28,875 $ 12,466 The restructuring expenses of $16,399 and $28,875 incurred during the three and six months ended June 30, 2023 were primarily related to headcount reductions and exit costs in the Clean Energy & Fueling, Engineered Products and Pumps & Process Solutions segments. These restructuring programs were initiated in 2022 and 2023 and were undertaken in light of current market conditions. The Company will continue to make proactive adjustments to its cost structure through restructuring and other programs to align with current demand trends. The Company’s severance and exit accrual activities were as follows: Severance Exit Total Balance at January 1, 2023 $ 12,007 $ 2,503 $ 14,510 Restructuring charges 22,204 6,671 28,875 Payments (14,441) (4,747) (19,188) Other, including foreign currency translation 422 (740) (318) Balance at June 30, 2023 $ 20,192 $ 3,687 $ 23,879 |
Borrowings
Borrowings | 6 Months Ended |
Jun. 30, 2023 | |
Debt Disclosure [Abstract] | |
Borrowings | 9. Borrowings Borrowings consist of the following: June 30, 2023 December 31, 2022 Short-term: Commercial paper $ 445,500 $ 734,936 Other 675 836 Short-term borrowings $ 446,175 $ 735,772 During the six months ended June 30, 2023, commercial paper borrowings decreased $289,436. The borrowings outstanding under the commercial paper program had a weighted average annual interest rate of 5.33% and 4.61% as of June 30, 2023 and December 31, 2022, respectively. Carrying amount (1) Principal June 30, 2023 December 31, 2022 Long-term 3.15% 10-year notes due November 15, 2025 $ 400,000 $ 398,400 $ 398,063 1.25% 10-year notes due November 9, 2026 (euro-denominated) € 600,000 649,816 631,522 0.750% 8-year notes due November 4, 2027 (euro-denominated) € 500,000 540,865 525,654 6.65% 30-year debentures due June 1, 2028 $ 200,000 199,506 199,456 2.950% 10-year notes due November 4, 2029 $ 300,000 297,597 297,408 5.375% 30-year debentures due October 15, 2035 $ 300,000 296,933 296,808 6.60% 30-year notes due March 15, 2038 $ 250,000 248,336 248,279 5.375% 30-year notes due March 1, 2041 $ 350,000 345,120 344,982 Other — 341 Total long-term debt $ 2,976,573 $ 2,942,513 (1) Carrying amount is net of unamortized debt discount and deferred debt issuance costs. Total unamortized debt discounts were $11.9 million and $12.7 million as of June 30, 2023 and December 31, 2022, respectively. Total deferred debt issuance costs were $9.8 million and $10.7 million as of June 30, 2023 and December 31, 2022, respectively. The discounts are being amortized to interest expense using the effective interest method over the life of the issuances. The deferred issuance costs are amortized on a straight-line basis over the life of the debt, as this approximates the effective interest method. On April 6, 2023, the Company entered into new $1.0 billion five-year and $500.0 million 364-day unsecured revolving credit facilities ("Credit Agreements") with a syndicate of banks. The new five-year credit facility replaced the previous $1 billion five-year unsecured revolving credit facility, which was set to expire on October 4, 2024 and was terminated by the Company upon execution of the new five-year credit facility. The lenders' commitments under the five-year and 364-day Credit Agreements will terminate and the loans under the Credit Agreements will mature on April 6, 2028 and April 4, 2024, respectively. The Company may elect to extend the maturity date of any loans under the 364-day credit facility until April 4, 2025, subject to conditions specified therein. The Credit Agreements are designated as a liquidity back-stop for the Company's commercial paper program, which was upsized from $1.0 billion to $1.5 billion during the quarter, 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 June 30, 2023 and December 31, 2022, there were no outstanding borrowings under the new Credit Agreements or the previous five-year credit facility. The Company was in compliance with all covenants in the Credit Agreements and other long-term debt covenants at June 30, 2023 and had an interest coverage ratio of consolidated EBITDA to consolidated net interest expense of 13.7 to 1. Letters of Credit and other Guarantees As of June 30, 2023, the Company had approximately $183.9 million outstanding in letters of credit, surety bonds, and performance and other guarantees which primarily expire on various dates through 2029. These letters of credit and bonds are primarily issued as security for insurance, warranty and other performance obligations. In general, we would only be liable for the amount of these guarantees in the event of default in the performance of our obligations, the probability of which is believed to be remote. |
Financial Instruments
Financial Instruments | 6 Months Ended |
Jun. 30, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Financial Instruments | 10. 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 June 30, 2023 and December 31, 2022, the Company had contracts with total notional amounts of $180,999 and $184,565, respectively, to exchange currencies, principally euro, pound sterling, Swedish krona, Canadian dollar, Chinese yuan, and Swiss franc. The Company believes it is probable that all forecasted cash flow transactions will occur. In addition, the Company had outstanding contracts with a total notional amount of $106,341 and $102,509 as of June 30, 2023 and December 31, 2022, respectively, that are not designated as hedging instruments. These instruments are used to reduce the Company's exposure for operating receivables and payables that are denominated in non-functional currencies. Gains and losses on these contracts are recorded in other income, net in the condensed consolidated statements of earnings. The following table sets forth the fair values of derivative instruments held by the Company as of June 30, 2023 and December 31, 2022 and the balance sheet lines in which they are recorded: Fair Value Asset (Liability) June 30, 2023 December 31, 2022 Balance Sheet Caption Foreign currency forward $ 2,255 $ 944 Prepaid and other current assets Foreign currency forward (2,249) (2,760) Other accrued expenses For a cash flow hedge, the change in estimated fair value of a hedging instrument is recorded in accumulated other comprehensive earnings (loss) as a separate component of the condensed consolidated statements of stockholders' equity and is reclassified into revenues, cost of goods and services, or selling, general and administrative expenses in the condensed consolidated statements of earnings during the period in which the hedged transaction is settled. The amount of gains or losses from hedging activity recorded in earnings is not significant, and the amount of unrealized gains and losses from cash flow hedges that are expected to be reclassified to earnings in the next twelve months is not significant; therefore, additional tabular disclosures are not presented. There are no amounts excluded from the assessment of hedge effectiveness, and the Company's derivative instruments that are subject to credit risk contingent features were not significant. The Company is exposed to credit loss in the event of nonperformance by counterparties to the financial instrument contracts held by the Company; however, nonperformance by these counterparties is considered unlikely as the Company’s policy is to contract with highly-rated, diversified counterparties. The Company has designated the €600,000 and €500,000 of euro-denominated notes issued November 9, 2016 and November 4, 2019, respectively, as hedges of a portion of its net investment in euro-denominated operations. Changes in the value of the euro-denominated debt are recognized in foreign currency translation adjustments within other comprehensive earnings (loss) of the condensed consolidated statements of comprehensive earnings to offset changes in the value of the net investment in euro-denominated operations. Changes in the value of the euro-denominated debt resulting from exchange rate differences are offset by changes in the net investment due to the high degree of effectiveness between the hedging instruments and the exposure being hedged. Amounts recognized in other comprehensive earnings for the gains (losses) on net investment hedges were as follows: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (Loss) gain on euro-denominated debt $ (14,264) $ 46,742 $ (32,511) $ 84,490 Tax benefit (expense) 3,166 (10,539) 7,216 (18,970) Net (loss) gain on net investment hedges, net of tax $ (11,098) $ 36,203 $ (25,295) $ 65,520 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 June 30, 2023 and December 31, 2022: June 30, 2023 December 31, 2022 Level 2 Level 2 Assets: Foreign currency cash flow hedges $ 2,255 $ 944 Liabilities: Foreign currency cash flow hedges 2,249 2,760 The derivative contracts are measured at fair value using models based on observable market inputs such as foreign currency exchange rates and interest rates; therefore, they are classified within Level 2 of the fair value hierarchy. In addition to fair value disclosure requirements related to financial instruments carried at fair value, accounting standards require disclosures regarding the fair value of all of the Company's financial instruments. The estimated fair value of long-term debt at June 30, 2023 and December 31, 2022 , w as $2,844,825 and $2,786,862, respectively. The estimated fair value of long-term debt is based on quoted market prices for similar instruments and is, therefore, classified as Level 2 within the fair value hierarchy. The carrying values of cash and cash equivalents, trade receivables, accounts payable and short-term borrowings approximate their fair values as of June 30, 2023 and December 31, 2022 due to the short-term nature of these instruments. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 11. Income Taxes The effective tax rates for the three months ended June 30, 2023 and 2022 were 19.3% and 13.6%, r espectively. The increase in the effective tax rate for the three months ended June 30, 2023 relative to the prior year comparable period was primarily driven by favorable audit resolutions in 2022, including $22,579 related to the Tax Cuts and Jobs Act. The effective tax rates for the six months ended June 30, 2023 and 2022 were 19.7% and 15.6%, respectively. The increase in the effective tax rate for the six months ended June 30, 2023 relative to the prior year comparable period was primarily driven by favorable audit resolutions in 2022, including $22,579 related to the Tax Cuts and Jobs Act. Dover and its subsidiaries file tax returns in the U.S., including various state and local returns, and in other foreign jurisdictions. We believe adequate provision has been made for all income tax uncertainties. The Company is routinely audited by taxing authorities in its filing jurisdictions, and a number of these audits are currently underway. The Company believes that within the next twelve months uncertain tax positions may be resolved and statutes of limitations will expire, which could result in a decrease in the gross amount of unrecognized tax benefits of approximately $0 to $5,548. |
Equity Incentive Program
Equity Incentive Program | 6 Months Ended |
Jun. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Equity Incentive Program | 12. Equity Incentive Program The Company typically makes its annual grants of equity awards pursuant to actions taken by the Compensation Committee of the Board of Directors at its regularly scheduled first quarter meeting. During the six months ended June 30, 2023, the Company issued stock-settled appreciation rights ("SARs") covering 359,715 shares, performance share awards ("PSAs") of 43,656 and restricted stock units ("RSUs") of 82,055. During the six months ended June 30, 2022, the Company issued SARs covering 335,285 shares, PSAs of 40,087 and RSUs of 76,509. The Company uses the Black-Scholes option pricing model to determine the fair value of each SAR on the date of grant. Expected volatilities are based on Dover's stock price history, including implied volatilities from traded options on Dover stock. The Company uses historical data to estimate SAR exercise and employee termination patterns within the valuation model. The expected life of SARs granted is derived from the output of the option valuation model and represents the average period of time that SARs granted are expected to be outstanding. The interest rate for periods within the contractual life of the awards is based on the U.S. Treasury yield curve in effect at the time of grant. The assumptions used in determining the fair value of the SARs awarded during the respective periods were as follows: SARs 2023 2022 Risk-free interest rate 3.91 % 1.86 % Dividend yield 1.32 % 1.25 % Expected life (years) 5.4 5.4 Volatility 30.65 % 29.46 % Grant price $153.25 $160.21 Fair value per share at date of grant $47.27 $42.07 The PSAs granted in 2023 and 2022 are market condition awards as attainment is based on Dover's performance relative to its peer group (companies listed under the S&P 500 Industrials sector) for the relevant performance period. The performance period and vesting period for these awards is three years. These awards were valued on the date of grant using the Monte Carlo simulation model (a binomial lattice-based valuation model) and are generally recognized ratably over the vesting period, and the fair value is not subject to change based on future market conditions. The assumptions used in determining the fair value of the PSAs granted in the respective periods were as follows: PSAs 2023 2022 Risk-free interest rate 4.28 % 1.68 % Dividend yield 1.32 % 1.25 % Expected life (years) 2.9 2.9 Volatility 27.30 % 31.10 % Grant price $153.25 $160.21 Fair value per share at date of grant $249.48 $196.40 The Company also has granted RSUs, and the fair value of these awards was determined using Dover's closing stock price on the date of grant, which was $153.25 and $160.21 for RSUs granted in 2023 and 2022, respectively. Stock-based compensation is reported within selling, general and administrative expenses in the condensed consolidated statements of earnings. The following table summarizes the Company’s compensation expense relating to all stock-based incentive plans: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Pre-tax stock-based compensation expense $ 6,441 $ 7,218 $ 18,723 $ 18,331 Tax benefit (587) (731) (1,951) (1,846) Total stock-based compensation expense, net of tax $ 5,854 $ 6,487 $ 16,772 $ 16,485 |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 6 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingent Liabilities | 13. Commitments and Contingent Liabilities Litigation A few of the Company’s subsidiaries are involved in legal proceedings relating to the cleanup of waste disposal sites identified under federal and state statutes which provide for the allocation of such costs among "potentially responsible parties." In each instance, the extent of the Company’s liability appears to be relatively insignificant in relation to the total projected expenditures and the number of other "potentially responsible parties" involved and is anticipated to be immaterial to the Company. In addition, a few of the Company’s subsidiaries are involved in ongoing remedial activities at certain current and former plant sites, in cooperation with regulatory agencies, and appropriate estimated liabilities have been established. At June 30, 2023 and December 31, 2022, these estimated liabilities for environmental and other matters, including private party claims for exposure to hazardous substances that are probable and estimable, were not significant. The Company and some of its subsidiaries are also parties to a number of other legal proceedings incidental to their businesses. These proceedings primarily involve claims by private parties alleging injury arising out of use of the Company’s products, patent infringement, employment matters and commercial disputes. Management and legal counsel, at least quarterly, review the probable outcome of such proceedings, the costs and expenses reasonably expected to be incurred and currently accrued to-date and consider the availability and extent of insurance coverage. The Company has estimated liabilities for these other legal matters that are probable and estimable, and at June 30, 2023 and December 31, 2022, these estimated liabilities were immaterial. While it is not possible at this time to predict the outcome of these legal actions, in the opinion of management, based on the aforementioned reviews, the Company is not currently involved in any legal proceedings which, individually or in the aggregate, could have a material effect on its financial position, results of operations, or cash flows. Warranty Accruals Estimated warranty program claims are provided for at the time of sale of the Company's products. Amounts provided for are based on historical costs and adjusted for new claims and are included within other accrued expenses and other liabilities in the condensed consolidated balance sheet. The changes in the carrying amount of product warranties through June 30, 2023 and 2022, were as follows: 2023 2022 Balance at January 1 $ 48,449 $ 48,568 Provision for warranties 32,483 31,112 Settlements made (30,812) (30,955) Other adjustments, including acquisitions and currency translation 438 (721) Balance at June 30 $ 50,558 $ 48,004 |
Other Comprehensive Earnings
Other Comprehensive Earnings | 6 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
Other Comprehensive Earnings | 14. Other Comprehensive Earnings Amounts reclassified from accumulated other comprehensive earnings (loss) to earnings during the three and six months ended June 30, 2023 and 2022 were as follows: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Foreign currency translation: Reclassification of foreign currency translation losses to earnings for the substantial liquidation of businesses $ — $ — $ — $ 5,915 Tax benefit — — — — Net of tax $ — $ — $ — $ 5,915 Pension plans: Amortization of actuarial (gain) loss $ (639) $ 499 $ (1,280) $ 1,020 Amortization of prior service costs 283 274 572 542 Total before tax (356) 773 (708) 1,562 Tax provision (benefit) 83 (202) 165 (410) Net of tax $ (273) $ 571 $ (543) $ 1,152 Cash flow hedges: Net loss (gain) reclassified into earnings $ 1,045 $ (1,345) $ 2,118 $ (3,374) Tax (benefit) provision (193) 300 (420) 753 Net of tax $ 852 $ (1,045) $ 1,698 $ (2,621) Foreign currency translation losses were recognized in selling, general and administrative expenses within the condensed consolidated statement of earnings as a result of the substantial liquidation of certain businesses. The Company recognizes the amortization of net actuarial gains and losses and prior service costs in other income, net within the condensed consolidated statements of earnings. |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2023 | |
Segment Reporting [Abstract] | |
Segment Information | 15. Segment Information The Company categorizes its operating companies into five reportable segments as follows: • Engineered Products segment provides a wide range of equipment, components, software, solutions and services to the vehicle aftermarket, waste handling, industrial automation, aerospace and defense, industrial winch and hoist, and fluid dispensing end-markets. • Clean Energy & Fueling segment provides components, equipment, software, solutions and services enabling safe and reliable storage, transport and dispensing of traditional and clean fuels (including liquefied natural gas, hydrogen, and electric vehicle charging), cryogenic gases, and other hazardous substances along the supply chain, and safe and efficient operation of convenience retail, retail fueling and vehicle wash establishments. • Imaging & Identification segment supplies precision marking and coding, product traceability, brand protection and digital textile printing equipment, as well as related consumables, software and services to the global packaged and consumer goods, pharmaceutical, industrial manufacturing, textile and other end-markets. • Pumps & Process Solutions segment manufactures specialty pumps and flow meters, highly engineered precision components for rotating and reciprocating machines, fluid connecting solutions and plastics and polymer processing equipment, serving single-use biopharmaceutical production, diversified industrial manufacturing, chemical production, plastics and polymer processing, midstream and downstream oil and gas, thermal management applications and other end-markets. • Climate & Sustainability Technologies segment is a provider of innovative and energy-efficient equipment, components and parts for the commercial refrigeration, heating and cooling and beverage can-making equipment markets. Management uses segment earnings to evaluate segment performance and allocate resources. Segment earnings is defined as earnings before purchase accounting expenses, restructuring and other costs (benefits), loss (gain) on dispositions, corporate expenses/other, interest expense, interest income and provision for income taxes. Segment financial information and a reconciliation of segment results to consolidated results were as follows: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Revenue: Engineered Products $ 473,687 $ 514,436 $ 971,236 $ 1,002,083 Clean Energy & Fueling 441,166 494,075 871,895 952,470 Imaging & Identification 271,932 275,951 555,023 548,206 Pumps & Process Solutions 465,626 441,127 879,507 876,322 Climate & Sustainability Technologies 449,001 434,164 904,326 833,242 Intersegment eliminations (1,326) (1,038) (2,878) (1,707) Total consolidated revenue $ 2,100,086 $ 2,158,715 $ 4,179,109 $ 4,210,616 Net earnings: Segment earnings: Engineered Products $ 73,076 $ 81,671 $ 157,351 $ 152,801 Clean Energy & Fueling 83,616 99,034 157,221 171,996 Imaging & Identification 61,336 61,392 129,651 119,990 Pumps & Process Solutions 129,337 138,048 244,581 284,665 Climate & Sustainability Technologies 76,074 64,181 149,852 117,790 Total segment earnings 423,439 444,326 838,656 847,242 Purchase accounting expenses (1) 40,200 47,019 82,879 100,305 Restructuring and other costs (2) 18,143 7,944 32,196 18,496 Loss on dispositions (3) — — — 194 Corporate expense / other (4) 33,922 27,967 73,994 65,371 Interest expense 33,804 26,989 68,018 53,541 Interest income (2,653) (949) (4,744) (1,724) Earnings before provision for income taxes 300,023 335,356 586,313 611,059 Provision for income taxes 57,784 45,738 115,500 95,288 Net earnings $ 242,239 $ 289,618 $ 470,813 $ 515,771 (1) Purchase accounting expenses are primarily comprised of amortization of intangible assets and charges related to fair value step-ups for acquired inventory sold during the period. (2) Restructuring and other costs relate to actions taken for headcount reductions, facility consolidations and site closures, product line exits, and other asset charges. Restructuring and other costs consist of the following: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Restructuring $ 16,399 $ 4,309 $ 28,875 $ 12,466 Other costs, net 1,744 3,635 3,321 6,030 Restructuring and other costs $ 18,143 $ 7,944 $ 32,196 $ 18,496 (3) Loss on dispositions includes working capital adjustments related to dispositions. (4) Certain expenses are maintained at the corporate level and not allocated to the segments. These expenses include executive and functional compensation costs, non-service pension costs, non-operating insurance expenses, shared business services and digital overhead costs, deal related expenses and various administrative expenses relating to the corporate headquarters. The following table presents revenue disaggregated by geography based on the location of the Company's customers: Three Months Ended June 30, Six Months Ended June 30, Revenue by geography 2023 2022 2023 2022 United States $ 1,161,982 $ 1,253,061 $ 2,333,346 $ 2,404,561 Europe 446,307 458,263 879,148 905,828 Asia 230,805 229,116 445,655 458,502 Other Americas 168,573 149,728 340,758 301,320 Other 92,419 68,547 180,202 140,405 Total $ 2,100,086 $ 2,158,715 $ 4,179,109 $ 4,210,616 |
Share Repurchases
Share Repurchases | 6 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
Share Repurchases | 16. Share Repurchases The Company's Board of Directors approved a standing share repurchase authorization whereby the Company may repurchase up to 20 million shares beginning on January 1, 2021 through December 31, 2023. In the three and six months ended June 30, 2023, there were no share repurchases. In the three and six months ended June 30, 2022, the Company repurchased 641,428 shares of common stock at a total cost of $85,000, or $132.52 per share . As of June 30, 2023, 15,283,326 shares remain authorized for repurchase under the current share repurchase authorization. |
Earnings per Share
Earnings per Share | 6 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share [Abstract] | |
Earnings per Share | 17. Earnings per Share The following table sets forth a reconciliation of the information used in computing basic and diluted earnings per share: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Net earnings $ 242,239 $ 289,618 $ 470,813 $ 515,771 Basic earnings per common share: Net earnings $ 1.73 $ 2.01 $ 3.37 $ 3.58 Weighted average shares outstanding 139,862,000 143,832,000 139,810,000 143,959,000 Diluted earnings per common share: Net earnings $ 1.72 $ 2.00 $ 3.35 $ 3.56 Weighted average shares outstanding 140,578,000 144,669,000 140,597,000 144,998,000 The following table is a reconciliation of the share amounts used in computing earnings per share: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Weighted average shares outstanding - Basic 139,862,000 143,832,000 139,810,000 143,959,000 Dilutive effect of assumed exercise of SARs and vesting of performance shares and RSUs 716,000 837,000 787,000 1,039,000 Weighted average shares outstanding - Diluted 140,578,000 144,669,000 140,597,000 144,998,000 Diluted earnings per share amounts are computed using the weighted average number of common shares outstanding and, if dilutive, potential common shares outstanding during the period. Potential common shares consist of the incremental common shares issuable upon the exercise of SARs and vesting of performance shares and RSUs, as determined using the treasury stock method. The weighted average number of anti-dilutive potential common shares excluded from the calculation above were approximately 34,000 and 6,000 for the three months ended June 30, 2023 and 2022, respectively, and 61,000 and 32,000 for the six months ended June 30, 2023 and 2022, respectively. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Recent Accounting Pronouncements | 18. Recent Accounting Pronouncements Recently Adopted Accounting Standard In September 2022, the FASB issued ASU No. 2022-04 Liabilities-Supplier Finance Programs (Topic 405-50): Disclosure of Supplier Finance Program Obligations. The amendments in this update require a buyer in a supplier finance program to disclose information about the program's nature, activity during the period, changes from period to period, and potential magnitude. The Company adopted the guidance when it became effective on January 1, 2023, except for the rollforward requirement, which becomes effective January 1, 2024. The adoption did not have a material impact on the Company's condensed consolidated financial statements. The Company facilitates the opportunity for suppliers to participate in a voluntary supply chain financing ("SCF") program with a third-party financial institution. Participating suppliers are paid directly by the SCF financial institution and, in addition, may elect to sell receivables due from the Company to the SCF financial institution for early payment. Thus, participating suppliers have additional potential flexibility in managing their liquidity by accelerating, at their option and cost, collection of receivables due from the Company. The Company and its suppliers agree on commercial terms, including payment terms, for the goods and services the Company procures, regardless of whether the supplier participates in SCF. For participating suppliers, the Company’s responsibility is limited to making all payments to the SCF financial institution on the terms originally negotiated with the supplier, irrespective of whether the supplier elects to sell receivables to the SCF financial institution. The Company does not determine the terms or conditions of the arrangement between the SCF financial institution and the Company's suppliers. The SCF financial institution pays the supplier on the invoice due date for any invoices that were not previously sold by the supplier. The agreement between the Company and the SCF financial institution does not require the Company to provide assets pledged as security or other forms of guarantees. Outstanding payments related to the SCF program are recorded within accounts payable in our condensed consolidated balance sheets. As of June 30, 2023 and December 31, 2022, amounts due to the SCF financial institution were approximately $200,112 and $194,362, respectively. |
Recent Accounting Pronounceme_2
Recent Accounting Pronouncements (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Recently Adopted Accounting Standard | Recently Adopted Accounting Standard In September 2022, the FASB issued ASU No. 2022-04 Liabilities-Supplier Finance Programs (Topic 405-50): Disclosure of Supplier Finance Program Obligations. The amendments in this update require a buyer in a supplier finance program to disclose information about the program's nature, activity during the period, changes from period to period, and potential magnitude. The Company adopted the guidance when it became effective on January 1, 2023, except for the rollforward requirement, which becomes effective January 1, 2024. The adoption did not have a material impact on the Company's condensed consolidated financial statements. The Company facilitates the opportunity for suppliers to participate in a voluntary supply chain financing ("SCF") program with a third-party financial institution. Participating suppliers are paid directly by the SCF financial institution and, in addition, may elect to sell receivables due from the Company to the SCF financial institution for early payment. Thus, participating suppliers have additional potential flexibility in managing their liquidity by accelerating, at their option and cost, collection of receivables due from the Company. The Company and its suppliers agree on commercial terms, including payment terms, for the goods and services the Company procures, regardless of whether the supplier participates in SCF. For participating suppliers, the Company’s responsibility is limited to making all payments to the SCF financial institution on the terms originally negotiated with the supplier, irrespective of whether the supplier elects to sell receivables to the SCF financial institution. The Company does not determine the terms or conditions of the arrangement between the SCF financial institution and the Company's suppliers. The SCF financial institution pays the supplier on the invoice due date for any invoices that were not previously sold by the supplier. The agreement between the Company and the SCF financial institution does not require the Company to provide assets pledged as security or other forms of guarantees. Outstanding payments related to the SCF program are recorded within accounts payable in our condensed consolidated balance sheets. As of June 30, 2023 and December 31, 2022, amounts due to the SCF financial institution were approximately $200,112 and $194,362, respectively. |
Revenue (Tables)
Revenue (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Contract Assets and Contracts Liabilities | The following table provides information about contract assets and contract liabilities from contracts with customers: June 30, 2023 December 31, 2022 December 31, 2021 Contract assets $ 15,484 $ 11,074 $ 11,440 Contract liabilities - current 261,202 256,933 227,549 Contract liabilities - non-current 17,305 19,879 21,513 |
Inventories, net (Tables)
Inventories, net (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Inventory, Net [Abstract] | |
Schedule of Components of Inventory | June 30, 2023 December 31, 2022 Raw materials $ 800,200 $ 812,066 Work in progress 260,241 230,865 Finished goods 477,598 458,881 Subtotal 1,538,039 1,501,812 Less reserves (141,779) (135,204) Total $ 1,396,260 $ 1,366,608 |
Property, Plant and Equipment_2
Property, Plant and Equipment, net (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Components of Property, Plant and Equipment, net | June 30, 2023 December 31, 2022 Land $ 65,982 $ 62,495 Buildings and improvements 634,994 620,500 Machinery, equipment and other 1,987,086 1,895,502 Property, plant and equipment, gross 2,688,062 2,578,497 Accumulated depreciation (1,671,856) (1,573,672) Property, plant and equipment, net $ 1,016,206 $ 1,004,825 |
Credit Losses (Tables)
Credit Losses (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Credit Loss [Abstract] | |
Schedule of Rollforward of Allowance for Credit Losses | The following table provides a roll-forward of the allowance for credit losses that is deducted from the amortized cost basis of accounts receivable to present the net amount expected to be collected. 2023 2022 Balance at January 1 $ 39,399 $ 40,126 Provision for expected credit losses, net of recoveries 433 (57) Amounts written off charged against the allowance (1,371) (1,041) Other, including foreign currency translation (9) (1,640) Balance at June 30 $ 38,452 $ 37,388 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Changes in the Carrying Value of Goodwill | The changes in the carrying value of goodwill by reportable operating segments were as follows: Engineered Products Clean Energy & Fueling Imaging & Identification Pumps & Process Solutions Climate & Sustainability Technologies Total Balance at January 1, 2023 $ 712,542 $ 1,391,418 $ 1,078,259 $ 979,535 $ 507,740 $ 4,669,494 Measurement period adjustments — — — (3,820) — (3,820) Foreign currency translation 4,442 15,966 9,184 2,913 425 32,930 Balance at June 30, 2023 $ 716,984 $ 1,407,384 $ 1,087,443 $ 978,628 $ 508,165 $ 4,698,604 |
Schedule of Definite-lived Intangible Assets | The Company’s definite-lived and indefinite-lived intangible assets by major asset class were as follows: June 30, 2023 December 31, 2022 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Amortized intangible assets: Customer intangibles $ 1,897,641 $ 1,059,509 $ 838,132 $ 1,881,402 $ 996,947 $ 884,455 Trademarks 267,800 142,842 124,958 265,466 132,791 132,675 Patents 214,426 145,885 68,541 219,199 146,337 72,862 Unpatented technologies 263,228 148,466 114,762 257,428 137,750 119,678 Distributor relationships 81,672 60,976 20,696 79,622 57,299 22,323 Other 27,564 17,091 10,473 46,880 41,682 5,198 Total 2,752,331 1,574,769 1,177,562 2,749,997 1,512,806 1,237,191 Unamortized intangible assets: Trademarks 96,617 — 96,617 96,544 — 96,544 Total intangible assets, net $ 2,848,948 $ 1,574,769 $ 1,274,179 $ 2,846,541 $ 1,512,806 $ 1,333,735 |
Schedule of Indefinite-lived Intangible Assets | The Company’s definite-lived and indefinite-lived intangible assets by major asset class were as follows: June 30, 2023 December 31, 2022 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Amortized intangible assets: Customer intangibles $ 1,897,641 $ 1,059,509 $ 838,132 $ 1,881,402 $ 996,947 $ 884,455 Trademarks 267,800 142,842 124,958 265,466 132,791 132,675 Patents 214,426 145,885 68,541 219,199 146,337 72,862 Unpatented technologies 263,228 148,466 114,762 257,428 137,750 119,678 Distributor relationships 81,672 60,976 20,696 79,622 57,299 22,323 Other 27,564 17,091 10,473 46,880 41,682 5,198 Total 2,752,331 1,574,769 1,177,562 2,749,997 1,512,806 1,237,191 Unamortized intangible assets: Trademarks 96,617 — 96,617 96,544 — 96,544 Total intangible assets, net $ 2,848,948 $ 1,574,769 $ 1,274,179 $ 2,846,541 $ 1,512,806 $ 1,333,735 |
Restructuring Activities (Table
Restructuring Activities (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Restructuring Charges by Segment | The Company's restructuring charges by segment were as follows: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Engineered Products $ 3,938 $ 524 $ 4,477 $ 981 Clean Energy & Fueling 5,847 1,423 15,991 1,619 Imaging & Identification 865 344 1,204 1,535 Pumps & Process Solutions 3,303 1,476 4,629 2,161 Climate & Sustainability Technologies 1,205 159 1,447 5,875 Corporate 1,241 383 1,127 295 Total $ 16,399 $ 4,309 $ 28,875 $ 12,466 These amounts are classified in the condensed consolidated statements of earnings as follows: Cost of goods and services $ 5,682 $ 1,037 $ 9,155 $ 1,244 Selling, general and administrative expenses 10,717 3,272 19,720 11,222 Total $ 16,399 $ 4,309 $ 28,875 $ 12,466 |
Schedule of Severance and Exit Accrual Activities | The Company’s severance and exit accrual activities were as follows: Severance Exit Total Balance at January 1, 2023 $ 12,007 $ 2,503 $ 14,510 Restructuring charges 22,204 6,671 28,875 Payments (14,441) (4,747) (19,188) Other, including foreign currency translation 422 (740) (318) Balance at June 30, 2023 $ 20,192 $ 3,687 $ 23,879 |
Borrowings (Tables)
Borrowings (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Short-term Debt | Borrowings consist of the following: June 30, 2023 December 31, 2022 Short-term: Commercial paper $ 445,500 $ 734,936 Other 675 836 Short-term borrowings $ 446,175 $ 735,772 |
Schedule of Long-term Debt | Carrying amount (1) Principal June 30, 2023 December 31, 2022 Long-term 3.15% 10-year notes due November 15, 2025 $ 400,000 $ 398,400 $ 398,063 1.25% 10-year notes due November 9, 2026 (euro-denominated) € 600,000 649,816 631,522 0.750% 8-year notes due November 4, 2027 (euro-denominated) € 500,000 540,865 525,654 6.65% 30-year debentures due June 1, 2028 $ 200,000 199,506 199,456 2.950% 10-year notes due November 4, 2029 $ 300,000 297,597 297,408 5.375% 30-year debentures due October 15, 2035 $ 300,000 296,933 296,808 6.60% 30-year notes due March 15, 2038 $ 250,000 248,336 248,279 5.375% 30-year notes due March 1, 2041 $ 350,000 345,120 344,982 Other — 341 Total long-term debt $ 2,976,573 $ 2,942,513 (1) Carrying amount is net of unamortized debt discount and deferred debt issuance costs. Total unamortized debt discounts were $11.9 million and $12.7 million as of June 30, 2023 and December 31, 2022, respectively. Total deferred debt issuance costs were $9.8 million and $10.7 million as of June 30, 2023 and December 31, 2022, respectively. |
Financial Instruments (Tables)
Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Fair Value of Derivative Instruments and the Balance Sheet Lines in Which They Are Recorded | The following table sets forth the fair values of derivative instruments held by the Company as of June 30, 2023 and December 31, 2022 and the balance sheet lines in which they are recorded: Fair Value Asset (Liability) June 30, 2023 December 31, 2022 Balance Sheet Caption Foreign currency forward $ 2,255 $ 944 Prepaid and other current assets Foreign currency forward (2,249) (2,760) Other accrued expenses |
Schedule of Other Comprehensive Earnings for the Gains on Net Investment Hedges | Amounts recognized in other comprehensive earnings for the gains (losses) on net investment hedges were as follows: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (Loss) gain on euro-denominated debt $ (14,264) $ 46,742 $ (32,511) $ 84,490 Tax benefit (expense) 3,166 (10,539) 7,216 (18,970) Net (loss) gain on net investment hedges, net of tax $ (11,098) $ 36,203 $ (25,295) $ 65,520 |
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 June 30, 2023 and December 31, 2022: June 30, 2023 December 31, 2022 Level 2 Level 2 Assets: Foreign currency cash flow hedges $ 2,255 $ 944 Liabilities: Foreign currency cash flow hedges 2,249 2,760 |
Equity Incentive Program (Table
Equity Incentive Program (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Assumptions Used in Determining the Fair Value | The assumptions used in determining the fair value of the SARs awarded during the respective periods were as follows: SARs 2023 2022 Risk-free interest rate 3.91 % 1.86 % Dividend yield 1.32 % 1.25 % Expected life (years) 5.4 5.4 Volatility 30.65 % 29.46 % Grant price $153.25 $160.21 Fair value per share at date of grant $47.27 $42.07 PSAs 2023 2022 Risk-free interest rate 4.28 % 1.68 % Dividend yield 1.32 % 1.25 % Expected life (years) 2.9 2.9 Volatility 27.30 % 31.10 % Grant price $153.25 $160.21 Fair value per share at date of grant $249.48 $196.40 |
Schedule of Stock-based Incentive Plans Compensation Expense | The following table summarizes the Company’s compensation expense relating to all stock-based incentive plans: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Pre-tax stock-based compensation expense $ 6,441 $ 7,218 $ 18,723 $ 18,331 Tax benefit (587) (731) (1,951) (1,846) Total stock-based compensation expense, net of tax $ 5,854 $ 6,487 $ 16,772 $ 16,485 |
Commitments and Contingent Li_2
Commitments and Contingent Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Changes in the Carrying Amount of Product Warranties | The changes in the carrying amount of product warranties through June 30, 2023 and 2022, were as follows: 2023 2022 Balance at January 1 $ 48,449 $ 48,568 Provision for warranties 32,483 31,112 Settlements made (30,812) (30,955) Other adjustments, including acquisitions and currency translation 438 (721) Balance at June 30 $ 50,558 $ 48,004 |
Other Comprehensive Earnings (T
Other Comprehensive Earnings (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
Schedule of Amounts Reclassified From Accumulated Other Comprehensive Earnings (Loss) to Earnings | Amounts reclassified from accumulated other comprehensive earnings (loss) to earnings during the three and six months ended June 30, 2023 and 2022 were as follows: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Foreign currency translation: Reclassification of foreign currency translation losses to earnings for the substantial liquidation of businesses $ — $ — $ — $ 5,915 Tax benefit — — — — Net of tax $ — $ — $ — $ 5,915 Pension plans: Amortization of actuarial (gain) loss $ (639) $ 499 $ (1,280) $ 1,020 Amortization of prior service costs 283 274 572 542 Total before tax (356) 773 (708) 1,562 Tax provision (benefit) 83 (202) 165 (410) Net of tax $ (273) $ 571 $ (543) $ 1,152 Cash flow hedges: Net loss (gain) reclassified into earnings $ 1,045 $ (1,345) $ 2,118 $ (3,374) Tax (benefit) provision (193) 300 (420) 753 Net of tax $ 852 $ (1,045) $ 1,698 $ (2,621) |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Segment Reporting [Abstract] | |
Schedule of Segment Financial Information and a Reconciliation of Segment | Segment financial information and a reconciliation of segment results to consolidated results were as follows: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Revenue: Engineered Products $ 473,687 $ 514,436 $ 971,236 $ 1,002,083 Clean Energy & Fueling 441,166 494,075 871,895 952,470 Imaging & Identification 271,932 275,951 555,023 548,206 Pumps & Process Solutions 465,626 441,127 879,507 876,322 Climate & Sustainability Technologies 449,001 434,164 904,326 833,242 Intersegment eliminations (1,326) (1,038) (2,878) (1,707) Total consolidated revenue $ 2,100,086 $ 2,158,715 $ 4,179,109 $ 4,210,616 Net earnings: Segment earnings: Engineered Products $ 73,076 $ 81,671 $ 157,351 $ 152,801 Clean Energy & Fueling 83,616 99,034 157,221 171,996 Imaging & Identification 61,336 61,392 129,651 119,990 Pumps & Process Solutions 129,337 138,048 244,581 284,665 Climate & Sustainability Technologies 76,074 64,181 149,852 117,790 Total segment earnings 423,439 444,326 838,656 847,242 Purchase accounting expenses (1) 40,200 47,019 82,879 100,305 Restructuring and other costs (2) 18,143 7,944 32,196 18,496 Loss on dispositions (3) — — — 194 Corporate expense / other (4) 33,922 27,967 73,994 65,371 Interest expense 33,804 26,989 68,018 53,541 Interest income (2,653) (949) (4,744) (1,724) Earnings before provision for income taxes 300,023 335,356 586,313 611,059 Provision for income taxes 57,784 45,738 115,500 95,288 Net earnings $ 242,239 $ 289,618 $ 470,813 $ 515,771 (1) Purchase accounting expenses are primarily comprised of amortization of intangible assets and charges related to fair value step-ups for acquired inventory sold during the period. (2) Restructuring and other costs relate to actions taken for headcount reductions, facility consolidations and site closures, product line exits, and other asset charges. Restructuring and other costs consist of the following: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Restructuring $ 16,399 $ 4,309 $ 28,875 $ 12,466 Other costs, net 1,744 3,635 3,321 6,030 Restructuring and other costs $ 18,143 $ 7,944 $ 32,196 $ 18,496 (3) Loss on dispositions includes working capital adjustments related to dispositions. (4) Certain expenses are maintained at the corporate level and not allocated to the segments. These expenses include executive and functional compensation costs, non-service pension costs, non-operating insurance expenses, shared business services and digital overhead costs, deal related expenses and various administrative expenses relating to the corporate headquarters. |
Schedule of Revenue Disaggregated by Geography based on the Location | The following table presents revenue disaggregated by geography based on the location of the Company's customers: Three Months Ended June 30, Six Months Ended June 30, Revenue by geography 2023 2022 2023 2022 United States $ 1,161,982 $ 1,253,061 $ 2,333,346 $ 2,404,561 Europe 446,307 458,263 879,148 905,828 Asia 230,805 229,116 445,655 458,502 Other Americas 168,573 149,728 340,758 301,320 Other 92,419 68,547 180,202 140,405 Total $ 2,100,086 $ 2,158,715 $ 4,179,109 $ 4,210,616 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Reconciliation of Information Used in Computing Basic and Diluted Earnings Per Share | The following table sets forth a reconciliation of the information used in computing basic and diluted earnings per share: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Net earnings $ 242,239 $ 289,618 $ 470,813 $ 515,771 Basic earnings per common share: Net earnings $ 1.73 $ 2.01 $ 3.37 $ 3.58 Weighted average shares outstanding 139,862,000 143,832,000 139,810,000 143,959,000 Diluted earnings per common share: Net earnings $ 1.72 $ 2.00 $ 3.35 $ 3.56 Weighted average shares outstanding 140,578,000 144,669,000 140,597,000 144,998,000 |
Schedule of Reconciliation of Share Amounts Used in Computing Earnings Per Share | The following table is a reconciliation of the share amounts used in computing earnings per share: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Weighted average shares outstanding - Basic 139,862,000 143,832,000 139,810,000 143,959,000 Dilutive effect of assumed exercise of SARs and vesting of performance shares and RSUs 716,000 837,000 787,000 1,039,000 Weighted average shares outstanding - Diluted 140,578,000 144,669,000 140,597,000 144,998,000 |
Revenue - Narrative (Details)
Revenue - Narrative (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Disaggregation of Revenue [Line Items] | ||
Future performance obligation | $ 235,410 | |
Revenue recognized that was included in the contract liability balance at the beginning of the period | $ 185,028 | $ 157,175 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-07-01 | ||
Disaggregation of Revenue [Line Items] | ||
Remaining performance obligation | 73.80% | |
Revenue recognized during the period | 18 months | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | ||
Disaggregation of Revenue [Line Items] | ||
Revenue recognized during the period | ||
Transferred at Point in Time | ||
Disaggregation of Revenue [Line Items] | ||
Remaining performance obligation | 95% | |
Transferred over Time | ||
Disaggregation of Revenue [Line Items] | ||
Remaining performance obligation | 5% |
Revenue - Contract Balances (De
Revenue - Contract Balances (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Revenue from Contract with Customer [Abstract] | |||
Contract assets | $ 15,484 | $ 11,074 | $ 11,440 |
Contract liabilities - current | 261,202 | 256,933 | 227,549 |
Contract liabilities - non-current | $ 17,305 | $ 19,879 | $ 21,513 |
Acquisitions (Details)
Acquisitions (Details) $ in Thousands | 6 Months Ended | |||
May 02, 2022 USD ($) | Jun. 30, 2023 USD ($) acquisition | Jun. 30, 2022 acquisition | Dec. 31, 2022 USD ($) | |
Business Acquisition [Line Items] | ||||
Number of acquisition | acquisition | 0 | 1 | ||
Goodwill | $ 4,698,604 | $ 4,669,494 | ||
AMN DPI | ||||
Business Acquisition [Line Items] | ||||
Percentage acquired | 100% | |||
Total consideration, net of cash acquired | $ 8,100 | |||
Goodwill | 1,903 | |||
Intangible assets | $ 5,625 |
Inventories, net (Details)
Inventories, net (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Inventory, Net [Abstract] | ||
Raw materials | $ 800,200 | $ 812,066 |
Work in progress | 260,241 | 230,865 |
Finished goods | 477,598 | 458,881 |
Subtotal | 1,538,039 | 1,501,812 |
Less reserves | (141,779) | (135,204) |
Total | $ 1,396,260 | $ 1,366,608 |
Property, Plant and Equipment_3
Property, Plant and Equipment, net (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment, gross | $ 2,688,062 | $ 2,688,062 | $ 2,578,497 | ||
Accumulated depreciation | (1,671,856) | (1,671,856) | (1,573,672) | ||
Property, plant and equipment, net | 1,016,206 | 1,016,206 | 1,004,825 | ||
Depreciation expense | 39,840 | $ 36,573 | 77,370 | $ 74,385 | |
Land | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment, gross | 65,982 | 65,982 | 62,495 | ||
Buildings and improvements | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment, gross | 634,994 | 634,994 | 620,500 | ||
Machinery, equipment and other | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment, gross | $ 1,987,086 | $ 1,987,086 | $ 1,895,502 |
Credit Losses (Details)
Credit Losses (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning Balance | $ 39,399 | $ 40,126 |
Provision for expected credit losses, net of recoveries | 433 | (57) |
Amounts written off charged against the allowance | (1,371) | (1,041) |
Other, including foreign currency translation | (9) | (1,640) |
Ending Balance | $ 38,452 | $ 37,388 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Changes in the Carrying Value of Goodwill (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2023 USD ($) | |
Goodwill [Roll Forward] | |
Beginning balance | $ 4,669,494 |
Measurement period adjustments | (3,820) |
Foreign currency translation | 32,930 |
Ending balance | 4,698,604 |
Engineered Products | |
Goodwill [Roll Forward] | |
Beginning balance | 712,542 |
Measurement period adjustments | 0 |
Foreign currency translation | 4,442 |
Ending balance | 716,984 |
Clean Energy & Fueling | |
Goodwill [Roll Forward] | |
Beginning balance | 1,391,418 |
Measurement period adjustments | 0 |
Foreign currency translation | 15,966 |
Ending balance | 1,407,384 |
Imaging & Identification | |
Goodwill [Roll Forward] | |
Beginning balance | 1,078,259 |
Measurement period adjustments | 0 |
Foreign currency translation | 9,184 |
Ending balance | 1,087,443 |
Pumps & Process Solutions | |
Goodwill [Roll Forward] | |
Beginning balance | 979,535 |
Measurement period adjustments | (3,820) |
Foreign currency translation | 2,913 |
Ending balance | 978,628 |
Climate & Sustainability Technologies | |
Goodwill [Roll Forward] | |
Beginning balance | 507,740 |
Measurement period adjustments | 0 |
Foreign currency translation | 425 |
Ending balance | $ 508,165 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Measurement period adjustments | $ (3,820) | |||
Amortization of Intangible Assets | $ 38,951 | $ 38,718 | $ 79,317 | $ 79,909 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Intangibles and Amortization Expense (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 2,752,331 | $ 2,749,997 |
Accumulated Amortization | 1,574,769 | 1,512,806 |
Net Carrying Amount | 1,177,562 | 1,237,191 |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ||
Total, Gross Carrying Amount | 2,848,948 | 2,846,541 |
Accumulated Amortization | 1,574,769 | 1,512,806 |
Total, Net Carrying Amount | 1,274,179 | 1,333,735 |
Trademarks | ||
Indefinite-lived Intangible Assets by Major Class [Line Items] | ||
Unamortized intangible assets: | 96,617 | 96,544 |
Customer intangibles | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 1,897,641 | 1,881,402 |
Accumulated Amortization | 1,059,509 | 996,947 |
Net Carrying Amount | 838,132 | 884,455 |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ||
Accumulated Amortization | 1,059,509 | 996,947 |
Trademarks | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 267,800 | 265,466 |
Accumulated Amortization | 142,842 | 132,791 |
Net Carrying Amount | 124,958 | 132,675 |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ||
Accumulated Amortization | 142,842 | 132,791 |
Patents | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 214,426 | 219,199 |
Accumulated Amortization | 145,885 | 146,337 |
Net Carrying Amount | 68,541 | 72,862 |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ||
Accumulated Amortization | 145,885 | 146,337 |
Unpatented technologies | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 263,228 | 257,428 |
Accumulated Amortization | 148,466 | 137,750 |
Net Carrying Amount | 114,762 | 119,678 |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ||
Accumulated Amortization | 148,466 | 137,750 |
Distributor relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 81,672 | 79,622 |
Accumulated Amortization | 60,976 | 57,299 |
Net Carrying Amount | 20,696 | 22,323 |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ||
Accumulated Amortization | 60,976 | 57,299 |
Other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 27,564 | 46,880 |
Accumulated Amortization | 17,091 | 41,682 |
Net Carrying Amount | 10,473 | 5,198 |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ||
Accumulated Amortization | $ 17,091 | $ 41,682 |
Restructuring Activities (Detai
Restructuring Activities (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | $ 16,399 | $ 4,309 | $ 28,875 | $ 12,466 |
Restructuring Reserve [Roll Forward] | ||||
Beginning Balance | 14,510 | |||
Restructuring charges | 28,875 | |||
Payments | (19,188) | |||
Other, including foreign currency translation | (318) | |||
Ending Balance | 23,879 | 23,879 | ||
Severance | ||||
Restructuring Reserve [Roll Forward] | ||||
Beginning Balance | 12,007 | |||
Restructuring charges | 22,204 | |||
Payments | (14,441) | |||
Other, including foreign currency translation | 422 | |||
Ending Balance | 20,192 | 20,192 | ||
Exit | ||||
Restructuring Reserve [Roll Forward] | ||||
Beginning Balance | 2,503 | |||
Restructuring charges | 6,671 | |||
Payments | (4,747) | |||
Other, including foreign currency translation | (740) | |||
Ending Balance | 3,687 | 3,687 | ||
Corporate | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 1,241 | 383 | 1,127 | 295 |
Cost of goods and services | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 5,682 | 1,037 | 9,155 | 1,244 |
Selling, general and administrative expenses | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 10,717 | 3,272 | 19,720 | 11,222 |
Engineered Products | Operating Segments | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 3,938 | 524 | 4,477 | 981 |
Clean Energy & Fueling | Operating Segments | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 5,847 | 1,423 | 15,991 | 1,619 |
Imaging & Identification | Operating Segments | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 865 | 344 | 1,204 | 1,535 |
Pumps & Process Solutions | Operating Segments | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 3,303 | 1,476 | 4,629 | 2,161 |
Climate & Sustainability Technologies | Operating Segments | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | $ 1,205 | $ 159 | $ 1,447 | $ 5,875 |
Borrowings - Short Term Debt (D
Borrowings - Short Term Debt (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Short-term Debt [Line Items] | ||
Short-term borrowings | $ 446,175 | $ 735,772 |
Commercial paper | ||
Short-term Debt [Line Items] | ||
Short-term borrowings | 445,500 | 734,936 |
Other | ||
Short-term Debt [Line Items] | ||
Short-term borrowings | $ 675 | $ 836 |
Borrowings - Narrative (Details
Borrowings - Narrative (Details) - USD ($) | 6 Months Ended | ||||
Apr. 06, 2023 | Apr. 05, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | |
Line of Credit Facility [Line Items] | |||||
Interest coverage ratio | 13.7 | ||||
Outstanding letters of credit | $ 183,900,000 | ||||
Revolving Credit Facility | Credit Agreement | |||||
Line of Credit Facility [Line Items] | |||||
Maximum borrowing capacity | $ 1,000,000,000 | $ 1,000,000,000 | |||
Term of debt | 5 years | 5 years | |||
Interest coverage ratio required | 300% | ||||
Borrowings under credit facility | $ 0 | $ 0 | |||
Revolving Credit Facility | Credit Facility Maturing April 2024 | |||||
Line of Credit Facility [Line Items] | |||||
Maximum borrowing capacity | $ 500,000,000 | ||||
Term of debt | 364 days | ||||
Option to extend maturity date, period of extension. | 364 days | ||||
Commercial paper | |||||
Line of Credit Facility [Line Items] | |||||
Increase (decrease) in borrowings | $ (289,436,000) | ||||
Weighted average interest rate | 5.33% | 4.61% | |||
Principal | $ 1,500,000,000 | $ 1,000,000,000 |
Borrowings - Long Term Debt (De
Borrowings - Long Term Debt (Details) € in Thousands, $ in Thousands | 6 Months Ended | ||
Jun. 30, 2023 USD ($) | Jun. 30, 2023 EUR (€) | Dec. 31, 2022 USD ($) | |
Long-term borrowings [Abstract] | |||
Total long-term debt | $ 2,976,573 | $ 2,942,513 | |
Unamortized debt discounts | 11,900 | 12,700 | |
Deferred debt issuance costs | $ 9,800 | 10,700 | |
3.15% 10-year notes due November 15, 2025 | |||
Long-term borrowings [Abstract] | |||
Stated interest rate | 3.15% | 3.15% | |
Term of debt | 10 years | ||
Principal | $ 400,000 | ||
Total long-term debt | $ 398,400 | 398,063 | |
1.25% 10-year notes due November 9, 2026 (euro-denominated) | |||
Long-term borrowings [Abstract] | |||
Stated interest rate | 1.25% | 1.25% | |
Term of debt | 10 years | ||
Principal | € | € 600,000 | ||
Total long-term debt | $ 649,816 | 631,522 | |
0.750% 8-year notes due November 4, 2027 (euro-denominated) | |||
Long-term borrowings [Abstract] | |||
Stated interest rate | 0.75% | 0.75% | |
Term of debt | 8 years | ||
Principal | € | € 500,000 | ||
Total long-term debt | $ 540,865 | 525,654 | |
6.65% 30-year debentures due June 1, 2028 | |||
Long-term borrowings [Abstract] | |||
Stated interest rate | 6.65% | 6.65% | |
Term of debt | 30 years | ||
Principal | $ 200,000 | ||
Total long-term debt | $ 199,506 | 199,456 | |
2.950% 10-year notes due November 4, 2029 | |||
Long-term borrowings [Abstract] | |||
Stated interest rate | 2.95% | 2.95% | |
Term of debt | 10 years | ||
Principal | $ 300,000 | ||
Total long-term debt | $ 297,597 | 297,408 | |
5.375% 30-year debentures due October 15, 2035 | |||
Long-term borrowings [Abstract] | |||
Stated interest rate | 5.375% | 5.375% | |
Term of debt | 30 years | ||
Principal | $ 300,000 | ||
Total long-term debt | $ 296,933 | 296,808 | |
6.60% 30-year notes due March 15, 2038 | |||
Long-term borrowings [Abstract] | |||
Stated interest rate | 6.60% | 6.60% | |
Term of debt | 30 years | ||
Principal | $ 250,000 | ||
Total long-term debt | $ 248,336 | 248,279 | |
5.375% 30-year notes due March 1, 2041 | |||
Long-term borrowings [Abstract] | |||
Stated interest rate | 5.375% | 5.375% | |
Term of debt | 30 years | ||
Principal | $ 350,000 | ||
Total long-term debt | 345,120 | 344,982 | |
Other | |||
Long-term borrowings [Abstract] | |||
Total long-term debt | $ 0 | $ 341 |
Financial Instruments - Narrati
Financial Instruments - Narrative (Details) $ in Thousands | Jun. 30, 2023 USD ($) | Jun. 30, 2023 EUR (€) | Dec. 31, 2022 USD ($) |
Estimate of Fair Value Measurement | |||
Derivatives, Fair Value [Line Items] | |||
Fair value of long-term debt | $ 2,844,825 | $ 2,786,862 | |
Designated as Hedging Instrument | |||
Derivatives, Fair Value [Line Items] | |||
Notional Amount | 180,999 | 184,565 | |
Designated as Hedging Instrument | 0.750% 8-year notes due November 4, 2027 (euro denominated) | |||
Derivatives, Fair Value [Line Items] | |||
Principal | € | € 500,000,000 | ||
Designated as Hedging Instrument | 1.25% 10-year notes due November 9, 2026 (euro-denominated) | |||
Derivatives, Fair Value [Line Items] | |||
Principal | € | € 600,000,000 | ||
Not Designated as Hedging Instrument | |||
Derivatives, Fair Value [Line Items] | |||
Notional Amount | $ 106,341 | $ 102,509 |
Financial Instruments - Balance
Financial Instruments - Balance Sheet Location (Details) - Foreign currency forward - Designated as Hedging Instrument - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Prepaid and other current assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Asset | $ 2,255 | $ 944 |
Other accrued expenses | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Liability | $ (2,249) | $ (2,760) |
Financial Instruments - Gain (D
Financial Instruments - Gain (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||
(Loss) gain on euro-denominated debt | $ (14,264) | $ 46,742 | $ (32,511) | $ 84,490 |
Tax benefit (expense) | 3,166 | (10,539) | 7,216 | (18,970) |
Net (loss) gain on net investment hedges, net of tax | $ (11,098) | $ 36,203 | $ (25,295) | $ 65,520 |
Financial Instruments - Fair Va
Financial Instruments - Fair Value (Details) - Level 2 - Fair Value, Measurements, Recurring - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Assets: | ||
Foreign currency cash flow hedges | $ 2,255 | $ 944 |
Liabilities: | ||
Foreign currency cash flow hedges | $ 2,249 | $ 2,760 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Income Tax Contingency [Line Items] | ||||
Effective tax rate | 19.30% | 13.60% | 19.70% | 15.60% |
Related to tax cuts and jobs act | $ 22,579 | $ 22,579 | ||
Minimum | ||||
Income Tax Contingency [Line Items] | ||||
Significant change in unrecognized tax benefits is reasonably possible, estimated range of change | 0 | 0 | ||
Maximum | ||||
Income Tax Contingency [Line Items] | ||||
Significant change in unrecognized tax benefits is reasonably possible, estimated range of change | $ 5,548 | $ 5,548 |
Equity Incentive Program (Detai
Equity Incentive Program (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Stock-based compensation expense [Abstract] | ||||
Pre-tax stock-based compensation expense | $ 6,441 | $ 7,218 | $ 18,723 | $ 18,331 |
Tax benefit | (587) | (731) | (1,951) | (1,846) |
Total stock-based compensation expense, net of tax | $ 5,854 | $ 6,487 | $ 16,772 | $ 16,485 |
Stock Appreciation Rights (SARs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Equity awards issued during period (in shares) | 359,715 | 335,285 | ||
Risk-free interest rate | 3.91% | 1.86% | ||
Dividend yield | 1.32% | 1.25% | ||
Expected life (years) | 5 years 4 months 24 days | 5 years 4 months 24 days | ||
Volatility | 30.65% | 29.46% | ||
Grant price (in dollars per share) | $ 153.25 | $ 160.21 | ||
Fair value at date of grant (in dollars per share) | $ 47.27 | $ 42.07 | ||
Performance Shares | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Equity awards issued during period (in shares) | 43,656 | 40,087 | ||
Risk-free interest rate | 4.28% | 1.68% | ||
Dividend yield | 1.32% | 1.25% | ||
Expected life (years) | 2 years 10 months 24 days | 2 years 10 months 24 days | ||
Volatility | 27.30% | 31.10% | ||
Grant price (in dollars per share) | $ 153.25 | $ 160.21 | ||
Fair value at date of grant (in dollars per share) | $ 249.48 | $ 196.40 | ||
Award vesting period | 3 years | |||
Restricted Stock Units (RSUs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Equity awards issued during period (in shares) | 82,055 | 76,509 | ||
Fair value at date of grant (in dollars per share) | $ 153.25 | $ 160.21 |
Commitments and Contingent Li_3
Commitments and Contingent Liabilities (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward] | ||
Beginning Balance | $ 48,449 | $ 48,568 |
Provision for warranties | 32,483 | 31,112 |
Settlements made | (30,812) | (30,955) |
Other adjustments, including acquisitions and currency translation | 438 | (721) |
Ending Balance | $ 50,558 | $ 48,004 |
Other Comprehensive Earnings (D
Other Comprehensive Earnings (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Reclassification of foreign currency translation losses to earnings for the substantial liquidation of businesses | $ 434,340 | $ 424,433 | $ 866,754 | $ 868,276 |
Other income, net | (6,678) | (4,546) | (10,486) | (6,675) |
Earnings before provision for income taxes | (300,023) | (335,356) | (586,313) | (611,059) |
Tax provision (benefit) | 57,784 | 45,738 | 115,500 | 95,288 |
Net of tax | (242,239) | (289,618) | (470,813) | (515,771) |
Reclassification out of Accumulated Other Comprehensive Income | Foreign currency translation: | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Reclassification of foreign currency translation losses to earnings for the substantial liquidation of businesses | 0 | 0 | 0 | 5,915 |
Tax provision (benefit) | 0 | 0 | 0 | 0 |
Net of tax | 0 | 0 | 0 | 5,915 |
Reclassification out of Accumulated Other Comprehensive Income | Pension plans: | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Earnings before provision for income taxes | (356) | 773 | (708) | 1,562 |
Tax provision (benefit) | 83 | (202) | 165 | (410) |
Net of tax | (273) | 571 | (543) | 1,152 |
Reclassification out of Accumulated Other Comprehensive Income | Amortization of actuarial (gain) loss | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Other income, net | (639) | 499 | (1,280) | 1,020 |
Reclassification out of Accumulated Other Comprehensive Income | Amortization of prior service costs | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Other income, net | 283 | 274 | 572 | 542 |
Reclassification out of Accumulated Other Comprehensive Income | Cash flow hedges: | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Earnings before provision for income taxes | 1,045 | (1,345) | 2,118 | (3,374) |
Tax provision (benefit) | (193) | 300 | (420) | 753 |
Net of tax | $ 852 | $ (1,045) | $ 1,698 | $ (2,621) |
Segment Information (Details)
Segment Information (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2023 USD ($) segment | Jun. 30, 2022 USD ($) | |
Segment Reporting [Abstract] | ||||
Number of reportable segments | segment | 5 | |||
Reconciliation from Segment Totals to Consolidated [Abstract] | ||||
Revenue | $ 2,100,086 | $ 2,158,715 | $ 4,179,109 | $ 4,210,616 |
Earnings before provision for income taxes | 300,023 | 335,356 | 586,313 | 611,059 |
Purchase accounting expenses | 40,200 | 47,019 | 82,879 | 100,305 |
Restructuring and other costs | 18,143 | 7,944 | 32,196 | 18,496 |
Loss on dispositions | 0 | 0 | 0 | 194 |
Interest expense | 33,804 | 26,989 | 68,018 | 53,541 |
Interest income | (2,653) | (949) | (4,744) | (1,724) |
Provision for income taxes | 57,784 | 45,738 | 115,500 | 95,288 |
Net earnings | 242,239 | 289,618 | 470,813 | 515,771 |
Restructuring | 16,399 | 4,309 | 28,875 | 12,466 |
Other costs, net | 1,744 | 3,635 | 3,321 | 6,030 |
Restructuring and other costs | 18,143 | 7,944 | 32,196 | 18,496 |
United States | ||||
Reconciliation from Segment Totals to Consolidated [Abstract] | ||||
Revenue | 1,161,982 | 1,253,061 | 2,333,346 | 2,404,561 |
Europe | ||||
Reconciliation from Segment Totals to Consolidated [Abstract] | ||||
Revenue | 446,307 | 458,263 | 879,148 | 905,828 |
Asia | ||||
Reconciliation from Segment Totals to Consolidated [Abstract] | ||||
Revenue | 230,805 | 229,116 | 445,655 | 458,502 |
Other Americas | ||||
Reconciliation from Segment Totals to Consolidated [Abstract] | ||||
Revenue | 168,573 | 149,728 | 340,758 | 301,320 |
Other | ||||
Reconciliation from Segment Totals to Consolidated [Abstract] | ||||
Revenue | 92,419 | 68,547 | 180,202 | 140,405 |
Operating Segments | ||||
Reconciliation from Segment Totals to Consolidated [Abstract] | ||||
Earnings before provision for income taxes | 423,439 | 444,326 | 838,656 | 847,242 |
Intersegment eliminations | ||||
Reconciliation from Segment Totals to Consolidated [Abstract] | ||||
Revenue | (1,326) | (1,038) | (2,878) | (1,707) |
Corporate expense / other | ||||
Reconciliation from Segment Totals to Consolidated [Abstract] | ||||
Corporate expense / other | 33,922 | 27,967 | 73,994 | 65,371 |
Restructuring | 1,241 | 383 | 1,127 | 295 |
Engineered Products | Operating Segments | ||||
Reconciliation from Segment Totals to Consolidated [Abstract] | ||||
Revenue | 473,687 | 514,436 | 971,236 | 1,002,083 |
Earnings before provision for income taxes | 73,076 | 81,671 | 157,351 | 152,801 |
Restructuring | 3,938 | 524 | 4,477 | 981 |
Clean Energy & Fueling | Operating Segments | ||||
Reconciliation from Segment Totals to Consolidated [Abstract] | ||||
Revenue | 441,166 | 494,075 | 871,895 | 952,470 |
Earnings before provision for income taxes | 83,616 | 99,034 | 157,221 | 171,996 |
Restructuring | 5,847 | 1,423 | 15,991 | 1,619 |
Imaging & Identification | Operating Segments | ||||
Reconciliation from Segment Totals to Consolidated [Abstract] | ||||
Revenue | 271,932 | 275,951 | 555,023 | 548,206 |
Earnings before provision for income taxes | 61,336 | 61,392 | 129,651 | 119,990 |
Restructuring | 865 | 344 | 1,204 | 1,535 |
Pumps & Process Solutions | Operating Segments | ||||
Reconciliation from Segment Totals to Consolidated [Abstract] | ||||
Revenue | 465,626 | 441,127 | 879,507 | 876,322 |
Earnings before provision for income taxes | 129,337 | 138,048 | 244,581 | 284,665 |
Restructuring | 3,303 | 1,476 | 4,629 | 2,161 |
Climate & Sustainability Technologies | Operating Segments | ||||
Reconciliation from Segment Totals to Consolidated [Abstract] | ||||
Revenue | 449,001 | 434,164 | 904,326 | 833,242 |
Earnings before provision for income taxes | 76,074 | 64,181 | 149,852 | 117,790 |
Restructuring | $ 1,205 | $ 159 | $ 1,447 | $ 5,875 |
Share Repurchases (Details)
Share Repurchases (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Share Repurchases [Line Items] | ||||
Repurchase of common stock | $ 0 | $ 85,000 | ||
Remaining number of shares authorized to be repurchased (in shares) | 15,283,326 | 15,283,326 | ||
November 2020 Authorization | ||||
Share Repurchases [Line Items] | ||||
Number of shares authorized to be repurchased (in shares) | 20,000,000 | 20,000,000 | ||
Share repurchases (in shares) | 0 | 641,428 | 0 | 641,428 |
Repurchase of common stock | $ 85,000 | $ 85,000 | ||
Repurchase price (in dollars per share) | $ 132.52 | $ 132.52 |
Earnings per Share (Details)
Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Reconciliation of information used in computing basic and diluted earnings per share [Abstract] | ||||
Net earnings | $ 242,239 | $ 289,618 | $ 470,813 | $ 515,771 |
Basic earnings per common share: | ||||
Net earnings (in dollars per share) | $ 1.73 | $ 2.01 | $ 3.37 | $ 3.58 |
Weighted average shares outstanding (in shares) | 139,862 | 143,832 | 139,810 | 143,959 |
Diluted earnings per common share: | ||||
Net earnings (in dollars per share) | $ 1.72 | $ 2 | $ 3.35 | $ 3.56 |
Weighted average shares outstanding (in shares) | 140,578 | 144,669 | 140,597 | 144,998 |
Reconciliation Of Share Amounts Used In Computing Earnings Per Share [Abstract] | ||||
Weighted average shares outstanding - basic (in shares) | 139,862 | 143,832 | 139,810 | 143,959 |
Dilutive effect of assumed exercise of SARs and vesting of performance shares and RSUs (in shares) | 716 | 837 | 787 | 1,039 |
Weighted average shares outstanding - diluted (in shares) | 140,578 | 144,669 | 140,597 | 144,998 |
Antidilutive securities excluded from computation of earnings per share | 34 | 6 | 61 | 32 |
Recent Accounting Pronounceme_3
Recent Accounting Pronouncements (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Supplier Finance Program [Line Items] | ||
Accounts payable | $ 1,028,928 | $ 1,068,144 |
SCF Program | ||
Supplier Finance Program [Line Items] | ||
Accounts payable | $ 200,112 | $ 194,362 |